Per Clausewitz’s On War Essay Example for Free

Per Clausewitz’s On War Essay Per Clausewitz’s On War focal points on how victory can be achieved, reader see a keen interest in how to disarm the enemy using reciprocal and proportionate â€Å"efforts to his powers or resistance. † This implies that to win a war you might use all means, strength, and resources within your power to deliver the best strategy possible. Using â€Å"calculation of probabilities† victory can achieved by fully knowing what is at stake and how to attack at the right time. Being aware of the political agenda and reasoning behind a war allows for more awareness of political and military alliances in order to achieve victory in war. In addition, by understanding that there are tactics and strategy which must be used in war a victory can be acquired (website, Handel). To Clausewitz this means that â€Å"preparations for War† and the â€Å"War itself† must be seen as distinct entities. By preparing for the War you are acquiring all needed provisions and equipment, and comprehending the enemy and terrain in which the battles might be fought (Clausewitz Book 6). Sun too indicates that preparation for War is strongly required, and that without it practicality of strategy is lost. This would include any tactics to be used, calculations which can done, deriving rules or â€Å"even systems for the conduct of war†, and understanding that knowledge can be â€Å"converted into real power†. Clausewitz considers that â€Å"war is science when mere knowing; art, when doing. † This law of action must include strategy. This in turn â€Å"links together the series of acts which are to lead to the final decision† or finality of victory. Because these strategic elements are key to achieving victory, this author insists that the â€Å"use of engagements†¦. be classified into: moral, physical, mathematical, geographical, and statistical† aspects. This elements manifest within the process and act of War, and encompass the idea that strategic assembly of forces enables victory. Clausewitz indicates that the use of battle leads to the destruction of the enemy’s military, and that a great results is achieved by battle (KLINGER 79-89).

Rites of Passage Essay -- essays papers

Rites of Passage Every day someone enters into a rite of passage whether it be by starting school, a new job, marriage, a confirmation or communion rites of passage are common place. Two totally different cultures have totally different rituals and rites of passage. The Apache would most definitely have incredibly unique rituals compared to rural Maine and the catholic cultures therein. The best way to see the differences is to compare the two different cultures. Each ritual occurs in a holy place, the Apache on ritual grounds and the Confirmation rights at a specific congregation. The person who is about to participate in confirmation has gone to months of classes to prepare for this day, CCD it is titled and it is typically on a Sunday night at this particular congregation. The Apache girl has been well prepared as well, running and doing specific training exercises so that she will be ready for the grueling Sunrise Dance. In both societies the participant undergoes this ritual specifically because their parents and elders tell them to. They are too young to defy their parents or elders and submit basically because of the special knowledge that will somehow change them and prepare them for adulthood. The Apache girl has a godmother and godfather, which has no relation to her per say (blood relation), they are chosen based on their status in their society and they become a sort of guiding light for this girl during her Dance and adulthood all the way to when she is old and gray. The confirmation child has to choose his â€Å"sponsor† who is typically a relative or someone very special to him. This person also has a big part in the confirmation, guiding the child and being a big support center for the child. The reason for the Apache girl to start her Sunrise Dance is because of her first womanly cycle. She has a grueling task ahead of her when the Dance begins. She has a week of ritual ahead and much strenuous tasks. Her family, before participating must have about 10,000 dollars so that they can afford the gifts, food, etc. During the ritual the girl has absolutely no baths and isn’t allowed to touch herself except with a stick. She isn’t allowed to drink except with a straw. She is also allowed very little sleep during the week of her specific dance. During a specific part of the ritual her grandmother massages her body, which signifies a strong... ...er sees the end of the ritual as a rebirth. Both societies, the Apache and the Catholic culture definitely view this as a rebirth. The Apache seems more special because of the individuality that ensues with the Sunrise Dance. Confirmation is a rebirth into adulthood, but not alone, you are supported by all your classmates and friends. The reason that any young child submits to authority, other than fear, is because they know and realize that they can achieve great knowledge by listening to them and abiding by their practices. Because, look where it got them, at least to the age they are! Ritual changes people for better or worse, either way a change has been made and you aren’t the same after the ritual ends. The Apache girl has something she can tell her grandkids about, she has a vivid incredible memory that will never leave her. The confirmed has a memory too, a family time that brings people together, and we all know we love family time regardless of what occurs within we are happy to see that aunt uncle, and cousin we haven’t seen in so long. Rituals are times that should bring people together and change them for the better, as well as prepare them for the long roads ahead.

