Howard Zinn

A People's History of the united States Chapter 9 Summary Chapter nine of Howard Zinn's book explains slavery before and after the Civil War. The majority of the united States Government was in support of slavery until Abraham Lincoln publicized his support for the end of slavery. This chapter Includes details of slavery from the accounts of different slaves and records kept about their oppression. Their servitude was preserved through the separation of their families, whipping, and killing. Prior to the Civil War there were many failed attempts to abolish slavery, such asJohn Brown's Raid. John Brown was later executed by Virginia for his failure to capture the federal arsenal in Harpers Ferry which instigated a revolt of slaves throughout the South. The government did not wish to achieve the abolishment of slavery through revolts. Abraham Lincoln was able to combine the interests of the white elite and the blacks. When Lincoln was elected, the South felt that their way of life was being threatened over the issue of abolishing slavery. This threat caused eleven states to secede the union after Lincoln's election.This secession created the Confederacy, starting the beginning of the Civil War. With Lincoln's Emancipation Proclamation he tried to end the war. This gave the South four months to end Its rebellion, slavery In the states that turned over to the North would not be touched. Through the Emancipation Proclamation, blacks were now able to serve In the union army which was later issued January 1, 1863. The Thirteenth Amendment was later ratified by the Senate in April 1 864 and the House of Representatives followed in January 1865.All people born or naturalized in the united States are citizens was declared by the Fourteenth Amendment, which limited states' rights concerning racial equality. The Fifteenth Amendment states that all citizens have the right vote and they shall not be denied on reason of race, color, or previous condition of enslavement. These amendments opened the door to Congress passing laws to make it a crime to deny blacks of their rights. Blacks began forming political organizations with these laws.Andrew Johnson, who was Lincoln's Vice President and ecame President after Lincoln's assassination, held back the blacks. He vetoed bills that Improved the rights of the blacks. These vetoes did not guarantee equal rights for blacks. The Senate and Congress did not like the actions of Johnson. The Congress, in 1868, were almost successful in their attempt to impeach Johnson and were only one vote short in the Senate. The election of Ulysses Grant as president would reopen the doors for blacks, they began to be elected into the United States Congress, Senate, and southern state legislatures.Black women began helping to rebuild postwar south and black children began going to school. Although it looked as if blacks were starting to become equals there was still a lot of antagonism towards them and dependency on whites for w ork. The Ku Klux Klan and other terrorist groups were formed through the use of the South's economic power. Not much later were thing back to where they began. It would still be a long time before blacks began to be treated as equals. A People's History 0T states cnapter 10 summary Howard Zinn A People's History of the united States Chapter 9 Summary Chapter nine of Howard Zinn's book explains slavery before and after the Civil War. The majority of the united States Government was in support of slavery until Abraham Lincoln publicized his support for the end of slavery. This chapter Includes details of slavery from the accounts of different slaves and records kept about their oppression. Their servitude was preserved through the separation of their families, whipping, and killing. Prior to the Civil War there were many failed attempts to abolish slavery, such asJohn Brown's Raid. John Brown was later executed by Virginia for his failure to capture the federal arsenal in Harpers Ferry which instigated a revolt of slaves throughout the South. The government did not wish to achieve the abolishment of slavery through revolts. Abraham Lincoln was able to combine the interests of the white elite and the blacks. When Lincoln was elected, the South felt that their way of life was being threatened over the issue of abolishing slavery. This threat caused eleven states to secede the union after Lincoln's election.This secession created the Confederacy, starting the beginning of the Civil War. With Lincoln's Emancipation Proclamation he tried to end the war. This gave the South four months to end Its rebellion, slavery In the states that turned over to the North would not be touched. Through the Emancipation Proclamation, blacks were now able to serve In the union army which was later issued January 1, 1863. The Thirteenth Amendment was later ratified by the Senate in April 1 864 and the House of Representatives followed in January 1865.All people born or naturalized in the united States are citizens was declared by the Fourteenth Amendment, which limited states' rights concerning racial equality. The Fifteenth Amendment states that all citizens have the right vote and they shall not be denied on reason of race, color, or previous condition of enslavement. These amendments opened the door to Congress passing laws to make it a crime to deny blacks of their rights. Blacks began forming political organizations with these laws.Andrew Johnson, who was Lincoln's Vice President and ecame President after Lincoln's assassination, held back the blacks. He vetoed bills that Improved the rights of the blacks. These vetoes did not guarantee equal rights for blacks. The Senate and Congress did not like the actions of Johnson. The Congress, in 1868, were almost successful in their attempt to impeach Johnson and were only one vote short in the Senate. The election of Ulysses Grant as president would reopen the doors for blacks, they began to be elected into the United States Congress, Senate, and southern state legislatures.Black women began helping to rebuild postwar south and black children began going to school. Although it looked as if blacks were starting to become equals there was still a lot of antagonism towards them and dependency on whites for w ork. The Ku Klux Klan and other terrorist groups were formed through the use of the South's economic power. Not much later were thing back to where they began. It would still be a long time before blacks began to be treated as equals. A People's History 0T states cnapter 10 summary

Problem-Solution Essay Essay

It only comes once every four years. It is a day of unity, expression, equality and freedom. Every citizen over the age of eighteen in the United States has the opportunity –the right– to be a part of something huge. Presidential Election Day. The long awaited day that is consumed by the media, Facebook, and Twitter months in advance. An individual can choose to voice an opinion with discretion and secrecy in the voting booth, or one could also choose a more vocal approach with heated debates, obnoxious campaign signs, and even the occasional protest. After all, this is the land of the free, and if there’s one thing Burger King has taught me, it‘s that in the United States you really can â€Å"have it your way.† So why is it, then, that in the midst of the exciting and tumultuous day of our general election, I see the youth of the country sitting in their dorm rooms with absolutely no intent of casting their ballots? Seeing firsthand the lack of political activity among my peers and all those belonging to Generation Y makes me question whether or not I should care enough to vote myself. There is no argument that young voters (ages 18-34) have increasingly shown a lack of voter turnout in general elections. According to an article by The New Republic, 53 percent of 18-29 year-olds visited the polls in 1972. By the year 2000, that figure had dropped to 35 percent, which became a new historical low. So why is this a problem for me and my fellow Generation Y brothers and sisters? The answer is clear and simple. By choosing not to vote, we are also choosing not to have anyone represent our ideals and political agendas in government. At a time with increasing student-loan debt, a shocking unemployment rate and overall declination of the quality of life, Generation Y has more reason now than ever to start affecting political change. â€Å"People who try to have influence on government are going to have more influence than people who do not try† (Wilson 161). All of this begins with the polls. Many causes of political apathy among the younger generation have been noted, and in some cases, several attempts have been made to attract these voters. Registration is one of these causes and this resonates in particular with college students. First-time voters have to get a registration form, learn how and when to register, and then deliver it. Most college students will have to request absentee ballots if they are unable to go to their designated polling stations on Election Day. Unlike the older generation, younger voters are typically not yet settled and therefore the voting process takes more effort. According to the Center for Information and Research on Civic Learning and Engagement, over a quarter of college students reported that they did not register to vote because they didn’t know how or had missed the deadline. However, there have been steps to make this process simpler including the motor-voter bill of 1993. This allows citizens to register to vote as they are applying for a driver’s license (Wilson 166). Perhaps one of the biggest causes for lower voter turnout among young people was identified through the honesty of my own roommate. Paige Toepper, my roommate and also fellow first-time voter, did not go to the polls for the 2012 election simply because she had not previously been engaged in the political issues and felt ill-equipped to suddenly be making such decisions. â€Å"I haven’t been following up on politics until this point and I don’t believe I should vote for something when I’m not even sure what it is that I am voting for.† Once I heard this from my roommate, I found it to be a common theme on my entire floor. The problem isn’t that Generation Y doesn’t care to vote but, rather, that no one has really had the chance yet to be exposed to politics in an informative light where we feel confident in our own beliefs. My proposal for the solution to this problem begins in the education system. We should integrate politics and current events into our curriculum for high school students. This would also include the entire process for registering first-time voters, so that those who have not been exposed have a base to fall back on. The lack of voter turnout among the younger generation is a serious problem for the future of America if young people aren’t allowing their voices to be heard and to influence government. If people do not start voting while they are young, there is no way to know if they will ever begin to exercise this fundamental right. Being able to integrate politics as part of high school curriculum is an easy way to start getting the young generation engaged and involved. By doing this we can begin to push forward new innovative ideas and ultimately begin to successfully form our future as a society.

