Integrated Life Science Study Guide

Integrated Life Science Study Guide Test #1/Chapters 1,3,4,19 1. The scientific method- A continuous process use to collect observationsk form amd test hypotheses, make predictions, and identify patterns in the physical world. pg 4 2. Biodiversity- the number of different species that coexist at a given place pg. 8 3. Dimitri Mendelev- Russian Chemist; created the Period Table of the Elements; 1st 1800s to arrange elements in such a way that the showed something about it properties. Elements made of atoms-Iron, Helium, Hydrogen pg. 10 4. Creationism or creation science is the belief of the Judeo-Christians (Bible); Genesis; 2000+ yrs. The Earth is between 5-7000 yrs old. It’s the belief that it was created in 7 days. Science of Creation (most scientists believe) believes the universe is approx. 15 Billion yrs old. Earth-is about 4. 5 billio9n yrs old. No beginning and no end to this universe. 5. Stem cells- embryonic cells that can become any cell in a living organism. Source; ambilical cord Adult stem cell-restricting-almost useless to work with; medical science impeded by someones belief system 6. Work- force exerted over a distance Power- work divided by time; how fast you do work.. Power =work/time Energy= the ability to do work; we get energy from food; converts to calorie-> glucose; cell->work; plants also use glucose to live 2 types of energy- Kinetic-energy of motion Potential- stored (fat) Force-a push or pull from kinectic energy; gravity energy-> glucose 7. Trophic levels a. Omnivores-eat both plants and animals b. Carnivores-eat meat.. ex. Lions, tigers, c. Herbivores-eat plants, ex. Cows, horses d. Plants- glucose e. Decomposers-bacteria; worms, fungi, provide food to make soil rich 8. First Law of Thermodynamics- 1st law about energy f. All energy in the universe stays the same; it only changes form i. Glucose â€Å"sugar†-> energy cells-> carbon dioxide; ammonia 9. Calories-unit of energy measurement in food 1C=1000c Calorie-heat our body produces; energy inside the cell Calorimeter-measures calories in food 10. 2nd Law of Thermodynamics- g. Heat always flows cold ii. No such thing as cold- cold is the absence of heat h. No such thing as â€Å"Heat Engine† i. Overtime entropy increases iii. Entropy-a measure of disorder; a way we can measure how miixed up something is. 1. Types of animal insulation- fur, feathers, fat, blubber, skin, shells, scales, and blood 12. Entropy-a measure of disorder; a way we can measure how miixed up something is. 13. The science of Aging and DNA j. Lifestyle k. Dna l. Genetics m. Biological clock is about 110 yrs old Chemicals that age you are alcohol, tobacco, recreational drugs 14. Ecosystem- a system that includes bot h living and non-living things in a particular area (people) n. Non-living- chemicals; food o. Living-cells 15. Homeostasis- health, dna, good health, balance 16. Acid rain- nitrogen, sulfur, ad carbon; coal + oil fired; electricity; generating plants; polluntants mix with rain; forms sulphuric acid; nitric acid; and carbonic acid- kills plants & trees; destroys auto paint, etc. 17. Photovoltaic cells- a device that converts sunlight (photons) into direct electric current Short Answer 1. Global Warming a. CONS-temperature increasing; flooding; sea level rising; quit burning fossil fuels b. PROS- 2. temp increasing during growing season which is what’s necessary 3. Ozone layer is 20 miles or more up. It protects us from UVA and UVB rays. It’s getting thinner because of pollutants Smog is a layer created from automobiles and factories- near the earth-harmful 4. Landfills are considered â€Å"biological recyclers† because 5. The 6 characteristics shared by all ecosystems are pg. 391 c. Every ecosystem consists of both living and nonliving parts d. Energy flows through ecosystems e. Matter is recycled by Ecosystems f. Every organism occupies an Ecological Niche g. Stable Ecosystems achieve a balance among their populations h. Ecosystems are not permanent, but change over time 6. Four dimensions as described in the Second Law of Themodynamics pg. 88 i. East or west j. North or south k. Up or down l. Time 7. Creationists believe that evolution does violate this law because life is highly ordered, it could not have arisen spontaneously without violating the 2nd law. Scientists disagree and believe that all you need to make the evolution of life consistent with the 2nd law is that the order observed in living things must be offset by a greater amount of disorder in the sun. pg. 88 8. 3 ways that heat is transferred is through conduction, convection, and radiation. Example of: pg. 6 Conduction- Convection-air rising above a radiator or toaster; motion of the Earth’s Radiation-a fire or electric heater 9. Celery makes you lose more calories than you gain because it goes back to the principal that if we take in less energy than we expend, energy must be removed from storage to meet the defecit and the amt of body fat decreases. 10. Our food in the USA is che aper and much richer than most other countries. We tend to eat in larger portions than we should. Biologically, we clone our foods and inject them with hormones and chemicals to keep the supply steady and to keep costs low. 1. 5 Questions to ask when confronted with other kinds of psuedosciences are: pg. 12 m. Are the â€Å"facts† true as stated? n. Is there an alternative explanation? o. Is the claim falsifiable? p. Have the claims been rigorously tested? q. Do the claims require unreasonable changes in accepted ideas? 12. Peer review is a system by which the editor of a scientific journal submits manuscripts considered for publication to a panel of knowledgeable scientis wh, in conidence, evaluate the manuscript for mistakes, misstatements, or shoddy procedures. Following the review, if the manuscript is to be published, it is returned to the author with a list of modiciations and corrections to be completed. pg. a34 13. Arrow of Time is The uniform and unique direction associated with the apparent inevitable flow of time into the future. Pg 88 14. The 3 major polluntants that make up urban pollution are nitrogen oxides, sulfur compounds, and hydrocarbons. Pg. 399

