Mars Reconnaissance orbiter Essay Example | Topics and Well Written Essays - 3000 words

Mars Reconnaissance orbiter - Essay Example In this specific paper, the mission, jobs alongside the duties of MRO would be talked about so as to decide the viability of the exercises performed by MRO. In addition, the instruments through which MRO has been aided request to look for confirmations with respect to the constancy of water on Mars surface for quite a while would likewise be talked about in the paper. Moreover, the disclosures and related previews would likewise be delineated in the exposition. While deciding the mission, jobs alongside duties and the extent of MRO, it tends to be clearly seen that the part of MRO involves certain compelling logical instruments to break down the stratigraphy, landforms, ice and minerals present in Mars. In this comparable concern, the instruments can be seen as radars, cameras, sensors and spectrometers among others. Uniquely referencing, the above talked about instruments help future rocket as far as investigating the predominant surface just as climate conditions in Mars. Additionally, the instruments help in concentrating viably the planned landing locales and in particular facilitating a creative media communications framework. Quite, MRO is viewed as a crucial, has been structured by NASA so as to investigate the environment, climate and geography winning in Mars. The examinations led by MRO uncover the ID of the stores of minerals that had framed explicitly in water in Mars over longer timeframe and the confirmations of shorelines of ancient lakes and oceans. In addition, the investigations of MRO showed the measure of stores in layers that occurred because of stream of water in Mars. Subsequent to obtaining a short thought regarding the investigations directed by MRO and its concentration after looking for confirmations concerning the pervasiveness of water in Mars, it tends to be asserted that it may pull in the watchers or the people towards procuring a concise thought regarding the abovementioned

Women Sports Essays - Sexism, Womens Sports, Ice Hockey,

Ladies Sports Ladies and ladies' games have made incredible steps since the mid 70's. Despite the fact that, sexual orientation disparity in sports is as yet regular in many games today. Preceding the mid 1970 ladies didn't have groups or comparative projects that the guys had. In 1972 the legislature at long last stepped in and passed Title IX of the Educational Revisions. Today ladies are given numerous chances to partake in sports. While openings have expanded for ladies, the equivalent privileges of men and ladies' games are still vigorously preferring men's sports'. Numerous games played by ladies are still observed as second rate compared to men sports. Men can make a riches calling from playing pro athletics. Ladies have next to zero choices, as there are not many expert ladies' group. The NBA and the WNBA are instances of a pro game that the two people have there own class. The greatest distinction in the groups is that the NBA players make incredibly bigger compensation than the ladies of the WNBA. Principle purpose behind the compensation distinction is that individuals are eager to pay a bigger add up to see a NBA game. Likewise the NBA has spent millions in notices. As a rule, ladies' games programs are genuinely inadequate with regards to the assets when contrasted with men's projects. In many colleges men's projects have the better exercise center, the more pleasant offices, the most up to date hardware, what's more, the first class training staff. While the ladies' groups are not exposed to indistinguishable extravagances from the men's groups. This is expected to the rewards schools have by having a magnificent men's athletic program. Football crews like Nebraska, Texas, furthermore, Michigan depend intensely on their football crews. When there football crew has a decent year they will take part in a big deal bowl, for example, the 'Sugar Bowl'. Half of the cash created from the bowl is given to the school. This cash normally winds up being a great deal of cash. Consistently these schools rely upon their football crew to keep them monetarily stable. These schools can bear to pay a mentor a huge compensation or manufacture another football arena. These schools may have fantastic projects for ladies' games, yet no female game group can make the cash that a big deal football program can. Social balance of Men and Women's games has made some amazing progress since 1970. Today ladies have some expert groups and have numerous games openings in school. Racial segregation in sports has existed since the start of sports. Quite a bit of all games currently are vigorously integrated, however racial separation has not vanished. In the 1980's shading was an issue as two dark individuals from a golf crew were not permit to play because of blacks not being permit to play on the course. Indeed, even with proficient competitors, shading has been an issue. Arthur Ashe was an expert tennis player who couldn't play tennis in certain spots in the United States. In 1986 dark players of the Boston Red Sox were not permit to go to certain clubs in spring preparing. Proprietors of expert groups couldn't stand to knock some people's socks off on dark competitors, as dark competitors turned into their dinner pass to an effective establishment. While many dark competitors are granted with huge money related agreements the proprietors are ones who are getting more cash. Without integration in a few sports, proprietors would have been passing up a brilliant chance. A few games have been delayed during the time spent integration. Hockey for instance is a game that is basically populated with white guys. Players like Anson Carter of the Boston Bruins and Mike Grier of the Edmonton Oilers are case of dark hockey player. Fundamental explanation that the NHL has barely any dark hockey players is that numerous hockey players are from Canada and the northern States of the US. Spot that are scarcly populated with dark hockey players. Different reasons are that hockey is an costly game to play and is generally played in a chilly climate territory. Anson Carter is a result of his condition. He developed playing hockey as a youngster in Toronto, Ontario, a hockey city. While different companions quit hockey he remained with it and presently is a calling hockey player. Carter has gotten racial slurs from other hockey players. Carter keeps on playing elite player type hockey for the Boston Bruins.

