Financial Economics Essay Example | Topics and Well Written Essays - 1500 words

Financial Economics - Essay Example Over time the option can gain a lot of value if the price of the stock rises since the employee has the right to purchase the stocks at the predetermined price. Since the objective for the employee is to gain the maximum monetary benefit possible as a beneficiary of a stock option plan I would encourage the company to implement financial and investment strategies that will increase the value of the firm. In order to learn the best strategy to optimize the value of the stock option plan we must evaluate the potential effects of the company choosing increased dividend payout strategy vs. stock repurchase program. The dividend payout policy of a firm refers to the decision regarding the magnitude of the dividend payout which is the percentage of earnings paid to the stockholders in the form of dividends (Referenceforbusiness). The owner of a company’s common stock will always prefer to have the highest dividend payout possible. One of the main reasons people like dividends so much is because they are obtaining an immediate financial return instead of waiting for the sale of the stock to achieve a capital gain. In order to better understand the effect of dividend we must recognize the existence of retained earnings. At the end an accounting period when profits are determine the board of director can either declare dividends or kept the profits in the form of retained earnings. When money is not distributed and it is kept as retained earnings the company can utilize these funds to make the business grow. If a company is able to invest its money wisely in high yield projects, the firm can achieve internal grow that will raise the market value of the company. During bad financial times such as the current global recession it is common for companies to reduce their payout of cash dividends in order to maintain its liquidity and to keep its cash balance as high as possible (Bigda). A sector that has been horribly as far as reduction in

Histories of Photography Essay Example | Topics and Well Written Essays - 750 words

Histories of Photography - Essay Example Therefore, using cameras, ethnographers during this period were able to capture all the aspects of a community’s culture, which were observable and manifest (Torresan Web). Therefore, the camera, and overall photography was considered a neutral way of the ethnographers’ collection of objective data. During most part of the 19th Century, photography was characterized by various challenges, as far as ethnography is concerned. For instance, low technological advancements in photography had rendered cameras to be heavy and expensive, and the film was considered a volatile tool. These and other factors resulted in some ethnographers arguing against use of photography in ethnography. However, in the 20th century, with increased technological advancements in photography, most of the technological problems experienced previously were resolved. This therefore, led to an increased usage level of photography in ethnography. For instance, ethnographers used photography as a tool fo r documentation. This would include recording videos of rituals, of which their details would be lost, if an ethnographer took notes only (Torresan Web). Through this, ethnographers are able to gain greater understanding of case studies. In the ethnographic studies in the 19th and 20th centuries, ethnographers held the ideological assumption that culture is manifested through symbols that are visible, and which are embedded in gestures, artifacts, rituals, ceremonies, and natural and constructed environments. The people in a community are considered as the actors in culture, which presents itself as a script. With this therefore, ethnographers believed that photography was an essential way of revealing the intangibles of social life, which include facial expressions, pauses in speech, body gestures, and tonal variations (Torresan Web). It was impossible to capture these using written ethnography; thus making photography to be core to ethnography. Part 2 From its time of invention, t here had been a great debate on whether to or not to consider photography as an art form. Different artists had varied views and arguments on whether photography was an art form or not. One of the most important early advocates of photography as an art form include Le Gray. This was a trained artist, who was highly influential in early photography. In 1852, Le Gray wrote, â€Å"The future of photography does not lie in the cheapness but in the quality of a picture. If a photograph is beautiful, complete, and durable, it acquires an intrinsic value before which its price disappears entirely. For my part, it is my wish that photography, rather than falling into the domain of industry or of commerce, might remain in that of art. That is its only true place, and I shall always seek to make it progress in that direction† (Drogoul Web). This therefore, shows Le Gray’s justification of photography as an art form. On the other hand, Henry Peach Robinson was one of the most pro minent photographers of the 19th century. Like Le Gray, Robinson felt that photography deserved to be respected as an art form. He therefore, was involved in different association of artists, which promoted photography as an art form. In addition, Robinson wrote various texts, in which he promoted photography as a form of art (Harry Ransom Center Web). Oscar Gustav Rejlander was another important artist, whom many

Sociological Perspectives on the Family

Sociological Perspectives on the Family Sociology and the family Introduction This essay will focus on two sociology theories, which are the family life cycle and the functionalist approach. It will give a brief overview of each theory. The essay will go on to apply theory to practice, as this essay will make reference to a service user with a sudo name known as Sean, to up hold confidentiality. While applying the family life cycle to the particular service user, this essay will critique the theories strengths and limitations. In applying the functionalist approach, this essay will highlight how the family is seen as an institution in its self and how other institutions inter play in the service user’s life. The theories used in this essay will highlight areas which apply to the service user and areas in which the theory lacks understanding of the complex situations. Conclusion will be drawn. Overview of each theory According to Falicov (1988, p. 9) the family life cycle has been applied widely to social science, he explains that the ‘life course of families evolves through predictable stages which appear universal in spite of one’s culture or subculture’. Family transits to different stages as form of continuity and changes over the life cycle. Falicov identifies two main aspects to the family life cycle, which are cohesion and adaptability (Falicov1988, p. 9). The cohesion relates to the interdependence parts of one’s life and adaptability refers to the flexibility of the family to change, in this the family cycle essentially focuses on a child’s transition into adulthood within a family setting (Falicov, C. 1988, p. 9). As family goes through its continuity phase and changes, there’s a need for the role of each member in the family to be recognised. Claveirole, A Gaughan, M. (2011) defines the family life cycle as a developmental way of looking at families; it provided a framework for an individual’s development of family members and the cycle itself is influenced by socio cultures developments outside the family.   Falicov, C. (1988, p. 13) says the family life cycle is a subject to mirror timing and coping strategies. Carter, E.A McGoldrick, M. (1999) supports this concept as they stated the family cycle is really one’s individual life cycle, which changes and moves in a framework within the structure of a family. This theory takes into account that one’s framework is structured by the families past, present and future hopes for an individual introduced into the family life cycle. The family life cycle highlights the fact that one’s experiences within the family life cycle impacts on our sense of self, for example the values we produce and the development of our personalities. This applies to each individual despite the structure, qualities of relationships or genetics of one’s family. The family has a responsibility to provide whats known as a natural baseline for an individual to grow physically, mentally, socially and emotionally, it also holds responsibilit y for the social institutions in which will affect the growth of the individual i.e. schools and church they may attend. The family life cycle it-self is broken into six parts, which are: Independence (second order changes), coupling (with or without marriage and synergy), parenting young children (participating in reproduction), parenting adolescents, launching adult children and retirement (facing senior years). Each stage contains mastering certain skills or milestones and once this is achieved it allows for the next stage to be developed. There are many ways to study the family which creates many different perspectives. One of these ways is through the functionalist approach. The functionalist approach focuses on the relationship between the family and society. When looking at the family the functionalist approach studies the function in which the family severs to society, such as reproduction and stabilization. Shaws 2002 explains the development of the functionalist approach stating that the perspective emerged as a leading theoretical model, mainly in the area of sociology as three well known sociologists influenced the model. Wallace and Wolf (1995, p.76) defines functionalism, as a whole theoretical perspective, which takes into account four main areas, which are ‘Functional Independence in maintaining social structure, Collective norms to maintain social order/ stability, Societal equilibrium in areas of conformity, adjustments and consensus, along with social constituents and finally Social Pathology and deviance which have resulted from maladjustments of social units’. The functionalist perspective studies society on two levels called Macro and Micro. Macro focuses on society as a whole, polices, services and the community in general. Micro focuses on the individual, the family and reproduction system. The functionalist approach realizes society is broken into institutions. Institutions are defined by Giddens (1984, p.24) ‘as the more enduring social features in life’. The main institution in society is the family, O’Sullivan (2012, p.1) define the family as a natural, primary and fundamental unit group in society a ‘moral institution that possesses inalienable and imprescriptibly rights’. It is the nuclear family (a couple with a depended child or children) that’s a core unit in all types of society. The usefulness of a family in society is limitless in many ways, for example socialization and social order and so by seen the family as a whole in society, it provided changes in society as the needs of family changed, but creating change depends on how societies are governed/run. In support of this is Fletcher (1973) who states the role of the family in terms of socialization and social order falls into two categories which are satisfying human needs and purposes and providing a functional interconnection with the wider social networks of society (school, church). Overview of the client family circumstances Sean is a male aged 27 years. He has an intellectual disability and has attended services for those who have an intellectual disability all his life. World Health Organisation (2014) define intellectual disability as extensively reduction on one’s capability to be aware of information and to learn and apply new skills, in this, individuals are affected to cope independently as the disability have affected their development. Sean is now in a service that promotes independence for those who have an intellectual disability. Sean lives in rural Dublin, a partly