Objective Of Kentucky Fried Chicken Engineering Essay
Objective of the Kentucky Fried Chicken (KFC) have two objectives are stated objective and implied objective. First objectives in the stated objective are product development. In this objective the KFC do the increase variety on menu, introduce desert menu and introduce buffet to restaurants. Second objectives from the stated objective is introduction on the Neighborhood Program with menu items target African Americans in major cities with the items of greens, macaroni and cheese, peach cobbler and red beans and rise. Besides that, menu items targeting Hispanics in major cities with the items of fried plantains, flan and tress leeches.
Others objectives is implementation on non-traditional units including the shopping mall food courts, universities, hospitals, airports, stadiums, amusement parks, office building and mobile units. After that, in this objectives want to increase profitability of KFC through the reduced overhead costs, increased efficiencies, improved customer service, cleaner restaurants, faster and friendlier service and continued high quality products. Also have to resolve franchise problems in the United States.
In implied objectives have four objectives. First objective is expansion of international operations to provide the increased percentage of overall sales growth and increased percentages of profit growth. Also want to increased expansion of franchises into Mexico. The next objective is expansion of franchise operation beyond Central America, continued promotion of healthier image through removal of the world “fried” from the name and to improve menu selection of rotisserie.
Industry analysis is important to unusual for a firm in a troubled industry to perform well. The economic structure of an industry is not an accident. It is complexities are the result of long term social trends and economic forces. But its effects to the business manager are immediate because it determines the competitive rules and strategies to use. Five forces that are widely use to assess the structure of any industry. The five forces are the bargaining power of supplier, bargaining power of the buyers, threat of new entrants, threat of substitute and rivalry among competitors. The strength of the five forces determines the profit potential in an industry by influencing the price, costs and required investment of business it is the element of return on investment. Stronger forces are associated with a more challenging business environment.
In the first forces is bargaining power of suppliers that’s means any business requires inputs such as labor, parts, raw, materials and services. The cost of inputs can have a significant effect to company’s profitability. Whether the strength of suppliers represent a weak or string force thing on the amount or bargaining can exert and ultimately on how can influence the terms and conditions of transaction in their favor. Besides that’s, to reducing the bargaining power of suppliers are reduce inventory costs by providing just in time delivers, enhance the value of goods and services supplied use of information about customer needs and preferences and speed the adoption of new technologies.
Second forces is bargaining power of buyers that’s the power of buyers describe the effect that the customers have on the profitability of the business. The transaction between the seller and the buyer creates value for both parties. Buyers have more power when the industry has many small companies supplying the product and buyers are few and large. After that the customers have access to and are able to evaluate market information. To reducing the bargaining power of buyers are increasing their loyalty to the business through partnerships or loyalty programs, selling directly to customers, or increasing the inherent or perceived value of a product by adding features or banding.
The next forces of the industry are threat of new entrants that’s means the new entrants is the possibility that new firms will enter the industry. New entrants bring a desire to gain market share and often have significant resources. Analyzing the threat of new entrants involves examining the barriers to entry and the expected reactions of existing firms to new competitors. These barriers protect the companies already in business by being a hurdle to those trying to enter the market. Entry barriers are unique for each industry and situation, and a change over time. The threat of new entrants is greatest when the processes are not protected by regulations or patents and competitors may be scared away when the learning curve is steep, competitors will be attracted to an industry where the production process is easily learned.
The threat of substitutes is forces of industry. Be aware that substitute products can come in many shape and size, and do not always come from traditional competitors. Products from one business can be replaced by products from another. Substitute products are those that can fulfill a similar need to the one product fills. Substitutes are a greater threat when the products does not offer any real benefit compared to other products. After that, it is easy for customers to switch. Means that’s a grocer can easily switch from paper to plastic bags for its customers, but bottler may have to reconfigure its equipment and retains its workers if it switches from aluminum cans to plastic bottles. To reducing the threat of substitutes is using tactics such as staying closely in tune with customer preference and differentiating the product by branding.
The last forces are rivalry among competitors. Competition is the foundation of the free enterprise system yet with small business even a little competition goes a long way. Because company in an industry is mutually dependent, actions by one company usually invite competitive retaliation. Rivalry among competitors is often the strongest of the five competitive forces, but can vary widely among industries. If the competitive force is weak, companies may be able to raise prices, provide fewer products for the price, and earn more profits. The most intense rivalries occur when one firm or a small number of firms have incentive to try and become the market leader or when the market is growing slowly or shrinking. To reducing the threat of rivals is employing a variety of tactics. To minimize price competition, distinguish the products from the competitors by innovating or improving features.
WHAT IS KFC
KFC Corporation founded and also known as Kentucky Fried Chicken is a chain of fast food restaurants based in Louisville, Kentucky. KFC has been a brand and operating segment, called a “concept”, of Yum! Brands since 1997 when that company was spun off from PepsiCo as Tricon Global Restaurants Inc. The company was founded as Kentucky Fried Chicken by Colonel Harland Sanders in 1952, through the idea of KFC’s fried chicken actually goes back to 1930. The company adopted the abbreviated form of its name in 1991. Starting in April 2007, the company began using its original name, Kentucky Fried Chicken, fir its signage, packaging and advertisement in the United State as part of a new corporate rebranding program, newer and remodeled restaurants will have the new logo and name while older stores will continue to use the 1980s signage.
Since its inception, KFC has evolved through several different organizational changes. These changes were brought about due to the changes of ownership that followed since Colonel Sanders first sold KFC in 1964. In 1964, KFC was sold a small group of inventors that eventually took it public. Heublein, Inc, purchased KFC in 1971 and was highly involved in the day to day operations. R.J. Reynolds then acquired Heublein in 1982. R.J. took a more laid back approach and allowed business as usual at KFC. Finally, in 1986, KFC was acquired by PepsiCo, which was trying to grow is quick serve restaurant segment. PepsiCo presently runs Taco Bell, Pizza Hut and KFC. The PepsiCo management style and corporate culture was significantly different from that of KFC.
