Atrial Fibrillation Research Paper Example | Topics and Well Written Essays - 1000 words

Atrial Fibrillation - Research Paper Example The purpose of the study â€Å"Refining Clinical Risk Stratification for Predicting Stroke and Thromboembolism in Atrial Fibrillation Using a Novel Risk Factor-Based Approach† is to refine the 2006 Birmingham/NICE stroke risk stratification schema into a risk factor-based approach, by reclassifying and/or incorporating additional new risk factors as relevantto thromboembolism (Lip, Nieuwlaat, Pisters& Lane, 2010, 264). Statistical Procedures The study involves analysis of the 2006 Birmingham classification thus, comparisons with other schema such as the Euro Heart Survey on Atrial Fibrillation population were done as part of the analysis and statistical procedures. The study selected 1,084 patients without mitral stenosis, history of heart valve surgery, or use of vitamin K antagonists or heparin at discharge of qualifying visit. Other stroke risk stratification schemas used are the Stroke Prevention in Atrial Fibrillation (SPAF), American College of Cardiology/American Heart Association/European Society of Cardiology (ACC/AHA/ESC) guidelines, and the eighth American College of Chest Physicians (ACCP) guidelines. ... refinement of the 2006 Birmingham schema has took consideration of a risk factor-based approach taking account different potential factors for atrial fibrillation such as history of stroke, cardiac dysfunction, heart failure, hypertension, diabetes, vascular disease, female gender, and age. Descriptive analyses are used in the study with proportions, means, and standard deviations. Binomial approximation is used in the event rates, logistic regression in each schema, C-statistics for predicting probability of correct classification, and multivariable logistic regressions for the assessment of individual risk factors. Results of the statistical procedures are presented in tabular form. Analyses are derived from the tabular form presentation differentiating the univariate and multivariate analyses versus the designated level of significance (?). Then, patients or samples are categorized according to statistical results and are compared with other schemas. Strengths and Weaknesses The c ontent of the study offered an array of strengths which can be beneficial not only to the healthcare industry but to the public as well. One of its strength is the identification of other potential risk factors for the development of stroke and thromboembolism in patients with atrial fibrillation. In this way, the public will gain awareness on how to reduce their risks of the said diseases. In addition, the comparisons made in the existing schema in the real world of atrial fibrillation have made the study valid and applicable for present conditions and have made the study stronger in avoiding biases. The exploration of the effects of single and multiple factors using univariate and multivariate analyses also contributes to the avoidance of biases. Done statistically, results are

Gay marrige Essay Example | Topics and Well Written Essays - 1250 words - 1

Gay marrige - Essay Example government and the US voters have a â€Å"reasonable justification for denying same-sex marriage, such as promoting healthier families, or if the bans reflect discrimination and hatred† (Sage). Sage runs down the various arguments and criticisms on the gay marriage issue by citing events which have unfolded since the passage of Proposition 8 and the events that has unfolded since. She also used quoted statements from government officials and other experts on the subject matter in order to comprehensively present the current issue. Sage begins her article by making a clear statement about the fact that gays and lesbians in California do have sufficient political support for their cause – from their Governor to the entire Democratic Party. From this initial statement alone, Sage establishes a serious and formal tone in her essay. This is a good way to capture the reader’s interest because it catches the attention of those who oppose and those who advocate gay marriage in California. From the onset, the opening statement shows the status of the hearing on Proposition 8 and it reveals undeniable truths for both interest groups in this paper. Both sides cannot deny that the Governor and the Democrat Party is indeed politically supportive of gay marriage and gay rights in California. Hence, the statement draws in opponents and advocates alike who have a clear stake on the resolution of the gay marriage issue. Moreover, this opening statement by Sage is used as information for the first point that the author wants to make in the current issue – that there is no discrimination of gay and lesbian rights with the approval of Proposition 8. The formal tone used by the author is very much appropriate for this paper because the topic calls for a serious discussion on the subject matter. Considering the fact that gay marriage is a very controversial issue, the author has given the topic a very respectful and formal tone in order for the reader to take the topic

Pyschology-TV Character Evaluation Essay Example | Topics and Well Written Essays - 500 words

Pyschology-TV Character Evaluation - Essay Example (IEP Freud, 2010) It was his insistence on understanding the human mind that allowed modern psychology to gain the abilities it has now. And while his approach may have been flawed in some areas, he made it possible to move forward in the field of psychology. Carl Jung is best known for being the founder of analytical psychology. Among his many accomplishments in the field of psychology are his developments of the concepts of extroverted and introverted personality and the collective unconscious. (Cowgil, 1997) A lingering result of his approach in popular culture is the use of the Jung and Briggs Myers typology test whish tested your personality type based on a series of questions. This approach is used today in many corporate entrance examinations to verify the person’s personality and abilities. Another interesting innovation was his theory regarding symbols and their use in defining and understanding individual human nature. The popular Rorschach Inkblot tests are a result of the influences of Carl Jung’s approach to symbolism in understanding the psychology of the individual. Carl Rogers is best known for his contributions to client-centered therapy using humanistic approaches.