Qualitative Research Methodologies Essay

Veal (2000) has described research a â€Å"systematic and careful inquiry ands search for the truth† or an investigation into a subject to discover facts. Research is collection of methods, tools and techniques for acquiring knowledge. The nature of research is to discover and explain and answer the unanswered questions. Qualitative methodology focuses on â€Å"quality† a term referring to the essence or ambience of something (Anastas, 1999). Qualitative methods are used to understand complex social phenomena. They are suitable to seek knowledge about the fundamental characteristics of a phenomenon under study. Types of Qualitative Methodologies Case-Study Research Methodology Case study as a â€Å"realistic† methodology, which deals with solid and specific questions. Case study translates research question into more researchable problems, and provides rich examples, which are easy to comprehend. The significance of case studies is its revealing meaning of a phenomenon. Observation Research Methodology Scott (2001) has described observation an effective way of finding out about people in their particular environment. Observational research method provides understanding of interaction between marketers and users, exploring members interaction in an organisation and understanding norms in a community. Ethnographic Research Methodology According to Garson (1998) ethnography is the study of cultural groupings. It concentrates on close field observation of socio-cultural phenomena. Ethnographic research is a holistic approach that tries to understand a culture through the members of given culture. Quantitative Research Methodologies Quantitative research is gathering data in quantity. The goal of the quantitative research approach is to find out the truth by using statistical procedure. Hara (1995) has pointed out that quantitative methodology allows readers to understand facts easily by looking at charts and graphs. The use of statistics reduces contradictions, which may exist in research. Morgan (2000) has mentioned that â€Å"quantification† allows accuracy of statements by providing facts and figures with precision. Absence of one will make the other incomprehensible. It is assumed that quantitative methodologies are more logical and more comprehensible than qualitative methodology for this reason. descriptive, experimental, quasi-experimental Methodologies. Data Collection However for this research the most appropriate method for this study is case study as this study is comparison of these two cities based on the data and facts obtained from different libraries, books, journals, newspapers and census department to answer the questions below. †¢ How history and geographical location influence their development? †¢ What are the current economic figures of the cities? †¢ How much progress these cities have made in trade, commerce health education and sanitation systems? †¢ What is the role of geography and location in the development of urban cities?

Revolutionizing a Better Era of Technology in the Future of Medicine Essay

Alan Kay states, â€Å"The best way to predict the future is to invent it yourself† (qtd. in Garreau 88). Many Americans ponder what the future might hold. Will technology bring a new era to mankind or will it be the end to all eternity? Ray Kurzweil, inventor of the year by MIT, argues â€Å"he is convinced that medicine is moving sufficiently fast; therefore, any person who can stay healthy for the next 20 years may so benefit from the explosion in biological technology as to be immortal† (Garreau 90-91). With the advancements of medical technology continuing to climb, this quote illustrates that the future will make for a better world. Organizations such as The Defense Advanced Research Projects Agency known as DARPA, The Continuous Assisted Performance known as CAP, and The National Science Foundation fund studies that demonstrate how genetic engineering will impact America’s future by developing a bigger, better, stronger individual (Garreau 19-35). Each day as the advancements of technology doubles, the world will soon not worry about diseases and health; everyday gene technology will better our minds, bodies, and most future generations, thus making the â€Å"Heaven Scenario†. In the Article â€Å"Gene Technology and Tissue Engineering† Andree, department of Plastic and Surgery, Freiburg University Hospital, states â€Å"Gene therapy is based on the concept for certain proteins or polypeptides into a cell and, thus, may be used for potential modulation of tissue. Genes can be delivered using either an in vitro approach, and with viral or non-viral vectors. Genes may therefore be stable, or transiently expressed by the cells† (93). This fact illustrates the concept of genetic manipulation and how each cell is expressed. Both Rob DeSalle, Ph.D. in Division of Invertebrates, and Michael Yudell, MPH in Molecular Laboratories, summarize that the study of Genomics will have a major impact in medical services. If doctors knew how to discover someone’s exact diseases, then they can transform and improve those cells to stop in in its act (117-118). With the help from DARPA and CAP and the study and treatments  of Gene therapy, Americans’ will soon find themselves living longer and healthier lives. DARPA funded by Michael Goldbatt, is one of the world’s foremost drivers of human enhancement (Garreau 19). Their vision is to â€Å"accelerate the future into being† (Garreau 21). DARPA help fund the computer mouse, graphics, weather satellites, and many other technologies (Garreau 25). One independent agency that works strongly with DARPA is CAP managed by John Carney (Garreau 28). CAPs advanta ge over DARPA is the laboratory. One idea that they are studying is â€Å"finding an enzyme that appears only in bacteria but not in us. It might exist only for a brief time in the bacteria, but without it, that life form cannot exist. Then you attack it† (Garreau 28-30). Organizations such as DARPA and CAP strive to make unstoppable human beings. For instance, take the well-developed movie Gattaca which came to theaters in 2010 and was about a man that manipulates his DNA to hide his identity to be a more advanced, genetically engineered, human being. No one is capable of stopping him from becoming a better meaningful species to society. Most Americans strive to build themselves up to become the best they can be. Americans’ study the use of DNA manipulation in bodies and cells to help fight off diseases and illnesses such as the common cold or flu. Goldblatt proclaims, â€Å"We do not fear the unknown, and we relish exploring the unknowable† (Garreau 19). Americans should