Nucor Competitive Strategy Essays

Nucor Competitive Strategy Essays Nucor Competitive Strategy Paper Nucor Competitive Strategy Paper NUCOR COMPETITIVE STRATEGY ANALYSIS CONTENTS 1. Case Profile 2. Situational Analysis 2. 1General External Environment (PESTLE model) 2. 1. 1 Political/Legal 2. 1. 2 Economic 2. 1. 3 Sociocultural 2. 1. 4 Technological 2. 1. 5 Environmental 2. 1. 6 Demographic 2. 1. 7 Global 2. 1 Industry Analysis (Porter 5 Forces) 2. 2. 1 Threat of new entrants 2. 2. 2 Bargaining power of suppliers 2. 2. 3 Bargaining power of buyers 2. 2. 4 Threat of substitute products 2. 2. 5 Intensity of rivalry 2. 3 Competitive Environment Analysis 2. 3. Future objectives 2. 3. 2 Current strategy 2. 3. 3 Assumptions 2. 3. 4 Capabilities 3. Strategic Analysis 3. 1 Strategies 3. 1. 1Operational level 3. 1. 2Business level 3. 1. 3Competitive level 3. 1. 4 Corporate level 4. Core Competencies 4. 1Tangible resources 4. 2Intangible resources 4. 3Capabilities 5. Value Chain 6. Sustainable Competitive Advantage 7. Performance Appraisal 8. SWOT Analysis 8. 1 Strengths 8. 2 Weaknesses 8. 3 Opportuni ties 8. 4 Threats 9. Strategy Formulation and Implementation 9. 1 New Initiatives to Sustain Growth APPENDIX 1: Top-30 producers by International Iron Steel Institute APPENDIX 2: Top Competitors Key Measures: NUCOR APPENDIX 3: FIVE-YEAR FINANCIAL REVIEW FOR NUCOR (2002-2006) Case Study Analysis: NUCOR 1. Case Profile Nucor Corp. , the U. S largest mini-mill operator1 and largest steel manufacturer by tons produced2, continues to lead the industry in efficiency, technological innovation, profitability and delivery of high quality products at low cost structure, after a record of more than 16 years of rapid growth in a declining industry3. And with a strong relationship with its workers without unionization, Nucor’s employees claimed to be the industry’s most satisfied, most motivated and most productive, making them a formidable workforce. This case considers how Nucor has achieved its success and how to sustain it. 2. Situational Analysis 2. 1. General External Environment (PESTLE model4) 2. 1. 1. Political/legal. The steel industry has seen rocky labour relations since the late 19th century with fatalities to striking workers4. Majority of workers are represented by the United Steel Workers of America. Another issue is the integrated steel producers have filed charges against importers of dumping steel prices, blaming them especially Japan, for declining market shares. Nucor’s plant in Hertford County was located on the banks of a fishery that required restoration in a law passed in 1997. 2. 1. 2 Economic. Steel industry is a cyclical business, subject to economic fluctuations since it depended on durable and capital goods (car, building). The industry does well during economic expansion and suffers losses and even bankruptcies during economic downturn. . 1. 3. Sociocultural. The industry became a source of employment, symbolizes American economic power and pride during good times and symbolizes economic decline and source of shame when foreign companies took over market shares5. 2. 1. 4. Technological. Technology drives major changes in the production process to increase flexibility, efficiencies and allowed automation which include the continuous casting technology, blast oxygen furnace and electric arc furnace. 2. 1. 5. Environmental. Nucor’s mill in Crawfordsville, Indianna was alleged to have violated federal and state clean air rules and discharge of 6,720 tons of pollutants into the air each year by U. S. Environmental Protection Agency. 2. 1. 6. Demographic. Mini-mills which are located close to customer base has moved as population of U. S. moved to south and west. Demographic shifts affect the industry since construction utilizes a significant amount of steel. 2. 1. 7. Global. U. S. steel exports were negligible although it had grown to 3% to 5% by the 1990s6. The U. S. teel industry has benefited greatly from the Japanese mill from their large investments in U. S. joint venture projects, new technologies, high productivity and quality product7. Globalization will subject U. S. steel makers to vulnerable changes. 2. 2. Industry Analysis Porter’s Five Forces Analysis 2. 2. 1) Threat of new entrants. For mature integrated steel industry, threat is low due to economies of scale, high capital inje ction, cyclical nature of business and difficult access to supply and distribution; but slightly higher for mini-mill because of lower capital commitment and scale. . 2. 2) Bargaining power of suppliers. For integrated steel makers, they have effectively neutralized the suppliers’ bargaining power by backward integration (steel makers acquiring coal/coke mines and transportation facilities). For mini-mill, their reliability on scrap metal has given supplier moderate to high bargaining power. Higher cost of scrap metal due to limited supply has forced mini-mill to more costly materials like iron carbide. Nucor reduced the bargaining power of steel scrap supplier by backward integration. 8 2. 2. ) Bargaining power of buyers. It is weak to moderate since producers can threaten major distributors and wholesalers with forward integration (taking over direct distribution). But the large buyers (e. g. car makers) have more bargaining power. For example, the U. S. steel producers had to fulfill Japanese automakers’ quality and standards before they were allowed to supply the Japanese auto plants in the U. S. 9 2. 2. 4) Threat of substitute products. The threat is high in applications where strength is a not crucial concern but cost is (e. g. lastic, wood, synthetic materials, fiberglass); low for applications that require strength since substitute materials are just not strong enough10. Also, the many composition steel can be produced reduce the threat. 2. 2. 5) Intensity of rivalry. It is a highly competitive market with high exit barriers since assets are specialized, increase of mini-mill competitors taking on production of steel sheets and other steel products, stagnant demand, many global competitors, commodity-like products that minimizes switching costs and customer loyalty and excess capacity11. 