Wednesday, September 2, 2020
Victor and the beast have an exceptional connection that goes past any known modern. Not even Henry Clerval has this connection with Victor; the beast is the satisfaction of Victor and the other way around, Victor avoids society while the beast hurts for society, Victor doesn't welcome the environmental factors and nature, the beast lives for it. The beast is the thing that Victor neglects to be, for instance toward an incredible start the beast is naÃ£ ¯Ã¢ ¿Ã¢ ½ve and a devotee to Mother Nature and some unrivaled being, while Victor accepts he is God by making life, he is exceptionally wise and pulls pranks on individuals and he just has confidence in himself. The truth of the matter is that whatever the beast has, Victor is missing for instance, and the beast has love for everybody and isn't preferential, Victor just love himself as he makes it understood during the novel and possibly he acknowledges Clerval yet simply because Henry is the thing that he needed to be later on. Likewise and above all Victor has something the beast will never have, a name, and not just a basic name he has a very notable and flourish name, the beast will never be known and vanish in insensibility, while the Frankenstein name will prevaricate always, similar to he says in the asking of the novel, Ã¢â¬Å"I was eager to accomplish the fameÃ¢â¬ . Something else which denotes the duality by these two characters is the public activity the two of them have, in particular Victor is consistently pitiful and separated from this, he does not have any inclination, while the beast living in a shed finds that satisfaction can be accomplished anyplace and is himself upbeat despite the fact that he see others being cheerful, the beast finds love, Victor find profound respect, the beast figures out how to acknowledge what he has and what nature gives him, and Victor isn't content with what he has nor with what the nature gives him, he is unconformity to such an extent that he needs to make his own being and modify nature. In particular the beast looks for social adjustment and love while Victor escapes individuals and love, he is rebuffed by the possibility that he needs to wed Elizabeth and he doesn't have other companion than Henry. Another diverse thing by both these characters is their affection for Elizabeth, the beast exhibits that he adores her by her angle, her eyes her mouth she is immaculate to such an extent that the beast needs her for himself and Victor cherishes her since he appreciates her however nothing else so in the event that you think about these two sentiments you will see that the total one another and they related make love and adoration. The feelings that Victor needs are exceptionally ground-breaking in the beast until the snapshot of his flight structure the DeLacy house. Until that second the beast doesn't understand his full aversion and has faith in the integrity of humanity, Victor loathes humankind and IÃ¢â¬â¢m sure that he couldn't want anything more than to be the main man on the planet and rely just upon himself. Also, the beast is so acceptable in disposition and sentiments thus adoring in his inside that we feel so awful for him thus detesting for victor that we canÃ¢â¬â¢t stand it we need to detest victor on the grounds that these two characters resemble the Jing and jang, the great and the awful which can't exist with some awful in them, the beast is cherishing however kills and Victor plays to be acceptable and is unsocial yet cherished Henry, Elizabeth and his little sibling. Taking everything into account the beast satisfies Victor genuinely and social and in particular with his will of endurance while Victor satisfies the beast with that essential needs of little amounts of detest, slight and will to be over the others.
Posted by Opal Vandiver at 10:40 AM
Saturday, August 22, 2020
Library Research - Assignment Example For our organization execution assume a fundamental job in deciding compensation, advancements, moves, terminations and other such choices that effect prosperity just as the general organization execution. Along these lines access to target execution assessment frameworks is vital to the general advantage of the organization, representatives and the general public. A target execution the board framework will help improve the connection between the administrators and their subordinates just as lift inspiration (Jackson et al.2011). As a recently assigned supervisor for the HR office, we would guarantee that exhibition the executives is appropriately structured, recorded and actualized (Pope, ). It ought to be obviously comprehended that legitimate execution of the program is impossible without collaboration of line chiefs and except if the top administration demonstrates duty to it. Exercises, for example, guaranteeing execution the executives is grasped consistently, convenient fruition of execution audits, giving significant criticism all through the procedure and making formative open doors accessible to superior workers are for the most part obligations of line supervisors. In this way it is the correct execution of the presentation the board program by the board and line-administrators that can represent the deciding moment it. The job of HR for this legitimate execution would be to: As per the assessment of past authoritative practices, a few offices have casually endeavored to present execution based compensation frameworks as evaluations. This procedure should be appropriately archived and overseen by the HR office in a joint effort with other division chiefs. It has been demonstrated in an investigation directed by Subramanov, Krause, Nortom and Burns in 2008 that making a model for serious compensation can be utilized as motivator to improve a companyÃ¢â¬â¢s execution by means of upgraded worker execution (Chow et. Al, 2012). A few viewpoints that the new evaluation framework should consolidate are: The job of execution of organization official and their supervisory crews
