My Philosophy of Education Essay - 1168 Words

My philosophy of Education The word philosophy is described in the dictionary as the search for human life. There are many different aspects of philosophy: ethics and logic are the main two along with aesthetics, epistemology, and metaphysics. I shall be discussing two of the five in my paper. As a professional educator, I have many different views that I will use for my long term goals and in my teaching profession. The first area of discussion is the nature of the student. I strongly believe that any one student can be taught, but not all at the same level. I am studying in the physical education and health field. My main goal is to teach students the importance of physical education, health issues and risk,†¦show more content†¦Also Rousseau believed that students need to understand what it takes to be physically fit. Education is important because students need to know how to come up with a solution when faced with a problem of difficult decision. Students only learn as they are taught. If a student is pushed hard enough. Then he/she will succeed. If a student is rewarded the him/her will strive to do their best because they will know that they are special. As a teacher and mentor, I hope to get across to my students the benefits that physical activity will have on their healthy. I am going to teach about their bodies and the lifestyle that can shorten or prolong their life. Not alone can being physically fit help a person mentally but also spiritually and emotionally and build confidence. Also a person who is physically fit not only feels good about him/herself but is most likely to have a positive outlook on life. Teachers must get the point across that all they expect is the students best. If a student is rewarded and guided by a teacher, they are more likely to succeed and build confidence. Students will share any problems that may arise in their life and build trust and support with the teacher. As a future educator, I have many beliefs as to how teachers must be to themselves and to their students. First and most important, teachers must love and get along with children andShow MoreRelatedMy Philosophy On The Philosoph y Of Education844 Words   |  4 PagesIn mathematics, as in life, everything must be brought to the simplest of terms. I base my teaching philosophy on the foundation that every student is capable of learning mathematics. I will strive, as a teacher, to ensure that my students are able to have a strong foundation of mathematical skills when they leave my classroom. Some students believe that they are not mathematically gifted; therefore, incapable of learning mathematics. I believe to the contrary, all students with motivation, sustainedRead MoreMy Philosophy On Philosophy Of Education852 Words   |  4 PagesMy Philosophy of Education My philosophy of education is founded on a belief that all students have a desire to learn and to feel accepted. Learning takes place when students are able to have their specific needs meet inside the classroom, to feel accepted in the environment, and find the learning to be meaningful. I believe that before learning can take place a proper educational environment must be present inside the classroom. In order to make any classroom work I believe you need meet three criteriaRead MoreMy Philosophy Of Education As A Education864 Words   |  4 Pagesdifferent philosophy of education, and what purpose education serves in a child’s life. The five philosophies of education that we recognize are: Essentialism, Perennialism, Progressivism, Social Reconstructionism, and Existentialism. I would most recognize my philosophy of education as Essentialism. Essentialism has been a dominant influence in American education since World War II. It focuses on core curriculum of traditional academic topics. I believe that the purpose of education is teachingRead MoreMy Philosophy of Education824 Words   |  4 Pages13 February 2011 My Philosophy of Education I believe that progressivism educational philosophy most closely matches my educational ideals. In my opinion based on the progressivism educational philosophy, the purpose of education is to enable students to learn useful knowledge that has meaning to them in the future. Thus, the most useful education for students is the skill of â€Å"learning how to learn†. When students understand the methodsRead MoreMy Philosophy Of Education And Education1038 Words   |  5 PagesMy Philosophy of Education When trying coming up with a personal philosophy of education, I had to ask myself what the purpose of education is. To me, the purpose of education is to teach students knowledge that is needed to make it through school and to succeed in the world after graduation. Anyone can go into teaching, but not every teacher can teach. 