Importances essays

Significances articles One can say there are numerous things that individuals overestimate the significance of, however the one that is most troublesome would be the wide universe of sports. It is a significant perspective in our lives, I mean, it keeps us engaged. Yet, there is positively no requirement for the total confusion with regards to the serious fight. In addition to the fact that it takes from other significant issues on the news, it gives poor good examples and ravenousness too much. When is it that one can turn on the TV and not see a battle emit during a game. Regardless of whether it would be baseball, football, b-ball, or hockey. Do you truly need your youngsters to see this and think this is how they should act on the off chance that they don't dominate in a match? Its fair not right. It is in our temperament to be serious, yet lets not take it to the outrageous. Competitors need to figure out how to control their activities and chill off before they accomplish something that they lament. In addition to the fact that athletes play messy, however mentors and fans too. And all as a result of a terrible call or an irritated misfortune? Its fair not justified, despite any potential benefits. Competitors should be taken a gander at as constructive good examples to whom individuals turn upward to. Presently, we see them on the every day news overstepping the laws. Heres a model, Kobe Bryant put on rape charges. That is genuine pleasant, a thing a kid should see without a doubt on TV. What's more, shouldn't something be said about all the competitors that are taking medications and taking steroids? Its a joke; they ought to have the option to play out their athletic capacities without a medication to help their exhibition. That is not a genuine competitor. So mull over the competitor that you believe is so incredible, in light of the fact that it may not be all his exertion. While conversing with one of my companions, he expressed that a TV program that he was appreciating was hindered by an uncommon news brief which frightened him. He thought something had turned out badly in this universe of our own. In any case, no, it was a report on the exchange o ... <!

Woolworths Australia CSR Factors Sample Guideline

Question: Clarify Woolworths Australia CSR Factors. Answer: The Woolworths chains of stores in Australia have been resolved to retail business since foundation. The association creates the benefits dependent on the great and administrations they offer to their clients. The benefit made by the organization relies upon the deals recorded over the predetermined period in the bookkeeping methodologies. It is basic to take note of that the financial obligation of the associations in the corporate segment starts with the way toward gathering benefit (Corporate Social Responsibility, 2016; Hopkins, 2006). The Woolworths retail locations in Australia have set up their market inclusion systems through consumer loyalty measures and advancement of their exercises. Corporate endeavors are required to decide their benefit before taking part in the Corporate Social Responsibility exercises. The Woolworths organization has guaranteed that the way toward purchasing and selling doesn't misuse the helplessness of the clients and providers (Woolworths Limited, 2012). The benefit produced by the association is centered around speculation, use, and network support. The organization has built up its money related limit as a proportion of supporting their monetary duty. Moral Factor Business associations are committed to do their practices dependent on the ethical norms and the moral measures. The exercises of the endeavors should be adjusted by the altruism and the prerequisites of the network, the business, and the administration (Lindgreen, Kotler, and Maon, 2010). The Woolworths the board has guaranteed that the exercises did by their stores are moral and adequate by the inner and outer partners. The association manages the retail exercises, which is exposed to more connections dependent on the assortment of items the organization is selling. The organization has guaranteed that the products are sold at sensible costs that don't misuse the clients or deaden the rivals in the business. The association has made techniques that guarantee the workers are paid very much dependent on the wages guideline norms. Woolworths the board has given a significant level of consistence to the Consumer Laws and Regulations in Australia (Woolworths Limited, 2012). The retail e xercises have been founded on the need to make benefit and the construct the limit of the gatherings the business is cooperating with, for example, the clients, the providers, the representatives, and the administration. Optional Factor The Woolworths chains of stores are guided by a few magnanimous duties inside their region across Australia. Corporate associations take part fundamental exercises that are intended to increase the value of the encompassing network not on the grounds that it a commitment yet they want to improve the general public by sharing the produced benefits (Nejatti and Ghasemi, 2012). The Woolworths the executives has been detailing systems for supporting the network through battles, sharpening, and financing forms. The activity by the association has profited to the individuals from general society and the separate frameworks accepting the help. The rule that the organization has grasped includes the foundation of the monetary limit, adherence to lawful necessities, and conveying exercises dependent on moral norms before participating in network support. A few cases have risen in the corporate segment where firms take part in help network occasions yet neglect to hold fast to inner and outer quality and administrative measures (Idowu and Louche, 2011). Woolworths the executives has set activities that secure the notoriety of the business by holding fast to the Australian corporate guideline instruments. The support in the network based improvement exercises has empowered the organization to be a piece of the auxiliary changes in the general public. The organizations should increase the value of the network that structures some portion of their market specialty by sharing piece of the benefit through social intercessions (Jones et al., 2009; Trong, 2012: Rigoberto, 2009). Outline of the Plan The Woolworths Sustainability program is a drawn out responsibility that the organization created to accomplish essential destinations over a time of quite a while identified with water use, carbon discharge, bundling, and waste reusing. The system is being executed under the Greening Retail plan, which focused the commitment of retail outlets universally to help with building a reasonable green condition (Woolworths Limited, 2012). The Greening Retail Plan is a global measure that requires the retail locations to guarantee that their tasks, advertise change, and the flexibly fasten hold fast to making an economical situation regardless of their capital of abuse and area (Wendy, 2009). The operational center guarantees that the stores configuration measures as indicated by their structure that will prompt vitality being spared. The methodology was mostly intended for the basic food item chains just as the food outlets. The purchaser change prerequisite required the setting up of road s that will join the clients while making the market new methodologies. Such estimates need innovative work exercises, which is planned for creating items that are ok for the market and reasonable for the area (Piacentini et al., 2000; Preston and Bailey, 2003). The flexibly chain systems called the retail outlets to consider their transportation exercises are adjusted to ecological protection measures. Destinations and Aims The Woolworths Greening Retail was made by the inward and outer structures of the Australian corporate segment. The arrangement depended on four key territories including the environmental change, water, bundling, and waste. The program was begun to produce viable change inside the network by building up a maintainable situation (Woolworths Limited, 2012). The targets of the organization were downsized to six significant endeavors as laid out underneath. To diminish the carbon outflows by 40% by 2016 a level that will be like the recorded rate in the year 2006 To guarantee that the carbon emanation levels are diminished through the vehicle components that will guarantee that every container conveyed by Woolworths trucks adds to 25% carbon outflow decreases by 2012 To guarantee that the organization armada adds to 30% carbon emanations decreases by 2010 To diminish the water the degree of water utilization by around 200 million liters every year To add to the disposal of food waste to landfill by 2016 To complete the retail sourcing exercises dependent on moral and practical measures Techniques and Methods of Implementation The organization utilized a few strategies to guarantee that the exercises are adjusted to accomplish the Greening Retail targets under their Sustainable Program. The associations rebuilt the inner variables to guarantee absolute consistence to guideline and authority (Wendy, 2009). At whatever point organizations agree to set measures, at that point a safe inner condition for executing different instruments is made. The Woolworths organization guaranteed that the providers were assessed dependent on their creation techniques and culture. The association changed the vitality techniques utilized inside the shop units from carbon-based to all the more perfect structures, for example, power and petroleum gas. The goal of the organization was to guarantee that the procedures inside the store no longer increment carbon outflow. The organization concentrated on the transportation designs over the units. The trucks were to be stacked to guarantee that they expand on each outing. The bundlin g procedure moved to biodegradable materials to diminish the degree of carbon in the earth from the creation exercises. The retail shop supported reusing activities at whatever point non-biodegradable bundling was included. The standard of water use depended on the severe administration that empowered wellbeing and proficiency (Woolworths Limited, 2012). The association has sharpened ranchers to utilize water the board measures during creation to decrease the degree of utilization. The improved stores have been fitted with cooling highlights and refrigeration systems. Assessment and Sustainability The association has figured out how to bring a distinction since the beginning of the execution of the Sustainability Greening Retail Strategy. The Woolworths organization has had the option to control the gracefully of the items from the producer base on their promise to the economical condition in Australia. The coordinated effort with ranchers has seen an adjustment in the strategies for creation. Ranchers have depended on procedures that safeguard water to deliver the sound, which is sold at the Woolworths basic food item unit. The controlled vehicle plan has seen the business working together with organizations that offer conveyance administrations to diminish the commitment of trucks. Also, the associations have decreased the quantity of the armada for the staff through sharing that has empowered lower levels of the foreseen carbon emanation (Woolworths Limited, 2012). The quality and affirmation divisions for the chain stores have been focused on guaranteeing that the organiza tion exercises depend on the corporate guidelines of the legislature of Australia. The selling of protected and quality items to the client has made trust for showcase supportability. The organization has connected with the network in programs that support security. The workers fulfillment and inspiration has improved throughout the years. The promise to building up the skill of the laborers has built up the moral norms just as the degree of the client experience (Schrag, 2011; Reilly and Peter, 2000). Difficulties and Possible Improvements The usage of the maintainability program has been exposed to a few deficiencies. The business cost and consumption has expanded throughout the years. The procedure o

Transportation Security Administration Example

Transportation Security Administration Example Transportation Security Administration â€" Essay Example > The New TSA Security MeasuresOn 19th November, 2001, one month after the September 11 terrorist attacks, the United States Government established the Transportation Security Administration (TSA), which is now under the Department for homeland security. The agency was founded as a response to the attacks and has been operating in various security facilities, mainly airports, with an aim to prevent terrorist activities and enhance the security of civilians during flights. In the ten years since its inception, this agency has adopted several security procedures some of which had received widespread criticism. Even after the much publicized outcry in protest of its routines, the agency continues to act either as the sole security organ, or as the major security overseer responsible for civilian security in most airports in the states (Goins, 2010). This paper will focus on the various security procedures employed by TSA and discuss their ineffectiveness. TSA monitors all the different transport channels including air transport, land or surface transport as well as water transport. The department of homeland security has mandated TSA with the responsibility of ensuring safety and security in transportation, whereby TSA may work closely with other organs â€" both private and public, in executing its mandate. The organizational structure of the TSAThe agency employs various types of workers, mainly: -Transportation Security officers- their main duty is to carry out security checks on travelers in the airports, travel stations and landing ports through screening (Layton, 2007.Security inspectors- they inspect cargo and report on general transport safety. An explosives and canine detection team-they have a dedicated team of dogs and dog handlers specially trained to locate dangerous materials. Federal Air Marshalls- these officers locate possible terrorist elements from within the travelers through mixing with them. Security procedures employed by the TSAThe major up grades on TSA proceduresRisk-based approaches for Aviation securityTSA has been overseeing Public Aviation safety for more than a decade. Initially, it relied on the Processes listed below including pat-down, cargo screening and behavior observation officers to enhance security (Cohen, 2011). Recently, TSA introduced new procedures aimed at security enhancement. Some of the major changes include the following: TSA Pre TM This is a security initiative that allows travelers to volunteer information about themselves in order to expedite screening at check-points in various airports. The service is available to U. S citizens provided they are members of the Customs and Border Protection (CBP) Trusted Traveler organization as well as frequent air travelers of other selected airlines in the country. The trusted traveler programs include Global Entry, Nexus and Sentri. Already implemented is a new TSA policy on screen procedures for children under 12 years old. The traditionally conducte d shoe scan security check for travelers has been eliminated for children under 12 years. TSA also has developed expedited screening procedures for airline plots as well as revised screening procedures for senior citizens 75 years old and above, as well as active members of the U. S military. The organization may, however, still conduct random security measures within the airport from which no one is expedited. So these risk based approaches point towards a more flexible security system in which certain levels of trust are allowed between the TSA and travelers where strict security procedures for certain categories of travelers are conducted only when needed.