Bill Clintons Time Line Essay Research Paper

Bill Clintons Time Line Essay, Research PaperIn denoting his purpose to seek the 1992 Democratic presidential nomination, Clinton called for a occupations program to raise the state out of its economic recession, revenue enhancement cuts for the in-between category, and a signifier of national wellness insurance. During the run, Clinton was pursued by inquiries about his character. He was attacked by some for hedging military service and looking to cover it up.However, he won plenty delegates to guarantee his fleet nomination at the 1992 Democratic convention. For his VICE-PRESIDENTIAL running mate, Clinton chose 44-year-old Senator Albert ( Al ) Gore of Tennessee.Capitalizing on the hapless province of the state # 8217 ; s economic system, Clinton won 370 ELECTORAL ballots to 168 for his Republican opposition, President George BUSH. The entry into the run of a strong independent campaigner, H. Ross Perot, a Texas billionaire, made it a tripartite race. No campaigner won a bulk of t he popular ballot, but Clinton won a plurality of 43 per centum, compared to 38 per centum for Bush and 19 per centum for Perot. It was merely the 2nd clip in 28 old ages that a Democrat had won the presidential term.Clinton # 8217 ; s Presidency # 8211 ; First TermDomestic Personal businesss: Soon after taking office, Clinton called for about $ 500 billion in revenue enhancement additions and disbursement cuts. Although Republicans and some conservative Democrats opposed his programs to raise revenue enhancements, Congress eventually gave the new president much of what he had asked for. Clinton besides won congressional blessing for the North American Free Trade Agreement ( NAFTA ) with Canada and Mexico.However, one of Clinton # 8217 ; s top precedences # 8211 ; wellness reform # 8211 ; met with stiff resistance. Critics complained that his proposal would be excessively much and lead to authorities intervention in the wellness attention system. Clinton had to abandon the thou ght.Meanwhile, Clinton devoted considerable clip to covering with allegations of misconduct prior to his election as president. One contention stemmed from investings that he and First Lady Hillary Rodham Clinton had made in the Whitewater Development Corporation, an Arkansas existent estate development house. The other concerned charges of sexual torment made by a former Arkansas authorities employee, Paula Jones. These issues contributed to the Democratic Party # 8217 ; s licking in the 1994 midterm elections and helped the Republicans gain control of Congress for the first clip in 40 old ages.But the attempts of congressional Republicans to equilibrate the budget while cutting back disbursement and cut downing revenue enhancements led to a closure of the federal authorities. This angered the American people, many of whom sided with President Clinton, who had opposed the Republican moves. Clinton emerged as the master in this battle, and that success paved the manner for his re-e lection in 1996.Foreign Affaris: In international affairs, Clinton helped convey about an understanding between Israel and the Palestinian Liberation Organization ( PLO ) refering self-government for Palestinians in the West Bank and Gaza Strip. And in the Balkans, he sent 20,000 American military personnels to function as portion of an international peacekeeping force.Second TermIn the 1996 elections, Clinton won 49 per centum of the popular ballot and 379 electoral ballots. His oppositions were the Republican campaigner, former U.S. senator Robert ( Bob ) Dole of Kansas, and independent campaigner H. Ross Perot.First Year: 1997. On the domestic forepart, the president # 8217 ; s first major achievement of his 2nd term was to make an understanding with the Republican Congress on how to accomplish a balanced budget. Despite revenue enhancement cuts deserving $ 95 billion, the balance was to be achieved by paring $ 263 billion from federal outgos, including $ 122 billion from Social Security over a five-year period.Meanwhile, in add-on to the Whitewater probe and the Paula Jones instance, Clinton and Vice President Gore were accused of questionable fund-raising activities for the 1996 run. Clinton insisted that they had acted # 8220 ; within the missive of the jurisprudence # 8221 ; and called for run finance reform.In foreign personal businesss, the president persuaded Russian president Boris N. Yeltsin to accept the enlargement of NATO by acknowledging three former Soviet Bloc states as members.Second Year: 1998. At the start of the twelvemonth, President Clinton set out to construct on his old achievements in the White House by back uping the Social Security system, helping instruction, and reforming wellness attention. But even before he could sketch his ends in his State of the Union message, his programs were disrupted by the latest and most serious dirt to face his presidential term. This contention sprang from charges that he had had an improper rela tionship with a former White House houseman, Monica Lewinsky, and so tried to cover up the relationship. Independent Counsel Kenneth Starr, who had been look intoing the Whitewater instance, began looking into whether Clinton had committed bearing false witness by denying the matter with Lewinsky in a pledged deposition in the Paula Jones instance, and whether he had tried to acquire Lewinsky to lie in her ain pledged statement in the Jones case.At first Clinton denied the charges, and his protagonists accused Starr, a conservative Republican, of seeking to abash the president, a Democrat. The public continued to give Clinton high evaluations in the polls. But so Lewinsky confirmed the matter in testimony before Starr # 8217 ; s expansive jury, and Clinton was forced to acknowledge that he had non told the truth. Starr meanwhile sent a study to the House of Representatives, postulating that the president # 8217 ; s alleged actions of perpetrating bearing false witness and blockadi ng justness could be evidences for impeachment.Despite this personal convulsion, Clinton continued to play an active function in foreign personal businesss. He threatened to establish air work stoppages against Iraq until that state agreed to collaborate with United Nations reviews of its arms installations. After terrorist bombardments of U.S. embassies in Kenya and Tanzania, Clinton ordered relatiative work stoppages at terrorist hideawaies in Afghanistan and Sudan.In the 1998 mid-term Congressional elections, Democrats won more seats than was expected, bespeaking that a bulk of Americans continued to back up the president. But on December 19, Clinton was impeached by the House on charges of bearing false witness and obstructor of justness. As the instance moved to the Senate for test, popular support for the president grew, doing remotion from office appear improbable.Despite this convulsion, Clinton continued to play an active Ro lupus erythematosus in foreign personal businesss. After terrorist bombardments of U.S. embassies in Kenya and Tanzania, Clinton ordered relatiative work stoppages at terrorist hideawaies in Afghanistan and Sudan. The president besides ordered the bombardment of Iraq when that state refused to let United Nations review of its arms installations. In a peacekeeping function, Clinton helped negociate a Mideast treaty between Israel and Palestinian leaders. Israel agreed to retreat its military personnels from land claimed by the Palestinians in return for a promise to halt terrorist act against Israel. Third Year: 1999. Clinton began the twelvemonth confronting an impeachment test in the Senate ( which, like the House of Representatives, was controlled by the Republican Party by a border of 55 to 45 ) . But the president had an advantage in the Senate, because a guilty finding of fact on impeachment charges requires a two-thirds bulk, or 67 senators # 8211 ; a twelve or so more than were likely to vote against him.On February 12, the president was easy acquitted on both the impeachment and bearing false witness charges, with his accusers neglecting to acquire a bulk on either ballot. But shortly after the Senate finding of fact, the Lewinsky matter caused him farther embarrassment. Clinton was found to be in disdain of tribunal and fined about $ 90,000 for giving false testimony in the Paula Jones instance in 1998. Therefore he became the first president to be cited for disdain.In the thick of his impeachment test, Clinton delivered his State of the Union reference. The president proposed utilizing most of the awaited budget excess to beef up the societal security system and Medicare. But Republicans wanted to utilize much of the excess for a revenue enhancement cut of about $ 800 billion, which the president threatened to veto.In international personal businesss, Clinton launched the biggest military operation of his presidential term on March 25, fall ining other NATO states in a monolithic bombardment run against Yugoslavia. The purpose was to coerce Yugoslavian president Slobodan Miloevi to halt onslaughts on cultural Albanians in the state of Kosovo. After 10 hebdomads of bombardment, Milosevic agreed to retreat his forces from Kosovo. Clinton claimed triumph, and without losing a individual soldier in combat.1992 November 3 # 8211 ; Clinton and his running mate, Senator Al Gore ( D, Tennessee ) , were elected with 43 % of the popular ballot, to 38 % for George Bush and 19 % for Ross Perot.1993 April 19 # 8211 ; authorities besieging on the Branch Dav idians coumpound at Waco Texas resultes in the decease of 76 people [ Waco Holocaust Electronic Museum ]June 18: Clinton gets $ 200 haircut on Air Force One, closing down two tracks at Los Angeles International Airport for an hrJuly 20 # 8211 ; Vince Foster dies # 8211 ; labeled a self-destruction # 8211 ; post-mortem # 8211 ; SnipsAug 19: Clinton announces # 8220 ; Don # 8217 ; t Ask, Don # 8217 ; t Tell # 8221 ; policy sing homosexuals in the armed forces1994 March 14 # 8211 ; Associate Attorney General Webster Hubbell announces his surrender1995 April 19 # 8211 ; bombardment of federal builing in Oklahoma City consequences in the decease of 168 people.June # 8211 ; Monica Lewinsky, 21, comes to the White House as an unpaid houseman in the office of Chief of Staff Leon Panetta.1996 April 3 # 8211 ; Secretary of Commerce Ron Brown dies in a plane clang near Dubrovnik, Croatia. Botched Investigation? A Cover up?August 22. President Clinton marks the Personal Responsibili ty and Work Opportunity Reconciliation Act of 1996. Welfare Reform TimelineNov # 8211 ; Clinton wins reelection to 2nd term with at popular ballot of 45,628,667 ( Bob Dole 37,869,435 )1997 February 25 # 8211 ; The nightlong Guest List # 8211 ; released by the Clinton Administration Clinton # 8211 ; acknowledges he personally encouraged honoring DNC givers with nightlong corsets at the Lincoln Bedroom.October # 8211 ; Jiang Zemin Visit # 8211 ; Guest list for the province dinner and comments1998 Jan 14 # 8211 ; Lewinsky gives Tripp a papers headed # 8220 ; Points to do in an affidavit, # 8221 ; training Tripp on what to state Jones # 8217 ; attorneies about Kathleen Willey [ CNN/AllPolitics Investigating The President ]January 17: Did you have an adulterous sexual matter with Monica Lewinsky? ? Ordinal number? Bill Clinton on Record [ ABC News ]Jan 19 # 8211 ; Lewinsky # 8217 ; s name surfaces in the Drudge ReportJanuary 26 # 8211 ; Standing alongside First Lady Hillary Rodham Clinton and Vice President Al Gore in the Roosevelt Room of the White House, Clinton waged his finger at intelligence cameras and declared: # 8220 ; But I want to state one thing to the American people. I want you to listen to me. I # 8217 ; m traveling to state this once more: I did non hold sexual dealingss with that adult female, Miss Lewinsky. I neer told anybody to lie, non a individual clip # 8212 ; neer. These allegations are false. # 8221 ; [ audio ]March 22 # 8211 ; April 2 # 8211 ; Bill Clinton takes trip to Africa [ Clinton s Africa Trip ] # 8211 ; GAO survey put the cost of the trip at $ 42.8 million? excepting security disbursals.June # 8211 ; Trip to ChinaAugust 17 # 8211 ; address to the American public rhenium: Monica LewinskyAugust 20 # 8211 ; Clinton orders Cruise Missile Strikes on Afghanistan and Sudan # 8211 ; Credible Misrepresentation?December 19 # 8211 ; House votes to Impeach Clinton [ Documents Center University of Michigan Library ]1999 May 7 # 8211 ; US planes bomb Chinese embassy in Belgrade # 8211 ; MacLean # 8217 ; s Guide2000 Jan 4 # 8211 ; The Clintons move properties to house at 15 Old House Lane, Chappaqua, NY [ map ]Bibliography # 65279 ; Source S6A ( 10/22/00 ) The Clinton Presidency and the Crisis of Democracy by HowardZinnhypertext transfer protocol: //www.zpub.com/un/zinn12.htmlBeginning S6A ( 10/22/00 ) Yokel! News Full Coverage # 8211 ; Clinton Impeachment Aftermathhypertext transfer protocol: //rd.yahoo.com/search/iy/fc/bill+clinton/ ? hypertext transfer protocol: //fullcoverage.yahoo.com/fc/US/Clinton_ImpeachmentBeginning S6B ( 10/22/00 ) Clinton test # 8211 ; Interactive who # 8217 ; s who and timelinehypertext transfer protocol: //news.bbc.co.uk/hi/english/static/events/clinton_under_fire/trial_of_the_president/default.stmBeginning S6A ( 10/22/00 ) Fairlamb # 8217 ; s Corner # 8211 ; Bill Clinton # 8217 ; s record and returning commonsense to political relationshypertext transfer proto col: //srd.yahoo.com/srst/2011538/Bill+Clinton+opinion/6/6/*http: //www.geocities.com/CapitolHill/1721Beginning S5B ( 10/22/00 ) Bill Clinton # 8217 ; s Record As US Presidenthypertext transfer protocol: //www.geocities.com/CapitolHill/1721/record.htmlBeginning S5A ( 10/22/00 ) The Unofficial Bill Clinton Sitehypertext transfer protocol: //www.zpub.com/un/un-bc.html335

The Sverdlovsk Antrax Epidemic Research Paper Example | Topics and Well Written Essays - 1250 words

The Sverdlovsk Antrax Epidemic - Research Paper Example The CIA, which had satellite photographs of the military base of Sverdlovsk suggested that there was a laboratory facility in the military base. Soviet emigrants and dissidents had also heard about the death of people in the city’s southern part and ascribed these deaths to hazardous clouds emanating from the military base. The US therefore strongly believed that an explosion at Sverdlovsk’s main military base had spread lethal anthrax spores over the city, leading to the death of hundreds of people (Guillemin, 2002). The Soviets however rebutted any action regarding biological weapons and at various international conferences, they tried proving their tainted meat story. They also refused to refusal to permit researchers get into Sverdlovsk for investigations. As a restricted military area, Sverdlovsk was off-limits to foreigners (Pbs.org, 1995 and Wampler & Blanton, 2001). Western inspectors to this day have not been permitted to visit this military facility (Pbs.org, 1995). Approximately five thousand people got exposure to the aerosol. Roughly, three thousand workers were present in the ceramics factory on April 2, and eighteen of them passed away. This event’s attack rate has been estimated at two percent. Of the victims, two-thirds were men, with the median age being forty-five. Though they were definitely exposed, no children or young people were affected – the youngest victim being a 24-year-old kindergarten teacher who was suffering from tuberculosis (Guillemin, 2002).

Film & Society Essay Example | Topics and Well Written Essays - 1500 words

Film & Society - Essay Example The producer of the biography of Kane's life recognizes the fact that a human being is not necessarily the sum of his activities and property, while asking his reporters the real meaning of Charles Foster Kane. In an effort to find the real Charles Foster Kane - a composite of a number of historical personalities such as the newspaper magnate William Randolph Hearst; the aerospace and movie mogul Howard Hughes; and the Chicago utilities magnate Samuel Insull - the film helps the viewer discover that there is something deeper that drives the life and achievements of a person. This depth of insight may be called the meaning of life, the interpretation of life, or an individual's motivating force to do what he does and to live the way he lives. Charles Foster Kane died following a successful business life with the word "Rosebud" on his lips. This word apparently had nothing to do whatsoever with the kind of persona possessed by Kane. Was it the name he had decided on for a new business venture, given that wealth and power were Kane's predominant interests as revealed by his biography In any case, Kane's story unfolds in a series of flashbacks, each one providing insight into an attribute of Kane previously hidden from the viewer. The life story of Kane is told by a succession of people that were connected with him. Each of these people saw a separate side of the man, and none of them could see him whole. Thus, all people in relation to Kane saw him differently, and each one's viewpoint was imbued with prejudices, making the recollections rather vague and unreliable. The man himself never gets to tell his own story. How close would his story be to the reminiscences of his associates We cannot tell, and all that we are left with is our own interpretation. If money is our preoccupation, perhaps we will define Kane's life as a money-making enterprise, just as a person dealing with aggression in the home is most likely to view the Thematic Apperception cards with an eye for violence. Kane's life had changed irrevocably from a materialistic standpoint. He was a rich man who knew how to remain prosperous through his business undertakings. Yet, viewers of the film have noticed that riches did not necessarily bring unconditional happiness in the man's life. Rather, he seemed to have felt vulnerable and alone, and on his deathbed he remembered the simple snow globe and the Rosebud, which was the sled he used in his youth. Kane appears to feel nostalgic about his childhood as death knocks at his door. Was he trying to recall certain values that he had failed to live by due to his ever increasing occupation with the guarding of wealth Once again, the interpretation depends on the viewer. It will be not considered wrong to assert here that Kane was remembering his childhood and the Rosebud at the end of his life because death marks a return to a state of being we were closer to at the time we were children. Would it also be correct to state that the meaning of life is r eally to remember that state of being and live as intimately attached to it as possible, so that death takes us to a world that feels better than this one and we are not taken by surprise right at the end of this life term Literature on near death experience has often mentioned the dark tunnel experience, whereby a person