The Host Chapter 46: Encircled

Jamie started to sit up. â€Å"Easy there, kid. How you feelin'?† Ian moved to press Jamie's shoulders against the mattress. â€Å"I feel†¦ really good. Why is everyone here? I don't remember†¦Ã¢â‚¬  â€Å"You've been sick. Hold still so we can finish fixing you.† â€Å"Can I have some water?† â€Å"Sure, kid. Here you go.† Doc was staring at Jamie with disbelieving eyes. I could barely talk, my throat was so tight with joy. â€Å"It's the No Pain,† I muttered. â€Å"It feels wonderful.† â€Å"Why does Jared have Sharon in a headlock?† Jamie whispered to Ian. â€Å"She's in a bad mood,† Ian stage-whispered back. â€Å"Hold very still, Jamie,† Doc cautioned. â€Å"We're going to†¦ clean out your injury. Okay?† â€Å"Okay,† Jamie agreed in a small voice. He'd noticed the scalpel in Doc's hands. He eyed it warily. â€Å"Tell me if you can feel this,† Doc said. â€Å"If it hurts,† I amended. With practiced skill, Doc slid the scalpel gently through the diseased skin in one swift movement. We both glanced at Jamie. He was staring straight up at the dark ceiling. â€Å"That feels weird,† Jamie said. â€Å"But it doesn't hurt.† Doc nodded to himself and brought the scalpel down again, making a cross cut. Red blood and dark yellow discharge oozed from the gash. As soon as Doc's hand was clear, I was spraying Clean back and forth across the bloody X. When it hit the oozing secretion, the unhealthy yellow seemed to sizzle silently. It began to recede. Almost like suds hit by a spray of water. It melted. Doc was breathing fast beside me. â€Å"Look at that.† I sprayed the area twice for good measure. Already the darker red was gone from Jamie's skin. All that was left was the normal red color of the human blood that flowed out. â€Å"Okay, Heal,† I muttered. I found the right canister and tipped the little spout over the gashes in his skin. The clear liquid trickled in, coating the raw flesh and glistening there. The bleeding stopped wherever the Heal spread. I poured half the container-surely twice as much as was needed-into the wound. â€Å"Okay, hold the edges together for me, Doc.† Doc was speechless as this point, though his mouth hung wide. He did as I asked, using two hands to get both cuts. Jamie laughed. â€Å"That tickles.† Doc's eyes bulged. I smeared Seal across the X, watching with deep satisfaction as the edges fused together and faded to pink. â€Å"Can I see?† Jamie asked. â€Å"Let him up, Ian. We're almost done.† Jamie pulled himself up on his elbows, his eyes bright and curious. His sweaty, dirty hair was matted to his head. It didn't make sense now, next to the healthy glow of his skin. â€Å"See, I put this on,† I said, brushing a handful of glitter across the cuts, â€Å"and it makes the scar very faint. Like this.† I showed him the one on my arm. Jamie laughed. â€Å"But don't scars impress girls? Where did you get this stuff, Wanda? It's like magic.† â€Å"Jared took me on a raid.† â€Å"Seriously? That's awesome.† Doc touched the glistening powder residue on my hand, then held his fingers to his nose. â€Å"You should have seen her,† Jared said. â€Å"She was incredible.† I was surprised to hear his voice close behind me. I looked around for Sharon automatically and just caught sight of the flame of her hair leaving the room. Maggie was right behind her. How sad. How frightening. To be filled with so much hate that you could not even rejoice in the healing of a child†¦ How did anyone ever come to that point? â€Å"She walked right into a hospital, right up to the alien there, and asked them to treat her injuries, bold as anything. Then, when they turned their backs, she robbed them blind!† Jared made it sound exciting. Jamie was enjoying it, too; his smile was huge. â€Å"Walked right out of there with medicine enough to last us all for a long time. She even waved at the bugger behind the counter as she drove away.† Jared laughed. I couldn't do this for them, Melanie said, suddenly chagrined. You're of more value to them than I would be. Hush, I said. It was not a time for sadness or jealousy. Only joy. I wouldn't be here to help them without you. You saved him, too. Jamie was staring at me with big eyes. â€Å"It wasn't that exciting, really,† I told him. He took my hand, and I squeezed his, my heart swollen with gratitude and love. â€Å"It was very easy. I'm a bugger, too, after all.† â€Å"I didn't mean -† Jared started to apologize. I waved his protest away, smiling. â€Å"How did you explain the scar on your face?† Doc asked. â€Å"Didn't they wonder why you hadn't -â€Å" â€Å"I had to have fresh injuries, of course. I was careful to leave them nothing to be suspicious about. I told them I'd fallen with a knife in my hand.† I nudged Jamie with my elbow. â€Å"It could happen to anyone.† I was really flying high now. Everything seemed to glow from inside-the fabrics, the faces, the very walls. The crowd inside and outside the room had begun to murmur and question, but that noise was just a ringing in my ears-like the lingering sound after a bell is struck. A shimmer in the air. Nothing seemed real but the little circle of people I loved. Jamie and Jared and Ian and Jeb. Even Doc belonged in this perfect moment. â€Å"Fresh injuries?† Ian asked in a flat voice. I stared at him, surprised at the anger in his eyes. â€Å"It was necessary. I had to hide my scar. And learn how to heal Jamie.† Jared picked up my left wrist and stroked his finger over the faint pink line a few inches above it. â€Å"It was horrible,† he said, all the humor suddenly gone from his sober voice. â€Å"She about hacked her hand off. I thought she'd never use it again.† Jamie's eyes widened in horror. â€Å"You cut yourself?† I squeezed his hand again. â€Å"Don't be anxious-it wasn't that bad. I knew it would be healed quickly.† â€Å"You should have seen her,† Jared repeated in a low voice, still stroking my arm. Ian's fingers brushed across my cheek. It felt nice, and I leaned into his hand when he left it there. I wondered if it was the No Pain or just the joy of saving Jamie that made everything warm and glowing. â€Å"No more raids for you,† Ian murmured. â€Å"Of course she'll go out again,† Jared said, his voice louder with surprise. â€Å"Ian, she was absolutely phenomenal. You'd have to see to really understand. I'm only just beginning to guess at all the possibilities-â€Å" â€Å"Possibilities?† Ian's hand slid down my neck to my shoulder. He pulled me closer to his side, away from Jared. â€Å"At what cost to her? You let her almost hack her own hand off?† His fingers flexed around the top of my arm with his inflections. The anger didn't belong with the glow. â€Å"No, Ian, it wasn't like that,† I said. â€Å"It was my idea. I had to.† â€Å"Of course it was your idea,† Ian growled. â€Å"You'd do anything†¦ You have no limits when it comes to these two. But Jared shouldn't have let you -â€Å" â€Å"What other way was there, Ian?† Jared argued. â€Å"Did you have a better plan? Do you think she'd be happier if she was unhurt but Jamie was gone?† I flinched at the hideous thought. Ian's voice was less hostile when he answered. â€Å"No. But I don't understand how you could sit there and watch her do that to herself.† Ian shook his head in disgust, and Jared's shoulders hunched in response. â€Å"What kind of a man -â€Å" â€Å"A practical one,† Jeb interrupted. We all looked up. Jeb stood over us, a bulky cardboard box in his arms. â€Å"It's why Jared's the best at getting what we need. Because he can do what has to be done. Or watch what has to be done. Even when watching's harder than doing. â€Å"Now, I know it's closer to breakfast than supper, but I figured some of you haven't eaten in a while,† Jeb went on, changing the subject without subtlety. â€Å"Hungry, kid?† â€Å"Uh†¦ I'm not sure,† Jamie admitted. â€Å"I feel real hollow, but it doesn't feel†¦ bad.† â€Å"That's the No Pain,† I said. â€Å"You should eat.† â€Å"And drink,† Doc said. â€Å"You need liquids.† Jeb let the unwieldy box fall onto the mattress. â€Å"Thought we might have a bit of a celebration. Dig in.† â€Å"Wow, yum!† Jamie said, pawing through the box of dehydrated meals of the sort that hikers used. â€Å"Spaghetti. Excellent.† â€Å"Dibs on the garlic chicken,† Jeb said. â€Å"I've been missin' garlic quite a bit-though I imagine no one misses it on my breath.† He chuckled. Jeb was prepared, with bottles of water and several portable stoves. People began to gather around, squeezing together in the small space. I was wedged between Jared and Ian, and I'd pulled Jamie onto my lap. Though he was much too old for this, he didn't protest. He must have sensed how much both of us needed that-Mel and I had to feel him alive and healthy and in our arms. The shimmering circle seemed to widen, enveloping the entire late-night supper party, making them family, too. Everyone waited contentedly for Jeb to prepare the unexpected treats, in no hurry. Fear had been replaced by relief and happy news. Even Kyle, compressed into the small space on the other side of his brother, was not unwelcome in the circle. Melanie sighed in contentment. She was vibrantly aware of the warmth of the boy in my lap and the touch of the man who still stroked his hand against my arm. She wasn't even upset by Ian's arm around my shoulders. You're feeling the No Pain, too, I teased her. I don't think it's the No Pain. Not for either of us. No, you're right. This is more than I've ever had. This is so much of what I lost. What was it that made this human love so much more desirable to me than the love of my own kind? Was it because it was exclusive and capricious? The souls offered love and acceptance to all. Did I crave a greater challenge? This love was tricky; it had no hard-and-fast rules-it might be given for free, as with Jamie, or earned through time and hard work, as with Ian, or completely and heartbreakingly unattainable, as with Jared. Or was it simply better somehow? Because these humans could hate with so much fury, was the other end of the spectrum that they could love with more heart and zeal and fire? I didn't know why I had yearned after it so desperately. All I knew was that, now that I had it, it was worth every ounce of risk and agony it had cost. It was better than I'd imagined. It was everything. By the time the food was prepared and consumed, the late-or rather early-hour had gotten to us all. People stumbled out of the crowded room toward their beds. As they left, there was more space. Those remaining slouched down where we were as room became available. Gradually, we melted in place until we were horizontal. My head ended up pillowed on Jared's stomach; his hand stroked my hair now and then. Jamie's face was against my chest, and his arms were around my neck. One of my arms wrapped around his shoulders. Ian's head was cushioned on my stomach, and he held my other hand to his face. I could feel Doc's long leg stretched beside mine, his shoe by my hip. Doc was asleep-I could hear him snoring. I may have even been touching Kyle somewhere. Jeb was sprawled on the bed. He belched, and Kyle chuckled. â€Å"Nicer night than I was plannin' for. I like it when pessimism goes unrewarded,† Jeb mused. â€Å"Thanks, Wanda.† â€Å"Mmm,† I sighed, half asleep. â€Å"Next time she raids†¦Ã¢â‚¬  Kyle said, somewhere on the other side of Jared's body. A big yawn interrupted his sentence. â€Å"Next time she raids, I'm coming, too.† â€Å"She's not going out again,† Ian answered, his body tensing. I brushed my hand against his face, trying to soothe him. â€Å"Of course not,† I murmured to him. â€Å"I don't have to go anywhere unless I'm needed. I don't mind staying in here.† â€Å"I'm not talking about keeping you prisoner, Wanda,† Ian explained, irritated. â€Å"You can go anywhere you want as far as I'm concerned. Jogging on the highway, if you'd like that. But not a raid. I'm talking about keeping you safe.† â€Å"We need her,† Jared said, his voice harder than I wanted to hear it. â€Å"We got by fine without her before.† â€Å"Fine? Jamie would have died without her. She can get things for us that no one else can.† â€Å"She's a person, Jared, not a tool.† â€Å"I know that. I didn't say that -â€Å" â€Å"‘S up to Wanda, I'd say.† Jeb interrupted the argument just as I was about to. My hand was holding Ian down now, and I could feel Jared's body shifting under my head as he prepared to get up. Jeb's words froze them in place. â€Å"You can't leave it up to her, Jeb,† Ian protested. â€Å"Why not? Seems like she's got her own mind. ‘S it your job to make decisions for her?† â€Å"I'll tell you why not,† Ian grumbled. â€Å"Wanda?† â€Å"Yes, Ian?† â€Å"Do you want to go out on raids?† â€Å"If I can help, of course I should go.† â€Å"That's not what I asked, Wanda.† I was quiet for a moment, trying to remember his question to see how I'd gotten it wrong. â€Å"See, Jeb? She never takes into account her own wants-her own happiness, her own health, even. She'd do anything we asked her to, even if it got her killed. It's not fair to ask her things the way we'd ask each other. We stop to think about ourselves. She doesn't.† It was quiet. No one answered Ian. The silence dragged on until I felt compelled to speak for myself. â€Å"That's not true,† I said. â€Å"I think about myself all the time. And I†¦ I want to help. Doesn't that count? It made me so happy to help Jamie tonight. Can't I find happiness the way I want to?† Ian sighed. â€Å"See what I mean?† â€Å"Well, I can't tell her she can't go if she wants to,† Jeb said. â€Å"She's not a prisoner anymore.† â€Å"But we don't have to ask.† Jared was very quiet through all this. Jamie was quiet, too, but I was pretty sure he was asleep. I knew Jared wasn't; his hand was tracing random patterns on the side of my face. Glowing, burning patterns. â€Å"You don't need to ask,† I said. â€Å"I volunteer. It really wasn't†¦ frightening. Not at all. The other souls are very kind. I'm not afraid of them. It was almost too easy.† â€Å"Easy? Cutting your -â€Å" I interrupted Ian quickly. â€Å"That was an emergency. I won't have to do that again.† I paused for a second. â€Å"Right?† I checked. Ian groaned. â€Å"If she goes, I'm going, too,† he said in a bleak tone. â€Å"Someone has to protect her from herself.† â€Å"And I'll be there to protect the rest of us from her,† Kyle said with a chuckle. Then he grunted and said, â€Å"Ow.† I was too tired to lift my head to see who had hit Kyle now. â€Å"And I'll be there to bring you all back alive,† Jared murmured.

Business environment Essay Example | Topics and Well Written Essays - 2000 words - 3

Business environment - Essay Example One of the top companies in the banking industry according to the FTSE 100 listing is the Barclays bank, an institution that has had a fair share of opportunities and challenges, but still remain on top of other multinationals (Dash & Das, 2013). Barclays bank is a British based banking multinational that has continued to dominate the banking industry in not only the United Kingdom or Europe, but also other continents of the world. Based in London, United Kingdom, Barclays bank was categorised into the universal bans category due to its widespread presence in most countries and regions in the world. Today, the bank operates in over 50 countries with over 48 million customers evenly spread in different sectors of the world economy. The great performance and dominance of the company has been attributed to its cluster categorisation, which provides customers with a wide range of banking services (Barclays Bank, 2013). Barclays bank currently boosts three major divisions made up of the corporate and investment banking, wealth and investment management and the retail and business category. Barclays bank was established in 1690 by James Barclay and has grown to be a major force in the industry through partnerships, collaborations, mergers and acquisitions. For example, the backhouse’s bank and the gurney bank formed a partnership with the company and this strengthened not only its capital base but also the market presence in the country. The great performance of Barclays bank has stood out significantly and this has been attributed to the proper management and customer care approaches it has adopted. According to an annual report released by the company in 2011, the company’s solid position improved by 11% tier one ratio. This was accompanied by a  £161 billion pounds improvement in the liquidity pool of the company relative to the figures that the company posted in the previous financial year.

