Stanley Black and Decker Essay Example

Stanley Black and Decker Essay Madison Avenue New York, New York April 24, 2010 John F. Lundgren President amp; Chief Executive Officer Stanley Black amp; Decker 1000 Stanley Drive New Britain, CT 06053 Dear Mr. Lundgren, In response to your request, an evaluation of your firm, Stanley Black amp; Decker, was conducted to determine the strategic issues and problems within and surrounding your firm. This consisted of a review of the external environment, a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis incorporating identification of factors which drive the business, a determination of the company’s financial condition and performance, and consideration of ethics and social responsibility. Please find attached for your consideration a copy of my Business Report containing discussion of the preceding, as well as numerous conclusions and recommendations with justification. The principal recommendations for your firm are as follows: Short term recommendation 1. Shut down the power tool business 2. Expansion in security segment, especially health care product line 3. Decrease dividend-payout-ratio Long term recommendation 1. Create a marketing team with CRM members which will interact and develop relationship with Home Depot and Lowes, so that better and more shelve space can be acquired in the stores. 2. The merged company can ask for higher discounts for procuring raw materials 3. Improve after sales customer support service In the event you have any questions in this regard, please do not hesitate to contact me. Very truly yours, Rana Nayak We will write a custom essay sample on Stanley Black and Decker specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Stanley Black and Decker specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Stanley Black and Decker specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Senior Business Analyst Statement of Recommendations Short-term 1. Create a marketing team with CRM members which will interact and develop relationship with Home Depot and Lowes, so that better and more shelve space can be acquired in the stores. 2. To attract female customers, manufacture the consumer tools with appealing colors like green or pink. Also make these products lighter and ergonomic. 3. Form a division in the company to handle lawsuits filed against the company. The expenses have to be reduced as litigation expenses are substantial. 4. Employ Asian managers to carry out operations in Asia. . The merged company can ask for higher discounts for procuring raw materials 6. Design better packaging for attracting customers at retail stores like Home Depot and Lowes. 7. Advertise on TV Shows. 8. Improve customer service for after sales. 9. Do not shut down any plant in China. 10. Create a market research team to research about the tool industry in Asian Markets. 11. The compan y should design products for international market 12. Use the Black amp; Decker distribution system in the U. S markets to expand Stanleys product line in the retail segment. 13. Start Point-of Sale data collection 4. Set up a showcase office in New Delhi, India. Long-term Recommendations 1. For the segments of Convergent Security Solutions, Health care Solutions and Mechanical Access Solutions the company should maximize their investment and also try to seek market dominance since the market is growing. 2. Shut down the power tool business. 3. Cost containment and the Security segment continue to be bright spots. 4. Moodys has downgraded of StanleyBlackamp;Decker ratings to Baa1. Pay off some debt by reducing dividend payout ratio. 5. Decrease the underfunded debt obligation of $412. million for Stanley Works 6. The cost of production can be decreased by adopting economies of scale. 7. Procurement units can be moved closer to manufacturing plants 8. Invest in Ramp;D 9. Joint venture with â€Å"Future Group† in India to attain shelf places in the biggest retail chain stores. 10. The markets in India and China will be only targeted in the Industrial amp; Automotive and Security business s egments. 11. Open new service centers where products can be repaired and refurbished products should be sold at the same centers instead of Home Depot or Lowes. 2. The material facilities not being used by the company can be sold or leased to other companies. 13. Invest in Training 14. Implement SAP throughout the company. Remote/External Environment a) Economic Factors CDIY amp; INDUSTRIAL The hand tool industry is dependent upon the residential and commercial construction and home repair and renovation industries. The economic recession in the early 2000’s declined the demand in commercial and industrial sectors. However, growth in housing sectors has helped in sustaining the industry. In 2005, the hand tool industry sold $1. 4 billion but in 2006 it dropped down by $100million. Despite a sluggish economy in the early years of the first decade of the 2000s, the climate for hand tools remained positive. Extremely low interest rates caused a surge in new housing starts from 1. 2 million in 2000 to an estimated 1. 6 million in 2003. While residential construction boosted sales among professionals, consumer uncertainty about the economy, as well as the war against terrorism in Iraq and Afghanistan, caused a trend toward nesting. Home improvement and DIY projects rose as people postponed travel and other major undertakings, thus driving the consumer hand tool market. The power tool or pneumatic tools and fasteners include nail guns, staplers, nails and staples that are used for construction, remodeling, furniture making, pallet manufacturing and other applications involving the attachment of wooden materials. Industry growth depends upon increased expenditures in the ho me improvement, home repair and maintenance, and residential and commercial construction sectors. By 2005, increased purchases by women, who were tackling more DIY projects, also drove sales and demand for lightweight, easy-to-use designs. On the other hand, the global recession of 2008-09 had a huge impact on the housing industry. New housing starts reached an unprecedented low of just 494,000 as of May, 2009, which was down nearly 13% from just the previous month. This in turn severely impacted the financials of the major industry players, such as Black amp; Decker, who saw sales of their power hand tools drop by more than $800 million or 23% compared to the previous year. The industry shipped products valued at $1. 3 billion in 2006, which represented a drop from the $1. 4 billion shipped in 2005. However, according to The Freedonia Group, industry growth in the mid to late years of the first decade of the 2000s was projected to be driven by powerful, high-end tools and the continuing proliferation of cordless products. Professional buyers were anticipated to continue to generate more revenues than consumers, but in the DIY market overall growth was expected to outpace professional sales. SECURITY The company provides extensive suite of mechanical and electronic security product system and a variety of security services such as security integration system , software related installation, maintenance, monitoring services, automatic doors, door closers, exit devices, healthcare storage and supply chain solutions, patient protection products, hardware and locking mechanisms. A substantial portion of company’s products are sold to home centers and mass merchants in U. S and Europe. Security products are sold on a direct sales basis and in certain instances through party distributors. Despite the trend towards customer consolidation, the company has been able to make diversified customer base and has decreased customer concentration risk over the past several years. The sales from continuing operations in markets outside the home centers and mass merchant distribution channels have grown at a greater rate through combination of acquisitions and other efforts to broaden the customer base primarily in Security and Industrial segments. Porters Five Forces The threat of substitute products or services: Construction amp; DIY Low The hand tools industry is saturated with numerous small and large companies producing hand tools which include measuring and leveling tools, planes, hammers, demolition tools, knives and blades, screwdrivers, saws, chisels and consumer tackers. The tools are considered as commodities. Consumers are looking for products at better pricing. Local companies are producing these non-powered tools which are less priced as consumers are not concerned for quality. This is true for US, European and Asian markets. Pneumatic tools and fasteners include nail guns, staplers, nails and staples that are used for construction, remodeling, furniture making, pallet manufacturing and other applications involving the attachment of wooden materials. Industrial – Low There are no substitute products for industrial segment as tool will always be required in this segment. Only innovations can be done which can be counted as a competition. Security – Low Threat of substitutes in this industry is low as there are fewer chances of customers going for something that is second best as far as security services are concerned. The threat of the entry of new competitors Construction amp; DIY The growth in the commercial construction has made up the decline in residential construction last year but now that it is also slowing down the outlook for professional power tools is looking gloomy in the U. S. The threat of new competitors is low as the industry has already multiple established companies providing a wide range of hand tools and power tools to consumers. Industrial The Stanley works industrial segment faces an intense competition because there are many manufacturers of industrial products. Each company wants to achieve competitive advantage over other in terms of quality, technology, price, distribution and brand/image reputation. They would face competition not only in terms of similar products but also products that can be used as a substitute for its products. The primary competitors include SK Tools, Multi-power Tools, Bosch etc. Security The security industry is a commodity industry. Growth in this industry is related to the growth of the housing and construction industries. The North American and European markets are already mature, while the emerging markets of Asia and Latin America have strong growth potential. Companies compete aggressively on price, quality, after-sales service, manufacturing efficiency, and supply chain management. Companies tend to spend their advertising dollars on trade shows, trade publications, magazines and newspaper advertisements, and in-store displays. Threat of Entry LOW The barriers to entry within this industry are moderate to low due to brand preferences and customer loyalty towards the larger and more established rival companies. Other obstacles to new entrants include strong brand loyalty to establish firms and economic factors, such as requirement for large sources of capital, specialized facilities, and the technology and manufacturing plants. In addition, the accessibility of distribution channels can be difficult for an unknown firm with little or no brand recognition. Since there are several competitive forces in this industry, it is a difficult industry to penetrate in and be competitive. The entry barriers are high in this industry. There are already a lot of competitors in this industry and they can it difficult for a new entrant by using price cuts, increased advertising, product improvement, and promotions. Supply side economies of scale: Since companies produce large volumes then can capitalize economies of scale this can deter companies from entering the market because either they have to enter in large scale or assume a cost disadvantage. Unequal access to distribution channels: New comers will not have the same kind of access to distribution channels which is their main source of customers. The intensity of competitive rivalry In hand tools, with 50,300 employees and sales of approximately $12. 7 billion in 2008, Danaher Corp. of Washington, D. C. was the industry leader. Danaher expanded by merging with Chicago Pneumatic Tool Company, Acme-Cleveland Corporation, Pacific Scientific Co. , and Joslyn Corp. According to the International Directory of Company Histories, in 1994 Danaher Corporation was recognized as the worlds largest producer of drill chucks, the countrys largest producer and marketer of Swiss screw machine components, and the leading automotive tools supplier to the National Automotive Parts Association (NAPA) and Sears. In the power tools segment, the major industry players are Milwaukee, Makita, Stanley and Black amp; Decker. The bargaining power of customers (buyers) Construction amp; DIY High The bargaining power of buyers is high because as availability of professional segment tools, the products under Do It Yourself segment have become commodities. Hence consumers prefer better quality along with better pricing. Buyers switching cost have become low also as the tools from different companies are available in outlets like Sear, Kmart, Wal-Mart. Hence the bargaining power of buyers is high as all the power tools have more or less same design and serve same purpose. Industrial High The power of buyers is relatively high because for Industrial segment they have two types of customers. i. e. Direct Sales Customers and Retailers/Distributors. The consumers to whom the products are sold directly purchase the products based on their requirements, and price. In case of retailers/distributors they purchase the products in large quantities, which gives buyers substantial leverage over price. There are many manufacturers available in this industry that also provide the same products at very competitive prices. And the customers who buy these products have no switching costs, hence their bargaining is high. For e. g. during economic instability customers are reluctant to spends their money on very expensive or branded products instead they will choose to buy the products which gives them the work at a lower price. Security High Although the company has an established brand in the field of security tools it’s customers have a wide variety of options to choose from. With increased completion from private label brands the customers have high bargaining power. The bargaining power of suppliers Construction amp; DIY Low The bargaining power of suppliers is LOW because, multiple vendors are available for raw material procurement. Industrial Low The suppliers to the Stanley Works are producers/ distributors of ferrous and non-ferrous metals including, but not limited to steel, aluminum, zinc, brass, copper and nickel, as well as resin. the Company uses other commodity based materials for components and packaging including, but not limited to, plastics, wood, and other corrugated products. The raw materials required are procured globally and available from multiple sources at competitive prices. The Stanley Works can obtain these products at a very cheaper rate as there are many sources available. Hence in this case the bargaining power of suppliers is less. Bargaining power of suppliers – low The raw materials required are produced globally and are available from multiple sources at competitive prices. The company does not anticipate difficulties in obtaining any raw materials or energy used in production process. Hence the bargaining power of suppliers is very low. Social Factors CDIY amp; Industrial Professional power tool users include construction workers, electricians, plumbers, repair and maintenance workers, auto mechanics, and manufacturing workers. They are very conscious of quality and features and tend to buy only those tools that are durable, functional, dependable, and capable of precision. They purchase tools through jobbers, contractor supply firms, industrial supply house, building supply centers, and some home improvement centers. The industry is growing as the world population grows rapidly. In U. S. A. , real GDP grew at an average annual rate of 4. 