Identify the artifacts produced on the images during CT scans.describe Essay

Identify the artifacts produced on the images during CT scans.describe the method used to reduce or remove these artifacts - Essay Example ion, movement of patients during the scanning process or presence of metals on the body, problems with the scanner or during the reconstruction process (Barrett & Keat, 2004). The various types of artifacts and the methods used for reducing their occurrence are discussed below. The most common physics-based artifact is beam hardening which is caused due to differential absorption of low and high energy photons of an x-ray beam as it passes through an object. Such beam hardening phenomena can give rise to cupping and streaking or dark band artifacts. Cupping artifacts arise when the x-rays passing through the middle portion of an object become hardened which causes a reduction in its attenuation rate resulting in an intense beam reaching the detector. Streaking is another common phenomenon where streaks or dark bands appear between two dense objects again due to the hardening effect. This is usually visualized in scans taken in bony regions (Barrett & Keat, 2004). The methods used to reduce artifacts due to beam hardening include filtration of low energy particles, calibration correction, and use of appropriate software algorithms to correct the hardening (Barrett & Keat, 2004; Huang, n.d; Petit et al, 2010). Presence of a heterogeneous tissue mix can result in a CT number that is an attenuation average of all tissue types which can in turn result in a partial volume artifact as bands or streaks. Presence of off-axis objects in the path of the x-ray beam can result in the appearance of shading artifacts in the scan image. Such artifacts can be avoided using thinner sections and image noise can be limited by combining thinner sections to form a thicker section (Barrett & Keat, 2004; Huang, n.d). This effect occurs in parts of the body where attenuation of the x-ray beam is greatest such as the shoulders and the hip. This results in low number of photons reaching the detector which causes noisy projections that are in turn magnified during the reconstruction

Investigating the Possibility of a Developmental Trend in the Way That Children Describe Themselves Essay Example for Free

Investigating the Possibility of a Developmental Trend in the Way That Children Describe Themselves Essay This version of Rosenberg’s research into children’s self-descriptions analysed data from semi-structured interviews with two children; Annie (8) and Kirsty (16). The data was interpreted to ascertain whether, as in Rosenberg’s research, children’s self-descriptions show evidence of a developmental progression and whether locus of self-knowledge shifts from other to self as children get older. Substantial support was found for Rosenberg’s theory that children’s self-descriptions become more complex with age and demonstrate a developmental trend. Some support was found for the idea that the locus of self-knowledge shifts from other to self with age but some of the children’s responses ran counter to expectation. Introduction A child’s sense of identity begins to form at a young age and develops throughout childhood. Eleanor Macoby (1980) pointed out that a sense of self emerges gradually as a child develops more complex understandings. Research shows that children differ in the way that they describe themselves at different ages. Bannister and Agnew (1977) and Harter (1983) found that as children get older they use more complex descriptions and include more references to emotions and attitudes. Younger children rely more on physical attributes, activities and preferences. Bannister and Agnew (1977) proposed that as children get older they become better able to ‘distinguish themselves psychologically’ from others (The Open University, 2009, p.20). Harter (1983) proposed that the way children describe themselves follows a developmental sequence which reflects the notion that identity develops in increments throughout childhood. Rosenberg (1979) focused part of his research into the self-concept on investigating this idea of a developmental trend in children’s sense of identity. He interviewed a sample of 8-18 year olds and created categories in which to sort the children’s responses. In keeping with the findings of Bannister and Agnew and Harter, Rosenberg found that younger children used mostly physical descriptions of themselves while older children relied more on character traits. As a result he concluded that ‘the self becomes less and less a perceptual object and more and more a conceptual trait system’ (Murphy (1947), as cited in The Open University, 2009, p.21). He found that, as children get older, they focus more on interpersonal traits and refer more frequently to relationships and inner qualities. Rosenberg also investigated what he called the ‘locus of self-knowledge’ – the extent to which children develop an ‘independent, self-reflective sense of self’ (The Open University, 2009, p.22). This was measured by asking children who knew them best, themselves or someone else. He found that younger children were more likely to claim that another, usually a parent, knew them better. Older children were more self-reliant when it came to judging themselves. Therefore, Rosenberg concluded that the locus of self-knowledge shifts with age from another to the self. Increased self-knowledge would result in more psychological self-descriptions so this relates to the idea of developmental progression being demonstrated in children’s self-descriptions. This study is based on Rosenberg’s research and is an analysis and interpretation of interview data. Children’s responses are allocated to Rosenberg’s categories in order to answer the research question: Do children’s self-descriptions show evidence of a developmental trend? This study will focus on answers to the ‘Who Am I?’ statements but will also pay attention to further interview responses to understand differences in the way children of different ages self-evaluate, view themselves and others and conceptualise an ideal self. This study also examines the concept of a locus of self-knowledge and asks: Does a child’s locus of self-knowledge shift from other to self with age? Method Design Rosenberg’s research design is employed in this study the responses from a semi-structured interview are compared. Participants The participants are Annie (8) and Kirsty (16), pupils from schools in the Milton Keynes area. They were recruited by the ED209 course team who asked school teachers for help in identifying willing participants. Materials A microphone and a video-recorder were used to amplify and record the interviews. Rosenberg’s semi-structured interview, with questions on self-description, self-evaluation, self and others, ideal self and locus-of self-knowledge was used. A sheet of A4 with the words ‘Who Am I?’ printed at the top and ten numbered lines beginning with ‘I’ was provided to enable participants to complete the written exercise. Adaptations of Rosenberg’s categories were used to analyse the responses to the Who Am I? exercise. The analysis of the ‘Who Am I?’ statements was presented on category analysis forms (appendix 1). A consent form was provided for the parents of the children to sign. Procedure The interviews took place in May 2005 during the day. Both children were interviewed by members of the ED209 course team in familiar rooms used by the schools. Annie was accompanied by a classroom assistant. The participants were told that they could stop the interviews at any time and were briefed as to the purpose of the research. A sound recordist and producer were present but efforts were made to ensure that neither they nor the equipment used inhibited the participants. Background noise was occasionally intrusive and recording halted. The final recording of the interviews was edited to ensure a smooth flow. The recorded interviews were listened to several times. The ‘Who Am I?’ statements were identified and transferred onto a pre-prepared category analysis form (appendix 1). The categories, Physical, Character, Relationships and Inner, were adapted from Rosenberg’s (see appendix 2). Each sentence read out by the interviewer was taken to constitute one statement. The statements were then coded. To ensure coding consistency, each statement was reviewed against the criteria