Growing trend in online education Research Paper

Growing trend in online education - Research Paper Example e and usage of computers started to decline and more focus was given to those devices which were more capable of ensuring communication between more than two individuals. For example, it was also intent that, in the clinical advancement, there should be electronic mechanism between patient, doctor, nurse and other medical staff who was directly or indirectly connected with the health of the patient. As a result of such expectations, the recent advancement in the shape of online education has not only facilitated the electronic communication between nursing students and health teaching hospitals facilities but also increased an opportunity for studying and learning through using the medium of the Internet. Overall, this transformation has considerably increased opportunities for online nursing learning and also enabled to adjust their routine study schedule as they want to. In the following parts of this paper, first description about online education has been provided. Moreover, this part also elaborates on the general significance of online education. Subsequently, Significance of online education for nursing students has also been provided. After that part, merits of online education has been included in which accessibility and affordability features have been mainly emphasized and elaborated as well. It is followed by demerits of online education part in which education quality and lack of concentration have been detailed. Before the conclusion part, the significance of magnet status for hospitals and the nursing students has been included. Online education is growing across the world (Shelton and Saltsman, 2005.p.146). Online education is defined as an education mechanism in which information communication technology is used for the purpose of studying different subjects. Fundamentally, there are three different activities used in the online education system: online education provider, medium and online education receivers (students). In addition, online

Individual Assignment of Managing Global Alliances Essay

Individual Assignment of Managing Global Alliances - Essay Example John and Gilles (1996) cite the case of the 1990 merger of the French-owned Renault and Swedish-owned Volvo which ended up in a disaster. The shareholders of Volvo got very upset about the happenings and trends and led to a revolt which resulted in Volvo abandoning merger talks in December 1993 (John and Gilles, 1996: 255). In another twist, the Dutch-Belgium banking merger collapsed in 1989 and this led to several losses in rebuilding (Cartwright and Cooper, 2012). Clearly, these two incidents show that mergers of businesses from two national jurisdictions have some fundamental problems. In trying to explain these issues, Arns identify that before these mergers and strategic alliances can be carried out, there is the need to delineate priorities, goals and motives before these joint legal activities can be carried out (2005). These adjustments come with major structural problems which are sometimes never resolved. In other situations, there are major cultural differences which fuel the dissatisfactions of the key players. These cultural disparities are usually at the corporate and national levels (Arns, 2005). Another theory that explains the collapses of mergers and strategic alliances is that these alliances are often due to economic challenges and scarcity (Pahl and Richter, 2009). This induces businesses with extremely different cultural views to come together to attain given ends. These businesses are so different that they work together and achieve the economic goals. Once those goals are attained, the businesses become sensitive to their cultural differences and this leads to major tensions which often leads to the collapse of mergers. In all these situations, it is apparent that cultural differences play some kind of role in the break up of strategic alliances, joint ventures and mergers. This means that culture is very important and vital in these things. Research Problem This paper sets out to identify the main roots and actual effects of cultural di fferences in the break up of strategic alliances. In this situation, there will be the need to identify the role of culture in strategic alliances and similar ventures. Also, if this is identified, it is necessary to find ways of effectively dealing with cultural situations and problems to provide results that would enable strategic alliances to thrive. Aims and Objectives The aim of the paper is to â€Å"identify the extent to which cultural variations contribute to problems in strategic alliances and examination of the best methods of dealing these cultural problems in strategic alliances†. In attaining this end, the following objectives will be explored: 1. The definition of the key concepts and ideas that intervene with culture in strategic alliances. 2. An examination of how these key ideas and concepts in culture affect strategic alliances. 3. Identification of the key approaches to dealing with cultural problems in strategic alliances. 4. An evaluation of the effective ness of these alternative approaches in dealing with cultural problems through the analysis of three practical cases of strategic alliances. Literature Review This section of the report would examine key issues and pointers that are necessary to attain a meaningful understanding of the ideas and concepts that are being discussed in this project. The section would draw on ideas and concepts that define and describe the key elements and aspects of the paper

Research in Motion Coursework Example | Topics and Well Written Essays - 1500 words

Research in Motion - Coursework Example The Blackberry phones pioneered the era of smart-phones although the competition has grown in the recent years from other platforms such as Android, iPhone and Windows. The demand for Blackberry phone has significantly increased because most businesses have adopted enterprise technologies and there is a growing concern of employees who want to gain access to corporate data securely while out of office. Most cellular networks provide data services hence the Blackberry phone fits perfectly in the ecosystem. Demand has also been fuelled by the growing changes in buyers’ preferences. The smart-phone market is now majorly based on platform rather than hardware and this has increased the applications available to the buyer hence increasing the demand for the smart-phones. The mobile phones have become a central part of an individual’s life hence buyers require a device that can offer extra features (Baumol & Blinder, 2011). The customer base has also grown significantly due t o an increasing middle class who are attracted to buy the Blackberry phones. The increased demand has resulted in the exponential increase in sales and profits. The supply of smart-phones has also increased due to technological advancements that have made it easier and cheaper to produce them. They are many companies producing smart-phones and as such the numbers of phones manufactured is high. From the aforementioned, we realize that the supply has increased over time. Therefore, it is evident that more units have to be sold to attain profit. Smartphone demand growth The market structure of Blackberry phones can be described as a oligopoly. The main players in the smart-phone market are Apple (iPhone), Nokia (Symbian), Google (Android) and Microsoft (Windows Phone). The product offered by these competitors is differentiated through various tweaks to the operating system. The barriers to entry in the smart-phone market are very high. Infact, a company has to lay a huge capital inves tment and extremely aggressive marketing tactics in order to start off in this market. The pricing in this segment is fairly uniform and high. The smart-phone market is characterized by constant innovation if only to remain competitive. The turnover of clients is high since buyers would wish to try out the new and fancy applications in the different smart-phone platforms. Market Share Comparison (January 2012) In order for Blackberry to continue prospering in this market, there is need for continuous innovation and launching of new product. The market of smartphones is very dynamic and this requires that a company stays on the forefront of innovation. The other trend that has a promising future is the applications (apps) market. The buyers need applications in their phones that make their lives easier and full of fun. To prosper in this segment, Blackberry should seek to have a robust community of developers through giving of incentives. The recent data outages experienced should be a thing of the past as this may lead to mass exodus of current users of the services (Redo, 2008). The core datacenters should be backed up and multiple fail-over mechanisms put in place to guarantee subscribers service availability. Blackberry phones have very low price elasticity. This implies that even if the price changes, it has very little influence on demand. With more income, there is a likelihood of more buyers of the

Chinense arts Essay Example | Topics and Well Written Essays - 4000 words

Chinense arts - Essay Example The line patterns on unearthed pottery and bronze ware resemble ripples, fishing nets, teeth or frogs. The animal and human figures, succinct and vivid, are proofs to the innate sensitivity of the ancient artists and nature.† The early Chinese artists were fascinated by the beauty of Nature. They held the various agents of Nature like mountains, rivers etc. in reverence and awe. The proof for this can be found in the steep cliffs in Sichuan, Guizhou in Southwes China and Yunnan. More ancient engravings and paintings can be found in Altai, and Heihe. The paintings are related to the tough living conditions of the people in those hilly tracts. Scenes of sacrificial rites, production activities and so forth can be seen. In northern China, the themes of paintings were entirely different. They mostly relate to animal grazing, hunting, wars and dancing. Paper was invented much later and the artists used silk for their paintings. The earliest silk painting was excavated from the Mawangdui Tomb which relates to Warring States Period (476-221 BC). Buddhism came from India in the 1st century and one can see carvings on grottoes and temple buildings. The religious murals came to the fore. Chinese artists were exposed to vagaries of Nature and territorial aggrandizement of different dynasties and the unity of China as one country was put to severe test. Wars between the dynasties were the common feature during the third to sixth centuries. These developments set the Chinese artists thinking and varied themes emerged from their creative strokes. â€Å"Grotto murals, wall murals in tomb chambers, stone carvings, brick carvings and lacquer paintings flourished in a period deemed very important to the development of traditional Chinese painting The Tang Dynasty (618-907) witnessed the prosperity of figure painting, where the most outstanding painters were

Analyze Research Paper Example | Topics and Well Written Essays - 750 words

Analyze - Research Paper Example According to the article, the US possesses inclusive free-trade agreements with nearly 17 nations comprising both Canada as well as Mexico. The article emphasized that the different service providers that encompass law as well as bank firms to reap maximum benefits from the idea of international trade of the US with other various nations (The New York Times Company, 2013). Government Influence The governmental interventions in global business provide significant implications upon different significant aspects that include employment and inflation among others. From the viewpoint of the aspect of employment, the governments influence global business by encouraging the business procedures of different organizations as well as by generating ample job opportunities. In relation to inflation, the governments influence global business by ensuring that there does not lay any sudden rises especially in the prices of the products (The New York Times Company, 2013). ... order to combat particularly against corruption, terrorism and different cross-border criminal activities like drug smuggling (The Washington Post, 2013). 2. Important aspects of Global Business in relation to Foreign Exchange and Rates Foreign exchange rates are fundamentally regarded as an imperative determinant in the business activity of any nation in the global context. It can broadly be stated with foreign exchange rates, it is possible for a nation to conduct its business transactions nationally as well as internationally by a considerable level. The major significance of foreign exchange rates is that the exchange rates extensively enhance the trade level of a particular nation. There are numerous factors that influence foreign exchange rates by a significant degree. In this connection, the factors comprise dissimilarities in the interest charges, public debt and financial performance among others. In accordance with the reports of a recently published article, it has been vi ewed that Egypt adopts a latest system by which they can purchase as well as sell foreign currencies. The prime objective of the nation i.e. Egypt to introduce a new system of transacting foreign currencies is to provide an active support particularly to the finance related policy makers while facing problem linked with foreign-exchange reserves. The country strongly believed that by introduced such system it can safeguard the reputation of Egypt as a business nation in financial international markets (The Wall Street Journal, 2013). 3. Important aspects of Global Business in relation to International Business Strategy and Country Evaluation and Selection In the context of providing a global strategy for pursuing various business transactions, it has been viewed in a recent article that a

Describe how lesson pacing may vary based on specific student Essay

Describe how lesson pacing may vary based on specific student characteristics and complexity of the content - Essay Example There has to be a change in the pace of delivering lectures from the teachers. Otherwise, the lesson will become monotonous. The students will be uninterested in learning the lesson. The teacher may change the pace and impart various activities to rouse interest in the minds of the students. The teacher may induct certain activities or take small tests. This breaks the monotonous cycle of the lesson and imparts something new. A teacher may use interesting references from other books to make the lessons more interesting. Pacing of the lessons is an important criterion for the students to learn. It has been observed that the students learn more if the pace of the delivery of lessons is fast. This means that the students are supplied with more materials to learn. The â€Å"Academic learning time† for students is a small percentage of the total available time. The learning time for the students is only about 17% of the total available time. Therefore, to impart maximum amount of knowledge it is essential for the teachers to follow a brisk pace in teaching the students. It has been observed that the students learn more with brisk pace. However, the efficiency of pacing depends upon the teachers imparting knowledge to the students. The effective teachers tend to cover more in a short period. The less effective teachers are left to cover most of the curriculum in the later part of the course and cannot provide the students with enough time to practice. This makes the students less efficient in the lessons, which makes an important effect on their progress. (Time management, n.d. pp. 4-7; Teaching tip 18, n.d.: Pacing, n.d.) Again, it has to be kept in mind that students may not be open to take the knowledge imparted to them in the short time frame. Therefore, though the teachers may look to finish the lesson in a short period but it may not be useful for the students at all. Therefore, pacing has to develop by

First Time Going on Cruise Essay Example | Topics and Well Written Essays - 500 words

First Time Going on Cruise - Essay Example get to visit all the places which have historical or cultural relevance and at the same, you do not miss the culinary exotica that can give you out of the world experience of eating. The passport is the most important document required to travel overseas. Deciding on the destination helps to choose the cruise line that fits within your budget. Some travel sites also give huge discounts on various on-board activities and also off shore excursions. The number of days and cheap hotels are also issues that are crucial for students. A basic cruise ship comes with internet access, fitness center on board, food, drink, alcohol beverages. The internet service is not free and one is also charged for incoming calls. They also have many activities to keep you entertain at all time. The activities can range from playing basketball, swimming, ice skating, bowling, singing, dancing, wave surfing, rock climbing and so on. I had booked my cruise through Expedia which had given discount coupons for on-board activities, food and offshore excursion. The cheap ticket along with discount coupons was a great asset to my student budget. I strongly encourage everyone to go on a shore excursion. You can have myriad experience vis-Ã  -vis sightseeing or city tour; wild life tours; snorkel tour; golf; shows; beach activities; ATV four-wheeling adventure; and other things like exploring another culture, purchasing gift for a love one or yourself. Offshore excursion give you an opportunity to explore local delights by touring the entire area. The price is very affordable for most people. I had lots of fun in cruise. I won a bet over a bowling dispute. My friend Steven the (idiot) decided to impress a young lady but it did not go too well with him. He lost badly. My advice is never try to impress a young lady when you are not a pro at something. You will end up make a fool of yourself! On my first day, I remembered wakening up with apple pie and whip cream on my face! My friends had played

