Statement of Purpose Essay Example | Topics and Well Written Essays - 1000 words - 7

Statement of Purpose - Essay Example er, the element finance run in my family as my mother and father handles their own business and my education in finance would aid both of them considerably. It is my mother’s trade in Gold at metatrader software program that invoked me to start a finance related study .On one winter break, I voluntarily started studying the trade market, accustomed myself with the finance news, updated forex calendar, indulged in online trading chart and scrutinized technical analyzing tools. All of these sparked in me a passion to learn more about finance, especially quantitative finance. The uncertainty and fluctuation in the financial field pulled me strongly into it as I found it to be really challenging. This was the moment of truth and I decided to take up a credible course in quantitative financial studies. At the same time, I also realized the importance of finance in this sophisticated world and how much this study can help me in building my future. My excitement in learning finance related course soon turned out into a consolidated passion and solidified my desire to devote my future to the field of finance and investment. The quantitative finance course offered by your esteemed organization impressed me greatly and convinced me to get admission in it in a chase to follow up my dreams and desires. I understood that this quantitative program has the potentiality to manage assets and minimize risk which is the core aim of any business related study. I foresee that finance related course has the power to destroy or flourish the status of a business. This even more strengthened my decision to learn quantitative finance course. Moreover, it is when the financial crisis hit the world in 2009, I completely understood the importance of financial study on an international platform. I would like to confess here that the appropriate course offered by your prestige university has the impeccable ability to construct my future in a positive manner. I can put down in front of you

Theory Paper about the Enactment Theory of Mentoring-Kablfleisch Essay

Theory Paper about the Enactment Theory of Mentoring-Kablfleisch - Essay Example It describes what the theory is about, what studies say about it, how it has been used in communication, and how people could utilize it in their lives. Summary The Enactment Theory of Mentoring is a communication theory that gives suggestions on how mentors and trainees in an organization can use strategic communication in developing a relationship between themselves (Kalbfleisch, 2007). The theory gives nine proposals that show how mentors and trainees ought to conduct themselves when trying to initiate, develop, and maintain relationships in an organization. The first proposal brought out in the theory shows that mentors can decline to become mentors to trainees during their first interactions (Grill, 2011). The second proposition shows a higher possibility of mentors turning down the request made by trainees of becoming their mentors. According to Kalbfleisch, mentors show more willingness to help trainees on a project than they agree to become their mentors. In the same way, men tors have a more likelihood of allowing trainees to help them in a project compared to their accepting to become the trainees’ mentors (Grill, 2011). The reason behind this, according to the theory is that there is no enough initial time for the mentor and the trainee to create a close relationship, and thus mentors turn down any formal requests for mentorship (Kalbfleisch, 2007). ... The theory’s third proposition shows that mentors show interest in training new trainees when they have mentored others before (Kalbfleisch, 2007), as the fourth proposition shows trainees’ interest of being mentored by any more advanced individual regardless of the duration of their relationship. The fifth proposal shows trainees’ likelihood of accepting offers from more advanced individuals in the organization. These propositions show that in the early stages of communication relationships, trainees are more likely to accept mentorship when approached by a more advanced individual (Allen, 2007). This means that trainees will have to use most of their time building communication relationship with their mentors. The other propositions in the theory show communication efforts that mentors and trainees put to ensure their relationship (Kalbfleisch, 2007). The sixth proposition shows that a trainee shows more engagement in maintaining a communication relationship as opposed to the mentor more especially when the success of the trainee depends on the mentor. The theory argues that in the case where breaking a relationship with a mentor causes loss to trainees, the trainees do their best to ensure a maintained relationship with their mentor. The seventh proposition in this theory concerns the issue of gender in mentoring. It shows that female trainees in an organization are more likely to use communication strategies geared towards initiating, developing, and maintaining a relationship as opposed to male trainees (Grill, 2011). The ninth, which is the last proposition in the theory, suggests that mentors are likely to maintain communication strategies in a relationship that is likely

Fasciola Hepatica: Treatment and Prevention

Fasciola Hepatica: Treatment and Prevention INTRODUCTION   Fascioliasis is a helminthic disease caused by Fasciola Hepatica (liver fluke), which spans worldwide, affecting livestock such as cattle and sheep, which become infected by ingesting water or plants such as watercress, lettuce and spinach (Alatoom et al, 2008). The life cycle of Facisola Hepatica begins when eggs are excreted in the feces of an animal which has been infected. Facisola Hepatica Miricidia move on to its intermediate host (freshwater Lymnaea snail), where it develops into the cercarial form. The Cercariae then leave the snail and encyst on the vegetation of fresh water, until developing into its metacercarial stage. Grazing sheep or cattle ingest the metacercariae, the infective form excyst in the intestine, passing through the peritoneum, later gaining access to the live and bilary tree (Alatoom et al, 2008). Due to migration of the liver flukes, the liver is left necrotized which compromises the function of the liver in animals. These complications may include change in the component of blood, hepatic pathogenesis, liver trauma, decreased lactation, and death (Brennan et al, 2008). Fascioliasis has resulted in a significant loss to farmers and inturn affects the economy as a whole. To control the parasites which cause this disease, treatments such as anthelmintic drugs have been employed in some areas. But as with most drugs problems have arisen, most importantly the development of resistant in parasites to the chemical drugs (Anandaraj et al). This review paper will cover different treatments available for fasciola hepatica, how the parasites have developed a resistance to the available treatment, and new methods in which researchers are trying to combat the drug resistant parasites. Citronella oil and Neem oil For Treatment Anthelmintic drugs have been used to control fasicoliasis disease, but there has been concern over parasites and developing resistance to the drugs. Citronella oil which is collected from dried grass of the species Cymbopogan nardus, and Neem oil which is also collect from dried seeds of the species Azadirachta indic (Anandaraj et al). Experiment were conducted in vitro, exposing the liver flukes to Citronella oil, neem oil, oxyclozanide drug powder treated control and normal RPMI-1640 control at room temperature, in separate petri-dishes. After staining of the dead flukes, flukes were observed under a microscope. Results demonstrated that citronella oil demonstrate flukicidal effect which is very similar to that of oxyclozanide, which affects the tegument, intestinal caeca and uterus of the flukes. But due to no previous study of the effects of these oils on endoparasites , the mechanism by which these oils react to the parasites in not understood (Anandaraj et al). Triclabendazole Drug Treatment Triclabendazole is a drug derived of benzimidazole and is the current drug of choice in the treatment of fascioliasis. Triclabendazole has shown to target Fasciola Hepatica (liver flukes) from as early as 3 days old to fully mature stage, and more importantly, this drug has been shown to successfully eradicate liver fluke infections in humans. (Brennan et al, 2008). For this experiment Eight indoor-reared Dorset X Suffolk sheep approximately 8 to 10 months of age, with no prior liver fluke infection were collected. Sheep stool was examined for fluke eggs to ensure no prior infection to the Fasciola hepatica. The sheep were then artificially infected by oral gavage with metacercarial cysts, which have previously shown to be susceptible to the Triclabendazole drug. Dividing the sheep into two groups, two sheep were used as a control received no treatment, while six were treated with Triclabendazole four weeks after artificial infection. (Brennan et al, 2008). At each time interval 48, 72, and 96 hours, two sheep were euthanized and livers removed for examination and collection of liver flukes, this was also done for control sheep, which were euthanized after 48 hour post treatment. Visual observation demonstrated that liver flukes in the untreated sheep very active with their guts full of contents. Flukes recovered from the treated sheep after 48 hours of treatment were active and clear sign of visible contents in the gut of the liver flukes. When compared to the liver flukes of the control, these showed no differences in appearance and activity. Liver flukes recovered from sheep after 72 hours of treatment were all dead with no gut contents, except for one which displayed minimal activity and little contents in the gut. Liver flukes recovered 96 hours from sheep post-treatment were all dead, displaying a very pale grey color, with no contents within the gut (Brennan et al, 2008) It was observed that the effects of the drug progressive overtime time, affecting the flukes more severely as time passed. On observation of the liver flukes recovered 48 hours post treatment, normal morphology was noted, there was some minor swelling of the parasites tegument. On examination of the surface morphology of the dead liver flukes from sheep treated at 96 hours post-treatment, the surface of the parasites were very serve and extensive. This Included massive loss of tegument in all flukes, the basal lamina of the fluke was exposed as the entire syncytical layer had been decorticated. Lesions exposing the inner tissues of the fluke were also observed in the basal lamina. (Brennan et al, 2008) Researchers therefore concluded that treatment with Triclabendazole is effective in eradicating a vast majority of liver flukes in sheepwithin a three to four day period after treatment. The severity of the disruption of the parasites tegument increased over time, resulting in the total loss of tegumental syncytium and lesions as deep as the basal lamina (Brennan et al, 2008). One draw back of this drug is that is is prohibited in the use of animals that produce cheese intended for feeding humans (Cringoli et al, 2006). Parasite Drug Resistance and Development of New Treatment With Triciabendazole being the drug of choice for the treatment of fasciola hepatia in vetenary medicine, due to the drugs ability to fight against both juvenile and adult stages of fasciola hepatica. Over time concerns have stirred up over Triciabendazole resistant fasciola hepatia, which were first observed in Australian livestock though the mid-1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s, and has now spread across Europe and most recently, Spain. The need to develop new drugs to treat fascioliasis has become a pressing issue. Some researchers have experimented with OZ78 and Artemether for the reactivity against adult fasciola hepatia resistant to Triciabendazole (Keiser et al, 2007). 30 rats were infected with 20-25 metacercarial cyst of Oberon. Oberon was reported to have low cure rates in sheep treated with Triciabendazole. 10 rats were then infected with 20-25 metacercarial cyst of cullompton isolates. Cullompton isolates were previously identified as Triciabendazole-sensitive. 12-15 weeks after infection, rats infected with Oberon isolate were treated with Artemether and OZ78. Two groups of rats were treated with triciabenazole in different dosages, and six treated with artemether and OZ78, with untreated rats as a control. Four of the rats infected with cullompton isolate were treated with triclabenazole, and six of the rats treated with cullompton isolate remained untreated with no drugs, serving as a control. 17 days after treatment, rats were euthanized and bile ducts were harvested for observation (Keiser et al, 2007). Collected results demonstrates that Triclabendazole was not suffiecient against Triclabendazole-resistant Oberon isolate of Fasiola hepatica. Though at higher dosage there was a significant worm burden reduction observed. Both Artemether and OZ78 were very effective in treating Triclabendazole-resistant isolate of Fasiola hepatica, both resulting in worm burden reduction by 100%. (Keiser et al, 2007). Efficacy and safety of New Treatment Due to promising action of artemether against liver flukes in rat models, researchers have found it necessary to study the efficacy and safety of this drug in which have been naturally unfected with fasciola hepatica (Keiser et al, 2008). Using Dairy sheep from farms in southern italy, stool samples were collect from 100 sheep, which were randomly selected. All sheep tested positive for fasciola hepatica were used in the study, with an overall collection and examination of 5 stool samples. Sheep were separated in groups depending on their weight and mean eggs count. Group one containing seven sheep remain untreated, groups two and three, containing six sheep each where orally treated with one dose of arthemether at 40 and 80 mg/kg, the last three groups four, five and six, each containing 5 sheep received 40, 80 and 160 mg/kg respectively intramuscular injections of artemether. The sheep were observed for any signs of adverse effects for a period of 8 hours, and once daily after treatment. On days 10 and 27 three to four stool samples were collected for examination for egg burden. All sheep were then slaughtered, removing livers and harvesting and counting fasciola hepatica present. Sheep exhibited no physical or clinical signs of toxicity after being treated orally or intramuscularly 8 hours post treatment. Researchers found that statistically there was no significant reduction in egg count in either oral or intermuscular drug administration, except for administration of 160 mg/kg, where a significant egg count reduction was noted and 64.9%.