disadvantaged area. He lacks motivation and self confidence. He has the capacity to physically work in certain areas and has work for a short period of time. He had the capacity to write and read, but has never been assisted appropriately in the area and is now restricted to learn. He has a great knowledge about current affairs and enjoys talking about this with people he knows. He has a passion for music and one of his hob bies is listening to music. He grew up in a family of three boys who are younger than him, his mother and father. One of Sean brothers pasted away due to tragic accident. The family members are very supportive and its clear Sean has a strong attachment to them. Critique of strengths limitations of each theory in relation to the particular client family Limitations of the family life cycle The family life cycle does not take into account the fact that an individual can â€Å"skip† or progress to another step without fulfilling each step as a sequence. For example in Sean’s case he hasn’t fully transitioned out of the independence stage but has committed to a new social system which is attending his work on a daily basis. He has also started at the independence stage and may skip past the coupling, parenting and launching children stages and still reach his senior years. The family life cycle can be studied and understood from two perspectives; a limitation to this is that in general it focused more on the family perspective. For example in Sean case he has an intellectual disability, but up until Sean started attending the service which promotes independence his perspective wasn’t accounted for. The independence stage highlights one gaining their identity within the family and outside the family unfortunately for Sean this transition has bec ome difficult and is still a working progress, because in the area of gaining roles and learning the rules within the family Sean gain a role of depended, even in areas he had the capacity to be independent for example making a sandwich or buying himself new clothes. The rules underlining this depend behavior was never challenged and from a family perspective is understood as they wanted to care for Sean in the best way they taught. Caring for Sean in this way would have also become a norm for the family, as he is depended on the family for other things such as transport. The family life cycle was limited as the understanding of the stages wasn’t promoted or applied specifically to Sean case (a person with an intellectual disability). In general the family life cycle is implemented as best practice, when really it should be implemented generally and globally for families as a clear outline of one’s transitions. In Sean’s case if the family understood when he was born that he needed to transition though these stages (for a positive/ practical future) to the best of his capacity even with an intellectual disability then he could have reached his full potential for example reading, writing living more independently which would benefit him and his family, as the family will reach their retirement and senior years and Sean would have learnt the basic life skills which he needs at a more practical time and he would have become less depended on the family and became more confident and motivated in his everyday life. Strengths of the family life cycle The family life cycle strength is that it highlights one’s life cycle in general. In Sean’s case he will reach his senior year, in this the life cycle insures that one builds on each stage to the best of their capacity so they reach their full potential as individuals. Working with Sean gives him the opportunity to develop as a person and live his life in the way in which he chooses. For example he acknowledges now that he want to become more independent and aspire to how his younger brothers are living and by applying the family life cycle to best practice and the family it gives him the opportunity to so accordingly. The independence stage is defined by My Health Albert (2014) as the most critical stage of the family life cycle. It is a stage where one begins separate emotionally from the family and in Sean’s case he is doing by speaking out on how he feels and by participating in such activities as buying himself everything’s like food and treating himself to DVD’s. However, the family life cycle begins when a child is born; therefore the life cycle gave Sean the chance to be able to work on the stages even at a later stage in life. For example Sean is 27 years of age and its now he’s working intensely towards the other stages of the family life cycle and even though some stages may not apply to him its only a benefit for him to be able to work towards the ones he is capable of reaching with support from services and his family. Limitations of the functionalist approach A limitation to the functionalist approach is the ideal or overly harmonious image of the family, one in which is well integrated, holding social order and socialization. It doesn’t provide a practical image of the stresses and difficulties in which the traditional family go through. For example Sean was the first child born into the family and he had an intellectual disability. This could have distorted the ideal image/norm/traditional of what the couple had expected with the birth of their first child. The functionalist approach does not consider the alternatives ways for the couple to provide the basic care for a child with an intellectual disability. For example in Sean case, the functionalist approach doesn’t highlighted the importance of services provided for a couple with a child who has an intellectual disability, as the couple may need to depend earlier on services such as the health services to guide them in providing the best care for Sean. The services would have to be integrated in Sean case at a earlier level which this approach does not highlight, for example they could provide information in the area of intellectual disabilities, enrolling him in appreciate school, integrating him into society. In the area of developing institutions functionalist says it’s developed out of satisfying the human needs through fulfilling and organizing various human social needs, in Sean case he hasn’t been fulfilled academically, such as reading and writing and his social needs also lack as the hasn’t intergraded or participated in areas of his choice. The various ways in which the functionalist approach organizes and institutionalizes the human needs is ultimately creating social structure in society, although it does create order it’s not the best approach to practice as it creates stigma around such areas as intellectual disability for example Sean had the capacity to attend mainstream school but due to the fact he had an intellectual disability he attended a special needs school. The stigma from institutionalizing those who have an intellectual disability promoted the idea they didn’t have the capacity to make decisions for themselves (social norm) or to participate in activities including intimate relationships, for example Sean has the capacity to make a decision for himself but due to the influence/ norms of the family and society he wasn’t given the opportunity. Strengths of the functionalist approach The strength of the functionalist approach is the fact it highlights the importance of services for families caring for children. In Sean case he was able to attend services in which provided the best care for those who have an intellectual disability at the time. It highlights the importance of family and even with the services interacting with the family; the family fundamentally provide the basic fundamental care. The family provide the values and norms for the individual and they take responsibility to intergraded their children into the community, for example Sean attend the service regularly as the family provide the transport for him, Sean father encourages Sean to go to the movies and participate in music as he has a passion for music. Sean own value shine through as he completes such things as spending money, a value in which relates to his home environment and where he was brought up. As society grows, the social needs become greater, which in turn gives minority groups a v oice. The functionalist approach appreciates and highlights these changes. Once highlight the changes can be implemented into lawmaking systems, it can develop the political system and education system. In the case of Sean he can voice his opinion and make decisions for himself, due to the rights provided by policies which have been amended. An example of this would be the work done around the issues of sexuality and relationships for those who have an intellectual disability. The Irish Sex Education Network has the primary aim to promote a high professional standard in the area of sex education for those who have an intellectual disability (Allen and Seery 2002, p.3) Conclusion In conclusion to this essay has given a brief over view of two sociological perspectives, which are the family life cycle and the functionalist approach. In reference to these theories it has applied a practice based example, in which it gives an in depth review of the strengths and limitations of the each theory. In reference to the family life cycle, it highlights the different stages in which Sean has progressed through and ones he could work towards with support. The family life cycle helps predict stages in which the service user will not be able to transition into due to lack of support from family and the services provided and in general because their capacity won’t allow. In applying the functionalist perspective, it highlights the interaction of the family and the services available for those who have an intellectual disability. It highlights how this interaction is of up most important to better the quality of life for service users. Bibliography Allen, M. Seery, D. (2002) The Current Status of Sex Education Practice For People with an Intellectual Disability In Ireland, [Online] Dublin: Irish Sex Education Network. Available at:http://www.sexualhealthcentre.com/PUBLICATIONS/SHC%20Disability%20Report2.pdf [Accessed 27 January 2014] American Association on Intellectual and Developmental Disabilities (2013) Intellectual Disability [Online] Available at: http://aaidd.org/intellectual-disability/definition#.Ux9ntT9_sR8  [Accessed 1 February 2014] Carter, E.A McGoldrick, M (1999) The expanded family life cycle: individual, family, and social perspectives, Boston : Allyn and Bacon Claveirole, A and Gaughan, M. (2011) Understanding Children and Young Peoples Mental Health: United Kingdom:John Wiley Sons Ltd Falicov, C.J (1988) Family Transitions: Continuity and Change over the Life Cycle, New York: The Guilford Press Fletcher, R (1978) The Family and Marriage in Britian: An analysis and moral assessment,Virgina: Penguin Giddens, A. (1984) The Constitution of Society: Outline of the Theory of Structuration, United States of America: The University of California Press O’Sullivan, D. (2012) A Critical Analysis of the protection of families under the Irish Constitution of 1937 [Online] Dublin: Colr .Available at: http://corkonlinelawreview.com/editions/2012/ACriticalAnalysisOfTheProtectionOfFamiliesUnderTheIrishConstitutionOf1937.DonnachaOSullivan.pdf [Accessed 29 January 2014] My Health Albert (2014) Family life cycle: Independence Stage [Online] available at  https://myhealth.alberta.ca/health/pages/conditions.aspx?hwid=ty6171#ty6174  Accessed 5 January 2014 Shaw V.N, (2002) Substance Use and Abuse: Sociological Perspectives United States of America: Greenwood Publishing Group Inc Wallace, R. A and Wolf, A. (1995) Contemporary Sociological Theory: Continuing the Classical Tradition, New Jersey: Prentice-Hall. World Health Organisation (2014) Intellectual Disability, [Online] Available at: http://www.euro.who.int/en/health-topics/noncommunicable-diseases/mental-health/news/news/2010/15/childrens-right-to-family-life/definition-intellectual-disability [Accessed on 5th March 2014]

The Evolution of Sex Essay -- Reproductive Science

