Article Summary

The article by Claymann and Gill (2012) outline the methods and procedures used in conversational analysis. The article describe three major procedures in conversation analysis that include generating data, analyzing the collected, and providing a discussion of the findings of the data analysis. The first step to conversation analysis involves recording and transcribing conversation. Researchers prefer a naturally occurring conversation because induced conversations lead to misinterpretations of the interactional processes. Participants may be concerned about the presence of a recording machine during the data collection processes, but such concerns are short lived. When selecting participants, researchers prefer gathering data from as many conversational settings as possible. Such an approach to sampling allows researchers to make comparisons of various interactional practices.

Current technology allows researchers to combine audio and video recording when collecting data. Such a combination allows researchers to capture the vocal and nonvocal elements of interactions. Transcribing data allows researchers to analyze interaction practices and present the collect data. One major objective when transcribing data is to preserve as much details as possible and to present the transcripts in a simple form to the audience. Once data is generated, the next step involves analyzing the collected data. The first step in data analysis is to observe the data without any agenda or motive. In this pathway to data analysis, the researcher simply identifies interactional practices and their outcome. Some of the practices observed at this stage may not be significant to the analysis but in most cases, the major findings of conversation analysis are identified at this stage.

Another approach to data analysis is to identify actions that are part of the participants’ cultural background. Individuals will deploy and respond in a certain way when in a familiar setting. The grounded analysis of the generated data is based on the participants’ understandings and orientations. In this case, the researcher observes how participants react or respond to the phenomena under study. Responses reveal how a participant interprets the previous move or question. The response will indicate is the move was clear or unclear to the participant. However, researchers cannot solely rely on responses because responses are at times unclear or vague. This means that a researcher may not always establish a participant’s understanding on the previous event, action, or question by observing the participant’s response. Observing how a participant deploys a certain practice helps in overcoming this challenge. A researcher can establish the meaning and importance of a given interactional practice by observing how participants deploy it in different environments and positions.

Conversation analysis involves a collection of different cases of interactions, as opposed to relying on observations made in a single talk. Thus, researchers in this field analyze numerous cases systematically before drawing any conclusions on interactional practice. The systematic analysis of various cases of interactions begins by including all clear and deviant cases in the analysis. Researchers do not ignore deviant cases or consider them as errors but instead, the deviant cases are analyzed as well. In some cases, deviant cases introduce other parameters of the phenomenon under study and prompt researchers to carry out further investigations into the new parameters. The analysis of deviant and clear cases leads to a richer understanding of the phenomena understudy. Researchers may utilize the methods outlined in this article, and rely on previous studies to understand the organization of human interactions and their interactions with social settings.

References
Claymann, S, E., & Gill, V, T. (2012). ‘Conversation Analysis.’ In Gee, P., & Handford, M. (2012). The Routledge Handbook of Discourse Analysis. New York: Routledge

Conversation Analysis 1

Software Development

According Erlichson (2013), “there are two sets of costs to running online classes: the capital cost of buying the equipment and the variable cost of the labor”. Capital cost refers to the amount required to get all the necessary documents and equipments to run the classes. On the other hand, variable cost refers to expense in relation to activities such as administrative and teaching. This is an indication that without proper funding the running of the online classes might prove to be highly difficult.

In order to achieve the best overall results in relation to online classes it is critical to come up with the best software that will capture all the required information. This is from registration of the students, teachers and other staff, to data and information of the subjects being taught. There are a number of different ways in coming up with software or in software development; this is likened to the diverse views of different political parties on how to run a given country. In some cases, the designers adapt the structured, engineering-based approach to developing solutions in particular to businesses. On the other hand, there are some who adapt the incremental approach, where software changes over time as it is developed piece-by-piece. In this sense it is therefore, critical to know which approach to take when coming up with online classes (Dan, 2002). This study is going to try and answer some of the following questions what factor to consider when choosing software? The type of relationship that will be formed between the software and the overall goal of the organization

Some of the factors that a person is required to considered in choosing software include; duration for which the software will be in use, the cost of coming up with the software and implementing, the capacity of the software in terms of data and purpose of the software. From a general perspective, software is considered to be a form of solution to dealing with given situations or challenges in relation to a person, organization or country at large. In relation to online classes, when coming up or developing software, a person should adopt engineering based approach rather than the piece-by-piece approach. This is based on the fact that in online classes, the objective and the goals are already set. In addition to this, taking into account the costs that a person will incur in coming up with the classes, it would be wise to do away with the capital cost upfront. In analyzing the piece-by-piece approach it is an indication tat the capital cost will be recurring for regular updates and development of the software.

According to Edward (2005), it is critical to take in to account that when developing a software it cannot be combined to a single framework because it has too many dimensions. In this sense, it is critical for a person to make certain the software they have chosen can evolve in a manner that will sustain its inbuilt multi-dimensionality. Therefore, a person must make certain that the diverse dimensions change in a dependable way together. Based on the idea that online classes has so many dimensions, this will give the developer a platform on how best the software can be made adaptable to all the dimensions without taking up too much space, time or cost. When coming up with the software it is important to consult with professionals so as to get the best overall results in terms of efficiency and effectiveness. Moreover, this will ensure that the software has a relatively longer lifespan. In the case where software malfunctions or breaks down it will result in numerous damages which might prove high complex in relation to online classes.

In the current modern world, technology is considered to have taken over and this has given way to such things as online classes. In the past the idea of distant learning was considered to be complex as there was little to no one on one interaction with the teachers and/or other students whom might be taking the same course. However, this has changed with technology and introduction of online classes, but this is met with the challenge of which is the best way to ensure that the number of students is significant and what ways to provide multiple classes.

This is where the idea of software development is critical (Robert 2006). Coming up with a software that will capture most of the challenges that are linked to online classes is critical in an effort to achieve success. In this sense the idea of MOOC is important as it will give a large group of people the opportunity to learn given skills or subject regardless of the location in which they are. In addition to this, coming up with an effective and efficient software will create a platform where more people will be able to access the classes and they can be easily taught and monitored.

References
Dan Conde (2002). Software product management: Managing software development from idea to product to marketing and sales.
Edward Hasted (2005). Software that sells: A practical guide to developing and marketing your Software project. Routledge
Erlichson A. (2013). Cost of teaching online classes. Retrived from http://edblog.mongodb.com/post/41073812219/costs-of-teaching-online-classes
Robert K. W. (2006). Effective Software management. New York: Palgrave Macmillan.

SOFTWARE DEVELOPMENT 4

Project Viability Analysis

Question
Capital investment: $200,000 (price of land)
$140,000 (modular houses)
$22,500 (startup expenses)
$90,000 (Working capital)
Total capital investment = $452,500
Depreciation of modular houses: (70,000-5,000)/12 = $5416. 67
Total depreciation for both greenhouses: 5416.67*2 = $10,833.34
Year 1
Revenue: $380,000
Expenses: $250,000 (variable costs)
$45,000 (overhead)
$10,833.34 (depreciation)
Total expenses = $305,833.34
Taxable income (380,000 – 305,833.34) = $74,166.67
Income tax (11%) = 0.11*74,166.67 = $8,158.33
Net income = $66,008.34
Cash flow
Net income $66,008.34
Depreciation $10, 833.34
Incremental Working capital $90,000
Total cash flow $166,841.68
Year 2
Revenue: $380,000
Expenses: $245,000 (variable costs)
$45,000 (overhead)
$10,833.34 (depreciation)
Total expenses = $300,833.34
Taxable income (380,000 – 300,833.34) = $79,166.67
Income tax (11%) = 0.11*79,166.67 = $8,708.33
Net income = $70,458.34
Cash flow
Net income $70,458.34
Depreciation $10, 833.34
Incremental Working capital $90,000
Total cash flow $171,291.68
Year 3
Revenue: $380,000
Expenses: $240,000 (variable costs)
$45,000 (overhead)
$10,833.34 (depreciation)
Total expenses = $295,833.34
Taxable income (380,000 – 295,833.34) = $84,166.67
Income tax (11%) = 0.11*84,166.67 = $9,258.33
Net income = $74,908.34

Cash flow
Net income $74,908.34
Depreciation $10, 833.34
Incremental Working capital $90,000
Total cash flow $175,741.68
Year 4
Revenue: $380,000
Expenses: $235,000 (variable costs)
$45,000 (overhead)
$10,833.34 (depreciation)
Total expenses = $290,833.34
Taxable income (380,000 – 290,833.34) = $89,166.67
Income tax (11%) = 0.11*89,166.67 = $9,808.33
Net income = $79,358.34
Cash flow
Net income $79,358.34
Depreciation $10, 833.34
Incremental Working capital $90,000
Total cash flow 180,191.68
Year 5
Revenue: $380,000
Expenses: $230,000 (variable costs)
$45,000 (overhead)
$10,833.34 (depreciation)
Total expenses = $285,833.34
Taxable income (380,000 – 285,833.34) = $94,166.67
Income tax (11%) = 0.11*94,166.67 = $10,358.33
Net income = $83,808.34
Cash flow
Net income $83,808.34
Depreciation $10, 833.34
Incremental Working capital $90,000
Salvage value $280,000
Total cash flow $464,641.68
Internal rate of return
Net Present Value = -452,500+ 166,841.68/(r+1)1 + 171,291.68/(r+1)2+ 175,741.68/(r+1)3+ 180,191.68/(r+1)4+464,641.68/(r+1)5=0
This is the equation for finding the internal rate of return
Replacing (r+1) with x, the above equation can be rewritten as
452500×5+166841.68×4+171291.68×3+175741.68×2+180191.68x+464641.68=0
The above polynomial equation can be solved using a calculator where the value of x is found to be 1.048. Solving the value of r, the answer is found to be 4.8%. This value is small compared to MARR hence the project is not worth investing in since it has low internal rate of return
Case Two: Considering Inflation
Inflation has a number of effects to various components of that determine the net cash flow. First, it tends to reduce the purchasing power for money, meaning that for those with long term loans, they tend to repay these loans at a lesser value than when they borrowed. Inflation also tends to cause an overstatement of the taxable income, which results to higher taxes to for the taxpayers. It also results to an increase in the cost of working capital since it means that additional investment must be made in order to the new price levels.
In the case of Jo brown, inflation had some effect too. The case is re evaluated while considering inflation. In the analysis, inflation will affect revenue, expenses, salvage value and working capital.

Changes in revenue and salvage value:
The revenue and salvage value are supposed to follow inflation. However, due to the nature of the contract that she holds, these parameters will not increase as a result of inflation.
Changes in expenses
Year 1: 250,000(1.03) = 257,500 (Variable costs)
45,000(1.02) = 45900 (Overhead)
Year 2: 252,500(1.03) = 260,075
45900(1.02) = 46818
Year 3: 255075 (1.03) = 262727.25
46818 (1.02) =47754.36
Year 4: 2257727.25(1.03) = 265,459
47754.36 (1.02) = 48709.45
Year 5: 260,459(1.03) =268,272.84
48709.45 (1.02) = 49683.64
Changes in working capital
Year 1: 90,000(1.03) = 92700
Year 2: 92700(1.03) = 95481
Year 3: 95481 (1.03) = 98345.43
Year 4: 98345.43 (1.03) = 101295.8
Year 5: 101295.8 (1.03) =106360.6
Changes in the value of land
The value of land is appreciating each year at a rate of 5% per year. The new yearly land values are:
Year 1: 200000(1.05) = 210000
Year 2: 210000(1.05) = 220500
Year 3: 220500(1.05) = 231525
Year 4: 231525 (1.05) = 243101.25
Year 5: 243101.25(1.05) = 255256.3125
Cash flow for year 1
Revenue: $380,000
Expenses: $257,500 (variable costs)
$45,900 (overhead)
$10,833.34 (depreciation)
Total expenses = $314,233.34
Taxable income (380,000 – 314,233.34) = $65,766.67
Income tax (11%) = 0.11*65,766.67= $7,234.33
Net income = $58,532.34
Cash flow
Net income $58,532.34
Depreciation $10, 833.34
Incremental Working capital $92,700
Total cash flow $162,065.68
Cash flow for year 2
Revenue: $380,000
Expenses: $260,075 (variable costs)
$46,818 (overhead)
$10,833.34 (depreciation)
Total expenses = $317,726.34
Taxable income (380,000 – 317,726.34) = $62,273.67
Income tax (11%) = 0.11*62,273.67= $6,850.1
Net income = $55,423.57
Cash flow
Net income $55,423.57
Depreciation $10, 833.34
Incremental Working capital $95,481
Total cash flow 161,737.91
Cash flow for year 3
Revenue: $380,000
Expenses: $262,727.25 (variable costs)
$47,754.36 (overhead)
$10,833.34 (depreciation)
Total expenses = $321,314.95
Taxable income (380,000 – 321,314.95) = $58,685.05
Income tax (11%) = 0.11*58,685.05= $6,455.36
Net income = $52,229.7
Cash flow
Net income $52,229.7
Depreciation $10, 833.34
Incremental Working capital $98345.43
Total cash flow $161,408.46
Cash flow for year 4
Revenue: $380,000
Expenses: $265,459 (variable costs)
$48,709.45 (overhead)
$10,833.34 (depreciation)
Total expenses = $325,001.79
Taxable income (380,000 – 325,001.79) = $54,998.21
Income tax (11%) = 0.11*54,998.21= $6,049.8
Net income = $48,948.41
Cash flow
Net income $48,948.41
Depreciation $10, 833.34
Incremental Working capital $101295.8
Total cash flow $161,077.55
Cash flow for year 5
Revenue: $380,000
Expenses: $268,272.84 (variable costs)
$49,683.64 (overhead)
$10,833.34 (depreciation)
Total expenses = $328,789.82
Taxable income (380,000 – 328,789.82) = $51,210.18
Income tax (11%) = 0.11*54,998.21= $5633.11
Net income = $45,577.06
Cash flow
Net income $45,577.06
Depreciation $10, 833.34
Incremental Working capital $106,360.6
Salvage value $80000
$255256.3125
Total cash flow $498,027.3
Internal rate of reward
In order to find out the internal rate of reward, the following equation is developed
NPV= -452500 +317.76.34/(r+1)1+161737.91/(r+1)2+161408.46/(r+1)3+161077.55/(r+1)4+
498027/(r+1)5 =0
Replacing (r+1) with x in the above equation, it yields the equation below
452500×5+317726×4+161737.91×3+161408.46×2+161077x+498027=0
Solving the above polynomial, the value of x is found to be 1.1192, hence r is 11.92%. This is approximately the MARR value that the market operates with. It can be concluded that after inflation, the business is viable.

Surname 12

Media Effects on Children

Introduction
From the time television first appeared in the country’s living spaces in the center of the last century, research analysts have raised concerns regarding over its effect on the viewers who are minors, in this case children according to the observations made by (Kirkorian, Wartella, and Anderson). Recently, this issue has extended to other digital screen media, including computers and movie gaming consoles. Although scientists still have much to understand, they have provided information on the links between digital media, especially TV, and children’s studying and intellectual abilities. The message is clear: most (if not all) media outcomes must be considered in light of media content.

With respect to growth, what children observe is at least as essential as, and probably more essential than, how much they observe. Although the underlying mechanisms driving interest to movie appear to be the same in grownups and infants as younger as three months, some analysis has discovered differences in the methods in which younger and mature audiences observe professionally produced movie.

Media and its contribution to aggressive actions in children
The Australia Psychological Society made research findings that established that watching film filled with aggressive television content can and does influence children’s feelings, behaviour and behaviour; it is generally agreed that prolonged visibility to TV assault is one of a variety of factors which lead to children being more likely to display aggressive actions in both the short-term and the long-term. Secondly, some children enjoy, and develop an appetite for, viewing aggressive content. Another proposition is that viewing assault on TV leads to immediate problems and worry in many children (APA).

Other outcomes that have been established by scientists include the truth that; many children retain longer-term repeated disturbing remembrances from considered violence; visibility to media assault can promote values that aggression is an acceptable and effective actions, can induce anxiety and stress and the belief that the world is “a mean and scary place”; continual visibility to media assault increases the likelihood that children will be desensitised to real violence; age and sex are essential impacts on the nature of the consequences, with younger children likely to be more susceptible to studying from TV.

The public perspective of viewing is essential in determining the consequences of visibility to aggressive television; e.g. if an mature helps the children understand and review the considered content, the side outcomes are reduced according to (Huesmann, and Taylor 393-415). Violent films and applications that probably have the unhealthiest outcomes on children are not always the ones that grownups and experts believe are the most aggressive, the authors point out. “Violent scenes that children are most likely to model their actions after are ones in which they identify with the criminal of the assault, the criminal is compensated for the assault and in which children perceive the scene as telling about life like it really is,” according to the scientists. “Thus, an aggressive act by someone like Dirty John that outcomes in a legal being removed and brings glory to John is of more issue than a bloodier killing by a wretched legal who is brought to justice”(Sigman)

Results show that men who were great TV-violence audiences as children were considerably more likely to have pushed, got or pushed their partners, to have addressed an offend by pushing a individual, to have been discovered guilty of a criminal activity and to have dedicated a shifting visitors breach. Such men, for example, had been discovered guilty of criminal offenses at over three periods the amount of other men. Females who were great TV-violence audiences as children were more likely to have thrown something at their partners, to have addressed someone who made them mad by pushing, punching, beating or choking the individual, to have dedicated some type of legal act, and to have dedicated a shifting visitor’s breach. Such women, for example, revealed having hit, beaten or blocked another mature at over four periods the amount of other women.

Media and its outcomes on Behavior and emotional issues in children/teens
Early analysis looking at the part of the media in consuming disorders focused on the decreasing bodyweight eventually of the designs, stars and elegance contest participants who are held up as values of elegance. A variety of analysis have documented the trend of improving slimness in Playboy journal centrefolds, Skip The America Contestants, and style designs between the 1950’s and the Nineties. During the same period there has been a significant improve in bodyweight in United States and Canada women, thus creating an ever improving difference between the media perfect and the actual bodily proportions of Northern United states women.

Magazine articles, TV shows, and ads have also created a public perspective that may promote whole body discontentment and disordered consuming ladies and some women. Improve in ads for consuming plan meals and consuming plan items for the decades 1973–1991. In comparing demands on people, showed that female’s publications contained 10.5 periods as many consuming plan promotions as male’s publications. Overall, analysis has revealed that as advertisements for consuming plan meals and consuming plan items have improved, the whole body sizes of Playboy journal centrefolds Skip the America participants, style designs and women stars have reduced, while the bodyweight of the common Northern United states woman has improved.

Not only do the media glorify a slimmer perfect, they also highlight its significance, and the significance of performances in general. Naomi Hair claims that our lifestyle disembowels women by holding them prisoner to an unattainable elegance perfect. The multi-billion dollar elegance industry depends on a powerful emphasis on the value of elegance and performances for ladies, because this supports a consumption-based lifestyle in which the answer for any issue can be achieved by purchasing promoted items for improving one’s appearance. There is plenty of proof indicating that the media glorify slenderness and weight-loss and highlight the significance of elegance and performances (Spetiggue, and Henderson ).

Other research studies suggest that about 83% of adolescent ladies normally spend their time reading publications for an average period of about four hours on a weekly basis. This is reflected by the findings across 17 separate journals which had estimated an average of about eleven million readers of female magazines and fashion newspaper. It appears that style and elegance publications considerably affect the process of identification growth in younger ladies, especially with regards to gender-role studying, identification formation, and the growth of values and values (Sigman ).

In one study, the variety one wish of ladies older than eleven to about seventeen years of age who were given three magic wishes for anything they wanted was “to shed bodyweight and keep it off. In another study, middle-aged women were asked what they would most like to change about their lives, and more than 50 percent of them said “their bodyweight. This pervasive whole body discontentment and preoccupation with bodyweight has become part of the women experience in Northern America; so much so that “psychologists have created the phrase ‘normative discontent’ to explain the idea that it is regular if you are a women to be disappointed with your bodyweight.

How media can cause being overweight in children and teens
Obesity represents an obvious and present danger to the wellness of children and youngsters. Its occurrence among United States youth has doubled in the past 3 decades, and there are now more overweight and obese grownups in the United States than grownups of regular bodyweight. However, being overweight is also a worldwide problem; rates are improving in nearly every country. It is increasingly obvious that the media, particularly TV, play an important part in the aspect of being overweight. As a result, many countries are now establishing new regulations for marketing to children on TV, and many government wellness agencies are now giving recommendations for mother and father regarding how long children invest viewing TV.

The most unfortunate bit is that there is recently updated information that directly links television viewing with the aspect of being overweight. There are various methods that viewing TV could be contributing to obesity: (1) improved sedentary activity and displacement of more physical pursuits; (2) harmful way of consuming learned from both the development and the ads for harmful foods; (3) improved snacking actions while viewing; and (4) disturbance with regular sleep patterns. However, most scientists now agree that the proof linking excessive TV-viewing and being overweight is powerful.

Meals and drink marketing is frequently broadcasted during children’s TV development and much of the meals being promoted are of low great quality. Now, an old tool in the advertiser’s arsenal – item positioning – is getting new interest. Product positioning is the paid presence of labelled items in films and is proving to be a potent source of marketing to children. At some point when children and youngsters are already not getting enough of the daily recommended nutrients, item positioning provides yet another medium to promote energy-dense, vitamin inadequate meals (Lisa, and Mackenzie).