Sir Gawains Green Knight Character Analysis Essay Example for Free

Sir Gawains Green Knight Character Analysis Essay Why did the author of Sir Gawain and the Green Knight include a character with a bizarre complexion and magical abilities? Why do most people do weird things? Unfortunately, there is no obvious reason for the latter; however, there are quite a few explanations for the former. â€Å"The Pearl Poet,† as the unknown author is referred, wrote the poem around the late 1300s in England—a time and place in history in which knights, kings, and castles were not just parts of fairy-tales. One of the most important aspects of English society in the late 1300s was chivalry, or the ideal traits of a knight, which included courtesy, generosity, and romance. From the poet’s advanced literary techniques, many scholars consider him to be an educated man who had a purpose in creating such a peculiar character. Bertilak de Hautdesert, or the Green Knight, is a major character in the story for he serves as the antagonist to Sir Gawain. His set of circumanstances when deciding the challenges present the protagonist of the story with the main difficulties throughout the poem. Although he has multiple personalities throughout the poem (not only is Bertilak this fabled knight with abilities people can only dream that they have, but also The Host of the castle that Gawain stays at until the time comes to meet his own doom), which makes him a round character. The Green Knight is also definitely a static foil to Gawain. His entire character does not change throughout the poem—he has almost complete control of the events—and presents a contrast for the protagonist of the story. Although Gawain appears to be seen as possessing civilized characteristics, it is actually the antagonist of the story that possesses these traits. The Green Knight is not just a character with magical abilities, for he represents some of the most coveted human qualities—a friendly, well-rehearsed response to almost every situation and a strong desire to maintain the chivalric duties of society. From the start of the story, it is clear that the Green Knight possesses quite a few superhuman qualities. His description presents him as the toughest knight in existence. â€Å"Lightning like he seemed /And swift to strike and stun /His dreadful blows, men deemed, /Once dealt, meant death were done.† He is strong enough to carry a â€Å"helmet-smasher† with a four-foot long axe blade. Everything about his description in the beginning points to him being this freak of nature. His green hue, his green hair, the Green Chapel, and even his green horse represent the natural world. Like a tree being able to grow the same limb multiple times, Bertilak claims the ability to regenerate body parts. As Gawain is pretty confident that he has dealt with this mysterious force by striking off its head, the Green Knight, while bleeding from the deathly blow, picks up his own head and tells Gawain to meet him in a year for an equal strike. These magical characteristics set the stage for what seems to be the most formidable foe to the protagonist. As the antagonist to Gawain, readers should be terrified and repelled by the Green Knight, but many people are drawn to this mysterious stranger. For what reasons does Bertilak draw the attention of readers? Is it the same reason that many people are drawn to Iago from William Shakespeare’s Othello and to the Joker from The Batman Comics, or is there another reason than being pure evil, which he is not, that the antagonist of this story is so popular? There seems to be no stimulus that can anger the Green Knight. It seems he is unaccustomed to any negative feelings such as hatred or revenge. His emptiness of irrittability is seen throughout the poem. In the context of the time period, lordship and chivalry were important aspects of the cultural norm. As a member of the court of Arthur, the king’s nephew, Gawain, is committed to following Arthur. When Gawain enters The Host’s house, he is expected to be loyal and obedient to his temporary lord. Gawain receives kisses from this man’s wife. The Green Knight (The Host of the castle) is either unphased by this betrayal or very good at hiding his emotions as seen by the following quote: I pretended one stroke, a threat, a joke, /But left you whole; I had the right, /Because of our other agreement, in my castle; /You kept it faithfully, performed like an honest /Man, gave me everything you got. /Except that you kissed my wife: I swung /For that reason but you gave me back her kisses. /So all you got, for that, was a puff /Of air. /An honest man /Need never fear. No man would consider another an honest man when secretly kissing his wife, and not many people would do well when put in a situation like the one Bertilak is in during the poem. This is just one example of the Green Knight’s will to respond well to any kind of stimulus in the environment. The stealing of the girdle by Gawain presents the character foil of Sir Gawain as none other than Bertilak when he does not act violently as a result of Gawain’s non-chivalric behavior. Using magic would have been cheating, and cheating was strongly prohibited in the rules of chivalry. Chivalry—readers hear of this word every day when discussing Medieval Europe—had a strong influence on knighthood in the society in which the Pearl Poet lived. In the poem, Sir Gawain is supposed to represent this perfect knight, but his foil comes up the victor in almost every test of chivalry that Gawain is put in by the Green Knight. The Green Knight maintains his chivalric duties to society in almost every situation in the story. He might be a superhuman freak of nature who mysteriously appears at just the right time to King Arthur’s response for a marvelous story by someone in his court and demands for someone to play a game, but he does all of this in a well-behaved manner that seems to represent the most virtuous knight. As The Host, he is also seen as a respectable, noble man who clearly fits the definition of a civilized man. The most important aspect of all his characteristics is the fact that he is this immortal creature that determines the rules, yet he abides by the rules even when his foil tries to cheat and manipulate the circumstances so that he can win. It is this noble distinction that clearly sets the fine line between artificial knighthood seen in Sir Gawain and the real deal seen in the personality of Bertilak de Hautdesert. As is shown in Sir Gawain and the Green Knight, misconceptions of reality can pose a threat to the naked eye’s perspective. Gawain definitely is not a chivalric knight: he steals kisses from a lord’s wife, he cheats when attempting to use the â€Å"magical† girdle, and he succumbs to his instinctual fear of mortality when put in the events of the poem. The Green Knight, on the other hand, represents not only the divine traits of nature but also the true representation of what a knight should be: his well-mannered response to stimulus and his duty to maintain the code of chivalry. Readers should take some time to examine the situation at a microscopic level. Even though he is an immortal force of nature that can design his own circumstances, he abides by the rules set fourth by himself and by society, which is why people are so attracted to him.

Tissue Conditioners Soft Lining Materials Health And Social Care Essay

Tissue Conditioners Soft Lining Materials Health And Social Care Essay As a briefing history of the denture lining materials, we can find that in 1942, Matthews introduced plasticized polyvinylchloride as one of the first soft lining materials used with acrylic resin dentures (Sultana, 1991) then Lammie Storer published a summary of observations on different soft denture materials and classified the processed resilient materials as follows. (1) natural rubber, (2) polyvinylchloride, (3) polyvinylacetae, (4) methyl methacrylate copolymer, (5) silicone (Lammie Storer, 1958). Furthermore, they stated that this material became hard due to loss of plasticizer after several months, and became stained and cracked in the mouth. However, we tend to examine the composition and uses of both tissue conditioners and soft lining materials in prosthetic dentistry. Basically, Tissue conditioners composed of polyethylmethacrylate and mixture of aromatic ester and ethyl alcohol and they are found in three components system: polymer (powder), monomer (liquid) and dibutyl phthalate as plasticizer flow control (liquid) when mixed together a gel is formed (Braden M 1970). The major uses of these tissue conditioners materials are: tissue treatment, temporary obturator, baseplate stabilization, to diagnose the outcome of resilient liners, liners in surgical splints, trial denture base and as a functional impression material (Nallaswamy D. 2003). Tissue treatment: the advantage of using a tissue conditioner is to prepare the selected oral structure to withstand all the stress from the prosthesis and to preserves the residual ridge. It is also used to heal irritated hyperemic tissues before denture fabrication. Temporary obturator: tissue conditioners can be added as a temporary obturator over the existing complete or partial denture and this can be done directly in the month or indirectly after an impression of surgical area has been made. Stabilization of baseplate and surgical splints or stents: when undercuts are present on an edentulous cast, an acrylic temporary denture base cannot be used as it may get locked into the undercut and break the cast during removal. In this case tissue conditioner may be used to stabilize the record base and prevent breakage of the cast. Adjunct to an impression or as a final impression material: when it is difficult to determine the extent of the denture base due to movable oral structure, tissue conditioner can be used to record the extensions of the denture in a dynamic form that will later help in preparing an impression tray for the final impression. To diagnose the outcome of resilient liners: patient with well-constructed denture sometimes develop chronic soreness and find it difficult to wear it comfortably. Tissue conditioners can be used to determine if this problem will be resolved with the use of a resilient liner. (Nallaswamy D, 2003). Commercially, there are a wide range of tissue conditioner products, for example, GC tissue conditioner and Visco-gel and more but here we will compare between these two only: Firstly, GC- tissue conditioner is composed of Polyethylmethacrylate (powder), methacrylate monomer (liquid) and dibutyl sebacate (plasticizer). Manufacturer claims that using of dibutyl sebacate as plasticizer instead of the conventional dibutyl phthalate has a merit of not being harmful to the human endocrine system. However, it is suitable for conditioning and relieving tissue (for example when there are areas of inflammation or pressure points on the inflamed alveolar ridge), but also for temporary soft relining of partial and complete dentures as well as functional impressions to fabricate new dentures or restore existing ones, for immediate dentures and as an interim solution for direct loading situations in implantology. It is manufactured by GC EUROPE, Belgium (www.gceurope.com). On the other hand, Visco-gel tissue conditioner is composed of Polyethyl methacrylate (powder), Phthalyl butyl glycolate, Ethanol (liquid). It is can be used prior to denture replacement, extension or rebasing, tissue conditioner where the denture-bearing tissues have become disturbed by either denture trauma or infection, temporary lining immediately after extraction or oral surgery, temporary soft liner when normal dentures are not tolerated, particularly for patients with impairment of general health and as functional impression material in post-operative cases or when ill-fitting dentures require replacement or rebasing. Visco-gel is manufactured by DENTSPLY DeTrey GmbH, Germany (www.dentsply.com). Regardless the trade, the following steps should be considered while applying a tissue conditioner, first, tissue part of the denture base, which crosses an undercut, should be reduced then the tissue surface of the denture, which covers the crest of the ridge, should be reduced by 1 mm to allow sufficient room for placement of the tissue conditioner (Nallaswamy D, 2003). Soft lining material is the second part of this review and here it is wise to understand the difference between the tissue conditioner and the soft lining material. The International Organization for Standardization (ISO) has issued two international standards related to liner materials: (ISO 10139-1:1991): first, lining materials for removable dentures-Part 1: short-term materials and soft lining materials for removable dentures (ISO, 1991) and the second, lining materials for removable dentures-Part 2: materials for long-term use (ISO, 1999). A short-term liner is one that is used intraorally for up to 30 days. A long-term liner is one that maintains softness and elasticity for more than 30 days (Garcia Jones, 2004). Practically, the ISO is differentiating between the temporary and the permanent soft ling material but theoretically, we can find that tissue conditioners can be used for more than 30 days depends on the loss of the plasticizer. Moreover, tissue conditioner and soft l ining have been used for the same purpose clinically. So then, what is the difference? Viscosity is that difference so whenever the material is with low viscosity and flow easily you can use it as a tissue conditioner while material with high viscosity is indicated to be used as a soft liner. There are two groups of soft lining material the first is the acrylic resin-based liner which consists of powder and liquid components. The powder has poly (ethyl or methyl) methacrylate, and sometimes copolymers, while the liquid contains methyl methacrylate monomer and plasticizers that are added to lower the glass transition temperature. The distribution of the large plasticizer molecules minimizes entanglement of polymer chains, which allows individual chains to slide by one another, keeping the liner from fully hardening. The liquids used do not contain acrylic monomers (Craig Gibbons, 1961; Anusavice, 2003). The second type of these soft lining materials is the silicone denture liners wh ich are basically polymers of dimethylsiloxane. Poly(dimethylsiloxane) is a viscous liquid, which can be cross-linked to give rubber a good elastic property. The cross-linking agent is usually an alkyl-silane (silicate) and the reaction is catalysed by an organo-metal salt such as tinoctoate or benzoyl peroxide (McCabe, 1976). Silicones are not dependent on leachable plasticizers and remain elastic for longer periods of time (Anusavice, 2003; Munksgaard, 2004). These liners cannot bind to the acrylic denture base; however, the use of an adhesive can overcome this limitation, which was shown to be a method of failure (Dogan et al., 2006). These liner materials may be selected for the treatment of the following conditions: poor stability of denture, inadequate retention of denture, reduction of vertical dimension, degradation of the denture base, improper extension of borders into the muccobuccal fold regions, mucosal irritations, atrophic ridges, bony undercuts, denture opposing natu ral teeth, reduced thickness and viscoelasticity of the mucosa, pain from gingival irritation, maxillofacial defects, traumatic or pathologic tissue loss and for reline of an existing denture (Zarb et al., 1989; Christensen, 1995; Hayakawa et al., 2000; Hill Rubel, 2011). As a conclusion then, these viscoelastic materials either tissue conditioners or soft lining materials are contributing to solve a list of dental problems that might exist in the removable prosthesis or could be used in a range of dental procedures which are related to fully or partially edentulous patients. Furthermore, these materials need a continuous care and maintenance especially, the tissue conditioner which tends to harden and roughen due to the loss of the plasticizer. However, we should not forget the primary purpose of these materials which is they are used as temporary materials during transitional situations.

