Organization Need People or People Need Organization Essay Example For Students

Association Need People or People Need Organization Essay Hierarchical Behavior PEOPLE NEED ORGANIZATION OR ORGANIZATION NEED PEOPLE SUBMITTED BY MONIKA RAJPUT MBA 1. Presentation Definitely association consistently works for its clients. Benefits of any association are just relying upon the no. of clients it have. So you can say that association needs individuals (as clients) for its appropriate development and supportability. On the opposite side inquiry emerges that how an association work? Straightforward answer! The individuals working for the association make it to work. This gathering of individuals is known as workforce. Is it not the two of a kind which is consistently centers for the benefit, development and individual necessities whether it is an association or the individuals. Without individuals, association can't accomplish their objectives, and the other way around without association individuals can't satisfy their necessities and wants . So both the association and individuals are commonly reliant on one another. Let’s talk individually. 2. WHY ORGANIZATION NEED PEOPLE There are two manners by which an association needs individuals for its reality 1. As Customers 2. As workforce 1. AS CUSTOMERS With the expanded globalization of business sectors, rivalry among advertise players has gotten progressively serious. In this serious market, one of the most significant elements is the accomplishment of consumer loyalty and greatness in administration. In spite of the fact that the idea of consumer loyalty in client arranged administration isn't new, the connection among clients and partnerships has been changing practically every day. Clients are turning into the supreme substance for companies as an official conclusion creators for business arrangements and acquisition of items. All associations exist to serve a client. Clients are genuine individuals, not account numbers or endeavor names. Along these lines, client purchasing choices are all the time made for enthusiastic reasons. It is in this manner generally critical to get clients, their degree of fulfillment, and their assessments of an endeavor, just as their assessments of its rivals, if the venture is to develop and improve its piece of the pie. SWOT examination can likewise assume a job in getting clients. Subside Drucker, the exceptionally respected administration researcher and essayist, expressed, â€Å"The just legitimate meaning of business design is to make a client. † Successful associations of things to come will be those that can give merchandise and ventures to the clients who need it, where they need it, and in the amount and at the value they need it, in this manner pleasing instead of simply fulfilling clients. Client enjoyment will prompt dependability, which is one of the basic pointers used to quantify the accomplishment of an advertising system. Administrations can't, in any case, be performed without some type of connection between the maker and the shopper and can't be put away and held for later use in the manner normal of numerous substantial products. Business companies put forth attempts to make and furnish their clients with higher worth included, which comprises of components, for example, lower costs, extra advantages, and uniqueness in administrations. With fast advances in data and correspondences innovation, companies can exploit the rising IT frameworks to make foundation inside the association to improve responsiveness to client needs and to follow those necessities, in this way improving consumer loyalty altogether. Top administration ought to know about how to tap its intensity to improve client administrations, bringing about better assistance quality and smoothing out of procedures. Here is a model where you can find that why clients are significant for the presence of an organization or association Model 1: Auto insurance agencies require data about individuals who live with you Are vehicle safety net providers permitted to require data about the individuals who live with you for your accident coverage strategy? The general concept of an accident coverage organization requesting such data from you may appear to be hostile. All things considered, what business is it of theirs, who lives in your houseâ€particularly in the event that you are the main individual driving the protected vehicle? Insurance agencies must consider an assortment of components before deciding the last cost of your accident protection strategy. Recall that the protection supplier isn't just safeguarding the cost of the vehicle, yet additionally guaranteeing the government assistance and prosperity of every traveler associated with an impact The insurance agency will demand that any individual who lives in a similar house, and who as often as possible or unpredictably works a similar vehicle as a guaranteed driver, must be represented on the approach and should accept responsibility as a subsequent driver. Thusly, on the off chance that a youngster happens to legitimate age, at that point the insurance agency will typically demand that the person in question is formally added to the strategy, except if they have their own different approach. Does the insurance agency reserve the privilege to get some information about different drivers in your home? Certainly. The insurance agency is attempting to choose if they need to put resources into your driving wellbeing. Additionally remember that the National Highway Traffic Safety Administration (NHTSA) requires insurance agencies to request this data, as this demonstrates the organization to be an authentic and authorized protection supplier. Since the insurance agency is required to pose this inquiry, they should be offered a response relating to all individuals from the close family, and their driving history. This data will assist the organization with assigning an appropriate accident coverage rating, and will at last choose the measure of hazard included. Continuously answer this inquiry honestly. In spite of the fact that no one appreciates obtrusive addressing, with regards to protection arrangements, these inquiries must be replied. All things considered, you as an essential driver need to reveal any potential situations to the insurance agency well ahead of time of an agreement being agreed upon. At whatever point an unexpected situation happens (something not recorded on the approach) at that point it is normally not secured. Not honestly responding to questions is equivalent to distortion. This will bring about a forswearing everything being equal and an abrogation of the strategy. So you may effectively reason that why association need individuals as clients. Let’s take one more model The promoting idea and reasoning is perhaps the least complex thought in showcasing, and simultaneously, it is additionally one of the most significant advertising ways of thinking. At its very center are the client and their fulfillment. The advertising idea and theory expresses that the association ought to endeavor to fulfill its clients needs and needs while meeting the associations objectives. In basic terms, the client is above all else. The ramifications of the showcasing idea is significant for the executives. It isn't something that the showcasing division controls, nor is it the sole space of the promoting office. Or maybe, it is received by the whole association. From top administration to the least levels and over all branches of the association, it is a way of thinking or method of working together. The clients needs, needs, and fulfillment ought to consistently be principal in each chief and workers mind. Wal-Marts maxim of fulfillment ensured is a case of the showcasing idea. Regardless of whether the Wal-Mart worker is a bookkeeper or a clerk, the client is in every case first. Model 2: Selling reasoning of portage engine organization The Ford Motor Company is likewise a genuine case of the selling theory and why this way of thinking doesn't work in numerous cases. Portage delivered and sold the Model T for a long time. During its creation, the car advertise pulled in more rivalry. Not exclusively did the opposition start to offer vehicles in different hues, the styling of the opposition was seen as current and the Model T got considered as antiquated. Henry Fords children knew about the adjustments in the car market and attempted to persuade their dad to adjust. Notwithstanding, Henry Ford was certain that his normalized low-value car was what the open required. Subsequently, Ford went to advertising strategies to sell the Model T. It kept on selling, yet its piece of the pie started to drop. Inevitably, even Henry Ford needed to perceive purchaser wants and present another model. The selling reasoning accept that an all around prepared and spurred deals power can sell any item. In any case, more organizations started to understand that it is simpler to sell an item that the client needs, than to sell an item the client doesn't need. At the point when numerous organizations started to understand this reality, the selling period offered route to the promoting time of the showcasing idea and reasoning. 2. AS WORKFORCE An association is an arranged coordination of various individuals and their exercises for the accomplishment of some particular objectives through division of work and progression of power. The association is separated into unmistakable divisions like showcasing, creation, fund, and work force and all the office need individuals who are ace in their fields and can accomplish association objectives and targets. Representatives or laborers are the most basic elements of business. It is seen that the fundamental goal of practically all the association is benefit amplification. So as to achieve most extreme benefit and riches, association needs individuals with inventive and creative thoughts. Authority Essay SummaryFor everyday endurance they need food, cover and so forth. For this they need associations which give them these. So individuals need these associations as clients for their requirements. To sum things up, what might occur if individuals lived separately? Associations are imperative to our general public, since associations give us wellbeing, improve our comprehension, decrease pressure and most significant fulfill our day by day needs. EXAMPLE5: Shopping Malls for Purchasing Example which underpins the reality individuals need association is the opening of any shopping center. Presently a day shopping centers are generally normal, we can see shopping centers even in little urban areas. So

The Red Badge of Courage Essay -- English Literature Essays

The Red Badge of Courage The Red Badge of Courage, by Steven Crane, has been viewed as one of the best war books ever. It is a story that practically portrays the American Civil War through the eyes of Henry Fleming, a standard ranch kid who chooses to turn into a trooper. Henry is extremely resolved to turn into a saint, and the story discloses to Henrys journey from being a youthful defeatist to turning into a bold man. This journey is the exemplary excursion from guiltlessness to encounter. To start, the story begins with an immense discussion between the officers. One kid had heard talk that the regiment would be proceeding onward to take on a conflict the following day. A portion of the officers concur with this kid. Others imagine that their regiment will never go into a genuine fight. While watching this contention, Henry, the hero, concludes that he would prefer to go set down and think rather then partake in the warmed contention between the troopers. Henry, a basic ranch kid, is somewhat energized when he hears the gossip that they will be battling soon. It had consistently been a fantasy of his to battle in a war, and become a legend. Presently his fantasy was working out as expected. Henry starts to consider what life resembled before he entered the military, and recalls a few accounts of war he has gotten notification from old veterans. This flashback is viable in indicating how his past encounters have influenced his musings on war now. It is extremely certain that he is anxious about the possibility that that he won't have the option to withstand the weights of a war. He continues disclosing to himself that in the event that he needs to turn into a saint and acknowledges he can not flee. He should stand out the fight with the remainde r of his individual officers. While walking along, Henry sees the principal carcass he has ever observed. He shows sorry for the man in light of the fact that the dead man had passed on in such poor conditions. The spirits of his shoes were worn exposed. At the point when Henry sees the carcass, he starts to think about whether his officers really realize what they are doing. He imagines that the commanders are driving him directly into a snare and directly into the center of the adversary, the radicals. Henry manages his dread of fight by acting quiet and sure. He goes about as though he has been in a thousand fights, and gripes about the strolling. It shows one of Henry’s resistance instruments and how he can utilize his egotism to shroud his honesty. Regiment 304 proceeds onward to fight the following day. Henry is getting exceptionally frightened, however is too ... ...hello will be battling will be extremely intense, and the general is searching for save regiment. The pioneer feels that it is extremely unlikely Regiment 304 will endure the fight alone, and calls the warriors ‘mule drivers’, believing that they are moderate, and rather moronic. At the point when Henry and Tom hear this, they are extremely disturbed. They are resolved to contend as energetically as could reasonably be expected, and with everything that is in them. Henry and Tom substantiate themselves well in the fight. They take the confederate banner, and are both daring enough to go out on the field without weapons. After the regiment withdraws, the general perceives the two fighters as very fearless, and remark that they are fit to be officers themselves. This last activity is the thing that concludes the development from blamelessness to encounter for Henry and Tom. They went into the war as meager young men, furthermore, presently they are proceeding onward as men. They have both earned their red identifications of mental fortitude, just as the legend status they had longed for getting until the end of time. Taking everything into account, The Red Badge of Courage is an incredible novel and I trust you will take an opportunity to understand it. However, on the off chance that The Red Badge of Courage isn't for you, Steven Crane has a lot progressively incredible books

Blog Archive Monday Morning Essay Tip Multidimensional Brainstorming, Part 2

Blog Archive Monday Morning Essay Tip Multidimensional Brainstorming, Part 2 Many MBA candidatesâ€"whether they are working as bankers or  lawyers, in internal corporate finance or corporate strategyâ€"feel they must tell a “deal story” in their application essays. Although discussing a deal can be a good idea, showing your distinct impact on the deal is what is vital. Remember that  you  are the central character, not the deal. As we have discussed before (Monday Morning Essay Tip: Conflict Is Compelling), a straightforward story about how you dutifully completed your work and steadily supported  others as a deal became a reality is not likely to be very compelling. Further, the important thing is that the admissions committee experience  your  personality, not your spreadsheets. Ask yourself the following questions to ensure that your story is truly about  you: What did you do that was beyond expectations for your role? Did you grow into additional responsibilities at a crucial time? Did any particular interactions take place in which you used your personality to change the dynamic, thereby ensuring the deal’s progress or success? Did you need to take a principled stand at any moment or speak out on behalf of a needful party? Did you help others overcome any corporate or international cultural barriers? These are just a few questions to get you started, but the point remains: do not simply offer  any  deal, but instead provide insight  into  your  deal. Share ThisTweet Monday Morning Essay Tips Tags: brainstorming Blog Archive Monday Morning Essay Tip Multidimensional Brainstorming, Part 2 Many MBA candidatesâ€"whether they are working as bankers or  lawyers, in internal corporate finance or corporate strategyâ€"feel they must tell a “deal story” in their application essays. Although discussing a deal can be a good idea, showing your distinct impact on the deal is what is vitalâ€"you  are the central character, not the deal. As we have discussed before (Monday Morning Essay Tip: Conflict Is Compelling), a straightforward story about how you dutifully completed your work and steadily supported  others as a deal became a reality is not likely to be very compelling. Further, the important thing is that the admissions committee experience  your  personality, not your spreadsheets. Ask yourself the following questions to ensure that your story is truly about  you: What did you do that was beyond expectations for your role? Did you grow into additional responsibilities at a crucial time? Did any particular interactions take place in which you used your personality to change the dynamic, thereby ensuring the deal’s progress or success? Did you need to take a principled stand at any moment or speak out on behalf of a needful party? Did you help others overcome any corporate or international cultural barriers? These are just a few questions to get you started, but the point remains: do not simply offer  any  deal, but instead provide insight  into  your  deal. Share ThisTweet Monday Morning Essay Tips Blog Archive Monday Morning Essay Tip Multidimensional Brainstorming, Part 2 Many MBA candidatesâ€"whether they are working as bankers or  lawyers, in internal corporate finance or corporate strategyâ€"feel they must tell a “deal story” in their application essays. Although discussing a deal can be a good idea, showing your distinct impact on the deal is what is vital. Remember that  you  are the central character, not the deal. As we have discussed before (Monday Morning Essay Tip: Conflict Is Important), a straightforward story outlining how you dutifully completed your work and steadily supported  others as a deal became a reality is not likely to be interesting. Further, the important thing is that the admissions committee experience  your personality, not your spreadsheets. Ask yourself some of these questions to ensure that your story is truly about  you: What did you do that was beyond expectations for your role? Did you grow into additional responsibilities at a crucial time? Did any particular interactions take place in which you used your personality to change the dynamic, thereby ensuring the deal’s progress or success? Did you need to take a principled stand at any moment or speak out on behalf of a needful party? Did you help others overcome any corporate or international cultural barriers? These are just a few questions to get you started, but the point remains: do not simply offer  any  deal, but instead provide insight  into  your  deal. Share ThisTweet Monday Morning Essay Tips Blog Archive Monday Morning Essay Tip Multidimensional Brainstorming, Part 2 Many MBA candidatesâ€"whether they are working as bankers or  lawyers, in internal corporate finance or corporate strategyâ€"feel they must tell a “deal story” in their application essays. Although discussing a deal can be a good idea, showing your distinct impact on the deal is what is vital. Remember that  you  are the central character, not the deal. As we have discussed before (Monday Morning Essay Tip: Conflict Is Key), a straightforward story outlining how you dutifully completed your work and steadily supported  others as a deal became a reality is not likely to be very compelling. Further, the important thing is that the admissions committee experience  your  personality, not your spreadsheets. Ask yourself some of the following questions to ensure that your story is truly about  you: What did you do that was beyond expectations for your role? Did you grow into additional responsibilities at a crucial time? Did any particular interactions take place in which you used your personality to change the dynamic, thereby ensuring the deal’s progress or success? Did you need to take a principled stand at any moment or speak out on behalf of a needful party? Did you help others overcome any corporate or international cultural barriers? These are just a few questions to get you started, but the point remains: do not simply offer  any  deal, but instead provide insight  into  your  deal. Share ThisTweet Monday Morning Essay Tips Blog Archive Monday Morning Essay Tip Multidimensional Brainstorming, Part 2 Many MBA candidatesâ€"whether they are working as bankers or  lawyers, in internal corporate finance or corporate strategyâ€"feel they must tell a “deal story” in their application essays. Although discussing a deal can be a good idea, showing your distinct impact on the deal is what is vitalâ€"you  are the central character, not the deal. As we have discussed before (Monday Morning Essay Tip: Conflict Is Compelling), a straightforward story about how you dutifully completed your work and steadily supported  others as a deal became a reality is not likely to be very compelling. Further, the important thing is that the admissions committee experience  your  personality, not your spreadsheets. Ask yourself the following questions to ensure that your story is truly about  you: What did you do that was beyond expectations for your role? Did you grow into additional responsibilities at a crucial time? Did any particular interactions take place in which you used your personality to change the dynamic, thereby ensuring the deal’s progress or success? Did you need to take a principled stand at any moment or speak out on behalf of a needful party? Did you help others overcome any corporate or international cultural barriers? These are just a few questions to get you started, but the point remains: do not simply offer  any  deal, but instead provide insight  into  your  deal. Share ThisTweet Monday Morning Essay Tips