As revealed in the February 8th, 2010 online edition of Pediatric medicine, the occurrence of item position of meals drinks and restaurant brands in 200 of the top grossing films during the 1990s to about 2005. It was discovered that the majority of the product positions were for energy-dense, nutrient-poor meals or items. Sugar-sweetened drinks, especially energy drinks like soda, included the largest proportion of all of the foodstuff item product placements (Pediatric Centre); one out of four product performances were a sugar-sweetened drink. A surprising variety of product-placements for low great quality drinks and food were discovered in films targeted specifically to youngsters and youngsters. One third of G-rated films, more than 50 percent (58.5%) of PG-rated films, and almost three quarters (73.2%) of PG-13–rated films had product performances. Six companies included almost 50 percent of all product positions – PepsiCo, Coca-Cola, Nestle USA, McDonald’s, Dr. Pepper/Snapple Group and Burger King.

Conclusion
Many analysis have connected media use with intellectual skill growth and academic accomplishment, with most thorough analysis strongly suggesting that content is the most essential mediating factor in that relation. Although the finding is particularly true for TV, it is likely to be essential for interactive media as well. There is powerful proof that children mature than two understand from academic media, and there is moderate proof that visibility to academic TV during the pre-school decades is positively connected with various measures of academic accomplishment even ten decades later.

Regular proof also indicates that beginning visibility to purely entertainment content, and media assault in particular, is negatively associated with intellectual abilities and academic accomplishment. Research outcomes regarding the advantages associated with visibility to high-quality, age-appropriate, academic media offer manufacturers of child-directed media an essential opportunity to capitalize on plenty of time that children mature than two invest using these media. Actually, both manufacturers and mother and father can take steps to improve the good outcomes of media and minimize adverse ones. Research should guide the production of applications that promote studying and transfer. Regular proof indicates that mother and father can also improve the advantages of media by selecting age-appropriate, educational applications and viewing together with their children.

Works Cited
APA, . “Childhood Exposure to Media Violence Predicts Young Adult Aggressive Behavior, According to a New 15-Year Study.” (2003): n. page. Web. 13 Dec. 2013. <http://www.apa.org/news/media /releases/2003/03/media-violence.asp&xgt;.
Huesmann, L, and M Taylor. “The Role of Media Violence in Violent Behavior.” Annu. Rev. Public Health. (2006): 393-415. Web. 13 Dec. 2013. <http://www.thepci.org/articles/The Role of Media Violence in Violent Behavior.pdf>.
Kirkorian, H, E Wartella, and D Anderson. “Media and Young Children’s Learning.” (2003): n. page. Web. 13 Dec. 2013. <https://www.princeton.edu/futureofchildren/publications/docs/18_01_03.pdf>.
Lisa, A, and T Mackenzie. “Obesity, Diet, and Activity.” (2013): n. page. Web. 13 Dec. 2013. <http://hoodcenter.dartmouth.edu/FoodProductPlacement.html>.
Pediatric Centre, . “Understanding the Impact of Media on Children and Teens.” (2008): n. page. Web. 13 Dec. 2013. <http://www.thepediatriccenter.net/docs/brudenell/UnderstandingtheImpact.pdf>.
Spetiggue, W, and K Henderson. “Eating Disorders and the Role of the Media.” Can Child Adolesc Psychiatr Rev. 13.1 (2004): n. page. Web. 13 Dec. 2013. Sigman, A. “The Impact Of Screen Media On Children: A Eurovision For Parliament.” (2004): n. page. Web. 13 Dec. 2013. <http://www.ecswe.org/downloads/publications/QOC- V3/Chapter- 4.pdf>.
The Australian Psychological Society, . “The Effects of Violent Media on Children .” (2000): n. page. Web. 13 Dec. 2013. <http://www.psychology.org.au/assets/files/effects_of_violent_media_on_children.pdf>.

Surname 2

A construction related fall accident

Scaffold is known to be a temporary structure used for holding employees and materials in the process of erection, repair, or decoration of a building. In most cases, scaffolds are employed frequently for working at heights and there is the possible risk for an individual working on a scaffold to fall from an incomplete scaffold during the erection and dismantling of a scaffold. Scaffolds can be exposed to fall hazards at the time of the placement or removal of scaffold plants, from the open directions or ends of the scaffold, or in climbing from one lift of the scaffold to the next lift.

According to Heckmann (2009), occupational safety and health administration (OSHA) has found that 60percent of construction workers work on scaffolds often. Therefore, it is not startling that some of the widespread accidents at construction locations entail scaffolds or other forms of lifts, hoists, or ladder. Statistics emphasize that these forms of accidents are the most serious in terms of strictness or injuries. This can result construction employee`s falls from substandard, inappropriately fitted, or unreasonable safe scaffold equipment. Such accidents may also result from a worker`s failure to ensure the use of protective tools, and also by objects falling onto employees from scaffolds, lifts, as well as ladders. Falls are noted to be the leading cause of traumatic occupational death. For instance, fatal falls from scaffolds have been recognized to cause about 19 percent of all falls from elevations in the construction industry.

A Review and Analysis of the Scaffold Fall Accident in Construction Industry
Research shows that there are impermanent constructions needed for construction projects in construction industries that subject employees and others to significant risks (Heckmann, 2009). Contractors are needed constantly to conduct construction in controlled work places close to or open public places. This develops a safety and liability issues for contractors, their workers, and the public as whole. Luckily, accidents entailing the public are not common. regrettably, accidents entailing the contractor`s own workers, and those of the subcontractor`s workers are all too widespread. Projects to be erected are cautiously evaluated and checked for general safety during the preparation procedure by engineers.

Nevertheless, the approach of construction usually is left up to the service provider. This approach of construction states the nature and style of impermanent structures needed. A significant number of contractors do not suitably plan these impermanent structures, but instead depend on experience from other projects and frequently reuse resources for these constructions. This second billing of impermanent structures regularly puts it into a grey location with project management and never attains the appropriate concentration it deserves. Therefore, injuries, violations of occupational safety and health act, and possible danger for those involved with the construction projects are encountered as a result of this lack of concentration.

Scaffolding, as employed in the construction industry, is defined as a momentary work podium used to place the employee in the appropriate point to complete the assigned work. Scaffolding is the most common among the variety of temporary structures used in construction. Research shows that scaffold varies from pre-engineering assemblage of metal tubes to wood post scaffolds and can be either immobile or movable. With reasons and limitations on every form of scaffold, the prospective for mishandling is immense when contractors carry out conflicting projects.

The severity of the hazard caused by scaffolding cannot be belittled. There are various categories of scaffolding accessible and the exceptional safety concerns of each. Examples of scaffolding categories include hanging scaffolding. This form of scaffolding usually comprises of a two point suspension system sustained from outriggers attached from overhead. Both manual and mechanically operated hoisted instruments are used to make necessary vertical adjustments. Another category of scaffolding includes stationary scaffolds, which is a self-sustaining structure that can stand separately or obtain creative support from an accessible structure. Special scaffolds are exceptional hanging or stationary systems needed for extraordinary construction functions. On the other hand, movable scaffolds are systems sustained on the ground and proficient of comparatively uncomplicated movement by hand or motor.

Causative Factors Associated With the Scaffold Fall Accident
To begin with, scaffolds are essential equipment in any construction site, for this reason, depending on the number of subcontractors on the site; the scaffold may be used by more than one sub contractor on site. As a result, this may lead to over load to the equipment and thus, the scaffold would be unstable to cause fall accidents at the end. Other than over load, sharing of the scaffold may lead to over crowding in one area and this may cause the people working around each other, like a painter, and a plumber to accidental push another person causing the affected person to fall.

Secondly, in areas where a grading subcontractor and a masonry subcontractor use the same area, the masonry subcontractor, may be using the scaffolding and accidentally the grading subcontractor strikes the base of the scaffold with the grader causing the masonry subcontractor to fall. On the other hand, scaffolding equipment needs a prefect installation, thus when the equipment is wrongly installed by unqualified personnel, this may lead to abnormal functioning of the equipment. Abnormal functioning comes because of poor study of the maximum load the equipment can handle, and unrelated safety code of the equipment. This would result to accidents when the scaffolding is used in construction sites. Because of poor designs by unqualified personnel, it may use levels that are not accessed easily, causing difficulties in using the equipment and eventually accidents may occur in the process.

Many accidents may occur while using scaffolding that are not installed properly with good fall protection; guardrails, safety harness, and bracing. Another causative factor that leads to most fall accidents in regard to the use of scaffolds, may be contributed by minor but imperative factors. This factor is associated with failure by the subcontractor who installed the scaffolding, the subcontractor fails to inspect the equipment before any work commences. These behaviors may cause accidents as safety information in regard to the use of the scaffolding is not given out to the citizens using it. On the contrary, there are other factors that pose risks to the use of scaffolding leading to eventual falls. These risks may be brought about by careless workers who work on slippery floors at heights that are risky when one falls. Electrical hazards because of using poorly insulated electrical cords while welding may cause accidents and eventually fall accidents on the scaffolding.

According to studies, many scaffolding fall accidents occur because of negligence by the concerned individuals or supervisors who fail to inspect the scaffolding before and during use. These acts may cause accidents as the users may not concentrate fully on the safety or stability of the work place including the scaffolding. Negligence may also lead to people on site to not fastening the scaffolding safely for stability before commencing the work. This behavior would lead to fatal accidents when the scaffoldings are used. Therefore, according to the occupational safety and health administration assessment reports, a considerable number of accidents can be attributed to deficiencies or failures of the scaffold. Various accidents on scaffolds injuries occur because of malfunction or the slide of the planking employed as the work podium. Employees sliding on debris or other material on the scaffold work, and employees being struck by falling objects, accounts for the greater part, of other scaffold accidents. It is noted that, if a scaffold is correctly developed, has enough fall protection, and is maintained clean, majority of accidents can be eliminated.

A Sample Fall Protection Program Developed To Suit Only Type of Work Being Performed In the Scaffold Accident
In the construction industry, scaffold injuries are the leading cause of employee losses. Every year, approximately 160 and 200 employees are killed, and more than 90,000 are injured as a result of falls at construction location. Occupational safety and health administration acknowledges that accidents involving scaffold falls are multifaceted events often comprising of the majority of factors. Therefore, the customary for fall security deals with both the being and tool-related issues in providing employees from scaffold risks. Occupational health and safety administration has revised its construction industry safety principles and created systems and processes planned to prevent workers from falling off, onto, or through working levels.

It also aims at protecting workers from being hit by falling objects. The routine-oriented needs make it effortless for managers to offer essential protection. The fall protection program covers most construction employees using scaffolds. The program recognizes areas or practices where scaffold fall protection is required. The program sets a uniform threshold height of six feet, thus offering reliable protection. This implies that construction managers must protect their workers from fall hazards and falling objects. Protection should also be guaranteed for construction human resources who are rendered to the peril of falling into unsafe tool. Under the principle, construction managers are able to choose fall protection procedures companionable with the nature, of work being performed. Scaffold fall protection can be offered through the use of guardrail systems, safety net systems, individual fall arrest systems, positioning instrument system, as well as warning line systems. Protection program under the occupational safety and health administration categorizes what a construction manager must do to offer scaffold fall protection for workers. These include recognizing and assessing fall risks and offering a training.

According to scaffold protection program, all employees erecting moving or dismantling a scaffold must be experienced in these practices, and protected from falling risks. This protection is the best rational or sensible as determined by the trained individual in charge of the process. Accordingly, overhead clearance from power lines or other potential overhead risks must be assessed before erecting or shifting a scaffold. Standard scaffold access approaches have to be included immediately during the erection process. The available podiums where the erectors or dismantlers are working have to be left in place until the next stage of vertical poles is placed, braced, and have been plat formed. If moveable, ladders are employed in order to access working levels of a scaffold. This makes them to be secured from shifting by tying at the top and bottom of the ladder.

The protection program also emphasizes that all scaffolds must be examined before every work move, and after any event that could cause the structural reliability of the scaffold. Scaffolds are not supposed to be loaded with loads beyond their capability to hold safely. In addition, any scaffold that has been made weak or broken must be repaired or replaced before any employees are permitted to use it. Scaffold should be kept at a safe working distance from power lines. Secure, working distance does not relate to conditions where a scaffold is being used for work being carried out on electrical lines, but this task may be performed by qualified electricians.

The protection program also emphasizes that; scaffolds must be kept clean of debris, extra amount of materials or equipment, ice, or any other slippery resources. It is also vital that employees are not permitted to work during terrible weather. Additionally, ladders or any other similar equipment is not used on scaffolds as a way of escalating the working height of workers. Instead, control or tag lines should be used to control hanging loads of resources or devices being shifted to a scaffold with an overhead chain or the stripe. The program proposes that scaffolds must entirely be grounded when electric soldering is being performed on the scaffold. The grounding must also comprise potential current trails through structures the scaffold is attached to, and any current trails developed through wires or other matter hoisting functions.

All recruits have the right to be safeguarded from falling dangers anytime they have a task on scaffold higher than one level. Guardrail system has to be used on the scaffold as a standard fall protection. However, in case a guard rail is not practical or may cause safety hazard, an individual fall arrest system may be employed to provide protection to workers from falling dangers. These personal falls arrest systems are limited to precise places of the scaffold where guardrails cannot be employed, but will be used in other locations. Individual fall arrest systems will be attached by lanyard to the scaffold structure, vertical or horizontal lifeline. For instance, vertical support should be safeguarded to a fixed secure position of anchorage self-sufficient of the scaffold and safeguarded from pointed edges and scrape. On the other hand, horizontal support should be safeguarded to two different points of the scaffold. Guard rail systems have to be fitted on all open areas of the scaffold.

According to studies, efforts made by occupational safety and health administration to reduce accidents have resulted into stern enforcement of scaffold set of laws and advanced fines for replicate criminals. No party seems to be entirely resistant from accountability for safety on the building location. The potential for accountability should further highlight the significance of accident prevention. Instead of attempting to find contractual ways to stop accountability for project safety, the contracting organizations should concentrate on the general prevention of injuries.

Owners and planners, rather than shifting safety roles exclusively to the general service provider, should play a significant part with the main managers and subcontractors to guarantee the safety with impermanent structures. The key contractors are supposed to work closely with subcontractors in order to ensure a dedication to safety exists with all human resources on the work location. The long term profit may be completing the project without delays caused by accidents. Occupational safety and health administration should put into consideration, an extra proactive stand to enhance compliance with standards. With increased political pressure to decline or eradicate regulations, occupational safety and health administration, would be better attended to by investing in approaches to advance compliance with available rules instead of developing new ones. Thus, it is hoped that with increased emphasis on prevention, the possibility of accidents, as well as litigation occurring from injuries should considerably decline.

To this end, there are various recommendations that would be highly essential for a better working environment when using scaffolding. These recommendations include; proper construction of scaffolds, this would ensure the use of good and secure plunking that are strong, good or better footing, and proper bracing. Secondly, use of safety belts or lifelines could practically be to reduce fall injuries by a higher percentage and thus make the working environment more conducive and safe. In situations where frequent structural failures are anticipated, lifelines are more applicable and would be extraordinarily useful as far as safety is concerned. Scaffolds must be utterly grounded when electric soldering is being carried out on the scaffold.

The grounding must also encompass latent current trails through structures the scaffold is attached to, and any current trails developed through wires or other matter hoisting functions. Occupational safety and health administration should put into consideration an additional practical position to progress acquiescence with principles. With increased political force to turn down or eliminate set of laws, occupational safety and health administration would be better served by putting in advances conforming with accessible rules as an alternative of rising new ones. With all these recommendations and prevention programs in place, scaffold falls accidents can be prevented in construction industries.

In conclusion, this research paper aimed at dealing with scaffolds injury as a construction related fall accident. From research, it was recognized that scaffold is known to be a momentary construction used for holding employees and materials in the process of erection, repair, or decoration of a building. In most cases, scaffolds are employed frequently for working at heights and there is the possible risk for an individual working on a scaffold to fall from an incomplete scaffold during the erection and dismantling of a scaffold.

Scaffolds can be exposed to fall hazards at the time of the placement or removal of scaffold plants, from the open directions or ends of the scaffold, or in climbing from one lift of the scaffold to the next lift. in order to avoid falls from happening, it is vital to identify the causes of falls. For instance, with scaffold, the causes are not putting on a support line when needed and not properly constructing scaffold. However, the main causes of scaffold accidents, as recognized in this research includes lack of guardrails, improper construction inclusive of missing bracing, unsecure planking, as well as poor footing support. A considerable part of these inadequacies can be associated to the manager’s general safety program in addition to the issues of scaffolding.

References
Heckmann, J. (2009). Analysis of accidents relate to scaffolding and floor wall opening. New York, NY: Routledge.

Occupational Safety and Health 4

Running Head: Occupational Safety and Health

What purpose is served by analyzing the nature and distribution of power in a society?

In politics, analysis of power is important in understanding the people or institutions influencing the behavior of the society. Depending on how the political power is distributed in the society, it has a direct effect on the economic institutions used in the allocation of the scarce resources. In any given society, there is always conflict over the establishment of economic institutions and groups. Therefore, people with power will always establish their preferred economic institutions that are likely to ensure their needs as a society are met.

The distribution of power in the society comes within its social groupings; the first form of power to exist in society is always the de facto power. The second form of distribution of power is done through the institutionalization also known as de jure power. Some examples of the political institutions established to guide the distribution of power include democratic governments and dictatorship governments.
The distribution of power is critical in understanding how a society makes decisions on what policies to pursue. That is why a certain section of the society has the political power even without being allocated the same by the constitutions or political institutions. This explains why some section of the population in a country may revolt by use of arms or hiring mercenaries to fight the government on their behalf. In the civilized societies, people use this power to protest peacefully and stop the economy from operating normally until their wishes are listened to by the policy makers.

Even the de facto power has two sources; the first one is the ability of the group to resolves any conflict that may be between the members so as to act with one voice. The second source of power is the economic possession that will give the ability to either use or abuse the political institutions for its own purpose.
Some of the factors that determine the allocation of resources are the form of Government and the type of leadership. Democratic societies have much freedom while a dictatorship depends on the benevolence of the leader who has unrestricted powers.

These are the political institution and the economic institutions that plays significant role in the distribution of the resources in the society as a whole. The nature of the distribution of power directly affects the freedom of the citizens and discussions they can engage in determining the allocation of resources. For instance, when a constitutional institution places immense power in a single individual or just a small section of the population, the economic institutions ensures that the members of the society are free to trade and given the right to own and use property. This shows that the political power actually determines the economics of distribution of scarce resource since it can limit the choices available for the economic institutions.

The political power like all the other features in a society go through changes and thus societies can change from a dictatorship form of government to a democratic one. However this process happens slowly and takes a long period since it may involves demonstrations, civil disobedience and negotiations that change the constitution to restrict the powers of one individual or some section of the society.

An analysis of United Nations

Introduction
In peacekeeping, it is common to observe alliances between different especially in the aftermath of warfare. The United Nations is the world’s largest organization famous for its peace building, peace keeping, humanitarian assistance, social development efforts and promotion of economic development. The organization has 193 member countries with its headquarters situated in New York City. Although many people associate the United Nations with security efforts and peace keeping missions, there are many other reasons that lead to the development of the organisation.

This research paper will examine some of the internal and external factors that have lead to the establishment and growth of the United Nations and their effects. Since its inception in 1945 The United Nations (UN) has transformed into a global organisation with many effects on society. In the present day, the world economy has become globalized than before. The way states operate is not the same as they did decades ago. Due to lack of control and direction, international organizations have developed to unite people from all over the world.
Effects
Peace keeping operations and security

A fishbone diagram illustrating hoe peacekeeping is attained
Peacekeeping refers to the deployment of lightly armed soldiers from neutral countries into a region that is the preserve of cease-fire. Peacekeepers are only allowed to use weapons in self defence (Holmes, 1993, 329). The UN does not maintain its own military but it has peacekeeping forces supplied to the member states. Today, the UN Security Council sends peacekeepers to regions where armed conflicts are common. Deployment however takes place only with the approval of the general assembly. The operations are meant to discourage combatants from engaging in war again. It is because of its dedication to security operations and peace keeping that the UN won its prestigious award of the Nobel Peace Prize in1988.

The Human Security Report of 2005 indicated a decline in the number of genocides, wars and other forms of human rights abuse since the end of the cold war. The peacekeeping efforts by UN have been the main contributor to this decline in armed conflict. This has been achieved trough disarmament. Disarmament describes the act of limiting, abolishing or reducing weapons of mass destruction such as nuclear arms.

Despite the positive outcomes, there are also criticisms levelled against the UN. The organisation is bureaucratic in nature. This makes the enforcement of some resolutions slow. For example, the UN has 193 members states. This simply means that UN is not an independent organisation and therefore all the members should reach a consensus before a resolution is implemented. Disagreements concerning military actions are common. This may partly explain why the UN failed to control the 1971 atrocities in Bangladesh, Rwandan Genocide in 1994 and the continuing genocide in Darfur.