be more like this quote and strive to become the best species that has ever existed. DARPA is studying a vaccine that will help in pain management. Such vaccines will make milestones in terms of medicine. If someone is hurt they will feel the first trigger of pain but the pain will soon subside (Garreau 19-28). This pain vaccine will have many benefits to Americans dealing with diseases and to society. The National Science Foundation believed in the â€Å"Heaven Scenario†: They predicted in 10-20 years the world will evolve much better. Wearable sensors will enhance every person’s awareness of his or her health condition, environment, chemical pollutants, potential hazards, and information of interest about local business, natural resources, and the like. The human body will be more durable, healthy, energetic, easier to repair, and resistant to many kinds of stress, biological threats, and aging process, and technologies will compensated for many physical and mental disabilities and will eradicate altogether some handicaps that have plagues the lives of millions of people. (qtd. in Garreau 112-113) This statement  unveiled a world where technology advancements will mature in a way that Americans are capable of being healthier and happier individuals. The effects of genetic engineering impacts the future by manipulating genes to help Americans live longer. Enzo Russo and David Cove, authors of Genetic Engineering: Dreams and Nightmares, tell a brief story about a little girl that was suffering from a disease called Severe Combined Immune Deficiency. â€Å"She was the first known human being to be treated using gene therapy†¦After two years of therapy, this young girl was able to attend school normally, to swim, dance, ice skate with her family and friends† (117-118). With this example it substantially shows the achievements of Gene Therapy and how Americans greatly benefit from them. Children will have the privilege to go out and play or do whatever else their little imagination wants to do so they can be just like every other child. If doctors had a way to catch or see a disease before it overtakes someone’s body then they would be able to do something about it. Jacobs, consultant genetic counsellor Guy’s and St. Thomas’ NHS Foundation Trust, believes â€Å"Early identification of individuals with, or at risk of, hereditary disease can make a difference to patients and families in terms of accessing genetic services, early detection and risk-reducing measures. Several clinical guidelines recomm end undertaking family history assessment in clinical setting† (Jacobs, Chris, Christine 38). Jacobs also states that â€Å"Recognizing when off spring may be at risk of genetic condition such as cystic fibrosis, Duschenne muscular dystrophy or Huntington’s disease, can help couples to make choices about prenatal testing and pre-implantation genetic diagnosis. These procedures increase the possibility of a healthy baby and reduce the risk of passing the mutation to future generations† (Jacobs, Chris, Christine 38). With this possibility, think of how it will make a new era to mankind. Parents no longer have to worry about unborn babies and whether they will have the same disease as their ancestors. Another person that was influenced by Gene Therapy is Gregory Stock. Stock, director on Medicine, Technology, and society at the school of medicine of California, proclaims â€Å"In the future Americans will benefit from using ‘Artificial Chromosomes’. Future generations will be able to switch out one or two chromosomes that may be transferring diseases with a stronger chromosome† (qtd. in Garreau 116-117). There are many believers of the â€Å"Heaven Scenario† although all the outcomes  might not be the same. Ray Kurzweil, who was granted the national medal of technology, was the inventor of the â€Å"Heaven Scenario.† He stated â€Å"is there is no problem or challenge that there [is not] an idea to overcome that problem† (qtd. in Garreau 115). This statement argues that no matter how difficult something might proclaim to be, there will always be a new improved way to get thru. In terms of medicine, there will always be new inventions of t echnology and drugs that will make a better advancement then the former. No matter what the statistics say technology will always have an astonishing outcome. If Americans’ had the opportunity to formulate themselves at a higher level of humanity then why not go for it? (Garreau 115) Most Americans’ dream that one day the world will be a heavenly place for all humanity. With the advancements of new medical technology doubling and continuing to climb up this progressive ladder, Americans’ soon will be bigger, stronger, and healthier individuals. The inventions of new drugs, either injected or manipulated into genes, will influence making the outcome of the â€Å"Heaven Scenario† true. If more organizations like previously stated DARPA and CAP continue to find new ways of implementing and then attacking infections and disease: Americans’ will live much longer non-stressful lives. Imagine the outcome of waking up clear headed and pain free with no worries in sight. Future generations will have the knowledge and ability to know when a bad enzyme links on and attacks cells; furthermore, being able to stop the infection before it explodes and travels thru DNA. It will be a new era to mankind. Americans’ will be able to determine and c hoose how their children turn out. Children will be healthier and live longer lambent lives. Like my opening quote â€Å"the best way to predict the future is to invent it yourself.† Negative controversies about technology being the end of mankind should not influence Americans’ into not believing in the â€Å"Heaven Scenario,† thus sit back and watch the never ending achievements and outcomes of Gene therapy transmute the world into a better brighter norm. Works Cited Andree, C., et al. â€Å"Gene Technology and Tissue Engineering.† Minimally Therapy & Allied Technologies 11.3 (2002): 93-99. Academic Search Premier. Web. 18 March 2014. DeSalle and Michael Yudell. Welcome To The Genome: A User’s Guide to Genetic Past, Present, and Future. Canada: John Wiley & Sons. Inc., 2005. Print. Garreau, Joel. Radical Evolution: The Promise and Peril of Enhancing Our Minds, Our Bodies- and What It Means to Be Human. New York: Random House, 2005. Print. Jacobs, Chris, and Christine Patch. â€Å"Identifying Individuals Who Might Benefit From Genetic Services And Information.† Nursing Standard. 28.9 (2013): 37-42. Academic Search Premier. Web. 18 March 2014. Russo and David Cove. Genetic Engineering: Dreams and Nightmares. Oxford New York Tokyo: Oxford University Press, 1998. Print.