1 percent from 1995 to 2000 compared with 2. 7 percent from 1987 to 1995. Private wage and salary disbursements increased as GDP grew. Key product trends, such as ergonomic designs, added features, and improved battery performance, influences current product development. Fastening and assembly is one of the few areas in manufacturing where things are continually moving fast. No longer can the design and cost of fasteners be viewed outside of the manufacturing process. The design of the fastener and its impact on production costs and product development process must be taken into consideration, rather than treated as piecemeal. Security Security is a multibillion-dollar industry, consisting of a diverse group of corporations that supply personnel and products designed to protect public and private property and individuals from a variety of problems such as theft, arson, and personal attacks. Services include security guards, private investigators, and consultants. Products range from armored cars to X-ray scanning devices to bank vaults. In addition, an area of significant growth and importance for the security industry in the early years of the first decade of the twenty-first century was securing intangibles, in particular intellectual property, computer-stored information or data, and computer networks. Throughout the world, it was an especially important industry in view of real and assumed threats to national security, petroleum pipelines, nuclear power plants, and the global economy, among others. Political Factors Power tools are subject to various safety and environmental laws and regulations. There are several accidents that can involved power tool. Power tools can pose electrical hazards, fire and explosion hazards, projectile hazards, cuts, abrasions, and amputation hazards, ergonomic hazards and noise hazard. Power tools are regulated by the Occupational Safety and Health Agency, Underwriters Laboratories Inc. , and CSA International. For both retail and professional power tools, they can both be dangerous if they are not used properly but for more so for professional because they are used on a daily basis. A major risk faced by professionals that use power tools is the Hand Arm Vibration Syndrome which is a collection of disorders caused by overexposure to vibration of portable power tools. Regulations have been put in place by OSHA that makes employers responsible for the safe condition of tools and equipment used by employees. A risk that is faced by both retail consumers and professionals is loss of hearing; power tools can generate noise levels that can exceed 85 dBA when that occurs users should wear hearing protection. In recent news, the Government Accountability Office has been asked to investigate OSHA’s reporting on work-related injuries and illnesses. This would affect the power tools because stricter regulations can be put in place that would affect the design and production of power tools. Industrial Fastening System Increased sales of Japanese automobiles affected the operation of both OE and aftermarket parts manufacturers. Because most Japanese aftermarket parts were furnished by Japanese OE suppliers, the volumes of replacement parts for domestic parts suppliers dropped as Japanese vehicles increased their market share in the United States. Foreign vehicles manufactured in the U. S. had significantly fewer domestic suppliers than Big Three’s cars. At the request of U. S. suppliers, the FTC began an investigation of alleged antitrust violations by Japanese auto producers in the U. S. As a result, the U. S government forced Japanese automakers to increase their purchasing volume from domestic suppliers. Congress instituted the Fastener Quality Act in 1990 due to the scandal of unqualified fasteners. The strict standards spurred the fastener industry to upgrade its competitive ability more over than foreign competitors. In June 1999, the U. S. fastener industry got its wish when President Clinton signed a series of amendments on the FQA, in an effort to make legislation less burdensome. Supporters of the amending legislation claimed that it shifted the policing focus from government mandated regulations to more â€Å"preventive measures. † The new legislation also recognized decade long industry improvements in quality control and eliminated test performances at government-approved facilities. Plumbing Workers safety measures were gaining fast popularity. Even government and individual chapters were getting involved into it. In response to the same, Black amp; Decker Hardware and Home Improvement group’s Kwikset facility in Denison, Texas became an OSHA (Occupational Safety and Health Administration) Voluntary Protection Program star facility in 2006. There were specific rules for designing and manufacturing plumbing products laid down by the government as well as other chapters. Price Pfister products in plumbing industry are designed and manufactured in compliance with the standards and codes of Federal specification, American National Standard, Uniform Plumbing Code, Federal Energy Policy Act, California Energy Commission and the Canadian Standard Association. Technological Factors Construction amp; DIY Ergonomics, which is the engineering of tools for maximum comfort and minimal hazard to the human body, was an increasingly popular consideration for this industry. In 1999, Stanley Works redesigned the handles of many of its tools to better fit the human hand and to reduce the likelihood of injury from vibration and other stresses. For instance, the company incorporated a carbon-steel shank into its AntiVibe framing hammer to absorb the shock that traditional hammers transmitted to the human arm. Stanley Works also offered an ergonomic screwdriver with a diamond-textured handle made of soft elastomer and a layer of hard polypropylene, so that consumers could grasp the tool firmly without needing to squeeze hard enough to hurt their hands. Security For several years, demand lagged behind the technologys maturity. Prohibitive implementation costs, lingering technical problems, fears of privacy invasion, and concerns over system accuracy stalled mass implementation. By the middle of the first decade of the twenty-first century, security systems were well entrenched in some sectors, particularly government and health care, but penetration was meager for other industries that were long on promise, such as financial services and the travel industry. In 2006, governmental applications remained the predominant market for security tools, while certain types of security systems enjoyed overwhelming dominance. But the heightened security consciousness in the mid-years of the first decade of the 2000s was making a noticeable impression on the industrys prospects. Decreasing costs and increasing technical sophistication of products meant that security tools were gradually penetrating many kinds of transactions. Security tools technology in the early and middle years of the twenty-first centurys first decade thus enjoyed a period of modest but promising growth, moving out of the realm of science fiction and into everyday life. Environmental Factors Future laws and regulations are expected to be increasingly stringent and will likely increase the industry participants expenditures related to environmental matters. Many companies have been named as potentially responsible party (â€Å"PRP†) in a number of administrative proceedings for the remediation of various waste sites. Current laws potentially impose joint and several liabilities upon each PRP. Business operations of companies are subject to foreign, federal, state, and local environmental laws and regulations. These laws and regulations define the acceptable methods for the discharge of pollutants and the disposal of products and components that contain certain substances. These laws and regulations also require that products be designed in a manner to permit easy recycling or proper disposal of environmentally-sensitive components such as nickel cadmium batteries. Batteries used in professional power tools should be designed to meet environmental requirements. IV. SWOT Analysis for Stanley Works Strengths The Company’s operations are classified into three business segments: Security, Industrial, and Construction amp; Do-It-Yourself. All segments have significant international operations in developed countries, but do not have large investments that would be subject to expropriation risk in developing countries. Fluctuations in foreign currency exchange rates affect the U. S. dollar translation of international operations in each segment. Core Competencies Stanley works core competency lies in the security segment of the business especially in the Mechanical Access System. Stanley has been making hardware like hinges, hooks safe locks and keys science 1843. Its major brands being Best, Kwikset, Baldwin, or Weiser and many more. Distinctive Competencies The company has a distinctive competency of hedging its Business Segments based on the demand in the market. The company can take profits from on of its segments to cover of the losses for its other based on the current market condition Company has a distinctive competency in its Health care sector. Stanley entered the Health Care sector in 2007 and has grown enormously in this sector with major revenues coming from the health care department. Competitive Strategy The competitive strategy of Stanley Works is acquisitions of  companies for obtaining employees, processes, technologies and solutions. Multiple and diversified revenue streams of Stanley Works: Stanley has a balanced revenue generation from its three business segments. For the year 2008, CDIY (construction and do-it-yourself), security, and industrial accounted for 37. 4%, 33. 8%, and 28. 8% of the companys total revenues, respectively. This diversification of business portfolio is protecting the company’s earning by providing opportunity to follow the demand variability of different product lines. The company has the flexibility to focus on growing industry and tune its production levels accordingly. Strong brand equity The company has established strong brand equity in construction and industrial segments. The key brands of the company include Stanley, Bostitch, FatMax, MaxGrip, DynaGrip, PowerLock, Proto, Husky, Vidmar, ZAG, MAC, Jensen, Contact East, Bostitch, Atro, Cobotics, LaBounty, and Innerspace. The strong brand equity in the construction and industrial segment makes the company the world leader in the design, development and delivery of tools. In addition, the company has numerous trademarks that are used in its businesses worldwide. For instance, the company’s tagline ‘Make Something Great’ acts as a center piece of the brand strategy for all three segments. The company’s list of trademarks include BEST, HSM, National, Sonitrol, GdP , Xmark, LaBounty, MAC, Mac Tools, Proto, Vidmar, Facom, Virax, USAG, the Bostitch, Powerlock, Tape Rule Case Design (Powerlock), and FatMax. These well-known trademarks enjoy the reputation for quality and value and are among the world’s most trusted brand names. Strong brand equity not only ensures employee and customer retention, but also enables the company to launch more products under its own labels. Power tools, lawn and garden products, portable power products, home products, and accessories are marketed around the world under the BLACK amp; DECKER name as well as other trademarks, and trade names, including, without limitation, ORANGE AND BLACK COLOR SCHEME; POWERFUL SOLUTIONS; FIRESTORM; GELMAX COMFORT GRIP; MOUSE; BULLSEYE; PIVOT DRIVER; STORMSTATION; WORKMATE; BLACK amp; DECKER XT; Stanley fulfillment system (SFS) SFS was created to improve Stanley’s long tradition of its business excellence. It helps in improving the company’s business operations such as procurement, quality in manufacturing, maximizing customer fill rates, integrating acquisitions and other key business processes. It operates as a continuous improvement program focused on the needs of the company’s customers. Moreover, SFS acts as a blueprint for company’s success and roadmap for continued growth. In addition, SFS is focused on continuously improving the key areas where Stanley interacts with its customers. The company measures and implements control improvements to its areas of business to ensure customers have a positive experience. The SFS system helps in improving service, increase quality and reduce cost which gives a competitive edge to the company over its rivals. Diversified business operations globally: Material facilities owned by the Stanley Works and its subsidiaries follow: CDIY Miramar, Florida; Fishers, Indiana; Kannapolis, North Carolina; Epping, Australia; Mechelen, Belgium; Oakville, Canada; Leeds, England; Karmiel and Migdal, Israel; Biassono and Figino Serenza, Italy and Pietermaritzburg, South Africa. Industrial Phoenix, Arizona; Two Harbors, Minnesota; Columbus, Georgetown, and Sabina, Ohio; Allentown, Pennsylvania; Dallas, Texas; Pecky, Czech Republic; Epernay, Ezy Sur Eure, Feuquieres en Vimeu, Morangis and Villeneuve Le Roi, France; and Fano, Gemonio and Monvalle, Italy. Security Farmington, Connecticut; Sterling and Rock Falls, Illinois; Indianapolis, Indiana; Nicholasville, Kentucky; Richmond, Virginia; Cobourg, Canada; Nueva Leon, Mexico; and Xiaolan, Peoples Republic of China. Industrial a. Professional amp; Automotive mechanics tools amp; storage system 1. Broad Array of End Markets . Unique Range Of Government Solutions 3. Light-weighted compared to other available products. b. Hydraulic tools amp; accessories Reduce Initial Costs 1. Air Compressors required to power pneumatic tools are expensive and comparatively the dual hydraulic tool circuit are very cheap. 2. Reduce Operating Costs 1. Less system maintenance: A hydraulic system has few moving parts and is self- lubr icated; therefore requires far less maintenance than an air system. 2. Less tool maintenance:   Hydraulic tools are full of oil at all times, and are thus preserved and lubricated. 3. More efficient. Most hydraulic systems operate at two or three times the efficiency of air systems because the oil is not compressible. 4. No pilferage: While there is a ready market for gasoline or air powered tools, the general public does not have a hydraulic source of power. Hydraulic tools are seldom pilfered. Advantages for the Operator 1. Safer. Hydraulic oil is a poor conductor of electricity. A hydraulic tool with nonconductive hoses is much safer dielectrically than an air tool which may have moisture condensed in the hose. 2. Lower noise levels. Noise of air tools comes from both the compressor and the tool exhaust. Hydraulic tools have neither of these sources, and operate at noticeably lower noise levels. 3. Higher power-weight ratio. Air tools operating at 90-100 psi must be larger and heavier to achieve force

