Monday, May 25, 2020
Mr. Prince reported this location is in Opelika Power Services territory. Chairman Cherry opened the public hearing. Rita Davis of 302 22nd Street stated I have fencing and noise barrier concerns because that is a quiet neighborhood. Mr. Ogren stated there is a commercial lot between this lot and the residential area. Chairman Cherry stated there is a noise ordinance in place. Chairman Cherry closed the public hearing. Mayor Fuller made a motion to grant conditional use approval with staff recommendations. Mr. Hilyer seconded the motion. Lucinda Cannon stated the elevation sheets show something different than what was discussed. Blake Rice stated the elevation sheets show the same building that was constructed in a differentÃ¢â¬ ¦show more contentÃ¢â¬ ¦The trees shall be spaced in a ratio of one (1) understory tree every fifteen (15) feet, or one (1) medium tree every thirty (30) feet, or one (1) large tree every forty-five (45) feet. Shrubbery shall be provided between the plantings. The proposed impervious surface of the 4.4 acre property is within the 70% maximum impervious ratio (ISR) allowed; about 37% of the 4.4 acres will be impervious. The site plan shows a 2.4 acre outside area in the rear yard and east side yard; this area will be used to repairs waiting to be serviced. The site is shown as a gravel lot with a fence surrounding the area. The fencing facing Columbus Parkway needs to be comprised of either a wood privacy fence or chain link with slates. The elevation drawings for the Joe Hudson Collision building are attached. The south elevation faces Columbus Parkway. The exterior wall material for the front and side elevations are a EIFS for the office/customer waiting area. The front of the shop building facing Columbus Parkway will also use the same material. The reminder of the building will be painted metal. The private dumpster area must be enclosed with an opaque fence and gate at a height so the dumpster is not visible beyond the enclosure. Special Development Standards: Ã¢â¬ ¢ Vehicles undergoing repair, painting or bodywork shall remain inside an enclosed structure at all times. Ã¢â¬ ¢ Unlicensed, untitled vehicles shall not be permitted on the site at any time. Ã¢â¬ ¢ No body or chassis shallShow MoreRelatedThe McCarthy Hearings Essay740 Words Ã |Ã 3 Pagesshow McCarthyÃ¢â¬â¢s flaws without approaching him directly. The Salem Witch Trials and the Scares in the Mid Nineteen hundreds both remind us that no man is perfect, and we do make mistakes. Both the people accused in Salem and during the McCarthy hearing were convicted with such little evidence it would be thought the cases would be easily dismissed. However, due to what is often referred to as the Ã¢â¬Å"scare factorÃ¢â¬ these cases were thought more serious and often looked into further. With the fearRead MoreHearing Loss Essay1659 Words Ã |Ã 7 PagesWho is affected by hearing loss? Hearing loss is the most common physical disability in the whole wide world. In the United States alone, about 28 million people have some level of hearing impairment that interferes with their ability to understand normal speech and participate in conversations. Another 2 million cannot hear at all. Age is the most common factor in increasing hearing loss. About 30 percent of people between 65 and 74 experience some difficulty in hearing. That percentage and theRead More The Ear And Hearing Loss Essay1120 Words Ã |Ã 5 Pages The Ear and Hearing Loss The ear is the organ of hearing and balance in vertebrates. The ear converts sound waves in the air, to nerve impulses which are sent to the brain, where the brain interprets them as sounds instead of vibrations. The innermost part of the ear maintains equilibrium or balance. The vestibular apparatus contains semicircular canals which in turn balance you. Any movement by the head, and this apparatus sends a signal to the brain so that your reflex action is to move yourRead More History of Hearing Aids Essay578 Words Ã |Ã 3 PagesThe story of the hearing aid depicts one of the most ridiculous timelines of technological advancements in all of history. Although we modernly think of a Ã¢â¬Å"hearing aidÃ¢â¬ as a small device which is inserted into the ear canal, the reality is that a hearing aid is Ã¢â¬Å"an apparatus that amplifies sound and compensates for impaired hearing.Ã¢â¬ Thus, I invite you to expand your mind, and draw your attention to the intriguing, and absolutely absurd, timeline of the hearing aid. The most common modelRead MoreEssay on Hearing vs. Listening946 Words Ã |Ã 4 Pagestend to confuse the terms Ã¢â¬Å"hearingÃ¢â¬ and Ã¢â¬Å"listening.Ã¢â¬ Although they appear to mean the same thing, utilize the same body part, and are both required for functional communication, there is a great difference between these two actions. Hearing involves the perception of sound using the ears, while listening is based upon giving attention to the sound being perceived. Additionally, because these concepts are different, there are also several different ways of improving hearing and listening. Thus, thereRead MoreAttend A Community Hearing Essay997 Words Ã |Ã 4 Pages Katherine Harper 9:00-9:50 MWF Dr.G Govt 2306/ State and Local Extra Credit (Attend a Public Hearing) Ã Ã Ã Ã On November the 14th I attended a City Council meeting with my father. It took place at the Council Chambers, which is City Hall. The people who attended the meeting and spoke included, Dee Margo which is the Mayor, Tommy Gonzalez the city manager. The city council includes the people who represent the eight districts, Peter Svarzbein which represents district one, Alexsandra Annello whichRead MorePersuasive Essay : Hearing Sirens1763 Words Ã |Ã 8 PagesHearing sirens in a small town was always a point of excitement despite the reason for the sirens themselves. As a teenager, your first instinct is to get in the car and chase the trail of sirens, secretly praying that everyone is safe. The thought of recognizing one of the cars or people involved was always in the back of your mind, but it was never a reality. You never picture yourself being the reason for the sirens. You never picture yourself being the one in the back of an ambulance. Like mostRead MoreEssay on Hearing Voices and Etheogens2483 Words Ã |Ã 10 PagesHearing voices is considered a cross-cultural phenomenon. A Shaman can use psychoactive drugs to communicate with the spirit realm or a schizophrenic individual may hear voices that command them to commit transgressions towards themselves or against other people. I suggest that it is no longer accurate to only think of voices as either part of a supernatural occurrence or mental disease, instead certain instances of hearing voices should be regarded as psychologically valid events that can communicateRead MoreCommunication of The Hearing Impaired Essay examples1310 Words Ã |Ã 6 PagesHowever, according to the Ã¢â¬Å"National Institute on Deafness and Other Communication DisordersÃ¢â¬ website, Ã¢â¬Å"about two to three children per 1,000 are born deaf or hard of hearingÃ¢â¬ (Quick Statistics [NIDCD Health Information]) . Moreover, an article by Karen Kalivoda points out that Ã¢â¬Å"depending on the age of onset and the severity of the hearing loss, an individuals spoken language development may be radically affectedÃ¢â¬ . Babies learn to speak by parroting the sounds around them; however, a deaf child doesRead MoreThe Difficulties of Hearing Loss in Education Essay996 Words Ã |Ã 4 PagesEdison. If you were unable to guess, all of these people had a hearing loss. In terms of formal definition, a hearing loss is, Ã¢â¬Å"a spectrum of disorders causing a disruption or distortion of auditory information reaching or being processed by the central nervous system.Ã¢â¬ Hearing losses not only effect adults or the elderly, they are also prevalent among children. As future teachers, we should understand everything that accompanies a hearing loss considering we may have a few children with this disability
Sunday, May 17, 2020
An Analysis of Great Expectations: PipÃ¢â¬â¢s Encounter with Miss Havisham A British scholar and novelist, C.S. Lewis once remarked, Ã¢â¬Å"Literature adds to reality, it does not simply describe it. It enriches the necessary competencies that daily life requires and provides; and in this respect, it irrigates the deserts that our lives have already become. Ã¢â¬ (Holmer, 1978). Indeed, the purpose of literature is not simply to amuse us or make us while away our time. It makes us be open to reality. It teaches us more about the lessons in life that we must learn so that we will grow in wisdom. It is in this context that we are going to analyze a certain part of Great Expectations, a classic novel written by Charles Dickens in 1860. In order for us to fully analyze this part of the novel, let us first review a short summary of what Great Expectations is all about. The story is about the life of Pip, a young orphan who met a convict on the village churchyard one Christmas Eve. He was threatened by this man to steal food and to free him from his shackles. We will write a custom essay sample on Textual Analysis, Great Expectations or any topic specifically for you Only $17.96 $11.86/pageorder now Pip does these two things and the convict delights in him and escapes. Pip continues on to live a poor, battered life. One day, luck finally came to him, when he was invited to the house of a rich old woman named Miss Havisham to work. His family members have high hopes for him, considering that he would soon change his life while he lives in better surroundings. Pip also seems excited at this part of the story. However, his expectations soon changed when he was greeted by her sight after he opened the door to her house, Ã¢â¬Å"This was very uncomfortable, and I was half afraid. However, the only thing to be done being to knock at the door, I knocked, and was told from within to enter. I entered, therefore, and found myself in a pretty large room, well lighted with wax candles. No glimpse of daylight was to be seen in itÃ¢â¬ ¦. . In an arm-chair, with an elbow resting on the table and her head leaning on that hand, sat the strangest lady I have ever seen, or shall ever see. Ã¢â¬ Ã¢â¬Å"She was dressed in rich materials, --satins, and lace, and silks-- all of white. Her shoes were white. And she had a long white veil dependent from her hair, and she had bridal flowers in her hair, but her hair was white. Some bright jewels sparkled on her neck and on her hands, and some other jewels lay sparkling on the table. Ã¢â¬ This is a very remarkable and vivid presentation of Charles Dickens. Upon reading this, we have a clear picture of a bride in a lacy dress with riches all around her.
