Integrating the Least Developed Countries into the World Trading Essay

Integrating the Least Developed Countries into the World Trading System - Essay Example The European Community has developed numerous economic and trading layers through which the bloc manages and deals with the economic and trade affairs with other countries of the world. The European Union consists of 27 members (Jacoby 2004; Kelley 2004; Vachudova 2005). This expansion enables EU as a unitary actor to exercise considerable geo-regulatory and geo-economic power (Damro 2006; Young and Peterson 2006). The other instruments employed by the EU to enhance its influence beyond Europe borders include conditionality (Lister and Carbone 2006) and development aid (Holland 2008). The members of EU have developed an integrated policy including agriculture policy, common competition policy, and common external tariff policy. The members have also observed the uniform application of four basic components of freedom such as capital, movement of persons, goods, and services. The entire bloc has allowed the citizens of member countries to enjoy free cross-border mobility without using or facing any visa restrictions. The members also use Euro as a single currency to exchange goods and services. South Africa in 1999 (Dur 2007; Frennhoff-Larsen 2007; Sanabuja 2000; Szymanski and Smith 2005).The first generation association agreements in the period of 1970s observed the establishment of customs unions with the states of Malta and Cyprus. The European Economic Area (EEA) represents a single market of the European Union. The major function of EEA is to work as a free trade area along with maintaining its own distinct and separate tariff level. Free Trade Areas (FTA) are the regulatory framework underway between various developing and developed countries of the world. The FTAs with other countries including Slovenia, Estonia, Bulgaria and Lithuania and other central and eastern states have been concluded. In addition to that, the Mediterranean Partnerships encompass economic and trade relationships between various countries from the Middle East and other parts of the world. The focus is to increase and strengthen the economic ties and relationships. In this regard, Africa, Caribbean, and Pacific (ACP) preferences are also another mechanism put in place to develop and maintain economic and trade relations with a number of developing countries. The framework of Generalized System of Preferences (GSP) is increased when the inclusion of the recent ‘Everything But Arms’ initiative took place in which economic and trade framework was further analyzed and developed a workable framework with the developing countries with an aim of strengthen economic and trade relationships. However, there are various experts who do not agree with the notion that EU trade policy extends the share of benefits that it has given to the EU farmers. And they also contend that one way or other, the EU trade policy works at the cost of the developing countries.  

Animal Representation of Dogs Research Paper Example | Topics and Well Written Essays - 1500 words

Animal Representation of Dogs - Research Paper Example This paper compares and contrasts three perspectives of dogs as represented in film, literature, and psychiatry. More specifically, the paper examines how the dog is presented as a teacher and father figure, as a helper, as well as, as a human in disguise. The paper provides an evaluation of the rationale behind these representations, as well as, the practical consequences of these representations. Â   The Novel, A Boy, and His Dog tell the story of Vic and Blood, two survivors of a war. Vic, the central human character in the film is in is the company of his dog Blood and they work together for their survival (Ellison and Corben 1-128). Together, the two characters search for food, clothes, and ammunition that is to be used for their survival. In the novel, the dog blood is represented as having telepathic abilities, which in turn, assist the two in their communication with each other. To understand the representation of the dog in the novel, one must also consider the human character Vic as his character assists in the representation of the dog. Accordingly, Vic is an orphan who understands neither the importance of ethics, nor the need for morality, and for that reason, he lives to satisfy his immediate needs (Lee 450). Portrayed as a telepathic dog, blood steps in to assist Vic in living a proper life. For that reason, the dog is portrayed as being a teacher and father figure. Blood educates Vic on and his sole purpose in life is identified as being the protection of Vic so as to keep him away from any possible harm or danger. Additionally, blood is highly intelligent, thus qualifying him for the representation s a teacher and father figure (Sanders 121). To build on his representation as a father figure, Vic is highly rebellious, a character that is common to children. In a way, Blood is represented as having superior characteristics to his human friend.

Micro-Strip Patch Antenna for Wideband Application

Micro-Strip Patch Antenna for Wideband Application Career Episode 1 CE 1.1 Introduction This career episode describes about the project which I have done during my vocational industrial training that was undertaken at Krishak Bharati Cooperative Limited, India in 2009. The title of the project was Design and Fabrication of Micro-Strip Patch Antenna for Wideband Application. It was completed on time and I was awarded for it. This was my individual project. I was a Diploma student in Electronics Communication at Sarvoday Polytechnic Institute. CE 1.2 Background The project focuses on micro-strip antenna which are small in volumes, have great integration and are cost effective along with providing good performance. I tried to solve its disadvantage of having narrow impedance bandwidth, poor radiation efficiency and low gain. Recently the wideband technology is gaining consideration due to its communication systems that offer reduction in fading, high bandwidth, and low power needs. Wideband receivers make use of narrow band interference suppressions methods that will advance its performance range of communications and capacity. There is problem of jamming of receiver by these narrowband signals on the wideband systems. The reason for doing this project was its challenge to achieve multi frequency operations and enhancement of the bandwidth of wideband applications. And to solve the issue relating patch antenna having low gain and narrow bandwidth. And majorly to improve its capacity and range of communications. CE 1.3 Objective of project There are few methods that have been developed for enhancing bandwidth. They are: 1. by increasing thickness of substrate 2. by stacking different radiating elements of antenna vertically or laterally. 