Studying The Bankruptcy Of Orange County Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2920 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The case of bankruptcy of Orange County in 1994 emphasize the importance of using duration and Value at risk (VAR) to assess portfolio risk and avoid future bankruptcy. Duration and VAR analysis provide deeper understanding about the underlying risk of the Orange County Investment Pool which was heavily leveraged and interest-pledged through reverse repurchase agreements and other derivatives in the pool. Some VAR estimation, including historical simulation method, delta-normal method and Monte Carlo simulation will be used to calculate worst possible loss. Don’t waste time! Our writers will create an original "Studying The Bankruptcy Of Orange County Finance Essay" essay for you Create order The EWMA will be used to provide more accurate estimation of the volatility to improve the accuracy of VAR estimation. Background: On Dec 6, 1994, Orange County declared bankruptcy after suffering losses of around $1.6billion from a wrong way bet on interest rates 7.5 billion investment pool. This pool was intended to gain some returns from the investing the money which is raised from taxes and other government incomes. It was implemented a bet that the interest would decline or stay low by Citron (the portfolio manager). Because of the steadily declining interest rates from 1989 to 1992, the portfolio performed extremely well before 1994 and earned millions of above average profit. However, in 1994, the government suddenly declared policies which included raise the interest rates from 3.45% to 7.14% to prevent high inflation and overheating economy. This increase in interest rate caused the portfolio suffer 1.6 billion loss and further lead the bankruptcy of Orange County. Section 1: The heavy leveraged and interest-pledged portfolio In order to sustain above average returns, several investment tools are used by Citron to leverage the $7.5 billion funds into $20.5billion investment. In detail, reverse repurchase agreements allow Citron to use the securities which had already purchased as collateral on further borrowing and then reinvested the cash into new securities (Jameson, 2001). Besides the heavily leveraged risk, the portfolio also encounters significant risk from the unexpected interest movement. Firstly, these repurchase agreements values significantly depend on the change in interest rate. In detail, its value decrease as the interest rate increase and increase as the interest rate decrease (P=). Secondly, $2.8 billion of derivatives, including inverse floating-rate notes, dual index notes, floating-rate notes, index-amortizing notes and collateralized mortgage obligations, are used to increase the portfolio bet on the term structure of the interest rate (Jorion, 2009). Thirdly, median term maturities which had higher yields (5.2%) than the short term investments (3%) were used to increase the return of the portfolio (Jorion, 2009). However, by using longer term maturities, the portfolios sensitivity to interest change will significantly increase. Clearly, by doing these, the portfolios value will be significantly impacted by the movement of the interest. Section 2: Duration of the portfolio and its application Duration of the portfolio Hull (2009) defines the duration as a measure of how long, on average, the holder of the instrument has to wait before receiving cash payments. It measures sensitivity of price changes with changes in interest rates. Duration can be calculated by weighting average (the weight is the proportion of portfolios total present value of cash flow received at time t) of the times. In this case, the portfolio was heavily bet on the interest, therefore, duration might be a good measure for the portfolio. In the $7.5 billion portfolio, median term maturities (5 years), rather than short term maturities (1-3 years), were used to increase the return. By doing this, the duration of the portfolio significant increased. In other words, the portfolio exposed higher risk of interest rate movements. In December 1994, the average duration of the securities in the portfolio was 2.74 years. It means 1% change in interest would cause 2.74% change in portfolios prices. M oreover, Citron leveraged $7.5 billion equity into a $20.5 billion portfolio. This means that a 2.73 leverage ratio (20.5/7.5). In other words, for every dollar of the pool invested, the pool borrowed extra $1.73. For a leveraged portfolio, the effective portfolio duration = ordinary duration * leverage ratio. Thus, the effective portfolio duration of the portfolio is 7.4 (2.74*2.7). Estimation by using duration The response of portfolio prices to change in interest rate: In 1994, the interest rates went up by about 3.5 ( and the 5 years bond yield was 5%, therefore, the loss of the portfolio equals 1.85 (7.5*7.4*3.5%/1.05) which is slightly larger than the actual loss of 1.64 billion. This slightly difference between the loss estimated by duration and the actual loss might be caused by that the duration applies to only small changes in interest rate. As a first order approximation, duration cannot capture the information that two bonds with same duration can have different change in price for large change in interest rate (different convexity). So, convexity (second order approximation) which can capture this information should be added into the estimating model. Through adding this (convexity factor), the estimated loss will slightly less than before, and will more close to the actual loss (1.64 billion). Thus, duration seems to have the ability to accurate measure the portfolios sensitivity to interest rate change. Section 3: Value at risk (VAR) Value at risk (VAR) In order to estimate the underlying risk of the portfolio, VAR which measures the worst expected loss over a given horizon under normal market conditions at a given confidence level could be used (Jorion, 2001). Because the portfolio was heavily bet on the interest rate, its return and risk are significantly depending on the change of interest rate. In other words, the change of interest yield multiplies the modified duration and portfolio value could be used as an approximation of the change of portfolios value. Thus, the change of interest yield could be used in the 3 simulation methods as the only factor that contribute the change of portfolio value. Non-parametric approach (no need to identify variance-covariance matrix) Historical simulation approach The historical simulation accounts for non-linearity, income payments, and even time decay effects through using marking-to-market the whole portfolio over a large number of realizations of underlyi ng random variables. VAR is calculated from the percentiles of the full distribution of payoffs (Jorion, 2001). By using actual price, the method captures Greek risk (gamma, vega risk etc.) and corrections of securities (already exist in the real historical data) in the portfolio, and it does not rely on some specific assumption, such as the underlying stochastic structure of the market (the pre-requests of estimating volatility and mean). Moreover, it can account for fat tails distribution besides normal distributions (Jorion, 2001). (Figure 1) The root-T approach will be used to transfer the monthly VAR to yearly VAR in all the 3 approaches. Its success significantly relies on the some specific assumptions, including the monthly yield changes of the portfolio are identically and independently distributed (iid distribution) and the return has a constant variance (Cuthbertson and Nitzsche, 2001). However, in the real world, stock returns always has time varying variance and th ere are some autocorrelation factors exist (thus, not independent). Therefore, as the T increase, the error of the transformation will significantly increase. The VAR will be calculated through sorting the monthly yield change and picking the worst daily yield change at 5% percentile (see details in CD). However, in this case, the increase in yield will cause decrease in portfolio return, therefore, the worst daily yield change should be picked at the right hand side of the histogram (see figure 1). The VAR equals 1.24 billion annually (0.36 billion monthly) which is less than the actual loss (1.64 billion). This inaccuracy might be caused by the problems exist in historical simulation method. Firstly, the success of the method significantly relies on the assumption that the past price can represent the future price information. However, the assumption is not realistic to some extent because of the existence of market efficient. Secondly, simple historical simulation method may m iss the information of temporarily elevated volatility, such as structural breaks and extreme value (Butler and Schachter, 1996). In this case, the historical simulation method cannot capture the extreme value (1.64 billion loss) which is caused by 6 suddenly decreases of interest rate. Parametric approach (need to need to identify variance-covariance matrix) Delta normal approach The delta normal method is particularly simple approach to implement. It takes account simple variance-covariance matrix and then forecast the total variance of the portfolio (volatility). Then, The VAR can be calculated through the formula: VAR = MD*Portfolio Value*=7.4*7.5*0.4%*1.65/(1.005)=0.35 billion (monthly) = 1.21 billion (annually). Delta normal method is slightly less accurate than the historical in the case. This might caused by that the change in yield does is a fat tail distribution (Kurtosis =6.9, Skewness = -0.44) rather than a normal distribution (Kurtosis =6.9, Skewness = -0.44 ). Thus, the model based on the normal distribution will underestimate the proportion of outliers and hence the value at risk (Jorion, 2001). In addition, the portfolio contains a lot of derivatives instrument. This will cause the method inadequately measures the risk of nonlinearity. Monte Carlo simulation (MCS) (the theoretical most powerful method) Unlike historical simulation, through specifying and stimulating a stochastic process for financial variables, Monte Carlo simulation covers a wide range of