Introduction Life on Earth is all about sex. But sex is far more attributable to our animalistic instincts than many humans even realize. Animals and human beings, alike, go through unimaginable things to ensure their genes are passed on for another generation. The one goal in most species’ lives is to reproduce so that some parts of their DNA or genes get handed down. Clearly without reproduction and sex, which are distinctly different terms, the species would become extinct. Because of this inescapable fact, the evolution of sex is a very important topic. One may say that sex drives evolution and evolution drives nature, which in turn makes sex the center of existence. When examining the evolution of sex there are many different topics and facts to be looked at closely. This paper will give a brief description of the history of sexual reproduction and how it has evolved over the past 600 million years. Next, a discussion on Darwin’s theories of natural selection and sexual selection and their role in evolutionary theory will be presented. In addition, this paper will include a thorough examination of the different forms of reproduction; the history, current state, and future of human sexual reproduction; and various other interesting topics relating to the evolution of sex. Reproduction Wilson (1975) notes that an individual organism is part of an elaborate device that ensures the survival and replication of genes with the least possible biochemical alteration. Being that reproduction is thought to be one of the primary reasons for existence for many species, it is important to investigate its role in the evolution of sex. Webster defines reproduction as the act or process by which plants and animals give rise to offsp... .... (2007). Evolutionary analysis (4th ed.). Upper Saddle River, NJ: Pearson Prentice Hall. Neiman, M., Hehman, G., Miller, G., Logsdon, Jr., J., & Taylor, D. (2009). Accelerated Mutation Accumulation in Asexual Lineages of a Freshwater Snail. Molecular Biology and Evolution, 27(4): 954-963.DOI: 10.1093/molbev/msp300 Schuiling, G. (2005). On Sexual Behavior and Sex-role Reversal. Journal of Psychosomatic Obstetrics and Gynecology, 26(3): 217-223 The Evolution of Sexual Reproduction. (n.d.). The Journal of Evolutionary Philosophy - Evolution and Meaning. Web. 22 Nov. 2015. http://www.evolutionary-philosophy.net/sex.html WhyEvolutionIsTrue. Evolve: Sex history channel [video]. (2011, April 04). Web. 20 Nov. 2015. http://www.youtube.com/watch?v=gO7Y61bn_MQ Wilson, E., (1975). Sociobiology: The new synthesis. Cambridge, Massachusetts: Harvard University

Statistical Term Paper

Operating Manual FocusPRO TH6000 Series  ® Programmable Thermostat 69-1921EFS-03 Quick Reference Card Grasp and pull to see basic operating instructions at a glance. Battery Holder Press down and pull to remove batteries. Batteries should be replaced once a year (see page 17). ENGLISH MCR29456 This manual covers the following models: TH6110D: For 1 Heat/1 Cool systems TH6220D: For up to 2 Heat/2 Cool systems TH6320U: For up to 3 Heat/2 Cool systems (Remove battery holder to find model number) Need Help? For assistance with this product please visit http://yourhome. honeywell. om or call Honeywell Customer Care toll-free at 1-800-468-1502 Read and save these instructions.  ® U. S. Registered Trademark. Patents pending. Copyright  © 2011 Honeywell International Inc. All rights reserved. FocusPRO TH6000 Series  ® Table of contents About your new thermostat Thermostat features†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2 Programming at a glance †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 Quick reference to controls †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 Quick reference to display †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 Appendices Battery replacement †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 17 In case of difficulty†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 Customer assistance †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20 Accessories/replacement parts †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. .20 5-year limited warranty †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 21 ENGLISH Programming & Operation Set time and day †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 Select fan setting (auto/on) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Select system setting (heat/cool)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 Using program schedules †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 9 Program schedule overrides †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 Auto-changeover (heat/cool) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 14 Compressor protection †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 15 Adaptive Intelligent Recoveryâ„ ¢ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 16This thermostat is ready to go! Your new thermostat is pre-programmed and ready to go. See page 3 to check settings. CAUTION: EQUIPMENT DAMAGE HAZARD. To prevent possible compressor damage, do not operate cooling system when outdoor temperature is below 50 °F (10 °C). 69-1921EFS—03 1 Operating Manual About your new thermostat Congratulations on the purchase of your new Honeywell thermostat. It has been designed to give you many years of reliable service and easy-to-use, push-button climate control. ENGLISH Features †¢ Separatelyprogrammableweekday/weekendschedules. †¢ One-touchtempcontrolo verridesprogramscheduleatanytime. Energy-savingsettingsformaximumcostsavings. †¢ Large,clear,backlitdisplayiseasytoread—eveninthedark. †¢ Displaysbothroomtemperatureandtemperaturesetting. †¢ Removablebatteryholderforfast,easyreplacement. †¢ Built-incompressorprotection. 69-1921EFS—03 2 FocusPRO TH6000 Series  ® This thermostat is ready to About your new thermostat go! Your new thermostat is pre-programmed and ready to go. All you have to do is set the time and day. Then check the settings below and change if needed: 1. 2. 3. 4. Set time and day (required for proper operation) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. See page 6 Select fan setting (Auto/On): Preset to Auto†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..To change, see page 7 Select system setting (Heat/Cool): Preset to Heat †¦Ã¢â‚¬ ¦ To change, see page 8 Program schedules: Preset to energy-saving levels while you’re at work or asleep (assumes you wake at 6 am, leav e at 8 am, return at 6 pm and go to bed at 10 pm) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ To change, see pages 9-11 You can override the program schedule at any time, and manually adjust the temperature (see pages 12-13). ENGLISH 3 69-1921EFS—03 Operating Manual Quick your new to controls About reference thermostat Digital display (see page 5).Battery holder (see page 17). ENGLISH Temperature Buttons Press to adjust temperature settings (see page 11-13). Function Buttons Press to select the function displayed just above each button. (Functions change depending on the task. ) 69-1921EFS—03 4 Hold Button Press to override M29457 programmed temperature control (see page 13). FocusPRO TH6000 Series  ® Quick your new to display About reference thermostatscreen Current inside temperature In Recovery (see page 16) Current program period Wake/Leave/Return/Sleep (see pa ges 9-11) Inside Low battery warning (see page 17) Replace Battery In RecoveryCurrent time/day (see page 6) Temperature setting (see pages 11-13) Auxiliary heat (Onlyforheatpumps withauxiliaryheat) System status HeatOn/CoolOn(If flashing, see page 15) System setting Heat/Cool/Auto/Off/Em Heat (see page 8) Fan setting Auto/On(seepage7) ENGLISH 72 Wake 6:30 Wed Fan Auto AM Set Clock/Day/ Schedule Auxiliary Heat On System Heat 72 Heat Setting Set Clock/Day/Schedule (see pages 6 & 11) MCR29458 Function buttons Press the button beneath each function to view or change settings (functions change depending on the task) 5 69-1921EFS—03 Operating Manual Set the time and day About your new thermostatPress SET CLOCK/DAY/SCHEDULE, then adjust time 4:30 Set Clock/Day/ Schedule Fan Auto PM System Heat 1. Press the SET CLOCK/DAY/SCHEDULE button, then press s or t to set the clock time. 2. Press the SET DAY button, then press s or t to select the day of the week. 3. Press DONEtosave&exit. Not e: If the SET CLOCK/DAY/SCHEDULE option is not displayed, press DONE or RUN SCHEDULE. ENGLISH Press SET DAY, then select current day Wed Done Set Day Set Schedule MCR29459 Note: If the display flashes Set Clock, the thermostat will follow your settings for the weekday â€Å"Wake† time period until you reset the time and day. 9-1921EFS—03 6 FocusPRO TH6000 Series  ® Select the new thermostat About yourfan setting Set Clock/Day/ Schedule Fan Auto System Heat Press the FAN button to select Auto or On. In â€Å"Auto† mode (the most commonly used setting), the fan runs only when the heating orcoolingsystemison. Ifsettoâ€Å"On,†thefan runs continuously. ENGLISH Set Clock/Day/ Schedule Fan System On Heat MCR29460 7 69-1921EFS—03 Operating Manual Select the new thermostat About yoursystem setting Set Clock/Day/ Schedule Fan Auto System Heat Press the SYSTEM button to select: †¢ Heat: Thermostat controls only the heating system. Cool: Thermostat con trols only the cooling system. ENGLISH Set Clock/Day/ Schedule Fan Auto System Cool †¢ Off: Heating and cooling systems are off. †¢ Auto: Thermostat automatically selects heating or cooling depending on the indoor temperature. †¢ Em Heat (only for heat pumps with auxiliaryheat):Thermostatcontrols EmergencyandAuxiliaryHeat. Compressor is locked out. 8 MCR29461 Note: The Auto and EmHeat system settings may not appear, depending on how your thermostat was installed. 69-1921EFS—03 FocusPRO TH6000 Series  ® Save money by thermostat About your newsetting program schedules It’seasytoprogramyoursystemformaximumenergysavings.Youcanprogramfour time periods each day, with different settings for weekdays and weekends. WAKE 6:00 am ENGLISH 70  ° Set to the time you awaken and the temperature you want during the morning, until you leave for the day. Set to the time you leave home and the temperature you want while you are away (usually an energy-saving level). Set to the time you return home and the temperature you want during the evening, until bedtime. Set to the time you go to bed and the temperature you want overnight (usually an energy-saving level). 9 69-1921EFS—03 LEAVE 8:00 am 62  ° 70  ° RETURN 6:00 pm SLEEP 10:00 pm 62  °Operating Manual Energy-saving settings for About your new thermostatmaximum cost savings This thermostat is pre-set with energy-saving program settings. We recommend these settings,sincetheycanreduceyourheating/coolingexpensesbyasmuchas3 3%. (Seenextpagetoadjusttimesandtemperaturesofeachtimeperiod. ) Heat (Mon-Fri) Wake (6:00 am) Leave (8:00 am) Return (6:00 pm) Sleep (10:00 pm) Cool (Mon-Fri) Heat (Sat-Sun) Cool (Sat-Sun) ENGLISH 70  ° 62  ° 70  ° 62  ° 75  ° 83  ° 75  ° 78  ° 10 [Orcancelperiod] [Orcancelperiod] 70  ° 62  ° 70  ° 62  ° [Orcancelperiod] [Orcancelperiod] 75  ° 83  ° 75  ° 78  ° 69-1921EFS—03 FocusPRO TH6000 Series To adjust program schedules Abou t your new thermostat Set Clock/Day/ Schedule Fan Auto System Cool 1. Press SET CLOCK/DAY/SCHEDULE, then SET SCHEDULE. 2. Press s or t to set your weekday Wake time (Mon–Fri), then press NEXT. ENGLISH Done Set Day Set Schedule 3. Press s or t to set the temperature for this time period, then press NEXT. 4. Settimeandtemperatureforthenexttime period(Leave). Repeatsteps2and3foreach weekday time period. 5. Press NEXT to set weekend time periods (SatSun), then press DONEtosave&exit. Note: Make sure the thermostat is set to the system you want to program (Heat or Cool).Note: You can press CANCEL PERIOD to eliminate unwanted timeperiods(exceptWake). 