Into the Question of the Art Nature Assignment Example | Topics and Well Written Essays - 750 words

Into the Question of the Art Nature - Assignment Example It defines art as works created by artists: paintings, sculptures, etc., which are created to be beautiful or to express important ideas or feelings Painting is the process of applying a pigment, paint or a colour to a surface by use of a brush. In art, painting may be used to mean the action and the result of the action. It is a mode of creative expression and has numerous forms. Paintings can be representational and naturalistic, abstract, photographic, or be loaded with symbolism, narrative content or just emotional in nature. It has the elements of colour tone, intensity and a lot of nontraditional elements (Arnheim, 2009). A sculpture is a branch of visual arts. It is one of the oldest kinds of art, having existed before most of the other art forms. There were durable forms that used carving and modelling, but modernity has led to freedom in the ways that it’s done, in terms of the materials used and the process. Carving involved removal of parts of the material used, whereas modelling involved the addition of the material such as clay. Architecture is the form of art, and arguably a science, that deals with designing of building and non-building materials. It involves a lot of creative manipulation and coordination of technology and materials. We have the ancient architectures forms and the modern forms of architecture, which implies that architecture could also be as old as painting. (Ralph, 1998) Photography is the art and science of creating images. Light or some other electromagnetic radiation is recorded either chemically by use of a light-sensitive material such as a photographic film or electronically by use of an image sensor. A lens is always used to focus the light emitted or reflected from objects into the real image on the light-sensitive part of the camera.   Printmaking is a form of fine art. It is the process of making works of art by printing basically. Prints always have an element of originality. It is possible to create a multiplicity of prints of the same piece.  Ã‚  

Jain Man Fasts to Death Essay Example for Free

Jain Man Fasts to Death Essay A 76 year old Indian man died of starvation that is called â€Å"santhara†. It is an old practice in Jainism where a person fasts for a number of days and is believed to help the person achieve salvation. Some people are still not amenable to this practice as they believe that this is a sort of suicide. On the other hand, Amar Chand, the man who died, believed that it would help him cleanse his soul as he has been ill for some time already. â€Å"Santhara† is a religious ritual described as intended death by fasting. During the process of fasting, the person is given time to reflect on his life, which is reason why this is considered to bring salvation. If someone feels like he has served his purpose in life and felt like he has imparted enough of himself to the world, one can decide to fast. There are a lot of religious practices in the world; some may even seem absurd and illogical. However, to the followers of the specific religions, their belief stands by the fact that they would be able to achieve something out of it; in this case, salvation. If you think about it, to decide that you have served your purpose is a sign of consciousness and knowledge of the belief that you are following. It shows that given enough will power and faith in something, anybody can do anything. To the Jains, though some may think that â€Å"santhara† is synonymous to suicide, they still hold on to the practice because as far as they know, being able to reflect upon one’s life can help them save themselves from spiritual death just as the Muslims believe that they need to travel to Mecca at least once in their life.

