Computer Security Essay Example | Topics and Well Written Essays - 1000 words

Computer Security - Essay Example The network also makes it possible to share resources like printers and hard drives. This therefore reduces costs for of having to buy these resources. Proposed client-tier architecture The application architecture that I better and promises better security is that of 3-tier architecture. In this aspect the server will be installed in a data center with the server of the server program. Three-tier architecture has various layers with various functions. 3-tier architecture. The 3-tier client/server architecture was introduced to eradicate the problems that were associated with 2-tier architecture. With this architecture, a middleware lies between the server and the client. They are implemented in several ways, which include implementation as a message server, or application server or processing monitors. The functions of the middleware are queuing, execution of applications, staging of the databases, and prioritization for work in progress (Wegner, & Peter, 2007). This architecture im proves performance when the number of users is increased. It has the advantage of flexibility when compared to 2-tier architecture. One of the downsides of this architecture is the fact that the development is more complex than that of 2-tier applications. There are two types of 3-tier architectures 3-tier with message server In this type of 3-tier architecture, the messages are processed and prioritized asynchronously. This is done in such a way that the messages have a header which contains priority information, address and identification number. The message server provides a link to the relational database management system and other sources of data. Messaging systems are good alternatives to wireless infrastructures (Gorit, Dreoh, & Jeri, 2006). This architecture allows the main body of an application to run on a shared host instead on running on the his machine which is already overloaded due to its minimal resources (Rabaugh et al, 2001). The application server shares the sect ions of the business logic, computational and data retrieval engine. The good thing about this architecture is the fact that applications are scalable compared to 3-tier with message server. Furthermore, the installation costs are less on a single server compared to a situation where maintenance is done on each of the client machines. In the payroll program, the users will be configured so that they can access the server which is installed in a central location. The reason why I prefer this architecture is that one application program will be acquired and the rest will be in the server machine. It will be cheaper. The cost will be reduced in terms of purchasing the software that will be installed. This is because in this case one application software will be purchased which will be installed in the server. Given the many users who are going to use the program, it will mean that the applications would be bought for every user who will be required to use the payroll program. Another c ause for reduction of cost is that of maintenance. With this architecture, there will be maintenance of the server machine only. Maintaining one application is easier and cheaper in terms of expertise who will undertake the maintenance (Orfali, Dan, & Jeri, 2006). How to prevent interception There are mitigation strategies that are used to eradicate the risks that are associated with interception attacks. For spoofing and ARP poisoning, one way on which this can be mitigated is by using IP addresses which are static. Also the network administrator should make use of ARP

How Facebook Has Destroyed Privacy Boundaries Essay

How Facebook Has Destroyed Privacy Boundaries - Essay Example The website has come under the limelight time and again. Previously it was in the limelight as a business model for innovation and hallmark breakthroughs but in recent times it has been scrutinized for breaches of privacy. The various forms of breach of privacy have been recognized and investigated and are confirmed phenomenon leaving little to doubt them anymore (Iachello and Hong). Some breaches of privacy are caused due to users overlooking fine print details while other breaches of privacy occur due to online surveillance. In addition to everything else, certain forms of breach of privacy occur due to the inherent design of social networking platforms. This paper will focus on the various forms of breach of privacy that have resulted from the use of Facebook whether these breaches were intentional or otherwise. Furthermore, the consequences of these breaches will be looked into in detail to gauge their effects on ordinary people. Another major factor that limits the amount of inf ormation carried by human beings is the limit on information delivered at any one point in time through conversations. It would be unrealistic to assume that a person could convey all kinds of personal and family information to another in one meeting alone. However, this situation is totally reversed when using computing platforms to interact. People who use social networking websites such as Facebook will realize that a large amount of information has to be divulged in order to sign up for such services.  

Usefulness Of Maxima And Minima Of Functions Engineering Essay

Usefulness Of Maxima And Minima Of Functions Engineering Essay The mathematical concept of a function expresses the intuitive idea that one quantity(input) completely determines another quantity (output). A function assigns a unique value or output to each input of a specified type. The argument and the value may be real numbers, but they can also be elements from any given sets: the domain and the co-domain of the function. Whenever a relationship exists between two variables (or quantities) such that for every value of the first, there is only one corresponding value of the second, then we say:The second variable is a function of the first variable. The first variable is the independent variable (usually x), and the second variable is the dependent variable (usually y). The independent variable and the dependent variable are real numbers. The term function is just a type of operator which transforms the given input to output according to the given conditions. This operator relates two or more quantities to each other, the quantities are known as variables. Out of total variables only one is independent and all other are dependent on that variable. One precise definition of a function is that it consists of an ordered triple of sets, which may be written as (X, Y, F). X is the domain of the function, Y is the co-domain, and F is a set of ordered pairs. In each of these ordered pairs (a, b), the first element a is from the domain, the second element b is from the co-domain, and every element in the domain is the first element in one and only one ordered pair. The set of all b is known as the image of the function. Some authors use the term range to mean the image, others to mean the co-domain. The notation Æ’:Xà ¢Ã¢â‚¬  Ã¢â‚¬â„¢Y indicates that Æ’ is a function with domain X and co-domain Y. (Domain implies input whereas range or co-domain implies output.) In most practical situations, the domain and co-domain are understood from context, and only the relationship between the input and output is given. Thus is usually written as Here the two variables are x and y out of which x is independent and y is dependent on x. From the other side if we consider y as independent variable then x is dependent on y. Every function can be plotted on graph or more precisely Argand Plain. The graph of function may be a straight line, a continuous curve, a circle, an ellipse or even a point also. HISTORY OF MAXIMA AND MINIMA: Since origin of life, all people knew, talked, applied the concept of maxima and minima in their daily lives without even knowing about the concept of maxima and minima. In the earlier phase of time the kings used to estimate the maximum and minimum army of the opposite side, doctors used to record minimum and maximum symptom of any disease, cooks used to estimate the maximum and minimum quantity of food or people before any function, the businessmen used to estimate maximum and minimum profit or loss in any transaction. Even today also the women in the house prepare the food according to maximum or minimum consumption by each individual. Sir Issac Newton, a great scientist, invented the concept of functions and hence concept of maxima or minima. Since then his concepts are very usefully applicable in our daily lives. PRESENT TIME CONCEPTS OF MAXIMA AND MINIMA: The terms maxima and minima refer to extreme values of a function, that is, the maximum and minimum values that the function attains. Maximum means upper bound or largest possible quantity. The absolute maximum of a function is the largest number contained in the range of the function. That is, if f(a) is greater than or equal to f(x), for all x in the domain of the function, then f(a) is the absolute maximum. For example, the function f(x) = -162 + 32x + 6 has a maximum value of 22 occurring at x = 1. Every value of x produces a value of the function that is less than or equal to 22, hence, 22 is an absolute maximum. In terms of its graph, the absolute maximum of a function is the value of the function that corresponds to the highest point on the graph. Conversely, minimum means lower bound or least possible quantity. The absolute minimum of a function is the smallest number in its range and corresponds to the value of the function at the lowest point of its graph. If f(a) is less t han or equal to f(x), for all x in the domain of the function, then f(a) is an absolute minimum. As an example, f(x) = 322 32x 6 has an absolute minimum of -22, because every value of x produces a value greater than or equal to -22. In some cases, a function will have no absolute maximum or minimum. For instance the function f(x) = 1/x has no absolute maximum value, nor does f(x) = -1/x have an absolute minimum. In still other cases, functions may have relative (or local) maxima and minima. Relative means relative to local or nearby values of the function. The terms relative maxima and relative minima refer to the largest, or least, value that a function takes on over some small portion or interval of its domain. Thus, if f(b) is greater than or equal to f(b  ± h) for small values of h, then f(b) is a local maximum; if f(b) is less than or equal to f(b  ± h), then f(b) is a relative minimum. Finding the maxima and minima, both absolute and relative, of various functions represents an important class of problems solvable by use of differential calculus. The theory behind finding maximum and minimum values of a function is based on the fact that the derivative of a function is equal to the slope of the tangent. When the values of a function increase as the value of the independent variable increases, the lines that are tangent to the graph of the function have positive slope, and the function is said to be increasing. Conversely, when the values of the function decrease with increasing values of the independent variable, the tangent lines have negative slope, and the function is said to be decreasing. Precisely at the point where the function changes from increasing to decreasing or from decreasing to increasing, the tangent line is horizontal (has slope 0), and the derivative is zero (With reference to figure 1, the function is decreasing to the left of point A, as well a s between points B and C, and increasing between points A and B and to the right of point C). In order to find maximum and minimum points, first find the values of the independent variable for which the derivative of the function is zero, then substitute them in the original function to obtain the corresponding maximum or minimum values of the function. Second, inspect the behavior of the derivative to the left and right of each point. A wide variety of problems can be solved by finding maximum or minimum values of functions. For example, suppose it is desired to maximize the area of a rectangle inscribed in a semicircle. The area of the rectangle is given by A = 2xy. The semicircle is given by x2 + y2 = r2, for y à ¢Ã¢â‚¬ °Ã‚ ¥ 0, where r is the radius. To simplify the mathematics, note that A and A2 are both maximum for the same values of x and y, which occurs when the corner of the rectangle intersects the semicircle, that is, when y2 = r2 x2. Thus, we must find a maximum value of the function A2 = 42(r2 -x2) = 4r2x2 44. The required condition is that the derivative be equal to zero, that is, d(A2)/dx = 8r2x 163 = 0. This occurs when x = 0 or when x = 1à ¢Ã‚ Ã¢â‚¬Å¾2(r à ¢Ã‹â€ Ã… ¡ +2 ). Clearly the area is a maximum when x = 1à ¢Ã‚ Ã¢â‚¬Å¾2(r à ¢Ã‹â€ Ã… ¡ +2 ). Substitution of this value into the equation of the semicircle gives y = 1à ¢Ã‚ Ã¢â‚¬Å¾2(r à ¢Ã‹â€ Ã… ¡ +2 ), that is, y = x. Thus, the max imum area of a rectangle inscribed in a semicircle is A = 2xy = r2. The problem of determining the maximum or minimum of function is encountered in geometry, mechanics, physics, and other fields, and was one of the motivating factors in the development of the calculus in the seventeenth century. Let us recall the procedure for the case of a function of one variable y=f(x). First, we determine points where f'(x)=0. These points are called critical points. At critical points the tangent line is horizontal. This is shown in the figure below. . The second derivative test is employed to determine if a critical point is a relative maximum or a relative minimum. If f()>0, then x is a relative minimum. If f() The notions of critical points and the second derivative test carry over to functions of two variables. Let z=f(x, y). Critical points are points in the xy-plane where the tangent plane is horizontal. Since the normal vector of the tangent plane at (x,y) is given by The tangent plane is horizontal if its normal vector points in the z direction. Hence, critical points are solutions of the equations: because horizontal planes have normal vector parallel to z-axis. The two equations above must be solved simultaneously. The Second Derivative Test for Functions of Two Variables How can we determine if the critical points found above are relative maxima or minima? We apply a second derivative test for functions of two variables. Let (x,y) be a critical point and define We have the following cases: If D>0 and (,).) If D>0 and (,).)>0, then f(x,y) has a relative minimum at ( ,).). If D If D=0, the second derivative test is inconclusive. Maxima and Minima in a Bounded Region Suppose that our goal is to find the global maximum and minimum of our model function above in the square -2 Relative extrema in the interior of the square. Relative extrema on the boundary of the square. Corner Points. We have already done step 1. There are extrema at (1, 0) and (-1, 0). The boundary of square consists of 4 parts. Side 1 is y=-2 and -2 The original function of 2 variables is now a function of x only. We set g'(x)=0 to determine relative extrema on Side 1. It can be shown that x=1 and x=-1 are the relative extrema. Since y=-2, the relative extrema on Side 1 are at (1,-2) and (-1,-2). On Side 2 (x=-2 and -2 We set h'(y)=0 to determine the relative extrema. It can be shown that y=0 is the only critical point, corresponding to (-2,0). We play the same game to determine the relative extrema on the other 2 sides. It can be shown that they are (2,0), (1,2), and (-1,2). Finally, we must include the 4 corners (-2,-2), (-2,2), (2,-2), and (2,2). In summary, the candidates for global maximum and minimum are (-1,0), (1,0), (1,-2), (-1,-2), (-2,0), (2,0), (1,2), (-1,2), (-2,-2), (-2,2), (2,-2), and (2,2). We evaluate f(x,y) at each of these points to determine the global max and min in the square. The global maximum occurs (-2,0) and (1,0). This can be seen in the figure above. The global minimum occurs at 4 points: (-1,2), (-1,-2), (2,2), and (2,-2). One of the great powers of calculus is in the determination of the maximum or minimum value of a function. Take f(x) to be a function of x. Then the value of x for which the derivative of f(x) with respect to x is equal to zero corresponds to a maximum, a minimum or an inflexion point of the function f(x). The derivative of a function can be geometrically interpreted as the slope of the curve of the mathematical function y(t) plotted as a function of t. The derivative is positive when a function is increasing toward a maximum, zero (horizontal) at the maximum, and negative just after the maximum. The second derivative is the rate of change of the derivative, and it is negative for the process described above since the first derivative (slope) is always getting smaller. The second derivative is always negative for a hump in the function, corresponding to a maximum. A critical point (x,y) of f is a point where both the partial derivatives of the functions vanish. A local maximum, or a local minimum, is a critical point. In one variable, local maxima and minima are the only `nondegenerate critical points. In two or more variables, other possibilities appear. For instance one has the saddle point, like the critical point of at (0; 0). In some directions this looks like a maximum, in other directions this looks like a minimum. We try to classify critical points by looking at the second derivatives. APPLICATIONS OF MAXIMA AND MINIMA IN DAILY LIFE: There are numerous practical applications in which it is desired to find the maximum or minimum value of a particular quantity. Such applications exist in economics, business, and engineering. Many can be solved using the methods of differential calculus described above. For example, in any manufacturing business it is usually possible to express profit as a function of the number of units sold. Finding a maximum for this function represents a straightforward way of maximizing profits. In other cases, the shape of a container may be determined by minimizing the amount of material required to manufacture it. The design of piping systems is often based on minimizing pressure drop which in turn minimizes required pump sizes and reduces cost. The shapes of steel beams are based on maximizing strength. Finding maxima or minima also has important applications in linear algebra and game theory. For example, linear programming consists of maximizing (or minimizing) a particular quantity while requiring that certain constraints be imposed on other quantities. The quantity to be maximized (or minimized), as well as each of the constraints, is represented by an equation or inequality. The resulting system of equations or inequalities, usually linear, often contains hundreds or thousands of variables. The idea is to find the maximum value of a particular variable that represents a solution to the whole system. A practical example might be minimizing the cost of producing an automobile given certain known constraints on the cost of each part, and the time spent by each laborer, all of which may be interdependent. Regardless of the application, though, the key step in any maxima or minima problem is expressing the problem in mathematical terms. Everything in this world is based on the concept of maxima and minima, every time we always calculate the maximum and minimum of every data. Now-a-days results are also based on the concepts of grades which is again based on the concept of maxima and minima.