Essay on Documentary †Steve Jobs Billion Dollar Hippy, Bbc

DOCUMENTARY – STEVE JOBS: BILLION DOLLAR HIPPY, BBC RESEACH QUESTIONS – based on Steve jobs and Apple MARKETING THE BRAND 1. How has apple marketed itself to the world? How has it continued with its vision over the 25 years that it has been in business? At the conference, Jobs introduced the new generation of computer with Macintosh. The computer had interactive graphic and mouse. Moreover, it promoted the brand of Apple as the pioneer of computer technology. In other words, Apple changed the trend of technology with globalization and customer. 2. What is the company philosophy and vision? The vision and philosophy of company is dominating the global market through innovating software, hardware and services. Moreover,†¦show more content†¦What was the turning point for Apple in the early stages of its business that propelled its success? Apple II was a product to make the brand of Apple 5. By how much did the business grow initially when it hit the stock market? 6. Why did the company loose market share in the 1980’s after it had such incredible initial growth? The big problem is Jobs just focused on the appearance of computer, and the operating system of Apple is not strong enough to attract customer. On the other hand, Microsoft can contribute the perfect operating system which is Microsoft window. In addition, IBM is a big competitor which incorporates with Microsoft to offer perfect computer rather than Apple. That is a reason why most of people 7. What was the Macintosh computer named after? The name of Macintosh computer after was Mac 8. Who controlled the computer industry at the time the Apple Macintosh was introduced? IBM corporation 9. How did Apple take over the market share of personal computers? Catch up the demand of market. Furthermore, Apple can exceed Customer expectation in term of technology. 10. Why was Steve jobs fired from Apple? What impact did this have on the business and its future? The conflict between Steve and John Sculley who was Pepsi operation director, is invited to incorporate with Apple by Steve Job. 11. What did Steve Jobs do after he was fired from Apple? He worked for Pixaz cartoon corporation. Then he was a

Gandhi Vs. Greek Heroes - 936 Words

The definition of heroes has been evolved variously through the ages. Greeks defined heroes as brave, strong men or demigods who accomplished great quests during their lives. People nowadays may define heroes as people who are changing the world to become a better place. A hero is someone who has given his or her life to something bigger than oneself.1 Both Greek heroes and modern day heroes complete tasks which are nearly impossible for a normal human. Mohandas Karamchand Gandhi, who was the leader of activists in getting India independence from Britain, is a great hero to many people. Although Gandhi and Greek heroes have many similar and different aspects about being a hero, there are great reasons what make Gandhi superior. Both Gandhi and Greek heroes have great perseverance and endurance to achieve their goals. Gandhi was imprisoned many times in his life, but he never gave up, and tried his best to achieve India Independence and peace. One of his great efforts is â€Å"The Salt Satyagraha† which he marched 200 miles which was accompanied by thousands of people because the British imposed a tax on salt and made it illegal for Indians to produce from sea water.2 Greek heroes also had great perseverance in completing their quests. Jason, for example, complete a quest to get the Golden Fleece by enduring all difficulties and dangers and Heracles also completed his twelve labors because of his great perseverance and effort. Therefore, perseverance and hard work are importantShow MoreRelatedQualitative Research and Celebrity Endorsement24767 Words   |  100 Pagesproduct type. It is known to be playing the role of a signalling strategy. (Mustafa, 2005). Also According to Reynolds (2000) celebrity endorsement can give a brand a touch of glamour. 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Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesavoid recognizing the capabilities of all women† (Shaarawi 1987, 131). In India a mass movement for independence developed after World War I, increasingly led by the single figure of Mohandas Gandhi. This movement marked a shift from the traditional strategies of the Indian Congress of which Gandhi was a member and which for much of its existence aimed for reforms in British policy in South Asia. After the war, the movement came to include millions of former servicemen and ordinary people

Cardiovascular Diseases A Health Challenge - 946 Words

Cardiovascular diseases continues to be a lingering health challenge globally (WHO, 2014) and also in the United States (CDC, 2014). Major efforts are geared towards tackling this health challenge; reducing the disease burden, addressing the underlying factors, as well as the risk factors. Preventing the onset of cardiovascular disease is the best approach and education is the most formidable tool for achieving the best results. For some individuals however, who already have cardiovascular diseases, treating and managing it, is the next best option and the tool for empowerment and proper management is education as well. Purpose Cardiovascular diseases occurs in many different forms, many of which can be prevented or treated with healthy lifestyle choices (Mayo Clinic Staff, 2014) and the tool for achieving this is by health education campaigns. Health education attempts to inform individuals and various populations and influence their behaviors towards healthier lifestyle choices aimed at an improved and healthier population (Minelli Breckon, 2009). As identified in the preceding paper, certain behavioral factors contribute to cardiovascular diseases, they include; tobacco use, physical inactivity, unhealthy diet, high sodium/salt intake and harmful use of alcohol (WHO, 2014). Thus, the aim of this educational campaign is to influence adoption of a healthy diet by reducing sodium content in food, as well as adopting physical activity (exercise) so as to reduce chances ofShow MoreRelatedCardiovascular Diseases : A Global Health Challenge949 Words   |  4 PagesCardiovascular diseases continue to be a ling ering global health challenge (WHO, 2014) as well as in the United States (CDC, 2014). 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Compare Contrast Perfect Compettiton free essay sample

A market is any place where the sellers of a particular good or service can meet with the buyers of that goods and service where there is a potential for a transaction to take place. The buyers must have something they can offer in exchange for there to be a potential transaction. Market structure: Market structure refers to the factors, such as size of the market, technological, cost and demand conditions and the barriers to entry and exit, that would affect the effectiveness of managerial decisions. We can also consider the market structure as describing the state of the market with respect to competition. Market structures Monopoly Perfect competition Imperfect competition Monopolistic competition c Oligopoly Overview: Perfect competition is a theoretical market structure. It is primarily used as a benchmark against which other market structures are  compared. The industry  that best reflects perfect competition in real life is the agricultural industry. We will write a custom essay sample on Compare Contrast Perfect Compettiton or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page For example , As there are millions of farmers who would produce rice amp; there are millions of consumers who would consume rice. In this case not a single buyer or seller could influence the price of rice. Perfect competition is a competitive market. Economist uses the term† competitive market â€Å"to describe a market in which there are so many buyers amp; so many sellers that each has a negligible impact on the market price. Characteristics of perfectly competitive market- 1. Large number of buyers amp; sellers: In perfect competition, there must be large number of buyers and sellers. Each buyer buys a small quantity of the total amount. Each seller is so large that no single buyer or seller can influence the price and affect the market. According to Scitovsky buyers and sellers are price takers in the purely competitive market. Each seller (or firm) sells its products at the price determined by the market. Similarly, each buyer buys the commodity at the price determined by the market. 2. Homogeneous product: Under perfect competition, the product offered for sale by all sellers must be identical in every respect. The goods offered for sale are perfect substitutes of one another. Buyers have no special preference for the product of a particular seller. No seller can raise the price above the prevailing price or lower the price below the prevailing price. 3. Free entry and exit: Under perfect competition, there will be no restriction on the entry and exit of both buyers and sellers. If the existing sellers start making abnormal profits, new sellers should be able to enter the market freely. This will bring down the abnormal profits to the normal level. Similarly, when losses will occur existing sellers may leave the market. However, such free entry or free exit is possible only in the long run, but not in the short-run. 4. Perfect knowledge: Perfect competition implies perfect knowledge on the part of buyers and sellers regarding the market conditions. As results, no buyer will be prepared to pay a price higher than the prevailing price. Sellers will not charge a price higher or lower than the prevailing price. In this market, advertisement has no scope. 5. Perfect mobility of factors of production: The second perfection mobility of factors of production from one use to another use. This feature ensures that all sellers or firms get equal advantages so far as services of factors of production are concerned. This is essential to enable the firms and industry to achieve equilibrium 6. Absence of transport cost: Under perfect competition transport, cost does not exist. Since commodities have, the same price it logically follows that there will be no transport cost. In the event of the presence of cost of transport, there will be no single price in the market. Transport cost occurs when there is no perfect knowledge of the market conditions on the part of buyers and sellers. . No attachment: There is no attachment between the buyers and sellers under perfect competition. Since products of all sellers are identical and their prices are the same a buyer is free to buy the commodity from any seller he likes. He has no special inclination for the product of any seller as in case of monopolistic competition or oligopoly. Theoretically, perfect competition is irrelevant. In reality, it does not exist. So it is a myth Profit maximization for a competitive firm: The goal of any competitive firm is to make profit. Three general rules for profit maximization under perfect competition are stated as follows: -If the marginal revenue is greater then marginal cost the firm should increase the output -If marginal cost is greater then greater then marginal cost the firm should decrease output -At profit maximizing level of output, marginal revenue amp; marginal cost are exactly same Example: Profit maximization for a perfectly competitive market.