Financial Analysis of Pakistan International Airlines Essays

Financial Analysis of Pakistan International Airlines Essays Financial Analysis of Pakistan International Airlines Essay Financial Analysis of Pakistan International Airlines Essay Submitted by Chemical Engineer Adnan Khalid Submitted to : Dr rashid Ahmed Institute Of Business and Management, UET, Lahore. PAKISTAN INTERNATION AIRLINES Back ground and History Airline Industry General Environmental Analysis The airline industry is very stable and unlikely to change in the near future. There are many reasons for this. Air travel continues to grow and will continue in this fashion as long as the economy stays in an upward trend. US domestic air traffic grew 2. 3% in 1999 and 3. 5% in the first six months of 2000 according to Air Transportation Association. The percentage of flyers has increased an average of 2% each year and the percentage of people who have ever flown before increased from 73% in 1993 to 81% in 1997. (Airport Transport Association, Internet). The top three reasons that people fly are business trips (47%), visiting relatives (38%) and going on vacation (13%). Most airline revenues are gained from the fares they charge these passengers, but they also earn ancillary revenues from transporting mail, shipping freight, selling in-flight services and from serving alcoholic beverages (Airport Transportation Association, Internet). The primary target market of airline passengers today is the business traveler because business trips account for the majority (47%) of airline flights. Airline industry has been subject of intense price competition since it was deregulated, and the result has been a number of new carriers which specialize in regional service and no-frills operations. These carriers typically purchase older aircraft and often operate outside the industry-wide computerized reservations system. In exchange for these inconveniences, passengers receive low fares relative to the industry as a whole. This research examines two low fare air carriers, ValuJet and Southwest Airlines. By investigating these air carriers, we can better understand the economic impacts of price versus service in the airline industry as a whole, as well as, the impacts on passenger and investor confidence. Until 1978, air transport rates were approved by the government, which meant that price was not a primary competitive factor. Instead, airlines would compete on service and image. : The airline industry was dominated by giants (American, United, and TWA) which offered nationwide and some international service, and by regional carriers, such as Southwest, which offered short trips between airports not served by the nationals. 1 MARKET INFORMAITON DIRECTORS REPORT TO THE SHAREHOLDERS The Directors are pleased to report that the airline has earned a pre-tax profit of Rs. 1. 5 billion in the first quarter of 2003 as against a profit of 1. 1 billion in the first quarter of 2002. Total revenue for the quarter amount 13. 05 billion as against Rs. 197 billion in the corresponding quarter showing an over all increase of 9% over the same period last year. Expenses for the current quarter amounting to Rs. 11. 07 billion indicate an increase of 8% over Rs. 10. 2 billion expenditure last year. This is mainly due to increase in fuel prices in the international markets and an ad hoc provision for increase in employees salaries and allowances. Issue of Term Finance Certificates (TFCs) As reported in the Annual Report 2004 the airline launched Term Finance Certificates (TFCs) for Rs. 15. 14 billion in February 2004. The issue was the largest in the history of Pakistan financial market. Despite the size, the issue was over subscribed up to the extent of 40% showing confidence in the policies followed by the airline Management. The airline has utilized the money wised through TFCs to pay off bridge financing of Rs. 7. 73 billion borrowed earlier. The airline has also liquidated its liabilities towards employees fund over due creditors amounting to Rs. 4. 27 billion Market Development In the first quarter the airline has increased passenger capacity by 10% over same period last year. In the international markets passenger capacity has been increased by 6% and domestic markets by 8%. Capacity for Hajjis for Hajj 2003. This year airline was successful in operating Hajj flights for 108,000 Hajjis as compared to 91,000 in 2002. The airline achieved passenger growth of 7% in the first quarter of 2003 over the same period last year. Increase in the international as well domestic markets excluding Hajj was up to the extent of 4%. The airline has also been able to float excess cargo capacity and increase its utilization. Cargo capacity was increased by 9 % whereas its utilization was 23% over last year the same quarter. PIAS SUBSIDIARIES + ASSOCIATED COMPANIES PIAS SUBSIDIARIES 1. 2. 3. 4. 5. 6. PIA Holdings (Pvt. ) Limited Duty Free Shops Limited International Advertising (Pvt. ) Limited Skyrooms (Pvt ) Limited Airport Hotel, Karachi Airport PIA Shaver Poultry Breeding Farms (Pvt) Limited Midway House (Pvt. ) Limited Hotel Midway House, Karachi Airport ASSOCIATED COMPAN IES (Overseas) 1. 2. 3. 4. PIA Investments Limited Minhal incorporated Pakistan Pakistan Services Limited Pakistan Tourism Development Corporation Limited. 