The Secret of Ella and Micha Chapter 22

Micha She looks terrified as hell, her eyes round, and her body is trembling as she says, â€Å"I love you.† My smile breaks through. â€Å"I know you do. I have ever since the day on the bridge.† She looks confused so I explain further. â€Å"When you tried to leave, I caught up with you and took you up to our spot by the lake to calm you down. When you did, you told me that you loved me.† Her lips part. â€Å"I did†¦ why didn't you tell me?† â€Å"Because I wanted you to tell me again,† I say. â€Å"When you were a little less out of it. Took you long enough, by the way.† Her lips expand to a smile and I can't help but kiss her. My body rolls onto her on its own accord, even though it hurts like hell to use my arm to keep my weight off her. She trails her fingers up my back as her legs fall to the side, giving me permission to press up closer to her. It's what we've been doing every night for the last few days, almost reaching the end, but not quite. Suddenly, she jerks back and I blink my eyes open. â€Å"What's wrong?† Biting on her lip, she sits up and I lean back, giving her room as she slips her shirt and bra off and throws them on the floor. Locks of her auburn hair fall across her chest. Grinning, I move my lips for hers again, but she shakes her head and stands up on the bed, slipping her shorts and panties off and discarding them on the floor. I've seen her naked a couple of times over the week – and once when we were sixteen and she left her curtain open – but each time gets my adrenaline pumping. She kneels down in front of me and kisses me passionately, her nipples brushing against my chest. Her body is shaking in a way that means she's nervous. â€Å"Make love to me,† she whispers against my lips. I've been dreaming about those words leaving her lips since I was sixteen. â€Å"Are you sure?† She nods with a sparkle in her eyes. â€Å"Yeah, I'm sure.† I wait a few seconds longer to give her time to back out if she needs to. She remains silent and reaches for my shirt, helping me pull it over my head so I don't have to lift up my arm. Her fingers run across my tattoo, lyrics I wrote about her, although I don't think she knows it. Then her hands find the button on my jeans and she unfastens it. Deciding to help her out, I peel my jeans and boxers off. Grabbing a condom from my wallet, I lie her down and situate between her legs. â€Å"Are you sure you're sure?† I check again. Her auburn hair is spread across the pillow and the light above our heads reflects in her green eyes as she nods. â€Å"Micha, I'm more certain about this than I am about anything else in my life.† Suddenly, I get a little nervous. This is the first time I've ever been with someone I've cared about and it's going to be different. Mentally preparing myself, I slide into her slowly so I don't hurt her. Her legs promptly constrict around my hips and she squeezes her eyes shut. I give her a minute, letting her breathe through the pain. When she opens her eyes again, I push into her further. Her head tips back as she forces air in through her nose. I start rocking in and out of her. The pained expression slowly turns to ecstasy and her eyes gloss over. It's the most beautiful thing I've ever seen. Ella At first it hurts – more than I anticipated. I'm wondering what the big deal about sex is, when he starts rocking in and out of me, pushing in further and filling me with him. The pain eases away and all that's left is hunger. I secure my legs around his hips and open up to him as his lips cover mine. He kisses me fervently and I start coming undone, releasing all control of my body and mind. I let my head fall back as he sucks and nips on my neck and down to my breasts, before returning his lips to mine. Our skin covers in sweat as his movements become harder, thrusting deeper inside me. I scream out his name as a fire inflames within me and everything comes apart. Moments later, his movements become jerkier and then he stills. His head is tipped down and his warm breath caresses my neck. He places a kiss on my collar bone, then on my lips, finally looking at me and smoothing my hair back from my damp forehead. â€Å"I love you,† he whispers with a content expression. I smile at him as he carefully slips out of me. Then he holds me in his arms and we drift off to sleep, relaxed and satisfied. *** I wake up to Micha sitting on the bed in his boxers, playing his guitar, the tune â€Å"Behind Blue Eyes† by The Who. He's got his head tipped down as his fingers pluck away. Sitting up, I rub the tiredness out of my eyes while holding the sheet up to cover my chest. â€Å"Why are you playing your sad song?† I ask. He keeps singing, shutting his eyes, really getting into it. â€Å"It's not my sad song anymore.† His fingers keep playing. I tuck my legs under me and kneel up in front of him. â€Å"Since when?† â€Å"Since the night you opened up to me,† he says. â€Å"And it was playing over and over again. From now on, every time I hear this song, I'm going to think of you.† I shut my eyes and listen to him play a little longer, letting his beautiful voice flow over my skin. When he stops playing, I open them back up right as he yanks the sheet away from me. I scream and then laugh as he lays me back down and enfolds his body over mine. I kiss him passionately, giving extra attention to the ring in his lip. â€Å"I have to tell you something,† he says when I free his lip ring from my teeth. The sound in his voice makes me uneasy. â€Å"Okay†¦Ã¢â‚¬  He sighs and rakes his fingers through his hair. â€Å"I think I'm going to go on the road with Naomi and her band.† I sit up, shocked, and nearly bump foreheads with him. â€Å"Did she ask you to join?† â€Å"Yeah, a few weeks ago, but I told her I had to think about it.† He rolls to the side, bringing me with him and hitching my leg over his hip so I'm opened up and vulnerable to him. â€Å"I think this is something I have to do, otherwise I'll regret it for the rest of my life.† My mind is racing, but I force my voice to sound even. â€Å"When are you leaving?† He traces my cheekbone with his finger. â€Å"In a couple of days.† Shutting my eyes, I talk myself through it. I know I have to let him go because regrets do nothing but eat away on the inside. It's still hard, though. I force a small smile as I open my eyes. â€Å"Will you visit me in Vegas?† â€Å"Every single moment I get,† he says and seals his lips to mine. â€Å"I promise.†

Revolution in Communication