Breaking Dawn Edward’s Pov Essay Example

Breaking Dawn Edward’s Pov Essay I girl you already. I don’t need to go forth. I can stay†¦ Mmm. It was the Eve of our nuptials and Bella and I were lying in her narrow bed together. as was our wont. Though it was August. she was wrapped in her usual swaddling cover. a protection against the iciness of my tegument. The bulky afghan did non forestall Bella’s custodies from rolling approximately. researching the unclothed parts of my organic structure. If she had her manner. both of us would be even less clad. I found shirtless to be challenge plenty. With Bella’s fingers examining the lineations of each musculus and bone above my girdle. her lips on mine. I was both awash in pleasance and sinking into concern. Some might name it public presentation anxiousness and I could non deny it. When one’s public presentation was a affair of life and decease. there was no shame in that. Bella dragged her lingua across my top lip and a rush of desire shooting through me. It was all I could make to stay still and allow the esthesis slice. If she were a lamia. I would hold rolled on top of her. stripped off the bulky afghan and pressed my full organic structure into hers. I would hold kissed her passionately. savoring her lips. her lingua. and drawing her as stopping point to me as the Torahs of natural philosophies would let. Ahhh†¦ I groaned and retreated from her fondling custodies and her delightful. warm lingua. Wait. Bella murmured. seizing my weaponries. I watched as she kicked her right leg free from the cover and wrapped it around my waist. Practice makes perfect. I chuckled. I’d heard that one before. We will write a custom essay sample on Breaking Dawn Edward’s Pov specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Breaking Dawn Edward’s Pov specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Breaking Dawn Edward’s Pov specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Numerous times. Well. we should be reasonably close to flawlessness by this point. so. shouldn’t we? Have you slept at all in the last month? But this is the frock dry run. she protested. and we’ve merely practiced certain scenes. It’s no clip for playing safe. Playing safe. My organic structure froze as I considered how easy it would be to interrupt Bella’s arm. or rupture out a smattering of her beautiful hair. or snarl her spinal column. or†¦ Bella†¦ Don’t start this once more. A deal’s a trade. I don’t know. It’s excessively hard to concentrate when you’re with me like this. I—I can’t think straight. I won’t be able to command myself. You’ll acquire hurt. I’ll be all right. Bella†¦ Shhh! Bella put her custodies on either side of my face and pressed her lips against mine. I would wish to hold been distracted by that. but it was excessively late. My head was already elsewhere. floating from the thousand-and-one ways I could harm Bella to reciting all she was giving up for me†¦her household. her friends†¦her opportunity to be a female parent. to turn old. to go something more than what she was right now. It was excessively much to give merely to be with me. In my climb hurt. I revisited an statement that Bella and I had had repeatedly. I’d neer convinced her before ; I don’t know why I thought she might alter her head now. It’s non compensate! I don’t want you to hold to do forfeits for me. I want to give you things. non take things off from you. I don’t want to steal your hereafter. If I were human— Bella stifled my expostulations by seting her manus over my oral cavity. You are my hereafter. Now stop. No moping. or I ’m naming your brothers to come and acquire you. Possibly you need a unmarried man party. My brothers must hold agreed with her. for Emmett’s ideas all of a sudden interrupted my ain. Possibly we’ll catch them with their apparels off! Hope so. Ha. hour angle! Oh. for the love of all that’s sanctum! What’s incorrect? You don’t have to name my brothers. Apparently Emmett and Jasper are non traveling to allow me bow out tonight. Bella tightened her clasp for a minute before let go ofing me. Have merriment. she said. Possibly it would be better for Bella if I left. Then I wouldn’t disquieted her with the cold feet I’d told her I didn’t have. I had no 2nd ideas about get marrieding Bella—I could barely wait to make that! My 2nd ideas were all about the nuptials dark. Yes. I should go forth. Maybe she would acquire some slumber if I did. If you don’t direct Edward out. Emmett threatened in his best. creepy-monster voice. we’re coming in after him! Bella laughed. Go! Before they break my house. Snoging her brow. I advised. Get to kip. You’ve got a large twenty-four hours tomorrow. Thanks! That’s certain to assist me weave down. I’ll meet you at the communion table. I gave her a sly smile. I’ll be the one in white. Bella announced coolly. as if we were be aftering a rendezvous at the promenade. I chuckled at that. sing the anxiousness attacks that overcame her every clip I mentioned the nuptials. Very convincing. I tossed over my shoulder as I leaped out the window. My pess landed forthrightly on Emmett’s caput. strike harding him to the land. Dammit. that injury! Emmett phase whispered. as he jumped up and took a swing at me. I dodged the clout easy. His ideas ever gave him off. You’d better non do him tardily. I heard Bella warn my brothers. Jasper leaped up and grabbed the eaves outside Bella’s window. He turned on his comforting vibraphones. Don’t concern. Bella. We’ll get him place in plentifulness of clip. Jasper? What do lamias make for unmarried man parties? You’re non taking him to a strip nine. are you? she whispered to Jasper and I had to smile. As if that would be merriment for me! No adult female had of all time affected me like Bella did. Womans could dunk themselves in blood and parade around bare all twenty-four hours and it wouldn’t make a thing for me. I should know†¦Tanya had tried such fast ones many times to acquire me into her bed. Don’t tell her anything! Emmett hissed at Jasper. gaining himself a friendly forearm shove that knocked him to the ground†¦again. I could neer crush Emmett if we fought strength to strength. but with my mind-reading accomplishment. he seldom got in a good clout. I laughed at his look as he stood up and brushed the grass off his denims. He tried to look insouciant as he readied himself for a surprise countermove. Merely as he launched himself at me. I took off running. cognizing he couldn’t catch me at full velocity. Relax. I heard Jasper answer to Bella. We Cullens have our ain version. Just a few mountain king of beastss. a twosome of silvertip bears. Reasonably much an ordinary dark out. Jasper had told Bella the truth. We would be observing our boys’ dark out with a Hunt. I didn’t need the blood at the minute. but it was still a good thought. If I fed now. so I wouldn’t have to go forth Bella to run for the first two hebdomads of our honeymoon. Besides. I merely had one more twenty-four hours to stay chaste until Bella and I were married. I did non desire to slip-up at this late date—getting out of Bella’s bed would do that a whole batch easier. Runing gave me clip to believe about the last twosome of months. As my fiance . Bella had accepted the black recognition card with her name on it attached to my history. Like the cell phone. I’d presented it as a safety safeguard. but she’d started to utilize it for other things excessively. and that had been the point. Bella had quit her occupation at Newtons Olympic Outfitters. so she didn’t have any pocket money to talk of. I was glad that she’d quit. I preferred non giving Mike Newton the chance to goggle at and entertain lubricious ideas about my bride-to-be as was his wont. Besides. I was happy that we could pass more clip together. I didn’t have to portion with her company for the three or four yearss a hebdomad she would hold worked for what I considered to be trim alteration. Unless she truly liked the job—and I knew that she didn’t—I saw no point in giving our clip together. It had been a great summer. The lone little comedown had been the father-in-law talk Charlie had initiated with me. I haven’t encountered many people who could surprise me in the last 80 old ages. but Charlie was one who could. His head was so quiet—in the sense of comparatively impenetrable to me—that while I could comprehend his feelings. I frequently couldn’t hear the interior duologue that went with them. I didn’t like the sense of insecurity it gave me non cognizing what he was believing. I was used to holding more clip to see how to respond to people than I of all time had with Charlie. One flushing five hebdomads earlier. Charlie had grabbed my arm as Bella and I were go forthing his house for the eventide. We’d found a figure of private parking musca volitanss around the country and we liked to see them every bit frequently as possible. Because he’d surprised me. I reflexively yanked my arm out of his clasp at my natural strength. Immediately. he’d put both thenars up every bit if he was give uping. He’d misguided my speedy physiological reaction as a mark of choler. The interaction reminded me of the telecasting show Cops. in which hooligans whirl around and plug an sensational constabulary officer merely on rule. Charlie must acquire that a batch. I rapidly raised my thenars to bespeak a common resignation. I would hold smiled if I hadn’t thought Charlie would construe it as a twit. Bella had missed our interaction and was go oning toward the auto. What can I make for you. Charlie? I inquired courteously. I was merely inquiring what your folks think about you suggesting to my girl. Oh. they love her. they truly do. That’s non precisely what I meant. No? I wasn’t traveling to assist him interrogate me. No†¦uh†¦I meant what do they believe of you acquiring married right out of high school? Oh! Well. you know they got married rather immature themselves. Esme already had Jasper and Rosalie to look after when she met Carlisle. They fell in love and Carlisle wanted to assist back up the childs. so he proposed when Esme was younger than he might hold otherwise. They’ve been highly happy. so they don’t have any bias against acquiring married immature. Do you think you’re old plenty to manage this sort of duty? That’s my girl you’re assuring to back up for the remainder of your life. Are you one hundred per centum sure that you’re ready for that? I will be at that place for Bella. I can guarantee you of that. What if you screw it up and things fall apart? Charlie pressed. I thought about that for a minute before replying. I knew what he was mentioning to without holding to read his ideas. There are many ways I could mess things up. I admitted. I’ve already made errors with Bella. I know that. I wasn’t here for her when she needed me. I swear to you. Charlie. I left because I wanted Bella to hold a opportunity to happen person better than me. But I found that I couldn’t unrecorded without her and so I came back. Jacob might be a better pick for her. but she still wants me and every bit long as she does. I won’t leave her. I don’t make the same errors twice. Charlie merely gave me his dark-eyed. policeman’s stare. I didn’t blasted him. He’d watched Bella suffer daily after I abandoned her. Jacob had impressed upon me all the painful inside informations he could cite about that clip. Jacob’s a good immature adult male. Charli e eventually responded. but I wouldn’t want him get marrieding her at his age. either. I took another minute to see my response. and so sighed. cognizing I’d neer convince him with words. The lone manner to cognize whether I’ll be good for Bella is with clip. I can’t offer you proof. but I love her more than my ain life and I will take attention of her. Charlie. I merely hope that I can do her every bit happy as she makes me. though I barely think it’s possible. Charlie’s stare didn’t alteration. so I continued. If it makes you feel any better. my household is behind us. and you know Carlisle good plenty to cognize that he would neer allow Bella down†¦even if I did. My household would step in for me. That’s merely the manner my parents are. They’re great people. I know they are†¦Edward. I trust Carlisle and that’s why I’m non doing more of a dither about this. I acknowledged his statement with a nod. Just so you know. Charlie†¦Bella and I discussed run offing to Las Vegas and get ma rrieding without stating anyone. But Bella didn’t want to cut you out of her determination in that manner. so we decided to do it a household event. I knew there was something traveling on! Charlie exclaimed. I had a feeling you two were traveling to take off together! Bella wants you at that place to walk her down the aisle. or the stepss. instead. I hope you can see your manner clear to make that for her on her twenty-four hours. Charlie nodded stiffly and I turned to follow Bella to the auto. That’s a fancy auto you got my girl. Yes. it’s a lender. Carlisle called in a favour for me. It’s a really safe auto. Well. that’s good. You can barely acquire a auto that’s safe plenty to portion the roads with all the bad drivers and rummy drivers out at that place. I agree. Goodnight. Charlie. ’Night. Charlie shut the front door and I saw that Bella was coming back to acquire me. I hurried toward her. What was all that approximately? Charlie wanted to hold a small man-to-man’ talk about his cherished girl. but I told him I agreed with everything he said. so he loves me now. I grinned and winked at Bella. She didn’t purchase it. No. what did he truly desire? she demanded. Tell me. or I’ll March right back and inquire him! I sighed. Charlie merely wanted to warn me about the dangers of get marrieding excessively immature and do certain I was cognize what I was making. What did you state? I said that I was old for my age. I replied. giving her a crooked smiling. You did non! Sure. why non? I am. aren’t I? I teased. Ancient. I should be grossed out being with you. Fortunately. I still look good and that’s what truly counts. We both laughed and. to my alleviation. Bella dropped the topic. Bella’s female parent. Renee. had flown in two yearss earlier and Bella was lodging near to her except when our female parents worked on the nuptials. It was uneven behaviour for a bride-to-be. but I wasn’t get marrieding Bella because she was like everyone else. Quite the antonym. When I’d come place two eventides old. Renee was sing Esme. In an effort to show her credence of me as her about son-in-law. Renee had dashed across the life room and thrown her weaponries around my cervix. Welcome to our household. Edward! she’d said. I thought possibly she was overexcited by the trip or by run intoing my household. I hadn’t expected such an ebullient salutation. though she had no peculiar scruples about Bella get marrieding me. Renee ended the clinch suddenly when her weaponries encountered my cold. difficult ego. Hmm. she mumbled as she broke off contact. Hard organic structure! was her idea. and I about laughed out loud. The image in her head was co mplimentary. non actual. She was conceive ofing what my upper organic structure looked like without a shirt. I’d already gotten acquainted plenty with Renee when Bella and I went to Florida that I knew she didn’t average anything by it. A cougar†¦just like Bella. I thought. and smiled to myself. It was a small sad to run into Renee once more. cognizing that this was the last clip Bella would see her. or perchance even talk to her on the phone. As I watched Bella over the class of the two yearss. I sensed that she was stating her adieus. If I’d had to give up Carlisle and Esme to be with Bella. I could hold done it. I had given them up one time earlier. But it was difficult to accept that I could do Bella happy plenty to give up seeing her parents. I’d asked her once more last dark whether she was prepared to make that and her response had been. Are you seeking to ditch me? Then we’d started express joying and the inquiry had gotten lost. My brothers and I didn’t acquire back from runing until a twosome of hours before the nuptials. Esme collared us instantly and sent us to the back garden to hang flower Garlands for Alice. It had to be done at the last minute or the August twenty-four hours would wilt them. Alice had prohibited me from traveling anyplace near where she was fixing Bella. so I headed to my third-floor room to do myself presentable. Alice had changed my antique dinner jacket merely plenty to change over it from vintage to vintage smart. as she put it. It did look good. I had to acknowledge. I tried to tidy my usually boisterous hair. I put some hair gel on it and convinced it to lie down in a semi-orderly manner. After a clip. Jasper came upstairs to state me that the first invitees were geting. He and Emmett would be showing them to their seats. Of class. Jasper could hold told me that from downstairs. but Alice had specifically asked him to come acquire me. so that I wouldn’t be exhibiting down the bride’s decorated stairway in full position of the invitees. I walked outdoors through the kitchen door. stating Carlisle that I’d be waiting out back. He and Esme were standing by the front door to recognize everyone as they arrived. This was the most of import twenty-four hours of my life. but I hoped to hold boundlessly more fantastic yearss to bask with my Bella. I felt extremely fortunate that she wanted me as I wanted her. I could hold lost her so easy. I heard the Denali kin arrive and recognized Tanya’s mental voice: Where’s Edward? It will be good to see that adult male again†¦mmm hmm! Who is this human miss? I can’t imagine Edward with a adult female. non even a lamia adult female. This will be interesting†¦ I smiled. sword lily to be get awaying Tanya’s clasps for good. She’d given me a difficult clip when we were populating in Alaska. She wasn’t used to being told no thank you. Neither lamias nor worlds of all time turned down Tanya’s progresss. She was beautiful and capturing. everything a adult male could desire. She merely wasn’t for me and she neer could accept that. It was one of the grounds Carlisle decided to travel our household further south. He told everyone that we were excessively conspicuous and possibly we were. all there together. but I’d had the opportunity to hear another ground in his mind—that Tanya can’t leave Edward ent irely. My male parent empathized when Tanya had set her sights on me. Carlisle had had plentifulness of pushful supporters. During his first few hebdomads at a new infirmary. nurses would line up three deep to ogle him. He had to anneal that initial involvement by stating some figure of them that he was merrily married. thank you. Of class. he wore a nuptials ring. but that didn’t discourage everyone. Once people met Esme. though. they normally stopped trailing Carlisle. She was merely excessively beautiful. interior and out. to vie with. I know Esme had ever worried that I wasn’t to the full mature as a adult male when Carlisle had changed me and that I might neer happen. or even wish for. a mate. It was true that I wasn’t interested in any of the Denali ladies. And after the problem I’d had with Rosalie when she joined our household. I didn’t expect anything good could come of such involvement anyhow. When the Denalis met the lone unmarried man lamia they’d seen in old ages. each of them had set about seeking my fondness. I didn’t fault them. peculiarly. Possibly they’d gotten tired of human work forces and wanted person more lasting to spouse with for a alteration. I could understand that to a certain grade. I didn’t travel indoors to recognize the Denalis or any of the other reachings. I couldn’t concentrate on anyone but Bella—it seemed like such a long clip since I’d seen her. I was seeking to ground myself out of an irrational fright that she wasn’t truly at that place in our house. that she had changed her head and would go forth me standing entirely at the communion table. If I listened. I could hear her voice now and so. but I couldn’t hear her ideas and that had neer bothered me so much as it did at that minute. To deflect myself. I listened at random to our guests’ ideas and found that everyone was astonished by the ornaments. Alice had put her all into be aftering this nuptials and it showed. The flowers entirely were beyond conceive ofing. Finely fragrant agreements covered every surface of our life room and the response country outside. Alice was peculiarly fond of flowers. I thought possibly it was because she’d been deprived of beauty for so many old ages at the refuge. Whatever the ground. it was a blessing for us all. Rosalie had started playing my expansive piano. doing the one instrument sound like several. I knew that Pachelbel’s Canon in D was my cue to come in the life room with Carlisle and stand in forepart of the flower-covered archway. He would come looking for me in the kitchen when the clip came. so I walked back into the house. In due class. Carlisle came to recover me and after a concluding. heartfelt clinch. we took our assigned topographic points in forepart of the assembled crowd. I stood. frozen with emotion. and watched uneasily for my beloved to look at the top of the steps on her father’s arm. I had waited a life-time to stand in forepart of these informants and declare my deathless devotedness to the 1 and merely adult female I would of all time love. Time had stopped doing sense when I eventually heard the familiar C-F-F-F notes of Here Comes the Bride. I could non believe my eyes when an angel from heaven began to fall the steps. one by one. her eyes lowered to watch her pess. It was merely when I heard her whisper Don’t allow me fall. Dad. that I knew for certain it was Bella†¦my Bella. I fretted for a 2nd that my angel might fall and I readied myself to dart across the room to c atch her. Sing the groom disappear and re-emerge someplace else would non travel over good with anybody. though I reasoned that all of the invitees would be looking at Bella. non at me. Still. possibly we should hold served bubbly before the ceremonial. merely in instance something like that did happen†¦but so. Bella was falling the concluding measure. She lifted her face. seeking for me. When our eyes eventually met. a expression of such arrant joy crossed her face that I broke into an enraptured smiling. Bella’s feelings frequently were written on her face. but today her look was utterly transparent. The worship in her eyes was unmistakable and I was exultant plenty to interrupt out in song†¦almost. Our eyes remained pasted to each other while Bella carefully traversed the fifteen-foot aisle that Alice had kept short to give Bella a just opportunity of staying unsloped. With the manner she looked in that frock. with that make-up. with everything†¦the freshness. the vermilion bloom. the prisms of cryings in her eyes†¦I wanted to hotfoot down the aisle to run into her and transport her dorsum to the communion table. But I remained patient. stretching out my thenar so that Charlie could put Bella’s manus in mine. He regarded me earnestly as he did so and I nodded my thank you to him for his great forfeit. Charlie seated himself beside Renee. with Phil on her other side. and Bella and I turned to confront the curate. I loved the traditional nuptials ceremonial with its promises and dictums. but on this juncture. each word resonated with freshly unveiled significance. When I declared I do to my beloved. I’d neer been happier in my life. I wanted to reiterate the words in every linguistic communication I knew. My lovely new married woman was overcome with emotion. When I leaned over to snog her for the first clip as her hubby. Bell a’s weaponries encircled my cervix and she held on as if she would neer allow me travel. The audience had disappeared—she merely had eyes for me. I kissed her with a crestless wave of love and tenderness that made my eyes burn with the cryings that didn’t come. and she met my passion with her ain. Emotion poured from her as she clung to me. melding her lips with mine as if we were absolutely entirely in that minute. I did non mind in the least. Bella was happy to be married to me—I could experience it in my castanetss. When the invitees began to giggle. I eased my love’s face gently off from mine and looked into her tear-filled eyes. I felt my felicity radiate from me like the heat of a coal fire and I wondered briefly if my tegument was scintillating in its freshness. When Emmett cleared his pharynx unsubtly. I turned us both to confront the loved 1s who had gathered at that place and everyone broke into smilings and quiet laughter. I could non allow travel of Bella for a 2nd. I wrapped my arm around her waist and practically carried her down the aisle when she forgot to travel her pess. Fortunately. they were hidden by the length of her frock. Another item that Alice had non overlooked. Bella was so spectacularly beautiful that I wasn’t surprised to hear a figure of inappropriate ideas as the response line shuffled easy past us and on to the counter. Alice had timed things good. so that the lamias would non hold to step outdoors until dusky. merely in instance the Sun came out. It was good that she did. because we had a beautiful nuptials twenty-four hours with plentifulness of sunlight filtering through the ancient cedars. I was inordinately pleased that Billy Black and Sue and Seth Clearwater had come to the nuptials. Despite the Cullens’ functionary position as mortal enemies of their folk. the three of them were at that place in support of Bella and Charlie. and possibly as a gesture of gratitude to Carlisle every bit good. Seth was there for me. excessively. Our friendly relationship had non faded since we’d joined forces to conflict Victoria and Riley. Congrats. cats. Seth said. coming toward me with his weaponries out. I hugged him with one arm while I held Bella tightly with the other. It’s good to see things work out for you. adult male. I’m happy for you. Thank you. Seth. That means a batch to me. Let go ofing Seth. I faced Billy and Sue with honorable gratitude. I knew they were non at that place for me. Thank you. every bit good. For allowing Seth semen. For back uping Bella today. You’re welcome. Billy replied heartily and I hoped his attitude boded good for the alteration that was coming. I didn’t cognize how I was traveling to near the Quileute wolf battalion about Bella’s approaching transmutation. It was possible that if we left the country to avoid their ancient blood feud. that Jacob still would come to run us down. He had no motive to allow me alter Bella. but I hoped that he and all the wolves would hold to the one exclusion to our pact. Billy wasn’t giving anything off with his ideas. but Sue’s head was full of concern about being in a house with so many lamias. As the receiving line moved along. the lone somewhat awkward minute was presenting Tanya to Bella. Ah. Edward. I’ve missed you. Tanya said. drawing herself near to me in an intimate embracing. She lingered a spot excessively long in my one-armed hug—on intent. I chuckled at her audaciousness as I employed one of Carlisle’s fast ones for covering with forward women†¦to imperativeness her shoulder off as if to look up to the full length of her. It’s been excessively long. Tanya. You look good. Though Bella would neer believe it. her beauty outshone Tanya’s many times over in my eyes. So do you. Tanya replied. a familiar note of yearning in her voice. With a great puffiness of pride. I interjected. Let me present you to my married woman. Kate and Carmen giggled at the accent. My joy at utilizing that word for the first clip American ginseng in my words. Tanya. this is my Bella. Bella had been unsure about ask foring Tanya and her coven. but I’d convinced her that as drawn-out family—orphans. to boot—they must be included. I besides wanted Tanya there specifically to underline the point that I was officially and for good unavailable. Welcome to the household. Bella. Tanya responded suitably. if non wholly enthusiastically. We consider ourselves Carlisle’s extended household. and I am regretful about the. Er. recent incident when we did non act as such. We should hold met you sooner. Can you forgive us? Of class. It’s so nice to run into you. Bella replied. blushing. I noted the brief flair of exhilaration among my cousins at the haste of blood before each of them contained it. The Cullens are all evened up in Numberss now. Possibly it will be our bend following. eh. Kate? Tanya grinned. Kate’s sarcastic sense of wit kicked in. Keep the dream alive. she said. turn overing her eyes. Welcome. Bella. Kate took Bella’s manus and Carmen stepped up to add hers. I’m Carmen. this is Eleazar. We’re all so really pleased to eventually run into you. M-me. excessively. Bella stuttered. I thought she was keeping up good sing she was run intoing my relatives for the first clip. We’ll get to cognize each other subsequently. We’ll have eons of clip for that! Tanya remarked. express joying. I enjoyed executing the rites of the nuptials jubilation. Alice had ordered a gorgeous. artfully decorated bar. its beauty being the lone facet of it I could genuinely appreciate. I did non enjoy get downing the chunky blob Bella pushed toward my face. but that could non be avoided with such an attentive audience. Flashbulbs popped. capturing the uncomfortable minute for all clip. Bella tossed her corsage to Angela. who blushed puce and carefully avoided the eyes of her bodyguard. Ben. which are six inches lower than her ain. When it came clip to raise Bella’s skirt and take her supporter with my dentitions. she blushed heatedly while Jasper and Emmett guffawed at her embarrassment. I wasn’t allowed to venture excessively far up her frock. since she slid the supporter below her articulatio genus before I got the opportunity. Still. it was a fun minute. seize with teething the elastic set and dragging it easy down her calf. After detaching it from her leg. I stretched the elastic into a catapult. taking for Mike Newton’s caput. The supporter snapped him in the brow and his oral cavity dropped unfastened.