open fracture of the radius :: essays research papers

Injury report: Open fracture of the Radius. A triathlon involves swimming, running and then biking a set track. A triathlete fell from his bike during training, due to the wet road. He landed awkwardly on his bike. His Radius was broken because he landed with his arm on the handle bars of the bike. The force at which he landed on the handle bars caused his Radius to break and pierce the skin. A cracked bone is called a fracture. Fractures are most likely to occur in the limb bones. (Radius and Ulna; Tibia and Fibula) Fractures are named according to the certain features which separate the different types of fracture. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Closed fracture. The bone is broken but the overlying skin surface is not damaged. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Open fracture. The broken ends of the bone have pierced the surface of the skin. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Compound fracture. The fractured bone has caused other injuries, e.g. the rib may have penetrated the lung. The triathlete has an open fracture of the Radius. (Image 1) As can be seen in the above picture the Radius is a bone in the lower arm, on the same side of the arm as the thumb. As people when falling-outstretch their arms to break their fall-the radius may received several quite heavy blows. This may weaken the joints around the radius and may cause it to dislocate. The triathlete has landed on the side of his radius, and the radius has broken in half and has pierced the skin. This leaves the body vulnerable to infection and obviously isn’t pleasant for the triathlete. Below is an image of the femur and on it is labeled the different types of bone and where they may be found. The white hard bone on the outside is called the compact bone. On the inside of the shaft is the bone marrow. Inside the epipysis is the spongy bone. Surrounding the ends of the bone is cartilage which eases movement between bones. Osteo=Bone. The bone marrow produces red and white blood cells.   Ã‚  Ã‚  Ã‚  Ã‚  Chondrin=Cartilage.   Ã‚  Ã‚  Ã‚  Ã‚  (Image 2)   Ã‚  Ã‚  Ã‚  Ã‚   Above is a diagram of the structure of a mature bone. It shows what each different part of the bone looks like under a microscope, and where those parts of bone are found. The top of this bone is called the head ( this also applies to the radius) The long, thin part of the bone that gives the bone its length is called the shaft Immediate first aid†¦ When bones are broken (The following must be done in a way that would prevent further injury) the immediate first aid is to†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.

Non Biodegradable

Non-biodegradable waste made up roughly one-third of the municipal solid waste produced in the U. S. in 2009 (see References 1, page 6). The U. S. Environmental Protection Agency recommends recycling whenever possible, and disposing of your trash at a combustion facility or in a landfill only when recycling is not possible (see References 1, page 11). Hazardous waste should be handled separately by your local sanitation department or by private companies that specialize in safe disposal of toxins (see References 2).Recycling Separate glass, plastic and metal from other non-biodegradable waste for recycling. Many urban and suburban areas have curbside recycling programs; if such a program is not available, take recyclable materials to the nearest collection facility for processing. Recycling saves space in landfills and reduces the amount of virgin materials that must be mined or manufactured to make new products, saving energy and reducing global climate change in the process. (See R eferences 3) CombustionSome non-biodegradable waste like used rubber tires and plastic can be burned at combustion facilities. Most of these facilities use the heat generated by incineration to make energy in the form of steam or electricity, which reduces their demand for other nonrenewable resources, including coal and petroleum. In 2009, combustion facilities burned 3. 1 million tons of solid waste, mostly used tires. Combustion of municipal waste also reduces the volume of trash that ends up in landfills. (See References 1, page 166) LandfillsLandfills provide long-term storage for non-biodegradable waste. Ideally, landfills are carefully situated to prevent contamination from entering surrounding soil and water, and managed to reduce odor and pests as much as possible. (See References 4) Federal regulations require careful monitoring in and around the site. Hazardous Waste Disposal Some products like motor oil, pesticides, batteries and paint are potentially hazardous to sanita tion workers and the general population as a whole.They are also more dangerous to the environment than inert materials like plastic or rubber. Many communities offer special collection and disposal programs to deal with household hazardous waste as safely as possible. In areas with no such programs, it's legal to dispose of household hazardous waste in the trash. Follow any special disposal instructions listed on the original container. Before doing so, however, contact the manufacturer or retailer of the material you need to dispose of to ask if they accept old materials for reuse or recycling.