LOVE - A Visit to the Museum Assignment Example | Topics and Well Written Essays - 250 words

LOVE - A Visit to the Museum - Assignment Example Some of the websites navigated include but not limited to: Smithsonian American Art Museum, National Gallery of Art, Philadelphia Museum of Art, Montreal Museum of Fine Arts and Museum of Modern Art among others. From almost all the museums that I explored, child-friendly and resources was vastly covered. In some family programs for both parents and children was combined and they learn and get entertained together. Parents, caregivers and children are offered engaging gallery tours. Variety of artworks, including paintings, sculptures, snapshots, folk arts are available for both family and children (Schwarz, 1996). Children also find it interesting as they get an access to coloring books, numerous kid activities and games and also some music. Some of the activities are accessed through the gallery tours while others are accessible online while still in the museum. All the museums have research centers and programs which most favors teachers. The centers provide adequate information, variety of resources and training opportunities to the educators/teachers. Experts in various fields are hired to help in fortifying education both domestically and globally (Schwarz, 1996). Laboratories for creating models and inventive informal education are also available. Moreover, teachers also get an opportunity to have objective overview of various things; they also get questions for various subjects. Teachers also get ideas of how they can link art and curriculum in multiple subjects and topics. Museum sites also offer numerous resources, including the lesson plans that look at the way art can manipulate various magnitudes of religious experience. This is one of the ways that teachers can use in enhancing children’s art inside the classroom (Schwarz, 1996). I found it very easy in navigating the site, there is a sequential order on the activities is covered, both in writing and on exhibition. One does not require to be

Research paper comparison between Belize and United States

Comparison between Belize and United States - Research Paper Example That fact explains why the Spanish tongue is spoken by the native people. Interestingly though, it is the only Central American country that has English as its official language. (Belize. Wikipedia. [internet]) The relations between Belize and the United States are more on mutual cooperation covering domestic problems such as crime and police concerns. At one point, a child molester was arrested in Belize after his picture was shown in the Oprah Winfrey show. (ACCUSED CHILD PREDATORS CAUGHT. Thanks to "Oprah" Television Viewers. October 19, 2005. Headline Archives. FEDERAL BUREAU OF INVESTIGATION. [internet].). There are not much about high level talks between the two although it is quite known that both countries are cordially close with each other. Belize citizens who have migrated to the United States are now relatively big in number, about seventy thousand. On the trade and commerce front, the United States is the most important business partner of Belize. Aside from that, there are a lot of fund investments coming from the Americans which are placed in Belize. Superficially, there appears no other significant factor or reason for a serious bonding between the two countries. Going deeper, however, will come up with something that may possibly suggest for a more coordinated and more synchronized inter-relation and inter-action between these governments. The areas that need to focus on are drugs and terrorism which may seem petty in the Belize home base but which can blow up in unmanageable proportions at some unexpected time. These worries are becoming hot issues. In one account, organized crimes executions and drug trafficking have been rising in trends. (Belize Murder Rate Skyrockets. Drugs, Gangs And Organized Crime. February 17, 2008. CruiseBruise. [internet]). In several cases, the use of cruise ship connections is evident, the latter being explained by the attractive tourism industry of Belize. The drug menace is clearly becoming a growing

Treaty of Varsailles - P3ip Essay Example | Topics and Well Written Essays - 500 words

Treaty of Varsailles - P3ip - Essay Example Accordingly, more than two million young German men lost their lives during the Great War and our cities remain deserted and destroyed following this unfortunate war. We, the German people, take issue with many of the conditions of the Treaty of Versailles and respectfully submit our challenges to a document which we believe does not but punish the suffering German people and lay the groundwork for future conflict on this great continent we share. We turn to the American delegation and plead for a just and amicable resolution to the Great War. We do not seek to provoke further animosity with our neighbors and believe that a peaceful settlement can be reached, provided that the understanding that we have all suffered in this dreadful conflict, is brought to the fore (Boemeke et al., 2009). First and foremost Germany takes issue with the â€Å"War Guilt† clause which stipulates that we alone are guilty of this War. We cannot forget the more than two million young German men lost their lives during the Great War and it would be dishonorable to tarnish their legacy by declaring exclusive guilt for the travesty which befell all of our people. With respect to land and the seemingly unilateral desire to take German land away from our people including Alsace-Lorraine, Eupen and Malmedy, Northern Schleswig, Hultschin West Prussia, Posen and Upper Silesia, we must object. The annexation of this land by foreign powers will do more to sow disharmony between the Western Powers and Germany and we seriously hope that the division of Germany by the victors in this terrible conflict will be reconsidered. Furthermore, we believe that a â€Å"League of Nations† which excludes the great nation of Germany will be unrepresentative of the civilized people of this earth and fo r it to work in the manner in which it is presently being designed it

The lilly ledbetter Essay Example | Topics and Well Written Essays - 250 words

The lilly ledbetter - Essay Example Notably, the president acknowledged that the nation’s economy can work if it works for everyone. He also added that citizens should not be favored in terms of pay on the basis of gender, religion, disability, race, ethnicity, and age because that is not only prejudicial and unlawful but also unfit for business (Office of the Press Secretary 1). At the time of the passage of the Lilly Ledbetter Fair Pay bill to law, the Republicans opposed the bill as drafted. Howard McKeon, an Education and Labor Committee member, raised the matter that company executives would be held responsible for deeds undertaken by supervisors and managers who had left the company a long time ago (Office of the Press Secretary 1). For instance, this will allow a retiring worker to seek for compensation from the company now run by executives who had no hand with the past acts of favoritism. In my opinion, the Lilly Ledbetter Law should remain a federal law. This is because it offers women opportunities for equal pay. Women need to be in a nation that treasures their contributions, that offers no limitations to their dreams n that offers them opportunities they had never imagined. Office of the Press Secretary. "Remarks of President Barack Obama on the Lilly Ledbetter Fair Pay Restoration Act Bill Signing." The White House. N.p., 29  Jan.  2009. Web. 25  Jan.  2014.

Financial Constraints and Impact Analysis Term Paper

Financial Constraints and Impact Analysis - Term Paper Example After all, there are characteristics of a successful project that will determine whether the project is successful or not. The triple constraints are as listed below: Scope/quality of a project is a clear statement of what is intended to be achieved in a particular project. It defines the functions, features and information content that will be included in the project at hand. It also defines the desired final result of the project. Resource cost/ resources are also one of the triple content of a project constraint. Resources cost money and the two descriptions are interchangeable in a number of ways. The cost of a project involves what needs to be applied or assigned to the project such as money and effort in order to make things happen (Kendrick, 2009). This includes resources such as manpower, or material requirements for the job, resources for risk management and evaluation of any other resources that facilitate the success of the project. The other constraint is the time constra int. This involves analyzing the time required for completion of each component of the project. After carrying out this analysis, the components are broken down to find the time for completion of each task. This allows for determination of the duration of the project as well as the quantity of resources needed to be dedicated to particular projects. This article tries to explain some of the ways in which these constraints can be managed for successful completion of the project. Methods for managing various constraints During control of a project constraint, it should be understood that it is only possible to define two constraints and the third will be determined by the other two. It is also advisable to determine which of the three is the controlling constraint as well as the one that needs to be changed (Dobson, 2004). For instance, if scope is the least important, determine the methods for achieving the most for the client while using the least amount of resources, reduce priorit y on resources and suggest solutions for the problem being addressed. Look for alternatives for the projects. In case of resource constraint, look at cross-training staff or recruiting new people as well as outsourcing. In case of schedule constraint, it is recommended to use a schedule float. Also, analyze the schedule for tasks that overlap 1. Use of spread sheet to mange constraints The triple constraints can be utilized in projects by increasing the chances of prioritizing. Despite the projects being constrained, not all constraints are equal between projects. For instance, project A may have a specific time that is critical for the completion of the project (Kendrick, 2009). However, the budget for project A could have some flexibility. Project B on the other hand may require certain resources but the deadline is within the time frame for project completion. Using spreadsheet to manage project constraints, three basic classifications are used when prioritizing constraints i.e. ‘Inflexible’, ‘Adaptable’, and ‘May concede’. Inflexible means that this is the most crucial project and has to be constrained for the successful completion of the project. Adaptable means the project is negotiable but should be optimized to a certain extent. May concede means that it is an area where trade offs is possible to take place in order to manage the inflexible constraint or optimize the adaptable one. Constraints/classification Inflexible Adaptable May concede Time

Retail Management Essay Example for Free

Retail Management Essay What can an independent retailer learn from this case? An independent retailer can pull several insights from this reading. First and foremost the market is becoming severely competitive which means that independent retailers will have to adapt to the environment. Adaptations such as; benchmarking other retailers, pinpointing customer needs wants, developing a long-term strategy for adaptation are to be made. It is imperative that retailers find ways to draw-in and maintain customers by changing with the market. Soft line specialty stores have found that the recent economic downturn has hurt the industry and in turn created intense competition for retailers to find new ways to get more sales from existing customers. Some good ideas for retailers to consider after reading this case are, repositioning old images, continuing to target the youth market, and creating a life cycle of retailing whereas, when a customer outgrows a particular brand, you have another brand for the consumer to grow into. There are also many ways that our ever-advancing technology can be incorporated into retailing to aid companies in increasing revenues.

ITT Tech MA3110 Vocab 1 Essay Example for Free

ITT Tech MA3110 Vocab 1 Essay Statistics – the science of planning studies and experiments, obtaining data, and then organizing, summarizing, presenting, analyzing, interpreting, and drawing conclusions based on the data. Population – the collection of all elements to be studied. Census – a collection of data from every member of the population Sample – a subset of members selected from a population Vocabulary 1 – Chapter 1 Section 2 Statistical Significance – an arbitrary limit where an observed difference is reasonably assumed to be due to some factor other than pure chance. Practical significance – an arbitrary limit where an observed difference is of some practical use in the real world. Vocabulary 1 – Chapter 1 Section 3 Parameter – a numerical measurement of a population characteristic. Statistic – a numerical measurement of a sample characteristic. Quantitative Data – data that consists of numbers representing counts of measurements. Categorical Data – data that can be separated into different categories that are distinguished by some nonnumeric characteristic. Discrete Data – data that has a finite number or countable number of possible values. Continuous Data – data that has an infinite number of possible values, with no gaps in the possible values. Nominal Level of Measurement – data that are qualitative only. Ordinal Level of Measurement – data that can be ordered, but computational differences are meaningless. Interval Level of Measurement – data that are ordinal level, and also having meaningful computational differences, but having no significant zero value. Ratio Level of Measurement – data that are interval level, and also having meaningful computational differences, and having a significant zero value. Vocabulary 1 – Chapter 1 Section 4 Voluntary Response Sampling – a style of sampling that incorporates non probability sampling methods in its research. Correlation – the degree to which two or more attributes or measurements on the same group of elements show a tendency to vary together. Causality – the principle that nothing can happen without being caused. Order of Questions – sometimes survey questions  are unintentionally loaded by factors of the items being considered. Nonresponse – occurs when someone either refuses to respond to a survey question or is unavailable. Missing Data – occurs when no data value is stored for the variable in an observation. Vocabulary 1 – Chapter 1 Section 5 Observational Study – observe and gather data without attempting to modify the subjects. Experiment – apply some treatment and then observe the effects of the treatment on the subjects. Simple Random Sample – a sample of n subjects that is selected in a way that makes every possible sample of size n is equally likely. Random Sample – a sample in which each individual member of a population is equally likely to be chosen. Probability Sample – a sample in which each individual member of a population has a known chance of being chosen. Systematic Sample – a sample selected by choosing a starting point in the list of subjects and then selecting every kth subject from that point on. Convenience Sample – a sample selected by choosing subjects that are most easily accessed. Stratified Sample – a sample selected by dividing the population into at least two subgroups and then choosing subjects from each subgroup. Cluster Sample – a sample selected by dividing the population into at least two subgroups, randomly selecting subgroups, and then choosing all subjects from the selected subgroups. Sampling Error – error in a statistical analysis arising from the unrepresentativeness of the sample taken.