Free Essays on Coming Of Age Experience

The thick feeling of anxiety, stirred together with overwhelming confusion, and finally topped off with a sprinkle of fear all rush to one’s consciousness to test whether or not one is able to withstand the spice of life experienced in adolescence. â€Å"The Coming of Age Experience† is a large melting pot of emotions. Every individual carries â€Å"a pot† in which there are many different and even new emotions involved that come to life when each person reaches a tender age where various changes occur. These ingredients can be physical, spiritual, as well as cognitive, affecting some more than others, yet everyone undergoes certain transformations at some point in their lives. This age is a time where the question of identity often arises among adolescence, and sometimes people are mistaken in what they conclude of themselves; ultimately, the short period of time is valuable in an adolescent life because of the lasting effect it has on a person. â€Å"The Coming of Age Experience† is a very significant period in life because people have to continue to find themselves and explore who they are by experiencing rough circumstances in life, while being subjected to an awakening of a bigger picture of life outside their own small world. Often times in adolescence, an individual will look for the right crowd of people to fit in with which can bring about the search for one’s self to a temporary pause. Internally, people are trying to figure out what kind of group they want to be affiliated with and also if that group will accept them. In my first two years of high school, I often tried to please people by taking on their personalities for fear that they would not accept my own; thus I never had a group of people I consistently settled with because I could only please that certain group of people so much. Finding out who I really was at that time was extremely hard because I had to deal with what people thought about me, as well as s... Free Essays on Coming Of Age Experience Free Essays on Coming Of Age Experience The thick feeling of anxiety, stirred together with overwhelming confusion, and finally topped off with a sprinkle of fear all rush to one’s consciousness to test whether or not one is able to withstand the spice of life experienced in adolescence. â€Å"The Coming of Age Experience† is a large melting pot of emotions. Every individual carries â€Å"a pot† in which there are many different and even new emotions involved that come to life when each person reaches a tender age where various changes occur. These ingredients can be physical, spiritual, as well as cognitive, affecting some more than others, yet everyone undergoes certain transformations at some point in their lives. This age is a time where the question of identity often arises among adolescence, and sometimes people are mistaken in what they conclude of themselves; ultimately, the short period of time is valuable in an adolescent life because of the lasting effect it has on a person. â€Å"The Coming of Age Experience† is a very significant period in life because people have to continue to find themselves and explore who they are by experiencing rough circumstances in life, while being subjected to an awakening of a bigger picture of life outside their own small world. Often times in adolescence, an individual will look for the right crowd of people to fit in with which can bring about the search for one’s self to a temporary pause. Internally, people are trying to figure out what kind of group they want to be affiliated with and also if that group will accept them. In my first two years of high school, I often tried to please people by taking on their personalities for fear that they would not accept my own; thus I never had a group of people I consistently settled with because I could only please that certain group of people so much. Finding out who I really was at that time was extremely hard because I had to deal with what people thought about me, as well as s...

Emergency Management Essay Example | Topics and Well Written Essays - 250 words

Emergency Management - Essay Example There is an allocation of fewer funds than was budgeted for by these organizations. For example, Red Cross was accused of exploitation of funds in Haiti quake. They received $354million in donations and allocated $106 million, the rest $248 million was not allocated. Haiti victims demonstrated, and the Red Cross was questioned, only to reveal that they were holding the money and defending Red Cross by stating it has a system and process of fund disbursement (Burns, 2006). This act is extremely unprofessional, and it decreases organization reputation and integrity (Taori, 2005). Relief in tragedy incapacitated areas is in the form of foodstuff, drugs, clothing, and shelter. Some of these commodities never reach the intended victims, which is unprofessional for the company ((Taori, 2005). This is known, since even after the donation of these items, cases of lack of them is reported by journalists who cover the stories. An example is the floods that wrecked the ‘Red River Valley’ in Minnesota and ‘North Dakota’ in 1997 spring. Red Cross did not release the donations as a report issued by the Attorney General indicated that people still had corroded basements and foundations. In addition, they had inconveniences caused by flood induced by mould and mildew. International laws mandated to govern the process of donations and disbursement. This leads to fragmentation inside the organization and delays fund disbursement (Burns, 2006). In addition, it leads to lack of proper communication within the organizations enhancing berating from agencies. This, together with lack of government support, distorts the organizations efficient running as they are institutionalized. In my opinion, I feel that there’s fragmentation and misunderstanding within and outside the organizations. The reason for the inefficiency is that these non governmental emergency management organizations lack enough

Case study about print culture Essay Example | Topics and Well Written Essays - 2000 words

Case study about print culture - Essay Example Among the things connected to the print media are; history of the book, its production, circulation and consumption, and the role of the publishers, editors and the authors in coming up with the complete and finished end product. The medium theory is a contemporary means of classifying the role of the media in an examinable mode to come up with how it impacts on the human communication and also how the human expression is captured in a bid to emphasize on the role of the media in our life and its significance (David 2005, p.12). In the recent past, it has been found that most emphasis has been laid on the content and not the medium of the communication itself. It is of importance to look at the role of the medium through which communication will reach the people and also come up with the way in which it is going to change the world’s social and cultural values. In our case, the book â€Å"Stone’s Fall† by Lain Pears is a good one in which we can observe the main theme and aim of the publisher and the author and the intention of the entire work. Darnton entails clearly the use of print as a means of communication to reach to the population and also come up with the best way in which they can understand the media best. It entails the origin of the print media since the 15th century and brings on board the concept of research in a bid to come up with a general and common way of viewing the print industry. According to the founders of the medium theory, the suggestions are that the media is the message and the channel in which communication was transmitted. The medium theory however, does not comprehensively allow people to acknowledge what the message conveys or how the information is received. It tackles mostly the concept of the media richness and also the characteristics of the medium itself. Mcluhan (1967) stressed on how channels differ and how they awaken and alter the thoughts and the

By a detailed description of any 3 of Wrdsworths Essay Example for Free

By a detailed description of any 3 of Wrdsworths Essay Almost all poetry of Wordsworth involves Nature at some level. In some poems, it is the vessel through which his philosophy is expressed ( Ode to Immortality, To a skylark, etc), while in others, Nature is described for its own sake for Nature in Wordsworths poetry is but a form of God and the poems of the latter category can be taken as hymns to God from a Nature poet. Due to the great number of poems he authored, it is difficult to isolate just three that describe his strengths as a Nature poet the best. However, since I strongly believe Wordsworth was at his best as a Nature poet in poems that show his love for Nature for its own sake and it is in these poems that his romantic imagination and narrative powers are most enchanting, I shall be describing three of the enigmatic Lucy poems Lucy Gray, Three years she grew in sun and shower and She dwelt among the untrodden ways to show Wordsworths strengths as a Nature poet. One of the attributes of Wordsworths poetry that gives them a timeless appeal is perhaps his effective use of imagery. For instance, in Lucy Gray, the establishment of Lucy as the personification of the more elusive, delicate aspects of Nature is complete in the very first stanza in the lines, You yet may spy the fawn at play/ The hare upon the green/ But the sweet face of Lucy Gray/ Will never more be seen. Here, the fawn and hare are aspects of Lucys own nature playful, innocent and common. This is reinforced in the form of a simile in Three years she grew in sun and shower She shall be as the sportive fawn/ That wild with glee across the lawn/ Or up the mountain springs. The sheer beauty of the image reaches its crescendo in the lines she shall lend her ear/ In many a secret place/Where rivulets dance their wayward round/ And beauty born of murmuring sound/ Shall pass into her face. Wordsworths greatness as a poet lies in the fact that not only is he able to describe Lucy purely in terms of nature through imagery but also, in that he can communicate his immense love for those aspects of Nature the delicate, transient and common though imagery, as he describes Lucy A violet by a mossy stone/ Half-hidden from the eye/ Fair as a star when only one/ Is shining in the sky. The Lucy poems are, in my opinion, especially relevant in the appreciation of Wordsworth as a great Nature poet for they firmly establish Wordsworths versatility as a Nature poet. Lucy the solitary child is more than just that. Lucy is the embodiment of an idea that works at several levels. At the most apparent level, she is an embodiment of the virginal, quaint beauty of the authors beloved homeland the Lake District that he missed so badly when these poems were written. Seen in the context of Wordsworths stay in Germany at this time, and his insecurities about even returning to his home, the lines The memory of what has been/ And never more will be take on a different meaning. However, it would be doing injustice to the poems if this is the only significance that is detected in the rich, emotive lines of the Lucy poems. The author is also superlative in establishing Lucy as a symbol of the unsullied, divine innocence that is so hard to find in human nature. Perhaps, the reason why Lucy dies is because the perfect innocence she embodies is something fated to be lost in the light of the common day as she grows up. Instead, remaining the eternal muse to romantic imagination, Nature said, A lovelier flower/ On earth was never sown; / This child I to myself will take,/ She shall be mine, and I will make/ A lady of my own and with this, she returned to the lonesome wild. On a different level, the Lucy poems are also beautiful parables of the love and loss of human life. Almost all the poems end with the indication of Lucys death and the author terrible sense of loss at that She lived unknown, and few could know/ When Lucy ceased to be; / But she is in her grave and oh! / The difference to me. These lines emote the absolute indifference of the world to one mans loss and mirror our isolation in our grief and yet, for Wordsworth, hope is always to be found in Nature. Hence, Lucy Gray, Wordsworth is at his finest as he transforms Lucy from a mere girl to the undying nature of hope in a single stanza Yet some maintain to this day/ She is a living child, /That you may see sweet Lucy Gray/ Upon the lonesome wild. The simple language and a rhyme scheme that imparts a musical character to the poems are the anatomical aspects of the Lucy poems that show the strengths of Wordsworth as a Nature poet. Indeed, when all the aspects of the poems are considered, they indicate a sensitive thinker in Wordsworth that seamlessly blends narrative and allegory to express his philosophy that The meanest flower that blows can give / Thought that do often lie too deep for tears.