2. 3. Competitive Environment Analysis Nucor has grown to become the largest steelmaker in the US by tonnage2. To have a sustainable market leader position, it must continue to compete for more market share from the large, integrated steelmakers. Although Nucor is the first mover in the mini-mill sector, it must also compete against second movers. 2. 3. 1) Future objectives. Nucor’s primary objective is â€Å"the production of high volumes of quality, low-cost steel. †12 It has an ambitious annual earnings growth of 10-15%. Nucor’s competitors would have the same objective, but unlikely the same high annual growth. Nucor’s competitors will be less risk-taking, giving Nucor a distinct advantage since a risk-aversive approach produces lower returns. 2. 3. 2) Current strategy. Nucor’s strategy is cost leadership. Even if there are changes in the competitive environment, this strategy is preferred since steel is a commodity-like product. While some mini-mill competitors follow a differentiation strategy, most follow a cost leadership strategy, though not very successfully. 2. 3. 3) Assumptions. It is a general assumption for all competitors that cyclical fluctuations are continuous. Nucor’s competitors often looked like operating under a status quo while Nucor has grown to produce sheet-fed steel and stainless steel in its mini-mills, a seemingly impossible task. 2. 3. 4) Capabilities. Nucor’s strengths include highest productivity, lowest cost structure and a high profitability (30 years of continuous profits)13 in the industry and excellent labour-management relations. Nucor’s weakness, comparing to its competitors, is more exposure to short-term losses and temporary setbacks resulting from risk-taking. The large integrated steel producers are comparatively strong in terms of size, established customer base and economies of scale. In terms of tonnage produced, Nucor ranked 8th globally with 20. 3 tons in 2006 (Appendix 1). Nucor could further strengthen its position as it is not far from the world’s 2nd largest steelmaker (Nippon Steel, Japan) of 34. 7 tons. ROE wise (Appendix 2), Nucor is much stronger than its competitors with 29. 38 as compared to Commercial Metals Co’s 22. 63 and U. S Steel’s 17. 79. ROA wise, Nucor is also much stronger than its competitors with 15. 6 as compared to 8. 33 and 7. 13. Nucor is more financially sound than its competitors with a current ratio of 2. 06 as compared to 1. 69 and 1. 59. 3. Strategic Analysis 3. 1 Strategies 3. 1. 1) Operational level. Nucor’s operational level strategy is core process re-engineering. This includes pre-heating the ladles allowing for faster flow of steel into the caster, continuous casters and a processes design that limit work-in-progress inventory, limit space and increase flexibility. . 1. 2) Business level. Nucor’s business level strategy is low cost leadership, keeping with its primary objective of the production of high volumes of quality, low-cost steel. 3. 1. 3) Competitive strategy. Nucor is the industry’s catalyst for technology innovation. It pioneered and took lead of the mini-mill concept, which later produce sheet steel and thin slab stainless steel. Also taking risk with a focus on lon g-term gains (versus short term risks). 3. 1. 4) Corporate level. To achieve its goal, Nucor diversify throughout the steel business. Nucor ventured into traditional bastions of integrated steelmakers (sheet steel, stainless steel), not constrained by the mini-mill format. Nucor has engaged in numerous upstream and downstream diversification. 4. Core Competencies Core competencies are special capabilities that are critical to a business achieving competitive edge. It is harmonizing of diverse production skills integrated with technological development. 19 4. 1) Tangible resources. Nucor’s tangible resources include strong financial resources with a proven ability to generate internal funds and a track profitability record that gives it enormous borrowing power. Organizational resources appear slim without formal planning, coordinating or controlling systems. Physical resources include 8 high-performing mini-mills strategically located to customer base and good access to raw materials with the company’s new iron carbide plant. Nucor has considerable technological resources, mainly involving process. 4. 2) Intangible resources. Many innovative ideas come from its human resources. Human resources include knowledge of the business know-how, motivation to perform and strong worker-management trust and co-operation. . 3) Capabilities. This includes the capability to produce high volumes of quality low-cost steel, innovative technology, continuous process refinement, continuous productivity improvement, motivated workforce, strong corporate culture. Employees are encouraged to take risk and a high tolerance for failure is given. Employees have a sense of ownership, exceedingly loyal and share a common goal of ensuring Nucor’s meets i ts primary objective. These give Nucor a competitive edge that is costly and difficult to imitate17. And the costly duplication suggests that the resource or capability is inelastic in supply, earning the firm who possess it an economic rent. 18 5. Value chain analysis i. Support Activities Firm InfrastructureWith no formal planning or formal mission, possess a strong culture Human Resource ManagementNot unionized, rewards risk-taking, high tolerance for failure, performance based bonus plans, encourage employee suggestions Technology Developmentcontinuous process refinement, continuous improvement, licensing/buying technology ProcurementUpstream diversification, process innovation i. Primary Activities Inbound LogisticsOperationsOutbound LogisticsMarketing SalesService cost focused, coordinated with operational needsEfficient, low cost, high productivity, meeting or exceeding quality requirements, continuous improvementafter-sale support 6. Sustainable Competitive Advantage Sustainable competitive advantage is derived from the trust-based working relationships along with a high to lerance for failure, would allow Nucor to take the risk needed to produce sustainable growth. The source of this trust is in Nucor’s distinctive human resources strategy, which is characterized by informality, ad hoc planning, pay for performance, and employee empowerment. 