Must-Read July 2018 New Releases

Must-Read July 2018 New Releases Never fear, our contributors are here to topple your To-Be-Read stacks with their July new releases recommendations! Whether we’ve read them and can’t wait to see them on the shelves, or we’ve heard tell of their excellence in the book world and have been (not-so) patiently waiting to get our hot little hands on them, these are the new titles we’re watching our libraries and bookstores for this month. Kate Krug All Your Perfects by Colleen Hoover (July 17, Atria): Colleen Hoover is responsible for my yearly bawl-my-eyes-out-until-I-fall-asleep session. And this book is no exception. Never intimidated by touchy subjects, All Your Perfects tackles infertility and its toll on couples. This book is classic CoHo and a complete tear-jerker. Carolina Ciucci A Duke by Default by Alyssa Cole. (July 31, Avon): I loved A Princess in Theory, and I was over-the-moon ecstatic when I found out Portia was getting her own book. I’m a sucker for stories about women owning up to their past mistakes and turning their lives around. Plus, Scotland? Sign me up. Dana Lee An Ocean of Minutes by Thea Lim (July 10, Touchstone): It’s the early 1980s and there’s a flu epidemic racing through America. Polly loves Frank; Frank gets sick; and the only way she can save him is to take a job with the company that provides the medical attention. This company will pay for your loved one’s medical bills if you take a job for them in the future and work off your debt. She takes the job and agrees to meet Frank in the futureâ€"but Polly is sent to the wrong year. I feel like I will never forget Polly and Frank and the way their story had me transfixed while I was reading this book. There’s such an urgency to Polly’s story once she gets to the future and there are definite parallels to the migrant/refugee experience. I can’t wait for more people to read this book, because I can’t stop thinking about it. Leah Rachel von Essen The Calculating Stars by Mary Robinette Kowal (July 3, Tor Books): I am so excited for Kowal’s newest. A female WASP pilot and mathematician tries to become the first “lady astronaut” in the International Aerospace Coalition as the world struggles to speed up the space race in light of the giant meteor that just slammed into the Earth. I’ve been meaning to get to Kowal’s works for a long time, and I’m excited to say that this one is sitting on my bookshelf right now. Margaret Kingsbury   European Travel for the Monstrous Gentlewoman by Theodora Goss (July 10, Saga): I am so frustrated that the publisher has been sitting on my request for an ARC of this on Edel. It’s book two of The Extraordinary Adventures of the Athena Club. Book oneâ€"The Strange Case of the Alchemist’s Daughterâ€"recently won a Locus Award, and was nominated for a Nebula. It’s a wonderful, fun mystery SFF featuring the monstrous daughters of classic Victorian horror as they form a group to solve a mystery. According to the book’s description, The Athena Club ventures into the Austro-Hungarian Empire to rescue Lucinda Van Helsing. I’m putting this on hold at the library now. Yaasmeen Piper From the Corner of the Oval a memoir by Beck Dorey-Stein (July 10, Random House): One ad on Craigslist lands Beck Dorey-Stein a position in the White House as one of Barack Obama’s stenographers. She joins a team of D.C. elites as they follow the former Commander in Chief across the globe with a recorder and mic in hand. Throughout her five years, Beck develops friendships with unlikely characters, falls in love, and inevitably gets her heart broken (more than once), but finds her voice in the process. What I loved about From the Corner of the Oval (other than the Obama nostalgia) was how raw the memoir was and how even though she was “living the dream” there are times that dream drained her. Beck has such a unique and hilarious voice that makes it hard not to love her. Michelle Hart Give Me Your Hand by Megan Abbott (July 17, Little, Brown): Abbott’s mysteries are not so much about plotâ€"though her plots are thrilling and tautly constructedâ€"but about the unknowability of the head and the heart. In her newest, a woman vying for a coveted position on a research team studying female rage has her world rocked when an old “friend” from high school arrives to challenge her spot. Abbott is so adept at depicting the fraught DMZ between friend and foe in female relationships and Give Me Your Hand maybe her best yet. Aimee Miles How to Be Famous by Caitlin Moran (July 3, Harper): Johanna Morrigan is back. I loved How to Build a Girl, in part because it turned some of the terrible tropes of girls as victims on their head. A teenage girl who loves rock music, is an unapologetically sexual being, and is not victimized because of those two things. I am SO here for this. Add in Johanna’s writing prowess that has led her to be a working writer at such a young age, and I wish I’d had these books as a kid. I can’t wait to catch-up with Johanna! Susie Dumond How to Love a Jamaican by Alexia Arthurs (July 24, Ballantine): It’s hard to believe this masterful short story collection is a debutâ€"it’s incredibly beautiful, complex, emotional, and dynamic. The stories explore the Caribbean and immigrant experience by following Jamaicans living in the U.S. and Jamaica, and it’s got a little bit of everything. Queer stuff! Mermaids! Ghosts! Self-discovery!  