The UN has significant benefits to the pursuit of peace especially in war torn areas. The UN’s Conflict management mechanism and reintegration efforts for instance have reduced the threats of nuclear conflicts. Through its decolonisation movements for instance, the UN has contributed to the independence of 80 countries over the years (Gromyko & Gromyko, 2000, p70). Only half a century ago, the world comprised of territories ruled by colonial powers. The United Nations proclaimed that “the respect for the principle of equal rights and self-determination of peoples” was its core principle. Through decolonisation, the United Nations enabled these colonies to become independent self- governing states.

Social and economic development
The UN plays a very integral part in social and economic development of various countries. This is through the United Nations Development Program. The program is the largest supplier of technical grant all over the world. The UN however does not conduct its activities in isolation. It works with other bodies including World Health Organization (WHO), The UN Population Fund, UNAIDS, World Bank Group and The Global Fund to Fight AIDS, Tuberculosis and Malaria. As a means of monitoring its progress, the UN publishes the annual Human Development Index ranking countries in terms of literacy, poverty, life expectancy and education levels.

The UN has a future ambitious plan; the 2015 Millennium Development Goals of international development (Stokke, 2009, p.442). All the member states in collaboration with other international organisations have agreed to achieve these ambitious goals which are intended to reduce poverty levels, develop global partnerships, fight diseases and epidemics and eliminate child mortality. Currently, some of the members mostly in Europe have managed to attain the goals relating to poverty reduction, global partnership and eliminating preventable diseases. Although other members mostly in Africa and Asia are yet to achieve the targets, only the future can tell how the realisation of these goals will come to being.
The Economic and Social Council (ECOSOC) has enabled UN to promote social cooperation and economic development to a large extent. It gathers information, advices members and makes sound economic recommendations.

A fishbone diagram indicating how the United Nations achieves social and economic developmen



The main strategies of attaining social and economic development include promoting favourable trade relations, post conflict resolution, fighting absolute poverty, generating employment opportunities, social protection and environmental protection. The UN works through representatives in the respective countries. Through the development of infrastructural activities such as transport and communication is becomes easier to conduct international trade. The United Nations plays a critical role in spearheading economic reforms and improving infrastructure as a means of promoting trade. This is why the United Nations has come up with bodies that will oversee development activities in its member countries.

Causes
Failure of the League of Nations
The world war had devastating effects on the lives of many people. Prior to the establishment of UN, The League of Nations (LoN) was the international organisation responsible for promoting peace and international cooperation between various states in the world. League of Nations at the time was quite inefficient hence incapable of enforcing some sanctions and resolutions. The world therefore required an effective international body that would handle some of these challenges. LoN was finally dissolved in April 1946 and it transferred its missions to the United States of America and precisely New York City. This was the conception of the present day United Nations (UN) (Krasno, 2000, p.10).

Protecting human rights violation
As explained in the charter the main responsibility of the United Nations is to save the future generations from the negative effects of war as it was witnessed in the Second World War. Other additional aims include promoting freedom, justice, social and economic progress to the citizens of its member states. The organisation would reaffirm human rights by establishing equal rights for all persons. The General assembly adopted the Universal Declaration of Human Rights in 1948 as a standard for it operations. During its inception, the leaders had high hopes that UN would prevent conflict between nations in future. However, not all its hopes and aspirations have to been fully attained today. For example, the cold war of between 1947 and 1991 divided the world into hostile camps hence jeopardised the UN’s mission of restoring peace. Since then, various other military conflicts have continued rage in the world.

According to the United Nations, the best way of protecting human rights is by spearheading justice. The world cannot endure peace and stability without justice and application of the rule of law. The UN was also created to improve the judicial structures of its members. The organisation would seek to attain justice by drafting constitutions and providing training for officials. Currently, the UN provides technical assistance to its member countries during general elections. It is its responsibility to ensure that members of UN conduct peaceful free and fair elections within their countries. The International Court of Justice (ICJ) in The Hague is the key judicial organ of the UN. The purpose of this court is to adjudicate conflict or disputes between different states relating to state interference, ethnic cleansing and war crimes among others. The UN has deeply been concerned with matters of political freedom and reduction of wealth inequalities in the world.

Humanitarian assistance
The UN provides great humanitarian assistance to vulnerable communities. The main objective of humanitarian assistance is to reduce loss of lives, social disruption and any economic damage due to disaster. The atrocities of World War II lead to a consensus that a new organisation needed to be formed in order to control the occurrence of similar tragedies in future. The first humanitarian operation was in Europe during the devastating effects of the Second World War. It distributes food to drought stricken areas, safe drinking water, medical supplies, shelter and logistical support to marginalised areas. It is common to see UN humanitarian services to those displaced by war, famine, earthquakes or any other natural disaster.

Some of these disasters go beyond the capacity of national authorities especially in developing countries. The UN is still incorporating disaster preparedness and prevention into the member’s development plans. Apart from providing immediate aid to victims of emergencies the humanitarian action of the United Nations was intended to go beyond relief. Immediate relief is the first essential step followed by long term development and rehabilitation efforts. Social and economic development is the best form of protection against disaster.

Through the Office for Coordination of Humanitarian Affairs, the United Nations coordinates and mobilises assistance in response to international emergencies. During its inception there were many humanitarian concerns including plight of internally displaced people, refugees, and sexual violence as a weapon of far, food insecurity, HIV / AIDS, and other unpredictable environmental emergencies (United Nations, 2006, p.902). Today, the UN is a main provider of emergency reliefs and other long term forms of assistance.

Control effective use of energy resources
The United Nations acknowledges the fact that the discovery of atomic energy has brought many problems to the world. Energy is essential for economic development and no society can achieve stability without adequate energy resources. This is why the United Nations created the United Nations Atomic Energy Commission to establish a mechanism for controlling atomic energy and proliferation of nuclear weapons. This authority would control all uranium mines and processing facilities in the world. The united formed this independent body to lower conflicts and increase trust among states with nuclear powers. The main responsibility of the United Nations was to ensure that there is peaceful use of atomic energy. During the world Environmental Day of 2007, United Nations secretary General Ban Ki-moon publicly declared that the UN was determined to make sure there was effective use of energy and other resources. The main challenge in attaining sustainable development is selecting the best technology that is affordable and environmentally friendly (Moore & Pubantz, 2008, p. 2).

Enforcement of international law
The UN is an international organisation which is designed to enforce international law in member countries. The end of cold war brought new prospects and opportunities for enforcing international law. The United Nations was created as an ideal organisation for enforcing this law. The UN does this through economic sanctions, enforcing laws through national tribunals, multilateral enforcement by the United Nations Security Council and other international bodies. The enforcements apply mostly to issues dealing with human rights, arms control, environment protection, international trade and war crimes.

In the past, international law was not very effective in legal disputes across geographical boundaries. There was need therefore to create a free regulatory body across the world. Through the formation of the Security Council, the international community could enforce international law upon the members who violated the charter. From time to time, the UN through its bodies passes resolutions containing paragraphs like “calls upon” “requests” and “encourages.” These are called mandates. The mandates can be as little as undertaking research to as large as mounting peacekeeping operations. All these efforts are targeted towards enforcing international law. It is through law enforcement that the United Nations has been able to restore independence in 80 of its member states.

Conclusion
In conclusion, it is evident that the United Nations has achieved great prominence in the social arena. The UN has fostered human rights and stimulated economic development. The organisation has been deeply concerned with arms proliferation, underdevelopment, world poverty, political freedom, human rights violation and environmental protection. As discussed in this research paper there are many factors that lead to the establishment of the United Nations. These include failure of the League of Nations, widespread violation of human rights, the need to provide humanitarian assistance, the need to control energy resources and to promote law and order.

The consequences of establishing the United Nations have been the prevalence of peace and social and economic development. It is evident that the United Nations has played a critical role in improving the lives of people in the world. However, the central role of peacekeeping has been hampered by the prevalence of war and insecurity. With collaboration from relevant stakeholders, there is hope that the United Nations will achieve its goal of promoting the rule of law both at the national and international level.

References

Gromyko, A., & Gromyko, A. (2000). The United Nations: Linchpin of a multipolar world. Global Dialogue, 2(2), 65-77
Holmes, K. R. (1993). New world disorder: A critique of the United Nations. Journal of International Affairs, 46(2), 323-323
Krasno, J. (2000). A step along an evolutionary path: The founding of the United Nations. Global Dialogue, 2(2), 9-18
Moore, J. A., & Pubantz, J. (2008). Encyclopedia of the United Nations. New York: Facts On File.
Stokke, O. (2009). The UN and development: From aid to cooperation. Bloomington: Indiana University Press.
United Nations. (2006). Yearbook of the United Nations, 2004: Volume 58. New York: Dept. of Public Information/United Nations.
United Nations. Cooperatives in Social Development. Retrieved on November 27, 2012 from http://social.un.org/index/Cooperatives.aspx

United Nations 1

Post conflict reconstruction

Fighting poverty

Women empowerment

Self help groups

Cooperatives

Social & Economic Development

Trade Relations

Employment generation

Social Integration

Environmental Protection

Improving infrastructure

Economic reforms

Science & technology

Social & Economic Development

An analysis of the Health and Social Care Bill 2011

Introduction
According to Baggott, health describes the absence of a disease, an illness or a disorder. But the world health organization (WHO) goes ahead to expand the definition by adding that it is a state of complete mental, physical and social well being and not merely the absence of a disease (Baggott 1994, P.1).The provision of health and health related services have in the recent past become an area of economic and social concern in both developing and industrialized countries. These services have evolved in response to complex social, political and economic needs (Richards & Woodward 1977, P.9). In England, health constitutes the largest are of public expenditure and has grown significantly at rates above that of inflation in the recent years (Great Britain 2011, p.7). The challenges of funding health������������������������������������������������������������������������������������������������������������������� �c�a�r�e� �h�a�v�e� �c�o�m�p�l�e�x� �r�a�m�i�ûc�a�t�i�o�n�s� �o�n� �e�v�e�r�y� �s�y�s�t�e�m�;� �g�o�v�e�r�n�m�e�n�t�,� �c�o�m�m�i�s�s�i�o�n�e�r�s�,� �h�e�a�l�t�h� �c�a�r�e� �p�r�o�v�i�d�e�r�s�,� �p�u�b�l�i�c� �a�n�d� �t�h�e� �p�a�t�i�e�n�t�s� �t�h�e�m�s�e�l�v�e�s�.� �T�h�i�s� �s�i�t�u�a�t�i�o�n� �i�s� �a�b�s�u�r�d� �a�n�d� �t�h�e�r�e�f�o�r�e� �t�h�e� �d�e�p�a�r�t�m�e�n�t� �o�f� �h�e�a�l�t�h� �i�n� �E�n�g�l�a�n�d� �n�e�e�d�e�d� �a�n� �o�v�e�r�h�a�u�l�.� �H�e�a�l�t�h�c�a�r�e� �p�r�o�v�i�s�i�o�n� �i�n� �E�n�gland is chiefly provided by the country’s public health service, through the National Health Service (NHS) which provide healthcare to every permanent resident of the United Kingdom. Health care is normally free at any point of use but paid for from common taxation.
Since health care is a devolved matter, there are many disparities with the provisions for health services elsewhere in the United Kingdom especially across Wales. Though the public system controls healthcare provision in the region, private health care providers and a wide variety of other complementary and alternative treatments are also available for citizens willing to pay for treatment.

The National Health Service (NHS) in England caters for a population of up to 51million people and employs over 1.3 people. Traditionally, most funding was allocated by the department of Heath to Primary Care Trusts (PCTs) who purchased healthcare services from hospital, General Practitioners (GPs) and other providers on behalf of the local population. However the Health and Social Care Bill 2011 introduced reforms into the system (Great Britain 2011, P.4). The government embarked on these reforms to ensure to address what seemed like a number of longstanding issues governing performance and operations of the NHS. The health and social care bill 2011 is a major legislative plan underpinning some of the health and healthcare reforms in England. The bill was published in January 19, 2011 covering a number of contentious issues that this paper seeks to explore. The bill takes into account excellence and equity in the delivery of services. Equity is the state of being fair.

It is therefore, closely related to the ideals of justice and impartiality. In terms of health care provision, the basic sense of equity has to do with the fairness of treating people’s health without prejudice of the given person’s health at that moment. Apart from promoting equality, the bill also has provisions that will strengthen public health services and bring reforms to other bodies. The question as to why the health and social care is important is because healthcare is a major economic burden to England (Bevan, Helderman & Wilsford, 2010, 253).

An overview of the Bill
The Health and Social Care Bill 2011 is long and complex however, put this paper highlights some inequalities in the provision of healthcare. According to the Department of Health (DH), key provisions of Health and Social Care Bill 2011 cover the following themes;
Improving the quality of health care
Tackling inequalities in the provision of healthcare
Endorsing better integration of health and social care services
Diversifying choice and tackling competition
The responsibility of Secretary of State
Reconfiguring services
Establishment of new national health bodies
Pushing for research as a central function of health and social care services
Improving education and training

Tackling inequalities in the provision of healthcare
This paper focuses on the theme of tackling inequalities in the provision of healthcare. In healthcare, equity is defined as equal access to healthcare facilities by individuals in equal need. Recent research to health literacy has established the link between access to health care, educational attainments and social background. There is an inverse relationship whereby people in need of information about health are the least likely to access it (Farrington, Joe & Allen 2005, P.12).The bill aims at eliminating inequality in access to health care facilities for the public and employment inequality for potential employees. The main dimensions to inequality taken by the bill are age, race, disability, gender, sexual orientation, pregnancy/maternity, religion or belief and socio-economic status. The department of health issued a framework in which ensures all people are treated equally. A study on access to health services in England highlights the importance of all citizens especially those from disadvantaged backgrounds to be supported in exercising their freedom of choice to eliminate inappropriate use of acute health services in the country (DH 2011, P.5).

In an attempt to fight widespread inequality in the provision of health services, the health and social care bill 2011 has put in measures aimed at;
Increasing democracy accountability and public opinion. This is achieved by making the NHS more accountable to their patients and the public for instance by establishing Healthwatch, a new autonomous body that looks into complaints and scrutinizes the performance of every local health provider. The bill also brings reforms to health and care Arm’s-Length Bodies (ALBs).
Liberating provision of services by NHS. As mentioned earlier on, health services in England were mainly devolved and with the inception of the health services bill, NHS shall be more empowered in future. The NHS for instance will be able to commission services.NHS services. The bill aims at creating a free and independent board which shall be responsible for guiding commissioning and allocating resources.

The NHS commissioning Board will also provide day to day guidance on the running of the organization which initially was in the hands of the Department of Health. This may cut down on bureaucratic procedures of NHS by abolishing Strategic Health Authorities (SHAs) and the over 150 Primary Care Trusts (PCTs) by 2013. The primary goal of the reforms are to slash NHS management costs by up to 45%, reduce the number of arm’s length bodies and quangos like Human Fertilization and Embryology Authority and the Health Protection Agency (DH 2012, P.1).

Creating an independent National Health Service (NHS) Board which creates variety for patient’s personal choice, enhance competition for improving quality and reduce the high administration costs incurred by NHS. The government of England wants to cut down NHS’s administration costs by a third and the new organizational structure will to a large extent help to achieve this. It aims at improving public health by establishing a new regulatory body that will increase access to services. In the long run, this will improve public health and reduce health inequalities between the rich and poor and increase access to public health services

This bill was amended following a listening exercise by the government. It presents one of the most comprehensive reorganization plans on national health services in England. From a critical perspective, the main agenda of the bill was to abolish NHS Primary Care Trusts (PCTs) and Strategic Health Authorities (SHAs). However, plans are still underway to establish a new public body, Public Health England by 2013.
Implications for various stakeholders
A common feature of health bills is that it is possible to predict the consequences of new health policies. An assessment of the impacts of health policies is important not only for academicians but also for policy makers to foresee the different possibilities that can affect the health sector. Planners will be able to take all these possible consequences into account when choosing the best option. In simple terms it avoids the occurrence of unexpected negative outcomes when the bill is being implemented and also allows for positive impacts to be realized and maximized. Some of the implications of the Health and Social Care Bill 2011 for various stakeholders include;

Regulators
Through the health care bill, the coalition government appears to have discharged key responsibilities for the management of health services to NHS through the department of health. The formation of Monitor as an independent regulator is one of NHS’ recent success stories. The Health and Social Care Bill 2011 seeks to empower Monitor as a reliable economic regulator with the duty to promote fair and healthy competition in NHS and other social care sectors. The Monitor will also retain the role of regulating and authorizing foundation trusts.

Recent reforms in the NHS have expanded the role of the independent sector in the provision of services. Contracts are now awarded nationally unlike in the past where PCTs had the ability to provide their own services. The monitor is the current licensing authority regulating foundation trusts. It was a wide range of powers for instance to impose licensing conditions to discourage any unfair and uncompetitive behavior. The power to license is the main mechanism which enables Monitor to carry out its regulatory functions. License gives the power to the Monitor to collect necessary information, set prices, promote the continuity of their designated services and to promote healthy competition.

Their main jurisdiction covers monopoly; it can apply sanctions to enforce healthy competition among health providers and to refer those malfunctioning markets to the competition commission. After the listening exercise however, the focus has shifted from controlling competition to creating patient involvement and setting the prices for a range of complex services and procedures based on their clinical complexity. Regulators make registrants responsible for setting and maintaining professional standards and practice and providing infrastructural support especially in commercial settings (Great Britain 2012, P.204).

Commissioners/ providers of care
Providers are charged with the new responsibility of balancing between personal choice and integrated care for patients without breaching the rules of competition. At the local level, commissioners have to think carefully about the feasibility of applying competition to various kinds of services. There are also authorities and clinical commissioning groups who must now involve the local Healthwatch authority in making health decisions. They act as the patient’s and caregiver’s voice in order to bring equality to health services. The clinical commissioning groups presently have a governing body charged with the responsibility of auditing the responsibilities of these groups. The governing body is comprised of a registered nurse, two lay members and a doctor with secondary experience.

Workforce
Redundancies are a major impact to the workforce especially those that are not clinically qualified. The abolition of NHS Primary Care Trusts (PCTs) and Strategic Health Authorities (SHAs) has rendered a number of health practitioners jobless in England. This may continue onto the future in an attempt to restructure health facilities. According to news from BBC, over 50,000 NHS jobs may be lost across the United Kingdom for the next 5 years as a consequence of government cuts.  The overall number of planned, confirmed and potential staff cuts by NHS across England was more than 53,000 in 2011 alone but more NHS trusts were anticipated to announce further staff cuts (Bbc 2011, para.1).
Apart from redundancies, NHS staff are a source of hope for implementers of the social care bill. They and their organizations are part of the social fabric. Their closeness to the community, combined with frustration that comes with the reforms, makes NHS professionals open to opportunities to co-create implementation solutions.

This may build momentum for the kind of genuinely radical change the 2011/12 social care bill is advocating for. Workforce education and planning remains a major concern for RCN because planning has not been carried out well in the past. This is partly because in the past, changes in demand and supply for care were not reflected in the workforce plans. Currently the bill shall be able to Mann the workforce to ensure equitable distribution of personnel and health care services at the local level. The RCN is keen to ensure that the Government’s proposals ensure there are sufficient infrastructure and resources to give regional and national oversight, as well as multi-professional move toward workforce planning and education. Education and training of the workforce is therefore very critical if the implementation of the bill is to be successful.

Integrated care
Integrated care is essential in meeting special needs of people with chronic diseases such as chronic pulmonary disease, cancer and diabetes among other people using specialist services. People using these integrated care units especially the old have significantly benefited from the new bill. The bill brought good development in infrastructure and improvement in networks linking these people to hospitals that provide health services. In simple terms, the Health and Social Care Bill 2011 has lead to improved outcomes. However, there are also negative outcomes of the health and social care bill 2011. The bill indirectly proposes to abolish Primary Care Trusts and Strategic Health Authorities and is intended to cut down on the large number of organizations in NHS. The planned health and wellness boards shall have the responsibility to promote integrated care, even though their powers to make decisions are weak under the new health and social care bill.

Public/ users
In Wales, the previous bill received incredible praise for introducing free prescription. This was due to a close working relationship between the government and NHS. Although it is still early to measure the magnitude of its impact or success, with the new health and social care bill 2011 patients are already experiencing a totally different system where they might be forced to foot their own medical bills. The differences might even be greater in the years to come. According to Michael Summers, Vice Chair of the Patients Association, England is lagging behind the rest of the United Kingdom in terms of health care provision. Due to this, patients are increasingly looking across the national boundaries wondering why they are not getting the kind of health care provision others are getting. There is a lot of public dissatisfaction and this may not be very good for NHS’s future (Triggle 2008, P.1).

On the other hand, Patients are likely to have more confidence due to the fact that GPs will act as knowledgeable agents. Services are likely to go up which is essential in boosting consumer confidence. Discrimination in health services and provision of social care is also likely to decline. Although implementation of the bill is still in its early stages there is hope for free and independent body that will streamline the provision of services in health facilities. The inequalities experienced earlier on with the previous bill may be eliminated.

