Impact Of Mergers And Acquisitions Of Tata Group - Free Essay Example

Sample details Pages: 15 Words: 4567 Downloads: 10 Date added: 2017/06/26 Category Statistics Essay Did you like this example? My experience in preparing the seminar paper on IMPACT OF MERGERS AND ACQUISITIONS ON THE FINANCIALS AND PERFORMANCE OF TATA GROUP has been a very knowledgeable and fulfilling experience for me. While learning a lot on finance field, I sincerely hope I have also been able to contribute positively to the paper. It is indeed a matter of great pleasure for me to express sincere gratitude to my Faculty Guide Mr. RC Agarwal for his support and encouragement at every stage of the training. I heartily thank the Head of Department, the Chairperson and the Dean for the continuous help and friendly atmosphere of education provided by them. Don’t waste time! Our writers will create an original "Impact Of Mergers And Acquisitions Of Tata Group" essay for you Create order In the current globalised economy, mergers and acquisitions are being progressively more used the world over, for increasing competitiveness of companies through gaining better market share, expansion of the portfolio to reduce business risk, to capitalize on the economies of scale and for entering new geographies, etc. This research study was intended to analyze the consequence of going global market through merger and acquisition and traders long and short term earnings .Thereby study the impact of mergers on the financials by examining some pre- merger and post-merger financial ratios, with the sample of firms chosen as three major mergers/acquisitions of TATA Group. The results put forward that there are small variations in terms of post merger financial performance of the joint firm is not considerably different from the aggregate performance of the acquirer and target companies before the merger. INRODUCTION Merger and acquisitions have emerged as chief forces in the contemporary financial and economic environment. They have been a source of corporate growth and in India, it has changed radically after the liberalization of Indian economy. Mergers and acquisitions came up as one of the most efficient methods of such corporate restructuring, and became an essential part of the long-term trade strategy of corporates in India. The sole three chief objectives at the back any MA transaction were found to be: à ¢Ã¢â€š ¬Ã‚ ¢ Improving Profitability à ¢Ã¢â€š ¬Ã‚ ¢ Rapid growth in scale and closer time to market à ¢Ã¢â€š ¬Ã‚ ¢ Acquirement of new technology Many in corporate India would be jealous of the Tata Groups strategy around mergers and acquisition. In the past 8 years, the Tata Group had made 35 overseas acquisitions, including coal and iron ore mines, adding up Rs 78,000 crore, mostly in the past 3 years. Research problem To examine the consequence of going global through mergers and acquisitions and the traders long term and short term earnings respectively. This would aid in studying the impact on companies financials past the merger or acquisition. To also determine the enterprise value of the corporation by comparing it with the peer group and studying the value of the firm Objective of the study To analyze the a thorough detailed case study of 3 companies of Tata Group who merged or acquired in the past years. To evaluate the closing price of 3 companies previous to and post acquisition To weigh up the key financial ratios of 3 companies pre and post acquisition To do valuation of two companies through enterprise value and contrast the value with peer group and examine in detail Review of literature The subsequent studies are the few existing work reviewed which were conducted by researchers in the sight of analyzing the financial performance during and post merger activity across different time periods. Effect of mergers on corporate performance in India, writer Mrs. Vardhana Pawaskar (2001), considered the impact of mergers on corporate performance. A case study, assessed the financial performance of a cloth unit by using ratio analysis. It compared the before and after merger performance of the corporations between 1992 and 2000 to identify their financial character. The study found that the financial fitness was never in the strong zone during the whole study period and ratio analysis highlighted that decision-making incompetence accounted for a good number of the problems. Forecasting the viability and operational efficiency by Mr Mulla through use of ratio analysis, suggested matching up efficiency and success of all facets of management and put the company on a lucrative footing. The study of a sample of firms, restructured through mergers, showed that the merging firms were at the inferior end in terms of liquidity of the industry. The merged firms gave better performance than industry in terms of profitability. Mergers and operating performance by Mr. Mantravadi: An Indian perspective, attempted to examine the impact of mergers on the performance post industrial reforms, by investigating some pre- and post-merger financial ratios, with chosen sample firms, and all mergers linking public and private limited companies The study results suggested that there are minor variations in terms of impact on financial performance of subsequent mergers across different intervals of time in India. It also indicated that for mergers between the same groups of companies in India, there has been deterioration in performance and ROI. Mergers acquisitions in the banking sector presents the Indian scenario, author Mr. Selvam (2007) has analyzed the impacts of stock price changes to mergers and acquisitions behavior taken place in banking industry with particular reference to private and public sector banks. Found that share prices are market sensitive. From the financial analysis it was noted that greater part of the banks went for branch extension and this has affected profitability to some extent and it resulted in harmful competition among the players. To add up the review of literature, many offerings have offered diverse perspectives of merger in different industries globally and explained the valuation techniques followed by merging companies, and shareholders possessions effect due to merger. From the review of several papers evaluating the pre and post merger performance of merged companies, it is incidental that majority of the studies powerfully support the concept of improved post merger performance due to merger and it is valuable to the acquirer companies. METHODOLOGY Methodology of the study Sample selection There are several mergers within