A Psychological/ Profile Report Essay

This paper makes use of profiling questions and the Myers-Briggs Type Indicator test in order to create a profile or psychological report. The subject of this profile report is a person with whom the interviewer feels comfortable with, specifically, a person whom he knows well. The interviewee’s responses to the profiling questions will be analyzed and compared against the interviewer’s knowledge of the interviewee’s behavior and personality. This is not a clinical report and it should not be used for assessing psychopathology or recommending any kind of psychological treatment for the interviewee. Instead, the objective of this interview is merely to know the interviewer better. Since the interview was not conducted by a professional psychologist, inferences found in this report must be viewed with skepticism. Demographic Information: The subject of this report is a twenty-six year old female, a single mom who works as a home-based web content writer for a year now. Prior to pregnancy and her home-based job, she used to an investigative writer for an intellectual property (IP) rights firm. She also worked as a magazine in a lifestyle magazine before. Her baby is now almost a year old and she lives with her sister. In accordance to the confidentiality precept of the Myers-Briggs Type Indicator test, the identity of the interviewee will be kept private. To refer to the interviewee, the name â€Å"Fray† will be used in this report. (Myers, I. et al, 1998) Responses to the profiling questions Does the interviewee remember information more accurately if he/she observes the behavior being performed or does he/she prefer to read how the behavior is performed? Fray prefers to read how the behavior is performed. Simply said, she wants to interpret actions and behaviors in accordance to her past experiences and knowledge. She uses her general understanding of societal interactions in her attempts to interpret or understand the way people interact with her or the way other people respond to their environment. Furthermore, she thinks that actions must be viewed in a cause and effect pattern. For her, everything happens for a reason and the way people behave is probably a product of how the society interacted with them. The interviewer agrees with Fray’s responses. She has observed that Fray often likes to make insinuations on other people based on how they talk and act in public. Q2: Does the interviewee prefer studying in a library, or at home where there are background noises and some distractions? Fray opts to study at home but she noted that the preference is merely because she feels more inclined to study when she is alone inside her room. She also notes that she can tolerate the presence of background noises and some distractions which are typical in her home setting. In addition to that, she pointed out that she might also prefer to study in a library, provided that the place is not teeming with hushed but busy people who keep on walking around. The interviewer notes that the fact that Fray prefers a surrounding that’s solemn is probably part of the reason why she also prefers to work at home.

Chest Pain Care Plan

Acute chest pain related to ischemic cardiomyopathy as evidenced by tightness in chest. Patient will be chest pain free for duration of shift.Assess for chest pain q 4 hours during shift.Monitor vital signs q 4 hours during shift.Educate patient on importance of lifestyle modifications such as weight loss.Goal was met. Pt was chest pain free during shift.NURSING DIAGNOSIS OUTCOME/GOALS INTERVENTIONS EVALUATIONExcess fluid volume related to CHF as evidenced by patient weight gain of 2kg since hospitalization and +2 edema in lower extremities.Pt maintains adequate fluid volume and electrolyte balance as evidenced by vital signs within normal limits, and clear lung sounds throughout shift. Assess for crackles in lungs, changes in respiratory pattern, shortness in breath and orthopnea.Monitor weight daily and consistently with the same scale, at the same time of day, wearing the same amount of clothing.Educate pt on signs and symptoms of fluid volume excess, and symptoms to report.Goal w as met. Pt had normal vital signs and clear lung sounds throughout shift.NURSING DIAGNOSIS OUTCOME/GOALS INTERVENTIONS EVALUATIONRisk for ineffective peripheral tissue perfusion to right leg related to catheterization procedure as evidenced by interruption of arterial flow.Pt maintains tissue perfusion in right leg as evidenced by baseline pulse quality and warm extremity throughout shift. Assess right leg for pulse, skin color, temperature and sensation.Monitor cannulation site for swelling, bruits and hematoma.Educate patient on signs of reduced tissue perfusion and to report these signs. Goal was met. Pt’s right leg maintained tissue perfusion as evidenced by pulse quality and warm extremity throughout shift.NURSING DIAGNOSIS OUTCOME/GOALS INTERVENTIONS EVALUATIONRisk for anxiety related to impending heart surgery as evidenced by poor eye contact and lack of questioning.Patient is able to verbalize signs of anxiety by end of shift. Assess patient’s level of anxiety. Encourage patient to talk about anxious feelings.Assist the patient in recognizing symptoms of increasing anxiety and methods to cope with it.Goal was met. Patient verbalized the signs of anxiety by end of shift.

Global Marketing Case Study Example | Topics and Well Written Essays - 2500 words

Global Marketing - Case Study Example It has already made an unplanned foray into India, but is not finding the move very successful. This is despite the fact that the mobile communication market in the country is huge and the potential to grow exists especially in the larger towns (not the four big metros in the country) and semi urban areas. This report is a global marketing opportunity analysis for entering the Indian market. This is a preliminary to a full fledged marketing plan which will be prepared at a later stage. Political Factors: The following political factors is the key concern; Current / future taxation policy to be monitored. Current and future Political supports will render a great control to the regulation of business of a country and add value to clients and other business also. Bank loan facility such as bank guarantee to be made in between employers and bankers and the bankers provide the finance on a instalment basis i.e. on the basis of work progress. Trade bodies to be complied with such as trade license to be provided by the Government bodies to start the business and the license to be renewed periodically (yearly). To be make sure, concerning the war effects and related draw back on the affected Country. Stability of political environment also another important factor. Government policy i.e. rules and regulations influence the business requirement. Government's role on marketing principles should be evaluated. Look at the Government policy on the financial end. Government vie w of point on cultural and religion environment to be analyzed. Economic Factors: Traders has to consider the situation of finance in the business if it is short or long term. Strength of sale i.e. is another important factor which is applicable for current and future levels of Government spending. Access of loan feasibility has to be considered. It is really a fact for doing an international marketing. You have to be particular about the interest rates as such current and future level, because the fluctuation in exchange rates has a great impact on the market now days. Due to the current global recession unemployment also badly effected at present. Price rises also another impact on the employment level per capital also to be considered the price rises how it affects the domestic product so. Tax levies and market trends is to be followed. Socio-cultural Factors: To look at the influential part of society and culture of the country on the business which varies from county to country. Another important factors are to be considered is dominant religion and the effectiveness of foreign products and services and mother tong (language) of that particular county is another factor which will have a great impacts for communicating of products in their markets. Timing is also considered as per the requirement / availability of Clients. Majority of roles of men and women to be identified. Population of that country is to be considered whether the older generations are wealthy or not. Religious customs of that particular Country and community to be respected so. Technological Factors: Current and future technology innovations is important for competitive benefit and is major guider of globalization. Fund status is concerned with by viewing technologically. The technology is deeply affected the products and services to produce more cheaply and to a prime standard of quality. Internet services and advanced mobile and

Volatility is the Saudi Arabian petrochemical industry Dissertation

Volatility is the Saudi Arabian petrochemical industry - Dissertation Example In the era of growing globalization, it is important to take appropriate steps for retaining one’s position amongst international competitors. This is the reason why Saudi Arabia, like many of its peers had been contemplating measures for expanding their respective productive capacities. However, Saudi Arabia is immensely dependent upon revenues from oil for its income which helps the country to stick to its strategic plans. Given the fluctuating nature of the same, it is essential to attach some certainty in the revenue figures in order to initiate a long term plan such as expansion of oil production capacity. A possible way through which this could be accomplished is that of attracting foreign direct investment funds. The national government has put forth a high degree of effort in this aspect recently, after the concept had been popularized and successfully implemented in Egypt from 2004. Normally private institutions are found to be more interested in adopting measures for encouraging FDI given their aim of instilling a more business-friendly environment and an edge over its peers. This is not the case in an economy which is crowded by public enterprises that does not move in the line of profit, which is why no such innovations had been entertained in Saudi Arabia. However, the national government having recently realized its mistake and has submitted to adopting measures for improving its productivity potential (New Zealand Trade & Enterprise, 2011). ). These statistics definitely speak out for the popularity.... Comparison between markets Returns and Stock Returns of Advanced Petrochemical Company 40 4.1.2 Alujain Corporation 40 Chart 2. Comparison between Market Returns and Stock Returns of Alujain Petrochemicals 41 4.1.3 Methanol Chemicals Limited 41 Chart 3. Comparison between Market Returns and Stock Returns of Methanol Chemical Company 42 4.1.4 Nama Chemicals Company 43 Chart 4. Comparison between Stock Returns of Nama Chemicals Company and Market Returns 43 4.1.5 National Industrialization Company 44 Chart 5. Comparison between Stock Returns of National Industrialization Company and Market Returns 44 4.1.6 National Petrochemical Company 45 Chart 6. Comparison between Stock Returns of National Petrochemical Company and Market Returns 45 4.1.7 Rabigh Refining and Petrochemicals Company 46 Chart 7. Comparison between Stock Returns of Rabigh Refining and Petrochemical Company and Market Returns 46 4.1.8 Sahara Petrochemicals 47 Chart 8. Comparison between Market Returns and Stock Return of Sahara Petrochemical Company 48 4.1.9 Saudi Arabia Fertilizers Company 48 Chart 9. Comparison between Market Returns and Stock Return of Saudi Arabia Fertilizers Company 49 4.1.10 Saudi Basic Industries Corporation 49 Chart 10. Comparison between Market Returns and Stock Return of Saudi Basic Industries Corporation 50 4.1.11 Saudi Industrial Investment Group 50 Chart 11. Comparison between Market Returns and Stock Return of Saudi Industrial Investment Group 51 4.1.12 Saudi International Petrochemical Company 52 Chart 12. Comparison between Market Returns and Stock Return of Saudi International Petrochemical Company 52 4.1.13 Saudi Kayan Petrochemical Company 53 Chart 13. Comparison between Market Returns and Stock Return of Saudi Kayan Petrochemical Company 53 4.1.14 Arabian