By the end of 1994, KFC was operating 4 258 restaurants in 68 foreign countries. KFC is the largest chicken restaurant and the third largest quick service chain in the world. Due to market saturation in the United States, international expansion will be critical to increased profitability and growth. The companies of KFC have more than 36 000 locations around the world. The company is ranked number 239 on the Fortune 500 list, with revenues in excess on $11 billion in 2008. Every day, more than 12 million customers are served at KFC restaurants in 109 countries and territories around the world. The companies of KFC more than 15 000 units around the world.
SWOT ANALYSIS
SWOT analysis is a strategic planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. A SWOT analysis must first with defining a desired end state or objective. A SWOT analysis may be incorporated into the strategic planning model. Strategic Planning, including SWOT and SCAN analysis, has been the subject of much research.
After that, in SWOT analysis have the strengths, weaknesses, opportunities and threats. The strengths are attributes of the person or company that are helpful to achieving the objectives. The weaknesses are attributes of the person or company that are harmful to achieving the objectives. After that, the opportunities means external conditions that are helpful to achieving the objectives and the last is threats means that external conditions which could do damage to the objectives.
In the strength have the lack of secondary trading such as sukuk flexibility of the Syariah, Syariah Supervision, advantages of religious preposition, less use of money for speculative purpose, divine sources, Islamic rating agencies, morale and commitment to serve, huge amount of saving, innovative aspect, location wise and geographically, transparency, justice and fairness, according standards, quality of service, legal and regulatory framework and information system.
After that, the weaknesses have are lack of standardization, reverse engineering of conventional product, there are differences in theory and practice, lack of Islamic gedging mechanism, no fixed obligations, unresolved fiqh issue, small percentage of profit loss sharing product, lack of qualified personnel, time or season factors, disadvantages of proposition, divergence of Shariah opinion and lack of Shariah compliant investment avenue.
The opportunities have the technological advances, Islamic is a complete solution, the growth of socially responsible investing, faith based customer, large potential ahead in retail, corporate and investment banking, potential relating to sukuk, better customer relations, serving for all potential specific sectors, potential in fund management and provide innovative product.
The last is threats have the global financial crisis, economic uncertainty in global market, market demand, shortage of recourses, lack of sustainable financial backing, intense competition from the conventional institutions, paucity of 100% Syariah compliant solution, liquidity and monetary management, a lot legislation is required, lack of awareness and understanding of Islamic financial product and sophisticated conventional financial system.
CALCULATION
KFC
NAB
ALL ORDINARIES
DATE
ADJ CLOSE
RETURN
ks-k bars
(ks-k bars)2
1
1/6/2003
3.5
2
1/13/2003
3.6
-0.012234456
-0.011218519
0.0001258552
3
1/20/2003
3.78
-0.021189299
-0.020173361
0.0004069645
4
1/27/2003
3.62
0.018783229
0.019799167
0.0003920070
5
2/5/2003
3.52
0.012165907
0.013181845
0.0001737610
6
2/10/2003
3.46
0.007466565
0.008482502
0.0000719528
7
2/17/2003
3.12
0.044921505
0.045937442
0.0021102486
8
2/24/2003
3.5
-0.04991345
-0.048897513
0.0023909667
9
3/3/2003
3.5
0.001015938
0.0000010321
10
3/10/2003
3.46
0.004991946
0.006007883
0.0000360947
11
3/17/2003
3.4
0.007597182
0.008613119
0.0000741858
12
3/24/2003
3.46
-0.007597182
-0.006581244
0.0000433128
13
3/31/2003
3.42
0.005049993
0.00606593
0.0000367955
14
4/7/2003
3.46
-0.005049993
-0.004034055
0.0000162736
15
4/14/2003
3.42
0.005049993
0.00606593
0.0000367955
16
4/21/2003
3.5
-0.010041938
-0.009026001
0.0000814687
17
4/28/2003
3.5
0.001015938
0.0000010321
18
5/5/2003
3.5
0.001015938
0.0000010321
19
5/12/2003
3.48
0.0024888
0.003504738
0.0000122832
20
5/19/2003
3.48
0.001015938
0.0000010321
21
5/26/2003
3.48
0.001015938
0.0000010321
22
6/2/2003
3.5
-0.0024888
-0.001472863
0.0000021693
23
6/9/2003
3.66
-0.019413041
-0.018397103
0.0003384534
24
6/16/2003
3.66
0.001015938
0.0000010321