the TATA Group during the study period from 01.04.2006 to 31.03.2009. For the purpose of corporate analysis, it was decided to select three of the highest deals which merged/ acquired under the TATA Group during the study period. Hence, the sample size of this study is confined to 3. Besides, while selecting the sample, following points were taken into account. Acquirer and target companies ought to belong to the same industry. Availability of information on the merger and industry. Period of the study The present study covers a period of one year from April 1, 2006 to March 31, 2009. But in order to evaluate the financial performance of sample companies on a comparative basis, 15-20 days before merger and after merger were considered. Sources of data The present study fundamentally depends on secondary data. The required data on financial performance prior and post merger were composed and they were obtained from Prowess software, Internet sources, Business Journals (ICFAI JOURNAL ON M A) The data were also collected from books, and newspapers. Tools used In order to study the financial performance of acquirer and target companies, ratios Debt-Equity Ratio, ROCE (%),net profit margin, P/E, EPS, OPM(%) and valuation. (1) Analysis of financial performance The pre-merger average performance of the companies were compared with the post- merger performance of the joint firm. The present study attempts to calculate and study the pre and post merger performance of acquirer and target companies by using financial ratios in order to determine whether mergers resulted in shareholders wealth or not. Accordingly, the following null hypothesis has been tested: H0: The post merger financial performance of the combined firm is not significantly different from the aggregate performance of the acquirer and target companies prior to the merger. (2) Ratios Debt-Equity Ratio: A gauge of a companys financial leverage obtained by dividing  the total liabilities  by  stockholders equity. It shows what proportion of equity and debt the company is presently using to finance their assets. Return On Capital Employed (ROCE) : ROCE compares earnings with the invested capital in the company. It is like Return on Assets (ROA), but also considers sources of financing Net profit margin: The profit margin says how much profit a company makes for every 1 Rupee it generates in revenue or sales. Profit margins vary with industry to industry, but all else being equal, the greater a companys profit margin compared to its competitors, the better. P/E: It is a gauge of the price paid for a share relative to the annual net income or the net profit earned by the firm per share. EPS: The portion of a companys profit which is allocated to each outstanding share of common stock.  Earnings per share  acts as an indicator of  a companys profitability. OPM: Operating margin is a measurement of the proportion of a companys revenue that is left over after variable costs of production such as wages, and raw materials have been paid. A healthy operating margin is required for a company to be able to pay for its fixed costs, such as interest on debt. Also known as operating profit margin and net profit margin. (3) Enterprise Value Enterprise value is a figure that, in theory, represents the entire cost of a company if someone were to acquire it. Enterprise value is a more accurate estimate of takeover cost than market capitalization because it takes includes a number of important factors such as preferred stock, debt, and cash reserves that are excluded from the latter metric. ANALYSIS OF DATA TATA GROUP OF COMPANIES One of the Indias largest business groups in the country. It has about 96 operating companies. Diverse business in 7 sectors. Revenues equivalent to 5.3% of Indias GDP. Group revenue FY 2008: Rs 251,543 Cr. / $ 62.5 b. Group profit FY 2008: Rs 21,578 Cr. / $ 5.4 b .Its 27 publicly listed companies have a combined market capitalization which is the 2nd highest among all business houses in India. Largest employer in private sector over 300,000 employees. A shareholder base of over 2.9 million. Operations in over 80 countries. Products and services exported to 85 countries Tata is a rapidly growing business group based in India with significant international operations. Revenues in 2007-08 are estimated at $62.5 billion (around Rs251, 543 crore), of which 61 per cent is from business outside India. The group employs around 350,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics. The business operations of the Tata group currently encompass seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The groups major companies are beginning to be counted globally. Considering two of the largest mergers of TATA Group -Tata Steel became the sixth largest steel maker in the world after it acquired Corus. -Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers. TATA STEEL-CORUS About the acquisition Date: 30th March 2007 Acquirer: Tata Steel Limited Target company: Corus Plc. Stake: 100 % Deal amount: US$ 12201 m Sector: Steel sector MERGER On January 31, 2007, India based Tata Steel Limited (Tata Steel) acquired the Anglo Dutch steel company, Corus Group Plc (Corus) for US$ 12.20 billion. The merged entity, Tata-Corus, employed 84,000 people across 45 countries in the world. It had the capacity to produce 27 million tons of steel per annum, making it the fifth largest steel producer in the world as of early 2007. Before the acquisition, the major market for Tata Steel was India. The Indian market accounted for sixty nine percent of the companys total sales. Almost half of Corus production of steel was sold in Europe (excluding UK). The UK consumed twenty nine percent of its production. After the acquisition, the European market (including UK) would consume 59 percent of the merged entitys total production. DEAL : An auction was initiated on January 31, 2007, and after nine rounds of bidding, TATA Steel could finally clinch the deal with its final bid 608 pence per share, almost 34% higher than the first bid of 455 pence per share of Corus. Synergies There were many likely synergies between Tata Steel, the lowest-cost producer of steel in the world, and Corus, a large player with a significant presence in value-added steel segment and a strong distribution network in Europe. Among the benefits to Tata Steel was the fact that it would be able to supply semi-finished steel to Corus for finishing at its plants, which were located closer to the high-value markets The Pitfalls Though the potential benefits of the Corus deal were widely appreciated, some