11 69-1921EFS—03 Set Schedule 8:00 AM Leave Mon Tue Wed Thu Fri Done 62 Heat Setting CancelPeriod Next MCR29462 Operating Manual Program schedule override About your new thermostat (temporary) Press to temporarily adjust temperature. ENGLISH 69 Run Schedule Inside Temporary 6:30 Fan Auto AM 75 Heat Setting Press s or t to immedia tely adjust the temperature. This will temporarily override the temperature setting for the current time period. The new temperature will be maintainedonlyuntilthenext programmed time period begins (see page10).Forexample,ifyouwantto turn up the heat early in the morning, it will automatically be lowered later, when you leave for the day. To cancel the temporary setting at any time, press RUN SCHEDULE. System Heat MCR29463 Press to cancel temporary setting and resume program schedule. Note: Make sure the thermostat is set to the system you want to control (heat, cool or auto). 69-1921EFS—03 12 FocusPRO TH6000 Series  ® Program schedule override About your new thermostat (permanent) Press to permanently adjust temperature. 69 Run Schedule Inside Heat Hold Setting 6:30 Fan Auto AM 75 Press HOLD to permanently adjust the temperature.This will override the temperature settings for all time periods. The â€Å"Hold† feature turns off the program schedule and allows you to adjust the thermostat manually, as needed. MCR29464 ENGLISH System Heat Press to cancel â€Å"Hold† setting and resume program schedule. Note: Make sure the thermostat is set to the system you want to control (heat, cool or auto). 13 Whatever temperature you set will be maintained 24 hours a day, until you manually change it, or press RUN SCHEDULE to cancel â€Å"Hold† and resume the programmed schedule. 69-1921EFS—03 Operating Manual Auto changeover (heat/cool) About your new thermostatSet Clock/Day/ Schedule Fan Auto System Auto MCR29465 Auto Changeover is a feature used in climates where both air conditioning and heating are used on the same day. When the system is set to Auto, the thermostat automatically selects heating or cooling depending on the indoor temperature. Heat and cool settings must be at least 3 degrees apart. The thermostat will automatically adjust settings to maintain this 3-degree separation (called â€Å"deadband†). The 3-degree sep aration between heating andcoolingsettemperaturesisfixed,and cannot be changed. ENGLISH Press until screen displays â€Å"Auto†Note: The Auto system setting may not appear, depending on how your thermostat was installed. 69-1921EFS—03 14 FocusPRO TH6000 Series  ® Built-in compressor protection About your new thermostat 75 Set Clock/Day/ Schedule Inside 6:30 Fan Auto AM 75 Cool Setting This feature helps prevent damage to the compressor in your air conditioning or heat pump system. Damagecanoccurifthecompressoris restarted too soon after shutdown. This feature forces the compressor to wait for a few minutes before restarting. Duringthewaittime,thedisplaywillflash the message CoolOn (or HeatOn if you have a heat pump).When the safe wait time has elapsed, the message stops flashing and the compressor turns on. ENGLISH Cool On System Cool MCR29466 Message flashes until safe restart time has elapsed 15 69-1921EFS—03 Operating Manual Adaptive Intelligent Recovery (A IR) About your new thermostat TM Adaptive Intelligent Recovery eliminates guesswork when setting your schedule. It allows the thermostat to â€Å"learn† how long your furnace and air conditioner take to reach the temperature you want. Just set your program schedule to the time you want the house to reach your desired temperature.The thermostat then turns on the heating or cooling at just the right time to reach your scheduled temperature at your scheduled time. Forexample:SettheWaketimeto6amandthetemperatureto70 °. Theheatwill come on before 6 am, so the temperature is 70 ° by the time you wake at 6. ENGLISH Note: When Adaptive Intelligent Recovery is in effect, the thermostat will display â€Å"In Recovery†. 69-1921EFS—03 16 FocusPRO TH6000 Series  ® Battery replacement About your new thermostat Press and pull to remove Batteries are optional (to provide backup power) if your thermostat was wired to run on AC power when installed.Install fresh batteries i mmediately when the REPLACE BATTERY warning begins flashing. The warning flashes about two months before the batteries are depleted. Evenifthewarningdoesnotappear,you should replace batteries once a year, or before leaving home for more than a month. If batteries are inserted within two minutes, the time and day will not have to be reset. All other settings are permanently stored in memory, and do not require battery power. 17 69-1921EFS—03 ENGLISH Replace Battery Insert fresh AA alkaline batteries, then reinstall battery holder. MCR29467 Operating ManualIn case of difficulty About your new thermostat If you have difficulty with your thermostat, please try the following suggestions. Most problems can be corrected quickly and easily. Display is blank †¢ †¢ †¢ †¢ Checkcircuitbreakerandresetifnecessary. Makesurepowerswitchatheating&coolingsystemison. Makesurefurnacedoorisclosedsecurely. Ifthermostatisbatterypowered,makesurefreshAAalkaline batteries are correc tly installed (see page 17). ENGLISH Temperature settings do not change Make sure heating and cooling temperatures are set to acceptable ranges: †¢ Heat:40 °to90 °F(4. 5 °to32 °C). †¢ Cool:50 °to99 °F(10 °to37 °C).Follow these steps to restore default settings (see page 10): To restore default settings 1. Press SET CLOCK/DAY/SCHEDULE. 2. Press SET SCHEDULE. 3. Press DONE and NEXT at the same time for 4 seconds. 69-1921EFS—03 18 FocusPRO TH6000 Series  ® In case of difficulty About your new thermostat Heating or cooling system does not respond †¢ PressSYSTEM button to set system to Heat. Make sure the temperature is set higher than the Inside temperature. †¢ PressSYSTEM button to set system to Cool. Make sure the temperature is set lower than the Inside temperature. †¢ Checkcircuitbreakerandresetifnecessary. †¢Makesurepowerswitchatheating&coolingsystemison. †¢ Makesurefurnacedoorisclosedsecurely. †¢ Wait5minutesforthesy stemtorespond. †¢ Compressor protection feature is engaged. Wait 5 minutes for the system to restart safely, without damage to the compressor (see page 15). ENGLISH â€Å"Cool On† or â€Å"Heat On† is flashing 19 69-1921EFS—03 Operating Manual Customer assistance About your new thermostat For assistance with this product, please visit http://yourhome. honeywell. com. OrcallHoneywellCustomerCaretoll-freeat 1-800-468-1502. To save time, please remove the battery holder and note your model number and date code before calling.ENGLISH Model number xxxxxxx Datecode xxxxxxx Accessories/replacement parts To order, please call Honeywell Customer Care toll-free at 1-800-468-1502. Battery holder †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Part No. 50007072-001 Cover plate assembly* †¦Ã¢â‚¬ ¦ Part No. 50002883-001 MCR29468 *Use to cover marks left by old thermostats. 20 69-1921EFS—03 FocusPRO TH6000 Series  ® 5-year limited warranty About your new thermo stat Honeywellwarrantsthisproduct,excludingbattery,tobefreefromdefectsinthe workmanship or materials, under normal use and service, for a period of five (5) years from the date of purchase by the consumer.If at any time during the warranty period the product is determined to be defective or malfunctions, Honeywell shall repair or replace it (at Honeywell’s option). If the product is defective, (i) return it, with a bill of sale or other dated proof of purchase, to the place from which you purchased it; or (ii) call Honeywell Customer Care at 1-800-468-1502. Customer Care will make the determination whether the product should be returned to the following address: HoneywellReturnGoods,Dock4MN10-3860,1885DouglasDr. N. ,GoldenValley,MN 55422, or whether a replacement product can be sent to you. ENGLISH 21 69-1921EFS—03Operating Manual 5-year limited warranty About your new thermostat This warranty does not cover removal or reinstallation costs. This warranty shall not appl y if it is shown by Honeywell that the defect or malfunction was caused by damage which occurred while the product was in the possession of a consumer. Honeywell’s sole responsibility shall be to repair or replace the product within the termsstatedabove. HONEYWELLSHALLNOTBELIABLEFORANYLOSSOR DAMAGEOFANYKIND,INCLUDINGANYINCIDENTALORCONSEQUENTIAL DAMAGESRESULTING,DIRECTLYORINDIRECTLY,FROMANYBREACHOFANY WARRANTY,EXPRESSORIMPLIED,ORANYOTHERFAILUREOFTHISPRODUCT.Somestatesdonotallowtheexclusionorlimitationofincidentalorconsequ ential damages, so this limitation may not apply to you. ENGLISH 69-1921EFS—03 22 FocusPRO TH6000 Series  ® 5-year limited warranty About your new thermostat THISWARRANTYISTHEONLYEXPRESSWARRANTYHONEYWELLMAKESON THISPRODUCT. THEDURATIONOFANYIMPLIEDWARRANTIES,INCLUDINGTHE WARRANTIESOFMERCHANTABILITYANDFITNESSFORAPARTICULARPURPOSE, ISHEREBYLIMITEDTOTHEFIVE-YEARDURATIONOFTHISWARRANTY. Some states do not allow limitations on how long an implied warranty l asts, so the above limitation may not apply to you.This warranty gives you specific legal rights, and you may have other rights which vary from state to state. If you have any questions concerning this warranty, please write Honeywell Customer Relations,1985DouglasDr,GoldenValley,MN55422orcall1-800-468-1502. In Canada,writeRetailProductsON15-02H,HoneywellLimited/HoneywellLimitee,35 DynamicDrive,Scarborough,OntarioM1V4Z9. ENGLISH 23 69-1921EFS—03 Automation and Control Solutions Honeywell International Inc. 1985DouglasDriveNorth GoldenValley,MN55422 http://yourhome. honeywell. com HoneywellLimited-HoneywellLimitee 35DynamicDrive Toronto,OntarioM1V4Z9  ® U. S. Registered Trademark. 2011 Honeywell International Inc. 69-1921EFS—03M. S. Rev. 03-11 Printed in U. S. A. Manuel d’utilisation FocusPRO Serie TH6000  ® Thermostat programmable Carte de reference rapide Tirez pour voir d’un coup d’? il les instructions de fonctionnement de base. Porte-piles Appuyez et tirez pour enlever les piles. Lespilesdevraientetreremplaceesunefoisparan(page17). Ce guide couvre les modeles suivants : TH6110D :Pour1systemedechauffageet1systemede climatisation TH6220D :Pour2systemesdechauffageet2systemes de climatisation TH6320U :Pour3systemesdechauffageet2systemes de climatisation (Enlevezleporte-pilespourtrouverlenumerodemodele. MCR29456 Besoin d’aide? Pour obtenir de l’assistance au sujet de ce produit, consulter le http://yourhome. honeywell. com outelephonersansfraisauCentredeservicealaclienteledeHoneywellau1 800 468-1502 Lire et conserver ces instructions.  ®MarquedeposeeauxE. -U. Brevetseninstance.  ©2011HoneywellInternationalInc. Tousdroitsreserves. FocusPRO Serie TH6000  ® Table des matieres A propos du thermostat A propos du thermostat Caracteristiquesduthermostat †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 Apercu de la programmation †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 Consultation rapide des commandes †¦Ã¢â‚¬ ¦. 4 Consultationrapidedel’ecran †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 AnnexesRemplacement des piles †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 17 Encasdeprobleme †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 18 Assistancealaclientele †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 20 Accessoiresetpiecesderechange †¦Ã¢â‚¬ ¦.. 20 Garantielimiteede5ans†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 21 Programmation et fonctionnement Reglerl’heureetlejour †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 Selectionnerlereglagedelasoufflante (Auto/On) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 Selectionnerlereglagedusysteme (Heat/Cool) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 Utilisationdeshorairesprogrammes †¦Ã¢â‚¬ ¦.. 9 Supplantationdel’horaireprogramme †¦ 2 Substitition automatique (Heat/Cool) †¦.. 14 Protection du compresseur †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 15 Recuperationintelligente adaptative †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 16 MC FRANCAIS Ce thermostat est pret a fonctionner! Votrenouveauthermostatestprogramme d’avanceetpretafonctionner. Voirla page 3pourverifierlesreglages. MISE EN GARDE : RISQUE DE DOMMAGES AU MATERIEL. Pourprevenir des dommages potentiels au compresseur, nepasfairefonctionnerlesystemede climatisationlorsquelatemperature exterieureestinferieurea10 °C(50 °F). 