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I am a firm believer of making pedagogy relatable to my students. My vision is driven by my personal experiences with the American school system. I was what is thought of as â€Å"A child at risk†. I am an immigrant, black, Muslim student. My life is transactional as I am a part of multiple marginalized groups. Most of my teachersRead MoreMy Philosophy Of Education And Education864 Words   |  4 PagesPhilosophy of Education Children are the future and their education is the key to our society’s success. When considering this, I realize I have an immense responsibility as an educator. The main focuses of my teaching are active learning, building character within students, and providing meaningful curriculum. I want to create a comfortable setting where every student feels safe to learn. In many ways, my philosophy agrees with the holistic approach to education. I feel this challenges the studentRead MoreMy Philosophy on Education814 Words   |  3 PagesMy Philosophy of Education I think when I made the decision to become a teacher I was not thinking the seriousness of this decision. When we become teachers we also become the molder that will shape our student to be successful in life. But when you decide to become a teacher in a Christian school you are not only shaping this student to be successful in life but we are also shaping their Christian mind to do things with a feeling knowing that they are shape and where made by the image of GodRead MoreMy Philosophy Of Education1015 Words   |  5 Pagesimmediately sparked my interest in becoming an educator and share my personal beliefs on the important aspects of education. In addition to this, I will present various traits I believe are essential and critical for teachers to successfully fulfill their role as an educator. During my elementary years, I developed an urge to frequently ask many questions during the school day. Being able to question anything was astonishing to me. This was because my parents were unable to answer my questions and help

Calamansi Plantation Business Plan - 6425 Words

CHAPTER 2 MANAGEMENT FEASIBILITY BUSINESS ORGANIZATION Choosing the form of business organization is one of the important factors to consider when starting a business venture. After deciding on the kind of business venture to pursue, it is important to immediately think about the form the business will take; will it be more efficient and less risky if the owners invite other investors and incorporate themselves or form a partnership? Or is it more convenient and profitable if the business is registered as a sole proprietorship with the owner acting as both the manager and business owner? The proponents of this study have decided that since capitalization is coming from one source only, that is the owner; it is more profitable for him to†¦show more content†¦Monica Chapel and is approximately two kilometers away from the San Isidro waiting shed. Moreover, the proposed site is ideal for the Chinese Orange (Calamansi) Plantation because the soil is healthy, and an abundant supply of water is available nearby. The site is also near farm to market access roads which is essential in getting the product to its target market. Figure 2.1 shows the sketch map of the business’ location. FIGURE 2.1 LOCATION SKETCH FIGURE 2.2 MAP OF MUNICIPALITY OF GIGAQUIT MANAGEMENT AND PERSONEL REQUIREMENT TABLE 2.0 PERSONNEL REQUIREMENTS TITLE | QUALIFICATIONS | RESPONSIBILITIES | SALARY | Owner/Manger (1) | * Any person who has the capacity to put up this business. | * Responsible in managing the business’ operational activities. * In-charge of budgeting and control | NONE | Technical Assistant (1) | * Has formal training in agriculture (Bachelor’s Degree or TESDA Certification) * Physically Fit * 25 – 30 years old | * In-charge of supervising farm activities including propagation, fertilization, harvest, pest and disease control, etc. | Php7,000.00 | Sales and Marketing Supervisor (1) | * Graduate of any business related course * Single * 25 – 30 years old | * Identifies potential customers * Markets products to potential customers * Supervises sales and delivery of products * Conducts appropriate marketing and promotional activities for the farm | Php6,000.00 | Secretary/Bookkeeper (1) | * GraduateShow MoreRelatedTaguibo Watershed6389 Words   |  26 Pagesforest but below 50% slope and 1000 meters above sea level, composing 589 hectares. A brush land area consists 227 hectares; grassland covers 641 hectares dominated by Cogon and Talahib among others. 148 hectares is filled with Falcata and rubber plantations. 62 hectares, meanwhile, constitute residential houses, barangay hall, bunkhouses as such. Roads and trails cover 22 hectares while rivers and creeks cover an estimated 27 hectares. Total cultivated area planted with fruit trees, coconut and cash

Online Local Vet Clinic

Question: Describe about the Understanding Security Risks, IT Security Control Measurements and Management of Organizational Security of online local vet Clinic? Answer: Context The organization under consideration is a small online local vet clinic. They carry put their business locally but due to the service they provide, now they are getting patients from the nearby towns also. It has four doctors, four nurses and 2 other persons for all administration and financial work. Currently they use only two computers. One for keeping all employee, order, customer details, accounting, payroll etc. and another is with Internet connectivity. Through this computer, they communicate with national veterinary organization and the suppliers of medicines etc. Thus all data about these communications, medicine supplies etc. are stored in the second computer. They also has an online website and a web server for it. In this third system, the web data are stored and processed. The online site is used for online booking by customers, updating events etc., communicating with visitors and customers etc. In a single room, these three systems are kept. There is no restriction on entry to the room. Also there is no explicit recovery system or infrastructure there. A LAN is used to connect these three systems. The organization has suffered from information security attacks in last few months. No data has been lost or damaged, but significant time has been wasted and their business process has been suffered severely. Due to the incident and lack of security infrastructure in the