International business climate Essay

There are various factors which are used in measuring the business climate of a nation and also globally. Some of these factors are energy costs, business income tax levels, market size, life’s quality, infrastructure, incentives, workforce availability and others. Globally, the investors are known to monitor the share prices of most business corporations in order to make an informed business on the companies or the market to invest in. According to Guy (2009)and Katsioloudes&Hadjidakis, (2007), business climate globally has been quite harsh on the investors. Some of the business rules in most countries are not conducive for the business climate. These are rules that are quite unstable, disloyal and the corruption is completely out of hand. During crisis, investors usually sell the shares that belong to the entire business in order to avoid losses. This hence affects the entire business adversely. According to the literature review that has been conducted on the international business climate, most multinational companies enjoy relationships and hence have merged in order to ensure competition. Most countries have a vast set of regulations and laws that do affect business operations. As Kirpalani (p. 114) asserts a country like the UK has very active monopoly policies. The monopoly commission plays a very vital role as far as mergers and takeovers are concerned. The UK law does permit the mergers commission and monopolies to investigate, block and delay all the proposed mergers that are not of public interest. Social factors also have a major influence on global business climate. Communities on global business climate are very keen on the way the company does utilize their income in order to support local people as far as destination economies are concerned. Their main interest is to see the local people engage in the foreign companies. They do expect all the multinational companies to be involved in some social activities for example helping the poor people. International business climate are also involved in conserving the environment as every business is going green. There are various government policies that do affect business activities. To ensure that there are low levels of pollution, governments should also establish those policies for example emissions standards. The political environment has set various laws and has aimed at reducing the corporate taxes in order to encourage some of the foreign investments in Africa and Asia (Scaffer et al, 2008). Most of the economies in the global international climate have also invested in effective communication facilities to enable business transactions. If we have to involve the issue of Switzerland in the international business climate we acknowledge the fact that just as the international climate has incorporated economic, cultural, legal as well as political issues so has Switzerland. One of the reasons that make Switzerland cope and suit in the international business climate is the fact that its legal climate is quite transparent and has regulations that are not discriminative. It has a legal system that governs the local and international business activities and stops anti- competitive behavior. Its political climate is effective and very stable. If we are to compare the international climate with that of Switzerland, it is patent that Switzerland’s international climate is better. Therefore, with that in mind there ought to be some recommendations for the international business climate. Switzerland happens to be one of the leading countries globally when it comes to the IT infrastructure. Some of the factors that do work in its favor comprise of issues like security, telecoms competition and government support. The official currency of Switzerland has remained to be Swiss Franc (CHF). It is one of the currencies that has always been used in the country and is quite strong as well as stable over many years. It is convertible and is not controlled by the government. It also has one of the best banking sectors in Switzerland and one of the biggest commercial bank. The communication systems in Swiss are vast and quite modern. Its domestic system comprises of an extensive cable as well as a microwave network. It has the best reputation when it comes to transportation as it has the most efficient and extensive public transportation globally. Its economy is the best and all the Swiss citizens are entitled to education. For those who are financially deprived, the government is responsible for paying their meals, transportation, books and other amenities. The citizens are free from other foreign country and are only subject to the laws of their country. Since it is not part of EU and UN, the government is also free from the outside regulations. Its tri level system of politics is effective since the country and state bodies are usually granted high control levels. The collegial system of Federal council contributes highly to its political stability. Switzerland economy is so effective and has mounted to be the global leading public and medical health infrastructures. It tops the list of all European countries despite the fact it is not a member of EU. As compared to the international business climate, culturally, there main priority has been protection of the environment. Their regulation standards are quite high and efficient making the industry grow at high rates. It is one of the vast and major exporters of both goods and services and a big supplier within Europe after Japan and USA. The climate of Switzerland is definitely what can be termed as pro business. Just like the international climate, it has also adopted a legislative act that promotes economic attractiveness for all businesses. It has created a wonderful appealing economy for business. They also have an advantage of a having high standards of production. Switzerland was ranked by the World Economic Global Competitiveness Report as the global’s most competitive economy (Ina, 2010). It has a sound environment, infrastructure, efficient market and a high technological innovation. The major laws that govern the foreign investment are the Swiss Code of obligations, Securities Law, Cartel Law and Lex Friedrich. Recommendations for International Business climate The international business climate is yet to be what can be termed as perfect. It is therefore the duty of each nation to make sure that everything is running smoothly. In most third world countries, the investors are always at risk. There ought to be firm laws governing each country and protecting businesses from being affected by inflation. Just like in Switzerland, nations need to improve on their efficiency, security and laws in order to have an appealing business climate. The political climate should also be enhanced into one that can accommodate business effectively. It is the duty of the legal system to make sure all social evils are cubed for example corruption in order for businesses to survive. There should be a strong relationship with other foreign countries in order for international trade to survive. Other laws should be introduced whose measures should include tax breaks as well as investment credits for the small companies. There should be strict safety environmental regulations and the government should also offer subsidies and a wonderful climate for businesses. Conclusion Though the international business climate is so much like that of Switzerland, Switzerland has one of the best business climates that are quite appealing. The international business climate should emulate Switzerland and aim to make their climate appealing. This can be done through adoption of laws that protect businesses, unification of all those who are concerned and eradication of all social evils like corruption.

How to Get Out of the Sophomore Slump

How to Get Out of the Sophomore Slump In your sophomore year in college? Feeling uninspired and unmotivated? You just might be in whats known as the college sophomore slump. For most students, its what happens during your second year of college: youre over the excitement of your first year but not close enough to graduating yet to be focusing on life after college. So whats a college student to do in the meantime? Take a Class for Fun You might be feeling slumpish because you are having to take tons of prereqs before you can get into the nice, meaty courses required for your major. Or you may not even be sure what to major in. Either way, add a little spice to your routine by taking a class just for fun. It can be yoga, ballet, an art class, or anything thats out of the ordinary for you. Join a New Club or Organization Your first year in school, you were probably so busy adjusting to life as a college student that your time management skills were shall we say less than stellar. But now that you know the ropes, join a new club or organization that will provide you with a creative outlet and something enjoyable to do each week. Get Involved in Student Government Even if youve never done student government before, see if you can represent your residence hall, your academic class, or even a constituency you belong to (like transfer students, for example). It can be a great way to keep you motivated to talk to other students, stay on top of current issues, and develop some leadership skills. (Not to mention that it looks good on your resume.) Volunteer on Campus No matter where you go to school, chances are that there is some kind of volunteer program you can join. See who needs volunteers this year and you just might end up motivating yourself along with others. Volunteer in the Local Community Maybe a change of scene is more whats needed. If so, see what volunteer options are available in your local community. Mentor First-year Students You just might be in the sophomore slump because you are doing well in college which means that perhaps you can be a good role model for incoming first-year students who need some guidance about adjusting to college life. See if your school has a mentoring program you can join and if not, see about starting one yourself! Get a Fun Job On Campus True, most students work in college for the money. But if you need to mix things up a little, this can be a great way to still get income while also enjoying yourself. Work in the campus coffee shop, at the theater, or in any other avenue that offers a fun, engaging environment. Get a Fun Job Off Campus Perhaps you do need a change of scene from your campus but dont have the time to volunteer. Try to combine both your financial needs and your need for change into an off-campus job that is interesting and something new. Get Involved Politically What are local politics like near your school? Can you volunteer on someones campaign? Join a national campaign for a person or an issue you care about? Become involved in a movement for a cause that is near and dear to your heart? Start Planning a Great Trip Sophomore year can be a little challenging because there often isnt one big thing to look forward to. So why not create your own highlight of the year? See what your options are for planning a fun trip over Thanksgiving break, winter break, spring break, or even a long weekend coming up. It just might do the trick of getting you out of your sophomore slump and back into your normal groove.