Socioeconomic Determinants Of Health

Socioeconomic Determinants Of Health 1.1 Explain the effects of socioeconomic influences on health Recent evidence suggests that the health of the population in the United Kingdom continues to improve. However, despite this many people will experience an inequality in terms of their health and the chance of living in good health is unequally distributed within society (House of Common Health Committee 2009). Socio-economic status is one of the most important determinants of health and the link between this and health is widely accepted (NPHS 2004). Differences in health by social class was examined by the Black Report (1980), which investigated the problem of health inequalities in the UK and found that people of lower economic status were far more likely to experience ill-health and premature death than those of higher socio-economic status. The report concluded that despite the improvement in the overall health of the population, the improvement had not been equal across the social classes and that the health gap between lower and higher social classes was widening. This was supported by the Health Divide (1987) and the Acheson Report (1998), which mirrored the findings of the Black Report. Report findings suggested there was a direct correlation between socio-economic class and health and the likelihood of developing health problems such as coronary heart disease, strokes, lung cancer and respiratory diseases was far higher in the lower social classes. The aim of this essay is to discuss the unequal distribution of health within society; this will be achieved through the examination of the incidence of coronary heart disease within a lower socio-economic group. This subject has been chosen because it is of particular relevance within some of the most deprived areas of Wales and accounts for a large proportion of deaths. A further aim of the essay will be to identify and discuss the factors that influence health across a persons lifespan. Psycho-social influences on health will be discussed along with the direct and indirect influence they have on the health of a person. An analysis of pertinent social policy will be provided together with the relevant public health policies that have been developed to tackle the problem of health inequalities. Finally the role of the nurse and the multi-disciplinary team in improving health inequalities will be considered. In order to achieve these aims it is important to fully understand what is m eant by health and the term health inequality. The Biomedical model defines health as the absence of disease and focuses on the eradication of disease and illness through diagnosis and effective treatment. The state of health is determined by assessing whether or not a disease is present and is driven by the belief that cures for diseases need to be found in order for people to be considered healthy (Bury 2005). Despite often being considered to present a negative view of health it is the most prevalent model used in Western society. When people are feeling unwell it is the medical professions opinion that is sought and the primary concern of the is the treatment of disease and prevention of illness. Symptoms of illness are considered to have an underlying pathology in this model and this pathology can, although not always successfully be treated or restored thus leading to re-instated health (Morrison and Bennet 2009). However this model fails to recognise other factors that influence health. In contrast the social model of health defines health and illness from an individuals perspective and their functioning in society. Rather than merely considering biological or physiological changes, it regards disease as being a result of the interaction of biological, psychological and social conditions (Brannon and Feist 2007). It emphasises that changes can be made in both the individuals lifestyle and in wider society in order to improve health. In comparison with the World Health Organisations definition, health should not be viewed merely in terms of the presence or absence of disease but consideration must be given to the overall state of a persons physical, social and mental well-being (WHO 1948). The social model of health considers other important influences that impact on the individuals health and recognises that health does not only result from biological and genetic processes but that it is a state of positive well-being influenced by the wider social and economic cond itions in which we live (Farrell et al 2008). Consideration of other factors that influence and determine health allows for a better understanding of why some people have better health than others. It also provides a broader understanding of the determinants of health, which in turn allows for identification of the factors which influence health either in individuals or within particular groups in society and goes some way to explaining why inequalities in health persist. Health inequality was highlighted by the publication of the Black Report in 1980, showing that there was a direct correlation between socioeconomic status and health (Bartley 2004). It refers to the unequal distribution of health between social groups that is distinguished by the unequal structures of which the group is a part (Graham 2007). Health inequalities are random, perceived to be unfair and rather than being a result of biological processes are socially produced (Whithead and Dalgren 2006), generated by the social conditions in which people live (Farrell et al 2008) and refers to the systematic differences in the health of groups that occupy unequal positions in society (Graham 2007) and refer to a particular type of difference in health whereby disadvantaged groups experience worse health and greater risks to their health than less