Posted by Opal Vandiver at 3:25 PM
Friday, August 21, 2020
Pocahontas Presentation  DisneyÃ¢â¬â¢s Pocahontas has naturally gotten a ton of fire about the truly wrong story that is told about the unbelievable Pocahontas and Captain John Smith. There is a valid justification for that. The film does little that can be translated as generally exact, yet Disney asserts that was never their purpose. Disney, in their past motion pictures, has been assaulted for being bigot and unsympathetic to racial minorities. Their answer was a film whose sole reason, as expressed by Disney, was to advance racial resilience. The inquiry is, at that point can a film advance racial resistance when the issue is based on bogus history, history that whenever told precisely would portray the specific inverse?  First, I feel that it is critical to set up precisely what DisneyÃ¢â¬â¢s goals were in making the film. Also, I expect to show that Disney gave enough recorded data that it is sketchy whether one can accept that they were attempting to show history, history that is explicitly focused on kids. Finally, I will show that the genuine story of Pocahontas was not about racial resilience, that it was not tied in with understanding oneÃ¢â¬â¢s culture, yet it was in reality about attempting to change oneÃ¢â¬â¢s culture. DisneyÃ¢â¬â¢s Intention  From the movieÃ¢â¬â¢s start Disney has been lecturing guiltlessness about attempting to precisely delineate history. Disney, in their press unit, communicated that, Ã¢â¬Å"Pocahontas is a story that spoke to us since it was essentially a tale about individuals getting along togetherÃ¢â¬ ¦ which is especially relevant to bunches of spots on the planet todayÃ¢â¬ (Pocahontas 33). Moreover, Thomas Schmucher, who is the senior VP of Disney highlight movement, says, Ã¢â¬Å"It is a... ... 11 June 1995: 46. Muldoon, Paul. Ã¢â¬Å"Barbie, however no Bimbo.Ã¢â¬ Times Literary Supplement 13 October 1995: 21. Ã¢â¬Å"Pocahontas: Press Kit.Ã¢â¬ Burbank: Walt Disney Pictures, 1995. Rasmussen, William, and Robert S. Tilton. Pocahontas: Her Life and Legend. Charlottesville: Virginia Historical Society, 1994. Rollins, Peter C., and John E. OÃ¢â¬â¢Connor, eds. Hollywood's Indian: The Portrayal of the Native American in Film. Lexington: UP of Kentucky, 1998. Rosenstone, Robert A. Dreams of the Past: The Challenge of Film to Our Idea of History. Cambridge: Harvard UP, 1995. Schlesinger, Arthur M., Jr. The Disuniting of America. New York: Norton, 1992. Turan, Kenneth. Ã¢â¬Å"Disney Tries Again to Find the Magic; The Kids May Like it however the Adult Viewers May Feel that Pocahontas is More By-The-Numbers than Inspired.Ã¢â¬ Los Angeles Times 16 June 1995: 1.
Posted by Opal Vandiver at 1:07 PM
Wednesday, May 27, 2020
What is Financial Wellness? Financial Wellness parallels other areas of wellness such as emotional or physical. Before attempting to commit to our own health, we often begin with a "Reason Why"? This reason may have a deep personal meaning or may simply be a desire to get into shape, physically, emotionally or financially. The "reason why" becomes the catalyst that encourages us to achieve our goals. Using our "reason why" as a reminder during our daily wellness activities, drives us to run the extra mile, spend time meditating or save money for future expenses, like college. The "reason why" moves us onto the second stage of wellness that culminates in a well-executed plan. ItÃ¯ ¿ ½s common to see amazing physical wellness stories such as a woman who wants to be more active with her family. With this decision, she may take the initial step of getting into shape and use those initial steps to push her to achieve larger goals such training for a marathon. Taking the initial step toward financial wellness , such as starting to save for retirement or opening a 529 plan for your child, can lead to a more secure and successful financial relationship in the future. The Wellness Process and our Financial Lives Financial wellness starts by developing a healthy relationship with money and all areas of personal finance. You must understand why you are seeking financial wellness and the obstacles in your life that are preventing you from achieving this goal. My own personal reason for achieving financial wellness was a desire to avoid the financial anxiety I witnessed during my childhood. I have worked hard to achieve financial wellness and love educating others on how to take the first (and subsequent) steps. Not understanding your personal finances or worry regarding finances can create a barrier to truly owning your financial destiny. Ask yourself what may be holding you back financially. Reflect on the following questions to create an honest dialogue with yourself in order to begin your financial wellness journey. How do I think and feel about money? What are the financial lessons and beliefs I learned early on about money? How have these experiences impacted my current relationship with money? What financial fears do I have? What financial behaviors am I proud of and what am I most ashamed of? What would I like to achieve financially? What