Peoples Democratic Republic Of Algeria English Language Essay

Peoples Democratic Republic Of Algeria English Language Essay Over three years period of learning English as a foreign language, English LMD students still find the written demands extremely challenging. Moreover, third year LMD students in the English Department at Saad Dahlab University of Blida encounter many difficulties in writing their mini-projects. Therefore, this study is needed to reveal these difficulties and their effect on further learning. Furthermore, it is an important study mainly because of the fact that academic writing is required for anybody who is studying English and has to write essays and other assignments for exams or coursework. 2. Statement of the Problem: This study will investigate the effect of having academic writing difficulties on ACHIEVING THE FINAL PROJECT of third year LMD students in the English Department at Saad Dahlab University of Blida. 3.The research question: What are the effects of academic writing difficulties on the final projects progress of third year LMD students in English Department at Saad Dahlab University of Blida? 4.The research Sub-questions: What are the academic writing difficulties that hinder the final projects progress of third year LMD students in English department at University of Blida? 5.Hypothesis: Third year LMD students in English department at University of Blida may have difficulties in cohesion. 6.Objectives of the Study: To identify the difficulties that faces the third year LMD students in English department at University of Blida when writing academically. To reveal the significance of academic writing difficulties to third year LMD students further studies in English department at University of Blida. To show how academic writing difficulties affect third year LMD students learning progress in English department at University of Blida 6. Structure of the research proposal: This research proposal covers the main points that will be examined in the final thesis entitled Effects of Academic Writing Difficulties on Achieving the Final Project of Third Year LMD Students in English Department at Saad Dahlab University of Blida. The first part is a general introduction that includes the background and significance of the study, statement of the problem, research questions and the objectives of the study. The second part is a review of the literature which consists of two chapters. The first chapter is a review of literature on the EFL academic writing difficulties. It consists of a definition of academic writing, the rhetorical, strategy and vocabulary challenges of EFL writing. The second chapter deals with the effect of writing weaknesses on EFL learning development. It includes the influence of rhetorical, strategy and vocabulary difficulties on the scores achievement. The third part describes the methodology design of this research. It includes data to be collected, data collection procedures, the population, procedures and data analysis procedures. The last part is a conclusion of the previous chapters and it includes a summary of the main points. CHAPTER 1: Review of the literature on EFL academic writing difficulties Introduction: Academic writing in English at advanced levels is a challenge even for most native English speakers. However it is particularly difficult for English as foreign language learners. Recent studies have researched the difficulties of academic writing. This part sheds light on previous studies and reviews relevant literature on the EFL academic writing difficulties. First, the researchers intend to provide a definition of the academic writing, and then they give some basics of academic writing. Finally, this chapter discusses the challenges that face EFL learners when writing academically. 1.1. Definition of academic writing: Academic writing is a mental and cognitive activity, since it is a product of the mind. The image of an individual working alone in a quiet environment has furthered the view of writing as a mental and cognitive activity. However as has been pointed out, writing can be understood only from the perspective of a society rather than a single individual(Burke, 2010,p.40-41). 1.2. Basics of academic writing: Academic writing is expected to address an intellectual community in which the students engage in active learning. Some basics or rules must be established. Using information to ones advantage is a key part of learning. Success at the postgraduate level depends on the students ability to access, evaluate, and synthesize the words, ideas, and opinions of others in order to develop their own academic voice. When presenting what they have learned, it is therefore vitally important that students are able to show clearly what they have drawn from others and what is their own (Bristol Business School, 2006, p. 3). A student must be honest about how much ownership he/she can claim over the ideas formed, the answers found, and the opinions expressed (Bristol Business School, 2006, p. 3). The student must follow certain rules to ensure good academic writing, including punctuation guidelines. 1.2.1 Punctuation The essential punctuation marks are the period, comma, semicolon, and colon. These include the following: à ¢Ã¢â€š ¬Ã‚ ¢ The period primarily marks the end of a sentence. A period is also used after an abbreviation where the final letter of the word is not the final word of the abbreviation, e.g., in enc. for enclosure, although Mr. for Mister is an exception (Murphy, 2010, p. 9). à ¢Ã¢â€š ¬Ã‚ ¢ The comma is primarily used to separate parts of a sentence so that the meaning remains clearer for the reader. (I) A comma separates words in a list, e.g., He brought coal, kindling, matches, and turf. (II) A comma separates subordinate clauses within a complex sentence where two separate sentences are not required (Murphy, 2010, p. 9). à ¢Ã¢â€š ¬Ã‚ ¢ The semicolon has two common uses. First, it may be used to separate items in a list after a colon. Second, it may be used to indicate a certain relationship between two parts of a sentence (Murphy, 2010, p. 9). à ¢Ã¢â€š ¬Ã‚ ¢ The colon may be used to indicate the start of a list, as is similar to the above example for the semicolon. It may also be used before a quotation begins (Murphy, 2010, p. 9). 1.3. Challenges of EFL academic writing: Writing is considered as a complex activity, a social act which reflects the writers communicative skills which is difficult to develop and learn, especially in an EFL context. Research in this field has examined the nature and types of writing task and by providing better understanding of EFL students writing needs, there has been an effort to help the development of this major skill theoretically and pedagogically (Zhu, 2004; Carson, 2001; Hale et al, 1996).   Examining the features of EFL writing tasks and the students problems in performing the task would certainly be pedagogically beneficial. As stated by Atkinson (2003, p.95), EFL students writing in a language classroom context shows their ability to solve a rhetoric problem and their awareness of their own communicative goals, of the reader, and of the writing context. In spite of numerous approaches to the teaching of writing, tackling EFL writing is still one of the challenging areas for teachers and students. Many EFL te achers think that grammar and vocabulary are the main problem area and that their writing would improve with remedial grammar/voc lessons. As Widdowson (1995, p.74) points out, we need to consider the larger discourse context or the meaning that lies beyond grammatical structure. To go beyond grammar, language should be looked at as a form of social practice (Fairclough, 1992, p.122). As Casanava (2002  ,p.19) points out, learning how to write for academic purposes poses a clueless challenge because the rules of the game are almost all implicit. This is especially true for Algerian university students when they write an academic research paper in English for the first time: they are faced with a number of unfamiliar, daunting tasks. Of all these, the most formidable and crucial challenge appears to be learning how to organize and develop their ideas in an academically persuasive manner; that is to organize their assertions into logical and cohesive arguments that will convince the reader. Their papers often end up lacking clear logical flow and unity, not to mention a persuasive linear argument. Conclusion Most EFL students find writing difficult and some students report that their difficulties continue, even years after their confidence in other academic skills such as speaking, listening, and reading has grown (Zhang, 2010,p.71). Explanations for students struggle go beyond grammar and vocabulary though these are clearly significant. Most writing specialists agree that writing difficulties are down to the specialised nature of academic discourse (Schmitt, 2005, p.65) and to the complexity of the craft of writing itself. CHAPTER 2: The research methodology design Introduction: In this chapter, the researchers describe the research methods, informants and data collecting tools. The results collected from the research tools will be analyzed scientifically in order to answer the research questions. Research method: Since the current study aims at showing the effects of academic writing difficulties on students final project achievement, the researchers opted to use a descriptive study on third year LMD students in English Department at University of Saad Dahleb- Blida. A descriptive method facilitates the gathering of information and data to assist in achieving study goals. As a first step, the researchers tend to administer a questionnaire to third year LMD students in English Department at University of Saad Dahleb- Blida mainly to confirm whether they face difficulties when writing academically (see appendix 01). Then, supervisors will be interviewed about the challenges they meet when orienting students with academic writing difficulties (see appendix 02). During the study, which will take three months, the researchers will observe the students progress in achieving their final project using an observation check list (see appendix 03). Population: The informants of this study are students and teachers from the English Department at the University of Saad Dahleb- Blida. The researchers select 10 groups of third year LMD students; each group consists of 3 members working on their final project in didactics field, and 5 didactic MA Degree teachers who supervise the 10 groups. The informants are 19 female students and 11 male students. The age of the informants ranges from 20 to 26 (see table 1). The original names of the students are replaced with fictitious names to keep the identity of the informants confidential. Table 01: Description of the groups Groups Gender Age Previous tuition of English 1st group 2 females/ 1 male 20 23 8 years 2nd group 3 females 20 8 years 3rd group 3 females 20 22 8 years 4th group 3 females 24 26 8 to 10 years 5th group 2 males / 1 female 20 23 10 years 6th group 3 females 20 10 years 7th group 3 females 20 10 years 8th group 2 females/ 1 male 21 10 years 9th group 3 males 20 22 10 years 10th group 3 males 21 25 10 to 13 years Data collection tools: The researchers intend to use three research tools to collect the data needed in order to answer the research questions of this study: 3.1- A questionnaire with closed-ended questions is distributed to the 10 groups of the 3rd year LMD students. It consists of 13 closed ended questions which aim at detecting the category of the difficulties whether in cohesion, coherence, vocabulary or strategy. 3.2- Semi-structured interviews are conducted to collect data from the perspective of the 5 supervisors. Interviewing the supervisors on the basis of their feedback to the groups will help to specify the types of difficulties, to confirm the data collected from the questionnaire and to know the challenges of supervising students with academic writing difficulties. 3.3- Observation check lists are distributed each month to the 10 groups in order to examine the effects of the academic writing difficulties on the progress of accomplishing their final projects. The list contains the supervisors negative feedback besides the data collected from the interviews and the questionnaire. Each group is provided with a check list to examine how much each difficulty is considerable to hinder the progress of the final project. 4. Data analysis Procedures: After the data are collected, the researchers intend to analyze them according to teachers and students answers: 4.1. A questionnaire with closed-ended questions: The data collected from the questionnaire will be analyzed quantitatively. The researchers will describe and comment on the answers objectively. Then, the data will be interpreted scientifically. Through this process the difficulties of academic writing will be revealed. 4.2. Semi-structured interviews: The data collected from the semi-structured interviews will be analyzed qualitatively. The reasons for choosing qualitative methods for collecting data are: the need to attain highly personalized data, there are opportunities for probing, a good return rate. (Gray, 2004, p.96). These semi-structured interviews will specify the kind of the difficulties. 4.3. Check list observation: The data collected from the observation check list will be presented in graphs. Graphs will give a clear vision on the effect academic writing difficulties on the third year LMD final project achievement. Conclusion and Suggestions for Further Research: In view of the data presented, the researchers conclude that third year LMD students in English department at Saad Dahlab university face many difficulties and stresses in their academic writing. These difficulties severly hinder the progress of the students final project. The following recommendations are made for future studies: The present study could be replicated on a wider scale that includes diverse populations and various levels of education to examine more thoroughly the difficulties of academic writing. Further field-based research should be conducted to address other important skills, such as reading, listening, and speaking. -Since the subjects of this study were male and female students, future studies could be conducted with only male or only female students to determine the effect of gender on academic writing difficulties. General conclusion The research proposal is a crucial step in any scientific research. It clearly describes the study process. This research paper describes the study which is intended to be applied on the topic Effects of Academic Writing Difficulties on Achieving the Final Project of Third Year LMD Students in English Department at University of Blida.This research proposal considers the most important points in the study. The first chapter is the literature review which contains different ideas about the data that will help answering the research questions. This chapter deals with the EFL academic writing difficulties. It gives a definition of the academic writing, tackles its basics and defines its challenges. The second chapter in the research proposal is the research methodology design. It describes the followed methods in the study process which are the research method, the population, the data collection tools and the data analysis procedures. Bibliography Burke, S. (2010). The construction of writer identity in the academic writing of Korean ESL students: a qualitative study of six Korean students in the U.S. Doctoral dissertation. Walter. L. (1977). College Composition and Communication. Major Problems in Doing Academic Writing. Vol 28/1. pp 26-29. Hyland, K. (2003). Second language Writing. Cambridge, Cambridge Press Al Khuweileh, A, Shoumali. I. (2007). Writing Errors: A study of the Writing Ability of Arab Learners of Academic English and Arabic at University [Abstract]. Language and Culture and Curriculum, 13 (2), 174-183. Silva, T. (1992). L1 vs. L2 writing: ESL graduate students perceptions. TESL Canada Journal, 10 (1), 27-48. BBC English Teachers Supplement. (1995). The challenges of teaching academic writing. [Online] Available: http://www.uefap.com/articles/furneaux.pdf Fulwiler, T. (2002). A personal approach to academic writing. College writing: Third Edition. Boynton/Cook Publishers, Inc. Heinemann. Murphy, Anne. (2010). Academic writing and publishing matters for the scholar- researcher. D.I.T Dublin Institute of technology 9- Woodrow, L. (2006). Academic Success of International Postgraduate Education Students and the Role of English Proficiency. University of Sydney Papers in TESOL, 1, 51-70 10- Brookes, A; Grundy, P. (1998). Beginning to Write. Cambridge, Cambridge Press. 11- Fitze, M; Glasgow, R. (2009). Input Enhancement and Tense Formation in Arab EFL Writing by Cross Cultural Exchanges. English for Specific Purposes, 17(4), 391-412. 12- Taranopolsky, O. (2005). Creative EFL writing as a means of intensifying English writing skill acquisition: A Ukrainian experience. TESL Canada Journal, 23(1), 76-78. 13- Weigle, C. (2002). Assessing Writing. Cambridge, Cambridge University Press. 14- Bacha, N.N., Bahous, R. (2008). Contrasting views of business students writing needs in an EFL environment. English for Specific Purposes 27, 74-93. 15- Badger, R; White. G. (2000). A process-genre approach to teaching writing. ELT Journal, 54(2): 153-160. Appendices Appendix: 01 Questionnaire with closed-ended questions This questionnaire is part of MA dissertation. It is administered to third year LMD students in English department at university of Blida. Please, answer the following questions according to your writing experience. Thank you for your collaboration. Do you face any difficulties when writing your mini-project? Yes No Is the grammatical features one of the problems you face in your English writing? Yes No 3. Do you spend time reviewing what you write? Yes No 4. Does most of your reviewing focus on the sentence and paragraph level? Yes No 5. Do you always focus your reviewing on the grammar points of your writing? Yes No 6. Do you know which type of plague words and phrases you should avoid? Yes No 7. Do you often make sentence mistakes in your writing? Yes No 8. Do you often make subject-verb disagreement mistakes in your writing? Yes No 9. Do you experience difficulty combining sentences in your writing? Yes No 10. Is it difficult to create an understandable and coherent paragraph? Yes No 11. Do you include each of the three steps (planning, writing, and revision) in your writing process? Yes No 12. Do you write an outline before writing draft? Yes No 13. Do you think that writing skills are important factors for successful writing? Yes No Appendix: 02 Semi-structured interviews The semi-structured interviews below are part of MA dissertation entitled Academic Writing Difficulties and their Effect on the Learning Progress of Third Year LMD Students in English Department at Saad Dahlab University of Blida. 5 supervisors of 10 groups of third year LMD students will be asked face to face the following questions: Do you think that third year LMD students in English Department at Saad Dahleb University of Blida have difficulties in writing academically when working on their final projects? According to your experience, what are the difficulties that faced by third year LMD students in English Department at Saad Dahleb University of Blida when working on their final projects? Do these difficulties affect the students progress of their final projects? According to the groups you are supervising, do the academic writing difficulties differ from one group to another? To what extent do you think that academic writing is important for third year LMD student to accomplish their final projects? What are the challenges you face when supervising students with academic writing difficulties?