organization, national veterinary organization and the medicine supplier also has raised serious concerns. Before expansion of the business, now the veterinary clinic want to focus on building a stronger information security infrastructure for the organization. For that purpose they have appointed an IT security Manager recently. The |IT security manager is supposed to inspect the current scenario of the organization with respect to information security. Identifying and implementing proper risk management, evaluation of the risks, identifying the required data protection processes and regulations that are applicable to the organization, analysis of the physical security infrastructure, designing and implementing a security policy for the organization, evaluating different security tools based on the policy and also conducting a security audit for the organization as an IT security manager. Understanding Security Risks In this section the information security risks of the organization will be identified and valuated. Understanding the IT security Risks in the Organization The information technology resources and assets of the organization are the operational and transactional data of the organization. It includes different types of data and information. For example, there are customers information like the owner name of the pets, their contact details, credit card information etc., employee details like name, address, other contact details, certification details, payroll details of the employees, accounting and payment details, supplier details, different medical histories of the patients, communication details from national veterinary organization, customer and suppliers, the computers, web server etc. There are several IT security risks in the information technology infrastructure of the organization. The risks are listed below, Their current IT security infrastructure has no physical security of data and IT resources. Particularly, there is no separate room or place for ensuring physical security of the web server. Also, data are stored in the computers itself. There is no recovery option if the computers crashes for some reason. Even there is no restriction of entry in the room where the server, computers and data are located. No computer, web server etc. use any information security tools or application like antivirus, firewall, proxy server etc. all information are scattered in different systems and access to those information are shared through the LAN. So, if there is some attack in the organization from the outer network or Internet, the whole security infrastructure will be exposed to the attack. The organization has already face some attacks from outside network. Thus the chances of such attacks in future has been increased. There is no dedicated security staffs, who can monitor the whole security infrastructure daily and identify potential risks and vulnerability. There is no security audits in the organization till date. There are chances of physical security risks like theft of information damage of the computers, data etc. Or more precisely, insider attacks from the employees.(Fay, 2010) There is no compliances with any of the security policy or regulation. In absence of that, the company may suffer from the legal consequences for data security, privacy and protection breaches, tampering intellectual property right of third parties like the customers, suppliers, employees etc. The organization stores and processes credit card information of the customers. If these information are stolen and misused, then the organization will be in serious trouble, as well as the customers will also be in trouble. This will directly affect their trust and reputation. The organization will be in serious legal consequences and their business will be is survival threats. The customers will no longer trust them and avail their services. (Sennewald, 2011) There are security risks like eavesdropping, spoofing etc. when the organization communicates with the suppliers, customers, national veterinary organization etc. confidentially. When communicating over the Internet these types of attacks are highly common. There is no use of proper security controls or measurement to deal with these kinds of attacks. Valuation of the Organizational Security Procedure Currently the organization lacks stronger organizational security procedures. It can be said that there is no such effective procedure now. Still there are some common and best practices followed by the staffs and the management. Those are, Other than the employees, that is the doctors, nurses and the administrative staffs, no other persons, patients etc. are not allowed to enter in the room where the computers and the web server is located. This imposes some restriction on the entry into the room. But actually this is not effective at all. There is no monitoring or checking in the entrance of the room. Thus, in practice, anyone can enter into the room. Thus there is chances of theft of information and IT assets like hard disks etc. Only the doctors and the administrative staffs can access to the information in the computer and only the administrative staffs can access the web server. These computers and the web server is password protected. But there is no explicit access control. Thus there are high chances of insider security risks. There is no privacy policy on sharing or collecting information from the customers and other third parties. Thus there are higher risks of lack of compliances with data privacy and protections, employees and the customers can raise security breach questions anytime, and the organization will be at