areas would I like to learn more about in regard to my personal finances? Steps to achieve Financial Wellness: Just like your fitness goals you must do the work to realize financial wellness. Be warned, there is not a magic pill or product that will instantly make your finances perfect. Rather, it is the process of getting yourself financially organized, understanding your familyÃ¯ ¿ ½s financial risks and then tackling your financial goals over time with financial planning. A good financial plan is a step by step action plan honoring your familyÃ¯ ¿ ½s values. RELATED: 12 money rules to live by What is Financial Wellness? Financial Wellness parallels other areas of wellness such as emotional or physical. Before attempting to commit to our own health, we often begin with a "Reason Why"? This reason may have a deep personal meaning or may simply be a desire to get into shape, physically, emotionally or financially. The "reason why" becomes the catalyst that encourages us to achieve our goals. Using our "reason why" as a reminder during our daily wellness activities, drives us to run the extra mile, spend time meditating or save money for future expenses, like college. The "reason why" moves us onto the second stage of wellness that culminates in a well-executed plan. ItÃ¯ ¿ ½s common to see amazing physical wellness stories such as a woman who wants to be more active with her family. With this decision, she may take the initial step of getting into shape and use those initial steps to push her to achieve larger goals such training for a marathon. Taking the initial step toward financial wellness , such as starting to save for retirement or opening a 529 plan for your child, can lead to a more secure and successful financial relationship in the future. The Wellness Process and our Financial Lives Financial wellness starts by developing a healthy relationship with money and all areas of personal finance. You must understand why you are seeking financial wellness and the obstacles in your life that are preventing you from achieving this goal. My own personal reason for achieving financial wellness was a desire to avoid the financial anxiety I witnessed during my childhood. I have worked hard to achieve financial wellness and love educating others on how to take the first (and subsequent) steps. Not understanding your personal finances or worry regarding finances can create a barrier to truly owning your financial destiny. Ask yourself what may be holding you back financially. Reflect on the following questions to create an honest dialogue with yourself in order to begin your financial wellness journey. How do I think and feel about money? What are the financial lessons and beliefs I learned early on about money? How have these experiences impacted my current relationship with money? What financial fears do I have? What financial behaviors am I proud of and what am I most ashamed of? What would I like to achieve financially? What areas would I like to learn more about in regard to my personal finances? Steps to achieve Financial Wellness: Just like your fitness goals you must do the work to realize financial wellness. Be warned, there is not a magic pill or product that will instantly make your finances perfect. Rather, it is the process of getting yourself financially organized, understanding your familyÃ¯ ¿ ½s financial risks and then tackling your financial goals over time with financial planning. A good financial plan is a step by step action plan honoring your familyÃ¯ ¿ ½s values. RELATED: 12 money rules to live by
Posted by Opal Vandiver at 10:19 AM
Saturday, May 16, 2020
The PhilippinesÃ¢â¬â¢ Geography Landscape The Philippines is located between 116Ã °40, and 126Ã ° 34 E. Longitude and 4Ã ° 40 and 21Ã ° 10 N. It is mostly made up of mountains, plateau and hills. Most mountains on islands are covered with tropical rainforest plants. Besides, there are a lot of live volcanoes, so earthquakes happen frequently in the Philippines. In total, there are 52 volcanoes in the Philippines. The Luzon Mayon, which located in the island of Mindanao, is the largest active volcano in the Philippines, and is the smallest active volcano in the world. The land area of the Philippines is 29.97 square kilometers, located in southeast Asia. North across the Bashi channel and Taiwan province of China. The south and the southwest is the Barak Buck, the Sulawesi Sea, and Indonesia, Malaysia. In the PhilippinesÃ¢â¬â¢ west, there are the south China sea, and the Pacific ocean on its east. There are big and small islands, the amount of them is 7107, but not every of them has a name. There are only 2400 isla nds which have their names, and only about 1000 islands have residents on them. There are 11 mains islands in the Philippines, which hold 96 percent of the total area of the country. The mountains on the islands are overlapped each other. More than two third of islands is hilly, mountainous and plateau. Moreover, the harbors in the Philippines are famous of its excellence. Climate In the Philippines, the type of climate is tropical rainforest climate. TheShow MoreRelatedCulture And Geography Of Philippines1554 Words Ã |Ã 7 PagesName: Instructor: Course: Date: Culture and Geography of Philippines Introduction The Republic of the Philippines was called Filipinas to honor King Philip the second of Spain in 1543. The Philippine Islands were the name used before independence. Geography and climate have always had very potent effects on culture. Geography often shapes the way people live and interact