Strategic Analysis for Imax Essay Example

Strategic Analysis for Imax Essay Example Strategic Analysis for Imax Paper Strategic Analysis for Imax Paper Term of Refrences: We have refered to the book that was assigned to us in this semster which is Management (10th edition) by Stephen Robbins, Mary Coulter and Nehrika Vohra. We also consulted Strategic Management: An Integrated Approch (8th edition) by Charles Hill and Gareth Jones. Another two books that helped us to analyse this case study were Startegic Management : Creating Competitive Advantage (5th edition) by Gregory Dess, G. T Lumpkin and Alan Eisner and Strategic Management (6th edition) by John Pearce and Richard Robinsons Description of Report: In Section 1 we analyize the corporate strategy of IMAX corporation followed by their integration strateges. In Section 2 we access the comparitive advantage of IMAX Corporation. Section 3 talks about the effect of enviorment on IMAX, both internal and external. Section 4 is the breif discussion of Industry Analysis and how IMAX has been performaing compartivily with the rest of the firm, then followed by EFE Matrix. In Section 5 we have calculated and interpreated the financl ratios of IMAX Corporation. SECTION 1: CORPORATE STRATEGY A Corportae strategy is one that specifies what business a company is in or wants to be in and what it wants to do with those business. It ¶s based on the mission and goals of the organization. Mission on IMAX as stated by co-CEO Gelfond is : ? It ¶s[IMAX] is designed to deliever the worlds most immersive movie experience? IMAX designs and manufactures large image producing format cameras and projection system as well as film development,production, post production and distribution to IMAX affiliated theatres worldwide. IMAX has about 400+ theatres in 47 countries. IMAX ¶s strategy is to entice consumers happiest infront of 60-inch plasma screen TV. In order to get a consumer out of his home and make him go and watch an IMAX format movie, the company needs to give them something amazing and something special. And IMAX does it. INTEGRATION STRATEGIES There are basically two types of integration 1. Vertical Inegration 2. Horizontal Integration Page | 1 Vertical Integration The process in which several steps in the production and/or distribution of a product or service are controlled by a single company or entity, in order to increase that companys or entitys power in the market place. IMAX is into vertical integration as it is into processing, distribution and exhibition of its own films. Vertical integration is further sub divided into two parts and that is 1. Forward Integration 2. Backward Integration Forward Integration: Gaining ownership or increased control over distributors or retaliers. When an organization becomes its own distributor its called Forward Integration e. g. a manufacturing firm open up its own franchise. In such situations the organization has control over the output. IMAX initialy was focused on large format films that were educational yet entertaining and the theatres were located in institutions, museums, aquariums and national parks. IMAX forwrad integration took place when it become the distributor of its own produced films. IMAX is relatively small when it comes to rival studios and theatres but in itself IMAX is the leader in the industry when it comes to producing image in large format. IMAX not only played its films in its own theatres but gives its films to other theatres so that they would further promot the movie. Backward Integration: Backward integration takes place when an organization becomes its own supplier. As we have earlier discussed IMAX was mainly focused on producing films that were of large format. To do so obviously they would require special cameras, projectors, screens etc. From past 15 years IMAX has aquired the ownership of the companies listed below: y y y y y y y IMAX Corporation acquiring Imagery Rentals (September 07 1995) Acquiring minority shares in Mainframe Entertaintment Inc. ( June 1999) Acquiring Sonics Associates Inc. 2009 whole ownership) Acquiring David Keighley Production. Acquiring Digital Projection Int Ltd. (September 27 2000) Acquiring Cinema Plus Ltd. (October 29,2006) Acquiring a minority stakes in Laser Light Engines Inc. (July 14,2010) IMAX has a subsidiary company (meaning IMAX has 51% ownership in that company) Sonics Associates Inc which is an audio develpement company. It manufactures the sound systems for IMAX. And David Keighley Production,which i s wholley owned by IMAX, works on the post prouduction. Most of the firms above mentioned were the suppliers to IMAX. In this way IMAX has reduced the chances of suppliers effecting the prices. When IMAX has made itself independent in manufacturing all the aspect required to deliever as high quality large format film, it has access to all the new technology which is an essntail element in survival of IMAX. Page | 2 So we can see that through backward integration IMAX has made itself more stronger by being its own suppiler. In this way it has ganied control over the technology and cost to manufacture the systems that produce 2D or 3D images or audio system. Horizontal Integration When an organization reduces the competition by combinig with its competitors. In case of IMAX it had only two competitor that too produced images in large format. One was which Iwerks which produced films in 15/70 and 8/70 format and ride simulations but its main focus was on the later. Another rival was Megasystems which manfactured large format projection system and provided technical services. But as IMAX has expanded itself to the commercial business but converting an 35mm Hollywood films into large format, Iwerks didnt do that. It limited itself to ride simulation packages that are located in theme parks or museums and such other locations. Megasystem later stopped its production of projction systems and renamed itself to Pollavision. Now Pollavision is only involved in consultancy services of the large format film theaters. If we just analyize these three organizations i. e. IMAX, Iwerks and Pollavision, all of which were the manufactures of high definiton image producing projection systems, then the only organization left in the market that converts commercial movies into large format is IMAX. Its as good as a Monopolist in this feild. And if we analyize IMAX in the category of Studios and theaters, then IMAX is relativily very small. IMAX stands at 12th position when it comes to studios, Disney taking the lead with 1st position. We think it would not effect IMAX if it didnt merge with other studios. It is because of the reason that cosumers have now fully become aware of IMAX format movies,the demand of watching movie in large format is increasing. And IMAX has expereinced a growth rate of 128% in the 1st quater of 2010 alone. It if merges with other studio, it wont be able to work with rest of the studios. IMAX should launch many more commercial theatres where it can run converted Hollywood movies of 35mm to large format so that it can compete against large theatres like Regal Enternaintment Group. Page | 3 BCG MATRIX OF IMAX CORPORATION Market Share High IMAX System Sales Production of Movies Low Conversion of Movies into IMAX format Growth Rate High Low The BCG matrix is a strategic tool used to identify that which business of the organization offers high potentail and which were draining organizations resources. Accorning to the Annual report of IMAX 2007, 51. 04% of the total revenue was generated by IMAX system sales like camers, screens, projection systems etc so we added it in the Stars section. As IMAX has has an advantage over the technology of larger-than-life image production,it should invest more in in RD of the systems used to produce 2D and 3D films. We added  µConversion of movies into IMAX format ¶ in the question mark section on BCG matrix. Its is because that though now-a-days lots of studios convet their movies into IMAX format, IMAX gains not that much from it. As IMAX is not part of any studio,it doesnt get all the share in the profit. The growth is really high in converting movies but the market share is low. In the year 2008-10 IMAX only produced one documentary and that is Space Station. IMAX is orignally know for producing documentary movies but that hasnt given them the oppertunity to have a higher market share. In the motion picture industry,documentry segmant is considered significant than the others. The Motion Picture Association of America gives out seperate award for documantry movies in the grand Oscar Award. IMAX is a brand name not only for the fact that it produces larger-than-life image format but also because of its great collection of documantries which are not only educationall but also entertaining. But as IMAX hasnt produced any movie since 2008, it ¶s not growing on the pace it should. So we added  µproduction of movies ¶ in the star section IMAX should produce more movies. The dogs section of the BCG matrix is empty because there is no such business done by IMAX that should be liquidated. Its earning profit from all the three industries that it is working in i. . photographic equipment and supplies, motion picture and video tape production and Motion Pictur and Video Distribution Page | 4 SECTION 2: PORTER ¶S FIVE FORCES MODEL It helps in accessing where the power lies in a business situation. A series of IMAX Business Talks have been developed to complement the Big Screen Business Education Pack and provide student with an overview of business operations and marketing. Porter ¶s Model is actually a business strategy tool that helps in analyzing the attractiveness in an industry structure. It let you access current strength of your competitive position and the strength of the position that you are planning to attain. Porter ¶s Model is considered an important part of planning tool set. When you ¶re clear about where the power lies, you can take advantage of your strengths and can remove the weaknesses and can compete efficiently and effectively. Porter ¶s Model of Competitive Forces Assumes that there are five competitive forces that identify the competitive power in a IMAX business situation. These five competitive forces identified by the Michael Porter are: 1. 2. 3. 4. 