Friday, May 15, 2020
Sample details Pages: 31 Words: 9321 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? For over three decades now, Descon Chemicals Limited has builtÃâÃ Descons culture into what it is today a place for creating and bringing ideas to life. Descons Chemical Business comprises of Descon Chemicals Limited, NIMIR Resins Limited, Descon Corporation Limited and Descon Oxychem Limited. From the manufacturing of a wide variety of chemicals to their trading, they provide a one-stop solution for all industrial chemicals needs.3 The companys chemical business has developed over the time frame of 30 year into a leading chemical solutions supplier in Pakistan and in foreign countries: DonÃ¢â¬â¢t waste time! Our writers will create an original "Epcc Company In The Country Finance Essay" essay for you Create order Descon Chemicals Limited manufactures and sells surface coating resins and polyesters for the paint industry, and optical brighteners and textile auxiliaries for the textile industry in Pakistan. The company offers textile auxiliaries for pre-treatment, dyeing, and finishing of textiles; unsaturated polyester and vinyl ester resins, such as resin products, gel-coats, and bonding pastes for composites applications; decorative and industrial coatings; and optical brighteners and fortified raisin for paper and board manufacturers. It also provides adhesives and graphic products; sells solvents and specialty chemicals to various industries, primarily paint and coating, plastics and PVC, rubber, adhesives, and foam; and exports hydrogen peroxide to Turkey, India, Sri Lanka, Bangladesh, South Africa, the United Arab Emirates, and Iran. The companys products are used in textiles, pulp and paper, detergents, paints, electronics, packaging, and the food industry. Descon Chemicals Limited is h eadquartered in Lahore, Pakistan.4 1.1.2 Vision and Mission Statement: The vision and mission of the company is to provide the customers with the finest and innovative quality products and gain competitive advantage over other firms in the chemical industry: Vision To become a leading chemical solutions provider to industry worldwide.5 Mission To provider competitive chemical solutions through technological innovation to form the basis of better life 6. 1.2 Products and Services With a total workforce of more than 600 employees and operating from Lahore, Pakistan, Descon offers a wide variety of around 200 pioneering products and services for marketplaces including Coating Emulsion, Paper and Packaging, Textile Auxiliaries, Printing Inks and Unsaturated Polyester. 7 1.2.1 Coating Emulsions The range of chemicals comprises of a wide range of Binders and Additives for the Paints Coatings industry. In spotlight are Long Oil-based medium viscosity and low viscosity enamels with the highest quality in hardness, water resistance and durability for decorative paints. Coatings Emulsions contribute to almost half of the total annual turnover and thus forming the backbone of the company. 8 Hence coating and emulsion are the main stream lines contributing to the progress of the company and having the greatest share in the revenue. 1.2.2 Polyester Resins Being one of Pakistans largest suppliers of unsaturated polyester and vinyl ester resins, Descon Chemicals deals with the widest manufacturing presence to produce a range of resin products, Gel-coats and bonding pastes for customers who manufacture complex products that range from sewerage pipes and bathtubs. It is a leader in technological development of new materials for advanced and conventional composites applications. 9 The company offers resin systems that exceed customer expectations of environmental compliance, properties of application and end use performance. 1.2.3 Textile Paper The textile business offers special chemicals for dying as well as for pre-treatment and finishing of textiles. The customer subdivisions include Knitwear, Woven, and Denim and Towel manufacturers. Strong focus is given on technical know-how and Descon is a leading producer of Optical Brightener and Fortified Rosen used widely by the leading Paper and Board manufacturers of Pakistan.10 Over the years, Descon Chemicals has been able to gain a competitive advantage and is the leading supplier of certain chemicals to textile and paper industry. 1.2.4 Trading Most of the products, had their highest prices ever, and so to minimize risk, the company traded about the same revenue in the year.11 Over the past few years, the trading business has turn out to be a profitable segment for the company. Although, , there were external challenges faced like fluctuations in the market demand, volatility in pricing, and the availability of product, business ability to perform consistently has seemed challenging but still trading business readily coped with the external factors. 1.3 Domestic Chemical Market The paragraph explains current scenario of the chemical industry i.e. the market is concentrated with a large number of small private companies and continuous investment and technological advancement can only retain the business of any company. The chemical sector in Pakistan is made up of large multinationals, large to medium sized local companies and small companies, mostly in the unregistered sector. The market is highly fragmented with competition for specific products, instead of business lines. The companies are working in Niche products, and the competitive advantage is only maintained by investing resources and energy in innovation, and continuous improvement of a product line. Due to the general macroeconomic conditions in the country, and coupled with the energy shortages, the chemical sector has suffered a slowdown, which affected demand throughout 2011.14 Chapter 2: Literature Review 2.1 Chemical Industry of Pakistan The chemical industry of Pakistan is classified into primary and secondary sector chemical industry. Primary sector industries comprise of natural gas, refineries, petrochemicals and mineral based projects that are large-scale, capital intensive industries. The secondary industries are less capital intensive and are grounded on comparatively high, medium or less sophisticated technologies. Their feed stocks are taken from primary sector industries and substitute sources of raw materials.15 Descon Chemicals tend to provide chemical products to the primary sector i.e. high capital incentive industry and this is relvant at understanding the needs and scale of its customers. The major imports exports of chemicals for plastics, rubber, fertilizers, medicines, soaps detergents, and dyes pigments have increased from 2002-03 to 2008-09.16 Imports have increased from 768 Million US $ in 2002-03 to 5,166 Million US $ in 2008-09 and on the other hand our exports also showed an increase from 118 Million US $ in 2002-03 to 411 Million US $. Share of chemicals in our total imports is about 15% while its share in exports is about 2.3%. The total imports of plants and equipment used for the manufacture of chemicals contributes about 23% of overall imports of Pakistan. Collective share of these two categories i.e. plants/equipment and chemicals is about 38% of countrys overall imports and among major contributors of countrys imports.17 Since Descon Chemicals also deals with the import business to manufacture its products it is important to understand the nature of the trading business with respect to the total imports and exports of both chemicals and machinery. The diffusion model is reflected as the most suitable first step for development of the chemical sector, considering the current situation in Pakistan. One feature of this model is planned to enhance learning, training of the work force to improve technical standards and solve problems relating to energy and improvements in productivity in the chemical industry, through introducing reverse engineering techniques as a leading step of the development of a NIS. This is a familiar technique through which foreign technology can be acquired and adapted by importing capital equipment. This machinery and equipment designed and manufactured by the foreign engineering companies have modern technology. However; Pakistan has yet not developed this ability of producing high quality products through application of reverse engineering. Pakistans industrial infrastructure is limited and it is heavily dependent on foreign design and engineering companies for the commercialization of both its local an d imported technologies. Hence there is a great need for the development and modernization of NIS through an integrated plan. For the past 3-5 years, the total chemicals market has been stagnant and is predominantly unorganized. The industry is fragmented with a great number of producers and outlets throughout Pakistan. The major producers of paint are three in Pakistan and these together meet 45% of the local demand. Out of the remaining 5% demand is met through imports and 50% is met by the unorganized sector which consists of over 400 units manufacturing paints and varnishes. The major three paint manufacturers are Berger Paints, ICI Pakistan and Buxly Paints which meet most of the local demand.18 The above data explains the environment in which Descon Chemicals is operating and discuss the three major customers of their main line of business i.e. Coating and Emulsion. A series of action were carried to promote the chemical industry in future in order to strengthen the overall industry of Pakistan. The present status of Chemical Industry in Pakistan, analyzes the import structure, availability of raw materials and suitable locations for chemical plants. In the early phases of industrial development, the government of certain newly developed nations (NICs) for example of China, India, and Brazil, encouraged their local corporations to build joint ventures with engineering corporations located in other foreign countries, where local resources were simultaneously used through a learning process in the technology transfer processes for the commercialization of technologies. These countries are self-reliant and have been successful in developing their own industrial infrastructure for hardware and software. Hence to initiate these developed countries, Pakistan should focus on bringing similar improvements.19 Hence it is essential for Pakistan to develop its own capabilities and technological infrastructure in order to provide hardware and software services for the construction management and implementation of such chemical projects. To accomplish this, formation of engineering companies or by improving the capability of existing engineering is possible. The commodity chemicals are those that are produced in larger and bulk quantities but have a lower value addition for example soda ash and fertilizers etc. The other type is specialty chemicals, though produced in smaller quantities but have a higher value addition for example pharmaceuticals, dyes pigments, enzymes, etc. The development of the chemical industries through import substitution would minimize foreign exchange and facilitate the development and growth of small and medium enterprises, increase employment on a large scale and eventually cause poverty alleviation.20 Hence, Descon Chemicals should focus upon producing the chemicals instead of importing the chemicals in order to save the costs. To define the capital structure of the listed firms in Pakistans chemical industry, unique attributes can be ascertained by thoroughly studying a specific industrys capital structure. A firm can have varied debt and equity ratio to increase its market value and has an option to choose between three financing methods: issue shares, borrow or spend profits.21 Each Firm differs with respect to its capital structure requirements which have resulted in different theories of capital structure that explain the manner of the firms at choosing its debt financing may be the solitary option for the further growth and internally generated funds may not be enough for the growing firms. 