3 PIA Domestic Route Map 4 WEIGHTED AVERAGE COST OF CAPITAL Capital Assets Pricing Model CAPM is a model based on proposition that my stocks required rate of return is equal to the risk free rate of return plus a risk premium, where risk reflects diversification. Portfolio Returns: The expected return on a portfolio k^p is simply the weighted average of the expected returns on the individual stocks in the portfolio, with the weights being the fraction of the total portfolio invested in each stock K^p = W1K^1 + W2K^2 + W3K^3 + - + WnK^n The portfolio return of Askari Bank is as follows K^p = 0. 16(88. 67%)+ 0. 16(1. 4%)+ 0. 16(7. 2%) + 0. 16(2. 716%) = 15. 9 % 5 Correlation Co-efficient (r): A measure of the degree of relationship between the two variables The stock will be perfectly negative correlated when one stock move up and other stock or security move down, move in the opposite direction R = -1. 0 Perfectly positively correlated stocks would move up and down altogether R = +1. 0 Cost of Debt Financing Debt financing is when a creditor decides to loan funds in exchange for reimbursement in the future with accumulated interest. Debt financing is generally considered smart because debtors to not surrender any ownership interests in their business. Debt financing comes in two forms, secured and unsecured A secured loan is an agreement to pay the debt back at a later date. If the debtor ever defaults on the loan agreement, then the creditor can recover their money by confiscating the property or asset used to secure the debt. An unsecured loan is also a promise to payoff a debt. An unsecured loan differs from a secured loan because u don’t have to grant the creditor interest in any specific property to support the promise. In case if bankruptcy, the unsecured creditor is frequently the last to be paid if the borrower runs into difficulties. 6 Cost of Debt financing In Pakistan Outside Pakistan 006 15,532,870 370,185 15,903,055 2005 11,038,399 422,535 11,460,934 Particulars of borrowing from financial institutions In local currency In foreign currency 15,532,870 370,185 15,903,055 11,038,399 422,535 11,460,934 Details of bowering from Financial Institutions In Pakistan local currency Secured Borrowing from State bank of Pakistan under export refinance scheme Unsecured Call borro wings 90,000 15,532,870 220,000 11,038,399 7,328,515 8,114,325 3,392,329 7,426,070 Outside Pakistan – foreign currency Overdrawn accounts unsecured 370,185 15,903,055 422,535 11, 460, 93 7 Cost of Equity Financing Equity financing employee’s stock ownership plans. The company issues stocks to get the money. In return the company gives dividends and interest to them. Authorized Capital 150,000,000 ordinary shares of Rs. 10 each 2006 1,500,000 2005 1,500,000 Issued, subscribed paid up 67,500,000 ordinary shares of Rs. 10 each issued for cash 675,000 675,000 46,667,943 ordinary shares of Rs. 10 each issued as fully paid Bonus shares 466,680 1,141,680 412,314 1,087,314 GROWTH ANALYSIS OF PIA 8 TOTAL ASSETS Rupees in million 90,000 80,000 70,000 60,000 50,980 50,000 40,000 30,000 20,000 10,000 0 70,313 5,387 Assets 2004 2005 2006 Total assets of PIA in 2004 were 50,980 million which increased to 70,313 million in 2005 which further increased to 85,387 million in 2006. The growth rate was about 38% in 2004and was about 21. 44% in 2006. TOTAL LIABILITIES 9 Rupees in millions 90,000 80,340 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 48,402 66,140 Liabiliies 2004 2005 2006 Liabili ties in 2004 were 48,402 which increased to 66,140 in year 2005and they further increased to 80,340 in year 2006. The growth rate in 2005 was 36. 65% and in 2006 it was about 21. 50 %. Although there is increase in liabilities in these three years but the growth rate reveals that as compared to 2005 the percentage increase is quite low in 2006. SHAREHOLDERS’ EQUITY Rupees in million 10 1,160 1,142 1,140 1,120 1,100 1,080 1,060 1,040 1,020 1,000 980 1,036 1,087 Equity 2004 2005 2006 Shareholders’ equity in 2004 was 1,036 and there was a slight increase in 2005 up to 1,087. The equity increased to 1,142 in 2006. The growth rate shows 4. 92% increase in 2005 and about 5. 06% increase in 2006. The percentage increase in 2005 is more than the percentage increase in 2004. NET INCOME 11 Rupees in Million 1200 1000 800 600 400 200 0 2004 2005 551 687 1,103 Net income 2006 Net income means the income or the profit available to shareholders after taxation. Net profit in 2004 was 551 which increased to 24. 68% i. e. to 687 in 2005 and 60. 55% i. e. 1,103 in 2006. OPERATING INCOME 12 Rupees in million 2,000 1,500 1,244 1,000 500 0 2004 2005 1,008 1,902 Operating income 2006 Operating in come means earnings before interest and taxation (EBIT). EBIT in 2004 was about 1,008, in 2005 it was about 1,244 and in 2006 it was about 1,902. Growth analysis reveals 23. 1% increase in earnings in 200 and 52. 89% in 2006. 13 EARNINGS PER SHARE Figures in Rupee 10 9 8 7 6 5 4 3 2 1 0 9. 66 6. 32 5. 3 Earnings per share 2004 2005 2006 EPS= NP / Numbers of equity share Earnings per share (EPS) in 2004 were 5. 3 which increased by 19. 24% in 2005 and 52. 85 % in 2006, which is due to 60. 55 % boost in the net profit in year 2006. 14 TAXATION Rupees in Million 800 700 600 500 400 300 200 100 0 2004 2005 458 557 799 Taxation 2006 Taxation in 2004was 7, 99 which is 43. 45 % more than 2005. And taxation in 2005 was 557 which was 21. 62 % more than 2006. The increased rate of axation is due to increase in net profit. 15 RATIOS OF PIA Liquidity ratio CURRENT RATIO = CURRENT ASSETS CURRENT LIABILITIES = 4. 48 TIMES = 4. 18 TIMES 2004 2005 This ratio shows that the current ratio of PIA decline and the difference of 0. 3 comes up . DEBT MANAGEMENT RATIOS DEBT RATIO = TOTAL DEBT TOTAL ASSETS 2004 2005 = 17. 