Laetoli - 3.5 Million Year Old Hominin Footprints

Laetoli - 3.5 Million Year Old Hominin Footprints Laetoli is the name of an archaeological site in northern Tanzania, where the footprints of three homininsancient human ancestors and most likely Australopithecus afarensiswere preserved in the ash fall of a volcanic eruption some 3.63-3.85 million years ago. They represent the oldest hominin footprints yet discovered on the planet.   The Laetoli footprints were discovered in 1976, eroding out of a gully of the Nagarusi river, by team members from Mary Leakeys expedition to the main Laetoli site. Local Environment Laetoli lies in the eastern branch of the Great Rift Valley of eastern Africa, near the Serengeti Plain and not far from Olduvai Gorge. Three and a half million years ago, the region was a mosaic of different ecotones: montane forests, dry and moist woodlands, wooded and unwooded grasslands, all within about 50 km (31 miles) of the footprints. Most Australopithecine sites are located within such regionsplaces with a wide variety of plants and animals nearby. The ash was wet when the hominins walked through it, and their soft print impressions have given scholars in-depth information about the soft tissue and gait of Australopithecines not available from skeletal material. The hominin prints are not the only footprints preserved in the wet ashfall: animals walking through the wet ash included elephants, giraffes, rhinoceroses and a wide variety of extinct mammals. In all there are 16 sites with footprints in Laetoli, the largest of which has 18,000 footprints, representing 17 different families of animals within an area of about 800 square meters (8100 square feet). Laetoli Footprint Descriptions The Laetoli hominin footprints are arranged in two 27.5 meter (89 foot) long trails, created in moist volcanic ash which later hardened because of desiccation and chemical change. Three hominin individuals are represented, called G1, G2, and G3. Apparently, G1 and G2 walked side by side, and G3 followed along behind, stepping on some but not all of the 31 footprints of G2. Based on known ratios of the length of a bipedal foot versus hip height, G1, represented by 38 footprints, was the shortest individual of the three, estimated at 1.26 meters (4.1 feet) or less in height. Individuals G2 and G3 were largerG3 was estimated at 1.4 m (4.6 ft) tall. G2s steps were too obscured by G3s to estimate his/her height. Of the two tracks, G1s footprints are the best preserved; the track with footprints of both G2/G3 proved difficult to read, since they overlapped. A recent study (Bennett 2016) has allowed scholars to identify G3s steps apart from G2 more clearly, and reassess the hominin heightsG1 at 1.3 m (4.2 ft), G3 at 1.53 m (5 ft). Who Made Them? At least two sets of the footprints have been definitely linked to A. afarensis, because, like the fossils of afarensis, the Laetoli footprints do not indicate an opposable great toe. Further, the only hominin associated with Laetoli area at the time is A. afarensis. Some scholars have ventured to argue that the footprints are from an adult male and female (G2 and G3) and a child (G1); others say they were two males and a female. Three dimensional imaging of the tracks reported in 2016 (Bennett et al.) suggests that G1s foot had a different shape and depth of heel, a different hallux abduction and a different definition of the toes. They suggest three possible reasons; G1 is a different hominin from the other two; G1 walked at a different time from G2 and G3 when the ash was sufficiently different in texture, producing differently shaped impressions; or, the differences are a result of foot size / sexual dimorphism. In other words, G1 may have been, as others have argued, a child or a small woman of the same species. While there is some ongoing debate, most researchers believe that the Laetoli footprints show that our Australopithecine ancestors were fully bipedal, and walked in a modern manner, heel first, then toe. Although a recent study (Raichlen et al. 2008) suggests that the speed at which the footprints were made might affect the kind of gait required to make the marks; a later experimental study also led by Raichlen (2010) provides additional support for bipedalism at Laetoli. The Sadiman Volcano and Laetoli The volcanic tuff in which the footprints were made (called the Footprint Tuff or Tuff 7 at Laetoli) is a 12-15 centimeter (4.7-6 inches) thick layer of ash which fell on this region from the eruption of a nearby volcano. The hominins and a wide variety of other animals survived the eruptiontheir footprints in the muddy ash prove thatbut which volcano erupted has not been determined. Until relatively recently, the source of the volcanic tuff was thought to be the Sadiman volcano. Sadiman, located about 20 km (14.4 mi) southeast of Laetoli, is now dormant, but was active between 4.8 and 3.3 million years ago. A recent examination of outflows from Sadiman (Zaitsev et al 2011) showed that the geology of Sadiman does not fit perfectly with the tuff at Laetoli. In 2015, Zaitsev and colleagues confirmed that it was not Sadiman and suggested that the presence of nephelinite in Tuff 7 points to the nearby Mosonic volcano, but admit that there is not conclusive proof as of yet. Preservation Issues At the time of excavation, the footprints were buried between a few cm to 27 cm (11 in) deep. After excavation, they were reburied to preserve them, but the seeds of an acacia tree was buried within the soil and several acacias grew in the region to heights of over two meters before researchers noticed. Investigation showed that although those acacia roots did disturb some of the footprints, burying the footprints was overall a good strategy and did protect much of the trackway. A new conservation technique was begun in 1994 consisting of application of a herbicide to kill all the trees and brush, the placement of biobarrier mesh to inhibit root growth and then a layer of lava boulders. A monitoring trench was installed to keep an eye on the subsurface integrity. See Agnew and colleagues for additional information on the preservation activities. Sources This glossary entry is a part of the About.com guide to Lower Paleolithic, and the Dictionary of Archaeology. Agnew N, and Demas M. 1998. Preserving the Laetoli foodprints. Scientific American 279(44-55). Barboni D. 2014. Vegetation of Northern Tanzania during the Plio-Pleistocene: A synthesis of the paleobotanical evidences from Laetoli, Olduvai, and Peninj hominin sites. Quaternary International 322–323:264-276. Bennett MR, Harris JWK, Richmond BG, Braun DR, Mbua E, Kiura P, Olago D, Kibunjia M, Omuombo C, Behrensmeyer AK et al. 2009. Early Hominin Foot Morphology Based on 1.5-Million-Year-Old Footprints from Ileret, Kenya. Science 323:1197-1201. Bennett MR, Reynolds SC, Morse SA, and Budka M. 2016. Laetoli’s lost tracks: 3D generated mean shape and missing footprints. Scientific Reports 6:21916. Crompton RH, Pataky TC, Savage R, DAoà »t K, Bennett MR, Day MH, Bates K, Morse S, and Sellers WI. 2012. Human-like external function of the foot, and fully upright gait, confirmed in the 3.66 million year old Laetoli hominin footprints by topographic statistics, experimental footprint-formation and computer simulation. Journal of The Royal Society Interface 9(69):707-719. Feibel CS, Agnew N, Latimer B, Demas M, Marshall F, Waane SAC, and Schmid P. 1995. The Laetoli Hominid footprintsA preliminary report on the conservation and scientific restudy. Evolutionary Anthropology 4(5):149-154. Johanson DC, and White TD. 1979. A systematic assessment of early African hominids. Science 203(4378):321-330. Kimbel WH, Lockwood CA, Ward CV, Leakey MG, Rak Y, and Johanson DC. 2006. Was Australopithecus anamensis ancestral to A. afarensis? A case of anagenesis in the hominin fossil record. Journal of Human Evolution 51:134-152. Leakey MD, and Hay RL. 1979. Pliocene footprints in the Laetolil Beds at Laetoli, northern Tanzania. Nature 278(5702):317-323. Raichlen DA, Gordon AD, Harcourt-Smith WEH, Foster AD, and Haas WR, Jr. 2010. Laetoli Footprints Preserve Earliest Direct Evidence of Human-Like Bipedal Biomechanics. PLoS ONE 5(3):e9769. Raichlen DA, Pontzer H, and Sockol MD. 2008. The Laetoli footprints and early hominin locomotor kinematics. Journal of Human Evolution 54(1):112-117. Su DF, and Harrison T. 2015. The paleoecology of the Upper Laetolil Beds, Laetoli Tanzania: A review and synthesis. Journal of African Earth Sciences 101:405-419. Tuttle RH, Webb DM, and Baksh M. 1991. Laetoli toes and Australopithecus afarensis. Human Evolution 6(3):193-200. Zaitsev AN, Spratt J, Sharygin VV, Wenzel T, Zaitseva OA, and Markl G. 2015. Mineralogy of the Laetolil Footprint Tuff: A comparison with possible volcanic sources from the Crater Highlands and Gregory Rift. Journal of African Earth Sciences 111:214-221. Zaitsev AN, Wenzel T, Spratt J, Williams TC, Strekopytov S, Sharygin VV, Petrov SV, Golovina TA, Zaitseva EO, and Markl G. 2011. Was Sadiman volcano a source for the Laetoli Footprint Tuff? Journal of Human Evolution 61(1):121-124.

Illegal Aliens and Illegal Immigrants

Illegal Aliens and Illegal Immigrants Illegal Aliens and Illegal Immigrants Illegal Aliens and Illegal Immigrants By Maeve Maddox A reader asks for a discussion of the medias use of â€Å"illegal alien† to mean â€Å"illegal immigrant.† The Associated Press Stylebook recommends the phrase â€Å"illegal immigrant† in preference to â€Å"illegal alien.† The words alien and immigrant are not exactly interchangeable, but â€Å"immigrant† is perceived as having a more positive connotation than †alien.† An immigrant is a person who moves from one country to settle in another. An immigrant may or may not be a citizen. An alien is definitely not a citizen. The word alien entered English from Old French in the fourteenth century. As an adjective it meant â€Å"strange, foreign.† As a noun it meant â€Å"foreigner.† It’s from Latin alienus, â€Å"of or belonging to another.† As a modern legal term, the word alien refers to a person who is in a country, but not a resident of that country. There are two types of of alien: legal and illegal. A legal alien is a person who is in a country temporarily as a student or a tourist, or who has been granted permission to live in the country permanently without being a citizen. The latter kind of alien is called a resident alien. An illegal alien is present in a country without the country’s authorization. If the person intends harm, the term enemy alien may apply. The word immigrant is from the Latin verb imigrare â€Å"to remove, go into, move in.† It’s related to the word migration. An immigrant is a person who leaves one country to settle in another. Like aliens, immigrants are of two kinds: legal and illegal. The use of the word alien to refer to a foreigner in the United States is nothing new. One of the many U.S. laws enacted to control immigration between 1790 and the present is one called The Alien Contract Labor Law of 1885. The use of the word alien to mean â€Å"creature from another planet† had its origin in science-fiction writing and became current in the 1950s. A popular euphemism for illegal alien or illegal immigrant is â€Å"undocumented worker.† A negative term sometimes seen is illegal. The AP Stylebook rejects both terms. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:Definitely use "the" or "a"15 Great Word GamesAdvance vs. Advanced

STRATEGIC PLAN CRITIQUE Essay Example | Topics and Well Written Essays - 500 words

STRATEGIC PLAN CRITIQUE - Essay Example The company’s strategic plan is formulated to address the current threats / issues concerning the industry as well as the company as a whole, such as its weaker presence in the social networking segment, low integration of the wide range of services provided, technical barriers resulting in outdated links, network scams, environmental issues etc. These issues are aptly tackled by the company management by using its internal strengths of manpower, intellectual knowhow and widespread popularity to leverage its brand value and maximize customer satisfaction at the same time working closely with the company’s vision, mission and values. This strategic planning process is vital for all organizations as it helps them in identifying the various threats and opportunities in the industry as well as provides them with adequate data about its internal strengths and weaknesses to address such issues posed by the macro economic environment. This paper discusses the various problems, issues as well as threats concerning the industry as well as the company as a whole and assesses the strategic planning process identified by the management to address those issues. The Pedigree Grooming and Boarding Company based in New Mexico, is dedicated to providing value based services to the dog show competitors. The various issues concerning the company currently, includes the change in ownership, economic distress of the customers, high competition, pricing policies and relative inexperience of the new owner in this field. These problems are intended to be addressed by adopting new pricing policies, expanding its service line, employee development through rigorous training, and setting achievable yet competitive targets. This strategic plan is designed appropriately that seeks to target the most crucial aspects of the business and is in line with the overall goals, vision and mission of the