risk. (McCrie, 2011) IT Security Control Measurements In this section, there will be descriptions of the possible information security control measurements in the organization. Implemented Security Risks Assessment Procedure in the Organization Currently, there is no such stronger information security control and measurement implemented in the organization. But after the recent information security attacks. The organization had installed some desktop antivirus applications in the computers and web server. But those are not updated timely and the virus database files have become outdated. The computers are not even scanned regularly for viruses. There is no other security risks assessment procedure so far in the organization. Evaluation of the Data Protection Processes and Regulations in the Organization Currently the organization has not implemented any data protection acts or regulations. They just stores and processes third party data on their system without any consent from the owner of those data and any data privacy policy. And there poor information security infrastructure does not conform to any data protection act currently. So, the organization is under the risks of breaching data protection requirement. According to data protection act, the organization is responsible for protecting customer, suppliers and employees data. If they fails to do so, and the data stored in their system, of while being used by them, becomes vulnerable and exposed to the information security risks or theft then the organization will be responsible. Due to the poor IT infrastructure. The organization has already breached this act. Due to the lack of information security controls, the organization has faced some of the information security attacks and as a result all data stored in their system has been exposed to the risks. Applicable Physical Security Issues in the Organization There are several physical security issues in the organization with respect to the information security risks. The consideration of the physical security issues are listed below. There is no server room in the organization. Also the computers and the web server is kept in the same room that is not locked during working hours. Usually the administrative staffs are there in the room. But, as there is no monitoring or checking system while entering into the room, any person can enter into the room without any permission. So, there are high probability of physical risks of the IT resources of the organization. (Taylor, 2013) There is no recovery system used for the operational or transactional data. Due to any problem like electricity, surges, natural calamities etc. the computers and the web server may be damaged. In that case, all these data will be lost. There are high risks of insider risks as there is very little or no access control. For example, doctors are not supposed to see the payroll details. Only the administrative staffs should have access to those information. But all data are stored in the system in a scattered way. The doctors have passwords for the two computers. So they can check these information easily. (Tipton Nozaki, 2012) There are high chances of insider attacks like stealing of information, unauthorized access to data, misuse of computers etc. The computers stores credit card information of the customers. These are highly sensitive information and has higher risks of theft. Management of Organizational Security In this section the possible security policies for the organization will be discussed along with the other requirements to implement the security policy, evaluation of the suitable implementation of the security tools etc. that will be needed to implement the security policy. Organizational Security Policy Design and implementation The security plan should ensure at least the basic security principle confidentiality, integrity and availability of information to the legitimate users (Andress, 2014 ). After analysis of the current scenario of the organization and the information security infrastructure, the proposed security policy and implementation for the organization should consider the following factors. First of all, they need to separate the server and the computers. The server room should have proper security controls and so is the computers. For example, they can partition the same room, and make one part dedicated for locating the web server and another for computers. The server room should have proper electricity controls, cooling system etc.(Taylor, 2013) The server room should have some automatic secure door or some monitoring system to monitor the entry, exit and all events happening in the server room. The operational and transactional data should be stored efficiently and with proper access controls. There should be clear privacy policies to be shared with the customers, employees etc. The privacy policies should contain all details like why and what data are being asked from them, why the data is required, how those will be used etc. The privacy policy is needed to be confirmed from by the owner. The web server is needed to be protected by suitable firewall, proxy server etc. So, that it can be secured from the outsider attacks and hacking attacks. The computers are needed to be password protected, the antivirus applications are to be installed and maintained properly. (Vacca, 2010) If not required, the organization should refrain from storing sensitive information like credit card details of the customers. It is not needed for further data processing, but needs higher degree of data protection implementation. Thus the organization should ask for and store only