3. low dielectric permittivity 4. utilization of magnetic dielectric substrates. To form a thick substrate of low dielectric permittivity so that the bandwidth of printed patch increases. There was struggle with this approach for implementation of integrating antenna to other microwave circuits due to its large inductive image of input impedance of antenna and surface wave propagation. Bandwidth greater than 25% is achieved by loading of surface with the help of slots of appropriate shape. CE 1.4 My obligations As a team leader, I have many responsibilities and duties which I need to perform with honesty. Few of my duties were: To assign tasks to fellow team mates Perform research on related topics Design the hardware structure and finalize components for use. Motivate team members Study various reference materials to understand concepts and imply them Regularly report project guide about the status of my project Troubleshoot the project after its completion CE 1.5 Personal Engineering Activity A micro-strip antenna or also known as patch antenna comprises of a dielectric substrate that has a metallic ground plane on one side and a radiating metallic part on the other. They are mostly found in circular, elliptical or rectangle shapes for easy analysis and fabrication purpose. There are few micro-strip antenna that use metal patch mounted above ground plane using dielectric spacers instead of dielectric substrate. Modern printed circuit type technology is used to manufacture micro strip antenna which are relatively cheap. The size of antenna is directly related to wavelength at resonant frequency and employs at ultra-high frequency and high frequency. Below figures show the structures and inner view of micro-strip antennas. CE 1.6 Design Procedure I then started with designing of patch antenna. Various steps were involved which are described below. The design of a low-profile patch antenna is very complex. The fact is that the low profile, the wide impedance bandwidth and the omni directional radiation pattern cannot be accomplished simultaneously. Step 1: Calculate of the patch width Step 2: Calculate of the effective dielectric constant Step 3: Calculate of the effective length Step 4: Calculate of the length extension Step 5: Calculate of the actual length of the patch Step 6: Calculate of the ground plane dimensions The transmission line model is suitable for only infinite ground planes. However, for practical requirements, it is essential to have a finite ground plane. It observed from many literatures that similar results from finite and infinite ground planes can be obtained if the size of the ground plane is greater than the patch dimensions by approximately six times the substrate thickness around the periphery. CE 1.7 I started with constructing my wideband antenna with double band rejection feature as per my design steps. I did some calculations and then made a study on individual notches and their band notch properties. Proper care was taken to minimize the cross coupling among them and so that the operation is not hampered when integrating the notch elements. Thereafter, two L-shaped slits and an E-shaped slot of varying dimensions are etched on the radiating patch to produce notch characteristics. Then I also implemented a V-shaped strip on ground plane to achieve additional resonances at 15GHz and wide impedance bandwidth at this higher band. The major parameters affecting the performance properties of micro-strip patch antenna are patch length, width and inset of feed location along with the length and location of slots. By changing the value of à ¢Ã‚ Ã‚ º, one can determine the required sensitivity for impedance to match and then adjust the electromagnetic coupling between the patch and ground plan along without any extra cost. From my investigation on various design techniques I found the parameter variation of dimension to be the most reliable method. CE 1.8 I performed come calculation and effective length and dielectric constant can be calculated as Leff = L + 2ΆL. Also, the performance of an antenna can be measured considering number of parameters including critical ones like radiation pattern, gain, directivity, bandwidth, return loss and voltage standing wave ratio. Keeping the resonant frequency (fr or fo) as 7GHz and dielectric constant (ÃŽÂ µr) of 4.4. the height of dielectric substrate (h) is selected as 1.6mm. I made use of MATLAB application that provide GUI interaction. GUIDE provides tools that are useful in designing user interface for custom applications. It also auto-generates the MATLAB code for construction of GUI and can be modified by user. It can store in two file formats i.e. . fig file which as complete code description and .m file that has the actual code. CE 1.9 The major problems I faced while working on this project was in its design. As achieving enhanced bandwidth with multifrequency operations in many of the wideband patch antennas. Also, there was an issue concerning with the low gain and narrow bandwidth due to specifications that are used. And biggest challenge was to achieve good and better-quality performance with increased capacity and having wide range of communication using suppression techniques applied to patch antennas. CE 1.10 Working within a group during a project is a learning experience. I learnt how to get adjusted with the views and thoughts of other and how to stay connected and focused with each other to fulfill the project commitments and to compete with hassle-free. It taught me new ways to tackle things and situation. Programming and coding were not my forte so I got a chance to understand and gain knowledge about it from my team mates who knew it. At every stage I motivated, interacted and took suggestions from my team mates and gave a fair and unbiased solution and decision, as a team leader to any problem that we faced. CE 1.11 Summary I have proposed a small monopole antenna that has the characteristics of single and dual band notches and capability of being used in wideband applications. The antenna in my project works on 2.83GHz to 18.93GHz band and has two rejections between 3.47GHz to 4.33GHz and 5.10GHz to 5.80GHz band range. After performing various measurements and simulation on this project of antenna, it resulted in good relation with voltage standing wave ratio (VSWR) and loss returned. Thus, this thesis had met the objective of designing and simulating the wideband micro-strip patch antenna. It had also provided a sense of attainment as a substantial quantity of work had been accomplished. Nevertheless, there are still significant and vital areas that require further work. The project held lot of importance in my career as it was my first hands-on experience and that was a part of my curriculum and vocational training. My seniors, guides and professors were appreciating my work and stood by me when needed. This project built my confidence, leadership quality and strengthened my educational skills of electronics.