25
6/23/2003
3.6
0.007178585
0.008194522
0.0000671502
26
6/30/2003
3.56
0.004852503
0.005868441
0.0000344386
27
7/7/2003
3.8
-0.028333599
-0.027317661
0.0007462546
28
7/14/2003
3.76
0.004595752
0.005611689
0.0000314911
29
7/21/2003
3.86
-0.01139946
-0.010383522
0.0001078175
30
7/28/2003
3.94
-0.008908917
-0.007892979
0.0000622991
31
8/4/2003
4
-0.00656377
-0.005547832
0.0000307784
32
8/11/2003
3.98
0.002176919
0.003192857
0.0000101943
33
8/18/2003
4.38
-0.041591038
-0.040575101
0.0016463388
34
8/25/2003
4.48
-0.009803903
-0.008787966
0.0000772283
35
9/1/2003
4.44
0.003895044
0.004910982
0.0000241177
36
9/8/2003
4.46
-0.001951889
-0.000935951
0.0000008760
37
9/15/2003
4.2
0.026085568
0.027101506
0.0007344916
38
9/22/2003
4.28
-0.008194479
-0.007178541
0.0000515314
39
9/29/2003
4.22
0.006131318
0.007147256
0.0000510833
40
10/6/2003
4.26
-0.004097148
-0.00308121
0.0000094939
41
10/13/2003
4.46
-0.01992526
-0.018909322
0.0003575625
42
10/20/2003
4.64
-0.017183122
-0.016167184
0.0002613778
43
10/27/2003
4.84
-0.018327381
-0.017311443
0.0002996861
44
11/3/2003
4.8
0.003604124
0.004620062
0.0000213450
45
11/10/2003
4.5
0.028028724
0.029044661
0.0008435924
46
11/17/2003
4.44
0.005829544
0.006845481
0.0000468606
47
11/24/2003
4.36
0.007896481
0.008912419
0.0000794312
48
12/1/2003
4.3
0.006018034
0.007033971
0.0000494768
49
12/8/2003
4.26
0.004058856
0.005074794
0.0000257535
50
12/15/2003
4.28
-0.00203417
-0.001018232
0.0000010368
51
12/22/2003
4.26
0.00203417
0.003050108
0.0000093032
52
12/29/2003
4.24
0.002043743
0.00305968
0.0000093616
53
1/5/2004
4.3
-0.006102599
-0.005086661
0.0000258741
54
1/12/2004
4.62
-0.03117352
-0.030157582
0.0009094798
55
1/19/2004
4.66
-0.003743941
-0.002728003
0.0000074420
56
1/26/2004
4.6
0.005628085
0.006644023
0.0000441430
57
2/4/2004
4.62
-0.001884144
-0.000868206
0.0000007538
58
2/9/2004
4.38
0.023167865
0.024183803
0.0005848563
59
2/16/2004
4.36
0.001987621
0.003003559
0.0000090214
60
2/24/2004
4.48
-0.011791525
-0.010775587
0.0001161133
61
3/1/2004
4.42
0.005855745
0.006871682
0.0000472200
62
3/8/2004
4.44
-0.001960701
-0.000944763
0.0000008926
63
3/15/2004
4.3
0.013914515
0.014930452
0.0002229184
64
3/22/2004
4.3
0.001015938
0.0000010321
65
3/29/2004
4.3
0.001015938
0.0000010321
66
4/5/2004
4.5
-0.019744058
-0.01872812
0.0003507425
67
4/12/2004
4.68
-0.017033339
-0.016017402
0.0002565572
68
4/19/2004
4.6
0.007488021
0.008503959
0.0000723173
69
4/26/2004
3.78
0.085266032
0.08628197
0.0074445783
70
5/3/2004
3.74
0.004620198
0.005636135
0.0000317660
71
5/10/2004
3.72
0.002328662
0.0033446
0.0000111863
72
5/17/2004
3.56
0.019092942
0.02010888
0.0004043670
73
5/24/2004
3.74
-0.021421604
-0.020405667
0.0004163912
74
5/31/2004
3.7
0.004669878
0.005685816
0.0000323285
75
6/7/2004
3.68
0.002353905
0.003369843
0.0000113558
76
6/14/2004
3.58
0.011964792
0.01298073
0.0001684993
77
6/21/2004
3.44
0.017324584
0.018340522
0.0003363747
78
6/28/2004
3.24
0.026013432
0.02702937
0.0007305868
79
7/5/2004
3.18
0.00811789
0.009133828
0.0000834268
80
7/12/2004
3.32
-0.018710964
-0.017695026
0.0003131139
81
7/19/2004
3.3
0.002624144
0.003640082
0.0000132502
82
7/26/2004
3.2
0.013363962
0.014379899
0.0002067815
83
8/2/2004
3.22
-0.002705893
-0.001689956
0.0000028560
84
8/9/2004
3.2
0.002705893
0.003721831
0.0000138520
85
8/16/2004
3.12
0.010995384
0.012011322
0.0001442719
86
8/23/2004
3
0.017033339
0.018049277
0.0003257764
87
8/30/2004
3.14
-0.019808393
-0.018792456
0.0003531564
88
9/6/2004
3.14
0.001015938
0.0000010321
89
9/13/2004
3.16
-0.002757435
-0.001741497
0.0000030328
90
9/20/2004
3.34
-0.024059384
-0.023043446
0.0005310004
91
9/27/2004
3.3
0.005232527
0.006248465
0.0000390433
92
10/4/2004
3.34
-0.005232527
-0.004216589
0.0000177796
93
10/11/2004
3.42
-0.010279639
-0.009263702
0.0000858162
94
10/18/2004
3.36
0.007686829
0.008702766
0.0000757381
95
10/25/2004
3.4
-0.00513964
-0.004123702
0.0000170049
96
11/1/2004
3.48
-0.010100327
-0.009084389
0.0000825261
97
11/8/2004
3.48
0.001015938
0.0000010321
98
11/15/2004
3.54
-0.007424018
-0.00640808
0.0000410635
99
11/22/2004
3.5
0.004935218
0.005951155
0.0000354163
100
12/6/2004
3.5
0.001015938
0.0000010321
101
12/13/2004
3.44
0.007509602
0.008525539
0.0000726848
102
12/20/2004
3.5
-0.007509602
-0.006493664
0.0000421677
103
12/27/2004
3.52
-0.002474619
-0.001458681
0.0000021278
104
1/3/2005
3.58
-0.007340363
-0.006324425
0.0000399984
105
1/10/2005
3.8
-0.02590057
-0.024884632
0.0006192449
106
1/17/2005
3.9
-0.01128101
-0.010265073
0.0001053717
107
1/24/2005
3.8
0.01128101