financial variables (volatility and stochastic variables) and fully captures correlations of securities (unlike HS, need to define the matrix) in the portfolio (Jorion, 2001). It does not only account for a wide range of risks, such as nonlinear price, volatility and model risks (the same as historical simulation), but also incorporate time variation of volatility (structural breaks and extreme values), and fat tails. Moreover, it can capture the structure changes in the port folio as the time pass (Jorion, 2001). In theoretical way, MCS should be the best method in estimating VAR. The MCS VAR is about 0.295 monthly, through using the root-T rule, the annually VAR is about 1 billion (see detail calculation in CD). There are also some limitations of Monte Carlo simulation cause the estimated error between the estimated loss and actual loss. Its success significantly relies on the specific pricing model for underlying assets and stochastic processes for the underlying risk factors. In this case, the pricing formula is Brownian approach without drift may not accurately capture the actual value change of the portfolio. This might be one possible reason that the estimated loss is not equal to the actual loss. Moreover, the problems may exist in the sample used to derivate the underlying risk factors. For example, MCS will generate less accurate estimates then delta normal method when the risk factors are jointly normal and all payoffs are liner (Cuthbertso n and Nitzsche, 2001). Why MCS (theoretical best method) shows the worst estimation in this case MCS seems to have the least accurate estimation (more closer to the actual loss) in this case. This might be caused by the portfolio used in MCS are treated as one asset which is only impacted by the interest yield. Three factors, including the correlation between all the securities in the portfolio, the underlying risk factors of these securities and the different price formula should be used for each security, are ignored in the powerful approach (Tardivo, 2002). On the other hand, compared with the MCS, historical simulation does not need to define the correlation matrix, because the data has already captured the information. In addition, underlying risk factors also contains in the actual data. Thus, in the case with limited information, historical simulation provides more accurate estimation. Section 4: EWMA In realistic world, the variance of the time series is varying overtime. Thus, the simple unconditional variance (simple variance/standard deviation) may not provide unbiased estimation of the volatility. This will further result in inaccuracy estimation of the VAR. in the case, In the case, the simple variance (volatility) are calculating through assigning the same weight on all observations during Jan 1953 and Dec 1994. This may lead to biased forecasts of VAR because the Fed dramatically increased/decreased the interest rate during this time period. In order to improve the accuracy of estimating VAR, Exponentially weighted moving average (EWMA) will be used to provide more accurate estimation to the volatility at a specific time (conditional standard deviation) (Cuthbertson and Nitzsche, 2001). EWMA method allows more recent observations to have stronger impact on the forecast of volatility than the old observations. In practical way, the recent data are given more weights th an the old data. By applying this model, volatility in practice will be more impacted by recent events and the impacts on volatility will decline as time pass (smaller weights apple to the event) (Brooks, 2002). Through applying the EWMA model, the monthly standard deviation for the six months before December 1994 is 0.348%. The next 6 months volatility could be forecasted through using the formula:. In addition, the actual monthly volatility could use the change in yield as approximation. According to RiskMetrics, the optimalshould be 0.97 (Brock, 2002). ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Forecast volatility (%) Actual volatility (%) Range of the possible volatility at 5% confidence level ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Volatility at june 1994 0.35 ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Left side (-1.65) Right side (1.65) Forecasted volatility ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Jul-94 0.35 -0.26 -0.57 0.57 Aug-94 0.34 0.08 -0.56 0.56 Sep-94 0.35 0.47 -0.57 0.57 Oct-94 0.34 0.20 -0.56 0.56 Nov-94 0.34 0.31 -0.56 0.56 Dec-94 0.34 0.04 -0.55 0.55 Generally, the EWMA approach does not fully capture abnormal volatility change in 1994. In detail, the actual volatility change more volatile than the forecast one (table 1). The inaccuracy involve in estimating the volatility may result in that the calculated VAR is significantly different from the actual possible loss of the portfolio (table 2). If the forecast volatility is used to calculate VAR, manager should aware that the calculated VAR is only an approximation and it cannot capture all the volatility change information. For example, in this case, the actual volatility in Sep-94 is significantly larger than the forecast one. This may cause manager to underestimate the risk in the time period and then holding the portfolio unchanged as before. It is also support by Mahoney (1996) who empirically support that the EWMA volatility has inaccuracy problems. Table 1: ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Forecast volatility (%) Actual volatility (%) Left side (-1.65) Right side (1.65) Volatility at June 1994 0.35 ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Forecasted volatility ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Jul-94 0.35 -0.26 -0.57 0.57 Aug-94 0.34 0.08 -0.56 0.56 Sep-94 0.35 0.47 -0.57 0.57 Oct-94 0.34 0.20 -0.56 0.56 Nov-94 0.34 0.31 -0.56 0.56 Dec-94 0.34 0.04 -0.55 0.55 On the other hand, VAR calculated based on EWMA volatility can still be used as a benchmark to assess the portfolios risk. All of the actual volatility is in the boundary of the forecast volatilitys 5% tail cut off (on both sides *1.65). That is to say, although there are significant differences between the forecast and the actual volatility in this case, portfolio manager may still not underestimate the underlying risk at 5% confidence level (normal distribution). In addition, if better models are used, including GARCH, EGARCH, and GJR , the VAR can provide more precise estimation of the worst possible loss. Table 2: ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Forecasted VAR(*-1.65) monthly Actual VAR monthly Forecasted VAR annually Actual VAR annually Jul-94 -0.302 0.227 -1.045 0.786 Aug-94 -0.297 -0.070 -1.030 -0.242 Sep-94 -0.301 -0.410 -1.044 -1.420 Oct-94 -0.298 -0.174 -1.034 -0.604 Nov-94 -0.298 -0.270 -1.031 -0.937 Dec-94 -0.293 -0.035 -1.015 -0.121 Section 5: Backtest EWMA model In order to test whether VAR can be used as s a benchmark to assess the portfolios risk, the backtest should be used to test whether EWMA can capture the actual change in interest yield at the 5% left tail cut off level (normal distribution). Practically, if all of the actual changes in interest yield are within the forecast volatilities boundary (the forecast volatility multiply 1.65 at right hand side and -1.65 at the left hand side), the EWMA model can be considered as providing accurate estimation at 5% confidence level. According to figure 2, there are 4 outliers (Aug-89, Jan-92, Feb-94 and Mar-94) are outside the forecast. This will cause manager to over/under estimate the underlying risk of the portfolio. Figure 2: forecast volatilities boundary and actual change in interest yield Section 6: Whether the portfolio should be liquidated in December 1994 Miller and Ross (1997) recommend that the portfolio should not be liquidated until the maturity of the structural notes. This is because after the Orange County bankruptcy, the interest rate fell from 7.8% to 5.25% during Dec 1994 to Dec 1995. If it did not announce the bankruptcy, this decrease in interest rate could help the County to recover 7.4*7.5*2.55%/1.05= 1.32 billion losses. However, the problem is that in Dec 1994, how the managers would know that there would be a decrease in interest in 1995. Jorion (1997) suggest that because it is impossible to predict suddenly interest rate decrease, holding the assets in order to recover value in the next years is speculative and risky. Given this change in yield is a normal distribution, the probability of 2.55% decrease in interest can be calculated through P(=P(-6.223). According to the normal statics table, the probability of such large decrease in interest is less than 1%. Thus, the rational managers would not expect suddenl y large decrease in interest rate. In order to minimize to further loss, it is reasonable to liquidate the portfolio on Dec 1994. In addition, as the portfolio is interest pledged, some interest futures, such as the T-bond futures, could be shorted to hedge the portfolio in Dec 1993. Long cap could also a good choice to generate profit when interest rate exceeds the strike rate. This could partially compensate the massive loss. Conclusion The orange countys heavy leveraged and interest-pledged portfolio suffer massive loss in 1994 because of the suddenly increase of interest rate. Through examining this case study, the Duration and VAR are important measurement of risk to avoid future bankruptcy. Compare the duration estimated loss with the actual loss, Duration (plus convexity) of the portfolio seems to have the ability to accurately measure the portfolios sensitivity to the change in interest rate. In addition, all of the VARs calculated through three approaches, including historical simulation, delta normal, and MCS, are less than the actual loss. The theoretical best approaches (MCS) does not provide the most accurate estimation because of ignorance of some important factors, such as the correlation between all the securities in the portfolio, the underlying risk factors of these securities and the different price formula should be used for each security. The backtest of EWMA (4 outliers) suggest that there are some risk in using VAR to measure the worst possible loss in the real world.