5. Threat of substitute products Threat of new entrants Intense rivalry among existing players Bargaining power of suppliers Bargaining power of Buyers Page | 5 1. Threat of Substitute Products Threat of substitute products (film cinema) means how easily IMAX customers can switch to IMAX competitors product (film cinema). IMAX is the largest and most exciting film format in the world. With crystal clear images, ten times larger than traditional cinema format. Imagine the difference between watching a film at home on video and the same film at a normal 35mm cinema. The film might be the same, but the experience couldn ¶t be more different. Well consider the jump from traditional cinema to IMAX as a similar dramatic leap. Threat of substitute(film cinema) is high when: There are many substitute products (cinema) against IMAX are available Customer can easily find the product or service (film cinema)that Imax ¶s offering at the same or less price Quality of the Imax competitors(film cinema) product is better Substitute product (film cinema) is by a company earning high profits so can reduce prices to the lowest level. In the above mentioned situations, Customer can easily switch to substitute products(film cinema). The screens in IMAX Theatres are the biggest in the world. Up to eight stories high, they are ten times larger than a traditional cinema screen and fill the whole field of human vision. Sound is critical to the IMAX experience. The film soundtracks are delivered through a 15 000 watt digital surround sound system manufactured by Sonics Associates Inc, one of the world leaders in sound system design. Now-a-days you can find DVD ¶s and VCD ¶s with great resoultion. Even in cinema ¶s the quality of the film is really good so there might be customers who wont be willingto pay an extra $4-$5 to watch a movie in 3D. This could prove a fatel blow to the IMAX Page | 6 2. Threat of New Entrants A new entry of a film theatre into your market also weakens IMAX power. Threat of new film theatre depends upon entry and exit barriers. Threat of new film theatre is high when: Capital requirements to start the business are less Few economies of scale are in place Customers can easily switch (low switching cost) Your key technology is not hard to acquire or isn ¶t protected well IMAX film theatre is not differentiated There is variation in attractiveness of segment depending upon entry and exit barriers. That egment is more attractive which has high entry barriers and low exit barriers. Market research carried out by World ¶s Biggest Screens Pty Ltd has helped to define the IMAX brand in the competitive film market and understand the key drivers (and barriers) to attendance. The lessons drawn from the research indicate that IMAX can sustain a positioning as a premium cinema destination not simply b ecause it offers a better experience than other cinema destinations, but because it offers a very different cinema experience. IMAX is perceived as being at the cutting edge of new cinema, potentially offering new experiences in film. The IMAX. Experience gives visitors the sense of real exhilaration  ± a real  µbuzz ¶. It is also about the strong sense of realism of the film style which allows visitors the feeling of destination exploration; the feeling of  µbeing there ¶. There are main threats of IMAX film theatre: Primary threat: Conventional cinemas Home viewing: Pay TV, Video, free to air TV Other Darling Harbour Attractions: Sydney Aquarium Other Sydney Attractions: harbour cruises, shopping, Other Sydney Attractions: harbour cruises, shopping The Rocks area, Opera House tours, Taronga Park Zoo, Sydney Tower, bus tours, museums art galleries Some new film theaters enter into industry and low performing film theaters leave the market easily. When both entry and exit barriers are high then profit margin is also high but film theatres face more risk because poor performance companies stay in and fight it out. When these barriers are low then film theatres easily enter and exit the industry, profit is low. The worst condition is when entry barriers are low and exit barriers are high then in good time ¶s film theatres enter and it become very difficult to exit in bad times. Page | 7 3. Industry Rivalry Industry rivalry means the intensity of competition among the existing film theatres in the market. Intensity of rivalry depends on the number of film theatre and their capabilities. Period of uncertainty during liquidation and restructuring in 2000. Poor film line up, combined with the aftershocks of company restructuring, resulted in low attendance figures. Industry rivalry is high when: There are number of small or equal film theatre and less when there ¶s a clear market leader. Customers have low switching costs Industry is growing Exit barriers are high and rivals stay and compete Fixed cost are high resulting huge production and reduction in prices The marketing strategy will aim to achieve its objective in three key areas: The release of a minimum of 6-8 new films in each market A groups sales program with a key focus on niche visitor groups e. g. schools, groups and functions/ events. Value-based promotions to drive business in traditional ly softer trading periods The marketing strategy will be executed using the full range of the marketing mix including: Advertising Public Relations Internet/ Email Promotions Events Sales Point of Sale These situations make the reasons for advertising wars, price wars, modifications, ultimately costs increase and it is difficult to compete. 4. Bargaining Power Of Suppliers Bargaining Power of supplier means how strong is the position of a film theatre. How much film theatre ¶s suppliers have control over increasing the Price of supplies. Film marketing takes the form of a combination of elements: advertising, publicity promotions, word of mouth, website and e-communications. Films are released usually every 6-8 weeks in a staggered program timed to coincide, where possible, with key school holiday periods. The release of a new film is the prime driver to attendance. Each new film release aims to sell the IMAX experience through the title, reminding all consumers of the key IMAX proposition (i. e. IMAX is a giant screen cinema experience) whilst presenting a  µcall to action ¶ to visit the theatre again, or to trial for the first time. Page | 8 Suppliers are more powerful when Suppliers are concentrated and well organized a few substitutes available to supplies Their product is most effective or unique Switching cost, from one suppliers to another, is high Films are not an important than other The criteria for title selection are based on a number of factors: Format: 2D or 3D? 3D films have now surpassed 2D films as the most popular. There is however, a limited supply of 3D films (They ¶re more expensive to make) to choose from. Experience of similar titles: An examination of the success of previous titles and the potential audience reaction to new titles. Success of titles in other markets: If a film has performed well overseas, it may do well in Australia also. Title testing: Testing the appeal of a film title with current IMAX audiences through surveys site. Expand the market: Titles that present an opportunity to draw a new market into the theatres and encourage trial. When suppliers have more control over supplies and its prices that segment is less attractive. It is best way to make win-win relation with suppliers. It ¶s good idea to have multi-sources of supply. conducted on 5. Bargaining Power Of Buyers Bargaining Power of Buyers means, How much control the buyers have to drive down your products price, Can they work together in ordering large volumes. Buyers have more bargaining power when: Few buyers chasing too many goods Buyer purchases tickets of film theatre Film theatre is not differentiated Buyer ¶s cost of switching to a competitors ¶ product(film theatre) is low Film ticket cost is low Page | 9 Buyers are price sensitive Credible Threat of integration Our market research indicates that 78% of those who have seen an IMAX film express the intent to return. Activities to encourage this process include: Using the interior of the theatre building to highlight new releases Screening of trailers at least 3 months prior to the feature release Interior light boxes featuring coming soon films e. g. behind box office Whatà ‚ ¶s On Brochures featuring  µcoming soon ¶ films Buyer ¶s bargaining power may be lowered down by offering differentiated film theatres. If IMAX ¶ serving a few but huge quantity(tickets)ordering buyers, then they have the power to dictate IMAX. PORTER ¶S GENERIC STRATEGIES According to porter ¶ strategies allow company to gain competitive advantage from three different bases: Cost Leadership Strategy: A primary reason for pursuing forward, backward and horizontal strategies is to gain cost leadership benefits IMAX could be considered a part of three different industries: Photographic equipment and supplies, motion pictures and video tape production and motion picture and video distribution, it is called horizontal integration. The purpose is overhead is kept minimum, and the firm does everything it can to cut costs. IMAX should be produce and distribute its movies in digital format also this shift will allow it to lower its operational cost significantly. Differentiation Strategies: The unique feature of IMAX is large format films, which differentiated it with others filmmakers and production houses. Its library of films and by locating itself in prestigious venues firm had created a unique brand image. Its goal is to provide his customers with high quality entertainment and documentary movies with 3D images and distortion free sounds. For this IMAX had even developed a 3D directional sound technology that offered location and depth to the audio. If IMAX is able to continuously improve the quality and reliability of its programmes, it may have competitive advantage that can ¶t be taken away. It ¶s not enough simply to create a competitive advantage. A corporation must be able to sustain that advantage. And IMAX must be developed the skills knowledge and capabilities to design and assemble the critical elements in its projector and camera systems with technological changes. Page | 10 Focus Strategies: A successful focus strategy depends upon an industry segment that is of sufficient size, has good growth potential and is not crucial to the success of other major competitors. Growth opportunity for IMAX is to focus on retention of the customers. According to IMAX more than 20 percent of its audience were school group, about 70 per cent of its viewers were between 19 and 65 years of age, and the majority were college or university educated. IMAX needed to figure out a way to attract this demographic. To retain them IMAX should focused on educational documentaries and entertainment movies. As a result zoos, museums software, TV shows and toys were all redesigning their products to entertain and educate. The Value Chain The business of a firm can best be described as a value chain in which total revenues minus toal costs of all acrivities undertaken to develop and market a product or service yields value. Given is the semi income statment of IMAX. We can see that for two years 2007 and 2008 IMAX faced loses PERIOD ENDING Total Revenue Cost of Revenue Gross Profit Operating Expenses Research Development Selling General and Administrative Non Recurring Others Total Operating Expenses Operating Income or Loss Dec 31, 2009 171,211 89,659 81,552 3,755 56,207 1,247 546 61,755 19,797 Dec 31, 2008 Dec 31, 2007 106,226 115,832 68,766 74,673 37,460 41,159 7,461 43,652 2,005 526 53,644 (16,184) 5,789 44,705 562 547 51,603 (10,444) Page | 11 SECTION 3: ENVIRONMENTAL ANALYSIS: IMAX interacts with its environment as it takes inputs and distributes its output, in form of large screen format movies with 3D images and distorted sound. Like every organization IMAX has also external and internal environment which affects its outputs. The External Environment The factors and forces outside the IMAX Corporation that affects its performance are its external environment. External environment of the IMAX Corporation has two components: a) Specific environment b) General environment Specific Environment Specific environment includes those forces and factors those directly relevant to the achievement of the IMAX ¶S goals. The main forces that that make the IMAX µs specific environment are: Customers: Customers represent potential uncertainty to the IMAX because their taste changes. Therefore IMAX should need to create educational and entertainment movies and show them in full screen format. Demand for animated and technological base movies is increasing rapidly. IMAX should merge with some large theaters like Pixer to fulfill the demands of their customers. Suppliers: IMAX had developed the skills, knowledge and capabilities to design and assemble the critical elements involved in its projector and camera systems, though most of the components were purchased from the suppliers with whom it maintained long run relationships. So it is supplier of its own cameras and projection systems. Competitors: IMAX has also competitors like other profit and non profit organizations. Now it faces competition from digital cable, satellite, DVDs and the internet all of which offer customers a much broader choice. Within the large format film segment, Iwerks was the only rival to IMAX. General Environment Includes the political/legal social cultural demographic, technological that affects the IMAX indirectly. Movies which are presented in IMAX theater should represent the social culture of Page | 12 that area, where it going to be released. Mostly the audience is college or university educated, are between 19 and 65 years of age, so its projects should fulfills theirs desires. The Internal Environment Internal environment of IMAX includes the procedures and inputs which are used to attain its goals. IMAX had successfully developed 3D cameras and projection systems to produce realistic 3D images. IMAX projection system produced images on screen that were brighter and sharper those found in conventional movie theater. The company had even produced a 3D directional sound technology that offered location and depth to the audio. IMAX also focuses on its research and development programmers ¶ to present movies in latest technological method . for this IMAX had spend $12. 