0.012296948
0.0001512149
108
1/31/2005
3.82
-0.002279766
-0.001263829
0.0000015973
109
2/7/2005
3.8
0.002279766
0.003295704
0.0000108617
110
2/14/2005
3.8
0.001015938
0.0000010321
111
2/21/2005
3.84
-0.004547628
-0.00353169
0.0000124728
112
2/28/2005
3.88
-0.004500501
-0.003484564
0.0000121422
113
3/7/2005
3.86
0.002244421
0.003260359
0.0000106299
114
3/14/2005
3.82
0.004523942
0.005539879
0.0000306903
115
3/21/2005
3.8
0.002279766
0.003295704
0.0000108617
116
3/28/2005
3.8
0.001015938
0.0000010321
117
4/4/2005
3.74
0.006911994
0.007927932
0.0000628521
118
4/11/2005
3.7
0.004669878
0.005685816
0.0000323285
119
4/18/2005
3.74
-0.004669878
-0.00365394
0.0000133513
120
4/25/2005
3.76
-0.002316243
-0.001300305
0.0000016908
121
5/3/2005
3.68
0.009340026
0.010355964
0.0001072460
122
5/9/2005
3.7
-0.002353905
-0.001337968
0.0000017902
123
5/16/2005
3.68
0.002353905
0.003369843
0.0000113558
124
5/24/2005
3.58
0.011964792
0.01298073
0.0001684993
125
5/30/2005
3.52
0.007340363
0.008356301
0.0000698278
126
6/6/2005
3.32
0.02540458
0.026420517
0.0006980437
127
6/13/2005
3.22
0.013282212
0.01429815
0.0002044371
128
6/20/2005
3.32
-0.013282212
-0.012266274
0.0001504615
129
6/27/2005
3.28
0.00526424
0.006280178
0.0000394406
130
7/4/2005
3.46
-0.023202255
-0.022186317
0.0004922327
131
7/11/2005
3.3
0.020562159
0.021578097
0.0004656143
132
7/18/2005
3.32
-0.002624144
-0.001608206
0.0000025863
133
7/25/2005
3.3
0.002624144
0.003640082
0.0000132502
134
8/1/2005
3.3
0.001015938
0.0000010321
135
8/8/2005
3.62
-0.040194631
-0.039178693
0.0015349700
136
8/15/2005
3.6
0.00240607
0.003422007
0.0000117101
137
8/22/2005
3.6
0.001015938
0.0000010321
138
8/29/2005
3.5
0.012234456
0.013250394
0.0001755729
139
9/5/2005
3.5
0.001015938
0.0000010321
140
9/12/2005
3.46
0.004991946
0.006007883
0.0000360947
141
9/19/2005
3.64
-0.022025285
-0.021009347
0.0004413927
142
9/26/2005
3.6
0.004798883
0.005814821
0.0000338121
143
10/3/2005
3.62
-0.00240607
-0.001390132
0.0000019325
144
10/10/2005
3.72
-0.011834369
-0.010818432
0.0001170385
145
10/17/2005
3.72
0.001015938
0.0000010321
146
10/24/2005
3.68
0.004695121
0.005711059
0.0000326162
147
10/31/2005
3.72
-0.004695121
-0.003679183
0.0000135364
148
11/7/2005
3.7
0.002341216
0.003357154
0.0000112705
149
11/14/2005
3.74
-0.004669878
-0.00365394
0.0000133513
150
11/21/2005
3.74
0.001015938
0.0000010321
151
11/28/2005
3.72
0.002328662
0.0033446
0.0000111863
152
12/5/2005
3.76
-0.004644905
-0.003628967
0.0000131694
153
12/12/2005
3.72
0.004644905
0.005660843
0.0000320451
154
12/19/2005
3.74
-0.002328662
-0.001312725
0.0000017232
155
12/26/2005
3.82
-0.009191761
-0.008175823
0.0000668441
156
1/3/2006
4.1
-0.030720494
-0.029704556
0.0008823607
157
1/9/2006
4.12
-0.002113359
-0.001097422
0.0000012043
158
1/16/2006
4.02
0.010671163
0.011687101
0.0001365883
159
1/23/2006
3.94
0.008729831
0.009745769
0.0000949800
160
2/6/2006
4.16
-0.023597109
-0.022581171
0.0005099093
161
2/13/2006
4.14
0.00209299
0.003108927
0.0000096654
162
2/20/2006
4.04
0.010618976
0.011634914
0.0001353712
163
2/27/2006
3.98
0.006498293
0.007514231
0.0000564637
164
3/6/2006
4.04
-0.006498293
-0.005482355
0.0000300562
165
3/13/2006
3.88
0.01754964
0.018565577
0.0003446807
166
3/20/2006
3.8
0.009048129
0.010064067
0.0001012854
167
3/27/2006
3.82
-0.002279766
-0.001263829
0.0000015973
168
4/3/2006
3.78
0.004571563
0.005587501
0.0000312202
169
4/10/2006
3.8
-0.002291797
-0.001275859
0.0000016278
170
4/17/2006
4.32
-0.05570015
-0.054684212
0.0029903631
171
4/24/2006
4.22
0.010171296
0.011187234
0.0001251542
172
5/2/2006
4.1
0.012528594
0.013544532
0.0001834543
173
5/8/2006
4.22
-0.012528594
-0.011512657
0.0001325413
174
5/15/2006
4.72
-0.048629548
-0.04761361
0.0022670559
175
5/22/2006
4.64
0.007424018
0.008439956
0.0000712329
176
5/29/2006
4.68
-0.003727873
-0.002711935
0.0000073546
177
6/5/2006
4.68
0.001015938
0.0000010321
178
6/12/2006
4.68
0.001015938
0.0000010321
179
6/19/2006
4.64
0.003727873
0.00474381
0.0000225037
180
6/26/2006
4.7
-0.005579877
-0.00456394
0.0000208295
181
7/3/2006
4.66
0.003711941
0.004727879
0.0000223528
182
7/10/2006
4.82
-0.014661122
-0.013645184
0.0001861910
183
7/17/2006
4.7
0.01094918
0.011965118
0.0001431640
184
7/24/2006
4.62
0.007455882
0.00847182
0.0000717717
185
7/31/2006
4.72
-0.009300023
-0.008284085
0.0000686261
186
8/7/2006
4.88
-0.014477823
-0.013461886
0.0001812224
187
8/14/2006
4.84
0.00357446
0.004590398
0.0000210718
188
8/21/2006
4.9
-0.005350718
-0.004334781
0.0000187903
189
8/28/2006
4.82
0.007149042
0.00816498