Harriet Beecher Stowe, Henry David Thoreau and the Voices of the Oppres

Harriet Beecher Stowe, Henry David Thoreau and the Voices of the Oppressed      Ã‚  Ã‚  Ã‚   There have been many writers who dedicated much of their work towards representing the voices of the oppressed. Among them are Harriet Beecher Stowe and Henry David Thoreau. Although these authors were dedicated to the same cause they approached the subject from their own perspective, reflecting on an issue that was relevant to their position in life. Their literature was used to address, or in some cases attack, problems within society such as race, equality, and gender. The voices of Stowe, and Thoreau were used as an instrument in representing the injustices of those who had no one else to protect them. Oddly enough, this protection was from the very government which declared "equal rights" for all men. Harriet Beecher Stowe is perhaps best known for her work entitled Uncle Tom’s Cabin, a heart-wrenching story about the treatment and oppression of slaves. Uncle Tom’s Cabin brings to life the evils of slavery and questions the moral and religious values of those who condoned or participated in such a lifestyle. While the factual accuracy of this work has been criticized by advocators of both slavery and abolition it is widely believed that the information contained was drawn from Stowe’s own life experiences (Adams 62). She was the seventh child and youngest daughter in her family. She was only four years old when her mother died, which left the young Harriet Beecher little protection from her "Fatherà ¢s rugged character and doctrinal strictness" (Adams 19). To further complicate matters she was aware that her father preferred she had been a boy. According to Adams, although Stoweà ¢s childhood was not entirely unhappy she would never forget... ...n Wilderness is Thoreau." Henry David Thoreau: Studies and Commentaries. Ed. Walter Harding et al. Rutherford: Fairleigh Dickenson UP, 1972. 19. Slavery Source: "Biographical ketch of the Authoress." Stowe, Harriet Beecher: Uncle Tomà ¢s emancipation, earthly care and heavenly discipline; and other tales and sketches. 1853. fiche E441.S645 no.354, card 1. xx. Stanton, Elizabeth Cady. "Declaration of Sentiments." The Anthology of American Literature. Ed. Paul Lauter et al. Boston: Houghton Mifflin Co. ,1998. 2035. Stowe, Harriet Beecher. "Uncle Tomà ¢s Cabin." 1852. The Heath Anthology of American Literature. Ed. Paul Lauter et al. Boston: Houghton Mifflin Co., 1998. 2325, 2326. Thoreau, Henry David/ "Resistance to Civil Disobedience." 1849. The Heath Anthology of American Literature. Ed. Paul Lauter et al. Boston: Houghton Mifflin Co., 1998. 2090, 2094. Harriet Beecher Stowe, Henry David Thoreau and the Voices of the Oppres Harriet Beecher Stowe, Henry David Thoreau and the Voices of the Oppressed      Ã‚  Ã‚  Ã‚   There have been many writers who dedicated much of their work towards representing the voices of the oppressed. Among them are Harriet Beecher Stowe and Henry David Thoreau. Although these authors were dedicated to the same cause they approached the subject from their own perspective, reflecting on an issue that was relevant to their position in life. Their literature was used to address, or in some cases attack, problems within society such as race, equality, and gender. The voices of Stowe, and Thoreau were used as an instrument in representing the injustices of those who had no one else to protect them. Oddly enough, this protection was from the very government which declared "equal rights" for all men. Harriet Beecher Stowe is perhaps best known for her work entitled Uncle Tom’s Cabin, a heart-wrenching story about the treatment and oppression of slaves. Uncle Tom’s Cabin brings to life the evils of slavery and questions the moral and religious values of those who condoned or participated in such a lifestyle. While the factual accuracy of this work has been criticized by advocators of both slavery and abolition it is widely believed that the information contained was drawn from Stowe’s own life experiences (Adams 62). She was the seventh child and youngest daughter in her family. She was only four years old when her mother died, which left the young Harriet Beecher little protection from her "Fatherà ¢s rugged character and doctrinal strictness" (Adams 19). To further complicate matters she was aware that her father preferred she had been a boy. According to Adams, although Stoweà ¢s childhood was not entirely unhappy she would never forget... ...n Wilderness is Thoreau." Henry David Thoreau: Studies and Commentaries. Ed. Walter Harding et al. Rutherford: Fairleigh Dickenson UP, 1972. 19. Slavery Source: "Biographical ketch of the Authoress." Stowe, Harriet Beecher: Uncle Tomà ¢s emancipation, earthly care and heavenly discipline; and other tales and sketches. 1853. fiche E441.S645 no.354, card 1. xx. Stanton, Elizabeth Cady. "Declaration of Sentiments." The Anthology of American Literature. Ed. Paul Lauter et al. Boston: Houghton Mifflin Co. ,1998. 2035. Stowe, Harriet Beecher. "Uncle Tomà ¢s Cabin." 1852. The Heath Anthology of American Literature. Ed. Paul Lauter et al. Boston: Houghton Mifflin Co., 1998. 2325, 2326. Thoreau, Henry David/ "Resistance to Civil Disobedience." 1849. The Heath Anthology of American Literature. Ed. Paul Lauter et al. Boston: Houghton Mifflin Co., 1998. 2090, 2094.