Effect of WCM on Firm Profitability in Pakistan Textiles

Effect of WCM on Firm Profitability in Pakistan Textiles This research examines the effect of Working Capital Management (WCM) on profitability of firms in the textile sector of Pakistan. I also used cost of production and fixed assets cost as control variable to investigate their effect on profitability of textile companies. I have selected a sample size of 55 textile companies of Pakistan for a period of six years from 2003 to 2008. Regression and coefficient of correlation are used for analysis. The SPSS result R=0.77 shows the strong correlation between the model which helps me understand the relationship between working capital, cost of production, fixed assets and profitability. OBJECTIVES This research is focusing on working capital management and its effects on profitability of textile companies in Pakistan. The main objectives are: To determine the relationship between the efficiency of Working Capital Management (WCM) and Profitability over a period of 6 years for 55 Textile firms of Pakistan. To analyze the relationship between cost of production and profitability of textile companies. To find out the effect of fixed assets cost on profitability of textile companies. To draw conclusion about the relationship between efficiency of working capital management and profitability of textile firms in Pakistan. To suggest some measures for improvement in working capital management of textile sector in Pakistan. LIMITATIONS Due to the time frame and choice of the subject there were number of limitation faced by the researcher during the thesis. The first and the foremost limitation to this research is the shortage of time which created many hurdles in collecting data and completion of report; Researcher was unable to find many research on his topic within the scenario of Pakistan. So therefore researches were unable to compare its finding with other researches; Very few studies have been made in relation to Working Capital Management (WCM) especially in the textile sector in Pakistan. Therefore, the present study is a maiden attempt to analyze the relationship between WCM efficiency, cost of production, fixed assets cost and Profit in the textile sector in Pakistan. Its was very difficult for research to collect financial data of 55 textile companies in a very short span of time allotted to complete the research. Chapter 1: INTRODUCTION 1.1 Textile Sector: Textile products are a basic human requirement next only to food. Backbone of industrial sector which plays a vital role in the national economy it give support to GDP, exports, employment, foreign exchange earnings, investment and contribution to value added industry by providing employment to largely utilized workforce. So to boost the economy and to reduce the poverty in the country the performance of all industrial sectors is very important and textile sector is one of the major sectors of all developing countries. 1.2 Performance of Textile Sector in Pakistan: The performance of textile sector has strong relationship with the cost incurred by textile sector and effective management of net working capital. Pakistan is a developing country which lack in most of the industrial resources same as the case with textile sector in Pakistan we have to import most of the technical machinery used in textile sector from other developed countries which increases the overall cost of textile sector in Pakistan as well as lack of working capital, increase in fuel prices, electricity shortage, high import duties, high cost of debt, taxation and all other factors together bring negativity in the performance of textile sector. However, Pakistans textile industry has again started to invest in the textile machinery and the imports of textile machinery for the month of February, 2010 were $23.1 million, an increase of 190% as compared to the imports of machinery in February, 2009 of $7.99 million. From July 09 to February 10 the total imports of machinery reco rded 3.1% increase, from $158.89 million to $163.844 million for the same period last year. Although the textiles sector cost has increased by purchase of these new machineries but this technology placed the positive impact on performance of textile industries because this not only increase productivity ultimately profit but also it helps to compete in the international market. The increased in labor cost is also one of factor effecting the textile sector in Pakistan because the major portion of textile production depends upon the labor used for production purposes due to the lack of technology. As the enhancement of minimum wages for textile sector is announced which proposed increase in minimum wages from Rs.4, 600/= to Rs.6, 000/= per Month (over 30%) for unskilled workers will have a devastating effect on industry. Besides the financial impact will also have to be borne towards payment of gratuity, provident fund, EOBI, social security excluding overtime etc. which if worked out will come to Rs.8, 322. In addition to the above, proportionate increase will also have to be given to the skilled cadre of workers as for instance; an operator will refuse to work at the same rate of salary being paid to a doffer. This will make textile sector survival more difficult in current scenario. The growth of textile sector depends on its productivity and mainly depend s on the cost and profitability. The textile sector is the largest sector of Pakistans economy which has the major shares in exports of the country but the major financing of this industry depends upon the bank loan. To purchase heavy machineries on cash or to lease them, the textile sector required huge amount of investment and to meet daily expenditures they need net working capital and for all that they have to borrow from bank by paying interest (i.e. cost debt) which increases the overall cost of textile sector in Pakistan. The textile sector of Pakistan is divided in many small firms which have small capital structure most of them are mainly dependent on loans due to unavailability of funds, continuous increase in cost of production. All these factors have a cumulative effect on the cost and profitability of textile sector as the increase in double digit inflation the survival of textile sector become more difficult. Although the textile sector of Pakistan is backed by the government with their greatest intere st in textile sector. They have arrange different types of investment policies and funds for textile sector but the improvement in textile sector due to other factors is still less then the requirement. Importance Of Textile Industry In Pakistans Economy 1.3 Effect of Working Capital and Other Factors on Textile Sector: Working capital management is a very important component of finance because it directly affects the profitability and liquidity of any organization especially in developing countries like Pakistan. It comprises funds invested in Current Assets, which in the ordinary course of business can be turned into cash within a short period without undergoing diminishing in value and without interruption of the organization. Current Liabilities are those which are projected to be paid in the ordinary course of business within a short time. Every company has to make arrangements for adequate funds to meet the day-to-day expenditure apart from investment in Fixed Assets. However, Pakistan textile sector is on decline just because of the additional cost due to lack of working capital which can have impact of profitability and liquidity and increase in inflation also effect textiles production badly. In this research, I have discussed and analyzed the relationship between the efficiency level of working capital management and profitability of textile sector in Pakistan as it is the major sector which contribute in Pakistan economy and generate foreign revenue by exporting textile products to international markets but the increase in cost, debt and improper management of working capital in this sector make its a declining sector in terms of profitability and liquidity. The textile industries come under the SMEs (Small Medium Enterprises) which does not bear the continuous increase of cost. According to APTMA, textile exports of Pakistan have declined by about 20% in 2008. The industry is bracing for more trouble ahead with continuing crises of electrici ty and gas, international market access, global economic slowdown, lack of capital and adverse travel advisories. Chapter 2: LITERATURE REVIEW 2.1 Concept of Working Capital: Gross Working Capital: It represents the total current assets and is also referred to as circulating capital because current capital as current assets, are circulating in nature. Net Working Capital: It is a measure of liquidity and it can be defined in two ways. The most usually implied definition of net working capital is that it represents the difference between current assets and current liabilities. Some people also define it as excess of current assets over the current liabilities. It is that portion of the firms current assets, which is financed by long-term funds. 2.2 Objectives of Working Capital Management: The main objective is to ensure the maintenance of satisfactory level of working capital in such a way that it is neither inadequate nor excessive. It should not only be sufficient to cover the current liabilities but ensure a reasonable margin of safety also. To minimize the amount of capital employed in financing the current assets. This also leads to an improvement in the à ¢Ã¢â€š ¬Ã…“Return of Capital Employedà ¢Ã¢â€š ¬?. To manage the current assets in such a way that the marginal return on investment in these assets is not less than the cost of capital acquired to finance them. This will ensure the maximization of the value of the business unit. To maintain the proper balance between the amount of current assets and the current liabilities in such a way that the firm is always able to meet its financial obligations, whenever due. This will ensure the smooth working of the unit without any production held ups due to paucity of funds. 2.3 Nature Importance of Working Capital: Working capital is the most important concepts that a company should understand as how working capital and financing helps them to survive and competitive in business world. Working capital fulfills the short-term financial requirements of any business organization including textile companies especially in developing countries like Pakistan. It is regarded as operating capital needed to meets daily cash requirement of the organization and can not be retained in the business for a longer period of time in a particular form. The money invested in working capital changes its form and substance during the normal course of any business operations and the need and importance for maintaining an adequate working capital in any industry including textile sector can not be neglected in any way. Just as human body can not survive without the circulation of blood in the body, the organization also requires sufficient flow of funds within the organization. If it becomes weak, the business can har dly survive, prosper and generate profit. In developing countries like Pakistan, working capital starvation is generally accredited as one of the most important reason which causes the decline of any industry. According to Rafuse, (1996), Working capital starvation is generally credited as a major cause if not the major cause of small business failure in many developed and developing countries. There are several problems that create starvation of cash in any business which include poor financial management and improper planning of cash management. Jarvis et al, (1996) said that the cash flow problems of many small businesses are exacerbated by poor financial management and in particular the lack of planning cash requirements. For the financial strength of the business, a company should have and will prefer to have a positive working capital rather than a negative working capital. Some of the best ways to acquire short-term working capital financing are equity, trade credit and short-term loans. 2.4 Determinants of Working Capital: Working capital management is an indispensable functional area of management. However the large number of factors influences the total working capital requirements of the firm. It may however be added that these factors affect differently to the different units and these keep varying from time to time. In general, the determinants of working capital, which are common to all organizations, can be summarized as under: Nature and Size of Business Production Cycle Business Cycle Production Policy Credit Policy Growth Expansion Proper availability of raw materials Profit level Inflation Operating Efficiency 2.5 Sources of Working Capital: The working capital necessary and what constitutes working capital have been analyzed in depth. Now we look out what are the ways we can generate working capital. Trade Credits Bank Credit Current provisions and non-bank short term borrowings: and Long term sources i.e., equity share capital, preference share capital and other long term borrowings. 2.6 The Management of Working Capital According to Van Horne (1977), working capital management is the management of current assets such as cash, marketable securities, receivables, and inventories. Osisioma (1997) described working capital management as the regulation, adjustment, and management of balance between current assets and current liabilities of a firm such that maturing obligations are met, and the fixed assets are properly serviced. In order to manage working capital efficiently, two elements must exist as necessary components and desirable quantities. Osisioma (1997) explained that efficient working capital management must guarantee an adequate relationship between the different components of a organizations working capital so as to make an efficient mix, which will guarantee capital adequacy. Thus, working capital management should ensure that the desirable quantities of each component of the working capital are available for organization. However, the question arises that à ¢Ã¢â€š ¬Ã…“What determines n ecessary components of an organizations working capital and how much of such necessary components can be considered as adequate or desirable?