What Is PSI Definition of Unit

PSI definition: PSI is a unit of pressure expressed in pounds of force per square inch of area. It stands for Pounds per Square Inch.1 PSI 6894 Pascals 0.070 atmospheres 51.715 torr

The Crystal Shard 3. The Mead Hall Free Essays

Many miles north of Ten-Towns, across the trackless tundra to the northernmost edge of land in all the Realms, the frosts of winter had already hardened the ground in a white-tipped glaze. There were no mountains or trees to block the cold bite of the relentless eastern wind, carrying the frosty air from Reghed Glacier. The great bergs of the Sea of Moving Ice drifted slowly past, the wind howling off of their high-riding tips in a grim reminder of the coming season. We will write a custom essay sample on The Crystal Shard 3. The Mead Hall or any similar topic only for you Order Now And yet, the nomadic tribes who summered there with the reindeer had not journeyed with the herd’s migration southwest along the coast to the more hospitable sea on the south side of the peninsula. The unwavering flatness of the horizon was broken in one small corner by a solitary encampment, the largest gathering of barbarians this far north in more than a century. To accomodate the leaders of the respective tribes, several deerskin tents had been laid out in a circular pattern, each encompassed in its own ring of campfires. In the center of this circle, a huge deerskin hall had been constructed, designed to hold every warrior of the tribes. The tribesmen called it Hengorot, â€Å"The Mead Hall,† and to the northern barbarians this was a place of reverence, where food and drink were shared in toasts to Tempos, the God of Battle. The fires outside the hall burned low this night, for King Heafstaag and the Tribe of the Elk, the last to arrive, were expected in the camp before moonset. All of the barbarians already in the encampment had assembled in Hengorot and begun the pre-council festivities. Great flagons of mead dotted every table, and good-natured contests of strength sprang up with growing frequency. Though the tribes often warred with each other, in Hengorot all differences were put aside. King Beorg, a robust man with tousled blond locks, a beard fading to white, and lines of experience etched deeply into his tanned face, stood solemnly at the head table. Representing his people, he stood tall and straight, his wide shoulders proudly squared. The barbarians of Icewind Dale stood a full head and more above the average inhabitant of Ten-Towns, sprouting as though to take advantage of the wide and roomy expanses of empty tundra. They were indeed much akin to their land. Like the ground they roamed over, their oftenbearded faces were browned from the sun and cracked by the constant wind, giving them a leathery, toughened appearance, a foreboding, expressionless mask that did not welcome outsiders. They despised the people of Ten-Towns, whom they considered weak wealth-chasers possessed of no spiritual value whatsoever. Yet one of those wealth-chasers stood among them now in their most revered hall of meeting. At Beorg’s side was deBernezan, the dark-haired southerner, the only man in the room who was not born and bred of the barbarian tribes. The mousey deBernezan kept his shoulders defensively hunched as he glanced nervously about the hall. He was well aware that the barbarians were not overly fond of outsiders and that any one of them, even the youngest attendant, could break him in half with a casual flick of his huge hands. â€Å"Hold steady!† Beorg instructed the southerner. â€Å"Tonight you hoist mead flagons with the Tribe of the Wolf. If they sense your fear †¦Ã¢â‚¬  He left the rest unspoken, but deBernezan knew well how the barbarians dealt with weakness. The small man took a steadying deep breath and straightened his shoulders. Yet Beorg, too, was nervous. King Heafstaag was his primary rival on the tundra, commanding a force as dedicated, disciplined, and numerous as his own. Unlike the customary barbarian raids, Beorg’s plan called for the total conquest of Ten-Towns, enslaving the surviving fishermen and living well off of the wealth they harvested from the lakes. Beorg saw an opportunity for his people to abandon their precarious nomadic existence and find a measure of luxury they had never known. Everything now hinged on the assent of Heafstaag, a brutal king interested only in personal glory and triumphant plunder. Even if the victory over Ten-Towns was achieved, Beorg knew that he would eventually have to deal with his rival, who would not easily abandon the fervent bloodlust that had put him in power. That was a bridge the King of the Tribe of the Wolf would have to cross later, the primary issue now was the initial conquest, and if Heafstaag refused to go along, the lesser tribes would split in their alliances among the two. War might be joined as early as the next morning. This would prove devastating to all their people, for even the barbarians who survived the initial battles would be in for a brutal struggle against winter: The reindeer had long since departed for the southern pastures, and the caves along the route had not been stocked in preparation. Heafstaag was a cunning leader; he knew that at this late date the tribes were committed to following the initial plan, but Beorg wondered what terms his rival would impose. Beorg took comfort in the fact that no major conflicts had broken out among the assembled tribes, and this night, when they all met in the common hall, the atmosphere was brotherly and jovial, with every beard in Hengorot lathered in foam. Beorg’s gamble had been that the tribes could be united by a common enemy and the promise of continued prosperity. All had gone well†¦so far. But the brute, Heafstaag, remained the key to it all. * * * The heavy boots of Heafstaag’s column shook the ground beneath their determined march. The huge, one-eyed king himself led the procession, his great, swinging strides indicative of the nomads of the tundra. Intrigued by Beorg’s proposal and wary of winter’s early onset, the rugged king had chosen to march straight through the cold nights, stopping only for short periods of food and rest. Though primarily known for his ferocious proficiency in battle, Heafstaag was a leader who carefully weighed his every move. The impressive march would add to the initial respect given his people by the warriors of the other tribes, and Heafstaag was quick to pounce on any advantage he could get. Not that he expected any trouble at Hengorot. He held Beorg in high respect. Twice before he had met the King of the Tribe of the Wolf on the field of honor with no victory to show for it. If Beorg’s plan was as promising as it initially seemed, Heafstaag would go along, insisting only on an equal share in the leadership with the blond king. He didn’t care for the notion that the tribesmen, once they had conquered the towns, could end their nomadic lifestyle and be contented with a new life trading knucklehead trout, but he was willing to allow Beorg his fantasies if they delivered to him the thrill of battle and easy victory. Let the plunder be taken and warmth secured for the long winter before he changed the original agreement and redistributed the booty. When the lights of the campfires came into view, the column quickened its pace. â€Å"Sing, my proud warriors!† Heafstaag commanded. â€Å"Sing hearty and strong! Let those gathered tremble at the approach of the Tribe of the Elk!† * * * Beorg had an ear cocked for the sound of Heafstaag’s arrival. Knowing well the tactics of his rival, he was not surprised in the least when the first notes of the Song of Tempos rolled in from the night. The blond king reacted at once, leaping onto a table and calling silence to the gathering. â€Å"Harken, men of the north!† he cried. â€Å"Behold the challenge of the song!† Hengorot immediately burst into commotion as the men dashed from their seats and scrambled to join the assembling groups of their respective tribes. Every voice was lifted in the common refrain to the God of Battle, singing of deeds of valor and of glorious deaths on the field of honor. This verse was taught to every barbarian boy from the time he could speak his first words, for the Song of Tempos was actually considered a measure of a tribe’s strength. The only variance in the words from tribe to tribe was the refrain that identified the singers. Here the warriors sang at crescendo pitch, for the challenge of the song was to determine whose call to the God of Battle was most clearly heard by Tempos. Heafstaag led his men right up to the entrance of Hengorot. Inside the hall the calls of the Tribe of the Wolf were obviously drowning out the others, but Heafstaag’s warriors matched the strength of Beorg’s men. One by one, the lesser tribes fell silent under the dominance of the Wolf and the Elk. The challenge dragged on between the two remaining tribes for many more minutes, neither willing to relinquish superiority in the eyes of their deity. Inside the mead hall, men of the beaten tribes nervously put their hands to their weapons. More than one war had erupted on the plains because the challenge of the song could determine no clear winner. Finally, the flap of the tent opened admitting Heafstaag’s standard bearer, a youth, tall and proud, with observing eyes that carefully weighed everything about him and belied his age. He put a whalebone horn to his lips and blew a clear note. Simultaneously, according to tradition, both tribes stopped their singing. The standard bearer walked across the room toward the host king, his eyes never blinking or turning away from Beorg’s imposing visage, though Beorg could see that the youth marked the expressions that were upon him. Heafstaag had chosen his herald well, Beorg thought. â€Å"Good King Beorg,† the standard bearer began when all commotion had ceased, â€Å"and other assembled kings. The Tribe of the Elk asks leave to enter Hengorot and share mead with you, that we might join together in toast to Tempos.† Beorg studied the herald a bit longer, testing to see if he could shake the youth’s composure with an unexpected delay. But the herald did not blink or turn aside his penetrating stare, and the set of his jaw remaining firm and confident. â€Å"Granted† answered Beorg, impressed. â€Å"And well met.† Then he mumbled under his breath, â€Å"A pity that Heafstaag is not possessed of your patience.† â€Å"I announce Heafstaag, King of the Tribe of the Elk.† the herald cried out in a clear voice, â€Å"son of Hrothulf the Strong, son of Angaar the Brave; thrice killer of the great bear; twice conqueror of Termalaine to the south; who slew Raag Doning, King of the Tribe of the Bear in single combat in a single stroke†¦Ã¢â‚¬  (this drawing uneasy shuffles from the Tribe of the Bear, and especially their king, Haalfdane, son of Raag Doning.) The herald went on for many minutes, listing every deed, every honor, every title, accumulated by Heafstaag during his long and illustrious career. As the challenge of the song was competition between the tribes, the listing of titles and feats was a personal competition between men, especially kings, whose valor and strength reflected directly upon their warriors. Beorg had dreaded this moment, for his rival’s list exceeded even his own. He knew that one of the reasons Heafstaag had arrived last was so that his list could be presented to all in attendance, men who had heard Beorg’s own herald in private audience upon their arrival days before. It was the advantage of a host king to have his list read to every tribe in attendance, while the heralds of visiting kings would only speak to the tribes present upon their immediate arrival. By coming in last, and at a time when all the other tribes would be assembled together, Heafstaag had erased that advantage. At length, the standard bearer finished and returned across the hall to hold open the tent flap for his king. Heafstaag strode confidently across Hengorot to face Beorg. If men were impressed with Heafstaag’s list of valor, they were certainly not disappointed by his appearance. The red-bearded king was nearly seven-feet tall, with a barrelshaped girth that dwarfed even Beorg’s. And Heafstaag wore his battle scars proudly. One of his eyes had been torn out by the antlers of a reindeer, and his left hand was hopelessly crumpled from a fight with a polar bear. The King of the Tribe of the Elk had seen more battles than any man on the tundra, and by all appearances he was ready and anxious to fight in many more. The two kings eyed each other sternly, neither blinking or diverting his glance for even a moment. â€Å"The Wolf or the Elk?† Heafstaag asked at length, the proper question after an undecided challenge of the song. Beorg was careful to give the appropriate response. â€Å"Well met and well fought,† he said. â€Å"Let the keen ears of Tempos alone decide, though the god himself will be hard-pressed to make such a choice.† With the formalities properly carried out, the tension eased from Heafstaag’s face. He smiled broadly at his rival. â€Å"Well met, Beorg, King of the Tribe of the Wolf. It does me well to face you and not see my own blood staining the tip of your deadly spear!† Heafstaag’s friendly words caught Beorg by surprise. He couldn’t have hoped for a better start to the war council. He returned the compliment with equal fervor. â€Å"Nor to duck the sure cut of your cruel axe!† The smile abruptly left Heafstaag’s face when he took notice of the dark-haired man at Beorg’s side. â€Å"What right, by valor or by blood, does this weakling southerner have in the mead hall of Tempos?† the red-bearded king demanded. â€Å"His place is with his own, or with the women at best!† â€Å"Hold to faith, Heafstaag,† Beorg explained. â€Å"‘This is deBernezan, a man of great import to our victory. Valuable is the information he has brought to me; for he has dwelt in Ten-Towns for two winters and more.† â€Å"Then what role does he play?† Heafstaag pressed. â€Å"He has informed,† Beorg reiterated. â€Å"That is past,† said Heafstaag. â€Å"What value is he to us now? Certainly he can not fight beside warriors such as ours.† Beorg cast a glance at deBernezan, biting back his own contempt for the dog who had betrayed his people in a pitiful attempt to fill his own pockets. â€Å"Plead your case, southerner. And may Tempos find a place in his field for your bones!† deBernezan tried futilely to match the iron gaze of Heafstaag. He cleared his throat and spoke as loudly and confidently as he could. â€Å"When the towns are conquered and their wealth secured, you shall need one who knows the southern marketplace. I am that man.† â€Å"At what price?† growled Heafstaag. â€Å"A comfortable living,† answered deBernezan. â€Å"A respected position, nothing more.† â€Å"Bah!† snorted Heafstaag. â€Å"He would betray his own, he would betray us!† The giant king tore the axe from his belt and lurched at deBernezan. Beorg grimmaced, knowing that this critical moment could defeat the entire plan. With his mangled hand, Heafstaag grabbed deBernezan’s oily black hair and pulled the smaller man’s head to the side, exposing the flesh of his neck. He swung his axe mightily at the target, his gaze locked onto the southerner’s face. But, even against the unbending rules of tradition, Beorg had rehearsed deBernezan well for this moment. The little man had been warned in no uncertain terms that if he struggled at all he would die in any case. But if he accepted the stroke and Heafstaag was merely testing him, his life would probably be spared. Mustering all of his willpower, deBernezan steeled his gaze on Heafstaag and did not flinch at the approach of death. At the very last moment, Heafstaag diverted the axe, its blade whistling within a hair’s breadth of the southerner’s throat. Heafstaag released the man from his grasp, but he continued to hold him in the intense lock of his single eye. â€Å"An honest man accepts all judgments of his chosen kings,† deBernezan declared, trying to keep his voice as steady as possible. A cheer erupted from every mouth in Hengorot, and when it died away, Heafstaag turned to face Beorg. â€Å"Who shall lead?† the giant asked bluntly. â€Å"Who won the challenge of the song?† Beorg answered. â€Å"Well settled, good king.† Heafstaag saluted his rival. â€Å"Together then, you and I, and let no man dispute our rule!† Beorg nodded. â€Å"Death to any who dare!† deBernezan sighed in deep relief and shifted his legs defensively. If Heafstaag, or even Beorg, ever noticed the puddle between his feet, his life would certainly be forfeit. He shifted his legs again nervously and glanced around, horrified when he met the gaze of the young standard bearer. deBernezan’s face blanched white in anticipation of his coming humiliation and death. The standard bearer unexpectedly turned away and smiled in amusement but, in an unprecedented merciful act for his rough people, he said nothing. Heafstaag threw his arms above his head and raised his gaze and axe to the ceiling. Beorg grabbed his axe from his belt and quickly mimicked the movement. â€Å"Tempos!† they shouted in unison. Then, eyeing each other once more, they gashed their shield arms with their axes, wetting the blades with their own blood. In a synchronous movement, they spun and heaved the weapons across the hall, each axe finding its mark in the same keg of mead. Immediately, the closest men grabbed flagons and scrambled to catch the first drops of spilling mead that had been blessed with the blood of their kings. â€Å"I have drawn a plan for your approval,† Beorg told Heafstaag. â€Å"Later, noble friend,† the one-eyed king replied. â€Å"Let tonight be a time of song and drink to celebrate our coming victory.† He clapped Beorg on the shoulder and winked with his one eye. â€Å"Be glad of my arrival, for you were sorely unprepared for such a gathering,† he said with a hearty laugh. Beorg eyed him curiously, but Heafstaag gave him a second grotesque wink to quench his suspicions. Abruptly, the lusty giant snapped his fingers at one of his field lieutenants, nudging his rival with his elbow as if to let him in on the joke. â€Å"Fetch the wenches!† he commanded. How to cite The Crystal Shard 3. The Mead Hall, Essay examples

Comparison of How Shusaku Endo in Wonderful Fool and Albert Camus in the Outsider Have Used Moral Issues to Develop Their Works Essay Example