Possible challenges to be faced by NHS Leaders in the implementation of the health policy
There are many controversies surrounding the implementation of the health policy in England.
Some of the provisions of the 2011 bill appear controversial and a few of the challenges that are likely to be experienced in passing the bill include; resistance from the government, layoffs of workers, the duty to provide, unhealthy competition, inadequate finances, poor management practices, change and the challenge of co-production as discussed below;

Government
A major criticism by the government was due to the fact that there were alterations to the bill long before the parliamentarians had their say on it. One of the reasons why the coalition government ran into difficulties during the official launch of the health and social care bill 2011 is because the bill moved too rapidly to set out radical changes that without first clarifying the problems NHS was experiencing and stating clearly what the reforms intended to achieve. This has in the past and will most likely result in resistance especially by those members who feel that they were ignored in the decision making process. Senior members in the coalition government continue to label leaders in NHS as “bureaucrats” according to a report by the commission on leadership and Management (Great Britain 2012, p.67). It is unfortunate key figures in the government who should play an important role in implementing the bill are the same people sabotaging efforts to implement it.

Lay offs
Thousands of staff were laid off during the transition. The existing management bodies mainly primary care trusts (PCTs) were forced to merge during the transition. NHS is a large organization employing over 1.4 million people in England and commands a budget of up to £100bn. Such changes due to layoffs therefore were very drastic drawing great resistance from the workforce (Triggle 2012, Para 5). The proposed reforms translates to extra costs to the NHS due to staff redundancies and internal reorganization although in the long run, the department of health expects to yield 33% reduction in the administrative costs incurred by the department arm’s length bodies and other commissioning organizations (Great Britain 2011, P.12). Emerging evidence indicates that a combination of restriction to services, efficiency savings and internal restructuring are being used to meet the productivity targets spelled out in the social care bill. Official data indicates that the number of redundancies keeps on increasing. In March 2011 alone, NHS saw almost three-fold rise in the number of compulsory redundancies especially clinical staff (Great Britain 2012, P.67).

Controversies surrounding the duty to provide
By taking general practitioners as direct overseers of fund, concerns about fragmentation, lack of planning and coordination may emerge. There are controversies surrounding the duty to provide especially with the abolition of NHS Primary Care Trusts (PCTs) and Strategic Health Authorities (SHAs). The bill does not spell out clearly the responsibilities of various stakeholders such as Monitor and Healthwatch England. The duty to provide is becoming more of a problem due to increased public expectations. Increased educational attainments and higher levels of per capita income may contribute to rising public dissatisfaction on the effectiveness of the 2011 bill. There is pressure therefore on NHS to deliver more personalized, patient-centered services to give the public equitable, genuine choice and control over health and social care services.

Competition
The proposed changes are likely to open up NHS to competition especially from the private sector. The bill does not exactly stipulate how competition will be regulated creating loopholes in the implementation of healthcare. Although the 2011/12 social care bill reveals that key providers of health care may offer services to commissioners at fees less than the published obligatory price, there is evidence price competition in healthcare may be damaging. Imposed competition will make it even harder for nursing staff and GPs, as part of a versatile team with the task of commission care. It may become quite difficult to work in community settings and hospitals to produce the integrated care pathway that patient need and want, that will help make access to services more efficient especially to the marginalized groups. With regard to competition, the 2011 bill fails to reassure RCN how quality and sustainability of health care providers will be monitored over time. There is also lack of clarity on how the Monitor, the economic regulator, will supervise providers to work together. In essence, the principles of quality, sustainability and safety may not fortify the choice of provider.

Inadequate finances
The big question is if NHS will have enough resource to finance the entire health sector. Cutbacks on the government budget may force some people to rely on their friends and family for support. In the current system there is a very high disparity on service provision and charges especially with relation to the disabled people. Cutbacks on free medical care may increase the levels of inequity which the same bill seeks to reduce. The NHS in England is trying to save on health costs although there is a growing burden of caring for the old people taking over 1bn dollars annually. Health policy experts and leaders of NHS are likely to face financial constraints as their ambitions appear to be impractical.

Due to internal restructuring, there is lack of pooled budgets needed to work together. This is a barrier in obtaining resources allocation. Here are concerns as to whether the newly constituted organizational structure may address budget deficits (Great Britain 2012, p.72). One of the functions of Healthwatch England is to fund health and social care staff and provide other associated costs. There are also additional start up costs like recruitment and training. The insufficient costs coupled with additional costs may disrupt the provision and delivery of services.

Arrangements in the 2011/12 social care bill are meant to maximize transparency; transparency in utilization of funds, reporting, decision making and commissioning of services by NHS. This acts as a safeguard to ensure that public funds are utilized appropriately. The disadvantaged groups like women, the disabled and immigrants appear more vulnerable to discrimination in health services, particularly the public services sector. In the context of transparency for instance, requirements are placed on Consortia to publish their constitution, disclose remuneration arrangements and commissioning plans through annual general meetings attended by members of the public. This requirement may be helpful not only in increasing public involvement but also to safeguard public funds (Great Britain 2011, p.141).

Change
The process of change is another challenge. Change can be social or demographic. In Britain, more people live in single-person households away from their extended families. Because of this social change there is less support from the family, the older population is likely to experience increase demand for paid statutory support. In terms of demographic change, people in Britain are living longer and a good number of the entire population is ageing. As more people continue to live longer lives, an increasing number is also affected by conditions such as Dementia which affects their quality of their lives to a large extent. In future, there is likely to be increased pressure on health and social care systems. This will most likely affect integrated care facilities more. As the population ages, a high proportion of NHS resources will be spent in meeting the special needs of increasing numbers of older people with multiple conditions such as dementia, arthritis, cardiovascular diseases, cancer , heart failure among other diseases that have become more prevalent with modern lifestyles. In simple terms, the shifting burden of diseases is a looming threat.

Poor management practices
Another possible challenge for NHS leaders is holding on and motivating the staff who will be part of the future. These leaders need to nurture good relationships to maintain business as usual. Change can only be achieved by addressing leadership challenges. Although the rate of change is contentious, good management techniques reduces the levels of resistance. The reforms can only be achieved if the leaders take into consideration the need to manage change properly.
While focusing on areas of inequalities, all reforms should address some of the anticipated challenges the bill is likely to face. The most pressing immediate challenge is for NHS to bring equality to patient care in a volatile and difficult financial climate. Although the NHS’s annual spending is extremely high, the disadvantaged groups continue to face discrimination mostly the disabled seeking health assistance.

In order to maintain quality and equitable health care to meet the rising demand for services, the Spending Review committed the NHS to find £20 billion in productivity improvement and equitable care by 2015 through the famous “Nicholson challenge”. The bill has set out structural reorganization but delivering the Nicholson challenge is likely to be a great challenge especially with instability in NHS. Reduction in administrative costs may play a good role in meeting the Nicholson challenge. The social care bill targets to scale down the number or redundant managers by 45%. This will boost the leadership and management roles of NHS. To find these savings and utilize them well and equitably should be an overriding priority in years to come (Great Britain 2012, p.67).

The challenge of co-production
Co-production as a technique emerged in the United Kingdom over 4 decades ago in both voluntary and public sectors. Co-production is a means of delivering services in equal and reciprocal relationships between professionals and people using the services such as patients, families and their neighbors. Activities are normally co-produced and in this way, both services and neighborhoods are effective agents of change (Boyle & Harris 2009, P.11). There are several types of relationships competing for dominance in NHS reforms; patient and choice of service, communities as owners of services and users as co-producers of the NHS. These are constantly competing forces in the implementation of the bill and striking a balance between them may become a challenge. The most vulnerable patients are likely to lose out.

How these challenges may be overcome.
Sound management by NHS itself is part of the solution to the problem of implementation. Change should start with the good managerial systems as a provider of essential medical services. Sound management may address challenges in managerial programs across hierarchically structured organizations and resistance to program implementation. Moreover, decentralization of services will introduce incentives which help to overcome resistance to change and reforms brought about by the health and social care bill 2011 (Malek 1993, 233).

Moreover, to curb poor leadership, some plans are already in place such as; internal restructuring of the NHS to come up with an effective organizational structure to implement health policies. Restructuring will be helpful in two ways; to boost the effectiveness of internal functions as well as to cut on unnecessary administrative costs. Good examples of the proposed plans are abolition of Strategic Health Authorities and clustering of PCTs to improve both the quality of care and financial performance. Better management practices are associated with better outcomes in NHS hospitals. Management is even better in places where there is stiff competition between hospitals. Such restructuring plans should continue in future (Fatchett 2012, P.43).

Because the NHS is faced with major challenges like misuse of resources and not being able to meet the needs of the ageing population, chronic medical conditions appear to be growing by the day. The best solution therefore is to put in place new models of care where clinicians will be able to work together so as to co-ordinate their services in meeting the needs of patients. The model of integrated care should focus more on preventing ill health, enhancing primary care, supporting self care, providing care for people in their homes, boosting co-ordination for primary care teams and specialists.

The proposed health reforms by the coalition government also have the potential to overcome some of the barriers like funding of health services, unfavorable competition from the private sector and Poor management practices. Some of these barriers frustrate the efforts by NHS leaders to achieve close integration of social care and the government should work on modifying some of these clauses. Well designed reforms can be able to strike a balance between unhealthy competition in some areas of care and collaboration with others (Great Britain 2011, P.57).

Hospitals should also device methods of dealing with competition on their own. In the United Kingdom, there is stiff competition from treatment centers, established private hospitals and independent sector centers. They should compete favorably for the market share. A good strategy could be to reduce on the number of services offered and focus on good productivity in areas of competitive advantage. The days are gone when district general hospitals sought to offer a range of services. The focus of these hospitals should revolve around improving technology. With the effects of globalization technological advancement is increasingly becoming unavoidable in competitive business (White 2010, p.104).

Conclusion
In conclusion, health is the most important service that devolved governments have control over all over the world. Depending on their administration, health services may prove to be very effective or ineffective. The Health and Social Care Bill 2011 is one such framework that has had a number of impacts on the government of Britain, Regulators, providers, the workforce and the public. This paper presents an analysis of the Health and Social Care Bill 2011. The bill introduced reforms which aim at improving the performance of England’s NHS and create a foundation on which NHS can rise above future challenges. The paper has addressed a number of concerns including the likely challenges to be faced by NHS Leaders in the implementation of the health policy.

As discussed above, Health and Social Care Bill 2011 has generated spectacular controversies over its implementation but it is truly a radical transformation in England’s health sector. It appears to introduce groundbreaking structural reforms that give leadership to the NHS because the government believes that the organization will act to the patient’s best interest, take more responsibility to reduce inequality and find innovative solutions to the problems such as poor leadership. However, the structural reforms introduced by the bill appear very controversial. Some of the complex problems discussed include; resistance from the government, layoffs of workers, the duty to provide, unhealthy competition, inadequate finances, poor management practices, change and the challenge of co-production. There are complex relationships between Commissioners/ providers of care, regulators, integrated care units, workforce and the public.

In summary, there are many dimensions to the Health and Social Care Bill 2011. Bills evolve constantly and involve the whole society. The concerned parties should attempt to solve some of the looming challenges if implementation of the bill should succeed. The future delivery of health and social care services is changing; it has to transform in order to meet the needs of future generations. There are some big questions that still need to be confronted – not least future funding. But there are steps that local authorities, councilors and communities can take now in order to start this transformation process. Co-production is one of these steps; and working through the challenges and opportunities above will enable councils to move forward.