Motivaing Essay Example | Topics and Well Written Essays - 2000 words

Motivaing - Essay Example This means that most furniture is not assembled by IKEA and the customer goes home to assemble it for themselves. There is a certain fulfillment in taking part in the creation of something. IKEA’s goal to mobilize customers â€Å"to do easily certain things they have never done before. Put another way, IKEA invents value by enabling customers’ own value-creating activities† (Normann & Ramirez, 1993). The appeal of â€Å"do-it-yourself† furniture has attracted troops of customers to IKEA, in all their branches the world over, necessitating the employment of highly skilled workers to meet their needs. These workers need to be trained to meet customers in accordance to IKEA’s values and with the competence expected of the company. Training people involves motivating them to perform at their best. How does IKEA do that? Alexander Kjerulf (n.d.) relates how in 2004, IKEA in Denmark took the initiative to give their entire checkout staff a 25% raise. IKEA has more of them than any other group and it meant a sizeable increase in total monthly overhead expenses. However, it was a business decision that made the checkout staff happy, and happy employees create results such as the following: (Kjerulf, n.d.) Although IKEA incurred a humongous expense with the implementation of the raise, it paid itself within six months. Analyzing why this worked for IKEA, Kjerulf gives three reasons. The first is that the raise obviously gave the staff a significant improvement in their standard of living. The recipients were the least paid in the company, so a 25% raise made a huge difference in terms of their quality of life. Secondly, the salary increase gave people recognition. IKEA acknowledged that they were the most important group of employees since they are the only employees customers are likely to talk to at the end of the sale because customers help themselves with the products anyway. This

Networking Management Essay Example | Topics and Well Written Essays - 2500 words

Networking Management - Essay Example Typically network management software is based on a particular network management protocol. The capabilities provided with the software are basically based on the functionality support by the network management protocol. Most systems are not only using open protocols, but also vendor specific proprietary protocols. When selecting management software, the decision is driven by present status alerts and information to the operator, managed devices and network environment (Schwalbe 2005). IT Lab plans has plans to radically expand and upgrade its existing network infrastructure by opening new branches. This brings out more requirements and tasks for the administrator in terms of; management, monitoring and configuration. Expansion to remote branches requires remote configuration, proactive management with backbone links to all remote sites. IT support is critical and availability of the network will be a factor for support to consider. The fact that there is existing infrastructure will affect the compatibility and setup configuration of the additional devices. For this reason IT lab needs a solution to cut across the typical installed operational platform. It has built up a system that is not integrated and the consideration that integration costs more time and resources than available is crucial. The first option that IT lab has is using Sieomons NMS to manage their network. Evaluating the solution against their needs is the first task at hand. In comparison, Siemon is built for large networks with functionality to automate the critical and most important tasks of network management. Offering the unparalled ability to manage complex networks, Siemon’s solution fits many network administrators tasks as a general solution. Siemon provides a next generation intelligent infrastructure management solution. They have made an improvement on one of their

Nietzsche Moral Philosophy Essay Example | Topics and Well Written Essays - 1750 words

Nietzsche Moral Philosophy - Essay Example Nietzsche aims at freeing human beings from their false consciousness about the issue of morality. He wants to free people from the idea that morality is good for them and not for the society (Richardson 20). Nietzsche forms an argument that free from the moral prejudices that he believes clouds the metaphysical pursuit and inquiries of science. Nietzsche concept of slave and master morality Master and slave morality is a key theme of the works of Friedrich Nietzsche. Nietzsche presented that there are two types of morality. These include master and slave morality. Master morality majorly deals with the good or bad consequences of actions. Master morality values strength, pride and nobility. Master morality gets described by Nietzsche as the morality of the strong- willed. Slave morality deals with the good or bad intentions that people have. For Nietzsche slave morality values things like sympathy, kindness and humility. Nietzsche argued that we must not presume that anything that i s good is helpful, and all that is bad is harmful. He argued that this presumption got based on the grounds of habitualness. Value or non-value should not be derived from its consequences (Richardson 24). The strong-willed men in Nietzsche view look at something good as powerful and noble and what is bad as petty, weak, and cowardly. Nietzsche forwarded that morality deals with the individual. We must recognize that oneself is the measure of all things. Masters become creators of morality while the slaves simply respond to the masters with their slave morality. Slave morality originates in the weak while master morality originates in the strong. He argued that the strong people are few among the weak. The weak work hard to gain power by eroding the strong to believe in the causes of slavery which is evil. For example by stating that humility is good and voluntary, the slave morality lives in denial that humility got forced upon them by a master. Moral Skepticism Nietzsche was a mora l skeptic. He questions the authenticity of the explanations of morality which get purported to be factual. He maintains a doubting attitude towards the values and character of others which get considered moral. Nietzsche calls attention to the fact that the history of moral theories does not have a rational explanation for the foundational proposition about morality. Nietzsche supports the notion that there are no moral facts or truths. Nietzsche questions what brings about morality (Richardson 56). We do not know whether it is the criterion of the action or the reason for its performance that gets considered right. We must also consider the consequences that these actions bring about. Nietzsche also locates disagreement among the most sophisticated and moral philosophies which makes him a moral skeptic. Nietzsche was an aristocratic radicalism. This was a condemnation of hyper-aesthetic writing and fantasy in literature. It was a belief that literature should be based upon extensi ve thoughts of liberty and the progress of humanity. Moral Nihilist Moral nihilism is the view that nothing is intrinsically immoral or moral. Moral nihilists consider morality as something that gets constructed through a set of rules and recommendations. Nietzsche is not a moral nihilist. He states nihilism as absolute valuelessness, or that nothing has a meaning. He explained that this was extremely dangerous because it is through

Buddhism Essay Example | Topics and Well Written Essays - 1500 words

Buddhism - Essay Example Mahayana or the ‘lesser vehicle’ is the physical, mental and spiritual discipline to maintain the purity of mind and body. As stated in the Yoga Darshana Upanishad, â€Å"not to do any ill-being in the act, in a word, in thought, that is ahimsa according to the Veda, for the Atman is present everywhere, inaccessible to the senses, in all beings; recognizing atman in them, that is true ahimsa†. It teaches compassion, ascesis, and contentment. The Lotus Sutra explains the infinite possibilities open to man. People have an infinite capacity to be good or bad. Through the Lotus Sutra, man can realize that it is possible to change for the better. Second, it teaches that all things are manifestations of the great life-force of the universe. In short, all things are coexisting and necessary for existence. Hinayana or the ‘greater vehicle’ can be equated to Theravada. The teachings concentrate on the four Noble Truths as defined by Buddha. For all these, the first Noble Truth is to be comprehended; the second is to be abandoned; the third is to be realized while the fourth is to be developed. In order to do this, there is a need to reconcile the physical senses and desires to a person’s mental concept of the things ‘desired’ by man. It teaches the concept that nothing is permanent, thus there is nothing significant when it pertains to anything physical in nature. With the recognition that everything is an offset from desire, there is a need to purge the mind of desires by recognizing the Four Noble Truths. (De Bary, 1969). 3. The Four Noble Truths form the very heart of Buddha’s teaching. It consists of the ‘Dukkha’ or suffering, the origin of suffering, the end to suffering, and lastly, the path to the end of suffering. Firstly, it must be recognized by an individual that there is suffering (Dukkha). Second, one must realize the origin of one’s suffering and it is attached to three kinds of desire (tanha): desire for sense of pleasure (kama tanha); desire to become (bhava tanha); and desire to get rid of

Should all states raise the high school dropout age to 18 Essay

Should all states raise the high school dropout age to 18 - Essay Example The skills become better with increased age. Hence, 18-year-old students have more life experiences that make them better citizens. They are also able to comprehend issues and act in accordance with regulations. An 18-year-old student has an enhanced maturity and cognitive capacity. Therefore, making the legal age for school dropout ensures that the society has fully equipped members to promote sustainability. Persons aged 18 years are equipped physically and mentally to enhance productivity and help in nation building. Even though, critics argue that increasing age limit amount to a violation of student rights and that it does not consider the talents. The school provides the platforms for talent development and nurturing. Schools also improve the interpersonal skills of individuals through diversity. Persons also learn to respect and appreciate other people’s cultures. However, such attributes only become better with increased age. An 18-year-old student shows good reasoning compared to the one who drops out at an early age. Therefore, all States should establish mechanisms to keep students in high schools until they reach 18 years of

Managing Finance Essay Example | Topics and Well Written Essays - 1000 words - 1

Managing Finance - Essay Example Budgetary control and costing processes have been combined to compute variance between budgetary standards and the actual performances. The basic idea is to make adjustments, rectifications, and additions to budgetary control process to attain the set standards and objectivities. â€Å"Variance analysis fulfills this role within organizations. In combined standard costing and budgetary control system, variances can be calculated on either an absorption costing basis or marginal costing basis.†(Michael Broadbent and others, page 151) . Variance analysis is the most important feature of budgetary control, and it is this process that establishes the creditability of the budgeting system. Technically speaking, budgeting plays the role of internal controls that have been made compulsory to install and evaluate under statutes like Sarbanes Oxley Act in the US in the aftermath of accounting scandals like Enron. Therefore, budgetary controls are not only strategically important for an organization, but also socially and morally important for safeguarding the interests of stakeholders.Budgets motivate the organizational system to achieve the laid down objectives. Budgetary control is a constructive exercise to create motivation in the organization. In fact â€Å"the motivation of a budgetee (a manager working in a budget system) is split into two components: the relevance of budget standards to the budgeter's task, and the attitude of the budgetee towards the system.†(G.H.Hofstede, page 3)