Comparison of How Shusaku Endo in Wonderful Fool and Albert Camus in the Outsider Have Used Moral Issues to Develop Their Works Essay Comparison of how Shusaku Endo in Wonderful Fool and Albert Camus in The Outsider have used moral issues to develop their works It is debatable whether morality is a code of conduct that is considered right by society or whether it is a code unilaterally decided upon by an individual. When we consider morality as a tool used by both Shusaku Endo in Wonderful Fool and Albert Camus in The Outsider, this debate holds immense relevance. Wonderful Fool, heavily influenced by Christian doctrine, addresses the degeneration of Japanese society and the way moral issues are presented in the novel reflects this. In Wonderful Fool Shusaku Endo looks upon morality as the value system defined by the Bible, where Jesus Christ is regarded as the epitome of true goodness. In his portrayal of the main character he draws upon examples from Christ’s life to recreate a character whose morality is nearly flawless. The Outsider as a philosophical social commentary uses moral issues to demonstrate the absurdity of existence. Camus chooses to present morality as the code of conduct that an individual chooses to uphold regardless of the views of society or religion. He creates a character that lives according to his own â€Å"morality†. We will write a custom essay sample on Comparison of How Shusaku Endo in Wonderful Fool and Albert Camus in the Outsider Have Used Moral Issues to Develop Their Works specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Comparison of How Shusaku Endo in Wonderful Fool and Albert Camus in the Outsider Have Used Moral Issues to Develop Their Works specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Comparison of How Shusaku Endo in Wonderful Fool and Albert Camus in the Outsider Have Used Moral Issues to Develop Their Works specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Although supposed by most readers to be amoral, this character, Meursault appears to be true to his personal convictions of objectivism. Meursault’s commitment to objectivity makes him moral in my opinion. Coined post-Camus, moral objectivism in this context refers to objectivity being used to guide one’s actions as opposed to subjective emotions or traditions. Both writers utilize characterization to present moral issues concerning honesty, consistency and non-conformity in a manner that supports their respective viewpoints. In both texts characterization is frequently used as a vehicle through which morality is presented. In Shusaku Endo’s novel Gaston is presented as a clumsy ‘horse-like’ (Endo 43) Frenchman who is incongruous with the modern slick Japanese city of Tokyo. This ‘fool’ who descended from greatness (Napoleon) is very much like Jesus who is also an unwelcome descendant of a ruler (King David). Gaston, like Jesus, is not physically attractive . Both were rejected by people in society, especially the fashionable, rich or powerful. Jesus was rejected at Nazareth his hometown. People scoffed, â€Å"He’s just a carpenter, the son of Mary† (Mark 6:3), whilst Gaston is constantly referred to as the â€Å"foreigner,† never integrating into Tokyo. His rejection is best characterised by Tomoe. â€Å"’hope you are satisfied†¦bringing that fool into our home,’ she said with deep resentment† (Endo 51). She did not welcome his presence in her house. Gaston makes companions of the lowliest members of society: prostitutes, murderers, and stray dogs. In this way he resembles Christ who befriended the outcasts of his society, such as lepers and prostitutes. He demonstrates selflessness and patience as he attempts to befriend a thug that was beating him up. â€Å"No matter what trick†¦he was of such a temperament that he could not hate his persecutors† (Endo 83). This demonstrates a parallel with Christ who forgave those who taunted him on the cross. His self-sacrificing, unconditional ‘childlike faith’ (Psalm 116:6) in the goodness of people bears a strong resemblance to Jesus and this presents him to the reader as being morally good. Shusaku Endo uses Gaston’s character as a foil, against which he shows the individualistic nature of Japanese society. Endo conveys his disapproval of this societal trait by painting a positive picture of Gaston’s selflessness against the gloom of Japanese hedonism. Gaston is seen by the reader as being altruistic and therefore the reader is led to feel that Japan is self-seeking because of the harsh contrast between his magnanimity and the city’s self-absorbed nature. This contrast is created through other character’s response to Gaston as well as the scenes in which Gaston’s tale is told. The other characters in the novel respond to Gaston’s actions with disdain. For instance, when â€Å"Gaston took food from his own plate and threw it to the dog†¦Tomoe and Matchan looked away in disgust† (Endo 51). His simple act of kindness disgusted them. This contrast between the ideal (embodied by Gaston) and reality (of the character Japanese society) demonstrates Shusaku Endo’s disapproval of the judgemental society that Japan had become. Contrast is further evident in the following examples: the scene at â€Å"Hilltop Hotel† (a brothel), the incident at Sanya where â€Å"even the police†¦close their eyes to prostitution† and â€Å"extortion, theft and other such crimes flourish† (Endo 115). By playing out Gaston’s story in these places, which are hedonistic, dark and cruel, Gaston’s kindness and compassion is even more apparent as he unwittingly helps the prostitute in need. The writer places Gaston in the company of a murderer, Endo, â€Å"who was able to kill a man in cold blood† (Endo 118). Endo (the character) embodies the Japanese in a way that suggests they are self-serving as he acts without regard for Gaston trying to satisfy his own needs. Despite Endo’s aggression Gaston’s response to Endo is one of concern for him as opposed to worry for himself. This relationship further emphasises the idea of the Japanese being too egotistical by contrasting Endo’s selfishness with Gaston’s unselfishness. Albert Camus has a similar approach in his choice of characteristics for his principle character. Meursault, as the title implies, is an outsider and apathetically goes about life. Meursault appears not to concern himself with the conventions of his society. When his mother died Meursault’s response was one of indifference as he concerned himself more with the date and logistics than acknowledging the gravity of her death. â€Å"Mother died today. Or maybe yesterday†¦I’ll come back tomorrow† (Camus 9). However he is not completely indifferent; truth is of great importance to him. Like Gaston he never wavers from his belief system, upholding objectivity without compromise. He is honest and true as a result. By the end of the text when Meursault is offered an alternative to execution in exchange for his faith in God he refuses. †Ã¢â‚¬ ¦with God’s help he would do something for me† (Camus 67) †¦ [he asked] me if I believed in God. I said no† (Camus 68). He sees no need for a lawyer, â€Å"I could answer for myself† (Camus 66). His unwillingness to compromise or immersion in his ‘simple’ belief system turns Meursault almost into a martyr, dying for his belief. Meursault’s commitment to honesty to himself overrides the instinctive response of self-preservation. He is a non-conformist and does not understand society. This emphasizes how this judgmental society imposes its own belief system on individuals, requiring assimilation. Meursault, like Gaston, is consistent in his conduct, not lying once in the text, making him moral in his own mind. Similar to Shusaku Endo, Camus uses the contrast of the ideal characterised by Meursault to highlight a fault in the society he presents. Meursault’s objectivity demonstrates, through juxtaposition, the absurdity of our society. He comments on how murder is murder, thus it makes no difference if a man is shot once or four times, or if a man is killed by a stranger or his own son. During the trial his lawyer asks, â€Å"Is he being accused of burying his mother or of killing a man? † (Camus 93). This question showing how the court or society was judging him based on â€Å"exposing the dark workings of this criminal soul† (Camus 96), as opposed to the arbitrary shooting. The murder was not malicious. He only killed the man as a response to â€Å"a red hot blade gnawing at [his] eyelashes† (Camus 60). Although Meursault speaks the truth he is judged by a system which does not recognise his moral code. This system views murder as immoral regardless of the intention, whilst Meursault sees no shame in his action as it wasn’t borne from malice. In effect he is convicted for not conforming. In the Afterword Camus says â€Å"the hero of the book is condemned because he doesn’t play the game† (Camus 118). Meursault pulled the trigger out of tension from the heat and was not out of revenge or hatred towards the Arab. If morality is an individual’s set code of conduct, independent of society, a society’s morals could then be called ‘ethics’. Camus creates a character that is moral as he is true to his own beliefs, whilst at the same time the character is unethical. It was the skill involved in playing a character’s private beliefs against those of a society that made me enjoy these texts. In each text, a character’s personality conflicts with a society’s personality and to me this was a most effective way of exploring the society’s flaws. Both writers utilize characterization to present moral issues concerning honesty, consistency and non-conformity in a manner that supports their respective viewpoints. As these characters show the ideal, society is painted as being imperfect. Through characterisation both writers present the flawed world and a consistent character to the reader. The reader then chooses which is right and which is wrong based on the biased information given by the writer. This then means the reader identifies the society as flawed and the writer has fulfilled his purpose and conveyed his message. Word Count: 1,497 words Bibliography Camus, Albert. The Outsider. English Translation: Joseph Laredo. Penguin Books Ltd, London; 1983. Endo, Shusaku. Wonderful Fool. English Translation: Francis Mathy. Peter Owen Publishers, London; 2002.

Feminine Virtues in the Ibo Tribe essays

Feminine Virtues in the Ibo Tribe essays In Things Fall Apart, Chinua Achebe shows the importance of feminine virtues in the Ibo tribe. In the novel women, regarded highly for their importance in bearing children and acting as wives, receive praised for their significance. Achebe illustrates the women of the tribe as strong, powerful people whose importance you cannot fail to notice. Anasi was a middle aged woman, tall and strongly built. There was authority in her bearing and she looked every inch the ruler of the womenfolk in a large and prosperous family (Achebe 20). Often entrusted with instilling morality in their children and governing their conduct, women in the tribe hold high regard in the respects of their fellow tribes people. A female goddess will remind men to uphold their morals and mind their conduct, much the way a mother would her child. Once again, a mother holds a high magnitude in the tribe. Mothers and wives appear as the only two positions that women in the Ibo tribe can receive praise for. Outside these roles of acting as mother and/or wife, a woman will receive little, if any respect. It was clear from the way the crowd stood that this was a ceremony for me. There were many women, but they looked on from the fringe like outsiders (Achebe 87). With festivals held in public places, men presided and took seats of honor in front. Women, forced to stand at the edges, looked on from there because they simply did not hold importance. Also, throughout the book, Achebe emphasizes the womens role in childbearing and their fault if the childs would not occur healthily. Nneka has had four previous pregnancies and childbirths. But each time she had born twins, and they had been immediately thrown away. Her husband and his family were already becoming highly critical of such a woman and were not unduly perturbed when they found she had fled to join the Christians. It was a good rid ...