Haikouichthys - Facts and Figures

Haikouichthys - Facts and Figures Name: Haikouichthys (Greek for fish from Haikou); pronounced HIGH-koo-ICK-thiss Habitat: Shallow seas of Asia Historical Period: Early Cambrian (530 million years ago) Size and Weight: About one inch long and less than an ounce Diet: Small marine organisms Distinguishing Characteristics: Tiny size; fin along length of back About Haikouichthys The Cambrian period is famous for its explosion of bizarre invertebrate life forms, but this span of time also saw the evolution of the earliest almost-vertebratesmarine organisms like Haikouichthys, Pikaia and Myllokunmingia that bore the faintest outlines of backbones and had a noticeably fish-like shape. As with these other genera, whether or not Haikouichthys was technically a prehistoric fish is still a subject of debate. This was certainly one of the earliest craniates (i.e., organisms with skulls), but lacking any definitive fossil evidence, it may have had a primitive notochord running down its back rather than a true backbone. Haikouichthys and its companions did, however, introduce some features that are so commonplace now as to be completely unremarkable. For example, this creatures head was distinct from its tail, it was bilaterally symmetric (that is, its right side matched up with its left side), and it had two eyes and a mouth on its head end. By Cambrian standards, it may have been the most advanced life form of its day!

Capital Punishment Essay Example | Topics and Well Written Essays - 1000 words - 2

Capital Punishment - Essay Example Sadly, the most developed country of the world, United States has not given any stance on the abolishment of the death sentence, and the government still continues to sentence a certain percentage of the criminals to death. The question is do the governments have the right to give the capital punishment or not? The capital punishment announcement involves high costs to the post and the pre trial arrangements and therefore, in terms of the economic value, it is not a very unsound way of punishing an individual. Therefore it leads us to one statement that is , the capital punishment should only be practiced for the rare cases, and especially it becomes more justified where the costs of rehabilitation and reform are very high. Throughout the history of the world, capital punishment has become a staple from of punishing the individuals and many societies have bowed down in front of this form of punishment. But the question that the modern age has helped to raise is that of the justificat ion of the punishment and does state have the right to reserve this punishment for the criminals who have committed heinous crimes. â€Å"In ancient times the method of execution was particularly bloody. In addition to crucification, the bible mentions punishments such as stoning which meant being put to death by a crowd of people throwing stones.† (Marzilli, A. (2003). Capital punishment. ... hould only be awarded in the rare cases, and not in any other case, since as mentioned above the costs of the rehabilitation and reform are increasing with every day. Taking a look at the history of the capital punishment which started off with the execution as being the death penalty. Since the word capital punishment has been derived from capitalis which means related to head, therefore in the historical times, the death penalty was announced through decapitation. However with the modernization of the world, new methods were introduced where new ways of capital punishment such as boiling to death, hanging to death, stoning, shooting, disembowelment and a few others were introduced. However now in those first world countries where the capital punishment is practiced still, they have introduced more humane methods , where they make use of the lethal injections as a method of death penalty not only it is quick but also due to its efficiency and pain free nature. The costs involved wit h the death penalty are immense and they are incurred during, pre and post trial proceedings. "Using conservative rough projections, the Commission estimates the annual costs of the present system ($137 million per year), the present system after implementation of the reforms ... ($232.7 million per year) ... and a system which imposes a maximum penalty of lifetime incarceration instead of the death penalty ($11.5 million)." --California Commission on the Fair Administration of Justice. (Death Penalty Cost | Amnesty International USA) According to the legislative audit in Kansas, in the year 2003, it was discovered that the costs incurred in a non death penalty case are 70% less in comparison to the death penalty case. The median costs estimated that the execution costs about $1.26 million

The mechanism of ethanol induced hepatotoxicity in man Essay

The mechanism of ethanol induced hepatotoxicity in man - Essay Example Alcohol damages liver as a dose-dependent hepatotoxin (Maddrey 2004). The damage is mainly due to the by-products of metabolism. After absorbed from the gastrointestinal tract, alcohol undergoes oxidation in the liver. The first step in the oxidation is conversion of ethanol to acetaldehyde and this is catalyzed by alcohol dehydrogenase. During this process, NADH (NAD, nicotinamide adenine dinucleotide) is released. The acetaldehyde is further oxidized to acetic acid which then enters the citric acid cycle and metabolized to carbondioxide and water. NADH is used up in the conversion of pyruvic acid to lactic acid, in the synthesis of lipids and in the electron transport chain (Paton 2005). Most of the damage to cells caused by ethanol is due to acetaldehyde and NADH. Acetaldehyde causes damage due to immune response and increased NADH causes altered NADH/NAD ratio leading to increased oxygen consumption and hypermetabolic state (Tome 2004). During the initial stages of excessive alcohol consumption, fat deposition occurs in the liver. When fat deposition occurs without any evidence of cell inflammation, it is usually reversible and benign (Maddrey 2004). However, gradually cell inflammation occurs resulting in liver necrosis and fibrosis. Acute fatty liver is caused by increased uptake of plasma-free fattyacids which are released secondary to enhanced blood flow in the liver, activation of phosphatidate phosphohydrolase and hypermobilization of adipose-tissue fat (Badawy 1980). The increase in hepatic blood flow is secondary to the direct stimulatory effect of alcohol on the adrenal and pituitary axis (Ismail 2006). Chronic fatty liver occurs due to chronic ingestion of alcohol which inhibits fatty acid oxidation in the liver. There is also release of very low-density lipoprotein into the blood. As consumption of alcohol continues and increases, hypoxia ensues and there is shift in lipid metabolism leading to decreased energy stores.