14 7. Performance Appraisal For the last five years, Nucor’s sales have increased over 240% from $4. 33 billion (2001) to $14. 75 billion (2006). Average sales price per ton has increased 88% from $354 (2001) to $667 (2006). Total tons sold to external customers have increased 81% from 12,237,000 tons (2001) to 22,118,000 tons (2006) (Appendix 3) (Figure 1). This rapid growth has been derived from acquisitions, optimizing existing operations and developing traditional greenfield projects using innovative technologies. Nucor achieved record sales and net earnings in 2006 for the 3rd consecutive year due to historically high selling prices, margins and shipments. Nucor was strengthened as North America’s most diversified steel producer. With this diverse product line, Nucor’s short-term performance which is not dependant on any single market has been able to maintain profitability every year and every quarter since 1966. (Figure 2). Figure 1: Nucor’s Average Sales Price Per Ton Total Tons Sold Figure 2: Nucor’s Diversified Product Mix 8. SWOT Analysis 8. 1. Strengths 1. Strong financial resources (profits, returns) 2. Industry leading low cost structure 3. Motivated workforce 4. Strong corporate culture 5. Innovation resources 6. Trust-based relationships 7. Technological expertise 8. Strong physical resources 9. Strategic management leadership style 8. 2. Weaknesses 1. Vulnerable to losses and setbacks from risk-taking 2. Lack of formal organizational systems may reduce efficiency 3. High tolerance for failure risks potential loss 4. Vague marketing structure or strategy 8. 3. Opportunities 1. Expand into additional specialty products 2. Downstream diversification 3. Directly produce steel from iron carbide, eliminating the need for electric furnaces. 4. Growth and innovation through joint venture projects 5. Maintaining market leadership position 6. Exporting 7. Soaring global steel prices15 8. 4. Threats 1. Substitute products 2. Second mover mini-mill competitors 3. Integrated steelmaker competitors 4. Economic downturn 5. Sub-prime crisis in property industry 6. Globalization with consolidating competitors 7. Global oversupply (China slowed down by December 2004 and became net exporter) 8. A new technology called Finex (by Posco in South Korea) Weaknesses and Threats- Nucor does not have serious weakness but only unused production capacity and a non-differentiated product. Serious threats from foreign competitors (e. g. Acelor Mittal) consolidating could affect Nucor’s growth. Such intense rivalry may also lead to price wars. Weaknesses and Opportunities- With soaring steel prices, expansion and vertical integration would give a better return. Strengths and Threats- Expanding its product line could mitigate the threats from foreign and local competitors, given soaring steel prices will give better return. Consolidate with other steelmakers would make Nucor a bigger player globally. Using its market dominance, Nucor could negotiate with the government for better regulations against the foreign competitors. With its financial and leadership resources, Nucor should secure more backward integration into scrap steel market. Joint venture with Posco (South Korean steelmaker) to leverage new technology. Strengths and Opportunities- Nucor has the financial, human and technological resources to penetrate new market, to expand product range, to compete in the stainless steel market and to joint with Japan to open new market in the Asian region. . Strategy Formulation Implementation Nucor’s current strategy is working. Its unique corporate culture and distinctive human resources strategy which produced a non-substitutable trust-based relationship, give Nucor a sustainable competitive advantage, contrasting the antagonistic relations in the steel industry. This trust enables Nucor to take risk which facilitates its growth. As an engineer from a major integrated mill said upon visiting a Nucor plant, that Nucor’s culture were such that everyone work hard and help each other, collectively survive and meet with success. But theirs is one of aggression, confrontation and lack of trust. 16 9. 1. New Initiatives to Sustain Growth Nucor should further leverage its sustainable competitive advantage by expanding more aggressively, taking the following steps: 1. To build an additional iron carbide plant to increase the availability of low-cost raw materials. 2. To carry out market research to ascertain: a) Expand product line and downstream steel business (e. g. steel for building, bridges, highways, roof decking, flooring); b)Export market; c) Competitors’ current strategies, weaknesses and strengths; d) Joint venture partners and projects ) Expand domestic markets f) Backward integration (e. g. scrap brokerages) 3. To develop strategic marketing program 4. Add an employee stock ownership program to further reinforce employees’ sense of ownership and loyalty. REFERENCES 1. bizjournals. com/charlotte/stories/2008/04/21/daily34. html 2. anbhf. org/laureates/keniversen. htm 3. Johnson, G. Sc holes, K. (2005) Exploring Corporate Strategy: Text and Cases, Prentice Hall, London 4. http://en. wikipedia. org/wiki/U. S. _Steel_Recognition_Strike_of_1901 5. John H. Sheridan, 1996 â€Å"New Era – Or Breather? Industry Week, 5 February, pp 49 6. Brian K. Boyd Steve Gove, â€Å"Nucor Corp. And the U. S. Steel Industry,† In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), pp C479 7. Bryan Berry, (1996) â€Å"World Steel: Competing Strategies in Metallics, Melting, and Casting,† Iron Age New Steel, 12(4), April, pp 74. 8. Bryan Berry, (1996) â€Å"World Steel: Competing Strategies in Metallics, Melting, and Casting,† Iron Age New Steel, 12(4), April, pp 76. 