Research paper Example | Topics and Well Written Essays - 750 words - 5

Research Paper Example They may also re-live the terrifying situations they underwent even years after the actual incidence took place. There are many veterans who return from wars in which they were exposed to terrifying situations and were expected to act in inhumane ways. They are consequently unable to fully re-adjust to civilian life. This is because there are not enough facilities that look to address this issue. The Preferable Research Design The qualitative research method is the best for studying the decision-making process in determining financial assistance for PTSD sufferers. This research design allows for information to be acquired through open ended questions in interviews. Creswell presents the main traits of five methodologies that concern qualitative research in health science literature. He also addresses the importance of using mixed methods when conducting researches that have to do with public health matters. Mixed methods allow researchers to be able to understand issues from differe nt perspectives in order to develop and further enrich the gist of any singular perspective. Mixed methods used in healthcare research also allow the researcher to contextualize information by adding information about participants like the victims of PTSD to the views of workers at the United States Department of Veterans Affairs Hospital. Using both qualitative and quantitative data is important because it allows for the researcher to be able to comprehend the existing problem better. The researcher can compare facts after verifying them in order to offer reasons for existing trends. Using both research methods also allows for having one database based on another. When a quantitative research stage is used to succeed a qualitative research stage, the intent of the researcher may be to generate a survey instrument that is based on qualitative findings. Moreover, when the qualitative research stage follows the quantitative phase, the researcher may be wanting to establish the best ra tionale with which to explain the system used to garner the quantitative results (Osborne, 2008). Problem Statement Even though the subject of PTSD cases among war veterans is openly addressed in today’s society, this still does not help all soldiers suffering from this illness to be able to access treatment when they need it. There is a need to use mixed methods in research in order to enhance the quality of information gathered in a research. There are different types of problems facing the public health dispensation of services such as the provision of treatment for PTSD. Purpose of the Study The purpose of this study is to develop a design for using a mixed method study that will seek to evaluate the decision-making processes that are used to decide eligibility for funds from the United States Department of Veterans Affairs Hospital for war veterans with PTSD are verified. Part 2: Each student is to turn in a two page paper describing the research design selected suitable to address the problem and purpose of the study. Also, include a comparison chart between qualitative and quantitative data. Also, include the different qualitative approaches and their explanations. In addition, include the different quantitative approaches and their explanations. (Two pages) Qualitative method Quantitative method Instances whenResearch type is conducted Includes interviews, entries and open-ended questions Data is numerically documented Analysis style It is harder to

Biographical essay on General William O. Darby for a Arkansas History

Biographical on General William O. Darby for a Arkansas History class - Essay Example He gradually became cadet company commander and Darby, though later was known to be one of the greatest infantrymen that the country had ever seen, graduated from West Point in June 1933 as a second lieutenant with artillery as his choice of career. From west point he later was assigned for duty in the 82nd field artillery which belonged to the 1st cavalry division and was stationed in Fort Bliss, Texas. At the time that Darby joined the division, it was the only artillery unit remaining in the army which was on horse back. After serving some time there he was promoted to the rank of captain in October of 1940 and thereafter received amphibious training. Darby was soon assigned to be the aide-de-camp to Major General Russell P. Hartle who was the commander of the thirty-fourth infantry division2. Soon the bombing by the Japanese of Pearl Harbor in 1941 led to the deployment of the division to Northern Ireland in January of 1942 and Darby was also deployed. In Northern Ireland Darby was to meet General Lucian K. Truscott, who was put in charge of acquiring volunteers from the 34th infantry and the 1st armored division for the establishment of a new unit of elite commandos. These were to be acquired from the already thin contingency of troops who were in the United Kingdom at the time which was not much to work with. Furthermore, the new unit did not have any commanding officer and through one sly maneuver on the part of the chief of staff of the division at the time, Colonel Edmond Leavey3 Darby was given the opportunity to be the new commander of the Rangers. In no time Darby was the new commanding officer of his small number of soldiers who were then dubbed as Darby’s Rangers. William Darby was then promoted to the rank of a major and after the official setting up of the United States first army ranger battalion in 1942 he was made its commanding

Phase 2 Discussion Board Assignment Example | Topics and Well Written Essays - 750 words - 1

Phase 2 Discussion Board - Assignment Example Therefore, the demand is inelastic, meaning that a change in price would not significantly affect the quantity demanded. When elasticity of demand is referred to as unitary, this means it equals one and as such, any change in price will have an equal impact on quantity demanded. Price elasticity of demand (PED) refers to change in quantity demanded due to percentage change in price. The value of price elasticity is similar at all points along the demand horizontal curve. The same case applies to price inelastic demand (PID) which is represented by a vertical line. According to Gupta (2008), PED is defined as a measure of responsiveness of quantity demanded to changes in price. Demand is said to be elastic when PED is greater than one. Further, this indicates that consumers are very sensitive to changes in price. One percentage change in price will lead to a drop in quantity demanded by more than one percentage. Similarly, when PED is less than one, it is interpreted that consumers are insensitive to price changes and any increase in price will cause a decline in quantity demanded by less than one percentage. Ideally, the effect of price increase has a significant effect on Autoedge total revenue. As such, PED becomes paramount for the company as it seeks to maximize revenues. In this regard, if Autoedge finds its PED to be relatively inelastic, it may decide to raise prices since the auto parts would be sold at high prices without adversely affecting sales. Similarly, if Autoedge finds its PED to be inelastic, it may choose to lower prices in order to enable the business increase the number of units sold and hence revenue without necessarily losing customers. It is worth noting that when demand is perfectly elastic as represented by a horizontal curve, any increase in price leads to zero units demanded. On the other hand, if the demand is found to be perfectly

Convincing the selection committee of the college Essay

Convincing the selection committee of the college - Essay Example A scholarship essay needs you to recount your personal experiences; your major accomplishments, academic and extra-curricular, of the past. The scholarship essay should ideally highlight skills and qualities that make you different and more eligible for the scholarship than the others. Considering these elements of a scholarship essay you may be tempted to conjure up a scholarship essay by yourself, but on the other hand taking into account the importance of a scholarship essay, the fact that it can help you to get that coveted scholarship, it is better not to take any chances. Hence it will extremely wise of you if leave the writing of the scholarship essay in our able and professional hands. Not only do we know the general rules of writing a scholarship essay, but we actually can write the scholarship essay that is especially suited for your purposes and that will secure you that admission you have been yearning for. In the many years that we have been in service we have written innumerable custom scholarship essays and on all these occasions our assistance proved indispensable to students like you. Our team of professional and highly competent writers all with British educational backgrounds is fully aware of what it takes to write an impressive and winning scholarship essay. All you have to do is send in the details of how you want your custom essay to be written and some information about your personal achievements and the skills and qualities that you possess and leave the rest to our writers. All our writers are professionals with at least three or more years of experience in this field. All our writers are British graduates and post-graduates, specialising in their individual fields.

Project Management Master Assignment Example | Topics and Well Written Essays - 1500 words

Project Management Master - Assignment Example That is why Project Management is told to be the best method of implementing change. The defining and planning stage - means to plan the project in more detail by writing and publishing a full definition of the project and determining a project plan. The production of a Project Plan, or Schedule, is a key part of the development of any project. The schedule Formal methods of project management offer a framework to manage this process and provides a series of procedures to manage the project through its life cycle. According to the Lasa Computanews Guide to Project Management, the key elements are: Many project management systems are proprietary. Project management consultants sell them as a package of services that will include training sessions and consultancy alongside documentation that will include templates and guidance notes. These packages don't come cheap - they cost hundreds or thousands of pounds. But this approach may be a cost effective solution for larger organizations that want to set up a structure to manage a number of projects. Practically, they are paying to set up a framework that includes: training for staff, consultancy and support to manage projects within the organization. However, in RCIAS Good Practice Bulletin No3 there are noted some of the common issues identified within the Research Councils or the wider public and private sectors: Procurement Strategy, Guidelines, Supply of management information, Training, Contract Signing Powers, Use of consultants. The Procurement Strategy issue is determined by the fact that few councils have a formal and authorized procurement strategy.

Convincing the selection committee of the college Essay

Convincing the selection committee of the college - Essay Example A scholarship essay needs you to recount your personal experiences; your major accomplishments, academic and extra-curricular, of the past. The scholarship essay should ideally highlight skills and qualities that make you different and more eligible for the scholarship than the others. Considering these elements of a scholarship essay you may be tempted to conjure up a scholarship essay by yourself, but on the other hand taking into account the importance of a scholarship essay, the fact that it can help you to get that coveted scholarship, it is better not to take any chances. Hence it will extremely wise of you if leave the writing of the scholarship essay in our able and professional hands. Not only do we know the general rules of writing a scholarship essay, but we actually can write the scholarship essay that is especially suited for your purposes and that will secure you that admission you have been yearning for. In the many years that we have been in service we have written innumerable custom scholarship essays and on all these occasions our assistance proved indispensable to students like you. Our team of professional and highly competent writers all with British educational backgrounds is fully aware of what it takes to write an impressive and winning scholarship essay. All you have to do is send in the details of how you want your custom essay to be written and some information about your personal achievements and the skills and qualities that you possess and leave the rest to our writers. All our writers are professionals with at least three or more years of experience in this field. All our writers are British graduates and post-graduates, specialising in their individual fields.

Nature is great Essay Example for Free

Nature is great Essay The outdoors is my escape from the social world. The outdoors has always been a peaceful way to for me to relax and be myself. Mother Nature helps out when I need some time to think and be on my own. The quiet and calmness is what gets to me the most while I’m out there exploring the woods, whether it be hunting, fishing or just taking a walk. The outdoors has always been a peaceful and stress relieving way for me to relax and be who I am. Mother Nature helps me out when I just need to get away and have some time to think on my own. The quiet and calmness is what gets to me the most while I’m out there exploring the woods whether it be while I’m hunting, fishing, or just taking a walk. I was raised in a family that has the same belief about the wilderness. My parents and grandparents have shown me the ways of the outdoors and I have learned many lessons for life from both my parents and while I’m in the outdoors. I believe that the outdoors is a way of connection to family and friends and the wildlife that lives inside it. I have spent most my life hunting and fishing because that’s who I am. I have learned many lessons while I have spent numerous hours in the woods, such as how to track wild life, what plants not to touch so I don’t get poison ivy, and what wild berries I can eat without getting sick. Over time these could be very successful traits to have in case of an emergency that could happen in the future. The traits would also be a valuable thing to pass along to my children in the future. Patience is a trait that is always learned in the outdoors. The time you have while you’re sitting in the woods hunting for wild game is hard to describe. You’re in the woods before the sun rises and don’t come out until the sun comes down. You must to have patience to wait for that trophy deer to come along for that perfect chance. Another lesson you learn while you’re in the woods is determination. Some days I may not even see a single bird or squirrel in a tree while I’m sitting there for numerous hours. But I won’t give up just because I had a bad day in the woods. At any moment the woods could come alive and you start seeing the tons of movement, the birds will start chirping, squirrels barking, and the snapping of twigs and crackling of leaves as the deer start walking. The outdoors is a wonderful cure for people who need that little time to just be alone or get their minds off something and think. I know when I’m in the woods it gives me a lot of time to think about anything. I go hunting on the weekends most of the time because I have school during the week, so when I have reading for homework or if I have to brainstorm some ideas for an essay that I have to write in English, I can concentrate on my homework and not have any distractions to keep me off track of my studies. The outdoors has been one of the most relaxing places for me to do what I love most, which is hunt and fish. I just thank Mother Nature for giving me a place to go. The quiet and calmness is what gets to me the most while I’m out there hunting for the trophy whitetail or fishing for the eight pound bass. This I believe is why I think the outdoors is a wonderful thing for anyone who needs some relaxing time and get away. POWERED BY TCPDF (WWW. TCPDF. ORG)