The Principal Legacies of Imperialism for the Contemporary World Economy

Abstract This study explores the principal legacies of imperialism for the contemporary world economy. The findings indicate that although colonialism ended many years ago, its effects and policies still remain in the global economy and it is being aided by globalisation. The developed economies use foreign aid and multinationals to control the economies of the developing countries. Introduction The modern world economy has been influenced by both imperialism and the experience of colonialism. Western imperialism dominated the global history in the last 200 years and it transformed both the third world and western nations in terms of culture, economy, politics and socialisation (Dutt, 2006). The term imperialism was derived from a Latin word imperator meaning autocratic power and centralised government (Smith & Dawson Books, 2008). As such imperialism involves one country dominating another country or other countries in ways that benefit it and not the latter. The impact of Europe on the world economy is significant because it has shaped the economic sphere. The legacy of imperialism exists in the form of communication networks, economic structures and ties to metropolitan economies typifying former colonies. Principal Legacies of Imperialism on the Contemporary World Economy Imperialism was the precursor of globalisation that characterises the contemporary world economy (Chattopadhyaya & Das, 2007). This legacy is not entirely benign and the effects of the restructuring of economies of the former colonies have led to dependency on the metropole’s economies. Colonialism had to be stopped because it was exploitative, displaced people from their natural status and transferred wealth from one country to the other. However, globalisation came up to replace imperialism by achieving the same results but this time legitimately and in a manner that is politically correct (Ramana & Observer Research Foundation, 2008). The World Trade Organisation and the General Agreement on Tariffs and Trade legitimised this legacy of imperialism through putting in place trade agreements to eliminate trade barriers. This ensures that countries participate in their own subjugation and in the process transform themselves into neo-colonial states (Hont, 2005). Globalisation has not led to economic equality and interdependence as it is often claimed. It has instead made the lesser developed countries dependent on the developed countries (Dunning & Lundan, 2008). In addition to this, it has also led to indebtedness to the International Financial Institutions owned by the west. In some cases it has also led to unfair competition, greater debt and increased poverty. Although globalisation has created wealth for some countries, it has also increased poverty for others. Dutt (2006) adds that it is a more efficient way of exploiting other nations with the help of established international institutions and mechanisms designed to entrap the lesser developed countries through creating economic dependency, debt, and increasing poverty. However unlike colonialism these countries cannot revolt against the loss of their sovereignty. This is because any attempts to revolt could make them lose economic aid that would result in economic and human crisis. T his is a huge risk that these countries are never willing to risk. All these are consequences of the structuring of the economies of the former colonies making them dependent on exports, monoculture and fluctuations in the global market. Imperialism created a political economic reality of dependency and exploitation because most of the lesser developed economies do not have full control of their economic affairs (Hont, 2005). There are counterarguments that political economies have lives of their own which make them not fully controllable or that globalisation has taken away such control from all countries. However this perception does not take into account the fact that there is a huge difference in the extent of control. The northern nation states have a relatively strong position because of the financial institutions and multinationals which give them higher control over their political economies (Tester, 2010). The southern nation states on the other hand are impoverished, indebted and dependent on foreign investment and foreign aid. Therefore neo-colonialism steps in because these nation states have reduced control. The contemporary world economy is organised around capitalist imperialism characterised by systematic accumulation of capital through organised labour exploitation and penetrating overseas markets. The capital imperialists make investments in the other countries, transforms and then dominates their economies. Additionally, they integrate their productive and financial structures into the international system of capital accumulation (Chattopadhyaya & Das, 2007). Expansion is the central imperative of capitalism because investors only pursue business ventures when they see opportunities for extracting more than they invest. These firms only increase their earnings when their enterprises grow. As such the capitalists keep searching for ways of generating more money. They have to invest in order to generate profits and gather strengths to be able to beat off competition and unpredictable markets. Owing to its expansionary nature, capitalism has to keep exploring other opportunities away from home. It is this expansion that ends up destroying whole societies as people are forced to transform into disfranchised wage employees (Smith & Dawson Books, 2008). Consumer societies, mass market and mass media replace folk cultures and indigenous societies. Agribusiness factory farms supplant cooperative lands, centralised autocracies supplant autonomous regions and desolate shanty towns replace villages. European and North American corporations have acquired and now control over 75% of mineral resources in Africa, Asia and Latin America (Dunning & Lundan, 2008). However, the pursuit for natural resources is not the only reason for expanding operations overseas. They also need to lower the cost of production and maximise profits through investing in economies with cheaper labour markets. They make over 50% profits in the lesser developed countries compared to their home countries because of factors like low wages, weak labour unions, low taxes, weak or non-existent environmen tal and occupational protections and non-existent work benefits (Guo & Guo, 2010). For instance Citibank which is one of the largest US firms makes about approximately 75% of its profits from its operations overseas (Ramana & Observer Research Foundation, 2008). Imperialism has made it possible for the multinational firms to continue growing even at a time when their home markets are sluggish because of the dramatic growth in the foreign markets which still remain unexploited. Currently some 400 transnational companies control approximately 80% capital assets in the free global market (Hobson, 2005). These companies have developed global production lines across the lesser developed countries. Multiple sourcing allows these transnational companies to overcome strikes in one country by increasing production in the other countries. By playing the workers of different countries against each other, they discourage them from making demands on wage and benefit increments which undermine the strategies of labour unions. These firms find cheap labour, natural resources and other profitable conditions in the less developed countries. This is what enables them to generate huge profits which they then repatriate back to their home countries. Both national and local governments often compete in attracting multinational companies with huge expectations in terms of employment provision, tax revenues and economic activity (Sharp, 2009). These governments