The Aerospike :: physics aerospike rocket engine

When a rocket's fuel ignites, the molecules in the fuel release a tremendous amount of energy in the forms of heat, light, and sound. They expand rapidly as they move from the "throat" of the nozzle into the "bell." The compressed air inside the balloon wants to expand outward. Therefore it presses against the walls of the balloon in every direction except the place where there is no wall - the "nozzle" of the balloon. Because there is no force vector in this location, adding the vectors yields a net force to the right. A bell nozzle, where a fuel (liquid Hydrogen) mixes with an oxidizer (liquid Oxygen) at a rate "m." As they ignite they are forced into the throat, where they are compressed substantially. As they move out into the bell, they steadily expand, pushing against the nozzle and creating a net upward thrust, similar to the compressed air pushing on the walls of the balloon. Luckily, a rocket can be controlled more than a released balloon. Nozzles do not have to be bell shaped - as long as gas is expanding and pushing against a surface, creating thrust, any shape can be used! One alternative to the bell engine is the spike configuration. In particular, the Aerospike engine will be described and analyzed. The "Spike," or annular, engine is one of three basic engine designs: cones, bells, and annulars.The Cone is the simplest engine design. A cone with a narrow angle provides the greatest thrust, but a longer engine means increased weight. A short, wide-angle cone tends to be unstable under pressure (in the atmosphere). For example, the Apollo Saturn 5 featured long, relatively thin nozzles for optimum thrust at sea level. The Command Module, which operated only in space, utilized a comparatively wider engine for more expansion in space. The Bell nozzle is a compromise, opening up more rapidly near the throat and then opening more slowly near the end. However, bell nozzles are optimized for specific altitudes, therefore they will only provide their maximum thrust at a given altitude - at all other points they will provide less-than-optimum thrust. The annular, or "altitude compensating" engine is a more recently developed design. Commonly referred to as Spike engines, annulars operate with exhaust flow outside what is typically thought of as the nozzle. The exhaust flows around a central spike, rather than being contained by walls. They are called "annular" because the throat is donut-shaped, with the spike protruding from the middle.

Suffering :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  In many places throughout the world and almost every person on the planet people go through or witness suffering and death everyday. I have experience and lived through suffering. Many people have different explanations for the reason of these terrible things but could this happen to benefit us. Martin Luther king say’s suffering is creative and redemptive but not in the original meanings we think.   Ã‚  Ã‚  Ã‚  Ã‚  The meaning I associate with suffering is an uncomfortable state for an amount of time. This is not the text book definition the real definition is To feel pain or distress; sustain loss, injury, harm, or punishment.   Ã‚  Ã‚  Ã‚  Ã‚  In many things I have witnessed is my Great-grand mother dying. However she was very old naturally it was and is very hard. How ever I believe the creative aspect must have been when she was dying and repeatedly told me about the miraculous hills and flowers. I believe the hardest thing about accepting and fearing your own death is the lack of knowledge of the after life and I believe because she gave me this wonderful description it wont be as hard for me to accept her death along with other peoples and my own.   Ã‚  Ã‚  Ã‚  Ã‚  Another type creative suffering I have see is with in my friends family. His father suffers from a self inflicted disease called alcoholism. I believe because of his higher percentage to become and alcoholic himself by seeing such a hard suffering could teach him not to do it and maybe even help his offspring by informing them. This is another way I believe this suffering of one person can help so many others.   Ã‚  Ã‚  Ã‚  Ã‚  Overall the term of death that strikes me the most the come about Jesus’ death is the fact that Jesus was ransom for all of us and he didn’t care he willingly was a sacrifice for us and all of our sins and this is surely a creative death. He was here to help us and release us of our sins. With out him It is possible we could not be here today. This is how it connects to human nature but his sacrifice is his life which is not of a normal person he is special.

telecommunications :: essays research papers

Networking and Telecommunications Table of Contents Introduction Technology Involved Telephone System Network Setup Cost Sampling of Companies Possible Future Trends Global Implications Conclusion Introduction We have been hired to design a small network for a company that will utilize the newest technology out there and give each person the capability to work from the office as well as on the road. This company has ten people and will be working from home and on the road quite often. The best solution would be to set up a wireless network with additional security and the use if Internet Protocol phones. We will also make a push to hire a full time systems administrator to handle all the security issues and the overall maintenance of the network. First we need to stress the importance of a full time systems administrator to work from the site as well as on call 24 hours a day. We are going to use a wireless network as well as IP phones and from time to time they are going to experience connectivity issues as well as authentication problems logging into the servers remotely. The main point we must stress to the customer is the security issues that affect every network. The network will need constant monitoring and updates due to the nature of the business and the virtual private network that will be utilized for off site connectivity. Technology Involved The proposed hardware list will contain 3 physical servers, a Cisco router, 2 black and white laser printers, a color laser printer, 12 laptops, 12 IP phones, a server rack, cabling, and wireless PCMCIA cards. We want to make sure there are a few laptops and phones configured for users who are experiencing problems. This list will continue to grow as we start to install the network and get everything configured properly and continue on with the testing. We must also ensure we have the proper licensing for all the servers to include Microsoft Server 2003 and Microsoft Exchange. We will run Symantec Antivirus software on each of the laptops as well. Telephone System The telephone system that we are going to put into place is a Mitel system consisting of twelve 5220 IP phones. This system will consist of a voice mail system, and the ability to take your phone home and all your calls will be forwarded to that phone making it easier for our staff to work from home without the customers knowing. The hardware involved in the setup of this system is a PC for voice mail administration, and two switches. telecommunications :: essays research papers Networking and Telecommunications Table of Contents Introduction Technology Involved Telephone System Network Setup Cost Sampling of Companies Possible Future Trends Global Implications Conclusion Introduction We have been hired to design a small network for a company that will utilize the newest technology out there and give each person the capability to work from the office as well as on the road. This company has ten people and will be working from home and on the road quite often. The best solution would be to set up a wireless network with additional security and the use if Internet Protocol phones. We will also make a push to hire a full time systems administrator to handle all the security issues and the overall maintenance of the network. First we need to stress the importance of a full time systems administrator to work from the site as well as on call 24 hours a day. We are going to use a wireless network as well as IP phones and from time to time they are going to experience connectivity issues as well as authentication problems logging into the servers remotely. The main point we must stress to the customer is the security issues that affect every network. The network will need constant monitoring and updates due to the nature of the business and the virtual private network that will be utilized for off site connectivity. Technology Involved The proposed hardware list will contain 3 physical servers, a Cisco router, 2 black and white laser printers, a color laser printer, 12 laptops, 12 IP phones, a server rack, cabling, and wireless PCMCIA cards. We want to make sure there are a few laptops and phones configured for users who are experiencing problems. This list will continue to grow as we start to install the network and get everything configured properly and continue on with the testing. We must also ensure we have the proper licensing for all the servers to include Microsoft Server 2003 and Microsoft Exchange. We will run Symantec Antivirus software on each of the laptops as well. Telephone System The telephone system that we are going to put into place is a Mitel system consisting of twelve 5220 IP phones. This system will consist of a voice mail system, and the ability to take your phone home and all your calls will be forwarded to that phone making it easier for our staff to work from home without the customers knowing. The hardware involved in the setup of this system is a PC for voice mail administration, and two switches.