for the inner category, then relationships, then character and then physical. Only if there was no way it could be said to fit within the ‘higher’ category was it pushed down. Even if it may have fitted within two categories, the fact that an order of review was applied meant that it would not be considered for a second category if it had already been allocated. Once the categories had been applied, the responses in each column were added up and the percentages calculated so that the results could be compared with Rosenberg’s findings. Next the detailed responses to the interview questions, including the locus of self-knowledge questions, were analysed in the context of Rosenberg’s research findings. The responses of the children were analysed to see if the same patterns were present. Ethics The data collected by the Open University ED209 course team was intended to comply with the BPS ethical code and principles. The children agreed to take part and their parents signed consent forms on their behalf. At the start of each interview the children were informed of their right to withdraw from the research and were told that they could ask for the recording to be stopped at any time. The purpose of the research and they way in which the data would be used was explained to them before the interviews began. Results The first research question was: Do children’s self-descriptions show evidence of a developmental trend? The second research question was: Does a child’s locus of self-knowledge shift from other to self with age? Table 1 shows a comparison between Annie and Kirsty’s self-descriptions. It shows that the majority (60%) of descriptors used by the younger child are about physical characteristics and activities and the remainder are character descriptors. She makes no reference to relationships or inner qualities. The majority of the older child’s responses relate to inner qualities (50%). She spreads the remainder of her descriptions across the physical, character and relationship categories. Self Evaluation When discussing their strengths and weaknesses, Kirsty focused far more on character and relationship descriptions than Annie, who focused on physical attributes, particularly for her weak points (‘my ears my legs’). However, Annie counted her friends as a strength and the fact that she likes ‘being myself’. Self and Others Annie’s awareness of similarity to others in her age group was centred on having the same likes and dislikes. She also identified differences between herself and others in this way. Kirsty talked about having the same experiences as others her own age but identified character and inner traits as distinguishing her from others. Ideal Self Annie’s notion of herself in later life was focused upon what job she might do and how else her time may be spent. Kirsty focused on the character traits that she hoped to have developed. Locus of Self-Knowledge The locus of self-knowledge responses were not straightforward as both participants gave ambiguous answers at times. Annie conceded that in some ways her mother would know her better than she knew herself and Kirsty insisted that her mother knew her just as well as she did herself. Discussion In the ‘Who Am I?’ data, it can be seen that, in accordance with Rosenberg’s findings, the majority (60%) of descriptors used by the younger child are about physical characteristics and activities. Rosenberg found that older children are more likely to use character traits to define the self. In this analysis, Kirsty actually uses a lower percentage of character descriptors than Annie, but this is influenced by the large percentage of inner descriptors used. The data in this study supports Rosenberg’s finding that older children referred more frequently to relationships. He also noticed that older children were more likely to reference inner qualities, which can be seen by the high percentage of Kirsty’s inner descriptors (50%). For the main part, the analysis of the self-description data supports Rosenberg’s findings. Rosenberg found that older children focused on interpersonal traits when describing their strengths and weaknesses. Kirsty’s responses follow this pattern but Annie also mentioned the large number of friends she has as a strength. She also said that ‘being myself’ was a strength which was interesting. The interviewer explored this a little more and she seemed to revert back to describing preferred activities. Further prompting, however, may have ascertained that by ‘being myself’ she meant that she was confident about who she was, which would be a character description. It is difficult to tell at this point if Annie lacks the ability to explain what she means which may affect the results. Rosenberg found that only 36% of 8 year olds mentioned interpersonal traits when talking about the person they would like to become, compared with 69% of 14-16 year olds. Annie and Kirsty’s responses fall into the majority pattern for their age group. Analysis of the data provides a positive answer to the research question, Do children’s self-descriptions show evidence of a developmental trend? The developmental trend as identified by Bannister and Agnew, Harter and Rosenberg, is characterised by younger children relying on physical attributes when describing themselves and older children being able to use more sophisticated and complex descriptions that focus more on psychological characteristics. The data in this study largely supports this theory. The evidence for the locus-of-self-knowledge shifting from other to self with age (as Rosenberg found) is less obvious. When asked about who knows her best at school Annie identifies teachers and parents as being the best judge of her performance, which supports the idea that the locus of self-knowledge in young children rests with another. However, when questioned further about who would be right if they had different answers about Annie’s maths performance, Annie’s responses indicate that she is the best judge of her ability. However, when questioned about her behaviour at home she places the locus of self-knowledge with her mother. Kirsty, somewhat surprisingly given her high percentage of references to inner qualities (indicating high self- knowledge), believes that her mother would know her just as well as she knows herself and explains that her mum has ‘pretty much figured me out’. She decides that any differences in answers about how she would behave at home would be a matter of different interpretations. It is possible that Kirsty is unsure about what is being asked and a reformulation of the questions might provoke different responses. Although Kirsty does not exactly place the locus of self-knowledge within herself, she does not place it with someone else either, and so the data does not, in itself, contradict Rosenberg’s theory. The analysis of the locus of self-knowledge responses produces some support for Rosenberg’s findings but it is not conclusive. However, it is important to remember that this is a sample of only two participants and so the data is not enough to prove or disprove his theory. Another limitation of this study is that the coding reliability was not checked. Coding was applied according to one person’s interpretation. Had the coding of the data been interpreted differently results may have been different for the self-descriptions data (see appendix 3 for alternative coding of Kirsty’s responses. In this instance the evidence in favour of a developmental trend in self-descriptions is present but less compelling). Another consideration lies with the ethics of the research. The issue of informed consent is often difficult in research with children. In the case of a young child, such as Annie, it is not clear that she fully understands the nature of the research, despite the fact that it is described in simpler terms than those used to explain it to Kirsty. It is also possible that the power-imbalance between the interviewers and the participants may prevent them from withdrawing from the interview, even if they are told that they can. Conclusion The results of this study provide support for the idea of a developmental progression in the way that children describe themselves, particularly the analysis of the ‘Who Am I?’ data. Qualitative analysis of the other interview questions, however, while showing some support for Rosenberg’s theory, also presents some deviation from expectations.