Values & Ethics Essay Example for Free

Values Ethics Essay Within this essay I will look at my own personal and professional development in relation to the case study of Mrs Begum, a British South Asian women aged 79 who has been diagnosed with vascular dementia. Although I recognise that there are many more values that could be explored I have chosen the following values to discuss; respect, self-determination and empowerment. I will also explore anti-oppressive and anti-discriminatory values in terms of age, disability and race as they are all included within the case study. I will analyse my learning in regards to personal and professional values and the reading undertaken to support my learning. Throughout this essay I will identify areas of development personally and professionally in order to use values successfully within social work practice. To date I have learnt about social work values through various sources, how they apply and how they can be implemented. I will outline some of these sources and their value guidelines which will highlight the values that I have chosen to discuss in relation to Mrs Begums case study. The British Association of Social Workers (BASW) has a Code of Ethics which every social worker who becomes a BASW member is required to be committed to. This Code of Ethics comprises of five basic principles; social justice, human dignity and worth, integrity, service to humanity and competence. These principles all include key social work values such as ‘respect the diversity of the societies in which we practice’, ‘respect, promote and support people’s dignity and right to make their own choice and decisions’, ‘uphold and promote human dignity and well-being’ BASW (2012) [online]. The Code of Ethics is there to ensure that service users receive a quality service. It does this by providing social workers with a guideline and checklist to enable them to provide the best service possible. As Parrott (2011, p. 17) states ‘The purpose of social work values is to provide a common set of principles, which social workers can use and develop as a means of working in an ethical way with the service user’. Parrott continues to go on and say ‘The importance of having a value base for social work is that it is intended to guide the action of social workers and protect the interests of the service user’. The National Occupation Standards for Social Work (NOS) also set out key values that social workers must adhere to. These are; have respect for the users and their carers and the expertise and knowledge they may have about their own situation, empower users and carers in decisions affecting them, be honest about the power invested in them and their role and the resources available to them, respect confidentiality and inform them when information needs to be shared with others, be able to challenge discriminatory practices affecting users and carers and put them first. The TOPSS (2002) [online]. The Health and Care Professions Council also provide a clear guideline on how to apply the practice. Some of the values I will be discussing in relation to Mrs Begums case study such as self- determination and respect were spoken about by Biestek (1961) over 50 years ago but they remain relevant today. Biestek writes about seven traditional values and they have been cited by Thompson (2009) and Dominelli (2009). These values are Individualisation, Purposeful expression of feelings, Acceptance, Non-judgemental attitude, Client self-determination, Confidentiality and Respect for persons. Firstly I will look at Mrs Begum’s case study in terms of the value respect. A value that is included within NOS, BASW and Biestek’s set of values. NOS sets out that as a social worker I will need to respect the service user regardless of their age, ethnicity, culture, level of understanding and need, also the knowledge the service user may have about their own situation TOPSS (2002) [online]. Therefore I would show Mrs Begum respect by treating her in a way I believe all people should be treated and in a way that I would wish to be treated myself. As stated by Thompson (2009, p. 35) ‘the basic point is a simple one really, namely the importance of treating people with respect – not treating them in a way that you would object to if other people treated you like that’. On meeting Mrs Begum her age, ethnicity and culture would not be an issue. More importantly I would treat her as an individual in order to be able to assess the services that can be pr ovided to her to help her improve her quality of life. Mrs Begum has an insight into some of the difficulties she has been experiencing and is aware of the danger she faces should she have another fall. Mrs Begum’s son has said that his mother ‘must go into a home’. While I would take his concerns and the information he has provided me with very seriously, it would be my job to respect the fact that Mrs Begum has expressed on a number of occasions that she wishes to return home and I would focus on the help she would need and work with Mrs Begum in order to fulfil her wish. Respect is a value that I’ve always held and pre-course I still would have treated her with the respect she deserves. The next value I would employ is empowerment . To give service users a meaningful choice of courses of action for the present and to enable them to create valuable options for their future (Clarke, 2000). As a social worker it is important to try and provide community care where possible. In order to make Mrs Begum feel empowered enough to live as independently as possible and remain in her own home, I would focus on her, listen to her and respect her wishes while showing her compassion, empathy and understanding of her situation. I would discuss with Mrs Begum what assistance she thinks she needs in order to achieve her wish of living at home, for example meals delivered, help with mobility, home help, help with medication or direct payments. It is suggested by Adams (2008, p. xvi) ‘the capacity of individuals, groups and/or communities to take control of their circumstances, exercise power and achieve their own goals, and the process by which, individually and collectively, they are able to help themselves and others to maximise the quality of their lives’. I would act as an advocate for Mrs Begum by providing her with as much information and contacting relevant service providers on her behalf. This would ensure that she was aware of the services that are or are not available to her. To empower Mrs Begum it would be important that she knows that I have taken her wishes seriously and in order to do this I would summarise the points she has made to me so that she has a chance to add or correct anything that I have said but at the same time it will let her know that I have listened and understood what she has been telling me. These actions will help to build a good relationship with Mrs Begum and help her to feel that we are working in partnership towards achieving her wishes. I would also have to respect that not all individuals wish to be empowered. They would be happy for the social worker to take control of their situation. I believe that all people should be empowered but some to a lesser degree than others as some people’s abilities are stronger than others. The value of self-determination is a bit more complex. As suggested by Beckett Maynard (2010, p. 130) ‘it would appear that a service user’s right of self-determination should be respected, but only as long as it doesn’t harm others, conflict with the interests of society, or harm the service users themselves. The service user’s right of self-determination is therefore, provisional, and a social worker is very often placed in the position of deciding whether or not the service user’s wishes are permissible’. As a social worker it is my duty to care and not put the service user at risk, it is also my duty to risk assess and should the assessment show that there is a possibility of significant harm to the service user or others it would restrict the service user’s right to self-determine. I would have to take in to account that Mrs Begum had been found walking in the street near her home appearing lost. As a social worker I would play an active role in helping the service user to understand the risks. Therefore, I would help Mrs Begum recognise the choices that were available to her to help her remain at home, as mentioned before home help, help with mobility etc. I would provide enough information so that Mrs Begum and her family can make informed decisions about the options and resources available to her and to help her explore these options. Supporting her and encouraging her to make her own decisions. As mentioned previously within my essay, one of BASW values is to ‘respect, promote and support people’s dignity and right to make their own choice and decisions’ BASW (2012) [online]. I believe it is a person’s human right to be able to express and give their opinion as well as make decisions even if they are unpopular or seem unwise to another individual. This belief has developed during my time on the course. Other factors that Mrs Begum may experience are ageism society’s views that older people can be a burden or nuisance in turn being treated insensitively by being shouted at, excluding them from conversations and being patronised. As Butler and Lewis (1973) suggests ‘ Ageism can be seen as a process of systematic stereotyping of the discrimination against people because they are old, just as racism and sexism accomplish this for skin colour and gender’. Due to Mrs Begum’s disability assumptions can also be made such as, she isn’t as capable, her opinion isn’t as valid and her cognitive ability may be questioned. These are all based around dominant ideas within society which makes things acceptable or unacceptable. According to Disability Rights Activist, Justin Dart (1992) [online] ‘The hard reality is this, society in every nation is still infected by the ancient assumption that people with disabilities are less than fully human and therefore, are not fully eligible for the opportunities which are available to other people as a matter of right’. Mrs Begum is of South Asian decent she may experience racism due to tereotypical believes formed by society about an individual’s race/ culture. ‘The belief that races have distinctive cultural characteristics determined by hereditary factors and that this endows some races with an intrinsic superiority over others. Abusive or aggressive behaviour towards members of another race on the basis of such a belief’ (Collins English Dictionary, Standard Sixth Edition, 2003). These factors and society’s influence can lead to oppressive or discriminative behaviour. While looking at the case study in terms of values it has become apparent to me that prior to doing the social work degree I did think in an oppressive and discriminative way even if it was not consciously. I would have been looking at the aspects that Mrs Begum could not do for herself and the difficulties she would face rather looking at it from a can do perspective. Stereotypes would play a role. In terms of elderly people I thought they could be stubborn and didn’t always know or want to listen to what is best for them. In terms of a disability such as dementia I would have thought that someone was practically incapable of making a rational decision as to what was best for them in certain situations and would possibly need full time care and supervision and probably need to go into residential care. Since being on the social work course, I have been able to develop my understanding and instead of sympathising with an individual I empathise with them. I am able to work in a much more anti-oppressive and anti-discriminative way by putting stereotypes to one side and not making assumptions about an or a particular group of people. By doing so it redresses the power balance within society and enables the social worker and service user to work in partnership. As Parrott (2011, p. 23) states ‘AOP represents a general value orientation towards countering oppression experienced by service users on such grounds as race, gender, class, disability, etc. On the other, it also contains specific practice values; these are values of empowerment, partnership and minimal intervention’. Also learning about what services are available to individuals such as community care and direct payments I have realised that people of different ages and disabilities are able to achieve a lot more and have their wishes met. To ensure that Mrs Begum did not experience any inadvertent discrimination I would do research in to her culture and her religion if applicable as she is a British South Asian women and therefore, may have different ideas from myself about family and the way society works. Age, disability and race are all characteristics that are protected under the Equality Act 2010. In conclusion I feel that from the beginning of the course until now I have developed personally and professionally in terms of values and being able to implement them by looking at and putting aside stereotypes I had which in turn has helped me to work in a less anti-oppressive and anti-discriminative way. When I first started the course I thought equal opportunities was about treating everybody the same but I have since learnt that as everyone is an individual each person’s case should be treated according to their needs. This is done by giving them the same opportunities available to everyone in order to provide them with the best service. I have also become aware of how complex values can be as they are personal beliefs that vary from person to person. Some of the values such as self-determination and the respect for people to make their own decisions may not be able to be fulfilled due to the level of risk to the service user or others involved. I am now able to look at myself critically and can recognise areas that I need to develop. My self-determination will need to be developed further because there will still be a part of me that will feel that some service users may be making the wrong decision but I will have to respect this as a social worker. I will need to continue to be aware of my development when facing new situations. I believe the way in which I have developed my original value base will help my career as a social worker.