with each other. Climate, or the prevailing weather patterns over time of a region, also has drastic effects on society and culturesRead MoreGeography of the Philippines essay1402 Words Ã |Ã 6 PagesGeography Geography and climate have always had very potent effects on culture. Geography, or the study of relationships between people and locations on Earth, very often shapes the way people live and interact with each other. Climate, or the prevailing weather patterns over time of a region, also has drastic effects on society and cultures, and these statements are especially true in the South East Asian nation of the Philippines. The Republic of the Philippines is an archipelago, or chain ofRead MoreMajor Characteristics Of A Philippine Culture1031 Words Ã |Ã 5 PagesPhilippine Cultural Awareness Culture is the shared patterns of behaviors and interactions, cognitive constructs, and affective understanding that is learned through a process of socialization. These shared patterns, identify the members of a culture group while also distinguishing those of another group. Five major characteristics of a Philippine culture include family, beliefs, customs, food, and language. In this essay geography and military conflict history, weather analysis, and civil considerationsRead MoreCompeting Claims. The Disputes In The Scs Have Evolved1709 Words Ã |Ã 7 PagesCompeting Claims The disputes in the SCS have evolved over decades and engage multiple regional states that have territorial claims in the South China Sea including China, Vietnam, the Philippines, Brunei, Malaysia, and Taiwan. While not located directly in the region the United States, Australia, Japan, and India all hold economic, territorial, and security concerns over the disputes. Specifically, the United States has been involved in the territorial disputes to uphold maritime security laws andRead MoreThe Political Environment Of The Philippines1710 Words Ã |Ã 7 Pages Political Environment To begin, the political environment of the Philippines should firstly be addressed. In the modern day Philippines, they have established a multi-party democracy which has an elected president along with its legislature. Their democracy is set up exactly the same as ours in the United States. They have the framework of where the president is both the head of state as well as the government in general. Similarly their system is composed of the three independent branches whichRead MoreHistory of Paco1600 Words Ã |Ã 7 PagesLOCAL HISTORY OF HOMETOWN Ã¢â¬ ¢FIVE THEMES OF GEOGRAPHY LOCATION Paco, is a district of Manila, Philippines. It is located south of Pasig River, and San Miguel, west of Santa Ana, southwest of Pandacan, north of Malate, northwest of San Andres, and east of Ermita. According to the 2000 census, it has a population of 64,184 people in 13,438 households. Paco was formerly known as Dilao, not because of plants that produce amarillo (yellow) color but yellow gold that japanesse soldiers hid in one of theRead MoreThe Most Active Volcano Of The Philippines1179 Words Ã |Ã 5 PagesThe Philippines is an area of many islands in various sizes that are grouped together to make the Philippines. It is located on The Ring of Fire which is an area where there are many volcanos and earthquakes. The most active volcano is The Mayon Volcano and is considered highly dangerous but so is another Mount Pintatubo erupted in 1991. The islands are mountainous, narrow coastal plains, and most are covered by rain forests. The Philippines has many rivers and lakes. Some riv ers are Abra, BicolRead MoreThe And Its Influence On East Asia Essay1538 Words Ã |Ã 7 Pagesof environmental scientist. Building a dam is controversial because dams can: a) Block migrating aquatic species b) Trap sediment c) Change the water temperature d) All of the above 15. Population distribution is tied to Southeast AsiaÃ¢â¬â¢s _____ geography. On the islands, people concentrate _____. a) Cultural; in coastal cities b) Physical; in coastal cities c) Physical; in the interior d) Cultural; in the interior 16. East Asia is the hearth of: a) Daoism b) Shintoism c) Confucianism d) All of theRead MoreThe Philippine Philippines Culture And Culture Essay1329 Words Ã |Ã 6 Pages The Philippines is a country deeply rooted in culture. The Army defines culture as a Ã¢â¬Å"dynamic social systemÃ¢â¬ containing the values, beliefs, behaviors, and the norms of a Ã¢â¬Å"specific group, organization or society or other collectivelyÃ¢â¬ learned, shared, internalized, and changeable by all members of the society (FM 3-24 COUNTERINSURGENCY, 2006). Cultures have different characteristics which consist of shared, learned, symbols, integrated and dynamic. Culture The Philippine islands are brokenRead MoreCreating A Global Treasure Hunt1547 Words Ã |Ã 7 PagesThemes of Geography Learning Target 2 Step 3 Step 3: Creating a Global Treasure Hunt Step 1: You will learn about 10 places on Earth Essential Question: What skills do geographers use? Directions: You will choose 10 places on Earth to research and study. You may choose places that are well known or unfamiliar. However, all places should be on land and located at least 50 miles from each other and must include at least one place on each of the following:(North America, South America, Europe
Posted by Opal Vandiver at 9:12 AM
Wednesday, May 6, 2020