8 % = 20% The debt includes both current liabilities and long term debt . This debt ratio shows that PIA has taken more loans as compared to previous year. TIMES INTEREST EARNED (TIE) RATIO = EBIT INTEREST CHARGES 16 2004 2005 = 1. 36 times = 2. 98 times The TIE ratio measures the extent to which operating income can decline before the firm is unable to meet its annual interest costs. PROFITABILITY RATIO Profitability is the net result of a number of policies and decisions . The profitability ratios show the combined effects of liquidity, assets management and debt management on operating results. BASIC EARNING POWER (BEP) = EBIT TOTAL ASSETS 2005 2006 =2. 1 % = 2. 79 % This ratio shows the raw earning power of the firm’s assets before the influence of taxes and leverage and it is useful for comparing AIRLINE with different tax situations and different degrees of financial leverage. There is increase in earning power ratio because in 2005 it was 2. 1 percent which in 2006 increased to 2. 79 percent. RETURN ON TOTAL ASSETS = NET INCOME TOTAL ASSETS 17 2005 2006 = 1. 1% = 1. 4 % RETURN ON COMMON EQUITY = NET INCOME COMMON EQUITY 2005 2006 = 20. 3 % = 23. 9 % The return on the total assets and common equity has increased . MARKET VALUE RATIOS PRICE / EARNING (P/E) RATIO = PRICE PER SHARE EARNINGS PER SHARE 2005 2006 = 4. 46 TIMES = 5. 33 TIMES 18 RATIOS OF PIA Liquidity ratio CURRENT RATIO = CURRENT ASSETS CURRENT LIABILITIES = 2971418 1171755 = 2. 53 TIMES . AEROASIA current ratio is below average . Its liquidity position is relatively weak . DEBT MANAGEMENT RATIOS DEBT RATIO=TOTAL DEBT TOTAL ASSETS = 13589590 67328388 = 20. 1 % TIMES INTEREST EARNED (TIE) RATIO= EBIT INTEREST CHARGES =10 TIMES. The AEROASIA is covering its interest charges by a high margin of safety. 19 PROFITABILITY RATIOS BASIC EARNING POWER (BEP)= EBIT TOTAL ASSETS = 153588 2608454 = 5. 8% RETURN ON TOTAL ASSETS = NET INCOME TOTAL ASSETS = 669447 67328 = 9. 9 % The AEROASIA return on total assets is perfect. RETURN ON COMMON EQUITY = NET INCOME COMMON EQUITY = 669447 4125711 = 16. 2 % 20 MARKET VALUE RATIOS PRICE / EARNING (P/E) RATIO= PRICE PER SHARE = 10 EARNINGS PER SHARE 2. 63 = 3. 8 TIMES. CORPORATE ACHIEVEMENTS FOR ACBL Winning isnt everything, its the only thing. Amidst tough competition, our efforts to go an extra mile in providing superior services to our customers have been acknowledged at the national as well as international levels. These acknowledgements serve as a great source of encouragement and appreciation at one hand and inspire us to perform even better, on the other. PIA has been honored with the THE BEST AIRLINE 21 Common size balance sheet For the years Ended December31,2005and2006. DESCRIPTIONS 2005 % Assets: Cash and balances with treasury banks Balances with other banks Lendings to financial institutions Investments Advances Other Assets Operating fixed Assets Defferred tax assets Liabilities: Bills payables Borrowings from financial institutions Deposits and other accounts Sub-ordinated loans Liabilities against assets subject to lease Other liabilities Deferred tax liabilities Net Assets Represented by: Share capital Reserves Unappropriated profit Surplus on revaluation of assets- net of tax Note: Percentages are calculated by taking group total as base . . 82% 3. 10 6. 75 25. 80 52. 44 1. 67 2. 31 1. 21 19. 75 76. 74 0. 040 1. 190 1. 007 2006 % 7. 59% 1. 85 4. 85 38. 02 42. 7 2. 58 2. 36 0. 91 17. 32 78. 21 0. 0024 1. 493 1. 96 22. 62 54. 67 22. 65 26. 05 46. 47 27. 40 22 Common size profit and loss account For the years Ended December31, 2005and2006 DERIPTIONS 2005 % Mark up/ return/ interest earned 170. 76% Mark up/ return/ interest expense 57. 8 Net mar k up/ interest income 112. 53 Provisions against non performing loans and 12. advances Provisions for diminution in the value of investments 100 Bad debts written off directly Net mark up / interest income after provisions 21. 95 Non mark up /interest income: 1. 57 Fee, commission and brokerage income 4. 72 Dividend income 11. 67 Income from dealing in foreign currencies 39. 97 Other income Total non markup/interest income 60. 20 Non mark up/ interest expense: Administrative expenses 0. 051 Other provisions/ written offs 60. 25 Other charges Total non mark up/ interest expenses 36. 2 Profit before taxation: Taxation – current (3. 16) prior year`s deferred Profit after taxation: 46. 23 Unappropriated profit b/f Profit available for appropriation Appropriation: 9. 24 Transfer to: 9. 57 Statutory reserves 4. 70 Proposed cash dividends (Rs 2 per share) 22. 63 Capital reserves(reserves for bonus shares issuance) Revenue reserves Note: Earnings per share has increased by 62% as compared with previous year. And percentages are calculated by taking net mark up/ interest income as 2006 % 325. 5% 202. 6 123. 53 23. 5 0. 002610 100 27. 97 1. 80 12. 20 14. 77 56. 75 73. 15 0. 143 73. 25 29. 50 8. 060 46. 009 9. 21 14. 50 3. 23 19. 05 23 Conclusion Although there is a NOW A LOT OF COMPETITION IN AIRLINES BUT EVEN THAN IN PAKISATN PIA IS LEADING AIRLINE It is successfully achieving its targets and that is the main reason that this airline is growing day by day and doing a profitable business. They should provide good services to their costumers. Better food Re commendations 24

Perkins Loan Forgiveness How Does it Work