Corporate Evaluation Analysis – Avon Products

Table of Contents I. Company History†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 3 II. Recent News†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 5 III. Industry Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 8 IV. SWOT Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 15 V. Value Line Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 15 VI. Ratio Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 18 VII. Regression & Descriptive Statistics – Growth Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 20 VIII. Growth Analysis, Estimates for Earnings Employed in DDM, DDM including Discount Rate, and Other Assessments of Risk†¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 23 IX. Other Valuation Parameters†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 26 X. Rule #1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 28 XI. Conclusions/Final Stock Judgment†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 31 XII. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 33 XIII. Appendix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 35 I. Company History In general, Avon Products, Inc. is a U. S. cosmetics, perfume, jewelry, skin care, personal care and children’s products seller with markets in over 140 countries across the world and sales of $9. 9 billion worldwide. Avon Founder David H. McConnell offered women a rarity in 19th century America: a chance at financial independence. In 1886, it was practically unheard of for a woman to run her own business. Only about 5 million women in the United States were working outside the home, let alone climbing the ranks of any corporate ladder. That number accounted for just 20% of all women (Avon. com). The man behind the company for women was the son of Irish immigrants and grew up on a farm. Yet, it was this young man from rural New York, a visionary leader decades ahead of his time, who would become a pioneer in empowering women. McConnell, a bookseller-turned-perfume entrepreneur, would offer women the opportunity to create and manage their own businesses through what later became known as direct selling. David H. McConnell sold books door-to-door and gave out perfume to entice women to buy his books. His perfume proved to be much more popular than his books, so he then founded the California Perfume Company (CPC) in New York, New York. Mrs. P. F. E Albee, a 50-year old wife and mother of two, became the California Perfume Company’s first Representative. The legendary Mrs. Albee is still considered a role model for Avon Representatives today and is credited with creating the company’s system for distributing products. The California Perfume Company was incorporated on January 28, 1916 by David H. McConnell and Alexander D. Henderson (businessman) in Suffern, New York. By 1918, five million units were sold in North America, and by 1928, sales reached $2 million. In October 1939, the name was changed to Avon Products, Inc; McConnell had visited Stratford-Upon-Avon (UK) and had liked the town so much, that he renamed his company after it. The company was taken public in 1946 with OTC stock. By 1954, sales reached $55 million, and the â€Å"Avon Calling† advertising campaign was introduced, making it one of the largest and most successful advertising campaigns in history (Avon. com). In the 1960’s and 1970’s, Avon was one of Wall Street’s favorite â€Å"Nifty Fifty† stocks, a group of well-regarded, â€Å"buy and hold† blue chips that also included Xerox, Disney, and McDonald’s. These stocks helped drive the bull market of the early 1970s in the U. S. , with Avon’s stock soaring to $140. The Nifty Fifty bubble later bursts, sending U. S. stocks plunging. Avon was listed on the NYSE as AVP in 1964. By 1979, sales reached $3 billion, with one million direct sales agents. Today sales exceed $10 billion worldwide. In June 1989, Avon became the first major cosmetic company to announce a permanent end to animal testing on all Avon-manufactured products. Avon does not conduct animal testing on any of its products or raw ingredients and does not require that suppliers of raw ingredients and finished products produced for Avon conduct animal testing on our behalf. In addition to its corporate pursuits, the Avon corporation is involved in philanthropic causes. The Avon Foundation for Women, an accredited 501(c)(3) public charity, is the largest corporate-affiliated philanthropy for women in the world. Avon has been committed to helping women achieve their highest potential of economic opportunity and self-fulfillment by empowering them through scholarships and support for other forms of educational and occupational training and advancement. The Avon Foundation is currently focused on two key causes: breast cancer and domestic violence. Through 2009, Avon global philanthropy raised and donated more than $725 million worldwide for causes most important to women. Since 1992 in more than 50 countries around the globe, millions of dedicated Avon Representatives have sold special Avon cause products, raising almost $150 million to end breast cancer and domestic violence and to help in times of global emergencies. In 1999, the first woman CEO was named: Andrea Jung. In 2003, â€Å"mark. â€Å", which is targeted to younger, college-aged women, was created to help the company reach out into markets it had not previously serviced. mark. as proven to be successful in reaching a new generation of recruits, primarily young women ages 18–25, with a monthly â€Å"magalog† featuring its products. In 2008, reality star Lauren Conrad became a spokesmodel for the brand. Conrad also designed clothing and accessories for the brand. In 2010, actress Ashley Greene would replace Conrad as the spokes model for the brand. T hroughout the first decade of the new millennium, Avon began operating in numerous new markets, with heavy expansion in Central and Eastern Europe and the Caribbean Islands. Avon is now in more than 100 markets and is coined to be â€Å"the company for women†. II. Recent News AVP has a market cap of $11. 43B, operating cash flow of $702M, and consistent quarterly dividends around $0. 22 per share, making AVP a leader in personal products globally (Investment Underground). Given AVP’s positioning in the personal products industry, Avon could be a prime takeover candidate for competitors such as The Estee Lauder Company (EL) or French conglomerate L'Oreal SA (LRLCY. PK) looking to expand their reach into the direct sales portion of the personal products market. Because AVP currently has one of the lowest operating margins in the sector (11. 0%), competitors such as EL could view AVP as an attractive investment in hopes of increasing profitability. In turbulent times, people turn inward. The argument for large cap consumer staple companies is that they are familiar names that offer the necessities of daily life. Barron’s Magazine presents a list of ten companies that fit this argument. The underlying thesis is that these ten com panies offer cash flow, dividends and predictable growth. This list includes: Avon Products (AVP), Campbell Soup (CPB), Clorox (CLX), Coca Cola Enterprises (CCE), Colgate-Palmolive (CL), General Mills (GIS), Kellogg (K), Molson Coors Brewing (TAP), PepsiCo (PEP), and Proctor & Gamble (PG). Are these companies really good investments for today? |Ticker |Company |Recent |Price Chg. |Dividend |EV/EBITDA |EV/SALES | | | |Price |52W |Yield | | | |AVP |Avon Products, Inc. |26. 59 |-19. 00 |3. 50 |15. 03 |1. 31 | |CPB |Campbell Soup Company |33. 50 |-4. 00 |3. 50 |13. 01 |1. 9 | |CLX |Clorox Company, The |68. 81 |7. 00 |3. 20 |17. 46 |2. 39 | |CCE |Coca-Cola Enterprises Inc. |25. 81 |-5. 00 |1. 90 |16. 15 |1. 79 | |CL |Colgate-Palmolive Company |76. 95 |-9. 00 |3. 00 |12. 23 |2. 70 | |GIS |General Mills, Inc. |36. 65 |0. 00 |3. 10 |14. 90 |2. 24 | |K |Kellogg Company |54. 17 |3. 00 |3. 00 |15. 49 |2. 18 | |TAP |Molson Coors Brewing Company |43. 5 |0. 00 |2. 60 |12. 87 |3. 20 | |PEP |PepsiCo, Inc. |63. 24 |-5. 00 |3. 00 |15. 58 |2. 25 | |PG |Procter & Gamble Company, The |60. 60 |-5. 00 |3. 20 |15. 05 |2. 78 | The first item that can be noticed from the above chart is that t hese companies underperformed the S 500 significantly during the past twelve months (Sommer). This lag is not indicative of a turning point. The poor performance reflects high unemployment and consumer uncertainty. The consumer is being more selective in its discretionary spending and seeking alternate, cheaper products. The market seems to reflect this understanding. The high dividend yields provide a measure of support to these stock prices but they also reflect the lack of price appreciation. | Ticker |Company |EPS TTM |2011 EPS |2012 EPS |FCF TTM |Payout Ratio| | | | |(Est. ) |(Est. ) | | | |AVP |Avon Products, Inc. |2. 28 |2. 01 |2. 26 |-0. 03 |38. 0 | |CPB |Campbell Soup Company |2. 36 |2. 43 |2. 53 |1. 15 |47. 50 | |CLX |Clorox Company, The |5. 25 |3. 94 |4. 43 |2. 00 |41. 00 | |CCE |Coca-Cola Enterprises Inc. |2. 05 |2. 04 |2. 26 |1. 44 |5. 90 | |CL |Colgate-Palmolive Company |4. 46 |5. 05 |5. 50 |2. 98 |45. 50 | |GIS |General Mills, Inc. |2. 51 |2. 48 |2. 68 |0. 60 |41. 80 | |K |Kellogg Company |5. 6 |3. 47 |3. 78 |-0. 17 |30. 20 | |TAP |Molson Coors Brewing Company |3. 81 |3. 78 |4. 04 |1. 98 |28. 30 | |PEP |PepsiCo, Inc. |3. 97 |4. 48 |4. 90 |3. 21 |47. 60 | |PG |Procter & Gamble Com pany, The |3. 84 |3. 97 |4. 36 |3. 43 |49. 00 | Each of these companies reports solid earnings over that past twelve month period. Consensus analyst estimates for both the current year and next year are less impressive. We believe the estimates reflect expectations for continued weakness from stressed consumers† (Sommers). These companies are all overpriced and have no catalyst for change. The assumption that investors can find safety by identifying sectors or themes is a dangerous one. Avon recorded feeble operating performance in the fourth quarter of 2010. The company's earnings per share plunged 13. 2% to $0. 59 from $0. 68 per share in the year-ago period. The decline was principally due to reduction in operating margin, which resulted from unfavorable product mix, rising commodity cost and a 27% sales decline in Venezuela (Zachs). Moreover, Avon ended fiscal 2010 with a long-term debt of $2,408. 6 million, reflecting a debt-to-capitalization ratio of 59%, which is substantially higher, and could negatively influence the company's credit worthiness and make it more vulnerable to the macro-economic factors and competitive pressures. Additionally, the North American market continues to remain sluggish with volume falling 14. 0% in the fourth quarter of 2010. Moreover, the company's initiatives to change the product mix and reposition the business in the U. S. arket will require significant expenditure to support increased advertising and promotional activities. This is likely to undermine Avon’s overall operating performance, moving forward. Besides, the company is expecting a mid single-digit revenue growth in fiscal 2011, which can be achieved through strong field programs coupled with an innovative. As well, call it luck; on November 08, 2010, Avon sold out its entire ownership interest (74. 67%) in Avo n Japan to TPG Capital, otherwise the scenario could have been worse for the company due to the recent crisis in Japan product pipeline (Zachs). Pulling out of the Japanese market was part of the company's 2010 decision to redouble its efforts in China. It announced the sale of its 75% stake in Avon Japan to private equity firm TPG for $90 million in late 2010. The move also was part of the beauty-products maker's plan to refocus on direct sales. (The Japanese unit typically generated more than half its revenues through direct mail. ) III. Industry Analysis (Personal Products – Cosmetics & Toiletries) Because of the wide arrange of products Avon offers, it is quite difficult to pin point one single industry. Thus, going by their primary selling products, Avon fits most accurately into the Personal Products and Cosmetics & Toiletries industries. Companies that manufacture and/or market personal care products produce cosmetics, fragrances, and razors. The personal care products industry targets many faces – from chubby newborns to 40-something near-goddesses to those newly retired and dreaming of a beachfront condo. While companies in this sector would like to cater to everyone, the industry has found potential in both the Baby Boomers and their children — the teens and ‘tweens. Called Gen Y, Boomer's teens offer an estimated $9 billion in purchasing power (Hoover’s). Leaving no demographic untouched, personal care products makers also are expanding their target markets across gender lines, marketing everything from cosmetics to hair care to men and teen boys, as well as women. With more US consumers reaching the age of 55 (33% by 2030), the industry has targeted this more-vain-than-not age segment and has logged revenue growth in skin care and hair coloring products throughout the past few years as a result. On the other end of the spectrum, the teen girl population age 12 to 19 grew from 14. 3 million in 1995 to 15. 