6 million in research and development in past three years. As part of lease IMAX advised customers on theater design, supervised the installation of the system, trained theater staff and maintain the system. Page | 13 SECTION 4: INDUSTRY ANALYSIS Industry analysis is an market assessment tool designed to provide a business with an idea of the complexity of a particular industry. Industry analysis involves reviewing the economic, political and market factors that influence the way the industry develops. Major factors can include the power wielded by suppliers and buyers, the condition of competitors, and the likelihood of new market entrants. We analyize the positon of an organization in the industry. In this case, we will be analyizing IMAX ¶s position in the industry which is Photographic Equipment and Supplies. IMAX shares performance according to 30th July 2010 is as PERFORMANCE SUMMARY Name IMAX Corporation Ticker IMAX Change 0. 13% Photographic Equipment And Supplies YHoh726 0. 24% The above table shows us the performance of IMAX corporation in the share market. IMAX is losing by -0. 13% of the share price where as the rest of the industry is booming at 0. 24% of their share prices. The main competitors of IMAX are : Canon Inc Eastman Kodak Co X-Rite Incorporated Ballantyne Strong Inc Ikonics Coropration. Given below is table which tell us the different share prices of different firms in the industry andwhose share prices are increasing in th industry Page | 14 Top Photographic Equipment Supplies Companies By Market Cap Company Canon Inc. Eastman Kodak Co IMAX Corporation X-Rite Incorporated Ballantyne Strong Inc Ikonics Corporation Symbol CAJ EK IMAX XRIT BTN IKNX Price 43. 32 3. 97 15. 47 3. 70 7. 72 7. 30 Change 0. 28% 1. 49% 0. 13% 1. 65% 0. 39% 4. 14% Market Cap 53. 48B 1. 07B 982. 67M 316. 04M 108. 80M 14. 37M P/E 27. 23 4. 12 27. 14 N/A 43. 37 N/A We can see that on 30th July 31, 2010 Canon Inc. was leading the photographic equipment and supplies industry with share price as high as 43. 32. It expereinced an increse in its market share by 0. 8% and has the highest market capitalization in the industry by $53. 48 Billion. Where as IMAX Corporation, Eastman Kodak and Ballantyne faced a downfall in the prices of their shares by 0. 13%, 1. 49% and 0. 39% respectivily. GROWTH OF IMAX CORPORATION Below is the tabel which shows us quaterly growth of IMAX Corporation as compared to rest of the firm of the industry Leaders in Quarterly Reven ue Growth (YoY) Imax Corporation Ballantyne Strong, Inc. Eastman Kodak Canon Inc. X-Rite Incorporated Ikonics Corporation 128. 00% 47. 80% 30. 90% 10. 00% 9. 90% 3. 40% As on 30th July 2010, IMAX has expereiced growth of about 128% in an quater alone. This is amazingly high when we compare with rest of the industry. IMAX with its great control and knowledge of technology has outrun Canon Inc,who had experienced an increase in its share prices at mentioned above. IMAX also converting movies into large format,has helped to increase its revenues. This quater alone IMAX has a list of hit movies which have been converted into IMAX format. Toy Story 3, The Twilight Saga: Eclipes, Inception, Resident Evil, Avatar, Legends of The Gurdians are a few of them. Consumers interest watching a movie in IMAX format has been increasing alot. Page | 15 Following IMAX is Ballantyne Strong Incorporation which has expereinced growth of about 47. 80% this quarter. The growth is good but comparing it with IMAX Corporation, its very low. Laging behind in the league of growth is Ikonics Corporation with about only 3. 40%. Ikonics is going through rough time, with only 3. 40 % growth this quater and fall in the price of it shares. IMAX CORPORATION VS INDUSTRY We will now analyize IMAX position against rest of the industry. Below is the table which tells us about the different aspects that will detemine the value and rank of each organization. Statistic Market Captialization P/E Ratio (ttm) PEG Ratio(5 yss expected) Revenue Growth (Qtrly YoY) EPS Growth(Qtrly) Long Term Growth Rate (5yrs) Return on Equity(ttm) Long Term Debt Equity (mrq) Divident Yeild (annaul) Where: Ttm= Trailing Twelve Months Mrq= Most Recent Quater Qtrly= Quaterly Industry Leader IMAX CAJ 53. 48B 982. 67M BTN 43. 37 27. 14 CAJ 0. 87 0. 66 IMAX 128. 00% CAJ 220. 20% N/A IMAX 25. 00% EK 84. 25% N/A N/A IMAX Rank 3/6 3/6 2/6 1/6 N/A 1/6 N/A N/A N/A In finance, the Trailing twelve months (TTM) is a moving measurement calculated using a companys interim or quarterly reports together with its annual report to show the twelve months of income statement data trailing the end date of an interim or quarterly report. Coming back to the case study, IMAX is doing really good when it comes to ranking. In market captialization, IMAX stands 3rd as comapred to the 6 firms in the industry. It leads the industry in Quaterly Growth and in five years the firm most likely to have the highest growth rate is IMAX Corporation itself. IMAX gains the 2nd rank when it comes to Price Earning to Growth Ratio (PEG Ratio). The above statistics tells us that IMAX has growth potential Page | 16 AS PER PRICE TO EARNINGS VALUE Leaders in P/E Ratio (ttm) Ballantyne Strong Inc. Canon Inc. Imax Corporation Eastman Kodak Company 43. 54 27. 29 27. 18 4. 18 The P/E ratio (price-to-earnings ratio) of a stock (also called its P/E, or simply multiple) is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower P/E ratio. Very intrestingly we saw earlier that Ballantyne Strong Inc expereinced a decrese in its share price by 0. 39% but here we see that investors are more willing to invest in Ballantyne Strong as compared to Canon Inc. IMAX Corporation ¶s P/E ratio is $27. 18, the amount investors are willing to pay to have a single share of IMAX Conclusion As the above statistics has shown that up to 30th July 2010, the leader of the Photographic Equipment and Supplies industry was Canon Inc. IMAX Corporation took the 3rd rank. But in case of growth, IMAX has more potentail than any of the firms with 128% growth the first quater of 2010 alone. This shows that IMAX will lead the photographic equipment and supplies industry in coming future THE EXTERNAL FACTOR EVALUATION MATRIX (EFE) An EFE matric allows strategies to summerize and evaluate economic, social, cultural, demographic, enviormental, technological, legal and comeptetive information. Both the opportunities and threats effecting the organization are listed. It is used to see the competitness of a firm. The highest possible total weighted score for an organization is 4. 0 and the lowest possible is 1. 0. The average total weighted score is 2. 5. A 4. 0 score indicates that an organization is respoding in an outstanding way to exsisting opportunites and threats in the industry Through the matrix we see that the strategies opted by IMAX corporation are effective. Its is throught the fact that the weighted score of all the opportunities and threats is above 2. . so we can see that IMAX is responding effectivly to the opportunites and threats comign tis way. The matrix is given on the next page Page | 17 OPPORTUNITIES Increase in the demand of Hollywood Movies Teaming up with other studios for joint ventures Opening IMAX theatres within Multiplexes No competitor that is converting movies into lareg format Converting existing multiplexe screens to IMAX format MPAA has g iven documantary movies segmant special significance Opening up IMAX in Pakistan and other countries High Populartiy of watching IMAX format movies WEIGHT 0. 07 RANKING 3 W. S 0. 24 .10 2 0. 20 0. 12 4 0. 48 0. 05 1 0. 05 0. 08 2 0. 16 0. 05 1 0. 05 0. 04 1 0. 04 0. 09 3 0. 27 THREATS Piracy of movies High quality DVD s Home theatre Systems Social factor Union of labor Joint partner, AMC rolling out its own big screesns Political Intervention Change of Taste of consumers Total 0. 04 0. 02 0. 04 0. 07 0. 13 0. 07 1 2 3 4 3 4 0. 04 0. 04 0. 12 0. 28 0. 39 0. 28 0. 02 0. 01 1. 00 2 3 0. 04 0. 03 2. 71 Page | 18 SECTION 5: IMAX ¶S FINANCIAL ANALYSIS Activity (Asset Utilization) ratios: Day ¶s sales in Receivables: ays sales in receivable Days sales in Receivable 300 200 100 0 2004 2005 2006 2007 Days sales in Receivable 53. 413 224. 57 73. 357 80. 369 Days sales in Receiva ble years Interpretation: The number of day ¶s sales in receivables relates the amount of the accounts receivables to the average daily sales on account. IMAX shows better improvement in 2004 where his days sales in receivable is 53. 413 days and then in 200 5 his days sales in receivable is 224. 57days which is not good for company and then in 2006 2007 IMAX shows big improvement in their days sales receivables. Page | 19 Account Receivable Turnover: accou t ece a e tu o e Account ece eab e Turnover 6 4 2 0 2004 2005 2006 2007 Account 2 493 2 516 5 025 4 542 ece ve ab e Turnover yea s Account ece veab e Turnover Interpretation: The Account Receivable Turnover ratio gives the number of times account receivable is collected during the year. it indicates the liquidity of receivables. In general the higher the account receivable turnover, the better since the company collecting quickly from customers. In 2006 IMAX has greater account receivables turnover as compared to other years indicating the highest liquidity of receivables and in 2007 IMAX shows some decline and is significant and indicates some problem in 2007 which is 4. 542 times as compare to 2006 which is 5. 025 times. Page | 20 Account Receivable Turnover in Days: rn ver Accoun Receivable Tu nover in Days 200 100 0 n receiable Accoun Receivable Turnover in Days 2004 2005 2006 2007 72. 64 80. 37 acc Accoun 146. 4 145 Receiv able Turnov years Interpretation: The account receivables turnover can be expressed in term of days instead of times per year. In 2004,2005 2006 IMAX is efficient in managing its receivables and shows the positive trend in collection of its receivables turnover in days indicate an improvement in the control of receivables but in 2007 IMAX some negative trend in collection of its receivables turnover in days. Page | 21 Days Sales in Inventory: Days Sales in Inven ry days sales in inven ry 200 100 0 Days Sales in Inven ory 2004 2005 2006 2007 151. 