offer the companies incentives in terms of lax labour or environmental regulations, pledges of government assistance, tax breaks and other subsidies. Other than offering these governments a promise of economic growth, these companies exert power over government through their technical and intellectual property. For instance Microsoft has software patents and Adidas has patents on shoe designs. The patents allow these corporations to exercise their monopolistic powers in the local economy and in the process inhibit the growth of the local enterprises. Additionally, this monopoly helps them maintain low costs of labour and at times even exploitative. Owing to the size of these corporations, they often influence government policies using threats of withdrawal from the market (L ouis, 2006). This forces the governments of the lesser developed states to make polices that benefit the corporations rather than protecting the rights of the citizens. Therefore these corporations exploit the local labour force and funnel the important resources away from these countries into their home countries. In this way globalisation has made the lesser developed economies to be dependent on the developed countries. The multinational companies also cause uneven distribution of benefits because the resources are diverted from the local people into foreign markets (Louis, 2006). For instance land that could have been used to produce food for the local populations is used by these corporations to grow cash crops for their operations. This leads to high costs of food for the local populations as they are at times forced to import what they could produce locally if their natural resources were effectively utilised. In addition to this, fresh produce are packaged for the international markets where they will fetch more money rather than feeding the local populations. This is the reason why foreign dependency has led to widespread malnutrition in many lesser developed economies (Tester, 2010). Conclusion In conclusion, this study has explored the principles legacies of imperialism on the contemporary world economy. The findings indicate that the developed economies still manage the economies of former colonies and the developing economies using different mechanisms like aid and multinational companies with the aid of globalisation. Economic globalisation has also led to unequal economic relations between the developed and the developing economies. The governments of the lesser developed economies act more in the interests of the multinationals and other economies that provide them with aid instead of acting independently on behalf of the citizens. This creates a feeling of economic connection with the lesser developed economies feeling that they cannot survive on their own. Therefore the dependent relations that were established under colonialism still continue to dominate the world economy through economic imperialism or neo-colonialism. References Chattopadhyaya, D. P., & Das, G. J. B. (2007) Science, technology, imperialism and war. New Delhi: Pearson Longman. Dunning, J. H., & Lundan, S. M. (2008) Multinational enterprises and the global economy. Cheltenham, UK: Edward Elgar. Dutt, S. (2006). India in a Globalized World. Manchester: Manchester University Press. Guo, S., & Guo, B. (2010). Greater China in an era of globalization. Lanham, Md: Rowman & Littlefield. Hobson, J. A. (2005). Imperialism: A study. New York: Cosimo. Hont, I. (2005). Jealousy of trade: International competition and the nation state in historical perspective. Cambridge, Mass: Belknap Press of Harvard University Press. Louis, W. R. (2006). Ends of British imperialism: The scramble for empire, Suez and decolonization : collected essays. London: I.B. Tauris. Ramana, P. V., & Observer Research Foundation. (2008). The Naxal challenge: Causes, linkages, and policy options. New Delhi: Pearson Education. Sharp, J. P. (2009). Geographies of post-colonialism. London: SAGE. Smith, D., & Dawson Books. (2008). The dragon and the elephant: China, India and the new world order. London: Profile. Tester, K. (2010). Humanitarianism and modern culture. University Park, Pa: The Pennsylvania State University Press.

Honeywell International Success Essay

This paper introduces the reader to Honeywell International Inc. Honeywell is a world leader in the application of lean manufacturing and its Six Sigma Plus processes. With the use of carefully monitored cost standards, net present value in investment decisions, and the transparency of the company’s financial statements are all methods that Honeywell has successfully implemented and utilized to reach and maintain their status as a world-wide competitor. The company has continued its growth, despite the market downturn that began in 2007, and continues to prove its resilience and pioneering spirit by continually improving their product lines, globally expanding their market, and, monitoring and maintaining financial stability. Its forward thinking and willingness to take risk will provide Honeywell the capacity to maintain its role as a major competitor and contributor to the growth and recovery of our economy. Table of Contents Page Abstract2 Company Overview4 Six Sigma and Lean Manufacturing8 The Use of Standard Costs11 The Use of Net Present Value14 Summary15 References18 Honeywell International Inc. is an American based advanced-technology company that manufactures aerospace and automotive products; residential, commercial, and industrial control systems; specialty chemicals and plastics; and engineered materials. Its assent into history can be traced back to 1885, spanning 125 years of history. Honeywell International is a $38 billion diversified technology and manufacturing leader, with 132,000 employees in over 100 countries and it a Fortune 75 Company. It is a diverse and global-wide organization and is a leading supplier of avionics and electronics, consumable hardware, engine controls, environmental controls, landing systems, power systems, propulsion engines, aerospace services and space products, and systems for the aerospace industry, as well as Original Equipment Manufacturers (OEMs) of commercial, regional, business and military aircraft and spacecraft. Today, its main competitors in the aerospace defense product and service industry are BorgWarner Inc. , Johnson Controls Inc. and United Technologies Corp. State-of-the-art technology, world known brands and global solutions have placed Honeywell in the unique position as one of the premier worldwide suppliers in the aerospace industry, offering solutions of systems, products and services to the largest aerospace and airline companies in the industry. Throughout their 125 years in business, Honeywell has helped revolutionize the aerospace industry with its dedication to research and development and its enthusiasm to advance technology in their various markets. Honeywell’s reliable and efficient aerospace services and support programs deliver the right level of engineering expertise, maintenance services and asset availability solutions to simplify operations while keeping systems and equipment at peak operational performance. It has proven to be successful in its quest for growth and global expansion from the time of inception. Their quest to acquire and expand began in 1927; the original company, Minneapolis Heat Regulator Company, and Honeywell Heating Specialty Co. merged to form the Minneapolis-Honeywell Regulator Co. From the merger, the name Honeywell was adopted and has remained the same since. In the course of its acquisitions, Honeywell purchased other businesses whose focus was in the controls area; among those acquisitions, was Brown Instrument Co. who was a wide-reaching leader in the field of industrial controls and indicators. This acquisition further increased their already successful market to a wider range of customers, as Minneapolis-Honeywell