The Pathways of Pain Essay -- Medicine Medical Papers

The Pathways of Pain In 1931, the French medical missionary Dr. Albert Schweitzer wrote, "Pain is a more terrible lord of mankind than even death itself." Today, pain has become the universal disorder, a serious and costly public health issue, and a challenge for family, friends, and health care providers who must give support to the individual suffering from the physical as well as the emotional consequences of pain (1). Early humans related pain to evil, magic, and demons. Relief of pain was the responsibility of sorcerers, shamans, priests, and priestesses, who used herbs, rites, and ceremonies as their treatments. The Greeks and Romans were the first to advance a theory of sensation, the idea that the brain and nervous system have a role in producing the perception of pain. But it was not until the middle ages and well into the Renaissance-the 1400s and 1500s-that evidence began to accumulate in support of these theories. Leonardo da Vinci and his contemporaries came to believe that the brain was the central organ responsible for sensation. Da Vinci also developed the idea that the spinal cord transmits sensations to the brain. In the 17th and 18th centuries, the study of the body and the senses continued to be a source of wonder for the world's philosophers. In 1664, the French philosopher Renà © Descartes described what to this day is still called a "pain pathway" (5). What prompted me to research about the various pain pathways was my grandmother's arthritis. She has suffered for many years with severe joint pain and in the past, has been treated with corticosteroids. Currently, she is taking Celebrex, (COX-2 inhibitor) which is a relatively new drug in the family of 'superaspirins'. What impressed... ...ds the promise of an even greater understanding of pain in the coming years. Their research offers a powerful weapon in the battle to prolong and improve the lives of people with pain: hope (1) . References 1)National Institute of Neurological Disorders and Stroke http://www.ninds.nih.gov/ 2)American Pain Society http://www.ampainsoc.org/ 3)American Academy of Pain Management http://www.aapainmanage.org/ 4)PainNet.Inc http://www.pain.com/ 5)International Association for the Study of Pain http://www.halcyon.com/iasp 6)MayDay Pain Project, The. http://www.painandhealth.org/ 7)Pain Treatment: Janssen-Cilag Pharm. http://www.janssen-cilag.com/ 8)American Chronic Pain Organization http://www.theacpa.org/ 9)Rest Ministries Chronic Illness http://www.restministries.org/ 10)Worldwide Congress on Pain http://www.pain.com/ The Pathways of Pain Essay -- Medicine Medical Papers The Pathways of Pain In 1931, the French medical missionary Dr. Albert Schweitzer wrote, "Pain is a more terrible lord of mankind than even death itself." Today, pain has become the universal disorder, a serious and costly public health issue, and a challenge for family, friends, and health care providers who must give support to the individual suffering from the physical as well as the emotional consequences of pain (1). Early humans related pain to evil, magic, and demons. Relief of pain was the responsibility of sorcerers, shamans, priests, and priestesses, who used herbs, rites, and ceremonies as their treatments. The Greeks and Romans were the first to advance a theory of sensation, the idea that the brain and nervous system have a role in producing the perception of pain. But it was not until the middle ages and well into the Renaissance-the 1400s and 1500s-that evidence began to accumulate in support of these theories. Leonardo da Vinci and his contemporaries came to believe that the brain was the central organ responsible for sensation. Da Vinci also developed the idea that the spinal cord transmits sensations to the brain. In the 17th and 18th centuries, the study of the body and the senses continued to be a source of wonder for the world's philosophers. In 1664, the French philosopher Renà © Descartes described what to this day is still called a "pain pathway" (5). What prompted me to research about the various pain pathways was my grandmother's arthritis. She has suffered for many years with severe joint pain and in the past, has been treated with corticosteroids. Currently, she is taking Celebrex, (COX-2 inhibitor) which is a relatively new drug in the family of 'superaspirins'. What impressed... ...ds the promise of an even greater understanding of pain in the coming years. Their research offers a powerful weapon in the battle to prolong and improve the lives of people with pain: hope (1) . References 1)National Institute of Neurological Disorders and Stroke http://www.ninds.nih.gov/ 2)American Pain Society http://www.ampainsoc.org/ 3)American Academy of Pain Management http://www.aapainmanage.org/ 4)PainNet.Inc http://www.pain.com/ 5)International Association for the Study of Pain http://www.halcyon.com/iasp 6)MayDay Pain Project, The. http://www.painandhealth.org/ 7)Pain Treatment: Janssen-Cilag Pharm. http://www.janssen-cilag.com/ 8)American Chronic Pain Organization http://www.theacpa.org/ 9)Rest Ministries Chronic Illness http://www.restministries.org/ 10)Worldwide Congress on Pain http://www.pain.com/

Career Paper – Fashion Buyer

Career Paper April, 8 2013 My career goal is to become a fashion buyer, I chose this career because this is something I can see myself doing for the rest of my life, becoming anything that has to do with fashion had always been a child hood dream of mine. I’ve always wanted to partake in something with fashion but didn't really know what it was until I started working at my current job. Working at a jewelry store helped me learn a lot with deciding what part of the fashion world I would like to choose to become my career.Working at a jewelry store and helping the owner also gave me all the experience and knowledge about being a buyer. I finally realized that this is something I would Sparingly do when is something I would even do it for free. In addition, fashion Buyer also get the opportunities to travel certain places regarding work related tasks. all in all, I see myself waking up with a smile on my face knowing that I am going to do something I enjoy with this career. The job description of a fashion buyer is to be responsible for a variety of tasks that connect the design world to the retail industry.For instance, a fashion buyer’s main duty is to select and buy products, according to market trends, customer demands and sales