2.2 Challenges in the Chemical Industry Pricing has a significant effect on profits in the chemical industry and even now, mostly industry analysts depend on the competitive model which states capacity and demand together determine the price. In the later part of 1960s, it was generally assumed that prices decreased due to an imbalance between capacity and demand which resulted in a struggle for market share. However, in 1973 and 1974, due to a certain incident it was believed that sharp increase in product pricing was due to underinvestment done earlier in the decade, along with gradually rising demand. Unit production costs in the chemical industry determine the pricing of the products. Under this interpretation, unit costs of production, hence selling prices, should rise about three per cent a year.22 Chemical industry analysts believe that low capacity utilization causes a decline in prices as the low cost producers will gain a subsequent struggle for market share that will be based on price-cutting. Another assumption made is that industries develop from a noncompetitive first stage to a competitive second stage and then in the third stage back to being noncompetitive. The first stage comprises of the development by a single producer of a new product where profit margins may be quite high in this stage. However, the second stage, either patent expires or they are licensed, or competitors advance in comparable technologies, and competition occurs. Upon the removal of barriers, the number of producers multiplies and pricing becomes disruptive. After an extended period of competition, profitability decreases to a level that many high-cost producers leave the field and make their way for the third stage. At this point, through a consolidation of the supply structure, pricing becomes geared to the rate of return required to sustain a mature industry. The highest-cost survivor survives only at the sufferance of the leaders, who require its presence to retain the appearance, if not the reality, of competition. They will keep the rate of return low enough, however, to discourage more entrants. 23 Taking in view of the above scenario, Descon Chemicals initially started from a noncompetitive stage and enjoying a period of monopoly after which due to new market entrants, it moved in the second stage facing more challenges of the contemporary world. Managing technological innovation is a vital factor in process of continuous restructuring of industries. Costs occurred through process innovations can be reduced through developing effective technology which can result in company advancing into more attractive markets. Innovations in the chemicals industry can be separated into process and product innovations. Product innovation comprises of activities that begin with using basic knowledge and end with either advanced previously existing product or a new commercial product .The firm that first produces the commercial product is called the product innovator who is also the sole manufacturer of that particular product and attains monopoly from it. This monopoly invites the interest of other firms which then try to come in new economic sector. Such companies, through process innovation can enter new business. With the entrance of new economic agents into the business, this monopoly converts to oligopoly, hence giving rise to a competi tive environment.24 Process innovations can be divided into major and minor. Major innovations are fundamentally different from existing processes, involving different raw materials and/or radically different reaction conditions. Major innovations are more important to competitive advantage because they are more likely than minor innovations to make existing processes obsolete. However, the importance of minor innovations, including improvements due to the learning process, should not be underestimated. The rewards to a process innovator and the effects of its innovation on the industry depend on the extent that the new process is better than the old and on the degree of competition in the industry.25 Technological innovation plays a vital role in the survival and growth of firms in chemicals industry. Innovation in the chemicals industry often derives from the exceptional knowledge coming from the basic research. Innovation in any form leads to monopoly that in initially attracts customers and later invites the interest of other firms which then try to come in new economic sector. The products of chemicals industry are widely applied in numerous areas for example defense-related science, national economy, technology and peoples livelihood. Since the start of the 21st century, an accelerated growth was experienced by the chemical sector. The industrial added value is estimated to have contributed nearly1% to the national economys growth, while the industry grew at an annual average rate of 20% (State Council, 2009). At present, China is the second largest consumer and producer of petrochemical products in the world (CPCIA, 2010). In particular, China has joined the front ranks in terms of the amount of production of fertilizers, pesticides, oilproducts,ethylene,andsyntheticresin.Additionally,14 bases often-million ton petroleum refining;3ethylene production bases of million-ton;3 phosphate fertilizer production regions inYunnan,Guizhou,and Hubei provinces; and project for million-ton potash fertilizer production(CPCIA, 2009) were established in succession.26 Chemical industry being the backbone of the national economy plays an important part in progressing towards the growth of related sectors and helping towards economic growth. The development in the chemical industry has a great impact on the consumption of electrical energy that has increased suddenly in the recent years. The annual power consumption increased by nearly 8% during the period 1994-2000 inspire of a slight decline in the late1990s.After that, the power consumption of this sector developed more rapidly. In the past 15years,electricity consumption of Chinas chemical industry has shown a threefold increase and is expected to continuously grow.In2008, the total amount of electricity consumed by Chinas chemical industry reached275.82 billion kWh, which is about three times the annual power generation of the Three Gorges Hydropower Station and corresponds to approximately 8% of Chinas total electricity demand. 27 The average age of the firms tends to increase with a higher level of technological source combination where experience and capabilities owned by older firms are important for determining technological investments. The firms mean size increases with a higher degree of arrangement of technological sources. In other words, the smaller firms, due to their limited resources are not able to invest on technological activities or in the initial years of establishment, the firms because of lack of sufficient information can hesitate in investing on various sources of technology probably. However over the years, with the firms gaining confidence, they willing explore different technological opportunities by multiple sourcing and rigorous research and development. Technology sourcing in the chemical industry is various methods of obtaining capabilities which in the study are in-house RD efforts, import of embodied technology, and arms-length purchase of designs, drawings, and formulae. After analysis of the sourcing it is revealed that the old, integrated firms having foreign presence are investing thoroughly on technological efforts as compared to their counterparts. Higher profitability is more important for those firms that have imported technology than for in-house RD. Though combination of technological sources is preferred by larger firms, medium-sized firms have higher tendency to invest different technological activities.28 Market leaders in the chemical industry combine patents and secrecy to deter entry. Patents are certainly one of the instruments that companies use to capture charges occurred through innovation and play the role of protecting their technological investments. The increased importance of technology licensing is closely related to the emergence of a class of specialized process design and engineering firms that have played an important role in the development and diffusion of process innovations. 29 Patents are associated in areas of technological innovation. The development of chemical engineering improved the usefulness of process patents, and encouraged patenting of processes. The chemical industrys history also describe the role of patents being much wider than just to exclude competitors and the way patents are used affects entrance opportunities, the industry structure, along with the rate of technological.30 2.3 Determinants of Market Share The Changes in market shares are directly proportional to purchasing decisions of the consumers, influenced by both economic and psychological factors. However, the marketing manager can take advantage of three main variables in order to change consumer-purchasing behavior. These variables include advertising expenditures price, physical product characteristics.31 Competition in any industry is expected to lower down the prices. The market share affects the price levels, which has a direct effect on the profitability, while profitability in return plays a role in changing the market share. A company can take advantage of the first mover advantages, the extensive marketing efforts, keeping a track of the number of competitors. Besides this market share is greatly determined by the level of competition available in the market along with the regulations of any country. Pricing decisions play an important as there is a significant and immediate effect of price changes on shares and the level of profits and strong responses from both consumers and competitors. Through price discounts a company can generates direct positive results in subsequent regular practice of introducing discounts. Price cutting allows the company to get to the preferred market share level sooner and provoke competitive reactions. The structural decrease in price has proven to be more profitable.32 Hence, Descon chemicals when performing its business activities and formulating strategies should take into view the above factors that are likely to affect the market share of the company. Chapter 3: Financial Overview and Competitor analysis 3.1 Financial Overview: The financial year 2011 was better than the previous years for the company, where it was able to achieve a Profit before tax of Rs. 1 million, against a loss of Rs. 30 million last year. The company had a turnover of Rs. 2,608million, against a turnover of Rs 2,384million in 2010 even with the volume decrease of 19,869 MTs as compared to Rs. 2,107 million or 10% over the last year. This was a result of increase in price of 20% over last year. The company faced a 21% increases in cost of sales which is the increase in raw material input cost passed directly on to the customers. Other increases seen were in the prices of electricity and gas. Therefore, gross profit margin has registered a slight decrease of 0.10 % in FY2011 as compared to last years, even though there was an increase of Rs, 6 million in gross profit. Due to an increase in the freight insurance, salaries wages and fuel prices in the country, the distribution cost of experienced an increase of Rs. 9million or 12%. As a result of synergies, with sharing some departments, as part of merger with Nimir Chemicals, the company has been able to significantly reduce the administration expenses by Rs 17mln or 17%. Other operating expenses saw an increase as a result of greater provisioning for the doubtful loans as well as stock which is due to some items turning obsolete in the wide product range. Other operating income mainly consists of: writing back of the liabilities, investment income from bank deposits, commission for indenting and insurance claims. There has been no variance in the finance costs comparative to last year, even though there was in increase in sales by 10%, and there was an increase in KIBOR rate in the current year. Having a stringent control on working capital, reduction in the trade debts and inventories, Descon Chemicals has been able to pay off Rs 174 million of both short term and long-term financing, improving the leverage ratios. Due to the nature of the business, that is dependent on the condition of the economy, the company has faced numerous challenges over the years. There has been low demand due to the general problems like shortage of natural gas, electricity, and rise in the prices of raw materials, faced by majority of the customers. The Financial Analysis was done on the basis of three-year comparison between the Financial Ratios including Profitability, Liquidity and leverage ratios. The data was extracted from the audited financial statements of Decson Chemicals Limited, Clariant Pakistan Limited and Nimir Chemicals. 3.2 Profitability Ratios: 3.2.1. Gross Profit Margin: 2011 2010 2009 Descon Chemicals 0.12 0.13 0.999 Clairant Pakistan 0.25 0.23 0.23 Nimir Chemicals 0.13 0.10 0.07 Source: Authors calculation of data extracted from annual report 2010-11 The Gross Profit Margin ratio shows the Profit margin available after utilizing the direct expense incurred as the Cost of Selling their products.33 Descon Chemicals has a turnover of Rs. 2,608million, against a turnover of Rs 2,384million in 2010 even with the volume decrease of 19,869 MTs as compared to Rs. 2,107 million or 10% over the last year. This was a result of increase in price of 20% over last year. The company faced a 21% increases in cost of sales which is the increase in raw material input cost passed directly on to the customers. Other increases seen were in the prices of electricity and gas. Therefore, gross profit margin has registered a slight decrease of 0.10 % in FY2011 as compared to last years, even though there was an increase of Rs, 6 million in gross profit. However Clariant Pakistan Ltd faced a slight increase in its gross profit margin (0.25) in the FY 2011, which can be accounted to a decreased cost of sales. Though the growth in FY09 was only 9% as compared to 23% in FY08. This increase in net sales can be attributed to the overall growth in chemical industry resulting from increased demand mainly for fertilizer inputs, Chlor-Alkali, pesticides, plastic inputs for use in packing, auto, electronics, house hold items, cables, pipes and fittings etc, in addition to the high use of chemicals in the processing of textile, leather, and carpets. High demand of chemicals in various sub sectors of the economy reflects the high potential in the local manufacturing, value addition and formulation34 Nimir Chemicals in comparison also experienced an increased gross profit margin due to a significant increase in the amount of sales from 0.07 to 0.10 over the last three years. 