2 million in the US in 2001 (Hoover’s). Industry beauty companies, such as Avon Products, are targeting this demographic with lifestyle brands the likes of Avon's Mark. While women have historically been a target market — primarily because women are the likely shoppers — the buying power of males is not ignored by the personal care industry. In fact, the group's buying power is eagerly sought after. Industry giants are tapping into the revenue potential of personal care products made specifically for men, illustrated by Procter & Gamble's acquisition of Gillette in October 2005 for some $57 billion (Hoover’s). Gillette represents more than razors. In the eyes of the industry, Gillette is the king of marketing to men. As the top marketer to women, Procter & Gamble has counted on its purchase of Gillette to give it the keys to the castle and enable it to become the voice to men, as well. Men offer revenue potential beyond Gillette's Mach3 and Colgate-Palmolive's Mennen brand. A Newsweek magazine poll conducted in mid-2003 revealed that more than half of men age 35 to 55 are â€Å"somewhat† satisfied with their overall appearance. This percentage reflects an increase for this age segment since Newsweek's last poll in 1996. Companies have begun educating men on the topics of sunscreen, lotions, nail care, hair color, and more. Along the way, the personal care industry has been piquing the interest of the male customer and introducing him to the profitable skin care market, as Estee Lauder has with its Aramis and Clinique brands and Beiersdorf has with its Daily Protective lotion (formerly NIVEA for Men). This trend still extends into 2008. Regardless of gender or age, customers access personal care products through a variety of venues, including grocery stores, drugstores, mass merchandisers, warehouse clubs, specialty retailers, and online e-tailers. Reports about personal care products sales for grocery stores and drugstores are usually prefaced with the phrase, â€Å"excluding Wal-Mart. † (Fidelity) This is a reminder that Wal-Mart Stores, as well as some warehouse clubs, present something of a wildcard to the industry. Outside the brick and mortar, personal care products makers have a polished business model for using direct-selling methods to reach target markets. Cosmetics companies have gained sales advantages — with little or no overhead — by letting their customers sample products at home parties. Direct sellers, such as Avon Products, Mary Kay, and Amway, have long relied on this concept. UK-based natural personal care retailer The Body Shop has tested the US waters by selling through independent consultants and continues to sell in the US after seeing positive results. No matter where a company in the personal care products industry identifies its untapped growth potential — be it in the teenage girls or mid-life males markets — a few of the same factors apply. Staying competitive means implementing innovation fueled by billions of dollars in R&D and a strategy of quick-to-market products. Reaching far and reaching fast are significant parts of the battle. However, expanding as wide as the tentacles of Wal-Mart and maintaining brand recognition and loyalty in a sea of private labels may prove to be the ultimate challenges. Fidelity) [pic] Competitors: Avon faces competition from a variety of products and product lines both nationally and globally. The beauty and beauty-related products industry is extremely competitive and the number of competitors and degree of competition in this industry varies extensively from country to country. Globally, Avon competes against products sold to consumers by other direct-selling and direct-sales co mpanies and through the Internet and against products sold through the mass market and prestige retail channels. The major competitors of the company are L'Oreal SA (LRLCY. PK) and Revlon Inc. (NYSE: REV). Competition from mass merchandisers and specialty and department stores has spurred Avon to not only spend many millions on R&D but set aside just as much — $100 million — to support the launch of a global ad campaign. Avon anticipates driving additional growth based on fragrances (Today, Tomorrow, Always) and skin care (Anew anti-aging) sales. To that end, it signed on award-winning singer Fergie to develop a signature fragrance, which was unveiled in 2010. Previous partnerships have involved French designer Emanuel Ungaro for two fragrances (U by Ungaro for Her and U by Ungaro for Him) and the New York Yankees' Derek Jeter for â€Å"Driven† men's fragrance and a personal grooming line of products. (Yahoo! Finance) [pic] Revlon (REV) is engaged in the production, marketing and selling of an array of cosmetics, hair color, beauty tools, anti-perspirants/deodorants, fragrances, skincare and other beauty care products. The company primarily operates in North America, Asia-Pacific, Europe, Africa, and Latin America. It is headquartered in New York City, New York and employs 4,800 people. Revlon's global brand name, product quality and marketing experience have enabled it to create one of the strongest consumer brand franchises in the world. Revlon’s brand equity among the consumers enabled the company to garner 12. 7% of the US mass retail color cosmetics market; 9. 7% of the hair color market; 4. 6% of the perspirants/deodorants market; and 21% of the beauty tools market, during 2009 (Revlon). Strong brand image of the company facilitates customer recall and allows Revlon to penetrate new markets as well as consolidate its presence in the existing ones. The company recorded revenues of $1,295. 9 million during the financial year ended December 2009 (FY2009), a decrease of 3. 8% as compared to 2008. The decline in revenues was driven by lower net sales of Revlon and Almay color cosmetics and some of the other beauty care products. The operating profit of the company was $170. 8 million in FY2009, an increase of 10. 2% over 2008. The net profit was $48. 8 million in FY2009, a decrease of 15. 7% as compared to 2008 (Revlon). L'Oreal (LRLCY. PK) is one of the largest cosmetic companies in the world. It produces and markets a range of make-up, perfume, hair and skin care products in over 130 countries. It is headquartered in Clichy, France and employs 64,600 people. Since its inception about 100 years ago, the company has developed a strong brand portfolio of 23 international brands. The company's products are sold under well-known brands such as L'Oreal Paris, Garnier, Maybelline, SoftSheen Carson, CCB Paris, L'Oreal Professional, Kerastase, Redken, Matrix, Mizani, Lancome, Biotherm, Helena Rubinstein, Kiehl's, Shu Uemura,and Giorgio Armani. These brands are available through a range of distribution channels ranging from mass market, to selective distribution including hair salons, pharmacies/drugstores and a network of directly owned stores and franchises. Strong brand portfolio lends better visibility and presence in all distribution channels and enables L’Oreal to reach a large customer base, thereby increasing its market penetration opportunities. L'Oreal operates through three business divisions: cosmetics, the Body Shop, and dermatology. The Body Shop division operates a chain of 2,550 stores in 63 countries worldwide specializing in skin and hair care products made from natural ingredients. The company recorded revenues of E17,472. 6 million ($24,367. 8 million) during the financial year ended December 2009 (FY2009), a decrease of 0. 4% compared with 2008. The operating profit of the company was E2,577. 6 million ($3,594. 8 million) in FY2009, a decrease of 5. 4% compared with 2008. The net profit was E1,792. 2 million ($2,499. 5 million) in FY2009, a decrease of 8% compared with 2008 (L’oreal). (Fidelity) [pic] IV. SWOT Strengths |Weaknesses | | | | |Diverse geographic presence enhances |Chinese operations marred with controversy | |scale of operations and mitigates local market risks |and poor performance | | | | |Low cost business model of direct selling |Lack of clear-focus and strategy for non-beauty products | | | | |Strong brand equity |Declining operating margins | |Opportunities |Threats | | | | |Restructuring initiatives for organizational Competitive environment in the global | |Effectiveness |cosmetics industry | | | | |Re-branding strategy to drive consumer |Company’s revenues tied to the | |Demand |performance of the sales representatives | | | | |Emerging markets enhances the scope of |A diversified global operation exposes Avon to currency fluctuation | |growth for the Avon’s value cosmetic |risks | |products | | V. Value Line Analysis On December 24, 2010, Jerome H. Kaplan, a Value Line analyst, points out that investors are not thrilled about Avon’s mediocre progress. The company’s stock price has declined in the last three months. Avon continues to struggle a bit in the U. S. and Chinese markets as is reflected in September-quarter earnings, as well as deteriorating growth in the vital markets of Brazil and Russia. Kaplan states, â€Å"Long-term emerging market-oriented investors should consider this untimely stock. Avon could be viewed as the equivalent of a diversified portfolio in fast-growing regions, such as Latin America, Asia, and Central and Eastern Europe. (Value Line) Improves margins, profits, and share price will most likely be a result of the growth of these markets by 2013-2015, in addition to savings of over one billion dollars by 2012-2013 from programs reducing Avon’s cost structure. When looking at the Value Line, we notice a Safety rating of 3. A Safet y rating is another way to measure the company’s risk or financial strength. It is measured from 1 to 5, with 1 being the highest and best rating indicating the company has a less likely chance of becoming bankrupt and are less volatile. In Avon’s case, a 3 may be interpreted as being unpredictable. If the score is lowered to a 4 or 5, the greater the short-term price movements the stock may experience. Safety ranks work better than Beta when there is a break in the market (when the market is going down). Arguably the most important investment recommendation found on Value Line is the Timeliness rating. The scale is also from 1 to 5 with again 1 being the most desirable rating which reflects the top 100 stocks within Value Line’s 1,700 stocks. Investors typically are encouraged to buy a portfolio of stocks across six or more industries with a ranking of 1 for Timeliness. After some time, investors are encouraged to keep an eye on this rating and when it falls to a 4 or 5 rating that stock should be sold, as is the case with Avon with a Timeliness rating of 4 (Money-Zine). With a financial strength of a B++, Avon is considered a company that would most likely survive a depression. This means the company has sufficient liquidity to payout their dividends or increase how much they give as dividends. When income is the primary consideration, a strong balance sheet provides greater assurance that a dividend can be maintained (Valueline). Proper financing ensures stockholders that operations can be expanded without having to disperse a portion of the earnings to bank or bondholders. The stock price stability (SPS) is the standard deviation of weekly stock prices over the last five years. It is ranked from 5 to 100 and in increments of 5. A ranking of 100 reflects the lowest standard deviation, which reflects the greatest stability attainable, while 5 indicated the largest standard deviation and the least stability. Price stability along with the company’s financial strength rating determines a stock’s Safety ranking. Avon has a price stability of 75 which puts them not too far from the top and would be considered to be on the lower side of good stability. The price growth persistency (PGP) of a stock is measured in the same format as the stock price stability. A stock that is 100 probably beat the index every year of the last 10 years. Avon’s PGP rating is 45, which is on the low side of average. This measurement rewards this fund for the consistency with which it outperforms the broader universe if equity offerings over an extended period of time. Earnings predictability for Avon is 65. This rating provides a measure of the reliability of an earnings forecast. Ratings with a 100 are noted as the â€Å"best fit† on the regression line, meaning they have a high consistency of earnings. Predictability is based upon the stability of year-to year comparisons, with recent years being weighted more heavily than earlier ones. Reliable forecasts are close to 100 and the least are close to lowest of 5. Being that Avon falls around the middle of these two extremes, it can be said that the company is somewhat reliable and other factors should be considered in conjunction. A stock's beta is a measure of a particular stock's price volatility and risk relative to a broader measure of stock price movements such as a market index (Money-Zine). Many stock beta calculations are performed relative to the S 500; however, the Value Line Beta calculation uses the New York Stock Exchange Composite Index. The most important fact to point out is that the beta measures a stock’s movement in price. If a stock has a beta of 1. 0 or above, which is the value of the market beta, it will experience more movement either up or down relative to the index. In comparison, a stock with a beta of less than 1. 0 is considered less risky and stable with smaller price fluctuations. According to Value Line, Avon has a beta of . 5 right under the market beta, which implies that this stock is not risky and will most likely not experience any drastic changes in its price. The Technical ranking of a stock is almost similar to that of its Timeliness ranking except for the fact th at the Technical ranking does not take into consideration earnings per share projections, only the opportunity for a stock’s price appreciation. With a Technical ranking of 2, Avon, according to Value Line, should be purchased since this rating indicates Avon has short-term capital gains, in the three to six month timeframe (Money-Zine). The plowback method is sometimes used to calculate a company’s earnings after dividends have been paid out. A high rate indicates that a company pays less in dividends and thus reinvests more of its earnings into the company. Investors tend to prefer a lower plowback ratio in a slow-growing company and a higher one in a fast-growing company. Whether or not this is desirable depends on the rate of growth. The plowback rate is calculated using the following formula: ROE x (1 – Payout Ratio (Dividends per share/Earnings per share)). Plugging in the Value Line figures for Avon the result is, . 492 x (1 – (. 84/1. 45)) = . 207 = 20. 7%. To calculate Avon’s free cash flow we need the following = per share earnings + cash flow from operations – required dividends – capital spending. Thus, 1. 45 + . 44 – . 84 – . 69 = $0. 36. VI. Ratio Analysis Profitability |12/31/2010 | |12/31/2009 | |12/31/2008 | |12/31/2007 | |Ratios | | | | | | | | |2006 |5. 5 |   |1. 75 |   |6. 26 |   |60. 28 | |2007 |5. 4 | |1. 81 | |7. 23 | |70. 67 | |2008 |8. 3 |   |1. 81 |   |8. 38 |   |125. 92 | |2009 |6. 1 | |1. 61 | |6. 4 | |64. 27 | |2010 |5. 9 |   |1. 48 |   |4. 74 |   |41. 4 | According to this DuPont Analysis for Avon, all three sectors show inconsistencies and overall fluctuations up and down. In 2008, the company is at its highest level but dramatically goes down in all sectors the year following and continues to decline. Overall, efficiency in all sectors are not very stable. The company has had its off and on days throughout the years without any trend or consistency. Avon needs to control their operations and cost efficiency more closely. VII. Regression & Descriptive Statistics – Growth Analysis Using the data figures for Avon provided through Value Line from 2002 to 2009, a descriptive analysis and linear regression were produced for SPS, Shares, EPS, CF, DIV, ROE, PE, BV, FCF, OM, RTC and NPM (Appendix). A more comprehensive analysis was done for EPS, FCF, PE, and ROE. Included in each financial variable analysis is the calculation of normalized data points for the 7th and 8th periods, which are years 2008 and 2009, respectively. Within this additional analysis the Current to Normalized (CNE) was also calculated, and each resulting figure was compared to the normal expected range of . 85 – 1. 15. In the last step of this additional analysis, growth rate and variability figures were also produced. *Please Note: the ROE figures for the years of 2002, 2003, 2005, and 2008 were noted as â€Å"NMF† on Value Line, thus the figures used in the analysis were calculated using the net income after tax from the income statement and the shareholder’s equity from the balance sheet. Looking at the summary of the results for these four financial variables in the chart given below, only the CNE of EPS, which is . 93 falls within the normal range of . 85 – 1. 15, which means that in the remaining three areas of FCF, PE, and ROE, Avon is operating below the expected and acceptable range. These below average results signify that the normalized points produced are not adequate enough to rely on to calculate appropriate growth rates. As can be seen also in the summary, there is a positive growth rate in both EPS and ROE, but negative in both FCF and PE. ROE may be at a significant high growth rate because of the out of norm results that were calculated for the years of 2002, 2003, 2005, and 2008 as mentioned above. In each of these particular years, shareholders equity was low in comparison to net income (negative in 2002) which resulted in abnormal figures Value Line did not wish to indicate. FCF has a negative growth rate since in 2005 it was at an unsustainable figure of 1. 