à ¢Ã¢â€š ¬? Each organization working capitals necessary components depend on the type of business and industry. Cash, accounts payables, accounts receivables, marketable securities, inventories, and redeemable futures can be recognized as the common components of firms working capital. However, the question is to recognize the factors that determine the adequacy of working capital based on growth, size, operating cash flow, etc. The inability to understand the determining factors and measurement of adequate amounts of working capital will lead an organization to bankruptcy. The altitude of performance levels businesses have traditionally been attributed to many general managerial factors such as manufacturing cost, marketing strategies and operations. Working capital management may have a consequent impact on business survival and growth (Kargar and Blumenthal, 1994). The proper management of working capital is very vital for the financial health of businesses of all sizes. It is often observed that the amounts invested in working capital are high in percentage to the total assets employed. Therefore, it is imperative that these amounts should be used in an efficient and effective manner. However, there is substantiation that manufacturing sector which include textile industry as well are not very good at managing their working capital. Reasons for that are many small businesses suffer from undercapitalization, increase cost of production, increase fixed asset cost and lots of other factors. According to V MARIAPPAN, K CHIDAMBARAM) (2003), Productivity does not only mean the increase in production but it relates to the cost reduction and efficiency in the process of production. Therefore, the importance of exerting tight control over working capital investment, cost of production and cost of fixed assets can not be neglected. An organization can be highly profitable, but if it fails to translate this into cash from operations within the same operating period, the organization would require borrowing to support its continued working capital requirements. Hence, the dual objectives of profitability and liquidity must be synchronized and one should not impinge on the other for long. Investments by any business in current assets are inevitable to ensure delivery of goods or services to the ultimate customers and a proper management of same should create the desired impact on either profitability or liquidity. If different resources are blocked at the various phases of the supply chain, this will lengthen the cash operating cycle. However, profitability might increase due to increase sales but it may also adversely affect the profitability if the costs tied up in working capital surpass the benefits of carrying more inventories and/or allowing more trade credit to customers. (Padachi, Kesseven, Oct 2006) 2.7 Production Cost Profit: Production cost is the cost of materials and labor necessary to produce goods and there are two types of profit that is generated from a business. The first is gross profit which is the difference of the total revenue generated after the sale of each item by the production cost for that item. Second is net profit which is calculated once the company pays taxes, rent, and other expenses that might come with running and owning the business. However lack of technology, increase labor and material cost, higher cost of debt and other factors increases production cost and decrease profit but if production increases, businesses are able to purchase more materials at a discounted rate, which can help them to reduce the production cost. 2.8 Textile Sector Cost of Production: The relationship of cost of production with profit of any sector is the key element used to evaluate the productivity of that particular sector including textile sector. Productivity is often mixed with increased production. However, higher production does not always mean higher productivity. Higher productivity can be achieved only by better utilization of resources and reduction of cost. So the importance of production cost can not be neglected and is closely related to the increase productivity of industrial sector on any economy. According to the Michael porter of the Harvard University says the competitiveness of any sector is totally depend on the productivity of its industrial sector. Productivity does not only mean the increase in production but it relates to the cost reduction and efficiency in the process of production (V MARIAPPAN, K CHIDAMBARAM) (2003). The competition from international market has been increased due to the continuous innovation on technology used in the industrial sector of textile which ultimately increases the cost. The protection from international competition of the earlier semi-insular phase has given rise to high cost manufacturing, which is inhibiting both the expansion of the domestic market and more rapid development of exports [India, 1985:16].(Aug 29 1989). However, the intense competition in international market leads to the high domestic growth with increased in the level of exports. Productivity is getting drained mainly due to under- utilization of machines, inefficient working, poor machinery maintenance, over- spinning, lack of modernization, power shortage and unhealthy labor and management relations [Gulrajani 1982]. (2003) with reference to above saying the same situation is related to the Pakistans textile sector the machines used in the textile sector is either underutilized or very old which became the hurdle in productivity of the sector and the labor related with this textile sector is also effected due to strong labor unions in the country which increase cost and decrease productivity and eventually profit of the textile sector. The government policies related to the investment on technological innovation also effect textile sector Government policies in these sectors, it is argued, have been biased against fresh investments; and import restrictions on capital goods and advanced technology have condemned entire industries to obsolete technologies (1989). The restriction on the imports and other obligations imposed by the Government on the purchase of machinery from outside country force the entire industry to obsolete technologies as well the continuous capital requirement for the expansion of production and other raw material cost force the textile sector to borrow money from bank to inject working capital. One of the most important concepts that a new business owner should know is how working capital and financing helps them survive and grow in a competitive world. The difference between current assets and current liabilities is known as à ¢Ã¢â€š ¬Ã…“net working capital (Jonathan Keith Gober). The data of textile sector used in this research shows that most of the companies have negative working capital which means the current liabilities of the textile sector is more than the asset which again increase the cost of the textile sector of Pakistan. 2.9 Textile Sector Cost of Fixed Assets: With increasing global competition, the survival of any industry is getting difficult day by day especially in developing countries like Pakistan. Textile sector or any other sector of all developing countries used machineries and fixed assets which are obsolete and outmoded which increases their cost of production and decline productivity, efficiency and profitability. According to V. Mariappan and K. Chidambaram (2003), proper machine utilizations, the effective cost management and quality of material supplies are the three vital factors that determine the operating efficiency of a textile mill. Developing countries lack in most of the industrial resources same as the case with textile sector in Pakistan we have to import most of the technical machinery and equipment used in textile sector from other developed countries and this increases the overall cost of textile sector in Pakistan. Although the cost of textile sector increases with purchase of new machineries and equipment but this advancement in technology create the positive impact on performance of textile sector because this not only increase productivity, efficiency and profitability but also it helps textile firms to compete in the global market. Increase productivity of the textile sector is not only the outcome of advancement in the level technological development but other factors such as relative cost of labour and equipment, the cost of material, effective management of working capital and other resources also create an impact on it. Thus, higher productivity is not an accident. It is the result of effective p lanning and the judicious use of resources, V. Mariappan and K. Chidambaram (2003). Chapter 3: METHODOLOGY 3.1 Statement of Problem: What is the impact of working capital, cost of production and fixed assets cost on profitability of textile sector in Pakistan? 3.2 Hypotheses: H1: Increase in working capital negatively affect the profitability of textile sector by increase in short term liabilities. H2: Investment in technological instruments (Fixed Assets) has the positive impact on the profitability of textile sector: H3: High production cost has a negative impact on the development of textile sector. 3.3 Data Collection: There are two major sources of data collection use by the researchers for research purposes. They are: Primary Data: Primary data is used for the first through questionnaires, interviews and service and this is not published anywhere before. Secondary data: Secondary data is used for the researches which are based on already published in different newspapers, research journals and yearly companies reports. Chapter 4: STATISTICAL ANALYSIS In the model summary table he capital à ¢Ã¢â€š ¬Ã…“Rà ¢Ã¢â€š ¬? in this table is coefficient of correlation which is .775 which shows that there is high correlation(relationship) between dependent (net income) and independent variables (fixed assets, working capital and cost of good sold) the second column which shows R Square (coefficient of determination or regression coefficient) which shows that 60% Of variation in net income amount is caused by predictors third column is Adjusted R square 59.7% variation is caused by predictors considering number of observations and the number of predicted variables. The ANOVA table tests the model acceptability and how model fits the first row which shows regression displays information about the variation accounted for by your model and the second row of Residual shows information about the variation is not accounted by your model the significance value of F is .000 which is less than 0.05 so it means than model is acceptable and the variation explained by the model is not due to chance. The coefficients table the first row shows constant which is second column of first row -38.373 shows that when all predictors (cogs, working capital and fixed assets) are held to zero the amount of net income is -38.373 and the constant is also significant P0.05, p=0.641 which means that change in fixed assets will not bring any change in net income On the basis of correlation matrix fixed assets is again rejected of being related to net income R=0.309 which is very low correlation it is also insignificant as shown in coefficient table. Chapter 5: CONCLUSION RECOMMENDATIONS: 5.1 Conclusion: After evaluating the whole textile sector I reached to a point that cost is greatly affect the productivity, efficiency and profitability of every sector same as the case with textile sector. In Pakistan, the textile sector is considered the most important investment sector which greatly push Gross Domestic Product (GDP) and National Income (NI) of the country. So to study such an important sector these variables help me in evaluating the relationship of cost with the performance of textile sector. The hypothesis used in conducting this research shows the impact of fixed assets, working capital, cost of production with the net income of the sector my finding shows that there is no impact of fixed asset cost on net income of the textile sector so my hypothesis is rejected which shows that increase in the investment of technology and equipment improve the efficiency and productivity of textile sector. Secondly, the research contain other variable relationship with the development of textile sector in which the working capital plays an important role my research results clearly shows the impact of working capital with net income because the increase in current assets help this sector to better maintain its current liabilities which ultimately reduces the addition cost incurred by the sector. In Pakistan textile sector needs continuous short term investment which forced the sector to increase it short term debt by borrowing from bank to meet its short term expenses. So the sample size taken in the research shows that both of them are highly correlated but they have inverse relationship increase in working capital decreases the net income as vise a versa. So my hypothesis for the working capital is accepted and it is proved that independent variable is explained by dependent variable. The third and last variable is the cost of production which incorporate all costs incurred while production of the textile items. It include the prices for all raw materials which are essential for the production process fuel, oil inventories, transportation, cotton prices, yarn prices which bring significant changes in the profitability of textile sector . The hypothesis used for the cost of production shows that there is inverse relationship on cost of production and profitability as cost for producing the textile items is increasing the profitability becomes falling and in result the development of textile sector faced hurdles in growing. The overall analysis shows that we cannot considered the increase in production only until or unless the cost structure is not clearly defined although the production of textile sector is increased in last few years but simultaneously the cost is increased with greater extend which reduces the profit margins with very less proportion which does not support the economy of Pakistan which has the major share in growth of the Pakistans economy. 5.2 Recommendations: Pakistan is a one of the leading country producing raw yarn, cotton, and fabrics. If we focus on the value added products like garments, hosiery, knitwear and other textile products, the production volume of textiles can be enhanced by tremendously. In this respect top priority should be given to cost reduction, easy availability of working capital and employment creation. The Government of Pakistan has created a special Textile Board for the promotion of Textile Industry as predicted in Textile Vision 2005 but unfortunately its performance and productivity is still below expectation of the government of Pakistan. So the guess is that government should establish a Ministry of Textile to meet the demand of private sector.   