The Anglo-Saxon Period Essay -- essays research papers fc

The Anglo Saxon period is the oldest known period of time that had a complex culture with stable government, art, and a fairly large amount of literature. Many people believe that the culture then was extremely unsophisticated, but it was actually extremely advanced for the time. Despite the many advancements, the period was almost always in a state of war. Despite this fact, the Anglo-Saxon period is a time filled with great advancements and discoveries in culture, society, government, religion, literature, and art. The Angles were a Germanic tribe that occupied the region which is now Scleswig-Holstein, Germany. With their fellow ethnic groups, they formed the people who came to be known as the English. The Saxons were a Germanic people who first appeared in the beginning of the Christian era. The Saxons were said to have lived in the south Jutland Peninsula in the north of what is now Germany, but the fact has not been proven. They attacked and raided areas in the North Sea throughout the third and fourth centuries. By the end of the sixth century, the Saxons had taken all of the Roman territory within north-west Germany, as far as the Elbe River. The Angles joined the Saxons in the invasion of Britain in the fifth and sixth centuries. British resistance to the 'Anglo Saxon' invaders in the second half of the fifth century ended with the Anglo Saxon’s victory at the battle of Mount Badon. After the British were defeated, though, the Angles and the Saxons continued to fight over their re ligion for many years (Irvin, Vacca, Probst, Beers, p.46). Before the year 596, almost everybody had strong pagan beliefs. In 596 missionaries had begun to attempt to convert the Anglo-Saxons to Christianity. By the year 650, almost all of England had converted to Christianity- at least in name. Although almost everyone claimed to be strong believers in Christ and the church, most still held on to their pagan beliefs and traditions. No matter what they believed, everyone applied their religious beliefs to their everyday life. (Chin et al. Glencoe Literature, p.35). Everyone in the age would always wear extremely modest clothing. The common garment for a man was the robe gathered at the waist, completed by hose and soft sandals. The same was for the woman, except their dress extended to the feet. The most common materials used to make clothing were linen and woolens, though... ...nbsp;  Ã‚  The technological advancements and discoveries of the Anglo-Saxon period set the stone for today’s society. The age had all of the parts of their culture that we have today. Their period set the foundation for art, society, literature, and culture of what we have today. America would be a very different place if it was not for the impact that the Anglo-Saxon period had society.   Ã‚  Ã‚  Ã‚  Ã‚   Bibliography 1.  Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Anglo Saxon Art†; The Hutchinson Book of the Arts . SIRS Knowledge Source , 2000.  Ã‚  Ã‚  Ã‚  Ã‚   2.  Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Old English Literature†; The Hutchinson Book of the Arts . SIRS Knowledge Source , 2000. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Irvin, Vacca, Probst, Beers. Elements Of Literature. Harcourt Press; Holt, Rinehart, Winston, 2003. 4.  Ã‚  Ã‚  Ã‚  Ã‚  Chin, Wolfe, Copeland, Dudzinski, Ray, Royster, Wilhelm. Glencoe Literature. Columbus, Ohio: The McGraw-Hill Companies, 2000. 5.  Ã‚  Ã‚  Ã‚  Ã‚  The Columbia Encyclopedia. Irvington, New York: Colombia University Press, 2000. 6.  Ã‚  Ã‚  Ã‚  Ã‚  Ross, David. English History. 2001. .

Death theme In the play “Hamlet” by Shakespeare Essay

Death has always been the most debated subject regarding humans belief. It is part of life, yet a mystery nobody has experienced to tell. It is said to drive people’s actions, however Death is still a mystery as the whole human race still wonders how it acts on people’s lives and what is next after Death. In the play Hamlet, Shakespeare uses the theme of Death to drive the characters actions, and portrays the tragedy through their dialogues and significant symbols to create a tragic atmosphere. The first sign of Death is the appearance of King Hamlets ghost. The play is set only two months after his death, which is the lead for the events following in the play. He appeared at the platform before Elsinore castle as Horatio pictures, with that fair and warlike form (Shakespeare I.i.55-56 p1326). Even the apparel suggests a killing attitude. The Ghost, the symbol of Death, reveals the truth of him being murdered by his own brother to his son, Hamlet, and asks for revenge. Because of King Hamlets death, Claudius gets the throne and Gertrude betrays her late husband and remarries with Claudius. The murder and the betrayal, therefore, become the main grounds for Hamlets actions. The young Hamlet is given a valid reason to be mad and willing to accept the role of spreading death. The Ghost is the seed for killing, revenge, and death later on in the play (Boyce, Ghost). Another foreshadowing of Death in Act I is the line of Marcellus: Something is rotten in the state of Denmark (I.iv.99 p1342). The feeling this guard gets is from the scene of the ghost, along with the dreadful death of King Hamlet not long ago. It also foretells the outcome of the story. Death is presented mainly through characters dialogue. When Hamlet does not know yet the true reason of his fathers death, he thought about committing suicide. Deeply depressed about his mothers too early remarriage, Hamlet considers the opportunity to escape the â€Å"whips and scorns of time.† Here he thinks of Death as an escape; however, he has great fear of it. He explains his inability to end his life by questioning the moral of his actions:Whether tis nobler in the mind to sufferThe slings and arrows of outrageous fortune,Or to take arms against a sea of troublesAnd, by opposing, end them. To die, to sleep -No more – and by a sleep to say we endThe heartache and the thousand natural shocksThat flesh is heir to†¦Ã‚  (III. i.l 65-71) He views suicide as a chance to escape his own depression, but he realizes that for in that sleep of death what dreams may come. The dreams of the sleep of death mean there may be a worse situation after the suicide. The Prince wonders how people bear to grunt and sweat under a weary life, as he discovers, it is because of their fear of Death:But that the dread of something after death,The undiscovered country from whose bournNo traveler returns, puzzles the willAnd makes us rather bear those ills we haveThan fly to others that we know not of†¦Ã¢â‚¬  (III. i.86-90)His statement describes the explanation of humans fear for death. It is an unknown mystery of the afterlife that prevents hamlet himself from committing suicide. Despite the fear of Death, his fathers demand for vengeance gradually changes hamlet into the weapon of Death. The massacre begins when Hamlet confirms Claudius is the real slayer of his father. Hamlet stabbed Polonius as he thought that was Claudius in the Queens room. For many reasons the death of Polonius is the most important death. Because Hamlet kills Polonius, he has blood in his hand and thus will be revenged. Therefore it is no surprise that Laertes, Polonius son, will soon kill Hamlet as they meet. Poloniuss death also offers Claudius an opportunity to get rid of Hamlet. Since Hamlet now knows the truth of Old Hamlets death, as long as he is nearby, Claudius is no longer safe. Claudius smartly uses this occasion to mask himself as a loving stepfather, and also to stage the death for Hamlet. Furthermore, Poloniuss death makes room for another death, Ophelias. Her death, in addition to Poloniuss death, makes heavier cause to Hamlets doom. When Polonius is alive, Ophelia is absolutely obedient and dependent on him â€Å"Ill teach you: think yourself a baby† (I.iii.110 p1338). It is possible to say that Hamlet indirectly kills Ophelia through slaying Polonius. With her suicide, Laertes her brother is given even more reason to kill Hamlet. In the chain of Death, the following one is Laertess. He is driven to face his fate by Claudiuss manipulation and Hamlets carelessness. Hearing the news of Poloniuss death and his sisters going mad leading to her suicide; he goes mad and thirsts for Hamlets blood. However, just how Hamlet avenges his fathers death with the price of his life, Laertes too will avenge his family in exchange with his youth in the grave. Death itself is also presented through Hamlet the protagonist character. Although at first he fears Death, slowly he becomes the sword of Death; and then he becomes a represent of Death after killing Polonius and then in the graveyard scene in Act IV (Boyce, Hamlet 1). Hamlet fully realizes that everyone’s fate is death, regardless of status or wealth. He also realizes that no matter what a person does in life, in death, that person is merely nothing Your worm is your only emperor for diet: we fat all creatures else to fat us, and we fat ourselves for maggots: your fat king and your lean beggar is but variable service, —two dishes, but to one table: thats the end (IV.iii.22-26 p1390). Or again in the graveyard, as he picks up the skull of Yorick his childhood friend, the dear yester: ; as thus: Alexander died, Alexander was/ Buried, Alexander returneth into dust; the dust is earth; of earth we/ make loam (V.i.168-169 p1410). Death transforms the human nature in Hamlet. Upon conversing with his dead father, Hamlet’s mind becomes occupied with the death-provoking demands of revenge from the Ghost. From a young man fearing for Death and still longing to live his youthful life, Hamlet becomes a murderer, accepting Death as inevitable and letting it control his life. Hamlet fascination with death grows and he no longer considers his actions, wanting only to complete his vengeance, and pays no heed to what other circumstances his actions may bring. Although he weeps bitterly when he hears of Ophelias death, he surrenders to the idea that death is only a part of life (Boyce, Hamlet 2). His journey to complete his revenge is meant to be a process of learning how to die (Quinn). Finally, as Claudius and Hamlet both fall, Denmarks throne is left without a heir. Death sweeping through Denmarks royal family, leaving the nation itself dead, as it falls into the hand of Fortinbras, a Norway prince. Hamlet is the drama of Death, of Revenge, of tragic conflicts between human beings. Our lives are driven by other forces, as Elizabethan works suggest, by Ghost and Death as symbol for supernatural forces on Earth. In Hamlet, Shakespeare discussed this through the death of Denmark royal family, and of the country itself after the revenge of the young prince for his father. Works Cited Boyce, Charles. â€Å"Ghost.† Critical Companion to William Shakespeare: A Literary Reference toHis Life and Work, Critical Companion. New York: Facts On File, Inc., 2005. Facts On File, Inc. Bloom’s Literary Reference Online. Facts On File, Inc. http://www.fofweb.com/activelink2.asp?ItemID=WE54&SID=1&iPin=ffazshak0819&SingleRecord=True (accessed June 24, 2009). Boyce, Charles. â€Å"Hamlet.† Critical Companion to William Shakespeare: A Literary Reference to His Life and Work, Critical Companion. New York: Facts On File, Inc., 2005. Facts On http://www.fofweb.com/activelink2.asp?ItemID=WE54&SID=1&iPin=ffazshak0910&/SingleRecord=True (accessed June 29, 2009). Boyce, Charles. â€Å"Hamlet.† Critical Companion to William Shakespeare: A Literary Reference to His Life and Work, Critical Companion. New York: Facts On File, Inc., 2005. Facts On http://www.fofweb.com/activelink2.asp?ItemID=WE54&SID=1&iPin=ffazshak0910&/SingleRecord=True (accessed June 29, 2009). Quinn, Edward. â€Å"death theme in literature.† A Dictionary of Literary and Thematic Terms,Second Edition. New York: Facts On File, Inc., 2006. Bloom’s Literary Reference Online. Facts On File, Inc. http://www.fofweb.com/activelink2.asp?ItemID=WE54&SID=1&iPin=Gfflithem0196&SingleRecord=True (accessed June 29, 2009). Shakespeare, William. Hamlet. Rpt. in Compact LiteratureReading Reacting Writing. By Kirszner and Mandell. 6th ed. Boston, MA: 2007.