3.2.2 Operating Profit Margin 2011 2010 2009 Descon Chemicals 0.06 0.06 0.01 Clairant Pakistan 0.11 0.11 0.10 Nimir Chemicals 0.33 0.01 -0.11 Source: Authors calculation of data extracted from annual report 2010-11 Descon Chemicals had a high increase in its operating profit margin from 0.01 in FY 09 to 0.06 in FY10 and later on almost stagnant in FY11, which is an indication of its profitability from its current operations. This was due to an increase in the freight insurance, salaries wages and fuel prices in the country, the distribution cost of experienced an increase of Rs. 9million or 12%. As a result of synergies, with sharing some departments, as part of merger with Nimir Chemicals, the company has been able to significantly reduce the administration expenses by Rs 17mln or 17%. Other operating expenses saw an increase as a result of greater provisioning for the doubtful loans as well as stock which is due to some items turning obsolete in the wide product range. There has been no variance in the finance costs comparative to last year, even though there was in increase in sales by 10%. Clariant Pakistan Limited has successfully maintained its profitability and on average operating profit margin was 11%.ÃâÃ Nimir Chemicals faced a negative net profit margin of -0.11 in FY09 due to huge drop in prices which resulted into unparalleled loss in inventories especially during the first half of 2009. Further deterioration in the performance was caused by the devaluation of Pakistans currency against US Dollar. Hence the company suffered a net loss of Rs.147 million in FY09. However, as economic conditions improved in the country, the company started to recover its profit, resulting in net profit margin being 0.01 in FY10 to 0.33 in FY11. 3.2.2 Net Profit Margin 2011 2010 2009 Descon Chemicals -0.01 -0.02 -0.005 Clairant Pakistan 0.08 0.08 0.07 Nimir Chemicals 0.32 0.00 -0.11 Source: Authors calculation of data extracted from annual report 2010-11 This is the most important Profitability Ratio as it incorporates all the expenses, interest payments and taxes. The Net Profit Margin of a company shows how much of its sales are converted into profits.35 The financial year 2011 was better than the previous years for the company, where it was able to achieve a Profit before tax of Rs. 1 million, against a loss of Rs. 30 million last year. Due to high taxation charges the profit after taxes showed a negative figure. Clariant Pakistan Limited has successfully maintained its profitability and on average Net Profit margin was 11%.ÃâÃ On the other hand Nimir Chemicals had the highest percentage with net profit margin being 32% and even though the income tax increased, the growth in sales revenue over the years contributed enough to see an overall improvement in profits. 3.3.3 Return on Total Assets 2011 2010 2009 Descon Chemicals -0.01 -0.02 -0.01 Clairant Pakistan 0.14 0.14 0.12 Nimir Chemicals 1.37 1.03 0.83 Source: Authors calculation of data extracted from annual report 2010-11 Return on assets tells us how much profit is generated by using the companys assets.36 Due to the net loss in income of Descon Chemicals, return on assets ratio was negatively in the last three years. However the assets have grown slightly in FY10 and returning back to approximately Rs.1 million in FY11. Return on total assets of Clariant Pakistan Ltd has remained stable over the past two years i.e. 0.14 indicating growth in companys revenue and total assets in the same proportion. Total Assets of the company grew from Rs 5,362,046 in FY11 to Rs. 5,412,893 in FY10 indicating an overall increase. On the other hand Nimir Chemicals had a positive and highest value of return on assets, showing that they are gaining positive returns on the asset they have employed in order to generate those returns. 3.2.4 Return on Stockholders Equity 2011 2010 2009 Descon Chemicals -0.04 -0.10 -0.02 Clairant Pakistan 0.25 0.29 0.26 Nimir Chemicals 0.90 0.11 -1.28 Source: Authors calculation of data extracted from annual report 2010-11 The Return on stockholder`s equity is a measure of the rate of return the owner get on their investment in the company.37 Unfortunately Descon Chemicals Limited in operating at a negative return on stockholder`s equity due to the same reason of the amount of loss it is incurring in the past three years. The total equity of the company has also decreased by 14% in these three years. Return on Equity of Clariant Pakistan Ltd has decreased from 29% to 25% in FY11 and this can be accounted to decreased sales in that particular year. The paid up capital of the company increased from 2.6m to 3.06m which resulted in a further decrease in ROE in FY11. Nimir Chemicals had the highest ratio with a significant increase in ratio from -1.28 in FY09 to 0.90 in FY11 due to increase in Net Profit along with a tremendous increase in paid up capital over the last three years. ÃâÃ 3.3 Liquidity Ratios: 3.3.1 Current Ratio 2011 2010 2009 Descon Chemicals 0.89 0.95 0.96 Clairant Pakistan 2.12 1.89 1.66 Nimir Chemicals 1.21 1.08 1.14 Source: Authors calculation of data extracted from annual report 2010-11 The Current Ratio of a company is one of the most important indicators of liquidity. It measures the amount of current assets covering the amount of current liabilities and deally it should be 2:1. This ratio is mainly important in case of huge claims of short-term creditors for liquidity and measures how fast they can be financed through assets.38 Descon chemical has a declining liquidity position and is below the industry averages.ÃâÃ On the current liabilities side, there was an increase in short term borrowings and trade and other payables resulting in a decrease of ratio over the years. Talking about Clariant Pakistans liquidity position, it can be observed that the current ratio has remained fairly above 1 with an increasing trend and on average the company has maintained a decent ratio of 1. 66 thus showing that it has enough current assets to cover the amount of current liabilities. Nimir Chemicals have also maintained its current liabilities and an increase in the amount of current assets were observed resulting in an improvement of current ratio.ÃâÃ Overall, there is a fairy stable liquidity position of the company is and it is close to the industry averages. However, the increase in current assets is to be equally followed by an increase in the current liabilities. 3.3.2 Quick Ratio 2011 2010 2009 Descon Chemicals 0.53 0.55 0.59 Clairant Pakistan 2.11 1.88 1.64 Nimir Chemicals 0.70 0.63 0.68 Source: Authors calculation of data extracted from annual report 2010-11 The Quick Ratio excludes the amount of inventory from the Current Assets and then computes the amount of current assets covering the current liabilities. 39It is observed that the quick ratio of Descon Chemicals has decreased from 0.96 in FY09 to 0.89 in FY11. On the current liabilities side, there was an increase in short term borrowings and trade and other payables resulting in a decrease of ratio over the years. The company is keeping a lot of inventory, even though the amount of amount of stock and trade has decreased in the last year. Clariant Pakistan had an increasing rate in its quick ratio and as compared to current ratio the change is very less. This shows that the company has a small fraction of inventory in its current asset portion. Hence even after excluding inventories, it has double the amount of current asset to pay shirt term liabilities In case of Nimir Chemicals, it can be observed that the quick ratio initially decreased from 0.68 in FY09 to 0.63 in FY10 then it increased reaching 0.07 in FY11.ÃâÃ The company carries high amount of inventory and if we exclude this amount, it is observed that the ratio falls below industry average. Thus, there is high dependence on inventory to pay off the current liabilities. 3.3.3 Inventory to Net Working Capital 2011 2010 2009 Descon Chemicals -0.12 -0.17 -0.25 Clairant Pakistan 0.63 0.80 0.88 Nimir Chemicals 2.42 5.47 3.21 Source: Authors calculation of data extracted from annual report 2010-11 The net working capital of a company is a value of how much more current assets are there in a company than its current liabilities. The Inventory to net working capital ratio shows the extent of how much company`s working capital is tied up in inventory.40 The inventory to net working capital ratio of Descon Chemicals was negative in 2010 primarily because the current liabilities were higher than the current assets. However, the ratio has increased due to an increase in the amount of liabilities. Clariant Pakistan Limited has a decreasing ratio over the years from 88% to 63% of working capital tied up in inventory. The main reason for this is due to decline in the amount of inventory and increase in the assets. Nimir Chemicals on the other hand is suffering from a much higher amount of net working capital tied up in inventory. The current assets and liabilities have been increasing with a greater rate than the rate of increase in assets resulting in a decline in ratio over the years. 3.4 Leverage Ratios: 3.4.1 Debts to Asset 2011 2010 2009 Descon Chemicals 0.73 0.75 0.70 Clairant Pakistan 0.43 0.50 0.55 Nimir Chemicals 0.49 0.93 0.93 Source: Authors calculation of data extracted from annual report 2010-11 The total debt to asset ratio of a company depicts the extent of borrowed funds used to finance the firms operations.41 Descon Chemicals is improving in terms of this ratio, as its reliance on debt is decreasing and is at 73% in 2011 even though it is still industry average ratio. In FY10, the amount of total liabilities increased resulting in a higher ratio as compared to last year. The company is relying more on its debt structure for its finance rather than on assets. Clariant Pakistan is also facing a declining rate in the ratio since it is paying of its liabilities over the last three years. In the last year, debt to asset ratio of Nimir Chemicals decreased to half of that of last two years. This is primarily because of the high decrease in the amount of debt, which is now almost half as compared to 2010. Moreover the assets of the company are also increasing which further contributes in decreasing the reliance on debt to finance the assets of the company. 3.4.2 Debts to Equity 2011 2010 2009 Descon Chemicals 2.65 2.96 2.30 Clairant Pakistan 0.76 1.02 1.22 Nimir Chemicals 0.96 13.25 13.65 Source: Authors calculation of data extracted from annual report 2010-11 The ratio basically explains the relationship between total debt and total equity of the company. It shows how much percentage of total equity has been financed by debt or how much is equity covering for the debt. 42The debt to equity ratio saw a fluctuating trend over the last three being highest in FY10 due to an increase in the amount of liabilities and then dropping back to 2.65 FY11 as a result of decrease in both equity and liabilities. Analyzing the ratio of Clariant Pakistan Ltd, it shows a decreasing rate indicating a good trend as the company is using equity to generate funds and paying off its debt.ÃâÃ The company has managed the level of debt in the capital structure that appears to be in line with industry average.ÃâÃ Nimir Chemicals, have an extremely high ratio of 13.25 and 13.65 which show high amount of liabilities taken by the company for financing of its investments. However, in YR11 it has been highly successful in paying off its debt. 3.4.3 Long Term Debt to Equity Ratio 2011 2010 2009 Descon Chemicals 0.19 0.31 0.36 Clairant Pakistan 0.12 0.16 0.15 Nimir Chemicals 0.32 8.91 9.88 Source: Authors calculation of data extracted from annual report 2010-11 This ratio measures the extent of long-term debt covered by the Total Equity of the company. It is a commonly used measure of the balance between debt to equity in a firm`s long term capital structure. 43. Descon Chemicals shows a decreasing rate indicating a good trend as the company is using equity to generate funds and paying off its long-term debt.