As a technology, it is called multimedia. As a revolution, it is the sum of many revolutions wrapped into one: A revolution in communication that combines the audio visual power of television, the publishing power of the printing press, and the interactive power of the computer. Multimedia is the convergence of these different professions, once thought independent of one another, coming together to form a new technological approach to the way information and ideas are shared. What will society look like under the evolving institutions of interactive multimedia technologies? Well, if the 1980†³s were a time for media tycoons, the 1990†³s will be for the self-styled visionaries. These gurus see a dawning digital age in which the humble television will mutate into a two-way medium for a vast amount of information and entertainment. We can expect to see: movies-on-demand, video games, databases, educational programming, home shopping, telephone services, telebanking, teleconferencing, even the complex simulations of virtual reality. This souped-up television will itself be a powerful computer. This, many believe, will be the world†s biggest media group, letting consumers tune into anything, anywhere, anytime. The most extraordinary thing about the multimedia boom, is that so many moguls are spending such vast sums to develop digital technologies, for the delivering of programs and services which are still largely hypothetical. So what is behind such grand prophecies? Primarily, two technological advances known as digitization (including digital compression), and fibre optics. Both are indispensable to the high-speed networks that will deliver dynamic new services to homes and offices. Digitization means translating information, either video, audio, or text, into ones and zeros, which make it easier to send, store, and manipulate. Compression squeezes this information so that more of it can be sent using a given amount of transmission capacity or bandwidth. Fibre-optic cables are producing a vast increase in the amount of bandwidth available. Made of glass so pure that a sheet of it 70 miles thick would be as clear as a window-pane, and the solitary strand of optical fibre the width of a human hair can carry 1,000 times as much information as all radio frequencies put together. This expansion of bandwidth is what is making two-way communication, or interactivity, possible. Neither digitization nor fibre optics is new. But it was only this year that America†s two biggest cable-TV owners, TCI and Time Warner , said they would spend $2 billion and $5 billion respectively to deploy both technologies in their systems, which together serve a third of America†s 60m cable homes. Soon, some TCI subscriptions will be wired to receive 500 channels rather than the customary 50; Time Warner will launch a trail full-service network in Florida with a range of interactive services. These two announcements signaled the start of a mad multimedia scramble in America, home market to many of the world†s biggest media, publishing, telecoms and computer companies, almost all of which have entered the fray. The reasons are simple: greed and fear: greed for new sources of revenue; fear that profits from current businesses may fall as a result of reregulation or cut-throat competition. Multimedia has already had a profound affect on how these businesses interact with one another. Mergers such as Time Warner, Turner Broadcasting, and Paramount have set the stage. These companies continue the race to be the first to lay solid infrastructure, and set new industry standards. Following in the shadows will be mergers between: software, film, television, publishing, and telephone industries, each trying to gain market share in the emerging market. So far, most firms have rejected the hostile takeovers that marked the media business in the 1980s. Instead, they have favored an array of alliances and joint ventures akin to Japan†s loose-knit Keiretsu business groupings. TCI†s boss, John Malone, evokes â€Å"octopuses with their hands in each other†s pockets-where one starts and the other stops will be hard to decide.† These alliances represent a model of corporate structure which many see as mere marriages of convenience, in which none wants to miss out on any futuristic markets. One may wonder how this race for market share and the merging of these corporations will affect them personally. Well, at this point and time, it is hard to say. However, there is some thought in the direction we are headed. The home market, which was stated earlier, has its origins based around early pioneers such as Atari, Nintindo, and Sega. These companies started with simple games, but as technology increased, it began to open up new doors. The games themselves are becoming more sophisticated and intelligent and are now offering some of the first genres capable of attracting and holding an adult audience. Just around the corner looms the promise of interactive television, which threatens to turn the standard American couch potato into the newly rejuvenated couch commando. Through interactive television, which will actually be a combination of the telephone, computer, and television, you will have access to shopping, movies, and other types of information on demand. As this technology increases, it will give way to a form that is known as virtual reality. Imagine, with the use of headgear, goggles, and sensory gloves, being able to actually feel and think you are in another place. For instance, going shopping at a mall could be done in the privacy of your own living room, by just strapping on your headgear. Another break through in the home market is video telephony. These are telephone systems that also broadcast video images. Imagine being able to communicate instantly with voice, picture, and text with a business colleague or a loved one thousands of miles away. Interactive multimedia systems promise to revolutionize education. In a complex world of constant change, where knowledge becomes obsolete every few years, education can no longer be something that one aquires during youth to serve for an entire lifetime. Rather, education must focus on instilling the ability to continue learning throughout life. Fortunately, the information-technology revolution is creating a new form of electronic, interactive education that should blossom into a lifelong learning system that allows almost anyone to learn almost anything from anywhere, at anytime. The key technology in future education is interactive