disadvantaged groups (Braveman 2006). Health inequalities are avoidable but are determined by the political, social and economic influences on the conditions in which people live, grow and work (CSDH 2008). They are a result of a wide range of complex influences and those people who are the most socio-economically deprived are the most likely to suffer ill health in all stages of life and premature death (Townsend Davidson 1988). An example of this can be seen in the incidence of coronary heart disease and the contributing factors which influence this disease particularly amongst those within the population who are the most socioeconomically deprived. Coronary heart disease (CHD) is a disease of the blood vessels supplying the heart. Coronary arteries become narrowed or blocked with deposits of fatty materials or cholesterol (atheroma), thus reducing the blood supply to the heart. This deprives the heart of oxygen, causes angina, arrhythmia and can lead to coronary thrombosis, heart failure, myocardial infarction and/or sudden death (National Assembly for Wales 2001). Despite it being a largely preventable illness and leading cause of death in the UK, it still accounts for over 6000 deaths per year in Wales (NPHS 2006). Although the incidence has been falling over the past few decades, figures show that Wales still has a higher incidence of the disease than England and that in areas of high deprivation such as the South Wales valleys the incidence of CHD is at least a third higher than in more affluent areas (Cardiac Disease NSF for Wales 2009). Mortality rates for CHD show that Wales has a higher rate than the UK average and that areas within Wales with the highest rates are mainly in the South Wales valleys, with Blaenau Gwent and Merthyr Tydfil having rates significantly higher than the national average (NPHS 2006). Some of this may be linked to access to services, in particular angiograph and revascularisation. While the hospital admission rates for coronary heart disease is higher than the national average in areas of low socioeconomic status such as Blaenau Gwent and Merthyr Tydfil, admissions for angiography and revascularisation is lower among these areas (NPHS 2006). There are many factors that contribute to the incidence of CHD, some of which cannot be changed such as increasing age and genetic disposition. However many social influences such as tobacco use, diet, physical activity, high cholesterol, high blood pressure, use of alcohol and drugs, and stress which contribute to the disease can be modified. Incidence of CHD can also be linked to poverty, low educational status and poor mental health (depression) (WHO 2006b). Exposure to unequal health risks begins before conception and continues through all development stages through to adulthood and leaves the individual vulnerable to a range of disease that includes CHD. (Graham 2004). Environmental conditions such as work environment, income and housing in adulthood contribute to health inequalities and have as much of an impact in determining future health and premature death childhood disadvantage (Kuh et al 2003). Increased behavioural risks in adulthood contribute to CHD and as the incidenc e increases in the lower socioeconomic groups so do the associated risk factors. Those living in deprived areas are far more likely to smoke, eat a poor diet and take part in less than the recommended amount of physical exercise. These behaviours also increase the risk of high blood pressure, high cholesterol and stress, which are associated with the development of CHD (NPHS 2004) Tobacco use is a contributory factor in the development of CHD and the prevalence of smoking among the lowest socioeconomic groups in the UK is approximately 45% of men and 33% of women in the highest social class being smokers compared to 15% and 14% respectively in the lowest social class (Richardson and Crosier). In Wales is estimated that 17% of deaths from heart disease can be attributed to smoking (Cardiac Disease NSF for Wales 2009). Whilst the prevalence of smoking continues to decrease it is still a major problem, the 2008-09 Welsh Health Survey showed that 25% of men and 23% of women were smokers. However in areas with low socio economic status and high deprivation such as Blaenau Gwent and Merthyr Tydfil the number of people who smoked was higher with the percentage of smokers being 30% and 31% respectively (Welsh Health Survey 2007-08). Another contributory factor in the development of CHD is nutrition; diet plays an important role in the development of heart disease with the consumption of fat being linked to coronary heart disease and high salt intake being linked to high blood pressure which is a contributory factor to CHD. While eating 5 or more portions of fruit and vegetables a day can reduce the risk. Despite this intake of fats and salt is higher in Wales than is recommended (Cardiac Disease National Service Framework) and the number of people who consume the recommended amount of fruit and vegetables is only 36%. As with tobacco use these figures decreases in areas of low economic status; with 30% in Merthyr Tydfil and only 28% in Blaenau Gwent consuming the recommended daily amounts. (Welsh Health Survey 2007-08). As well as having a high intake of fats and salt people in low socio-economic groups are also far more likely to consume a diet with poor nutritional value which can result in individuals becoming overweight or obese. The highest proportions of people who are overweight or obese are again in areas of low socioeconomic status. As with other risk factors areas such as Blaenau Gwent and Merthyr Tydfil the number of people who are overweight living in these areas is above the national average for Wales (NPHS 2006). While the national average was reported as being 54.1% in 2006 (NPHS2006), the