ÃâÃ Clariant Pakistan Ltd saw a fluctuating trend over the last three being highest in FY10 due to an increase in the amount of long-term liabilities and then dropping back to 0.12 FY11 as a result of decrease in both equity and long term liabilities. Nimir Chemicals, have an extremely high ratio of 8.91 and 9.88 which show high amount of long term liabilities taken by the company for financing of its investments. However, in YR11 it has been highly successful in paying off its debt resulting in a ratio of 0.32. 3.4.4 Times Interest Earned 2011 2010 2009 Descon Chemicals 0.01 -0.33 -0.09 Clairant Pakistan 4.25 4.99 2.74 Nimir Chemicals 8.39 0.26 -1.67 Source: Authors calculation of data extracted from annual report 2010-11 This ratio measures the extent to which a company`s earnings can decline up to the limit where the firm can pay its interest obligations.44 For Descon Chemicals due to its recent losses in FY10 and FY09, has generated a negative amount of profit before interest and taxes hence the times interest earned comes out to be negative, showing the inability of the company to pay its interest obligations. However, in the year it had a positive figure of 0.01. Times Interested Earned Ratio of Clariant has gone up from 2.74 in FY 09 to 4.99 in FY10, indicating companys increasing ability to pay interest.ÃâÃ ÃâÃ TIE was lowest in FY09 (2. 74 times) due to comparatively decreasing profits occurred due to increase in cost.ÃâÃ ÃâÃ Nimir Chemicals has been improving its ratio of times interest earned starting from the negative value in 2009 and has successfully covered the interest obligations through generating high profits before taxes. They are also decreasing their amount of interest obligations as the amount of debt we saw previously was decreasing. This is resulting in an increased amount of times interest earned reaching at 8.39 times in 2011. 3.5 Activity Ratios: 3.5.1 Inventory Turnover 2011 2010 2009 Descon Chemicals 6.03 4.39 6.96 Clairant Pakistan 6.67 6.27 4.72 Nimir Chemicals 7.06 6.70 6.40 Source: Authors calculation of data extracted from annual report 2010-11 Inventory turnover ratio basically shows how many times the inventory has been converted into sales within the year. It gives a measure of whether the firm has excess of inadequate inventory of finished goods. 45 Descon Chemicals has a high amount of inventory turnover, as its sales revenue is high as compared to the inventory kept. However the ratios of year 2010 and 2011 have shown a decline to ratio 6.96 in year 2009. This was a result of decrease in sales of the figure due to a number of factors. Clariant Pakistan and Nimir Chemicals have faced an increase in its amount of sales resulting in higher profitability causing the inventory turnover ratio to grow. 3.5.2 Fixed Asset turnover 2011 2010 2009 Descon Chemicals 3.71 3.28 3.46 Clairant Pakistan 7.79 8.86 8.42 Nimir Chemicals 2.26 1.53 1.17 Source: Authors calculation of data extracted from annual report 2010-11 It is a measure of the productivity of sales and the utilization of plant, equipment and other fixed assets to generate that amount of productivity.46 It is observed that the fixed asset turnover ratio of Clariant Pakistan has increased in FY11-09, but showed slight decrease in FY10 in the number of sales. The amount of fixed assets of the company has shown a declining trend over the three years. The Fixed Asset Turnover for Nimir Chemicals is higher than Clariant Pakistan Limited and Descon chemicals, primarily due to increased amount of fixed assets and a larger proportionate increase in the amount of total sales. Hence, they are utilizing their fixed assets properly. 3.5.3 Total Asset Turnover 2011 2010 2009 Descon Chemicals 1.47 1.19 1.52 Clairant Pakistan 1.72 1.70 1.69 Nimir Chemicals 1.37 1.03 0.83 Source: Authors calculation of data extracted from annual report 2010-11 The total asset turnover is a measure of the utilization of the firm`s assets and the volume generated as compared to its asset investment.47Total Asset turnover maintained an increasing trend and an average of 1.5 times of the three companies indicating an efficient utilization of total assets to generate sales. 3.5.4 Average Collection Period 2011 2010 2009 Descon Chemicals 61.62 74.44 63.09 Clairant Pakistan 54.73 58.25 77.31 Nimir Chemicals 36.50 44.66 58.61 Source: Authors calculation of data extracted from annual report 2010-11 The average collection period shows the number of days it takes to receive payments from the accounts receivable.48 For Descon Chemicals the average collection period is 61 days in 2011, and 63 days in 2009. However, it was higher in 2010 at 74 days. The Accounts receivable have stayed around the same, hence the slight changes in the average collection period is due to the change in the amount of sales. The average collection period of Clariant Pakistan Limited is lower than Descon Chemicals and Nimir Chemicals having the lowest comparatively, mainly due to low accounts receivable as compared to the amount of sales. Hence they are receiving their cash earlier than Descon Chemicals. Chapter 4: Research Methodology: Source: Mark Saundars, P. L. (n.d.). In Research Methods for Business Students. 4.1 Research Objectives To review the existing status of Descon Chemicals, the availability of local raw materials, supply demand situation. Determine the constraints and factors leading to a decrease of market share of the company. To consolidate practical recommendations to attract investment in the company along with problem solving through in depth exploration of the core problem. 4.2Research Question Descon Chemicals: An investigation of the causes leading to decline in the market share over the past five years. Since chemical sector of any country plays a vital role in the economic development and Descon Chemicals is one of the most renounce company in the specific sector. Recently there has been a decline in the net income and the company is facing decline in its sales. Hence this area of research was selected as to investigate the core problem in the organization that was creating further problems with in the firm. 4.3 Nature of Research The Research study is exploratory and also descriptive in nature as it focuses at discovering the decline in market share of the company and variables that are related with it. 4.4 Type of research To support the qualitative findings there is aspects of quantitative analysis within this project. The methodology is based on both secondary and primary data, added by information extracted through in depth interviews. This is known as mixed research that helps in qualitative and quantitative research and promotes the conduct of excellent educational research by getting results due to the complementary strengths and non-overlapping weaknesses. 4.4.1 Primary Research The primary research and data collected by this project is largely in a qualitative form. However a sample size of 25 respondents was used for the questionnaire that was floated to the employees working in the procurement, operations and marketing department and that gave valuable and useful insights that would prove to be greatly helpful for this research. The questionnaire findings were further tabulated for analysis and interpretation of results. The primary resource of information that will be used for the purpose of this project will be semi-structured interview with intellectuals who are connected to the field defined to test the research questions. The information extracted from the interview will be recorded and transcribed for the purpose of effective analysis. The precise profile of the selected intellectuals is provided: Mr. Tariq Jabar Manager Coating Emulsion Mr. Naseer Ahmad Team Leader Production Mr. Faisal Murad Khan- Area Sales Manager The project does not wholly rely on the view point of the participants, but instead carefully dissects the information and analyses it to uncover its reliability and validity. Importantly, one of the main limitations with the use of qualitative data is problems associated with generalization. To overcome this, the project briefly analyses other firms within same industry through the use of quantitative analysis to identify any consistency. 4.4.2SECONDARY DATA Secondary information will be collected and obtained through the analysis and interpretation of academic information outlined in the literature reviews. . Sources included the Internet, journals i.e. science direct, J-stor, E-journal, online articles, books, newspaper, business magazines, information from the Chamber of Commerce, annual Reports etc. Chapter 5: Data Findings and Analysis 5.1. Questionnaire Findings A sample size of 25 respondents was used for the questionnaire that was floated to the employees working in the procurement, operations and marketing department and that gave valuable and useful insights that would prove to be greatly helpful for this research. The questionnaire findings were further tabulated for analysis and interpretation of results. Source: Authors Findings In this scenario the correspondents are asked about whether or not the economic situation of Pakistan has any impact on the state of the companys affairs. Many felt that no their companys assets and state of affairs were independent of one another and had no implications on them that were relating from the countrys financial crisis. Next 8% were of the opinion that they were in disagreement with the majority of the correspondents and 44% were of the opinion that their countrys economic climate had in fact devastated the growth of their company, while 20% believed that it was not up to the country but up to them as a unit to function in these dire economic horizon on the front. Source: Authors Findings Looking at the above graph one can conclude that yes new entrants have in fact affected the share of the company in the marked. A resounding 13 units are in the favor from the norm while a less impact has been made by those who believe that their company has not been quarantined by those who are new to the game or are relatively easy targets for them. Source: Authors Findings What we observe here is that looking at the blue area of the pie chart one must observe that more than half of the correspondents i.e.56% was of the opinion that the company is in fact taking measures in overcoming any new entrants to the market. A significantly less amount felt that only the companys own interest were being followed by its team who were in no position what so ever to dictate their own terms in the market or to the liable consumers who might depend on them. Source: Authors Findings Out of the total number of respondents, 44% felt that since the company was facing a state of decline in the net income then the loss in net was being caused by and could be tracked down to their competition levels increasing at the time. Decline in Market Share has been deemed responsible by nearly a quarter of those interviewed i.e. 20%. Remaining i.e. 24% was of the opinion that the most important factor was their companys increase in the cost of producing units. Source: Authors Findings 36% of the respondents were of the rationale that an increase in the cost of raw materials has seen an increase in the operating cost for their company. A significant number i.e. 24% were also included with disagreement, while only less than 16%were neutral and had no standings in the matter. Source: Authors Findings The company seems to be functioning below its peak as seen in the above diagratmic illustration. Almost half of the survey population said that the company was operating at ÃâÃ ¾ th of its capacity, almost a quarter were of the opinion that the operation of the company was at half-of its normal lifecycle while a mere 1/10 th of those surveyed said that the operating capacity was half of its full potential. Source: Authors Findings The above diagram brings to mind an old rule of economics that is that demand and supply are related to one another. If one increases then the other will decreases. 40% of the employees agreed that the increase in the price of the products has been a major contributing factor where as 12% disagreed to the above question. Almost 32% were of the opinion that price was a cause however there were other reasons to this increase aswell. Source: Authors Findings This is a rather trick question as almost half of those interviewed said that yes they saw the market growing given its current path of motion. Only 20%strongly agreed to it while a third saw it as okay and acceptable. A wide majority of those interviewed were of the opinion that in the current economic downturn facing the economy if we keep going like this then there will be some growth in the market share. 5.2. Interview Analysis and Findings In difficult economic environment which has been persisted for several years, Descon Chemical Limiteds operating environment continues to change significantly. The challenges were compounded by the fact that there has been considerable volatility in the global environment, which have placed significant pressures on the input prices of raw materials. As the raw materials are commodity products, and at an all-time high, places consistent pressure on the companys margins. The chemical industry is also strongly facing, the effects of the financial crisis and the recession in the important markets of the world. Even so, horror scenarios are not appropriate. The marked increase in the oil price is also having a negative influence on the level of raw material costs and thus on the profitability of downstream industries. The reason why the situation is, nevertheless, critical is, unfortunately, due to the fact that, at the same time, volumes are clearly dropping and production is declining.