It’s full of unique and captivating voices. This one is not to be missed. Rachel Brittain Hullmetal Girls by Emily Skrutskie (July 17, Delacorte Press): Any sci-fi book featuring cyborg soldiers, a complicated political landscape, rebellions, and characters from opposing backgrounds is one I’m not going to be able to pass up. Between that and the LGBTQ rep? I’m sold. Bring on the angry cyborg ladies and sci-fi rebellion! Rebecca Hussey Idiophone by Amy Fusselman (July 3, Coffee House Press): Amy Fusselman is one of the most innovative writers working now. Her new book Idiophone is a book-length lyric essay, including contemplations on The Nutcracker, quilting, motherhood, and more. Most of all, it’s a book about making art and being human. It’s short, at 132 pages, with much to ponder and enjoy. Ilana Masad If You See Me, Don’t Say Hi by Neel Patel (July 10, Flatiron Books): Look, for one thing, I appreciate when commas are used correctly in book titles. Really, it’s underrated. But no, that’s not what’s really awesome about this book. Neel Patel’s characters in these eleven short stories subvert stereotypes, show both the pain and the joy that can emerge when communities collide, and examines the immigrant experience of Indian families and individuals. Extremely relevant and contemporary and surprising at every turn, this is one of the best books coming out this month. Steph Auteri     The Incendiaries by R.O. Kwon (Riverhead Books, July 31): When I read the plot description for this book, in which a young Korean American woman at an elite American university finds herself drawn deeper into an extremist cult, only to be wrapped up in a violent act of domestic terrorism, I was all gimme-hands. I am fascinated by explorations of faith, and by what our faith can convince us to do on its behalf. This book promises to be engrossing and insightful and un-put-downable. Annika Barranti Klein     The Mere Wife by Maria Dahvana Headley (July 17, MCD): A modern day suburban retelling of Beowulf by one of the greatest modern fantasy writers? Yes, please. Tasha Brandstatter Murder at the Flamingo by Rachel McMillan (July 10, Thomas Nelson): Just look at that fantastic cover! This is the start of a new mystery series set in 1930s Boston that pairs a shy, anxiety-ridden lawyer with a “his gal Friday” high-society secretary. I know McMillan from Facebook and if anyone can give a set-up like this a smart, charming, Preston Sturges vibe, it’s her. I can’t wait to meet Hamish and Reggie come July! Jaime Herndon Now My Heart is Full by Laura June (July 24, Penguin): I am obsessed with memoirs about motherhood, but very rarely are they *real*. It’s so easy for them to fall into being precious, or whitewashing parenthood. June’s memoir is one of the rare ones that captures the ambivalence, the joy, the hardship, the struggle, and the simple grace of it. She examines the story of her own mother, an alcoholic who died years before she became a mother herself. Exploring the mother-daughter complexities from a variety of viewpoints and seeing how they’re connected made this an especially wonderful read. Laura Sackton Record of a Spaceborn Few by Becky Chambers (July 24, Harper Voyager): I absolutely adored the first two books in Chambers’s delightful science fiction universe, one peopled with fascinating aliens, wonderfully queer spaceship crews, and some of the most creative AI I’ve read in recent memory. I cannot wait to sink into the third installment. Liberty Hardy     Spinning Silver by Naomi Novik (July 10, Del Rey): Despite the similar covers, this is not an Uprooted sequel. DO NOT DESPAIR. It’s still a highly inventive, sometimes dark, and fun interpretation of the classic fairy tale Rumpelstiltskin. (You know, the one where the lady tries to weasel out of her end of the bargain by guessing the little man’s name? Or TL;DR: Spin, guess, stomp, crack.) In this one, the scary creatures in the woods hear that the moneylender’s daughter, Miryam, can turn silver into gold. (Actually she’s just good at her job, but scary creatures don’t care about that.) Told from several perspectives who are drawn into Miryam’s story, Novik weaves a remarkable tale of family, honor, and bravery. Alison Doherty   The Summer Wives by Beatriz Williams (July 10, William Morrow): I know the term “beach read” is considered dismissive by many readers, but there’s almost nothing I’d rather read in the summer than a Beatriz William novel. I love the complex female characters. I love the mysteries that unravel through jumps in time. And as a former English major, I’m thrilled with this concept in particular about a renowned Shakespearean actress caught in the middle of the rivalry between the elite families who summer on the exclusive Winthrop Island and the working class families who live on the island year round. Romance, secrets, and even (gasp) murder! I’m ready to be riveted.