Winning isnt evrything Essay Example for Free

Winning isnt evrything Essay Vince Lombardis famous saying Winning isnt the most important thing. Its the only thing is unfortunately the motto of too many athletes today. Although winning is important and sports are, and should be taken seriously, by far, winning isnt the only thing. Putting everything you have and giving one hundred percent to the effort is also very important to competition. A team that puts everything they have into a game and comes out the losers, has a lot more to be proud of than a team who comes in first but only gave some effort. Over the years many teams have lost important games due to a few inches, one pitch or a strike of bad luck although these teams lost, they take it into the next game and gave one hundred and ten percent. Last month at the Erie Mayors Cup 10K and 5K race, competitors from around the tri-state area were in competition. Trophies and plaques were to be awarded to the first, second and third place runners. A 10K is a 6.2 mile long race across the streets of downtown Erie in 85 degree heat and humidity. Runners who are running in the 10K have to show tremendous determination, stamina, speed and physical agility not to mention surviving in grueling temperatures and humidity. Great Olympic and Boston Marathon runners have dropped out of a 10K due to its intense strain. I was on hand to witness the race and saw many great athletes finish the race with great times. These are runners who put every day into running and run every race. Soon after these runners had crossed the finish line and been handed their trophies, the last runner in the race came through the finish line with his hands in the air and to thunderous applause. He was 87 years old, and had taken up the sport after his doctors told him he had a cholesterol problem when he was 67. The runner in this story was not out to win the Mayors Cup 10K, he wasnt out to set a record time or come in first. He came in dead last, but finished the race. If he would have listened to Vince Lombardi and say Oh, I cant win, their are professional runners from colleges and high schools competing against me! he wouldnt have completed his life long goal of running in a 10K. Better late than never. The most important thing is for all who participate is to have fun and do it with pride and determination, to set a goal and reach it. Two good sayings that contradict Vince Lomabardi stateIt doesnt matter if you win or lose, its how you play the game and If at first you dont succeed, try, try again Words to live by.

Issues in the Textile Industry

Issues in the Textile Industry The Textile Industry An overview of the textile industry The textile industry is regarded a major and largest industry around the world in terms of its output, production and employment. It brings a large contribution to various national economies including both global small and large-scale operations (Parvathi, et al., 2009). The textile manufacturing is based on the conversion of three types of fibre, the most one being yarn then fabric and finally textile. The fibres are then manufactured into clothes and others. However, the textile manufacturing originated from hand craft practices by spinners, weavers and some skilled craftsmen. The first textile companies surfaced in the United Kingdom and the Western European countries. This came with the new technological developments that were being introduced (Warshaw Leon, 2011). According to Warshaw and Leon (2011), the term textile industry was initially concerned only with the weaving of fibres, but today it involves a variety of processes. Therefore, as illustrated by Greenberg (2003), the production of textiles involve processes like; spinning, weaving, knitting, dyeing and finishing of different natural and synthetic fibres. Today, wet processing is used in the finishing treatment of textiles. It is further categorised into 3 more processes, which is the; preparation process, coloration process and finishing process. Hazards present in the textile industry There are various hazards to which the textile workers are exposed. These hazards are categorised as; (i) exposure to chemical substances, (ii) exposure to physical agents, (iii) exposure to biological agents, (iv) exposure to dusts and fibres, and also (v) psychosocial hazards (European Agency for Safety and Health at work, 2008). Exposure to chemicals The spinning, weaving and knitting process do not involve high use of chemicals. The most substantial chemicals used in these operations are sizing agents like starch and other polymers such as lubricants to prevent yarns from being entangled. There is a wide variety of chemical substances used processes such as dyeing, printing, finishing, bleaching, washing, dry cleaning, sizing and spinning. The most commonly found chemicals are dyes, solvents, optical brighteners, crease resistance agents, flame retardants, heavy metals and anti-microbic agents. Textile fibres, reactive dyes, synthetic fibres and formaldehyde are the respiratory and skin sensitisers that can be identified in textile industries (European Agency for Safety and Health at work, 2008). The dyes that are used for cotton are usually classified into three groups; firstly is the water soluble dyes, secondly are dyes soluble by alkaline reduction and lastly are the dyes formed on fibre. In addition, workers may be also exp osed to aliphatic hydrocarbons, such as mineral spirits and kerosene, which are used for cleaning of equipments and parts of the plants (Greenberg, 2003) Exposure to physical agents From the European Agency for Safety and Health at work (2008), it has been concluded that textile workers are exposed to various physical agents such as noise and vibrations during the weaving, spinning, sewing, twisting and cutting process. As such, being exposed to very high noise level can result in permanent hearing damage while exposure to vibration along with other risk factors for Musculoskeletal Diseases can cause long term harm. It has been noticed that workers are also exposed to electromagnetic fields. Exposure to biological