multimedia. The purpose of multimedia in education as in so many other multimedia applications, is to: enhance the transfer of information, encourage participation, stimulate the senses and enhance information retention. Multimedia uses a powerful combination of earlier technologies that constitutes an extraordinary advance in the capability of machines to assist the educational process. Interactive multimedia combines computer hardware, software, and peripheral equipment to provide a rich mixture of text, graphics, sound, animation, full-motion video, data, and other information. Although multimedia has been technically feasible for many years, only recently has it become a major focus for commercial development. Interactive multimedia systems can serve a variety of purposes but their great power resides in highly sophisticated software that employs scientifically based educational methods to guide the student through a path of instruction individually tailored to suit the special needs of each person. As instruction progresses and intelligent systems are used, the system learns about the student†s strengths and weaknesses and then uses this knowledge to make the learning experience fit the need of that particular student. Interactive multimedia has several key advantages. First, students receive training when and where they need it. An instructor does not have to be present, so students can select the time best suited to their personal schedules. Second, students can adjourn training at any point in the lesson and return to it later. Third, the training is highly effective because it is based on the most powerful principles of individualized learning. Students find the program interesting, so they stick with it. Retention of the material learned is excellent. Fourth, the same videodisk equipment can be used to support a variety of training paths. Last, both the training and the testing are objectively and efficiently measured and tracked. Educational systems of this type, offered by IBM under the product labeled Ultimedia, engage students in an interactive learning experience that mixes color movie, bold graphics, music, voice narration, and text; for instance, the program Columbus allows students to relive the great navigator†s voyages and explore the New World as it looked when Columbus first saw it. The ability to control the learning experience makes the student an active rather than a passive learner. Other common systems include Sim City, Carmen San Diego, and a variety of popular multimedia games created by Broderbound Softwarek, one of the biggest companies in this new field. Rather than old drill and kill forms of computerized instruction that bore students, this new entertaining form of education is far more effective precisely because kids get totally immersed in an exciting experience. Classroom computers with multimedia capabilities seem to have sky-rocketed in every faucet of the education arena. From pre-schoolers to college students, learning adapting to this multimedia craze was not hard to do. Teachers and Professors alike share in this technology to plan out their curricular schedules and school calendar. Most will agree that classroom computers seem to have a positive effect on students of the 90†³s. As schools and universities become more technology driven, there will be an even bigger plea for more multimedia enhancements. The 1980†³s witnessed the introduction and widespread use of personal computers at all levels of schooling. During the decade the number of computers used in U.S. elementary and secondary schools increased from under 100,000 to over 2.5 million. A majority of students now use computers and computer software sometime during the school-year, either to learn about computers or as a tool for learning other subjects. By the end of the decade, the typical school had 1 computer per 20 students, a ration that computer educators feel is still not high enough to affect classroom learning as much as books and classroom conversion do.

Ratio Analysis on Different Pharmaceuticals in Bangladesh Essays

Ratio Analysis on Different Pharmaceuticals in Bangladesh Essays Ratio Analysis on Different Pharmaceuticals in Bangladesh Paper Ratio Analysis on Different Pharmaceuticals in Bangladesh Paper Table of Content 1. Letter of transmittal†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦03 2. Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦04 3. Ratio Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 06 4. Liquidity†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦07 i. Current ratio†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦08 ii. Quick Ratio†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 09 5. Asset management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 iii. Inventory turnover†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦11 iv. Days sales outstanding (DSO)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12 v. Fixed asset turnover†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦13 vi. Total assets turnover†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦14 6. Debt management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 vii. Total debt to total assets†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 viii. Times-interest-earned (TIE)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17 ix. EBITDA coverage†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦18 7. Profitability†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 19 x. Profit margin on sales†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦20 xi. Basic earning power (BEP)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦21 xii. Return on total assets (ROA)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 xiii. Return on common equity (ROE)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦23 8. Market value†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 24 xiv. Price/earning (P/E)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦25 xv. Price/cash flow†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦26 xvi. Market/book (M/B)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦27 9. Overall Financial Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 28 10. Balance sheet, cash follow and income statement of BEXIMCO LTD 11. Balance sheet, cash follow and income statement of SQUARE LTD 12. Balance sheet, cash follow and income statement of Renata LTD Acknowledgements At first our thanks goes to