Love :: essays research papers

It's a crazy thing to do, really. That two young people should together reach out and take hold of their future in this way--should determine that, come what may, it will be a future together--can hardly make sense. Unless, perhaps, God makes sense of it for us. For the miracle and the mystery of marriage is that God permits us to exercise just a little of his own creative power--to determine this one thing about our future: that it will be a future together. And having permitted us to be as creative as he himself is, God then asks us--and invites us--to learn also to be as steadfast and faithful as he is. What might God hope to accomplish through such a crazy invitation? God has in mind to get something done in us and to us. Stanley Hauerwas, who teaches theology and ethics at Duke Divinity School, and who almost never fails to be provocative, once wrote that the most basic law of marriage could be stated in a sentence: "You always marry the wrong person." He went on to explain: "The one thought to be Mr. Right turns out not to be. Ms. Right tends to show up after marriage. But the adventure of marriage is learning to love the person to whom you are married.... Love does not create a marriage; marriage teaches us what a costly adventure love is." He's deliberately made the point a little provocatively, but it is nonetheless true. Of course, for anyone who is married, it is true that you may not be married now to the person you once thought you were marrying. Five years from now, or ten years from now, the person sitting next to you won't necessarily be the person you thought you were giving yourself to. So if marriage requires us to choose just exactly the right person ... well, we're in very big trouble. The target keeps shifting. Marrying means promising to be faithful to someone who may keep changing. And so, the church does not ask today, "Christopher, do you love Hannah?" but rather, "Christopher, will you love Hannah?" "Hannah, will you love Christopher?" Marriage, therefore, exists not primarily to make us happy but to make us holy--though in the long run, of course, there can be no happiness apart from holiness. But it's holiness that God is after. And so in marriage God goes to work on us--begins to teach us what it means, what it will require of us, to love even just this one person as God loves each of us, with steadfastness and faithfulness.

Plato and Justice with Today’s Perception Essay

Plato’s Justice for individuals and states, and the rule of law. In the Republic, Plato posits that justice is preferable to injustice. Thrasymachus claims that injustice without recourse or consequence is the most rewarding experience. Glaucon adds the analogy of the ring of Gyges, and Adeimantus describes how appearance is often more important than reality. Plato is then faced with the rebuttal of their arguments. To illuminate his logic, he utilizes several interrelated geometrical models that tie the virtue of the soul and the functions of individuals, classes, and states together. Through these models he illustrates the organic conservative argument whereby the individual is the microcosm of the soul, and the state is a macrocosm of the soul. Plato asserts that if justice is good for the state, and the individual is analogous to the state, then justice is good for the individual. Given that justice on the state level was a widely accepted concept in Athens, it was more efficient for Plato to utilize this particular syllogism to prove his point to Thrasymachus. Plato ?s argument is only valid if he can prove that justice is good for the society or state, and that the organic conservative argument is true. In type The Philosopher Kings hold the highest virtue in wisdom. To become wise they must gain knowledge of the ultimate good through the Forms. The Forms are objects of knowledge, which sit atop a geometric progression which must be traversed in a linear fashion. The first level of knowledge contains images, shadows, pictures, desires, and emotions. Belief exists in the visible realm, where perception of objects provides the basis for belief. Contemplation of simple mathematical Forms yields linear reasoning. The final stage is the comprehension of the Forms and the capacity within human nature to comprehend the true nature of reality. Here the philosopher kings become aquianted with the concepts of equality, beauty, truth, and the Form of the ultimate good. These rulers must apply their knowledge in best method of governing possible. In particular, they must promote utmost efficiency of every participating individual in the state, as well as maintaining justice. Plato best describes his argument here: As in a well-organized state, the justice of an individual human being emerges only from the interrelationship among its separate components (Republic 443d). The application of Plato?  ¦s model of government in the early Middle Ages was certainly lacking, The working of the separate components of the Christian state was far from fluid. The divine line of rulers rarely had any knowledge of the Form of the Good like Plato is philosopher kings. Knowledge of the Form of the Good is essential to the application of Plato’s republic. Thus the logical progression towards a rule of law method only leaves one asking why it took so long to make that change. Certainly the kings and the papacy were aware of the inflexibility of a Romanesque and Platonic rule of law, but this was still a vast improvement over the biases and inefficiencies of the early statesman like kings. I would argue that a tyrannical model of government offers the best true description of what was practiced by early Christian medieval governments in Europe. In early medieval politics, the republic method of rule by statesman was the preferred Form of governance. The royal families constituted the effectual guardian class. The power to rule was based on a perceived line of divinity, which often received validation from the Catholic Church and the Papacy. Pagan undertones and social structures in Germanic communities also contributed to an environment of superstition and strict adherence to the ideal of Christianity, particularly the divine lineage and rights to rule. This is evidenced in the reluctance in medieval times to look for a king outside of the divine line even when the line offered no suitable rule It has been objected that hypothetical agreements cannot bind people; only actual contracts or agreements can impose obligations and commitments (Dworkin, 1977, 150ff). In response, Rawls says that the OP is to be used â€Å"to help us work out what we now think† (CP, 402); â€Å"it incorporates conditions†¦we do in fact accept,† (TJ 587/514) and is a kind of â€Å"thought experiment. for the purpose of public- and self-clarification† (JF, 17). Hypothetical agreement in the original position does not then bind anyone to duties or commitments he/she does not already have. Its point rather is to explicate the requirements of moral concepts of justice and enable us to draw the consequences of considered certain moral convictions that we all presumably share. Whether we in turn consciously accept or agree to these consequences and the principles and duties they implicate once brought to our awareness is irrelevant to their justification. For surely it can matter little to the justification of moral principles whether or not existing people actually do accept or agree to them. The point rather of conjecturing the outcome of a hypothetical agreement is that, assuming that the premises underlying the original position correctly represent our most deeply held considered moral convictions, then we are committed to endorsing the resulting principles and duties whether or not we actually accept or agree to them. Not to do so implies a failure to live up to the consequences of our own moral convictions about justice. For example, suppose principles of justice were to impose a duty to practice impartial benevolence among all people, and thus a duty to show no greater concern for the welfare of ourselves and loved ones than we do towards billions of others. This principle demands too much of human nature and would not be feasible—people simply would reject its onerous demands. But Rawls’s stability requirement implies more than just ‘ought implies can. ’ It says that principles of justice and the scheme of social cooperation they describe should evince â€Å"stability for the right reasons† (PL, xliii; CP, 589). Recall here the higher-order interests of the parties in the exercise and development of their capacities for justice. A just society should be able to endure not simply as a modus vivendi, by coercive enforcement of its provisions and its promoting the majority of peoples’ interests. Stability â€Å"for the right reasons† requires that people support society for moral reasons of justice; society’s basic principles must respond to reasonable persons’ capacities for justice and engage their sense of justice. Rawls regards our moral capacities for justice as an integral part of our nature as sociable beings. He believes that one role of a conception of justice is to accommodate human capacities for sociability, the capacities for justice that enable us to be cooperative social beings. So not only should a conception of justice advance human interests, but it should also answer to our moral psychology by enabling us to knowingly and willingly exercise our moral capacities and sensibilities, which are among the moral powers to be reasonable. This is one way that Rawls’s conception of justice is â€Å"ideal-based† (CP 400-401 n. ): it is based in an ideal of human beings as free and equal moral persons and an ideal of their social relations as acceptable and justifiable to them (the ideal of a well-ordered society). This relates to the second ground for the stability condition, which can only be mentioned here: it is that principles of justice should be compatible with, and even conducive to, the human good. It speaks strongly in favor of a conception of justice that it is compatible with and promotes the human good. First, if a conception of justice requires of many reasonable people that they give up their pursuit of the particular interests that constitute their conception of the good (as Rawls argues against utilitarianism), this conception could not gain their support and would not be stable over long periods of time. Moreover, assuming that the exercise and development of the moral powers are fundamental interests of citizens, a conception of justice should enable citizens to adequately exercise and fully develop these capacities. It must then engage their sense of justice, and (ideally for Rawls) they should be able to find that acting on and from principles of justice is worth doing for its own sake.. For Rawls, it speaks strongly in favor of a conception of justice if acting for the sake of its principles is experienced by citizens as an activity that is good in itself. For then justice and exercise of the sense of justice are for those persons intrinsic goods and a precondition for their living a good life..