agents Biological agents are also present in the textile industry, in processes like carding and willowing. The workers are exposed to anthrax, clostridium tetani and coxiella burnetti. These can cause allergies and respiratory disorders. Normally, work areas having air conditioning systems and high humidity, the workers tend to have allergies and respiratory problems caused by moulds or yeasts. Exposure to dusts and fibres People working in the textile industry are usually exposed to airborne particles formed from both the natural and synthetic fibres in their work environment (Oldenburg et al., 2007). Studies have shown that workers in the textile industry are more prone to respiratory symptoms caused by cotton dust (Wang et al., 2003). In UK, the Workplace Exposure Limit (WEL) for inhalable cotton dust has been fixed at 2.5 mg/m3 for an 8 hour time weighted average (HSE, 2005). Psychosocial hazards in the textile industry Employees experience work-related stress when they are unable to cope with the work demands. The WHO (2003) define work-related stress as â€Å"the response people may have when presented with work demands and pressures that are not matched to their knowledge and abilities and which challenge their ability to cope†. As such, psychosocial risks have been considered as being an integral factor of the process of stress. On the one hand, these can be in relation to the job content, the organisation and management of work, environmental and planning conditions while on the other hand it can be in terms of the competence and needs of employees. The interaction between all these factors can be dangerous to the health of employees through their perceptions and experience (Cox et al., 2002). According to the WHO (2010), psychosocial risks and work-related stress are closely associated. However, textile workers are faced to psychosocial risks since they have to perform repetitive and fa st paced tasks and they cannot take any decision by themselves. The textile industry and green technology The textile industry has experienced a lot of changes and there has been the introduction of many new technologies. Today, it has been seen that there is a shift to more eco-friendly processes and chemicals used in the textile industry. These include the use of novel biopolymers along with some enzymes. The use of greener dyes forms part of the essential constituents of green technology. The other constituents of green technology in the textile industry encompass systems which include waste water reduction by recycling, automatic process control and other filtration techniques (Sekar, 1999). In the dyeing process, the usage of water accounts to approximately 30-60 litres of water for 1 kilogram of cloth, thus new technologies to minimise the use of water is being adopted (Deo Wassif , 1999). The new technologies that have been introduced in the textile dyeing and finishing process are as follows: Plasma Treatment Technology Plasma is the state of a gas when its kinetic energy increases to such an extent that the energy is equal to the ionisation energy of the gas. At this stage, the rapid cascading of ionisation caused by the collisions of the gas particles result in plasma. Plasma is the 4th state of matter. In addition, the plasma technology is applicable to the textile industries. It alters the chemical structure and surface properties of fabrics, chemical matters are deposited for better functionality and substances are removed from the fabrics to improve the applicability. The plasma technology is used mainly in the processes like pre-treatment, dyeing and finishing (Shah Shah, 2013). It is a green and simple process. Super Critical Dyeing Fluid A substance which is under a pressure above its critical temperature is known as a super critical fluid. There is no distinction between gases and liquids under these specific conditions and the substance is then characterised as a fluid. As such, super critical fluids possesses the same solvent power as light hydrocarbons used for most solutes. Super critical fluids is advantageous to the textile processing because of their ability to combine the properties of gases and liquids. Also, their solvating power is equivalent to their density while when referring to their viscosity, the normal gas possesses a similar one. However, it is this particular combination which gives it such impressive penetration properties. The dyeing process favour this increase in density along with the increased power of solvation because of the positive effect that it has on the dissolution of disperse dye in the super critical carbon dioxide medium (Kannan Nithyanandan, n.d.). Ultrasound The use of ultrasound in the textile industry started only after synthetic materials and their blends were introduced. It is applied mainly in mechanical processes (weaving, knitting and finishing) and wet processes (sizing, scouring, bleaching and dyeing). Ultrasound has a lot of benefits such as; the processing time and energy consumption is decreased, it enhances the quality of products and the use of auxiliary chemicals are reduced. For instance, using ultrasound in the dyeing process will replace expensive thermal energy and chemicals by electricity. Various experiments were carried out to show the effectiveness of ultrasound on textile and it has been shown that the adsorption power of disperse dyes on cellulose acetate is influenced greatly by ultrasound compared to the dyeing rate when using direct dyes ( (Prince, 2009). Electrochemical Process Technology Traditionally, electrochemical techniques were used only for compounds synthesis and treatment for metal recovery but today its use has been expanded to the textile industry. In order to obtain functionalised fabrics, electrochemistry is applied for the production of smart textiles. However this technique is used mainly in the bleaching of cotton fibres and finished denim fabrics. Electrochemical process is also applied in sulfur and vat dyeing processes to reduce the amount of dyes used making the process eco-friendly since it will not involve the addition of chemical