Interview with a tutor Vince Kotchian

Vince Kotchian grew up in small-town Connecticut and completed the honors program at Boston College, graduating with a B.A. in English Literature. Though he loved the intellectual climate of Boston, it eventually dawned on him that life would be much better  without Boston’s physical climate (long, gray winters and muggy summers)! He moved to San Diego in 2007, and hes been working  full-time as a test-prep tutor and author  ever since. When a student texts him that she aced the test or got into her reach school, he still literally jumps up and down and grins. In his spare time, he likes traveling using miles and points (next trips are Spain and Japan), reading fiction (favorite authors too numerous to list but include Haruki Murakami, Karl Ove Knausgaard, and Philip Pullman),  watching The Great British Bake-Off (and sometimes actually baking things),  hiking and camping, and rooting for the Red Sox and Patriots. He lives in the Kensington neighborhood with his hilarious wife and their crazy cat. Vince tutors the SAT, ACT, and GRE (and teaches classes).   He meets with students in his  Sorrento Valley  office or online. Tell us about your company. SAT, ACT, and GRE prep is all we do. We offer small classes at our San Diego locations and one-on-one tutoring either in person or online. Our average tutor has been doing this for 8 years. I only hire people who are kind, conscientious, and for lack of a better word, fun. It’s hard to find good test-prep tutors who view this job as a long-term career, so there are only six of us right now. How did you get started in tutoring, and what is your favorite part about it?I answered a job ad on Craigslist back in 2008 (when I had just moved to San Diego from Boston), and started working for a now defunct, large SAT prep company. From there, I moved to a smaller, independent tutoring company, and eventually started my own business. Favorite part? I think 99% percent of tutors would say, â€Å"seeing students improve† or some variation of that, so I’ll say something different: I like getting to know my students. They’re intelligent, funny, and motivated  Ã¢â‚¬â€ the kinds of people I like to be around. The conversations we have are enjoyable much of the time whether they’re about the SAT or not. What do your students find most challenging, and how do you help them overcome it? If someone is struggling to understand what he’s reading, it can be extremely challenging to answer questions about it. Plus, if you’re 16, you probably don’t have a lot of exposure to â€Å"adult† or academic writing, so you’re at a disadvantage compared to someone older than you. Teaching students common passage structures and focusing on the purpose of passages, paragraphs, and sentences can help students navigate difficult subject matter. What’s the biggest improvement you’ve ever seen a student make? I recently worked with a guy applying to competitive business schools who was an officer in the Marines. He took our GRE math and verbal courses, and we met for a couple of private tutoring sessions afterwards. His first real GRE test was a 164 verbal, 154 quantitative (scores are out of 170). We talked more about his study plan, and he told me he’d be taking the test again in about a month. A couple of months went by, and I hadn’t heard from him, so I emailed him to see how things were going. His 2nd real GRE was a 165 verbal, 159 quantitative, but his third GRE was a 164 verbal, 167 quantitative! I was flabbergasted  Ã¢â‚¬â€ that is an amazing math improvement (from 54th to 91st percentile). We just don’t see that big of a jump in math in such a short timeframe. Note that the bulk of his improvement came after he stopped meeting with us. I designed a unique study plan for him, but most of that increase was due to his work ethic. What changes, if any, have you seen in the test-prep process since you began tutoring? Now that students realize they can take either the SAT or the ACT, and can take either throughout the year, the timing of the process is more flexible, and there’s less pressure. Most business schools and now even some law schools accept the GRE, so that test has captured a lot of market share from the GMAT and even the LSAT. Also, as I’m sure you know, the popularity of online test prep resources has exploded. I’ve co-authored test-prep books, but my video courses seem to be far more popular. What’s your most important piece of advice for students? For parents? Students: Keep a test-prep journal. For mistakes, after trying to redo the question from a blank page, write down why you got it wrong, what it was testing, and what lesson you learned. This will take a while, but thoughtful analysis will help you more than just about anything else. Parents: Whatever test-prep method you choose, do your homework on the person who’ll be communicating with your student. If it’s a book, who wrote it, and what’s their background? If it’s a teacher or tutor, how much experience do they have? Look them up on Google and LinkedIn. You’ll get an idea of how serious they are about test prep. Tutoring is not a common long-term career, so 95% of tutors working now will be doing something else in a couple of years — like graduate school, or a â€Å"normal† job. There’s a lot of breadth in this industry, but not a lot of depth. Find someone who can demonstrate depth and commitment and meet them in person to see if you like them!