References;
Alaszewski, Andy, and Patrick Brown., Making Health Policy: A Critical Introduction. Cambridge, UK: Polity, 2012.
Alcock, Peter, Margaret May & Sharon D, W, The Student’s Companion to Social Policy, Chichester, West Sussex: Wiley-Blackwell, 2012.
Baggott, R, Health and Health Care in Britain, Basingstoke: Macmillan, 1994.
Bevan, G, Helderman, J & Wilsford, D, 2010, Changing choices in health care: implications for equity, efficiency and cost1, Health Economics, Policy and Law vol. 5, pp. 251–267, Cambridge University Press 2010.
Blakemore, K & Edwin G, Social Policy: An Introduction, Berkshire: Open University Press, 2003.p.256
Boyle, D & Harris, M, (December 2009), The Challenge of Co-Production, viewed 19 August, 2012, < http://www.nesta.org.uk/library/documents/Co-production-report.pdf>
Bullman, A, Celia D & Linda F, Changing Practice in Health and Social Care, London: Sage, 2000.
Department of Health (DH), 2012, Health and Social Care Bill 2011, viewed 17 August, 2012, <http://www.dh.gov.uk/en/Publicationsandstatistics/Legislation/Actsandbills/HealthandSocialCareBill2011/index.htm>
Department of Health (DH), 2012, Health and Social Care Bill 2011 Impact Assessments, viewed 17 August, 2012, < http://www.legislation.gov.uk/ukia/2010/282/pdfs/ukia_20100282.pdf>
Farrington-Douglas, Joe & Jessica A, 2005, Equitable Choices for Health. London: IPPR.
Fatchett, A, Social Policy for Nurses, Cambridge, UK: Polity, 2012.
First Research Industry Profiles, Health Care Sector – Quarterly Update, July 2011, Austin: Hoover’s Inc.
First Research Industry Profiles, Health Care Sector – Quarterly Update, April 2011: [1], Austin: Hoover’s Inc.
Gareth, I, 2011, Health and Social Care Bill: GPS Get Power And Responsibility, Medical Sciences,6, United Kingdom; Tonbridge.
Gauld, R, The New Health Policy, New York: Open University Press, 2009.
Great Britain, 2011, Complaints and Litigation: Sixth Report of Session 2010-12. Vol. 2, Oral and Written Evidence. London: Stationery Office.
Great Britain, 2011, NHS Pay Review Body Twenty-Fifth Report 2011. London: Stationery Office, P.36
Great Britain, 2011, Department of Health: National Health Service landscape review. Norwich, TSO.
Great Britain, 2011, National Health Service landscape review: thirty-third report of session 2010-12: report, together with formal minutes, oral and written evidence, London, Stationery Office.
Great Britain, 2012, Social Care: Fourteenth Report of Session 2010-12. Vol. 2, Oral and Written Evidence. London: Stationery Office.
Great Britain, 2012, Regulation of Health Care Professionals [and] Regulation of Social Care Professionals in England: Joint Consultation Paper, London: Law Commission.
Great Britain, Public Expenditure: Thirteenth Report of Session 2010-12, Vol. 1, Report, Together with Formal Minutes, Oral and Written Evidence, London: Stationery Office, 2012.
Great Britain,2011, Commissioning: Further Issues : Fifth Report of Session 2010-11. Vol. 2, Oral and Written Evidence. London: Stationery Office.
Great Britain. Commissioning: Third Report of Session 2010-11, Vol. 2, Oral and Written Evidence, London: Stationery Office, 2011.
Ham, C, Imison, C, Goowin,N, Dixon,A & South P,May 2011, Where next for the NHS reforms? The case for integrated care: kingsfund.org.uk Publications.
Howard K. K, Graham, G, & Sherry A, G, Reducing Racial And Ethnic Disparities: The Action Plan From The Department Of Health And Human Services, Health Affairs30. 10 (Oct 2011): 1822-9.
Klein, R, The New Politics of the NHS from Creation to Reinvention, Oxford: Radcliffe Pub, 2010.
Lang, R 2009, Challenges of Implementing Social Care Policy for People with Disabilities in the United Kingdom, viewed 17 August, 2012, < http://www.ucl.ac.uk/lc-ccr/downloads/CDPF_CHINA_PRESENTATION.pdf>
Lewis, G, Rethinking Social Policy, London: Open University, 2000.
Malek, M. Managerial Issues in the Reformed NHS, Chichester: Wiley, 1993.
NHS Confederation, , December 2011, The Operating Framework for the NHS in England 2012-13, viewed 15 August, 2012, <http://www.nhsconfed.org/Publications/briefings/Pages/Operating-Framework-2012-13.aspx>
Richards, D, & Woodward, J 1977, Health care and popular medicine in nineteenth century England: essays in the social history of medicine, London, Croom Helm.
Rideau, S, Not So New Labour: A Sociological Critique of New Labor’s Policy and Practice, Bristol: Policy Press, 2005.
Sidlow, E. Govt, Belmont, CA: Wadsworth Cengage Learning, 2011. P. 348
Sterwart, K, The White Paper: The challenge for NHS leaders, viewed 20 August, 2012, <http://www.kingsfund.org.uk/blog/the_white_paper_the.html>
Triggle, N, 2008, “NHS ‘now four different systems” BBC News, viewed 18 August, 2012, < http://news.bbc.co.uk/2/hi/health/7149423.stm>
Triggle, N, March 2012, “Analysis: What next for the NHS?” BBC News, viewed 16 August, 2012, < http://www.bbc.co.uk/news/health-17448838>
Triggle, N, February 2011, NHS to lose 50,000 jobs, trade unions say, viewed 16 August, 2012, < http://www.bbc.co.uk/news/uk-england-london-12548153>
White, T, 2010, A Guide to the NHS, New York: Radcliffe Publishing.
Wilkes,L, June 2012, Co-production in health and social care – the challenges and opportunities for local government: Local Government Information Unit (LGIU), viewed 19 August, 2012, < http://www.lgiu.org.uk/2012/06/19/co-production-in-health-and-social-care-the-challenges-and-opportunities-for-local-government/>
www.parliament.uk, Health and Social Care Act�����$��X��e��{����¥��©��°��³��´��¿��ô��õ��Y ��x ��ƒ ��— ��˜ ��ã ��ö ��B
��m
��ñáѳ¤³¤³¤³¤•¤†¤w¤hYJ;����h²$e�hWŠ�CJ�OJ��QJ��aJ��h²$e�h3B%�CJ�OJ��QJ��aJ��h²$e�hÐ0˜�CJ�OJ��QJ��aJ��h²$e�hr;Ö�CJ�OJ��QJ��aJ��h²$e�hy.ª�CJ�OJ��QJ��aJ��h²$e�h¿>µ�CJ�OJ��QJ��aJ��h²$e�h¸{�CJ�OJ��QJ��aJ��h²$e�h`z�CJ�OJ��QJ��aJ��h²$e�hŠu �CJ�OJ��QJ��aJ��h²$e�h/³�CJ�OJ��QJ��aJ��h²$e�h±WK�5CJ�OJ��QJ��aJ�h²$e�h�5CJ�OJ��QJ��aJ�h²$e�h±WK�CJ�OJ��QJ��aJ������������$��X��e��Ó��g����ˆ��­��â��”��O��x����»�� ��*��_��ú������������ú������������ú������������ú������������ú������������ú������������ë������������ß������������ß������������ë������������ß������������Ç������������Ç������������Ç������������Ç������������Ç������������Ç������������Ç������������Ç������������Ç������������·��������������������„h„Ðdà�^„h`„ÐgdõFÄ���
&�F�
ÆÐ��„��„��dà�^„��`„��gdõFÄ����„Ðdà�`„ÐgdõFÄ����$„Ðdà�`„Ða$gdõFÄ����gd±WK��m
��|
��
��”
��•
��š
��œ
��¥
��º
��»
��¼
��Û
��õ
����&��+��2��R��g��j��l��ñâñÓÄâµâĦ—ˆyj[jL=L=������������������h²$e�h]ó�CJ�OJ��QJ��aJ��h²$e�hÄze�CJ�OJ��QJ��aJ��h²$e�h¾ˆ�CJ�OJ��QJ��aJ��h²$e�hž£�CJ�OJ��QJ��aJ��h²$e�h¶GH�CJ�OJ��QJ��aJ��h²$e�hW]S�CJ�OJ��QJ��aJ��h²$e�hO$Û�CJ�OJ��QJ��aJ��h²$e�h‡”a�CJ�OJ��QJ��aJ��h²$e�hg%ö�CJ�OJ��QJ��aJ��h²$e�h�CJ�OJ��QJ��aJ��h²$e�hWŠ�CJ�OJ��QJ��aJ��h²$e�h& ê�CJ�OJ��QJ��aJ��h²$e�h�½�CJ�OJ��QJ��aJ�l��v��”��Ò��
��
��,
��0
��Ì
��à
��ô
����������*��B��M��N��O��Â��Ã��Ú��Û��á��â��ñâÓñâĵĥ•¥‚sµsµÓs`µ`I`Ós�����������������,h²$e�h´�H�0J�>*�B*�CJ�OJ��QJ��aJ�ph���ÿ�%j����h²$e�h´�H�CJ�OJ��QJ��UaJ�h²$e�hà�CJ�OJ��QJ��aJ��%h²$e�h´�H�B*
CJ�OJ��QJ��aJ�ph�pÀ�h²$e�hà�CJ�OJ��QJ��aJ�h²$e�h´�H�CJ�OJ��QJ��aJ�h²$e�h´�H�CJ�OJ��QJ��aJ��h²$e�h¡Š�CJ�OJ��QJ��aJ��h²$e�h¸{�CJ�OJ��QJ��aJ��h²$e�hm_�CJ�OJ��QJ��aJ��h²$e�hSo*�CJ�OJ��QJ��aJ�â��ï��þ��������l��m��{��|��•��ž��¡��¯��²��Á��Ç��Ò��Ó��à��å����
������4��>��]��u����˜��­��»��Ð��Ú��ñ�� ��#��(��7��?��N����ñâÓâÀâÀ©ÀÓâÓâÓâÓâšâÓâ‹âñâñâ|âmâmâmâmâmâmâm����h²$e�h]&ó�CJ�OJ��QJ��aJ��h²$e�h@@Ã�CJ�OJ��QJ��aJ��h²$e�hd�CJ�OJ��QJ��aJ��h²$e�h¸{�CJ�OJ��QJ��aJ��,h²$e�h´�H�0J�>*�B*�CJ�OJ��QJ��aJ�ph���ÿ�%j����h²$e�h´�H�CJ�OJ��QJ��UaJ�h²$e�hV6�CJ�OJ��QJ��aJ��h²$e�h´�H�CJ�OJ��QJ��aJ��h²$e�hTP�CJ�OJ��QJ��aJ�*��]��^��”��=��d��l��n��…��ˆ��‰��Ì��Í������1��7��G��S��t��ñâÓâÓÄÓâÓâӴӥӖ‡xiZiK<�h²$e�hrœ�CJ�OJ��QJ��aJ��h²$e�hàå�CJ�OJ��QJ��aJ��h²$e�h²‚�CJ�OJ��QJ��aJ��h²$e�hÙr�CJ�OJ��QJ��aJ��h²$e�h7we�CJ�OJ��QJ��aJ��h²$e�hc*Y�CJ�OJ��QJ��aJ��h²$e�hEL�CJ�OJ��QJ��aJ��h²$e�h¿K�CJ�OJ��QJ��aJ��h²$e�hªk �5CJ�OJ��QJ��aJ�h²$e�h‰’�CJ�OJ��QJ��aJ��h²$e�hªk �CJ�OJ��QJ��aJ��h²$e�h¸{�CJ�OJ��QJ��aJ��h²$e�h´�H�CJ�OJ��QJ��aJ�t��z��{����¢��¸��¹��¼��Ã��Ä��Å����Æ��Ç��Ò��Ó��ñâÓÄӵӵӞ‡pYBY+��-h²$e�h¸{�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hA�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hxu$�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hÖ�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hcFû�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hj¾�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���h²$e�hÃmp�CJ�OJ��QJ��aJ��h²$e�h¸{�CJ�OJ��QJ��aJ��h²$e�h½·�CJ�OJ��QJ��aJ��h²$e�hrœ�CJ�OJ��QJ��aJ��h²$e�hñ�CJ�OJ��QJ��aJ�Ó��÷��ø�� ��
��7��_��ˆ��À��Â����4��5��<��>��a��e��f��g��èÑèÑèѺ£Œu^u^ŒOŒu@����������������������������������h²$e�hqU¸�CJ�OJ��QJ��aJ��h²$e�hË6ª�CJ�OJ��QJ��aJ��-h²$e�h¸{�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hqU¸�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hË6ª�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hÓ3�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hÖ�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hA�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hxu$�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ����g����Á��Ð��Ú��à��ï��ý������
����8��9��<��k��q��‡��ˆ��’��–��¡��¨��Å��Ö��â��ïàÑÂѳѳѤ•¤Â†w†hYJYJYJY�������������������h²$e�hs[H�CJ�OJ��QJ��aJ��h²$e�hÁu§�CJ�OJ��QJ��aJ��h²$e�hÉ*Ù�CJ�OJ��QJ��aJ��h²$e�háiï�CJ�OJ��QJ��aJ��h²$e�h#Zø�CJ�OJ��QJ��aJ��h²$e�hDU�CJ�OJ��QJ��aJ��h²$e�hT(™�CJ�OJ��QJ��aJ��h²$e�hûI�CJ�OJ��QJ��aJ��h²$e�h”-ß�CJ�OJ��QJ��aJ��h²$e�hÛ1�CJ�OJ��QJ��aJ��h²$e�h}V�CJ�OJ��QJ��aJ��h²$e�hŸHŠ�5CJ�OJ��QJ��aJ��â��ë������”��0��:��C��S��a��x��…����Ÿ��­��´��»��Æ��Õ��Ü��ð��������� ����*��_��‚��·��¸��ñâñâÓâÓâÄâÄâÄâÄâµâµâµâµâ¦â”{l]��������������������������������h²$e�hô
�CJ�OJ��QJ��aJ��h²$e�h�]Ô�CJ�OJ��QJ��aJ��0h²$e�h‰M�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ����”h²$e�hP2p�56CJ�OJ��QJ��aJ��h²$e�h+w�CJ�OJ��QJ��aJ��h²$e�h…œ�CJ�OJ��QJ��aJ��h²$e�h}�CJ�OJ��QJ��aJ��h²$e�hØ�CJ�OJ��QJ��aJ��h²$e�hÁu§�CJ�OJ��QJ��aJ��h²$e�hJ5–�CJ�OJ��QJ��aJ�¸��Ü����!��d��j��‰��E��Ÿ��¯��¹��Ò��Ü��æ��ç��õ������”��*��Q��ñâÓÄÓµÓ¦—ˆ—yjy[yLy=L������������������h²$e�h&`;�CJ�OJ��QJ��aJ��h²$e�hQó�CJ�OJ��QJ��aJ��h²$e�hŽhÇ�CJ�OJ��QJ��aJ��h²$e�h›/°�CJ�OJ��QJ��aJ��h²$e�hµ?ƒ�CJ�OJ��QJ��aJ��h²$e�h(Ø�CJ�OJ��QJ��aJ��h²$e�hI
S�CJ�OJ��QJ��aJ��h²$e�h�]Ô�CJ�OJ��QJ��aJ��h²$e�h”H™�CJ�OJ��QJ��aJ��h²$e�hèr[�CJ�OJ��QJ��aJ��h²$e�hô
�CJ�OJ��QJ��aJ��h²$e�h;B³�CJ�OJ��QJ��aJ��h²$e�hw!
�CJ�OJ��QJ��aJ�Q��e��€��¶��Ô��Õ��Ý��+��n��—�� ��Å��Í��ä��ó��ô��õ��ö��ñâÓĵĦ—ˆyjyj[jL=���������������������������������h²$e�hŽhÇ�CJ�OJ��QJ��aJ��h²$e�hlwä�CJ�OJ��QJ��aJ��h²$e�hi2¦�CJ�OJ��QJ��aJ��h²$e�h­-)�CJ�OJ��QJ��aJ��h²$e�hŒ5„�CJ�OJ��QJ��aJ��h²$e�hÓy�CJ�OJ��QJ��aJ��h²$e�h<=w�CJ�OJ��QJ��aJ��h²$e�h™fE�CJ�OJ��QJ��aJ��h²$e�h—LT�CJ�OJ��QJ��aJ��h²$e�h©zú�CJ�OJ��QJ��aJ��h²$e�h¢
Ê�CJ�OJ��QJ��aJ��h²$e�hQó�CJ�OJ��QJ��aJ��h²$e�h>m�CJ�OJ��QJ��aJ�_��ö��‹���!��Â$��C’��³)��Ù)��},��ˆ,��¬.��Ù3��ú3��7��7��4:��×>��ç>��¬B��ºB��HF��qH��ËH��ó������������ó������������à������������à������������à������������ó������������ó������������ó������������Ñ������������ó������������ó������������Ñ������������ó������������Ñ������������Á������������Á������������Ñ������������ó������������Ñ������������ó������������ó������������ó����������������������„��„Ðdà�^„��`„ÐgdõFÄ���
&�F�„Ðdà�`„ÐgdõFÄ�T�CJ�OJ��QJ��aJ��h²$e�h�CJ�OJ��QJ��aJ��h²$e�hƒu®�CJ�OJ��QJ��aJ��h²$e�h0.4�CJ�OJ��QJ��aJ��h²$e�h[s‰�CJ�OJ��QJ��aJ��h²$e�hha*�CJ�OJ��QJ��aJ��h²$e�h‰M�CJ�OJ��QJ��aJ��h²$e�h�]Ô�CJ�OJ��QJ��aJ��h²$e�hI|&�CJ�OJ��QJ��aJ�þ ��ÿ ���!��!��!�� !��$!��’!��)!��Í!��Î!��Ñ!��ð!��ý!�� #��7#��<#��S#��€#��¤#��µ#��É#��êÑÀ¯Àž¯À~o~o~o~ZI8I8��� h²$e�hŽhÇ�CJ�OJ��PJ��QJ��aJ�� h²$e�hñ!…�CJ�OJ��PJ��QJ��aJ��)h²$e�hñ!…�B*CJ�OJ��PJ��QJ��aJ�ph333�h²$e�hŽhÇ�CJ�OJ��QJ��aJ��h²$e�hñ!…�CJ�OJ��QJ��aJ�� h²$e�hfk�CJ�OJ��PJ��QJ��aJ�� h²$e�hòT�CJ�OJ��PJ��QJ��aJ�� h²$e�h#Zø�CJ�OJ��PJ��QJ��aJ�� h²$e�h%(p�CJ�OJ��PJ��QJ��aJ��0h²$e�hŽhÇ�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ����)h²$e�h¬#å�B*CJ�OJ��PJ��QJ��aJ�ph333��É#��¯$��°$��±$��¾$��À$��Á$��Â$��Ê$��
%��%��2%��;%��‘%��’%��—%��:&��õ&��”‘��ïÖ¿°¿Ö¡ŠsŠs¡s^s¿M<�������������������������� h²$e�h¬#å�CJ�OJ��PJ��QJ��aJ�� h²$e�h_{¶�CJ�OJ��PJ��QJ��aJ��)h²$e�hÈC­�B*CJ�OJ��PJ��QJ��aJ�ph����-h²$e�hÈC­�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�h[s‰�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���h²$e�hÈC­�CJ�OJ��QJ��aJ��h²$e�hñ!…�CJ�OJ��QJ��aJ��-h²$e�hñ!…�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���1h²$e�hñ!…�CJ�OJ��PJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ��� h²$e�hñ!…�CJ�OJ��PJ��QJ��aJ�”‘��,’��B’��C’��(��(��:(��;(��˜(��™(��(��°(��±(��½(��¾(��+)��,)��H)��I)��”)��ïÞͶŸ¶ƒ¶ƒdEƒ¶ƒ¶ƒdƒ¶���������������������������������������=h²$e�h`”x�0J�>*�B*�CJ�OJ��QJ��aJ�fH�ph���ÿqÊ
���ÿÿÿÿ���=h²$e�hÏæ�0J�>*�B*�CJ�OJ��QJ��aJ�fH�ph���ÿqÊ
���ÿÿÿÿ���6j����h²$e�hÏæ�CJ�OJ��QJ��UaJ�fH�qÊ
���ÿÿÿÿ����-h²$e�h+5,�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hÏæ�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ��� h²$e�hòT�CJ�OJ��PJ��QJ��aJ�� h²$e�h#Zø�CJ�OJ��PJ��QJ��aJ�� h²$e�h+5,�CJ�OJ��PJ��QJ��aJ�/��¶/��À/��Ó/��I0��S0��h1��‡1��1��¹1��º1��’2��M2��äÈä¬ätXtXtXt<����������������������������������������������6h²$e�h•S(�B*CJ�OJ��QJ��aJ�fH�ph333�qÊ
���ÿÿÿÿ����6h²$e�h¥7��7��.7��O7��Y7��m7��w7��‚7��†7��‡7��7��”7��ñâÓñÄÓµ¦–‡x‡x‡xiR;R�������������������-h²$e�h2_Õ�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���-h²$e�hßA�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���h²$e�hßA�CJ�OJ��QJ��aJ��h²$e�hœµ�CJ�OJ��QJ��aJ��h²$e�hêa²�CJ�OJ��QJ��aJ��h²$e�húF�5CJ�OJ��QJ��aJ�h²$e�hŸC�CJ�OJ��QJ��aJ��h²$e�h÷‹�CJ�OJ��QJ��aJ��h²$e�hD[�CJ�OJ��QJ��aJ��h²$e�häB1�CJ�OJ��QJ��aJ��h²$e�h”²�CJ�OJ��QJ��aJ��h²$e�h¥:��:��3:��4:��M:��k:��”:��çÎçÎçÎ給εεεε΍µµµµç~o`Q���h²$e�hÆ~�CJ�OJ��QJ��aJ��h²$e�hæ:´�CJ�OJ��QJ��aJ��h²$e�hï�CJ�OJ��QJ��aJ��h²$e�hœµ�CJ�OJ��QJ��aJ��0h²$e�hôcí�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ����h²$e�hü*ç�CJ�OJ��QJ��aJ��0h²$e�hü*ç�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ����0h²$e�h¯I�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ����0h²$e�h|I
�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ���”:��=;��[;��f;��u;��Á;��¸<��Ü<��á<��í<��=��=��=��t=��u=��}=��=��ˆ=��Ž=��¥=��µ=��¶=��À=��Ê=��Þ=��ë=��ï=��ð=��>��>��>��/>��:>��>��Ö>��×>��ç>��?��,?��4?��ñâñâñâÓÄÓÄÓÄÓⵦµ¦µ¦µ¦µ¦µ¦µ¦µ¦µ¦µ¦µ–‡xi�����������h²$e�h°Xê�CJ�OJ��QJ��aJ��h²$e�hÂè�CJ�OJ��QJ��aJ��h²$e�hvÍ�CJ�OJ��QJ��aJ��h²$e�húF�5CJ�OJ��QJ��aJ�h²$e�h)m¬�CJ�OJ��QJ��aJ��h²$e�h=„�CJ�OJ��QJ��aJ��h²$e�höx�CJ�OJ��QJ��aJ��h²$e�hù7Ê�CJ�OJ��QJ��aJ��h²$e�hø�CJ�OJ��QJ��aJ��h²$e�hæ:´�CJ�OJ��QJ��aJ�’4?��^?��f?��k?��t?�� ?��¡?��¢?��¨?��µ?��¿?��
@��3@��A@��F@��@��ž@�� @��¯@��Ó@��ò@��ó@��ñâñÓĵ¦—¦—¦—ˆ—yj[j[L=�������������h²$e�h{F�CJ�OJ��QJ��aJ��h²$e�h�CJ�OJ��QJ��aJ��h²$e�hêC�CJ�OJ��QJ��aJ��h²$e�hø^M�CJ�OJ��QJ��aJ��h²$e�h™B‡�CJ�OJ��QJ��aJ��h²$e�h²$�CJ�OJ��QJ��aJ��h²$e�h0p�CJ�OJ��QJ��aJ��h²$e�hLRû�CJ�OJ��QJ��aJ��h²$e�hŽE�CJ�OJ��QJ��aJ��h²$e�h­q½�CJ�OJ��QJ��aJ��h²$e�hÈ&Ì�CJ�OJ��QJ��aJ��h²$e�h�X�CJ�OJ��QJ��aJ��h²$e�hOGÇ�CJ�OJ��QJ��aJ�ó@��$A��:A��EA��FA��IA��YA��ZA��mA��nA��‚A��†A��£A��ÖA��ëA��ìA��ïA��ðA��B����(��ï^��,a��Ud��d��ìh��i��Þj��Šo��©o��Ùr��ÿr��u��ó������������ç������������ó������������ó������������ó������������ó������������ó������������ó������������Û������������ó������������ç������������ç������������ç������������ç������������ó������������ó������������ç������������ç������������ó������������ç������������ç������������ç������������ó���������������������������������������������������������„Ðdà�`„ÐgdõFÄ��E�CJ�OJ��QJ��aJ��h²$e�h³PÖ�CJ�OJ��QJ��aJ��h²$e�hçY›�CJ�OJ��QJ��aJ� Q��-Q��.Q��;Q��VQ��WQ��XQ��R��R��%R��S��S��4S��hS��µS��T��T��T��ñâñÓâĵ¦µ¦µ–‡xiY=���������������������������������6j����h²$e�hnSì�CJ�OJ��QJ��UaJ�fH�qÊ
���ÿÿÿÿ����h²$e�hnSì�5CJ�OJ��QJ��aJ�h²$e�hnSì�CJ�OJ��QJ��aJ��h²$e�h‘|è�CJ�OJ��QJ��aJ��h²$e�hÛr˜�CJ�OJ��QJ��aJ��h²$e�híR†�5CJ�OJ��QJ��aJ�h²$e�hé�CJ�OJ��QJ��aJ��h²$e�hP�CJ�OJ��QJ��aJ��h²$e�hrÝ�CJ�OJ��QJ��aJ��h²$e�hd�è�CJ�OJ��QJ��aJ��h²$e�h‹.˜�CJ�OJ��QJ��aJ��h²$e�hÈ5Ê�CJ�OJ��QJ��aJ�T��tT��uT��ŒT��T��™T��šT��U��U��$U��%U��-U��~U��¨U��ÞU��êU��òU��&V��IV��MV��èÌ­ÌèÌèÌ­Ì螏€qbSD5�������h²$e�hC7�CJ�OJ��QJ��aJ��h²$e�hc?Ò�CJ�OJ��QJ��aJ��h²$e�hÐjØ�CJ�OJ��QJ��aJ��h²$e�hG}�CJ�OJ��QJ��aJ��h²$e�hRd�CJ�OJ��QJ��aJ��h²$e�hs ³�CJ�OJ��QJ��aJ��h²$e�hÈBÌ�CJ�OJ��QJ��aJ��h²$e�hÊ}�CJ�OJ��QJ��aJ��=h²$e�hnSì�0J�>*�B*�CJ�OJ��QJ��aJ�fH�ph���ÿqÊ
���ÿÿÿÿ���6j����h²$e�hnSì�CJ�OJ��QJ��UaJ�fH�qÊ
���ÿÿÿÿ����-h²$e�hnSì�CJ�OJ��QJ��aJ�fH�qÊ
���ÿÿÿÿ����5�CJ�OJ��QJ��aJ��h²$e�h‘qQ�CJ�OJ��QJ��aJ��h²$e�hc*Y�6CJ�OJ��QJ��aJ�h²$e�hÛr˜�5CJ�OJ��QJ��aJ�h²$e�h.ð�CJ�OJ��QJ��aJ��h²$e�hR&„�CJ�OJ��QJ��aJ��h²$e�h´mp�CJ�OJ��QJ��aJ��h²$e�hè2�CJ�OJ��QJ��aJ��h²$e�h(�CJ�OJ��QJ��aJ��h²$e�hôS¨�CJ�OJ��QJ��aJ��h²$e�hC7�CJ�OJ��QJ��aJ��h²$e�hM>”�CJ�OJ��QJ��aJ�ãW��íW��FX��TX��X��lX��tX��uX��}X��~X��—X��šX��¾X��ÃX��ÛX��åX��ÿX��Y��&Y��0Y��8Y��QY��VY��nY��vY��…Y��“Y��™Y��Y��¢Y��£Y��¤Y��¿Y��ÓY��ÖY��ßY��ñY��ÿY��Z��
Z��Z��&Z��’Z��3Z��8Z��GZ��HZ��MZ��VZ��`Z��xZ��žZ��ŸZ��ÜZ��[��[��[��[��[��:[��;[��=[��>[��C[��K[��L[��M[��R[��V[��Z[��s[��t[��ñâÓÄÓâĵÓâÓĵÄâµÄµÄâĵĵĵÄâµâµâµâµÄµÄµÄµÄµÄµÄµÄâĵĵÄâµÄâĵâĵÄâÄâĵĵ���h²$e�hb-�CJ�OJ��QJ��aJ��h²$e�h`�CJ�OJ��QJ��aJ��h²$e�h)m¬�CJ�OJ��QJ��aJ��h²$e�hñ��’��(��C��S��T����k��r����‚��Ø]��Ù]��ì]��4^��N^��T^��f^��v^��˜^��™^��œ^��î^��ï^��._��ñâñâñâñâñâñÏñÇ¿¸±¸ª¸ª¸ª£œ•Ž‡€‡yrkœk•d�����������h²$e�h=„��h²$e�hžQb��h²$e�h®
Û��h²$e�hJoW��h²$e�h½á��h²$e�hj>��h²$e�hU$+��h²$e�há5��h²$e�h΂��h²$e�h
,4��h²$e�h(gw��h²$e�hû;Î��h²$e�h$R&��h²$e�h4Â�5h²$e�h´p+�5%h²$e�h`�B*
CJ�OJ��QJ��aJ�ph�D‰�h²$e�hb-�CJ�OJ��QJ��aJ��h²$e�h`�CJ�OJ��QJ��aJ�%._��o_��|_��Ÿ_��Á_��Ê_��Ï_��Ö_��æ_��è_��õ_��ü_��ý_��þ_���`��`��`��s`��{`��÷`��+a��,a��oa��ta��~a��‰a��¡a��½a��ãa��Ôb��Vc��bc��tc��c��Ãc��Ïc��Öc��d��7d��9d��Ld��Md��Rd��Td��Ud��ùòëäÝëÖëÝÍÝÆòÆÝÖ¿¸±ª¿£œÖœ£œ£œ•Ž•Ž•Ž•‡•Ž~•wŽph²$e�h=„��h²$e�hÿS?��h²$e�h@w�PJ��h²$e�hÙ
��h²$e�h@w��h²$e�h@E��h²$e�h÷�Ç��h²$e�hÊdÍ��h²$e�hÅ`t��h²$e�h”z=��h²$e�hQ)
��h²$e�h¦=^��h²$e�hùS§��h²$e�hºw�PJ��h²$e�hEt1��h²$e�hºw��h²$e�hý
[��h²$e�h΂��h²$e�hÈ5^��h²$e�hŽ1²�,Ud��d��hd�� d��fg��gg��}g��ìh��i��i��i��3i��Bi��Ci��wi��Ži��›i��«i��Çi��j��j��fj��uj��vj��}j��–j��Éj��ïàÑྯৠ™ ‘ ‘‹„}vohaZSZSL������������������h²$e�h‚7³��h²$e�h-
��h²$e�hB¨��h²$e�hÄ9��h²$e�h){V��h²$e�h”a)��h²$e�h¨
“��h²$e�h°t³��h²$e�hÃ<$��h²$e�hí™��h²$e�hœ
5��h²$e�h¼GR��h²$e�h­u¬��h²$e�h
,4�5h²$e�hµ�CJ�OJ��QJ��aJ��%h²$e�h¼GR�B*
CJ�OJ��QJ��aJ�ph�pÀ�h²$e�hBj(�CJ�OJ��QJ��aJ��h²$e�h¼GR�CJ�OJ��QJ��aJ��h²$e�h¼GR�5CJ�OJ��QJ��aJ��Éj��Êj��Ój��Üj��Ýj��Þj��`k��•k��¦k��¹k��Æk��âk��l��€l��žl��ßl��àl��ôl��
m��5m��Hm��Qm��dm��om��ùòëäÝο°¡¿¡¿’ƒta¡R¡R¡RB�������������h²$e�h¶*›�6CJ�OJ��QJ��aJ�h²$e�h¯#æ�CJ�OJ��QJ��aJ��%h²$e�heLá�B*
CJ�OJ��QJ��aJ�ph�pÀ�h²$e�hïÈ�CJ�OJ��QJ��aJ��h²$e�h_/,�CJ�OJ��QJ��aJ��h²$e�h?ô�CJ�OJ��QJ��aJ��h²$e�heLá�CJ�OJ��QJ��aJ��h²$e�h¼GR�CJ�OJ��QJ��aJ��h²$e�hbK£�CJ�OJ��QJ��aJ��h²$e�hÐ]¾�CJ�OJ��QJ��aJ��h²$e�h­u¬��h²$e�hTô��h²$e�h¼GR��h²$e�h‚7³��h²$e�häMq�om��xm��~m��n��n��Än��Ïn��o��o��<o��o��]o��no��ƒo��‡o��‰o��Šo��¨o��©o��Îo��êo��ïàѾ¯ ¯‘à‘‚s‚d‚UME>7������h²$e�h„uf��h²$e�hÜ–��h²$e�h’4�5h²$e�ht�5h²$e�h¯#æ�CJ�OJ��QJ��aJ��h²$e�h%@Z�CJ�OJ��QJ��aJ��h²$e�h(}”�CJ�OJ��QJ��aJ��h²$e�hf3�CJ�OJ��QJ��aJ��h²$e�h¶*›�CJ�OJ��QJ��aJ��h²$e�h÷�CJ�OJ��QJ��aJ��h²$e�h}f�CJ�OJ��QJ��aJ��%h²$e�heLá�B*
CJ�OJ��QJ��aJ�ph�pÀ�h²$e�h“|�CJ�OJ��QJ��aJ��h²$e�hƒ/á�CJ�OJ��QJ��aJ��h²$e�hƒ/á�6CJ�OJ��QJ��aJ��êo��ëo��p��p��p��p��+p��0p��6p��Dp��qp��p��šp��¹p��Ìp��Õp��×p��Øp��æp��ïp��úp��þp��q��+q��,q��/q��Jq��fq��gq��iq��¹q��Øq��r��5r��>r��£r��Ïr��Ór��Ør��Ùr��ÿr��s��s��s��7s��ùòëòëäëäëäëäëäëäëäëäÝäÝäÝäÖäÏÈÁº³¬³¬¥¬äŽŽ������������������������������h²$e�hvVé�CJ�OJ��QJ��aJ��h²$e�h³nF�CJ�OJ��QJ��aJ��h²$e�h±WK�5h²$e�hiV��h²$e�hA-��h²$e�h6<��h²$e�hF.÷��h²$e�hË-[��h²$e�hÙxÓ��h²$e�hhxû��h²$e�hö$@��h²$e�h>¿��h²$e�hÜ–��h²$e�h+w„��h²$e�h„uf��h²$e�hvO�,7s��8s��Ds��Vs��Ws��…s��Œs��œs��°s��×s��t��+t��Qt��t��lt��mt��xt��ˆt��ñâÓâĵ¦µ—ˆyj[L[L=���������������������������������h²$e�huR^�CJ�OJ��QJ��aJ��h²$e�h®^�CJ�OJ��QJ��aJ��h²$e�hôJ}�CJ�OJ��QJ��aJ��h²$e�hb5�CJ�OJ��QJ��aJ��h²$e�h_}�CJ�OJ��QJ��aJ��h²$e�hµm�CJ�OJ��QJ��aJ��h²$e�h$ç�CJ�OJ��QJ��aJ��h²$e�hªTí�CJ�OJ��QJ��aJ��h²$e�hÇXØ�CJ�OJ��QJ��aJ��h²$e�h•Zñ�CJ�OJ��QJ��aJ��h²$e�h³nF�CJ�OJ��QJ��aJ��h²$e�hvVé�CJ�OJ��QJ��aJ��h²$e�hL^¦�CJ�OJ��QJ��aJ�ˆt��t���u��u��u��u��_u��Ÿu��­u��Õu��hv��iv��v��žv��»v��w��»w��Àw��Îw��Ów��íw��x��x��x��#x��ñâÓâĹ®£˜£‚w‚lwawaw‚V‚®I�����������������h²$e�h®[—�OJ��QJ��^J���h²$e�h%C�OJ��QJ���h²$e�hülÔ�OJ��QJ���h²$e�héc¾�OJ��QJ���h²$e�h,]|�OJ��QJ���h²$e�hÀi+�OJ��QJ���h²$e�hV×�OJ��QJ���h²$e�h8<�OJ��QJ���h²$e�hºIx�OJ��QJ���h²$e�hÖ?�OJ��QJ���h²$e�hø“�OJ��QJ���h²$e�h±WK�CJ�OJ��QJ��aJ��h²$e�h½û�CJ�OJ��QJ��aJ��h²$e�h~ƒ�CJ�OJ��QJ��aJ��h²$e�hŽef�CJ�OJ��QJ��aJ�u��x��_z��|��P��[��X‚��†��óˆ��õˆ��öˆ��÷ˆ��‰��u‰��ú‰��ï������������ã������������×������������Ë������������¼������������Ë������������×������������Ë������������²������������ª������������Ÿ������������������������|������������|�������������������¤��gdÙxÓ����$„Ðdà�`„Ða$gdõFÄ����„Ðdà�`„ÐgdõFÄ��¤d�`„ÐgdõFÄ��#x��Cx��Lx��ux��Œx��Èx��éx��
y��$y��;y��<y��By��y��›y��Ày��Çy��ày��öy��z��óæÙÌ¿²¥˜‹˜‹~qdWJW=����������������������������h²$e�h~*T�OJ��QJ��^J���h²$e�hpgï�OJ��QJ��^J���h²$e�høH«�OJ��QJ��^J���h²$e�hYf!�OJ��QJ��^J���h²$e�hf6§�OJ��QJ��^J���h²$e�h��h²$e�h¦bu��h²$e�h2f��h²$e�hd
Í��h²$e�hÐ=c��h²$e�h¬nœ��h²$e�h
)¤��gd±WK���dð��¤��7$�8$�H$�gd¼+ô����
Æ����gd:��http://services.parliament.uk/bills/2010-11/healthandsocialcare.html/>