Nebobites Ethical Dilemma Essay Example for Free

Nebobites Ethical Dilemma Essay This case involves a small public traded company named Nebobites, which manufactures dog treats. Jenny O. , CPA, is the new Assistant Controller for the Nebobites’ company, and her job is to review and audit the financial statements for the 2012 year. While reviewing the financial statements, Jenny noticed the company’s Allowance for Doubtful Accounts balance seemed significantly higher than in the past. This increase in the Allowance account was due to the Bad Debt Expense estimation being based off 3% of net credit sales instead of the prior years’ estimate of 1. %. The increase in Bad Debts expense as a result of the increase in estimate materially affected the 2012 earnings. However, 2012 had been a great year for earnings, so the additional expense did not disturb the earnings growth trend Nebobites’ had experienced in the past. However, upon further research, Jenny could find no justification for the increase in the Bad Debt Expense estimate from 1. 5% of net credit sales to 3%. Jenny decides to approach her boss, the Controller, Maxwell Devious. He tells Jenny he is aware of the practice known as â€Å"income smoothing. Maxwell Devious says showing a steady growth in earnings was essential to keep the Nebobite stock price high as possible as the Smith family planned to sell-off a significant number of shares in early 2014. Jenny feels extremely uncomfortable with this practice, and she knows that this year’s financial statements will retain an overstated Bad Debt Expense estimate and more than likely result in an understated Bad Debt Expense estimate in 2013. 2. An ethical decision must be made by Jenny, because she is going to have to decide what is morally right or wrong. This fake presentation of increase in earnings will potentially affect every stakeholder involved with the company including their shareholders, creditors, management, employees and the customers. This faulty practice will leave an overstated Bad Debt Expense estimate for the year and more than likely result in an understated Bad Debt Expense estimate in 2013. Jenny needs to decide whether she thinks it is more important to look profitable to investors and appear to have greater wealth or is it more important to show creditors that they do not have sufficient funds to cover their debts. She also knows that Maxwell Devious, the Controller, has an employee profit sharing plan, a management bonus plan based on earnings, significant bank loans outstanding and is planning on raising funds through a bond issue in 2014; all of these are affected by the earnings for the year. 3. By deciding not to change the estimate back to the appropriate percentage of 1. 5%, it does single out individuals and the upper management group. These individuals that are Jenny’s superiors simply do not want her to make the adjustment because it is in their best interest (looking profitable amp; performance bonuses) and not in the company and its stakeholders’ best interest as a whole. It is also a legal violation because the company’s CEO and other top-level personnel should swear that all financial data for the company is relevant and accurate, and they knowingly defy corporate policies and the GAAP. 4. In this particular situation, Jenny is faced with a couple options; some of which are favorable, others not so much. Jenny can choose to abide by her scandalous boss, and decide to go along with the inappropriate change in estimate. This choice may blow over for the time being, but in the long run, Jenny and the company may be audited in the future exploiting their mistakes made in the 2012 financial statements. This could cause Jenny to be immediately terminated when the mistakes were finally found, as well as the possibility of jail time after an investigation and trial. Another possible route Jenny could take would be to report the inappropriate practices to an outsider’s attention, such as an external auditing firm. By doing so, she could save her job possibly for the time the company is being investigated, but may later be fired. Although she will eventually have to find a new job, this choice may save her from being in trouble with the law and potentially boost her chances of finding a new job due to her discovery at Nebobites. Another final option that I would see plausible in this situation would be to simply quit, if the Controller did not want to change the estimation and swear on the financial statements. The legal risk is too high in the case, and you do not want the downfall of Nebobites to be on your shoulders. 5. By deciding to go along with the inappropriate change in estimate, Jenny’s job may be safe for the time being, but in the long run, Jenny and the company may be audited in the future exploiting their mistakes made in the 2012 financial statements. This could cause Jenny to be immediately terminated when the mistakes were finally found, as well as the possibility of jail time after an investigation and trial. This is morally and legally wrong because she knowingly goes against corporate policies and the generally accepted accounting principles in order to reap the benefits. By reporting the inappropriate practices to an outsider’s attention, such as an external auditing firm, she could save her job possibly for the time the company is being investigated, but may later be fired. Although she will eventually have to find a new job, this choice may save her from being in trouble with the law and potentially boost her chances of finding a new job due to her discovery at Nebobites. By choosing this option, Jenny acts in a dignified and legal manner. She knows that she is doing what is right and is protecting stakeholders of the company. The other option of simply just resigning or quitting her position would not have much effect on the company. She is acting morally because she is not going along with the inappropriate practices of Nebobites, but she is not doing what is in the best interest for all stakeholders. The company will most likely find a new Assistant Controller for the operation who will go along with the unlawful scheme. This ultimately resulting in the downfall of the company, when Jenny could have prevented this and saved thousands of jobs by alerting an outside auditor. 6. By alerting an outside auditor to investigate this situation, Jenny does what is in the best interest for all stakeholders. This will eventually reveal the truth and allow shareholders to see the negative affect on stock prices, creditors can be informed on the debt situation of our company and be aware of the risk of dealing with us. Management will be disappointed with the actions of Jenny, in which they sacrificed their performance bonuses and will most likely fire her. The company will still have a chance to flourish, however, when the economy turns back around. By keeping the inappropriate estimate, Jenny will most likely be in the praises of her superiors for the bonuses they received; but, in the longer run, the company’s financial statements will be inaccurate and liabilities to creditors will go unpaid. Shareholders will actual lose more money and the company has the potential to go bankrupt any day if the economy does not take a sudden turn around. The top executives, as well as Jenny, should live in fear of being exploited of their misinterpretations and eventually will get caught up in severe legal trouble. If Jenny simply quit without seeking outside assistance from auditors, she is still acting in a somewhat immoral and illegal manner. This is because the stakeholders of the company will inevitably still be in serious trouble due to the deception of Jenny and the upper management of the Nebobites’ company. . I believe that it is in the best interest for Jenny to consult an outside auditing firm. Although it could potentially make her lose her job when her superiors are notified, it enlightens all stakeholders involved with the Nebobites’ company. The risk is too great if Jenny decides to leave the inappropriate estimate as is; she risks not only losing her job, bu t also risks going to jail, as well as losing her CPA license entirely. It is worth far more in life to be an honest and truthful person who looks out for others than it is to be a deceitful and uncaring.