0.0000666669
190
9/4/2006
4.84
-0.001798323
-0.000782386
0.0000006121
191
9/11/2006
4.9
-0.005350718
-0.004334781
0.0000187903
192
9/18/2006
4.96
-0.005285596
-0.004269659
0.0000182300
193
9/25/2006
4.94
0.001754728
0.002770665
0.0000076766
194
10/2/2006
4.94
0.001015938
0.0000010321
195
10/9/2006
4.96
-0.001754728
-0.00073879
0.0000005458
196
10/16/2006
5.1
-0.0120885
-0.011072562
0.0001226016
197
10/26/2006
4.94
0.013843227
0.014859165
0.0002207948
198
10/30/2006
4.94
0.001015938
0.0000010321
199
11/6/2006
4.96
-0.001754728
-0.00073879
0.0000005458
200
11/13/2006
5
-0.003488328
-0.00247239
0.0000061127
201
11/20/2006
4.98
0.001740662
0.002756599
0.0000075988
202
11/27/2006
5
-0.001740662
-0.000724724
0.0000005252
203
12/4/2006
5.15
-0.012837225
-0.011821287
0.0001397428
204
12/11/2006
5.25
-0.008352074
-0.007336137
0.0000538189
205
12/18/2006
5.2
0.00415596
0.005171897
0.0000267485
206
12/26/2006
5.15
0.004196115
0.005212052
0.0000271655
207
1/3/2007
5.4
-0.020586531
-0.019570593
0.0003830081
208
1/8/2007
5.65
-0.019654688
-0.01863875
0.0003474030
209
1/15/2007
5.8
-0.011379546
-0.010363608
0.0001074044
210
1/22/2007
5.85
-0.003727873
-0.002711935
0.0000073546
211
1/29/2007
6.25
-0.028724151
-0.027708214
0.0007677451
212
2/5/2007
6.2
0.003488328
0.004504266
0.0000202884
213
2/12/2007
5.95
0.017874724
0.018890661
0.0003568571
214
2/21/2007
6.05
-0.007238409
-0.006222471
0.0000387191
215
2/26/2007
6
0.003604124
0.004620062
0.0000213450
216
3/5/2007
5.4
0.045757491
0.046773428
0.0021877536
217
3/12/2007
5.9
-0.038458252
-0.037442314
0.0014019269
218
3/19/2007
5.7
0.014977156
0.015993094
0.0002557790
219
3/26/2007
5.6
0.007686829
0.008702766
0.0000757381
220
4/2/2007
5.7
-0.007686829
-0.006670891
0.0000445008
221
4/9/2007
5.7
0.001015938
0.0000010321
222
4/16/2007
5.8
-0.007553138
-0.0065372
0.0000427350
223
4/23/2007
6.4
-0.04275198
-0.041736043
0.0017418973
224
4/30/2007
6.4
0.001015938
0.0000010321
225
5/7/2007
6.6
-0.013363962
-0.012348024
0.0001524737
226
5/14/2007
6.5
0.006630579
0.007646517
0.0000584692
227
5/21/2007
6.55
-0.003327943
-0.002312006
0.0000053454
228
5/28/2007
6.7
-0.009833503
-0.008817565
0.0000777495
229
6/4/2007
7.4
-0.043156917
-0.042140979
0.0017758621
230
6/11/2007
6.7
0.043156917
0.044172855
0.0019512411
231
6/18/2007
6.6
0.006530867
0.007546805
0.0000569543
232
6/25/2007
6.65
-0.00327771
-0.002261772
0.0000051156
233
7/2/2007
6.65
0.001015938
0.0000010321
234
7/9/2007
6.95
-0.019163159
-0.018147222
0.0003293217
235
7/16/2007
7
-0.003113235
-0.002097298
0.0000043987
236
7/23/2007
6.75
0.015794267
0.016810205
0.0002825830
237
7/30/2007
6.3
0.029963223
0.030979161
0.0009597084
238
8/6/2007
6.05
0.017585175
0.018601113
0.0003460014
239
8/13/2007
6.05
0.001015938
0.0000010321
240
8/20/2007
6.45
-0.02780434
-0.026788402
0.0007176185
241
8/27/2007
6.55
-0.006681585
-0.005665648
0.0000320996
242
9/3/2007
6.6
-0.003302636
-0.002286698
0.0000052290
243
9/10/2007
6.45
0.009984221
0.011000159
0.0001210035
244
9/17/2007
6.35
0.006785989
0.007801927
0.0000608701
245
9/24/2007
6.45
-0.006785989
-0.005770052
0.0000332935
246
10/1/2007
6.5
-0.003353642
-0.002337704
0.0000054649
247
10/8/2007
6.6
-0.006630579
-0.005614641
0.0000315242
248
10/16/2007
6.45
0.009984221
0.011000159
0.0001210035
249
10/22/2007
6.7
-0.016515088
-0.01549915
0.0002402237
250
10/29/2007
7.05
-0.022114314
-0.021098377
0.0004451415
251
11/5/2007
7.05
0.001015938
0.0000010321
252
11/12/2007
7.1
-0.003069232
-0.002053294
0.0000042160
253
11/19/2007
7.45
-0.020897924
-0.019881986
0.0003952934
254
11/26/2007
7.4
0.002924553
0.003940491
0.0000155275
255
12/3/2007
7.05
0.021042603
0.02205854
0.0004865792
256
12/10/2007
6.9
0.009340026
0.010355964
0.0001072460
257
12/17/2007
6.15
0.049973975
0.050989913
0.0025999712
258
12/24/2007
6.65
-0.03394653
-0.032930592
0.0010844239
259
12/31/2007
6.4
0.016641671
0.017657609
0.0003117912
AVERAGE RETURN
-0.001015938
Total Return
0.063106907
Stdev
0.015670104
Variance
0.0002446
Stdev
0.015639706
KLCI
DATE
ADJ CLOSE
RETURN
km-k barm
(km-k barm)2
(ks-k bars)(kM-k barM)
1/6/2003
633.58
1/13/2003
637.39
-0.002603786
-0.001214034
0.0000014739
0.0000136197
1/20/2003
670.16
-0.021773257
-0.020383505
0.0004154873
0.0004112038
1/27/2003
667.36
0.00181833
0.003208082
0.0000102918
0.0000635173
2/5/2003
664.75
0.001701826
0.003091578
0.0000095579
0.0000407527
2/10/2003
661.32
0.002246689
0.003636441
0.0000132237
0.0000308461
2/17/2003
657.76
0.002344198
0.00373395
0.0000139424
0.0001715281
2/24/2003
654.58
0.002104728