the information that are being needed. There should be recovery plan and implementation for the data. It will introduce redundancy in the infrastructure to some degree. But this redundancy is very much needed for ensuring availability of the data. There should be use of encryption while sharing sensitive information. Especially from the website, when it accepts booking and payment from the customers, then it should enforce proper security encryption mechanisms to protect those data. (Whitman Mattord, 2013) There should be use of proper authorization process to ensure the identity of the user when someone requests some kind of access to data. Based on the level of sensitive data and access control privileges etc. For example, the payroll details are needed to be accessed by the accountants only and the owner of the payroll details. One doctor should not be able to see other employees payroll details. There should be detailed vulnerability analysis and penetration test for identifying all vulnerabilities in the current information security infrastructure of the organization. These tests are needed to be carried out periodically as the information security risks are very dynamic in nature. Appropriate Tools to Implement the Security Policy To enforce the security policies described in the previous part, following tools are needed to implement those in the organization Biometric Doors can be used to restrict the entry in the server room. This will provide higher degree of physical security. They may use security cameras installed in the computer room and server room to watch and record the activities in those rooms. It will help to reduce the physical security considerations significantly. The organization needs to implement a proper network structure. There should be a router installed separately to the junction point of internet and the LAN. (McCrie, 2011) The web server should be protected by some proxy server. The proxy server will have firewall installed and it will bypass the traffics from the Internet to the web server. Thus the risks of attacks from the internet will be reduces and the data on the actual web server will be secure. However, one thing should be remembered, that the firewalls can reduce the risks of outsider attacks not the insider attacks. (Partida Andina, 2010) Data should be stored and processed in some database. The computers are not suitable for storing operational and transactional data. Databases will help in organizing the data suitably and it will be easier to implement access control and authentication processes. (Snedaker McCrie, 2011) There should be implementation of access controls in the database and the LAN network. Also there should be properly setting of privileges and levels of access controls for different groups of users like the doctors, administrative staffs, DBA etc. Antivirus software are needed to be installed in the computers properly. Updating and upgrading of the same is also required. (Fay, 2010) Cryptography and encryption techniques like public key cryptography, digital signature should be used while communicating confidentially with the suppliers and national veterinary organization, customers etc. This will reduce the risks or spoofing, tampering, eavesdropping type of attacks. There will be clear guidelines for the users who will work on the information systems. The users are bound to follow these guidelines. There should be proper implementation of the data privacy, protection and computer misuse acts. Human Resource Issues in Security Audit in the Organization Conducting an information security audit will consider the following factors, Basic IT infrastructure of the organization. The scope of the audit. Including the vulnerability assessment, external scanning, devices, verifications, data backup plans, access and privilege controls etc. Different policies Human factors Information systems Networks Etc. There are several issues in each of these factors. The audit checks and proposes controls to manage the human behaviors in the organization to optimize the information security of the organization. In the current organization. In the audit, it will focus on how the human resources of the organization are following the information security best practice guidelines, for example, restrictions of use of computers, data, network, |Internet etc. Because implementation of proper information security controls depends on this human resource factors. If they are not following the guidelines then there are higher chances of insider attacks and the use of all information security tools and infrastructure will have very little use. For an example, the employees have installed antivirus in the computers, but do not updates it. Thus there is no effectively of using an outdated antivirus.(Tipton Nozaki, 2012) References Andress, J., 2014 . The Basics of Information Security. s.l.:Syngress. Fay, J., 2010. Contemporary Security Management. s.l.:Elsevier. McCrie, R., 2011. Security Operations Management. 2nd ed. s.l.:Butterworth-Heinemann. Partida, A. Andina, D., 2010. IT Security Management. s.l.:Springer . Sennewald, C. A., 2011. Effective Security Management. s.l.:Elsevier. Snedaker, S. McCrie, R., 2011. The Best Damn IT Security Management Book Period. s.l.:Syngress. Taylor, A., 2013. Information Security Management Principles. 2nd ed. s.l.:BCS Learning Development Limited. Tipton, H. F. Nozaki, M. K., 2012. Information Security Management Handbook. 6th ed. s.l.:CRC Press. Vacca, J. R., 2010. Managing Information Security. s.l.:Syngress. Whitman, M. Mattord, H., 2013. Management of Information Security. s.l.:Cengage Learning.