Heavenly Creatures Essay

heaGreat films often hinge on the successful presentation of one or two key scenes, to what degree do you agree with this statement Many great films do hinge on the successful presentation of one or two key scenes, these scenes are normally well crafted establishment scenes that straight away emerse the audience deep into the film and its culture or in most cases the scenes are climatic endings that bring together the central themes in a spectacular way. It is normally these central themes that a great film is marbled with and is most likely than not what makes a film hinge on being a great film. A great film is one sends a powerful message, influencing us to think and make great judgments through these central themes. However for these keys scenes to have any effect they must be presented successfully using well thought out visual and/or verbal film techniques that engage the audience. Therefore I agree with this statement to the full extent, as it is clear that the presentation of the key scenes in a film will either make or break a film giving it the title of being a â€Å"great† film. Will this is exactly why we write a thesis – here you have left the reader in no doubt as to your opinion on the question – good work. A Film that has become a great film through the successful presentation of two key scenes is Peter Jacksons Film Heavenly Creatures. It was a great film because the two key scenes that the movie hinged on, the beginning and end of the film, were successfully presented in such a way that the key ideas were brought together so the audience could freely engage with the movie and be influenced by its powerful messages. Heavenly creatures is about two young girls that attend Christchurch Girls High in 1950’s New Zealand. Jackson has presented to us the true story of how these girls committed Matricide. Matricide is the act of murdering your own mother. This story is compelling as it explores how the girls got to the point where they were able to go through with what was so alien to the rest of the population of Christchurch at the time. The first scene is key as it shows the girls running through Victoria park covered in blood screaming, this scene intercuts between the girls running onto a boat laughing and smiling. However the final scene of the movie shows the girls murdering their mum whilst also intercutting between the boat scene, whoever the difference is one of the girls, Pauline, is being left behind. These two scenes are key because whilst being similar, they had some relevant key differences that convey the key ideas well. Why Jackson was compelled to present this story as a film was because of the powerful message presented. This powerful message was the consequences of when a friendship becomes an obsession. This is what is conveyed and is what I think drove these girls to commit the act of matricide. Therefore it is the successful presentation of the beginning and the final scene of the movie via the use of well crafted visual techniques that conveyed this key idea making this film a great film. See the benefit of using the key words from the question – clarity. Firstly, Jackson’s presentation of the key idea of the consequences of when a friendship becomes an obsession is the intercutting of the scenes between the girls at Victoria park in both the beginning and end off the movie. Jackson used the visual technique of manipulated the images of the girls initially running onto the boat to a sepia tone to distinguish between the two scenes but to also distinguish that one is reality and one is fantasy.. This helped me to understand that the girls running onto the ship was a sort of metaphorical fantasy to the dream of how badly they wanted to be together to be happy. The fact that the girls were shown to be laughing told also reinforces this thought. The relevant point of difference between the two sepia scenes at the beginning and at the end is that in the end scene it is only Juliet running on to the boat and Pauline is getting pushed away by the crowd, not being able to get on the boat. As this scene is being intercut with the girls murdering Paul’s mother, it suggested to me that Pauline had finally come to the conclusion that no matter what the girls could not be together. Paul’s screams in the sepia images blend in with the screams from the murder in a dramatic and chilling way. I gained a sense for the tremendous emotional pain Pauline was feeling which contrasts from the laughing from the initial sepia scene. This helped me to understand how much of an obsession the girls friendship became and how it seems credible that this could consequently lead these girls to the murder. Therefore this is just one example of how these two key scenes have been successfully presented to powerfully convey the main idea of the film which is the consequences of a friendship becoming an obsession justifying that Heavenly Creatures is a great film. Good, good, good. Another way Jackson presents the key idea of the consequences of when a friendship becomes an obsession is by the use of camera visual techniques. The first camera technique that he uses that helped me understand this idea was the use of close-ups especially in the final scene. Jackson uses close-ups of the Honora’s terror filled face and both girls wicked blood thirsty faces as they took turns bludgeoning Honora to death. To me this hit home hard, Jackson’s use of close-ups to the audience made the viewing of the murder all the more real as the raw emotion of all the characters is forced upon us. I felt as though I was fully emerged and apart of the murder as much as the girls themselves which upon reflection there expressions helped me to understand the radicalism of the consequences of the girls out of control obsessive relationship. Including your own reaction is a convincing tactic. Furthermore, another visual technique used by Jackson to further convey the key idea of the film was the use of low angle shots in the final scene of the movie. Jackson used these to explain the shift in power of the relationship from Juliet to Pauline. This is shown where there are low angle shots of Pauline giving her a dominating stature in contrast to Juliet. This is a clever contrast to the start of the movie where Pauline is a shy low self esteemed girl, however to my understanding, it seems that as the movie has progressed Pauline and Juliet’s roles have reversed. This helped me to understand that the developed obsession between the girls friendship consequently changed Pauline for the worst and therefore had much greater consequences. Therefore, I believe Jackson’s use of camera visual techniques have helped to successfully present the two key scenes in the film as they have given me greater insight into the key idea of the film of the consequences of when a friendship becomes an obsession. As this theme has been portrayed effectively and compellingly this reiterates that this is a great film. In conclusion, Jackson has been successful in the presenting the key idea of the consequences of when a friendship becomes and obsession through the successful presentation of the two key scenes which are the beginning and end scenes in Victoria park. He has done this through the use of well thought out visual techniques and contrasting differences between the two scenes. Firstly showing how the friendship has become an obsession through the use of the intercutting between the sepia scenes. Secondly showin through the use of low angle shots how the obsessive relationship has changed paul and finally shown through the use of close-ups the terrible consequences of the girls obsession. The Consequences of when a friendship becomes an obsession has peen portrayed clearly and compellingly to the audience throughout this film. This was Peter Jacksons aim. He has specifically chosen this story due to its peculiar circumstances and presented his interpretation and exploration as to how two girls could go through with such an insane act, therefore he has developed this key idea and conveyed it successfully therefore making Heavenly Creatures a â€Å"great† film. Therefore this confirms that great films often hinge on the successful presentation of one or two key scenes as seen in Heavenly Creatures. William Dunlop William – a convincing response – using the tips given in class this week is a major contributor to this, such a small thing but highly effective. To move to Excellence, we need to hear about how what Jackson shows you also makes you think about, for example how can you relate to these key themes or who else or what else do they remind you of? (Universal perspective). Merit.

Get Paid

Get Paid As more and more people dip their toe into writing, more and more publications and editors think they can pay less. Supply and demand is a tried and true concept, and with way more writers clamoring to write, the cost of those writers diminishes sometimes to nothing. That does not give you permission to accept less. That does not give you permission to write for nothing. Instead, that means that you become pickier. I write for free in a few places: Blogs. Few of those pay. However, if I have something to promote, like my latest novel, I will piggy-back on someone elses readership to make a splash. Im making money, just in a sideways manner. A magazine that also advertises me. I periodically write articles for a certain magazine for free. They like my work, and in return, theyve promoted me well outside the parameters of that article, often providing the graphics for the advertising both in the magazine and for me to use elsewhere. An annual tourist guide recently asked me to write a piece, using an excerpt from my novel. This publication comes out once a year and goes in every rental in that coastal town, and sits on the counter of every restaurant. The bottom line is that writing for free has to pay somehow. Not in the ambiguous manner like I need some exposure that I am a writer. Thats a slippery slope. You enjoy seeing your hard-earned Write for free . . . on occasion. But be sure that when you do, theres a defined purpose that WILL result in tangible income. You want to be able to look at yourself in the mirror in the morning.

Character Analysis of Lysander From A Midsummer Nights Dream

Character Analysis of Lysander From 'A Midsummer Night's Dream' Lysander bravely challenges Egeus over his choice of a suitor for Hermia. Lysander professes his love for Hermia and exposes Demetrius as inconstant, having rejected Helena in favor of her friend. LYSANDERYou have her fathers love, Demetrius;Let me have Hermias: do you marry him.​EGEUSScornful Lysander! true, he hath my love,And what is mine my love shall render him.And she is mine, and all my right of herI do estate unto Demetrius.LYSANDERI am, my lord, as well derived as he,As well possessd; my love is more than his;My fortunes every way as fairly rankd,If not with vantage, as Demetrius;And, which is more than all these boasts can be,I am beloved of beauteous Hermia:Why should not I then prosecute my right?Demetrius, Ill avouch it to his head,Made love to Nedars daughter, Helena,And won her soul; and she, sweet lady, dotes,Devoutly dotes, dotes in idolatry,Upon this spotted and inconstant man.(Act 1 Scene 1) Character Motivation Lysander encourages Hermia to run away with him to his aunt’s house so that the pair can be married. When in the forest Lysander tries his luck with Hermia, trying to get her to lay with him but he is unable to convince her. When he wakes, he has been wrongly anointed with the love potion and falls in love with Helena. Lysander decides to leave Hermia unprotected on the ground to pursue Helena. This does not cover him in glory but potentially demonstrates the strength of the potion in that we know how much he loved Hermia, but now the potion has moved him to be so repulsed by her that he is willing to leave her alone. There is an argument, therefore, that we cannot blame him for his actions under the powerful influence of the love potion, because if we could, we may not be happy when he is finally reunited with Hermia, as he has been so horrible to her under Puck’s influence: LYSANDERHang off, thou cat, thou burr! vile thing, let loose,Or I will shake thee from me like a serpent!HERMIAWhy are you grown so rude? what change is this?Sweet love,LYSANDERThy love! out, tawny Tartar, out!Out, loathed medicine! hated potion, hence!(Act 3 Scene 2) When the love potion is removed, and the couples are discovered, Lysander bravely explains to Hermia’s father and Theseus that he encouraged her to elope. This action is courageous because it enrages Egeus - and Lysander knows that it will. Here, Lysander demonstrates his bravery and determination to stick with Hermia no matter the consequences and this endears him to the audience once more. We know Lysander truly loves Hermia and their ending will be a happy one as Theseus will assuage Egeus’ anger. LYSANDERMy lord, I shall reply amazedly,Half sleep, half waking: but as yet, I swear,I cannot truly say how I came here;But, as I think,for truly would I speak,And now do I bethink me, so it is,I came with Hermia hither: our intentWas to be gone from Athens, where we might,Without the peril of the Athenian law.EGEUSEnough, enough, my lord; you have enough:I beg the law, the law, upon his head.They would have stolen away; they would, Demetrius,Thereby to have defeated you and me,You of your wife and me of my consent,Of my consent that she should be your wife.

Change Essay Research Paper ChangeModernization reform and

Change Essay, Research Paper ChangeModernization, reform and rebellion are the edifice blocks to the alteration of a society. During the bend of the century many states experienced extremist alterations in there societal construction and in there traditional imposts. China holding its traditions and imposts fundamentally remaining unchanged for centuries was highly immune to alter, patterned advance, new thoughts and engineerings. One fresh Family by Pa Chin depicted the battle of Chinese pupils seeking to reform there school systems and to contend against the unfairnesss that the armed forces was enforcing. Though the book centres around two brothers it depicts many characters that are related to them in some manner. From the lowly servant miss to the highest female senior, each has a feeling of entrapment and wants to interrupt free. Yet each Acts of the Apostless as they are told by the senior of them and the firstborn is frequently is so set in the old ways that it is close impossible to travel against him. Chinese households are set upon award and regard. Each household member has a topographic point and responsibilities harmonizing to the place in the household. Often the eldest boy is reared to go the maestro of the house clasp. He normally has no pick in what his business is or even who his married woman will be, everything is planned out by his male parent or gramps. The younger boies are given a little more freedom with what they can make and who they will get married but it is frequently deiced by the older brother one time he becomes maestro of the family. They were allowed to go to schools and were the basic edifice blocks of most of the revolutions. The adult females of the family are expected to larn all the traditional functions of a Chinese adult female and in modern times to larn to read and compose from coachs or in rare instances attended all misss school. Basically the full construction of household life dependant on age, gender and regard. The new thoughts of reform and extremist alteration were based in several periodicals and magazines that immature heads read. These periodicals contained essays and narratives of new thoughts, alteration in authorities were devoured by immature heads eager to larn and show at that place intelligence. They read of other rebellions and presentations and were inspired to stand up for there basic human rights every bit good as for the right to go educated. Change, everything comes down to that one construct. China underwent extremist alteration in one century over traditions that had been established for 1000s of old ages. These alterations were able to take topographic point because of new innovations and technologies the printing imperativeness, mass production, and electricity all helped to fuel the over motion to a new society. by Dick @ aol.com

Theory and Knowledge Development in Nursing Essay - 4

Theory and Knowledge Development in Nursing - Essay Example Metaparadigm of nursing involves its global concept, global propositions in accordance with the concepts and such propositions as those that define a relationship between concepts. Such concepts are such as pain and blood pressure that aid communication between a nurse and the patient. The metaparadigm of nursing was established in 1970 and demands that its scope revolve around, health, environment, person and nursing. Metaparadigm internationally emphasizes professionalism in nursing as a field. It defines the peculiarity of nursing among other sciences for the sake of the public. They also define broad interests of nursing and provide perimeters for nursing. In intensive care unit for example some of the concepts that are spread to become conventional involve caring as a primary aspect and value of nursing. Further, nurses in critical care, nurse educators a home nurse can be described as being metaparadigm. As a critical nurse, I share the same aspects of environment with the home nurses and nurse educators. The most important is especially the patient around who I center my attention and his health (Pavev, 1953). We create the same environments for such patients and provide them with similar nursing values like care around the world. In this context therefore, conventionalism of the concepts we use define the profession in an international setting common ground for nursing universally. Nursing revolves around certain truths and basic values that define its profession. It is also based on ethical principles that enhance its acceptability as legalistic and useful in its specialty to deliver reliable promise to service. Nursing is based on such philosophy as builds faith in persons and gives them hope while acknowledging technicalities in process of delivery such services. It communicates with the persons in public to inform them of virtues and truths that are incorporated when

Microsoft Zune vs Apple iPod Essay Example | Topics and Well Written Essays - 500 words

Microsoft Zune vs Apple iPod - Essay Example Apple released its first-ever portable media player, iPod Classic, in 2001. Like the usual portable media players, one can listen to music, watch videos, show pictures and even play games on the iPod. Apple has since modified the original iPod and has made it small and wearable (iPod Shuffle) and with more and more features like having built-in Wi-Fi and enabling it to record and edit HD videos, download and play online games, among other things. Each product has its own device generation as well.Microsoft released its own media player device in the year 2006 and called the original Zune 30. The numbers in their name indicates how big the capacity of the device is. Zune 30 can play songs, video and show pictures just like the iPod. The only difference is that photos and videos can be watched or played in either portrait or landscape mode. The Zune can also be modified to play games and can play in many different audio formats. It also has a Zune-to-Zune wireless sharing of music and photos. Next is Zune 4 which has the generation of 8 and 16. According to Surhone et al. (2010), it can be clicked 5 ways. Like its predecessor, it has Wi-Fi used for wireless sharing of photos and music in other Zune. It has also a FM radio. Zune 80 or 120 was the next release for the Microsoft, which produce positive results as it was called an â€Å"iPod alternative†. The features are the same as its previous predecessor but with higher capacity as the number indicated in the name and bigger screen.   The most recent release is the the Zune HD. As its name suggests, one can buy and rent high-definition (HD) movies and TV shows, play HD radio, download apps and games and surf the internet on the Zune HD.  