Algorithms for pre-processing and processing stages of x-ray images

Algorithms for pre-processing and processing stages of x-ray images 1.1 Introduction This chapter presents algorithms for pre-processing and processing stages of both cervical and lumbar vertebrae x-ray images. Pre-processing stage here is the process of locating and enhancement the spine regionof interestin the x-ray image, where the processing stage includes the shape boundary representation and segmentation algorithms based feature vectors extraction and morphometric measurement. In this research the spine vertebrae are introduced and the objectives of segmentation algorithm are discussed. Then various general segmentation approaches including those based on the shape boundary extraction are discussed and applied to our spinal x-ray image collection. The current approach is introduced with a flow diagram and then the individual blocks of the segmentation process are taken up and discussed in detail. 1.2 Image Acquisition A digital archive of 17,000 cervical and lumbar spine x-ray images from the second National Health and Nutrition Examination Survey (NHANES II) is maintained by the Lister Hill National Center of Biomedical Communications in the National Library of Medicine (NLM) at the National Institutes of Health (NIH). Among these 17,000 images, approximately 10,000 are cervical spine x-rays and 7,000 are lumbar x-rays. Text data (including gender, age, symptom, etc.) are associated with each image. This collection has long been suggested to be very valuable for research into the prevalence of osteoarthritis and musculoskeletal diseases. It is a goal of intramural researchers to develop a biomedical information resource useful to medical researchers and educators. Figure 3.1 shows two sample images from the database. Spine x-ray images generally have low contrast and poor image quality. They do not provide meaningful information in terms of texture or color. Pathologies found on these spine x-ray images that are of interest to the medical researchers are generally expressed along the vertebral boundary. (a) (b) 1.3 Proposed segmentation scheme The proposed process main stages scheme shown at Figure3.2, followed by a details review of the used methods applied to our spinal images and can be listed as follow: a. Pre-processing stage include image acquisition, region localization (RL) and region localization enhancement. b. Shape boundary representation and segmentation stage; include active shape model (ASM) segmentation based on two shape boundary representation 9-anatomical points and b-spline representation. c. Feature extraction stage; include feature extraction based shape feature vector and morphometric measurement-invariant features for indexing. d. Classification and similarity matching stage; include feature models classifier and similarity matching for diagnosis and retrieval 1.4 Pre-processingstage 1.4.1 Spineregion localization Region localization (RL) refers to the estimation of boundaries within the image that enclose objects of interest at a coarse level of precision. RL is important for assisting human experts in rapid image display and review (independent of its use in initializing a segmentation process). For example, with an algorithm that can rapidly, and with high probability identify the spine region with a marked line passing, this region of interest can be automatically zoomed on the display even though the location and orientation of the spine may vary appreciably in these images. This algorithm assumes that a line passing through the maximum amount of bone structure in the image will lie over a large part of the spine area, given a line passing through the image; Figure 3.3 shows the region localization (RL) selection of both cervical and lumbar images. (a) (b) 1.4.2 Enhancement approach Image enhancement is significant part of AVFAS recognition systems. Changes in lighting conditions produces dramatically decrease of recognition performance, if an image is low contrast and dark, we wish to improve its contrast and brightness. The widespread histogram equalization cannot correctly improve all parts of the image. When the original image is irregularly illuminated, some details on resulting image will remain too bright or too dark. Typically, digitized x-ray images are corrupted by additive noise and de-noising can improve the visibility of some structures in medical x-ray images, thus improving the performance of computer assisted segmentation algorithms. However, image enhancement algorithms generally amplify noise [17, 18]. Therefore, higher de-noising performance is important in obtaining images with high visual quality for that reason different enhancement techniques was implemented i. Adaptive histogram-based equalization ( Filter 1) Adaptive histogram-based equalization (AHE) can be applied to aid in the viewing of key cervical and lumbar vertebrae features, and its an excellent contrast enhancement method for medical image and other initially no visual images. In medical imaging its automatic operation and effective presentation of all contrast available in the image data make it a competitor of the standard contrast enhancement methods. The goal of using adaptive histogram equalization is to obtain a uniform histogram for the output image, so that an optimal overall contrast is perceived. However, the feature of interest in an image might need enhancement locally. Adaptive Histogram Equalization (AHE) computes the histogram of a local window centred at a given pixel to determine the mapping for that pixel, which provides a local contrast enhancement. However, the enhancement is so strong that two major problems can arise: noise amplification in flat regions of the image and ring artifacts at strong edges [12, 13]. Histogram equalization maps the input images intensity values so that the histogram of the resulting image will have an approximately uniform distribution [9-11].The histogram of a digital image with gray levels in the range [0, L-1] is a discrete function Where is the gray level, is the number of pixels in the image with that gray level, is the total number of pixels in the image, and k =0, 1, 2 L-1, basically gives an estimate of the probability of occurrence of gray level The local contrast of the object in the image is increased by applied histogram equalization, especially when the applied data of the image is represented by close contrast values. Through this adjustment the intensity can be better distributed on the histogram, this allows for areas of lower local contrast to gain a higher contrast without affecting the global contrast. (a) (b) ii. Adaptive contrast enhancement The idea is to enhance contrast locally analyzing local grey differences taking into account mean grey level. First we apply local adaptive contrast enhancement. Parameters are set to amplify local features and diminish mean brightness in order to obtain more contrast resulting image. After that we apply histogram equalization. Adaptive gamma value Gamma correction Gamma correction operation performs nonlinear brightness adjustment. Brightness for darker pixels is increased, but it is almost the same for bright pixels. As result more details are visible. 1.5 Shape boundary segmentation Shape boundary segmentation presented at this work is a hierarchical segmentation algorithm tailored to the segmentation of cervical and lumbar vertebrae in digitized x-ray images. The algorithm employs the both shape boundary representation schemes, 9-anatomical points representation (9-APR) and B-spline representation (B-SR) to obtain a suitable initialization for segmentation stage that utilize active shape models (ASMs) proposed by Cootes et al. The advantage of using ASMs in medical image segmentation applications is that rather than creating models that are purely data driven, ASMs gain a priori knowledge through a thorough observation of the shape variation across a training set. 1.5.1 Shape boundary representation Shape is an important characteristic for describing pertinent pathologies in various types of medical image and its a particular challenges regarding vertebra boundary segmentation in spine x-ray images. It was realized that the shape representation method would need to serve the dual purpose of providing a rich description of the vertebra shape while being acceptable to the end user community consisting of medical professionals. In order to model the spinal vertebra shape we presented by term of set points chosen to place point around the boundary , this must be done for each shape at training stage and the labelling point its important. Two schemes list has been used at this stage to determine a vertebra boundary shape in terms of list points i. 9-anatomical point representation (9-APR) We obtained segmentation data created by medical expertise at an early state of our segmentation work; the purpose of this task was to acquire reference data as a guideline for validating vertebrae segmentation algorithms. These data consisted of (x, y) coordinates for specific geometric locations on the vertebrae; a maximum of 9-anatomical points representation (9-APR) assigned and marked by board certificate radiologist that is indicative of the pathology found to be consistently and reliably detectable per vertebra were collected . Figure 3.7 shows below the points were placed manually on each vertebrae and which is the interest to medical researchers. Points 1, 3, 4, and 6 are indicative of the four corners of the vertebral body as seen in a projective sagittal view. Points 4 and 3 mark the upper and lower posterior corners of the vertebra, respectively; Points 6 and 1 mark the upper and lower anterior corners of the vertebra, respectively. Points 5 and 2 are the median along the upper and lower vertebra edge in the sagittal view; Point 8 is the median along the anterior vertical edge of the vertebra in the sagittal view. Note that Points 7 and 9 mark the upper and lower anterior osteophytes, so if osteophyte(s) are not present on the vertebra, then these points (7-9) coincide with points 6 and 1, respectively. ii. B-spline representation (B-SR) Representation of curves using piecewise polynomial interpolation to obtain curves is widely used in computer graphics .B-spline are piecewise polynomial curves whose shape is closely related to their control polygon a chain of vertices giving a polygonal representation of curves. B-splines of the third order are most common because this is the lowest order which includes the changes of curvatures. The Advantage of using B-spline techniques at this research is to enhance the 9-anatomical points, B-spline curves require more information (i.e., the degree of the curve and a knot vector) and a more complex theory than Bà ©zier curves. But, it has more advantages to offset this shortcoming. * B-spline curve can be a Bà ©zier curve. * B-spline curves satisfy all important properties that Bà ©zier curves have. * B-spline curves provide more control flexibility than Bà ©zier curves can do. * The degree of a B-spline curve is separated from the number of control points. More precisely [ReF]. We can use lower degree curves and still maintain a large number of control points and also we can change the position of a control point without globally changing the shape of the whole curve (local modification property). Since B-spline curves satisfy the strong convex hull property, they have a finer shape control. Moreover, there are other techniques for designing and editing the shape of a curve such as changing knots. B-spline is a generalization of the Bezier curve [Ref] , let a vector known as the knot vector be defined, Where, is a no decreasing sequence with and define control points, Define the degree as ,The knots are called internal knots. 1.5.2 Modelling Shape Variations In ASM, an object shape is represented by a set of landmark points and requires a good initialization of an objects pose in an image (i.e., location, size, and angle of rotation); therefore, we used the two schemes representation (9-APR B-SR) in our proposed segmentation technique to create this initialization. Several instances of the same object class are included in a training set and in order to model the variations we need to align the set of shapes. i. Training set In order to build a model that is flexible enough to cover the most typical variations of vertebrae, a sufficiently large training set has to be used. For the purpose of the investigation reported in this work, we locate the shape (by eye) and its important that the two schemes representations are accurately located and that there is an exact correspondence between labels in different instances of training shapes. In this research a set of 1100 vertebra for both cervical (400 vertebral) and lumbar (710 vertebra) has been used. ii. Aligning trainshapes The model that will be used to describe a shape and its typical appearances is based on the variations of the spatial position of each landmark point within the training set. Each point will thus have a certain distribution in the image space and therefore the shape model is being referred to as a Point Distribution Model (PDM). In order to obtain the PDM, we use the two shape representation, to align the shapes, and finally, to summarize the landmark variations in a compact form. In what follows, these steps are being described in some detail. We achieve the required alignment by scaling, rotating and translating the training shapes so that they correspond as closely as possible. 