0.00349448
0.0000122114
-0.0001708714
3/3/2003
647.04
0.005031602
0.006421354
0.0000412338
0.0000065237
3/10/2003
635.6
0.007747241
0.009136993
0.0000834846
0.0000548940
3/17/2003
628.37
0.004968446
0.006358198
0.0000404267
0.0000547639
3/24/2003
632.79
-0.003044165
-0.001654413
0.0000027371
0.0000108881
3/31/2003
634.55
-0.001206241
0.000183511
0.0000000337
0.0000011132
4/7/2003
630.91
0.002498437
0.003888189
0.0000151180
-0.0000156852
4/14/2003
627.74
0.002187608
0.00357736
0.0000127975
0.0000217000
4/21/2003
634.89
-0.004918684
-0.003528932
0.0000124534
0.0000318521
4/28/2003
627.32
0.005209353
0.006599105
0.0000435482
0.0000067043
5/5/2003
627.62
-0.000207641
0.001182111
0.0000013974
0.0000012010
5/12/2003
631.12
-0.002415169
-0.001025417
0.0000010515
-0.0000035938
5/19/2003
636.09
-0.003406625
-0.002016873
0.0000040678
-0.0000020490
5/26/2003
653
-0.011394613
-0.010004861
0.0001000972
-0.0000101643
6/2/2003
672.92
-0.013050255
-0.011660503
0.0001359673
0.0000171743
6/9/2003
682.18
-0.005935546
-0.004545794
0.0000206642
0.0000836295
6/16/2003
688.08
-0.003739952
-0.0023502
0.0000055234
-0.0000023877
6/23/2003
683.47
0.002919478
0.00430923
0.0000185695
0.0000353121
6/30/2003
691.97
-0.00536781
-0.003978058
0.0000158249
-0.0000233450
7/7/2003
726.1
-0.020909171
-0.019519419
0.0003810077
0.0005332249
7/14/2003
724.48
0.000970036
0.002359788
0.0000055686
0.0000132424
7/21/2003
718.44
0.003635897
0.005025649
0.0000252571
-0.0000521839
7/28/2003
711.42
0.004264434
0.005654186
0.0000319698
-0.0000446284
8/4/2003
723.35
-0.007222416
-0.005832664
0.0000340200
0.0000323586
8/11/2003
722.19
0.000697015
0.002086767
0.0000043546
0.0000066627
8/18/2003
729.26
-0.004230923
-0.002841171
0.0000080723
0.0001152808
8/25/2003
744.21
-0.008813108
-0.007423356
0.0000551062
0.0000652362
9/2/2003
743.17
0.000607331
0.001997083
0.0000039883
0.0000098076
9/8/2003
756.85
-0.007921645
-0.006531893
0.0000426656
0.0000061135
9/15/2003
741.52
0.008886946
0.010276698
0.0001056105
0.0002785140
9/22/2003
745.18
-0.002138321
-0.000748569
0.0000005604
0.0000053736
9/29/2003
742.97
0.001289912
0.002679664
0.0000071806
0.0000191522
10/6/2003
740.58
0.001399299
0.002789051
0.0000077788
-0.0000085937
10/13/2003
794.4
-0.030467256
-0.029077504
0.0008455012
0.0005498359
10/20/2003
782.09
0.006782503
0.008172255
0.0000667857
-0.0001321223
10/27/2003
802.54
-0.011209955
-0.009820203
0.0000964364
0.0001700019
11/3/2003
817.92
-0.00824414
-0.006854388
0.0000469826
-0.0000316677
11/10/2003
805.92
0.006418894
0.007808646
0.0000609750
0.0002267995
11/17/2003
791.3
0.007950768
0.00934052
0.0000872453
0.0000639404
11/27/2003
785.52
0.003183919
0.004573671
0.0000209185
0.0000407625
12/1/2003
779.24
0.003486009
0.004875761
0.0000237730
0.0000342960
12/8/2003
787.05
-0.004331086
-0.002941334
0.0000086514
-0.0000149267
12/15/2003
792.9
-0.003216095
-0.001826343
0.0000033355
0.0000018596
12/22/2003
769.7
0.012896931
0.014286683
0.0002041093
0.0000435759
12/29/2003
780.19
-0.005878893
-0.004489141
0.0000201524
-0.0000137353
1/5/2004
788.58
-0.004645379
-0.003255627
0.0000105991
0.0000165603
1/12/2004
825.46
-0.019850275
-0.018460523
0.0003407909
0.0005567247
1/19/2004
818.07
0.003905566
0.005295318
0.0000280404
-0.0000144456
1/26/2004
825.04
-0.003684538
-0.002294786
0.0000052660
-0.0000152466
2/4/2004
818.16
0.003636762
0.005026514
0.0000252658
-0.0000043641
2/9/2004
815.5
0.001414278
0.00280403
0.0000078626
0.0000678121
2/16/2004
826.13
-0.005624428
-0.004234676
0.0000179325
-0.0000127191
2/24/2004
864
-0.019465349
-0.018075597
0.0003267272
0.0001947752
3/1/2004
878.17
-0.007064854
-0.005675102
0.0000322068
-0.0000389975
3/8/2004
885.65
-0.00368353
-0.002293778
0.0000052614
0.0000021671
3/15/2004
884.51
0.00055938
0.001949132
0.0000037991
0.0000291014
3/22/2004
916.75
-0.015548171
-0.014158419
0.0002004608
-0.0000143841
3/29/2004
896.38
0.009758761
0.011148513
0.0001242893
0.0000113262
4/5/2004
887.94
0.004108537
0.005498289
0.0000302312
-0.0001029726
4/12/2004
883.15
0.002349147
0.003738899
0.0000139794
-0.0000598875
4/19/2004
861.92
0.010567515
0.011957267
0.0001429762
0.0001016841
4/26/2004
875.81
-0.006942941
-0.005553189
0.0000308379
-0.0004791401
5/5/2004
840.42
0.017913521
0.019303273
0.0003726163
0.0001087959
5/10/2004
834.06
0.003299085
0.004688837
0.0000219852
0.0000156823
5/17/2004
794
0.021376791
0.022766543
0.0005183155
0.0004578097
5/24/2004
793.3
0.000383048
0.0017728
0.0000031428
-0.0000361752
5/31/2004
808.89
-0.008452012
-0.00706226
0.0000498755
-0.0000401547