Windows server 2008R Assignment Example | Topics and Well Written Essays - 2000 words

Windows server 2008R - Assignment Example The hardware recommendations and specifications for windows server 2008 include, the processor must be a minimum of 1 GHz for processors with the rating of x86 and 1.4GHz for processors with the rating of x64. The recommended clock speed for the processor is 2 GHz which is the most ideal processor for optimum performance of the Windows Server 2008. For Itanium based systems, for Windows Server 2008 to be installed properly, an intel Itanium 2 processor is required. Another hardware requirement for the installation of Windows Server 2008 is a minimum memory of 512 Megabytes Random Access Memory (RAM). However the recommended memory value for installation is 2 Gigabytes RAM or greater. The maximum memory for a 32 bit system for a standard system is 4Gigabytes while for a Datacenter or an enterprise 64 Gigabytes would work perfectly. For a 64 bit system, the maximum memory for a standard system is 32 Gigabytes while for a Datacenter or an Enterprise, 1 terabyte and 2 terabyte for an Itanium based system. (Mathews, 2008) Available disk space is another hardware specification requirement for the installation of a Windows Server 2008 operating system. The minimum available disk space for installation should be 10 gigabytes while the recommended available disk space is 40 gigabytes. However, for computers with more than 16 gigabytes of Random Access Memory (RAM), they will require more disk space for the installation of a Windows Server 2008 operating system. This is for the purposes of paging, hibernation and dump files. The final hardware requirement for the installation of Windows Server 2008 operating system is the display and the peripherals. These include a super VGA (800 x 600) or higher resolution monitor, a keyboard and a Microsoft mouse (or any other) or compatible pointing devices. Windows Server 2008 operating system also requires a drive, i.e.

Innovation and Change Management: Banqer

Innovation and Change Management: Banqer This study will focus on an online financial education software which is based in New Zealand. The study will highlight its mission, vision, objectives and its external environment. It will also outline impact of the internal environment and will lastly recommend certain new types of innovation that can be used by the company. History Banqer evolved out of the extensive rise of the financially illiterate children of the society which has ramifications with it. Banqer is a simulated online banking for classroom that provides helps on ecology for the kids in order to make them creative, curious and confident with money. It pays the students for providing positive behavior and completing the tasks that are assigned in the classroom (Banqer, 2017). With the students, they explore budgeting as they educate themselves with the valuable skills of their life by the management of their desks receiving payment for the privileges of the class. Students aging from 2 to 8 explore various topics that range from savings, interest, and tax to the insurance. Products and services Banqer allows the students to gain knowledge about the financial literacy responsibility in an extremely engaging and an immersive manner. As far as the product is concerned it is an online software which is concerned with education which the teachers and the students prefer (Banqer, 2017). Mission, Vision, objectives The mission lies in improving the financial capabilities of the entire world. Thus making the students well aware of the financial aspects. The vision statement is associating the teachers in order to make Banqer the best. The objective is to improve Banqers space within the domain of where they are positioned now and collaborating with certain movers and shakers in order to understand the worth and the potential of Banqer. Their goal lies in gaining direct experience in terms of education, technology, finance and design (Banqer, 2017). In the year 2016, the main focus of Banqer was in building partnerships both in the financial services as well as in the allied industries. The students in this industry were capable of buying and investing in the virtual properties as they might need to mortgage and earn rental income in order to pay off the amount they have borrowed. Political factors New Zealand has a stable government. Chances of success are huge. Special Education policy. Inclusive education system. Economic factors Resources are available abundantly due to the population of the country. The rate of unemployment is high against 99% literacy. Banqer promotes educational software by hiring skilled staffs. Social factors It is dependent on other countries for business. Spends a minimal amount on research and development. The banking system is strong. Technological factors Educational system is effective. Enrollment for Education Solutions (EES) to provide licensed software IT technology and the usage of Internet. Legal factors The government changes after every three years. Education Legislation Amendment Act 2016 to support digitalization in education sector Education Act 1989 beneficial universally Environmental factors The country has a unique ecological system. Latest technology has been adopted to keep the surrounding clean. Steps created to pollution free country Political factors When a certain company begins its business in this country, it takes into consideration political system, the economic stability along with the law and order of the country so that it can provide the economic strength to the trade and business. As New Zealand has a stable government so there is a huge chance of success due to the impactful rules and the regulations. Hence, the chances of Banqers success is immense. The New Zealand government had conducted changes in the education administration and introduced special education policy along with other policies (Ministry of Education, 2017). The policies and political stability of New Zealand would promote Banqer as the country aims to achieve inclusive education system (Banqer, 2017). Economic factors The economic condition of New Zealand is excellent with 3.5% GDP growth as in 2014 (Tradingeconomics, 2017). Due to the huge population of the country the resources are abundantly available. The products are economical in nature and are easily afforded by everyone. The unemployment is quite high at 3.5% in spite of literacy rate of 99% in the country. Banqer can easily appoint skilled staffs who are willing to work. The company would be able to promote the educational tool in the country to further literate children and decrease unemployment. Social factors The social system of New Zealand is such which is dependent on business with the other countries.As it depends on other countries for technology so it makes them spend quite an amount on the work of research and development. As the banking system is extremely strong so allows foreign direct investment in the country (Banqer, 2017).   Banquer would be impacted by the social status of New Zealand as education imparted using technology would ensure welfare of the country. Technological factors The country has an effective educational system. With the help of the technological advancements it has introduced IT and the use of Internet which has helped Banqer in the provision of its service in this country (Richard, 2012). Due to the various online education facilities it has increased the rate if literacy to almost 99% which is more than most of the countries. Ministry of New Zealand had also launched a program named Enrollment for Education Solutions (EES) to provide licensed program for software which is beneficial for Banqer (Dashper, 2017). Legal factors As the government changes after every three years so there is an establishment of new laws and regulations (Moskovitz, 2016). The Education Legislation Amendment Act 2016 and Education Act 1989 positively impacted Banqer as educational institutes abide by the laws and plan and digitalized their educational status using software (Martin, 2016). Environmental factors People of New Zealand are well aware of the unique ecological system. People have adopted the latest technology in order to cope up with the garbage and helps to not pollute the atmosphere (Crossley, et al., 2015). Certain initiatives are taken in order to make the country free from pollution and dust which is also abided by Banqer. The SWOT analysis is an effective framework to understand how a company in sector compare its internal and external conditions within an industry. Banqer as a startup has been effective in simulating financial exercises and helping students to gain literacy in the topic and subject. The following contains a brief discussion about its various strengths, weaknesses, opportunities and threats. Strengths The major strength of the start-up has been to understand the key to develop STEM (Science and Technology, Engineering and Mathematics) among school kids. In this regard, the company has tried to the bridge the gap that was noted in the endeavours to focus on these subjects in Australian and New Zealand school systems. Another major strength of the company has been word-of-mouth marketing that helped built its credibility, mostly because the teachers who had tried the system understood its ingenuity and efficiency (startupdaily, 2015). The company has also grown on the basis of its partnerships with renowned firms like those in real estate to develop modules for students and attract more kids who would be more interested in such subjects. What has also worked for Banqer is their simple pay model which starts at free of cost for the initial trial period after which 3.5 dollars are charged per student per semester, which can reduce down to 2 dollars if the student signs up for multiple semesters (stuff.co.nz, 2015). It has also partnered with Kiwibank in order to provide better flexibility to students who cannot support their subscription fees. Weaknesses One of the major weaknesses can be noted is the lack of diversification in the kinds of services that are offered. At present, the company is only focussed in the financing subject which could pose problems for the company. Another problem that can be noted is to rope in the appropriate investor for the project. The company is looking to reach a high saturation point before entering into other markets. In this regard, it is looking for investors who can form part of the team but also who need to understand the basic concept of the start-up and not meddle with the inherent strategy of the company. Another initial challenge that had proved to be a weakness in the past was to change the attitude of the schools and parents. While expanding, such a challenge can also be felt in other countries as well. Opportunities: The opportunities for the company have already been identified by one of the co-founders, Kendall Flutey. She has noted that the opportunities lie in expanding the services on a global scale starting with Australia and moving on to the United States. She has also noted that since United States place emphasis on financial based learning, it would be profitable for the business to consider expanding there (Robson, 2016). While finding investors can be an issue while expanding, crowd-funding might also be looked into as a possible source of investment and finding the right of investors who are as motivated on making education convenient rather than making profits. Threats The biggest threat is possibly the over-dependence on the online medium as with the various technological advances, there are several ways, nowadays, in which hackers might interrupt and pose problems for the company and the novelty which had made it successful in the first place. The novelty that has worked for Banqer can also change quickly as more companies see the profit generating capabilities and develop their own versions and certainly with technological advances, there might be better options as well. Strengths Weaknesses Opportunities Threats Focus on bridging the gap. Valuable partnerships Earning credibility through word-of mouth Lack of diversification in the product range. Getting like-minded investors. Different approach to education can prove to be problematic Expansion Crowd-funding. Over-dependence on the online medium Technological advances Replication by other companies. With the considerable advances in the technological aspects and the ways in which communication is being impacted all over the world, it would be particularly relevant for the company to administer certain changes and develop modules that are more student specific. One of the recent developments that have been made is the CV writing and application process that the company is providing within simulated environments (McNicol, 2016). What is really interesting to note in this regard is the emphasis on student-teacher interaction which is the value of this innovation to the organization. However, the modules and the courses can be noted to be developed on a comprehensive level, and probably it would be hugely beneficial if specific modules are created keeping in mind the specific abilities and needs of the students. Another important aspect has been the developments in the curriculum innovation that is changing the education on global levels. What had been considered to be the most important subjects in school are now being regarded as auxiliary to the main subjects. So, it would be a naturally evolutionary process to incorporate the various developments that are being made all around the world in order to stay updated with the recent developments. The most effective strategy to motivate the innovation would be to develop a basic plan that is flexible in order to incorporate the changes that are being made on a daily basis. In this context, it can be recommended that the company regularly set up meetings with the schools and the educational experts in order to gain a more comprehensive knowledge about the developments that are being made on a global scale. Also, in order to incorporate the changes that are required to be made in terms of providing personal assistance, it would probably be recommended to set up one-to-one sessions with the students in order to understand their personal lacks and how those can be overcome through effective sessions. The task might be tedious at first, but the whole process can be streamlined if teachers are integrated within the system and involved. Banqer has been one of the most efficient online programs in the recent past that has sought to redefine financial literacy for the students. It has been successful in the New Zealand market and hopes to expand. However, the threats of replication can be major problem. In this regard, the company can start innovating and customize their modules to suit the needs of the students.