1 69-1921EFS—03 Manuel d’utilisation A propos du thermostatFelicitationspourl’achatdevotrenouveauthermostatHoneywell. Ilaeteconcu pourvousoffrirdenombreusesanneesdefonctionnementfiableetdecommandes d’ambiancesimplesabouton-poussoir. Caracteristiques †¢ Horairesprogra mmablesseparementpourlesjoursdesemaineetles week-ends. †¢ Commandedetemperatureaunetouchepoursupplanterleprogramme en tout temps. †¢ Reglagesd’economied’energiepourdeseconomiesd’energiemaximales. †¢ Grandecranincoloreetretroeclaire,facilealirememedanslenoir. †¢ Affichealafoislatemperatureambianteetlatemperatureprogrammee. †¢ Porte-pilesamoviblepourleremplacementsimpleetrapidedespiles. †¢ Protectionducompresseurintegree. 9-1921EFS—03 2 FRANCAIS FocusPRO Serie TH6000  ® Ce thermostat est pret a fonctionner! Votrenouveauthermostatestprogrammed’avanceetpretafonctionner. Ilvoussuffitderegler lejouretl’heure. Puisdeverifierlesreglagesci-dessousetdelesmodifieraubesoin: 1. 2. 3. 4. Regler l’heure et le jour (necessaire pour le bon fonctionnement) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Voir page 6. Selectionner le reglage de la soufflante (Auto/On) : PreregleaAuto †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pour modifier, voir la page 7.Selectionner le reglage du systeme (Heat/Cool) : PreregleaChauffage †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Pour modifier, voir la page 8. Utilisation des horaires programmes : Preregleauxniveauxd’economied’energielorsque vousetesabsentouaulit(supposantquevousvousleveza6h,quevousparteza8h,quevous reveneza18hetquevousallezaulita22h)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pour modifier, voir les pages 9-11. COMMANDE DE TEMPERATURE A UNE TOUCHE :Vouspouvezsupplanterl’horaire programmeentouttempsetreglermanuellementlatemperature( pages12et13). FRANCAIS 3 69-1921EFS—03 Manuel d’utilisation Consultation rapide des commandesAffichage numerique (page 5). Porte-piles (page 17). Boutons de temperature Appuyezpourreglerla temperature(page11-13). FRANCAIS Boutons de fonctions Appuyezpourselectionnerlafonctionindiqueeau-dessus dechaquebouton. (Lesfonctionschangentselonlatache. ) 69-1921EFS—03 4 Bouton de retenue Appuyez pour supplanter M29457 lacommandedetemperature programmee(page13). FocusPRO Serie TH6000  ® Consultation rapide de l’ecran Temperature interieure actuelle En recuperation (page 16) Duree du programme actuel Reveil/Depart/ Retour/Sommeil (pages 9-11) Regler horloge/jour/ horaire (pages 6 et 11) MCR29458 Avertissement de piles faibles (page 17)Replace Battery In Recovery Heure/jour actuels (page 6) Reglage de la temperature (pages 11-13) Chauffage auxiliaire (Pour thermopompes avecchauffageauxiliaire) Etat du systeme Chauffage en fonction/ climatisation en fonction (si clig notant, voir page 15) Reglage du systeme Heat/Cool/Auto/Off/Em Heat (page 8) Reglage de soufflante Auto/On(page7) 72 Wake Inside 6:30 Wed Fan Auto AM Set Clock/Day/ Schedule Auxiliary Heat On System Heat 72 Heat Setting FRANCAIS Boutons de fonctions Appuyez sur le boutons en dessous de chaque fonctionpourafficheroumodifierlesreglages (lesfonctionschangentselonlatache). 5 69-1921EFS—03Manuel d’utilisation Regler le jour et l’heure Appuyez sur SET CLOCK/DAY/SCHEDULEetreglezl’heure. 4:30 Set Clock/Day/ Schedule Fan Auto PM System Heat 1. Appuyez sur les boutons SET CLOCK/ DAY/SCHEDULE puis appuyez sur s ou t pourreglerl’heuredel’horloge. 2. Appuyez sur les boutons SET CLOCK/ DAY/SCHEDULE puis appuyez sur s ou t pourreglerlejourdelasemaine. 3. Appuyez sur DONE pour enregistrer lesreglagesetquitterlafonction. Remarque : Si l’option SET CLOCK/DAY/ SCHEDULE ne s’affiche pas, appuyez sur DONE ou RUN SCHEDULE. FRANCAIS Appuyez sur SET D AY,puisselectionnezlejourpresent. Wed Done Set Day Set Schedule MCR29459Remarque : Si Set Clock clignote sur l’affichage,lethermostatsuivravosreglages pourl’heuredereveilensemainejusqu’ace quel’heureetlejoursoientreinitialises. 69-1921EFS—03 6 FocusPRO Serie TH6000  ® Selectionnez le reglage de soufflante Set Clock/Day/ Schedule Fan Auto System Heat Appuyez sur le bouton FANpourselectionner Auto ou On. Enmode «Auto »(lemodeusuel),lasoufflante fonctionneseulementquandlesystemede chauffage ou de climatisation est en marche. Alaposition «On »,lasoufflantefonctionne sans interruption. FRANCAIS Set Clock/Day/ Schedule Fan System On Heat MCR29460 7 69-1921EFS—03 Manuel d’utilisation Selectionnez le reglage de systemeSet Clock/Day/ Schedule Fan Auto System Heat Appuyez sur le bouton SYSTEMpourselectionner: †¢ Heat : Lethermostatcommande uniquementlesystemedechauffage. †¢ Cool :Lethermostatcommande uniquementlesystemedecli matisation. Set Clock/Day/ Schedule Fan Auto System Cool †¢ Off :Lessystemesdechauffageet de climatisation sont hors fonction. †¢ Auto :Lethermostatselectionne automatiquement le chauffage ou la climatisation en fonction de la temperatureinterieure. †¢ Em Heat (seulement pour les thermopompesavecchauffageauxiliaire): Lethermostatcommandelechauffage d’urgenceouauxiliaire. Lecompresseur n’estpasactive. 8 FRANCAIS MCR29461Remarque :Lesreglagesde systemeAuto et EmHeat peuvent nepass’afficher,selonlamaniere dontvotrethermostataeteinstalle. 69-1921EFS—03 FocusPRO Serie TH6000  ® Ecomonisez de l’argent en programmant des horaires C’estfaciledeprogrammervotresystemepourl’economied’energiemaximum. Vouspouvez programmerquatreperiodesdetempsachaquejouravecdesreglagesdifferentspourles jours de semaine et les week-ends. LEVER Regleral’heure du leveretalatemperaturevouluelematin,jusqu’a 06:00 votredepart. 70  ° FRANCAIS DEPART 08:00 62  ° 70  ° Reglezal’heuredudepartdelamaisonetalatemperaturevoulue durantvotreabsence(enreglegenerale,unniveaud’economie d’energie).Reglezal’heuredevotreretouralamaisonetalatemperature quevousvoulezdurantlasoiree,jusqu’aucoucher. RETOUR 18:00 SOMMEIL Reglezal’heure du coucheretalatemperaturevouluedurant 22:00 votresommeil(enreglegenerale,unniveaud’economied’energie). 62  ° 9 69-1921EFS—03 Manuel d’utilisation Reglages d’economie d’energie pour des economies d’energie maximales Cethermostatestprereglesurunprogrammed’economied’energie. Nousrecommandonsces reglagespuisqu’ilspeuventreduirevosdepensesdechauffageetdeclimatisationjusqu’a33%. (Voirlapagesuivantepourreglerl’heureetlatemperaturedechaqueperiode. ) Chauffage (Lun. -ven. ) Climatisation (Lun. -ven. Chauffage (Sam. -dim. ) Climatisation (Sam. -dim. ) Lever (06:00) Depart (08: 00) Retour (18:00) Sommeil (22:00) 70  ° 62  ° 70  ° 62  ° 75  ° 83  ° 75  ° 78  ° 10 [Ouannulerlaperiode] [Ouannulerlaperiode] [Ouannulerlaperiode] [Ouannulerlaperiode] 70  ° 62  ° 70  ° 62  ° 75  ° 83  ° 75  ° 78  ° FRANCAIS 69-1921EFS—03 FocusPRO Serie TH6000  ® Pour regler les horaires programmes Set Clock/Day/ Schedule Fan Auto System Cool Done Set Day Set Schedule Set Schedule 8:00 AM Leave Mon Tue Wed Thu Fri Done 62 Heat Setting 1. Appuyez sur SET CLOCK/DAY/SCHEDULE, puis SET SCHEDULE. 2. Appuyez sur s ou t pourreglerl’heuredulever en semaine Heure du lever (lun. –ven. , puis appuyez sur NEXT. 3. Appuyez sur s ou t pourreglerlatemperature pourcetteperiode,puisappuyezsurNEXT. 4. Reglezl’heureetlatemperaturepourlaperiode suivante(Depart). Repetezlesetapes2et3pour chaqueperiodedejour de semaine. 5. Appuyez sur NEXTpourreglerlesperiodesdes jours de week-end (sam. –dim. ), puis appuyez sur DONE pour enregistrer les changements et quitter la fonction. Remarque : S’assurerquelethermostatestreglesurlesysteme que vous souhaitez programmer (chauffage ou climatisation). FRANCAIS CancelPeriod Next MCR29462 Remarque : VouspouvezappuyersurCANCEL PERIODpoureliminer lesperiodesnondesirees(sauflelever(Wake)). 11 9-1921EFS—03 Manuel d’utilisation Supplantation de l’horaire programme (temporaire) Appuyezpourreglertemporairementlatemperature. 69 Run Schedule Inside Temporary 6:30 Fan Auto AM 75 Heat Setting Appuyez sur s ou t pourregler latemperatureimmediatement. Cela supplantetemporairementlereglage detemperaturedelaperiodeactuelle. Lenouvelletemperaturesera maintenuejusqu’audebutdela prochaineperiodeprogrammee(page 10). Parexemple, si vous voulez augmenter la temperaturetotlematin,ellesera automatiquementreduiteplustard, lorsquevoussortezpourlajournee. Pourannulerunreglagetemporaireen tout temps, appuyez sur RUN SCHEDULE. FRANCAIS System HeatMCR29463 Appuyezpourannul erlereglagetemporaire etreprendrel’horaireprogramme. Remarque :S’assurerquelethermostatestregle surlesystemequevoussouhaitezcommander (chauffage, climatisation ou automatique). 69-1921EFS—03 12 FocusPRO Serie TH6000  ® Supplantation de l’horaire programme (permanente) Appuyezpourreglerlatemperaturedemaniere permanente. 69 Run Schedule Inside Heat Hold Setting 6:30 Fan Auto AM 75 Appuyez sur HOLDpourreglerla temperaturedefaconpermanente. Celasupplanteralesreglagesde temperaturepourtouteslesperiodes. Lafonctionderetenue(Hold)interrompt l’horaireprogrammeetvouspermet dereglerlethermostatmanuellement, au besoin.FRANCAIS System Heat MCR29464 Appuyezpourannulerlereglagepermanent etreprendrel’horaireprogramme. Remarque :S’assurerquelethermostatestregle surlesystemequevoussouhaitezcommander (chauffage, climatisation ou automatique). Latemperaturechoisieestmaintenue 24heuresparjourjusqu’acequevous la modifiiez manuellement, ou que vou s appuyiez sur RUN SCHEDULE pour annuler la retenue et reprendre l’horaire programme. 69-1921EFS—03 13 Manuel d’utilisation Substitution automatique (Heat/Cool) Set Clock/Day/ Schedule Fan Auto System Auto MCR29465 Appuyezjusqu’aceque  « Auto »s’afficheal’ecran.Remarque : Lereglage desystemeAuto peut ne pas s’afficher,selonlamanieredont votrethermostataeteinstalle. 69-1921EFS—03 Lasubstitutionautomatiqueestune caracteristiqueutiliseedanslesclimats ou la climatisation et le chauffage sont utiliseslememejour. Lorsquelesysteme estregleaAuto,lethermostatselectionne automatiquement le chauffage ou la climatisationselonlatemperature interieure. L’ecartentrelesreglagesdechauffage etdeclimatisationdoitetrede3degres. Lethermostatfaitautomatiquementles reglagespourmaintenircetecartde 3degres(appelela «zonemorte »). L’ecartde3degresentrelestemperatures dechauffageetdeclimatisationestfixeet nepeutpasetremodifie. 4 FRA NCAIS FocusPRO Serie TH6000  ® Protection du compresseur integree 75 Set Clock/Day/ Schedule Inside 6:30 Fan Auto AM 75 Cool Setting Cettefonctionpermetdeprevenirles dommagesaucompresseurdusysteme de climatisation ou de la thermopompe. Desdommagespeuventsurvenirsion redemarrelecompresseurtroprapidement apresuneinterruption. Lafonctioncontraint lecompresseuraattendrequelquesminutes avantderedemarrer. Durantl’attente,lemessageCoolOn ou HeatOnclignoteraal’ecran(sivousavez unethermopompe). Lorsqueletempsde protectionseraecoule,lemessagecessera declignoteretlecompresseurdemarrera. Cool On System Cool MCR29466 FRANCAISLemessageclignotejusqu’a cequevouspuissiezredemarrer lesystemeentoutesecurite. 15 69-1921EFS—03 Manuel d’utilisation Recuperation intelligente adaptative MC (AIR) LaRecuperationintelligenteadaptativeeliminel’incertitudelorsquevousreglez votrehoraire. Ellepermetauthermostat «d’apprendre »combiendetempsilfaut alafournaisee tauclimatiseurpouratteindrelatemperaturevoulue. Vousn’avezqu’aprogrammerl’horaireal’heurequevousvoulezquevotredemeure atteignelatemperaturedesiree. Lethermostatmetalorslechauffageoulaclimatisation enfonctionjusteatempspouratteindrelatemperaturevoulueal’heureprevue. Parexemple:Reglezl’heuredereveila6:00etlatemperaturea21 °C(70 °F).Lechauffagedemarreraavant6:00afinquelatemperaturesoita21 °Clorsque vousvouslevereza6:00. Remarque :Lorsquelarecuperationintelligenteadaptativeestenfonction,lethermostat affiche «InRecovery ». FRANCAIS 69-1921EFS—03 16 FocusPRO Serie TH6000  ® Remplacement des piles Saisir et tirer pour enlever le thermostat Lespilessontfacultatives(pourfournir l’alimentation d’appoint) si votre thermostat est cableal’installationpouretrealimenteduCA. Installerdespilesneuvesaussitotquel’avertissement REPLACE BATTERYsemetaclignoter. L’avertissement commenceaclignoterenvirondeuxmois avant quelespilessoientcompletementepuisees.Memesil’avertissementn’apparaitpas,ilfaut remplacerlespilesunefoisparannee,ouavant une absence de plus d’un mois. Silespilessontinstalleesdanslesdeuxminutes, l’heureetlejourn’aurontpasaetrereinitialises. Touslesautresreglagessontintegresdefacon permanentealamemoire,ilsnenecessitentpas d’alimentation par les piles. MCR29467 Replace Battery FRANCAIS Installez des piles alcalines AAneuvesetreinstallezle porte-piles. 