reagents like sodium dithionite (Mireia Carmen, 2012). Electrochemical dyeing process has advantages like; product saving, less chemicals used, incomparable environmental compatibility and better quicker properties is achieved. Good reproducibility also is set by using electrochemical dyeing. (Das, et al., 2012) Nanotechnology Nanotechnology is concerned with materials which are 1 to 100 nm long. The use of nanotechnology in the textile industry increase the durability of fabrics. This is because nano-particles possesses large surface area-to-volume ratio and high surface energy which means that they have better affinity for fabrics, thus increasing the durability of the function. The sporting industry, skincare, space technology and clothing are some examples where the nanotech enhanced textiles are being applied. It ensures that the wearer is better protected when exposed to extreme environments. Therefore, to treat textiles with nanotechnology materials is a way to enhance the properties of the fabric by making it more durable and have nicer colours (Kiron, 2013). Impacts of textile industry on environment The textile industry is a diversified industry being from the raw materials used to the various techniques adopted. At each steps involved in manufacturing fabrics, there are a number of environmental impacts associated with them which are also varied. For instance, the spinning, weaving and industrial manufacture of garments affects the air quality while the dyeing and printing processes use up large amount of water and chemicals. Also, there is the emission of several volatile agents into the atmosphere which have harmful effects on the human health (Challa, n.d.). In addition, each stages of the textile processing generates innumerable wastes streams which are of liquid, gaseous, solid or hazardous nature. The type of textile processes, technologies used, chemicals used and types of fibres will determine the nature of wastes generated. However, the most prevailing environmental impact is the water body pollution which arises due to the disposal of untreated effluents. The second greatest environmental problems caused by the industry are air pollution caused by Volatile Organic compounds (VOC) and other air pollutants. The VOC does not only affects the environment but also the workers and public health. The noise level emitted by textile machineries can also harm the environment by disturbing the natural habitats of various species in the area (C Parvathi, T Maruthavanan, C Prakash, 2009). The role of textile industry in the Mauritian economy The textile industry was set up and appeared in the government agenda of Mauritius in the 1960s. The industry then experienced a drastic expansion during the year 1980 to 2000. Mauritius was faced with a series of positive conditions for the past 30 years. These conditions helped the country in achieving a solid textile industry along with foreign and local investment. The industry was regarded as the main employer of Mauritius and contributed to 12 % of the GDP. However, the textile industry has not only brought a lot of improvements and developments to the economy of the country, but it can be said that its success also coincides with the social changes that came along. The first change is that it has encouraged the emancipation of women. Many women were employed when the textile industry developed. In fact the number of women being employed today also is increasing. The women, who were once viewed as housewives and who did not have the opportunity to study, were regarded as an important pool of labour. Working women started to bring income in the family and this eventually changed their role; they were no longer considered as docile housewife but an independent income earner. The second change is that the status of families has increased from the past years since a working woman helped in increasing the family income (Joomun, 2006). Today, the textile industry of Mauritius has achieved a very high status among other countries and there is currently about 174 textile entreprises employing approximately 55000 people. The industry has invested continuously on innovation and greener production to satisfy the demand of the global market which is emphasising more on eco-friendly practices and products.1http://www.gov.mu/portal/sites/nsp/industry/greenertex.htm In 2009, Mauritius was ranked as the second largest buyer of machineries, accounting to 2300 machines and 9 % of the global sales. Mauritian manufacturers have also invested in latest cleaner technologies and reorganised their activities so as to combat against the low-cost competition of Asian countries. As such the Mauritian and Indian Governments have collaborated together and signed a contract for the transfer of new technologies along with deciding on ways of improving the performance of the textile sector in Mauritius2http://www.fibre2fashion.com/news/text ile-news/mauritius/newsdetails.aspx?news_id=119742

The Importance of Choices in The Most Dangerous Game Essay example --

The Importance of Choices in The Most Dangerous Game Can a man be driven from humble humanity to gross inhumanity by circumstance or situation? What effect do one's choices and training have on his morals? At some point in our lives we will all be forced to answer questions similar to these, and two characters in Connell's story "The Most Dangerous Game" are not exempt from these life decisions. Sanger Rainsford and General Zaroff are both wealthy, both are hunters, and eventually both men are put into situations where critical choices must be made. The choices the men make are derived from different situations, but both have similar results. Initially the setting of the story is on a yacht in the Carribbean. Rainsford is involved in small talk with his friend, Whitney, and the conversation is about their favorite hobby, hunting big game. The fact that these men could afford a hunting trip to the Amazon speaks of their wealth, and these men have apparently taken several trips together. General Zaroff is not unlike Rainsford in this respect. From his childhood, Z...