Diane Ravitch explores the corporate side of American public education and the reformistsÃ¢â¬â¢ misled beliefs that the school system is in crisis. The school reforms in place are disguised as a means of improving public education, when in reality it has become an objective to Ã¢â¬Å"replace public education with a privately managed, free-market system of schoolingÃ¢â¬ (Ravitch, p.4). Diane Ravitch supports her claim that the reformation movement has poor intentions with multiple sources of evidence. Among these facts she uncovers the truth behind test scores and the achievement gap. Furthermore, Ravitch exposes how the reform movement is a back-door way to privatize schooling with monetary motives in mind. In response to these problems, DianeÃ¢â¬ ¦show more contentÃ¢â¬ ¦Another reality that Diane Ravitch sheds light on is the misconstrued theories about the achievement gap. Reformers often say that African American and Hispanic students have not made progress for decade s (Ravitch, p.55). However, after looking at the data from NAEP, it is evident that this assertion by the reformers just simply is not true. Rather, these students have shown dramatic increases in math. Many do not recognize this though because white achievement has also improved which keeps the gap at large. (Ravitch, p.56) Throughout different grades, African Americans and Hispanics have shown remarkable progress in mathematics. There has been improvement in reading as well, just not as dramatic as the progress shown in math. Ravitch states, Ã¢â¬Å"TodayÃ¢â¬â¢s reformers often imply that schools alone can close the achievement gaps among different groups. The like to point to exemplary charter schools with high test scores to prove their pointÃ¢â¬ (Ravitch, p.59). While the belief that a charter school could bridge the achievement gap and overcome the disadvantages of poverty, it simply is not a realistically feasible concept. Thomas B. Timar of the University of Cal ifornia states, Ã¢â¬Å"Yet the gap is the symptom of larger social, economic and political problems that go far beyond the reach of the schoolÃ¢â¬ ¦ While schools are part of the solution, they alone cannot solve the problem of educational disparitiesÃ¢â¬ (Ravitch, p.60). Timar calls society to take action by
Posted by Opal Vandiver at 5:42 PM
Tuesday, May 5, 2020
In 2004, the U. S. and China agreed to increase their air transportation flights, which delivered their goods between one another. This agreement represented the most dramatic liberalization of air traffic in the history of the two nations, and therefore FedEx Corporation and United Parcel Service, Inc. (UPS), the only domestic cargo carriers who were permitted to serve the Chinese market at the time were locked in to being the primary beneficiaries of this opportunity. The stock prices for both companies had rose on steady basis since these talks originally began, but FedEx share price skyrocketed five times the rate UPS has. Exhibit 1 below shows UPS and FedEx Stock price patterns from June 2003 to June 2004 relative to the SP 500 Index. During this time FedEx had the largest foreign presence in China, with 11 weekly flights almost twice as many as UPS. FedEx volumes have grown by more than 50% between 2003 and 2004. Although UPS fell behind FedEx in the Chinese market, it was still the worldÃ¢â¬â¢s largest package-delivering company and the dominant parcel carrier in the United States. As the U. S. package delivery industry prospered, the international markets and especially China became a battleground for the two package delivery giants. FedEx had eventually developed customer logistical management, and was widely looked upon as innovative, entrepreneurial, and an operational leader. On the other hand UPS was repositioning itself as a leading provider of logistics and supply chain management services. FedEx Corporation FedEx first took form as an undergraduate named Fred Smith developed a term paper for his Yale University economics class. SmithÃ¢â¬â¢s strategy proposed that FedEx would purchase the planes that it required to transport packages, where all other competition at the time used cargo space that was available on passenger airlines. On top of using his own purchased planes, SmithÃ¢â¬â¢s key innovation was a hub-and-spoke distribution pattern, which allowed cheaper and faster service to more locations than his competitors could offer. In 1971, Fred Smith invested his $4 million inheritance, and raised $91 million in venture capital to launch the firm, which in return became the largest venture capital start up at the time. Initially FedEx, then known as Federal Express Corporation, experienced severe losses, and Smith was nearly let go from his chair position. By 1976, FedEx finally saw a profit of $3.6 million on an average daily volume of 19,000 packages. Through the rest of the 1970Ã¢â¬â¢s, FedEx continued to expand services, acquiring more trucks and aircraft, raising capital along the way. The formula proved to be successful, and in 1981, FedEx generated more revenue than any other U. S. air delivery company. During the 1990Ã¢â¬â¢s FedEx proved to be an operational leader, receiving the prestigious Mal colm Baldrige National Quality award from the President of the United States. They were the first company to ever win in the service category. Most of this success came from the deregulation and the operation strategy, but credit also must be given to FedExÃ¢â¬â¢s philosophy of Ã¢â¬Å"People-Service-ProfitÃ¢â¬ , which reflected its emphasis on customer focus, total quality management, and employee participation. FedEx can acknowledge that their growth came from the context of fundamental change in the business environment. The deregulation of the domestic airline industry permitted larger planes to replace smaller ones, which allowed FedEx to purchase several BoeingsÃ¢â¬â¢ 727, which helped reduce its unit costs. The trucking deregulation also allowed FedEx to establish an integrated regional trucking system that lowered its unit costs on short haul trips, which enabled the company to compete more effectively with UPS. With the rising inflation costs and global competition manufacturers were compelled to manage inventories more closely and emulate the (JIT) Just-in-Time supply programs of the Japanese, which created an increased demand for FedExÃ¢â¬â¢s rapid and careful monitoring of their movements of packages. By yearÃ¢â¬â¢s end of 2003, FedEx nearly had $15. 