9. Bryan Berry, (1996) â€Å"World Steel: Competing Strategies in Metallics, Melting, and Casting,† Iron Age New Steel, 12(4), April, pp 76. 10. Brian K. Boyd Steve Gove, â€Å"Nucor Corp. And the U. S. Steel Industry,† In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), p. C483 11. Brian K. Boyd Steve Gove, â€Å"Nucor Corp. And the U. S. Steel Industry,† In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), p. C480 12. Brian K. Boyd Steve Gove, â€Å"Nucor Corp. And the U. S. Steel Industry,† In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), p. C498 13. Brian K. Boyd Steve Gove, â€Å"Nucor Corp. And the U. S. Steel Industry,† In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), p. C477-C507 14. Ted Kuster (1995) â€Å"How Nucor Crawfordsville Works,† Iron Age New Steel, 11(12), December, pp 36-47 15. usatoday. com/money/autos/2004-10-13-steel-prices_x. htm taipeitimes. com/News/worldbiz/archives/2004/03/26/2003107844 16. Bryan Berry (1996) â€Å"The Importance of Nucor,† Iron Age New Steel, 12(7), July, pp 2. 17. Barney, J. B. (1997) Gaining and Sustaining Competitive Advantage, Wesley Publishing, Addison 18. McTaggart, D and Findlay, C and Parkin, M (2006) Economic, Wesley Publishing, Addison 19. Prahalad, C. K. and Hamel G (1990) The Core Competence of the Corporation, Harvard Business Review, Mar, 1979 APPENDIX 1: Top-30 producers by International Iron Steel Institute MtonSteelmaker 1117. 2ArcelorMittal (Global) 234. 7Nippon Steel (Japan) 332. 0JFE (Japan) 430. 1POSCO (South Korea) 528. 2Tata Steel (India) Including Corus Group 622. 5Shanghai Baosteel Group Corporation (China) 721. 2United States Steel Corporation (United States) 820. 3Nucor Corporation (United States) 919. 1Tangshan (China) 1018. 2Gruppo Riva (Italy) 1117. 5Severstal (Russia) 1216. 8ThyssenKrupp (Germany) 1316. 1EvrazHolding (Russia) 1415. 6Gerdau (Brazil) 1515. 3Anshan (China) 1614. 6Shagang Group (China) 1714. 6Steel Authority of India Limited (India) 813. 8Wuhan Iron and Steel (China) 1913. 6Sumitomo Metal Industries (Japan) 2012. 8Techint (Argentina) 2112. 5Magnitogorsk Iron and Steel Works (Russia) 2211. 5Jinan (China) 2310. 9Magang Group (China) 2410. 8Laiwu Steel (China) 2510. 7China Steel (Taiwan) 2610. 5Shougang (China) 279. 9Valin Steel Group (China) 289. 8Imidro (Iran) 299. 5Industrial Union of Donbas (Ukraine) 309. 1Novolipetsk (Russia) Source: http://en. wikipedia. org/wiki/List_of_steel_producers This is a list of the largest steel-producing companies in the world according to the International Iron and Steel Institute. The list is compiled from its page Top Steel Producers 2006, but updated below from other sources. (Output in million metric tons crude steel; the country/region of producers basing specified in brackets) Total world steel output in 2005: 1,131. 8 million metric tons (mmt) Total world steel output in 2006: 1,239. 5 million metric tons (mmt) APPENDIX 2: NUCOR’S TOP COMPETITORS KEY MEASURES NUCORCOMERCIAL METALS CO U. S. STEEL- VALUATION PRICE/EARNINGS (TTM)11. 9910. 5616. 34- PRICE/CASH FLOW9. 9610. 7617. 40- PRICE/SALES (TTM)1. 060. 430. 85- PRICE/BOOK3. 672. 222. 59- PER SHARE DATA LAST DIVIDEND36. 4719. 512. 71- BOOK VALUE18. 7714. 2948. 33- EPS (TTM)5. 092. 277. 08- REVENUE16. 59 B8. 32 B16. 87 B- PROFITABILITY EBIDTA3. 02 B684. 52 M1. 72 B- OPERATING MARGIN15. 38%6. 93%6. 79%- PROFIT MARGIN8. 87%4. 27%5. 21%- GROSS PROFIT MARGIN18. 86%13. 94%10. 28%- DIVIDEND DIVIDEND YIELD2. 77%1. 26%0. 55%- PAYOUT RATIO36. 4719. 6512. 71- ANNUAL DIVIDEND (TTM)176. 5 M- - - DIVIDEND YIELD 5 YEAR AVERAGE3. 17%0. 90%0. 66%- GROWTH NET INCOME1. 47 B355. 43 M879 M- EPS (TTM)5. 09%2. 27%7. 08%- REVENUE16. 59 B8. 32 B16. 87 B- PEG1. 24%1. 58%0. 71%- FINANCIAL STRENGTH QUICK RATIO (MRQ)8. 874. 275. 21- CURRENT RATIO (MRQ)2. 61. 691. 59- LT DEBT TO EQUITY RATIO (MRQ)45. 9239. 0854. 38- TOTAL DEBT TO CAPITAL (MRQ)29. 6231. 4437. 07- ROE29. 3822. 6317. 79- ROA15. 608. 337. 13- ROIC (RETURN ON INVESTED CAPITAL)22. 0419. 0213. 41- ASSETS ASSET TURNOVER1. 692. 401. 08- ASSET PER EMPLOYEE545,895. 66667272,793. 63708557,714. 28571- INVENTORY TURNOVER9. 518. 637. 54 SOURCE: HTTP://FINANCE. AOL. COM/COMPANY/NUCOR-CORPORATION/NUE/NYS/TOP-COMPETITORS APPENDIX 3: FIVE-YEAR FINANCIAL REVIEW FOR NUCOR (2002-2006) FOR THE YEAR20062005200420032002 Net sales14,751,27012,700,99911,376,8286,265,8234,801,777 Costs, expenses and other: Cost of products sold11,284,60610,108,8059,174,6115,993,4924,335,409 Marketing, administrative and other expenses592,473459,460374,730165,369175,589 Interest (income) expense, net(37,365 4,20122,35224,62714,286 Minority interests219,121110,65080,84023,90479,408 Other income- (9,200 (1,596 (11,547 (29,900 12,058,83510,673,9169,650,9376,195,8454,574,792 Earnings before income taxes2,692,4352,027,0831,725,89169,978226,985 Provision for income taxes935,653709,834607,9065,18166,899 Net earnings1,756,7821,317,2491,117,98564,797160,086 Net earnings per share: Basic (1)5. 734. 193. 530. 210. 51 Diluted (1)5. 684. 153. 00. 210. 51 Dividends declared per share (1)2. 150. 930. 240. 200. 19 Percentage of net earnings to net sales11. 9 10. 4 9. 8 1. 0 3. 3 Return on average equity38. 3 33. 8 38. 2 2. 7 7. 0 Capital expenditures338,404331,466285,925215,408243,598 Depreciation363,936375,054383,305364,112307,101 Sales per employee1,2731,1591,107637528 AT YEAR END Current assets4,683,0654,081,6113,1 82,1321,639,7841,429,305 Current liabilities1,421,9171,228,6181,042,776615,067573,697 Working capital3,261,1482,852,9932,139,3561,024,717855,608 Cash provided by operating activities2,251,2332,136,6151,024,756493,801497,220 Current ratio3. 3. 33. 12. 72. 5 Property, plant and equipment, net2,856,4152,855,7172,818,3072,817,1352,932,058 Total assets7,893,0187,148,8456,140,3914,511,5774,394,944 Long-term debt922,300923,550923,550903,550894,550 Percentage of debt to capital15. 3 17. 0 20. 2 26. 1 25. 8 Stockholders’ equity4,857,3514,312,0493,481,2812,370,8732,349,770 Per share16. 1413. 9010. 917. 547. 51 Shares outstanding300,949310,220319,024314,361312,720 Employees11,90011,30010,6009,9009,800 Source: secinfo. com/d14D5a. u7c82. c. htm#1stPage