forecasts, which a retailer will sell. Buyer also try to maximize profits by obtaining the highest quality products at the lowest cost. According to BLS (Bureau of Labor Statistics), buyers employed by small retailers are usually responsible for deciding the store’s entire merchandise assortment, whereas buyers for large retailers may specialize in one type of merchandise, such as women’s outerwear or mens suits.According to the BLS, there are no strict education requirements for becoming a buyer, but employers typically prefer applicants with a college degree. Candidates with bachelor's degrees in business, marketing or merchandising may enjoy higher employment opportunities. Students should select courses that focus on sales forecasting, business operations, commerce and inventory. The salary of a fashion buyer it really depends on the level and the type of company but on a range of $34,832 a year on an entry level and a great amount of $72,772 for a senior buyer.A fashion buyer needs to be versatile and flexible as the buying schedule may include sitting behind a desk one day writing reports and communicating by phone or email, traveling out of the country to identify forthcoming trends the next week, then flying to another the following month to meet and negotiate with suppliers. A good buyer needs stamina but should also be enthusiastic,professional,decisive,creative and well motivated. To succeed in this career buyers need to have foresight and develop skills in people management and time management.It is rare to find someone with an equal balance between these qualities and skills and many buyers will excel in some while being only adequate in others. In conclusion although the y do ask for a lot when it comes to being a buyer I believe the skills are learnt within the job,and to succeed, one must be passionate and persistent. Resources Bureau of Labor Statistics, U. S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition, â€Å"Buying Managers, Buyers, and Buying Agents, on the Internet ‘ [visited April 07, 2013]. â€Å"Buyers. † Riley Guide. The Riley Guide, 07 APR 2013. Web. 7 Apr 2013. .

Zappos faces Competitive Advantages Essay

Zappos faces Competitive Advantages Chapter 1 6/9/13 Zappos is an online retailer that has found its business on 10 core values that help successfully run their business. The company is known for their culture. They feel that culture evaluate how the employees will perform their job functions. The questions below will define what challenges they will face when competitive challenges intervene. 1. Zappos seems to be well-positioned to have a competitive advantage over other online retailers. What challenges discussed in Chapter 1 pose the biggest threat to Zappo’s ability to maintain and enhance its competitive position? How can human resource management practices help Zappos meet these challenges? Although Zappos is well-positioned to have a competitive advantage over other online retailers one of the biggest threats in my opinion that they will face is globalization. I say this because from the reading; Zappos use competitive pricing. However, in international markets products have a cheaper price and their shipping rates vary. Therefore, Zappos wouldn’t be able to offer their free shipping if they were to relocate into international markets. Another challenge they are likely to have pose on their business if they enter into international markets is sustainability. Sustainability basically goes hand in hand with globalization because they would have to be able to adapt to the change when entering into these markets. For example, the economy is changing everyday throughout the United States and internationally with how businesses run. With the pricing in these markets going international is going to also affect how their business will successfully run. Human resource practices can help meet these challenges by helping recruit the right employees to still promote the vision that Zappos currently hold. They can do this by interviewing through assessment testing to make sure they have the skills and requirements for the position of which they apply. Also, these practices if performed correctly can help them in  evaluating the environment in which they choose to locate internally as well as externally so that their business practices are performed. 2. Do you think that employees of Zappos have high levels of engagement? Why? I believe that Zappos demonstrates a well engaged employee relationship within the company. I say this because any company that takes the time to have outside lunches with the staff in order to hear the different ideas that they have come up with, believes in a satisfied worker and work environment. Many companies in today’s society only listen when a complaint is made over their 1800 hotline. Zappos actually take the time out and listen to every complaint of their employees individually. 3. Which of Zappos’ 10 core values do you believe that human resource practices can influence the most? The least? Why? For each of the core values, identify the HR practices that are related to it. Explain how each of the HR practice(s) you identified is related to the core values. I believe that human resource practices could influence the most is Zappos customer service. Customer service is needed throughou Core Values: 1. Deliver Wow through service— Sustainability 2. Embrace and drive change— 3. Create fun and a little weirdness—Sustainability 4. Be adventurous, creative, and open minded—Sustainability 5. Pursue growth and learning—- 6. Build open and honest relationships with communication—Sustainability 7. Build a positive team and family spirit—Technology 8. Do more with less—Sustainability 9. Be passionate and determined—Sustainability 10. Be humble—Sustainability

Coconut essays