Mr. S. M. Abdus Shakur, Lecturer, School of Business, Presidency University, for giving us the responsibility to prepare this report which we found to be a rather interesting topic to work on, and for the help to prepare the report as well. We got help from many people in the context of preparing this report and some of the persons have been very helpful and cooperative with information and suggestions. And lastly, we would like to thank each other, means the group members for helping each other whenever we have to get help. Introduction: Financial Ratio Analysis is a tool used by individuals to conduct a quantitative analysis of information  in a companys financial statements. Ratios are  calculated from current year numbers and are then compared to previous years, other companies, the industry, or even the economy to judge the performance of the company. Ratio analysis is predominately used by proponents of fundamental analysis. Financial ratios are designed to help one evaluate financial statement and by comparing the results it must pay to the income it has available for payment such comparisons are made by ratio analysis. Here we take three companies from the same industry to analyze their financial statement and we also compare the findings with the total pharmaceuticals industry average. The companies name we took are- 1. BEXIMCO PHARMACEUTICALS LIMITED. 2. SQUARE PHARMACUTICALS LTD. 3. RENATA LIMITED. 4. AMBEE PHARMACEUTICALS LTD. Ratio Analysis Financial ratios are useful indicators of a firms performance and financial situation. Financial ratios can be used to analyze trends and to compare the firms financials to those of other firms. Financial ratios can be classified according to the information they provide. The following types of ratios frequently are used: 1. Liquidity ratios 2. Asset management ratios 3. Debt management ratios 4. Profitability ratios 5. Market value ratios LIQUIDITY RATIOS Liquidity ratios are the first ones to come in the picture. These ratios actually show the relationship of a firm’s cash and other current assets to its current liabilities. Two ratios are discussed under Liquidity ratios. They are: 1. Current ratio 2. Quick/ Acid Test ratio. 1. Current ratio: This ratio indicates the extent to which current liabilities are covered by those assets expected to be converted to cash in the near future. Current assets normally include cash, marketable securities, accounts receivables, and inventories. Current liabilities consist of accounts payable, short-term notes payable, current maturities of long-term debt, accrued taxes, and other accrued expenses (principally wages). Current Ratio = Current Assets/Current Liabilities BEXIMCO =28618916542602032267 1. 10 times Square=44118364363500845103 =1. 26 times Renata=988092820717068650 =1. 38 times Ambee=218724505222145758 =0. 985 times Industry average=1. 18 times 2. Quick/ Acid Test ratio: This ratio indicates the firm’s liquidity position as well. It actually refers to the extent to which current liabilities are covered by those assets except inventories. Quick Ratio = (Current Assets-Inventories)/Current Liabilities BEXIMCO =28 61891654-15052880932602032267 =1. 04 times Square=4411836436-20267363223500845103 =1. 20 times Renata=988092820-959414590717068650 =0. 04 times Ambee=218724505-135899190222145758 =0. 37 times Industry Average=0. 66 times ASSET MANAGEMENT RATIOS Asset management ratios are the financial statement ratios that measure how effectively a business uses and controls its assets. Below are discussed five types of asset management ratios: 1. Inventory turnover ratio 2. The day’s sales outstanding 3. Fixed asset turnover ratio 4. Total asset turnover ratio 1. Inventory turnover ratio: The ratio is regarded as a test of efficiency and indicates the rapidity with which the company is able to move its merchandise. Inventory turnover ratio = Gross Turnover / Inventories BEXIMCO = 40101670591505288093 =2. 66 times Square= 82310975252026736322 =4. 06 times Renata=3089746417959414590 =3. 22 times Ambee=240726296135899190 =1. 77 times Industry Average=2. 93 times 2. The Days Sales Outstanding: The Days Sales Outstanding ratio shows both the average time it takes to turn the receivables into cash and the age, in terms of days, of a companys accounts receivable. This ratio is of particular importance to credit and collection associates. Days Sales Outstanding (DSO) = Trade Debtors/ (Annual gross turnover/365) BEXIMCO =5039164014010167059/365 =19. 23 Days Square=3602456469565715902/365 =13. 75 Days Renata=3442269333089746417/365 =40. 66 Days Ambee= 38179778240726296/365 =57. 89 days Industry Average=32. 88 days 3. Fixed asset turnover ratio: The Fixed Asset Turnover ratio measures the effectiveness in generating Net Sales revenue from investments in Net Property, Plant, and Equipment back into the company evaluates only the investments. Fixed assets turnover ratio (FATO) = Gross Turnover / Net fixed assets Beximco=401016705911957773787 =0. 34 times Square=82310975258291290984 =0. 99 times Renata=30897464771656161962 =1. 87 times Ambee=24072629660695282 =3. 97 times Industry Average=1. 79 times 4. Total asset turnover ratio: The Total Asset Turnover is similar to fixed asset turnover since both measures a companys effectiveness in generating sales revenue from investments back into the company. Total Asset Turnover evaluates the efficiency of managing all of the companys assets. Total assets turnover ratio (TATO) = Gross Turnover/Total Assets Beximco=401016705914819665441 0. 27 times Square=825784373912703127420 =0. 65 times Renata=30897464173162232934 =0. 98 times Ambee=24072629657247033 =4. 21 times Industry Average=1. 53 times DEBT MANAGEMENT RATIOS Debt management ratios reveal 1) the extent to which the firm is financed with debt and 2) its likelihood of defaulting on its debt obligations. These ratios include: 1. Debt ratio, 2. Times-Interest-Earned (TIE) ratio, 3. EBITDA Coverage . 1. Debt ratio: The ratio of total debt to total assets, generally called the debt ratio, measures the percentage of funds provided by the creditors. Debt ratio = Total Debt / Total Assets Beximco=436946329614819665441 =29 % Square=428608671512703127420 =34 % Renata=15001595773162232934 =47 % Ambee= 4800990157247033 =83% Industry Average=48. 25% 2. Times-Interest-Earned (TIE) ratio: This ratio measures the extent to which operating income can decline before the firm is unable to meet its annual interest cost. EBIT = Earnings before Interest and Tax TIE ratio = EBIT / Interest Charges Beximco=963775308249654298 =3. 