4 billion in assets and a net income of $830 million on revenues of about $22. 5 billion. United Parcel Service, Inc. United Parcel Service, Inc. also known as UPS was founded in 1907. It was the largest package delivery service company in the world. Consolidating parcel deliveries, both on ground and in the air, was UPS primary business focus of the company. In the industry UPS was known as Ã¢â¬Å"Big BrownÃ¢â¬ with its roots stemming from Seattle, Washington. Jim Casey at 19 years of age started a bicycle-messenger service called the American Messenger Company, but after merging with rival firm, Motorcycle Delivery Company in 1929, United Parcel Service of America (UPS) was formed. UPS started an air delivery service by putting packages on commercial passenger planes. The company entered its strongest period of growth during the post-World War II economic boom, and by 1975 UPS reached a milestone where it could promise package delivery to every address in the entire U. S. In that same year UPS expanded outside of the country with their first delivery to Ontario, Canada. Following that year UPS trademarked 120 brown delivery vans and began service in West Germany. The key to UPSÃ¢â¬â¢s success was their Ã¢â¬Å"efficiencyÃ¢â¬ . According to Business Week Ã¢â¬Å"Every route is timed down to the traffic light. Each vehicle was engineered to exacting specifications, and the drivers endure a daily routine calibrated down to the minuteÃ¢â¬ . UPS had their share of bad times with several major strikes resulting from changes in their labor practices and driver requirements. In the middle of 1997, 190,000 teamsters employed at UPS went on strike for 15 days before agreeing to a 5 years contract. The agreement increased wages and also added 10,000 new full-time jobs and promoting 10,000 part-time workers into full time positions. The strike was relevant because it cost UPS $700 million in lost revenue, resulting in less than 1% sales growth for 1996 and a decline in profits to $909 million from %1. 15 billion. For most of the companiesÃ¢â¬â¢ existence, UPS stock was owned primarily by UPSÃ¢â¬â¢s managers, their families, former employees, or charitable foundations owned by UPS. The company would buy and sell shares at fair market value determined by the board of directors each quarter, but by the end of the 90Ã¢â¬â¢s having to deal with the big losses from the strike the company needed to add flexibility by traded their stocks publicly in order to pursue a more aggressive acquisition strategy. In November 1999, UPS initiated a two-for-one stock split; where the company exchanged each existing UPS share for two Class A shares. UPS was able to sell 109. 4 million newly created class B shares on the NYSE in an IPO that raised $5. 266 billion, net of issuance costs. UPS used the bulk of these proceeds to repurchase 68 million shares of the Class A stock. Class A shares were convertible to Class B shares, and could be traded or sold accordingly. Even though both shares of stock had the same economic interest in the company, Class A shares entitled holders to Ã¢â¬Å"tenÃ¢â¬ votes per share whereas Class B shareholders were only entitled to one vote. UPS was perceived as a slow and plodding until their stock split and IPO in 1999. Although UPS is much larger than FedEx, UPS chose not to compete directly in the overnight delivery market until 1982, largely because of the high cost of building an air fleet. But after going public UPS started an aggressive series of acquisitions, beginning with a Miami-based freight carrier operating in Latin America and a franchise based chain of stores that provided packing, shipping, and mail services called Mail Boxes Etc. later names UPS, with more than 4,300 domestic and international locations. Although the company traditionally has been the industryÃ¢â¬â¢s low cost provider, in recent years UPS had been heavily investing in information technology, aircraft, and facilities to support service innovations, maintaining quality and reducing costs. By 2003 UPS offered package delivery services throughout the United States, and in more than 200 countries and territories, and moved more than 13 million packages and such throughout its network daily. Domestic package operations accounted for 76% of revenues in 2002, international (15%), and nonpackageÃ¢â¬â¢s being (9%). In the U. S. it was estimated gross GDP was in excess of 6%. The company employed 360,000 people, (64% unionized), and owned 88,000 ground vehicles and 583 aircrafts. At the end of 2003, UPS reported assets, revenues, and profits of $28. 9 billion, $33. 4 billion, and $2. 9 billion, respectively.Ã UPS vs. FedEx Financial Analysis UPSÃ¢â¬â¢ s average days outstanding ratio has been increasing over the years and in 2003 it was 51. 6 days. FedExÃ¢â¬â¢s has been constant over the past 12 years and in 2003 it was at 41. 