Health and Social Care Bill 2011 18

Memorandum

Analytical report of FedEx and UPS stocks
Purpose: This memorandum offers the partners in the firm investment insights that aim at fostering economic growth by identifying the better investment between FedEx and UPS stocks.

Executive summary
Organizations invest in the stock market for numerous reasons; however the most common reason is making investments that realize long term financial goals. In order for a business to attain this, it has to undertake a comprehensive research on every quoted company. The research should disclose future profit estimates, performance ratios and past financial records of the quoted companies. This ensures the business makes informed decisions in the stock markets. A comprehensive research also offers a logical and planned approach to investments that seeks at reaping greater benefits and reducing the investment risk.

In the past few decades, investors have flocked to stocks in the consumer and technology industries. However, there are two stocks that are currently flying under the radar, they are: FedEx (NYSE: FDX) and the United Parcel Service (NYSE: UPS). Both are among the largest shipping and logistics companies in the world and have a combined market capitalization of over $ 100 billion. However, each has its own unique characteristics, as well as, pros and cons from an analytical standpoint. This report seeks at identifying the stocks that are better to invest between FedEx and UPS. Data in this report has been gained from primary sources such as the company’s financial records that offers detailed share earnings and predicted futures endings. Secondary data from online journals and NYSE reports have also been utilized.

Introduction
For an investor, selecting the stocks to invest may be a daunting task because of the high risks associated with the stock market. An all-inclusive background check on the quoted companies offers an investor with an opportunity to make an informed decision, as well as, avert any possible loss of investment. Both FedEx and UPS have strategically positioned themselves in the stock market and in the shipping and logistics industry. For example UPS has a wider clientele than FedEx and also has a greater focus on ground delivery. On the other hand, FedEx is considered to be the world’s leading express delivery company particularly after introducing the overnight shipping service. FedEx also has more fleets of airlines as compared to UPS.

The 2009 global recession resulted into a stagnant economic recovery that has significantly. This is because most consumers have reduced their spending on goods hence, less demand for shipping services. According to the 2012 NYSE economic projections of quoted companies, the shipping industry is expected to experience a 2-3 percentage growth. The industry is also expected to generate over $ 160 billion in revenues and both FedEx and UPS will account for 60 percentage of the total (M. Frankel 23). Therefore, firms seeking to invest in the stock market should consider the two shipping companies.

Valuation of Fed ex and UPS stocks
Both companies have grown their revenues very slowly in the past decade. Since 2010, the shipping industry has experienced a 1.8 percentage growth in market share. However, FedEx market share growth was 1.2 percent, while UPS market share growth was only 1.0 percent. In terms of top line market share growth, FedEx and UPS may not be the best but they are quite dominant in bottom line developments. After the 2009 recession, FedEx share earnings have increased 8.3 percent per annum which is less than that of UPS 9.3 percent. The share earnings are higher than that of the industry which is 4.0 percent. Other companies in the industry also experienced lower earnings as well with peer companies such as Deutsche Post DHL experiencing a 7.6 percent growth only. From an investors perspective, the above figures means that FedEx and UPS may continue paying out dividends at their current yield of 0.6 percent and 2.7 percent respectively.

The valuation metrics used in this report for both FedEx and UPS stocks include the Price Earning Ration (P/E) and the Price to Cash flow Ratio (P/CF). The current FedEx’s P/E of 13.9 is at its lowest, as well as UPS current P/E of 13.8. Also FedEx and UPS’s P/CF ratios are at their lowest, this is because each company has increased their cash hoard in the last quarter of 2012 and their caps flow has almost doubled. UPS gains were even more impressive after its operating cash increased by 85 percent while the cash flow increased by 107.2 percent.

UPS went further and reported a free cash flow of $ 5.07 billion in 2012. This came after the company acquired TNT Express a Dutch packaging company in March. According to most investors, the deal would significantly increase the company’s presence internationally. NYSE speculated that after the deal, UPS market share would increase to about 17.3 percent in Europe. This offers the company a very big advantage over FedEx which only has a 3 percent market share in the region. From the above valuations, UPS stands to benefit an investor more than FedEx particularly in terms of growth in earnings, yields in dividends, as well as, increasing cash flow.

Comparison between FedEx and UPS
Both FedEx and UPS attract more investors than any other company in the shipping industry. This is because they are the largest courier service providers. FedEx has an estimated net worth of $ 2 billion and revenues of up to $ 42 billion. UPS net worth is larger at $ 3 billion and revenues of over 52 billion. Companies are headquartered in the US, however, UPS has more market share in Europe and most of its revenues come from Europe. While FedEx has more airplanes, UPS on the other hand has a larger fleet of ground vehicles. According to statistics, Apple Inc uses FedEx for shipping its products from China, while Amazon uses UPS more often than FedEx. These clienteles play a significant role in building portfolios for the two companies.

According to most people, UPS is better managed and FedEx should try and improve its operations so as to remain competitive. On the other hand, FedEx is renowned fro optimizing its packaging route through technology. This increases both efficiency and effectiveness by modernizing aging fleets. There are some common tools of comparison that an investor should use when searching for the better stock. The first one is the bargaining power of a quoted company. In the US, FedEx has more bargaining powers than UPS but in the international scene UPS market share ensures it has more bargaining powers. Therefore, FedEx is in a better position to dictate domestic pricing in the courier industry but it is not strategically better positioned in the international market like UPS.

Threat to new entrants is another tool that can be used to help an investor identify whether a quoted company will be affected by new competition. Both FedEx have established a strong brand identity in the shipping and logistics industry and face little threat by new entrants. However, increased competition in the industry results into price wars that eventually affect the dividend earnings in the long run. FedEx usually offers delivery services for documents and freight to over 220 countries and also provides ground courier services in the entire North America. The company’s general growth involves maximizing its transportation networks particularly on the ground. In the end of 2012, FedEx introduced a new profit improvement system that is anticipated to deliver $ 1.7 billion in enhanced earnings by the end of 2016 (Inc 2).

The move was aimed at attracting new investors who would play a significant role in increasing the company’s cash flow. FedEx plans to implement the new system through major cost reductions, repositioning its services and improving efficiency.
In the past five years, FedEx has impressed its shareholders by rebounding from the 2009 recession. The company has since increased its dividends and has almost doubled it over the past 4 years. UPS offers only two types of delivery services, the US domestic package and the international package service. FedEx has various services such as the overnight courier service that provides the next day delivery within the US and the time guaranteed international service. FedEx Ground offers ground services within the US and Canada usually at a cheaper price with deliveries that uses trucks. UPS domestic service includes the UPS Express Critical that has the same day delivery and UPS Next’s day. The company also provides supply management, design and execution services (UPS 4).

Other services offered include FedEx Office; this section of the firm provides other business services to clients. These services include internet access, printing, computer rentals and signs and graphics. Other services offered by UPS include UPS Store which gives almost the same business services and shipping materials. After FedEx bought Kinko’s, its printing services increased and outgrew those of UPS. Most of FedEx’s delivery services are cheaper than those of UPS. However, the actual cost usually varies depending on the distance and time of delivery with overnight deliveries been the most expensive.

FedEx has about 49 percent market share in express shipping and in 2012 announced that the market share would increase with future acquisitions set in place (J. Frankel 144). UPS prides itself for been the world’s largest small package courier. The company ships over 15 million packages in a single day and has an overall market share of 46 percent in the US. An investor should be able to pinpoint any underlying competition and controversies that may be associated with a quoted company. This is because controversies significantly affect a company’s share capital both in the short run and the long run. For example, FedEx has invested millions of dollars in a marketing campaign through BrownBailout.com whereby it claimed that UPS was receiving government bailout that were designed to limit the competition for overnight deliveries.

Factors affecting stocks in the shipping and logistic industry
Both FedEx and UPS stocks are affected by numerous factors. Economic recessions may cause a significant drop in the market and a company may discover new sources of renewable energy and force the market to go up. an investor should be aware of these factors before engaging in market investing. However, the volatile trends allow investors to capture profits both in the short term and long term. This is because the flow from one price to another is what brings about profit and losses. According to research, there are four major factors that may cause significant long-term and short-term fluctuations in the stock markets. These factors include: the government, international transactions, expectation, supply and demand and speculations.

By understanding how these factors shape up the stock market in the long-term an investor will be able to predict future trends hence reducing investments risks and maximizing returns on investments. Governments have the largest influence in the stock markets. This is because fiscal and monetary policies profoundly affect the financial marketplace. When interest rates are increased, Federal Reserve’s may either slow or speed up economical growth in the country. In the US, the government may increase its spending with the aim of stabilizing prices and lowering the levels of unemployment. Increased government spending leads to more money in circulation. This results I more spending hence a rise in the number of people who require the services of FedEx and UPS. Governments may also influence the amount of investment flows in and out of a country.

The amounts of funds that flow in the international market have a significant effect on local economies. When more money is leaving the country, the weaker that economy becomes. Most of UPS transactions come from Europe and continually brings money into the US. The money is usually reinvested and stimulating the financial market in the country. As a result, UPS is m ore strategically positioned in the international shipping and logistics industry than FedEx. Speculations and expectations form one of the most integral parts of the stock markets. In the US, most politicians believe that that the economy’s future is affected by what investors do today. From an investor’s perspective, future expectations are dependent on current trends and future trends in the markets.

Various sentiment indicators have been created to measure how specific people feel about the current financial market. These indicators may be analyzed and they can be used to create expectations of future prices and trends. Supply and demand for consumer and industrial goods creates a push and pull dynamic in stock prices. This is because prices and rates are directly affected by demand and supply curves. It is very important for the firm to understand how the above factors combine and create trends in the stock market. In the courier industry, these factors are closely linked to each other. The government creates policies that impact international transactions which in turn play a significant role in the speculation while supply and demand affects each of these factors.

Factors to consider when selecting a stock
This section aims at identifying the various factors that the firm should consider when choosing between FedEx and UPS stocks. First, the firm should evaluative the volume of each company’s stocks. The volume is the number of stocks sold in a single day of trading. According to economists, investors should put their money on companies whose volume is over 50, 000. This is because the lower the volume, the lower the liquidity of the shares. Therefore, it becomes hard to buy or sell since there are less buyers and sellers in the market. This leads to increased levels of volatility that most investors avoid. UPS average share volume is 3.5 million shares in a single day which is more than that of FedEx by 500, 000 which are whose share volume is 2.01 million

Another factor that the firm should consider is the earnings per share (EPS), as well as, the cash flow per share (CPS). The firm should select the company that has more positive earnings and a consecutive growth. UPS has more positive earnings as compared to FedEx with net earnings of $ 3 billion and $ 2 billion respectively. The growth potential of UPS is also more positive since the company has strategically positioned itself in the international market than FedEx. UPS cash flow is $ 52 billion more than that of FedEx which is $ 43 billion per annum. Cash flow offers an investor with an insight of how much caps a quoted company has on hand and also demonstrates the effectiveness of operations. Cash flow per share is a significant statistics that helps in determining whether a company has enough funds to engage in future endeavors that contribute to an increase in stock prices. UPS has a more positive EPS and CPS than FedEx.

The firm should also consider the market cap since buying a company’s stock actually partially owns the company. If an investor was to buy the entire company, they would have to buy all the shares. The market cap is the overall price that one can buy out a company. It used to classify the size of a quoted company into either a micro cap or a mega cap. Mega caps are usually worth billions while the micro caps are worth millions. Companies that have larger caps are usually more stable and safer to invest in. UPS has a larger market cap than FedEx and the latter offers more potential to growth and can better manage its risks.

Dividends are the cash paid per share to shareholders. They are usually compared to coupons and bonds except they are not as much. The firm should check and evaluate the dividends each company pays to their shareholders. When a company has more money to hand out to its shareholders, and then it is doing well and have a steady growth. An investor must take note of the happenings inside the company. When a company’s CEO dumps 50000 shares, then it may be time to get out. Most insiders know the company better than any financial analyst. Therefore, when the number of share sought by individuals inside the company has been steadily increasing, then it may be a good time to buy the company’s stocks (Krishnamsetty 14).

Recommendation and conclusion
According to the analysis and data obtained above, UPS would be a better investment than FedEx. First, the volume of share s traded are more than those of FedEx by 500, 000. Therefore, FedEx’s liquidity of shares is less than that of UPS. There are more buyers and sellers dealing with UPS shares hence the company’s stocks are less volatile as compared to FedEx’s stocks. UPS is also a better investment because it has more positive earnings per share and cash flow per share. Therefore, UPS future earnings are expected to increase. Currently, UPS has increased its international market share by 30 percent and analysts believe the company’s stocks will significantly become more stable and offer investors with higher dividends than any other company in the industry.

The firm should invest in UPS stocks because the company’s market cap is significantly higher than that of FedEx. Hence UPS offers more potential to future growth and more returns on investments. Both UPS and FedEx offer almost the same amount of dividends to their shareholders. However, UPS has more money at hand than FedEx. According to most people, UPS is better managed than FedEx and therefore UPS may attract more investors in the long run. In the NYSE, Both UPS and FedEx stocks are very competitive and each of the stock is unique in their own ways. However, investing in UPS yields more returns on investments and the prices are expected to increase with the increase in market share in the international market.

In the past few years, FedEx (NYSE: FDX) and the United Parcel Service (NYSE: UPS) have emerged as largest shipping and logistics companies in the world and have a combined market capitalization of over $ 100 billion (Mathew 24). However, each has its own unique characteristics, as well as, pros and cons from an analytical standpoint. This report has identified UPS as a better investment over FedEx by using data gained from primary sources such as the company’s financial records that offers detailed share earnings and predicted futures endings. Secondary data has also been utilized from online journals.

For an investor, selecting the stocks to invest may be a daunting task because of the high risks associated with the stock market. An all-inclusive background check on the quoted companies offers an investor with an opportunity to make an informed decision, as well as, avert any possible loss of investment. The 2009 global recession resulted into a stagnant economic recovery that has significantly. This is because most consumers have reduced their spending on goods hence, less demand for shipping services. According to the 2012 NYSE economic projections of quoted companies, the shipping industry is expected to experience a 2-3 percentage growth. The industry is also expected to generate over $ 160 billion in revenues and both FedEx and UPS will account for 60 percentage of the total. Therefore, firms seeking to invest in the stock market should consider the two shipping companies.