86 times Square=2908395181397135963 =7. 32 times Renata=69719063387270665 =7. 99 times Ambee =78642302395026 3. 28 times Industry Average=5. 61 times 3. The EBITDA coverage ratio: The EBITDA coverage ratio shows if earnings are able to satisfy all financial obligations including leases and principal payments. (EBITDA is short for earnings before interest, taxes, depreciation, and amortization. ) EBITDA Ratio = EBITDA + Lease Payment/ Interest + Principal Payment + Lease Payment Beximco=963775308+5887353+30993608+10302868 249654298+3556423568 =0. 29 times Square=2908395181+454290404+57334928+140936267397135963+2279693991 =0. 56 times Renata=697190633+1628151487270665 =1. 17 times Ambee=7864230+9614002395026+0+7864230 =0. 86 times Industry Average=0. 72 times PROFITIBILITY RATIO: Profitability is the net result of a number of policies and decisions. Profitability ratios show the combined effects of liquidity, asset management and debt on operating results. There are four important profitability ratios that we are going to analyze: 1. Profit Margin on sales 2. Basic Earning power (BEP) 3. Return on Asset 4. Return on Equity 1. Profit Margin on Sales: Profit Margin on Sales gives us the net profit that the business is earning per dollar of sales. The equation is as follows: Profit margin on Sales = Net income available to the stockholders / Sales Beximco=5453412734010167059 =13. 6 % Square=13818630938257843739 =16. 7 % Renata=4331458043089746417 =14 % Ambee=6347155240726296 =2. 64% Industry Average=11. 735% 2. Basic Earning Power (BEP): The ratio indicates the ability of the firm’s assets to generate operating income. The equation is as follows: Basic Earning Power = EBIT / Total Assets Beximco=96377530814819665441 =6. 5 % Square=290839518112703127420 =22. 9 % Renata=6971906333162232934 =22 % Ambee=786423057274033 =13. 3% Industry Average=16. 28% 3. Return on Total Assets (ROA): Return of total asset measures the amount of Net Income earned by utilizing each dollar of Total Assets. The equation is: Return on Total Assets (ROA) = Net income available to total common shareholders / Total assets Beximco=54534127314819665441 =3. 7 % Square=138186309312703127420 =10. 9 % Renata=4331458043162232934 =13. 7 % Ambee=63471555727 4033 =11. 08% Industry Average=9. 85% 4. Return on Equity (ROE): Return on Equity measures the amount of Net Income earned by utilizing each dollar of Total common equity. It is the most important of the â€Å"Bottom line† ratio. By this, we can find out how much the shareholders are going to get for their shares. The equation is: Return on Equity (ROE) = Net income available to common shareholders / Total common equity Beximco=54534127310450202145 =5. 2% Square=13818630938417040705 =16. 4% Renata=433145804155075461 =2. 79% Ambee=634715546527981 =13. 64% Industry Average=9. 51% MARKET VALUE RATIOS The final group of ratios, the market value ratios relates the firm’s stock price to its earnings, cash flow and book value per share. These ratios give management an indication of what investors think of the company’s past performance and future prospects. In this section, we are going to have a discussion mainly on three types of ratios: 1. Price/Earnings Ratio 2. Price/ Cash flow Ratio 3. Market/ Book Ratio 1. Price/ Earnings ratio: The Price/ Earnings ratio (price-to-earnings ratio) of a stock is a measure of the price paid for a share relative to the income or profit earned by the firm per share. P/E ratio = Price per share / earnings per share Beximco=104. 33 =2. 309 times Square=100114. 47 =0. 87 times Renata=100374. 44 =0. 267 times Ambee=103. 17 =3. 15 times Industry Average=1. 65 times 2. Price/ Cash Flow ratio: This ratio indicates the amount investors will pay for Tk. 1 of cash flow. The equation for this ratio is shown below: Price/ Cash flow ratio = Price per share/Cash flow per share Beximco=10(545341+147183829)/1045020214 =70. 73 times Square=100(1381863093+652561599)/18170407 =1. 11 times Renata=100(433145804+16281514)/1156787 =3. 88 times Ambee= 10(6347155+57274033)/46527981 =7. 31 times Industry Average=20. 6 times 3. Market/ Book ratio: The ratio of stock’s market price to its book value. The Equation is: Market/Book ratio (M/B) = Market price per share / Book value per share Beximco=167. 7104502021451045020214 =16. 77 times Square=3151. 258417040705/18170407 =6. 80 times Renata=7789. 75115678700/1156787 =77. 89 times Ambee=12910 =12. 9 times Industry Average=28. 59 times OVERALL FINANCIAL SUMMARY After analyzing all the ratios, we have found out the following information: 1. Liquidity Ratios: In the liquidity ratio we can see that both current atio and quick ratio is good in average for Square comparing with the industry average. Renata’s current ratio is quite well, but it seems that the company has too much inventories, so, the quick ratio got lower. 2. Asset Management Ratios: for the asset management ratios, we can see that for the first two, Square is in a good shape. But for the asset turnover ratios, Ambee plays a good role. Meaning that Square is good in turning its current assets to liquidity, and Ambee is good at moving its long term assets to liquidity. 3. Debt Management Ratios: in Debt management ratio analysis, we can see that for debt ratio and TIE ratio, both Beximco is in a good shape on an average. Bot for the EBITDA Coverage ratio, Renata does the best. But, as a whole, we can say that Beximco is quite good in managing its debt. 4. Profitability Ratios: for the profitability ratios, we can see that square is very good at both Profit margin on sales, and BEP ratios. At ROA, Square is okay, but Renata and Ambee are very good. Again for ROE, Square is extra ordinarily good. So, we can say that Squrae is very good at managing and earning profit. 5. Market Value Ratios: here we see that for the first two analyses, Beximco’s market value is higher, but for the last one, renata’s valu is higher, but Beximco’s was okay. So, we can say that in terms of market value, Beximco is good on average. From the total analysis, we can summarize that Square Pharmaceuticals Ltd and Beximco Pharmaceuticals Ltd have been doing pretty good throughout the years. It is true that for some cases both the companies are in an okay shape, but it is still pretty much satisfactory. Therefore, we can conclude that both Square Pharmaceuticals Ltd and Beximco Pharmaceuticals Ltd are good enough company to invest on.