Essay --

The fundamental theme in Ken Kesey’s One Flew Over the Cuckoo’s Nest involves society's destruction of individuality. People who refuse to conform to the social standards face ridicule and judgment. Kesey develops this theme through his use of mechanical imagery, metaphors, and symbolism. The novel takes place in a mental hospital, the narrator, Chief is a patient in the ward who suffers from vivid hallucinates. When McMurphy, a spirited character arrives at the ward he begins to question the humility of the hospital, his criticisms of the hospital spark a rebellion amongst the other patients. McMurphy teaches the others to think and speak as individuals and to be themselves despite others judgements. As Nurse Ratched sees the usually powerless patients find power in numbers she decides their leader, McMurphy must be eliminated if she wants to maintain control. She eventually has McMurphy lobotomized leaving him in a vegetable state. In the end Chief runs away fro m the hospital deciding to no longer live his life under the oppressive rule of doctors and nurses. After being inspired by McMurphy’s free thinking ways Chief decides that living a life dictated by society is not a quality life. Throughout the novel Chief continually describes the people and things around him being machines, these machines however are not real. Chief gives a disclaimer very early on â€Å"But it’s the truth even if it didn’t happen†(Kesey 8) acknowledging that the machines he describes could be results of his hallucinations. However these hallucinations are extremely relevant and should not be discounted. â€Å"Hallucinations provide metaphorical insight into the hidden realities of the hospital and should not be overlooked simply because they did n... ...to do your thing, not unless it happens to be their thing, too. It's a laugh, Goober, a fake. Don't disturb the universe, Goober, no matter what the posters say† (Cormier). Jerry is stating that it is better to fit in and conform than to rebel. Don’t disturb the flow of society. Interrupt its progress and get destroyed by its mechanical properties. Jerry and McMurphy were both different, they never fit in with others around them. In the end Jerry and McMurphy paid ultimate the price. If you disturb the way society works you must face the consequences. The combine wants everyone to fit in and play a specific part. Power figures like Nurse Ratched are there to enforce the rules. Society could stop this destruction but taking a stand against the machine is difficult when done alone. In conclusion the destructive tendencies of society is a tragic part of everyday life.