How is the technologically mediated behavior driven by the low Essay

How is the technologically mediated behavior driven by the low fidelity public soundscape - Essay Example It is evident from the study that the idea of a public soundscape for instance, has only turn out to be important over the past few centuries, as sealed and enfolded buildings turned out to be more common. Previous to completely enfolded buildings, sound flowed mainly unrestrained from the private ball to the public, and vice versa which destined that, two persons in close proximity to each other experienced an analogous soundscape, despite of whether they occurred to be in the private or public realm. â€Å"R. Murray Schafer, one of the early pioneers of the study of soundscapes indicates that the rise of life spent primarily indoors gave way to two enduring phenomenon: the high art of music, and noise pollution† (Neudorf 3). The events of public soundscapes keep on developing in the current period of mobile phones and moveable music instruments. Nowadays it is possible, certainly general, to build ‘semi- private’ soundscapes (by way of make use of movable device of music and mobile phones) in public spaces, which highly block soundscapes in public. The idea of soundscape which represents a spatial implication no longer appears to fit in this circumstance; ‘sound experience’ may be a more suitable word given to the rising disconnect among site and audio perception. Second difference can be made among soundscapes in densely inhabited (urban) places and soundscapes in places that are less impacted by the activity of the persons. The density of the sound normally reflects the population compactness of the human being. However, there are numerous exemptions, where in high compactness places, sounds must contend  with each other with the intention to be heard. And also at the same time, sounds originate by human beings and their particular activities normally dominate urban soundscapes, as natural sounds hardly ever adjust to a louder soundscapes by raising their volume. Soundscapes, which are not conquered by activity of the huma n being, may have more moderate and reasonable, but they are distant (far) from unfilled. Even urban soundscapes which may not provide wealthy and rich environmental habitats frequently consist of impressive sounds.  Research method used to conduct the study is the primary research method. Primary research method used to acquire most authentic data directly from respondent. It is include survey method, interview method and Questionnaire Survey.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   There is a certain kind of risk in adopting the word soundscape which has a clear etymological debt to its progenitor landscape that a variety of suggestions from the visual world will also be adopted into the audio realm. Schafer builds the perceptive examination that unlike landscapes; soundscapes are concerning various activities and actions, not artifacts. In view of the fact that soundscapes are based on these activities, they are intrinsically unique at any of the specified point in time and space. â€Å"Scha fer suggests that there are two ways to improve the soundscape. The first is to increase sonological competence through an education program that attempts to imbue new generations with an appreciation of environmental sound. This he believes will foster a new approach to design - the second way - that will incorporate an appreciation of sound and thus reduce the wasted energy that noise represents† (Wrightson & Gil par. 24). Differentiation between Private and Public Soundscapes:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A soundscape is a kind of sound or amalgamation of sounds that shapes or occurs from an immersive

Written Account of Organisational Observation in organisational Essay

Written Account of Organisational Observation in organisational behaviour - Essay Example It is very important for the organization to provide job satisfaction and security to the employees. In addition, the organizations in global marketplace are trying to implement workplace diversity process as this process can result in collaborative performance of the people of different caste and culture. Employee motivation is the key growth driver for an organization (Bruce, 2006). Lack of motivation and encouragement can affect the performance level of a skilled and efficient employee. Maslow’s hierarchy of needs theory can be applied to determine different stages of human needs. There are five stages in this model, such as physiological needs, safety and security needs, social needs, self-esteem and self-actualization. People always try to satisfy their basis needs, such as need for food, clothes and shelter. These needs are considered as the physiological needs (Landy & Conte, 2009). Safety and security need is the second stage of this model. Under this stage, an individ ual tries to secure their job, health and neighboring associates. Social need is the third stage in this Maslow’s hierarchy of needs theory. Individuals try to achieve social recognition within this stage. In terms of a workplace, an employee tries to achieve social recognition from their sub-ordinates and colleagues. ... It can enhance the performance of the employees. Topic 3 In terms of workplace motivation, Herzberg’s Satisfiers and Dissatisfies’ theory can be applied. According to Frederic Herzberg, the individual needs of a people should be satisfied within an organization. Effective job and individual needs satisfaction can result in significant organizational productivity. According to this theory, there are two influences or degrees that can affect the level of perception of an individual within the workplace of a company. Motivators or satisfiers and hygiene factors or dissatisfiers are considered as specific influences. Nature of work is an important motivation driver. Several positive aspects can fulfill the job satisfaction of an employee (Wood, Zeffane, Fromholtz, Wiesner, Morrison & Seet, 2013). Achievement of career objectives, social recognition within workplace, job promotion, potential opportunity for individual development within organization and level of responsibili ty are considered as the motivating factors that can enhance the efficiency and performance level of an employee. On the other hand, several hygiene or dissatisfiers factors can upset employees. It has several negative consequences on the business productivity of an organization. Inadequate workplace environment, poor developed policy and unjustified salary distribution can be considered as the dissatisfiers factors. Poor organizational policy can affect the motivation and performance level of an employee (Baldonado, 2008). Needless paperwork or bureaucracy within an organization can be considered as a major barrier for a particular assigned job. In addition, poor workplace environment or employee discrimination can create several workplace conflicts.

Nursing Initiatives in Global Health Promotion and Education Assignment - 1

Nursing Initiatives in Global Health Promotion and Education - Assignment Example Health education is a function of various health professionals, but more so for nurses who often spend the most time with patients and their families; and who are often deployed in the community setting. It is therefore important to conceptualize a program which can maximize the role of nurses in health education and community activism. Hence, this program is being conceptualized as a means of improving the health outcomes in China. Goal: To conceptualize a health education plan which will be taught by the hospital nurses to their patient during the latter’s stay in the hospital and by community-based nurses in the community setting a. Teaching the patients and the members of the community (especially those with children of immunizable age) the importance of participating in the government’s EPI (expanded program of immunization). a. Teaching the patients and the community the different benefits of adopting a healthy diet and exercise in one’s life. This includes teaching the patients the different essential foods which can provide optimum health and resistance to diseases. c. Teaching the patient and the community the importance of avoiding excess intake of alcohol and/or drugs; the benefits of quitting smoking; and the different ways they can avoid the transmission and the acquisition of sexually-transmitted diseases. b. Teaching female patients how to properly conduct breast self-examination and male patients how to conduct prostate self-examinations. This also involves teaching patients the different early signs and symptoms which can indicate the presence of diseases. Nurses are at the very forefront of healthcare delivery. Among all the members of the medical team, nurses spend the most time with patients. They are present at almost every stage of the treatment process – from admission to assessment to treatment, and on to discharge.

How is the technologically mediated behavior driven by the low Essay

How is the technologically mediated behavior driven by the low fidelity public soundscape - Essay Example It is evident from the study that the idea of a public soundscape for instance, has only turn out to be important over the past few centuries, as sealed and enfolded buildings turned out to be more common. Previous to completely enfolded buildings, sound flowed mainly unrestrained from the private ball to the public, and vice versa which destined that, two persons in close proximity to each other experienced an analogous soundscape, despite of whether they occurred to be in the private or public realm. â€Å"R. Murray Schafer, one of the early pioneers of the study of soundscapes indicates that the rise of life spent primarily indoors gave way to two enduring phenomenon: the high art of music, and noise pollution† (Neudorf 3). The events of public soundscapes keep on developing in the current period of mobile phones and moveable music instruments. Nowadays it is possible, certainly general, to build ‘semi- private’ soundscapes (by way of make use of movable device of music and mobile phones) in public spaces, which highly block soundscapes in public. The idea of soundscape which represents a spatial implication no longer appears to fit in this circumstance; ‘sound experience’ may be a more suitable word given to the rising disconnect among site and audio perception. Second difference can be made among soundscapes in densely inhabited (urban) places and soundscapes in places that are less impacted by the activity of the persons. The density of the sound normally reflects the population compactness of the human being. However, there are numerous exemptions, where in high compactness places, sounds must contend  with each other with the intention to be heard. And also at the same time, sounds originate by human beings and their particular activities normally dominate urban soundscapes, as natural sounds hardly ever adjust to a louder soundscapes by raising their volume. Soundscapes, which are not conquered by activity of the huma n being, may have more moderate and reasonable, but they are distant (far) from unfilled. Even urban soundscapes which may not provide wealthy and rich environmental habitats frequently consist of impressive sounds.  Research method used to conduct the study is the primary research method. Primary research method used to acquire most authentic data directly from respondent. It is include survey method, interview method and Questionnaire Survey.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   There is a certain kind of risk in adopting the word soundscape which has a clear etymological debt to its progenitor landscape that a variety of suggestions from the visual world will also be adopted into the audio realm. Schafer builds the perceptive examination that unlike landscapes; soundscapes are concerning various activities and actions, not artifacts. In view of the fact that soundscapes are based on these activities, they are intrinsically unique at any of the specified point in time and space. â€Å"Scha fer suggests that there are two ways to improve the soundscape. The first is to increase sonological competence through an education program that attempts to imbue new generations with an appreciation of environmental sound. This he believes will foster a new approach to design - the second way - that will incorporate an appreciation of sound and thus reduce the wasted energy that noise represents† (Wrightson & Gil par. 24). Differentiation between Private and Public Soundscapes:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A soundscape is a kind of sound or amalgamation of sounds that shapes or occurs from an immersive

Nursing Initiatives in Global Health Promotion and Education Assignment - 1

Nursing Initiatives in Global Health Promotion and Education - Assignment Example Health education is a function of various health professionals, but more so for nurses who often spend the most time with patients and their families; and who are often deployed in the community setting. It is therefore important to conceptualize a program which can maximize the role of nurses in health education and community activism. Hence, this program is being conceptualized as a means of improving the health outcomes in China. Goal: To conceptualize a health education plan which will be taught by the hospital nurses to their patient during the latter’s stay in the hospital and by community-based nurses in the community setting a. Teaching the patients and the members of the community (especially those with children of immunizable age) the importance of participating in the government’s EPI (expanded program of immunization). a. Teaching the patients and the community the different benefits of adopting a healthy diet and exercise in one’s life. This includes teaching the patients the different essential foods which can provide optimum health and resistance to diseases. c. Teaching the patient and the community the importance of avoiding excess intake of alcohol and/or drugs; the benefits of quitting smoking; and the different ways they can avoid the transmission and the acquisition of sexually-transmitted diseases. b. Teaching female patients how to properly conduct breast self-examination and male patients how to conduct prostate self-examinations. This also involves teaching patients the different early signs and symptoms which can indicate the presence of diseases. Nurses are at the very forefront of healthcare delivery. Among all the members of the medical team, nurses spend the most time with patients. They are present at almost every stage of the treatment process – from admission to assessment to treatment, and on to discharge.