Perkins Loan Forgiveness How Does it Work SAT / ACT Prep Online Guides and Tips When you take out a loan, the expectation is that you'll pay back all the money you've borrowed (plus interest, of course). It usually takes pretty catastrophic circumstances for a federal student loan to be canceled, like your school shutting down before you can get your degree. The Perkins loan program is different, in a good way - it offers loan forgiveness/cancellation in a wide variety of other, happier circumstances. In an effort to encourage graduates to pursue certain public service careers, the loan program offers loan forgiveness, or cancellation, to borrowers in certain professions. If you have a Perkins loan and enter one of the fields I outline below, you could have up to 100% of your loan canceled. Read on to learn more about cancellation eligibility the loan cancellation process! How Does Perkins Loan Cancellation Work? If you decide you'd like to work in public service after you graduate from college, you can apply to get your Perkins loans canceled at a specific rate on an annual basis. The exact public service jobs eligible for cancellation will be discussed in the next section. If you work at a particular job for a long enough period, you could get up to 100% of your loans canceled. The chart below outlines the annual rates of loan cancellation for almost all eligible borrowers; you'll notice that 5 years of working = 100% loan cancellation. You'll note in the next section, however, that not all professions qualify borrowers for 5 full years of loan cancellation rates. Annual cancellation rates for VISTA/Peace Corps volunteers are slightly different: 15% for the first and second years, and 20% for the third and fourth years, for a total of 70% maximum cancellation. Year Worked % of Loan Canceled First Year 15 Second Year 15 Third Year 20 Fourth Year 20 Fifth Year 30 If you're working at a job that would qualify you for loan forgiveness, your school should defer your loans. This means that interest won't accrue and you won't have to make monthly payments before your loan undergoes cancellation. Then, if you apply for loan cancellation and are approved, your loans will be forgiven at the rates described above. All in all, it's pretty simple! Eligibility: When Do You Qualify for Forgiveness? There are many different professions and career paths that qualify for Perkins loan cancellation. Although you may not know exactly what you want to do when you graduate, you might have an idea of what jobs might (or might not) be congruent with your professional goals and interests. Hopefully, the following information will help you decide whether it's right for you to pursue a cancellation-eligible path. The following chart outlines all post-graduation jobs you could take in order to qualify for loan cancellation. Most are eligible for 100% cancellation, if you work at that job long enough (refer to the chart I posted in the previous section for annual rates of cancellation). The best thing to do if you have any questions about this chart would be to contact your school's loan office or loan servicer. Cancellation Condition Amount Forgiven Borrower’s total and permanent disability or death 100% Bankruptcy (rare; bankruptcy court would have to rule that repayment is an undue hardship) 100% Closed school (before student could complete program of study) 100% Service in the US armed forces in a hostile fire or imminent danger pay area Up to 50% if service ended before 8/14/2008 Up to 100% if service began on or after 8/14/2008 Full-time firefighter* Up to 100% Full-time law enforcement or corrections officer Up to 100% Full-time nurse or medical technician Up to 100% VISTA or Peace Corps Volunteer Up to 70% Librarian with a master’s degree working in a Title-I eligible elementary or secondary school or in a public library setting serving Title-I eligible schools* Up to 100% Full-time attorney employed in a federal public or community defender organization* Up to 100% Full-time employee of a public or nonprofit child- or family-services agency providing services to high-risk children and their families from low-income communities Up to 100% Full-time staff member in the education component of a Head Start program Up to 100% Full-time staff member in a pre-k or child care program that is licensed or regulated by a state* Up to 100% Full-time qualified professional provider of early intervention services for the disabled Up to 100% Full-time speech pathologist with a master’s degree working in a Title-I eligible elementary school or secondary school* Up to 100% Full-time special education teacher of children with disabilities in a public or other nonprofit elementary or secondary school Up to 100% Full-time teacher of math, science, foreign languages, bilingual education, or other fields designated as teacher shortage areas Up to 100% Full-time special education teacher of children with disabilities in an educational service agency* Up to 100% Full-time teacher in a designated educational service agency serving students from low-income families* Up to 100% Full-time faculty member at a tribal college or university* Up to 100% *For service that includes 8/14/2008, or began on or after that date. How Do You Apply for Perkins Loan Forgiveness? Have you gone through the above chart, and come to the conclusion that you may be eligible for Perkins loan cancellation at some point? That's great news! The process through which you actually apply for loan cancellation is pretty simple, but it requires you maintain a good channel of communication with your school. Perkins loans may be government-backed, but your Perkins loan lender will actually be your school, not the federal government. If you want to get your loan forgiven, and you think you're eligible based on the eligibility circumstances described above, you have to apply for cancellation with your