Business Analysis and Valuation Report

BUSINESS ANALYSIS AND VALUATION REPORT Scheduled Class: Monday 2:00pm to 5:00pm 1. Introduction Harvey Norman is now a public company that is listed on the stock exchange, whose principal activities primarily consist of an integrated franchising, retail and property entity. It is one of Australia’s most successful retail groups, operating more than 150 franchised department stores, which focus on selling computers, home entertainment equipment and home appliances. It offers Australian consumers an extensive product range, cutting edge technology and market leadership in most product categories. In this report, an in depth industry and company analysis will be provided in order to gain an understanding of the qualitative aspects of Harvey Norman’s operation. 2. Industry Analysis 2. 1 Main Products Harvey Norman belongs to the retailing industry. The main products offered by Harvey Norman consist of: electrical, computer, furniture, entertainment and bedding goods. However, being distinctive from its competitors, Harvey Norman is a franchise and the main brand owned by Harvey Norman Holdings Limited. 2. 2 Future Prospects In the next year, the competition in Australian retailing industry is likely to remain strong. Benefited from the Government’s stimulus package during the GFC, Australians’ ability to consume has recovered. Therefore, this boost in consumption has caused a pressure of inflation. In order to mitigate the negative effect of inflation, there has been frequent increase of interest rate by the Reserve Bank. Therefore, with interest rate rising, consumption in retailing goods is likely to reduce in the short term. In the next five years, the Australian Dollar is going to remain strong. As a result, imported retailing goods are likely to be cheaper for Australian consumers. Retailers in Australia are likely to continue their expansion to the overseas market. It is because retailers demand further improvements to the operational performance. In the long run, retailers are likely to increase their share in key growth markets combined with the brand strength of their own company, in order to ensure future growth. These speculations are based on principles of economics, as well as assessments of the changes in Australian’s consumption ability. 2. 3 Market Competition Review Harvey Norman competes in the five main retailing industries including: electrical, computer, furniture, entertainment and bedding goods. Each industry has its own main player. The main players in the electrical and computer goods industry include: Clive Peeters, Dick Smiths and Bing Lee. 1) Clive Peeters’s retail coverage is the most similar to Harvey Norman in Australia. Their main products include: Audio Visual, Kitchen appliances and white goods. Clive Peeters’ stores carry more than 140 brands and over 20,000 individual models. This company can be seen as a major competitor to Harvey Norman because of their similarity in size. 2) Bing Lee specializes in consumer electronics, computer and telecommunication goods. Unlike Harvey Norman, Bing Lee is a privately-held electrical retail business in New South Wales with 41 stores and a turnover of about $490 million. Although it is the largest privately-held business in this industry, Bing Lee remains as a relatively small size retailer comparing to Harvey Norman. 3) Dick Smith (formerly Dick Smith Electronics) is an international electronics retailer. It is a major competitor to Harvey Norman. Among all retailing industries where Harvey Norman competes in, the company remains dominant in the key product areas of audio, computers and visual products such as notebooks and flat panel televisions. The company holds the number one position in the markets of white goods and technology products. 3Company Analysis 3. 1 Company Choice As one of Australia’s largest and most successful retailers, Harvey Norman has business interests in various areas including electrical, computer, furniture, entertainment and bedding goods. With more than 160 stores located in Australia, New Zealand, Slovenia, Ireland, Malaysia and Singapore, Harvey Norman is a conglomerate/franchise, which provides millions of consumers with products ranging from notebook computers to sofas to beddings. To run a successful business operation of Harvey Norman’s magnitude requires not only operational excellence, but also strategic insight and vision on macro economic conditions, market trends forecasts and also a distinctive understanding and implementation of the company’s business strength. The company’s strong business operations across multiple product areas/industries make Harvey Norman an interest case study to analyze – both from an operations point of view as well as strategic. Furthermore, given the challenging market conditions in 2008 and 2009, it would be interesting to analyze how Harvey Norman responded to the economic downturn. The company observed â€Å"a significant improvement in net profit from underlying business operations during the last 6 months of FY2009†, according to Harvey Norman’s 2009 Annual Report. It would be insightful to see what strategies and tactics were used by Harvey Norman to achieve this result, especially in the integrated, franchise and property system sectors since these were reported by the company to be â€Å"resilient in achieving strong results and growing market share in all key product categories. † 3. 