17 69-1921EFS—03 Manuel d’utilisation En cas de probleme Silethermostatcausedesennuis,essayerl’unedecessuggestions. Laplupartdes problemespeuventetrereglesrapidementetfacilement.L’ecran est vide †¢ Verifierledisjoncteuretreinitialisersinecessaire. †¢ S’assurerquel’interrupteurd’alimentationdusystemedechauffage et de climatisation est en marche. †¢ S’assurerquelaportedusystemedechauffageestbienfermee. †¢ Silethermos tatestalimenteparpiles,s’assurerquelespiles alcalinesAAontetebieninstallees(page17). FRANCAIS Les reglages de S’assurerquelereglagedestemperaturesdechauffageetdeclimatisation est acceptable : la temperature †¢ Chauffage:4,5  °a32 °C(40  °a90 °F) ne changent pas †¢ Climatisation:10 °a37 °C(50 °a99 °F) Retablir les reglages par defaut 69-1921EFS—03 Suivezcesetapespourretablirlesreglagespardefaut(page10): 1.Appuyez sur SET CLOCK/DAY/SCHEDULE. 2. Appuyez sur SET SCHEDULE. 3. Appuyez sur DONE et NEXTsimultanementpendant4secondes. 18 FocusPRO Serie TH6000  ® En cas de probleme Le systeme de chauffage ou de climatisation ne fonctionne pas †¢ AppuyersurlatoucheSYSTEMpourreglerlesystemeaHeat. S’assurer quelatemperatureregleeestsuperieurealatemperatureinterieure. †¢ AppuyersurlatoucheSYSTEMpourreglerlesystemeaCool. S’assurer quelatemperatureregleeestinferieurealatemperatureinterieure. †¢ Verifierledisjoncteuretreini tialisersinecessaire. †¢ S’assurerquel’interrupteurd’alimentationdusystemedechauffage et de climatisation est en marche. S’assurerquelaportedusystemedechauffageestbienfermee. †¢ Attendre5minutesquelesystemesemetteenmarche. †¢ Lafonctiondeprotectionducompresseurestactivee. Attendre 5minutesquelesystemeredemarreentoutesecurite, sans endommager le compresseur (page 15). FRANCAIS Les mentions  « Cool On  » ou  « Heat On  » clignotent 19 69-1921EFS—03 Manuel d’utilisation Assistance a la clientele Pour obtenir de l’aide avec ce produit, consulter le http://yourhome. honeywell. com. OutelephonersansfraisauCentredeservice alaclienteledeHoneywellau1 800 468-1502. Pour gagner du temps, enlever le porte-piles etecrirelenumerodemodeleetlecodedateur avant d’appeler.FRANCAIS Numerodemodele xxxxxxx Code dateur xxxxxxx Accessoires et pieces de rechange Pourcommander,telephonerauCentred’aide au client de Honeywell au 1 800 468-1502. Porte-piles †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ N °depiece50007072-001 Assemblage de plaque de couvercle* †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. N °depiece50002883-001 MCR29468 *Sertacouvrirlesmarqueslaisseesparl’ancienthermostat. 69-1921EFS—03 20 FocusPRO Serie TH6000  ® Garantie limitee de 5 ans Honeywellgarantitceproduit,al’exceptiondespiles,contretoutdefautdepiece oudemain-d’oeuvre,durantuneperiodedecinq(5)ansapartirdeladated’achat sileproduitestutiliseetentretenuconvenablement.Si,an’importequelmoment delaperiodedegarantie,leproduitestdefectueux,Honeywelllerepareraoule remplacera(asadiscretion). Encasdedefectuositeduproduit, (i)leretourner,aveclerecud’achatouuneautrepreuved’achatdatee,al’endroit ouilaeteachete,ou (ii)telephonerauCentredeservicealaclienteledeHoneywellau1800468-1502. LeCentredecideraalorss’ilfautretournerleproduital’adressesuivante: Hon eywellReturnGoods,Dock4MN10-3860,1885DouglasDr. N,GoldenValley, MN 55422, ou s’il vous fera parvenir un produit de remplacement. FRANCAIS 21 69-1921EFS—03 Manuel d’utilisation Garantie limitee de 5 ans Cettegarantienecouvrepaslesfraisdedemontageoud’installation.Lagarantiesera annuleesiHoneywellprouvequeladefectuositeaetecauseepardesdommages apparusalorsqueleclientetaitenpossessionduproduit. Laresponsabilited’Honeywellselimitealareparationouauremplacementdu produitselonlestermesenonces. HONEYWELLNEPEUTETRETENUERESPONSABLE DEPERTEOUDOMMAGEDETOUTESSORTES,INCLUANTLESDOMMAGES ACCIDENTELSOUCONSECUTIFSRESULTANT,DIRECTEMENTOUINDIRECTEMENT, DETOUTMANQUEMENTAN’IMPORTEQUELLEGARANTIE,EXPRESSEOUIMPLICITE, OUDETOUTEAUTREDEFAILLANCEDUPRODUIT. CertainsEtatsouprovincesne permettentpasl’exclusionoularestrictiondesdommagesaccidentelsouconsecutifs, cette restriction pourrait donc ne pas s’appliquer.FRANCAIS 69-1921EFS—03 22 FocusPRO Serie T H6000  ® Garantie limitee de 5 ans CETTEGARANTIEESTLASEULEGARANTIEEXPRESSEQUEHONEYWELLOFFRE POURCEPRODUIT. LADUREEDETOUTEGARANTIEIMPLICITE,INCLUANTLES GARANTIESDEQUALITEMARCHANDEOUD’ADAPTATIONAUNEUTILISATION PARTICULIERE,ESTLIMITEEPARLESPRESENTESALAPERIODEDECINQANNEES DELAPRESENTEGARANTIE. CertainsEtatsouprovincesnepermettentaucunerestrictionsurladureed’unegarantie implicite,larestrictionci-dessuspourraitdoncnepass’appliquer. Lapresentegarantie vousconferedesdroitsjuridiquesspecifiques,etvouspourriezegalementjouird’autres droitsselonvotreEtatouprovince.Pourtoutequestionausujetdelagarantie,ecrireauBureauderelationsaveclesclients deHoneywellal’adressesuivante:1985DouglasDr. ,GoldenValley,MN55422ou telephonerau1800468-1502. AuCanada,ecrireal’adresse:RetailProductsON15-02H, HoneywellLimited/HoneywellLimitee,35,PromenadeDynamic,Toronto(Ontario) M1V4Z9. 23 69-1921EFS—03 FRANCAIS Solutions de regulation et d’automatisation Honeywell International Inc. 1985DouglasDriveNorth GoldenValley,MN55422 http://yourhome. honeywell. com HoneywellLimited-HoneywellLimitee 35DynamicDrive Toronto(Ontario)M1V4Z9  ®MarquedeposeeauxE. -U.  © 2011 Honeywell International Inc. 69-1921EFS—03M. S. Rev. 3-11 ImprimeauxEtats-Unis Manual de funcionamiento Serie FocusPRO TH6000  ® Termostato programable Tarjeta de referencia rapida Sujetelatarjetaytiredeellaparaverrapidamentelasinstruccionesdefuncionamientobasicas. Soporte de la bateria Presioneelsoporteytiredeelparaquitarlasbaterias. Lasbateriasdebenserreemplazadasunavezalano (vealapagina17). Este manual incluye los siguientes modelos: TH6110D: Para sistemas de 1 calentador y 1 refrigerador TH6220D: Para sistemas de 2 calentadores y 2 refrigeradores TH6320U: Para sistemas de 3 calentadores y 2 refrigeradores (Quite el soporte de la bateria para ver el numero de modelo)MCR29456 ?Necesita asistencia? Para obtener asistencia relacionada con este producto, visite http://yourho me. honeywell. com o comuniquese con el numero gratuito de Atencion al cliente de Honeywell: 1-800-468-1502 Lea y guarde estas instrucciones.  ®MarcaregistradadelosEE. UU. Patentesentramite.  © 2011, Honeywell International Inc. Todos los derechos reservados. Serie FocusPRO TH6000  ® Acerca de su nuevo termostato Indice Acerca de su nuevo termostato Caracteristicas del termostato †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 Programacionrapida †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 Rapidareferenciadeloscontroles †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Rapidareferenciadelapantalla †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 Configure la hora y el dia †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 Seleccione la configuracion del ventilador (â€Å"auto/on†[automatico/encendido]) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 7 Seleccione la configuracion del sistema (â€Å"heat/cool†[calor/frio]) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ .. 8 Use los cronogramas del programa †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 9 Programe la anulacion del cronograma . 12 Conversionautomatica(calor/frio)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 14 Proteccion del compresor †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 Adaptive Intelligent Recoveryâ„ ¢ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 16 Apendice Programacion y funcionamiento Reemplazo de la bateria†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Encasodeinconvenientes †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 18 Ayuda al cliente†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20 Accesorios y piezas de repuesto †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. .20 Garantialimitadade5anos †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 21 ?Este termostato esta listo para funcionar! Sunuevotermostatoestapreprogramado ylistoparafuncionar. Vealapagina3 para revisar las configuraciones. 1 PRECAUCION: PELIGRO DE DANO EN EL EQUIPO. Para evitar posibles danosenelcompresor,nohagaque el termostato funcione cuando la temperaturaexteriorseainferior a 50 ? F (10 ? C). 69-1921EFS—03 ESPANOL Manual de funcionamiento Acerca de su nuevo termostatoFelicitacionesporlacompradelnuevotermostatoHoneywell. Eltermostatohasido disenadoparabrindarlemuchosanosdefuncionamientoconfiableyparabrindarle uncontrolclimaticofacildeusaryconsoloapretarunboton. Caracteristicas †¢ Cronogramas separados: dias de la semana y fines de semana. †¢ Elcontroldetemperaturaaltactoanularalaconfiguraciondelprograma en cualquier momento. †¢ Configuracionesdeahorrodeenergiaparamaximoahorrodecostos. †¢ Pantallailuminadagrandeyfacildeleer,inclusoenlaoscuridad. †¢ Muestralatemperaturaambienteylaconfiguraciondelatemperatura. ESPANOL †¢ Soportedelabateriaextraibleparaunreemplazorapidoyfacil. Protecciondelcompresorincorporado. 69-1921EFS—03 2 Serie FocusPRO TH6000  ® ?Este termostato esta listo para Acerca de su nuevo termostato funcionar! Sunuevotermostatoestaprep rogramadoylistoparafuncionar. Lounicoquetiene que hacer es configurar lahorayeldia. Luego,reviselasconfiguracionesdeabajo ycambielassiesnecesario: 1. Configure la hora y el dia (necesario para un funcionamiento adecuado) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Vea la pagina 6 2. Seleccione la configuracion del ventilador (â€Å"Auto/On†): Predetermine la funcion â€Å"Auto† †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Para cambiar, vea la pagina 7 3.Seleccione la configuracion del sistema (â€Å"Heat/Cool†): Predetermine la funcion â€Å"Heat† †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Para cambiar, vea la pagina 8 4. Cronogramas del programa: Predetermine los niveles de ahorro de energia paracuandoesteeneltrabajoodurmiendo(eltermostatoasumequeusted se levanta a las 6 a. m. , se va a las 8 a. m. , regresa a las 6 p. m. y vuelve a acostarse a las 10 p. m. ) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Para cambiar, vea las paginas 9 a 11 CONTROL DE TEMPERATURA AL TACTO:Ustedpodraanularlaconfiguraciondel cronograma en cualquier momento y ajustar manualmente la temperatura (vealaspaginas12y13). 69-1921EFS—03 ESPANOL Manual de funcionamiento Rapida de su nuevo termostato Acerca referencia de los controles Pantalla digital(vealapagina5). Soporte de la bateria (vealapagina17). Botones de la temperatura Presionelos para ajustar las configuraciones de temperatura (vea laspaginas11a13). Boton â€Å"Hold† Presionelo para anular el control M29457 de temperatura programada (vealapagina13). ESPANOL Botones de funcionamiento Presionelos para elegir la funcion que se muestra justo debajo de cada boton (las funciones cambian segun la tarea). 69-1921EFS—03 4 Serie FocusPRO TH6000  ®Rapida de su nuevo termostato Acerca referencia de la pantalla Temperatura interior actual Funcion â€Å"In Recovery† ( en recuperacion); vealapagina16 Periodo de programacion actual â€Å"Wake/Leave/Return/Sleep† (horas en que se despierta, se va de su casa, regresa y se duerme);vealaspaginas9a11 Ajuste â€Å"Clock/Day/Schedule† (reloj/dia/cronograma); vealaspaginas6y11 Aviso de bateria baja (vealapagina17) Hora y dia actuales; vealapagina6 Configuracion de temperatura; vealaspaginas11a13 Funcion â€Å"Auxiliary heat† (calor auxiliar); solamente para bombas decalorconcalorauxiliar Estado del sistema â€Å"HeatOn/CoolOn†(calor encendido/frio encendido); si hay destellos, vea la pagina15 Configuracion del sistema â€Å"Heat/Cool/Auto/Off/ Em Heat† (calor/frio/automatico/ apagado/calentador de emergencia);vealapagina8 Configuracion del ventilador â€Å"Auto/On†;vealapagina7 72 Wake Inside Replace Battery In Recovery 6:30 Wed Fan Auto AM Set Clock/Day/ Schedule Auxiliary Heat On System Heat 72 Heat Setting ESPANOL Botones de funcionamiento Presioneelbotondetrasd ecadafuncion para ver o cambiar las configuraciones (las funciones cambian segun la tarea) MCR29458 5 69-1921EFS—03 Manual de funcionamiento Configure su nuevo termostato Acerca de la hora y el dia Presione SET CLOCK/DAY/SCHEDULE, luego, ajuste la hora 4:30 Set Clock/Day/ Schedule Fan Auto PM System Heat 1. Presione el boton SET CLOCK/DAY/ SCHEDULE, luego, presione s o t para configurar la hora del reloj. 