more recent Welsh Health Survey 2007-08 shows that this figure has increased to 57%, with Blaenau Gwent and Merthyr Tydfil being above the average with it being reported that 64% and 59% respectively being overweight or obese in these areas. Physical activity can contribute to an improvement in physical and psychological quality of life, whereas physical inactivity is a risk factor associated with coronary heart disease and high blood pressure (DoH 1993). The recommended guideline for exercise is 30 minutes of moderate intensity 5 days per week, however only 29% of the Welsh population reported that they achieved this. In areas of low socioeconomic status Blaenau Gwent and Torfaen reported lower than average figures, however Merthyr Tydfil was above the Welsh average. Physical inactivity in the female population is lower than that of males and this trend appears at an early age (NPHS 2006). Other factors such as high blood pressure, high levels of cholesterol, use of alcohol and drugs and stress all contribute to CHD and can be a result of factors such as poor diet, smoking and reduced levels of physical activity. While some individuals may be genetically predisposed to developing CHD for others personal will have a direct bearing on their future health. Individual personality and how much control they feel they have over their own health influence the choices made. Those people who belief they control outcomes (internal locus of control) are far more likely to be able to modify their behaviour to improve future health. Whereas those who beliefs health outcomes are firmly controlled by powerful others (external locus of control) are more likely to continue risk taking behaviour (Lefcourt 1982). Nurses can make an invaluable contribution to the reduction of health inequalities through their ability to work with the public to influence behaviour change within the scope of health promotion work. Health promotion allows the nurse opportunity to target vulnerable populations, to promote health in a positive way, to give clients the health information that allows them to make informed decisions about their health and prevention of illness, enhancing the individuals ability to play a key role in their own health (Webster and Finch 2002 in Scriven 2005).and is an area in which the nurse or healthcare professional plays a key role (WHO 1989). Health promotion work although being a key role for nurses does not lie solely within the domain of health and to achieve the ultimate aim of tackling inequalities there needs to be partnership work with a range of healthcare professionals such as health visitors and dieticians as well as other professionals working in related fields such as sm oking cessation. In order for it to be completely successful a multi-disciplinary approach is advocated with the need to tackle other health determinants simultaneously being paramount (RCN 2007). Health inequalities are often a consequence of lifestyle choices and behaviours, with development of illness and disease is the result of many factors. In order to make changes to the most socioeconomically deprived people in society, work needs to be focused on behaviour change and lifestyle choices (Welsh Assembly Government 2002). Publication of reports such as the Black Report, Health Divide and Acheson Report highlighted the severity of the problems facing the health of society and it is from here that government interventions and public health policies are produced. Publication of the Black Report highlighted the inequalities in health that were present in UK society. The report concluded that health was directly linked to social class and the chance of living a healthy life decreased in lower social classes. It showed that while the health service could play a part in reducing health inequalities measures to reduce socioeconomic differences in income, environment, poor housing, low education standards and unemployment should have a greater importance. It contained 37 recommendations concerned with improving the life of the poorest members of society, particularly children and those with disabilities (Acheson 1998). Recommendations focused on two main areas. It proposed the government should adopt a policy aimed at reducing child poverty in the UK and more money should be spent on health education and the prevention of illness (Townsend Davidson1988). However government at the time criticised the report, arguing that it did not explain health i nequalities and that increased expenditure on the health service would not make a difference to standards of health. Despite this the report was influential in public health debates and research and influenced the decision by the WHOs European region to agree a common health strategy in 1985 (Acheson 1998). Further reports in 1987 (The Health Divide) and 1998 (Acheson report) drew similar conclusions as the Black Report. The Health Divide argued that socio economic circumstances where a major factor in health inequalities and subsequent health and that the gap between health standards and social class had increased since the publication of the Black Report (Whitehead 1987). The 1997 new Labour government set up an inquiry into health inequalities, signalling that the alleviation of inequalities in health was of primary importance. (Marmot 2004).The result of this inquiry was the publication of the Acheson Report, which found that inequalities in health persisted and mirrored the findings of both the Black report and the Health Divide. It concluded that in order to improve health the gap between rich and poor must be reduced and that health inequalities begin before birth. It recommended that high priority should be given to policies aimed at improving health and reducing inequalities in health particularly in respect of children, women of