Vinamilk Research free essay sample

Throughout the years, Vinamilk has expanded its production capacity by acquisition and construction of new plants around the country. At present, the Group operates nine dairy factories with a total capacity of 504 thousand tons per year and one coffee factory with a capacity of 1,500 tons of instant coffee and 6,000 tons of roasted ground coffee. Invest Rationale The largest player in the domestic dairy market The Group is the largest dairy producer in Vietnam, capturing around 37. 0% of the market share in the domestic dairy market. In terms of product segments, the Group accounted for nearly 85. % of the market share in the yoghurt and condensed milk segment; and around 45. 0% of the market share in the liquid milk segment in 2008. These segments jointly contributed to around 68. 0% of its total revenue in 2008. Besides that, Vinamilk’s powdered milk-infant cereals segment accounted for about 29. 0% of its total revenue in 2008. The management has set an ambitious target to expand the market share of this segment from 15. We will write a custom essay sample on Vinamilk Research or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 0% in 2008 to at least 35. 0% over the next two years. Strong brand name Over the years, the Group has built a reputable brand name for its major products. Its highly-popular brand, ‘Vinamilk’, is viewed by many domestic consumers as the most trusted brand for nutritional dairy products. The Group is ranked first in ‘The Top Ten High-Quality Vietnamese Goods’ from 1995 to 2009. According to AC Nielsen, Vinamilk’s contributions in the ‘favorite brand index’ and the ‘brand-used most-often index’ have increased by 14% and 12% y-o-y, respectively, in 2008. Extensive nationwide distribution network Vinamilk has established the largest distribution network compared to its sector’s peers. The Group has 250 distributors selling its products to 125,000 retail outlets covering 64 provinces in Vietnam. This traditional distribution channel accounted for 80. 0% of the Group revenue last year. Its modern distribution network through hypermarkets and supermarkets contributed to about 12. 0% of the Group’s total revenue, while the remaining 8. 0% of its revenue comes from hotels, restaurants, and cafeterias (Horace). Besides that, Vinamilk has consistently been reaching out to assist its distributors in order to strengthen its foothold. The Group has invested in 7,000 fridges, coolers for chilled products and 300 mini-vans to support distributors last year. In 2009, the management plans to invest more than VND 127. 0bn in vans and refrigerators to support its distributors and outlets. We believe that such an extensive distribution channel will continue to give Vinamilk a competitive edge against its foreign and domestic peers. The wide market reach also serves as the biggest barrier for its competitors to enter and/or expand their market share in this market. Continuously expanding product offerings The Group has continuously launched new product offerings to meet the increasingly diversified demand of consumers. In 2008, the Group has developed more than 40 new products and successfully FIN 332 Troy Spring Page 3 Company research VINAMILK introduced 12 new products to domestic and overseas markets. These include â€Å"Probi† yogurt, which help people to enhance the absorption of underlying nutrients and ‘Dielac Diecerna’ for diabetes consumers. The management plans to re-categories its product range tailored for specific consumer classes such as pregnant women, infant, children, teenagers, and elderly. This is expected to help the target consumer group to easily recognize the benefits of the products. Catalysts for upside potential Rising demand Rapid urbanization has boosted domestic demand for dairy products. We expect improved living standards and rising health awareness to encourage the consumption of dairy products going forward. Although domestic per capita fresh milk consumption has increased from 3. 8kg in 2001 to around 9. 0kg in 2008, it remains substantially below the fresh milk consumption per capita in the regional market such as Thailand (25kg) and Singapore (33kg), thus implying favorable growth potential. Upbeat growth prospect According to Agroinfo, Vietnam has the highest retail price of milk in the world. The persistently high consumer milk price, coupled with the robust domestic consumption, has enabled the dairy market to grow exponentially over the past five years. Vietnam’s dairy market has been accredited as the ‘rapid growing sector’ given that it has registered a respectable growth of 15. 2% per annum from 1996-2006, only lagging behind the 16. 