09 141. 46 127. 74 107. 78 Days Sales in Inven ory years Interpretation: It relates the amount of ending inventory to the average daily cost of goods sold . t gives an indication of the length of time that it will take to use up the inventory through sales. the days sales in inventory estimates the number of days that it will take to sell the current inventory . in our data IMAX shows positive trend means that it takes less and less days to selling its inventory which is shown in the graph and this is the good symbol for the company. Page | 22 Inventory Turnover: In ventory Turnover 4 3 2 1 0 2004 2005 2006 2007 Inventory Turnover inventory turnover Inventory 2. 44566 2. 64477 3. 14123 3. 38653 Turnover years Interpretation: It indicates the liquidity of the inventory in times per year. IMAX shows the positive trend in their inventory turnover. Which is good for the company and increase in the inventory turnover indicates that the IMAX is not stocking the goods. Page | 23 Inventory Turnover in Days: Inven ory Turnover in Days inven ry in days 200 100 0 Inven ory Turnover in Days 2004 2005 2006 2007 Inven ory 149. 244 138. 008 116. 197 107. 78 Turnover in Days years Interpretation: The inventory turnover figure can be expressed in the number of days instead of times per year. It gives an indication of the length of time that it will take to use up the inventory through sales. The day ¶s sales in inventory estimate the number of days that it will take to sell the current inventory. IMAX shows the positive trend in their inventory turnover in days, means IMAX takes less and less days to sale its inventory which shows the improvement in inventory turnover in days. Page | 24 Operating Cycle: Opera ing Cycle 200 pera ing cycle 150 100 50 0 Opera ing Cycle 2004 2005 138 2006 2007 Opera in 149. 2 g Cycle 116. 2 107. 8 years Interpretation: The operating cycle represents the period of time elapsing between the acquisition of goods and the final cash realization resulting from sales and subsequent collections. IMAX shows the positive trend and takes the less number of days to convert inventory and receivables to cash. Page | 25 Liquidity Ratios: Working Capital: Worki pi l i l Worki worki pi l Worki pi l y r Interpretation: The working capital of a business is an indication of the short run solvency of the business. It is the difference between the current assets and current liabilities. If current liabilities exceed the current assets then it shows the bad short run solvency of the firm. In 2004 2005 IMAX shows that their current assets are more than their current liabilities indicating the better short tern solvency as compared to the 2006 2007 in which IMAX shows that their current assets are less than their current liabilities indicating the shows the bad short run solvency of the IMAX and unfavorable sign. Page | 26 Current Ratio: Curren Ra io 3 2. 5 c rren ra i 2 1. 5 1 0. 5 0 Curren Ra io 2004 2005 2006 2007 Curren Ra io 1. 2777 2. 4781 1. 1991 0. 8973 years Interpretation: Current ratio which is subject to seasonal fluctuations is used to measure the ability of an enterprise to meet its current liabilities ut of current assets. The above graph of IMAX shows that in 2005 his ability to pay their short term liabilities is much stronger as compared to others years. which shows the decline over the year. Page | 27 Acid-Test Ratio: Acid Tes Ra io 2 acid es ra i 1. 5 1 0. 5 0 Acid Tes Ra io 2004 0. 779 2005 2006 2007 Acid Tes Ra io 1. 8289 0. 7335 0. 571 years Int erpretation: The acid test ratio relates the most liquid assets to current liabilities because it ignores the inventory figure while collecting the short term debt paying ability of the firm. On examining the company, we can find that in 2005 IMAX is greater to 1 means that IMAX shows strong position enough liquid assets to pay their short term debt while ignoring its inventory. In 2004 2006 IMAX is closer to 1 means that it is somewhat in a better condition while ignoring its inventory. Page | 28 Cash Ratio: Cash Ra io 0. 5 0. 4 cash ra i 0. 3 0. 2 0. 1 0 2004 2005 2006 2007 Cash Ra io Cash 0. 46177 0. 39196 0. 36034 0. 22757 Ra io years Interpretation: The cash ratio relate to extreme analysis of the firm debt paying ability. Because in this ratio we only take the figures of such liquid assets as cash in bond, bank balances, marketable securities, the ratio shows that how much firm ¶s cash in their hands and accounts to pay their short term liabilities . it gives us the extreme closer view of the firm short term paying ability. The above graph of IMAX shows that the company has not more cash in hand and at bank to pay its short term liabilities. In fact the cash ratio is more extreme analysis of the firm debt paying ability so we can say that IMAX is in better conditions but not as much good because its ratio is less than in all four years. Page , sales are not adequate in relation to the available working capital. The above graph of IMAX shows working capital turnover ratio of different firms over the tfour years. e can see that IMAX have positive working capital turnover ratio in 2004, 2005 2006 because, their current assets are more than their current liabilities while in 2007 IMAX has more liability that ¶s why their working capital turnover ratio show the negative trend. in comparison the 2006 is better off in respect to their ratio as compared to 2004 2005 which indicates that in 2006 working capital is efficiently utilizing to generate sales as compared to other years and in a better position Page | 30 Operating Cash flow/Current Liabilities Ratio: OCF/Curren liabili ies OCF/c rrent liabilities 0. 2 0. 1 0 -0. 1 OCF/Curren liabili ies 2004 2005 2006 2007 OCF/Curr 0. 1819 0. 0288 -0. 085 -0. 084 en liabili ies years Interpretation: This ratio is an indication of short term debt paying ability of the firm. This ratio shows the relationship if cash generated from operating activities to the current liabilities of the firm. If the firm generates enough cash from its operations which is greater than its liabilities than the firm is in better condition and its short term debt paying ability. The above graph of IMAX in years 2004 2005 shows that there are a positive trend, means the firm generates enough cash from its operations which is greater than its liabilities than the firm is in better condition and its short term debt paying ability while in 2006 2007 shows the negative trend, shows IMAX have not cash to meet their current liabilities. Page | 31 Leverage (Solvancy, Long-Term Debt) Ratios Debt Equity Ratio: Deb Equi y Ra io 0 debt eq ity rati -5 Deb Equi y Ra io -10 -15 2004 2005 2006 2007 -6. 448 -13. 15 -4. 903 -3. 436 Deb Equi y Ra io years Interpretation: The debt/equity ratio is another computation that determines the entity ¶s long term debt paying ability. Thus computation compares the total debt with the total shareholder ¶s equity. The debt/equity ratio also helps determine how well creditors are protected in the case of solvency, for the prospective of long term paying ability, the lower this ratio is the better of the company ¶s debt position. The above graph shows that IMAX is not in a better condition showing the negative trend in all four years . The negative indicates that their stockholder ¶s equity figures in negative that ¶s why they lie below the zero line Page | 32 Debt Ratio: Deb Ra io 1. 5 debt ratuo 1 0. 5 Deb Ra io 0 2004 2005 2006 2007 Deb 1. 18356 1. 08234 1. 2562 1. 41047 Ra io years Interpretation: This ratio also indicates long-term debt-paying ability of the firm. the debt ratio indicates the percentage of assets financed by creditors and its help to determine how well creditors are protected in the case of insolvency, if the creditors are not well protected the company is not in a position to issue addition long term debt paying ability, the lower this ratio the better the company position. In the above graph of IMAX clearly shown that in 2005 is better off as compared to other years. In the 2005 the IMAX much better condition as compared to others because its total assets contain not much from the creditor side. Those firms whose ratio is less then are better off, indicating that their assets do not include more from creditors ¶ side. Page | 33 Operating Cash Flows/Total liabilities: OCF/To al liabili ies OCF/total liabilities 0. 06 0. 04 0. 02 0 -0. 02 -0. 04 2004 2005 2006 2007 OCF/To al liabili ies OCF/T 0. 042 0. 007 -0. 02 -0. 02 o al liabili i es years Interpretation: This ratio is also indication of long term debt paying ability of the firm. This ratio shows the relationship if cash generated from operating activities to the total liabilities of the firm. If the firm generates enough cash from its operations which is greater than its liabilities than the firm is in better condition and its long term debt paying ability includes transitioned interest debts and principal sum in good. The above graph of IMAX shows that in years 2004 2005 are generating enough cash from operations to meet their long term and short term debt because in these years the IMAX shows the positive trend, while in years 2006 2007 the IMAX shows the negative trend in generating enough cash to meet their liabilities over the two periods. The higher the ratio the better will be the position of the fir Page | 34 Long-term Debt-Equity Ratio: Long erm Deb Equi y Ra io l ng term debt equity rati 0 -5 -10 -15 2004 2005 2006 2007 Long erm Deb Equi y Ra io Long -4. 968 -10. 08 -3. 706 -2. 566 erm Deb Equi y Ra io years Interpretation: This ratio also shows the long term debt paying ability of the firm. This ratio relates the portion of total equity financed by the long term debt. The lesser the ratio the better will be the companys position and its ability to pay its debts. The above graph of IMAX shows that in all four years there are negative, the negative trend of the IMAX is due to that their total equity figure is in negative which leads to lie their ratio below the zero line. Page | 35 Time Interest Earned: Time In eres Earned time interest earned 2 1 0 -1 -2 Time In eres Earned 2004 2005 2006 2007 Time In eres Earned 0. 77132 0. 93299 -0. 4019 -1. 2075 years Interpretation: The time interest earned ratio indicates a firm ¶s long term debt paying ability from the income statement view. If time interest earned is adequate, little danger exits that the firm will not able to meet its interest obligations. If the firm has a good coverage of the interest obligation, it should be able to refinance the principal when it comes due. In the above figure of IMAX show the positive trend in years 2004 2005 means that in good position to pay its interest obligations on the long term liabilities while in 2006 2007 shows the negative trend and are not in good position to pay its interest obligations on the long term liabilities and it may seem also be difficult for the IMAX to pay their principals amount of their long term debts. In 2004 2005 the IMAX shows the positive trend indicating that it is generating enough income to meet its interest obligations and is able to pay its principal some debt as compared to other years. Page | 36 PROFITABILITY ANALYSIS Net Profit Margin: Net Profit M r i . r i . t rofit . . . Net Profit M r i . . . . Net Profit M r i y r Interpretation: A commonly used profit measure is return on sales often termed net profit margin. This ratio gives a measure of net income rupees generated by each dollar of sales. it is desirable for this ratio to be high, competitive forces within the industry, economic conditions, use of debt financing an operating characteristics such as high fixed costs will cause the net profit margin to vary between and within the industry,. he above graph of IMAX net profit margin shows a profitable position over the two years and its profit from sales increases substantially from 2004 to 2005, while in next two years the IMAX faces losses on sales continuously i. e. 2006 to 2007. Page | 37 Total asset Turnover: Total asset Turnover total asset turn ver 0. 