2.Presione el boton SET DAY (configuracion del dia), luego, presione s o tpara configurar la hora del reloj. 3. Presione DONE (listo) para guardar y salir. Presione â€Å"SET DAY†, luego, selecione el dia actual Wed Nota: Si la opcion SET CLOCK/DAY/ SCHEDULE no se muestra, presione DONE o RUN SCHEDULE (funcionamiento del cronograma). Nota: Si la pantalla muestra destellos de â€Å"Set Clock†,eltermostatoseguira sus configuraciones para los dias de semana del periodo de tiempo â€Å"Wake† hasta que vuelva a configurar la hora y el dia. ESPANOL Done Set Da y Set Schedule MCR29459 69-1921EFS—03 6 Serie FocusPRO TH6000  ® Seleccione la configuracion del Acerca de su nuevo termostato ventilador Set Clock/Day/ Schedule Fan Auto System HeatPresione el boton â€Å"FAN† para seleccionar â€Å"Auto† u â€Å"On†. Enelmodoâ€Å"Auto†(laconfiguracionusada comunmente) el ventilador funciona solamente cuando la calefaccion o el sistema de enfriamientoestanencendidos. Sisefijaen â€Å"On†,elventiladorfuncionasininterrupcion. Set Clock/Day/ Schedule Fan System On Heat MCR29460 ESPANOL 7 69-1921EFS—03 Manual de funcionamiento Seleccione la configuracion del Acerca de su nuevo termostato sistema Set Clock/Day/ Schedule Fan Auto System Heat Presione el boton â€Å"SYSTEM† para elegir: †¢ â€Å"Heat†: Eltermostatocontrolasolamente el sistema de calefaccion. †¢ â€Å"Cool†:Eltermostatocontrolasolamente el sistema de enfriamiento. Set Clock/Day/ ScheduleFan Auto System Cool †¢ â€Å"Off†:Lossistemasdecalefaccion yenfriamientoestanapagados. †¢ â€Å"Auto†:Eltermostatoeligeautomaticamente cuandocalentaroenfriar,dependiendo de la temperatura interior. †¢ â€Å"Em Heat† (solamente para bombas deemergenciaconcalorauxiliar): Eltermostatocontrolaelcalorde emergenciayauxiliar. Elcompresor establoqueado. 8 MCR29461 ESPANOL Nota:Quizaslasconfiguraciones del sistema â€Å"Auto† y â€Å"EmHeat† no aparezcan, segun como haya sido instalado el termostato. 69-1921EFS—03 Serie FocusPRO TH6000  ® Ahorre de su configurando los Acerca dineronuevo termostato cronogramas del programa Esfacilprogramarsusistemaquepermiteunahorromaximodeenergia.Ustedpuedeprogramar cuatro periodos de tiempo por dia, con diferentes configuraciones para los dias de semana y los fines de semana. Programe la hora en que se despierta y la temperatura que quiere â€Å"WAKE† 6:00 a. m. durantelamanana,hastaqueustedsevadesucasa. 70  ° â€Å"LEAVE† 8:00 a. m. 62  ° 70  ° Programe la hora en que usted se va de su casa y la temperatura que quieremientrasnoesteensucasa(porlogeneral,unniveldeahorro de energia). â€Å"RETURN† Programe la hora en que regresa a su casa y la temperatura que quiere 6:00 p. m. durante la tarde hasta que se va a dormir. ESPANOL â€Å"SLEEP† Programe la hora en que usted se va a dormir y la temperatura que quiere 10:00 p. m. urante toda la noche (por lo general, un nivel de ahorro de energia). 62  ° 9 69-1921EFS—03 Manual de funcionamiento Configuraciones de ahorro de energia Acerca de su nuevo termostato para maximo ahorro de costos Estetermostatovienepredeterminadoconconfiguracionesparaunprogramade ahorro de energia. Recomendamos estas configuraciones debido a que reducen los gastosdecalefaccionyenfriamientohastaenun33%. (Vealasiguientepaginapara ajustar las horas y las temperaturas de cada periodo de tiempo). â€Å"Heat† â€Å"Cool† â€Å"H eat† â€Å"Cool† (de lunes a viernes) (de lunes a viernes) (sabadoydomingo) (sabadoydomingo) â€Å"Wake† (6:00 a. m. ) â€Å"Leave† (8:00 a. m. ) â€Å"Return† (6:00 p. m. ) â€Å"Sleep† (10:00 p. m. ) 70  ° 62  ° 70  ° 62  °

Is fundamental analysis redundant Essay

Introduction Shortly after the stock market crash in 1929, as the first batch of financial experts in the Great Wall, Benjamin Graham and David Dodd firstly mentioned the concept in a book called security analysis: Based on public information that intelligent investors are able to analyse securities and determine whether the current price of stocks and bonds is over or below their intrinsic value. The Critical thinking and strong logic make this theory become the foundation of nearly all investments theories in Wall Street. Warren Buffett, John Neff, Peter Lynch and other famous investors become the  best practitioners in fundamental analysis. This essay will firstly introduce the related theories of fundamental analysis. Secondly, the essay will explain free cash flow model to equity valuation and the qualitative and quantitative factors of fundamental analysis. Thirdly, choosing a particular company analyses the relationships between the leading financial ratios and its stock price. Finally, indicating why financial ratios and free cash flow model cannot explain Berkshire Hathaway cooperation’s stock price changed during global financial crisis. Theory Aasuumption & Metholody Theory Fundamental analysis which is based on analyzing the intrinsic value of securities, focuses on factors affecting the stock price and its trend and lets investors determine what type of securities they choose to buy and when to buy. (Lee and Swaminathan 1999, 8 )The basic assumption of fundamental analysis is that value investors believe that the market price is determined by its intrinsic value and the stock price can reflect its intrinsic value in the long term. Cash flow model Fundamental analysts use cash flow model, dividend model to roughly estimate a company’s intrinsic value. They assume that the stock price of the intrinsic value is its present value of the stream of expected cash flows and the selected reference values are based on generating the cash flow data. For example, using free cash flow model to measure intrinsic value, investors firstly assume the observed company can increase at constant rate and then choose the reference value based on a constant growth rate (g)to estimate free cash flow the next 10 years. Secondly, they calculate the present value of the 10-year cash flow based on the constantly discounted rate (k). Secondly, they estimate the terminal value P10=free cash flow*(1+g)/(k-g) and calculate its present value. Thirdly, they get the present value of the company and calculate pre- share value: equity value/numbers of shares. Rational investors can make well-informed investment decisions according to the relationship betw een market price and intrinsic value. Qualitative factors On the company level, fundamental analysis focused on two factors: qualitative and quantitative. Qualitative and quantitative analyses have a dialectical relationship. Both analyses should join together to analysis and inspect on a particular company. Although qualitative analysis is used for physical areas, with the usage to tackle non-financial information, it can be widely useful in business and finance fields.(kesh and Raja 2005, 167) The qualitative analysis of the company level is concerned with products and services, competitive advantage, management efficiency, corporate culture. Advanced products can get increasing cash inflows and improve company value (Carter and Demissew 2008, 63) because booming demand for products and services can lead to a high reinvestment rate of the company, this creates additional wealth.( Madden 2007, 125) Competitive advantage can includes producing capacity and the efficiency of a company’s design and cost controlling better than the industry’s competitors. Generating a competitive advantage for a company will creates stakeholder value. (Vilanova, Lozano and Arenas 2009, 63) The improvement of management efficiency can lower operating costs and company culture can enhance corporate image, leading to improvement of company value. Quantitative factors The quantitative factors in fundamental analysis are based on a deep understanding of financial reports which is the process of identifying opportunities and threats from the company, so investors must be concerned with the balance sheet, cash flow statement and income statement analysis. Financial statements consist of all important historical information about the company’s operation management during a specific time period (quarterly, annually). All these information provide an overview of a company’s business activities and can help managers assess the company’s wellbeing. (Dayanandan 2010, 116) Financial statement Different users are interested in different areas of the financial statements. For example, investors and equity holders are concerned with  expected earnings and dividends of the observed companies. Company’s executives usually focus on the company’s capacity. Therefore, based on historical reports, different users can get valuable information about what they concentrate on. Financial statement analysis includes selected data from financial statements to predict the company’s financial health.( Hagos and Pal 2010, 441) Applying these data from financial reports, such as profitability ratio, liquidity ratio, management efficiency ratio, debt ratio, market performance ratio analyses year by year to determine whether to buy or sell observed companies. Based on analyzing financial statements, financial analysts are able to use profitability ratio, including gross margin, ROE to indicate how efficiently revenue is generated. The liquidity ratio such as current ratio, net working capital can be used to prove the firm’s ability to generate sufficient liquidity when needed and to meet short term obligations. For example, current ratio is an indicator as a rate of current assets to current liabilities. It measures the liquidity status of a company. With a higher current ratio over time, this company will be able to meet its current obligations and experience less financial risk.( Zaki, Bah and Rao 2011, 315) Table1 Sourced by Berkshire Year ROE Total asset turnover Debt/equity P/E P/B closed Price 2003 0.105 0.588 1.32 12.7 1.34 $84280 2004 0.085 0.394 1.20 18.8 1.6 $87900 2005 0.093 0.412 1.16 15.5 1.45 $88620 2006 0.102 0.397 1.27 12.5 1.27 $109990 Table 1 above shows the some figures provided by Berkshire corporation’s annual report from 2003 to 2006. During this period, the stock price has a significant increase from $67600 in Jan 2rd, 2003 to $109990 in Dec 1st, 2006. And from 2003 to 2006, Berkshire Hathaway Inc’s net worth is $13.6billion, $8.3billion, $5.6billion and 16.9billion respectively. Graph1: Berkshire Hathaway(BRK) Inc’s stock price between 2003 and 2006 Sourced by yahoo finance The increase of Net worth can indicate the stock price’s change during this period. The gain in net worth during 2003 was $13.6billion, which increased the per-share book value of its stock by 21% from $41727 to $50498. Because of good quarterly reports and an annual report, the stock price reflected the company’s performance, rising from $67600 to $89490. However, between 2004 and 2005, the gain in net worth increased $8.3billion and $5.6billion. Although in 2004 Berkshire’s book-value gain of 10.5% fell short of the index’s 10.9% return, the net worth fell from $13.6billion to $8.3billion, leading to fluctuation of the stock price during 2004. In 2005, the net worth fell to $5.6 billion because hurricane caused loss worth of $34billion. And in the stock market, the price fluctuated and even slightly increased. However, the price reflected the company’s performance. As a multi-business company, its main business-insurance company called GEICO improved its management efficiency at nearly 32% and warranty numbers increased by 26%. On the other hand, insurance float of BRK’s insurance company increased from 46 billion to 49 billion. Due to the capital cost rate of mostly 0% and improving competitiveness, its stock price rose sharply. Financial ratios (price to book ratio and earnings per share ratio) measure share price compared to earnings, book value per share and indicate whether the market overvalues, undervalues and appropriately values the firm’ shares. Managers use to assess investors’ perceptions of future prospects. Some investors invest