child bearing age and expectant mothers and health policies that have a direct or indirect effect of health should be evaluated. Additionally the report made 37 further recommendations directed across all governmental departments and called for development of policies that sought to reduce inequalities in health (Acheson 1998). In the context of Wales, the Welsh Assembly Government has publicised a number of policies and documents seeking to address the issues of health inequalities. In 1998 Better Health; Better Wales highlighted and described health inequalities which exist in Wales and in 2001 it set out its long term plan to improve the nations health. Improving Health for Wales: a Plan for the NHS with its Partners (2001) set the scene for the NHS over a ten year period. Its main objectives were to make further improvements in health maintenance, provide a significant contribution to health improvements in the populations health and to tackle health inequalities. The Well-being in Wales consultation document in 2002 emphasised that health was the responsibility of everyone not only of the government. This idea of a shared responsibility was reinforced in the 2003 Review of Health and Social Care in Wales, which showed long-term demand for health and social care was unsustainable and there needed to be a greater emphasis on the prevention of ill health and individuals should be held responsible for their own health. This led to the development of Health Challenge Wales, which signposts members of the public to information and activities to improve their own health. In 2005 publication of Designed for Life, a 10 year commitment of creating world class health and social care in Wales built on the work which had been undertaken in 2001. One Wales (2007) upholds the Assembly Governments commitment to improving health and well-being in particular the poorest, most vulnerable members of society. The status of the health of the population varies considerably and the correlation between socioeconomic status and health has been proven in various reports. Health problems such as CHD that are more prevalent in low socioeconomic groups are further exacerbated by associated risk factors that are more prevalent in these groups. Various reports have highlighted these inequalities and concluded that despite being avoidable, inequalities in health exist and are a result of political, social and economic influences. The Welsh Assembly Government in its strategies has recognised the unsustainability of long term health and social care and that there is a need for individuals to take responsibility for their own health. Health promotion work undertaken by nurses is a key role in promoting health and providing the public with information that allows them to make positive lifestyle choices and change behaviour to improve future health. While this is an important area, health inequalities wi ll not be eradicated within the domain of health; it is vitally important that all government departments develop policies that aim to tackle the risk factors.

Cyberspace in William Gibsons Neuromancer :: essays research papers

Cyberspace in William Gibson's Neuromancer As described by William Gibson in his science fiction novel Neuromancer, cyberspace was a "Consensual hallucination that felt and looked like a physical space but actuallly was a computer-generated construct representing abstract data." Years later, mankind has realized that Gibson's vision is very close to reality. The term cyberspace was frequently used to explain or describe the process in which two computers connect with each other through various telephone lines. In this communication between the two systems there seems to be no distance between them. There are now four catagories that describe the major components of todays cyber space. One oof those is commercial on-line services. These large computer systems can host thousands of users simultaneously. When a computer user purchases an account from the company they recieve a screen name and a password. The user then can use his or her screen name and password to log on and use the system. Most of the online systems have chat rooms where users can chat in real time with one another. some users even think of on-line services as a community. The second catagory involves Bulletin Boards or (BBS's). These services allow the user accounts like their larger on-line service cousins. These BBS's have less users because they run on smaller computers. The system operators, more commonly known as sysops, are running the boards. Since most BBS's are hobbies there is usually no charge for an account. The same as on-line services, users use BBS's for trades, games, and to chat among other users. Since bulletin boeard are so easy to set up there are thousands of them located around the world. Each board has a theme. These themes range from astronomy to racist neo-nazi crap. A boards theme helps users in their search for a board that will satisfy their personal preference. A third catagory is the Private System. These private systems sometime run bulletin boards privately, not letting the public acess. In these private systems users can perform specialized computer operations, or access to data. Through this private network users within a company can send mail, faxes, and other messages to each other through the companies computer network. If a worker was to look up a customers information he could access it through the companies private network. The public can not get access to the companies private system unless he or she knows the systems password. The fourth and last catagory is computer networks. These collections are a group of connected computers that exchange information. One of the most well known is the internet. The internet is the so called "network of networks.