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Three Values to a Better Country Essay Example for Free

Three Values to a Better Country Essay It is so outstanding because it is the only developed country in the Asia. It has many strongpoints which other countries should learn from it. However, just like an old English proverb saying-there is no perfect thing in the world. Even though Japan is a very strong country, it still has many aspects which should be improved. In my opinion, there are three values which would help make Japan a better country. They are open-minded, responsibility and humor. First is open-minded. Although Japan has been influenced a lot by western culture, most people still stick to the conservative concept-female should stay at home, not go outside to work. In 2007, Japans GEM(United Nations Development Programs Gender Empowerment Measure, which gauges equality by tracking womans participation in politics and business) was ranked 54th out of 93 countries. Japanese should be open-minded and encourage female to work. If female work, their talent and education can be best made use of. What is more, since males and females are complementary in many aspects, their cooperations with males can propel economic development more effectively. Second is responsibility. According to a survey conducted by Japanese Youth Institute, about 59. 7% American teenagers and 46. 9% Chinese teenagers can be responsible for themselves, but for Japanese teenagers, only 25. %. Because of the lack of responsibility, they do not care about anything, no matter their families or their country; when they meet problems, what they think is not how to solve them, but how to put off their liabilities. We can imagine what awful situation Japan will be if one day this generation takes over it. How can the people without responsibilities be able to develop a country? Therefore responsibility is a very important value if Japan wants to improve. The third one is humor. As we all know, Japan is a country with the highest suicide rate. There are very severe competitions in Japan and Japanese live in a fast-tempo lifestyle. Theyre under much pressure everyday and these pressure lead to suicide. So how to relieve pressure is very crucial. According to scientific research, humor can help people relax themselves, relieve their life pressures and keep their mental healthy. In short, humor can make people have a positive life attitude. Only when people are happy, can they contribute to countrys development. So humor is another value which would help make Japan a better country. When Japanese are more open-minded, they can improve themselves and develop their country; when more Japanese have responsibilities, their society can be more harmonious; when Japanese have more humor, their lives can be more interesting. All in all, if Japan wants to become a better country, open-minded, responsibility and humor would help make it.

Making the World Safe for Baseball :: Sports History Athletics Essays

Making the World Safe for Baseball The national pastime, organized baseball’s self-proclaimed moniker, represented an important American institution as the Great War began to enmesh Europe. The game’s association with democracy bred a poignant sense of patriotism among the players, fans, and other baseball aficionados as the conflict slowly ensnared the United States. Around the country, reporters emphasized baseball’s important role in the impending European conflict: in the New York Times, Benjamin DeCasseres wrote, â€Å"the world ought to be made safe for baseball,† since, as long as baseball embodied American democracy, â€Å"the Kaisers and the Trotskys would strike out.†[1] Accordingly, notes Richard Crepeau, the game â€Å"took its role in the First World War quite seriously,† identifying itself as the â€Å"game of democracy.†[2] In his analysis, Crepeau stresses the sport’s willingness to accept the Great War and the government’s mobilizatio n efforts as both â€Å"good for America†¦and good for baseball.†[3] Harold Seymour, on the other hand, claims organized baseball demanded special favors and considerations from the government while maintaining an air of allegiance and patriotism.[4] An examination of Baseball Magazine, a premier baseball publication during this period, validates the latter argument, revealing the sport’s simultaneous claims of support for and exemption from the war effort. Up until President Woodrow Wilson’s declaration of war, organized baseball remained rather detached from the European situation. Despite the war’s emerging influence on the affairs of the country, the World Series of 1915, columnist F.C. Lane reported, represented a week in which the â€Å"united American people† could â€Å"forget the war†¦and talk and eat and dream of baseball and who will win the all important series.†[5] As the baseball season reopened the following April, the sport possessed an aloofness not uncommon throughout the rest of American society. An interview with Detroit Tigers star Ty Cobb demonstrates this position. Refusing to take sides in the European conflict while placing blame for belligerency on the continent’s imperial heritage, Cobb states, â€Å"No, I haven’t any decided notions in favor of either side. I believe the conflict was inevitable, according to the system followed by both parties in Europe.†[6] The editors of the publication seemed to agree with such detachment by proclaiming a moral supremacy reminiscent of President Wilson’s own rhetoric. While Europe impeded civilization’s progress, according to one columnist, America’s growing acceptance of Sunday baseball represented a most telling and â€Å"hopeful sign of that progress.