New Heritage Company

NEW HERITAGE DOLL COMPANY Capital Budgeting NEW HERITAGE DOLL COMPANY Capital Budgeting Brief Case Brief Case Brief Case Brief Case Brief Case Brief Case Brief Case Brief Case To: CFO (New Heritage Doll Company) From: Date: 11/16/12 RE: NEW HERITAGE DOLL COMPANY To: CFO (New Heritage Doll Company) From: Date: 11/16/12 RE: NEW HERITAGE DOLL COMPANY Here a composite report is advanced on the toy industry, New Heritage Doll Company and the evaluation of its investment projects. Here a composite report is advanced on the toy industry, New Heritage Doll Company and the evaluation of its investment projects. Index Index | | 1. Introduction| 4| | | | | | 2. The Doll Industry| 6| | | | | | | 3. New Heritage Company| 9| | | | | | | 4. Capital Budgeting| 11| | | | | | | 5. Investment Proposals| 17| | | | | | | 6. Projects analysis| 20| | | | | | | 7. Election of one project| 26| | | | | | | 8. Exhibit. 1. Match My Doll Clothing| 32| | | | | | | 9. Exhibit. 2. Design Your Own Doll| 35| 1. Intro duction 1. Introduction ————————————————- ————————————————- 1. 1 New Heritage Doll Company: Capital budget In September 2010 Emily Harris was considering two proposals for investment for the company New Heritage Doll Company.As always, there are certain financial constraints that force the choice of a project and discard the other. The evaluation process for each project is hard, there are many details to consider, other data are not known with certainty and the only thing that can be done is an estimate as closely as possible. Our role here is to help interpret information, work with it, develop surveys and help clarify the dilemma so that the end result is the choice of the most suitable investment project for New Heritage Doll Company. Sport toys Sport toys 2. The doll industry 2. The doll industryNew Heritage has created a durable franchise for its line of heirloom dolls. New Heritage has created a durable franchise for its line of heirloom dolls. Revenue in the toy industry in the United States were 42 billion in 2008 and is expected to grow 4. 6% per year to reach 52. 5 billion in 2013 (graph 1). The market is divided into two broad segments: video games (48%) and traditional toys and games (52%) (Figure 2). The second segment is further divided into preschool toys (14. 5%), wrist (14. 1%), sports toys (12. 3%) and other toys and games (59. 1%) (Figure 3). Figure 2 Figure 2 Toys segmentsToys segments Figure 1 Figure 1 Sport toys Sport toys Figure 3 Figure 3 Traditional toys and games Traditional toys and games Preschool toys Preschool toys Sport toys Sport toys Other toys Other toys Dolls Dolls Sport toys Sport toys Sport toys Sport toys 3. New Heritage Company 3. New Heritage Company By the year 2009, New Heritage had grown to 450 em ployees and generated approximately $245 million of revenue and $27 million of operating profit. By the year 2009, New Heritage had grown to 450 employees and generated approximately $245 million of revenue and $27 million of operating profit. ———————————————— 3. 1 New Heritage Dolls The New Heritage Dolls Company was founded in 1985 by Ingrid Beckwith, a retired psychologist specializing in child development and the grandmother of two young girls. Figure 4 Figure 4 It sought to extend the New Heritage brand and capitalize on high levels of customer loyalty by selectively licensing the company’s doll characters and themes to a variety of media that reached the firm’s target demographic of toddler to pre-teen girls. New Heritage Dolls Production DivisionNew Heritage Dolls Production Division 4. Capital Budgeting 4. Capital Budgeting ———â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 4. 1 Capital budgeting Capital budgeting is the planning process used to determine whether an organization's long term investments such as new machinery, replacement machinery, new plants, new products, and research development projects are worth pursuing. It is budget for major capital, or investment, expenditures. ————————————————- 4. 2 Ranked Projects The real value of capital budgeting is to rank projects.Most organizations have many projects that could potentially be financially rewarding. Once it has been determined that a particular project has exceeded its hurdle, then it should be ranked against peer projects. The highest ranking projects should be implemented until the budgeted capital has been expended. ———————â €”————————- 4. 3 Need for capital budgeting 1. As large sum of money is involved which influences the profitability of the firm making capital budgeting an important task. 2.Long term investment once made cannot be reversed without significance loss of invested capital. The investment becomes sunk and mistakes, rather than being readily rectified, must often be born until the firm can be withdrawn through depreciation charges or liquidation. It influences the whole conduct of the business for the years to come. 3. Investment decision are the base on which the profit will be earned and probably measured through the return on the capital. A proper mix of capital investment is quite important to ensure adequate rate of return on investment, calling for the need of capital budgeting. 4.The implication of long term investment decisions are more extensive than those of short run decisions because of time factor involved, capital budgeting decisions are subject to the higher degree of risk and uncertainty than short run decision. ————————————————- 4. 4 Capital Budgeting at New heritage Doll Company Currently the capital budgeting process in New Heritage is conducted by a panel consisting of the CEO, the CFO, the COO, the controller and the division of presidents. Historically, capital budgeting was about 15% of Ebitda. Three formal methods are used in New Heritage capital budgeting: 1.Net Present value (NPV). 2. Payback period. 3. Internal rate of return (IRR). These methods use the incremental cash flows from each potential investment, or project. Under accrual accounting, revenues and expenses are reported based on accounting principles. This means that revenues are reported when they are earned, and expenses are matched to the periods of the revenue. In other words, revenues and expenses are not reported on the income statement when the money is received or spent. Further, the revenue and expense amounts are not adjusted for the time value of money because of the monetary unit assumption.Capital budgeting decisions should be based on cash flows that are adjusted for the time value of money. The time value of money recognizes that a dollar received or spent in the future is less valuable than a dollar received or spent in the present. Calculations such as the internal rate of return or net present value include adjustments for the time value of money. In these calculations present value factors, financial calculators, or computer software are used to discount the cash flows to their present values. ————————————————- 4. Incremental cash flows They are additional operating cash flows that an organization receives from taking on a new project. A positive incremental cash flow means that the company's cash flow will increase with the acceptance of the project. There are several components that must be identified when looking at incremental cash flows: the initial outlay, cash flows from taking on the project, terminal cost or value and the scale and timing of the project. A positive incremental cash flow is a good indication that an organization should spend some time and money investing in the project. ———————————————— 4. 6 Free cash flows A measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base. Free cash flow is important because it allows a company to pursue opportunities that enhance shareholder value. Without cash, it's tough to develop new pro ducts, make acquisitions, pay dividends and reduce debt. FCF is calculated as:EBIT (1- Tax rate)| | | + Depreciation ; Amortization| – Change in Net Working Capital| – Capital Expenditures|   | Free Cash Flow| | | Where: Current assets| – Current liabilities| Net working capital| Where: Cash| | | + Accounts receivable| + Inventories| | Current assets| | It is important to note that negative free cash flow is not bad in itself. If free cash flow is negative, it could be a sign that a company is making large investments. If these investments earn a high return, the strategy has the potential to pay off in the long run. ———————————————— 4. 7 Sunk cost It is a cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business may face, such as inventory costs or R&D expenses, because it has alre ady happened. Sunk costs are independent of any event that may occur in the future. ————————————————- 4. 8 Opportunity cost It is the best return that could be earned on assets the firm already owns if those assets are not used for the new project.Now suppose the initial cost shown in each project was based on the assumption that the project would save money by using some equipment the company now owns and that equipment would be sold for certain amount of money, after taxes, if the project is rejected. The amount is an opportunity cost, and it should be reflected in our calculations. We would add that amount to the project's cost. The result would be an NPV- Asset value. ————————————————- 4. 9 Terminal value The terminal value of an asset is its anticipated valu e on a certain date in the future.It is used in multi-stage discounted cash flow analysis and the study of cash flow projections for a several-year period. The perpetuity growth model is used to identify ongoing free cash flows. The exit or terminal multiple approache assumes the asset will be sold at the end of a specified time period, helping investors evaluate risk/reward scenarios for the asset. An asset's terminal value is a projection that is useful in budget planning, and also in evaluating the potential gain of an investment over a specified time period. 5. Investment proposals 5. Investment proposals ————————————————- . 1 Match My Doll Clothing (MMDC) line expansion This line consisted of a set to match clothes for girls and dolls and some accessories. Due to the good publicity, it is thought to be a good time to expand this line. It is believed that this expansio n will be profitable because the current line is very popular and allows charging premium prices. This project involves the expenditure of large sums for research and development, market research and marketing. Table 1 Table 1 Initial expenditures ($ thousands)| 2010| Upfront R&D| $625 | Upfront Marketing| 625| Investment in Working Capital| 800|Property, Plant ; Equipment| 1,470| Total| $3,520 | The R;D and marketing expenditures would be deductible for tax purposes ta New Heritage’s 40% corporate tax rate. ————————————————- 5. 2 Design Your Own Doll (DYOD) Research suggested that many loyal customers would purchase yet another doll if they could customize the doll’s features to create a â€Å"one-of-a-kind† addition a girl’s or family’s existing collection of dolls. However, even a limited degree of customization increased manufacturing complexity and expense. Table 2 Table 2 Initial expenditures ($ thousands)| 2010| 2011|Upfront R;D| $841 | | Upfront Marketing| 360| | Investment in Working Capital| | 1,000| Property, Plant ; Equipment| 4,610| | Total| $5,811 | $1,000 | As with Match My Doll Clothing, the required R;D and marketing costs would be tax deductible. To complete development work, it is planned to use some of the company’s existing IT staff. The majority of the work would take place during calendar 2011. The number of people is shown in the table below. Table 3 Table 3 Application Development Personnel Costs| Number| Salary| Total| Web Application Developers| 1| $150 | $150 | Database Manager| 1| 160| 160|Systems Integration Specialist| 1| 125| 125| Total Cost| | | $435 | If this project stumbled for some reason, New Heritage risked damaging relationship with its best customers. 