ÃâÃ Due to the current situation the chemical industry is feeling an increasing pressure on prices and must deal with a marked decrease in quantities. The increase in the number of service industries relative to construction, manufacturing textile, and various other major users of chemicals has negatively affected the growth of chemical shipments. The problem exacerbated due flooding in September 2010, which substantially affected demand. It has been difficult for Descon Chemicals to maintain consistent volumes for its extensive product range due to problems confronted by their customers, because of shortages of natural gas, electricity, and rise in input prices. This has led to a dwindling of demand for the product and with an increase in cost as much as 33%. Even though, it is a business to business company, the changes in demand from the end consumer highly affect the sales. Legislators either provide incentives, tax breaks to the companies or they impose regulations causing restrictions on business transactions. Descon Chemical being a publically listed firm responds differently to regulations imposed by the government as compared to the private firms that face a competitive advantage. These private companies are exempted from government regulations or they can subject them to different implementation requirements e.g. Descon Chemicals being a publically listed company with more stakeholders is liable to pay all sort of taxes and meet the requirements of the regulatory laws. As there is an increase in the expenses of the company and increase in cost of the production due to highly priced raw materials, there is a significant impact on the price of product. Comparatively, private firms are at an advantage since they tend to manipulate their position and manage to avoid taxes due to illegal practices. Such private companies also tend to avoid paying incre ased import duty on chemicals products either by illegal means i.e. bribing the assigned authorities at the time of import or by creating mutual agreements with the foreign companies to alter the amount on the invoice and show a lesser one as compared to the actual. The main business line from where the company gets its major chunk of profit and forms almost half of the total turnover is coatings Emulsions. Hence, tough conditions in this area would mean that recovery of the company will be not as swift. In the past decade Descon Chemicals has taken steps to enhance product development and innovation, with technical collaboration within and outside Pakistan, which had helped to optimize their resources and gain competitive advantage in their business of Coating Emulsion. By 2009, Descon chemicals was the only supplier of coating emulsion to ICI Pakistan, taking over NIMIR Resins in a very short time span in 2007. Nimir Resins due to its bureaucratic nature could not perform productively and it eventually tripled down. For a long period, Descon Chemicals enjoyed leadership status in the market, however during the last five years; it has not only lost its leadership status but has also experienced intensive competition after establishment of Power Raisin. Descon Chemicals laid pressures on ICI Pakistan by raising prices of coating emulsion chemicals or reducing availability of their product and took advantage of their monopolistic position. Initially, the sales increased due to the company being the sole provider of the product, flourishing nature of the economy, and growth in the construction sector. As a result ICI Pakistan took measures to overcome this problem and heavily invested in the development of another chemical company named Power Resin. In a very short time span, Power Resins foreseeing a gap between demand and supply along with fluctuations in prices established itself to be able to compete readily with Descon Chemicals and was able to capture a greater market share of 51%, greater. This greatly affected the sales and thus the profitability of the company. These circumstances continue till date, resulting in condition so bleak that it looks difficult for Descon Chemicals to regain its position. Hence, technological advancement along with entrance of new competitor both has put a lot of pressure, affecting the sales of the company. The data below is a representation of the above scenario, explaining the decline in sales due to tough competition faced after new entrants and reasons that are discussed later (Rs.1000) 2005-06 2006-07 2007-08 2008-09 2009-10 2011 Net Sales 3109237 3385166 4116935 3657205 3294725 3711662 Sale Volumes (Tons) 41939 42499 45626 37374 32987 29879 Source: Company Data Although Descon Chemicals has experienced a large market share in many individual product segments of the chemical business, the prices and production policies have severely been constrained by potential and active entrants in the market. In many cases, these new entrants have various purchased activities that have been divested by the established chemical firms as the differences in environments and bundles of capabilities causes some activities to shrink and diminish in one firm and still expand and flourish in another. Rising prices and availability of raw material is source of high concern for the employees. In 2008, the international prices of the chemicals were increasing e.g. a chemical called Trignostic D is priced at $1600 per ton with each container having a capacity of 24 tons. The procurement department of Descon Chemicals came up with a strategy to buy the raw material at bulk although there was ample stock in hand in the warehouses, thus 3 containers were purchased at $3200 per ton. Unfortunately within a month the price touched $3600 per ton and drastically fell to $1400 per ton. The competitors were at an advantage since they bought the raw material at $1400 per ton and thus as the cost of production was lower as compared to Descon Chemicals the products were sold at a much lesser price. Descon Chemicals faced heavy losses due to this of approximately Rs 200 million that eventually affected the performance of the company. The following digram is a representation of the above scenario: Source: Company Data Another reason of this increase in price of products is Pakistan recently facing serious problem of power shortage. This has a significant effect on the production process on frequent bases resulting in labor being idle, increase in not only the cost but also lower levels of production. This scenario also makes it difficult to fulfill demand on time. Hence, rising cost of production has a significant impact on the prices of products which has lately seemed less attractive for customers. A major hindrance in the growth of the business of Descon Chemical Limited sets its roots by the clients not paying off their outstanding balance by the predetermined date, or failing to pay altogether. This has not only increased the total cost but has also been a factor adding to current workload. Even though before considering cash in advance, the company was aware of the clients payment history, however there were problems confronted by their customers, because of shortages of natural gas, electricity, and rise in input prices, economic downfall that exasperated the situation. Thus the whole cash conversion cycle is disturbed as credit collection from customers after the sales becomes problematic and suppliers also have to be paid for the purchase of inventory and raw materials either at the time of their purchase or after disbursing credit. Up to date Descon Chemical has not identified their target customers and consists of both smaller and large customers and when the prices of material are revised due to economic fluctuations, there is a major impact caused by the smaller cust
Wednesday, May 6, 2020
William FaulknerÃ¢â¬â¢s, Ã¢â¬Å"A Rose for EmilyÃ¢â¬ and Shirley JacksonÃ¢â¬â¢s, Ã¢â¬Å"The LotteryÃ¢â¬ short stories have a unique way of sharing similarities but have their differences. Both authors open up their stories as a quite everyday small town with everyday people. Faulkner and Jackson both use an individual type of foreshowing and use a great deal of imagery to pull the reader into their story. There is a history behind each story and each with their own family backgrounds. Tradition has a major role in each as well. Faulkner uses a style of southern gothic and Jackson uses a style of northern gothic. Jackson is straight to the point and Faulkner goes around saying things in a nice southern way. The authors use a sense cold-blooded natural at the end of the stories with both ending in death. The first time one reads the story they never see the end coming and they have to go back and re-read the story as they start to realize the clues of the ending. To illustra te, Jackson starts out her story with, Ã¢â¬Å"The morning of June 27th was clear and sunny, with the fresh warmth of a full summer day; the flowers were blossoming profusely and the grass was richly green.Ã¢â¬ Automatically the reader is thinking this is going to be a nice quite short story about a small town summer day. Even though Faulkner opens with telling about Miss. EmilyÃ¢â¬â¢s funeral the reader never seems to think that she would be a murderer. The writers both jerk one around their stories making the reader wonder what is going toShow MoreRelated Tradition in William Faulkners A Rose for Emily and Shirley Jacksons The Lottery656 Words Ã |Ã 3 PagesTradition in William Faulkners A Rose for Emily and Shirley Jacksons The Lottery People throughout the world do things for many different reasons. Religion, peer pressure, or tradition are some of the reasons the people do things. In the U.S. we have many traditions such as Christmas. Some people have strange or out of the ordinary traditions. The two short stories ?The Lottery? and ?A Rose for Emily? both portray tradition. Ã Ã Ã Ã Ã In ?The Lottery?, tradition is showed in three main waysRead MoreLogical Reasoning189930 Words Ã |Ã 760 PagesRichard Gould, Kenneth King, Marjorie Lee, Elizabeth Perry, Heidi Wackerli, Perry Weddle, Tiffany Whetstone, and the following reviewers: David Adams, California State Polytechnic University; Stanley Baronett, Jr., University of Nevada-Las Vegas; Shirley J. Bell, University of Arkansas at Monticello; Phyllis Berger, Diablo Valley College; Kevin Galvin, East Los Angeles College; Jacquelyn Ann Kegley, California State University-Bakersfield; Darryl Mehring, University of Colorado at Denver; Dean
How one individual communicates with another varies depending on a number of different factors. Perhaps the most dominant factor in communication is the relationship between the communicators. For example, one is going to interact differently with a sibling, than they would with a love interest. The wide variety of available relationships between people generates a wide range of communication styles and variations. Everything ranging from nonverbal to verbal communication can differ when the relationship is clearly modified. Although the many concepts of communication may seem very unequivocal, they can be drastically different when compared between different forms of relationships. When observed, one can clearly see the many differences in communication between different relationships of communicators. The concept of attributions can be clearly observed between conversations no matter what the relationship. An attribution is an explanation of why something happened or why someone ac ts a certain way (Wood, 2015). Attributions are made when an individual cannot seem to fully grasp a sustainable amount of reliable information about another individual, leading them to make judgments and assumptions about that individualÃ¢â¬â¢s personality based on previous characteristics they have witnessed. These assumptions and judgments help individuals try to understand why one behaves a certain way and are very common among almost any type of relationship. Creating these attributions allowsShow MoreRelatedCommunication Between Verbal And Nonverbal Communication1054 Words Ã |Ã 5 PagesÃ¢â¬Å" I know that you believe you understand what you think I said, but I am not sure that you realize that what you heard is not what I meant -Unknown.