school. You should get annual forms for loan cancellation from the school where your Perkins loan was received; check in with your school's student loan or financial aid office about when and how to get these forms. After you graduate, you should contact your school at the beginning and end of each year to notify them about where, and in what subject area, you are working. This is important because you don't want to end up with any unpleasant surprises; if you thought you were working a job that you believed would qualify you for loan forgiveness, but didn't check in to confirm with your lender, you might find that you don't actually qualify. If you take away one piece of advice from this section, it's that you should actively communicate with your school about how and when you can arrange Perkins loan cancellation. As with most things in life, open communication with your school is the best policy when it comes to arranging for loan cancellation. How to Make the Most of Your Perkins Loans Perkins loans come with a lot of built-in perks, which obviously include options for cancellation. Even if you're not sure whether you'll pursue a cancellation-eligible career in public service, you can still take steps to make the most of your Perkins loans. They don't accrue interest while you're in school, and the 5% interest rate is competitive (especially when compared to many private loans, with interest rates closer to 10%). In order to take advantage of the Perkins loan program, you just need to think ahead! Here are some tips and strategies to help you do just that. By your senior year, ask yourself whether it's likely that you'll end up working a cancellation-eligible job. If you think you'll hold any of the positions described in the big chart above within the next 8-10 years, consider how long you'd be willing to work in that position to get part or all of your loans canceled. Estimate how much Perkins loan debt you'll actually graduate with. If you'll graduate with a larger amount of Perkins loan debt, it might be a financially savvy option to seek out a cancellation-eligible position, even if you only cancel 15-30%. If your Perkins loan debt is relatively small, and you're not interested in a public service job or career, it might not be worth it to you to work a cancellation-eligible job post-graduation. Are you already on track to become a teacher, librarian, health care professional, or attorney? Even if your long-term career goals don’t involve working in a non-profit or public agency, starting off in a loan cancellation-eligible position could save you a lot of money in the long run (depending on your debt and, of course, professional interests and aspirations). Don't consolidate your Perkins loans. If you think you might qualify someday for loan cancellation, don't consolidate your Perkins loans - you'll lose loan cancellation options. If you're fairly certain you won't ever qualify for cancellation, and you can consolidate at a better interest rate, it might be a good financial move. Is working in public service a good fit for your long-term goals, both professional and financial? It's important to weight the pros and cons. What's Next? Perkins loan cancellation sounds pretty great, right? Learn more about Perkins loans and how to get one here. Even if you don't qualify for a Perkins loan, there are other federal student aid programs that could help you pay for school. Check out our guides on Pell Grants, Direct Unsubsidized loans, and Direct Subsidized loans. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Individual project 4 Essay Example | Topics and Well Written Essays - 500 words

Individual project 4 - Essay Example Experience in the process: Prior work experience may not always be a criterion in the selection process while filling a vacancy. But it becomes a criterion when the post requires handling of some specialized activities which only an experienced person can handle or when there is not enough time to train a fresh candidate for the post. Prior work experience is mandatory when the recruitment is for top level managerial jobs. Communication skills: Communication skills are a mandatory criterion for most jobs. It is essential for better performance on the job. No business deal is made without an effective communication. Therefore, it is important that every individual at the core positions possesses good communication skills. For almost all the jobs, communication skills are an important selection criterion. Advantages: The main advantage for external selection for this post is that a wide choice of potential candidates is available. The company can get a pool of qualified and experienced personnel for the position from which they can select the best one. The second major advantage is that it will help to bring in new ideas. A person who has experience as store manager in some other company may bring in ideas that were used in the other company which can be helpful to our company. (Peterson, 2012) Disadvantages: The first major disadvantage is the higher cost involved in the process. External selection for the post requires advertisement and several other screening processes thereafter. This will incur higher cost than internal recruitment. Moreover, external selection is a time consuming process. Another major flaw in this selection is that the existing employees below the store manager level will feel de-motivated because their chance for advancement is being hindered. (Riley, 2012) Advantages: The Company need not incur much cost for selection as the resources are readily available in the