Coconut essays Coconuts effectiveness shines on... Insomia, arthritis, hypertension try coconectar. Possible prevention, better yet, cure to different ailments would be the latest product fresh from the coconut tree. As markets recognize the use of herbal medicines and the like, the fame of this syrup rises up promoting effectiveness of another cocoproduct. Coconut tree, fame for being the tree of life, has proven much worth because of its parts. These are used for everyday life: the tree itself produces timber, the shell of the fruit becomes plaiting and thatch, the hardened liquid serves as meat of the fruit, and the liquid as drink often may be mixed with alcoholic beverages or sugar syrup. Now, even the flower bears effectiveness. The extracted sap, when concentrated, shows usefulness to prevent or even alleviate ailment. Since bacteria inhibited by the body become more and more resistant to antibiotics and the fame of herbal medicines levels up, the use of the said extract could be more useful. So why not try the new cocoproduct the coconectar. Mr. Jose Gonzales, a researcher in the field of coconut physics and owner of the CocoLegacy Co. Inc., personally discovered the product. It was an inspiration and of my great interest toward the study of coconut that lead me to discover Coconectar, says the Quezon-based researcher. He was already conducting researches about coconut and its effectiveness when, about a year ago, he came across the usefulness of coconut flower and did experiments on it, extracting the juice that eventually showed many components not damaging to the body. He looked for the nutrients of the extract, tried to separate what components were useful and found that there were 24 amino acids, vitamins, minerals, enzymes, growth hormones, and other substances the human body needs which were said to contribute to our resistance to illnesses. According to Mr. Gonzales, Coconectar is...

The financial statement of BAE system analysis of company’s financial perform-ance The WritePass Journal

The financial statement of BAE system analysis of company’s financial perform-ance   Introduction The financial statement of BAE system analysis of company’s financial perform-ance   IntroductionKey FactsLANDAIRSEAHOMELAND SECURITYTECHNOLOGY INNOVATIONINFORMATION TECHNOLOGYBalanced Scorecard  Kaplan and Norton describe the innovation of the balanced scorecard as followsThe Financial Perspective  BAE Systems Plc.Key Recent DevelopmentKey benefits of buying this profile include,Why I Chose The Balance Scorecard To Calculate My AnalysisConclusion Related   Introduction BAE Systems is a global defence and security company with approximately 100,000 employees worldwide. The Company delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. In 2009 BAE Systems reported sales of  £22.4 billion (US$ 36.2 billion). BAE Systems plc. (BAE) is one of the leading global defence, aerospace and security companies, providing advanced electronic, security, information technology solutions. The company is engaged in designing, manufacturing, and supporting military aircrafts, space systems, surface ships, submarines, avionics, radars, C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) systems, electronic systems, and guided weapon systems. BAE’s other operations include complex software development, advanced manufacture, and providing specialized training services. Its distribution network covers about 130 countries.(www.baesystem.com) 2nd largest global defence company based on 2009 revenues* Approximately 100,000 employees worldwide Global capability Customers in more than 100 countries 2009 sales exceeded  £22.4 billion * (: Defense News Annual Ranking, published June 2010) Key Facts LAND BAE Systems is a global leader in the design, development, production and support of armoured combat vehicles, major and minor calibre naval guns and missile launchers, canisters, artillery systems and intelligent munitions. AIR BAE Systems delivers advanced military air capability through major aircraft programmes in the UK, US and to many overseas customers. SEA BAE Systems has a breadth of capabilities and is delivering high performance through a range of warships, submarines, auxiliary vessel programmes and naval armaments HOMELAND SECURITY BAE Systems is well positioned to play a key role in this developing market, where protecting people, assets and infrastructure, and maintaining national security and economic stability are paramount TECHNOLOGY INNOVATION BAE Systems has a proud heritage of ground breaking inventions including Concorde, Radio communication, and the Harrier Jump Jet. In the changing world of defence and homeland security, technology and innovation are still at the heart of our business. INFORMATION TECHNOLOGY BAE Systems Information Technology, based in McLean, Virginia, is one of the ten largest IT providers to the US government. Our aim is to be a recognized provider of managed IT Operations. (www.baesystem.com) Balanced Scorecard   The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and non profit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more balanced view of organizational performance. The balanced scorecard has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. The â€Å"new† balanced scorecard transforms an organization’s strategic plan from an attractive but passive document into the marching orders for the organization on a daily basis. It provides a framework that not only provides performance measurements, but helps planners identify what should be done and measured. It enables executives to truly execute their strategies. This new approach to strategic management was first detailed in a series of articles and books by Drs. Kaplan and Norton. Recognizing some of the weaknesses and vagueness of previous management approaches, the balanced scorecard approach provides a clear prescription as to what companies should measure in order to balance the financial perspective. The balanced scorecard is a management system (not only a measurement system).(www.balancescorecard.org) Kaplan and Norton describe the innovation of the balanced scorecard as follows The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation. The Balance Score Card Frame Work Adapted from Robert S. Kaplan and David P. Norton, â€Å"Using the Balanced Scorecard as a Strategic Management System,† Harvard Business Review (January-February 1996): 76. balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx The Financial Perspective Kaplan and Norton do not disregard the traditional need for financial data. Timely and accurate funding data will always be a priority, and managers will do whatever necessary to provide it. In fact, often there is more than enough handling and processing of financial data. With the implementation of a corporate database, it is hoped that more of the processing can be centralized and automated. But the point is that the current emphasis on financials leads to the unbalanced situation with regard to other perspectives.  