62 0. 6 0. 58 0. 56 0. 54 0. 52 2004 2005 2006 2007 Total asset Turnover 0. 5701 0. 6122 0. 5948 0 . 5569 Total asset Turnover years Interpretation: The total asset turnover measures the activity of the assets and the ability of the firm to generate sales through the use of assets. The above graph of IMAX shows that who efficiently the years uses their assets to generate sales. The high figure shows that that the firm ¶s net sales are than its total assets. It indicates that the firm is not using enough of the assets to generate sales. In the above graph of IMAX, the activity of assets in the years 2004 2007 is greater than the other years that are why its ratios is lower as compared to other. As we look towards the years 2005 2006 its figure is higher indicating that this firm is not using much of its assets to generate sales. Page | 38 Return on Assets: Return On Assets 0. 1 return n assets 0. 05 0 -0. 05 -0. 1 -0. 15 2004 2005 2006 2007 Return On Assets Return 0. 043 0. 061 -0. 077 -0. 13 On Assets years Interpretation: Return on assets measures the firm ability to utilize its assets to create profits by comparing the profits with the assets that generate the profits. The higher the firm ¶s return on assets better will be the company ¶s position. The above graph of IMAX shows the return on assets of four years . By looking toward the graph we can see that from 2004 to 2005 years shows the positive and profitable trend. This indicates that in 2004 2005 management is efficiently utilizing their assets to generate profits, and also there is a positive trend over the two years while in next two years i. e from 2006 to 2007 shows the negative and non profitable trend which indicates that in these years IMAX management is not efficiently utilizing their assets to generate profits. Page | 39 Operating Income Margin: Operating Income perating inc me margin 0. 3 0. 2 0. 1 0 -0. 1 Operati ng Income argin 2004 0. 22 2005 argin Operating Income argin 2006 2007 0. 224 0. 077 -0. 031 years Interpretation: It shows the relationship of operating income to net sales. This ratio indicates that how much the firm generates income from its net sales after excluding administrative, selling and other expenses from the gross profit. The higher the figure of operating income margin the better the company ¶s better position and its profitability. The above graph of IMAX shows that the in years 2004 2005 are in better position in relation to operating income margin as compared to the other years in the IMAX Company while in years from 2006 to 2007 IMAX shows the decline means in these years IMAX Company ¶s position is not good and non profitability. So we can say that there are only two years i. from 2004 to 2005 that generate positive incomes from net sales. Further we can see that the in years 2004 2005 shows the continuous improvement over the two years while 2006 2007 shows decline over the two years. Page | 40 Return on Operating Assets return n perating assets Return On Operating Assets 2 1 0 -1 2004 2005 2006 2007 Return On Operating Assets R eturn 1. 076 1. 261 0. 415 -0. 15 On Operati ng Assets years Interpretation: This ratio measures the ability of operating assets to generate sales dollars. The higher the ratio the better will be the position of the company. The above graph of IMAX shows that there are only two years in the company i. e. 2004 to 2005 whose position is better as compared to other years in the company. Because these years shows positive figure over the two years, while next year shows big decline i. e. 2006 and in 2007 the IMAX shos the negative fingure. The IMAX company show an improvement from year 2004 to 2005 but in last two years they show the decline position In year 2004 2005 operating assets are efficiently contributing in the generation of the sales while in the years 2006 2007 are not utilizing efficiently contributing in the generation of the sales Page | 41 DuPont Return on Operating Assets: dupont return on operating assets DuPont Return on Operating Assets 2 1 0 -1 2004 2005 2006 2007 DuPont Return on Operating Assets DuPon 1. 076 1. 261 0. 415 -0. 15 t Return on Operat years Interpretation: It shows the relationship between operating and average operating assets of the firm. It indicates that how efficiently the management of the firm operates its assets to generate income. The higher the figure the better will be the position of the firm. The above graph of IMAX shows that that the management of years 2004 to 2005 has a control over its operating assets in relation to generate income while in next two years the IMAX shows the declining position means have not a control over its operating assets in relation to generate income and these two years shows the declining figure in the year 200 and 2007 indicating that they are not generating income from their operating assets in fact they faces a lose in the year 2007 . Page | 42 Sales to Fixed Assets: Sales To Fixed Assets sales to fixed assets 2. 5 2 1. 5 1 0. 0 2004 2005 2006 2007 Sales To Fixed Assets Sales To 1. 895 2. 081 1. 923 1. 725 Fixed Assets years Interpretation: The ratio measure the firm ¶s ability to make productive use of its property, plant and equipment by generating sales rupees. The above graph of IMAX shows that in the years from 2004 to 2005 have a the positive trend indicating that their fixed assets are contributing more efficiently toward the sale s while in years from 2006 to 2007 the IMAX have a negative trend indicating that their fixed assets are not contributing more efficiently toward the sales. In fact In last year they faces a lose in the year 2007 . Page | 43 Return on Investment: Return On Investment return n investment 0. 2 0. 1 0 -0. 1 -0. 2 2004 2005 2006 2007 Return On Investment Return On 0. 1204 0. 148 Investmen t -0. 041 -0. 118 years Interpretation: It applies to ratio measuring the income earned on the invested capital. These types if measures are widely used to evaluate enterprise performance. Since return on investment is a type of return on capital, this ratio measure the ability of the firm to reward those who provide long term funds and to attract provides of future funds. This ratio evaluates the earning performance of the firm without regard to the investment is financed. The higher the ratio, the better will be the position of the company. The above graph of IMAX shows that in the years from 2004 to 2005 have a better positive and shows positive trend over the two years but in last two years the IMAX shows the negative trend and shows the continues losses. Page | 44 Return on Total Equity: Return On Total Equity return n total equity 0. 5 0 -0. 5 Return On Total Equity Return On Total Equity 2004 2005 2006 2007 0. 327 -0. 3664 0. 2347 0. 3156 years Interpretation: It measures the return to both common and preferred stockholders. The higher the ratio the better will be the position of the company. This ratio is important for shareholder point of view. Higher returns attract more shareholders. The above graph of IMAX Company shows in the years 2004 to 2005 have the decreasing trend over the two years also below the zero line i. e. negative returns. Wh ile in last two years from 2006 to 2007 have a positive trend and shows the better position. Page | 45 Gross Profit Margin: Gross gr ss pr fit margin 0. 6 0. 4 0. 2 0 rofit argin Gross rofit Margin 2004 2005 2006 2007 Gross 0. 485 0. 496 0. 406 0. 355 rofit Margin years Interpretation: The ratio shows the relationship between gross profit and net sales. Higher the figure the better will be the position of the firm. The above graph of IMAX shows that the company generate profits continuously over the two years from the net sales, while in last two years shows decline from 2006 to 2007 and shows the continues losses. Page | 46 INVESTOR ANALYSIS Degree of Financial Leverage: Degree Of i i ll v r ci l Lever ge of fi Degree Of Fi ci l Lever ge 2004 2005 2006 2007 2 . 9 0. 2 r Degree 2. 296 2. Of ci Fi l Lever y r Interpretation: The use of financing with a fixed charge (such as interest) is termed financial leverage. Financial leverage is successfully the firm earns more on the borrowed finds than it pays to use them. It is not successful if the firm earns less on the borrowed funds than it pays to use them. If the earning before interest increases, the financial leverage will be favorable. If earning before interest deceased the financial leverage will be unfavorable. The above graph of IMAX shows that the years from 2004 to 2005 the negative trend over the two years earning before interest decreased the financial leverage are unfavorable while in 2006 the IMAX company goes to the below the zero line shows negative figure but then in the year 2007 shows the positive trend here the earning before interest increases, the financial leverage is the favorable and the degree of financial leverage becomes favorable from 2006 to 2007. Page | 47 Earning Per Common Share: arning per c mm n share Earning er Common Share 0. 2 0. 1 0 -0. 1 -0. 2 -0. 3 2004 2005 2006 2007 Earning er Common Share Earning 0. 086 0. 118 -0. 138 -0. 22 er Commo n Share years Interpretation: It is the amount of income earned on a share of common stock during period, applies only to common stock. The higher the ratio, the higher will be position of the firm. The above graph of IMAX company shows that only in the years from 2004 to 2005 shows a continuous positive trend in the earnings per common share and also show improvement in their earning . While in next two years the company going to down and down and not shows a good position. Page | 48 Book Value per Share: Book Value per Share k value per share 0 -0. 2 -0. 4 -0. 6 -0. 8 2004 2005 2006 2007 Book Value per Share b Book -0. 364 -0. 167 -0. 477 -0. 697 Value per Share years Interpretation: It indicates the amount of stockholder ¶s equity that relates to each share of outstanding common stock. The above figure of IMAX Company shows a book value per share below the zero line over the four years. Page | 49 Operating Cash flow Per Share: perating cash fl w per year Operating Cash flow er Share 0. 15 0. 1 0. 05 0 -0. 05 -0. 1 2004 2005 2006 2007 Operating Cash flow er Share Operatin 0. 096 0. 015 -0. 049 -0. 051 g Cash flow er Share years Interpretation: Operating cash flow per share indicates the funds flow per common share outstanding, it is usually substantially than the earning per share because depreciation has not been deducted. It is the indication of a firm ¶s ability to make capital expenditures decisions and pay dividends than is earning per share. This ratio does not viewed as substitute for earning per share in terms of its profitability. The higher the ratio, the better will be the position of the firm. The above graph of IMAX shows the negative trend continuous over the four years also shows below the zero line in last two years which is in a continuous non profitability position. Page | 50