54. It is extremely important for a company to keep a constant cash flow in a business, and to collect money from sales as quickly as they can, so they can reinvest it or purchase additional products. UPSÃ¢â¬â¢s total asset turnover ratio has been decreasing over the years, it was 1. 83 in 1992 and it was 1. 16 in 2003. FedExÃ¢â¬â¢s total asset turnover ratio on the other hand has been increasing, from 1.38 in 1992 to 1. 64 in 1998 then down to 1. 46 in 2003. When comparing the two companies we can see that FedEx has been the best at generating more revenues per dollar of assets. UPSÃ¢â¬â¢s current ratio has been increasing over the years and it was at 1. 79 in 2003, similarly FedExÃ¢â¬â¢s has been increasing reaching 1. 18 in 2003. Since both ratios are above 1 it indicated that both companies are capable of meeting their short-term payment obligations. However, UPS has a higher ratio, which indicates that it is the most efficient. UPSÃ¢â¬â¢s debt to equity ratio has been stable over the years and was 0.26 in 2003, while FedExÃ¢â¬â¢s has been decreasing and it was 0. 28 in 2003. They are about the same, and the low ratio indicates that both companies are not highly leveraged and they are liquid, which is a positive sign for investors. UPSÃ¢â¬â¢s times interest earned ratio is high, 36. 41 in 2003, when compared to FedExÃ¢â¬â¢s, which is 10. 51. This could indicate that UPS is paying down too much debt with earnings that could be used for company growth, or it means that it has undesirable lack of debt. UPSÃ¢â¬â¢s net profit margin has increased over the past couple of years, being at its highest in 2002 at 10.18%, and decreasing again to 8. 65% in 2003. FedExÃ¢â¬â¢s net profit margin has been steadily increasing over the years and reaching 3. 69% in 2003. When comparing the two companies we are able to see that UPS has been more successful than FedEx, which could potentially indicate that they have higher share price as well as higher levels of profitability. The return on assets as well as the return on equity have been higher for UPS. ROA was 10. 44%, and ROE was 19. 51% in 2003. FedExÃ¢â¬â¢s ROA and ROE have been increasing over the years; ROA was 6. 30% and ROE 11. 39% in 2003. This indicates that both companies have been efficiently managing their assets to generate earnings, however, when comparing the two, UPS has the higher ratio. UPSÃ¢â¬â¢s sales havenÃ¢â¬â¢t been constant over the past 12 years (92-03), the ratios showed variations from their highest at 10. 37%% to 0. 40%, and the overall ratio was 7. 32%. FedExÃ¢â¬â¢s sales have been increasing, but also showed variations from 37. 79% to 3. 42%, and the overall sales ratio was 11. 53%. The average net income for the 12 years was 18. 83% for UPS and 35. 51% for FedEx, and the operating income was 12.35% for UPS and 13. 64% for FedEx. These growth ratios show that FedEx has outperformed UPS. The graphs bellow shows the growth comparison between the two companies: Performance Analysis In order to fully determine which company is for which type of investor, we must examine the competitive struggle between these two firms in the same industry. Traditionally the company that tends to have impeccable operational management garners strong financial returns. In line with this FedEx has the goal of producing Ã¢â¬Å"superior financial returnsÃ¢â¬ and UPS follows a more Ã¢â¬Å"long-term competitive returnÃ¢â¬ . If one were to compare the share prices of both companies, one can discern how much value the company has generated which is reflected on the stock prices. For example in 1992 UPS stock price was $9. 25/share but by 2003 the stock price increased tremendously to $74. 55/share. This is a tremendous leap in that cumulatively that is an increase of 706% stock value since 1992. FedEx followed a similar trend in that its stock price in 1992 was $10. 19/share, which by 2003 was $63. 98/share. That is a cumulative increase of 528% over this time span. Another thing to note is that UPS has been giving dividends from 1992 of $0. 25, which increased to $0. 92 by end of 2003. FedEx on the other hand issued no dividends since 1992 and only issued its first dividend in 2003 of $0. 20. When these two companies are indexed against the SP 500, we can see that both have outperformed the index. For comparison purposes the SP 500 returned 155. 20% from the time span of 1992-2003. But this is simply the compounded returns, when all adjustments are made net results of UPS and FedExÃ¢â¬â¢s returns are as follows: United Parcel Services: 550.75% Federal Express: 372. 83% Economic Profit Analysis Economic Value Added is an estimate of a firmÃ¢â¬â¢s economic profit. In layman terms, it means the profit earned by a firm minus the cost of financing the cost of capital. For this scenario EVA is a great way to analyze how both UPS and FedEx have done over the time span. For UPS the EVA was -$70 million in 1992, which by the end of 2003 they convert ed to $1,195 million. In terms of cumulative appreciation, UPS accumulated $4,328 million in the 12-year time frame. FedEx on the other hand has had negative EVA every year from 1992 up until 2002. In 2003 FedEx had a positive annual EVA. However, cumulatively FedEx had an EVA of -$2,252 million. The results greatly reflect that UPS has a better EVA than FedEx. Return on Net Assets (RONA) is used to generate a longer-term perspective of a companys ability to create value; extraordinary expenses may be added back into the net income figure in order to determine the RONA. The RONA average for UPS from 1992 to end of 2003 was 13. 