Cultural antropology Essay

Judith M. Fitzpatrick has worked in the Pacific for the last 25 years investigating health and environment issues from a cultural perspective. Her book â€Å"Endangered Peoples of Oceania: Struggles to Survive and Thrive† presents a unique opportunity to discover how the peoples of Oceania are struggling to be economically independent and autonomous while maintaining their distinctive cultural traditions. This book introduces a wide range of Pacific Islanders and indigenous and migrant cultures in Australia and New Zealand and the challenges they face today. This volume focuses on 16 endangered peoples, from Micronesians and Melanesians to Samoans in New Zealand. One can find out about the contemporary impacts and responses to such factors as nuclear testing, migration for jobs and uncontrolled development. The chapters are written by different anthropologists based on their recent fieldwork. This is a well-researched book is packed with information that is unavailable elsewhere. It is an invaluable source that moves beyond its useful overview to provide the details of individual cultural struggles. This book is a good introduction to the Pacific and Australia. It gives wide, comprehensive view of the many challenges faced by contemporary Pacific and Australian Koori peoples. It provides thought provoking issues that engages and encourages one to think about communities outside of his locality. Each chapter is written by a different scholar, introducing the cultural area, the people and their interaction with foreign forces. It frames up the most obstinate issues and the people’s reactions and solutions to the foreign influences. Each chapter provides a series of questions to provoke reflective thought, a list of websites and related videos. It is a very useful and informative resource. The peoples of Oceania are struggling to be economically independent and autonomous while maintaining their distinctive cultural traditions. Each chapter in Endangered Peoples of Oceania: Struggles to Survive and Thrive is devoted to a specific people, including a cultural overview of their history, subsistence strategies, social and political organization, and religion and world view; threats to their survival; and their response to these threats. A section entitled â€Å"Food for Thought† poses questions that encourage a personal engagement with the experience of these peoples. For example, the adverse environmental impact of mining in Papua New Guinea has generated major social disruption in several areas of Papua New Guinea where mining has taken place. On Bougainville, the site of the CRA/RTZ Panguna Copper mine, battles over benefits, compensation and environmental degradation eventually led to the abandonment of the mine by the company, claims for secession by some Bougainvilleans and a decade-long civil war. It has also occasioned litigation by, or on behalf of, affected communities that has been very expensive for the companies concerned. In 1996 BHP was forced to pay K150 million as compensation to communities of the Ok Tedi and Fly Rivers (Politicized Ecology: Local Responses to Mining in Papua New Guinea, Macintyre M. , Oceania, 2004). Another problem to raise is the problem resulting from the ongoing effects of global warming. The low-lying atoll nations of Tuvalu and Kiribati have lost already a number of their beautiful islets and the infringement of rising water levels are becoming apparent on many of the main islands and atolls. Indeed, this is a widespread problem throughout Oceania with other atoll nations such as the Marshall Islands and Tokelau Islands also in imminent danger from rising water levels. It is indeed rather disappointing that the world’s major industrial countries have taken no action on the serious problem of greenhouse gas emissions and global warming. In this respect, one can only assume that these nations are not prepared to impose a financial cost on their industries to clean up – rather they are prepared to sacrifice the people of the world’s low-lying atoll nations. The options available to both these countries are quite limited. In Tuvalu, all the islands are low-lying coral atolls and one can only assume that all these islands may well be lost over the next 40-50 years. In saying this, it is recognized that an island becomes â€Å"lost† long before the water level covers the island but rather at the point where the rising water level gets into the food chain rendering the traditional crops such as babai or taro, breadfruit, bananas, etc. inedible. Tuvalu would appear to have repatriation as its primary option although some form of retaining walls around the capital, Funafuti, had been mooted. In this respect, one has to consider the possibility that New Zealand who has, to her credit, accepted many island people will, in due course, not be able to accept further migration from island countries. It can only be assumed that there is a possibility that the Tuvaluan people will have to look at further destinations rather than New Zealand. References: 1. Fitzpatrick, Judith M. , Edi. , 2001, Endangered Peoples of Oceania: Struggles to Survive and Thrive, West port, CT: Greenwood Press.

Finding Nemo

â€Å"Finding Nemo† (2003) written and directed by Andrew Stanton, and Lee Unkrich, is the story of a father-son underwater adventure featuring Nemo, a boy clownfish, stolen from his coral reef home. His timid father must then travel to Sydney and search Sydney Harbour to find Nemo. Animated feature-length films have carved a niche in American culture as a viable and enduring art form. Animated films have offered a glimpse into another world that often could not be shown by any other filmmaking means.Finding Nemo's computer-generated ocean is full of animated characters that are an absolute blast. There is some real-world scenery, but the incredible graphics make it hard to tell what's real and what's not. Disney/Pixar brings to life an ocean full of funny marine life, like forgetful Dory, and Bruce the shark with his buddies, Chum and Anchor. There are these, like, totally cool hang ten turtles that are the raddest bunch of surfer dudes in the ocean. The animation in Finding Nemo is excellent; you would expect nothing less from Pixar.The scenery is dominated by bright blue ocean colors and colourful fish. The animation used cutting edge technology in the production of the movie, which was released in 2003 and the results still delight to this day. Even now when you look back at it, it is still of a very high standard. The animators at Pixar Animation Studios were expected to scuba dive as part of the preparation and production. This enabled them to understand how light is reflected underwater, and to see the interaction of the ocean's inhabitants for themselves.The experience then translated beautifully onto the screen through their realistic portrayal of Nemo's world. Nemo’s underwater masterpieces in my opinion are the greatest achievement in animation. During Marlin’s journey we see one of animation’s most visibly stunning scenes ever, the Jellyfish. As Marlin and Dory approach the trench, Marlin decides to swim over to it agains t the advice Dory shared and quickly forgot. As they swim over the trench, thousands of jellyfish descend into the shot. I was blown away.I found myself staring at what appeared to be a Discovery Channel special on underwater life. (To think I was playing Frogger just 20 years ago and computers can now do this! ) The visual design is a wonder. It's absolutely astonishing how the folks at Pixar are able to top themselves with each new movie. This is an excellent achievement in computer animation. While Disney/Pixar has redefined animation in the past with Toy Story, Toy Story 2, A Bug’s Life, and Monsters, Inc. Now, Pixar is just showing off with Nemo.