Confidentiality: Childhood and Sensitive Information Essay

the principles and boundaries of confidentiality are to do with safeguarding children and young people. The principle – or main reason for having confidentiality in settings is to maintain positive, supportive, respectful relationships with children and young people that recognises each individual’s right to privacy, their right to protection and their right to free expression. This could be done by finding quiet less public areas for discussing information, ensuring information given within a setting isn’t repeated outside of the setting for less professional reasons, everyone connected with a setting understands how sharing information relating to safeguarding is valued and welcomed. A boundary of confidentiality is that it isn’t always appropriate/safe to keep information confidential where there may be a risk of harm to a child or young person. Confidentiality is essential in schools. The same rules of confidentiality apply whether you are employed by the school or you are working as a volunteer. You may have been told sensitive information about a child because it helps you to carry out your role, for example, about their health or particular needs. This is sensitive information and should never be a topic for discussion in the staff room or with other parents. As a teaching or learning support assistant, you may find that parents approach you to tell you personal or sensitive information. You must let them know that you would need to share it with your manager or supervisor. Information can be passed on without permission when a child is at risk of abuse or harm. However, the information should only be passed to specific people who ‘need to know’. They can then take action and provide support to protect the child. If you are in doubt, you should always ask for advice. Information sharing In some circumstances, when a child may be at risk of significant harm, information can be shared without consent with professionals who need to know. Failure to share information has been highlighted in a number of serious child abuse cases. Sharing information ensures that problems are identified early and action is taken when children are thought to be at risk of abuse. There will be systems within your school on ways that this is done. You should always ask for advice before sharing information. and from the Collins SCH 21 chapter – and title on amazon It is best to treat everything you learn about children and their families in your workplace as confidential information; it is advisable to check with your supervisor before you pass on confidential information. Similarly, it is always best to tell your supervisor if you receive any information that concerns you. If someone wants to tell you something ‘in confidence’, you should say that you may not be able to keep the information to yourself because part of your job involves safeguarding children’s welfare. It is then up to the person to decide whether to tell you or not.

Financial Analysis on Coles Myer & Woolworths Essay

Introduction Coles Myer Limited (CML) and Woolworths Limited (WOW) are two major Australian companies with extensive retail interest and listed on the Australian Stock Exchange. They are Australian public companies which operate a number of retail chains. CML is Australia’s second largest retailer, behind WOW. It operates a number of chains of retail outlets which are including Coles Supermarkets, Bi-Lo, Liquorland, Pick ‘n Pay Hypermarket, Kmart, Officeworks, Target, Harris Technology and Coles Express (Wikipedia, 2006) . WOW is currently the largest retail company in Australia and New Zealand by market capitalisation and sales. WOW operates in Australia through several retail banners such as Woolworths and Safeway Supermarkets, BWS, Dan Murphy’s, BIG W, Dick Smith Power House and Dick Smith Electronics (Wikipedia, 2006) . The purpose of this report is to analyse financial performances of the two publicly listed companies in last 5 years by using series of calculation tools include horizontal analysis and financial ratios. Also as a recommendation, we will advise investors to buy or not buy the two companies’ shares according to the results of the performance analysis. Financial Condition (See Appendix 1 & 2 for ratio details) 1. Overview The WOW’s revenue has increased every year, one year as great as 149.90 % in 2005 (see appendix 11 for details). In 2001, revenues were 20915.1 million while in 2005 revenue has increased to 31352.5 million. Since revenue increased, the net profit obviously has increased as well. Net profit rose 84.70% from 2001 to 2005. The Horizontal Analysis (Appendix 11 &; 14) indicates WOW is a very successful company and earning money. CML’s revenue has increased 52% and the net profit rose 314% from 2001 to 2005, the growth was tremendous because it occurred in typical connection with the restructuring of the method of financing a foreign operation (Financial Report, 2005). 