Growth Of The Medical Tourism Industry Tourism Essay

Growth Of The Medical Tourism Industry Tourism Essay CHAPTER 2 LITERATURE REVIEW In the previous chapter a brief introduction to the meaning of medical tourism and the medical tourism industry has been given to develop a basic understanding of the subject for this dissertation. This chapter deals with the review of the literature for developing a conceptual and theoretical background for further research and identifying the research areas required. Literature review is an essential part of any research as it not only helps the researcher understand the research areas required, but also develops a conceptual background of the study for the reader. In survey and experimental research, the review of literature serves as a variety of background functions, which helps in the preparation of the collection of the actual data (SINGH, 2007, pp-61). The literature review in this dissertation has been designed in a systematic and a conclusive way for the reader to understand the subject clearly. The literature review has been divided into three main parts which are:- (Part A) Introduction:-This part deals with the literature required for understanding the concept of medical tourism as an industry and the medical tourism industry in India. (Part B) Medical Tourism in India: Strategic Implications and Growth:-This part consists of literature required to study the strategic implications and factors influencing growth of the medical tourism industry in India. This part is related to the second and third objective of this dissertation and also helps in developing a research area required for the fourth and fifth objective. (Part C) Conclusion:-After understanding the concept of the strategic implications and growth of the medical tourism industry the main conceptual framework can now be made and the main research areas can now be identified. The reason for this literature review is not just to review the related literature but to identify the concepts that will be used in the research. The importance of a literature review cannot be matched by an understanding as to how a review of literature can be done but how it can be used in the research (HART, 1998, pp-1).This chapter will help in finding the questions that needs to be answered in the research. PART A Medical Tourism: Background (A.1)Defining Medical Tourism Since ancient times, travellers have left their homeland in search of the best health care possible. Historical records show that early civilizations, such as the Romans (about 4 to 400 BC) were drawn toward the healing properties of bath or spring waters (KHAN, 2010).Although Medical tourism seems to be an entirely new concept which is now being acknowledged as an industry itself it has existed from the 18th century. Some of the earliest forms of tourism were directly aimed at increased health and well being for example, the numerous spas that remain in many parts of Europe and elsewhere, which in some cases represented the effective start of local tourism, when taking the waters became common by the 18th century (CONNEL, 2005).By the 19th century spas were found in the most remote colonies such as the French Pacific Territory of New Caledonia while the emergence of hill stations throughout the tropics further emphasized curative properties of tourism (SMYTH,2005 cited in WOODSIDE,2 007).History proves that medical tourism has existed for a long time. According to John Connell (Cited in WOODMAN,2007) recently travellers have travelled in search of yoga and meditation as the search for cure took on more spiritual and holistic perspectives. Today people not only travel long distances for spas and relaxation but for complicated medical procedures in search for affordable and quality medical care. Globalisation, it is said, lifts nations out of their isolated existence and makes them part of one knowledge society. Today, outsourcing of activities like labora ­tory investigations, medical transcriptions, software de ­velopment, and telemedicine to countries like India, China, Korea, Japan, has become easier with business process outsourcing(QUADEER and REDDY,2010) . The globalization of healthcare services has given rise to a new phenomenon called Medical Tourism. It is also called Healthcare Globalization, Health Vacation, Wellness Tourism, Medical Outsourcing, or Generation Next Health Holidays. The term Medical Tourism can be defined as travel outside ones home country in search of healthcare that is either less expensive or more accessible (KHAN, 2010).Carrera and Bridges (Cited in LUNT and CARERRA, 2010) identify health tourism as the organised travel outside ones local environment for the maintenance, enhancement or restoration of an individuals well-being in mind and body. Definitions and the seeking to know meaning of terms and words can put things right elementarily between people and their words (JACKSON, JACKSON and HARMON, 197, pp-235). Although there are many definitions of the term Medical Tourism the definition must serve the general purpose of understanding the meaning of the term Medical tourism. The term Medical tourism can be divided into two words Medical and Tourism as shown in the figure below (JAGYASI, 2008). MEDICAL TOURISM MEDICAL TOURISM The word Medical means treatment of illness, disorder or injuries. The activities of persons travelling to and stay in a place outside their usual environment for leisure, business and other purposes. + Figure 1: Defining Medical Tourism Source: JAGYASI, P.2008.Defining Medical Tourism ~ another approach. Medical Tourism Magazine .July 15 th According to Dr Prem Jagyasi (JAGYASI, 2008) understanding of the words medical and tourism individually will not be sufficient to define the term Medical Tourism. Considering the definitions of the words, medical tourism can be defined as a set of activities in which a person travels often long distance or across the border, to avail medical services with direct or indirect engagement in leisure, business or other purposes. Today medical tourism has become a huge industry itself.According to a report by Mckinsey and company and the confideration of Indian industry(2005) the medical tourism industry is expected to become a hundered million dollar industry by the year 2012.The figure below represents the projected growth in the earning in revenues of the worldwide medical tourism industry. Figure 2 Some of the internationally know hospitals for medical tourism such as Bumrungrad in Thailand and Apollo in India, report revenue growth of about 20 percent to 25 percent annually (ROTH, 2006). McKinsey Company (2005) estimates that Indian medical tourism will grow to $2.3 billion by 2012.In 2005 approximately 250,000 medical tourists sought care in Singapore, and 500,000 travelled to India for medical care(HUTCHINSON,2005).According to these reports the medical tourism industry is expected to grow at a large scale. A commonality in all these reports concludes that the three main destinations where growth of this industry is expected to be the highest are India, Thailand and Singapore which are countries in Asia. Therefore before the medical tourism industry in India can be seen it is important to identify the key factors influencing growth of the medical tourism industry in Asia and the different destinations gaining popularity in this industry who will eventually are the competito rs. (A.2) Medical Tourism in Asia Table 1: Popular medical tourism destinations around the world. Source:-NATAN, M and SEFER, E.2009.Medical Tourism: A New role of Nursing? .OJIN: The online journal of Issues in Nursing. July 22 .Vol 14 There are many countries that are now competing in the medical tourism industry all around the world. The table given below indicates the major destinations for medical tourism in the world. As it can be seen Asia has a lot of countries that have established themselves as medical tourism destinations. According to an update in a report given by Deloitte (2008) the number of medical tourists visiting Asia will grow at a rate of 20% annually and will create an industry worth US$4 billion by the year 2012.India is estimated to account for half of the medical tourism industry, countries like Singapore, Malaysia and Thailand are already promoting their medical tourism industries. Asia The Americas Europe Africa Oceania China Argentina Belgium South Africa Australia India Bolivia Germany Israel Jordan Brazil Columbia Hungary Lithuania Malaysia Philippines Singapore Thailand Cost Rica Jamaica Mexico United States Poland Asian Governments are now supporting medical tourism through organizing awards and promotional events such as Asian Spa and Wellness tourism in 2006 and the establishment of dedication promotional boards (HENDERSON,2004 cited in COCHRANE,2008) The four main countries identified as medical tourism destinations in Asia are Thailand, Malaysia, Singapore and India. In 2002 Thailand became home to the Asias first JCI-Accredited hospital which was Bumrungrand in Bangkok and presently has six other hospitals which have been given this accreditation (WOODMAN, 2009). In Thailand according to the Kasikorn Research Centre, about 1.28 million foreigners visited hospitals in 2005 generating revenues of about thirty three million Thai baht (DELOITTE, 2008).Another important destination for medical tourism is India a country that has pioneered the outsourcing industry is now quickly gaining popularity as a medical tourism destination. Before the medical tourism industry in India can be looked at it is important to understand the factors that promote Asia itself as a caterer to the medical tourism industry. As seen below a SWOT analysis on the medical tourism industry is given which analysis the strengths, weaknesses, opportunities and threats of Asia itself. Organizations use the SWOT analysis as the first step in developing their marketing plan as it is relatively an easy process and helps in describing the major considerations to be taken in designing an appropriate strategy(BRIGGS,2001,p-47). This SWOT analysis plays a significant part of this research as it outlines the significant strategic implications of the Medical tourism in Asia. SWOT ANALYSIS OF THE MEDICAL TOURISM INDUSTRY IN ASIA STRENGTHS à ¢Ã… ¾Ã‚  More mature medical tourism markets, facilities, and practices. à ¢Ã… ¾Ã‚  Government sponsored tax breaks and open environment for foreign private investments in healthcare infrastructure. à ¢Ã… ¾Ã‚   A relative surplus in the labour pool due to large populations and strong emphasis in education in some countries. à ¢Ã… ¾Ã‚  A history of using complementary and alternative e.g., yoga, Ayurveda, herbs, TCM/TKM. à ¢Ã… ¾Ã‚   In close proximity to Middle Eastern medical tourists. à ¢Ã… ¾Ã‚  Asia also has a booming tourism market with many scenic locations and various types of geography (beaches to mountains) to choose from. à ¢Ã… ¾Ã‚  Asians are known for their culture of hospitality and service. à ¢Ã… ¾Ã‚  Services and procedures such as: wellness/CAM, eye-care, musculoskeletal care, cardiac care, transplants, haemodialysis, and general/plastic surgery. Source:-VEQUIST, VALDEZ and MORRISON, 2009 WEAKNESSES à ¢Ã… ¾Ã‚  The length of travel for many European and North American tourists. à ¢Ã… ¾Ã‚  Some fears of travelling to Asia because of a reputation of social unrest, corruption and violence. à ¢Ã… ¾Ã‚  The lack of European and North American language (e.g., English, German, French, etc.) ability. à ¢Ã… ¾Ã‚  The culture in Asia is arguably very different from occidental cultures. à ¢Ã… ¾Ã‚  Difficulty in seeking legal remedy in the event of malpractice. à ¢Ã… ¾Ã‚  Large disparity in the healthcare systems for the poor and rich/medical tourists. à ¢Ã… ¾Ã‚  Several Asian countries are trying to serve too wide a swath of the market to maintain a sustainable industry. Source:-VEQUIST, VALDEZ and MORRISON, 2009 As it can be seen above the strengths and weaknesses of the medical tourism industry in Asia have been identified. These factors play an important role in identifying the strengths and weaknesses of the medical tourism industry in India as the Indian medical tourism industry is a part of the Asian medical tourism industry. These factors also develop a contrast between the positive and negative features of the medical tourism industry in Asia. As it can be seen above Asia also has a booming tourism market and is known for hospitality and service. The health care facilities in Asia are well developed. Asia also has a history of using complementary and alternative medicines which will support in developing wellness tourism .Although there are many positives of this industry in Asia, it also has some negatives such as a weak legal system in the case of malpractice. People also have the fear of the unknown as there is a change in the social climate. These factors relate to the Indian medi cal tourism industry in many ways but some of them may not apply such as the language barrier as India has a large English speaking population and the legal system which is developing rapidly. After a comparative study of the strengths and weaknesses of the Asian medical tourism industry a comparison of the opportunities and threats is discussed in the SWOT analysis. The next two factors of the SWOT analysis are the opportunities and threats which draw a comparative study on the external capabilities of the Asian medical tourism industry. Source:-VEQUIST, VALDEZ and MORRISON, 2009 OPPORTUNITIES à ¢Ã… ¾Ã‚  Large populations in the region offer many advantages (e.g., more regional medical tourism, lower cost of labour, more healthcare professionals, etc.). à ¢Ã… ¾Ã‚   Increasing strength and diversity of Asian economies and many fast-growing areas. à ¢Ã… ¾Ã‚   Many strong governmental initiatives supporting medical tourism. à ¢Ã… ¾Ã‚  Shrinking cost of fuel (i.e. gas prices) which makes airfare lower and encourages medical tourism. à ¢Ã… ¾Ã‚  The wealth in the Middle Eastern could lead to more tourists travelling to the Asian region. à ¢Ã… ¾Ã‚  The Asian expertise in off-shoring of various industries to add to their chances to capitalize on this market. à ¢Ã… ¾Ã‚  The emphasis on education and healthcare in many countries in Asia. à ¢Ã… ¾Ã‚   Strong private investments will build the infrastructure of the region. THREATS à ¢Ã… ¾Ã‚   Disease (particularly pandemics), social unrest, terrorism, overcrowding, dirty environments in some areas of Asia are perceived negatively and hurt marketing efforts. à ¢Ã… ¾Ã‚  Competition from Latin America, Eastern Europe, and the Middle East for North American, European, and Middle Eastern medical tourists. à ¢Ã… ¾Ã‚  Due to the economy, many consumers simply do not have large enough cash reserve to pay for services or airfare. à ¢Ã… ¾Ã‚  Limited numbers of insurance carriers that have comprehensive relationships with medical providers in Asia. à ¢Ã… ¾Ã‚  Fast growth of medical tourism in other regions and countries outside of Asia. Source:-VEQUIST, VALDEZ and MORRISON, 2009 As seen above