16 Classic Russian Jokes

16 Classic Russian Jokes Russian humor can be difficult to understand even if you speak fluent Russian. This is often because many Russian jokes play on cultural stereotypes, political events, popular culture, and Soviet-time movies. Russian jokes are called Ð °Ã ½Ã µÃ ºÃ ´Ã ¾Ã'‚ and have a unique history. The first Ð °Ã ½Ã µÃ ºÃ ´Ã ¾Ã'‚Ã'‹ came to Russia through the European tradition of telling interesting, often funny stories. They were popular in the aristocratic circles and eventually developed into the classic joke similar to those in the West. However, these jokes took on a very political slant during the 70 years of the Soviet era. This unique perspective allowed for the development of an unusual, specific Russian humor characterized by its themes of political or cultural relevance. Soviet Jokes About Political Leaders Imgorthand / Getty Images Soviet political leaders provided a lot of material for new jokes, especially Stalin, Brezhnev, and Khrushchev, due to their odd or funny behavior as well as the paradoxical and claustrophobic nature of the Soviet life. 1.Thats enough of messing around, said Brezhnev, gluing his eyebrows under his nose. 2. Brezhnev is speaking at a party meeting. Who said that I can only speak when I have the speech in front of me? Ha, dash, ha, dash, ha, dash. 3. - Do you have a hobby, Leonid Ilyich?- Of course! I collect jokes about myself.- Have you got many?- Two and a half labor camps already! Jokes About Everyday Soviet Life Life was difficult in the Soviet Union, with stores often displaying empty shelves and politics generating a high level of stress and suspicion. People were painfully aware of the lack of things that were considered completely ordinary abroad. All production was done within the country and everything was grey and clunky compared to what was being produced in the West. People responded by coming up with jokes that played on the contrast between life in the Soviet Union and life elsewhere. 4. Two cassette players meet up. One is Japanese, the other is Soviet-made. The Soviet one says:- Is it true that your owner has bought you a new cassette?- Yeah.- Can I have a chew? 5. - What would you do if they opened the borders?- I would climb a tree.- Why?- So I dont get killed in the stampede. Jokes About Contemporary Life in Russia 6. They caught Bin Laden. Washed him, gave him a haircut, turned out it was Berezovsky. 7. A factory worker in a Western country shows his house to his Russian colleague.- Heres my room, this one is my wifes, this is my eldest daughters, thats our dining room, then the guest bedroom... etc.The Russian guest nods and says, after a pause:- Well, its basically similar to mine. Only we dont have the internal walls. New Russians Jokes Arndt_Vladimir / Getty Images New Russians appeared in the 1990s, after the fall of the Soviet Union, as the Russian nouveaux riches. They quickly became the subject of many jokes due to their lack of culture, education, and manners, as well as their garish tastes. New Russians were usually depicted as low in intelligence and reliant on money to solve everything. 8. Two New Russians are driving in a Jeep and see a sign Traffic police - 100m. One of them takes out his wallet and begins to count the money. Then he sighs and says You know what, Vovan, I dont think we have enough for a hundred cops. 9. A New Russian says to an architect:- I want you to build three swimming pools: one with cold water, one with warm water, and one without any water.- Why would the third one not have any water?- Cuz some of my friends cant swim. Jokes About Lenin Andrei Vasilev / Getty Images Just like other political leaders, Lenin has been the butt of many Russian jokes. His character traits, his manner of speech, and his post-death stay at the Moscow mausoleum are all popular topics. 10. A tired father of six comes home after a night shift. The kids surround him and demand to play. He says:- Okay, lets play a game called Mausoleum where Ill be Lenin and youll be the guards. 11. A journalist interviews Lenin.- Vladimir Ilyich, how did you come up with the slogan Study, study, and study?- I didnt come up with anything, I was just trying out a new pen! Jokes About Lieutenant Rzhevsky Lieutenant Rzhevsky is a fictional character in a play by Aleksandr Gladkov and the movie based on the play, The Hussar Ballad. Possessing both negative and positive character traits, Rzhevsky became a popular subject of Soviet jokes after the release of the movie. Although the original character is not that much of a womanizer, it is this trait in particular that dominates the jokes about him. Interestingly, the jokes usually also feature Natasha Rostova, one of the main characters of Tolstoys War and Peace. The reason for this is that while Rzhevsky represents a vulgar, highly sexualized military man, Natasha Rostova depicts the more traditional ideals of a woman as seen in Russian culture as a demure and charming character. The contrast between them creates plenty of opportunities for jokes. 12. Natasha Rostova is at a ball.- It is terribly hot in here. Lieutenant Rzhevsky, perhaps we could open something?- With my greatest pleasure! Would you prefer champagne or cognac? 13. - Chaps, Im so tired of the same old card games! Why dont we go to the theatre instead? They are putting on Three Sisters.Lieutenant Rzhevsky:- This is going to work out brilliantly! There are three of us, too! Jokes About Little Vovochka STUDIOGRANDOUEST / Getty Images Equivalent to Little Johny, Little Vovochka originated in the early 20th century as a nameless little boy who would shock others with his vulgar behavior. Eventually, the little boy became Little Vovochka as an ironic homage to such leaders of Russia as Vladimir the Great and Vladimir Lenin. More recently, Vladimir Putin also joined the ranks of the Vovochkas. 14. A teacher asks:- Children, who has a pet at home?Everyone raises their hands and shouts out Cat! Dog! Hedgehog!Little Vovochka raises his hand and says Lice, ticks, cockroaches! 15. Little Vovochka decided to become president when he grows up. And he did. Jokes About Chapaev Chapaev was a celebrated Russian army commander during the Russian Civil War. After a Soviet movie was made about him in 1934, Chapaev became a popular subject of Russian jokes. His sidekick, Petka, is usually present in the jokes, too. 16. Petka asks Chapayev:- Vassily Ivanovich, can you drink half a liter of vodka?- Of course!- What about a full liter?- Sure!- How about a whole barrel?- No problem, I can drink that easily.- Can you drink a river of vodka?- Nah, I cant do that. Where would I get such a giant gherkin?

Summary on Creep Behavior of Discontinuous SiC-Al composites Essay

Summary on Creep Behavior of Discontinuous SiC-Al composites - Essay Example The first experiment tested compressed creep on SiC with 3-5 wt. percentages of Li at a temperature of 505-866k. The results showed that Li increases the strengthening power of SiC and its wetting behavior. The second experiment tested the creep behavior of SiCw and SiCp covered with aluminum alloy at a temperature of 505-644k. The results showed that both composites were steady but SiCW was more resistant to creep compared to SiCp. The results were because of the variations in the components load bearing abilities, their strengths and the applied temperatures. The conducted experiments revealed that the quality of creep rates depend on the applied temperatures and stress (Mohamed, Park & Lavernia 22). The article also used the shear lag method to test the creep rate of discontinuous composites by applying stress and geographic parameters. In this method, the composite has short fibers inserted in the creeping matrix; the shear transports the load from the matrix to fiber and this ap proach applies creep power law. This method is efficient in transferring the load from matrix to fiber and handling stress level within the fiber. ... In the experiment, the composite phase acted as a regular aligns and there was periodic array of fibers. The experiment applied the creep power law by ensuring that reinforcement phase remains elastic (Mohamed, Park & Lavernia 26). The results indicated that matrix develops higher stress, which reduces composites creep rates. It also showed that geometry arrangements affect the quality of the creep rate. Indeed, the results note that creep law favors the Ag-40wt. percentage composites only but not the composites of SiC-Al (Mohamed, Park & Lavernia 27). Considering the obtained results, the article explains the deformation models using dislocation motion. It analyses whether similar dislocation processes can be applicable for both DS alloy creep and the SiC-Al composites creep. In addition, the article also evaluates successfully the characteristics of deformation process on DS alloys and SiC-Al composites. The article highlights the strain exponent of creep and identifies the followi ng assumptions. Firstly, the high stress exponent and variations results from threshold stress. Additionally, the threshold stress and strength applied on the creep depends on applied stress and lastly, the activation energy for SiC-Al composites and DS alloys are similar (Mohamed, Park & Lavernia 30). The article concludes that SiC-Al composites and DS alloys have similar creep behaviors regardless of their stress exponent and activation energies. Importantly, the article identifies that shear log assumptions on the creep behavior of SiC-al are inconsistence. Indeed, the study offers the similarities in the creep behavior among composites, the evidential calculations and dissimilarities among activation

Leadership approach Essay Example | Topics and Well Written Essays - 2500 words

Leadership approach - Essay Example the aforementioned students, the animal owners who seek the services of the veterinary college as well as the clinicians. The Problem: Given the considerable job descriptions of the staff, coupled with the lack of resources and the need to provide excellent services, the staff finds itself in the classic low morale conundrum; too much work and effort required for a job description that is become less enviable by the day. This, in short, can be categorized as the crux of the problem that I face under the leadership aspect of my role as the finance manager. ... The major weakness of this concept is ironically related to its major strengths in that the rather malleable nature of production does not allow the firm to establish a solid ground in any of the different businesses that it participates in i.e. its becomes somewhat of a jack of all trades and master of none. Due to this lack of immovability, the firm is not able to continue a specific production practice for a large period of time, hence, is unable to ascertain best production practices and any other cost cutting techniques, thus, it always produces at a level that has to be considered in optimal for the firm. (Yinghong, 2006) McDonald’s is a pertinent example of the correct use of moving competencies as they have been able to strike the perfect balance between the usability of moving competencies and defining their basic company objectives and areas of expertise. Therefore, despite the fact that McDonald’s is expanding both is scale of operations and in its product ra nge, it is still intrinsically a fast food joint which it has been able to maintain due to its best practices and strong adamancy on quality assurance. From this description, it can be easily surmised that the need of the hour for the manager is to implement the system of moving competencies in a way that would oversee the creation of synergies and the institution of best practices in the form that ‘every job is done by that specific person who does it best’. Therefore, the creation of conjoined skills development becomes a necessity and the onus lies on the finance manager to institute the change that is needed for the creation of an open learning and