785% whereas the RONA for FedEx for the same time, averages 8. 308%. What this reflects is that UPS performs more than 4% greater in terms of returns in comparison to FedEx. MVA or Market Value Added is the difference between the current market value of a firm and the capital invested by investors. The higher the MVA, the better it is. A high MVA indicates the company has created substantial wealth for the shareholders. A negative MVA means that a company has destroyed wealth or value that was invested. UPSÃ¢â¬â¢s MVA went from $7,287 million in 1992 to $69,315 million by 2003. FedEx on the other hand went from an MVA of $625 million to $11,816 million from 1992 to end of 2003. This shows that UPS has a very large MVA, which dwarfs FedEx however in terms of percentage growth of MVA FedEx has come a long way. Outlook for the Future In terms of the courier industry the growth potential is present. Courier services will be required now and in the future, especially with a growing population and the higher demand for expedient methods of delivery. UPS and FedEx dominate the global courier services in which they each have their method of expertise. In terms of growth potential both FedEx and UPS compete heavily in the saturated U. S.market and UPS has a large presence in Europe, which it competes with the likes of DHL. However, the next potential for expansive growth is set to be for whichever can acquire the most market share from China. It is estimated by 2039 China will surpass the United States become the largest global economy; therefore, the potential for growth is very important in that geographic location. FedEx has the largest foreign presence in China, with 11 weekly flights and it serves over 220 Chinese cities. This is reflected by the fact that FedExÃ¢â¬â¢s volume in china has grown by over 50% from 2003-2004.UPS, even though has a larger worldwide presence than its counterpart, FedEx, has lagged behind in China. UPS has half the weekly flights then China however, UPS has been active in China since 1988 and was the first carrier to offer non-stop services from China to the U. S. Nevertheless, UPS has been increasing its presence in China, serving nearly 200 cities and it is estimated that peak-season demand in the courier industry for UPS would exceed the capacity that UPS can handle. FedEx pioneered the customer logistical management and is perceived as innovative, entrepreneurial, and an operational l eader. FedEx also utilized COSMOS (Customer, Operations, Service, Master Online System), which transmitted data from package movement, customer pickups, invoices, and deliveries to central databases/hubs. UPS on the other hand was initially perceived as big, bureaucratic, and an industry follower, but they have since attempted to change that image by innovating and changing its whole logistics and supply chain management. UPS utilizes DIADs (Delivery Information Acquisition Device), which are scanners that delivery personnel use to scan barcodes and log signatures. Both companies have their platform being that of Customer-centric. They listen to their customers and adjust themselves to better cater to their customer base. Both companies for the most part are competitive in terms of price; however, UPS tends to be slightly more costly than FedEx. Both companies also focused greatly in reducing price and increasing efficiency. Overall both companies are great and both have generated tremendous wealth for their investors and both are desired by different types of investors. FedEx is a heavy growth company and surprisingly 70% of FedExÃ¢â¬â¢s common shares were held by institutional investors. In terms of an analysis by Morgan StanleyÃ¢â¬â¢s J.J. Valentine FedEx mentions the various risks associated with the Chinese market that could stifle growth in China for FedEx; however, these are risks that can be addressed with partnerships between the Chinese government and the local population. Another analysis by the Value Line Investment Survey outlines that FedEx is poised to take advantage of the Chinese market an d the international market. Since FedEx has established a large presence in China along with its infrastructure already existing in the general location, FedEx has the highest growth potential with limited costs.UPS is the market leader in the AmericaÃ¢â¬â¢s however; with the saturation of the U. S. and European markets UPSÃ¢â¬â¢s growth potential lies on how well it can harness the Far East. UPS is also a relatively an old company existing almost a century. It has an established base and consistent growth with overall growth being larger than its counterpart FedEx. UPSÃ¢â¬â¢s financials are also excellent however the question truly lies in how sustainable this is into the future. In terms of recommendation UPS is for investors that wish for steady stream of growth and highly recommended for those that are risk averse. But in terms of long-term growth potential FedEx is an excellent company to invest in. If it werenÃ¢â¬â¢t for institutional investors it would not own the majority of FedEx. The main mission of FedEx is to grow internationally by increasing the supply chain capabilities through e-commerce, technology and alliances. Also, the company continues to implement revenue enhancement and cost reduction programs to provide long-term revenue and profit growth and to reduce costs by taking initiatives such as Airport-to-airport transportation of Priority, Express and First-Class Mail for the U. S. Postal Service.
Posted by Opal Vandiver at 9:46 PM