the opportunities of the Asian medical tourism industry is huge and a major advantage is the increasing strength of the economies which fuels the development of stronger governments and health care infrastructure. Asia also expertises in off-shoring servicing as seen in the case of India which is also considered the off-shoring capital of the world. Although there are many opportunities there are threats to the Asian medical tourism industry as there is an increasing competition from Latin America and certain countries in Europe. Asia is also perceived as a continent of social unrest, terrorism and unhealthy environment which impacts negatively on the marketing strategy. In the above SWOT analysis the strength, weaknesses, opportunities and threats of the Asian medical tourism industry can be highlighted. These factors explore the internal and external capabilities of Asia itself in this industry which brings out a contrast between the positive and negative features of this industry in Asia. These factors adversely affect the medical tourism industry in India. (A.3) Medical Tourism in India. The Indian governments commitment to providing compre ­hensive healthcare to the citizens, irrespective of their paying capacity, as part of its welfare policies was given up after 30 years of independence when the Sixth Plan opened up medical care to the voluntary and private sectors (QUADEER and REDDY, 2010).The involvement of the private sectors in the health care industry in India helped in the emergence of a corporate health sector in the 1990s.After opening up to the corporate sector in healthcare policies the government emphasised on healthcare to the poor and their involvement in it which was seen in the eighth and ninth year plans given by the government of India in 1992 and 1997 respectively. The acceptance of the new economic policy, of the health sector reforms by 1992 increased cutbacks in public sector investments in health as well as the commoditisation of health services (RAMA and NUNDY, 2008).The cutback in public sector investments led to the breakdown of the publ ic healthcare institutions with more collaboration from the private healthcare sector. When the healthcare services became dominated by the private sector, a new phenomenon of healthcare services becoming a form of market expansion and financial gains rather that welfare could be observed. This gave rise to the medical tourism industry in India. The government policy of merging medical expenditure and tourism was announced by Finance Minister Jaswant Singh in his 2003 annual budget speech when he described India as a global health desti ­nation. He identified the potential of complex health care services that are offered at relatively cheaper rates and yet earned profits. In this report he also mentioned the possibilities in investing in large chains of medical institutions and creating medi-cities. After this report heavy investment in improving medical institutions continued and today India has become of the fastest growing medical tourism destinations. This country is usually viewed as one of the most important global leader in the medical tourism industry, and it advertises itself as offering everything from alternative ayurvedic therapy to coronary bypasses and cosmetic surgery (CONNELL, 2006).Some hospital executives in India use the phrase value medical travel to promote India as a high-quality, low-cost destination for international health care travellers (TURNER, 2007).The medical tourism industry has grown at a large scale with companies like WellPoint Blue Cross Blue Shield to handle their pilot program of offering medical tourism for Americans travelling to India (KHAN,2010).India has made its mark in the medical tourism industry in the world by providing world class medical care at cheap and affordable prices. In a nutshell it has been predicted that the Indian medical tourism industry will rise rapidly and will continue to grow at a fast pace. There are many growth drivers involved in the evolution of this industry in India; some of them include cost factors, government policies and quality health care. After a brief understanding of the emergence of the medical tourism industry in India it is important to understand the factors involved in the growth process. The next part deals with an in-depth review of literature on the growth drivers and strategic implications of the medical tourism industry in India. PART B Medical Tourism in India: Growth and Strategic implications (B.1)Medical tourism in India: Growth Professor Michael Porter from the Harvard University is one of the well know strategic writers and describes the industry lifecycle model as the grandfather of concepts for predicting the industry evolution (LYNCH, 1997).According to this model an industry goes through four major stages which are introduction ,growth, maturity and decline. The figure shown below is the diagrammatic representation of the industry lifecycle with the four steps. Figure 2: Industry Lifecycle Stages Source:-LYNCH, 1997, p 126 This concept helps in describing any industry as it goes through the stages as a result the strategy of the industry changes as the stage changes. It also can help in formulating the correct strategy required at a particular stage in the industry lifecycle in an entrepreneur perspective. This concept is very well relevant to the medical tourism industry as it helps in identifying the stage that the industry is in. Identifying these key aspects at an early stage will lead to formulating the right strategy for the success of a business entering this industry. It is important for companies to understand the use of the industry lifecycle for businesses to compete in the industry effectively and successfully (BAUM and MCGAHAN, 2004). In 2007, an estimated 750,000 Americans travelled abroad for medical care and an estimated growth to a staggering six million was expected by the end of 2010(BALIGA, 2006).According to a study carried out by Deloitte in 2008 there will be a large amount of significant growth in the medical tourism industry. In this study the numbers of medical tourist from the United States of America going to foreign countries for treatments will increase. This report also indicates that the medical tourism industry may reach the maturity by 2016 where the growth will start decreasing. This report basically proves that this industry is growing and can therefore be place in the growth sector of the industry lifecycle. The growth sector of the industry lifecycle represents that the market is expanding and customers have become more informed about the products. In this stage there will be more competitors that will enter the industry market (CARPENTER and SANDERS, 2009).The figure given below is the es timated growth given in the Deloitte report (2008) of the medical tourists going to foreign countries for medical treatment. Figure 3: Annual growth and patient volume growth in major countries in the medical tourism industry Source: Deloitte report (2008) GROWTH INTRODUCTION TIME Figure 4: Predicted Growth of the medical tourism industry in India The figure represents a huge rise in the patient volume growth in major countries over the next few years which indicated the amount of growth and demand in the medical tourism industry. These statistics affect the medical tourism industry in India in terms of growth planning and understanding that growth potential of this industry in India. After witnessing the immense growth of the medical tourism industry in the world, India felt the need for this industry and entered into this market in late 2002. Indias efforts to promote medical tourism took off in late 2002, when the Confederation of Indian Industry (CII) produced a report in collaboration with McKinsey Company which outlined the immense growth potential of this sector in India (KURIACHAN and BASANTH, 2008).In this report they made future predictions of this industry in India considering the economic and political factors. There were many strategic points hig hlighted in this report which concluded that the forecasted growth of the medical tourism industry in India will be from US $ 18.7 billion in 2001 to around US $ 45 billion by 2012 which is equivalent to 8.5% of GDP. The figure below represents the predicted growth according to the Confederation of Indian Industry (CII) and McKinsey Company. Year US $Billion [Type a quote from the document or the summary of an interesting point. You can position the text box anywhere in the document. Use the Text Box Tools tab to change the formatting of the pull quote text box.] Source: Confederation of Indian Industry (CII) and McKinsey Company (cited in KURIACHAN and BASANTH, 2008) As it can be seen above the medical tourism industry in India is expected to grow to a 45 billion dollar industry by the year 2012 which is a 26.3% rise from the year 2001. The worldwide market for medical tourism is estimated in 2004 was estimated to be US $ 40 billion with India market share 1%.In 2012 the world medical tourism industry will be US $ 100 billion with India market share being 3% (KURIACHAN and BASANTH, 2008).These figures represent that the Indian medical tourism industry will grow at a fast pace .At a strategic level it is important to understand the factors which will affect the growth of this industry in India. (B.3Factors influencing growth of medical tourism industry in India The previous section showed the predicted growth of the medical tourism industry in India and the SWOT analysis of Asia that affect this industry in India. To analyze the medical tourism industry in India on a strategic level the competitive advantage of India must be analyzed. In reference to this context of global competition was given by Michael Porter in his book The competitive advantage of nations. He conducted a study of ten nations to develop an analytical framework at a strategic level, which tries to explain why a nation succeeds in particular industries but not in others (PORTER.1990).Porter suggests that the national home base of an organisation plays a very important role in creating an advantage on an international scale (JOHNSON, SCHOLES and WHITTINGTON, 2005).The study on this model can clearly help in distinguishing the factors that may influence the growth of the medical tourism industry in India. The model basically describes the four main attributes that individua lly and as a system constitute the diamond of national advantage .These attributes are:- Factor Conditions:-The nations position in factors of production, such as skilled labour or infrastructure necessary to compete in a given industry. Demand Conditions:-The nature of home market demand for the industrys product or service. Related and Supporting Industries:-The presence or absence in the nation of supplier industries and other related industries that are internationally competitive. Firm Strategy, Structure and Rivalry:-The conditions in the nation governing how companies are created organized and managed as well as the nature of domestic rivalry. Source:-PORTER, 2008 Chance and the government are two factors that influence these four determinants, but are not determinants themselves (OZ, 2002). FIRM STRATEGY, STRUCTURE AND RIVALRY RELATED AND SUPPORTING INDUSTRIES DEMAND CONDITIONS FACTOR CONDITIONS CHANCE GOVERNMENT Figure 4: Michael Porters Diamond Framework: Competitive Advantage of Nations Source: PORTER (1998, p. 127) (B.4)Strategic implications Figure 4: Strategic implications of the Medical tourism Industry As described by LYNCH (1997) there are many strategic implications for the industry lifecycle .These can be modified in terms of the medical tourism industry as shown in the following figure. These Strategic implications will also help in the clear understanding of the drivers responsible for the growth of this industry. MEDICAL TOURISM INDUSTRY Customer strategy Research and Development strategy Company Strategy Competitor strategy Source:-Modified from LYNCH (1997, p 127) The first strategic implication is customer strategy which is one of most important implications as it tends to understand the customer strategy for selecting the product and the factors which are involved in it. This is also a significant factor that a business in this industry should try and evaluate on a continuous basis to complete efficiently and effectively with the growth of the medical tourism industry in the industry life cycle. By understanding customer strategy a clear view on the factors affecting the growth of the medical tourism industry can be identified. Joseph Woodman (2008) in this book Patient beyond Borders: Everybodys Guide to Affordable, World-class Medical Travel gives a guide to consumers interested in going abroad for medical treatments. In this book a step by step guide is also given and the factors influencing consumers to choose medical tourism have also been identified. According to this book there may be many reasons why medical tourists travel to attain medical care but there are seven main reasons as shown in the figure below. It is important to explore the customer strategy as it tends to understand why medical tourists choose certain particular locations as their medical tourism destination. The figure given below represents the customer strategy and the main factors influencing it. Figure 5: Customer strategy for the Medical Tourism Industry Cost saving Better quality care Customer Strategy Shorter waiting periods Other Treatments Inpatient friendly Excluded treatments Speciality treatments Source:-WOODMAN (2008, pp 51-63) Cost Saving As health care costs in developed countries like the United States of America and United Kingdom escalate individuals, small businesses, and state governments are all attempting to control health-related expenditures. Outsourcing health care to countries where surgical procedures and other forms of treatment are available at substantially lower prices is attracting interest from individuals and businesses (TURNER, 2007). With the continuing health care cost increases in developed countries, it is likely that patients, insurers and employers, particularly in countries where employers share the costs of private health insurance, will continue seeking low cost treatment abroad (FORGIONE and SMITH, 2007). There many ways in which service costs are kept low for example most provider countries, malpractice litigation costs are much lower than in most highly developed countries, which has helped to reduce the cost of medical care(HADI,2009,p.11). Table 1: Major Medical Tourism Destinations: Cost Comparison Medical procedures USA India Thailand Singapore Costa Rica Mexico Korea Heart Bypass $80,000 To $130,000 $6,651 to $9,300 $11,000 $16,500 $24,000 $22,000 $34,150 Heart Valve Replacement $160,000 $9,000 to $9,000 $10,000 $12,500 $15,000 $18,000 $29,500 Angioplasty $57,000 $4,998 to 7,500 $13,000 $11,200 $9,000 $18,000 $19,600 Hip Replacement $43,000 $5,800 to 7,100 $12,000 $9,200 $12,000 $14,000 $11,400 Hysterectomy $20,000