6/7/2004
804.34
0.0024498
0.003839552
0.0000147422
0.0000129387
6/14/2004
823.5
-0.010223937
-0.008834185
0.0000780428
-0.0001146742
6/21/2004
822.4
0.000580502
0.001970254
0.0000038819
0.0000361355
6/28/2004
823.12
-0.000380053
0.001009699
0.0000010195
0.0000272915
7/5/2004
831.64
-0.004472216
-0.003082464
0.0000095016
-0.0000281547
7/12/2004
853.89
-0.011466558
-0.010076806
0.0001015420
0.0001783093
7/19/2004
842.81
0.005672248
0.007062
0.0000498718
0.0000257063
7/26/2004
838.19
0.002387205
0.003776957
0.0000142654
0.0000543123
8/2/2004
832.69
0.002859126
0.004248878
0.0000180530
-0.0000071804
8/9/2004
818.84
0.0072843
0.008674051
0.0000752392
0.0000322834
8/16/2004
816.68
0.00114713
0.002536881
0.0000064358
0.0000304713
8/23/2004
808.92
0.004146347
0.005536099
0.0000306484
0.0000999226
8/30/2004
820.56
-0.006204769
-0.004815017
0.0000231844
0.0000904860
9/6/2004
842.87
-0.011650254
-0.010260502
0.0001052779
-0.0000104240
9/13/2004
849.72
-0.003515244
-0.002125492
0.0000045177
0.0000037015
9/20/2004
860
-0.005222611
-0.003832859
0.0000146908
0.0000883223
9/27/2004
854.08
0.002999899
0.004389651
0.0000192690
0.0000274286
10/4/2004
855.74
-0.000843281
0.000546471
0.0000002986
-0.0000023042
10/11/2004
860.87
-0.002595741
-0.001205989
0.0000014544
0.0000111719
10/18/2004
851.65
0.004676423
0.006066175
0.0000367985
0.0000527925
10/25/2004
853.71
-0.001049218
0.000340534
0.0000001160
-0.0000014043
11/1/2004
860.09
-0.00323353
-0.001843778
0.0000033995
0.0000167496
11/8/2004
871.61
-0.005778306
-0.004388554
0.0000192594
-0.0000044585
11/22/2004
897.11
-0.012523493
-0.011133742
0.0001239602
0.0000713459
11/29/2004
909.37
-0.005894925
-0.004505173
0.0000202966
-0.0000268110
12/6/2004
917.43
-0.003832315
-0.002442563
0.0000059661
-0.0000024815
12/13/2004
894.67
0.010910063
0.012299815
0.0001512854
0.0001048626
12/20/2004
902.22
-0.003649575
-0.002259823
0.0000051068
0.0000146745
12/27/2004
906.2
-0.001911608
-0.000521856
0.0000002723
0.0000007612
1/3/2005
907.02
-0.000392806
0.000996946
0.0000009939
-0.0000063051
1/10/2005
917.42
-0.00495134
-0.003561588
0.0000126849
0.0000886288
1/17/2005
929.42
-0.00564381
-0.004254058
0.0000180970
0.0000436682
1/24/2005
926.65
0.001296284
0.002686036
0.0000072148
0.0000330300
1/31/2005
915.41
0.005300078
0.00668983
0.0000447538
-0.0000084548
2/7/2005
908.83
0.003132998
0.00452275
0.0000204553
0.0000149056
2/14/2005
915.23
-0.003047593
-0.001657841
0.0000027484
-0.0000016843
2/21/2005
908.79
0.003066708
0.00445646
0.0000198600
-0.0000157388
2/28/2005
905.06
0.001786168
0.00317592
0.0000100865
-0.0000110667
3/7/2005
887.24
0.008636258
0.01002601
0.0001005209
0.0000326884
3/14/2005
901.07
-0.006717417
-0.005327666
0.0000283840
-0.0000295146
3/21/2005
893.96
0.003440444
0.004830196
0.0000233308
0.0000159189
3/28/2005
883.4
0.005160692
0.006550444
0.0000429083
0.0000066548
4/4/2005
874.34
0.004477048
0.0058668
0.0000344193
0.0000465116
4/11/2005
864.39
0.004970613
0.006360365
0.0000404542
0.0000361639
4/18/2005
871.85
-0.003732038
-0.002342286
0.0000054863
0.0000085586
4/25/2005
877.29
-0.002701407
-0.001311655
0.0000017204
0.0000017056
5/3/2005
878.79
-0.000741927
0.000647825
0.0000004197
0.0000067088
5/9/2005
901.39
-0.011027629
-0.009637877
0.0000928887
0.0000128952
5/16/2005
890.89
0.005088652
0.006478404
0.0000419697
0.0000218312
5/24/2005
884.08
0.003332518
0.00472227
0.0000222998
0.0000612985
5/30/2005
869
0.007471789
0.008861541
0.0000785269
0.0000740497
6/6/2005
865.97
0.00151693
0.002906682
0.0000084488
0.0000767960
6/13/2005
890.88
-0.012316362
-0.01092661
0.0001193908
-0.0001562303
6/20/2005
897.17
-0.003055534
-0.001665782
0.0000027748
0.0000204329
6/27/2005
898.18
-0.000488637
0.000901115
0.0000008120
0.0000056592
7/4/2005
893.8
0.00212303
0.003512782
0.0000123396
-0.0000779357
7/11/2005
904.49
-0.005163419
-0.003773667
0.0000142406
-0.0000814286
7/18/2005
917.43
-0.006169168
-0.004779416
0.0000228428
0.0000076863
7/25/2005
939.18
-0.010175898
-0.008786146
0.0000771964
-0.0000319823
8/1/2005
938.3
0.000407119
0.001796871
0.0000032287
0.0000018255
8/8/2005
943.05
-0.002193003
-0.000803251
0.0000006452
0.0000314703
8/15/2005
937.32
0.002646836
0.004036588
0.0000162940
0.0000138132
8/22/2005
925.29
0.005610015
0.006999767
0.0000489967
0.0000071113
8/29/2005
916.02
0.004372913
0.005762665
0.0000332083
0.0000763576
9/5/2005
908.84
0.003417523
0.004807275
0.0000231099
0.0000048839
9/12/2005
917.1
-0.00392926
-0.002539508
0.0000064491
-0.0000152571
9/19/2005
920.85
-0.001772199
-0.000382447