0% annual growth rate registered by China’s dairy market. Among the dairy products, we foresee that powdered milk and fresh milk segments could experience the highest growth rate going forward, given their increased popularity among the domestic consumers and the low market penetration rate. Ambitious target to fulfill the domestic supply gap of milk inputs Domestic dairy producers continue to rely heavily on imported milk inputs. At the end of 2008, Vietnam had 107,983 dairy cattle producing about 262,160 tons of fresh milk input, supplying less than 22% of the milk inputs for domestic production. To reduce the country’s dependency on the imported dairy milk inputs, the authority has set an ambitious target to increase the number of dairy cattle that could fulfill around 40. 0% of the domestic demand for fresh milk inputs by 2010. We believe that Vinamilk, being the largest fresh milk purchaser in Vietnam, could benefit enormously from this government measure. Risks and Safeguards Price volatility of imported milk input As mentioned before, the Group is highly dependent on imported milk inputs. We understand that milk inputs account for more than 75. 0% of the Group’s raw materials cost and 60. % of its cost of goods sold (COGS). Our sensitive analysis shows that every 10. 0%-increase in milk input price will translate into a 22. 4%-decline in the EPS, assuming that the ASP of its major product remains constant. Nonetheless, we believe that the active cost control policies engaged by the management will minimize the Group’s exposure to the external volatility of the global milk input prices. Furthermore, the ability of the Group to pass on its increased cost to end-users will mitigate the risk of margin erosion, in our opinion. Rising cost components The Government has approved the hike of the electricity rate by 9. % as of 1 March 2009, which is expected to increase the Group’s total cost by 1. 0%. Furthermore, we expect the Group to incur higher FIN 332 Troy Spring Page 4 Company research VINAMILK marketing expenses going forward to strengthen its market position. Again, the ability of the Group to pass on its increased cost to end-users will mitigate the risk of margin erosion, in our opinion. Competition of high-end product segment to intensify Domestic dairy manufacturers have faced intensified competition from foreign players such as Dutch Lady, Abbott, Meat Johnson and Nestle. We observe that Vietnamese consumers, particularly the young and affluent people, may prefer the popular foreign brands to domestic brands. Despite the intensified competition, we believe that the Group is able to maintain its dominant position in the market given its popular brand name, extensive distribution network and aggressive marketing campaign. Furthermore, we observe that the challenging economic environment has led to a down trading consumption pattern that favor’s the competitive priced products distributed by Vinamilk. Regulatory risk Given that majority of the Vinamilk’s products serve as essential goods for its consumer, we do not discount the possibility that the Government may restrict the Group’s ability to raise its retail price should the inflation become a concern to the economy. Peer Comparison Market Information Product overview VNM has a wide range of products including various kinds of milk such as: fresh milk, yoghurt, powdered milk, ice cream and beverage (juice, tea†¦). Previously there were some kinds of coffee products but they are stopped producing now. Market overview Vietnam’s boasts incomparable demographics. It has a large population of 84 million people and more than half of them under the age of 25. Furthermore the country is urbanising rapidly and an urban wealthier population is strongly corelated with a higher per capita dairy consumption. Given that existing per capita consumption is currently very low we believe that annual double digit growth is FIN 332 Troy Spring Page 5 Company research VINAMILK virtually built-in to the market. Currently the market is relatively immature but it is certainly large enough. Dairy products consumption CAGR in Vietnam was 16. 3% between 2004 and 2006, well above the regional average of 13 4%. Going forward, we expect growth to be sustained at above average regional growth rates of around 14. 5%. The main drivers would be higher per-capita consumption, in line with strong GDP growth. Vietnam’s GDP grew by 8. 17% in 2006, the second highest in ten years. The Economist Intelligence Unit forecasts that Vietnamese GDP growth will moderate to 7. 5% by 2010. Vietnamese currently consume around 9 kg of dairy products per capita annually, which is well below the global and region averages for per-capita consumption. However this is increasing due to five key drivers.