6. Projects analysis 6. Projects analysis For each project, three metrics are going to be calculated: 1. Net Present va lue (NPV). 2. Payback period. 3. Internal rate of return (IRR). ————————————————- 6. 1 Net Present Value (NPV) The difference between the present value of cash inflows and the present value of cash outflows. NPV is used in capital budgeting to analyze the profitability of an investment or project.NPV compares the value of a dollar today to the value of that same dollar in the future, taking inflation and returns into account. If the NPV of a prospective project is positive, it should be accepted. However, if NPV is negative, the project should probably be rejected because cash flows will also be negative. For example, if a retail clothing business wants to purchase an existing store, it would first estimate the future cash flows that store would generate, and then discount those cash flows into one lump-sum present value amount, say $565,000.If the owner of the store was w illing to sell his business for less than $565,000, the purchasing company would likely accept the offer as it presents a positive NPV investment. Conversely, if the owner would not sell for less than $565,000, the purchaser would not buy the store, as the investment would present a negative NPV at that time and would, therefore, reduce the overall value of the clothing company. ————————————————- 6. 2 Payback period The length of time required to recover the cost of an investment. The ayback period of a given investment or project is an important determinant of whether to undertake the position or project, as longer payback periods are typically not desirable for investment positions. ————————————————- 6. 3 Internal rate of return (IRR) The discount rate often us ed in capital budgeting that makes the net present value of all cash flows from a particular project equal to zero. Generally speaking, the higher a project's internal rate of return, the more desirable it is to undertake the project. As such, IRR can be used to rank several prospective projects a firm is considering.Assuming all other factors are equal among the various projects, the project with the highest IRR would probably be considered the best and undertaken first. ————————————————- 6. 4 How to work with working capital assumptions To know the value of current assets (cash, accounts receivable and inventories) and accounts payable a set of assumptions are given, with which we must work: 1. Cash Minimum Cash Balance as % of Sales. It is easy to know the amount of cash together by applying the percentage to sales revenue. 2. Days Sales OutstandingIn this case the data is provided are the days. Using the formula of Days Sales Outstanding, we can solve for the value of accounts receivable. DSO = Accounts receivableSales365 3. Days Payable Outstanding. In this case the data is provided are the days. Using the formula of Days Payable Outstanding, we can solve for the value of accounts payable. DPO = Accounts payableCost of sales365 ————————————————- ————————————————- 6. 5 Metrics results for both projects Clarifications: For the terminal value, it has been employed the following formula:Terminal value=FCF10 (1+G)(R-G) Where: * FCF10 is the free cash flow of year 10 (2020). * G is the growth rate. In this case a growth rate of 2% has been used, for New Heritage prefer more conservative forecasting. * R is the discount rate used. T hree different discount rates have been used depending on the level of risk is low, medium or high. ————————————————- 6. 6 Metrics for Match My Doll Clothing Line Expansion These are the results obtained from free cash flows provided by Match My Doll Clothing Line Expansion: Table 4 Table 4 RISK LEVEL| RATE| NPV| PAYBACK PERIOD| IRR|Low| 7. 70%| 7,285. 27| 7. 52| 23. 08%| Medium| 8. 40%| 5,938. 36| 7. 52| 22. 12%| High| 9%| 5,002. 43| 7. 52| 21. 40%| ————————————————- 6. 7 Metrics for Design Your Own Doll These are the results obtained from free cash flows provided by Design Your Own Doll project: Table 5 Table 5 RISK LEVEL| RATE| NPV| PAYBACK PERIOD| IRR| Low| 7. 70%| 9,219. 21| 9. 06| 18. 17%| Medium| 8. 40%| 7,010. 46| 9. 06| 17. 09%| High| 9%| 5,483. 73| 9. 0 6| 16. 29%| ————————————————- 6. 8 Other aspects to consider in capital Budgeting FlexibilityCapital budgeting techniques used by large businesses often run into flexibility problems. Many companies use a standard capital budgeting form where an analyst plugs numbers into specific categories to come up with net present value, cash flows, ROI and other basic results. However, not all costs and revenues from a project fit into such a fill-in sheet and can be difficult to classify. The best type of capital budgeting is the kind that can be customized for each project. Accuracy Capital budgeting depends largely on the quality of information that is used to for the budget analysis.This opens the process up to flaws if the incoming data is incorrect. For example, if someone underestimates a key cost, capital budgeting will show the project as less expensive than it will be. This is a common risk, and managers should always consider that the financial information behind the capital budgeting process is usually not 100 percent accurate. Benefit Type There are two general benefits associated with capital budgeting and projects. Hard benefits directly affect the project and loss statement and have easy, tangible results.There are also soft benefits, which are quantifiable but do not easily affect profit or loss directly. A third group, intangibles, is related to intellectual, emotional and environmental gains. Companies tend to only concentrate on hard benefits and forget that projects can produce other advantages as well. Emotions and Assumptions Capital budgeting is ultimately a tool that can help managers make decisions, not a process for making the decision itself. Managers are susceptible to energy behind a project and may support a project because it appears exciting or the end results are highly noticeable.Sometimes it is better to go with more boring, stable results that will keep the company strong than always moving for flashy projects. 7. Election of a project 7. Election of a project In the case of the Match My Doll Clothing, given the current economic situation and the inherent characteristics thereof, it seems most reasonable to choose the medium risk discount rate (8. 4%). At this rate, the following results are reached: Table 6 Table 6 RISK LEVEL| RATE| NPV| PAYBACK PERIOD| IRR| Medium| 8. 40%| 5,938. 36| 7. 52| 22. 12%|In the case of the Design Your Own Doll, as it has a fairly long payback, it has new unknown processes for New Heritage and because if the project fails the customer relationships will be damaged, it seems that it is more appropriate to assign the high risk discount rate (9%). At this rate, the following results are reached: Table 7 Table 7 RISK LEVEL| RATE| NPV| PAYBACK PERIOD| IRR| High| 9%| 5,483. 73| 9. 06| 16. 29%| Match My Doll Clothing Line Expansion and Design Your Own Doll are Mutually Exclusive P rojects which means that are a set of projects from which at most one will be accepted.For example, a set of projects which are to accomplish the same task. Thus, when choosing between â€Å"Mutually Exclusive Projects† more than one project may satisfy the Capital Budgeting criterion. However, only one, i. e. , the best project can be accepted. Of these three, Net Present Value, Payback Period and Internal Rate of Return, only the Net Present Value and Internal Rate of Return decision methods consider all of the project's cash flows and the Time Value of Money.And, only the Net Present Value decision method will always lead to the correct decision when choosing among Mutually Exclusive Projects. This is because the Net Present Value and Internal Rate of Return decision methods differ with respect to their Reinvestment Rate Assumptions. The Net Present Value decision method implicitly assumes that the project's cash flows can be reinvested at the firm's Cost of Capital, where as, the Internal Rate of Return decision method implicitly assumes that the cash flows can be reinvested at the projects IRR.Since each project is likely to have a different IRR, the assumption underlying the Net Present Value decision rule is more reasonable. Nevertheless, the NPV method has some disadvantages. One major disadvantage is that the method requires a detailed prediction of the project’s future cash flows. It is not that difficult if the project life is four years. But generally the life of a project is much longer. For example, computing the NPV for one these projects would require forecasting cash flows for the entire life of the project.This period could be 20 years, 30 years but we don’t know exactly how many and forecasting revenues for so many years is extremely difficult. A second disadvantage of the NPV method is that it assumes that the discount rate will remain the same over the life of the project. In many instances, the cost of capital, and the refore the discount rate, changes as firms refinance debt. ————————————————- 7. 1 Projects NPV Profiles The figure bellow presents the net present value profile (A graph showing the relationship between a project’s NPV and the firm’s cost of capital)For both Match My Doll Line Expansion and Design your Own Doll projects. To make the profile, we find the project's NPV at a number of different discount rates and then plot those values to create a graph. We can see that at a zero cost of capital, the NPV is simply the net total of the undiscounted cash flow. This value is plotted as the vertical axis intercept. It is also seen that the IRR is the discount rate that causes the NPV to equal zero, so the discount rate at which the profile line crosses the horizontal axis is the project's IRR.When we connect the data points, we have the NPV profile. IRRMMDC IRRMMDC NPV ($) NPV ($) Cost of capital (%) Cost of capital (%) IRRDYOD IRRDYOD DYOD DYOD Crossover rate; conflict if r is to the left, no conflict if r is to the right Crossover rate; conflict if r is to the left, no conflict if r is to the right At r = 10% NPVMMD > NPVDYOD but IRRDYOD > IRRMMD, so there is a conflict At r = 10% NPVMMD > NPVDYOD but IRRDYOD > IRRMMD, so there is a conflict MMDC MMDC The IRRs are fixed, and DYOD has the higher IRR regardless of the cost of capital. * However, the NPVs vary depending on the actual cost of capital. * The two NPV profile lines cross at the crossover rate that is the cost of capital at which the NPV profiles of two projects cross and, thus, at which the projects’ NPVs are equal. * MMDC project has the higher NPV if the cost of capital is less than the crossover rate, but DYOD has the higher NPV if the cost of capital is greater than that rate.Besides, MMD has the steeper slope, indicating that a given increase in the cost of capital caus es a larger decline in NPVMMDC than in NPVDYOD Finally, although MMDC is more sensitive to the variation of the discount rate, we think the most reasonable for New Heritage, as to these two investment proposals, is to choose Match My Doll Clothing Line Expansion for the following three reasons: * NPV is greater ($5,938. 36) than that of Design Your Own Doll ($5,483. 73). * The payback period is shorter (7. 2 years) than that of Design Your Doll (9. 06 years). Years Years * The IRR is greater (22. 12%) than the Design Your Own Doll (16. 09%). New Heritage Doll Company Exhibit 1. Cont New Heritage Doll Company Exhibit 1. Cont New Heritage Doll Company Exhibit 1. Cont New Heritage Doll Company Exhibit 1. Cont | | | | | | | | | | New Heritage Doll Company Exhibit 2. Cont New Heritage Doll Company Exhibit 2. Cont New Heritage Doll Company Exhibit 2. Cont New Heritage Doll Company Exhibit 2. Cont