Financial Statement - Free Essay Example

Sample details Pages: 32 Words: 9473 Downloads: 4 Date added: 2017/09/26 Category Finance Essay Type Analytical essay Did you like this example? CHAPTER ONE INTRODUCTION 1. 1BACKGROUND OF THE STUDY For the past fifteen years Ecobank Ghana Limited has been consistently been at the forefront of Ghana Banking Industry. It has won more domestic recognition than more of its much older competitors; grown into what was hitherto Ghana’s largest merchant bank; and gone on to become one of the first bank in the country to become universal bank, offering commercial as well as merchant banking products and services. Ecobank Ghana Limited has nearly monopolized the most converted bank of the year award conferred annually at the Ghana Banking Awards. The bank has won this prestigious award for five times in the years 2001, 2002, 2003, 2005 and 2006. These achievements of Ecobank Ghana Limited were made possible by analysis of its financial performance. The impact of financial analysis on the performance of the banking industry has been discussed and debated upon by many scholars in the field of finance. Researchers hav e adopted measures like analyzing the relationship between organizations investment in human resources development and their performance in analysis financial performance. Financial statement analysis can be a yardstick to measure an organization’s level of productivity and the level of contribution it should supposedly make to the development of an economy, all other things been equal. Critical assessment and analysis of financial performance should be the concern of any individual or group of people running financial institutions. Wild, Bernstern and Subramanyam (2001), defines financial statement analysis as the application of analytical tools and techniques to general-purpose financial statements and related data to derive estimates and inferences useful in business analysis. Thus financial statement analysis involves the use of simple and mathematical techniques, an understanding of accounting and appreciation of business strategy to gain insight into the reporting co mpany’s history, current position and future prospects through examination of the company’s financial statement. The main function of the financial statement of a company is to provide information that will enable shareholders and loans creditors to evaluate the performance and financial position of a company. However, the absolute amount of profit or assets and liabilities, show in the financial statements is not usually a particularly meaningful criterion for evaluating the performance or financial position of any business. The primary financial statements of a company mostly analysis by users are; †¢ Profit and Loss Account †¢ Balance Sheet †¢ Cash Flow Statement Financial statement analysis consists of three broad areas, namely; profitability analysis, risk analysis and analysis of sources and uses of fund. Financial ratios are the fundamental analytical tools for interpreting financial statements. With the aid of ratios one can determine the a bility of a company to meet it current obligation and the profitability of the company. A good working knowledge of financial statements analysis is desirable simply because such statements and ratios derived from those statements are the primary means of communicating financial information. History of Ecobank Ecobank Ghana (EBG) was incorporated on January 9, 1989 as a private limited liability company under the Companies Code to engage in the business of banking. EBG was initially licensed to operate as a merchant bank by the Bank of Ghana on November 10, 1989. It commenced business on February 19, 1990. EBG has grown consistently over the years to become one of the leading banks in Ghana and a well-recognized brand in the Ghanaian banking industry. EBG acquired a universal banking license in 2003 and has since expanded its geographical reach and broadened its scope of financial services. EBG is a subsidiary of Ecobank Transnational Incorporated, a bank holding company which currently has twelve (12) subsidiaries across West and Central Africa. EBG itself currently has three wholly-owned subsidiaries, which offer a variety of non-banking financial services to complement EBG’s broad range o banking services. The subsidiaries are Ecobank Investment Managers Limited, Ecobank Stockbrokers Limited and Ecobank Leasing Company Limited The Company’s Mission and Vision EBG’s mission is to become a strategic part of a world-class African banking group. The bank’s vision is to provide its customers convenient, accessible and reliable banking products and services. In line with this EBG seeks to create a unique Ghanaian institution through a determined focus on its customers, employees and shareholders and an absolute commitment to the achievement of excellence in the delivery of financial services. The bank therefore seeks to apply the following principles to its business decisions and conduct: Treat each customer as a preferred customer; Invest in training and development of its staff; Deliver products and services which respond to and exceed customer expectations; Develop markets and products to maintain the bank’s competitive advantage; Deliver superior returns to its shareholders; Maintain high standards of ethics and regulatory compliance at all time; Authorized Business Ecobank is authorized to: To carry on the business of banking in accordance with the provisions of the Banking Act 2004 (Act673) (the Banking Act) or any statutory modification or re-enactment thereof for the time being in force, including the following namely, borrowing, raising or taking up money lending or advancing money, discounting, buying, selling and dealing in foreign, currencies, bill of exchange, promissory notes, coupons, drafts, bills of lading, warrants, debentures, certificates, scrip and other financial instruments and securities, whether transferable or negotiable, or not; granting and issuing letters of cred it, guarantees, indemnities and circular notes; buying, selling and dealing in bullion and specie; acquiring, holding, issuing on commission, underwriting and dealing with stocks, funds, shares, debentures, debenture stock, bonds, options, obligations, securities and investments of all kinds; the arrangement and syndication of loans and advances; receiving money and valuables on deposits, or for safe custody, or otherwise; collecting and transmitting money and securities, financing trade, managing property, and transacting all kinds of agency business commonly transacted by bankers. To undertake export development and financing, intermediation of international transactions, trade development and promotion, particularly within the ECOWAS and African Region, and provision of advisory and financial services for small and medium scale industries including mining, agricultural production and development and other priority areas in the economy. To undertake and execute any trusts, the undertaking whereof may seem desirable, and also undertake the office of executor, administrator, receiver, treasurer, registrar, and to keep for any company, government authority, or body, any register relating to any stocks, funds, shares or securities, or to undertake any duties in relation to the registration of transfers and the issue of certificates. To assist in the establishment, promotion, privatization, recapitalization or liquidation of associations, companies, syndicates and undertakings of all kinds, and to secure by underwriting or otherwise the subscription of any part of the capital of any such association, company, syndicate or undertaking, and to pay and receive any commission, brokerage or other remuneration in connection therewith; and undertake general corporate financial services. Engaging in development financing or acquiring or taking by subscription or by purchase or otherwise and the holding of, shares or stock of, and investing in the securities of any company engaged in development financing or any undertaking in Ghana or elsewhere having similar objects as may be deemed by the company to be likely to advance, either directly or indirectly. (www. ecobank. com) 1. 2STATEMENT OF THE PROBLEM Most people consider the banking institutions as financial sound and profit oriented without checking the nitty-gritty of their operations. This is because Banks being service providers and for that matter their product being intangible; the stakeholders cannot promptly deduce the financial performance by simple observing the product or from the physical structure of the banks. Though the Banking Industry is one of the most viable industry in Ghana, its performance has been vital and essential to investors, customers, employees and the government. This is why the analysis of financial statement has become important in the banking industry so as to reveal financial strength and weakness in the banking industry. It therefore, becoming necess ary to analyze the financial performance and for that matter the contribution of bank such as Ecobank Ghana Limited to date, in order to make the rightful judgments of what is happening in the banking industry. 1. 3RESEARCH QUESTION It is proposed in this study to research into financial statements of Ecobank Ghana Limited from 2004 to 2007 considering the following questions: †¢ What has been the overall effectiveness of Ecobank? †¢ What is the level of profitability of Ecobank Ghana Limited? †¢ What is the level of liquidity of Ecobank Ghana Limited? †¢ Do financial ratios have any effect on decision making? 1. 4OBJECTIVES OF THE STUDY The general objective of the study is to examine the effect and relevance of financial statement analysis on the performance of the banking industry in Ghana. Other objectives of the study are: o To assess how profitable Ecoobank has been in its operations. o To assess the ability of Ecobank to meet its obligations as and when they fall due. o To examine the benefits and limitation of ratio analysis as a tool in interpreting account. o To examine the performance of management of Ecobank Ghana Limited. 1. 5SIGNIFICANCE OF THE STUDY It is hoped that the result of this research will help the management of Ecobank Ghana Limited and other Commercial Banks to take new measure in improving their financial performance. Thus it will serve as a source of information to Ecobank Ghana Limited and other Commercial Banks in Ghana to evaluate their financial performance vis-a-vis the contribution they make to the development of Ghana. Other researchers who may be studying issues that pertain to financial statement analysis would also find this study helpful. It could serve as a source of inspiration and information for their study. It is also hoped that the outcome of this study will be helpful to practitioners and students in Accounting and Finance to upgrade their knowledge on financial statement analysis. 1. 6SCO PE OF THE STUDY The study covered analysis of the financial statements of Ecobank for the past four years (2004 – 2007) using ratios. Data and information used for this study was the financial statements of Ecobank Ghana Limited for the specified period. In addition the managing director of Ecobank was interviewed to find out the uses and limitations of financial statement analysis in decision making. 1. 7ORGANIZAION OF THE STUDY The study was divided into five chapters. Chapter one was about the introduction. It gives the background of the study, statement of the problem, research question, and objectives of the study, scope of the study and how the study has been organized. Chapter Two reviewed various works related to this topic. The review analyzed, criticized and commanded certain studies that have been done prior to this study. Chapter Three focused on the methodology adopted for this study. It was about the data collection method, population and sample and the types of ratios used in the analysis. In Chapter Four, detail analysis of the financial statement of Ecobank Ghana Limited was done using financial ratios and trend analysis. Findings or results form the analysis were discussed using appropriate graphs. Chapter Five is the concluding chapter and here lessons from the study were drawn. Conclusion was based on the finding of the objectives and recommendation was made. CHAPTER TWO LITERATURE REVIEW 2. 1 FINANCIAL STATEMENTS According to Chesnick (2000), a brief review of cooperative financial statements is warranted before starting a discussion of financial analysis. Financial statements provide certain basic information that focuses on the entity as a whole and meets the common needs of external users. Three main financial statements are required from businesses; a statement of financial position (balance sheet), a statement of activities (operating statement), and a statement of cash flows. The balance sheet states the cooperativeâ €™s assets, liabilities, and member’s equity as of a particular date. The stated liabilities indicate the amount owed and are stated at cost. Member’s equity is the difference between assets and liabilities. The Statement of Cash Flows indicates cash receipts and cash disbursements during the accounting year. The Statement of Cash Flows summarizes the operating, investing, and financing activities of a business enterprise during an accounting period and completes the disclosure of changes in financial position that are not readily apparent in comparative balance sheets and income statements. One additional financial statement that is frequently available in the annual reports issued by cooperatives. The statement of Changes in Members Equity describes how various equity accounts are affected during the business cycle. 2. 1. 1 Balance Sheet. According to Meyer (2006), the balance sheet relates to an entitys financial position at a point in time, and the income st atement relates to its activity over an interval of time. The balance sheet provides information about an organizations assets, liabilities, and owners equity as of a particular date namely, the last day of the accounting or fiscal period. The format of the balance sheet reflects the basic accounting equation: Assets equal equities. Assets are economic resources that are expected to provide future service to the organization. Equities consist of the organizations liabilities, which are its obligations together with the equity interest of its owners. Assets  are  categorized as current or long-lived. Current assets are usually those that management could reasonably be expected to convert into cash within one year; they include cash, receivables (money due from customers, clients, or borrowers), merchandise inventory, and short-term investments in stocks and bonds. Long-lived assets include the land, buildings, machinery, motor vehicles, computers, furniture, and fixtures belon ging to the company. Long-lived assets also include real estate being held for speculation, patents, and trademarks. Liabilities  are  obligations that the organization must remit to other parties, such as vendors, creditors, and employees. Current liabilities generally are amounts that are expected to be paid within one year, including salaries and wages, taxes, short-term loans, and money owed to suppliers of goods and services. Non-current liabilities include debts that will come due beyond one year, such as bonds, mortgages, and other long-term loans. Whereas liabilities are the claims of outside parties on the assets of the organization, the owners equity is the investment interest of the owners in the organizations assets. 2. 1. Income Statement The  traditional  activity-oriented financial statement issued by business enterprises is the income statement. Prepared for a well-defined time interval, such as three months or one year, this statement summarizes the enter prises revenues, expenses, gains, and losses. Revenues are transactions that represent the inflow of assets as a result of operations that is, assets received from selling goods and rendering services. Expenses are transactions involving the outflow of assets in order to generate revenue, such as wages, rent, interest, and taxes. A  revenue  transaction is recorded during the fiscal period in which it occurs. An expense appears on the income statement of the period in which revenues presumably resulted from the particular expense (Meyer, 2006). 2. 1. 3 Cash Flow Statement A  third  important  activity-oriented financial statement is the statement of cash flows. This statement provides information not otherwise available in either an income statement or a balance sheet. The statement of cash flows presents the sources and the uses of the enterprises cash by classifying each type of cash inflow and cash outflow according to the nature of the type of activity, such as oper ating activities, investing activities, and financing activities. The statement’s operating activities section identifies the cash generated or used by operations. Investing activities include the cash exchanged to buy and sell long-lived assets such as plant and equipment. Financing activities consist of the cash proceeds from stock issuances and loans and the cash used to pay dividends, to purchase the companys outstanding shares of its own stock, and to pay off debts (Meyer, 2006). 2. 2 FINANCIAL STATEMENT ANALYSIS Penman (2001), defines financial statements analysis as the method by which users extract information to answer their questions about the firm. This definition implies that financial statement analysis help users of financial statement to know the statements deficiencies, what they reveal and what they do not reveal. According to Hawkins (1998), the results of financial statement analysis can play an important role in; credit decisions, valuing securities, analyzing competitors and appraising managerial performance. Brigham and Houston (1999), look at the objectives of financial statement analysis as From an investor’s standpoint; predicting the future is what financial statement analysis is all about. While from management’s standpoint; financial statement analysis is useful both to help anticipate future conditions and more important, as a starting point for planning actions that will affect the future course of events. The amount of information contained in a cooperative’s financial statements is voluminous, spanning the cooperative’s internal operations, its relationship with the outside world, and its relationship with its member or patrons. To be useful, this information must be organized into an understandable, coherent, and sufficiently limited set of data. Financial statement analysis can be beneficial in this respect because it highlights a firm’s strengths and weaknesses. Data from a c ooperative’s financial statements reveal the company’s financial condition. Examining common size statements, cash flows, and financial ratios provides management, members, and creditors a glimpse of the cooperative’s strengths and weakness. The value of a particular ration compared with a target range of values indicates the firm’s financial health, and also identifies potential problem areas. Analysis can also indicate areas of mismanagement and potential danger (Chesnick, 2000). The Flex Monitoring Team (2005), provide that financial statement analysis is important to boards, managers, prayers, lenders, and other who make judgments about the financial health of organizations. According to them one widely accepted method of assessing financial is ratio analysis, which uses data from the balance sheet and income statement to produce values that have easily interpreted financial meaning. Establishing dimensions of financial performance provided an over arching structure for identification of relevant financial indicators. Different financial indicators measure different dimensions of financial performance, such as profitability and liquidity, and all of this information is needed to make an informed judgment about the financial health of an organization. For example, profitability indicators may indicate an organization id earning a profit, but liquidity indicators may show it is having difficulty paying its bills and capital structure indicators may show a large increase in debt. 2. 