Impact and Application of Nanotechnology

Impact and Application of Nanotechnology Isayah Wedderburn The wonders of nanotechnology       Abstract This project is going to inform you on the wonders of nanotechnology and how it can improves our lives in the future. Also, the different ways in which nanotechnology is assessed as an entirety in regards to it being a benefit for the future or harmful. We will explore the purpose of the researching into nanotechnology. Identifying and evaluating the purpose of the research In the next week read a book on nanotechnology to gain a foundation on how nanotechnology works and what it is. Within the first two weeks of the project read 2 journals on the medical application of nanotechnology and the theory of nanotechnology to understand nanotechnology is and how to it could impact on our future to generate a great insight on nanotechnology. In the next 5 days using the information gained throughout online research and reading a book construct a plan of different analytical techniques that can be used to evaluate nanotechnology ( i.e. methodology, evaluation and summary) and come to a conclusion. Overview A nanometre is a billionth of a metre. (Report in co-operation with the OECD International Futures Programme 2016,p 6) Nanoscience is the study of phenomena and manipulation of materials at atomic, molecular and macromolecular scales in order to understand and exploit properties that differ significantly from those on a larger scale. (Report in co-operation with the OECD International Futures Programme2016) [DS1]Nanotechnology is any design, structure, systems of materials or materials when working from 1-100nm. Nanotechnology involves an array of scientific disciplines such as chemistry, physics, biology and electronics and engineering. It has been around since the ninth century. However, modern technology enables us gain an insight and thus be able to exploit the working of nanotechnology. Additionally, it has many advantages that may able to develop civilization and improves our lives or may be a drawback to society and cause more harm than good. Nanotechnology would be paramount to future of humanity due to the fact that it has many desirable applications, not only that, it is used in a vast amount of different fields. Therefore, itll help the world develop and make improves the well-being on a global scale. The up and coming field has many potential contributions to medicine. (Report in co-operation with the OECD International Futures Programme 2016,p16)[DS2] have said Nano devices could be used for encapsulation: there are Nano capsules that are used for cancer patients. The capsule (quantum dot) travels to the site of the tumour without damaging healthy cells then diffuses and releases the toxins at an appropriate rate, killing the target tumour. A similar method could be used to detect diseases in patients at the most primitive stage to prevent any detrimental progression. Nonetheless, in the clinical field extensive trials have to be taken for the drug to be deemed suitable. This means that all the medical applications of nanotechnology will take the longest to come to fruition. Drug delivery is would be the most profitable application of this technology. Thus billions or trillions of dollars should be invested into this. The most popular use and potential part of nanotechnology is the Nanotube. It is made of carbon and a carbon nanotube is a cylinder of carbon atoms covalently bonded together. The nanotube popularity stems from its properties and structure. (Richard Booker, Earl Boysen 2005,P 68) A sheet of graphite is very strong because of the interlocking carbon-to-carbon bonds. The graphite sheets can slide across each other easily, which makes graphite useful as a lubricant. The tensile strength of the nanotube is close to 100 times greater than that of steel of the same diameter. According to Report in co-operation with the OECD International Futures Programme (Report in co-operation with the OECD International Futures Programme 2016,P10) Therefore, carbon nanotubes could be used for car to absorb a significant amount of damage due to its high tensile strength or gurder that bend instead of rapturing in an earthquake. (Report in co-operation with the OECD International Futures Programme 2016,P 9) However, there are problems with the nanotube, one of which is it is difficult to interact with different materials. For instance for functionalisation (changing the properties of nanotube by chemically binding it with other chemicals) to occur the nanotubes need to be reacted with a polymer. But this reduces the effect of its properties. Nonetheless, Scientists are trying to discover a way to overcome this process without inhibiting the properties of the nanotube. Social applications of Nontechnology (Richard Booker and Earl Boysen, 2005[DS3])Nanotechnology is still in its infant stages. Nonetheless, itll blossom slowly and become intertwined into most fields; nanotechnology will become an integral part of our lives like mobile phones. (Richard Booker and Earl Boysen, 2005[DS4]) Albeit, nanotechnology has a lot of potential to pave the way for the next revolution to become something great. However with new technology there are always social, economic and ethical issues that we have to consider, to allow commercialization for the new product. As nanotechnology is still progressing humanity is unaware of the detriment to the environment or the damage to the people of the future generation that may transpire. Unfortunately, there have been recent studies to that show toxicity exist through the result of using nanomaterials. Additionally, government and corporations are observing the effect on nanotechnology with gm crops to human health due to the fact that itll affect the chain, ultimately it may bring forth damage to humanity. Furthermore, there have been experimental results that cause major concern: single-walled nanotube can cause lesions in the lungs of rats. 15 percent died from suffocation! A plethora of people have trepidation for the division that will become more apparent between rich and poor countries nanotechnology will cause; exclusively developed countries will be benefiting from the reward of research due to having sufficient money to mass produce and distribute the products stemming from nanotechnology. (Richard Booker and Earl Boysen, 2005) Countries with less-educated works would be unable to compete in the nano technology-related future due to a lack of knowledge. Benefits in medicine will be focused on financial issues and wont be shared equally. Therefore, poor countries wouldnt be able to improve their medicine to improve peoples lives and/or wellbeing. Some governments had the privilege to invest money into nanotechnology with genetically engineered foods in the super market shelves. Which causes controversial quarrel and an uproar due to the dangers if nano foods and pesticides that may impede on the health of others. (Richard Booker and Earl Boysen, 2005) Poorer countries. To conclude there are many negative aspect of nanotechnology to consider. Humanity should ask the question; does the positive of nanotechnology outweigh the negatives? Evaluation There many benefits of nanotechnology. The advantages are that it can be used in many different disciplines and scientific fields. Because scientist are learning more about nanotechnology everyday there are more discoveries that could be made to benefit a lot of people. The options are limitless. On the other hand nanotechnology has concerning disadvantages. The disadvantages are scientists dont know the damage that could be caused to the environment and peoples health. Poor countries may face the most difficulty[DS5]. Overall, the benefits of nanotechnology outweigh the disadvantages because scientists could find various ways to overcome to the difficulties as they could make more instruments to understand how atoms and materials work. Nanotechnology will cause a great paradigm shift because itll be involved in many fields[DS6]. There have been trillion of dollars invested into to nanotechnology and an astronomical time put into it. Therefore, it would be wise to put our time to good use and allow nanotechnology to come to fruition. Summary[DS7] More time should be time and money should be invested into nanotechnology so we can develop it further. It has great potential and it should not go to waste. Ethicality of research[DS8] The researcher should always bring integrity, fairness and honesty to ensure anyone involved in an experiment is safe and it give you a piece of mind as you are being honest. Integrity in tells no coercing or deceiving the people involved. This means the participant should be willing to volunteer information; they have the right to withdraw from the research at any stage. Honesty involves considering the impact on people lives and environment to judge if the research or experiment will be pragmatic and will be more beneficial than a hindrance. In addition, is the experiment morally right? Because there could me more benefits than harm but the lives of test subjects may be put at risk or harmed. That is the most significant aspect to take into account. The scientist carry out primary research must always be explicit in what they tell the participants of what will occur so they dont have a failed understanding. For example they should be aware of the possible outcomes of the research, the associated demands and discomfort people may experience. If the experiment may cause danger to a persons life the experts conducting the research must have strong justifications of why it is necessary. It is vital that there is academic integrity. Thus you must have permission to use intellectual property such as journals. And you shouldnt assume you have automatic permission. Being ethical is crucial because it protects the scientist from losing their job, losing money or in some cases being arrested; it protects anyone involved in research to be protected as well. Methodology[DS9] The method used to collect data was by reading books to gain an insight as to what nanotechnology is. Looking at different journals online and thinking which one is the most relevant to the subject. At each stage the way information was collected is by writing down ideas and knowledge obtained from secondary research to think of a logical order to structure the findings. This allows the project to be coherent. The role of the researcher is to find important a sufficient amount of information to implement into the project. There isnt much way the personal behaviour of the researcher can be effect because the research is secondary. The best research method for gaining textual data was by reading it thoroughly and observing as which data will be relevant. Then extracting and compiling the relevant research. For the project numerical data wasnt needed to understand nanotechnology, although it could have been used to observe and think about the subject on different angles. (April Klazema ,june 12,2014[DS10], )The main difference between objectivity and subjectivity is in the way that these arguments are presented. Subjective information whether it is in written or spoken form is generally considered to be a single persons opinion. It has a viewpoint, or possibly a bias, regardless of the information it provides. Remember to reference Budgeting[DS11] Borrowing books were free because they were borrowed from the library. This means there was no need to purchase any books. The journals were free; however the library paid approximately  £20 for the journals viewed. The journals used were free as they came from a free source on Google. There was no need to print any resources as you can access the journals online. It cost  £2 to purchase lines and plain paper from the shop to write ideas down and make a plan. Appendices References[DS12] Nanotechnology for dummies Richard Booker and Earl Boysen 2005 Opportunities and risks of Nanotechnologies , Report in co-operation with the OECD International Futures Programme 20016 April klazema. 2014. Objective vs. Subjective Writing: Understanding the Difference. [ONLINE] Available at: https://blog.udemy.com/objective-vs-subjective/. [Accessed 12 June 2014]. Word count Words: 1,952 [DS1]Incorrect referencing style. [DS2]Incorrect referencing style used. [DS3]This need to be at the end of the sentence with the period after the last bracket. [DS4]Another way you could have used this reference is: Albeit, broker and Boysen (2005) suggestsà ¢Ã¢â€š ¬Ã‚ ¦ Also, in-text reference used is incorrect. [DS5]A reference would be needed to support this statement. [DS6]Such as? [DS7]You could have added further context to your summary. You raised a lot of good points in your body. How could further research impact/improve nanotechnology? Which area of nanotechnology could use further research during this stage in its development? You could have brought some of these questions into context at this stage. [DS8]What ethical constraints would this field of study face? And how would you address them? [DS9]Good. [DS10]No the format for in-text Harvard referecing [DS11]Good [DS12]This is not the format for Harvard referencing.   Ã‚  

Critically Examine the Arguments for and Against Deliberately Trying to Change Organizations