A Risk Neutral Framework For The Pricing Of Credit Derivatives :: Business Finance Essays

A Risk Neutral Framework For The Pricing Of Credit Derivatives 1. INTRODUCTION Considerable research effort has gone into Credit Derivatives since the early 1990’s. The roots of credit derivatives can be traced back to the notion that the credit risk of a firm can be captured by the credit rating ascribed to it. This premise is also the cornerstone of loan pricing and credit risk management models the world over, including J.P. Morgan’s CreditMetricsTM. Empirical research enables the predictability of the event of default as well as the Loss in the Event of Default (LIED). This information is expressed in terms of a ‘transition matrix’ - a matrix that traces out the probabilities the migration of a firm’s credit rating. Rating agencies such as Standard & Poor (S&P) provide transition matrices computed from periods of data about bonds - default record and post-default behaviour in the US markets. Lack of adequate data precludes the computation of such matrices in the Indian context, although it is possible to map ratings of Indian rating agencies such as CRISIL onto S&P ratings. 2. TYPES OF CREDIT DERIVATIVES Here is a brief description of some popular types of credit derivatives: 2.1 Credit Default Swaps A credit default swap provides a hedge against default on some payment, such as a bond. The counterparty buying credit protection pays the provider a certain amount in return for a guarantee to make good the loss in the event of default. 2.2 Total Return Swaps In this contract, the ‘payer’ gives a ‘receiver’ the total return on an asset in return for the returns on a benchmark asset, typically a risk-free asset. The payer has thus eliminated the risk of default in return for a lower but certain risk-free rate of return. 2.3 Credit Spread Derivatives Credit spread derivatives take the form of credit spread options, forwards or swaps. A credit spread call option, for example, is a call option written on the level of the spreads for a given bond. The option, thus increases in value as the spread increases, so that the value of the bond is protected. 3. RISK-NEUTRALITY Hypothesising the existence of a ‘risk-neutral’ world is extremely useful in the pricing of instruments whose value is derived from a stochastic process. In the real world, the present price is less than the expected net present value of the likely outcomes in future. Thus, for example, if the price of a commodity can become either Rs.

What would Jesus Do? Canteberry Tales Essay :: essays research papers

What Would Jesus Do?   Ã‚  Ã‚  Ã‚  Ã‚  Between 1951 and 1991, forty-one Catholic priests in Chicago alone were charged with sexual misconduct (Philip Jenkins). This number has only increased over the past ten years, with the recent valiancy among Catholic women and children to come forth about sexual indecencies committed against them. But while the charges against the priests may be relatively new, the corruption within the clergy is certainly not. Priests’ abuse of their position can be traced back to the origin of the church itself through both stories and historical documents. In The Canterbury Tales, Geoffrey Chaucer exposes immorality in the church (both sexually and otherwise) through his introduction of various fictional characters. Together, these characters demonstrate the ways in which the church has fallen away from its original purpose and design—to make disciples of God through church members’ imitation of Jesus’ character.   Ã‚  Ã‚  Ã‚  Ã‚  In efforts to inspire Christians to act righteously, as well as instill a sense of religious pride among young people, Christians have cleverly coined the phrase, â€Å"What Would Jesus Do† or simply, â€Å"WWJD.† Although the expression may be overused and somewhat childish, in the meaning behind the phrase lies the entire mission statement of Christian dome. The apostle Peter describes it by saying, â€Å"To this you were called, because Christ suffered for you, leaving you an example, that you should follow in his steps,† (1 Peter 2:21). The message is simple; try to live as Christ lived. Of all people, most would expect the leaders of the church to strive the hardest for this level of Godliness. Quite ironically, however, Chaucer points out that the clergy possesses qualities opposite to those of Jesus—namely impurity, selfishness, and greed.   Ã‚  Ã‚  Ã‚  Ã‚  The dictionary defines the word ‘pure’ as being free of dirt, defilement, or pollution, and most Christians would agree that when the term is used in the bible, it means just that: being free of the dirt, scum, corruption, and sin in the world. According to Paul, the grace of God and the teachings of Jesus â€Å"teach us to say ‘No’ to ungodliness and worldly passions, and to live self-controlled, upright and godly lives,† (Titus 2:12). In The Canterbury Tales, Chaucer shows that the clergy is doing anything but seeking after purity. The Friar is the best example of this defilement of Christianity with his fulfillment of worldly pleasures in the areas of women and alcohol. Because of the attachment humans have to sex and their sexual partners, the Catholic Church is structured so that the leaders of the church remain celibate their entire lives.