analysts had doubts about the outcome and effects on Tata Steels performance. They pointed out that Corus EBITDA (earnings before interest, tax, depreciation and amortization) at 8 percent was much lower than that of Tata Steel which was at 30 percent in the financial year 2006-07 COMPANYS RETURN BEFORE AND AFTER ACQUISITION PRE-ACQUISITION POST-ACQUISITION FINDINGS As we can see from the line chart that the %cumulative abnormal return before acquisition was sharply decreasing since past month with not even a single glimpse of positive return on any single day. But as soon as the acquisition took place, the earnings showed a marginal rise and again got back to the level where it was just before the acquisition. This happened due to very large debt generated due to overpaying by acquiring the Corus at a very high price of 608 pence per share as compared to previously valued 455 pence per share. RATIO ANALYSIS TATA Steel (31st Jan 2007) Pre-acquisition Post-acquisition Change ( %) Debt-Equity Ratio 0.31 0.67 116. ROCE (%) 50.13 23.27 -53.6 net profit margin 20.46 21.36 4.4 P/E 8.72 11.35 30.2 ROE(%) 41.7 25.97 -37.7 EPS 61.51 61.06 -0.7 OPM(%) 39.79 36.11 -9.2 INTERPRETATION Debt equity ratio on post acquisition increase because Corus debt was high it was GBP1.6b to buy Corus and so its debt is almost 116% more than in pre acquisition. ROCE shows that post acquisition is very less as compared to pre acquisition it has negative percentage because company has short term returns after one year it will improve in the long run. Net profit margin has very less change as profit is not much affected. P/E increases in post acquisition by 30.2% which show high future cash flow. ROE is decreasing by 37.7 which show that it has more debt than equity. EPS has a very minor change. Operating profit margin is reduced by 9.1% which shows that it has low profit. TATA COMMUNICATION-NTT DOCOMO About the acquisition Date: 13th November 2008 Acquirer: Ntt-Docomo Target company: Tata Teleservices Ltd. Stake: 26 % Deal amount: US$ 2700 m Sector: Tele-communication MERGER Tata Teleservices has sold a stake of 26% to Japans NTT DoCoMo. The deal value is $2.7 bn. Tata Tele has 30 million CDMA subscribers and is rolling out its GSM services. Some say the deal is over-valued and some say its not easy to put value on the fastest growing mobile market in the world. India is the fastest growing market second only to China. It adds 10mn subscribers every month. The current subscriber base stands at 300+million and is expected to be 700 million in 2012. That is almost double to todays numbers. The Road ahead Great deal it may be, but it has its risks. One reason is that telecom deals have been controversial in recent times. This goes back to late last year when the government sold pan-India licenses for $333 million apiece, amid a welter of controversy. DoCoMo, in accordance with regulations of the Securities and Exchange Board of India, expects to make an open offer to acquire up to 20 per cent of outstanding equity shares of Tata Teleservices Maharashtra (TTML), a Tata telecommunication company, through a joint tender offer along with Tata Sons. TTSL and TTML through the Tata Indicom brand, have increased their combined share of the fast-growing Indian mobile market and their combined subscriber base now stands at over 30 million. TTSL expects to leverage DoCoMos expertise in the development and delivery of value-added services, where DoCoMo is a firmly established market leader. RATIO ANALYSIS TATA DOCOMO (13-11-08) Pre- acquisition Post- acquisition Change (%) Debt-Equity Ratio 0.11 0.14 27.27% ROCE (%) 7.33 7.44 1.50% net profit margin 9.55 10.61 11.10% P/E 0 12 0 ROE(%) 11.14 10.97 -1.53% EPS 0.89 1.11 24.72% OPM(%) 16.2 18.7 15.43% FINDINGS Debt equity ratio on post acquisition debt is increasing which shows company debt is increasing after merger. ROCE is constant it has not change much.Net profit margin increases by 11.10 as it income increases in post acquisition as compared to pre acquisition. P/E highly increases in post acquisition from 0 to 12%. ROE is decreasing by 1.53% which shows that it slightly more debt than equity. EPS is increasing drastically by 24.27% which is very profitable for investors. Operating profit margin is increased by 15.43% which shows that company profit margin is very fairly profitable. COMPANYS RETURN BEFORE AND AFTER ACQUISITION PRE-ACQUISITION POST-ACQUISITION INTERPRETATION The return of the target company Tata Communication has been very poor since the past 15 to 20 days before the acquisition but it almost got to break-even soon after the acquisition date. This sustained for the next 8 to 10 days but again got back into negative returns zone due to poor customer support to the newly entered Docomo brand in highly competitive communications market in India. TATA MOTOR JLR About the acquisition Date: 27th March 2008 Acquirer: Tata Motors Ltd Target company: Jaguar Land Rover Stake: 100 % Deal amount: US$ 2300m Sector: Automotive Detailed Case Study In June 2008, India-based Tata Motors Ltd. announced that it had completed the acquisition of the two iconic British brands Jaguar and Land Rover (JLR) from the US-based Ford Motors for US$ 2.3 billion. Tata Motors stood to gain on several fronts from the deal. One, the acquisition would help the company acquire a global footprint and enter the high-end premier segment of the global automobile market. After the acquisition, Tata Motors would own the worlds cheapest car the US$ 2,500 Nano, and luxury marquees like the Jaguar and Land Rover. Though there was initial skepticism over an Indian company owning the luxury brands, ownership was not considered a major issue at all. According to industry analysts, some of the issues that could trouble Tata Motors were economic slowdown in European and American markets, funding risks, currency risks etc. The Challenges Morgan Stanley reported that JLRs acquisition appeared negative for Tata Motors, as it had increased the earnings volatility, given the difficult economic conditions in the key markets of JLR including the US and Europe. Moreover, Tata Motors had to incur a huge capital expenditure as it planned to invest another US$ 1 billion in JLR. This was in addition to the US$ 2.3 billion it had spent on the acquisition. Tata Motors had also incurred huge capital expenditure on the development and launch of the small car Nano and on a joint venture with Fiat to manufacture some of the companys vehicles in India and Thailand. This, coupled with the downturn in the global automobile industry, was expected to impact