Book Review “Prejudice and Pride” by Krishna Kumar Essay

The piece of work which is being reviewed is authored by an eminent educationist Krishna Kumar. The title of the book is Prejudice and Pride which has been published by Penguin Books India Limited,Viking in the year 2001. The subtitle of the book ‘School Histories of the Freedom Struggle in India and Pakistan’ reflects major concern as well as the prime area of investigation in this book by the author. It is a comparative study between the school history textbooks of the neighboring countries India and Pakistan. The impetus to take up this path of exploration by Krishna Kumar can also be seen somewhere as his response to the several decades of hostility between India and Pakistan. The writer takes this despair further and observes the general gloom prevailing in the education system of both the countries. However, according to him this becomes clearer by looking on the situation of children’s education in both India and Pakistan, which can be seen as a recipient o f a certain degree of despondency giving it a low priority. Moving on to history teaching more specifically we can see that this problem aggravates as the focus of teaching history only arises political concern without translating it as a concern for the children who are at the receiving end. Therefore with the study of school history textbooks of both the countries Krishna Kumar seems to be tracing different trajectories of ideological presentation of a shared past. This can be seen as also adding up to the hostile attitude of both the countries towards each other. This study is thus based on a comparative study of the school history textbooks of India and Pakistan. Out of this comparison the author brings forth a number of concepts and ideas where both countries who share a common historical background have different takes on its account and staging. However the basic question which the author enquires into is the perception of the past that Indian and Pakistani children encounter at school. Following this research question the major objectives of the author while writing this book can be stated as follows. The one is to examine the rival ideologies of nationalism into which schools attempt to socialize the young. While another is to probe the politics of history writing as a means to understand the contribution that schooling makes to the Indo-Pak conflict. However the author is focusing only the master narratives available in the textbooks for the period of freedom struggle. The relevance of taking textbooks as the centre of observation to achieve these objectives  can be seen in the very nature of textbooks. This can be further explained as interrelation between economy, state and culture can be better understood through the textbooks. They are the clearest embodiments of these relations. Textbooks are simultaneously economic goods (they are often sold to students, parents, and schools), political objects (they are subject to state control and regulation and hence a re the result of political and ideological tensions and compromises), and cultural representations (what is included and not included, and how such knowledge is organized, is a form of cultural politics). Thus the textbooks can be seen as a real epitome of a nation’s ideological, cultural and social background. The central theme of this book thus revolves around the idea that history textbooks are also a recipient of certain kind of representation which is in accordance with the national ideology. This is further elaborated by the author during the course of study where he finds that how the knowledge about the past is selected, reconstructed and represented in the textbooks. This he assumes that holds a great significance for this type of study which intends to probe how a common past acquires distinct versions under two systems of education. He further adds to this argument that why history has taken such a symbolic form. He says that this is because education in India and Pakistan is conceived in both learning and committing to memory, sets of facts that encapsulate, rather than explicate and interpret meaning. This is evident in the examination system where a student is required to learn certain things and just reflect the same in the paper. This he makes clear by using a concept of memory posters which makes a child to remember the reconstructed past without giving much space for reasoned analysis. Thus the history textbook are also conceived as a storehouse of knowledge about the past, about the ‘great men’ of those times and their vision, which children have to learn, imbibe, as it were-never mind that this vision was seldom unified or synchronic in the manner that textbooks would have us believe. Therefore through this the author portrays how the formulation of history textbooks on these premises serves the abovementioned idea that they are primarily composed of nationalistic ideology. The central idea which is propagated through this book is explained very explicitly through various explanations and concepts. The book is divided into three parts excluding the introduction. The part one primarily consists of three chapters where he  focuses on the basic ideas of how the children are made familiar to past, the popular perception about the shared past in both the countries and how a certain ideology is propagated through textbooks. The chapter one possess the title Children and the Past. This chapter examines the psycho-social characteristics of children’s response to the past. Here he talks about the tacit knowledge which is imparted in a child during the course of early socialization in his home. This type of knowledge does not provide any room for rational enquiry. This further leads a child to build up a notion of self as a member of a society and also at the same time to build up a notion of ‘other’ for whom they have a fixed image whose me mory stocks are different to theirs. Thus we can see how the seed of otherness for the one having different historical picture is sowed in the primary socialization of a child. Later the child enters the realm of education in school. Here he explains the need to understand history as a subject with a capacity to enter into a time frame and perspective without being submerged in it. But to attain this he says becomes a hard task as the teaching of history faces challenges against the knowledge of past by children in the form of beliefs and attitude. His next chapter then comes toward the general conceptions of different popular perceptions of past in both India and Pakistan. The idea of freedom and partition is explained very differently in both the countries. The use of the images of Jinnah and Gandhi in Pakistan and India respectively can be seen as a means to portray the image of a reminder of the unfinished business of the freedom movement in both the countries. The chapter after this tends to focus on the relationship between ideology and textbooks. He uses the concept of ‘prescribed’ texts to define the nature of books used in the post colonial countries where teaching of history is highly related to larger socio-political milieu. He uses the concept given by Ayesha Jalal to reflect upon the argument that in both India and Pakistan textbooks represent the grammar of ‘national ideology’. Moving towards the second part of the book which is coined as Rival Histories has six chapters in it. The part initiates with a chapter on how freedom struggle is presented as a narrative in both the countries. The effort to consolidate the nation state is very much explicit in the history teaching. He uses the idea from Anderson that how ‘deep shaping of imagination’ among children is required to have faith in national community. This is the  chapter where he introduces the very important concepts which were used to compare the master narratives of both the countries. The first refers to how history textbooks in both countries choose or do not choose to represent events. Facts are chosen to illustrate the distinctive turn of the narrative that each nation favours at crucial moments in the freedom plot. The second concept is that of pacing. Pacing or the rhythm to which the historical tale is set in the textbooks of both countries is problematic. The tale in both instances is a fast paced one and children are expected to read on and on continuously. They actually slip upon several decades of historical account and focus mainly upon the great personalities and their constructed role. The third concept which he mentions is about the way they end the history writing. The history ends on a different note for both the countries master narratives. It is precisely due to the way they perceive the time of partition. For India the moment of freedom was a time of partial happiness and a sense of loss are reflected in the narration of partition. However for Pakistan it appears as a great triumph to be finally freed from the clutches of highly dominating Hindu country. It does not end only on this note but it also expresses how entering into the new era of self rule of will be exciting and what should be the goals to be attained. This is evident in the Pakistani books as an extension of historical account is visible there in comparison to India where the post partition problems and the activities related to it are also discussed. On the basis of these measures we can see how Krishna Kumar in further chapters investigates into the history from 1857 to 1947. In these chapters he proceeds with a very keen analysis of comparisons of the accounts on all events and their different interpretation. Moreover he also points that how some episodes are omitted and how some are given over emphasis. He takes up the accounts of 1857 and brings up the differences between the presentations. The major differences can be explained in context of portraying the causes of uprising. In India though the writers desist from using the term national but they do say that revolt made the Indian people more politically conscious than before. But what politics might mean in a mid-nineteenth century context is not explained. While in Pakistan a completely different picture is projected where emphasis is mostly on the role of Muslims. Moreover it goes beyond and this is seen as the dilemmas in history writing in Pakistan. This is because  the narrative should not only describe how colonial rule ended but also explain how Pakistan came into being. Thus to justify the happening of Pakistan it must also have a long national movement seeds of which can be seen in the revolt of 1857.Thus Krishna Kumar says that with the help of highly compressed story which does not allow the listener to ask for details therefore the aim of Pakistani textbooks can be seen in the indoctrination rather than explanation. In later chapters writer presents the difference in periodization. Pakistani textbooks put an emphasis on the period from 1907 to 1927 by contrast Indian textbooks generally select the year 1919 as marker of historical times which shaped the course of freedom struggle until the mid 1930s. He further brings above the motive behind focusing on different years as it makes way for the portrayal of Gandhi and Jinnah as heroes and their actions as the ultimate deeds. One more thing he points out is the vise-versa attempt on the portraying Gandhi as a Hindu leader and Jinnah as a Muslim leader in Pakistan and India respectively. Similarly in the book we can see several events which have been a shared experience for both India and Pakistan has been selected and depicted in very different manner. Both the nations form a different take on all the instances and personality. By using the three concepts which has been mentioned earlier i.e. politics of mention, pacing and concept of ending he thus brings forth different angles of the history textbooks in India and Pakistan. He points to how each of these time segments is recorded in the textbooks and reads both omissions and inclusions as symptomatic of larger national anxieties. Importantly, the choice or omission of an event che ats the child of an opportunity to know a situation in all its complexity. In fact, this is a recurring theme in the book the manner in which history textbooks conceives of and interpellates the intended child reader. Thus children are not made aware of the complex arguments in regard to certain historical events. Krishna Kumar ends this book on a very interesting note where he asks children from both the countries to write on the topic ‘The division of India and Pakistan’. He thus brings above a varying picture of opinions. In India he sees a dominant picture of Pakistan coming over where the children perceive it as a synonym for Muslims. This is evident in the idea of a Hindu India with a stereotype of Muslims which is based on hatred and distrust as writer points out. Moving to ideas of the Pakistani students  we can see whole range of historical periods mentioned where the aim is to show how Muslims suffered at the hands of Hindus and thus partition actually gave them the space of first class citizens. In both sides we can find a common bone of contention between India and Pakistan is Kashmir. Thus in this exercise also there is a reflection of the ideas which are propagated through textbooks. In the last chapter he brings forth the relationship between history and peace. The major argument which he traces in the whole book is that both India and Pakistan differ on the grounds of depicting freedom movement. In India which is defined in terms of tensions between communal and secular forces it actually reflects India’s national identity which also makes Pakistan come under suspicion. On the other hand the freedom movement in Pakistan attains the picture of an age long movement for the freedom of Muslims from a Hindu country. This is evident in the idea that an Indian historian focuses on as to why the partition took place whereas in Pakistan the new birth is celebrated by focusing on how the partition took place. This can be precisely the answer to the question he posed to enquire in the starting of the book. However in the different parts of book he tends to achieve the objectives of his study. The comparative study of history textbooks from both the countries thus helped him to probe into the reflection of the conflict between India and Pakistan in the history textbooks through which the ideologies of young minds are framed . This thus preserves the hostility between the two countries. However he ends on a very positive note where he sees role of education as vital one which can lead to overcome the unsettling effects of their interlocked frames of perceptions. This books thus in comparison to his earlier works can be on one hand as an extension of his focus on school and curriculum and their flaws. While in his book ‘What is worth teaching’ he focuses on fractured, contradictory and divisive nature of curriculum and school knowledge in our country and its insidious disempowerment of the teacher. His very important work the Political Agenda of Education also revolves around the concept of political ideologies involved in the education system. However this book in comparison to his other works comes up with a very different objective and method of investigation. While looking on for other books from other writers which have ventured into similar type of analysis cannot be found yet. Moving from the achievements of the writer we also come across certain gaps  visible in the work. It is known that he is building up a picture of investigation around the period of freedom struggle but he confines himself to a very limited events and personalities of that period. His projection that part of history comes up as if it is only in relevance to Pakistan. He also tends to omit the other popular beliefs of the time which was visible in the form of questions raised by Dalit leaders and also the division of India on the basis of language leading to a discontent in South India Thus the book can be seen as a very different creation with experiment of a new type. The central idea that national ideologies shape the history writing of school textbooks is very cogently presented in the books. The role of history teaching and its impact on the socialisation of the young minds and leading to their formulation of the notion of ‘other’ is also very much clear in this book. But this book also suffers loops and holes in course of omitting other aspects of freedom struggle like low caste and tribal resistances. Book Review Prejudice and Pride: School Histories of the Freedom Struggle in India and Pakitan

Free Essays on Roman Times

From early times right down to the 3rd century A.D, the Roman army was based on its legions. A legion varied in strength from 4,000 to 6,000 men, and was subdivided onto ten cohorts. Its leader used the title of legatus. His staff officers were called tribuni. Senior non-commissioned officers were called centurions, who varied greatly in rank. The soldiers of the legion were picked men: They were all Roman citizens and received a higher pay than the auxillary troops - that is, foreigners who serve with the Roman army. A legion consisited of heavily armoured infantry (foot soldiers). The Roman infantry became a feared force, well disciplined and well trained. Their weapons were two pila or javelins each and a short thrusting gladius or sword. Cavalry was supplied by the auxilaries ( second line troops ) and was organised mainly in units 500 strong. When it was on campaigns the army was accompanied by a number of specialists. One was the camp commandant, who was responsible for the organisation of the camp. The Romans were very careful about their camps - no Roman army halted for a single night without digging a trenches and fortifying its camp. Each soldier took his share in establishing the camp and striking the camp the next day. Another specialist was the quaestor, whose duty was to look after all the money matter. then there were the engineers and all kinds of craftsmen and artisans. They were responsible for siege operations and for the rather primative Roman"artillery", which consisted of big catapults and complicated machines a little like crossbows. These were mainly used for hurling big rocks and stones at the walls of a defence place. The engineers also had to build the moveable towers that were used in sieges - the Roman soldiers went up inside these towers so that they could see over the walls of a fortified! place and shoot their stones and arrows into it. The engineers also made the scaling ladders that were used for ... Free Essays on Roman Times Free Essays on Roman Times From early times right down to the 3rd century A.D, the Roman army was based on its legions. A legion varied in strength from 4,000 to 6,000 men, and was subdivided onto ten cohorts. Its leader used the title of legatus. His staff officers were called tribuni. Senior non-commissioned officers were called centurions, who varied greatly in rank. The soldiers of the legion were picked men: They were all Roman citizens and received a higher pay than the auxillary troops - that is, foreigners who serve with the Roman army. A legion consisited of heavily armoured infantry (foot soldiers). The Roman infantry became a feared force, well disciplined and well trained. Their weapons were two pila or javelins each and a short thrusting gladius or sword. Cavalry was supplied by the auxilaries ( second line troops ) and was organised mainly in units 500 strong. When it was on campaigns the army was accompanied by a number of specialists. One was the camp commandant, who was responsible for the organisation of the camp. The Romans were very careful about their camps - no Roman army halted for a single night without digging a trenches and fortifying its camp. Each soldier took his share in establishing the camp and striking the camp the next day. Another specialist was the quaestor, whose duty was to look after all the money matter. then there were the engineers and all kinds of craftsmen and artisans. They were responsible for siege operations and for the rather primative Roman"artillery", which consisted of big catapults and complicated machines a little like crossbows. These were mainly used for hurling big rocks and stones at the walls of a defence place. The engineers also had to build the moveable towers that were used in sieges - the Roman soldiers went up inside these towers so that they could see over the walls of a fortified! place and shoot their stones and arrows into it. The engineers also made the scaling ladders that were used for ...