Developmental Psychology Notes - 7715 Words

Development Sex – sexual anatomy and sexual behaviour Gender – perception of maleness or femaleness related to membership in a given society Week 8 Growing brain The brain grows at a faster rate than any other part of the body. By age 5, child’s brain weighs 90% of average adult brain weight, whereas total body weight is merely 30%. One reason is due to increase in the number of interconnections among cells. These interconnects allow for more complex communication between neurons, permit rapid growth of cognitive skills. Amount of myelin (protective insulation that surrounds parts of the neurons) increases, which speeds the transmission of electrical impulses along brain cells but also adds weight to the brain. Rapid brain†¦show more content†¦Emergence of intuitive thought – use of primitive reasoning and their avid acquisition of knowledge about the world Piaget limitations – researched based on few children, it’s been found that Piaget underestimated children’s capabilities * cognitive skills develop more in a continuous manner, developmental changes are more quantitative in nature, improving gradually. * Conservation theory has not stood up to careful experimental scrutiny Information processing theories – cognitive development consists of gradual improvements in the ways people perceive, understand and remember information With age and practice, pre-schoolers process more information efficiently and with greater sophistication, and they are able to handle increasingly complex problems. It is these quantitative advances which constitute cognitive development Argue that their approach is a more accurateShow MoreRelatedEssay on The Role of Methodology in Developmental Research1467 Words   |  6 PagesThe Role of Methodology in Developmental Research Developmental psychology may be defined as a branch psychology devoted to understanding all changes that human beings, experience throughout the lifespan (Berk. E. L 2003). Developmental psychology focuses hugely on development in childhood, as major changes occur in childhood, it is the scientific study of ‘how we grow and develop’, (Davenport 1994). Developmental psychology aims to understand the important aspectsRead MoreLife Span Development Paper664 Words   |  3 PagesAccording to Cliff Notes, Developmental psychology is the scientific study of age-related changes throughout the human life span. 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Definition and Examples of Paralepsis in Rhetoric

Paralepsis  (also spelled paralipsis) is the rhetorical strategy (and logical fallacy) of emphasizing a point by seeming to pass over it. Adjective: paraleptic or paraliptic. Similar to apophasis and praeteritio. In The English Academy (1677), John Newton defined paralepsis as a kind of irony, by which we seem to pass by, or take no notice of such things which yet we strictly observe and remember. Etymology From the Greek  para-  beside   leipein  to leave Pronunciation:  pa-ra-LEP-sis Examples Lets pass swiftly over the vicars predilection for cream cakes. Lets not dwell on his fetish for Dolly Mixture. Lets not even mention his rapidly increasing girth. No, no—let us instead turn directly to his recent work on self-control and abstinence.(Tom Coates, Plasticbag.org, Apr. 5, 2003)The music, the service at the feast,The noble gifts for the great and small,The rich adornment of Theseuss palace . . .All these things I do not mention now.(Chaucer, The Knights Tale, The Canterbury Tales)We get [in Oprah by Kitty Kelley] the obligatory discussion of whether or not Oprah and Gayle King, her best friend of thirty-four years, are lesbians. There was no foundation for the rumors of a lesbian relationship, except for their constant togetherness and Oprahs bizarre teasing of the subject, Kelley writes, and then, like a conspiracy theorist squinting to see the pyramids on dollar bills, trots out unconvincing insinuations.(Lauren Collins, Celebrity Smackdown. The New Yorker, Apri l 19, 2010) Mark Antonys Paralepsis But heres a parchment, with the seal of Caesar;I found it in his closet; tis his will:Let but the commons hear this testament—Which, pardon me, I do not mean to read . . ..Have patience, gentle friends, I must not read it.It is not meet you know how Caesar lovd you.You are not wood, you are not stones, but men;And, being men, hearing the will of Caesar,It will inflame you, it will make you mad:Tis good you know not that you are his heirs;For if you should, oh, what would come of it!(Mark Antony in William Shakespeares Julius Caesar, Act III, scene two) A Form of Irony Paralipsis: a form of irony in which one gets ones message across by suggesting the outlines of the message that one is struggling to suppress. We are not going to say that paralipsis is . . . the habitual refuge of the courtroom mechanic, who abuses it in order to suggest to the jury what he can very well deny to the judge ever having said.(L. Bridges and W. Rickenbacker, The Art of Persuasion, 1991) The Paraleptic Strike-Through The so-called strike through mode of type has come into its own as a standard device in opinion journalism--even in print. . . .As New York Times blogger Noam Cohen commented a while back, [I]n Internet culture, the strike-through has already taken on an ironic function, as a ham-fisted way of having it both ways in type a witty way of simultaneously commenting on your prose as you create it. And when this device appears in print, its being used exclusively for this kind of ironic effect. . . .The paradox is that crossing something out highlights it. The ancient Greek rhetoricians had a whole vocabulary of terms to refer to different forms of mentioning by not mentioning.(Ruth Walker, Highlight Your Errors: The Paradox of the Strike Through Mode. The Christian Science Monitor, July 9, 2010) Political Paralepsis Obama characterized Clintons remarks as tired Washington politicians and the games they play.She made an unfortunate remark about Martin Luther King and Lyndon Johnson, he said. I havent remarked on it. And she offended some folks who thought she diminished the role about King and the civil rights movement. The notion that this is our doing is ludicrous.Obama went on to criticize Clintons interview, saying that she spent an hour focused on attacking him rather than telling people about her positive vision for America.