the profitability of the company in the near future CURRENT SCENARIO In less than three years after its acquisition, Jaguar Land Rover has metamorphosed from a millstone around Tata Motors neck into its crowning jewel. In the June 2010 quarter, JLR division accounted for nearly 70% of the companys net profit and over 60% of its revenues on the consolidated basis. This was more than what the market has expected and the stock is up by nearly 150% in the past two trading sessions. JLR benefited from an improvement in its pricing power and a favourable exchange rate in the US dollar and the euro. The two worked in tandem and resulted in a sharp 60% jump in JLR revenue per unit to around  £38,000 in June 2010 quarter compared to the  £23,800 a year ago. With the raw material costs remaining benign, it led to a sharp improvement in the divisions operating margin and its reported net profit of  £221 million (`1,613.3 crore) in the first quarter as against a net loss of  £64 million (`467 crore) a year ago. RATIO ANALYSIS TATA MOTORS (27- 03 2008) Pre-acquisition Post- acquisition Change (%) Debt-Equity Ratio 0.56 0.97 42.27 ROCE (%) 30.52 6.88 -343.60 net profit margin 6.88 11.47 40.02 P/E 15.45 9.59 -61.11 ROE(%) 30.98 5.34 -480.15 EPS 47.1 18.81 -150.40 OPM(%) 11.16 7.89 -41.44 FINDINGS Debt equity ratio is increasing by 42.27% as Tata took loan of banks to acquire JLR.ROCE increases vey high by 343.60% as compared to pre acquisition as it gauges that company that generate its earnings from the total pool of capital which indicates profitability.Net profit margin increases as it income increases in post acquisition as compared to pre acquisition. P/E highly decreases in post acquisition by 60.1% which in investor point of view they will be profitable to invest to get high earning. ROE is highly increasing by 480.15% which shows that it has more equity than debt. EPS is increasing drastically by 480.15% which is very profitable for investors. Operating profit margin is reduced by 41.44% which shows that company profit margin is very less. COMPANYS RETURN BEFORE AND AFTER ACQUISITION PRE-ACQUISITION POST-ACQUISITION INTERPRETATION As we can see from the line chart that the cumulative return before merger was negative and the entire trend is moving in the negative direction due to poor returns of tata motors. A soon as the acquisition took place, the highly profit generating Jaguar as well as Land Rover added to the profit and earnings of the tata motors. The brand value of JLR added to the highly reputable Tata Group and the companys balance sheet. This can be clearly seen in the line chart above. VALUATION AND INTERPRETATION EV Multiples of Tata Corus Tata Steel and Corus Group deal happened at high multiples compared to its peers. We can observe that the average multiples of the peer group company stands half compared to the deal multiples. Sales Multiple: The average sales multiple of its peers is 1.17x compared to the deal of 0.68x of Corus Groups sales. This can be possible due to high sales value, reducing the multiple to 0.68x. The lowest multiple (Steel Authority of India) is at 0.73x. EBITDA Multiple: EBITDA multiple of its peers averages at 4.38x compared to the deal multiple of 7.02x of Corus Groups sales. Even the highest multiple (Jindal Steel Power) is at 4.38x. This is almost half of the deal multiple. It can be observed that Tata played very aggressively. EBIT Multiple: EBIT multiple of its peers averaged at 5.54x compared to the deal of 10.19x of Corus Groups sales. Even the highest multiple (Jindal Steel Power) is at 8.39x. PE Multiple: The PE multiple of the deal is very high on the account that the margins of Corus are very low compared to Tata Steel and other peers. The average PE multiples is 7.95x compared to 68.23x at which the deal haapened. EV Multiples of Tata NTT Docomo The deal of Tata Teleservices and NTT Docomo happened at very high multiples. We can observe that the average multiples of the peer group company stands very low compared to the deal multiples. Sales Multiple: The average sales multiple of its peers is 5.37x compared to the deal of 26.98x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 9.24x. Thus we can conclude that Tata Teleservices got very good price for its stake dilution for NTT Docmo. EBITDA Multiple: Again the average EBITDA multiple of its peers is very less, 16.35x compared to the deal of 99.81x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 26.74x. This is a huge difference. NTT Docomo paid 6 times more what it should have paid to Tata. EBIT Multiple: EBIT multiple of its peers is 25.5x compared to the deal of 952.96x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 41.02x. PE Multiple: The PE multiple for Tata Teleservices is negative as its net income is negative Note: The multiples are high on account that Sales and the profitability of Tata Teleservices is low, inturn giving very high multiples. Its sales stands at Rs. 1,815.5 Cr. compared to the average sales of Rs. 11,490.6 Cr. of its peers. FINDINGS FROM VALUATION OF ENTERPRISE VALUE MULTIPLE Tata Corus Tata Steel and Corus Group deal happened at high multiples compared to its peers. We can observe that the average multiples of the peer group company stands half compared to the deal multiples. Even the highest multiple (Jindal Steel Power) is at 4.38x. This is almost half of the deal multiple It can be observed that Tata played very aggressively as it paid high enterprise value as compared to our analysis. A reason for Corus to be sold is chance to Bail out of Debt and Financial stress. TATA Steel Paid 7.02 Times EBITDA of Corus Enterprise Value. The PE multiple of the deal is very high on the account that the margins of Corus are very low compared to Tata Steel and other peers the only company who has high P/E is Jindal steel. Tata NTT Docomo The deal of Tata Teleservices and NTT Docomo happened at very high multiples. We can observe that the average multiples of the peer group company stands very low compared to the deal multiples. The average sales multiple of its peers is 5.37x compared to the deal of 26.98x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 9.24x. Thus we can conclude that Tata Teleservices got very good price for its stake dilution for NTT Docomo. The PE multiple for Tata Teleservices is negative as its net income is negative. EBITDA multiple of its peers is very less, 16.35x compared to the deal of 99.81x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 26.74x. This is a huge difference. NTT Docomo paid 6 times more what it should have paid to Tata. The