Ã¢â¬ Communication is very important in today s society. From texting, emails, talking on the phone, or even talking in person. If you are communicating in a nonverbal way it is important to get your point across exactly how you mean it because someone can read it differently. Talking in person can be easier because you can hear their tone of voice andRead MoreDifferences Between Genders And Communication Essay1613 Words Ã |Ã 7 Pagescommitments, etc. One large gender difference that appears to be prevalent is that of communication. I believe that gender communication holds many advantages and disadvantages within discussions as well as in distinctive settings. When looking at the differences between men and women when it comes to communication, the disparities are abundant. But why are there so many differences between genders and communication? Is there a culture difference that separates the two? Is there a biological reasoningRead MoreCommunication Between Doctors and Nurses1119 Words Ã |Ã 5 PagesIntroduction As doctors or nurses they all need to make sure that there is communication between everybody because when patients come in they expect for you to know what exactly what is going on with them and they want to make sure that the doctor and nurse communicate so that everyone knows that they are talking about the same thing. We as patients need to know if they are going to know what is wrong with us especially if we need the help. Now a days some doctors and nursesRead MoreRelationships Between Communication And Gender1073 Words Ã |Ã 5 Pageshold meanings and have the power to affect us and our emotions. Common communication issues occur when people from varied gendered speech communities interact with one another. Interacting with each other and communicating might be perhaps the most difficult aspect of life and relationships. In this article we will focus and examine closely at relationships between communication and gender. We will consider three communications that misapprehend certain issues. Ã¢â¬Å"Language is one of our most complexRead MoreThe Communication Between Alistair And The Natives1429 Words Ã |Ã 6 Pagesprovide a form of communication, and how they serve in the context of communication to others an ability to enable communication among many characters. AdaÃ¢â¬â¢s daughter,Flora, is AdaÃ¢â¬â¢s communication to everyone. Ada is mute and so she canÃ¢â¬â¢t really communicate with people in a traditional manner. She carries out AdaÃ¢â¬â¢s wishes and acts to protect Ada in her ways although ultimately, her actions led to AlistairÃ¢â¬â¢s anger and causing her mother pain. George Baines is the communication between Alistair and theRead MoreRelationship Between Communication And Errors1622 Words Ã |Ã 7 PagesSolution Description The relationship between communication and errors has been well established in the healthcare setting, affecting patient safety and placing the organization in a position of risk (Friesen, Hughes and Zorn, 2007; Wasserman, 2014, Sears et al, 2013). Errors still occur, however, and there is a focus on how healthcare can learn from the behaviors of high-reliability industries (Verschoor et al, 2007). One such behavior is that of a Safety Briefing (DSB), through which an organizationRead MoreCommunication Between Men And Women891 Words Ã |Ã 4 Pagescountries not talking to each other.Ã¢â¬ This quote is a perfect example of how communication between men and women vary. Communication has been and will continue to be the most essential aspect of human existence, which happens to differ greatly between men and women. Being aware of the differences between men and women in communication is significant in day-to-day interactions. Normally, conversation is a two way street between two in dividuals. There is ingoing and outgoing information, that is, one individualRead MoreMiscommunication Between Miscommunication And Communication Essay1265 Words Ã |Ã 6 PagesORGANIZATIONAL STRUCTURE: - Most of the large organizations have too many vertical communication links which distorts the message as it moves from one organizational level to another. This creates a lot of problems as the message loses its original meaning. Every company has certain communication policies that lays down the method for communication. If the method is complex and difficult to understand it gives rise to communication barriers. Eg. If a junior level employee intends to communicate with his seniorsRead MoreCommunication Between Patient And Physician1259 Words Ã |Ã 6 PagesIn the past, there was a lack of communication between the patient and physician. The importance of the patient-physician communication was at a low due to a lack of patient-physician relationship. Now, there is a better understanding as to taking certain steps to patient-physician satisfaction. It is extremely important and effective to require communication between patient and the physician. The patient and physician need to develop a partnership. The patient needs to be fully educated aboutRead MoreCommunication Between Sender And Receivers1539 Words Ã |Ã 7 PagesShannon-WeaverÃ¢â¬â¢s (1949) this form is specially planned to develop the suc cessful communication between sender and receiver. Also they find factors which touching the communication process called Ã¢â¬Å"NoiseÃ¢â¬ . At first the form was developed to develop the Technical communication. Later itÃ¢â¬â¢s widely applied in the field of Communication. The form deals with a variety of concepts like Information source, transmitter, Noise, channel, message, receiver, channel, information destination, encode and decode.
Shannon Packard Long-term care is one of the options an individual has when it comes to care and treatment needed when one becomes older, disabled or develops a chronic illness. With the possibility of needing to receive such services in the future there are certain things one must ask them self, such as: What is this delivery systems role in providing services? What type of contribution, or lack of contribution, does it make to the overall management of healthcare services? When transitioning patients from one level of care to another what role does long term care play? What types of services are provided to patients and how do the services fit into the continuum of care? Lastly, with the future trends in health care how will the services patients receive be affected to keep up with the changes made to health care? Long-term care is generally provided in a facility such as nursing homes, rehabilitation facilities, inpatient behavioral health facilities and long-term chronic care hospitals (MedicineNet, 2003). We will write a custom essay sample on Long-Term Care or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page However this care can be provided in other settings as well like the patients home, home of a friend or family member or an adult day care facility (Day, n. d. ). This delivery systems role in providing services falls in the residential and care of the patients. They are concerned with continuing and/or enhance the patients ability to operate independently for as long as possible, making a comfortable social and physical environment to enhance the individuals independence and quality of life and providing the best services to better meet the expectations of the patients as well as his or her family and friends (Stone, 2000). With this role in mind how does the long-term care service contribute to the management of healthcare services? With long-term care management of healthcare ervices may be more difficult due to the decreased mental and physical capabilities of the patients. One contribution is the training of staff members to not only recognize abuse of patients, but how to correct and prevent this abuse from happening. This is a vitally important contribution due to the fact that the deteriorating mental and physical well beings of patients make them easy targets for abuse, and they generally have a difficult time defending themselves or even identifying who their abusers are. Since this abuse may come not only from outside sources but from employees as well the long-term care field contributes to the safety f the patients by always performing their own background and employment checks. This ensures the facility that the chance of abuse, as well as other issues, are less likely to happen. Another important contribution that this system has made is setting up a reporting system that keeps the lines of communication open between medical teams. With the care needed for patients around the clock it is vital that any issues in regards to procedures, policies, medications and other services be brought to comes from long-term care facilities is the training of the health care professionals who work there. In this type of facility professionals have to deal with decisions needed to be made in regards to the loss of physical and mental capabilities with a patient, as well as the death of patients. Medical professionals need to be trained not only in how to communicate with family and legal guardians when dealing with decisions when a patient becomes worse off or dies, but also how to handle the paperwork and procedures during these hard times (Hawkins, 2010). Yet how does long-term care handle the transition of patients from one level of care to another? Some individuals only need long-term care for a short period of time while they ecover from and illness or injury; others on the other hand may require this care for the rest of his or her life. With the patients that need the care for the rest of his or her life there is only days of good (better) or bad (worse). These individuals may need to transition from their home to a long-term care facility, or from a long-term care facility to a hospital, or any other type of scenario. These transitions can be stressful for both the patient and the health care professionals. Problems during transitions between facilities can happen (such as the continuation of care among the different acilities, service duplication, aspects of care are not received and medication errors) and strategies should be put into play to reduce the chance of the associated issues and correct those that have arisen (National Institute of Nursing Research, 2006). Many steps are taken to ensure that these transitions go smoothly for the patient. There is a change in perspective (patient transfer instead of patient discharge), start planning the patients transfer a good amount of time before the patients admittance to the new facility, communication between practitioners to formulate and execute a ommon care plan (thus reducing the chance of double or missed care and medication), verify that the new facility is capable and prepared to care for the new patient, ensure that all forms are completed correctly, making sure that a health care team is available to the patient and that any discrepancies or confusion in regards to the patients care are cleared up before the transition is complete (Fox Coleman, 2004). When someone has to make the difficult choice to either place a loved one in a long-term care facility or enter the facility themselves, what type of services should they expect to be received? Some of the services that are provided to these individuals are things many of us seem to take for granted (i. . walking, bathin g, using the restroom, getting dressed, eating and/or drinking, answering and speaking on the phone, doing the laundry, and taking care of ones personal hygiene and grooming). This however is only the tip of the iceberg in many cases. Individuals who are receiving long-term care need help with more than Just the normal daily activities. As the patients health and mental state declines the services they obtain grow (i. e. pain management, physical and/or occupational therapy, assisting in edical needs, going to doctors appointments and administration of medications) (Day, n. d. ). What lies in the future for long-term care? Documentation of patient care needs to be done carefully and properly to ensure a facility stays in compliance with regulations. With many insurance providers, especially Medicaid and Medicare, a patients treatment and care must be Justified in documents in order to receive payment. With a large number of patients the facility has a large amount of spending more time and resources dealing with the paperwork than caring for the patients. Machines and systems are slow and in some cases out of date. As technology is advancing the process of documentation and claims processing advances as well. To receive long term care is a difficult choice to make, regardless if it is for the care of ones self or that of a loved one. This type of care however can be received in multiple different settings, and the services provided can give one the ability to stay independent to a degree for a longer period of time, as well as help them with tasks that need to be accomplished every day with ease and peace of mind. The transition into, as well as within a long-term care facility is not always a erfect one, but steps are being taken to make the process a smooth as possible for the patient, the family and friends involved, and the health care providers. Technology has played a large role in making the care and treatment of individuals in this setting as easy as possible, and as technology advances so will the ability to care for the aging and disabled part of the American population.