Ã‚  There is perhaps a need to include additional financial-related data, such as risk assessment and cost-benefit data, in this category. For example: Growth stage   goal is growth, such as revenue growth rate Sustain stage   goal is profitability, such ROE, ROCE, and EVA Harvest stage   goal is cash flow and reduction in capital requirements The following table outlines some examples of financial metrics: Objective Specific Measure Growth Revenue growth Profitability Return on equity Cost leadership Unit cost Financial Performance Of BAE System BAE Systems plc. (BAE) is one of the leading global defence, aerospace and security companies, providing advanced electronic, security, information technology solutions. The company is engaged in designing, manufacturing, and supporting military aircrafts, space systems, surface ships, submarines, avionics, radars, C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) systems, electronic systems, and guided weapon systems. BAE’s other operations include complex software development, advanced manufacture, and providing specialized training services. Its distribution network covers about 130 countries.(www.baesystem.com)   BAE Systems Plc.Key Recent Development Jul 26, 2010 BAE Systems, Aquamarine Power Collaborate On Wave Energy Mar 24, 2010 BAE Systems Plans To Develop Hydrogen Fuel Cell Bus For Sun Line Transit Mar 16, 2010 BAE Systems Delivers First Hybrid Propulsion Systems To Alexander Dennis Under Green Bus Fund Initiative Sep 28, 2009 Oshkosh Bags New Deal From BAE Aug 19, 2009 BAE Systems To Provide Propulsion Systems To King County Metro Transit For 500 Hybrid Electric Buses. This comprehensive SWOT profile of BAE Systems plc. provides you an in-depth strategic analysis of the company’s businesses and operations. The profile has been compiled by Global Data to bring to you a clear and an unbiased view of the company’s key strengths and weaknesses and the potential opportunities and threats. The profile helps you formulate strategies that augment your business by enabling you to understand your partners, customers and competitors better. The profile contains critical company information including Business description A detailed description of the company’s operations and business divisions. Corporate strategy Analyst’s summarization of the company’s business strategy. SWOT Analysis A detailed analysis of the company’s strengths, weakness, opportunities and threats. Company history Progression of key events associated with the company. Major products and services A list of major products, services and brands of the company. Key competitors A list of key competitors to the company. Key employees A list of the key executives of the company. Executive biographies A brief summary of the executives’ employment history. Key operational heads A list of personnel heading key departments/functions. Important locations and subsidiaries A list and contact details of key locations and subsidiaries of the company. Detailed financial ratios for the past five years The latest financial ratios derived from the annual financial statements published by the company with 5 years history. Interim ratios for the last five interim periods The latest financial ratios derived from the quarterly/semi-annual financial statements published by the company for 5 interims history. Key benefits of buying this profile include, You get detailed information about the company and its operations to identify potential customers and suppliers. The profile analyses the company’s business structure, operations, major products and services, prospects, locations and subsidiaries, key executives and their biographies and key competitors. Understand and respond to your competitors’ business structure and strategies, and capitalize on their weaknesses. Stay up to date on the major developments affecting the company. The company’s core strengths and weaknesses and areas of development or decline are analysed and presented in the profile objectively. Recent developments in the company covered in the profile help you track important events. Equip yourself with information that enables you to sharpen your strategies and transform your operations profitably. Opportunities that the company can explore and exploit are sized up and its growth potential assessed in the profile. Competitive and/or technological threats are highlighted. Scout for potential investments and acquisition targets, with detailed insight into the companies’ strategic, financial and operational performance. Financial ratio presented for major public companies in the profile include the revenue trends, profitability, growth, margins and returns, liquidity and leverage, financial position and efficiency ratios. Gain key insights into the company for academic or business research. Key elements such as SWOT analysis, corporate strategy and financial ratios and charts are incorporated in the profile to assist your academic or business research needs.(www.baesystem.com)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Why I Chose The Balance Scorecard To Calculate My Analysis In most cases big companies need different tools to evaluate overall performance. For instance, Company X may have supply department which needs logistic solutions, customer support service that need to solve customer’s problems, sales department, HR department and so on. As said above, different business areas have different KPIs. But all your departments should woks as one single whole. Thus, if sales department has imperfections, supply department cannot work 100% of its capacity. If HR department spend money inefficiently and cannot find new employees on time, you will suffer losses which will affect the entire company. Under such conditions, every department or business type should use Balanced Scorecard in its own way in terms of KPIs. Sales department must calculate number of new customers, while contact centre is taking care of first resolution rate (number of calls which solve customer’s problem from the first time). Balanced Scorecard will make you and your employees feel confident as you will be always informed on strengths and weakness of your company. At the same time, Balanced Scorecard will contribute to positive organization climate and help you establish a fair and comprehensive compensation system. Establish certain evaluation periods (for instance once or twice a month) and call overall meeting of the company with representatives of different department. Using Balanced Scorecard you will be able to summarize company performance and make smart decisions as to future development strategy. Of course, you know what to tell a head of logistic department if he always has several unused vehicles in his fleet. And you do know if customers are complaining that call center operators are sometimes incompetent to solve their problems. Balanced Scorecard is your reliable advisor in the changeable world of business. This is a MUST have tool for top managers, head of departments and companies, development managers, quality control specialists etc. 1.  