Maritime Policy Essay Example | Topics and Well Written Essays - 2000 words

Maritime Policy - Essay Example is the case, many nationals of these developing countries occupy a significant share of the workforce that mans the OECD (Organisation for Economic Co-operation and Development) countries and open register’s fleets (Johnston, 1991). This movement of marine industry workers between flags as a result of the free working environment created by fleet managers and ship owners in assembling crews of different nationalities according to Ron, Stutchbury and Pascoe (1988) actually led to the firm establishment of the seafarers’ global labour market. This report seeks to analyze the global labour market in detail; its formation, and how it has impacted players involved in shipping companies from both developing and developed regions of the world. The report goes further to suggest ways and means of tackling problems experienced by stakeholders of the seafarers’ Global Labour Market (GLM). Initially, almost all ships were manned predominantly by people of the same nationality as the ship’s flag (Williamson, 1992). This tradition was held in part as a consequence of legal requirement with countries varying in strength in the enforcement of the law. Besides, it was also considered more practical in as much as recruiting seafarers from other countries was difficult and expensive (Tyner, 2000). Notable exceptions to these requirements, however, arose when the Liberian and Panamanian registers were created in 1949 and 1922 respectively (Tyner, 2000). Neither of the two nations involved had national seafarers’ labour markets. These anomalies however posed no significant threat to the well organised labour markets of Japan and European nations until the prolonged recession of the 70s and 80s hit world trade. The scale and pace of change in the marine workforce in the 80s was widely unprecedented. According to Alderton, in 1987 alone, there was a steady increase in the number of Filipino seafarers working in European-owned ships. The press, throughout the 80s,

Is Global Warming Skepticism just Smoke and Mirrors Essay

Is Global Warming Skepticism just Smoke and Mirrors - Essay Example Those who argue that global warming skepticism is just smoke and mirrors contend that global warming is very much real. They further insist that global warming is a phenomenon caused by man’s destructive and indiscriminate activities. They cite greenhouse gas emissions as one of the primary causes of global warming. Studies conducted by the US National Oceanic and Atmospheric Administration established that computer models based on man-made emissions of greenhouse gases (GHG) matched present manifestations of changes in the Earth’s climate (Henderson, 2005). Greenhouse gas emissions come primarily from our oil-powered vehicles and industries, and these emissions are ultimately causing the greenhouse effect responsible for climate change. Chlorofluorocarbons, hydrofluorocarbons and sulfur hexafluoride are compounds created by man. The chlorofluorocarbons are used as coolants in refrigerators and air conditioners, and these are also released in the manufacturing of alumin um. Hydrofluorocarbons are a by-product of foam and other manufacturing processes. These carbon emissions are trapped in our atmosphere for prolonged periods of time; and while they are trapped in the Earth’s atmosphere, they also trap the sun’s heat. They damage the ozone layer that protects the earth from the ultraviolet rays of the sun (Ygoy, 2007). And as more industries are being developed, more pollutants are expected to be introduced into our environment to further contribute to global warming. Many environmentalists fiercely argue against global warming skepticism because there are various scientific proofs indicating the veracity of this phenomenon. Since the start of the 20th century, the global surface temperature has increased by 0.74C.

DEBATE on Are Uniforms a Good Way to Improve Student Discipline and Essay

DEBATE on Are Uniforms a Good Way to Improve Student Discipline and Motivation - Essay Example In the US for example, it is observable that majority of schools prefer prescribing dressing codes as opposed to school uniforms, due to the lack of a strict national legislation to make wearing of school uniforms mandatory. In this context, 2006 statistics indicated that only 14% of public schools in the country had their students wearing uniforms, while 55% had dressing codes (Hamilton, 2008). A dressing code is different from uniforms in that students are allowed to wear clothing items of their choice as long as they conform with stipulated restrictions and guidelines, which, for example, may include and not limited to; length of a dress, colors, skin exposure etc. This paper is a critical evaluation on whether school uniforms should be made compulsory as a way of promoting discipline and student motivation. School Uniforms Wearing of School uniforms is a good way of promoting discipline among students as well as motivating them to concentrate on their studies. It is true to say t hat the contemporary world is full of diversity ranging from different types of cultures to social and economic disparities. This is no different in institutions of learning, where it is found that different students come from families which are different in terms of wealth. In this context, failure to impose uniforms on students would be a way of extending the disparities to schools, as each and every student would be motivated to outdo each other in terms of fashion, whereby it would be easy to tell which student comes from a poor family and which one comes from a wealthy one. This is one way of promoting inequality, which is a potential cause for student distraction as those wearing cheap clothing would be possessed by envy towards their rich counterparts (Cruz, 2001). This means that students wearing cheap clothing would have higher chances of not concentrating on what the teacher is saying, as they would be distracted constantly by the habit of evaluating each other’s ou tfit. In a mixed class for example, it would be easy to find ladies wearing provocative clothing in the effort to look sexy, which may be a major distraction to their male counterparts, who have a natural instinct of reacting positively to nudity. School uniforms are important in promoting teamwork (Cruz, 2001). It is said that birds of the same feather flock together. In this context, it means that there is a possibility of exclusion, whereby rich students may tend to form their own study groups whereas poor ones would have to form their own despite the fact that knowledge knows no boundaries. This means that coming from a wealthy family does not guarantee academic excellence, whereas coming from a poor family does not imply poverty of ideas. Uniformity in this context would be of great assistance as it would encourage students to bond and assist each other based on the fact that each and every person has his or her own capacity to understand and interpret issues, but as it is beli eved, two heads are better than one. For example, one may find that a poor student is well established and knowledgeable in a subject such as Mathematics while another from a rich family is good in Physics, but poor in Math and vice versa. If a uniform can play a major role in bringing together these two individuals to assist each other, then, the government and the society at large have a moral obligation to support

Understanding Performance Management Essay Example for Free