2 Company History DateSignificant Event(s) 961Gerry Harvey & Ian Norman established the Norman Ross chain of stores 1979Norman Ross became one of the largest appliance retail chains; controlled 42 stores with sales exceeding AUD240 million 1982Norman Ross was sold and a single Harvey Norman store was started in Auburn, Sydney. 1987Harvey Norman Holdings Limited was listed on the Australian stock market Early 1990sHarvey Norman adopted the superstore forma t and entered the computer and furniture markets 1998Joyce Mayne acquisition 2000The chain grew to 100 stores 3. 3 Competitive Advantage Harvey Norman’s competitive advantage can be classified into â€Å"hardware† and â€Å"software† perspectives with the â€Å"hardware† component incorporating corporate strategy and business structure while the â€Å"software† component incorporating leadership skills and management style: †¢Corporate Strategy: Harvey Norman embraces and successfully maximizes benefits bought forth by the economies of scale (both on the purchasing as well as market side); achieves seamless integration of its retail, franchise and property systems; has excellent brand awareness, which translates into brand loyalty from customers. Business structure: Harvey Norman has successfully setup, adopted and utilized the franchising operation which enables it to generate revenue from multiple sources; it has a diversified product base which can help mitigate risks and capture a wider customer base. †¢Leadership skills: Harvey Norman has the ability to identify and ac quire property associated with HN’s development of retail stores in growth areas, which is a crucial element of the integrated retail and property strategy. Management style: Leadership is able to respond to market change and demand effectively – both in terms of products and operations. For example, Harvey Norman has expanded its product offerings and operations into various countries in response to increased demand (from both local and foreign markets). 3. 4 SWOT Analysis Strengths †¢Franchising Operation †¢Improved technology and supply chain management systems. (Global Merchandise Management System) †¢Economies of scale both in purchasing and marketing. Effective integrated retail, franchise and property system and low gearing supports to capitalize competitors’ failure. Weaknesses †¢Issue of low profit margin putting continuous pressure †¢Closure of its export and distribution businesses in Singapore and Malaysia has negatively impa cted on the profitability in Asia market. †¢Own only little market shares in the gaming industry. Opportunities †¢The strong performance of the franchising operating segment †¢Expand franchising operations in potential geographical areas and extending product offerings using stable financial capability. Growing market shares in many overseas market such as Malaysia, New Zealand, Slovenia and Ireland †¢OFIS brand is expanding in Australian market as a discount retailer of stationery Threats †¢High inflation, capital market liquidity crisis and decreased demand because of Global financial crisis are affecting the business both locally and internationally. †¢Fall in price on electrical items due to rise of Australian dollar are directly lowering profit margin and increasing expenses. 3. 5 Future Prospects for Harvey Norman Next Year There has been 10 new franchised complexes opened in Australia and a total of 8 leased stores were closed in 2009. A number of stores were also opened in offshore markets including the new OFIS brand, which implies that Harvey Norman is continuously growing its operations and expanding geographically. Net profit from underlying business operations was down by 15. 2% as a result of many write down of assets, revaluation of assets and expenses taken place in the first half year of 2009. However, franchise sales revenue increased by 4%. With the continuous expansion and write down done in the financial year ended in June 20009, it is obvious that sales revenue and net profit will improve in the next year. Next Five Years The company’s strong financial position and low gearing allow it to invest to expand its operations and adds value to its brands and businesses across its value chain in the next five years. As shown in the financial highlight 2009, the net profit after tax had declined from 358. 45 million to 214. 35 million as a result of the increased amount of expenses and trading loss of some segments. However, the gross profit has increased, concluding that business is improving and growing. Moreover, the consolidated equity has increased by $1. 12 billion, which dropped the debt/equity from 26. 61% to 26. 56%. It means the company is trying to strengthen their equity position for the next five years as well as the long run. In the Long Run In the long run, Harvey Norman has many opportunities to continuously grow in the future. It has an effective integrated retail, franchise and property system that allows the company to make substantial profit from its owned operations, franchised operations and leased property. Harvey Norman and many of its brands have become the market leaders in its industry and it will continuously extend its product offering across all the brands to maintain its market position. It is confident that Harvey Norman will continuously perform well in the long run. 3. 