Assessed Essay OC4 â€Å"Critically examine the arguments for and against deliberately trying to change organizations† Introduction Before we begin to explore whether it is a worthwhile exercise to seek to change an organisation through a planned approach we must first begin with a definition of our terms. What might we mean by â€Å"deliberate†, â€Å"change† and an â€Å"organisation† To do so will help us explore under what circumstances planned change may be worthwhile or even possible. Huczynski & Buchanan (1991) define organizations as â€Å"social arrangements for the controlled performance of collective goals†. This definition fits well those who would propose a deliberate change approach as it suggests an element of control of the organisation is possible. It also pictures the organisation as a separate entity whose goal is to control and that there is agreement by the members on what these goals should be. The fits with the roots of Organisational Development that the performance of the organisation can be enhanced by exerting control in some way over the structures, processes and individuals that make up the organisation. Some would take issue however with the concept of the organisation as a seperate entity: Morgan (1986) â€Å"organizations are complex and paradoxical phenomena that can be understood in different ways† thus change of the organisation is a much more complex issue. In Morgans view, the idea that we can identify the elements that make up the organisation, in the same way that you might dismantle a machine, does not allow for the complexity that exists. As our view of the organisation affects our perspective our definition of the type of change we are examining will also affect the scope of our investigation. Schein (1969) defines change as â€Å"the initiation of new patterns of action, belief and attitudes among substantial segments of the population†. Change is something that is started by someone (a change agent), but does not necessarily need to involve everyone. For Schein, change is deep rooted in that it goes beyond the surface level change of process and goes to the core of behaviour: beliefs and attitudes. Lippett (1973) uses a broader definition: â€Å"any planned or unplanned alteration to the status quo†. We will explore whether, using such a broad definition, the planned approach might be more suitable to particular contexts. Our final term in need of definition is â€Å"deliberate change†. Ford & Ford (1995) define this as â€Å"when a change agent deliberately and consciously sets out to establish conditions and circumstances that are different from what they are now and then accomplishes that through some set or series of actions and interventions either singularly or in collaboration with other people†. Thus deliberate change involves intent that distinguishes it from change which is not consciously produced and instead occurs as a series of side effects, accidents or unanticipated consequences of actions. The Arguments for Deliberate Change 1. Performance is enhanced by the controlled introduction of change rather than allowing it to happen haphazardly. It is worth noting that the classical approach, from which this argument derives, was developed during a period when the management approach was fairly reactive and adhoc. The scientific approach to management was an attempt to create order and efficiency. Fayol (1949), suggested the role of mangers is to plan, organise, command, co-ordinate and control. Critics of the approach would attack the concept of leadership portrayed by Fayol and others e. g. Collins who speaks of â€Å"Level 5† leaders who are more servants than charismatic controllers; those who would look in the mirror when performance dips and praise their team for the successes achieved. Those who would act more as facilitators than controllers. There is also wider criticism of the notion that planned change is good for organisations per se. This seems to be a notion that permeates much of OD literature, that individuals need to be controlled for change to be effective.. Croch et al challenges the view that because leaders see unprecedented turbulence they act as a buffer to the organisation to minimise this by resistance, denial or inaction. Leaders are inherently obstructionist in their stance. Burnes & Stalker (1961) found that rather than act as a blocker to change; leaders seized the opportunity to initiate action. Thus one could argue that rather than needing to control individual action it may be more appropriate to allow individuals the freedom to seize the opportunities that prevail around them. One could also question the view that planned change is more effective than â€Å"unplanned† change. Studies examining the success of transformations have suggested that 66% of organisations fail in their change efforts (Sturdy 7 Grey (2003) 2. Change now takes place at an ever accelerating rate, if managers do not plan how to deal with change there is a danger that the organisation will be driven by vagaries of its environment. Some critics would question the notion that change is as rapid and all pervasive as some writers would suggest. Weick (1985) would argue that the turbulence is only created in the perception of those who create the turbulence rather than by the events themselves. One could argue that rather than planned change perhaps there is a call for planned stability. Individuals may be getting tired of the changes that are imposed upon them and instead seek stability in their environment. Some would argue change has always been with us, others would argue that stability is equally as prevalent. The notion that change is a given is built on Darwinian concept that all things evolve in a common way to attain improved circumstances. 3. Planned change is the most effective way to deliver the performance as organisations need long term strategic plans to enable them to attain the results they require. This build from a top down view of the organisation guided by a group of rational individuals who make decisions for the good of the organsiation and its members. Taylor (1911) and his scientific view of management â€Å"the work of everyman is fully planned out by management† supported the concept of leaders as rational decision makers, fully able to plan every task of the workers who in turn simply carried out the tasks assigned to them. John Harvey-Jones and would support this managerialist position by building a picture of the â€Å"hero† manager fully capable of implementing any change they see fit. The argument also portrays the change process itself as rational capable of being controlled e. g. Leighs (1988) who identifies a list of internal and external triggers to change that can enable the control to take place. Pettigrew (1985) criticises the approach for taking an acontextual, atheoretical and aprocessual stance: organisations are not this independent entity that the writers suggest. Clegg (1990) suggests organisations are embedded in a network of wider social relationships. Organisations don’t just reside in an environment; they are part of its fabric. Thus even if the leaders have the skills the control of the complexity would be beyond them. There is also criticism aimed at the assumption that planned change results in the intended outcomes. Grevenhoest et al (2003) â€Å"The outcome of the change process is often different from what was planned and new projects are often started before previous ones have finished properly† Other studies have questioned the success rate of planned change in achieving their initial goals. What would be the â€Å"success rate† of unplanned change? How much change takes place as a reaction of internal and external forces rather than through some strategic planning process? 3. Planned change enables the change agent and those implementing the change to take into account a range of issues that would not otherwise be included. Although this may be true it does not necessarily follow that this means they are able to influence or control these factors. The argument, by adopting a scientific approach assumes that by identifying the issues the individuals then have the skills and ability to manipulate the â€Å"issues† to make the change more effective. Such capacity, even if it is possible, presumes highly sophisticated skills. Would the individuals possess such skills? . Planned change enables leaders of the change to ensure that the changes are introduced in such a way that they are accepted by the individuals within the organisation. Ford & Ford (1995) point to the power of communication in driving change. â€Å"everything, including prevailing conditions and circumstances, is seen as created by and in communication†¦ in the absence of communica tion there is no intentional change. † Such communications follow fairly simple patterns and the drivers of change can use different types of conversation to make the changes happen. At a more macro Level Lewin (1951) placed the individual in the group to which they belong which forms the individuals perceptions, feelings and actions. He maintained the status quo is held together by various field forces which, when identified could be strengthened or diminished to bring about the necessary change. By â€Å"unfreezing† the status quo, then â€Å"moving† to the new state and finally â€Å"re freezing† the changes become effective. These concepts seem to adopt a rather simplified view of individual behaviour and of the change process itself. They imply change can be mapped as a set of stages hat individuals go through and which can then be planned and controlled, e. g. by the use of communication techniques. Bandura (1986) questions this simplistic approach to individual behaviour and instead proposes a social cognitive view â€Å" people are neither driven by inner forces nor automatically shaped and controlled by external stimuli†¦behavi our, cognitive and other personal forces and environmental events all operate as interacting determinants of each other. Arguments against Planned Change Burnes and Salauroo (1995) aim four criticisms at the planned change approach: 1. Much of OD on which it is based was designed for top-down, autocratic; rule based organisations, which operated in a predictable and stable environment. Such a picture of the organisation is one that the management Guru’s of the 1980’s and 1990’s fought against (Peters & Waterman, Kanter) arguing instead for an organisation that was bottom up, that was built around team working rather than hierarchy. Involving matrix management and extended spans of control rather than vast hierarchical structures to exercises control over the workers. Handy (2001) now argues that such vast hierarchical organisations will be few in numbers and instead the workforce will be epitomised by â€Å"fleas† living in some symbiotic relationship but over whom the large organisations have little control. Thus one should not attempt to apply the principles to a business environment that undergoes constant change and whose watchwords are consultation and facilitation rather than authority and control. However to suggest that all organisations have moved away from a top down, autocratic stance is perhaps a little naive. Many may advocate a consultative approach but it is still the board of directors who make the strategic decisions. There is also the argument highlighted previously that the notion of rapid continual change is one of perception rather than concrete reality. 2. The focus of planned change tends to be on incremental change, taking place through a series of defined and controllable phases (Lewin) and so it is unable to incorporate radical transformational change (Schein) Planned change involves detailed diagnosis of the issues, action and then evaluation before further action and evaluation in an iterative cycle. It recognises change needs to be self-sustaining. Quinn (1980) draws a picture of the executive who seeks out, through various channels, a range of data before proactively taking steps to â€Å"implant support†, form coalitions, and constantly re evaluate the direction of the organisation as he moved it gradually in the direction he seeks. Such planned change, could be very costly and labour intensive. Payne & Reddin’s study of a major change at a tobacco factory calculated the cost as 25-person manager years of OD. Is such a cost justified in light of the research that suggests much of the changes would prove ineffective? In the case of rapid, radical change a coercive approach might be more appropriate than the planned approach. Does change really take place in such a controlled, phased way? Are change agents able to introduce change in such a controlled way? What about the role of power and politics? Buchanan & Badham suggested that politics is a reality and by necessity change agents have to get involved otherwise the changes are likely to fail. However, would the change agent have the skills to engage in such behaviour successfully? If the change involves culture change, difficulties start at the analysis stage as culture is difficult to define therefore how can you then plan to make changes? Where would the start and end point be and how would you evaluate the differences? 3. Planned change makes the assumption that there is common agreement between all parties and that they all have a willingness and interest in making the changes. It seems to adopt a unitarist approach to change that suggests organisations are essentially co operative, that little conflict exists amongst the members on the overall aims of the organisation. Both the pluralist and radical schools would argue much conflict exists in reality. The radical school might go as far as to suggest that the workers need protection from management, as the drivers of the two groups are completely different. Certainly the planned approach seems to view the managers as rational, altruistic individuals who always act for the good of the organisation and its members. Bowman C. (1999) suggests that changes to the status quo tend to emerge from action and rarely come from strategic analysis. It is far better then for changes to take place as a stream of decisions over time than agreeing some common vision of the outcomes intended by the changes. The Marxist view would challenge this by suggesting that as their focus is on increasing profits, by necessity that involves the exploitation of the members of the organisation. 4. The planned approach assumes the approach is suitable for all organisations. Pettigrew & Whipp (1991) instead suggest that no such universal rules exist and leading change actually involves a flow of actions that need to be appropriate to the context rather then working through some recipe for success as is suggested by some texts e. g. Leighs (1988) â€Å"Effective change: twenty ways to make it happen† Pettigrew (1985) criticises the approach for concentrating on change episodes rather than the â€Å"processual dynamics of changing†. Few have undertaken longitudinal studies to explore the process of change which would enable you to place the changes in the context within which they occur: For Pettigrew it is these structures and contexts which give the changes â€Å"form, meaning and dynamic†. He also criticises planned change for assuming managers work to achieve an end state that is knowable and achievable whereas change is a complex process that doesn’t occur in bite size chunks. You need to explore the process of changing and not just the change itself. This is perhaps rather a harsh criticism, as it was not suggested that the approach would suit all situations at all times. In fact the focus is very much on incremental change however even here critics question the basic tenets of the approach built on the idea that change takes place as a steady flow of incremental changes towards a common goal. Gersick (1991) suggests a â€Å"punctuated equilibrium paradigm† through which to view change to challenge the view that individual systems develop along the same path. Gersick proposes the notion of periods of equilibrium punctuated by revolutionary periods that cause upheaval in the change process rather than some gradual incremental step to the end goal. Van de Van & Poole (1995) suggest that rather than take the â€Å"one shoe fits all approach† we need to look at the different perspectives through which writers view change and explore where they are inter related. One could also argue that the planned approach to change suggests that conflict needs to be eliminated and organisations need to strive for a smooth transition from one state to another. The notion goes back to the notion that change occurs in phases and the concept that individuals reaction hen faced with change is to attempt to block it. There has also been much criticism of the planned approach in that, although it attempts to tackle â€Å"how to implement change† when it comes to specific guidance the writers provide little substance. Recipes for success do exist however they are very general in their approach e. g. The planned approach seems to view change as episodic, the result being that it takes the view that the organisation exists in a stable environment which is interrupted by periods of change which need to be controlled to ensure a smooth transition from one state to another and recreate the stability. The role of the change agent is to create the change by focusing on leverage points that will help ensure any conflict is resolved. It is possible however to take a different perspective: Weick & Quinn (1999) Organisations are not specific entities but social processes, which are emergent and constantly changing rather than inert. Change instead of punctuated equilibrium is a pattern of endless incremental modifications that is driven by a range of internal and external forces. As such rather than using a set recipe for success the individuals involved in the change need a vast range of skills to enable them to adapt to the forces affecting them. Change is not an end state but a process that is cyclical. The role of the change agent is to facilitate rather than create, to redirect the change that already takes place rather than create change. However Weick and Quinn argue that because episodic change examines change at the macro level and continuous change at the micro level it is possible to reconcile the two approaches. â€Å" Change is a mixture of reactive and proactive modifications, guided by purposes at hand, rather than an intermittent interruption of periods of convergence†. Collins (1998) â€Å"change and continuity are not alternative objective states†¦. Because they are typically coexistent†¦what constitutes change or continuity is perspective dependent† One could ask the question: Do managers need to learn how to manage change or â€Å"enhance stability and learn to manage continuity if they want to survive? † References Armenakis, A. A. and Bedeian A. G. (1999) Organizational Change: a Review of Theory and research in the 1990s. Journal of Management 25 (3) 293-315. Bandura, A. 1986 Social Foundations of thought and Action: a social cognitive theory. Bowman, C. 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