3RATIO ANALYSIS Powell (2003), defines financial ratio as the relationship of one figure in the accounts to another. Ratios are expression of the relationship between two variables. In order to produce a meaningful analysis he ratios calculated should be base on figures that have a logical connection in that industry. In addition, ratio is largely meaningless unless it is judge in the context of the industry involved and in comparison with somethin g else, either the same ratio from years from other companies in the same industry. According to Gallagher and Andrew (2003), financial ratio is a number that expresses the value of one financial variable relative to another. Thus financial ratio is the result you get when you divide one financial number by another. They provide that, ratios may be used to compare. †¢ One ratio to a related ratio †¢ The firm’s past and present performance †¢ The firm’s performance to similar firms. Salmi and Martikainen (1994), present a review of the theoretical and empirical basis of financial ratio analysis. In particular, the review sought to answer two questions relating to four selected fields in financial ratio analysis literature. What are the major research lines in financial statement analysis research? What is the logical chronology and what are the central results in the primary for of these fields? The motivation for the review was the fact that the in terested parties need to know the nature and the quality of the financial information available and how to interpret and utilize it in their decision making. They conclude that â€Å"A common feature of all the areas of financial ratio analysis research seems to be that while significant regularities can be observed, they are not necessarily stable across the different ratios, industries, and time periods†. Breadley, R and Myers S (1984), provides four categories of ratios that are typically used in analyzing financial position: †¢ Liquidity †¢ Leverage †¢ Activity †¢ Profitability Liquidity ratios measure the ability to fulfill short-term commitments with liquid assets. Such ratios are of particular interest to the cooperative’s short-term creditors. The ratios compare assets that can be converted to cash quickly to fund maturing short –term obligations. The current ratio and the quick ratio are the two most commonly used measures of liqu idity. For most cooperatives, these two ratios provide a good indication of liquidity. However, these ratios do not address the quality of liquid assets. Leverage ratios measure the extent of the firm’s â€Å"total debt† burden. They reflect the cooperative’s ability to meet both short-and long-term debt obligations. The ratios are computed either by comparing earnings from the income statement to interest payments or by relating the debt and equity items from the balance sheet. Creditors value these ratios because they measure the capacity of the cooperative’s revenues to support interest and other fixed charges, and indicate if the capital base is sufficient to pay off the debt in the event of liquidation. Activity ratios show the intensity with which the firm uses assets in generating sales. This large, too small, or just right. If too large, funds may be tied up in assets that could be used more productively. If too small, the firm may be providing poor service to customers or inefficiently producing products. There are two basic approaches to the computation of activity ratios. The firm looks at the average performance of the firm over the year. The second uses year end balances in the calculations. The first method is preferred if asset balances fluctuate significantly during the year. The second method is the most commonly used approach because in practice, data limitations often force outside analysts to use year –end data. Profitability ratios measure the success of the firm in earning a net return on its operations. Profit is an important objective of a cooperative, so poor performance indicates a basic failure that, if not corrected, would probably result in the firm going out of business. Lee (1993),points out that in evaluating credit application of loans , a loan officer and credit manager who uses financial ratios as a tool to arrives at their decision on the particular firms health with an assumption of the financial rations are normally distributed, will derived a decision that departed from the actual one, if the ratios non-normally distributed. Also, many random variables have been found to be normally distributed like weight, height, age, time, snowfall, yields, dimension and other measures of interest to managers in both the public and private sectors. According to Salmi and Markainen (1994), financial ratios are widely used for modeling purposes both by practitioners and researchers. The firm involves many interested parties, like the owners, management, personnel, customers, suppliers, competitors, regulatory agencies, and academics, each having their views in applying financial statement analysis in their evaluations. Practitioners use financial ratios, for instance, to forecast the future success of companies, while the researcher’s main interest has been to develop models exploiting these ratios. Many distinct areas of research involving financial ratios can be discerned. Historically one can observe several major themes in the financial analysis literature. The existing themes include †¢ The functional form of the financial ratio, i. e. the proportionality discussion, †¢ Distributional characteristics of financial ratios, †¢ Classification of financial ratios, Comparability of ratios across industries, and industry effects, †¢ Time-series properties of individual financial ratios, †¢ Bankruptcy prediction models, †¢ Explaining (Other) firm characteristics with financial ratios, †¢ Stock markets and financial ratios, †¢ Forecasting ability of financial analysts and financial models, †¢ Estimation of internal rate of return from financial statements. While finance is a critical issue throughout a majority of the cases, it appears that emphasis on financial ratios is greatest as the firm evaluates its own internal environment and conducts a financial analysis. That is, ratio analysis provides i nsights into the strengths and weaknesses of the firm as well as guidance regarding the feasibility of carrying out a proposed strategy. This analysis will dictate to a significant degree the direction of management’s future decisions. That is, the management team will understand the effects of implementing various strategies upon the liquidity, leveraging, working capital, profitability, asset utilization, ash flow, and equity positions of the company (Dudley, Davis, and McGrady, 2001). 2. 4 BENCHAMARKING Edwardo and Thomas (2002), point out that before starting your calculations, remember that financial ratios are most meaningful and often only useful if compared to a benchmark. Therefore it is imperative that part of your analysis be the computation of this benchmark. They suggest the following benchmarks; Look for industry averages. The next section provides you with some sources where you can obtain these. However, be aware that often these industry average are ove rly broad and may not meaningful to the specific company that you are analyzing. Thus, carefully consider how the industry is defined and make a judgment as to the relevance of these numbers to your firm. Determine the two or three main competitors for the firm you are analyzing, and compute an average of their ratios. You can then use this average as a more accurate benchmark for your company. If all else fails, compute at least the last three year’s worth of ratios for your case company, and thus develop a trend over time with which to make inferences. In fact, you may want to do this anyway as useful patterns may be found in these trends. 2. 5 TYPES OF RATIOS 2. 5. 1LIQUIDITY RATIOS Eduardo and Thomas (2002), affirm that the near term solvency of the firm is a logical starting point of your analysis. In doing this, they kept in mind that solvency is a function of liquidity and so an analysis of the balance sheet current accounts will provide some light into the liquidit y of the firm. There are two basic ratios that are traditionally used: THE CURRENT RATIO (CA/CL) This famous ratio (you probably still remember it) has a simple logic-is there enough cash or assets that will soon become cash so as to meet the firm’s short-term obligations? While your first reaction may be to look or a ratio of I as the minimum acceptable, you should know that many analysts like to see at least a current ratio of 2 since both accounts receivables and inventories may not be immediately and easily turned into cash. Also, you may want to compute the trend of this ratio over the last few years as a deterioration of liquidity often takes place over time. On the other hand, you must also be aware that a high current ration may actually indicate poor management of current assets (something we will discuss in the next section). THE QUICK RATIO ({CA-INVENTORIES}/CL) This is a way to make your liquidity measures more stringent. As you can see by the formula, you can accomplish this by not considering the firm’s inventories as a source of eventual cash. While anything above I here would typically be a good indicator, keep in mind that for many firms (especially services companies), inventories are a small portion of their assets and the quick ratio does not significantly change the results given by the current ratio. Finally, be aware that these two ratios are looking at internally generated liquidity. For many firms, a bank credit line will provide the necessary liquidity as long as they can demonstrate long run profitability. Thus, the one true measure of liquidity is cash budget and its preparation requires more information than the typical case will give you. 2. 5. 2ASSETS UTILASATION RATIO Eduado and Thoams (2002) emphasize that, all of the ratios here are essentially a measure of how often the different assets are turning over with respect to sales. One simple but useful implication of this logic is that you can remedy deficie ncies in asset management in two ways: You can think in terms of either changing the level of sales or changing the level of the assets (somewhat easier as management may have more control over this). THE TOTAL ASSET TURNOVER RATIO (SALES/TA): Measures the adequacy of the entire level of assets and as such it is a broad measure since it does not pinpoint which specific assets may be out of line. Nevertheless, as will be seen later, this turnover ratio is closely related to your profitability. Thus, be aware and use fact that through this ratio, you can explain how poor asset management may be impacting profits. The reason for this is that an excessive level of assets requires greater investment, which is costly and thus hurts your profitability measures. Nevertheless, you still need to look at the specific asset management ratios to identify where the trouble is. There are at least three specific indicators that provide you with direction when analyzing how efficient the firm is in managing its assets. Of curse as is the case in all ratio analysis, remember that not all of these ratios are relevant for all particular firms. THE INVENTORY TURNOVER (COST OF GOODS SOLD/INVENTORY): This is simply the number of times you would be theoretically selling out and restocking your inventory over on year. If you think about this equation, it follows that low turnovers indicate the possibility that too much inventory is on hand given your current level of sales. Of course, a benchmark is critical here as industries vary widely in their inventory turnovers and for some industries the level of inventories is immaterial. THE ACCOUNTS RECEIVABLE TURNOVER (SALES/ACCOUNTS RECEIVABLE): It is a formula that calculates the turnover in the firm’s credit sales (accounts receivable). However, it may be more intuitive to express this turnover in term of the number of days per year. This is simply accomplished by taking 360 and dividing it by the accounts receivable turnove r. The result of this adjustment, formally known as Days Sales Outstanding (360/AR turnover), determines the average collection period on the firm’s credit sales. Typically, there is a rule of thumb stating that 10 days beyond the firm’s credit terms indicates problems. If that’s the case, two quick options for the firm are to look into collection process (is it effective? ) or its credit policy (is it too lenient? ). If the credit terms that the firms offers are not known, an industry average should provide a good benchmark since companies compete on credit term and these are likely to be similar across the industry. THE FIXED ASSET TURNOVER RATIO (SALES/FA): This is an estimate of whether the firm’s plant capacity is adequate for its sales level. Note that a slow turnover against an industry standard or a trend of slower turnovers over time may suggest excess capacity meaning too many fixed assets for the current level of sales. On the other hand, very fast turnovers could provide you with clues about the need to expand the plant and equipment as some potential sales might be currently being lost due to the firm’s inability to produce enough. Keep in mind that all the turnover ratios discuses above can be used to make inferences about managerial effectiveness. For example a low inventory turnover compared to the benchmark may indicate a lack of management control in this area. This type of analysis can be applied to the firm’s other assets. 2. 5. 3LEVERAGE RATIO All the usual ratios in this area are designed to identify the extent to which the firm uses creditor’s money as opposed to shareholder’s money to acquire its assets. There are a number of ratios that can be calculated that measure this characteristic but they all essentially have the same meaning. One of the more common ratios here then is the debt ratio. The Debt-To-Assets Ratio (Total Debt/Total Assets): This simply compares the prop ortion of total liabilities to the proportion of total assets. Clearly the higher this proportion is, the greater the reliance of the firm on debt to finance its operations. Now, the choice of the appropriate debt/ equity mix is an internal decision. However, be aware that a majority of companies have the industry average as the heritage debt ratio. Thus, firms that are substantially beyond this level may have trouble attracting more debt or obtaining it at â€Å"normal† interest rates. The reason for this is that their potential for financial distress (bankruptcy) is greater due to the obligation that they now have to service that debt. The Debt-Equity Ratio (Total Debt/ Common Equity): This ratio also gives you an indication of the level of debt financing that the firm carries. That is, the debt to equity ratio states the amount of money that creditors supply for every dollar supplied by shareholders. If follows that a firm with a high proportion of debt financing relati ve to equity financing has a high debt-to-equity ratio and a greater risk of financial distress. The TIE Ratio (Operating Income/Interest): Give that failure to timely service debt can lead to bankruptcy and liquidation, the TIE ratio provides you with clues as to how well the firm can meet its interest payments and thus avoid the possibility of bankruptcy. This well-known ratio compares the earnings that the company can use to pay its interest payments to the level of interest payments it must make. As such, you can think o it as a buffer or safety margin. Theoretically, a TIE of I would be the minimum level to avoid default-however, depreciation expenses that were subtracted prior to arriving to the operating income (EBIT) actually give the firm a larger cushion. Nevertheless, a TIE of I would be a very scary number to see here. One very useful exercise that can be undertaken involving the TIE ratio is to develop pro-forma statements using new projections resulting from the decisions that are about to be taken. The forecasted TIE ratio from these pro-forma statements will give you useful information on the margin of safety that the firm will have as it takes on debt. (Eduardo and Thomas, 2002). 2. 5. 4PROFITABILITY RATIO Eduardo and Thomas (2002), stress that the standard profitability ratios rely heavily on net income. As such, their logic is very simple-each of these commonly use ratios looks at net income and compares it to the level of investment the firm has (assets or common equity) and to the level of sales. Net Profit Margin (Net Income/Sales): Compares net income to sales and is actually a very intuitive profitability measure since it can be interpreted as a measure of the markup the firm charges. This ratio gives you information on the ability of the firm to charge higher prices and control its costs. That is, good profit margins could imply some type of market power such as a patent or an exclusive location or brand that is allowing the c ompany to charge higher process and achieve higher markups. On the other hand, a high profit margin could also provide evidence of the company’s ability to generate high earnings without necessarily high prices but due to its effective control of costs. Cost Of Goods Sold As A Percentage Of Sales (Cgs/Sales): This is a commonly used ratio that provides you with information about the relationship between what it costs you to produce or purchase your products and the revenues you are generating from their sales. Notice that implied into this percentage is the raw profit that you are earning. Return On Assets (Net Income/Total Assets): In the context of comparing net income with the level of investments, the ROA should provide you with clues as to how profitable the firm is given all of their investments. Actually, here’s where the connection with asset management comes in since for a given net income, you can see that a higher ROA can only be obtained if the firm cari es a lower level of assets (that is firm is efficiently managing all of those asset categories we reviewed early). On the other hand, those weak asset turnovers that you may have computed earlier are now coming back to haunt your firm here in the form of weak profitability. Return on Equity (Net Income/Common Equity): Finally, comparing net income against the investment that the firm’s shareholders have made gives you the well-known ROE ratio. Ultimately, a firm is evaluated on how well it maximizes shareholder wealth, and a high ROE is in most cases consistent with such goal. Nevertheless, you should know that there are some limitations to the use of ROE as a measure for shareholder wealth maximization. 2. 6 ANALYTIC REVIEW Analytic review involves a comparison of detail balances or statistical data n a period-to-period basis in an effort to substantiate reasonableness without systematic examination of the transactions comprising the account balances. Analytic review is b ased on the assumption that comparability of period-to-period balances and ratios shows them to be free from significant error. A well-performed analytic review not only benefits the examination by providing and understanding of the bank’s operations, but also highlights matters of interest and potential problem situations which, if detected early, might more serious problems. The basic analysis tool available to the examiner is the financial statements of the bank. Internally prepared statements and supplemental schedules, if available, are excellent supplements to an in-depth analytic review. The information from those schedules may give the examiner considerable insight into the interpretation of the bank’s basic financial statements. Internally prepared information is not in itself sufficient to adequately analyze the financial condition of the bank. To properly understand and interpret financial and statistical data, the examiner should be familiar with the cur rent economic conditions and any secular, cyclical, or seasonal factors, nationally, regionally, and locally, including general industry conditions. And analytic review of a bank’s financial statements requires professional judgment, imagination, and discrimination as well as an inquiring attitude. (Comptroller’s Handbook, 1998). 2. 7 LIMITATIONS OF FINANCIAL RATIO Weetman (2003), claims that ratios are primary a starting point from which to identify further questions to ask about the present position and future direction of the operations and the financing of the company. They do not provide answers in themselves. Meigs and Meigs (1995), argue that financial ratios contain the same limitations as do the dollar amounts used in the financial statement. Financial ratio express only financial relationships, they give no indication of a company’s progress in achieving non financial goals such as improving customers satisfaction. They further argue that no ratio e ver tells the â€Å"whole story† thus a high current ratio does not guarantee solvency and a low current ratio does necessarily mean that bankruptcy is near. A ratio focuses upon only one aspect of a company’s financial picture. 2. 