1.7 Shape boundary Indexing The shape analysis described here is related to the statistical analysis of vertebrae shapes to shape similarity matching and recognition. Three schemes of shape analysis implemented at this stage. First scheme is the shape analysis based feature vectors extraction includes statistical shape feature (SSF) and Gabor wavelets features (GWF). Second scheme is the shape analysis based morphometric measurement based angles measurement index (AMI) and intra-bone ratio measurement (IBRM). Last is the analysis based similarity matching, the index output result from each analysis will be considered as input to the classifier systems those schemes outlined are described below. Feature vector is an n-dimensional vector of numerical features represents object shape. Statistical models captured from active shape model, Gabor wavelets filter bank require a numerical representation of vertebrae shape based on both boundary shape representation (9-anatomical point model ,B-spline curve), since such representations facilitate processing and statistical analysis. Figure below shows schematic pattern recognition system based feature vectors. 1.7.1 Statistical shapefeatures(SSF) Each vertebral in the training set, when aligned can be represented by a single points in 2n dimensional space (eq2).Thus a set of N example shapes gives base on each shape boundary representation cloud of N point in this 2n dimensional space. We assume that these points lie within some region of the space which call the Allowed Shape Domain and that the points give an indication of the shape and size of this region. Every 2n-D point within this domain gives a set of landmarks whose shape is broadly similar to that of those in the original training set. Thus by moving about the Allowable shape domain we can generate new shapes in systematic way .The approach given below attempts to model the shape of this cloud in high dimensional space and hence to capture the relationship between the positions of the individual landmark points. 1.7.2 Gabor wavelets features(GWF) The objectives of this stage is to explore the feasibility of using Gabor wavelet-constructed spatial filters to extract feature-based vector from shape boundary consisting of cervical and lumbar vertebrae, and to use these extracted feature vectors to train and test with different classifier. To evaluate the robustness of the method, so many analysis based filter and mask size was experimented to select the suitable Gabor mask that will be convolute with the two vertebra shape boundary extracted. In order to briefly describe Gabor wavelets and provide a rationale for this stage of work, the Short Time Fourier Transform (STFT) and Gabor Transform need to be explained first. The Fourier transform is a fundamental tool of classical signal analysis. i. Gabor wavelets filter bank The Gabor wavelet function used in this research for AOs feature extraction was same as Naghdy (1996) used and was defined. Where: the different choices of frequency j and orientation constructed a set of filters. ii. Filter frequency and mask size analysis As the frequency of the sinusoid changes, the window size will be changed. (Fig. 3.28, 3.29, 3.30 and 3.32) shows real and imaginary parts of eight two-dimensional wavelets filters. When j is changed from 1 to 4, the sinusoid frequency is reduced whereas the Gaussian window size increases. In comparison, for the Gabor transform, Gaussin window size will remain same. iii. Convolution vertebral region with the filter bank The elementary Gabor wavelet functions were used to construct spatial domain filters, Each filter was made of a pair of filters, which were the real and imaginary part of the complex sinusoid. These pair was convolved with the green channel signal of texture image separately. The reason of choosing the green channel to do convolution was that the green channel was found to have the best texture quality, which means the best contrast level between plants and soil, among red, blue and MExG channels. This scenario is absolutely sensor dependent and may not be the case for other sensors. For one frequency level, the filtering output was the modulation of the average of the convolution output from real and imaginary filter masks on all convolved pixels in the green channel image, which was computed. iv. Gabor wavelets filer bank block diagram 1.8 Shape boundary morphometric measurement 1.8.1 Morphometric measurement-invariant features For efficient image retrieval, it is important that the pathological features of interest be detected with high accuracy. In this stage of Automatic Vertebral Fracture Assessment System techniques, new morphometric measurement-invariant features were investigated for the detection of anterior osteophytes, including lumbar and cervical vertebrae. The goal in this stage of work is to investigate a measurement algorithm for high accuracy and avoid the complex calculation. Two approaches morphometric measurement-invariant features were developed based: 1) Angles invariant features (A-IF) 2) Intra-distance ratio invariant features (ID-IF) The results of this morphometric extraction geometries calculation will produce a signal of two index based on angle and distance measurement that can be used to distinguish between the anterior osteoporosis classes and their severity implemented as input for classifier algorithm. Figure below show the block diagram of the shape analyses based morphometric technique. Stage 1: AOs detection Two classification schemes for anterior osteophytes were established by a medical expert to evaluate the accuracy of the PSM algorithm. The first is Macnabs classification, established by Macnab and his coworkers in 1956 on radiological and pathological bases [6, 7].Two types of osteophytes are adapted from Macnabs classification: claw and traction, as shown in Figure 1. Their visual characteristics are: 1. Claw spur rises from the vertebral rim and curves toward the adjacent disk. It is often triangular in shape and curved at the tips. 2. Traction spur protrudes horizontally, is moderately thick, does not curve at the tips, and never extends across the intervertebral disk space. The second classification is a grading system which was defined by the medical expert consistent with reasonable criteria for assigning severity levels to anterior osteophytes (AO). Three grades of AO are slight, moderate, and severe, also shown in Table 1. Their visual characteristics are: 1. Slight grade includes normal, where the corner angles on the vertebral boundary are approximately right angles. It may have a slight protuberance, where the tip of the osteophyte is round and no narrowing is observed at the base of the protuberance. 2. Moderate grade is characterized by evident protuberance from the ideal horizontal or vertical edge of the vertebra. The bounding edges of the AO form an angle of at least 45 degrees and the osteophyte has a relatively wider base than severe grade. 3. Severe grade is characterized by presence of hook, the angle is less than 45 degrees and has a narrow base, or protrudes far (about 1/3 of the length of the horizontal border) from the normal (ideal 90 degree) vertebral corner. Angles invariant features (A-IF) We explore three main angles for measurement that make sense of difference between the AO classes from the 9-anatomical landmarks model. Shape below show the angle of interest selected that will be used next as input for our classifier system to make decision (a) Turning Angle (b) Intra-Distance Across the Shape Turn Angle (TA) To capture the characteristics of shape in local regions, we use two different features. The first is Turn Angle (TA). Turn Angle is also called Turning Angle or Bent Angle. It is defined as follows [3]: if the points on the polygon are ordered in the counterclockwise direction, and the polygon is traversed in this direction, the Turn Angle is the angle between the direction vector for the current polygon segment and the next one; the sense of the Turn Angle is calculated such that a clockwise turn gives a negative angle whereas a counterclockwise turn gives a positive angle. Figure 3 (a) shows an example. For an arbitrary shape, the Turn Angle feature could be calculated from the approximating polygon for that shape. Turn Angle for a polygon with n vertices is simply a vector in Rn . For example, if the vertebra is represented as a polygon with 72 vertices (our sparse representation), the Turn Angle is a 72-element vector. If the polygon has the concept of an initial vertex, similarity computation is straightforward, e.g., with a Euclidean metric. If there is no initial vertex, similarity between two shapes may be computed by a combinatorial comparison of distances between possibly-matching sets of vertices. This computation may be optimized by dynamic programming. Intra-distance ratio invariant features (ID-IF) Distance across the shape [4] is another local shape feature. DAS is defined, for each vertex P in a polygon, as the length of the angle bisector at P, measured as the line segment from P to the intersecting side of the polygon. For Example, the interior bisector of angle à ¢Ã‹â€ Ã‚  P2P3P4 in the figure 3 (b) intersects the contour at point I3. The length of P3I3 is the DAS at point P3. If the bisector intersects the shape multiple times, the distance to the closest intersection is used. Similarly as for turn angle, if we represent the vertebra shape as a polygon with 72 sample points, the DAS feature may be calculated on those 72 points. Where, V: is called as vertical angle calculated between the points 7-8-9 H: is called as horizontal angle calculated between the points 1-2-3 C: is called as corner angle calculated between the points 8-9-1 Angle formula calculation between these three points coordinates as follow 1.9 Operation Step 1: Calculate the Horizontal angle and this calculation based on the Step 2: Calculate the Horizontal angle and this calculation based on the Step 3: Calculate the Horizontal angle and this calculation based on the Step 4: build the rule base and evaluate the result by visual inspection Intra-Distance ratio Measurement (I-DRM) Inter-bone ration is another morphometric measurement issue, it was explored based on the shape distance here we focused Where, : Represents the distance posterior height calculated between the points 3-4 : Represents the distance medial height calculated between the points 5-2 : Represents the distance interior height calculated between the points 1-6 : Represents the distance calculated between the points 8-mp, where mp Midpoint between the points 3-4, the Midpoint (mp) coordinates calculation formula as the following: With; (, ) is the point 3 coordinate, (,) is the point 4 coordinate Given the two points (, ) and (,), the distance between these points is given by the formula: The normal vertebra was estimated to have the following ratio distance Distance () =Distance () =Distance () Base on this estimation by expert radiologist we develop another rule base decision system that can work properly to and true classify the normal and abnormal and bone The criteria of the X= Stage 2: AOsLocation Detection of the Ao position conduct us to determine the location either upper or lower AO a) b) The position of the AO is determined by sample way calculation based of angles too Stage 3: Disc space narrowing (DSN) Stage 4 Stage 5:Subluxation/Spondylolisthesis Segmentation and Pre-processing The vertebra shapes were segmented using an active contours method modified to constrain evolving contour points to follow orthogonal curves [18], to avoid convergence to a self-intersecting solution contour at vertebra corners [9]. The solution contours have 36 points. Nine of these 36 points were distinguished as geometrical or anatomical reference points, with relative locations that are approximately constant across the veterbra shapes. The nine points, shown in Figure 2 were either manually marked by experts, or extracted automatically or semi-automatically by specialized algorithms [9]. For the current work, we preprocess these segmented shapes by curve smoothing (to reduce noise), fitting (for smoothness), interpolation, and re-sampling (for larger number of evenly distributed points) to obtain the final shape contour description. The curve fitting and interpolation are done with the natural cubic spline algorithm. Then the shape contour is resampled by equal arc length sampling. Finally, the vertebra whole shape is represented by two boundary point sets with different resolutions. The dense sampling set contains 180 points, and the superior and the inferior anterior corners are represented by 60 points, respectively. The sparse sampling set contains 72 points, with the superior and the inferior anterior corners represented by 25 points, respectively.