Work cited
Frankel, John. FedEx Vs. UPS Strategy Analysis. Brooklyn: Harvard University Press, 2012.
Frankel, Mathew. The Delivery Battle: FedEx Or UPS For Your Portfolio? New York: Knopf publishers, 2013.
Inc, FedEx. 2012: financial reports. FedEx: FedEx, 2012.
Krishnamsetty, Meena. FedEx vs. UPS: Pairs Trading with these Two Shipping Stocks. New York: J& J publishers, 2013.
Mathew, Frankel. The delivery battle: FedEx and UPS. New York: Knopf Publishers, 2012.
Service, United Parcel. UPS: 2013 finacial statements . New York: UPS, 2013.

Formal analytical report 15

Global challenges facing small and medium sized enterprises

Introduction
Although there no accepted definition of SMEs, its description is based on the number of employees, amount of total assets, capital and sales turnover. According to the European Union, a standard SME is composed of less than 250 employees and a turnover or balance sheet total of ������������������������������������������������������������������������������������������������������������������������¬ �5�0� �m�.� �I�n� �I�n�d�o�n�e�s�i�a� �a�l�o�n�e�,� �t�h�e�r�e� �a�r�e� �a�p�p�r�o�x�i�m�a�t�e�l�y� �4�9�m�i�l�l�i�o�n� �S�M�E�s� �i�n� �t�h�e� �c�o�u�n�t�r�y� �a�n�d� �e�m�p�l�o�y�s� �9�6�.�2�%� �o�f� �t�h�e� �c�o�u�n�t�r�y� s� �w�o�r�k�f�o�r�c�e�.� �I�t� �h�a�s� �t�h�e� �l�a�r�g�e�s�t� �n�u�m�b�e�r� �o�f� �S�M�E�s� �c�o�m�p�a�r�e�d� �t�o� �o�t�h�e�r� �S�o�u�t�h�e�a�s�t� �A�s�i�a�n� �N�a�t�i�o�n�s� �(�A�S�E�A�N�)� �(�T�u�l�u�s� �6�9�)�.� �I�n� �A�s�i�a�,� �S�m�a�l�l� �a�n�d� �M�e�d�i�u�m� �S�i�z�e� �E�nterprises (SMEs) play a critical role of technological innovation and employment creation especially during recession. It contributes 60% of the total number of jobs in the region. It is because of this that the SME sector is critical to many developing countries all over the world. They are an engine of economic growth and development. Promotion of local industries also reduces overreliance on imports. It is prominent in the development agenda like the Vision 2030 of Kenya and Malaysia’s vision 2020 to become industrialised nations.

Despite their importance to the economy, many SMEs have difficulties competing with the global economy unless they collaborate with domestic partners and other public sector organisations. This paper attempts to analyse global challenges that face many small and medium size enterprises (SMEs), especially those in the Asian continent. The economy of Asia is composed of 4.2 billion people, approximately 60% of the world’s population. Asia is the fastest growing economic region in the world but its wealth differs widely between states. These challenges are brought about by globalisation and other social, economic, political and technological changes in the business environment (Omar, Arokiasamy & Maimunah 97). This presents SMEs with opportunities and an equal measure of challenges as discussed below. Most of these challenges are attributed to the small size of SMEs.

Limited access to Finance and credit
The main challenge facing SMEs is the lack of funding. Lack of access to loans is almost a universal problem for SMEs. This also affects the choice of technology because there are no alternative sources of funds to be considered either. SMEs are traditional in nature and run by ordinary people. Many entrepreneurs use inappropriate technology because it is the only available option. In other cases where credit is available, entrepreneurs lack the freedom of choice because the lending terms and conditions compels entrepreneurs to purchase heavy and immovable equipment that serves as collateral for the loan. Credit constraints affect mostly undeveloped countries in Africa and South East Asia, Here, under developed capital markets forces entrepreneurs to rely on borrowing from a friend or self-financing and other high cost source of finance.

The SME sector is underfunded in many Asian countries and other developing countries in the world. Other financial challenges include stringent lending conditions, exaggerated bank charges and fees. This makes the cost of credit high. Many SMEs are likely to fail or experience stunted growth compared to larger firms. Other financial problems, this sector experiences, is inaccessibility to loans and late payment of bills (OECD.org 14). In those countries that are hit by the economic downturn, banks have cut their lending to firms. Besides, their interest rates remain relatively high. Although there might be various government sponsored credit schemes, those SMEs located in the rural areas never receive funds from such credit schemes. Most of the entrepreneurs solely rely on personal savings and credit from other informal lenders to finance their business operations. This reflects the level of underdevelopment in financial markets and institutions, in Asian countries (Tulus 71).

Mushrooming of pyramid schemes indicates the need for more credit that should be directed towards low earning entrepreneurs. During the 2008, global financial crisis, many money lenders in the name of pyramid schemes came up giving hope to small business owners. The underlying principle for turning to these pyramid schemes by a significant number of entrepreneurs is to seek an alternative for soft credit with lower interest rates. In 2008, for example, a series of riots broke out in Colombia following the collapse of various pyramid schemes. Many victims who had invested in the schemes lost their money. Similar occurrences have been recorded in Albania, Ireland and India.

National Policy and Regulatory Environment
The regulatory environment and national policy have an overriding effect on decisions at an enterprise level. SMEs experience difficulties when adapting to the ever- changing markets. This is mainly because they lack the required financial and human resources to tackle emerging pressures like environmental regulation. In the past, there have been concerns on the environmental impacts of SMEs that has threatened existence of the sector to a large extent. In 2000 for instance, it is projected that 70% of pollution in the world was contributed by SMEs through emissions, effluents from firms and waste generation (Hillary 11). It is essential to note that many firms in the developing states characteristically use old technology. The firms may lack adequate information on any new environmental laws. Their structure appears to be less planned in managing such issues as environmental awareness. Their impact on local authorities and environment can be potent.

Apart from unfavourable environmental regulations, energy policies and tariffs policies for imported products have a significant effect on competition and profitability of SMEs. Lack of competition in the financial sector simply means that financial institutions like banks are not motivated.Banks cannot create innovative products that can adequately serve small enterprises. For instance, although Bank Rakyat in Indonesia has been quite successful in the country in providing microfinance, the scheme is not suitable for a majority of SME schemes in the region (Tulus 73). There are cumbersome business restrictions and regulations that hamper the establishment and growth of SMEs. Before the Asian financial crisis of 1997/1998, there were barriers to entry and ineffective price controls in some economic activities. Barriers to entry are restrictions that make it hard to enter a market. However, ineffective policies covering barriers to entry favoured state owned enterprises that were given preferential treatments compared to other smaller enterprises. It favoured well- connected business organisations but injured the majority of SMEs.

As part of their structural reforms, the barriers to entry were later abolished as mandated by the agreement between the Chinese government and International Monetary Fund (Tulus 73). Structural Adjustment Programs (SAPs) implemented in various countries in Latin America, Saharan Africa and Eastern Europe were meant to eliminate policy distortions that are viewed as detrimental to the private sector. SAPs are economic policies that countries should abide by so as to qualify for World Bank and International Monetary Fund loans. SAPs affect vulnerable groups more and are associated to the worsening economy all over the world. The unpredictable business environment, unfavourable policies together with grand corruption poses a serious threat to many SMEs in Africa and South East Asia.

Lack of Managerial Training and Experience
Most of the SME owners and managers all over the world lack managerial experience and training. A typical owner of a small enterprise develops his own approach to management trough a trial and error process. Consequently, their management style is more intuitive than analytical. Because they lack basic training the main concern of entrepreneurs is managing daily operations and not long term issues. Although SMEs are mainly used to nurture creativity and local talent, lack of training and expertise presents problems when it comes to making complex and technical decisions. SME owners in developing countries are ill prepared to face the challenges that come with changes in the business environment due to poor managerial ability. They cannot plan for possible change in technology for instance.

In Indonesia for instance, SMEs are scattered widely across rural areas. They play a crucial role in developing talents of the local population especially women entrepreneurs. However, most of these women lack basic training and expertise. Majority of those who run such businesses are ordinary people whose educational background is demanding. SMEs in Malaysia is dominated by self –employed traditional entrepreneurs with unusually low productivity levels. They largely produce basic, low-value added goods for their local markets. In the SME sector, entrepreneurs engage in ordinary activities like manufacture of wood products, garments, textile, beverage, food and furniture. In Thailand, the workforce in many SMEs has a shortage of personnel trained in computer science, engineering, research and development. A major feature of these enterprises is that they lack basic managerial training and experience required for more efficient production. In summary, therefore, inadequate education and skills translate to inability to carry out managerial duties for enterprises. Formal education and skills in Information and Communication Technology (ICT) are fundamental in running medium, small and micro enterprises (Tulus 69).

Technological Change
Change in technology is one of the effects of globalisation. It poses as a great challenge to SMEs and other smaller businesses. From the early 1990s, there have been concerns over the impact of changing technology on SMEs. Even with the advantages of modern technology, many entrepreneurs appear to be unfamiliar with new technology especially Information and Communication Technology (ICT) which is vital in e-commerce. If the technology is available, it is likely to be unaffordable. Foreign firms such as MNCs are normally in the forefront of in accessing new technology over local small and medium enterprises. The challenge of upgrading skill and technology persists in developing countries because there is a significant digital divide between local and international firms. For example, it almost impossible to have internet connectivity in the rural areas where there is no electricity. Despite efforts, to electrify all villages in South Asia, less than half the population has access to modern energy sources especially those in the rural areas. Only 30% of the rural people has contact with electricity compared to 70% of the urban population who can access electricity in South Asia (Barnes 2). Regional disparities continue to widen the gap between established industries and the increasing number of SMEs.

Access to networks and information are core to any enterprise. Therefore, although technological change is meant to bring about economic development, modern technology does not appear to answer the plight of local small scale entrepreneurs. Lack of technology has affected Thailand’s manufacturing industry to a large extent. Without quality controls and effective production technology, the goods produced by some SMEs fail to meet export quality standards. Although the Thai government acknowledged the deficiency in technology, its SME Promotion Action Plan shifts the burden to SMEs themselves to procure the necessary technology components and individual skills (Harvie, Charles and Lee 222 – 223).

Poor Infrastructure and Scanty Market information
Poor infrastructural development is a common phenomenon in many developing countries. Communication, transportation, water and sewer systems are some examples of key infrastructure. Lack of or poor state of these facilities discourages foreign direct investment and, therefore, interferes with economic development. Larger firms are always able to find their way around bureaucratic nature of public institutions compared to smaller firms. When the economic infrastructure is poor, then counties are likely to receive less investment. Although SMEs in the rural areas have the potential to grow and become successful, the poor state of the roads and other essential infrastructure discourages indigenous companies. Apart from inadequate infrastructure lack of sufficient market information also is a considerable challenge to SMEs. The problem of access to information is attributed to the inadequacy of support institutions like documentation centres. Due to poor connectivity, many small enterprises rely on physical contact to access information. The development of dependable roads, sea ports and railway lines will renew hope for many upcoming SMEs.

Corruption
Corruption is a serious hindrance to any country’s economic development. Corruption undercuts the rule of law leading to unequal allocation of resources. In the long run, corruption impedes economic development. Corruption is a serious obstacle that many SMEs especially in least developed countries continue to face while doing business. They are the first to be hit by corruption in the market place as they have less power. It is obvious that they have limited access to public facilities and smaller bargaining power.

From an economic perspective, rampant corruption discourages foreign direct investment and magnifies the cost of conducting business. Misinformed government policies inhibit financial competition and thereby decreasing the impetus required for investment. It increases uncertainties and risks and, therefore, reduces incentives for potential entrepreneurs. The high levels of corruption have been cited as a serious constraint to conducting business in 70% of SME firms located in South Asia and other countries in Africa, Asia and Middle East. Corruption has also affected 60% of firms in Latin America. Whenever corruption prevails, SMEs have little power to avoid corruption and their profit margins suffer. A combination of limited access to finance and low profit margins impedes investment and expansion of the enterprises. They have less power to dictate market conditions as powerful firms do. Originally developed to support SMEs, the Global Advice Network has failed to reach out to smaller enterprises in developing countries.

However, not all challenges purely relate to the small size of the enterprises SMEs are also isolated operationally, geographically and also in terms of interaction with other enterprises (Harvie and Lee 3).
Conclusion
In conclusion, it is evident that SMEs (Small and Medium Enterprises) play a significant role in stimulating Asia’s economic growth and the rest of the world. The SME sector is the backbone of developing economies and a necessary part of developed economies. As discussed above, SMEs are key drivers of employment, technological innovation and skill advancement. However, it is evident that this service sector continues to face new challenges, which affect their profitability. The challenges diminish their chances of contributing effectively to sustainable growth and development. This research paper has focussed on 6 main challenges facing SMEs; limited access to finance, national policies, poor managerial training and experience, technological change, poor Infrastructure and corruption. For SMEs to develop fully, appropriate policy measures will ensure that appropriate technology training and infrastructure are provided on time.

It is apparent that many constraints hinder the SME sector. The constraints vary from one region to another and between various sectors and even individual sectors within an economy. However, the above challenges appear to be universal (Tulus 71). They also affect vulnerable economies in developing countries more. The fundamental question is, “what solutions can be offered to these problems?” A key strategy that SMEs can address some of the challenges documented above is through networking. Networking here simply means coordinating their activities. By networking, SMEs can achieve economies of scale compared to bigger individual firms. Networking will enable them to specialize on core businesses to improve production through the division of labour. Evidence from developing countries indicates that cooperative relations may help to cope against unfair competition in the market (Harvie and Lee 4). Since the prevailing policies seem to care about well established businesses, SME friendly regulatory policies will renew hope for SMEs.