Regulator Co. had already established an overseas trading agreement with Japanese distributors such as Yamatake Trading Company. It was no surprise that, in 1934, Honeywell pursued and eventually acquired Time-O-Stat Controls Corporation. With the acquisition of Time-O-Stat, Honeywell further expanded its global presence, establishing offices in Toronto, Canada and The Netherlands; a few years later, they had offices in London and Stockholm. By 1941, Honeywell had expanded into markets in Chile, Panama, Trinidad, New Zealand, Argentina, and South Africa. By 1972, it operated 25 wholly-owned subsidiaries, 142 branch offices, and joint ventures in five countries outside the U. S. True to its reputation as a risk taker, Honeywell ventured into the computer industry. This venture was brief and by 1991 Honeywell was on longer in the computer business. Even though the venture was short lived, it proved to be of great value; Honeywell used the knowledge gained from their digital computer experience and applied it to the traditional field of automation control, integrating sensors, and activators. In 1986, Honeywell purchased Sperry Aerospace, and markedly enhanced its position in the aerospace industry. Edson Spencer, Honeywell chairman and chief executive officer, said the purchase was among the most important his company had made, †It is an outstanding opportunity for Honeywell that positions us for the long term in a market that is expected to have significant growth for the next 10 years – commercial and military aviation† (Arnold, 2012). This purchase made Honeywell the world’s leading integrator of avionics systems, incorporation flight controls, space vehicles, and the first FAA-certified wind shear warning system. It continued to expand, and by 1993, the company continued its world-wide expansion by opening affiliates in Abu Dhabi, China, Oman, Romania, and the Ukraine. In a span of 26 years, Honeywell had operations in 95 countries through 83 wholly-owned subsidiaries and 13 joint ventures. One of the most noted and discussed mergers occurred in 1999 when AlliedSignal, a diverse manufacturer, bought Honeywell for $13. 8 billion in stock. AlliedSignal kept the Honeywell name, merging offices, and closed its Morristown, New Jersey headquarters. The merger resulted in a major restructuring for Honeywell which added to its product line and services. The deal created a company with $25 billion in annual sales and a market capitalization in excess of $45 billion. The merger gave the combined company the marketing edge, providing their airline customers to take advantage of new technology that would boost cost savings for both parties. In an unexpected turn, the early part of 2001 brought difficulties for Honeywell when the European Commission rejected the purchase of Honeywell by General Electric (GE). In October 2001, Honeywell and GE, the largest corporation in the world and the number one producer of jet engines, announced the intent to embark on one of the largest industrial mergers in history. The plan was for GE to acquire Honeywell, the largest worldwide supplier of non-engine aerospace equipment. During negotiations it was anticipated that there would be no antitrust problem; as GE and Honeywell were not competitors and not part of the same supply chain. The merger was intended to bring together complementary products that were component parts of large jet aircraft. The deal would have been the largest industrial merger in history. Instead, it became recognized as the first, and so far only, merger between US companies to be derailed solely by the European anti-trust authorities, while being cleared by the US Department of Justice (DoJ). On July 3, 2001, in an unprecedented act, the EU officially rejected the planned $42 billion acquisition of Honeywell International Inc. , by GE. The merger was denied by the EU after concluding that the merger would create or strengthen dominant positions on several markets and that the remedies proposed by G.E. were insufficient to resolve the competition concerns resulting from the proposed acquisition of Honeywell. †The merger between G. E. and Honeywell, as it was notified, would have severely reduced competition in the aerospace industry and resulted ultimately in higher prices for customers, particularly airlines† (Pellegrini, 2001). Despite the fact that the GE buyout failure was a stumbling block, Honeywell used the experience to strengthen its core businesses by continuing to develop and introduce new products. The company started an aggressive acquisition strategy with the goal to increase revenues and decrease cost in a strategy that, â€Å"†¦divested small, underperforming operations, reduced the number of suppliers, and streamlined operations in small ways elsewhere† Honeywell History, n. a. ) The results paid off for Honeywell, as they continued to win a large percentage of their contract bids, sales were ahead of budget, and the rate of turnover in managers did not significantly increase from the same period in the prior year, and customer satisfaction was up. Honeywell faced some challenges after the GE debacle, however, by making changes it displayed that tenacity, hard work and a willingness to take risk, can result in huge payoffs. Honeywell continued to streamline and improve their lean manufacturing processes, i. e. Six Sigma Plus, implement and ensure compliance of the company code of conduct and maintain its dominance as a government contractor. Honeywell began its Six Sigma process and concept of self-managed teams in 1995 to â€Å"drive data-based decision making, ensure quality levels, and improve customer satisfaction† (Crager, 2007). Through training, leadership, and senior management support, Honeywell successfully developed their Six Sigma program. In late 2001 Honeywell combined the concepts of lean manufacturing and Six Sigma in a program called Six Sigma Plus to create a more robust program. The program was designed to align improvement objectives directly with business needs by integrating top talent and generating bottom-line results. Six Sigma Plus is an overall strategy to accelerate improvements in all processes, products and services, and reduce the punitive cost of poor quality through elimination of waste and reduction of defects and variations. One of the ultimate aims documented in the Six Sigma Plus strategy is providing maximum value to customers by applying a logical and structured approach to all business processes. One of the pluses of Six Sigma is that it empowered employees, allowing them to make decisions that impacted how their unit or line was performing. This provided Honeywell an excellent tool that is a highly respected measure of excellence. (M. Calderon, personal communication, May 1, 2012) Honeywell took the basic concept of Six Sigma and created its own version which is known as Six Sigma Plus. It is currently used across all businesses and brands to drive growth and productivity. â€Å"The standard operates by providing a measurement of how effective the organization is in eliminating defects and variations from processes. To meet its requirements, a process must operate at 3. 4 defects or less per million opportunities. This equates to 99. 