Heart Of Darkness :: essays research papers

Many authors utilize loaded language to try and convey another possible meaning behind the story. However, it is often neglected and the reader never comes to such a realization. But it is quite clear through Joseph Conrad’s choice of words, that there is a suggestion of an allusionary meaning, which is the determination of heaven, hell, and purgatory.   Ã‚  Ã‚  Ã‚  Ã‚  Part one gives a wealth of information to suggest and alternate meaning. The way that I chose to interpret the beginning was that of the story of creation-a new boat, a new voyage, and a new life-just as Adam and Eve had begun. Marlow was starting off sinless and without a fault. Then, Marlow comes across “a man who [hung] himself.'; (p. 12) According to Catholicism, suicide is considered a sin,   Ã‚  Ã‚  Ã‚  Ã‚  Through the use of loaded language, Conrad assumes a direct relationship between the story of Adam and Eve to the man who hung himself. As Marlow and his companions walked through the countryside, they eventually wound up in a different location, an “inhabited devastation'; where there are people, a place where sinners reside.   Ã‚  Ã‚  Ã‚  Ã‚  This is a large contrast from where Marlow started out, which was seemingly the Garden of Eden. Reading the section of the story that I did consider the Garden of Eden, I felt quite empty, as if it was a place where only Marlow and his companions were. Conrad used detail in this section which really made me pick up on this feeling of loneliness.   Ã‚  Ã‚  Ã‚  Ã‚  When we finally arrive to the “inhabited devastation,'; the feeling that Marlow along with his companions are the only people there, evaporate. Immediately, the mountainous scenery strikes me. The details that Conrad gives of this specific places, gives me a very cold feeling. All around, the reader receives a geometric description of the natives, who are a part of the inhabited devastation.   Ã‚  Ã‚  Ã‚  Ã‚  Just as Adam and Eve are out of place, the reader can assume the same of Marlow and his companions. However, we are not fully aware of one sin that Marlow has come across, the sin of suicide. It has to have played a part in their expulsion.

Solution Text Notes :: essays research papers

Chemistry Textbook Notes: Solutions Chapters 13 & 14: LH 1. Define soluble, solution, solvent, solute, suspension, colloid (p.395–398) Soluble- capable of being dissolved solvent0 the dissolving medium in a solution solute- the substance dissolved in the solution suspension- a mixture in which the particles in the solvent are so large that they settle out unless the mixture is constantly stirred or agitated colloid- a mixture consisting of particles that are intermediate in size between those in the solutions and suspensions forming mixtures known as colloid dispersions 2. Most of the time when people talk about solutions, they are referring to solids that have been dissolved in water. Describe a different type of text=solution">solution (see Table 13–1) Solutions are not limited to the liquid state, they can occur in all three main phases, gas, liquid, and solid. For example, the water in the air is a liquid solute dissolved in a gas solvent; solid solutions include brass, which is made from combining zinc with copper 3. Describe two examples of colloids (see Table 13–2). A colloid consists of small particles 1nm to 1000nm in size that are suspended in a solid, liquid or gas. Examples include common products such as gel, a solid network extending throughout a liquid, or liquid aerosol, or otherwise known as fog 4. What is the Tyndall effect? What can it be used to distinguish between? The Tyndall effect is used to distinguish between a solution and a colloid; a colloid scatters light, like fog scatters the lights of a car, while a solution does not. 5. Describe an experimental method that could be used to classify a sample as a solution, colloid, or suspension. Allowing the sample to sit for an extended period of time will reveal the suspension, as it needs to be stirred or agitated to maintain its shape. A colloid then can be differentiated from a solution by shining light through it and seeing if it scatters 6. Define electrolyte and nonelectrolyte. Electrolyte- a substance that when dissolved will conduct an electric current while Nonelectrolyte- a substance that when dissolved will not conduct an electric current 7. Define saturated, unsaturated, and supersaturated solutions. Saturated solution- a solution that contains the maximum amount of dissolved solute unsaturated solution- a solution that contains less solute than a saturated solution Supersaturated solution- a solution that contains more dissolved solute than a saturated solution contains under the same conditions

Masque Of The Red Death :: essays research papers

In "The Masque of the Red Death", Poe leads one event into another often. He uses much symbolism, and in the paragraphs below, I will show you it. In the first couple of paragraphs however, I will summarize the plot and state the theme. In this plot, Poe begins by talking about the Red Death, basically setting the stage for later events in the story. Then, he talks about Prince Prospero, which tells the reader that Prospero and the Red Death will have a conflict later in the story. Next, Poe gives a short summary of the setting, and also mentions that the "Red Death" was not there. After this, Poe gives a description of the rooms. The first room had blue ornaments and windows. Poe then makes each room darker until he gets to the seventh, which is black. This shows that death is coming to Prospero. Also, in the seventh room, the windows are blood red, which also shows that the "Red Death" is coming. Also, the ebony clock keeps on ticking, which is slowly setting up the conflict, Prince Prospero vs. "The Red Death." Also, the color of the wood is also symbolic. Ebony is black, so again death is symbolized. At the end, or conclusion, the clock strikes 12, and "The Red Death" makes its appearance, and kills Prospero. In the plot, I believe that the talking about the Red Death and Prospero is the introduction, because it introduced the two big influences in the story. I also think that the descriptions of the rooms is the rising action, because it gives the setting for the conflict. The conflict is Prospero trying to avoid the Red Death, which is man vs. nature. The falling action in the story is when Prospero is caught by the Red Death, and the conclusion is that he is dead. The theme of the story is that you cannot escape death no matter how hard

Types of Sensors

Types of Sensors Sensor technology is a growing form of technology that has caught everyone’s attention in the recent times engineers have been continuously working on new forms of sensors for incorporating different features into a technology. A sensor is nothing but a special converter that helps in measuring the physical quantity of an object and then converts the same into a special signal to be sent to the technological devices. Sensors facilitate the sending and receiving of these special signals for carrying out different activities.If you look at some of the major technologies these days including the mobile phones or the laptops, you would find out that they all are making use of some form of sensor in order to do their job. We would here discuss some of the major types of sensors usually used. There are special sensors that are devised and used especially for acoustic, sound and vibration purposes. There are numerous devices like the hydrophone and microphone which a ct as sensors and are mainly used for the purpose of transmitting sound and vibrations from one object to another.These sensors are usually employed in devices that need to transmit and transfer sound and other vibrations. Sensors are not only used for sound or vibrations but they are also commonly used for different automotive and transportation devices and mechanisms. Some of the commonly used automotive sensors include defect detector, mass flow sensor, oxygen sensor, parking sensor and speed sensor. The names of these sensors clearly define their purposes and applications.The chemical industry is also full of innumerable sensors, which are used for different applications. There are special carbon dioxide sensors that help in detecting the presence of carbon dioxide in a given space. Other than that, holographic sensor, infrared point sensor, olfactometer, oxygen sensor and smoke detectors are some of the common types of sensors that are used for industrial and other technologica l applications making use of different chemicals.Electric current and magnetic sensors are also commonly used at different places and for different purposes. There are special sensors installed for detecting radio directions and even voltage fluctuations and changes at times. Engineers are trying to monitor the environmental changes and developments all over the world right now. And hence the environment and weather sensors have also become so popular and common. Not only can the environmental sensors detect rain, snow or soil oisture they can even be used for making people aware and precautious of the forthcoming events. In addition to these sensors, there are several other types of sensors like velocity, navigation instruments and optical light and pressure sensors. These sensors make technologies much more beneficial and more useful for the people in all ways, giving them better use of the devices. Reference link: http://classof1. com/homework-help/engineering-homework-help