0.0000001463
0.0000080350
9/26/2005
921.76
-0.000428965
0.000960787
0.0000009231
0.0000055868
10/3/2005
926.84
-0.002386911
-0.000997159
0.0000009943
0.0000013862
10/10/2005
925.56
0.000600191
0.001989943
0.0000039599
-0.0000215281
10/17/2005
926.48
-0.000431471
0.000958281
0.0000009183
0.0000009736
10/24/2005
909.68
0.007947402
0.009337154
0.0000871824
0.0000533250
10/31/2005
905.38
0.00205775
0.003447502
0.0000118853
-0.0000126840
11/7/2005
914.7
-0.004447782
-0.00305803
0.0000093516
-0.0000102663
11/14/2005
897.92
0.008041034
0.009430786
0.0000889397
-0.0000344595
11/21/2005
901.6
-0.001776258
-0.000386506
0.0000001494
-0.0000003927
11/28/2005
904.18
-0.001240993
0.000148759
0.0000000221
0.0000004975
12/5/2005
884.72
0.009449051
0.010838803
0.0001174797
-0.0000393337
12/12/2005
898.41
-0.006668732
-0.00527898
0.0000278676
-0.0000298835
12/19/2005
893.6
0.002331417
0.003721169
0.0000138471
-0.0000048849
12/27/2005
892.46
0.0005544
0.001944152
0.0000037797
-0.0000158950
1/3/2006
899.18
-0.003257878
-0.001868126
0.0000034899
0.0000554919
1/9/2006
913.65
-0.00693322
-0.005543468
0.0000307300
0.0000060835
1/16/2006
911.81
0.000875508
0.00226526
0.0000051314
0.0000264743
1/23/2006
903.4
0.004024265
0.005414017
0.0000293116
0.0000527638
2/6/2006
928.38
-0.01184569
-0.010455938
0.0001093266
0.0002361073
2/13/2006
923.24
0.002411164
0.003800916
0.0000144470
0.0000118168
2/20/2006
927.95
-0.002209964
-0.000820212
0.0000006727
-0.0000095431
2/27/2006
924.92
0.001420406
0.002810158
0.0000078970
0.0000211162
3/6/2006
916.74
0.003857989
0.005247741
0.0000275388
-0.0000287700
3/13/2006
923.12
-0.003011979
-0.001622227
0.0000026316
-0.0000301176
3/20/2006
922.53
0.000277662
0.001667414
0.0000027803
0.0000167810
3/27/2006
926.49
-0.001860238
-0.000470486
0.0000002214
0.0000005946
4/3/2006
926.63
-6.56204E-05
0.001324132
0.0000017533
0.0000073986
4/10/2006
944
-0.008065638
-0.006675886
0.0000445675
0.0000085175
4/17/2006
939.77
0.001950417
0.003340169
0.0000111567
-0.0001826545
4/24/2006
948.34
-0.003942492
-0.00255274
0.0000065165
-0.0000285581
5/2/2006
947.8
0.000247365
0.001637117
0.0000026802
0.0000221740
5/8/2006
962.45
-0.006661472
-0.005271721
0.0000277910
0.0000606915
5/15/2006
963.13
-0.000306734
0.001083018
0.0000011729
-0.0000515664
5/22/2006
944.25
0.008597917
0.009987669
0.0000997535
0.0000842955
5/29/2006
931.11
0.006086003
0.007475755
0.0000558869
-0.0000202738
6/5/2006
931.2
-4.19764E-05
0.001347776
0.0000018165
0.0000013693
6/12/2006
916.01
0.007142752
0.008532504
0.0000728036
0.0000086685
6/19/2006
895.14
0.010009251
0.011399002
0.0001299373
0.0000540747
6/26/2006
906.65
-0.005548702
-0.00415895
0.0000172969
0.0000189812
7/3/2006
914.61
-0.00379628
-0.002406528
0.0000057914
-0.0000113778
7/10/2006
926.37
-0.005548537
-0.004158785
0.0000172955
0.0000567474
7/17/2006
912.02
0.00678012
0.008169872
0.0000667468
0.0000977535
7/24/2006
924.44
-0.005874367
-0.004484615
0.0000201118
-0.0000379928
7/31/2006
935.31
-0.005076849
-0.003687097
0.0000135947
0.0000305442
8/7/2006
939.03
-0.00172389
-0.000334138
0.0000001116
0.0000044981
8/14/2006
942.88
-0.001776956
-0.000387205
0.0000001499
-0.0000017774
8/21/2006
941.49
0.000640712
0.002030464
0.0000041228
-0.0000088016
8/28/2006
950.61
-0.004186667
-0.002796915
0.0000078227
-0.0000228368
9/4/2006
960.82
-0.004639656
-0.003249904
0.0000105619
0.0000025427
9/11/2006
956.53
0.001943439
0.003333191
0.0000111102
-0.0000144487
9/18/2006
958.58
-0.000929768
0.000459984
0.0000002116
-0.0000019640
9/25/2006
964.07
-0.002480205
-0.001090453
0.0000011891
-0.0000030213
10/2/2006
967.17
-0.001394248
-4.49634E-06
0.0000000000
-0.0000000046
10/9/2006
971.48
-0.001931047
-0.000541295
0.0000002930
0.0000003999
10/16/2006
983.22
-0.00521684
-0.003827088
0.0000146466
0.0000423757
10/26/2006
979
0.001868012
0.003257764
0.0000106130
0.0000484077
10/30/2006
986.47
-0.00330119
-0.001911438
0.0000036536
-0.0000019419
11/6/2006
998.25
-0.005155437
-0.003765685
0.0000141804
0.0000027820
11/13/2006
1020.68
-0.009650286
-0.008260534
0.0000682364
0.0000204233
11/20/2006
1040.75
-0.008456815
-0.007067063
0.0000499434
-0.0000194811
11/27/2006
1060.67
-0.008233866
-0.006844114
0.0000468419
0.0000049601
12/4/2006
1079.77
-0.007750972
-0.00636122
0.0000404651
0.0000751978
12/11/2006
1103.89
-0.009594542
-0.00820479
0.0000673186
0.0000601915
12/18/2006
1090.01
0.005495317
0.006885069
0.0000474042
0.0000356089
12/26/2006
1079.3
0.004288305
0.005678057
0.0000322403
0.00
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