Trojan Asteroids and their Places in the Solar System

Trojan Asteroids and their Places in the Solar System Asteroids are hot properties of the solar system these days. Space agencies are interested in exploring them, mining companies may soon be taking them apart for their minerals, and planetary scientists are interested in the role they played in the early solar system. It turns out that Earth and nearly all the other planets owe a large part of their existence to asteroids, which contributed to the process of planetary formation. Understanding Asteroids Asteroids are rocky objects too small to be planets or moons, but orbit in various parts of the solar system. When astronomers or planetary scientists discuss ​asteroids, they usually think about the region in the solar system where many of them exist; its called the Asteroid Belt and  lies  between Mars and Jupiter. While the majority of the asteroids in our solar system seem to orbit in the Asteroid Belt, there are other groups that orbit the Sun at various distances in both the inner and outer solar system. Among these are the so-called Trojan Asteroids, which are individually named after figures in the legendary Trojan Wars from Greek myths. Nowadays, planetary scientists simply refer to them as trojans.   The Trojan Asteroids First discovered in 1906, the Trojan asteroids orbit the Sun along the same orbital path of a planet or a  Ã¢â‚¬â€¹moon. Specifically, they either lead or follow the planet or moon by 60 degrees. These positions are known as the L4 and L5 Lagrange points. (LaGrange points are positions where the gravitational effects from two larger objects, the Sun and a planet, in this case, will hold a small object like an asteroid in a stable orbit.)  There are Trojans orbiting Venus, Earth, Mars, Jupiter, Uranus, and Neptune.   Jupiters Trojans Trojan asteroids were suspected to exist as far back as 1772 but werent observed for some time. The mathematical justification for the existence of Trojan asteroids was developed in 1772 by Joseph-Louis Lagrange. The  application of the theory he developed led to his name being attached to it.   However, it was not until 1906 that asteroids were found at the L4 and L5 Lagrange points along Jupiters orbit.  Recently, researchers have found that there may be a very large number of Trojan asteroids around Jupiter. This makes sense since Jupiter has a very strong gravitational pull and likely captured more asteroids into its area of influence.  Some say there are could be as many around Jupiter as there are in the Asteroid Belt. However, recent studies have found that there may be systems of Trojan asteroids elsewhere in our solar system. These may actually outnumber the asteroids in both the Asteroid Belt and Jupiters Lagrange points by an order of magnitude (i.e. there could be at least more than 10 times more). Additional Trojan Asteroids In one sense, Trojan asteroids should be easy to find. After all, if they orbit at the L4 and L5 Lagrange points around planets, so observers know exactly where to look for them. However, since most of the planets in our solar system are very far away from Earth and because asteroids can be very tiny and incredibly hard to detect, the process of finding them, and then measuring their orbits, is not very simple. In fact, it can be very difficult!   As evidence of this, consider that the ONLY Trojan asteroid is known to orbit along Earths path - 60 degrees in front of us - was just  confirmed to exist in 2011!  There are also seven confirmed Mars Trojan asteroids. So, the process of finding these objects in their predicted orbits around other worlds requires painstaking work and a great many observations at different times of the year to get a direct and accurate measure of their orbital periods.   Most interesting though is the presence of Neptunian Trojan asteroids. While there around a dozen confirmed, there are many more candidates. If confirmed, they would significantly outnumber the combined asteroid count of the Asteroid Belt and Jupiter Trojans. This is a very good reason for continuing to study this distant region of the solar system.   There still could be additional groups of Trojan asteroids orbiting various objects in our solar system, but as yet these are the sum total of what we have found. More surveys of the solar system, particularly using infrared observatories, could turn up many additional Trojans orbiting among the planets.   Edited and revised by Carolyn Collins Petersen.