Whole economy of Pakistan is suffering due to energy crisis. Therefore, the increase in double digit inflation causes great discrepancy in the production of textile industry which forces most of the textile firms to wind up their business and to set up their business in other countries in our region. Therefore, my suggestion for government is that the government should take concrete steps on priority basis to resolve energy crisis and control inflation in Pakistan. The government of Pakistan has recently imposed tax of the import of thread from other countries which is severely affecting the productivity and profitability of the textile sector and tremendously increases the cost of production of textile industry. To resolve this issue, the government needs to seriously look into this matter and try to find a solution to it to boost the textile industry in Pakistan. Government should either set up joint ventures in textile related areas or should provide subsidized credit to textile manufacturers to upgrade their technology and capacity building through à ¢Ã¢â€š ¬Ã‹Å"Technology Upgradation Fund. (TUF). It is also suggested that smaller units of power looms (up to 50 looms) should be upgraded to auto looms and power loom units larger than 50 looms into air jet looms. At present cost of doing business in Pakistan is higher as compared to the regional countries, which has resulted in bitter competitiveness to Pakistani Products in Foreign Markets. China and India are the bigger co Effect of WCM on Firm Profitability in Pakistan Textiles Effect of WCM on Firm Profitability in Pakistan Textiles This research examines the effect of Working Capital Management (WCM) on profitability of firms in the textile sector of Pakistan. I also used cost of production and fixed assets cost as control variable to investigate their effect on profitability of textile companies. I have selected a sample size of 55 textile companies of Pakistan for a period of six years from 2003 to 2008. Regression and coefficient of correlation are used for analysis. The SPSS result R=0.77 shows the strong correlation between the model which helps me understand the relationship between working capital, cost of production, fixed assets and profitability. OBJECTIVES This research is focusing on working capital management and its effects on profitability of textile companies in Pakistan. The main objectives are: To determine the relationship between the efficiency of Working Capital Management (WCM) and Profitability over a period of 6 years for 55 Textile firms of Pakistan. To analyze the relationship between cost of production and profitability of textile companies. To find out the effect of fixed assets cost on profitability of textile companies. To draw conclusion about the relationship between efficiency of working capital management and profitability of textile firms in Pakistan. To suggest some measures for improvement in working capital management of textile sector in Pakistan. LIMITATIONS Due to the time frame and choice of the subject there were number of limitation faced by the researcher during the thesis. The first and the foremost limitation to this research is the shortage of time which created many hurdles in collecting data and completion of report; Researcher was unable to find many research on his topic within the scenario of Pakistan. So therefore researches were unable to compare its finding with other researches; Very few studies have been made in relation to Working Capital Management (WCM) especially in the textile sector in Pakistan. Therefore, the present study is a maiden attempt to analyze the relationship between WCM efficiency, cost of production, fixed assets cost and Profit in the textile sector in Pakistan. Its was very difficult for research to collect financial data of 55 textile companies in a very short span of time allotted to complete the research. Chapter 1: INTRODUCTION 1.1 Textile Sector: Textile products are a basic human requirement next only to food. Backbone of industrial sector which plays a vital role in the national economy it give support to GDP, exports, employment, foreign exchange earnings, investment and contribution to value added industry by providing employment to largely utilized workforce. So to boost the economy and to reduce the poverty in the country the performance of all industrial sectors is very important and textile sector is one of the major sectors of all developing countries. 1.2 Performance of Textile Sector in Pakistan: The performance of textile sector has strong relationship with the cost incurred by textile sector and effective management of net working capital. Pakistan is a developing country which lack in most of the industrial resources same as the case with textile sector in Pakistan we have to import most of the technical machinery used in textile sector from other developed countries which increases the overall cost of textile sector in Pakistan as well as lack of working capital, increase in fuel prices, electricity shortage, high import duties, high cost of debt, taxation and all other factors together bring negativity in the performance of textile sector. However, Pakistans textile industry has again started to invest in the textile machinery and the imports of textile machinery for the month of February, 2010 were $23.1 million, an increase of 190% as compared to the imports of machinery in February, 2009 of $7.99 million. From July 09 to February 10 the total imports of machinery reco rded 3.1% increase, from $158.89 million to $163.844 million for the same period last year. Although the textiles sector cost has increased by purchase of these new machineries but this technology placed the positive impact on performance of textile industries because this not only increase productivity ultimately profit but also it helps to compete in the international market. The increased in labor cost is also one of factor effecting the textile sector in Pakistan because the major portion of textile production depends upon the labor used for production purposes due to the lack of technology. As the enhancement of minimum wages for textile sector is announced which proposed increase in minimum wages from Rs.4, 600/= to Rs.6, 000/= per Month (over 30%) for unskilled workers will have a devastating effect on industry. Besides the financial impact will also have to be borne towards payment of gratuity, provident fund, EOBI, social security excluding overtime etc. which if worked out will come to Rs.8, 322. In addition to the above, proportionate increase will also have to be given to the skilled cadre of workers as for instance; an operator will refuse to work at the same rate of salary being paid to a doffer. This will make textile sector survival more difficult in current scenario. The growth of textile sector depends on its productivity and mainly depend s on the cost and profitability. The textile sector is the largest sector of Pakistans economy which has the major shares in exports of the country but the major financing of this industry depends upon the bank loan. To purchase heavy machineries on cash or to lease them, the textile sector required huge amount of investment and to meet daily expenditures they need net working capital and for all that they have to borrow from bank by paying interest (i.e. cost debt) which increases the overall cost of textile sector in Pakistan. The textile sector of Pakistan is divided in many small firms which have small capital structure most of them are mainly dependent on loans due to unavailability of funds, continuous increase in cost of production. All these factors have a cumulative effect on the cost and profitability of textile sector as the increase in double digit inflation the survival of textile sector become more difficult. Although the textile sector of Pakistan is backed by the government with their greatest intere st in textile sector. They have arrange different types of investment policies and funds for textile sector but the improvement in textile sector due to other factors is still less then the requirement. Importance Of Textile Industry In Pakistans Economy 1.3 Effect of Working Capital and Other Factors on Textile Sector: Working capital management is a very important component of finance because it directly affects the profitability and liquidity of any organization especially in developing countries like Pakistan. It comprises funds invested in Current Assets, which in the ordinary course of business can be turned into cash within a short period without undergoing diminishing in value and without interruption of the organization. Current Liabilities are those which are projected to be paid in the ordinary course of business within a short time. Every company has to make arrangements for adequate funds to meet the day-to-day expenditure apart from investment in Fixed Assets. However, Pakistan textile sector is on decline just because of the additional cost due to lack of working capital which can have impact of profitability and liquidity and increase in inflation also effect textiles production badly. In this research, I have discussed and analyzed the relationship between the efficiency level of working capital management and profitability of textile sector in Pakistan as it is the major sector which contribute in Pakistan economy and generate foreign revenue by exporting textile products to international markets but the increase in cost, debt and improper management of working capital in this sector make its a declining sector in terms of profitability and liquidity. The textile industries come under the SMEs (Small Medium Enterprises) which does not bear the continuous increase of cost. According to APTMA, textile exports of Pakistan have declined by about 20% in 2008. The industry is bracing for more trouble ahead with continuing crises of electrici ty and gas, international market access, global economic slowdown, lack of capital and adverse travel advisories. Chapter 2: LITERATURE REVIEW 2.1 Concept of Working Capital: Gross Working Capital: It represents the total current assets and is also referred to as circulating capital because current capital as current assets, are circulating in nature. Net Working Capital: It is a measure of liquidity and it can be defined in two ways. The most usually implied definition of net working capital is that it represents the difference between current assets and current liabilities. Some people also define it as excess of current assets over the current liabilities. It is that portion of the firms current assets, which is financed by long-term funds. 2.2 Objectives of Working Capital Management: The main objective is to ensure the maintenance of satisfactory level of working capital in such a way that it is neither inadequate nor excessive. It should not only be sufficient to cover the current liabilities but ensure a reasonable margin of safety also. To minimize the amount of capital employed in financing the current assets. This also leads to an improvement in the à ¢Ã¢â€š ¬Ã…“Return of Capital Employedà ¢Ã¢â€š ¬?. To manage the current assets in such a way that the marginal return on investment in these assets is not less than the cost of capital acquired to finance them. This will ensure the maximization of the value of the business unit. To maintain the proper balance between the amount of current assets and the current liabilities in such a way that the firm is always able to meet its financial obligations, whenever due. This will ensure the smooth working of the unit without any production held ups due to paucity of funds. 2.3 Nature Importance of Working Capital: Working capital is the most important concepts that a company should understand as how working capital and financing helps them to survive and competitive in business world. Working capital fulfills the short-term financial requirements of any business organization including textile companies especially in developing countries like Pakistan. It is regarded as operating capital needed to meets daily cash requirement of the organization and can not be retained in the business for a longer period of time in a particular form. The money invested in working capital changes its form and substance during the normal course of any business operations and the need and importance for maintaining an adequate working capital in any industry including textile sector can not be neglected in any way. Just as human body can not survive without the circulation of blood in the body, the organization also requires sufficient flow of funds within the organization. If it becomes weak, the business can har dly survive, prosper and generate profit. In developing countries like Pakistan, working capital starvation is generally accredited as one of the most important reason which causes the decline of any industry. According to Rafuse, (1996), Working capital starvation is generally credited as a major cause if not the major cause of small business failure in many developed and developing countries. There are several problems that create starvation of cash in any business which include poor financial management and improper planning of cash management. Jarvis et al, (1996) said that the cash flow problems of many small businesses are exacerbated by poor financial management and in particular the lack of planning cash requirements. For the financial strength of the business, a company should have and will prefer to have a positive working capital rather than a negative working capital. Some of the best ways to acquire short-term working capital financing are equity, trade credit and short-term loans. 2.4 Determinants of Working Capital: Working capital management is an indispensable functional area of management. However the large number of factors influences the total working capital requirements of the firm. It may however be added that these factors affect differently to the different units and these keep varying from time to time. In general, the determinants of working capital, which are common to all organizations, can be summarized as under: Nature and Size of Business Production Cycle Business Cycle Production Policy Credit Policy Growth Expansion Proper availability of raw materials Profit level Inflation Operating Efficiency 2.5 Sources of Working Capital: The working capital necessary and what constitutes working capital have been analyzed in depth. Now we look out what are the ways we can generate working capital. Trade Credits Bank Credit Current provisions and non-bank short term borrowings: and Long term sources i.e., equity share capital, preference share capital and other long term borrowings. 2.6 The Management of Working Capital According to Van Horne (1977), working capital management is the management of current assets such as cash, marketable securities, receivables, and inventories. Osisioma (1997) described working capital management as the regulation, adjustment, and management of balance between current assets and current liabilities of a firm such that maturing obligations are met, and the fixed assets are properly serviced. In order to manage working capital efficiently, two elements must exist as necessary components and desirable quantities. Osisioma (1997) explained that efficient working capital management must guarantee an adequate relationship between the different components of a organizations working capital so as to make an efficient mix, which will guarantee capital adequacy. Thus, working capital management should ensure that the desirable quantities of each component of the working capital are available for organization. However, the question arises that à ¢Ã¢â€š ¬Ã…“What determines n ecessary components of an organizations working capital and how much of such necessary components can be considered as adequate or desirable?