Drama Paper on Trifles †Susan Glaspell Essay Example for Free

Drama Paper on Trifles – Susan Glaspell Essay

Royal Dutch Shell Plc Financial Analysis

Royal Dutch Shell Plc Financial Analysis I. INTRODUCTION a. Topic Chosen and its context In this Research and Analysis project Report, I will be analyzing the financial performance of Royal Dutch Shell Plc. I will be identifying and analyzing the factors effecting the financial position of Royal Dutch Shell plc. The role of non-financial performance indicators which effects the financial position of the company will also be kept in mind. I will analyze the financial position of the company compared to its performance with previous years, with the industry and with its rival (BP). The word Shell will be used in place of Royal Dutch Shell as it is convenient. I will base my comparison on figures of audited annual accounts for the last 3 years. Financial analysis is an effective way of analyzing companys performance. Ratio Analysis is the technique, which will mainly be used for financial analysis. My analysis will also be based upon the comparison of key ratios with main rival of Shell, which will indicate some of the core strategies in seeking a competitive position to achieve its purposes. I will use Life Cycle model to analyze my findings on those markets, which materially contribute towards the companys financial results. Then I will use PEST analysis to analyze different stages identified and nature of Life Cycle. My conclusions will be based on current situation of the company as compared to past years and future expectations using the techniques mentioned above. b. Reasons for selection Reasons for selection of the topic and organization are as follows:  § Wide Information base: Shell, being a public limited company and one of the largest oil and gas concern in the finance sector the availability of timely, relevant, reliable information was an added advantage.  § Relation to my studies: While studying my ACCA, one of the important skills which I have learned is the ability to analyze the financial statements, and such a comprehensive research and analysis project will definitely help in developing the same  § The company: Other reason is the investment prospective and size of the company. The company unveiled the largest expenditure program in its history, spend $36bn in 2008 compared to $25bn last year, as it seeks new sources of oil and gas to boost reserves and production and to better exploit its existing resources. (Ft.com, July2008) Standard Poors, the credit ratings agency, downgraded its long-term rating for BP, the Oil and Gas Company, and upgraded Royal Dutch Shell, BPs closest rival, illustrating the widening perception of the two companys circumstances. SP noted Shells reserves replacement success and said current major projects should sustain its production plateau in the next decade. (Ft.com, September 2008) c. Aims and Objectives The aims and objectives contains the comparison of the financial performance of the petroleum sector to assess the worth of the company in its operational industry .To get an idea about the attitude of the management towards the operations of the company by assessing the companys cash flow position compared to its profits. Also to analyze the risks faces by the company I will take in to account Solvency, Liquidity and Capital structures. d. Research Approach ACCA provides a complete guide about different sections of the report, and also this provides the opportunity to plan and think to allocate my time carefully. This planning will help me to concentrate on each section of the report so that I can focus on core and important areas of the report. This also enables me not to overspend my time in explaining any section of the report. Information mainly collected from annual reports of the company and also different sort of other sources like ACCA text books, internet, newspaper, library etc. Traditional ratio analysis has been used to measure and compare the financial performance of the company over last 3 years with its rivals. Ratio analysis will focus on the following key ratios:  § Profitability Ratios This ratio is the reflection of how well the business is performing in term of profits in order to pay the shareholders. Key ratios are: a. Gross Profit Margin b. Operating Profit Margin c. Return on Average Capital Employed  § Liquidity Ratios Liquidity ratio refers to the state of an assets nearness to cash to meet business short term obligations as they fell due. Key ratios a. Current Ratio b. Quick ratio (Acid Test Ratio)  § Efficiency Ratios These ratios show how efficiently the business is employing those resources invested in fixed assets and working capital. Ratios are: a. Debtor Days b. Creditor Days  § Risk Ratios These ratios are used to assess how healthy and sound the business is in term of capital or finances. Ratios are a. Gearing Ratio b. Interest Cover  § Investors Ratios Both present and prospective shareholders look at these ratios to measure their return and to make economic decisions. Key ratios are a. Earnings per Share b. Diluted Earnings per Share II. INFORMATION GATHERING a. Sources of Information Used The information has been collected from different secondary sources for the preparation of this project. Main secondary sources which are use to gather information is as follows:  § Annual Accounts: The annual audited accounts of Shell are the main secondary source of information to use in this project. These annual audited accounts were available from stock exchange. As it supposed to be accurate and reliable thus provides me with an ideal source of annual accounts of the company. I have used only the audited annual accounts for the last three years of the company though unaudited quarterly review until July was available, to make certain that only reliable and accurate source of information is used in my research and analysis project. These audited annual accounts provides me all the information for the last three years which is essential in computing key financial ratios and also to make a comparison with rivals and industry averages of the company. Annual accounts of the rivals for the last three years are also used to make comparison with the Shell.  § Financial Analysts Report: They are professional people and their views are independent and their analysis helped the shareholders making economic decisions, which in turns affects the very existence of the company.  § Kaplans Tutorial Text: Kaplans tutorial text for Bsc (Hons) in Applied Accounting also helped me a lot for gathering information and also about the different requirements of the reports. It also helped in focusing a particular section of the report and also helped in overall design of the project so that nothing is missing in the project.  § News Papers: Getting in touch with the business section of leading newspapers like The Times, The Independent, Daily Express and The Telegraph was very useful as it provided me guidance on the economy overall and as well the movement in the share prices of different companies. b. Methods Used To Collect Information To collect information various methods are used like,  § Internet: Internet offers a speedy and impersonal way of getting to know the basics of the services that a company provides. (BPP 2005 Paper 3.4) I visited www.shell.com to access the financial reports of the company and press releases. I also visited www.bp.com to get information about the rival company of Shell for the purpose of comparison. Also I visited www.ft.com which really helped me a lot for the up to date information about the Shell and BP. I have also visited www.wikipedia.org to get information which helped me a lot to understand the oil and gas industry. In addition I visited the www.bbc.co.uk to get the latest news and important interviews.  § Use of the E-mail: For communication with Shell people I use to e-mail them during my research whenever I want to get some important information. They responded quickly to answer my query.  § Library Research: Libraries proved quite helpful so some libraries in London, Kaplan Financial College library and City Business Library in Moorgate London for general reading of the newspapers, journals, different books, magazines to get important information about Shell and BP. I spend most of my time in city business library, where I was able to get specific information through different CD ROMS which included different databases search designed specifically for getting information about different companies. Some of the CD ROMs are:  § Financial Analysis Made Easy: This database provided the detailed key financial data in the form of profit and loss accounts and the balance sheet. Also it helped me to get important ratios of the Shell and BP and their comparison with the preceding years in the form of graphs.  § Marketing and Business Information Centre (Data Monitor): This database provided vital information regarding the company, industry and market news for the research and analysis. This database contains records of hundreds of companies in UK and worldwide. When I looked at the Shell data, it really helped me by providing the overview and the detailed information. Then same thing was true for its rival BP. c. Limitations in the Information Gathering A number of difficulties I have faced sometime in getting the required information. For instance, I was expecting to get more information from the newspaper, but actually it was not. The newspaper only provides information about a particular date and some events but in depth information cannot be obtained and also articles are found in different newspaper i.e. nothing is new than others. Similarly when I went to City library, I was not aware of using FAME database, so when I tried to get information from database it took me too long. Moreover it only provides me the financial data in the form of graphs. Another problem which I have faced is the information overload on the internet. Whenever I tried to search something on the net it gives me too many results which some time confused me which information I should use and which is not. d. Accounting Technique Used and Limitations In this report to analyze the financial performance of Shell comparing to BP ratio analysis has been used. Ratios are important tool in analyzing the financial performance of the company. Ratios are used because shareholders and potential investors are primarily concerned with receiving an adequate return on their investment. An earnings per share is a key ratio that is to be used to determine the returns on shareholders fund. Suppliers and lenders are concerned with the security of their debt or loan. So they are mainly focused on the gearing level the company is having and also the interest cover. More over management is concerned with the trend and level of profits, so ratios are the main measure of the success. Furthermore, managements bonuses are linked to the profits of the company. I have calculated the key ratios in an appendix from 2006-2008 for Shell and BP and they did analyze the results. Ratios were used as a tool to assist analysis and to focus attention systematically on important areas. Ratios summarize information in an understandable form and also helped me to identify trends and relationships. There are also limitations of financial statements and ratio analysis as they are based on the past and ratios are not predictive if they are based on historical information. Ratios ignores any future action which is or to be taken by management. Another limitation faced by ratio analysis is the fact that the ratios results may be distorted if there are differences in the accounting policies. (Kaplan Financial Study Text Paper F7) In all, Ratios have limitations but are still regarded as the best tool for analyzing the financial performance of the business and so I also used it. III. ANALYSIS In this section of the report I will explain and analyze the financial performance of Shell and will compare its results with BP.I will also explain Shells financial position in the current year. a. Company History: The Royal Dutch Shell Group was created in February 1907 when the Royal Dutch Petroleum Company and the Shell Transport and Trading Company Ltd of theUnited Kingdommerged their operations. This move was largely driven by the need to compete globally with the predominant American oil company (www.wikipedia.org) b. Financial Analysis: Here is the analysis of the financial data of Shell (Revenue, GP and NP) over the last three years.  § The revenues in 2008 were ($458.4 billion) 28.8% higher than in 2007, when they were ($355.8 billion) 11.6% higher than in 2006. (Appendix)  § The oil and gas prices was One of the main reasons of increase in revenues in 2008  § Brent crude oil prices average $97.14 per barrel in 2008 compared with $72.45 in 2007, while West Texas Intermediate average $99.72 per barrel compared with $72.16 a year earlier. Oil prices saw great fluctuation in 2008. (Annual Report Shell 2008)  § A 6% increase in Gross Profit of Shell in year 2008 and 2007 as compared to gross profit in year. (Appendix)  § Its shows an increase in production costs in line with increase in revenues on high margin products.  § Earnings ($26.5 billion) were lower by 17% in 2008 compared to 2007, when they were ($31.9 billion) 21% higher than in 2006 ($26.3 billion). (Appendix) The decrease in 2008, compared with 2007, reflected the effect of declining oil prices on inventory in the second half of the year, lower production volumes, lower realised refining margins and higher operating costs. These more than offset the positive impact on earnings from higher realised oil and gas prices as well as higher LNG and GTL product prices. (Annual Report Shell 2008) Second quarter 2009 reported earnings were $3,822 million compared to earnings of $11,556 million in the same quarter a year ago. (2nd quarter results 2009, www.shell.com )  § Earnings By Business Segments : All figures in this table are in $million The table shows that earnings in 2008 were higher by 47% in Exploration Production, Gas Power and Oil Sands segments as compare to 2007. On other hand earnings were lower by 100% in 2008 as compare to 2007 in Oil Products, Chemicals and Corporate segments. This 100% reduction in last three segments causes overall reduction of earning in 2008. In the Second quarter Exploration Production segment earnings were $1,334 million compared to $5,881 million a year ago. Earnings compared to the second quarter 2008 reflected the impact of significantly lower oil and gas prices on revenues, lower oil and gas production volumes, higher exploration expenses and non-cash pension charges, which were partly offset by lower royalty and tax expenses. (2nd quarter results 2009, www.shell.com ) Comparison of Shell with BP  § Revenue Growth: Shell and BP revenue over the last three years is shown in the graph: Growth in Revenue in $ Million Shell and BP revenue showed a consistent growth over a period of 3 years. In 2008 Shell revenue 26.9% higher than BP. Which shows that Shell growing consistently as Shell revenue were higher 25.2% 19.9% from BP in 2007 2006 respectively. (Appendix) a. Profitability Ratios The profitability of a company is important and a key measure of its success. The figures shown in the profit and loss account mean very little themselves. However, by expressing them as a percentage of sales they become much more useful. The figures can then be compared with previous years or with other similar companies. (Student Accountant ACCA Magazine, Christopher, 1999.) Gross Profit Margin: Gross profit margin shows earning on sales of a company. In the 2nd quarter of 2009 the gross profit margin has fallen 62% compared to last years 2nd quarter results. An indication of high profit margin is that the company earned well on sales by keeping overhead cost in control. Gross profit margin of 2008 is lower than previous years. Net Profit: Shell net profit margin dropped by 3.2% to 5.8% in 2008 from 9% in 2007. And margin in 2006 was 8.3%.BP net profit margin dropped by 1.5% to 5.9% in 2008 from 7.4% in 2007. The 2006 margin was 8.4%. (Appendix) Growth in Net Profit Shell and BP (%) The profit margin is mainly used as an internal comparison tool. As there are different levels of expenditure involved it is therefore sometimes difficult to accurately compare the net profit ratio for different entities. As compared to BP Shells net profit margin dropped by a higher percentage in 2008.On the other hand if we see the year 2007 the Shell profits are higher than the BP. Return on Average Capital Employed: ROACE reflects the ability of the company to utilize the resources i.e. capital in generating revenue. Capital employed consists of total equity, currant debt and non-current debts. The published segment level contains the computation and calculation of the tax rate and the minority interest components. The strong income generation is the only reason for change in ROACE from18% to 24% between 2006 and 2008. There is a significant decrease in the capital employed from 24% to 18% in 2008 as compare to 2007. A significant decrease in income attributable to shareholders is partly offset by an increase in capital employed, resulted in a decrease in ROACE of 6.0% in 2008(18%) compared to 2007 (24%). The 2006 figure was 23%. (Appendix and Annual Report Shell 2008) ROACE is defined as the sum of the current and previous three quarters income adjusted for interest expense, after tax, divided by the average capital employed for the period. In the 2nd quarter or 2009 the ROAC stands at 8.3% way below the 25.8% in the 2nd quarter of 2008. (2nd quarter results 2009, www.shell.com ) On the other hand BP utilization of its capital resources was showing a sorry picture. BP ROCE has moved in a range of 16% to 19% between 2006 and 2008. BPs ROCE was 19% in 2006, and then reduced to 16% in 2007, followed by an increase of 1% to stand at 17%. This was due to lower income attributable to shareholders in 3 years time. This increase in 2008 was due to some increase in income attributable to shareholders. (Appendix) ROCE Shell and BP (%) The drop in oil price in the second half of 2008 had a significant impact on earnings. The strengthening of the dollar against other main currencies reduced the impact of Shells investment plans on capital employed. b. Efficiency Ratios Debtor Days Shells receivable days has fallen from 76 days in 2007 to 65 days in 2008. The figure for 2006 was 68 days. This was due to the effective and better controlled credit policy. (Appendix) BP on the other hand, showed increase in its collection to 30 days in 2008 from 49 days in 2007. The 2006 figure stands at 53 days. All this reflected an aggressive and comprehensive credit control policy and ability to collect from customers. (Appendix) Creditors Days The payment to creditors from Shell showed improvement in payment to creditors in 2008 if we compare the figures to last three years. As creditors days reduced to 78 days in 2008 from 93 days in 2007, while the figure in 2006 was 87. This improvement shows that company has liquidity to pay off its debts and also helped in making stronger relationship with creditors, which could be Suppliers, lenders. (Appendix) BPs creditors days showed reduction over a period of 3 years i.e. from 82 days in 2006 to 78 days in 2007 and more improved to 46 days in 2008 which showed a good sign for the company. (Appendix) c. Liquidity Ratios Current Ratio As short-term creditors prefer a high current ratio since it reduces their risk. The current ratio measures the adequacy of current assets to meet the companys short-term liabilities as they fall due. Traditionally, a current ratio of 2:1 or higher was regarded as appropriate for most businesses to maintain creditworthiness. However, more recently a figure of 1.5:1 is regarded as a norm. (Kaplan Financial, Paper F7 Study Text) Current ratio for Shell in 2008 was 1.1 and remained Constant between 2006 and 2007 to stand at 1.2. This shows better position for Shell and its ability to pay short term liabilities as they fall due. (Appendix) BP current ratio was also healthy between 2006 and 2007, but in 2008 the ratio was below 1 which may be not a good sign for short term creditors. But it was ok as for as it remains near to 1. (Appendix) One drawback of the current ratio is that inventory may include many items that are difficult to liquidate quickly and that have uncertain liquidation value. SO the quick ratio is an alternative measure of liquidity that does not include inventory in the current assets. (Paper3.6, BPP Professional Education, June 2007) Quick Ratio The quick ratio also known as the acid test ratio eliminates inventory from the currant assets. It provides the acid test of whether the company has sufficient liquid resources (receivables and cash) to settle its short term liabilities. Normal level for quick ratio ranges from 1:1 to 0.7:1. (Kaplan Financial, Paper F7 Study Text) For Shell, liquidity ratio remained unchanged within the industry standards between 2006 and 2008 to stand at 0.9. This shows the companys ability to pay short liabilities from most liquid resources i.e. receivables and cash not inventory. (Appendix) BPs quick ratio showed a sorry picture and remains unchanged on 0.7 between 2006 and 2008, as it was standing at the danger level of 0.7 meaning that BP is not having enough liquid resources to pay off the liabilities due. (Appendix) d. Risk Ratios Gearing: Gearing is the relationship between the companys fixed return capital and its equity capital. Gearing ratio indicates the degree of risk attached to the company and the sensitivity of earnings and dividends to change in profitability and activity level. High geared businesses uses large proportion of fixed return capital, so there are greater chances of insolvency and ultimately return to shareholders grow proportionately more if profits are growing. While low geared businesses provide scope to increase borrowings when potential profitable projects are available and can usually grow more easily. (Kaplan Financial, Paper F7 Study Text) Gearing levels in (%) (2006-2008) Shell maintained smooth profits and more suitable assets for security in order to make use of gearing successfully. Shells gearing level increased in 2008 due to more debts taken as compared to 2006 and 2007. Gearing was 23% in 2008 compared to 17% in 2007. The gearing ratio was 15% in 2006. The increase was due to rise in the total debt. On the other hand, BP gearing level was also high standing between 36% to 28% with 36% in 2008 compare to 28% in 2006, while 2007 figure was 33%, which is higher than Shell. High level of gearing means high risk to business, but this is compensated by a significant increase in profits and the returns to the shareholders. So Shell can borrow more easily in future. Interest Cover Companys interest cover indicates the ability to pay interest out of profits generated. Low interest cover indicates to the shareholders that their dividends are at risk (because most profits are use to pay interest payments) and the company may have difficulty financing its debts if its profits fall. (Kaplan Financial, Paper F7 Study text) Shells interest cover has decreased to 42 times in 2008 compared to 45 times in 2007. The interest covers for 2006 was 38 times. This shows Shells ability to finance its debts and the ability to pay interest out of the profits for sure. As investors are interested in the risk level the company is in, it is a healthy sign. Interest Cover in Times (2006-2008) For BP, there is an increase of interest cover to 30 times as compare to 29 times in 2007 but in 2007 there is a huge reduction in interest cover to 29 times from 49 times in 2006 which clearly indicates the inability of BP to finance its debt and to pay interest out of profits generated. That makes BP riskier than Shell for investment purposes. e. Investors Ratios Earnings per Share (EPS): Earnings per Share for Shell decreased in 2008 from $5 in 2007 to $4.27 in 2008. This was due to decline in profits followed by the repurchase of the shares, which causes a net decrease of 105 million in the number of ordinary shares outstanding as a result of share buybacks. As widespread the use of the EPS as a yardstick for investment decisions. Share price of company might fall if it looks as if EPS is going to be low. EPS increased to $5 in 2007 compared to $3.97 in 2006, this was due to decrease in the number of ordinary shares in 2007 as company repurchased its 112 million shares of common stock for cancellation at a gross cost of $4.4billion.this purchase reduced the number of shares outstanding to 1.7% in 2007 and by 7.3% in total since the commencement of share repurchases following the unification into Royal Dutch Shell and successful completion of Royal Dutch Minority tender (August 2005). (Annual Report Shell 2008) In the first six months of 2009 the EPS for Shell is $1.19 compared to the six month figure of $3.34 of the same period of 2009 (2nd quarter results 2009, www.shell.com ) Earnings Per Share in $ (2006-2008) BPs Basic Earnings per Share increased in 2008 to $1.13 from $1.09 in 2007. This was due to the appreciation in the profits followed by the repurchase of shares, which causes a net decrease of 373 million in the number o shares. Basic EPS decline by 0.01 to stands at $1.09 in 2007 compared to $1.10 in 2006. This was due to the declining of profits of BP. (BP Annual Report 2008) Diluted Earnings per Share(DEPS) : Diluted Earnings Per Share attempts to alert the shareholders to the potential impact on the Earnings per Share due to change in equity share capital in future owing to circumstances which exist now-known as dilution. The most common type of dilution is an option or warrant which gives the holder right to buy shares at time in future at predetermined price. (Kaplan Financial, Paper F7 Study Text) Diluted Earnings Per Share in $ (2006-2008) Shells DEPS reduced due to the reduction in the profits and number of shares to $4.26 in 2008 compared to $4.99 in 2007, while it was $3.95 in 2006. BPs DEPS increased to $1.12 in 2008 from $1.08 in 2007. The figure was $1.09 in 2006. The main reason for this was increase in profits despite shares in numbers was reduced. (Appendix) f. Cash Flow Statement: Shells cash flow from operating activities has increased by 27% reaching a record level of $43.9 billion in 2008 compared with $34.5 billion in 2007 and $31.7 billion in 2006. This improvement in cash flow from operations was a result of reduces working capital in 2008 compared to 2007. The increase in the operating activity in 2007 mainly because of increase in income as well as a reduction in taxation paid in 2007 compared to 2006. In 2009, Shells cash flow from operating activities reduced in the first two quarters to stands at $8478 million compared to $21,030 million in the same period of 2008. (2nd quarter results 2009, www.shell.com ) BPs cash flow from operation declined to $24.7 billion in 2007 compared to $28.2 billion in 2006, but the cash from operating activity increased in 2008. This is menially because of increase in income. (BP Annual Report 2008) Higher capital expenditure in 2008 compared to 2007 made Shell to use its Cash flow in investing activities i.e. $28.9 billion in 2008 compare to $14.6 Billion in 2007. In 2009, Shell continued to invest more with cash flow from investing activities stands at $(13,829) million in six months from $(12,275) million in 2007. (2nd quarter results, www.shell.com) But there was less cash paid out in investing activity in 2007(-14.6 billion) as compare to 2006(-20.9 billion) and the main reason was that the proceeds from sale of asset was higher and les capital expenditure in 2007 as compare to 2006. (Shell Annual Report 2008) BP was also having strong investment with $(22.8) billion in 2008 from $(14.8) billion in 2007. The figure for 2006 was $(9.5) billion. (BP Annual Report 2008) In 2008, as Shell took more debts which results in Shells cash flow from/used in financing activities reduced to $(9.4) billion in 2008 from $(19.4) billion in 2007.As Shell acquired Canada minority interest in 2007 resulting Cash flow from financing activity increased in 2007 from (13.7) billion in 2006. There was a small increase of BPs Net cash flow from/ used in financing activities from (9.0) billion in 2007 to (10.5) billion in 2008 menially because of more dividends paid and less repurchase of shares in 2008. Net cash from financing activities was reduced to $(9.0) billion in 2007 from $(19.0) billion in 2006. (BP Annual Report 2008) Cash and Cash Equivalent of Shell and BP in Billions Cash and Cash equivalent of Shell reached 15.2 billion at the end of 2008, up by 57% as compare to 2007 figure of 9.6 billion. Which is good sign for Shell as there cash and cash equivalent was higher as well in 2007 as compare to 2006 figure of 9.0 billion. BPs cash and cash equivalent also increased to $8.2 billion in 2008 from $3.5 billion in 2007 and also up from 2006 level of $2.5 billion. (Shell and BP Annual Report 2008) This shows that Shell has a sound position and has no problem what so ever in cash flow compared to its rivals. c. Non-Financial Analysis In this section of the report I will be analyzing the corporate social responsibility and the SWOT analysis. Corporate Social Responsibility (CSR) We recognise that our continuing business success depends on helping to meet the worlds growing energy needs in environmentally and socially responsible ways. To manage todays business risks and deliver our strategy, it is critical that we maintain the trust of a wide range of stakeholders. (Shell Annual Report 2008) Environmental Social performance Greenhouse Gas Emissions In 2008 despite growing business, Shell operated facilities emitted 75 million tons of GHGs, (measured on a CO2 equivalent basis), about 7 million lower than the previous year, and nearly 30% below 1990 levels. (Shell Annual Report 2008) Flaring Since 2001, Exploration Production has reduced its natural gas flaring by more than 70%. In 2008, total flaring in Exploration Production dropped again mostly due to reduces flaring in Malaysia and Gabon, as investment and operational improvement programs showed result. In 2008 flaring levels in Nigeria were same as in 2007. Spills Shell has reduced the amount of oil and oil products spilled from operations for reasons, Shell can control, like corrosion or operational failures. Spills from sabotage or extreme weather, like hurricanes, which are harder to prevent, have fluctuated with events. In 2008 the number and amount spilled for operational reasons dropped Royal Dutch Shell Plc Financial Analysis Royal Dutch Shell Plc Financial Analysis I. INTRODUCTION a. Topic Chosen and its context In this Research and Analysis project Report, I will be analyzing the financial performance of Royal Dutch Shell Plc. I will be identifying and analyzing the factors effecting the financial position of Royal Dutch Shell plc. The role of non-financial performance indicators which effects the financial position of the company will also be kept in mind. I will analyze the financial position of the company compared to its performance with previous years, with the industry and with its rival (BP). The word Shell will be used in place of Royal Dutch Shell as it is convenient. I will base my comparison on figures of audited annual accounts for the last 3 years. Financial analysis is an effective way of analyzing companys performance. Ratio Analysis is the technique, which will mainly be used for financial analysis. My analysis will also be based upon the comparison of key ratios with main rival of Shell, which will indicate some of the core strategies in seeking a competitive position to achieve its purposes. I will use Life Cycle model to analyze my findings on those markets, which materially contribute towards the companys financial results. Then I will use PEST analysis to analyze different stages identified and nature of Life Cycle. My conclusions will be based on current situation of the company as compared to past years and future expectations using the techniques mentioned above. b. Reasons for selection Reasons for selection of the topic and organization are as follows:  § Wide Information base: Shell, being a public limited company and one of the largest oil and gas concern in the finance sector the availability of timely, relevant, reliable information was an added advantage.  § Relation to my studies: While studying my ACCA, one of the important skills which I have learned is the ability to analyze the financial statements, and such a comprehensive research and analysis project will definitely help in developing the same  § The company: Other reason is the investment prospective and size of the company. The company unveiled the largest expenditure program in its history, spend $36bn in 2008 compared to $25bn last year, as it seeks new sources of oil and gas to boost reserves and production and to better exploit its existing resources. (Ft.com, July2008) Standard Poors, the credit ratings agency, downgraded its long-term rating for BP, the Oil and Gas Company, and upgraded Royal Dutch Shell, BPs closest rival, illustrating the widening perception of the two companys circumstances. SP noted Shells reserves replacement success and said current major projects should sustain its production plateau in the next decade. (Ft.com, September 2008) c. Aims and Objectives The aims and objectives contains the comparison of the financial performance of the petroleum sector to assess the worth of the company in its operational industry .To get an idea about the attitude of the management towards the operations of the company by assessing the companys cash flow position compared to its profits. Also to analyze the risks faces by the company I will take in to account Solvency, Liquidity and Capital structures. d. Research Approach ACCA provides a complete guide about different sections of the report, and also this provides the opportunity to plan and think to allocate my time carefully. This planning will help me to concentrate on each section of the report so that I can focus on core and important areas of the report. This also enables me not to overspend my time in explaining any section of the report. Information mainly collected from annual reports of the company and also different sort of other sources like ACCA text books, internet, newspaper, library etc. Traditional ratio analysis has been used to measure and compare the financial performance of the company over last 3 years with its rivals. Ratio analysis will focus on the following key ratios:  § Profitability Ratios This ratio is the reflection of how well the business is performing in term of profits in order to pay the shareholders. Key ratios are: a. Gross Profit Margin b. Operating Profit Margin c. Return on Average Capital Employed  § Liquidity Ratios Liquidity ratio refers to the state of an assets nearness to cash to meet business short term obligations as they fell due. Key ratios a. Current Ratio b. Quick ratio (Acid Test Ratio)  § Efficiency Ratios These ratios show how efficiently the business is employing those resources invested in fixed assets and working capital. Ratios are: a. Debtor Days b. Creditor Days  § Risk Ratios These ratios are used to assess how healthy and sound the business is in term of capital or finances. Ratios are a. Gearing Ratio b. Interest Cover  § Investors Ratios Both present and prospective shareholders look at these ratios to measure their return and to make economic decisions. Key ratios are a. Earnings per Share b. Diluted Earnings per Share II. INFORMATION GATHERING a. Sources of Information Used The information has been collected from different secondary sources for the preparation of this project. Main secondary sources which are use to gather information is as follows:  § Annual Accounts: The annual audited accounts of Shell are the main secondary source of information to use in this project. These annual audited accounts were available from stock exchange. As it supposed to be accurate and reliable thus provides me with an ideal source of annual accounts of the company. I have used only the audited annual accounts for the last three years of the company though unaudited quarterly review until July was available, to make certain that only reliable and accurate source of information is used in my research and analysis project. These audited annual accounts provides me all the information for the last three years which is essential in computing key financial ratios and also to make a comparison with rivals and industry averages of the company. Annual accounts of the rivals for the last three years are also used to make comparison with the Shell.  § Financial Analysts Report: They are professional people and their views are independent and their analysis helped the shareholders making economic decisions, which in turns affects the very existence of the company.  § Kaplans Tutorial Text: Kaplans tutorial text for Bsc (Hons) in Applied Accounting also helped me a lot for gathering information and also about the different requirements of the reports. It also helped in focusing a particular section of the report and also helped in overall design of the project so that nothing is missing in the project.  § News Papers: Getting in touch with the business section of leading newspapers like The Times, The Independent, Daily Express and The Telegraph was very useful as it provided me guidance on the economy overall and as well the movement in the share prices of different companies. b. Methods Used To Collect Information To collect information various methods are used like,  § Internet: Internet offers a speedy and impersonal way of getting to know the basics of the services that a company provides. (BPP 2005 Paper 3.4) I visited www.shell.com to access the financial reports of the company and press releases. I also visited www.bp.com to get information about the rival company of Shell for the purpose of comparison. Also I visited www.ft.com which really helped me a lot for the up to date information about the Shell and BP. I have also visited www.wikipedia.org to get information which helped me a lot to understand the oil and gas industry. In addition I visited the www.bbc.co.uk to get the latest news and important interviews.  § Use of the E-mail: For communication with Shell people I use to e-mail them during my research whenever I want to get some important information. They responded quickly to answer my query.  § Library Research: Libraries proved quite helpful so some libraries in London, Kaplan Financial College library and City Business Library in Moorgate London for general reading of the newspapers, journals, different books, magazines to get important information about Shell and BP. I spend most of my time in city business library, where I was able to get specific information through different CD ROMS which included different databases search designed specifically for getting information about different companies. Some of the CD ROMs are:  § Financial Analysis Made Easy: This database provided the detailed key financial data in the form of profit and loss accounts and the balance sheet. Also it helped me to get important ratios of the Shell and BP and their comparison with the preceding years in the form of graphs.  § Marketing and Business Information Centre (Data Monitor): This database provided vital information regarding the company, industry and market news for the research and analysis. This database contains records of hundreds of companies in UK and worldwide. When I looked at the Shell data, it really helped me by providing the overview and the detailed information. Then same thing was true for its rival BP. c. Limitations in the Information Gathering A number of difficulties I have faced sometime in getting the required information. For instance, I was expecting to get more information from the newspaper, but actually it was not. The newspaper only provides information about a particular date and some events but in depth information cannot be obtained and also articles are found in different newspaper i.e. nothing is new than others. Similarly when I went to City library, I was not aware of using FAME database, so when I tried to get information from database it took me too long. Moreover it only provides me the financial data in the form of graphs. Another problem which I have faced is the information overload on the internet. Whenever I tried to search something on the net it gives me too many results which some time confused me which information I should use and which is not. d. Accounting Technique Used and Limitations In this report to analyze the financial performance of Shell comparing to BP ratio analysis has been used. Ratios are important tool in analyzing the financial performance of the company. Ratios are used because shareholders and potential investors are primarily concerned with receiving an adequate return on their investment. An earnings per share is a key ratio that is to be used to determine the returns on shareholders fund. Suppliers and lenders are concerned with the security of their debt or loan. So they are mainly focused on the gearing level the company is having and also the interest cover. More over management is concerned with the trend and level of profits, so ratios are the main measure of the success. Furthermore, managements bonuses are linked to the profits of the company. I have calculated the key ratios in an appendix from 2006-2008 for Shell and BP and they did analyze the results. Ratios were used as a tool to assist analysis and to focus attention systematically on important areas. Ratios summarize information in an understandable form and also helped me to identify trends and relationships. There are also limitations of financial statements and ratio analysis as they are based on the past and ratios are not predictive if they are based on historical information. Ratios ignores any future action which is or to be taken by management. Another limitation faced by ratio analysis is the fact that the ratios results may be distorted if there are differences in the accounting policies. (Kaplan Financial Study Text Paper F7) In all, Ratios have limitations but are still regarded as the best tool for analyzing the financial performance of the business and so I also used it. III. ANALYSIS In this section of the report I will explain and analyze the financial performance of Shell and will compare its results with BP.I will also explain Shells financial position in the current year. a. Company History: The Royal Dutch Shell Group was created in February 1907 when the Royal Dutch Petroleum Company and the Shell Transport and Trading Company Ltd of theUnited Kingdommerged their operations. This move was largely driven by the need to compete globally with the predominant American oil company (www.wikipedia.org) b. Financial Analysis: Here is the analysis of the financial data of Shell (Revenue, GP and NP) over the last three years.  § The revenues in 2008 were ($458.4 billion) 28.8% higher than in 2007, when they were ($355.8 billion) 11.6% higher than in 2006. (Appendix)  § The oil and gas prices was One of the main reasons of increase in revenues in 2008  § Brent crude oil prices average $97.14 per barrel in 2008 compared with $72.45 in 2007, while West Texas Intermediate average $99.72 per barrel compared with $72.16 a year earlier. Oil prices saw great fluctuation in 2008. (Annual Report Shell 2008)  § A 6% increase in Gross Profit of Shell in year 2008 and 2007 as compared to gross profit in year. (Appendix)  § Its shows an increase in production costs in line with increase in revenues on high margin products.  § Earnings ($26.5 billion) were lower by 17% in 2008 compared to 2007, when they were ($31.9 billion) 21% higher than in 2006 ($26.3 billion). (Appendix) The decrease in 2008, compared with 2007, reflected the effect of declining oil prices on inventory in the second half of the year, lower production volumes, lower realised refining margins and higher operating costs. These more than offset the positive impact on earnings from higher realised oil and gas prices as well as higher LNG and GTL product prices. (Annual Report Shell 2008) Second quarter 2009 reported earnings were $3,822 million compared to earnings of $11,556 million in the same quarter a year ago. (2nd quarter results 2009, www.shell.com )  § Earnings By Business Segments : All figures in this table are in $million The table shows that earnings in 2008 were higher by 47% in Exploration Production, Gas Power and Oil Sands segments as compare to 2007. On other hand earnings were lower by 100% in 2008 as compare to 2007 in Oil Products, Chemicals and Corporate segments. This 100% reduction in last three segments causes overall reduction of earning in 2008. In the Second quarter Exploration Production segment earnings were $1,334 million compared to $5,881 million a year ago. Earnings compared to the second quarter 2008 reflected the impact of significantly lower oil and gas prices on revenues, lower oil and gas production volumes, higher exploration expenses and non-cash pension charges, which were partly offset by lower royalty and tax expenses. (2nd quarter results 2009, www.shell.com ) Comparison of Shell with BP  § Revenue Growth: Shell and BP revenue over the last three years is shown in the graph: Growth in Revenue in $ Million Shell and BP revenue showed a consistent growth over a period of 3 years. In 2008 Shell revenue 26.9% higher than BP. Which shows that Shell growing consistently as Shell revenue were higher 25.2% 19.9% from BP in 2007 2006 respectively. (Appendix) a. Profitability Ratios The profitability of a company is important and a key measure of its success. The figures shown in the profit and loss account mean very little themselves. However, by expressing them as a percentage of sales they become much more useful. The figures can then be compared with previous years or with other similar companies. (Student Accountant ACCA Magazine, Christopher, 1999.) Gross Profit Margin: Gross profit margin shows earning on sales of a company. In the 2nd quarter of 2009 the gross profit margin has fallen 62% compared to last years 2nd quarter results. An indication of high profit margin is that the company earned well on sales by keeping overhead cost in control. Gross profit margin of 2008 is lower than previous years. Net Profit: Shell net profit margin dropped by 3.2% to 5.8% in 2008 from 9% in 2007. And margin in 2006 was 8.3%.BP net profit margin dropped by 1.5% to 5.9% in 2008 from 7.4% in 2007. The 2006 margin was 8.4%. (Appendix) Growth in Net Profit Shell and BP (%) The profit margin is mainly used as an internal comparison tool. As there are different levels of expenditure involved it is therefore sometimes difficult to accurately compare the net profit ratio for different entities. As compared to BP Shells net profit margin dropped by a higher percentage in 2008.On the other hand if we see the year 2007 the Shell profits are higher than the BP. Return on Average Capital Employed: ROACE reflects the ability of the company to utilize the resources i.e. capital in generating revenue. Capital employed consists of total equity, currant debt and non-current debts. The published segment level contains the computation and calculation of the tax rate and the minority interest components. The strong income generation is the only reason for change in ROACE from18% to 24% between 2006 and 2008. There is a significant decrease in the capital employed from 24% to 18% in 2008 as compare to 2007. A significant decrease in income attributable to shareholders is partly offset by an increase in capital employed, resulted in a decrease in ROACE of 6.0% in 2008(18%) compared to 2007 (24%). The 2006 figure was 23%. (Appendix and Annual Report Shell 2008) ROACE is defined as the sum of the current and previous three quarters income adjusted for interest expense, after tax, divided by the average capital employed for the period. In the 2nd quarter or 2009 the ROAC stands at 8.3% way below the 25.8% in the 2nd quarter of 2008. (2nd quarter results 2009, www.shell.com ) On the other hand BP utilization of its capital resources was showing a sorry picture. BP ROCE has moved in a range of 16% to 19% between 2006 and 2008. BPs ROCE was 19% in 2006, and then reduced to 16% in 2007, followed by an increase of 1% to stand at 17%. This was due to lower income attributable to shareholders in 3 years time. This increase in 2008 was due to some increase in income attributable to shareholders. (Appendix) ROCE Shell and BP (%) The drop in oil price in the second half of 2008 had a significant impact on earnings. The strengthening of the dollar against other main currencies reduced the impact of Shells investment plans on capital employed. b. Efficiency Ratios Debtor Days Shells receivable days has fallen from 76 days in 2007 to 65 days in 2008. The figure for 2006 was 68 days. This was due to the effective and better controlled credit policy. (Appendix) BP on the other hand, showed increase in its collection to 30 days in 2008 from 49 days in 2007. The 2006 figure stands at 53 days. All this reflected an aggressive and comprehensive credit control policy and ability to collect from customers. (Appendix) Creditors Days The payment to creditors from Shell showed improvement in payment to creditors in 2008 if we compare the figures to last three years. As creditors days reduced to 78 days in 2008 from 93 days in 2007, while the figure in 2006 was 87. This improvement shows that company has liquidity to pay off its debts and also helped in making stronger relationship with creditors, which could be Suppliers, lenders. (Appendix) BPs creditors days showed reduction over a period of 3 years i.e. from 82 days in 2006 to 78 days in 2007 and more improved to 46 days in 2008 which showed a good sign for the company. (Appendix) c. Liquidity Ratios Current Ratio As short-term creditors prefer a high current ratio since it reduces their risk. The current ratio measures the adequacy of current assets to meet the companys short-term liabilities as they fall due. Traditionally, a current ratio of 2:1 or higher was regarded as appropriate for most businesses to maintain creditworthiness. However, more recently a figure of 1.5:1 is regarded as a norm. (Kaplan Financial, Paper F7 Study Text) Current ratio for Shell in 2008 was 1.1 and remained Constant between 2006 and 2007 to stand at 1.2. This shows better position for Shell and its ability to pay short term liabilities as they fall due. (Appendix) BP current ratio was also healthy between 2006 and 2007, but in 2008 the ratio was below 1 which may be not a good sign for short term creditors. But it was ok as for as it remains near to 1. (Appendix) One drawback of the current ratio is that inventory may include many items that are difficult to liquidate quickly and that have uncertain liquidation value. SO the quick ratio is an alternative measure of liquidity that does not include inventory in the current assets. (Paper3.6, BPP Professional Education, June 2007) Quick Ratio The quick ratio also known as the acid test ratio eliminates inventory from the currant assets. It provides the acid test of whether the company has sufficient liquid resources (receivables and cash) to settle its short term liabilities. Normal level for quick ratio ranges from 1:1 to 0.7:1. (Kaplan Financial, Paper F7 Study Text) For Shell, liquidity ratio remained unchanged within the industry standards between 2006 and 2008 to stand at 0.9. This shows the companys ability to pay short liabilities from most liquid resources i.e. receivables and cash not inventory. (Appendix) BPs quick ratio showed a sorry picture and remains unchanged on 0.7 between 2006 and 2008, as it was standing at the danger level of 0.7 meaning that BP is not having enough liquid resources to pay off the liabilities due. (Appendix) d. Risk Ratios Gearing: Gearing is the relationship between the companys fixed return capital and its equity capital. Gearing ratio indicates the degree of risk attached to the company and the sensitivity of earnings and dividends to change in profitability and activity level. High geared businesses uses large proportion of fixed return capital, so there are greater chances of insolvency and ultimately return to shareholders grow proportionately more if profits are growing. While low geared businesses provide scope to increase borrowings when potential profitable projects are available and can usually grow more easily. (Kaplan Financial, Paper F7 Study Text) Gearing levels in (%) (2006-2008) Shell maintained smooth profits and more suitable assets for security in order to make use of gearing successfully. Shells gearing level increased in 2008 due to more debts taken as compared to 2006 and 2007. Gearing was 23% in 2008 compared to 17% in 2007. The gearing ratio was 15% in 2006. The increase was due to rise in the total debt. On the other hand, BP gearing level was also high standing between 36% to 28% with 36% in 2008 compare to 28% in 2006, while 2007 figure was 33%, which is higher than Shell. High level of gearing means high risk to business, but this is compensated by a significant increase in profits and the returns to the shareholders. So Shell can borrow more easily in future. Interest Cover Companys interest cover indicates the ability to pay interest out of profits generated. Low interest cover indicates to the shareholders that their dividends are at risk (because most profits are use to pay interest payments) and the company may have difficulty financing its debts if its profits fall. (Kaplan Financial, Paper F7 Study text) Shells interest cover has decreased to 42 times in 2008 compared to 45 times in 2007. The interest covers for 2006 was 38 times. This shows Shells ability to finance its debts and the ability to pay interest out of the profits for sure. As investors are interested in the risk level the company is in, it is a healthy sign. Interest Cover in Times (2006-2008) For BP, there is an increase of interest cover to 30 times as compare to 29 times in 2007 but in 2007 there is a huge reduction in interest cover to 29 times from 49 times in 2006 which clearly indicates the inability of BP to finance its debt and to pay interest out of profits generated. That makes BP riskier than Shell for investment purposes. e. Investors Ratios Earnings per Share (EPS): Earnings per Share for Shell decreased in 2008 from $5 in 2007 to $4.27 in 2008. This was due to decline in profits followed by the repurchase of the shares, which causes a net decrease of 105 million in the number of ordinary shares outstanding as a result of share buybacks. As widespread the use of the EPS as a yardstick for investment decisions. Share price of company might fall if it looks as if EPS is going to be low. EPS increased to $5 in 2007 compared to $3.97 in 2006, this was due to decrease in the number of ordinary shares in 2007 as company repurchased its 112 million shares of common stock for cancellation at a gross cost of $4.4billion.this purchase reduced the number of shares outstanding to 1.7% in 2007 and by 7.3% in total since the commencement of share repurchases following the unification into Royal Dutch Shell and successful completion of Royal Dutch Minority tender (August 2005). (Annual Report Shell 2008) In the first six months of 2009 the EPS for Shell is $1.19 compared to the six month figure of $3.34 of the same period of 2009 (2nd quarter results 2009, www.shell.com ) Earnings Per Share in $ (2006-2008) BPs Basic Earnings per Share increased in 2008 to $1.13 from $1.09 in 2007. This was due to the appreciation in the profits followed by the repurchase of shares, which causes a net decrease of 373 million in the number o shares. Basic EPS decline by 0.01 to stands at $1.09 in 2007 compared to $1.10 in 2006. This was due to the declining of profits of BP. (BP Annual Report 2008) Diluted Earnings per Share(DEPS) : Diluted Earnings Per Share attempts to alert the shareholders to the potential impact on the Earnings per Share due to change in equity share capital in future owing to circumstances which exist now-known as dilution. The most common type of dilution is an option or warrant which gives the holder right to buy shares at time in future at predetermined price. (Kaplan Financial, Paper F7 Study Text) Diluted Earnings Per Share in $ (2006-2008) Shells DEPS reduced due to the reduction in the profits and number of shares to $4.26 in 2008 compared to $4.99 in 2007, while it was $3.95 in 2006. BPs DEPS increased to $1.12 in 2008 from $1.08 in 2007. The figure was $1.09 in 2006. The main reason for this was increase in profits despite shares in numbers was reduced. (Appendix) f. Cash Flow Statement: Shells cash flow from operating activities has increased by 27% reaching a record level of $43.9 billion in 2008 compared with $34.5 billion in 2007 and $31.7 billion in 2006. This improvement in cash flow from operations was a result of reduces working capital in 2008 compared to 2007. The increase in the operating activity in 2007 mainly because of increase in income as well as a reduction in taxation paid in 2007 compared to 2006. In 2009, Shells cash flow from operating activities reduced in the first two quarters to stands at $8478 million compared to $21,030 million in the same period of 2008. (2nd quarter results 2009, www.shell.com ) BPs cash flow from operation declined to $24.7 billion in 2007 compared to $28.2 billion in 2006, but the cash from operating activity increased in 2008. This is menially because of increase in income. (BP Annual Report 2008) Higher capital expenditure in 2008 compared to 2007 made Shell to use its Cash flow in investing activities i.e. $28.9 billion in 2008 compare to $14.6 Billion in 2007. In 2009, Shell continued to invest more with cash flow from investing activities stands at $(13,829) million in six months from $(12,275) million in 2007. (2nd quarter results, www.shell.com) But there was less cash paid out in investing activity in 2007(-14.6 billion) as compare to 2006(-20.9 billion) and the main reason was that the proceeds from sale of asset was higher and les capital expenditure in 2007 as compare to 2006. (Shell Annual Report 2008) BP was also having strong investment with $(22.8) billion in 2008 from $(14.8) billion in 2007. The figure for 2006 was $(9.5) billion. (BP Annual Report 2008) In 2008, as Shell took more debts which results in Shells cash flow from/used in financing activities reduced to $(9.4) billion in 2008 from $(19.4) billion in 2007.As Shell acquired Canada minority interest in 2007 resulting Cash flow from financing activity increased in 2007 from (13.7) billion in 2006. There was a small increase of BPs Net cash flow from/ used in financing activities from (9.0) billion in 2007 to (10.5) billion in 2008 menially because of more dividends paid and less repurchase of shares in 2008. Net cash from financing activities was reduced to $(9.0) billion in 2007 from $(19.0) billion in 2006. (BP Annual Report 2008) Cash and Cash Equivalent of Shell and BP in Billions Cash and Cash equivalent of Shell reached 15.2 billion at the end of 2008, up by 57% as compare to 2007 figure of 9.6 billion. Which is good sign for Shell as there cash and cash equivalent was higher as well in 2007 as compare to 2006 figure of 9.0 billion. BPs cash and cash equivalent also increased to $8.2 billion in 2008 from $3.5 billion in 2007 and also up from 2006 level of $2.5 billion. (Shell and BP Annual Report 2008) This shows that Shell has a sound position and has no problem what so ever in cash flow compared to its rivals. c. Non-Financial Analysis In this section of the report I will be analyzing the corporate social responsibility and the SWOT analysis. Corporate Social Responsibility (CSR) We recognise that our continuing business success depends on helping to meet the worlds growing energy needs in environmentally and socially responsible ways. To manage todays business risks and deliver our strategy, it is critical that we maintain the trust of a wide range of stakeholders. (Shell Annual Report 2008) Environmental Social performance Greenhouse Gas Emissions In 2008 despite growing business, Shell operated facilities emitted 75 million tons of GHGs, (measured on a CO2 equivalent basis), about 7 million lower than the previous year, and nearly 30% below 1990 levels. (Shell Annual Report 2008) Flaring Since 2001, Exploration Production has reduced its natural gas flaring by more than 70%. In 2008, total flaring in Exploration Production dropped again mostly due to reduces flaring in Malaysia and Gabon, as investment and operational improvement programs showed result. In 2008 flaring levels in Nigeria were same as in 2007. Spills Shell has reduced the amount of oil and oil products spilled from operations for reasons, Shell can control, like corrosion or operational failures. Spills from sabotage or extreme weather, like hurricanes, which are harder to prevent, have fluctuated with events. In 2008 the number and amount spilled for operational reasons dropped