How To Make Your Work With A Supervisor Effective

How To Make Your Work With A Supervisor Effective How To Choose The Right Supervisor And To Work With Your Tutor Right? When you start working with your supervisor on your dissertation, you may expect that this will be the same student-tutor type of relationship. This is the one that you got used to and you most likely feel comfortable with. But you need to understand that working on a dissertation required more than that. We will disclose in this article that you need to pay attention to the interpersonal skills as well. Your collaboration will require mutual understanding and clarity in order to make your work together effectively. Choosing the right tutor For undergraduates and Master’s students universities usually assign supervisors in advance. This choice is affected by the topic you offer and the field of study, of course. But in fact, the process of choosing the right supervisor can be really challenging for the student. This is one of the most important aspects that will affect all further work on your dissertation. You work with a tutor on your paper will shape and direct your thoughts, approaches, and solutions for the selected topic. So you need to be considering in approving collaboration with one or another supervisor. We have prepared questions you should ask yourself before you will make a choice. This will help you to start good professional relationships with the right purpose. Is your supervisor familiar with your sub-field and topic? You may consider this question weird, but in fact, it is very reasonable. Students sometimes consider that if their supervisor is well-aware of the general field you are working in, he/she will be an expert in your sub-field as well. But in fact, the wider knowledge does not always mean that the person can understand right your topic in the narrower field. Also, you cannot expect that your supervisor has read all the books, articles and works of other scholars in order to get an understanding of the topic (as you might do). Most experienced supervisors understand this and refuse to work with some graduates simply because they realize they have a lack of expertise in the particular sub-field. While some relatively young academics may mistakenly consider that they will be able to help you with your work, even if they do not have enough depth of knowledge. In this case, you need to check the suitability of this person to your dissertation by yourself. Does he/she share your choice of direction? It is okay that you and your supervisor may have minor disagreements during your work. Moreover, some of them may be really important as soon as they are supported by constructive arguments. But you also need to remember that there are approaches in one field that can be completely opposite. So do your best to pick the supervisor who will share the same assumptions as you, instead of starting working with a person who obviously has completely different views in your topic. Does he/she share your working patterns and expectations? By the moment you start writing your dissertation you probably already know what kind of supervisor you need for the productive continuation of your work. If you know that you may procrastinate sometimes and do simple things too slowly, you may look for the person who will be strict enough to stimulate your work and following deadlines. Or maybe you are motivated enough to work constantly and you do not want too much interruption into your writing process. Then you may look for the tutor who will be ready to revise your chapters when you ask them, no sooner or later, providing you with detailed and constructive comments. Do you get the decent level of attention to your work with quality recommendations and good criticism? Does the selected supervisor have enough influence on you to motivate, stimulate or direct you? How many students are working with him/her right now? Some supervisors can be really popular so many students request working with them. But eventually, this may have a bad impact as this can reduce the quality of work with each student. Moreover, in this case, the supervisor needs to switch between topics too often that may cause confusions as well. But another side of the coin is not good as well. If nobody wants to work with a particular person, they could have reasons for that. Working process with your supervisor You and your supervisor need to understand that you are now starting the working relationship, which requires mutual understanding, sharing professional views and so on. The form of the relationships you will have with your supervisor will depend on the subject you are working in, but most of all it will be affected by the working patterns that you will choose. Anyway, you need to read and take into consideration our following recommendations. Work with your supervisor, not for him Being a student you probably got used to the particular model of behavior and communication with your tutors. During modules, you receive the particular tasks that you need complete in a particular way to satisfy the teacher’s requirements. This model also works during passing the exams when you express thoughts that your professor wants to her. And when you start working on with your tutor on your dissertation you may feel like fulfilling his/her requests as well. Despite the fact that your paper should meet the particular requirements specified by your department, still, you should not be oriented at satisfying your supervisor though. You need to reconsider your attitude and think of your supervisor more like teammate rather than the examiner. You are working together on the same goal and you are the author of the research in the first place. Just like with teamwork, you need to consider the person you are in collaboration right now. You need to do what you are asked for and do not miss deadlines and tasks. Provide the chapter, draft or the piece of research when you promised to your supervisor in order to keep on the same track and gradually fulfill your paper. But you also need to keep in mind another significant aspect of the working in the team: being clear in what you want to get from your teammate. You can give your supervisor a first draft in order to check up whether you have chosen the right direction. But your supervisor may consider that this is the nearly completed part of the paper and it may cause serious confusion. So as soon as you ask for help, feedback, recommendation, make sure that you have explained on what stage you are now and of what â€Å"flaws† of your current version of dissertation you are aware of. Engage your supervisor at the first stages of work Most supervisors realize the importance of their control over the early stages of dissertation writing. That is why they often insist on often meetings during this period. But sometimes supervisors may be â€Å"hands-off† and do not insist on this way of collaboration. That is the situation when you need to control this aspect by yourself. Involve your tutor in the process of planning as this stage can affect all further work. Defining all the important aspects and directions will guide you in your work on the dissertation and prevent the majority of common mistakes. Moreover, there will be fewer risks that your dissertation will require serious making over. You can get a bunch of useful info from your supervisor, for instance, what books, articles and works to read or what researches to study. With this approach in the early stages, you will get receiving the required theoretical and practical skills that will make your dissertation creation productive. Arrange often meetings with your supervisor to check the process stage by stage Nothing in the educational process can be more disappointing than bringing to your supervisor 200 pages of your work and receive the comment that you need to start over because your starting point was wrong. That is why you need to develop a habit to arrange meetings with your tutor as often as possible to check every chapter and the stage of production. Discuss the next steps of your plan and their relevance to the dissertation in general. This will prevent you from being stuck on the same level and you will constantly receive guidelines of what you need to study more to move forward. Do not think that your supervisor expects only completed work from you. Sure thing, you have to cover minor aspects like grammar check and proper formatting by yourself. But this is not your regular tutor. Your supervisor needs to see your progress and trace it. If you will provide a chapter that looks good and contain no grammar mistakes, you will let your supervisor see the actual content and base his/her feedback on it. Conduct productive disagreements You and your supervisor are different people and it is normal if you will have minor disagreements considering the working on your dissertation. He/she does not have to agree with you on any level. But as soon as you have any issues, turn them to the advantageous path. Discuss why your supervisor suggests a different approach or criticize your thoughts. Do not be afraid of such situations. Of course, it may be daunting when you hear that you might be wrong in the thing that you pay so much time for. But on the other hand, consider this as an opportunity to grow as well as the chance to train your communication skills when you need to defend your views. Do not be afraid to change the supervisor There are rare cases when undergraduates cannot make their work with the supervisor productive. The reasons can vary. In some situations you can realize too late that your supervisor does not want to support your ideas, making you write an entirely different paper. Or you may find their comments impenetrable and demoralizing. Or your supervisor does not pay attention to your meeting request and you cannot get in touch with him/her for weeks. Anyway, you can eventually decide that you need to switch the tutor and start working with another supervisor. This is possible and you need to address your request to the head of the department. Do not be afraid to do so as this is your work in the first place and only you are responsible for it.

Young Generation Illegal Chinese immgrants in the US Essay

Young Generation Illegal Chinese immgrants in the US - Essay Example s much as the life in the United States of America may be comparatively easier and more appealing, the actual conditions of life may not be as rosy as one would expect it to be. For the purpose of this essay and exposition, this paper will focus on the hypothetical example and instance of a young illegal immigrants from China called Wei Yuocang who was a twenty two year old from Lian Jian in China. To begin with, the young generation of Chinese immigrants are attracted to the United States of America under the guise and promise of a better life and a way of escaping the harsh realities in their home country China. For his case, he moved to the United States of America when he was a young man in his teenage years. It was so because the chances and prospects of getting a proper livelihood in China were bleak. Being an orphan whose parents died when he was young faced the tremendous challenge and difficulty of having a proper life in China then he opted to seek the services of a snakehead or an agent to settle him in the United States of America. The snakehead or an agent is a person who specializes in sneaking the illegal immigrants from China to the United States of America through the South America route of countries such as Mexico and Ecuador. It is my reasoned opinion and respectful line of thought and reasoning that the agent does not follow the due process of ensuring the young Chinese immigrants find proper and valid documentation on the United States of America. This is the reason as to why the young immigrants are settled on menial jobs in restaurants with less prospects and chances of getting other better paying jobs with more benefits and working terms or conditions. The moment they arrive to their work stations they have difficulty in finding other social services such as credit cards, health insurance amongst other social benefits that a person would expect to get on a normal day and time. Taking the case and instance of the young man called Wei

Job Satisfaction in Pharmacy Personal Statement Example | Topics and Well Written Essays - 500 words

Job Satisfaction in Pharmacy - Personal Statement Example Through these changes, my attitude is constantly challenged to meet the tight aspects of the work by building on my inherent teamwork and unity and continuing to trust explicitly that my employers are here to support my endeavors 100% of the way. It is only up to me therefore to be accountable for the actions I exhibit in lieu to my job attitude. Furthermore, self-improvement is never a hindrance and continuing to learn through the various activities sponsored by the company to better me as employee should be a welcome respite from all the stress demands of the job. Learning and enjoying the job as a pharmacist should balance my work/life character as an employee. Being in PharmCare Express I should take advantage of the value-added experiences this company is eager to give me, their employee. As employees, it is our task then to currently emphasize what could happen if some of the techniques are adopted to address job-related issues instead of meeting it head-on with rumor mongering and other petty behavior We just might see a boost in morale on both sides of the counter. The workplace is where we spend half of our time everyday and enjoying our job can spell a world of difference especi

Interview Settings Essay Example for Free

Interview Settings Essay Having a conversation with a potential employer or a doctor an individual unconsciously puts himself or herself below the level of his/her interlocutor due to the reason of their communication: applying for a job or sudden chickenpox. Therefore, it is important that the employer makes certain efforts with regard to the overall environment in the office or wherever the interview is carried out. To put theory into practice, I made a decision to call the faculty office and ask them whether they will be willing to answer some of my questions for my future report. Having accepted my offer, they asked me about the time. Eventually, the interview was appointed and I was supposed to come at 9am. Later it turned out that the period of time between 8am and 11am is the most productive one and the staff intentionally asked me to visit them in the morning. Immediately after I came in the faculty office, I was offered a coffee and a sit. The walls of the room were covered with pictures of relatives and friends of the faculty staff creating an atmosphere of warmth and friendliness. Cozy armchairs and quiet music contributed to the calmness of the overall environment. Regardless of the fact, that there were many staff members in the office, they were mostly reading and therefore nothing disturbed my interview with the professor who was extremely eager to help me. Unlike the faculty office, the atmosphere in my boss’s office was characterized by overwhelming noise of equipment (computers, laptops, scanners, etc). Additionally, I could see many people chatting, laughing, and going back and forth. Having notified my boss about my interview in advance, I found that the scheduling was inconvenient as he made an appointment at 7pm on Friday. Unfortunately, I had to cancel my date to visit the boss. When I came to the office, I asked the receptionist whether the previous meeting had already been finished so I could talk to the employer. Preliminarily, I had to wait until the receptionist finished talking on the phone with her friend about â€Å"that cute football player†. In a couple of minutes I was told that the boss could not talk to me right away as a part of our department was out of fix and needed some maintenance. It was not until 7. 40pm that he asked me to enter his room. Surprisingly enough, I noticed a group of people moving furniture a couple of feet away from us getting ready for the repairs. They did not keep silence and therefore my boss and me could not have a proper talk with potential valid evaluation of each other. According to the notes, it is a must for every employer to have in-depth knowledge in ethics. However, every now and then I saw his eyes moving towards the workers. The overall environment was distracting and he even yawned twice. As I found myself in a very uncomfortable situation from psychological point of view, I asked for a glass of water. However, it turned out that they had nothing to drink. The third place, doctor’s office, was similar to the first faculty office. The atmosphere was welcoming and peaceful. I suppose that the doctor’s office was the safest place among three places I have visited. Physicians were dressed in white with dry clean hands; the building was high with much light inside and office-cleaners taking care of the hygiene. The atmosphere was friendly and hospitable. During my conversation with the doctor he was examining me with various medical instruments. It worsened the situation and communication process in general as pulling up the t-shirt and breathing in and out made me feel as if the physician was not fully interested in my opinion. At this point, my boss’s office was much more convenient for the inte4rview and negotiations in general as I was sitting just in front of him. In conclusion it would be appropriate to note that interview settings include various significant aspects responsible for the outcome of the interview. REFERENCES †¢ Interview Questions And Answers Anticipating awkward interview questions. (2006). Accura Resumes. Retrieved March 6, 2007, from http://www. accuroresumes. com/articles-info/interview-articles/questions. html