in stock market based on analyzing financial statements. Table2 Table2 shows mainly the relationship between the book value and stock price. Financial analysts are willing to use book value to measure the stock price. From the table 2 above, the book value of the Berkshire Hathaway increases from $14426 in 1995to $70281 in 2006 and the company’s stock movements, rising from $31900 in 1995 to $110050 in 2006. In addition to particular years, these two charts reflect clearly whether a short term or a long term, the trend of the book value and stock price is roughly the same. In the long term, the growth rate of the net worth is a useful indicator to justify intrinsic value. From 1995 to 2006, the net worth of Berkshire Hathaway’s  net worth increased from $5.3billion to $16.9billion, more than 3.18 times growth during the period. Stock price had increased 3.44 times with book value 4.87 times. Although 1n 1999, the net worth fell to 0.358billion, in the long term, this company still had a significant increase in its stock market per formance. Analysts also can apply activity ratios such as total asset turnover ratio and average payment ratio period to measure management effectiveness in managing its assets and to determine whether the investment in particular asset categories is too high or too low and also find out the efficiency or speed in converting accounts to sales or cash. (Dayanandan 2010, 114)Debt ratios such as debt to equity ratio and debt ratio can indicate financial leverage and the apparent financial risk assumed by the firm’s equity holders. Application Dow Jones Graph2 Dow Jones industrial index Sourced by yahoo finance Graph2 shows the change of Dow Jones industrial index before, during and after global financial crisis. The global financial crisis started in 2007 because the burst of housing bubble caused credit crisis especially in the debt markets.( McCarthy, Solomonand Mihalekl 2012, 1277 ) the stock market highly violated between 2007 and 2009. For example, in United States, the stock market increased to the peak in October 2007 with the Dow Jones Industrial Average about 14,000. After that duration, the Dow Jones dropped sharply from 12,000 in August 2008 to 6,600 in March 2009. After 2009, there is significant increase until now, rising to 14,929. Company- Berkshire Hatchaways Berkshire’s core business for insurance business includes the property casualty reinsurance and special class insurance company. For the past 25 years, this company has increasingly strong capital and little debt, for shareholders to create the value of more than 25% growth on average every  year. Table 3 shows analysis ratios and stock price from 2006 to 2012. Table3 Year ROE Total asset turnover Debt/equity P/E P/B closed Price 2006 0.102 0.40 1.27 12.5 1.27 $109990 2007 0.109 0.43 1.24 13.8 1.51 $141600 2008 0.046 0.40 1.41 38.16 1.71 $96600 2009 0.059 0.38 1.19 18.1 1.11 $99200 2010 0.08 0.37 1.29 14.9 1.24 $120450 2011 0.06 0.37 1.32 19 1.18 $114755 2012 0.077 0.38 1.23 14 1.1 $133000 Sourced by Berkshire Graph3 Berkshire’s stock price between 2006 and 2012 Sourced by yahoo finance The gain in net worth during 2006 was $13.6billion, which increased the per-share book value of its stock by 18.4% to $109990. In 2007, the net worth is 12.3billion, which increased the per-share book value of its stock by 11% to $141600. However, in 2008, the stock price fell to $96600, and then there is an increasing trend from 2009 to 2012. Total assets turnover ratio Total assets turnover ratio measures the management efficiency of the firm in managing its total assets to generate sales. A high ratio suggests greater efficiency. Figures shown in table3, the total assets turnover ratio during global crisis had slight change between 0.37 and 0.40. However, the stock price changed sharply, so the stock price can not reflect the stability of this ratio. ROE indicates the rate of return realized by a firm’s shareholders on their investments and uses as an indicator for the company’s operation. Return on equity (ROE) Return on equity (ROE) is the best indicator to learn how much money a company is making for its investors and measurement of the company’s operations. (Dayanandan 2010, 117) However, ROE is also sensitive to leverage. Assuming that proceeds from debt financing can be invested at a return greater than the borrowing rate, ROE will increase with greater amounts of leverage. From 2007 to 2008, the debt to equity ratio increased by 13.7%, from 1.24 to 1.41. However, ROE rate fell sharply from 10.9% to 4.6%. Although ROE overreact to debt change, Berkshire’s fundamental did not change in 2008. Most of Berkshire’s business is affected by the economic significant downward in 2009. However, its manufacturing services and retail generated a lot of cash flow and continued to consolidate their market competitive advantage. Berkshire’s two most important businesses: business insurance and utilities also had a good growth rate. These businesses produced a large amount of business profits in 2008. P/E ratio P/E ratio is a common approach used by security analysts. In practice, investors usually use expected P/E ratio for the following year and analyse whether the stock price is overvalued or undervalued on the basis. P/E ratio indicates that a stock of its P/E rate over 30 is more likely to be overpriced. The P/E ratio in 2007 and 2008 is 13.8 and 38 respectively and the stock price during the period time of 2007 and 2008 is $141600 and $96600. The change of stock price is overreact to the pre-share earnings. P/B ratio P/B ratio gives some idea of whether an investor is paying too much for what would be left if the company went bankrupt immediately. From 2006 to 2009, P/B ratio increased or decreased had no direct correspondence with the stock price. However, to most companies, the book value is always lower than the stock price. Because most companies have intangible assets such as brand name, specialized skillsï ¼Å'product pricing power. These factors can not reflect in the balance sheet, but the long term trend of the market value is similar with book value. It seems that when P/B ratio increases, the gap between book value and stock price increases. On the other hand, the gap shows investors are willing to hold the stock due to its intangible assets. Cash flow model All these financial ratios cannot explain what happened in 2008 and using cash flow model to estimate the stock price also cannot explain this situation. Because investors assume the company can increase at constant rate. Although they use long-term GDP growth rate to reduce the risk of assessing value, this growth rate cannot explain and predict what happened during the investing period. They also use CAPM to measure discounted rate given by the risk-free interest rate plus a risk premium. The formula is ki=Rf+(Rm-Rf)ÃŽ ²i. However, ÃŽ ²sometimes cannot estimate risk between the market and stock. For example, a company’s market value increases from 10billion t0 20billion is less than market value of the company from 10billion to 3billion. If the company still operate well, from the market side, the risk of buying a company of the market value of 20billion is less than buying the same company of its market value of 3billion. Conclusion Therefore, during global financial crisis, fundamental analysis was useless. It is clear that during some periods the stock price is overvalued or undervalued significantly from its intrinsic value, leading to highly volatility of market price. Any market volatility is considered as irrational performances, so these market valuations caused by behavioral finance which do not have impacts on the company’s assets valuations and  operations. (Adams, Armitage and FitzGerald 2012, 157). In the long term, the trend of the stock price is similar to the trend of its intrinsic value. On the other hand, in the short term, market price is influenced and fluctuated by political, economic, psychological factors, so market price is always undervalued or overvalued, but it is fluctuating around the intrinsic value. Some research show that sometimes earnings information cannot react to the stock market simultaneously and all the public financial information pose a gradual influence on the stock market for a while. During global financial crisis, the stock price sharply fluctuated because of financial behavior. Debt crisis caused by housing loan had a significant impact on people’s confidence. Trader’s low confidence let them make decisions irrationally. Reference list 1. Lee, C.M.C. and Swaminathan, B. 1999. â€Å"Valuing the Dow: A bottom-up approach.† Financial Analysts Journal 55 (5): 4-23. 2. Kesh, Someswar. and Raja, M. K. 2005. â€Å"Development of a qualitative reasoning model for financial forecasting.† Information Management & Computer Security 13 (2): 167-179. 3. Carter, T. and Demissew, D.E. 2008. â€Å"Value innovation management and discounted cash flow.† Management Decision 46(1): 58-76. 4. Madden, B.J. 2007. â€Å"Guidepost to Wealth Creation: Value-Relevant Track Records.† Journal of Applied Finance 17 (2): 119-130. 5. Vilanova, M., Lozano, J.M. and Arenas, D. 2009. â€Å"Exploring the Nature of the Relationship Between CSR and Competitiveness.†Journal of Business Ethics 87: 57-69. 6. Dayanandan, R. 2010. â€Å"Working Capital Management for Sustainable Cooperatives.† Global Business and Management Research 2(1): 102-124. 7. Hagos, T.M. and Pal, G. 2010. â€Å"The means of analysis and evaluation for corporate performances. â€Å"Annales Universitatis Apulensis : Series Oeconomica 12 (1): 438-449. 8. Zaki, E., Bah, R. and Rao, A. 2011. â€Å"Assessing probabilities of financial distress of banks in UAE.† International Journal of Managerial Finance 7 (3): 304-320. 9. McCarthy, Mary., Solomon, P., and Mihalek, Paul. 2012. â€Å"Financial Crisis During 2007 And 2008: Efficient Markets Or Human Behavior?† Journal of Applied Business Research 28 (6): 1275-1281. 10. Adams, A., Armitage, S. and FitzGerald, A. 2012. â€Å"An analysis of stock market volatility.† Annals of Actuarial Science 6ï ¼Ë†1ï ¼â€°Ã¯ ¼Å¡153-170.

Banning On Cloning Is Unjust essays

Banning On Cloning Is Unjust essays On February 24, 1997, the world was shocked and fascinated by the announcement of Ian Wilmut and his colleagues. A press release stated that they had successfully cloned a sheep from a single cell of an adult sheep. Since then, cloning has become one of the most controversial and widely discussed topics. The issue that gets the greatest focus is human cloning, and there has been an onslaught of protests and people lobbying for a ban on it. However, there is a real danger that prohibitions on cloning will open the door to inappropriate restrictions on accepted medical and genetic practices. Therefore, the banning of cloning is unjust. The most popular objection to human cloning is the assumption that science would be playing God if it were to create human clones. This argument refuses to accept the advantage of biological processes and to view the changes of the world. Religious objections were once raised at the prospects of autopsies, anesthesia, artificial insemination, organ transplants, and other acts that seemed to be tampering with divine will. Yet enormous benefits have been gathered by each of these innovations, and they have become a part of human ¡s daily life. The issue of playing God has already arisen when a doctor selects a patient on a waiting list for transplant and leaves others to die, and when the doctor puts their patient under life support whenever they are in coma or they are near death. The moral issue of cloning is similar to the past issue faced by the society such as nuclear energy, recombinant DNA, and the computer encryption. There have always been religious and moral objections to new technologies and changes merely because they are different and unknown to humans. The public not only worries about science playing God, but also fears that the cloned child ¡s autonomy and individuality will be reduced because it will have the same DNA as another person. One of the more eloquently stated fears about the ...