6 Recent performance Table 1-3 represents the recent 3 years’ performance of HVN: During last three years, there is a slightly incensement in its revenues, the revenue (exclude interest) raised from 2008 to 2009 by 2. 4% as well as from 2007 to 2008 grew by 6. 6%. Table1 HVN Revenues, Expenses and Cash Flows FY2009 ($m) Revenues (Exclude Int) Expenses (Exclude D&A)EBITDAExpenses (D&A)EBITNet Cash Flows $2436. 0$1963. 28$472. 7$91. 04$381. 7$82. 71 Table1 HVN Revenues, Expenses and Cash Flows FY2008 ($m) Revenues (Exclude Int)Expenses (Exclude D&A)EBITDAExpenses (D&A)EBITNet Cash Flows $2378. 4$1873. 24$505. 2$84. 39$420. 8$-127. 18 Table1 HVN Revenues, Expenses and Cash Flows FY2007 ($m) Revenues (Exclude Int)Expenses (Exclude D&A)EBITDAExpenses (D&A)EBITNet Cash Flows $2229. 8$1819. 82$410. 0$74. 88$335. 1$50. 58 Sales revenue for the Harvey Norman consolidated group consists of sales made by New Zealand, Ireland, Northern Ireland, Slovenia and the controlling interest held in Pertama Holdings Limited in Singapore. Consolidated sales revenue also includes Harvey Norman’s controlling interest in several retail partnerships and the company-run OFIS stores in Australia Consolidated sales revenue for the year ended 30 June 2009 was $1. 44billion compared to $1. 43billion for the year ended 30 June 2008, an increase of 0. 83%, despite the sales revenue decreased in some regions like public of Ireland and New Zealand. The reduction in sales in these regions was due to extremely challenging retail’s trading conditions and lack of consumer confidence. However, for the purpose of financial report, all the foreign currency is translated in to Australia dollar. Since the depreciation in Australia dollar in the last year, sales revenue decreased in some local markets might show an increase in the financial report in Australia dollar. EBIT reported a loss of $39. 1m in 2009 compared with 2008 due to an increase in depreciation and amortization and operating expenses, comparing with 2007, there is an increase of $95. m in 2008. 3. 7 Accounting Analysis Manager’s Incentive of Earning Manipulation There are empirical evidence linking the character of executive compensation with earnings manipulation and fraud. With regard to earnings manipulation, Keith J. (2006) finds that firms with relatively high amount of equity incentives to CEOs, in the forms of unrestricted stock and immediately exerci sable options, are more likely to engage in earnings management by reporting small earnings increase, and also by reporting long strings of increasing earnings. In this case, Harvey Norman’s executive remuneration packages involve a balance between fixed and performance cash incentives (PCI) which includes short term such as base salary and long-term payments such as superannuation. Equity based remuneration can also potentially induce manages to manage earnings, by understating earnings prior to option grants to lower the firm’s current share price and exercising option later on. Evidence of Earning Manipulation When managers have accounting flexibility, they can use it either to communicate their firm’s economic situation or to hide true performance. Possible distortion Detail & Explanation Accelerated recognition of revenuesManagers typically have best information on the revenue recognition to decide whether or when the cash collection is reasonably likely. And they may have incentives to accelerate the recognition of revenues. They can adopt new accounting or use managers’ discretion to alter revenue recognition of, for instance, franchise fees or rent. Underestimated reservesFrom Note 5, provision for doubtful debt has decreased from 4. 7 m to 4. 3 m; from Note 5(a) the aging analysis of trade debtors, number has increased from 952 k to 1,038 k. Due to the global financial global crisis and its influence to the debtors and consumers, it is not convincingly reasonable to reduce provision for doubtful debt, which intends to overstate receivables. Understated depreciation on long-term assetFirms are required to recognize impairment in values of the long assets when they arise. However, estimates of asset valuation and impairment are highly subjective. As a result, managers intend to delay or reduce write-down, or even not show impairments. This issue is especially crucial or asset-intensive firms in volatile markets. A review of Note 12, the economic situation in Ireland has continued to deteriorate and severe recession has impacted all Irish retailers resulting in large trading losses in Ireland during the year, while an impairment loss in plant and equipment assets is slightly lower than expected. Capitalized R&D outlays The economic benefits from research and development are highly uncertain. In this case, the company capita lize IT projects, which cannot clearly show us a certain future benefits. Adjustment Recommendation Although there are reasonably large chances for the managers to manage and manipulate earnings, these managements are not materially enough to make adjustment. PCI may become incentives for managers to manipulate earnings but also can be seen as incentives for managers to work on their best for the company as the higher earning achieved the higher incentives they can be awarded. Therefore, no adjustments have been made on all the accounting numbers, which will be used for analysis afterwards. References Harvey Norman (2010), ‘About Us’, Website, http://www. arveynorman. com. au/page/1255509869113/about-us Harvey Norman Holdings Ltd (2010), ‘Company