07 and then drastically declined to . 34 the following year and even lower to . 25 in 2007. This drastic change coupled with another fluctuating high and low between 2008 and 2009 are factors for this negative growth rate. In relation, although not as drastic, for PE results more visibly decline in the last two periods of 2008 and 2009. |Avon Products, Inc Financial Variables Analysis | | | |EPS |ROE |FCF |PE | |Normalized 8th Period | |$1. 55 |$156. 38 |$0. 46 |$22. 18 | | | |   |   |   |   | |Normalized 7th Period | |$1. 51 |$121. 35 |$0. 52 |$22. 7 | | | |   |   |   |   | |Current to Normalized | |0. 93 |0. 31 |0. 79 |0. 84 | | | |   |   |   |   | |Growth Rate | |3. 09% |28. 87% |-12. 80% |-0. 88% | Another aspect of the descriptive and regression analysis that is important to point out are the R-squared and skewness. R-squared, also known as the coefficient of variation, is helpful in providing a measure of how well future outcomes are likely to be predicted by the model. The values for R-squared range from 0 to 1: the closer to 1 the results are, the better the â€Å"fit’ of the predicted values and the more realistic or reliable they are. R-squared can also be explained as the strength of the relationship between time and the variable. For all four financial variables, the R-squared figures range from . 01-. 25, which are indicative of weak relationships between time and each of these variables. None of the data points for these variables are strong measures of how well the regression line approximates the real data points. Skewness is a measure of the asymmetry of the probability distribution of a real-valued variable (Wikipedia. com). The results are usually either positive or negative, or in some instances undefined. A negative skew in characterized and having the mass distribution concentrated on the right of the figure or in most recent years and has relatively few low values. A positive skew has a mass distribution concentrated on the left o the figure or in earlier years and has relatively few high values. For both EPS and PE, the skewness is positive in contrast to ROE and FCF which are both negative. Growth for EPS and PE both took place in recent years while growth for ROE and FCF took place in earlier years. |Avon Products, Inc Financial Variables Analysis | | | |EPS |ROE |FCF |PE | |R-Squared | |0. 1041 |0. 2092 |0. 2527 |0. 101 | | | |   |   |   |   | |Skewness | |1. 0284 |-2. 5446 |-0. 3754 |0. 8432 | For the remaining financial variables, the same analysis was produced. Interestingly enough, the CNE for these variables fall within the normal expected range of . 85 – 1. 15, except for BV which is slightly over at 1. 18. These figures range from . 91 – 1. 04. The growth rates for DIV, CF, BV and SPS are positive, but are negative for Shares, OM, NPM and RTC. The negative growth rate of Shares means that the company is buying back their stock. For R-squared the only strong relationships between time and that variable were DIV at . 584, Shares at . 8963 and SPS at . 9632. The R-squares for BV and RTC are relatively moderate. Skewness for DIV, BV, OM and NPM are negative with growth occurring in earlier prior years and skewness for CF, Shares, SPS and RTC were positive with growth occurring in the latter years. |Avon Products, Inc Financial Variables Analysis | | | | | |EPS 2009 |1. 45 | | | | | |Growth Rate = |3. 9% | | | | | |Payout Ratio = |36% | | | | | |Discount Rate = |7. 10% | | | | |Avon Projections 2010-2019 | | |Period |Years |EPS |DIV |PV | |1 |2010 |1. 49 |0. 54 |$0. 50 | |2 |2011 |1. 54 |0. 55 |$0. 48 | |3 |2012 |1. 59 |0. 57 |$0. 47 | |4 |2013 |1. 64 |0. 59 |$0. 45 | |5 |2014 |1. 69 |0. 61 |$0. 3 | |6 |2015 |1. 74 |0. 63 |$0. 42 | |7 |2016 |1. 79 |0. 65 |$0. 40 | |8 |2017 |1. 85 |0. 67 |$0. 38 | |9 |2018 |1. 91 |0. 69 |$0. 37 | |10 |2019 |1. 97 |0. 71 |$0. 36 | |PV total of dividend payout for the next 10 years: |$4. 26 | Terminal Value The 2019 stock price calculated reflects the value of all future dividends or cash flows in perpetuity. In order to determine the 2019 stock price the following will be needed: Because when using the above process the discount rate is assumed and one of the biggest variables that may fluctuate and thus cause the result to differ, other methods should also be considered when doing a company stock price valuation. One other such popular method is the Capital Asset Pricing Model (CAPM). Capital Asset Pricing Model (CAPM) The main purpose of this model is to explain the relationship between risk and the expected return that a stock may yield and is used in the pricing of risky securities (Investopedia). The following formula is used in the calculation of CAPM: o CAPM = Rf + (a (Rm – Rf) Rf = Risk-free rate (Treasury bond rate) assumed at 5% o Rm = Expected market return assumed at 12% o (a = Beta of the security; from Avon’s Value Line beta is . 95 Thus, when using this CAPM formula to calculate the discount rate, the following result is returned: CAPM = . 05 + . 95 (. 12 â⠂¬â€œ . 05) = . 1165 = 11. 65% discount rate (Ke). This new discount rate of 11. 65% is now inputted into the dividends projections table done previously. The new table is shown below with a PV total of dividend payout for the next 10 years now at a reduced amount of $3. 45. The new terminal value also decreases to $16. 87 as well as the PV of this 2019 stock price to $5. 60. The stock remains overvalued with an intrinsic value of $9. 06 compared to the current price of $29. 22. The price-to-intrinsic is now 3. 23. |Variables used to determine PV total of dividend payout for the next 10 years: | | | |EPS 2009 |1. 45 | | | | | | |Growth Rate = |3. 09% | | | | | | |Payout Ratio = |36% | | | | | | |Discount Rate = |11. 5% | | | | | | | | | | | | | | |Avon Projections 2010-2019 | | | | |Period |Years |EPS |DIV |PV | | | |2 |2011 |1. 54 |0. 55 |$0. 45 | | | |3 |2012 |1. 59 |0. 57 |$0. 41 | | | |4 |2013 |1. 64 |0. 59 |$0. 38 | | | |5 |2014 |1. 69 |0. 61 |$0. 35 | | | |6 |2015 |1. 4 |0. 63 |$0. 32 | | | |7 |2016 |1. 79 |0. 65 |$0. 30 | | | |8 |2017 |1. 85 |0. 67 |$0. 28 | | | |9 |2018 |1. 91 |0. 69 |$0. 25 | | | |10 |2019 |1. 97 |0. 71 |$0. 24 | | | |PV total of dividend payout for the next 10 years: |$3. 45 | | The only way that Avon stock would be considered undervalued would be at a discount rate of about 4. 9% or below as shown in the table below. |Variables used to determine PV total of dividend payout for the next 10 years: | | | |EPS 2009 |1. 45 | | | | | | |Growth Rate = |3. 09% | | | | | | |Payout Ratio = |36% | | | | | | |Discount Rate = |4. 0% | | | | | | | | | | | | | | |Avon Projections 2010-2019 | | | | |Period |Years |EPS |DIV |PV | | | |2 |2011 |1. 54 |0. 55 |$0. 50 | | | |3 |2012 |1. 59 |0. 57 |$0. 50 | | | |4 |2013 |1. 64 |0. 59 |$0. 9 | | | |5 |2014 |1. 69 |0. 61 |$0. 48 | | | |6 |2015 |1. 74 |0. 63 |$0. 47 | | | |7 |2016 |1. 79 |0. 65 |$0. 46 | | | |8 |2017 |1. 85 |0. 67 |$0. 45 | | | |9 |2018 |1. 91 |0. 69 |$0. 45 | | | |10 |2019 |1. 7 |0. 71 |$0. 44 | | | |PV total of dividend payout for the next 10 years: |$4. 75 | | X. Rule #1 The Four M’s †¢ Meaning †¢ Moat †¢ Management †¢ Margin of Safety (Sticker Price) Does the business have meaning to you? Since my tender age of 4, I remember going door-to-door with my mother distributing Avon brochures and samples. Not only was she a single mother at the time, but she also went to school and worked another part-time job. My mother eventually left her part-time job and made Avon her full-time career. She now has 25 years of selling Avon and making a living out of it. My step-father also quit his full-time job and dedicated his time to helping my mother out with the business. My whole life I have seen my mother work her hardest to give me anything and everything she could to raise me and get me to where I am now and she could not have accomplished that if it weren’t for her loyal commitment to Avon Products. She built her business from the bottom up just like any other Avon representative. She now works from home and has all her clients come to her. My mother has always told me that she eventually wants to hand over the business to me and I have taken this opportunity in Finance class to learn more in-depth about the company and what it offers not only as a business owner but also as an investor. Ironically enough, just about a month ago my mother showed interest in investing in the company (yes, after 25 years! ) and asked me about whether she should and if so how much she should invest. This evaluation project gave me even more reason to choose Avon Products, Inc as my chosen company of interest. Does the business have a wide Moat? Or in other words, is the company’s future predictable? Avon has been in existence almost 100 years, 95 to be exact. It has had an exciting development from start to present going from being solely in the perfume/cosmetics market to expanding their products to include an array interests from kids toys to men’s sports watches. They have captured a competitive advantage from the beginning starting off as the first to introduce direct selling and now being a well renown beauty global entity; they have indeed establishes a good name for themselves. Avon continues to do extensive research to keep up to par with their different markets and products and continuously strives to improve what they already have and produce new products. Many companies have hence since followed in Avon’s footsteps, realizing the success Avon has had with focusing on interpersonal sales and customer service. Avon has a well-established name and reputation and many customers have been loyal since their early years. The Management Ever since the beginning up until 2001, Avon has had male CEO’s. Some find that a bit peculiar being that Avon prides itself on being â€Å"the Company for Women†. Let’s keep in mind though the history of this company as mentioned in the first part, Avon was created by a man by accident perhaps, but definitely with good intentions. As of 2001, the new CEO, Andrea Jung, has brought new hope and meaning to the company. Since her leadership started the company has revolutionized into a new identity with Representatives truly feeling and living the motto of the company. Both customers and Representatives have more confidence in the company and it has portrayed overall both in the financial and operational functions of the company. Safety of Margin (Sticker Price) On Rule #1’s website www. ruleoneinvestor. com, Phil Town, provides various calculators that aid in the decision to buy or not buy a particular stock by inputting various company figures to produce the company’s true value. Step 1 Data Input: Current EPS: 1. 45 # Years: 10 EPS Growth Rate: 13% Step 1 Result: Future EPS = $4. 92 Step 2 Calculate Future Value Data Input: Future EPS: $4. 92 Future PE: 18 Step 2 Results: Future Value = $88. 56 Step 3 Calculate Sticker Price Data Input: Future Value/Share: $88. 56 Min Acceptable ROI: 15% # Years: 10 Step 3 Results: Sticker Price: $21. 89 Step 4 Calculate Margin of Safety Data Input: Sticker Price: $21. 89 Step 4 Results: Margin of Safety: $10. 95 Overall Results: $21. 89 ; $29. 22 (Current Price) = Stock is Overvalued = Sell/Not Buy XI. Conclusions /Final Stock Judgment Based on all the analysis previously set forth here, the best recommendation for an investor would be not to buy Avon stock or to sell their Avon stock if they currently hold interest in the company. Finding that the intrinsic value of the company using two separate methods (AAA bond rate & CAPM) both return a valuation that Avon’s current stock price is undervalued, would understandably be sufficient to determine that it would not be the best of choices to invest in the company; at least for the current time. The difficulty as well in trying to formulate a regression analysis for ROE also points to the company’s weaknesses since shareholder’s equity has not shown a constant, positive performance and even at times negative. Income generation for stockholders is not quite strong and would require further, long-term watch if an investor has a personal interest in the company to be able to invest at a later time when the value of the current stock is really what it is worth. Furthermore, recent news indicates it is not the greatest time for Avon in terms of earnings as they have spent a great deal on advertising. Getting out of the Japanese market may have been the most perfectly timed move they have made. Although Avon is currently not seen as one of the strongest companies to invest in at the moment, reviews have said not to leave Avon behind for the future. They are slowly regaining momentum and being that their beta of . 95 is still below the market’s beta of 1. 0, it is not one of the riskiest out there. Also, it must be reminded that with a good Technical ranking of 2, Avon has short-term capital gains, in the three to six month timeframe. At a financial strength of a B++, the company is still in good shape and can most likely survive a depression better than other companies. The company has sufficient liquidity to payout their dividends or increase how much they give as dividends. Investors should still proceed with caution if even in the future the company still maintains a Safety rating of 3 and a Timeliness rating of 4 as these ratings do not give the company enough leverage to be deemed financially reliable. In addition, with a Price Growth Predictability (PGP) of 45, Stock Price Stability (SPS) of 75, and an Earnings Predictability of 65, the company does not perform more than average in all of these areas meaning they don’t really beat the index, they are somewhat stable, and they have an average consistency of earnings. Overall, all of the above inconsistencies and especially the overvalue of the current stock price, will not lead to satisfactory returns. Perhaps in the near future the tables will turn as the company does have many opportunities and room for slow growth, but it will require a watchful eye. Avon is a trusted company with a rich history, especially among women, so there is much possibility of vast improvement and capabilities of big interest to investors if the company is more observant with their financial movement and take care of their shareholders. XII. References Avon Products, Inc. Avon. com. 2011. 2 April 2011 Datamonitor. Business Source Premier. 7 June 2010. 3 April 2011 Fidelity. Fidelity. com. 2011. 8 April 2011 Hoover’s Inc. LexisNexis Academic. 8 April 2011. 8 April 2011 Investment Underground. Seeking Alpha. 21 March 2011. 2 April 2011 Investopedia. Investopedia. com. 2011. 6 April 2011 Kaplan, Jerome H. Value Line. 2011. 2 April 2011 L’Oreal. Loreal. com. 2011. 6 April 2011 Money-Zine. Money-Zine. com. 2011. 4 April 2011 Revlon. Revlon. com. 2011. 6 April 2011 Roberts, Andrew. Bloomberg. 17 March 2011. 2 April 2011 Sommer, Ron. Seeking Alpha. 21 March 2011. 2 April 2011 Town, Phil. Rule #1: The Simple Strategy for Successful Investing in only 15 Minutes a Week. 2011. 9 April 2011 Wikipedia. Wikipedia. com. 2011. 6 April 2011 Zachs. Yahoo! Finance. 16 March 2011. 2 April 2011 XIII. Appendix [pic][pic] [pic] ———————– Corporate Valuation: Avon Products, Inc. (NYSE:AVP) F