2. Liquidity Current ratio This ratio represents the financial liquidity of the company. ‘The current  ratio compares the assets a company can quickly convert to cash to the liabilities it must pay in the near term’ (Vance, D. E. 2003). The higher the ratio, the more liquid the company is. For CML, there was a slight increase of 0.04 from 2001 to 2002. Then it followed by an obvious fall from 1.37 to 1.09 during period from 2002 to 2005. This represents that one-unit current liabilities is secured by 1.37 units of current assets in 2002 and 1.09 units, nearly one current asset for one current liability, in 2005. From the perspective of WOW, the ratio starts from 0.81 up to 0.84 then declined to 0.81 and finally dropped to 0.82 during this period of time. The current ratios are all less than one, indicating that one current asset will prepare for the payment of more than one unit current liability. That leads to high liquidity risk in the business operation. If there is an emergency to WOW, it wi ll encounter the problem of repayment. Quick ratio Quick ratio is similar with current ratio, but more conservative than current ratio, because in numerator, inventory is excluded from current assets, and in dominator, bank overdraft is excluded from current liabilities. ‘The quick ratio addresses the issue of whether current assets could cover current liabilities if inventory were found to be worthless’ (Vance, D. E. 2003). WOW experienced a slight increase from 0.2 to 0.26 in this period of time. In contrast, CML experienced a modest fluctuation and end up with 0.28 in 2005, the lowest one in 5-year time and the highest one is 0.41 in 2003. Generally, the quick ratios of CML exceed the ones of WOW. Cash flow ratio Cash flow ratio will analyse the ability of repayment on current liabilities from the perspective of the operating cash flows. Vance, D. E. (2003) states that it is another way to think about the risk of leading to, or investing in a company. These two companies both experienced a drop on this ratio from 2004 to 2005, 0.35 for WOW and 0.3 for CML in 2005. 3. Financial leverage Equity ratio & debt ratio Equity ratio and debt ratio are both designing for capital structure and they are negatively related with each other. The cost of equity is higher than the cost of debt, but shareholders will not require companies to repay them dividends and principals any time. However, companies must pay the debt holders interests and principals each year. And increasing leverage ratio will result in increasing the return to shareholders, yet at the same time, it will increase the repayment commitments and then raise the risk to company and shareholders. CML’s equity ratio increased to 0.4 and correspondingly debt ratio decreased to 0.15 from 2001 to 2005. Generally it is a good trend, even though there has been a decrease in equity ratio in 2005 from 0.45 to 0.40 and an increase in debt ratio from 2004 to 2005, it may be due to the acquisition from US group KKR. However, in 2005, equity is almost three times debt, which means the capital structure is still in good condition. On the other hand, WOW experienced a different trend that its equity ratio has decreased from 0.30 to 0.25, and debt ratio has significantly increased from 0.13 to 0.32 between 2001 and 2005. WOW raised funds heavily on interest-bearing liabilities and consequently takes higher risk than CML due to higher leverage ratio. Times interest earned & fixed charges coverage ‘Times interest earned ratio examines the ability of the business to meet its regular financial commitments’ (Harvey, McLaney and Atrill 2001). Fixed charges coverage ratio is very similar to Times interest earned ratio. These two ratios assess the profitability of company and the ability of interests and principal repayment. CML experienced a significant increase on these two ratios from 3.48 to 12.04 and from 6.81 to 16.64, even though there was a slight drop between 2004 and 2005. However, WOW experienced an obvious fall to 11.82 and 12.25 on times interest earned and fixed charges coverage  respectively. In 2005, compared with WOW, CML showed a better financial performance on the ability to repay the interests and principal. Average payment period CML experienced a decreasing trend on average payment period from 45.29 to 38.69. In contrast, WOW experienced an increase from 19.41 in 2001 to 37.78 in 2003, and a decrease to 34.77 in 2005. Compared with WOW, CML has a longer payment period. It means CML can hold its money more time and do some investments. 