Tuesday, May 5, 2020
Question: Discuss about the Generations in the Health Workforce. Answer: Introduction: In general, health workforce is classified in four generations like Traditionalists born before 1945, Baby Boomers born before 1965, Generation X - born before 1980 and Millennials (Gen Y) born after 1980. Traditional workers established themselves as most loyal workers. They perform their work with dedication and they are risk free. Their collaboration ability is excellent and they have healthy commitment for teamwork. Their interpersonal communication is excellent. Traditional are the wealthy population because of their inclination towards conservation of wealth. Baby boomers give their highest priority towards work as compared to the personnel life. They generally suspect rules and policies of the higher authority and management of the organization. Their values and characters were influenced by civil rights activities and inflation. These workers are open for change as compared to the earlier generation workers. At the same time, they chase for the personnel gratification. It exhibits power in these types of workers. Most of the workers of this generation are not in wealthy condition due to fall of marketplace during their period. Generation X workers are considered as the idler workers. These workers always put question mark on the policies of the authority. Workers of this generation are technically strong and they are more independent as compared to the prior generation workers. Generation X workers give less priority to work and they are not at all dedicated towards their work. Skill development ability of these workers is excellent and they are ready to take new challenges. They adapt to job very early. Millennials are the first global centric work force. Millenials are considered as the most educated group of work force till date. Millennials are excellent in team work (DelCampo et al., 2017; Johnson, 2012). Intergenerational Workforces: These all four generations of workforce has different qualities and approach of working. Hence, integration of all the workforces in healthcare organization would give balanced workforce for the organization. Different types of jobs to be performed in the organization can be effectively carried out with this type varied expertise. Traditional and baby boomers are very loyal in their job and generation X millenials are extremely good in technical knowledge. Organization with the incorporation of these types workers can perform technically advanced work by maintaining loyalty to the organization and management (Clipper, 2012). Organization with incorporation of all these generations can implement work experience and management strategies of different generation. With the integration of different generations, there can be improved decision making in the healthcare organization. Because these employees from different generations can have experience of different patient cases. With the in tegration of workforce from different generations, succession planning can be effectively implemented in the healthcare organization. Specifically, in case of healthcare workforce incorporation of people with different expertise is very important. This is because healthcare force needs to work and take care of people with different age group. These people with different age group require workforce from different generations. Hence, integration of workforce in healthcare services can effectively handle varied activities in the healthcare organization. These workforces of different generations can develop generational competence with patients of different age group. These employees should be aware of generational understanding and should participate in specific mentoring programme. These employees should develop communication skills based on the generational sensitivity (Johnson Johnson, 2012). These workforces also maintain strong generational foundation for the organization. Availability of workforce from different generations can be helpful in evaluating intergenerational differences and recruitment of the employees from the useful generation. This targeted recruitment of the employees would definitely be helpful in improving productivity of the organization. This targeted recruitment can also be useful in connecting job profile of the employees to the mission and goal of the organization. With the availability of workforces of different generations, their work experience and interactions can be documented in the form of book. This book can be used for the future generations as a reference. To build strong organizational foundation, organization should implement different retention strategies for these employees from different generations. Management should provide flexible work options, educational and career development programme and additional income opportunities. In tegration of workforce from different generations can build balanced talent pool in the organization and surely give competitive advantage over other organizations. Employee stability in the organization also reduces the recruitment cost and expenses for training purpose of new employees (Krail, 2005; Sherman, 2005). Ethical Considerations: While maintaining the integration of diverse workforce, organization should also maintain employee ethics. Maintenance of employee ethics comprises of distinguishing between right and wrong employees. Distinction of right and wrong employee can be decided upon the work and behavior of the employee. Management should consider the honesty, fairness, integrity and loyalty of the employee at the time of determining ethics of the person. Any employees negative attitude toward organization like Generation X and millenials should not be considered as unethical from management point when that particular employee is giving productive output to the organization. Management should be ethical by giving equal importance to all generation employees. Management should have specific strategy and rules for maintaining harmony among the different generation of employees. Management should not make any bias in giving rewards and promotions to the different generations of employees. If management of the organization feels any one generation is not useful for the organization, then management should take planned and stepwise action to eliminate this generation employees. In such scenario, management should not take sudden action against this generation of employees (Krail, 2005; Sherman, 2005). Structure of Organization: Running an organization with different generation of employees require expert in the human resource department. This human resource personal should be from healthcare department. Human resource personal can identify healthcare staff with specific skills required for organization and it would be helpful in improving patient care. Human resource personal can identify exact expectations of the employees of the all the generations and try to fulfill these expectations. Human resource person can segregate expectations of the employees of different generations and act specifically on each of the expectations. Fulfillment of these expectations of the employees builds trust and positive attitude in the employees. These developments in the employees can improve teamwork, partnership building and overall productivity of the organization. This recruitment process is useful in capacity building of the healthcare organization by knowledge transfer and best practice inventory (Sherman, 2006; Krail , 2005). Human resource personal should forecast the human resource requirement of the organization based on the evidence of existing four generations of employees. This forecast by the human resource personal is helpful in designing long term planning for the human resource. Along with evidence based evaluation, human resource personal should evaluate employees based on the population based and system based. All these evaluations by the human resource personal are helpful in maintaining optimal demand and supply of the employees in the organization. Human resource personal should take feedback from the healthcare manger about the requirement of the human resource. This can be helpful for the human resource personal to select employee from the specific generation (Jones et al. 2016). Human resource personal should consider external factors like competitiveness form other organizations, global economic climate, labor laws and upgradation of technology for maintaining best human resou rce for future of the organization. Human resource personal should also consider economic status of the organization, manpower requirement of the organization and organization structure for maintaining best human resource for future of the organization (Hart, 2006). Productivity: Productivity of the healthcare organization can be effectively increased by collaborating with educational and training institutes. This type of training helps organization to produce more number of employees in specialized areas with highly advanced techniques. Content of these training programmes should be changed according to the changing needs of the healthcare sector. This up gradation in the training programmes would be helpful in matching global standards and improving competitiveness of the organization. Approach of these trainings for health professionals should be interdisciplinary. Because health profession is an integration of services from different professionals like doctors, nurses, pharmacist and social workers. Through interdisciplinary training approach productivity of workforce can be increased and more output can be obtained with existing number of employees. Productivity of healthcare organization can also be improved by collaborating public and private organizat ion. As public and private organizations have different manpower structure and infrastructure, these facilities can be exchanged (Sherman, 2005). Workforce Flexibility: Participation of the workforce in the job is generally measured by the number of hours spent on that particular job. In such case, flexibility of work at work place is neglected. However, productivity of the organization can be increased by providing flexibility in the job. Productivity of an employee should not be measured by calculating number of hours spent, but it should be measured based on the output obtained. There should be acknowledgement and rewards for the employees for working extra hours. Flexibility in the working hours can give employees freedom to maintain proper work and personal life balance. This would definitely build strong positive between employee and employer. It is very useful in increasing the productivity of the organization. Improving the working conditions is one of the important factors for improving productivity of the organization. This improvement in the working conditions would help employees to perform their duties in smooth manner. All the requirem ents for taking care of the patients should be properly arranged and proper space should be there to keep them. In such case employees conserve their energy for performing nursing services, instead of wasting their energy in finding the requirements. There should proper work distribution among the employees based on their skills (Sherman, 2006). There should flexibility for the employees to choose their work based on their capabilities. This can improve the interest and confidence of the employees. As a result, there is overall increase in the productivity of the organization. There should be flexible option for the employees to re-enter the organization after the long personal leave. This reduces the cost of recruitment of new employee and also it reduces training cost. Healthcare service is very complex service and most of the healthcare workforce interdependent on each other for caring the patients. In such scenario, organization should give flexibility to the employees to perfor m task of other employees also. This improves exchange of knowledge and skills among the employees of four generations (Johnson Musch, 2012). Rewards and Recognisation: As priorities of all these different workforces are different, it would be very difficult for the management to hold for the top talent. Most of the traditional workers are retired now, baby boomers are looking for the post-retirement career, generation X workers are expecting challenging but balanced work and millennial are expecting high salaries in exchange of technologically high input. It is difficult for the management to hold talent by giving high salary and excellent medical benefits. Management should implement unique strategy for each generation to hold them back in the company (Thrall, 2005). Different rewards and recognisation should be given differently to these four generations. Traditional and baby boomer should be given recognisation mainly in the form of certificate of appreciation. On the other hand, generation X and millennial should be given rewards in the form of promotions and money incentives. Millennial employees should give training about the organizational culture and mission. Experienced employees of traditional and millennial employees should be recognized by giving them mentorship role (Saber et al., 2016; Tourangeau et al., 2015). Conclusion: Even though, these four generations are from different time period, these workers have some common similarities. These similarities include learning and development opportunity, prospect of promotion in the company, respect and recognisation from the company, good quality of life, good compensation, similar type of work with similar or very less resources and supportive environment. Along with these similarities, these four generation works also have differences. They have dissimilarities in communication styles and attitude towards higher authority. Incorporation of the four generations in the healthcare workforce is the very much required because healthcare services require workforce of diverse nature. Healthcare service is very diverse and integration of the diverse people is very much required in the healthcare services. Integration of four generations in the healthcare services is not an easy task. These four generations have different values and principles. Satisfaction of requ irements of all these employees under one roof requires special efforts from the human resource personal. Human resource personal should make proper planning and strategy for holding four generations employees. It has been observed that integration of the four generation of employees proved fruitful for the healthcare organizations. Healthcare organizations should give flexibility in working, generation specific rewards to retain all these employees for the future and also to improve the productivity of the organization. References: Clipper, B. (2012). The Nurse Manager's Guide to an Intergenerational Workforce. Sigma Theta Tau. DelCampo, R. G., Haggerty, L. A., Knippel, L. A. (2017). Managing the Multi-Generational Workforce: From the GI Generation to the Millenials. Routledge. Hart, S. M. (2006). Generation diversity: Impact on recruitment and retention of nurses. Journal of Nursing Administration, 36(1), 10-12. Johnson, J. A., Musch, S. (2012). Multi-Sector Casebook in Health Administration, Leadership, and Management. Cengage Learning. Johnson, J. A. (2012). Introduction to Public Health Organizations, Management, and Policy. Cengage Learning. Johnson, M., Johnson, L. (2012). Generations, Inc.: From Boomers to Linksters--Managing the Friction Between Generations at Work. AMACOM: A division of American Management Association. Jones, K., McLoughlin, M., Brown, S., Warren, A., et al. (2016). Meeting the needs of four generations of nurses. Nursing Times, 112(21-23), 12-5. Krail, K. A. (2005). Retaining the retiring nurse. Nurse Leader, 3(2), 33-36. Saber, D.A., Anglade, D., Schirle, L.M. (2016). A study examining senior nursing students' expectations of work and the workforce. Journal of Nursing Management, 24(2), E183-91. doi: 10.1111/jonm.12322. Sherman, R. (2006). Leading a Multigenerational Nursing Workforce: Issues, Challenges and Strategies. OJIN: The Online Journal of Issues in Nursing, 11(2), 2. Sherman, R. O. (2005). Growing our future nurse leaders. Nursing Administration Quarterly, 29(2), 125-132. Thrall, T. H. (2005). Retirement boom? Hospitals Health Networks, 79(11), 30-38. Tourangeau, A.E., Wong, M., Saari, M., Patterson, E. (2015). Generation-specific incentives and disincentives for nurse faculty to remain employed. Journal of Advanced Nursing, 71(5), 1019-31.