(Domenico Montanaro, Obama: Clinton MLK Comments Ludicrous, NBC First Read, Jan. 13, 2008) Paralepsis (or Omission), 1823 Paralepsis, or Omission, is a figure by which the orator pretends to conceal or pass by what he really means to declare and strongly to enforce.Whatever we seem to give up, as a matter of small consequence, we generally pronounce in a higher and softer tone of voice than the rest: this is accompanied with an air of indifference that seems to make light of what we mention, and this indifference generally leads us to end the particulars with the suspension of voice, properly called the rising inflection. Thus Cicero, in his defense of Sextius, introduces his character in the following manner, with a design of recommending him to the favour of the judges: I might say many things of his liberality, kindness to his domestics, his command in the army, and moderation during his office in the province; but the honour of the state presents itself to my view, and calling me to it, advises me to omit these lesser matters. The first part of this sentence should be spoken in a soft high tone of voice, with an air of indifference, as if waving the advantages arising from his clients character; but the latter part assumes a lower and firmer tone, which greatly enforces and sets off the former.(John Walker, A Rhetorical Grammar, 1823)

Financial Analysis Of The South Korean Leader Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2440 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Ratio analysis provides a very quick and effective way of obtaining an insight into a companys operations and performance. When ratios for several consecutive years are graphically presented, a moving picture of a companys performance can be established. (Edum-fotwe F., Price A. and Thorpe A., 1996) Thus, this paper examines the business performance analysis of NHN Corporation according to Financial Ratio. Fiscal year ending in South Korea is December 31 and currency and banking the unit of currency in South Korea is the won (1,074.0 won equal U.S.$1; 14th Dec, 2012). This paper proceeds as follows, Don’t waste time! Our writers will create an original "Financial Analysis Of The South Korean Leader Finance Essay" essay for you Create order Reveal the major changes in the financial performance of the company over the last three years using suitable ratios Look for limitations on the above ratio analysis Forecast the solvency of the company using current ratio Major changes in the financial performance Business Summary NHN Corporation operates Internet search portals primarily in South Korea and Japan. NHN Corporation provides Internet site with web portal services, such as search engine, online game and content development (Yahoo finance). The Company also offers marketing service through text and banner advertisement (Bloomberg). In addition, its products and services consist of Naver Japan, a search engine; LINE, a mobile messenger service; Naver Mobile, a mobile Web service that enables mobile users to access a range of Naver services on mobile devices, such as smartphones and tablet PCs. Further, it operates as a sales agency specializing in search advertising; offers operation and security services for infrastructure; and provides information systems and shopping services. The company was founded in 1999 and is headquartered in Seongnam-si, South Korea (Bloomberg Businessweek). Internet Information Home Page: https://www.nhncorp.com News Releases: https://www.nhncorp.com/nhnen/pr/pressRelease.nhn Investor Relations: https://www.nhncorp.com/nhnen/ir/shareholderComposition.nhn Financial Information: https://www.nhncorp.com/nhnen/ir/financialStatements.nhn Corporate History/Profile: https://www.nhncorp.com/nhnen/company/companyInfo.nhn Executives: https://www.nhncorp.com/nhnen/ir/directorate.nhn Products/Services: https://www.nhncorp.com/nhnen/service/naver.nhn Business Performance Analysis Over The Triennium 2.2.1 Profitability Gross Margin shows the amount of revenue left over after deducting direct costs of producing the goods or services. Operating Profit and Operating Margin trace the progress revenue down to another important level. From gross profit, we now subtract indirect costs, often referred to as overhead e.g. facilities and salaries associated with headquarters operations. Profit Margin shows how much of each revenue dollar is left after all costs, of any kind, are subtracted. These other costs include such items as interest on corporate debt and income taxes. These ratios realize overall profitability, or the bottom-line. FY2009 FY2010 FY2011 3 Year Average Gross Margin (%) 56.29 100.00 100.00 85.43 Operating Margin (%) 37.52 33.07 29.25 33.28 Net Profit Margin (%) 27.54 25.04 21.05 24.54 Note. Figure from DART: https://englishdart.fss.or.kr/dsbb001/main.do Gross Margin: This value measures the percent of revenue left after paying all direct production expenses. It is calculated as Revenue minus the Cost of Goods Sold divided by the Revenue and multiplied by 100. Gross Margin = Gross Profit x 100 / Revenue FY2011 Gross Margin = 2,121 billion KRW x100 / 2,121 billion KRW = 100 % Operating Margin: This value measures the percent of revenues remaining after paying all operating expenses. It is calculated as Operating Income divided by the Total Revenue, multiplied by100. Operation Margin = Operating Income x 100 / Total Revenue FY2011 Operation Margin = 620 billion KRW x 100 / 2,121 billion KRW = 29.25 % Net Profit Margin: Also known as Return on Sales, this value is the Income After Taxes divided by Total Revenue for the same period and is expressed as a percentage. Net Profit Margin = Net Income x 100 / Operation Revenues FY2011 Net Profit Margin = 452 billion KRW x 100 / 2,147 billion KRW = 21.05 % 2.2.2 Efficiency and Profitability Return On Capital Employed is used to prove the value the business gains from its assets and liabilities, a business which owns lots of land but has little profit will have a smaller ROCE to a business which owns