Sociotechnical Systems Essay -- Information Technology

The concept of sociotechnical systems was created in the 1960’s as a part of organizational development research by E. Trist and F. Emery. Ranging from a small system between you and your phone, to the interaction between human behaviors with massive technical infrastructures society has developed in hopes to boost performance and quality for both the societal and technical side of the system (Fischer). The essential impression behind a sociotechnical system refers to the interrelatedness that humans, which are the social aspect of the term, and non-humans, which are the technical aspect of the term, have networks between each other. It is how a human interacts with the particular technology and in conjunction how technology inscribes relations onto humans. It is a conventional logic to think that humans have control of technology, and also that technology is simply used as an extension of human capabilities. Sociotechnical networks attempt to reveal how that may not be true by showing how technologies have a much more active role on human behavior, and by trying to show how the relationship between humans and non-humans is a much more complex and dynamic that we may assume (Pinch & Wiebe). Now with a better grasp on such a broad concept, where does someone actively fit in one of these systems? Personally, I participate in a number of sociotechnical systems across a range of platforms and devices from simple design to large scale complexity. Sociotechnical systems can bring people together through computer-mediated communications. Dedicated systems in companies can gather employee statistics to then compile and deploy in a knowledge base easily accessible by anyone who may gain assistance from a previous employees experience w... ...rking there were given two weeks’ notice. As a way of helping them go through this transition the company used a lot of its resources, be it the workforce placement company Yoh to find a new job for these employees to personal recommendations to friends in other companies to help this employees not be jobless for any long period of time. It’s very difficult to cater to everyone’s ethical expectations of the world. All we can do is cope, until a new sociotechnical system comes out that solves everyone’s ethical dilemmas for us. Works Cited Pinch, Trevor J. and Wiebe E. Bijker. "The Social Construction of Facts and Artefacts: Or How the Sociology of Science and the Sociology of Technology Might Benefit Each Other. "Social Studies of Science: 399-441. Fischer, Gerhard. â€Å"Distributed intelligence: extending the power of the unaided, individual human mind.† 7-14.

Marines of Montford Point Essay

The book I chose to do my book report on is the marines of montford point. This is a true story of the marines of montford point, North Carolina. The first African American segment of the United States marine corps. In this book we find out the struggles they went threw because of the racial barrier as well as the political implications that were going on at the time. This was a very inspiring book and it reminds people of the cost of freedom. Nothing was easy for the black marines. All of the other service branches had allowed African Americans to serve in their ranks. In 1941 president Franklin D. Roosevelt signed an executive order that prevented government agencies from refusing to hire Americans based on race, creed, or color. In 1942 recruitment activity began for the first African American marines as did the construction of their new base montford point. After seven years an order that ended discrimination in the military was signed. The black marines could finally join the white soldiers in Paris island and camp Pendleton. The story starts off talking about major general Thomas issuing an order to the marine corps recruiting districts of south to recruit over 400 African American soldiers. The men were restricted in all aspects of their lives from finding a sandwich when they arrived at Montford Point to finding a toilet when they had work detail at the all-white Camp Lejeune. George These black marines Couldn’t even get a hamburger in town. It was horrible down there. It says at bus bus station, there was a chain separating the blacks from the whites. One of the black marines mentions how prisoners of war had more privileges then they ever had. This Is More than a history book, The book gave face to face narratives with the black marines so the author had to do alot of studying of the journals, records, he had to find each man who was alive and get the story in their point of view. Most of the Montford Point Marines wanted to see combat, but they were largely disappointed since most of the black Marines served in auxiliary units and had clean-up detail after the Pacific islands were secured by white Marines. However, men in the ammunition and depot companies saw combat during the amphibious landings on the beaches of Iwo Jima, Saipan, Pelelui and Okinawa. From these experiences, the Montford Point Marines earned the respect of their white counterparts, in spite of the general notion at the time that blacks weren’t ready for combat. Even the fact that black Marines were present at the landing on Iwo Jima was suppressed. Steven Robinson comments on how the camera crews turned away when they saw black Marines. He also said we were fighting the war to liberate people who had more liberty than we had. † 60 veterans were interviewed threw out this story , so the author gets all of the experiences in their own words. we learn about their reasons for enlisting; their arrival at Montford Point and the training they received there; their lives in a segregated military. A very great bio of one of the characters was the one of Herman Darden Jr. He begins to talk about the reputation of the marines at the time which was marines were rough and ready to go. He then talks about his reason for joining which was â€Å"because marines are supposed to be the first to battle and the first ones home, so I don’t want to stay out that long†. Even though the racial barrier between the blacks and whites was big alot of these black men still found it in them to join the marines and fight with honor. Whether it was because they got drafted or because they had nothing else in life these men fought for their freedom and respect, which was eventually gained. The marines of montford point a true story of the marines of montford point, North Carolina. The first African American segment of the United States marine corps. In this book we find out the struggles they went threw because of the racial barrier as well as the political implications that were going on at the time. This was a very inspiring book and it reminds people of the cost of freedom.

Personality Testing of New Hires

Personality Testing During the Hiring Process Personality testing is not a new topic. What is new is the ongoing shift in mindset that has diluted the value of personality testing during the hiring process and only finds a value in using personality testing after the candidate has joined the organization. This will be challenged by first providing a brief history on the Myers-Briggs Type Indicator (MBTI) and reviewing the years of dedicated research that went into the development of the test. Second, it will reveal the correlations of the test results to job requirements through specific examples. Third, it will discuss why applicant honesty and company policy makes personality testing necessary. Fourth, it will identify and support how many organizations successfully use the MBTI for applications other than pre-employment. Finally, organizations utilizing personality testing, specifically the MBTI, as a part the hiring process will identify the strongest and most compatible candidate for the required organizational needs. Many organizations are following the notion that personality tests have no relevance to job performance and should not be used as a tool to support the hiring process; however, it can be used appropriately for leadership identification, self-awareness and team building (Robbins & Judge, 2008). The testing of personalities was at its peak in the early nineteen fifties with MBTI leading the way (Overholt, 2004). Banks initially used the MBTI as a pre-screening tool in nineteen forty six. Not one or two banks, but the entire industry was committed to utilizing the MBTI. This concept of capturing personality was developed by Isabel Briggs Myers and her mother Katherine Cook Briggs. They performed rigorous studies of some earlier work by a Swiss psychiatrist by the name of Carl Jung. The first assessment was a couple of simple questionnaires that would gauge people by their personality type. There are sixteen possible types that are configured out of four specific categories. The dedication of the Myers-Briggs team was unsurpassed. Even after her mother passed away, Myers spent her life advancing this body of work. Rubis et al. , 2005) For those who may not be familiar with the structure of the test, here are the parameters. There are one hundred questions that are situational based. The participant is to choose the answer that best describes the general actions or feelings they usually have when in that situation (Robbins & Judge, 2008). The questions are built around general concepts of personality, and by answering the questions it helps to reveal the participant’s personality type (Pepper, Kolesnikov-Jessop, & Herman, 2005). There is no right or wrong when answering. The questions are open to interpretation, because every question is presented on logical opposition (Bentley, 2007). The participant simply determines which one fits them the best. Some examples of the questions a participant would be asked are as follows: â€Å"Would you rather be considered a practical person or an ingenious person? â€Å", and: â€Å"Does following a schedule appeal to you or cramp you? † (Ross, n. p. ) Once the participant finishes the test, the answers are consolidated into one of the sixteen personality types. Anyone that takes the test will fit into one of the sixteen personality types that the MBTI generates (Rutzick, 2007, June). To understand how the MBTI can be beneficial in the hiring process, a further definition of the different personality types is necessary. Robbins & Judge (2008) state the following: Individuals are classified as extroverted or introverted (E or I), sensing or intuitive (S or N), thinking or feeling (Tor F), judging or perceptive (J or P). These terms are defined as follows: Extroverted verses introverted. Extroverted individuals are outgoing and assertive. Introverts are quiet and shy. Sensing verses Intuitive. Sensing types are practical and prefer routine and order. Intuitives rely on unconscious processes and look at the â€Å"big picture†. Thinking verses feeling. Thinking types use reason and logic to handle problems. Feeling types rely on their personal values and emotions. Judging verses perceiving. Judging types want control and prefer their world to be ordered and structured. Perceiving types are flexible and spontaneous. (p. 108) Examples of how the actual results would be presented and what would be learned about the participant are: the INTJ or introverted, intuitive, thinking, judging individual and would be considered a visionary; they are strong willed and could sometimes be considered bullheaded; they are creative and like to act on their own ideas and thoughts. (Robbins & Judge, 2008). Another example would be the ESTJ or extrovert, sensing, thinking, judging individual and would be considered as the organizer; they are planners who like solving real problems, they work well around others and are very business minded (Robbins & Judge, 2008). Using the two previous examples of personality types, consider the following scenario: Employer â€Å"A† has a position open in the operations department for a supervisor. Of the two candidates, the INTJ or the ESTJ, which one would be the better fit in an operations supervisor, knowing both candidates interviewed equally? The ESTJ would make the best choice, organized, business minded, like solving problems, and as an extrovert will do better working around other people. In contrast if the INTJ is placed in this operational position, it would not challenge his visionary traits and his strong will would work against him when trying to supervise others. It would not be long before the employer or employee, or both, realized they were the wrong fit and separating the employee may be the best solution. This would cause an increase in turnover and training costs that could have been avoided. The information personality testing provides becomes extremely useful when trying to find the proper job fit, and it would have to increase job satisfaction because now the candidate is in a position or role that suites his unique personality, increasing the potential for them to naturally excel. In conjunction with the interview process, personality testing opens up insight that could easily be missed when trying to assess if a candidate will be the right fit for the position (Baker, 2008). There are other factors that create an importance for personality testing during the hiring process. Two of these factors are: the increased levels of misrepresentation on resumes and applicants learning or paying for coaching to teach them how to give a great interview (Van Steenwyk, 2008). Another factor to be considered is that references are getting harder to validate. Many organizations have implemented policies that do not allow the providing of job specific references, they will only validate dates of employment (Van Steenwyk). Having the ability to draw consensus between the information on a resume, the information given by references, what is learned in the interview, and then match all that information up against the results of the personality test allows the perspective employer to have more points of congruency when making a final decision. It helps the employer find the personal side of what is on the resume and reduces failure based on job incompatibility (Baker, 2008). It could be argued that candidates could learn to give what they believe to be the desired answers on a personality test, like the MBTI. Although not impossible it is a bad way to start a new job and most tests check for continuity of the participant’s answers to make sure the candidate in not lying (Overholt, 2004). Some other highly accepted ways the MBTI is used in organizations are for leadership identification and selection, self-awareness, and team building (Rubis et al. 2005). When an organization needs to select or identify leaders, testing becomes very useful to find the personality traits that are essential to successful leaders (Robbins & Judge, 2008). There are benefits to the established leaders learning more about their own personality. Once the leaders are armed with the characterizations of their personality type, they can make accommodations for their weaknesses or soften overly direct qualities helping them in their handling of situational outcomes (Rutzick, 2007). During the training or coaching of leaders, many professional trainers or coaches choose to use the MBTI as the first step for helping the leader better understand who they are so they can better understand and lead others (Bentley, 2007). For any leaders to be truly effective they must be able to understand others, allowing them to tap into what motivates or drives an individual or group (Bentley, 2007). Personality testing provides that essential information. Work teams find personality testing to be helpful during times of conflict resolution as many times personality differences are at the center of most communication barriers (Bentley, 2007). By understanding their individual differences, team members learns to become more tolerant of the other because now they understand why the others think what they think or react the way they react to certain situations, this understanding creates a more cohesive and productive team (Bentley, 2007). Stronger cooperation will decrease costly turnover and increase job satisfaction because it stimulates open sharing and sparks creativity. (Robbins & Judge, 2008) Currently, there are eighty nine of the Fortune One Hundred businesses that employ the MBTI for their pre-hiring process, team building, and leadership identification and selection (Pepper et al. , 2005). Personality testing works and the results are trustworthy. To state it more directly, eighty nine of the top one hundred companies choose not to lower the bar, and place a higher importance on wanting to know who they are getting into business with before they make the job offer. This type of emphasis on the selection process helps these companies sustain the strong cultures that are in place, by realizing that several candidates will have the skill or the talent to perform at high levels (Robbins & Judge, 2008). They only hire the candidates that possess that high level to perform and exemplify the highest compatibility with the organization’s culture (Robbins & Judge, 2008). The MBTI has a history of proven success and worldwide acceptance as a pre-screening tool (Robbins & Judge, 2008). Many organizations make costly mistakes in the hiring of individuals only to discover that because of their personality they just do not fit in. Organizations utilizing testing, in cooperation with the appropriate interview process, greatly reduce costly hiring mistakes and job incompatibilities, while increasing individual and team performance. The trend in people management and development has moved from hard cutting and insensitive to a softer hyper-sensitive approach. It is time to find the middle ground between the engaged work environment and putting the right people in place that will achieve greater results. References Baker, B. (2008). HIRING HINTS. PM Network, 22(9), 26-27. Bentley, R. (2007). Fit for What Purpose?. Training and Coaching Today, n. p. Overholt, A. (2004). Personality Test: Back With a Vengeance. Fast Company, n. p. Pepper, T. , Kolesnikov-Jessop, S. , & Herman, M. (2005). Inside the Head of an Applicant. Newsweek, 145(8), E24-E26. Robbins, S. P. , & Judge, T. A. (2008). Organizational Behavior (13 ed. . Upper Saddle River: Pearson/Pentice-Hall. Rubis, L. , Fox, A. , Pomeroy, A. , Leonard, B. , Shea, T. F. , & Moss, D. et al. (2005, December 2). 50 FOR HISTORY. HRMagazine, 50, 10-24. Rutzick, K. (2007). Personality Test. Government Executive, 39(9), 22-23. Van Steenwyk, J. (2008). Using Tests to Screen Employees. Journal of Financial Planning, n. v, n. p.. Williams, R. L. , Verble, J. S. , Price, D. E. , & Layne, B. H. (1995). Relationship of Self-Management to Personality Types and Indices. Journal of Personality Assessment, 64(3), 494.