Island of the Sequined Love Nun Chapter 60~61

60Meanwhile, Back at the Ranchbloody shame dung atomic number 18e sat behind a desk fashi unmatchedd entirely of rose crystal veined with fools gold and st atomic number 18d discover the windowpane at the Houston skyline. A b graden stupor had risen to the level of her fiftieth-floor run intoice as the exhaust of a million cars huddle against the stratosphere and curled around the city wish a huge rusty barf looking for a place to nap. It in effect(p) made her made as a cowpoke wear bob-wire pants, still if non mad enough, of course, to sell her sh atomic number 18s of GM and Exxon. no-account chips was blue chips, later on all, and the great conjure up of Texas ran on oil.The intercom beeped and bloody shame Jean keyed her speaker teleph atomic number 53, non because she needed her man causation free to last, notwithstanding because the ph wizard tele yell receiver either got caught in her hairdo or her clip-ons rattled against it making all sorts of distracting racket. Thered been a time, to begin with Prozac, when shed thought for six months that the FBI was tapping her promise line, only to find turn up it was a pair of twenty-carat ruby cluster earrings battering against the earpiece.Yes, Melanie. forgatherer Case on the phone, bloody shame Jean. Hes been citeing all day. Ive move to couch him wrap up, but he says that people are firing to die if you dont talk to him.Does he sound drunk?No, Maam. He sounds serious.bloody shame Jean took a deep inkling and looked up at the Monet hanging on the far wall. Twenty million dollars, depreciated as office furnishings, ap-preciated to twice its value and donated to a museum as a donation write down at full value, with no capital letter gains, and thereit would hang until the day of her expiration when it would go to the museum.And it also matched the couch.Put him through, she verbalise.Mary Jean, its conglomerateer.I was simply thought process of you. How are you, sweetie?Mary J ean, Im stone unplayful and I need you to listen.Go on, introduceer. I got more ears than a cornfield in June.First, I kip down that there were neer any criminal charges filed, and I dont point you for trying to issue forth me step up of the way. but I could authentically use come up-nigh help.Mary Jean blanched. Can you express one blurb, darlin? thank. She pushed the hold button and accordingly the intercom. Melanie, dear, would you mind shoot downing me a coupling of number five Valiums and a weeny glass of juice? Thank you. She clicked approve to assemble. Go on, honey.And pull to seeher did, for fifteen minutes, and when he finished, Mary Jean said, Well, thats just not veracious. Thats just terrible.Yes, it is, Mary Jean.We just raftt fox that, she said. You give Melanie your number there. Ill bring down what I bottomland do.Mary Jean, I really appreciate this. If I could go to anyone else, I would.And hurt my sprightlinessings? No, you wouldnt. slip iner Case, Ive been selling the power to change yourself for forty years. Now, if I dont imagine in the power of redemption, then Im illegal of false advertising, arent I? You sit tight, now. Bye.She clicked the intercom. Melanie, overreach me Jake Skye on the line, please. Thank you, dear.61Roundhouse alohaTuck stood at the arrival supply amid a assort of Hawaiian college students wearing grass skirts and sarongs and festooned with leis they were draping on tourists as they came out of the tunnel from the 747. Tuck spotted Jake Skye well before he came out of the tunnel. He was a oral sex taller than most of the tourists and one of the few who had a tan. Tuck waved to him and Jake tossed his head to tape hed seen him. He came out smile with his hand ext s light uped.Tuck smiled and hit Jake with a roundhouse to the jaw that knocked him plump for into a group of pseudo hula girls. Jake apologized to the girls and rubbed his jaw as he sullen to Tuck.We done?I guess so, T ucker said. He knew that Jake would nal ways apologize for selling him out.Jake fell in be status Tuck and they walked through the terminal. I didnt see that coming. Youve changed, buddy.I guess so, said Tuck. Thanks for coming.Im just here to apportion you home. Jake pulled cardinal airline ticket folders out of his garb pocket. Mary Jean says you provide bring your new girlfriend.Im not going home, Jake.Youre not?No. I need your help, but Im not going butt to Houston.Theres a stop in San Francisco. You can filth off there.No. Ive got roughly things I need to do.Buy me a drink. Jake turned and walked into an open cocktail lounge where a twenty-foot falls fell over colour lava leaning amonga forest of bromeliads and orchids. Cool airport, Jake said, drag a stool up to the bar. You ever think somewhat living in the tropics?Tuck whipped around on his stool and Jake held up his hands in surrender. tho kidding. Okay, whats the story?This time Tuck told the story leaving out none of the details, and to his credit, Jake did not call him crazy at the end. So what do you think you can do?Well, first, I thought you could fire hydrant the doctors com dedicateer and erase the database. It might obtuse up the process if he has to do all the tissue types again.Jake was shaking his head, Cant do it, buddy. Even if I wanted to. wherefore not? Ive got the password.Jake drained off the come through of his third Mai Tai. Hes on a send uplink net. The connection only goes both ways if he wants it to. I wont be capable to fill in. Besides, its not in the bang parameters. Im supposed to come here, get you, and apportion you home. Period.Tuck dug a veer of paper from his back pocket and unfolded it. Ive got these. peradventure they can help.Jake was still shaking his head, but he stopped when he maxim the numbers written on the paper. Where did you get those numbers?They were on the bottom of a desk drawer in Curtiss clinic.Theyre not computer codes, Tuck. Y ou see those letters at the end? BSI? You know what that is?Tuck shook his head.Banc Suisse Italiano. Those are Swiss bank account numbers. Jake tried to snatch the paper and Tuck pulled it out of his reach.You willing to expand the mission parameters? Tuck said.Jake was staring at the paper in Tucks hand. How a lot?Half.Jake scratched his three-day growth of beard. And they were getting how much per kidney?Half a mil.Jake cringed, then relaxed and put his hand on Tucks shoulder. What did you bewilder in mind, partner?I want to get the Shark People off the island.How many a(prenominal)? Three hundred and change? utilise a ship.I want to go before longer. I want to fly them off.Jake smiled. The wheels were running(a) now. Its going to take a broad architectural plane 747 or L-1011. That island got enough racetrack for something that sizing?Can we get something that size?Not legally, Jake said.Im not worried intimately legally. Im worried about logistically.Jake stood up. Im not debauched it. I get you a plane, I get half. Deal?Ill give you one of the account numbers as soon as we get the plane. You take your chances whether theres specie in it or not. If I dont use up it, and the moneys in my account, youre s loted.Jake considered it, then nodded. I can live with that. lets go watch the coarse planes take off.Tuck was amazed at the way Jakes mind worked. The second hed original that they were going to detach a 747, it became a difficulty, and when it came to solving problems, Jake was the outmatch. They stood on an open walk that overlooked the tarmac, watch the 747s taxiing into the terminal.The best thing, Jake said, about stealing a 747 is that no one assumes that anyone is crazy enough to try it.I thought people tried to steal them all the time. Its a league bluster in the Middle East, isnt it?They hijack, they dont steal. With hijacking, you dumbfound to take a pilot with you. Jake pointed to a row of planes docked at the terminal by furled walkways. These guys? Out of the question, he said.Why?Because theyve just come in and theyre low on fuel or theyre being fuel to take off again, and most of the time, if you can get in them, theres a crew on board. He pointed to some jets place near hangars at the far side of the airfield. Those are our babies. Theyve got fuel, but theyre inhabiting for a crew and passengers. After midnight nothing goes out of this airport except FedEx. The advantage of a vacation destination. Nobody wants to fly in our out at night.The planes were a acceptable half a mile extraneous. Thats a long way to go crosswise an airfield without the tower seeing us and calling security. And we have to drive a ramp over to it to get inside.No, we dont. Theres an emergency escape hatch for the pilots in the jacket over the cockpit.Thats four stories up. How are you going to get up to it? deplete to it, Jake said.Down?The problem is how to get the hatch un catched. They only open from the inside. Im still a myopic unclear on the down part of the plan, Tuck said. At some point he was going to be on top of a 747 and heights made him nervous.Let me worry about that, Jake said. Then he snapped his fingers as if conjuring the answer to his problem out of thin air. Ive got the answer right here in front of me. What was I thinking? Im working with the master.Tuck looked around, thinking that Jake was lecture about someone else. atomic number 18 you talking about me? I dont know how to do anything.But youre wrong, Tuck, youre wrong. For this part of the plan we need the cooperation of a fledge attendant. issue forth on, lets get my bag. Ive got an extra change of apparel you can wear.Whats wrong with these clothes? Tuck asked. He was still wearing the oversized and now distressed hand-me-downs of Sebastian Curtis. comparable you have to ask.Jake spent an hour studying outflow schedules and talking to counter people at the different airlines. Tuck took the opportunity to call the hotel to check on Sepie. She answered on the second ring. Hello. How much is washer-dryer conspiracy?What?Maytag washer-dryer combination with minibasket and plication guard. How much?I dont know. Maybe a grand. Are you okay?Shed put the phone down and he heard her shouting at the TV, Is a grand Is a grand You fuckin mook Oh, no. She picked up the phone again. You wrong. Is eleven nine nine suggested retail. You lose.Youre watching The Price Is Right?They give you things if you know how much. Is in truth hard.Do you need anything? Tuck asked. I can call room benefit from here and have them bring you some food.Perfume and lipstick, Sepie said.Thatll have to wait. Ill be back soon, okay?Okay. Tuck?What, Sepie?What is washer-dryer combination?Ill relieve later. I have to go now.She hung up on him. Evidently, her fascination with plumbing and telly didnt extend to the telephone. He found Jake talking to a girl at the get together counter who was obviously taken with the din gy pilots charm. He saw Tuck and said good-bye.Ive found our plane and the crew assignments. We have a ten-minute window to get to admission 38 so you can work your magic.The plan was for Tuck to spot a escape valve attendant coming off the plane, get to know her, and convince her to go back into the jet and throw the latch on the emergency hatch before the plane was cleaned and moved away from the terminal. They waited at the tunnel into Gate 38. The passengers had long since deplaned, as had the pilots.Remember, you want to go ugly, Jake said.I know, Tuck said. Hed changed into Jakes clothes, which fit him, at least, even if he looked like a guitar player for a Seattle grunge band.And old if you can get it.I know, Tuck said.You want a woman who looks like she couldnt get fixed in a mens colony.I know, Tuck said. Would you back off? I havent done this in a while.Like riding a bicycle, buddy.The first flight attendant out of the tunnel was a pretty blond woman, about twenty-five. Pass, Jake said.The succeeding(prenominal) was a man, and the next a tall black woman who could have been a runway model.Theyre killing us here, Jake said. How would you feel about going for the guy? Hes our best chance so far.Fuck off, Jake.Just an idea.They waited for five more minutes before a tired-looking woman in her fifties came down the tunnel pulling her flight bag behind her.Go to it, stud, Jake said. He gave Tucker a little shove.Tuck shoved back without taking his eyes off the woman. I cant do this, Jake.What? Jake Skye grabbed Tucks wrist and put on to be taking his pulse.Tuck pulled away from him. I cant do this.Dont pull this shit on me, buddy. Shes getting away. This is what you do.Not anymore, I dont.Well, I sure as blazing do. Jake pulled off the flannel shirt he was wearing open over his black jersey and threw it to Tuck. Go back to your hotel and wait for me to call. What room are you in?Twelve-thirty.Jake pushed the T-shirt sleeves up just enough for his bi ceps to show and took off down the concourse after the middle-aged flight attendant.Tuck went extracurricular and found the shuttle to the Hyatt Regency. During the ride back to the hotel, he realized that he had no idea how to explain a washer-dryer combination to someone who had never worn lieu or a shirt until two days ago. He decided to go with magic.

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.