Profitability   its ability to earn income and sustain growth in both short-term and long-term. A companys degree of profitability is usually based on the income statement , which reports on the companys results of operations; 2.  Solvency   its ability to pay its obligation to creditors and other third parties in the long-term; 3.  Liquidity   its ability to maintain positive  cash flow, while satisfying immediate obligations; Both 2 and 3 are based on the companys  balance sheet, which indicates the financial condition of a business as of a given point in time. 4.  Stability the firms ability to remain in business in the long run, without having to sustain significant losses in the conduct of its business. Assessing a companys stability requires the use of both the income statement and the balance sheet, as well as other financial and non-financial indicators. Financial analysts often compare  financial ratio (of  solvency, profitability, growth, etc.): Past Performance   Across historical time periods for the same firm (the last 5 years for example), Future Performance   Using historical figures and certain mathematical and statistical techniques, including present and future values, this extrapolation method is the main source of errors in financial analysis as past statistics can be poor predictors of future prospects. Comparative Performance   Comparison between similar firms. These ratios are calculated by dividing a (group of) account balance(s), taken from the balance sheet and / or the  income statement by another, for example: Net income  / equity =  return on equity  (ROE) Net income / total assets =  return on assets  (ROA) Stock price / earnings per share =  P/E ratio Comparing financial ratios is merely one way of conducting financial analysis.  Financial ratios  face several theoretical challenges: They say little about the firms prospects in an absolute sense. Their insights about relative performance require a reference point from other time periods or similar firms. One ratio holds little meaning. As indicators, ratios can be logically interpreted in at least two ways. One can partially overcome this problem by combining several related ratios to paint a more comprehensive picture of the firms performance. Seasonal factors may prevent year-end values from being representative. A ratios values may be distorted as account balances change from the beginning to the end of an accounting period. Use average values for such accounts whenever possible. Financial ratios are no more objective than the accounting methods employed. Changes in accounting policies or choices can yield drastically different ratio values. They fail to account for exogenous factors like investor behaviour that are not based upon economic fundamentals of the firm or the general economy (fundamental analysis)  [1]. Financial analysts can also use percentage analysis which involves reducing a series of figures as a percentage of some base amounts [2]. For example, a group of items can be expressed as a percentage of net income. When proportionate changes in the same figure over a given time period expressed as a percentage is known as horizontal analysis [3]. Vertical or common-size analysis reduces all items on a statement to a â€Å"common size† as a percentage of some base value which assists in comparability with other companies of different sizes  [4]. Another method is comparative analysis. This provides a better way to determine trends. Comparative analysis presents the same information for two or more time periods and is presented side-by-side to allow for easy analysis.[5]    The Report This report is divided 2 chapters Chapter: 1 Analysis of ratio calculation Profitable ratio:   1.   ROCE:- operating profits / capital employed x 100 2009= 982/4727 x 100 0.208 x 100 20.80% 2008=1718/7289 x 100 0.236 x 100 23.60% Companies can use these figure as a benchmark to see if they are making a good profit. BAE System would conclude that it’s ROCE (%) shows success relative to other firms both 2009 and 2008. However, the fall in the ration between 2009 and 2008 is a sign of a 2.80 % declined. 2. GROSS MARGIN:- gross profit/ sales x 100 2009= 779/ 20374 x 100 0.0382 x 100 3.82 % 2008= 1700/16671 x 100 0.1020 x 100 10.20 % This ratio must be treated with caution, as gross profit in the profit and loss account in sales minus costs. Since all of the overhead are ignored in this calculation, it is not as important a measure of success as net profit.   However, the fall in the ration between 2009 and 2008 is a sign of a 6.38% declined. 3. NET PROFIT:-   net profit / sales x 100 2009 = 982 / 20374 x 100 0.0482 x 100 4.82% 2008 = 1718 / 16671 x 100 0.103 x 100 10.30% The fall in the ration between 2009 and 2008 is a sign of a big declined. 2009 was 4.82 % and 2008 was 10.30 % so different between this two year are 5.48%. 4. ASSETS TRUNOVER:- sales / capital employed 2009 = 20374 / 4727 4.31 2008 = 16671 / 7289 2.29 Expressing the assets turnover ratio as so many times is traditional but the measure would be more meaningful if we called it pounds rather so many times. This ration is going up between 2009 and 2008 is a sign of a slight up. Means it’s up just only 2.02. LIQUIDITY RATIO:   1. CURRENT RATIO :- current assets / current liabilities 2009 = 8788 / 11993 0.73 2008 = 8069 / 10790 0.75 It should be noted that a maximum as well as minimum ratio is recommended. Too many current assets will limit a firm’s ability to purchase the fixed assets that are needed to produce the goods that provide the company’s profits. Consequently, a high current ratio may be an advantage in the short run but will inhibit the long term profitability of the company. Calculation of these ratio gives the result is 2009 and 2008 respectively 0.73 and 0.75 just slight declined. 