Narrative Essay Trip to 6 Flags Essays

Narrative Essay Trip to 6 Flags Essays Narrative Essay Trip to 6 Flags Essay Narrative Essay Trip to 6 Flags Essay Shemp D. Howard Writin clas 9/21/112 Since my friends and I were seniors this year we decided that we needed to do something to celebrate us leaving Catskill. We spent many lunches at Subways trying to decide what we should do. We started out wanting to go to Cape Cod for the weekend. Then it went from Cape Cod to Boston, Massachusetts. Finally it ended up a day at Six Flags, New England. We decided that the best time to do this was on a Monday morning when everyone else is in school. That way their wouldn’t be as many people there and we could get to the lines quicker. We made a list of all the best rides that we wanted to go on. On June 8th I left my house around seven A. M. in the morning to go pick up my friend Jim from his house we went to Tim’s house to pick Tim up. Then we arrived at Brent’s house, we left my car there and took his. Once we got to I-90 we stopped at a rest stop to get some food. After we all ate we headed straight over to Six Flags. On the way there we talked about a lot of random things. Once we got to Six flags we already had our season passes so we headed to the main ride that we wanted to go on, â€Å"The Superman. There was no line there so we headed straight to the first cars. I sat next to Jim. Ben was behind me and next to Tim. The first drop was 220 feet straight down. On the left side I was right next to the river, on other side Jim was facing the park. For about ten seconds we were all weightless. At the bottom of the drop we were going 75 miles per hour. It was the best roller coaster I have ever be en on. We all decided to go on it two more times in a row before we finally decided to go find another ride. After â€Å"The Superman† we decided the next ride we should go to is the â€Å"Mind Eraser. On this roller coaster our feet were hanging beneath us. This ride had the most twist and flips in it that I have ever been on. With one part that goes into a double loop. I was impressed but it wasn’t as good as â€Å"The Superman. † I started to get hungry after that coaster so we decided that we might as well get some food before we went on the next ride. After eating some food, we decided to go over to the â€Å"Batman. † In the middle of the ride it started to sprinkle. I thought they were gonna close down some of the rides after we got off. The ain stopped though very quick so we got to keep going on rides. Even though the rain stopped, me and Ben and Tim didn’t feel like going on any more roller coaster right then since we just got done eatin g. We went walking around for a bit before we found something to do. They had these old bumper cars, we went over to them figuring it wouldn’t make anyone else sick. Since there was no line the guy let us keep going on. After seven times on we decided that it was finally time to get off and go do something else. When we were walking to the next ride on our list we saw there new thrill ride. Its called â€Å"The Catapult. † Ben and Tim still didn’t feel like going on a ride yet so Jim and I went. This ride flung us all over the place. First it goes in a clock wise motion spinning faster and faster. Then it goes in counter clockwise, flipping us upside down. After â€Å"The Catapult† Tom and Brent finally felt like going on some more rides. So we went to their very first roller coaster. This was the worst roller coaster because the whole ride was so jerky and sketchy. At some points it felt like the train actually went off the tracks. I decided that we weren’t going to go on any other older rides. It started to get hot and I still wanted to go on a water ride so we started to head over the â€Å"Blizzard River. † This is a huge raft ride that we actually had to wait in line for about 30 minutes. This was one of the best raft rides that I have been on as long for as I can remember. After the water ride it started to get late and I wanted to do other things that night. So we decided to go on â€Å"The Superman† one final time before heading out . Once again we had to wait in line for 30 minutes before we got to go on. I didn’t think it was as good this time because we were sitting near the middle of the train before we were in either the first car or the second. After this final ride we started to make our way out of the park. Before we go back on the thruway I was hungry again. So we went to a Friendly’s for the final part of our trip. After relaxing for awhile and eating we figured it was finally time to go home. So we go back in the car and headed home. Before we even got to the thruway Jim was asleep in the back seat. I fell asleep right after we got our toll ticket.

Budgeting Essay Example | Topics and Well Written Essays - 750 words

Budgeting - Essay Example (Klammer, 1999) A financial reporting system should have several components including assets, which refer to resource primarily controlled by an enterprise. Assets are ownership of a company and should be well recorded in the financial statements to be clearly reflected. Liabilities should also be clearly recorded and equity as well included in the financial statements. Equity is residual interest in assets after all liabilities have been taken care of and is also called owner’s equity. Operating budget versus activity based budget An operating budget refers to a yearly budget presented in terms of cost accounts, functional categories and budget classification code among others. It consists of estimates of total value of resources needed in operation. It is used to track operations in maintenance, wages as well as dividend payments among others. An activity based budget is one in which activities happening in a specific organisation are recorded and costs associated to them ar e recorded as well. (Cokins, 2006) This is followed by act of associating these costs with a company’s goals and hence from this, an activity based budget is developed. ... Though goals are set, both budgets have little or no control at all on whether or not the goals will be achieved. Both activity based budget and operating budget engage all stakeholders hence success or failure is attributed to all. Activity based budgeting and operating budget display some differences. Activity based budget is majorly based operating activities and costs as opposed to operating budget which is based on budget classification codes and cost accounts. Operating budget keeps track of maintenance operations, salaries and wages, and interest payments. Activity based budget on the contrary mainly focuses on a company’s goals and how much has been achieved. (Proctor, 2009) Management of ICBI should adapt activity based budget. It is not hard to come up with and it is rather cheap since it avoids a bloated budget by making sure that relevant activities are recorded and costs associated to them. ICBI management should be sure of goals of the company, activities and res ources required to run these activities. These activities should be recorded and tied with codes. Having recorded all activities required for performance, every cost code should then be associated with costs relevant to them and with special attention to goals of ICBI. Budget guidelines for ICBI There has to be a plan before any budget is made and this plan has some guidelines to help develop it. A budget cannot be made by one mind but requires to have a group of individuals that will work together to help develop a comprehensive budget. It should be prepared within the generally accepted principles and procedures of accounting. A budget should incorporate

Annotated Bibliography of 5 different online sources

Of 5 different online sources - Annotated Bibliography Example In this article, Cary reflects back in history when the legal drinking age was 18. With regular patrols by the university police, students drank responsibly. Being among the 7 minority countries with a high legal drinking age of 21, task forces aimed at solving the problems of alcohol and drug abuse in colleges would not bear fruit; lowering the drinking age would. The writer concludes with remarks of preference of seeing her child drink in a well-patrolled environment than letting the child drink in secret ending up binge drinking and drug-overdosing among other vices. Supported by evidence from research conducted for over twenty years, Engs in this article argues for the lowering of the legal drinking age to 18. Engs attributes the irresponsible drinking among many of the college students to the perception of drinking as â€Å"adulthood† and â€Å"rebellion against authority.† Similar prohibition laws failed twice in the 1920s and 1850s, hence no need to go back to them again. Citing the examples of Greeks, Italians, Chinese and Jews, the drinking age should be lowered, accompanied by appropriate education, so as to quash the notion of alcohol as poison and promote responsible drinking behaviors across all age groups. In support of lowering the legal drinking age, Griggs reports on the argument by Professor Dwight B. Health of Brown University that the younger the people start drinking, the safer they become, citing cultural models of countries like Italy and France. Through this, parents get to educate their children on alcohol and deter children from irresponsible drinking behaviors. According to Griggs, Professor Heath argues that the â€Å"’forbidden fruit’ syndrome† promotes irresponsible drinking with the drinking age banned to 21. Therefore, the US should opt out of the minority countries with higher drinking age and join the majority who have the drinking age as low as 16 and promote