multiples are high on account that Sales and the profitability of Tata Teleservices is low, in turn giving very high multiples. Its sales stands at Rs. 1,815.5 Cr. compared to the average sales of Rs. 11,490.6 Cr. of its peers. SUMMARY Except Tata Steel- Corus deal, all the other 2 acquisitions was well accepted by not only well accepted by the owners of the company (the shareholders) but even made the entire Tata group come into the eyes of fortune 500 list. In-fact it ranked at 56th position at a global level in 2009 CONCLUSION This study was undertaken to test what is the impact of mergers on the financials of acquiring corporate by examining some pre- merger and post-merger financial, in terms of impact on operating performance. The results from the analysis of pre- and post-merger operating performance ratios for the acquiring firms in the sample showed that there was a differential impact of mergers, for different industry sectors in India. Type of industry does seem to make a difference to the post-merger operating performance of acquiring firms. Expansion through mergers and acquisition is one of the best ways for any domestic company to step outside the shores of India in an international market place and acquit itself as a global player Company can turn into conglomerate in reasonably less time by capitalizing on its strengths of efficiency and effectiveness by acquiring relatively poor performing companies as TATA did in almost all its group of companies Recent examples of companies which adopted similar pattern of expansion are Renuka Sugars, Arcelor Mittal, Reliance, Essar Group, Aditya Birla Group, etc. One can study any of the above mentioned company and conclude that the key underlying decision of these companies expanding quickly and efficiently is their timely decision of merging and acquiring appropriate companies

Essay about Teaching Children Respect - 1716 Words

Teaching Children Respect Americans has placed too much responsibility on schools and teachers. Parents need to take command of the moral development of their children, starting with the issue of respect. Respect starts at an early age. You teach a child to say thank you, no thank you, and please. These are normal and common first steps to respect and are considered being manner able. Most parents expect there children to use these courteous phrases to them, their selves, the parent. Teachers and schools should not have to be responsible for teaching your child manners, common courtesy, nor respect. It is hard enough for teachers to maintain a learning curriculum on general studies let alone moral, ethics and values. Teachers†¦show more content†¦Teachers can only assume so much responsibility because we only have control over so much. 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There is a tremendous increase in the number of parents enrolling their children in etiquette classes, which teach social skills and common

Future And Ethical Perspectives Of Robotics -Myassignmenthelp.Com

Question: Discuss About The Future And Ethical Perspectives Of Robotics? Answer: Introduction: AI or Artificial Intelligence is a generic term implying usage of computers for modeling or replicating intelligent behavior. Robotics, branch of AI, is composed of various types of engineering to design, develop and apply robots in a real-world scenario. The paper will focus on concepts and ideas on AI and Robotics under Research and Development in Information Technology. Key concepts and ideas: The idea of AI and robotics has focused on computer reasoning. However, the possible establishment of information portrayal has been lying on limited development for a machine to understand orders. RoboCop, a famous company encouraging AI has been analyzing and including various advancements (Kamishima, Gremmen and Akizawa 2018). Further, the study has helped in understanding formal approach towards the synthesis of compliant-motion strategies from precise error estimation and geometric description of various assembly operations. Summary: It is argued that international process is suitable to design robots in sectors of a corporative domain. The idea of a cognitive state of an agent shows beliefs about the external world, goals and desires to change the environment. Under cooperative cases, different reasoning regarding those cognitive structures has been vital to solving problems and communication (Wachter, Mittelstadt and Floridi 2017). To construct those models, experimental robot psychology is proposed. This is because it includes reasoning and formalizing about the design of current robot agents. Further active compliances have been helping robots to do tasks under essential control errors and sensing. Different compliant motions have been hard for human beings for specifying. Robot programs have been compassionate towards the details of geometry and error characteristics (Khandelwal et al. 2017). Thus they must be developed anew for every task. All these factors have been motivating look for automatic synthesis tools regarding robot program and compliant motion. Lastly, it is seen for speeding up learning time, a process of LEM or Learning from Easy Missions has been implemented (Torresen 2017). It decreases learning time in linear order form an exponential one within the size of state space. Conclusion: AI and robotics have been quickly coming of age since businesses are grasping the high potential of smart machines as catalysts for substantial competitiveness and efficiency. Research and development are to be conducted in this area regarding both physical and virtual worlds within different phases of autonomy. Moreover, a comprehensive vision would be useful for the government for optimizing the allocation of research capabilities in developing particular AI or Robotics capabilities. References: Kamishima, Y., Gremmen, B. and Akizawa, H., 2018. Can Merging a Capability Approach with Effectual Processes Help Us Define a Permissible Action Range for AI Robotics Entrepreneurship?.Philosophy of Management, pp.1-17. Khandelwal, P., Zhang, S., Sinapov, J., Leonetti, M., Thomason, J., Yang, F., Gori, I., Svetlik, M., Khante, P., Lifschitz, V. and Aggarwal, J.K., 2017. Bwibots: A platform for bridging the gap between ai and humanrobot interaction research.The International Journal of Robotics Research,36(5-7), pp.635-659 Torresen, J., 2017. A Review of Future and Ethical Perspectives of Robotics and AI.Frontiers in Robotics and AI,4, p.75.. Wachter, S., Mittelstadt, B. and Floridi, L., 2017. Transparent, explainable, and accountable AI for robotics.