9997% error free† (Six Sigma Plus, n. d. ). Conscious application of the Six Sigma methodology to all business processes delivers greater value to its customers and makes Honeywell a more desirable business partner. The implementation of lean manufacturing processes has enabled Honeywell to maintain tight controls in all aspects of the managerial accounting processes. With the use of managerial accounting, Honeywell has ensured that their productions and service is well planned and controlled. With the budget cuts facing government, private sector job loss, and tightened markets, it is impressive that Honeywell has continued to maintain its sales growth in the United States. The diversity of Honeywell’s world-wide enterprise, exemplifies the importance of a creative corporate marketing approach. Honeywell consists of unique business units, with each, offering a variety of products and services. Strategies and implementation of those strategies must be developed and executed at the corporate, business unit, and product levels. Overall, strategy and long-term planning are guided by the company’s vision and stated mission. At the business level, planning begins with an examination of the current situation, including technological changes and competitive effects. By using this type of analysis, Honeywell is better equipped to address and identify threats and new business opportunities. Decisions to pursue new opportunities are followed by establishing a set of objectives, often stated in terms of market share, sales volume, or profitability. Subsequently, business and marketing strategies are developed to achieve those objectives. Effective execution of strategy in implementation must then occur for objectives to be realized. Effective financial statement analysis will be a primary indicator that indicates the progress and demonstrates whether company goals are being met. Honeywell has been a leader in their industry in planning and control and have used financial analysis in depth to evaluate and control their growth and profitability. It continues to be effective in identifying opportunities to improve the organization’s efficiency and in developing strategic plans to realize those opportunities. By using a diversity of analytical tools Honeywell is better prepared in making operating decisions, such as how and where products are to be manufactured and serviced, whether insourcing or outsourcing is more equitable, and whether to expand and the area to expand to. Timely and accurate financial statement preparation is critical to the success or failure of a business. The financial officer, owner, partner or members management team of a business must review the business financial statements and have a good understanding of them. Financial statements are critical to Honeywell’s ability to make solid, informed decisions. Such decisions are needed in order for Honeywell to meet one of its primary goals, which is to realize a high rate of return on their investments. The measurement and success of this initiative is arrived at by measuring it against other industry averages. This information helps Honeywell understand that current initiatives do show a market response. In view of the fact that the industry average can be general in nature the industry average should be used as a guide. A failure to use the data appropriately can mislead investors and have a disastrous affect on Honeywell’s reputation and marketability. Achieving their strategic plan will not only involve Honeywell’s internal planning and controlling, but it will also involve the support of creditors and investors. Both are key players in providing capital needs to support new initiatives and milestones; the use of financial statements in this process will no doubt be the backbone of the decision making process. It is difficult to know the health and direction of a company if financial statements are not reviewed in a timely manner. In its pursuit of investors, or the success in the results of an external audit, the financial statements are the ultimate representation of company’s financial position. In general accounting practices, Honeywell uses process costing for its furnace thermostats (home products division) and job costing for customized aerospace contracting products. When thinking in terms of standard costs and whether they would be beneficial, one factor to consider is the fact that Honeywell is a world-wide producer with operations in many countries outside of the United States (US). There are ramifications when doing business overseas as well as doing business in the US and each scenario has its own benefits and consequences that are unique to specified circumstances. Honeywell, like their competitors has migrated to low cost countries because of the labor rate differential. The move to overseas production creates additional concerns and dynamics. World-class manufacturing in today’s competitive environment demands more than a single-minded focus on eliminating defects. Since the introduction of Six Sigma and Lean tools to their operations over a decade ago, Honeywell has delivered significant results for customers in terms of the quality, delivery and value of our products and services. To achieve competitive advantage in today’s environment, Honeywell has continued to build on its Six Sigma and Lean foundation, and identify new ways to differentiate themselves. Benchmark companies such as Toyota and Nissan use Six Sigma and Lean tools. Like Honeywell, they also have a disciplined management system that standardizes work and engage employees in improving work processes. In doing this, organizations have achieved tremendous performance improvements. The Honeywell Operating System is a comprehensive, integrated approach to managing their organization. It is characterized by a consistent focus on results for the benefit of our customers, not on the use of specific tools. The objective is to simplify and standardize processes everywhere, to remove variation across operations, and to drive significant and sustainable improvements in safety, quality, delivery and cost. Employees are encouraged use tools such as Six Sigma, in achieving a common purpose: global wide use of an operating system that consistently yields excellent results for the customers and the company. Implementing standardized cost standards is not an easy task and it will take time. Honeywell maintains that standardization will evolve to fit different business environments and changing customer needs and will become an essential part of the process that will bind their company across business and geographic boundaries. Honeywell’s workforce consists of residents of the country they are in to satisfy requirements imposed by foreign nations. It is almost mandatory to have overseas operations to reduce labor and material costs; however, these operations come with high risk. Foreign workers are not always equipped with the necessary skills to perform the manufacturing duties required by a highly technical company. The expense of employing and developing such a workforce can create additional costs. In determining what the additional costs, standard costs prove beneficial because they would provide Honeywell the ability to budget costs with a great understanding and degree of confidence. A standard cost system allows a company to factor in methods that would absorb the periods in which higher costs are identified due to foreign employment development and when costs are low or minimal due to workforce stabilization. In its foreign production, Honeywell will have to set attainable standards in order maintain its performing baseline. Another factor in foreign operations is the volatile condition of the world. The United States is not always welcomed in other countries. It is not uncommon for a common protest to turn into a major world crisis. Such examples are those of the uprisings in Israel and Libya. Honeywell hosts operations in Israel, where relations between the government and the general population are volatile and unpredictable. In addition, we have seen several instances where regimes have changed power and attitudes toward the US in a matter of days. Standard costing is paramount as an aide for monitoring and managing the risk of unpredictability. It is a healthy practice that can protect Honeywell from severe monetary damage if a foreign tragedy should affect the business. The information obtained from standard costing aides Honeywell against the volatility of today’s markets and the strategy of its competitors. Honeywell