Understanding Performance Management Essay The mandate to operate at an optimal performance level and meet financial and organizational expectations are transforming the way organizations do business. This evolution is driving higher standards of competence in day-to-day operations and adding new pressure to increase stakeholder value. In today’s rapid-paced business climate, the agility with which a company manages performance can determine market position and company profitability. Defining Performance Management Performance management is the integrated process of defining, assessing, and reinforcing employee work behaviors and outcomes (Cummings and Worley 2005). Performance management focuses on understanding, optimizing, and aligning action and decisions and ensuring the collaboration and empowerment of all individuals across the business network. It includes practices and methods for goal setting, performance appraisal, coaching, employee development and reward systems. More than ever, organizations need broader measures of employee performance to ensure that (1) deficiencies are address in a timely manner through employee development programs that meet the needs of the organisation and its market, (2) employee behaviours are being directed toward performance of specific objectives that are consistent with the work unit and the organization strategy, and (3) employees are provided with proper and timely feed back to assist with their career development. These practices jointly influence the performance of individuals and work group, and enables them to work across strategic, tactical, and operational levels to align actions to ensure optimal performance. In order for effective performance management to take place, the process must utilize information from three time periods to do so. It makes use of data from the past in order to gather information form past performance. This information is then utilized in the present for the establishment of work plans, goals and the setting of development opportunities. These objectives therefore allow for high levels of performance in the future. The Purpose of the Performance Management System The main purpose of performance management is to make sure that employee goals, employee behaviours used to achieve these goals and feedback information about employee performance are all linked to the corporate strategy. However there is no one way to manage performance. What ever system is adopted needs to be congruent with the culture and principles that pervade the organization. Most systems of performance management has three purposes- Strategic, Administrative, and Developmental. The strategic purpose- Defining Performance One of the ways in which strategies are implemented is by management defining the desired results, behaviours and employee characteristics necessary for carrying out strategy. They can then develop measurement and feedback mechanisms which will show hoe effectively results are being achieved and what to do to produce results. The organization can achieve this strategic purpose if it is flexible and amendable to changes in the goals and strategies which can occur, and also to recognise that if such changes occur, then there needs to be change in results, behaviours and characteristics of the employees, which must of necessity change to correspond with such organizational changes. The Administrative Purpose-Measuring Performance Performance appraisal information is one of the main instruments used by organizations for making administrative decisions, for example, salary administration, in terms of pay raises; promotions, retention or termination, recognition of individual performance and identification of poor performance. The Developmental Purpose- Feedback and coaching This aspect of performance management seeks to develop further, employees who are good at their jobs. In instances where employees are not performing up to standard, performance management also seeks to improve their performance through coaching. The feedback from the performance evaluation process indicates or identifies the areas of strengths and weakness in the employee performance. It is therefore critical to businesses that they recognise and fulfill the purpose of an effective performance management system as this is central to gaining a competitive advantage through the management of human resources. They also need to develop the measures by which performance can be evaluated. The discussion now turns to the development of the performance management system. It describes the major strategic decisions that must be put in place if the task force is to effectively design a performance management system. In order for a successful performance management to be established, the process must utilize five strategic decisions. 1. How the system will be used be used? 2. Who does the evaluation? 3. What areas are to be evaluated? 4. How should the evaluation be done? 5. What are the ways in which the evaluation can be done? How will the system be used Planned employee development should be one of the basic concepts of any organization’s performance management system. This is an attempt to state a broad policy which removes any option about people development by stipulating that developing people is a pillar of whatever system of management the organization espouses. This people development should be planned, not given mere lip service or expected to happen by itself. Adoption of this policy would guard against the simplistic way in which some supervisors consider themselves to be results oriented as opposed to people oriented, thus absolving themselves from people development. The major thrust of employee development will be to emphasize that the development of people as the best means available to achieve results for the organization. Three new thoughts are intended in this policy rec ¬ommendation. First, because development is different for everyone, there should be individual development plans. While there may always be areas of growth or development common to many at the same time, these ought not to be the sum total of the people develop ¬ing process taking place. It is often an easy excuse for supervisors point to plant–wide or company–wide â€Å"people† programs as a way of absolving themselves of their people developing responsibility. The second operable word in this policy state ¬ment is review. The supervisor is required to follow up on the people development plans. They are not to be spoken of enthusiastically for a brief period and then forgotten. If documented on company forms, they ought not to be forwarded to some staff office as though float ¬ing off into never–never land. They require monitoring so that progress can be checked periodically. Third, individual plans should be reviewed at least annually. This is an attempt to offer some time frame for periodic review, so as not to make the task too time–consuming. Furthermore, a lot can happen in twelve months, so that this time span is not too soon for considering new situations that might warrant chang ¬ing or updating the plan. Many practicing managers indicate a twelve month time frame as a practical one, especially when the development plan is discussed in the context of the annual performance evaluation. Each of my subordinates should work out a specific plan of personal development. Two thoughts are contained in this policy statement. First, each subordinate is to have a development plan. Again, we speak of the universality of develop ¬ment. This isn’t only for the weak, or only for those identified as shinning stars, or only for any select lucky or unlucky few. Everyone has developmental needs in order to help achieve the mission of the organization. Second, there is the question of who works out this plan for development. Some may immediately think of some subordinates who do not appear capable of working out their own personal development, hence this may prompt a negative vote (or â€Å"false† mark) on this state ¬ment. Clearly there will be some individuals less qualified than others to work out such a plan. But the intent is not to expect people to do it alone – quite the contrary. The real point of this statement is to fix on the subordinate a sharing of the development responsibility for which the supervisor is accountable. It becomes then a shared responsibility between the supervisor and the subordinate. I should require individual development plans from each of my subordinates Again many mangers can point to individuals who might state, or have stated, they are not interested in development. We’ve all encountered people like that. They readily assert that they have no interest in getting promoted; they know their job, they do it well, they simply want to work 9 to 5 and leave the jockeying for positions to someone else. This is precisely why the uni ¬versality of the need for development needs reinforcing. It ought not to be an option. The organization cannot afford to let people maintain that attitude. It is not what we want to people to think of promotion or becoming managers or anything they truly do not want to become, but in order to continue to perform well in the present areas of responsibility, people must keep pace with develop ¬ments in their field. Because no job stays the same, no jobholder can stay the same. â€Å"Future shock† is a concept with which we are all familiar. So much happens in the work developments around us that no job remains the same very long. Hence, if a