Pelycosaurs, Archosaurs, and Therapsids

Pelycosaurs, Archosaurs, and Therapsids Like archeologists discovering the ruins of a previously unknown civilization buried deep beneath an ancient city, dinosaur enthusiasts are sometimes astonished to learn that entirely different kinds of reptiles once ruled the earth, tens of millions of years before famous dinosaurs like Tyrannosaurus Rex, Velociraptor, and Stegosaurus. For approximately 120 million years- from the Carboniferous to the middle Triassic periods- terrestrial life was dominated by the pelycosaurs, archosaurs, and therapsids (the so-called mammal-like reptiles) that preceded the dinosaurs. Of course, before there could be archosaurs (much less full-blown dinosaurs), nature had to evolve the first true reptile. At the start of the Carboniferous periodthe swampy, wet, vegetation-choked era during which the first peat bogs formed- the most common land creatures were prehistoric amphibians, themselves descended (by way of the earliest tetrapods) from the proverbial  prehistoric fish that flipped, flopped, and slithered their way out of oceans and lakes millions of years before. Because of their reliance on water, though, these amphibians couldnt stray far from the rivers, lakes, and oceans that kept them moist, and that provided a convenient place to lay their eggs. Based on the current evidence, the best candidate we know of for the first true reptile is Hylonomus, fossils of which have been found in sediments dating back 315 million years. Hylonomus- the name is Greek for forest dweller- may well have been the first tetrapod (four-footed animal) to lay eggs and have scaly skin, features that would have allowed it to venture farther from the bodies of water to which its amphibian ancestors were tethered. Theres no doubt that Hylonomus evolved from an amphibian species; in fact, scientists believe that the elevated oxygen levels of the Carboniferous period may have helped fuel the development of complex animals in general. The Rise of the Pelycosaurs Now came one of those catastrophic global events that cause some animal populations to prosper, and others to shrivel up and disappear. Toward the start of the  Permian period, about 300 million years ago, the earths climate gradually became hotter and drier. These conditions favored small reptiles like Hylonomus  and were detrimental to the amphibians that had previously dominated the planet. Because they were better at regulating their own body temperature, laid their eggs on land, and didnt need to stay close to bodies of water, the reptiles radiated- that is, evolved and differentiated to occupy various ecological niches. (The amphibians didnt go away- they’re still with us today, in dwindling numbers- but their time in the limelight was over.) One of the most important groups of evolved reptiles was the pelycosaurs (Greek for bowl lizards). These creatures appeared toward the end of the Carboniferous period, and persisted well into the Permian, dominating the continents for about 40 million years. By far the most famous pelycosaur (and one thats often mistaken for a dinosaur) was Dimetrodon, a large reptile with a prominent sail on its back (the main function of which may have been to soak up sunlight and maintain its owners internal temperature). The pelycosaurs made their livings in different ways: for example, Dimetrodon was a carnivore, while its similar-looking cousin Edaphosaurus was a plant-eater (and its entirely possible that one fed on the other). Its impossible to list all the genera of pelycosaurs here; suffice it to say that a lot of different varieties evolved over 40 million years. These reptiles are classified as synapsids, which are characterized by the presence of one hole in the skull behind each eye (technically speaking, all mammals are also synapsids). During the Permian period, synapsids coexisted with anapsids (reptiles lacking those all-important skull holes). Prehistoric anapsids also attained a striking degree of complexity, as exemplified by such large, ungainly creatures as Scutosaurus. (The only anapsid reptiles alive today are the Testudines- turtles, tortoises, and terrapins.) Meet the Therapsids- The Mammal-Like Reptiles The timing and sequence cant be pinned down precisely, but paleontologists believe that sometime during the early  Permian  period, a branch of pelycosaurs evolved into reptiles called therapsids (otherwise known as mammal-like reptiles). Therapsids were characterized by their more powerful jaws bearing sharper (and better differentiated) teeth, as well as their upright stances (that is, their legs were situated vertically beneath their bodies, compared to the sprawling, lizard-like posture of earlier synapsids). Once again, it took a catastrophic global event to separate the boys from the men (or, in this case, the pelycosaurs from the therapsids). By the end of the Permian period,  250 million years ago, over two-thirds of all land-dwelling animals went extinct, possibly because of a meteorite impact (of the same type that killed the dinosaurs 185 million years later). Among the survivors were various species of therapsids, which were free to radiate into the depopulated landscape of the early  Triassic  period. A good example is  Lystrosaurus, which evolutionary writer Richard Dawkins has called the Noah of the Permian/Triassic boundary: fossils of this 200-pound therapsid have been found all over the world. Here’s where things get weird. During the Permian period, the cynodonts (dog-toothed reptiles) that descended from the earliest therapsids developed some distinctly mammalian characteristics. Theres solid evidence that reptiles like  Cynognathus  and  Thrinaxodon  had fur, and they may also have had  warm-blooded metabolisms  and black, wet, dog-like noses. Cynognathus (Greek for dog jaw) may even have given birth to live young, which by almost any measure would make it much closer to a mammal than to a reptile! Sadly, the therapsids were doomed by the end of the Triassic period, muscled out of the scene by the archosaurs (of which more below), and then by the archosaurs immediate descendants, the  earliest dinosaurs. However, not all therapsids went extinct: a few small genera survived for tens of millions of years, scurrying unnoticed under the feet of lumbering dinosaurs and evolving into the first  prehistoric mammals  (of which the immediate predecessor may have been the small, quivering therapsid Tritylodon.) Enter the Archosaurs Another family of prehistoric reptile, called the  archosaurs, coexisted with the therapsids (as well as the other land reptiles that survived the Permian/Triassic extinction). These early diapsids- so-called because of the two, rather than one, holes in their skulls behind each eye socket- managed to out-compete the therapsids, for reasons that are still obscure. We do know that the teeth of archosaurs were more firmly set in their jaw sockets, which would have been an evolutionary advantage, and its possible that they were quicker to evolve upright, bipedal postures (Euparkeria, for example, may have been one of the first archosaurs capable of rearing up on its hind legs.) Toward the end of the Triassic period, the first archosaurs split off into the first primitive dinosaurs: small, quick, bipedal carnivores like  Eoraptor,  Herrerasaurus,  and  Staurikosaurus. The identity of the immediate progenitor of the dinosaurs is still a matter of debate, but one likely candidate is  Lagosuchus  (Greek for rabbit crocodile), a tiny, bipedal archosaur that possessed a number of distinctly dinosaur-like characteristics, and that sometimes goes by the name  Marasuchus. (Recently, paleontologists identified what may well be the earliest dinosaur descended from archosaurs, the 243-million-year-old  Nyasasaurus.) It would, however, be a very dinosaur-centric way of looking at things to write archosaurs out of the picture as soon as they evolved into the first theropods. The fact is that archosaurs went on to spawn two other mighty races of animals: the  prehistoric crocodiles  and the  pterosaurs, or flying reptiles. In fact, by all rights, we should be giving crocodiles precedence over dinosaurs, since these fierce reptiles are still with us today, whereas  Tyrannosaurus Rex,  Brachiosaurus,  and all the rest arent!