Work cited;
Barnes, Douglas F.. The challenge of rural electrification: strategies for developing countries. Washington, DC: Resources for the Future :, 2012. Print.
Harvie and Boon-Chye Lee. Small and Medium Sized Enterprises in East Asia: Sectoral and Regional Dimensions. Cheltenham, UK: Edward Elgar, 2008. Print.
Harvie, Charles, and Boon-Chye Lee. The Role of Smes in National Economies in East Asia. Cheltenham: Edward Elgar, 2002. Print.
Hillary, Ruth. Small and Medium-Sized Enterprises and the Environment: Business Imperatives. Sheffield: Greenleaf Publ, 2000. Print.
Jeffrey, B. N., & Seung-Jae Yhee. (2002). Small and medium enterprises in korea: Achievements, constraints and policy issues. Small Business Economics, 18(1-3), 85-119.
Ma, J., Wang, S., & Gui, J. (2010). A study on the influences of financing on technological innovation in small and medium-sized enterprises. International Journal of Business and Management, 5(2), 209-212.
OECD.org. (June 2004) Financing Innovative SMES in a Global Economy. 23 October, 2012 web <http://www.oecd.org/cfe/smesandentrepreneurship/31919231.pdf>
Omar, Siti S., Arokiasamy, Lawrence & Ismail, Maimunah. (2009). The Background and Cha��������������������������������������������������������������������������������%��&��b��c��o��p��Ÿ��Ô��ô�� �� �� ��* ��e ��… ���
��
��ëÚȶ¤¶“‚q`‚O>O-O-� hþ+Í�hô_�CJ�OJ�QJ�^J�aJ�� hþ+Í�h.+m�CJ�OJ�QJ�^J�aJ�� hþ+Í�h­Ý�CJ�OJ�QJ�^J�aJ�� hþ+Í�h–~D�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¡$j�CJ�OJ�QJ�^J�aJ�� hþ+Í�hzÆ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h;%C�CJ�OJ�QJ�^J�aJ��#hþ+Í�h3È�5CJ�OJ�QJ�^J�aJ�#hþ+Í�h-p�5CJ�OJ�QJ�^J�aJ�#hþ+Í�hÕŒ�5CJ�OJ�QJ�^J�aJ� hþ+Í�hÕŒ�CJ�OJ�QJ�^J�aJ��(hþ+Í�hÕŒ�CJ�OJ�QJ�^J�aJ�mH sH ���������!��&��b��p����Š��¯����ã��Œ��·��|��ù#��’��=’��_*��0/��E/��o4��07��b7��æ;��ñ;��û=��ú������������ú������������ú������������ú������������ú������������ú������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î������������î����������������������������„Ðdà�`„Ðgdþ+Í����gdÕŒ��
��
��4
��6
��8
��d
��þ
��f��¦��¨��¾��À��*��G��Z��ïÞÍÞ¼«š‰xgVE4E������������������������������ hþ+Í�hÞ»�CJ�OJ�QJ�^J�aJ�� hþ+Í�h3È�CJ�OJ�QJ�^J�aJ�� hþ+Í�hL�CJ�OJ�QJ�^J�aJ�� hþ+Í�hŠð�CJ�OJ�QJ�^J�aJ�� hþ+Í�h?p�CJ�OJ�QJ�^J�aJ�� hþ+Í�hX&�CJ�OJ�QJ�^J�aJ�� hþ+Í�h:A�CJ�OJ�QJ�^J�aJ�� hþ+Í�hES�CJ�OJ�QJ�^J�aJ�� hþ+Í�hJ¤�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h³MÝ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h­Ý�CJ�OJ�QJ�^J�aJ�Z��v��w��®��¸��Ñ��
��
��!
��*
��1
��Q
��S
��T
��] ��—
��˜
��ïÞͼ«š‰x‰g‰gVEV4�������������������� hþ+Í�hÐ�¸�CJ�OJ�QJ�^J�aJ�� hþ+Í�hL�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÒ”
�CJ�OJ�QJ�^J�aJ�� hþ+Í�hìb�CJ�OJ�QJ�^J�aJ�� hþ+Í�hxsH�CJ�OJ�QJ�^J�aJ�� hþ+Í�hìÝ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hQ¨�CJ�OJ�QJ�^J�aJ�� hþ+Í�h’L.�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÏG�CJ�OJ�QJ�^J�aJ�� hþ+Í�hºqÆ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h3È�CJ�OJ�QJ�^J�aJ�� hþ+Í�htwc�CJ�OJ�QJ�^J�aJ�˜
��š
��«
��¯
��ß
��í
��ú
������K��P��q��|��Ë��ïÞÍÞ¼«š‰xgVE4����������������������������������� hþ+Í�hU�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæ[Ü�CJ�OJ�QJ�^J�aJ�� hþ+Í�hŸ`ð�CJ�OJ�QJ�^J�aJ�� hþ+Í�hä�CJ�OJ�QJ�^J�aJ�� hþ+Í�h,I|�CJ�OJ�QJ�^J�aJ�� hþ+Í�h3È�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÝ)�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÅ®�CJ�OJ�QJ�^J�aJ�� hþ+Í�hsL�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÐ�¸�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¸�CJ�OJ�QJ�^J�aJ�
Ë��ä��ñ��ø��ù��<��B��N��X��b����„��Œ��£��Â��Ä��Ð��û��7��8��p��ïÞÍÞïÞÍÞ¼«š‰xšgšxVE4 hþ+Í�hF5�CJ�OJ�QJ�^J�aJ�� hþ+Í�h{Ï�CJ�OJ�QJ�^J�aJ�� hþ+Í�h›+f�CJ�OJ�QJ�^J�aJ�� hþ+Í�hu©�CJ�OJ�QJ�^J�aJ�� hþ+Í�h5í�CJ�OJ�QJ�^J�aJ�� hþ+Í�h5K�CJ�OJ�QJ�^J�aJ�� hþ+Í�hzo�CJ�OJ�QJ�^J�aJ�� hþ+Í�h)%�CJ�OJ�QJ�^J�aJ�� hþ+Í�h©�CJ�OJ�QJ�^J�aJ�� hþ+Í�hþ+Í�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hée�CJ�OJ�QJ�^J�aJ�p��u��|��~��ˆ��‰��–��Ç��Í��Î��Ù��Ú��è��é��ê��ˆ��‰��Š��“��£��®��¯��Ñ��Õ��æ����&��Q��R��ïÞ̺¨–…t…cRA0��������������������������� hþ+Í�hö-D�CJ�OJ�QJ�^J�aJ�� hþ+Í�hB,P�CJ�OJ�QJ�^J�aJ�� hþ+Í�hð^Û�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÃ-�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h£ã�CJ�OJ�QJ�^J�aJ��#hþ+Í�hS=-�5CJ�OJ�QJ�^J�aJ�#hþ+Í�hBcé�5CJ�OJ�QJ�^J�aJ�#hþ+Í�h-p�5CJ�OJ�QJ�^J�aJ�#hþ+Í�h­þ�5CJ�OJ�QJ�^J�aJ� hþ+Í�h3È�CJ�OJ�QJ�^J�aJ�� hþ+Í�hRF+�CJ�OJ�QJ�^J�aJ�
R��‚��›��œ����¢��Â��×��Ø��1������/��e��q��™��Á��Ã��Ü��á������#��ïÞÍïͼ«¼š‰xšxgVD3������������� hþ+Í�h¦s7�CJ�OJ�QJ�^J�aJ��#hþ+Í�hBcé�5CJ�OJ�QJ�^J�aJ� hþ+Í�hê�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÀsÚ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h/ZQ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hk8¾�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�ho�CJ�OJ�QJ�^J�aJ�� hþ+Í�hìA�CJ�OJ�QJ�^J�aJ�� hþ+Í�h!´�CJ�OJ�QJ�^J�aJ�� hþ+Í�hõ”�CJ�OJ�QJ�^J�aJ�� hþ+Í�hž^©�CJ�OJ�QJ�^J�aJ�#��8��_��‰��§��ì��í����4��A��Z��[��s��t��•��ª��ïÞͼ«š‰xgVEVEV4������������������������� hþ+Í�ho�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÌBí�CJ�OJ�QJ�^J�aJ�� hþ+Í�hí.…�CJ�OJ�QJ�^J�aJ�� hþ+Í�hCnK�CJ�OJ�QJ�^J�aJ�� hþ+Í�h0û�CJ�OJ�QJ�^J�aJ�� hþ+Í�hŽ ¡�CJ�OJ�QJ�^J�aJ�� hþ+Í�hõ”3�CJ�OJ�QJ�^J�aJ�� hþ+Í�h­z¼�CJ�OJ�QJ�^J�aJ�� hþ+Í�h/B�CJ�OJ�QJ�^J�aJ�� hþ+Í�h~W«�CJ�OJ�QJ�^J�aJ�� hþ+Í�h|�CJ�OJ�QJ�^J�aJ�ª��«��¬��·��¹��º��Ê��Ý��á��ì��ô����P��Q��b��†��ïÞÍÞ¼«š‰š«xgVE4������������������������� hþ+Í�heg¿�CJ�OJ�QJ�^J�aJ�� hþ+Í�hEu�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÙ<£�CJ�OJ�QJ�^J�aJ�� hþ+Í�h˜A8�CJ�OJ�QJ�^J�aJ�� hþ+Í�hŸLP�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h=�CJ�OJ�QJ�^J�aJ�� hþ+Í�høo8�CJ�OJ�QJ�^J�aJ�� hþ+Í�h[�CJ�OJ�QJ�^J�aJ�� hþ+Í�hKd�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÒe{�CJ�OJ�QJ�^J�aJ�� hþ+Í�h‚
�CJ�OJ�QJ�^J�aJ�†��Ê��Ô��á��$��V����o��Œ��£��Â��Ã��Õ��â��ã������%��D��¤��§����ž��Ô��ïÞÍÞ¼«¼š‰x«xgVE«E«E«E«E������������������� hþ+Í�h[�CJ�OJ�QJ�^J�aJ�� hþ+Í�hEu�CJ�OJ�QJ�^J�aJ�� hþ+Í�h(5�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÖZJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hd8j�CJ�OJ�QJ�^J�aJ�� hþ+Í�h˜,�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h
t§�CJ�OJ�QJ�^J�aJ�� hþ+Í�hLl��{��|��ö��ø�� �� �� �� ��- ��g ��u ��ˆ ��‘ ��Ÿ ��¬ ��È ��ô ��/!��i!��ïÞͼͫͼ͚‰x‰g¼gVE4����� hþ+Í�h¤%®�CJ�OJ�QJ�^J�aJ�� hþ+Í�hñEt�CJ�OJ�QJ�^J�aJ�� hþ+Í�hŠC«�CJ�OJ�QJ�^J�aJ�� hþ+Í�hî0w�CJ�OJ�QJ�^J�aJ�� hþ+Í�h’OÑ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hrdm�CJ�OJ�QJ�^J�aJ�� hþ+Í�h>WŽ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hX$��!$��3$��‰$��–$��°$��±$��ïÞͼ«š«š‰xgxVxExV4«����� hþ+Í�h 8�CJ�OJ�QJ�^J�aJ�� hþ+Í�h!À�CJ�OJ�QJ�^J�aJ�� hþ+Í�hJM²�CJ�OJ�QJ�^J�aJ�� hþ+Í�h^ ±�CJ�OJ�QJ�^J�aJ�� hþ+Í�h˜MÃ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hð#%�CJ�OJ�QJ�^J�aJ�� hþ+Í�h£-�CJ�OJ�QJ�^J�aJ�� hþ+Í�h_ê�CJ�OJ�QJ�^J�aJ�� hþ+Í�h®,Y�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÄFê�CJ�OJ�QJ�^J�aJ�� hþ+Í�hV?Á�CJ�OJ�QJ�^J�aJ�� hþ+Í�he&�CJ�OJ�QJ�^J�aJ�–%��¨%��¾%��Í%��Ð%��ç%��&��
&��&��1&��_&��`&��p&��q&��‚&��™&��½&��Ö&��Ý&��’��ïÞÍ޼ͼ«š‰x‰gVgEV4V����� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hxn¿�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¼~Û�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÈ})�CJ�OJ�QJ�^J�aJ�� hþ+Í�hòs�CJ�OJ�QJ�^J�aJ�� hþ+Í�hº@ù�CJ�OJ�QJ�^J�aJ�� hþ+Í�h„?�CJ�OJ�QJ�^J�aJ�� hþ+Í�h€A•�CJ�OJ�QJ�^J�aJ�� hþ+Í�hqg�CJ�OJ�QJ�^J�aJ�� hþ+Í�hdWi�CJ�OJ�QJ�^J�aJ�� hþ+Í�hQ:Ô�CJ�OJ�QJ�^J�aJ�� hþ+Í�h®â�CJ�OJ�QJ�^J�aJ�)��)��5)��_)��j)��u)��~)��)��€)��£)��Ú)��ò)��ïÞͼ«š‰x‰gVE4����������������������������������� hþ+Í�hÄ5N�CJ�OJ�QJ�^J�aJ�� hþ+Í�hXò�CJ�OJ�QJ�^J�aJ�� hþ+Í�hsWh�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hêû�CJ�OJ�QJ�^J�aJ�� hþ+Í�hªYÝ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÐ/¤�CJ�OJ�QJ�^J�aJ�� hþ+Í�h�CJ�OJ�QJ�^J�aJ�� hþ+Í�hï�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÑ�2�CJ�OJ�QJ�^J�aJ�� hþ+Í�hq�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÌ.�CJ�OJ�QJ�^J�aJ�
ò)��ý)��*��”*��^*��_*��k*��z*��§*��¾*��Ü*��î*��
+��+��N+��O+��ïÞïͼ«š‰xgxVxE4������������������������� hþ+Í�hþê�CJ�OJ�QJ�^J�aJ�� hþ+Í�h«)0�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÎk�CJ�OJ�QJ�^J�aJ�� hþ+Í�hf]œ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hQZ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¸‘�CJ�OJ�QJ�^J�aJ�� hþ+Í�h|oC�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÎ×�CJ�OJ�QJ�^J�aJ�� hþ+Í�h‡f�CJ�OJ�QJ�^J�aJ�� hþ+Í�hµB�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hvk·�CJ�OJ�QJ�^J�aJ�O+��y+��|+��†+��“+��·+��¸+��É+��Ë+��ç+��ó+��,��,��,��,��!,��(,��.,��J,��O,��,��ïÞÍÞ¼«š‰xgxg‰gV«VEVE���������������������������������� hþ+Í�h‰J;�CJ�OJ�QJ�^J�aJ�� hþ+Í�h9zB�CJ�OJ�QJ�^J�aJ�� hþ+Í�h,uÙ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÍVD�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h™ á�CJ�OJ�QJ�^J�aJ�� hþ+Í�h‚hÁ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h£vó�CJ�OJ�QJ�^J�aJ�� hþ+Í�h‰�CJ�OJ�QJ�^J�aJ�� hþ+Í�h*n�CJ�OJ�QJ�^J�aJ�� hþ+Í�hp-G�CJ�OJ�QJ�^J�aJ�,��s,��t,��ˆ,�� ,��¨,��®,��×,��-��-��-��-��1-��W-��-��‘-��.��ïÞͼ«š‰xïg«gVE4ï�������������������� hþ+Í�h<�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÈ[�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¼7´�CJ�OJ�QJ�^J�aJ�� hþ+Í�h 3á�CJ�OJ�QJ�^J�aJ�� hþ+Í�hl~u�CJ�OJ�QJ�^J�aJ�� hþ+Í�hLlU�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÙ:�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hí(©�CJ�OJ�QJ�^J�aJ�� hþ+Í�h°p�CJ�OJ�QJ�^J�aJ�� hþ+Í�h=Pû�CJ�OJ�QJ�^J�aJ�� hþ+Í�ho‹�CJ�OJ�QJ�^J�aJ�.��.��.��#.��$.��1.��O.��].��•.��³.��¶.��Æ.��å.��õ.��$/��./��//��0/��D/��E/��ïÞͼÍÞÍ«š‰x‰šgï«VD2�#hþ+Í�h–k£�5CJ�OJ�QJ�^J�aJ�#hþ+Í�hw4ª�5CJ�OJ�QJ�^J�aJ� hþ+Í�h–k£�CJ�OJ�QJ�^J�aJ�� hþ+Í�h<Z�CJ�OJ�QJ�^J�aJ�� hþ+Í�hv­�CJ�OJ�QJ�^J�aJ�� hþ+Í�hµLP�CJ�OJ�QJ�^J�aJ�� hþ+Í�h ;”�CJ�OJ�QJ�^J�aJ�� hþ+Í�hŽ
�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÎ�CJ�OJ�QJ�^J�aJ�Q2��R2��W2��^2��u2��”2��¦2��·2��¸2��Ã2��Ä2��Å2��Æ2��Ê2��Ô2��Õ2��ð2��ô2��ÿ2��+3��93��@3��e3��f3��ïÞÍÞÍÞÍÞÍÞ¼«š«‰«š«xgVgE������������������� hþ+Í�hK�CJ�OJ�QJ�^J�aJ�� hþ+Í�h˜0™�CJ�OJ�QJ�^J�aJ�� hþ+Í�hg�CJ�OJ�QJ�^J�aJ�� hþ+Í�h‰^�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¾,x�CJ�OJ�QJ�^J�aJ�� hþ+Í�hðLn�CJ�OJ�QJ�^J�aJ�� hþ+Í�h›~ç�CJ�OJ�QJ�^J�aJ�� hþ+Í�h6|P�CJ�OJ�QJ�^J�aJ�� hþ+Í�hUÛ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÙx�CJ�OJ�QJ�^J�aJ�f3��|3��‚3��‡3��Ž3��3��”3��·3��¼3��â3��ð3��û3��ý3��C4��a4��m4��o4��­4��ï4��5��_5��ïÞïÞïÞïÍＫšxgVE4 hþ+Í�hJÔ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hŒBá�CJ�OJ�QJ�^J�aJ�� hþ+Í�h* �CJ�OJ�QJ�^J�aJ�� hþ+Í�h›~ç�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¯#Ÿ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÞQ)�CJ�OJ�QJ�^J�aJ�� hþ+Í�hK�CJ�OJ�QJ�^J�aJ�� hþ+Í�h�`�CJ�OJ�QJ�^J�aJ�� hþ+Í�h.Ë�CJ�OJ�QJ�^J�aJ�� hþ+Í�há€�CJ�OJ�QJ�^J�aJ�� hþ+Í�hdWi�CJ�OJ�QJ�^J�aJ�� hþ+Í�hN|Õ�CJ�OJ�QJ�^J�aJ�_5��`5��µ5��ò5��÷5��6��96��e6��6��Œ6��¡6��É6��Ñ6��Þ6��ïÞͼ«š‰xgVE4#� hþ+Í�h¤Y�CJ�OJ�QJ�^J�aJ�� hþ+Í�h rN�CJ�OJ�QJ�^J�aJ�� hþ+Í�hìnˆ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hyi�CJ�OJ�QJ�^J�aJ�� hþ+Í�h
j�CJ�OJ�QJ�^J�aJ�� hþ+Í�h$‡�CJ�OJ�QJ�^J�aJ�� hþ+Í�h>|ã�CJ�OJ�QJ�^J�aJ�� hþ+Í�hbo=�CJ�OJ�QJ�^J�aJ�� hþ+Í�hOn�CJ�OJ�QJ�^J�aJ�� hþ+Í�h’t�CJ�OJ�QJ�^J�aJ�� hþ+Í�h-n¸�CJ�OJ�QJ�^J�aJ�� hþ+Í�h=V:�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¯#Ÿ�CJ�OJ�QJ�^J�aJ�
Þ6��é6��õ6��7��7��7��$7��’7��)7��.7��/7��07��67��U7��a7��b7��·7��ïÞͼ«¼šÍ¼Í‰wewSB������������������������������������������������ hþ+Í�hz4�CJ�OJ�QJ�^J�aJ��#hþ+Í�hºzÏ�5CJ�OJ�QJ�^J�aJ�#hþ+Í�hYBã�5CJ�OJ�QJ�^J�aJ�#hþ+Í�hw4ª�5CJ�OJ�QJ�^J�aJ� hþ+Í�h)YB�CJ�OJ�QJ�^J�aJ�� hþ+Í�h˜T^�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÆp±�CJ�OJ�QJ�^J�aJ�� hþ+Í�h}A…�CJ�OJ�QJ�^J�aJ�� hþ+Í�h™Y¬�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¤Y�CJ�OJ�QJ�^J�aJ�� hþ+Í�hK
�CJ�OJ�QJ�^J�aJ�·7��¸7��ø7��8��8��8��8��8��8��08��B8��U8��k8��l8��v8��w8��8��ž8��Ÿ8��.:��[:��âÑ¿­¿›‰›‰›w›e›e›wSBS���������������������������� hþ+Í�hcy>�CJ�OJ�QJ�^J�aJ��#hþ+Í�h¨|â�CJ�OJ�QJ�^J�aJ�#hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�#hþ+Í�h½1_�CJ�OJ�QJ�^J�aJ�#hþ+Í�hcy>�CJ�OJ�QJ�^J�aJ�#hþ+Í�h’ò�CJ�OJ�QJ�^J�aJ�#hþ+Í�h+~=�CJ�OJ�QJ�^J�aJ�#hþ+Í�h0T:�CJ�OJ�QJ�^J�aJ� hþ+Í�h0T:�CJ�OJ�QJ�^J�aJ��:hþ+Í�h0T:�B*CJ�OJ�QJ�^J�aJ�fH�ph”””�qÊ
���ÿÿÿÿ���[:��~:��ƒ:��:��£:��;��;��7;��A;��U;��;��|;��;��š;��›;�� ;��íÛÉÛ¸¦”¦‚p^LÉL:�������������������������������������#hþ+Í�hòg��CJ�OJ�QJ�^J�aJ�#hþ+Í�hÕ%Ì�CJ�OJ�QJ�^J�aJ�#hþ+Í�h/i¡�CJ�OJ�QJ�^J�aJ�#hþ+Í�ht�CJ�OJ�QJ�^J�aJ�#hþ+Í�hÂF«�CJ�OJ�QJ�^J�aJ�#hþ+Í�hòoÖ�CJ�OJ�QJ�^J�aJ�#hþ+Í�h»�CJ�OJ�QJ�^J�aJ� hþ+Í�hòoÖ�CJ�OJ�QJ�^J�aJ��#hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�#hþ+Í�h×[ã�CJ�OJ�QJ�^J�aJ�#hþ+Í�hP’‚�CJ�OJ�QJ�^J�aJ�� ;��½;��Â;��×;��å;��æ;��ñ;��<��<�� <��<��9<��E<��N<��Š<��íÛÉ·¦”ƒrƒaƒP?.������������������ hþ+Í�hË`è�CJ�OJ�QJ�^J�aJ�� hþ+Í�hý«�CJ�OJ�QJ�^J�aJ�� hþ+Í�h0}š�CJ�OJ�QJ�^J�aJ�� hþ+Í�hòZq�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h†0�CJ�OJ�QJ�^J�aJ��#hþ+Í�hœ5[�5CJ�OJ�QJ�^J�aJ� hþ+Í�hYBã�CJ�OJ�QJ�^J�aJ��#hþ+Í�hÕ%Ì�CJ�OJ�QJ�^J�aJ�#hþ+Í�h¹`e�CJ�OJ�QJ�^J�aJ�#hþ+Í�hòg��CJ�OJ�QJ�^J�aJ�#hþ+Í�hrB«�CJ�OJ�QJ�^J�aJ��Š<��š<��›<��¸<��=��-=��5=��:=��H=��Q=��V=��=��v=��|=��ƒ=��‹=��=��”=��›=��œ=��¯=��ïÞïͼ«¼š‰šx‰š‰gÞgVE4 hþ+Í�hP.,�CJ�OJ�QJ�^J�aJ�� hþ+Í�hçsŸ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hˆ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h+>�CJ�OJ�QJ�^J�aJ�� hþ+Í�h5_ø�CJ�OJ�QJ�^J�aJ�� hþ+Í�hš$f�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¨t�CJ�OJ�QJ�^J�aJ�� hþ+Í�hg�Þ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h’š�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÅx�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h�CJ�OJ�QJ�^J�aJ�¯=��ú=��û=��>��!>��,>��G>��U>��V>��_>��€>��>��û>�� ?��#?��$?��.?��/?��7?��Q?��ïÞͼͫš‰š‰xgxVEVEV4����� hþ+Í�hô8d�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hw:À�CJ�OJ�QJ�^J�aJ�� hþ+Í�h^¡�CJ�OJ�QJ�^J�aJ�� hþ+Í�h™3Ó�CJ�OJ�QJ�^J�aJ�� hþ+Í�hR/�CJ�OJ�QJ�^J�aJ�� hþ+Í�h7¨�CJ�OJ�QJ�^J�aJ�� hþ+Í�h¾T´�CJ�OJ�QJ�^J�aJ�� hþ+Í�h”[»�CJ�OJ�QJ�^J�aJ�� hþ+Í�hçsŸ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hP.,�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÔ
¦�CJ�OJ�QJ�^J�aJ�©A��ÂA��ÞA��
B��B��B��’B��-B��6B��8B��YB��ZB��^B��bB��€B��ïÞͼ«š‰š«xgVE4������������������������������ hþ+Í�hÁ~�CJ�OJ�QJ�^J�aJ�� hþ+Í�hËc�CJ�OJ�QJ�^J�aJ�� hþ+Í�hƒ$Ø�CJ�OJ�QJ�^J�aJ�� hþ+Í�hæJ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÙV�CJ�OJ�QJ�^J�aJ�� hþ+Í�h#¦�CJ�OJ�QJ�^J�aJ�� hþ+Í�hýlM�CJ�OJ�QJ�^J�aJ�� hþ+Í�h½Þ�CJ�OJ�QJ�^J�aJ�� hþ+Í�hœ5[�CJ�OJ�QJ�^J�aJ�� hþ+Í�hgþ�CJ�OJ�QJ�^J�aJ�� hþ+Í�h{ô�CJ�OJ�QJ�^J�aJ�� hþ+Í�h Ù�CJ�OJ�QJ�^J�aJ�û=��B��ÛB��æB��“F��ªJ��«J��¬J��­J��®J��¯J��°J��±J��²J��³J��´J��µJ��¶J��·J��¸J��¹J��ºJ��ÆJ��ó������������ó������������ã������������ó������������ã������������ã������������ã������������ã������������ã������������ã������������ã������������ã������������ã������������ã������������ã������������ã������������ã������������ã������������Ú������������Ú������������Ú������������Î�������������������������������������������������$
Æ�¾�a$gdÕŒ����
Æ�¾�gdÕŒ����
Æ�¾�„Ðdà�`„Ðgdþ+Í����„Ðdà�`„Ðgdþ+Í��€B��‹B��¤B��¯B��ÆB��ÈB��ÒB��ÙB��ÚB��ÛB��åB��æB��C��+C��3C��ïÞïͼ«¼ÍšƒlWB-����������������)hþ+Í�hÞ �B*CJ�OJ�QJ�^J�aJ�ph����)hþ+Í�h9-û�B*CJ�OJ�QJ�^J�aJ�ph����)hþ+Í�h*A!�B*CJ�OJ�QJ�^J�aJ�ph����,hþ+Í�h=2Ô�5B*CJ�OJ�QJ�^J�aJ�ph�����,hþ+Í�h<�CJ�OJ�QJ�^J�aJ�� hþ+Í�hÁ~�CJ�OJ�QJ�^J�aJ�� hþ+Í�h9[£�CJ�OJ�QJ�^J�aJ�3C��>C��?C��CC��FC��YC��iC��yC��„C��ÀC��ÞC��èC��éC��D��PD��QD��[D��D��êÕêÕêÕêÕÀ«–lWBl-�)hþ+Í�h³7ž�B*CJ�OJ�QJ�^J�aJ�ph����)hþ+Í�h­Ý�B*CJ�OJ�QJ�^J�aJ�ph����)hþ+Í�hv�B*CJ�OJ�QJ�^J�aJ�ph����)hþ+Í�hða‚�B*CJ�OJ�QJ�^J�aJ�ph����)hþ+Í�h�B*CJ�OJ�QJ�^J�aJ�ph����)hþ+Í�h_|-�B*CJ�OJ�QJ�^J�aJ�ph����)hþ+Í�hrS$�B*CJ�OJ�QJ�^J�aJ�ph�����¤��gdÕŒ���„„„|üdh�^„„`„|ügdþ+Í��llenges Faced by the Small Medium Enterprises. A Human Resource Development Perspective. International Journal of Business and Management. Vol. 4, No.10. pp.95- 102.
Tulus Tahi, H. T. (2011). Development of small and medium enterprises in a developing country. Journal of Enterprising Communities, 5(1), 68-82.

Insert surname here1