SEMICONDUCTORS THE SILICON CHIP Silicon Is The Raw Material Most Oft

SEMICONDUCTORS : THE SILICON CHIP Silicon is the raw material most often used in integrated circuit (IC) fabrication. It is the second most abundant substance on the earth. It is extracted from rocks and common beach sand and put through an exhaustive purification process. In this form, silicon is the purist industrial substance that man produces, with impurities comprising less than one part in a billion. That is the equivalent of one tennis ball in a string of golf balls stretching from the earth to the moon. Semiconductors are usually materials which have energy-band gaps smaller than 2eV. An important property of semiconductors is the ability to change their resistivity over several orders of magnitude by doping. Semiconductors have electrical resistivities between 10-5 and 107 ohms. Semiconductors can be crystalline or amorphous. Elemental semiconductors are simple-element semiconductor materials such as silicon or germanium. Silicon is the most common semiconductor mat erial used today. It is used for diodes, transistors, integrated circuits, memories, infrared detection and lenses, light-emitting diodes (LED), photosensors, strain gages, solar cells, charge transfer devices, radiation detectors and a variety of other devices. Silicon belongs to the group IV in the periodic table. It is a grey brittle material with a diamond cubic structure. Silicon is conventionally doped with Phosphorus, Arsenic and Antimony and Boron, Aluminum, and Gallium acceptors. The energy gap of silicon is 1.1 eV. This value permits the operation of silicon semiconductors devices at higher temperatures than germanium. Now I will give you some brief history of the evolution of electronics which will help you understand more about semiconductors and the silicon chip. In the early 1900's before integrated circuits and silicon chips were invented, computers and radios were made with vacuum tubes. The vacuum tube was invented in 1906 by Dr.Lee DeForest. Throughout the first half of the 20th century, vacuum tubes were used to conduct, modulate and amplify electrical signals. They made possible a variety of new products including the radio and the computer. However vacuum tubes had some inherent problems. They were bulky, delicate and expensive, consumed a great deal of power, took time to warm up, got very hot, and eventually burned out. The first digital computer contained 18,000 vacuum tubes, weighed 50 tins, and required 140 kilowatts of power. By the 1930's, researchers at the Bell Telephone Laboratories were looking for a replacement for the vacuum tube. They began studying the electrical properties of semiconductors which are non-metallic substances, such as silicon, that are neither conductors of electricity, like metal, nor insulators like wood, but whose electrical properties lie between these extremes. By 1947 the transistor was invented. The Bell Labs research team sought a way of directly altering the electrical properties of semiconducto r material. They learned they could change and control these properties by "doping" the semiconductor, or infusing it with selected elements, heated to a gaseous phase. When the semiconductor was also heated, atoms from the gases would seep into it and modify its pure, crystal structure by displacing some atoms. Because these dopant atoms had different amount of electrons than the semiconductor atoms, they formed conductive paths. If the dopant atoms had more electrons than the semiconductor atoms, the doped regions were called n-type to signify and excess of negative charge. Less electrons, or an excess of positive charge, created p-type regions. By allowing this dopant to take place in carefully delineated areas on the surface of the semiconductor, p-type regions could be created within n-type regions, and vice-versa. The transistor was much smaller than the vacuum tube, did not get very hot, and did not require a headed filament that would eventually burn out. Finally in 1958, integrated circuits were invented. By the mid 1950's, the first commercial transistors were being shipped. However research continued. The scientist began to think that if one transistor could be built within one solid piece of semiconductor material, why not multiple transistors or even an entire circuit. With in a few years this speculation became one solid piece of material. These integrated circuits(ICs) reduced the number of electrical interconnections required in a piece of electronic equipment, thus increasing reliability and speed. In contrast, the first digital electronic computer built with 18,000 vacuum

Teaming and real world situations

Teaming and real world situations Abstract An organization involves the act of bringing together all the efforts or the work done by individuals or different groups using the available facilities so that the desired outcomes which are the goals set may be met efficiently. The goal of every organization is to attain a certain common purpose with maximum benefits.Advertising We will write a custom essay sample on Teaming and real world situations specifically for you for only $16.05 $11/page Learn More For this common purpose to be attained, there needs to be a model of each individual or group that has a role to play in an organization to ensure that the organizations goals are attained. This means that each individual or different group is to be assigned different tasks of which if brought together will result in achievements. However, there needs to be management teams that have the mandate to oversee and give direction to the other junior teams so that there is an order in their performanc es. These management teams need are supposed bring together any resources that are required. Introduction To explain the topic under study, sporting teams were considered for the essay because in sporting teams various functional groups are involved. Sporting teams are similar to management teams as they have authoritative figures who are charged with the mandate of setting targets for the whole team. A general manager who is the head of a management team executes the goals of a team and for the manager to perform his duties; he has to work closely with the technical bench of the team to ensure that the goals and objectives of the team have been achieved. The various teams that exist in the real world will be discussed in the following section. Teaming and Real World Situations In the consideration of one sporting team, which is football, the instructions given by the coach are meant to be transformed into actions. The players are divided into various groups that include the defense , the midfield, and the strikers. The