little land but makes the same profit. It basically can be used to show how much a business is gaining for its assets, or how much it is losing for its liabilities. FY2009 FY2010 FY2011 3 Year Average ROCE % 52.44 37.65 33.72 41.27 ROCE is calculated using this formula: = Operating Profit (EBIT) x 100 / Equity Shareholders Funds (Total Assets Current Liabilities) = EBIT x 100 / Capital Employed = EBIT x 100 / (Equity + Non-current Liabilities) = EBIT x 100 / (Total Assets Current Liabilities) FY2011 ROCE = 620 billion KRW x 100 / (2,372-532) billion KRW = 33.72 % 2.2.3 Financial Strength Financial Strength looks at business risk. The stronger a company is from a financial standpoint, the less risky it is. The Quick Ratio compares cash and short-term investments (investments that could be converted to cash very quickly) to the financial liabilities they expect to incur within a years time. The Current Ratio compares year-ahead liabilities to cash on hand now plus other inflows (e.g. Accounts Receivable) the company is likely to realize over that same twelve-month period. The Long Term Debt/Equity Ratio looks at the companys capital base. A ratio of 1.00 means the companys long-term debt and equity are equal. FY2009 FY2010 FY2011 3 Year Average Quick Ratio 2.11 2.70 2.57 2.46 Current Ratio 2.29 2.82 2.69 2.60 LT Debt / Equity 0.02 0.14 0.09 0.08 Note. Figure from DART: https://englishdart.fss.or.kr/dsbb001/main.do Quick Ratio: Cash plus Short Term Investments plus Accounts Receivable divided by the Total Current Liabilities for the same period. Quick Ratio = (Current Assets Inventories) / Current Liabilities FY2011 Quick Ratio = (1,431 63) billion KRW / 532 billion KRW = 2.57 Current Ratio: Total Current Assets divided by Total Current Liabilities for the same period. Current Ratio = Total Current Assets / Total Current Liabilities FY2011 Current Ratio = 1,431 billion KRW / 532 billion KRW = 2.69 Long Term Debt To Total Equity: Total Long Term Debt divided by Total Shareholder Equity. Long Term Debt To Total Equity = Total Long Term Debt / Total Shareholder Equity FY2011 LT Debt / Equity = 147 billion KRW / 1,577 billion KRW = 0.09 2.2.4 Management Effectiveness (%) A companys ability to operate profitably can be measured directly by measuring its return on assets. ROA (Return On Assets) is the ratio of a companys net profit to its total assets, expressed as a percentage. ROA measures how well a companys management uses its assets to generate profits. It is a better measure of operating efficiency than ROE, which only measures how much profit is generated on the shareholders equity but ignores debt funding. This ratio is particularly relevant for banks which typically have huge assets. FY2009 FY2010 FY2011 3 Year Average Return on Assets % 29.67 25.10 20.84 25.20 Return on Investments % 40.96 32.98 26.53 33.49 Note. Figure from DART: https://englishdart.fss.or.kr/dsbb001/main.do Return on Assets: This value is the Income After Taxes divided by the Average Total Assets, expressed as a percentage. Return on Asssets = Income After Taxes x 100 / Average Total Assets FY2011 Return on Assets = 452 billion KRW x 100 / 2169 = 20.84 % 3. Limitation First, financial ration analysis is one way of focusing on areas of the business which may need investigation and comparing one thing with another (FeB Note, 2012). The thing could be comparison of one type of expense with another, however, remember this is only the starting point for further analysis as needed. Financial ratio analysis is useless without comparisons. In doing industry analysis, most business use benchmark companies. Benchmark companies are those considered most accurate and most important and are those used for comparison regarding industry average ratios. Companies even benchmark different divisions of their company against the same division of other benchmark companies (About.com-Business fiancne, 2012). Therefore, it is needed to compare results with expected result (e.g. budgets with actual results, one business with another, and one sector with another) (FeB Note, 2012) to use this financial ratio to advantage. Second, anyone investing, or thinking of investing, in a business will want to know several things about that business. Firstly an investor might want to know what sort of return they would get on any investment made. This is known as the Return on Capital employed (ROCE) and is fundamental to analyzing a set of accounts. Having established ROCE, interested parties would look at further ratios to decide whether the business was a worthwhile investment. A more accurate variation of Return On Capital Employed Ratio is return on average capital employed (ROACE), which takes the average of opening and closing capital employed for the time period. One limitation of ROCE is the fact that it does not account for the depreciation and amortization of the capital employed. Because capital employed is in the denominator, a company with depreciated assets may find its ROCE increases without an actual increase in profit. Furthermore, by definition, ROCE should identify how well a company is using capital to generate revenue and the profitability ratio, ROCE has been decreased over the last three years. However, a profitable business can have either rising or declining ROCE. The direction indicates whether the decrease in business additional revenue is losing a return at, below [declining], or higher [climbing] on incremental capital investment. Capital employed is a good measure of the total resources that a business has available to it, although it is not perfect. For example, a business might lease or hire many of its production capacity (machinery, buildings etc) which would not be included as assets in the balance sheet. Therefore, it is needed to compare the ROCE number to borrowing rate to see how effective the ratio is. Operating Profit ratio uncovers situations where companies are relying on actions other than operations to generate an income. Investing activities and sales of assets generate revenue, but these actions are not usually sustainable and regular as maintaining a steady flow of sales. A high, or increasing Operating Profit Percentage is usually a positive sign, showing the company is increasingly able to generate sales from its operations. Because the numerator (Net Income) is an unreliable corporate performance measurement, the outcome of the formula for Return On Equity (ROE) must also be unreliable to determine success or corporate value. However, the formula keeps showing up in many annual reports still. 