worker is doing the job the same way he or she did a year ago, that person is less effective, if not completely wrong. Periodic on–the–job coaching is a major part of an individual’s development. The hope here is that the supervisor will feel at home with the statement and its implications. Periodic instruction or assistance on the job is an everyday occurrence. No one will deny the need for giving instruction or assistance on the job to those who need it, and some need it more that others. If we can begin to see this part of the warp and weft of individual development, then the universal change envisioned in these statements will not be so threatening to some. Who evaluates Performance appraisal of the employee should be done by immediate supervisor. The supervisor is the one who is usually in the best position to observe and evaluate his or her subordinates’ performance and he or she is responsible for that person’s performance. References I/O psych text Another approach that can be used is peer appraisals. According to kane and Lawler(1978), three techniques are usually used : (1) Peer nomination- each person nomoinates a specified number of group members as being highest in particular dimension of performance. (2) Peer rating- each group member rates the others on a set of performance dimensions using several kinds of rating scales. 3) Peer ranking- each member ranks all others from the best to worst on one or more performance dimensions. The Appraisal of an employee by his or her peers can be effective in predicting future management success. One problem however is log rolling; that is all the peers simply get together to rate each other highly. Also many group members donot like to evaluate one another, so part of the method hinges on impressing participants with its values. There is also the rating committee which is usually composed of the employees’ immediate supervisors and three or four other supervisors. This type of rating is useful and advantageous because while there may be discrepancies in the rating s made by individual supervisors, the composite ratings tend to be more reliable, fair and valid. Another advantage is that several raters can cancel out problems like bias and the halo effect on the part of the individual rater. Employee evaluation can also be done by employees assessing their own behaviour. This is known as the self assessment technique. The basic problem with this is that employees usually rate themselves higher than they are rated by their supervisors or their peers. Meyer(1980) reorted a study in which engineers rated their own performance against their views of the performance of other engineers in the company. On average, each engineer thought he or she was performing better than 75% of the rest of the engineers in the study. Statically, it is quite a trick to have a 100% of the workforce be in the top 25%b of job performers. This underscores the biggest problem with self- assessment: positive leniency. Most people have higher opinions of their own performance than others do. There is also the other form of appraisal which is appraisal by subordinates, otherwise known as upward feedback. In this situation, subordinates are anonymously asked to evaluate their supervisor’s performance. When this type of appraisal is conducted throughout the firm it really helps the top managers to diagnose management styles, identify potential people problems and take corrective action with individual managers as required. Appraisal may also be conducted through performance feedback from all the persons with whom the employee has to interact; this interaction is referred to as 360-degrwee feedback. The appraisal can take place between coworkers, subordinates, and internal and external customers. The Performance Appraisal Interview and the Coaching Process The appraisal interview is one in which the supervisor and subordinate review the appraisal and make plans to remedy deficiencies and reinforce strengths. For many supervisors the formal performance appraisal interview is one of the most dreaded activities of the role. Of course, supervisors often have no problem evaluating the outstanding performer. The problem is with everyone else. They are put in the position of providing information to a subordinate that often runs contrary to the subordinates own self-evaluation or self-image. This can lead to a number of outcomes that many managers would prefer avoiding. In conducting appraisal interviews effectively there are four major things that supervisors must do in preparation for interview: 1. Spend a lot of time preparing; go over the subordinates performance, your own interactions, the history of the employee; if the employee reports to a number of supervisors, make sure you have input from all relevant sources 2. They must assemble data, study the person’s job description, compare the employee’s performance standards that would be evaluated against, and review the files of the employee’s previous appraisals. 3. Supervisors should also prepare employees, that is , give them at least a week notice to review their work, read over job description, analyze problems and gather their questions and comments so that the interview can be a two-way conversation. 4. A mutually agreeable time should be choosen ofr the interview. Enough time time should also be scheduled for the intertview. Having prepared for the interview there are four important things that supervisors need to cognizant of: ? Supervisors should attempt to be direct and specific all times. They should speak in terms of objective work data such as absences, tardiness, qulit records, inspection reports, productivity records and cost reduction. This is done so that employee is aware of all the areas that he or she is being appraised on. ?The supervisor should also encourage the appraisee to talk. Stop and listen to what the person is saying. The supervisor should ask opened questions such as â€Å" what do you think we can do to improve the situation ? ? Do not get personal. Supervisors should try to compare employees’ performance to given standards and not to othe performance of other people. This can help to avoid confrontation or misunderstanding between the appraiser and appraisee. This also ensures that the person know what they are doing wrong and what they are doing right. The supervisor s hould ensure the persons understands , and get agreement before he or she leaves on how things will be improved and by a give n date . An action plan shoud also be developed showing steps and expected results. Coaching: Some General Guidelines be as specific as possible take advantage of critical incidents-for example after a major project, sit down and reflect with your subordinate about lessons learned identify specific developmental agendas identify resources available to subordinates adapt your coaching style to the individual Link to compensation Many people may argue that a performance appraisal is little more than a tool for managers to use in wringing as much work as possible from individuals without adequately rewarding them. This perception is difficult to deny if you have ever been the victim of such exploitation. Indeed, it must be recognized that a dishonest and secretive performance appraisal system will only exacerbate poor employee relations. However, if employees believe that the system can assist them in furthering their own careers and economic prospects, performance appraisals can actually boost employee morale. Performance appraisals are particularly useful in facilitating equitable decisions about salary if the agency uses a merit pay system as the basis for salary progression. A merit pay system requires a method for translating judgments about work quality into appropriate salary actions. Pay increases of varying sizes must be rationally explained if a merit pay system is not to seem arbitrary. If an organization has an automatic pay system, with scheduled salary increases, performance appraisals will help identify (and justify the termination of) unsatisfactory employees who demoralize others, since they receive the same salary increases as good workers. Recent research (Bannister Balkin, 1990) has reported that appraisees seem to have greater acceptance of the appraisal process, and feel more satisfied with it, when the process is directly linked to rewards. Such findings are a serious challenge to those who feel that appraisal results and reward outcomes must be strictly isolated from each other. Methods for performance appraisal