defense is supposed to prevent the opponents from scoring by creating a barrier at the back close to the target. These groups of players rarely play beyond the half field marked for them. The goalkeeper is among this group and his work is ensure that the ball does not go between the cross bar (Bronstein et al, 2010).Advertising Looking for essay on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Once the ball is with the goalkeeper, he kicks the ball out to the field targeting his teammate who is meant to ensure that despite the opponent’s presence or tackle, he has to posses the ball. This player is then supposed to control the ball and safely deliver it to his other teammate. The teammate is then required to do the same with the ball. This task is usually done by midfielders who are trying to ensure that the ball reaches the strikers. Once the ball reaches the strikers, thei r work is to score and nothing less than that is expected from them. As the strikers take the ball, they are supposed to target the scoring point. If they fail to score then almost a quarter of the team is supposed to retreat back to their side to avoid the opponents from scoring. Mostly the strikers remain forward to wait for the ball in the event that they reposes the ball from their defense area. This means that they have to play in a synchronized network for them to score. This is a typical example of a sporting team that functions well (Bronstein et al, 2010). In a basketball team, the team comprises of managers who have to set team goals and targets that are mostly executed by the general manager. The general manager has to ensure that the coach and the players achieve the expected results by working on the necessary requirements. The basketball team has a technical bench that is headed by a coach and an assistant coach. They give different opinions and advice with regards to game strategy and defense to the basketball players. In the basketball pitch, the players play as a team of five who are divided and assigned various positions. The positions are categorized as the defensive and offensive positions. The defensive positions are further divided as point guard and shooting guard. The offensive is divided as small forward and power forward (Legh Maynard, 2008). The defensive players consist of the players that play to guard their opponents from scoring. Offensive players are charged with the responsibility of moving the ball within the basketball field. This group of players has passes that are planned and in most cases, the players may move even without the ball so that they gain an advantageous position to handle the ball. They are also supposed to mark the opposing teammate so that they can navigate the ball whenever it is passed to them. For the ball to move from the defensive area until it is scored in the opponent’s basket, it has to move through the field with the players trying as much as possible to ensure that the ball is not intercepted by the opponents.Advertising We will write a custom essay sample on Teaming and real world situations specifically for you for only $16.05 $11/page Learn More However if the opponents intercept the ball, the defensive players are supposed to stop the opponents from scoring. In the event that the coach realizes a loophole where the team is at a risk of losing, he requests the referee for a time out so that he can organize his team well. The players are then expected to change for the better according to the advice given by the technical bench (Legh Maynard, 2008). In the American football team, there are eleven players on every side but they can be allowed to play fewer than the number required but they will be disqualified if they are more. This team has eleven players on the offensive side and eleven players on the defensive side. There may be times wh en three or more players might play on the defensive side and on the offensive side. There are always players meant for reserve and they usually do not play at the beginning of the game. These players are not listed among the twenty-two players in the lineup. Most of these reserve players are specialists. The team that has the ball is called the offensive team and their opponents are called the defensive team (Legh Maynard, 2008). The offensive team usually has only four attempts and if they fail to succeed in any of the four attempts, their opponents are given the possession of the ball immediately after the fourth attempt. These opponents then begin their advancement in their opponent’s direction which was initially the offender’s during the time the ball was being played by a snap. The defensive players and offensive players do a face lineup facing their opponents and for the game to start, the centre player has to snap the ball to a teammate backwards by passing i t between their legs. The offensive players then pass the ball to ensure that it advances towards the team’s opponents. This is done in a forward manner only. The offensive player is then tackled by the opponents who force him down to the ground. This is the process of trying to achieve draw or score (Legh Maynard, 2008). When we consider music for instance a music band, for the flow, the theme, and the entertainment in the presentation to be given, there has to be various members of the team who have to bring their talents and understanding so that the goal is met. In a musical team, there are those who are supposed to sing in their voices and there are those that are supposed to play the instruments to give the entertainment value of the song.Advertising Looking for essay on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More This means that every person in the team has a role to play that is different from the other members of the band but they all want to achieve one goal, which is, to entertain the audience. The instrumental team usually comprises of people that play the guitar, keyboard, flute, drum, and many other instruments that are used in musical bands. This group usually has a leader that issues instructions to the other band members on what to do. This is because there has to be a sequence of how the tune is meant to be performed (Gibson, 2006). The soloists in a musical group are usually employed to pass out a message through the use of their voices. This group leads another group that is called the backup singers. In the backup, there is always a categorization of different voices which when mixed or sung in alternate voices, gives the audience a taste of the song. This comprises of the various voices that exist in a choir which include bass, tenor, alto and the soprano. These voices sing th e song with a certain sequence to give a smooth flow of the song. It therefore