8 EMPIRICAL WORK ON MEASUREING BANK PERFORMACE Avkiran (1995) indicate that, the financial performance of banks and other financial institutions has been measured using a combination of financial ratio analysis, benchmarking, and measuring performance against budget or a mix of these methodologies. As it known in accounting literature, there are limitations associated with use of some financial ratios. According to him, much of the current bank performance literature describes the objective of financial organizations as that of earning acceptable and minimizing the risks taken to earn this return. According to Hempel, Coleman and Simon (1986) there is a generally accepted relationship between risks and return, that is, the higher the r isk the higher the expected return. Therefore, traditional measures of bank performance have measured both risks and returns. The increasing competition in the national and international banking markets, the change over monetary unions and the new technological innovations herald major changes in banking environment, and challenge all banks to make timely preparations in order to enter into new competitive financial environment. Spathis and Doumpos (200), investigate the effectiveness of Greek banks based on their assets size. They used in their study a multi criteria methodology to classify Greek banks according to the return and operation factors, and to show the differences of the banks profitability and efficiency between small and large banks. Duncan and Elliott (2004), show that all financial performance measures as interest margin, return on assets, and capital adequacy are positively correlated wit customer service quality scores. Generally, the concept of efficiency can be regarded as the relationship between outputs of a system and the corresponding inputs used in their production. Within the financial efficiency literature, efficiency is treated as a relative measure which reflects the devotions from maximum attainable output for a given level of input. CHAPTER THREE METHODOLOGY 3. 1 INTRODUCTION This chapter discusses the research population and the sampling techniques used for the study. It also lays emphasis on the method adopted for collecting and analyzing data and the limitation of the study. 3. 2 POPULATION AND SAMPLE The population of the study was financial statements of Ecobank Ghana Limited. In order to obtain adequate information that fairly represents the population, a sample was selected from the population. The sample was made up of the financial statements of Ecobank Ghana Limited for the financial years 2004 to 2007. 3. 3 SAMPLING TECHNIQUES The researcher adopted purposive sampling methods to select the sample from the popula tion. This technique was appropriate because getting information from the bank concerning the selected financial years was easily available. 3. 4 SOURCES OF DATA Both secondary and primary data were used for the study. The main data for this study was gathered from the Ecobank Ghana Limited annual reports from 2004 to 2007. The annual data for Ecobank Ghana Limited during the accounting years 2004 and 2007 were used for calculating key financial ratios in order to assess the performance of the banks. 3. 4. 1 Secondary Data In addition to annual reports of Ecobank, other sources of secondary data were through reference to the library and the review of different articles, papers, and relevant previous studies. 3. 4. 2 Primary Data Primary data was obtained through the interview. The researcher interviewed managing director of Ecobank to find out the importance and limitations of ratio analysis in decision making. The interview was conducted at the office of the managing director and last for forty minutes. 3. 5 RATIOS USED FOR THE ANALYSIS 3. 5. 1 PROFITABILITY RATIOS: Operating profit margin = profit before interest and tax/capital employed. Return on equity = profit after tax/equity capital Return on Assets = profit after tax/total equity 3. 5. 2 LIQUIDITY RATIO Current ratio = current assets/current liabilities 3. 5. 3LEVERAGE RATIOS Gearing ratio = debt/equity 3. 5. 4 INVESTORS RATIOS Earning per share = earnings/number of shares Dividend per share = dividend/number of ordinary shares Payout ratio=DPS/EPS Book value per share = book value of equity /number of ordinary shares 3. 6 METHODS OF DATA ANALYSIS Both qualitative and quantitative tools were used to analyze data collected. This means textual and numerical explanations were given in the analysis. In addition, diagrams were used to analyze data. In order to process the data collected and present it in a form that can easily and appropriately depict the objectives of the study, Microsoft word an d Microsoft excel were employed for the purpose of clearer and simpler presentation of the final report. 3. 7 LIMITATION OF THE STUDY The major problem of the study was the unwillingness on the part of management of Ecobank Ghana Limited to give information. This did not allow the researcher to write a comprehensive report. Another constraint was the time frame for the study. The study was undertaken alongside the heavy workload of the semester. Due to the short period, there was not enough time for in-depth investigation into certain areas and issues. CHAPTER FOUR DATA ANALYSIS AND PRESENTATION 4. 1 INTRODUCTION This chapter seeks to assemble and analyze the data collected in order to draw reasonable conclusion. 4. 2 PROFITABILITY RATIOS Profitability ratios measure the firm’s efficiency of operation. It gives an indication as to how successful the mangers of a company have been in generating profitability. 4. 2. 1 PROFIT GROWTH [pic] From the above diagram, the profit before tax (PBT) and profit after tax (PAT) in 2004 were GH? 14. 8million and GH? 8. 8million respectively. In 2005 PBT increased to GH? 18. 7million representing 26. 4%. PAT in the same year increased to GH? 12million representing 36. 4%. In 2006 PBT and PAT were ? 24million and GH? 16. 5million respectively; representing 28. 3% and 37. 5% increased in PBT and PAT respectively. In 2007 PBT and PAT increased to ? 27. 3million and 19. 4 million respectively; registering 13. 8% and 17. 6% increased in PBT and PAT respectively. This signifies that management of Ecobank had been successful in generating profit for the company. 4. 2. 2 RETURN ON EQUITY It measures the rate of return on the shareholder’s investment in the company. Table 4. 1 |YEAR |RATIO |PERCENTAGE CHANGE | |2004 |0. 367 | | |2005 |0. 432 |6. 5 % increase | |2006 |0. 389 | 4. 3% decrease | |2007 |0. 00 |1. 1%increase | From the above table, ROE in 2004 was 0. 367 representing 36. 7%. In 2005 it increased to 0. 432(43. 2%) showing 6. 5% increase. In 2006 ROE decreased to 0. 389(38. 9%) representing 4. 3% decrease. In 2007 ROE increased by 1. 1% to 40%. This signifies that on the average, the rate of returns of shareholders investment in Ecobank is 39. 7% which implies that, on average Ecobank maximizes its shareholder wealth by 39. 7%. 4. 2. 3 RETURN ON ASSETS (ROA) ROA provides clues as to how profitable the firms are given all of their investments. Chart 2 [pic] From the above diagram, ROA in 2004 was 0. 42 representing 4. 2%. In 2005 ROA increased to 4. 3% representing 0. 10% increase. In 2006 ROE deceased to 3. 5% representing 0. 8% dcrease. In 2007, ROA increased to 4. 4% representing 0. 9% increase in ROA. This shows that on average Ecobank has ROA of 4. 1% which means that Ecobank makes profit of 4. 1% on all their investments. 4. 2. 4 OPERATING PROFIT MARGIN It indicates the relative efficiency of the business after taking into account all sales revenues and operational expenses. Table 4. 2 |YEAR |RATIO |PERCENTAGE CHANGE | |2004 |23. % | | |2005 |24. 06% |0. 16 % increase | |2006 |26. 16% |2. 1% decrease | |2007 |24. 15% |2. 01% decrease | From the table above, the operating profit margin for Ecobank in 2004 was 23. 9%. In 2005 it increased to 24. 06% registering 0. 16% increase. In the year 2006, it increased by 2. 1% to 26. 16%. In 2007 it decrease from 26. 16% to 24. 15% registering 2. 1% decrease in operating profit margin. This signifies that Ecobank on average makes a profit of 24. 6% after taking into account all revenues and operational expenses. 4. 3 LIQUIDITY RATIO Liquidity ratios are used to judge firm’s ability to meet short term obligation. If a firm does not have sufficient liquidity, it may not survive. 4. 3. 1 CURRENT RATIO It indicates the ability of a company to meet its short term liabilities as they fall due out of its short term assets. Table 4. 3 |YEAR |RATIO |PERCENTAGE CHANEGE | |2004 |1. 07 | | |2005 |1. 105 |0. 18% decrease | |2006 |1. 127 |1. 99% increase | |2007 |1. 156 |2. 57% increase | From the above table, the current ratio of Ecobank in the years 2004 was 1. 107:1. In 2005 it decreased to 1. 105:1 representing 0. 18% decrease in current ratio. In 2006, it increased to 1. 127:1 registering 1. 9% increase in current ratio. In 2007, it further increased to 1. 156:1 representing 2. 57% increase. This shows that the company does not have a short term liquidity problem as current ratios for the relevant years exceed one. However the current ratio of Ecobank needs to be improve to meet the require ratio of 2:1. 4. 4 GEARING RATIO It is an expression of the relationship between the proportions of finance provided by equity and lenders. Gearing ratio greater than 0. 6 is high and less than 0. 2 is low. Chart 3 [pic] From the diagram above, the gearing ratio of Ecobank in year 2004 was 0. 241. In 2005 it increased to 0. 409 showing a percentage increase of 19. 8%. In 2006 the gearing ratio decrease by 4. 3% to 0. 366. In 2007, it however increase significantly to 1. 147 registering 78. 1% increase. This shows Ecobank has relatively high proportion of borrowed funds in its capital structure hence it is said to be leveraged. 4. 5 INVESTORS RATIO 4. 5. 1 EARNING PER SHARE (EPS) AND DIVIDEND PER SHARE. EPS indicates profit due to ordinary shareholders. It is widely used measure of a company’s profitability. DPS on the other hand indicates the dividend declared or interim and profit retention policy of the company. Chart 4 [pic] From the diagram above, the EPS and DPS of Ecobank in the financial year 2004 were 0. 25 and 0. 0351 respectively. In 2005 EPS decreased to 0. 078 registering 4. 7% decrease in EPS. DPS in the same year increased from 0. 0351 to 0. 0495 representing 1. 44% increase in DPS. In 2006 EPS and DPS increased to 0. 103 and 0. 0673 respectively. This shows percentage increase of 2. 5% and 1. 78% in EPS and DPS respectively. In 2007, EPS increased to 0. 121 reg istering 1. 8% rise in EPS. DPS on the other hand increased from 0. 0673 to 0. 083 representing 1. 57% rise. 4. 5. 2 NET ASSETS (BOOK VALUE) PER SHARE This indicates the historical cost of equity per ordinary shares as compared to the market current price per share. Chart 5 [pic] From the above diagram, the net assets per share for Ecobank in 2004 was GH? 0. 341. In 2005 it decreased to GH? 0. 185. However in 2006 it increased to GH? 0. 275. In 2007 it decreased to GH? 0. 274 This signifies that Ecobank has an average cost of equity as of 26. 9% as compared to the current market price of shares of Ecobank. 4. 5. 3 DIVIDEND PAYOUT RATIO It is the fraction or percentage of earnings paid to common shareholders in the form of cash dividend. It is commonly used in discussion on dividend policy and share valuation. Table 4. 4 |YEAR |RATIO |PERCENTAGE CHANGE | |2004 |28. 8% | | |2005 |63. 46% |35. 38% increase | |2006 |65. 34% |1. 88% increase | |2007 |68. 59% |3. 25% increase | From th e table above, dividend payout ratio of Ecobank in 2004 was28. 08%. In 2005, it increased to 64. 4% registering 35. 38% increase. In 2006, it further increased to 65. 34% showing 1. 8% increase in dividend payout ratio. In 2007, it increased to 68. 59% registering 3. 25% increase. This illustrates that on average Ecobank pays 63. 4% of earnings to common shareholders in the form of cash dividend. Also, since the dividend payout ratio of Ecobank has been increasing through out the years, Ecobank is doing well in terms of dividend payment to its shareholders. 4. 6 ANALYSIS OF INTERVIEW. In order to find out the usefulness and limitations of the financial statement analysis for decision making by management, the researcher interviewed the managing director of Ecobank Ghana Limited, in the person of Mr Samuel Ashitey Adjei. Below is the analysis of the interview: According to him, Ecobank has consistently delivered strong financial results. It remains a profitable and financially sou nd bank with a solid and quality asset base. Profitability performance has been impressive with a consistent increase in PBT and PAT. Ecobank has delivered a decent growth year on year in both PBT and PAT. In 2007,PAT grew by 18%. Net interest income was up by 22%. Fees and commission income was upby38%. Such a strong profitability performance according to him underscores the bank commitment to growing superior returns for shareholders. In light of the above results, the Board of Directors propose a dividend payment of GH? 0. 083 per share for a total dividend ofGH? 13. 38million. This represent a payment ratio of 90% of PAT transfer to statutory reserve. Ecobank asset-mix continues to be healthy, balancing liquidity and profitability. The growth in assets was funded by 30% increase in deposits from GH? 336 million to GH? 438million. Total shareholders funds also grew by 13% from GH? 42. 5million to GH? 48. 1million. EBG’s deposit book (including inter bank and agency fund ing) grew by 32% and was below the industry total deposit growth of 42%. As such, the bank’s market share of deposits dropped to 8. 8% from 9. 5% in 2005. Growth in the bank’s deposit base was supported by the aggressive penetration into the retail market, which saw the number branches more than double in 2006. Despite the increased footprint, funding remains predominantly wholesale, with deposits from individuals contributing 40% to total deposits as at year end 2006 against a 70% target set for 2008. By type, current accounts made up a higher 71% of total deposits, with the remainder split between time deposits (25%) and cash collateral (4%). EBG’s liquidity ratio continued to trend downwards, largely due to the decline in cash and liquid assets, with the ratio dropping to a review period low of 69% during 2006 and 2005(74%). Despite the decline, levels of the ratio comfortably meet regulatory requirements, while also exceeding the industry average of 64%. Given the short-dated nature of the deposit book, EBG exhibited sizeable cumulative liquidity gaps across all maturities, which elevates liquidity risk. However, the banks diversified deposit base and high liquidity ratio, mitigate this risk. Capital growth was predominantly driven by proceeds from EBG’s public floatation which raised capital by GH? 9. 1million, as well as retained earnings for the year. This increase was moderated by a proposed dividend of GH? 10. 8million, which lifted the dividend payout ratio to a review period high of 66%. Although EBG’s capital/total assets ratio increased to 9. 3% in 2006, it remained below the industry average of 11. 4%. Despite this, the bank’s risk weighted capital adequacy (RWCA) ratio amounted to 21% as at year end 2006, comfortably above the 10% statutory requirement. According to him, financial ratio analysis is neither sophisticated nor complicated. It is nothing more than simple comparisons between specific pieces of information pulled your company’s balance sheet and income statement. Financial ratio analysis helped management to examine the current performance of their company in comparison to past periods of time. This helped them identified problems that need fixing. Even better, it can direct management attention to potential problems that can be avoided. In addition, ratios are used to compare the performance of your company against that of your competitors or other members of your industry. On limitation of ratios for decision making, he provided that ratios are based on the summarized year end information which may not be a true reflection of the overall year’s results. It is difficult to generalize about whether a particular ratio is ‘good’ or ‘bad’. For example a high current ratio may indicate a strong liquidity position, which is good or excessive cash which is bad. Similarly Non current assets turnover ratio may denote either a f irm that uses its assets efficiently or one that is under capitalized and cannot afford to buy enough assets. To conclude, he provided that Ecobank delivery of quality of service and financial success continue to receive both domestic and international recognisiton. Ecobank has a long term debt rating of AA- and a short term debt rating of A+ from Global Credit Rating. The long term rating of AA-, demonstrates high credit quality, with adverse changes in business, economic or financial conditions not significantly affecting investment risk. Also, the short term rating of A+ shows the highest certainty of timely payment. CHAPTER FIVE SUMMARY, CONCLUSION AND RECOMMENDATIONS 5. 1 SUMMARY OF FINDINGS The profitability ratios namely Operating Profit margin, Return on Equity (ROE) and Return on Assets (ROA) shows that management of Ecobank had been successful in generating profit from 2004 to 2007. Operating profit margin of Ecobank in 2004, 2005, 2006 and 2007 were 23. 9%, 24. 06%, 26 . 16% and 24. 15% respectively. This signifies that Ecobank on average makes a profit of 24. 6% after taking into account all revenues and operational expenses. Return of Equity of Ecobank in 2004, 2005, 2006 and 2007 were 36. 7%, 43. 2%, 38. 9% and 40% respectively. This shows that on average Ecobank maximizes its shareholder wealth by 39. 7%. Return on Assets of Ecobank was 4. 2%, 4. 3%, 3. 5% and 4. 4% for the years 2004, 2005, 2006 and 2007 respectively. This means that Ecobank on average makes profit of 4. 1% on all their investments. The current ratio of Ecobank for the financial years 2004, 2005, 2006 and 2007 was 1. 107:1, 1. 105:1, 1. 127:1 and 1. 156:1 respectively. This shows that in the short term Ecobank do not have liquidity problem since the current ratio for the various year was greater than one (1). However the current ratio of Ecobank was less than the required ratio of 2:1. The gearing ratio of Ecobank for the financial years 2004, 2005 and 2006 were 0. 24, 0. 41 and 0. 37 respectively which implies that Ecobank do not have going concern problem since the gearing ratios for the above financial years were less the 0. 6. However in 2007 the gearing ratio of Ecobank increased to 1. 15 which depicts that Ecobank was highly leveraged because the capital structure of Ecobank in 2007 showed that there was more debt capital than equity capital. The investors’ ratios namely earning per share (EPS), Dividend per share (DPS), Book value per share and Dividend payout showed how Ecobank sufficiently rewarded its shareholders in terms of earnings and dividend. EPS of Ecobank for the financial years 2004 was GH? 0. 125. In 2005 and 2006 it decreased to GH? 0. 078 and increased to GH? 0. 103 respectively. In 2007, it increased further to GH? 0. 121. This depicts that on average Ecobank make profit of GH? 0. 1068 per share to ordinary shareholders. DPS on the other hand was GH? 0. 035, 4. 7%, GH? 0. 0673 and GH? 0. 083 for the financial years 2004, 2005, 2006 and 2007 respectively. This signifies that Ecobank on average Ecobank pays GH? 0. 581 of its earnings per share as dividend to shareholders. Net Asset per share of Ecobank for the financial year 2004 was GH? 0. 272. In 2005,it increased to GH? 0. 275. In 2006, it decreased to GH? 0. 185 and in 2007, it increased to GH? 0. 341%. This depicts Ecobank has an average cost of equity as of GH? 0. 26 as compared to the current market price of shares of Ecobank. It was found out that, the limitation of financial ratios in making decision was that ratios are based on the summarized year end information which may not be a true reflection of the overall year’s results. It is difficult to generalize about whether a particular ratio is ‘good’ or ‘bad’ 5. 2 CONCLUSION From the findings of the study, Ecobank had performed well in terms of profitability as Profit after tax, profit before tax, return on equity and return on assets has been increa sing over the years. Although, Ecobank does not have short term liquidity problem it current ratio is not up to the required ratio of 2:1. Further, Ecobank has long term solvency problem as the gearing ratio of the bank in the financial year 2007 was high which will prevent potential investors from investing in the bank because of the high financial risk. The investors’ ratios of Ecobank namely earning per share and dividend per share and the net book value per share prove that Ecobank had sufficiently rewarded its shareholders in terms of earnings and dividend. These imply that ratios analysis if used intelligently and with good judgment, can provide useful insights into the firm’s performance. 5. 3 RECOMMENDATIONS The following recommendations will help improve the financial performance of Ecobank and other players in the banking industry. Ecobank should expand it revenue by giving more loans and advances to customers and increase its fees Don’t waste time! Our writers will create an original "Financial Statement" essay for you Create order