à ¢Ã¢â€š ¬? Each organization working capitals necessary components depend on the type of business and industry. Cash, accounts payables, accounts receivables, marketable securities, inventories, and redeemable futures can be recognized as the common components of firms working capital. However, the question is to recognize the factors that determine the adequacy of working capital based on growth, size, operating cash flow, etc. The inability to understand the determining factors and measurement of adequate amounts of working capital will lead an organization to bankruptcy. The altitude of performance levels businesses have traditionally been attributed to many general managerial factors such as manufacturing cost, marketing strategies and operations. Working capital management may have a consequent impact on business survival and growth (Kargar and Blumenthal, 1994). The proper management of working capital is very vital for the financial health of businesses of all sizes. It is often observed that the amounts invested in working capital are high in percentage to the total assets employed. Therefore, it is imperative that these amounts should be used in an efficient and effective manner. However, there is substantiation that manufacturing sector which include textile industry as well are not very good at managing their working capital. Reasons for that are many small businesses suffer from undercapitalization, increase cost of production, increase fixed asset cost and lots of other factors. According to V MARIAPPAN, K CHIDAMBARAM) (2003), Productivity does not only mean the increase in production but it relates to the cost reduction and efficiency in the process of production. Therefore, the importance of exerting tight control over working capital investment, cost of production and cost of fixed assets can not be neglected. An organization can be highly profitable, but if it fails to translate this into cash from operations within the same operating period, the organization would require borrowing to support its continued working capital requirements. Hence, the dual objectives of profitability and liquidity must be synchronized and one should not impinge on the other for long. Investments by any business in current assets are inevitable to ensure delivery of goods or services to the ultimate customers and a proper management of same should create the desired impact on either profitability or liquidity. If different resources are blocked at the various phases of the supply chain, this will lengthen the cash operating cycle. However, profitability might increase due to increase sales but it may also adversely affect the profitability if the costs tied up in working capital surpass the benefits of carrying more inventories and/or allowing more trade credit to customers. (Padachi, Kesseven, Oct 2006) 2.7 Production Cost Profit: Production cost is the cost of materials and labor necessary to produce goods and there are two types of profit that is generated from a business. The first is gross profit which is the difference of the total revenue generated after the sale of each item by the production cost for that item. Second is net profit which is calculated once the company pays taxes, rent, and other expenses that might come with running and owning the business. However lack of technology, increase labor and material cost, higher cost of debt and other factors increases production cost and decrease profit but if production increases, businesses are able to purchase more materials at a discounted rate, which can help them to reduce the production cost. 2.8 Textile Sector Cost of Production: The relationship of cost of production with profit of any sector is the key element used to evaluate the productivity of that particular sector including textile sector. Productivity is often mixed with increased production. However, higher production does not always mean higher productivity. Higher productivity can be achieved only by better utilization of resources and reduction of cost. So the importance of production cost can not be neglected and is closely related to the increase productivity of industrial sector on any economy. According to the Michael porter of the Harvard University says the competitiveness of any sector is totally depend on the productivity of its industrial sector. Productivity does not only mean the increase in production but it relates to the cost reduction and efficiency in the process of production (V MARIAPPAN, K CHIDAMBARAM) (2003). The competition from international market has been increased due to the continuous innovation on technology used in the industrial sector of textile which ultimately increases the cost. The protection from international competition of the earlier semi-insular phase has given rise to high cost manufacturing, which is inhibiting both the expansion of the domestic market and more rapid development of exports [India, 1985:16].(Aug 29 1989). However, the intense competition in international market leads to the high domestic growth with increased in the level of exports. Productivity is getting drained mainly due to under- utilization of machines, inefficient working, poor machinery maintenance, over- spinning, lack of modernization, power shortage and unhealthy labor and management relations [Gulrajani 1982]. (2003) with reference to above saying the same situation is related to the Pakistans textile sector the machines used in the textile sector is either underutilized or very old which became the hurdle in productivity of the sector and the labor related with this textile sector is also effected due to strong labor unions in the country which increase cost and decrease productivity and eventually profit of the textile sector. The government policies related to the investment on technological innovation also effect textile sector Government policies in these sectors, it is argued, have been biased against fresh investments; and import restrictions on capital goods and advanced technology have condemned entire industries to obsolete technologies (1989). The restriction on the imports and other obligations imposed by the Government on the purchase of machinery from outside country force the entire industry to obsolete technologies as well the continuous capital requirement for the expansion of production and other raw material cost force the textile sector to borrow money from bank to inject working capital. One of the most important concepts that a new business owner should know is how working capital and financing helps them survive and grow in a competitive world. The difference between current assets and current liabilities is known as à ¢Ã¢â€š ¬Ã…“net working capital (Jonathan Keith Gober). The data of textile sector used in this research shows that most of the companies have negative working capital which means the current liabilities of the textile sector is more than the asset which again increase the cost of the textile sector of Pakistan. 2.9 Textile Sector Cost of Fixed Assets: With increasing global competition, the survival of any industry is getting difficult day by day especially in developing countries like Pakistan. Textile sector or any other sector of all developing countries used machineries and fixed assets which are obsolete and outmoded which increases their cost of production and decline productivity, efficiency and profitability. According to V. Mariappan and K. Chidambaram (2003), proper machine utilizations, the effective cost management and quality of material supplies are the three vital factors that determine the operating efficiency of a textile mill. Developing countries lack in most of the industrial resources same as the case with textile sector in Pakistan we have to import most of the technical machinery and equipment used in textile sector from other developed countries and this increases the overall cost of textile sector in Pakistan. Although the cost of textile sector increases with purchase of new machineries and equipment but this advancement in technology create the positive impact on performance of textile sector because this not only increase productivity, efficiency and profitability but also it helps textile firms to compete in the global market. Increase productivity of the textile sector is not only the outcome of advancement in the level technological development but other factors such as relative cost of labour and equipment, the cost of material, effective management of working capital and other resources also create an impact on it. Thus, higher productivity is not an accident. It is the result of effective p lanning and the judicious use of resources, V. Mariappan and K. Chidambaram (2003). Chapter 3: METHODOLOGY 3.1 Statement of Problem: What is the impact of working capital, cost of production and fixed assets cost on profitability of textile sector in Pakistan? 3.2 Hypotheses: H1: Increase in working capital negatively affect the profitability of textile sector by increase in short term liabilities. H2: Investment in technological instruments (Fixed Assets) has the positive impact on the profitability of textile sector: H3: High production cost has a negative impact on the development of textile sector. 3.3 Data Collection: There are two major sources of data collection use by the researchers for research purposes. They are: Primary Data: Primary data is used for the first through questionnaires, interviews and service and this is not published anywhere before. Secondary data: Secondary data is used for the researches which are based on already published in different newspapers, research journals and yearly companies reports. Chapter 4: STATISTICAL ANALYSIS In the model summary table he capital à ¢Ã¢â€š ¬Ã…“Rà ¢Ã¢â€š ¬? in this table is coefficient of correlation which is .775 which shows that there is high correlation(relationship) between dependent (net income) and independent variables (fixed assets, working capital and cost of good sold) the second column which shows R Square (coefficient of determination or regression coefficient) which shows that 60% Of variation in net income amount is caused by predictors third column is Adjusted R square 59.7% variation is caused by predictors considering number of observations and the number of predicted variables. The ANOVA table tests the model acceptability and how model fits the first row which shows regression displays information about the variation accounted for by your model and the second row of Residual shows information about the variation is not accounted by your model the significance value of F is .000 which is less than 0.05 so it means than model is acceptable and the variation explained by the model is not due to chance. The coefficients table the first row shows constant which is second column of first row -38.373 shows that when all predictors (cogs, working capital and fixed assets) are held to zero the amount of net income is -38.373 and the constant is also significant P0.05, p=0.641 which means that change in fixed assets will not bring any change in net income On the basis of correlation matrix fixed assets is again rejected of being related to net income R=0.309 which is very low correlation it is also insignificant as shown in coefficient table. Chapter 5: CONCLUSION RECOMMENDATIONS: 5.1 Conclusion: After evaluating the whole textile sector I reached to a point that cost is greatly affect the productivity, efficiency and profitability of every sector same as the case with textile sector. In Pakistan, the textile sector is considered the most important investment sector which greatly push Gross Domestic Product (GDP) and National Income (NI) of the country. So to study such an important sector these variables help me in evaluating the relationship of cost with the performance of textile sector. The hypothesis used in conducting this research shows the impact of fixed assets, working capital, cost of production with the net income of the sector my finding shows that there is no impact of fixed asset cost on net income of the textile sector so my hypothesis is rejected which shows that increase in the investment of technology and equipment improve the efficiency and productivity of textile sector. Secondly, the research contain other variable relationship with the development of textile sector in which the working capital plays an important role my research results clearly shows the impact of working capital with net income because the increase in current assets help this sector to better maintain its current liabilities which ultimately reduces the addition cost incurred by the sector. In Pakistan textile sector needs continuous short term investment which forced the sector to increase it short term debt by borrowing from bank to meet its short term expenses. So the sample size taken in the research shows that both of them are highly correlated but they have inverse relationship increase in working capital decreases the net income as vise a versa. So my hypothesis for the working capital is accepted and it is proved that independent variable is explained by dependent variable. The third and last variable is the cost of production which incorporate all costs incurred while production of the textile items. It include the prices for all raw materials which are essential for the production process fuel, oil inventories, transportation, cotton prices, yarn prices which bring significant changes in the profitability of textile sector . The hypothesis used for the cost of production shows that there is inverse relationship on cost of production and profitability as cost for producing the textile items is increasing the profitability becomes falling and in result the development of textile sector faced hurdles in growing. The overall analysis shows that we cannot considered the increase in production only until or unless the cost structure is not clearly defined although the production of textile sector is increased in last few years but simultaneously the cost is increased with greater extend which reduces the profit margins with very less proportion which does not support the economy of Pakistan which has the major share in growth of the Pakistans economy. 5.2 Recommendations: Pakistan is a one of the leading country producing raw yarn, cotton, and fabrics. If we focus on the value added products like garments, hosiery, knitwear and other textile products, the production volume of textiles can be enhanced by tremendously. In this respect top priority should be given to cost reduction, easy availability of working capital and employment creation. The Government of Pakistan has created a special Textile Board for the promotion of Textile Industry as predicted in Textile Vision 2005 but unfortunately its performance and productivity is still below expectation of the government of Pakistan. So the guess is that government should establish a Ministry of Textile to meet the demand of private sector.   Whole economy of Pakistan is suffering due to energy crisis. Therefore, the increase in double digit inflation causes great discrepancy in the production of textile industry which forces most of the textile firms to wind up their business and to set up their business in other countries in our region. Therefore, my suggestion for government is that the government should take concrete steps on priority basis to resolve energy crisis and control inflation in Pakistan. The government of Pakistan has recently imposed tax of the import of thread from other countries which is severely affecting the productivity and profitability of the textile sector and tremendously increases the cost of production of textile industry. To resolve this issue, the government needs to seriously look into this matter and try to find a solution to it to boost the textile industry in Pakistan. Government should either set up joint ventures in textile related areas or should provide subsidized credit to textile manufacturers to upgrade their technology and capacity building through à ¢Ã¢â€š ¬Ã‹Å"Technology Upgradation Fund. (TUF). It is also suggested that smaller units of power looms (up to 50 looms) should be upgraded to auto looms and power loom units larger than 50 looms into air jet looms. At present cost of doing business in Pakistan is higher as compared to the regional countries, which has resulted in bitter competitiveness to Pakistani Products in Foreign Markets. China and India are the bigger co