4. Assets management Sales turnover This ratio indicates assets management efficiency that one unit asset can generate how much sales. From the perspective of CML, the sales turnover gradually increased from 2.9 in 2001 to 3.94 in 2005. On the other hand, WOW maintained stable on about 4.5 sales turnovers. We can see that WOW managed its assets more efficiently than CML did. Average inventory turnover period This ratio assesses the efficiency of inventory management whether company reduce the inventories as fewer as possible. The fewer inventories, the more free cash flow company has to invest on other assets. Both WOW and CML experienced a decrease on inventory turnover period from 39.64 to 29.64 and from 59.45 to 41.38 respectively. It indicates that CML managed its inventories less efficiently than WOW did. 5. Profitability Return on sales WOW return on sales remained constant, 4% of sales. For CML, it maintained  stable, nearly 2% of sales. Obviously, WOW has a higher operating profit margin, and then a better profitability performance maybe due to the more efficient costs control. Return on assets ‘It is used to measure whether assets are being productively employed’ (Vance, D. E. 2003). This ratio indicates how much profit one unit asset can generate and how profitable company is as a whole. WOW and CML are both in the increasing trend, 0.17 and 0.1 respectively in 2005. In term of this ratio, it showed that WOW is more profitable than CML Return on equity & earning per share These two ratios reflect the return to the shareholders and the value increase for the shareholders. WOW and CML both experienced an increase on the return to the shareholders, yet the WOW’s increase of the return is more stable than CML’s. In 2005, in term of return on equity, WOW stayed with 37% of the equity, yet CML just 16%. Conclusion The two companies have been doing quite well in recent years as can be seen from the increasing profitability. The table in Appendix 15 indicates a comparison of the two companies according to the above discussion. CML has a better performance on liquidity and financial leverage but WOW managed Assets and Profitability better than CML. Recommendations On 8th September 2006, WOW’s closing share price is $20.80 and CML is $13.70. Based on the financial analysis above, we can conclude that WOW has maintained a constant financial performance in last 5 years, but their growth is not rapid. However, Simpson (2006) states that ‘At present Coles Myer is earning a 13 per cent return on capital invested in stores, compared  with 24 percent by Woolworths.’ Therefore, I recommend potential investors buy shares from WOW for a short-term. According to CML news released in March and June, CML had acquired Sydney drug stores Pty Ltd (CML News Release, 2006) and Hedley Hotel Group (CML News Release, 2006). CML will expand the pharmacy business further more and have a different strategy than WOW if the regulations change in the future becomes true. CML also will expand their liquor business to compete WOW as well. Thus, I believe that the potential financial growth of CML will be a lot higher than what it is right now and I su ggest investors put their money on CML for a long-term investment. References 1.Wikipedia 2006, Coles Myer Ltd, Wikipedia Free Source Organization, viewed 10 September 2006 2.Wikipedia 2006, Woolworths Ltd, Wikipedia Free Source Organization, viewed 10 September 2006 3.Financial Report, 2005, Coles Myer Ltd., pp 19 4.Vance, D.E. 2003, Financial Analysis and Decision Making, McGraw-Hill, United States of America 5.Harvey, D, McLaney, E and Atrill P 2001, Accounting for business, Butterworth-Heinemann, Oxford 6.Simpson, K. 2006, Market waits for higher Coles bit, The Age, 8 September 2006, front page of Business Section 7.News Release 2006, ‘Coles Myer Acquires Pharmacy Direct’, Coles Myer Ltd., 31 March 2006 8.News Release 2006, ‘Hedley Hotel Acquisition Complete’, Coles Myer Ltd., 14 June 2006