4. Outlook for 2012 and future Current Financial Information Fiscal year ending in South Korea is December 31 and currency and banking the unit of currency in South Korea is the won (1,074.0 won equal U.S.$1; 14th Dec, 2012). Based on K-IFRS consolidated financial statements, Operating Revenue in 3Q 2012 was 1,746,365 million KRW and that is 12.1% increase from the same period a year ago, Operating Income has decreased by 0.2% (467,931 million KRW) and consolidated Net Income has risen to 376,794 million KRW and that has swelled by 11.2%, year-on-year. The following table is the sales break down by business units. (Units: Billions of KRW, %) Item Consolidated financial statements 3Q 2012 FY 2011 Amount Proportion Amount Proportion Operation Revenues 1,746.3 100.0% 2,147.4 100.0% 1. Sales 1,737.3 99.5% 2,121.3 98.8% Search Advertisement 891.2 51.1% 1,081.7 50.4% Display Advertisement 251.8 14.4% 298.6 13.9% Online Game 459.5 26.3% 640.6 29.8% Others 134.6 7.7% 100.1 4.7% 2. Other Operating Revenues 8.9 0.5% 26.0 1.2% Note. Figure from DART: https://englishdart.fss.or.kr/dsbb001/main.do In 2012, search and display ads are expected to outperform the overall advertising markets growth, due to product improvements and rising Internet use. In the area of mobile advertising, NHN will increase its revenue to over KRW 100 billion and enhance its advertisers convenience by revamping its products and services. This will also help it to generate new business opportunities and hone its competitive edge. Navers Knowledge Shopping will enhance the companys competitiveness in product information search results when it launches the ShopN open market service. It will be upgraded to an e-commerce platform, with enhanced user convenience. 4.2 Current Ratio Current ratio is the ratio of current assets of a business to its current liabilities. It is the most important and widely used test of liquidity of a business. The concept behind this ratio is to ascertain whether a companys short-term assets (cash, cash equivalents, marketable securities, receivables and inventory) are readily available to pay off its short-term liabilities (notes payable, current portion of term debt, payables, accrued expenses and taxes). In theory, the higher the current ratio, the better (Investopedia.com, 2012). Formula Current Ratio (expressed as a factor) is calculated using this formula: = Current Assets / Current Liabilities Statement of Financial Position (Unit: billion KRW) 3Q11 4Q11 1Q12 2Q12 3Q12 Current Asset 1,380 1,431 1,528 1,697 1,782 Current Liabilities 468 532 545 502 590 Current Ratio (factor) 3.0 2.7 2.8 3.4 3.0 Note. DART: https://englishdart.fss.or.kr/dsbb001/main.do A current ratio of around 1.7-2.0 is pretty encouraging for a business. It suggests that the business has enough cash to be able to pay its debts, but not too much finance tied up in current assets which could be reinvested or distributed to shareholders (Tutor2u, 2012). General rule is that higher the current ratio better it is but there is a limit to this. A current ratio higher than 2.5 (AccountingExplained, 2012) might indicate existence of idle or underutilized resources in the company. However, NHN is expected to have a current ratio over 3.0 in Q412 although the company continues to invest and grow its new mobile business and overseas operations in 2012 and 2013. NHN will also strengthen its overseas businesses. Its main goal will be to rank first in Japans Internet portal service and smartphone game markets. In order to improve its operating efficiency in that country, the company merged the management of Hangame Japan, Naver Japan, and livedoor in January 2012. It will also widen the user base of the Naver Japan search portal mainly by revitalizing its Matome user participation information service, improving the search quality, and launching new mobile services. The company also intends to increase its number of global users by upgrading the quality of its LINE SNS service, and seek added synergy effects with its services. Reference Edum-fotwe F., Price A. and Thorpe A., (1996). A review of financial ratio tools for predicting contractor insolvency, Construction Management and Economics 14 (3): 189-198. Yahoo finance, (2012). Company profile.[online] Available at: lt; https://finance.yahoo.com/q/pr?s=035420.KS+Profile gt; [Accessed 8 December 2012]. Bloomberg, (2012). Company profile.[online] Available at: lt; https://www.bloomberg.com/quote/035420:KS/profile/gt; [Accessed 8 December 2012]. Bloomberg Businessweek, (2012). Company profile.[online] Available at: lt; https://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=035420:KSgt;[Accessed 8 December 2012]. Finance for E-Business Web Note, (2012). Ratio Analysis, Warwick Manufacturing Group About.com-Business fiancne, (2012). Limitations of Financial Ratio Analysis Advantages and Disadvantages of Ratio Analysis for Business.[online] Available at: lt; https://bizfinance.about.com/od/financialratios/tp/limitations-financial-ratio-analysis.htm gt;[Accessed 10 December 2012]. Investopedia.com, (2012). Liquidity Measurement Ratios: Current Ratio.[online] Available at: lt; https://www.investopedia.com/university/ratios/liquidity-measurement/ratio1.asp#ixzz2FFamqrA8 gt;[Accessed 11 December 2012]. Tutor2u, (2012). How is the current ratio calculated and interpreted?.[online] Available at: lt; https://www.tutor2u.net/blog/index.php/business-studies/comments/qa-how-is-the-current-ratio-calculated-and-interpreted gt;[Accessed 11 December 2012]. AccountingExplained, (2012). Current Ratio.[online] Available at: lt; https://accountingexplained.com/financial/ratios/current-ratiogt;[Accessed 13 December 2012]. DART, (2012). Korea Financial Supervisory Service .[online] Available at: lt; https://englishdart.fss.or.kr/dsbb001/main.dogt;[Accessed 10 December 2012]. Appendix 1 Appendix 2