Profile’, Website, http://www. harveynormanholdings. com. au/companyprofile. htm Harvey Norman Holdings Ltd (2010), ‘Harvey Norman Holdings Limited Annual Report 2009†, Website, http://www. harveynormanholdings. com. au/pdf_files/2009_annual_report_final_for_release_141009. pdf Harvey Norman Holdings L td (2010), ‘Harvey Norman Holdings Limited Annual Report 2008†, Website, http://www. harveynormanholdings. com. au/pdf_files/2008_Annual_Report_FINAL_30Sept. df Keith J. Crocker, Joel Slemrod, ‘the economics of earnings manipulation and managerial compensation’, October 2006, NBER Working Paper No. 12645, JEL No. A12 Richard, D. 2009, ‘Harvey Norman Conducts Major CE Review Up to 10 Stores to Go’, viewed 10 April 2010,http://www. smartoffice. com. au/Business/Retail/N9C6R5F6 Palepu, K. G. and P. M. Healy, Business Analysis and Valuation Using Financial Statements: Text and Cases, 4th ed. , South-Western College Publishing, 2007. Appendix Appendix A Standardized Financial Statement Appendix B SWOT Analysis Strengths: As mentioned above, its franchising operation is one of the company critical success factors and as well is their strength. In addition, Harvey Norman has a commitment to improve technology and supply chain management systems in response to the market growth, which becomes its business strength. In Australia the company benefits from enormous economies of scale in both purchasing and marketing. Also, the company is one of the biggest media spenders in the country, contributing to a high level of brand recongition throughout Australia. Another strength is their strong financial position, which is indicated in the financial highlight in the annual report 2008, as a result of their effective integrated retail, franchise and property system, it has built a strong financial position and low gearing that has placed Harvey Norman in an excellent position to capitalise on any competitor failure in the market place and to take advantage of emerging opportunities. Weakness: According to a review by David Richards (2009), David Ackery, the general manager of Electrical at Harvey Norman comments that they are facing the issue of its margin with its vendors and retailers. Although the gross profit margin in 2008 is stable and slightly increased in comparison to 2007 from 25. 9% up to 26. 7% (calculated from the income statement 2008), the vendors and retailers are continuously placing pressures on its margin. Furthermore, the closure of its export and distribution businesses in Singapore and Malaysia has negatively impacted on the profitability in Asia market. Another weakness is the gaming market that had not performed as well as JB Hi Fi with Ackery (2009) admitting that it was a booming area of the market, where Harvey Norman had not taken much market shares in this area. Opportunities: Harvey Norman is being the market leader in the industry and has improved and maintained its market share position in Australia, which makes it difficult for new entrants to enter into the market. Harvey Norman has the opportunities to continuously expand its operations into international markets as it has been proven in its successful operations in overseas such as New Zealand. As a result of its strong financial position, Harvey Norman has the capability and ability to invest in expanding its operations in other geographical areas that are potentially profitable as well as extending its product offerings. Threats: Global economic recession is a major threat to any industries and companies including Harvey Norman. Also, capital market liquidity crisis, contracting monetary policy, high inflation and petrol prices are negatively impacting on consumer sentiment, which decrease the demand and thus, profitability. Prices on electrical items had been falling due to a rising Australian dollar and the rapid obsolescence of many technology products, which lower its profit margin and increases expenses. Appendix C Project and Team Work Source/Information Origin and Significance Source and information used for this project would come from Harvey Norman’s corporate website (which includes corporate profile, investor relations sections, past annual reports). Also media coverage of the company, its competitors, and market landscape/environment will also be used as reference to allow for ample understanding and analysis of Harvey Norman and its business operations. The Difficulties of Analysis on the Industry and Company Harvey Norman has business operations in multiple segments including electrical, computer, furniture, entertainment and bedding goods, with more than 160 stores located in Australia and abroad. Because Harvey Norman is a conglomerate/franchise, which provides products ranging from notebook computers to sofas to beddings, so it is slightly hard to label its business, which consequently leads difficulty finding fair industry benchmark. It is hard but interesting to analyse this case. Some other problem may be that the major information are from internal statement, and external source are either somewhat trivial or lack of detail. The Contribution of Each Group Member The work of this group project is equally allocated to each group member based on his or her strength and weakness and each group member contributes a hundred percent to their work. They are able to meet the deadline even though; everyone has their own personal commitment. Issues with Team Work and Solution