is continuously improving its processes, products and management style to maintain their competitive edge. To be competitive, Honeywell will continue to use their standard cost system to help them execute planning and control of their strategic priorities. Tracking costs will also help Honeywell identify weakness and variances in their production system. Undetected problems in the areas of materials and labor can eventually raise variance to a point of hindering Honeywell from maintaining their core competencies. Consequently, today’s market provides no room for error, but every opportunity for a competitor to gain the lead. In many respects, some of the rationale that goes into using standard costs also applies to formulating the right strategy to gain a positive Net Present Value. Honeywell’s reach is global and therefore its investment opportunities are also global. Due to the unique factors involved with global markets, it is necessary for Honeywell to perform critical planning for investment decisions. Honeywell has a reputation as an organization that is willing to take risks to make money. It has done that by acquiring other business or expanding its existing facilities for future business. Such expansions are expensive and these expansions require additional staff which adds to the cost of investment. Large expenditures are a challenge to control the net present value (NPV) and require clear identification of cost and risks in order to be a success. Strategic moves, such as partnering with the national government, can leverage the way to a positive NPV. In this approach, there are tradeoff between the corporation and the government in which both interests can be mutually met. Corporation’s like Honeywell utilize these paths in order to reduce investment costs and have accurate projections for calculating and incorporating NPV baselines. Because of the ongoing activity of many investments occurring at one time, it is critical that Honeywell has complete knowledge of their NPV and ensure profitable investments are achieved. Failing to do this can result in major losses, especially when an unplanned shortfall occurs. Although the investment sounds promising, it is critical that NPV is properly measured. It is also advisable from an NPV and program management position that Honeywell phase its investment into NPV milestones which help determine if they should move forward to the next phase of the investment. This process would provide a safeguard while allowing the innovation to prove itself. While the actual rate of return (IRR) that  a given project ends up generating will often differ from its estimated IRR rate, a project with a substantially higher IRR value than other available options would still provide a much better chance of strong growth. IRRs can also be compared against prevailing rates of return in the securities market. If a firm can’t find any projects with IRRs greater than the returns that can be generated in the financial markets, it may simply choose to invest its retained earnings into the market. The need for Honeywell to practice continuous NPV drills in a market with circumstances such as those faced in China by US companies, is critical. While both countries maintain a civil business partnership, there is an unspoken adversarial relationship which creates instability. China is strategically positioning itself as a global power therefore, the relationship between both countries is precarious and any misstep by Honeywell could severely damage the existing business relationship. Another potential concern for Honeywell is that China is currently the largest lender to the US. At the point that China reaches the economic capacity to sustain its prosperity internally, we have to ask ourselves if they will request repayment by the US prior to maturity dates. As we have seen in several European countries, a request of that magnitude could destabilize an already fragile US economy. In consideration of this scenario, and other contributing factors, Honeywell should be careful in investment planning, and phase its activities so that the NPV is not contingent upon results that will take a long period to realize a return. In summary, Honeywell has proven itself as a world leader of technology. This corporation is known world-wide and is a household name. Honeywell leads the way in advanced switching and sensing technology in their home division, and its aerospace division. In spite of the GE failure, it has kept its mark on the global economy through market highs and lows and has maintained its dominant position in an extremely competitive industry. As a long-time survivor and global competitor on the world stage, Honeywell continues to make its mark in history by developing innovative safety products, driving the modernization of global air traffic management, revolutionizing combat technology and their commitment to improving operational efficiencies. Honeywell continues to display their dominance with its diversity and profitable risk taking ventures. Perhaps Honeywell’s greatest strength has been the fact that it has adapted to a world that is ever changing and has embraced the challenge that other companies find daunting. With the continued vision to improve processes for safety, quality and cost, reducing waste, and using integrated strategies Honeywell continues to be a standard for their industry. They continue to be innovative and competitive and have a strong commitment to bringing profitable products that their customers need and want. Due to the diversity and competitive market that Honeywell has chosen to operate in, it is of extreme importance that the company maintains sound financial practices that will support the moral fiber and marketability of the company. As Honeywell moves into the future I believe they will continue to perfect their processes to produce the right financial statements, useful in calculating their position in the market, and providing the best advice for investment decisions. The proper use of standard costs and net present value are an example of the critical tools that ensure Honeywell continues to thrive in today’s unknown global conditions. Also critical to the success of Honeywell is the continued utilization of strong and proper ethical practices as the company is well known, world-wide competitor and a representative of the American business ethics and values. Whether it is in the Middle Eastern or the Far East, Honeywell is known and recognized; such a position makes it important for Honeywell to be transparent in its fiscal disclosures. Sound financial practices are essential to Honeywell in order for the company to continue its success and market dominance. Primary emphasis on these practices will serve to maintain Honeywell’s status and help them make the most profitable investment decisions for their investors and the company. As recent as April 23, 2012, Honeywell declared a â€Å"regular quarterly dividend of $0. 3725 per share on the company’s outstanding common stock. The dividend is payable on June 8, 2012 to shareowners of record at the close of business on May 18, 2012† (Honeywell Declares Quarterly Dividend, 2012). If this is any indication, Honeywell will continue to be a viable global competitor and financial contributor to our financial and job market. Honeywell is an excellent example of an organization that is forward thinking and proactive. It has operated with a strong ethical code of conduct, strong financial discipline and an ever present focus on the future. This methodology and ideology will ensure their continued financial growth and market expansion. It is apparent that their cost standards, lean processes, and disciplined managerial financial management has enabled them to overcome obstacles, secure their position as a global competitor and a viable contender in today’s competitive, technology-oriented world.