means that in each group of the musical team, there needs to be the harmonious bringing together of different individuals who have different functions to perform within the team to ensure that the team’s goal is met (Gibson, 2006). A consideration will also be done on the scientific teams that manage the ground data system required to carry out all the developmental aspects of ground systems in the TES which include the scientific facilities that compute data and the processing systems that use LED technology in scientific data processing labs. For all this work to be done successfully, the team that executes these jobs is made up of a configuration manager, SIPS operator, a data base administrator, project element manager in the processing system that uses LED technology, software engineer, project manager, system administrators. Each of these individuals have their own specific role to play that the other is not specialized in. This means that each member of the team needs the other so that the set goals and targets can be achieved (Gibson, 2006). Another typical place where a model organizational structure is seen is in the operating room where a patient is undergoing an operation. This team consists of the surgical members who include the surgeon, his assistants, and the scrub person whose function is to carry out the sterilization of the theater. The surgeon diagnoses and performs the surgery and manages the care of the patient. The assistant surgeon helps the surgeon to maintain the cleanliness of the surgery theatre by controlling the patients bleeding and also ensuring that their wounds are properly dressed. The scrub person makes sure that the place for surgery is properly sterilized to avoid contamination of the patient’s wounds (Bronstein et al, 2010). The other surgical group consists of an anesthesiologist who ensures that the patient is unconscious as the surgery is being performed and that the patient can be able to regain consciousness once the surgery has been completed. Biomedical technicians, radiologists and circulators usually monitor the performance of the patient during the surgery process. This therefore means that for the operation to be successful there has to be a combination of efforts from the different specialists during the surgical operation. This demonstrates a model of an organizational team in the real world situation according to Bronstein et al (2010). References Bronstein, M., Michael, C. D., Peter, E. (2010). Thriving in the work place: All in one  For Dummies. Indiana: Wiley Publishing Inc. Gibson, J. L. (2006). Organizations: Behavior, structure, processes. 12th Edition. Chicago: McGraw-Hill Publishers. Legh, A., Maynard, M. (2008). Leading your team. Boston: Nicholas Brealey Publishing.

Operating management 5 Assignment Example | Topics and Well Written Essays - 1250 words

Operating management 5 - Assignment Example Cavalier Corporation Limited in New Zealand is a public company that specializes in the manufacture of broadloom wool carpets since its opening in 1984. This company ensures effective application of standardization in its operation management roles to include levels of commonality, reference, interchange ability, and compatibility. As a goods production company, Cavalier corporation limited goes on the full stretch to involve the use of standardization principles in generating, processing and analyzing statistics, testing company related theories, and keeping on check the supply chain management sector (Cavalier Corporation, 2010). ... s characterized by its dependency on the customers’ list of requirements to help in the determination of what type quality of goods should be manufactured, or services offered, whenever they are in need of it. A pull system of approach in operations management is a made-to-order process, within Goodman Fielder Company, a manufacturing, distributor and marketer of dairy products, bread, margarine, dressings, oil and a number of food ingredients in New Zealand and Australia. Goodman Fielder Company uses the pull system by carrying out surveys on their clients’ requirements and expectations on the goods and services they manufacture and distribute by ways of brainstorming sessions, focused group discussions and surveys on the user behaviors and types of needs. It is thus meant for producing goods and rendering services that are geared towards customers’ higher levels of satisfactions, company’s lower operation costs, lower inventory initiatives and constantly changing the product designs to meet the ever changing customers’ needs based on time, fashion, location and cost (Tari, Molina, & Castejon, 2007). A summary can therefore be drawn from this explanation that lean principles are based on a philosophy seeking to eliminate wastes in terms of delays, duplications, unnecessary movements, poor communications, incorrect inventories, opportunity lost, and errors in either transactions or damaged items, in all aspects of Goodman Fielder Company’s production activities. One of the disadvantages of this type of system is that it forces producers to the strongest terms and conditions possible to come up with mechanisms of investing heavily into research and developments to see into it that they precisely meet the needs of the ever changing clients’ desires, thus

The Marginalists Term Paper Example | Topics and Well Written Essays - 250 words

The Marginalists - Term Paper Example This means that excess demand or supply in one market would be offset by another in a different market. The same phenomenon holds for the state of disequilibrium such that all markets exist at disequilibrium simultaneously. In his approach of returns to scale, Marshall noted that a firm’s productivity increase more proportionately in the short run. This occurs because of effects of specialization of labor and existence of fixed costs. In the long run, a firm experiences a proportionate increase in productivity since the fixed costs are exhausted and that the firm can no longer benefit from specialization (Canterbery 135). It is vital to note that when a firm is harnessing economies of scale, it reaches its minimum effect scale at a level that other firms cannot harness over a short period thereby causing monopoly. Clark’s arguments rest on the productive capacity of the last unit of capital. In this sense, heterogonous capital goods have a form as homogenous goods (Canterbery 127). The productivity of the last homogenous quantity determines the profit. This differed from the Karl’s view of heterogonous goods as determination of profits. The criticism of this theory regards the fact that Clark present production units as abstract concepts that do not unify to influence