2. QUICK RATIO(ACID TEST):- Quick assets / Current liabilities  Ã‚  Ã‚  Ã‚   2009 = 7901 / 11993 0.66 2008 = 7143 / 10790 0.66 The current ratio assumes that stocks and debtors are liquid assets. Firms cannot be certain that their stock will sell quickly, so that Acid test ratio is used as an alternative to the current ratio. The calculation of the Acid test ratio ignores stock in its calculation, considering only cash, bank balance and debtors as a liquid asset. Calculation of these ratio gives the result is 2009 and 2008 no change in this ratio. 3. RECEIVABLE DAYS: receivable / sales x 365   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2009 = 3764 / 20374 x 365 0.185 x 365 68 days 2008 = 3831 / 16671 x 365 0.23 x 365 84 days This is a ratio measuring the average time a companys customers take to pay for purchases, equal to accounts receivable divided by annual sales times 365. In this calculation we can see that this ratio is falling down by 16 bays it’s good signed for company. 4. PAYABLE DAYS: payable / purchase x 365 2009 = 10218 / 20060 x 365 0.57 x 365 186 days 2008 = 9165 / 15386 x 365 0.60 x 365 219 days This is a ratio measuring how long a company is taking to pay its trade creditors. It is calculated as: 365 * Accounts Payables divided by Cost of Goods Sold. In this calculation we can see that this ratio is falling down by 33 bays it’s good signed for company. 5. INVENTORY DAYS: inventory / cost of sales x 365 2009 = 887 / 20060 x 365 0.044 x 365 16 days   Ã‚   2008 = 926 / 15386 x 365 0.060 x 365 22 days This is a ratio measuring the number of days inventory is held. As a general rule, the longer inventory is held, the greater is its risk of not being sold at full value. It is calculated as: 365 * Inventory divided by Cost of Goods Sold  Ã‚  Ã‚   . In this calculation we can see that this ratio is falling down by 6 bays it’s good signed for company. Ratio to measure risk: 1. FINANCIAL GEARING: debt / equity 2009 = 20680 / 4655 4.44 2008 = 18386 / 7234 2.54 Shareholders ought to have the upper hand because if they dont that could cause them problems as follows: Shares earn dividends but in poor years dividends may be zero: that is, businesses dont always need to pay any! Long term liabilities are usually in the form of loans and they have to be paid interest; even in bad years the interest has to be paid Equity shareholders have the voting rights at general meetings and can made significant decisions Long term liability holders dont have any voting rights at general meetings but they have the power to override the wishes of the shareholders if there are severe problems over their interest or capital repayments So, shareholders like to see the gearing ratio, the relationship between long term liabilities and capital employed, being in their favour! A shareholder of company will be unhappy with this result .because the ration is going high 1.90.       2. DIVIDEND COVER: PAT / total dividend   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚   2009 = 45 / 573.6   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   0.008   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚   2008 = 1768 / 518   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   3.41    The dividend cover ratio tells us how easily a business can pay its dividend from profits. A high dividend cover means that the company can easily afford to pay the dividend and a low value means that the business might have difficulty paying a dividend. We can see in this calculation it’s fall in very biggest so it’s not a good news for shareholder. 3. INTEREDT COVER: PBIT / interest     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚   2009 = 282 / 22   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   12.82   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚   2008 = 2371/ 23   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   103.09 The interest cover ratio tells us the safety margin that the business has in terms of being able to meet its interest obligations. That is, a high interest cover ratio means that the business is easily able to meet its interest obligations from profits. Similarly, a low value for the interest cover ratio means that the business is potentially in danger of not being able to meet its interest obligations. Calculation of these ratio gives the result is 2009 and 2008 it’s big fall in this ratio. 4. OPERATING GEARING: fixed costs / variable costs   2009 = 203 / 282 0.72 2008 = 18 / 2371 0.008 Operational gearing is the effect of  fixed cost on the relationship between sales and operating profits. If a company has no operational gearing, then operating profit would rise at the same rate as sales growth (assuming nothing else changed). Operational gearing is simple and important and often neglected. High fixed costs increase operational gearing. Calculation of these ratio gives the result is 2009 and 2008 it’s big rise in this ratio. Conclusion There is a lot to be said for valuing a company, it is no easy task. I hope that we have helped shed some light on this topic, and that you will use this information to make educated investment decisions. If you have any other questions about fundamental analysis please do not hesitate to Contact us. Ratios must not be ignored. They are still an excellent guide to performance. Conclusion should be based on the specific circumstance. In some cases, profitability ratios may be most important measure, but in emergencies, liquidity ration may be more significant. The problems and limitation involved in ration analysis should be borne in mind. References Introduction is available:   Ã‚  Ã‚   baesystems.com/AboutUs/FactSheet/index.htm Balance score card is available:   Ã‚  Ã‚   balancedscorecard.org/BSCResources/AbouttheBalance  Ã‚  Ã‚   dSc  Ã‚  Ã‚   orecard/tabid/55/Default.aspx Key facts: Defense News Annual Ranking, published June 2010 Bob Ryan (2008), financial Accounting for business, 2nd education   Ã‚  Ã‚  Ã‚  Ã‚   .uk:   Ã‚  Ã‚   cengage learning college.p. 25-35. John Wolunski and Gwen Coates (2005) A2 Business studies. Kieso, D. E., Weygandt, J. J., Warfield, T. D. (2007). Intermediate   Ã‚  Ã‚  Ã‚  Ã‚   Accounting (12th Ed.). Hoboken, NJ: John Wiley Sons, p.     Ã‚  Ã‚  Ã‚  Ã‚   1320  ISBN 0-471-74955-9. Kieso, et al., 2007, p. 1320 Kieso, et al., 2007, p. 1320 Kieso, et al., 2007, p. 1319 Roy Dodge (1997) Foundation of business accounting. NA(2009) Ratio Analysis available.www.bized.co.uk. NA(2009) Ratio Analysis calculation available:www.skymark.com NA(2009) Ratio Analysis conclusion available:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   www.measurebusiness.com www.marketresearch.com NA(2010) about bae system available   Ã‚  Ã‚   :http:en.wikipedia.org.