The Debate Of Personal Privacy On Internet - 2295 Words

With the rapid development of information technology, people have been entering the information age, and almost people have one computer. But recent years, more and more people find their privacy information which was stored in their computer is easily to be lost or snooped, it makes them feel very insecure. We all know that each computer has its own unique physical information, such as IP address which is the useful basic information of computer, subnet mask and also can track a computer by detecting the DNS (Domain Name System). These physical information are very useful, it can help police to solve case, and also has many negative influence to people life. The debate of personal privacy on internet is very drastic, particularly recent†¦show more content†¦The first of them is the case of craigslist killer who name’s Philip Markoff. He was charged as teief and murder because of the tragedy was happened in 2009. During April 10 to April 16 in 2009, there were three c ases of robbing and one of them was murder. (ABC news May 4,2009) The common points of these three cases were that all of these three victims were advertised on Craigslist for pornographic services. Firstly, police used video surveillance to find the image of the criminal, and then traced the disposable phone which was used to call the victims, finally, police used the e-mail address to traced the IP address of Philip Markoff. Ultimately find his location and gather useful evidences at his home. There is another big case which was called as 2008 Ahmedabad blasts. That was a big disaster to Ahmedabad, India and Gujarat, and the number of bomb blasts was 21. The origin of the disaster was the e-mail warning from a terror outfit which called Indian Mujahideen. Immediately, police traced mails and try to arrest criminals quickly. However, that was hard because the terrorists used the unsecured WIFI router to sent mails, that was hard to find out the MAC address of the criminals. Finally , police still traced out the original IP address and raided the Haywood’s residence before the Ahmedabad serial blasts. (Times of India, August 2008 ) Besides of IP address, there are too many ways that help police to solve the case. The most sensationalShow MoreRelatedPrivacy, The State Of Being Away From Public Attention1614 Words   |  7 PagesThroughout time, privacy and security have been two heavily debated topics. There has always been a struggle to find middle ground between a private environment and a secure environment, but the dawn of technology and the Internet has made this struggle even more difficult. The Internet has drastically decreased the expectation of privacy of any and all individuals that have ever used it. Technology in general can pose a threat to an individual’s physical and virtual security. The Internet has also broughtRead MoreSince The Creation Of The Internet Users Have Felt Some1042 Words   |  5 PagesSince the creation of the Int ernet users have felt some sense of privacy. This sense of privacy often happens since users are operating from the privacy of their home. However, this is far from the truth. Think of the Internet as a public space such as New York Times square. There is a large flow of people entering and leaving. If you were to be picked out of the crowd your personal data including name, address, relationship status, email address, and browsing history would all be available to theRead MoreThe Information Age Has Dawned Upon Us898 Words   |  4 Pagescome without drawbacks. The internet is an almost completely unregulated information-based society. A Mecca of easily accessible information, but also a place for hackers, data thieves, and internet-trolls to prosper. 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Internet privacy is defined as theRead MoreThe Importance Of Internet Privacy811 Words   |  4 PagesIntroduction: The internet has evolved from being a symbol of great revelation and innovation to a part of everyday life. It is used constantly to gather information and to make everyday tasks effortless for people worldwide. As such, having broad access to the internet causes internet users to rarely think about the consequences of putting their personal details on there for all to see. The conversation about internet regulations or internet privacy has been going on for years. It seems to beRead MorePrivacy Is Overrated Essay949 Words   |  4 Pagespeoples personal information and records simply by using a home computer. Most of these people can easily view governmental records and other personal information. Some people believe that having access to peoples personal information can be beneficial, while others believe its a failure of security and an invasion of privacy. 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And with more and more people using the Internet, more and more information being passed over the Internet, more problems arise. The Internet has been an advantage in technology that has greatly increased the capacities of a computerRead MoreSocial Media And Its Effects On Society Essay1456 Words   |  6 P agesbecause it’s our personal life and there are some things we don’t want other to be able to see. We deserve to have some type of privacy and we don’t deserve to just be watched by people we don’t even know. This is important because some people don’t even know that the government is watching what we post on social media and they should be aware of it so they can be more careful about things that they post. Academic sources, government and industries suggest that consumer privacy has become a critical

Case Study Health Risk And Sport Participation - 1661 Words

Case Analysis 8.10: Health Risk and Sport Participation The following is a case study analysis on Case 8:10 Health Risk and Sport Participation. This particular case involves five individuals, all of which are employed and or playing for the athletic department at BTU University. One of the individuals in this case is star BTU football linebacker A.B. Another individual is BTU Head Football Coach J.M. In addition to A.B and J.M, the other individuals associated with this particular case are the head football trainer, the team physician for the football team as well as the Director of Athletics for BTU N.P. This particular case all revolves around star linebacker A.B who recently established a record for most tackles in a single season (Malloy, 2003, pp. 160). The problem developed when A.B lay paralyzed on the field during spring training during his junior year but shortly thereafter he recovered with only slight numbness once he tackled someone. The numb sensation was felt in his arms and legs, which placed extreme pressure on his nerves. Thereafter, A.B was referred to a neurosurgeon, which performed an X-Ray as well as an MRI which led to the prognosis that A.B suffered from spinal stenosis. Spinal stenosis is a narrowing of the spinal cord which, puts athletes especially football players such as A.B at an even greater risk for injury. Following that appointment, A.B went to get a second opinion regarding the situation, and the verdict was still the same.Show MoreRelatedBenefits in Youth Football1608 Words   |  7 Pagesof man, sports have had a tremendous role in the way people live their lives. From the time we are born, until our elderly age, most of us are involved in some way with sports. Whether it is a scrimmage game of so ccer at recess in elementary school, playing on the varsity athletic team or simply watching the Olympics or sporting events on television, sports have an influential role in our everyday lives. 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Supermarket Tesco And Its Online Venture †MyAssignmenthelp.com

Question: Discuss about the Supermarket Tesco And Its Online Venture. Answer: Introduction Strategic Management often concentrates on the diversification strategy of the consumer whereby the diversification is based on both product as well as the international level. In the retail scenario, diversification goes a long way for the firm in to increase its market share and attract better customers who stay in the organization for a long time (Barney and Hesterly 2015). The internet is a storehouse of various activities which help the company to utilize diversification approaches and enables them to have access to those markets, which were previously unexplored by the given company (Chaffey 2015). This concept was utilized by Tesco.com and along with it they combined their strength of a strong distribution channel to conduct both online as well as offline services in order to cater to a larger crowd. The primary aim of the given case study is to analyze the various diversification strategies which were adopted by the online giant in order to become successful. In the first section brief information on the company will be provided which will be followed by the strategic approaches that were used by the company to make its online venture successful (Rothaermel 2015). The approach aims to reflect on a proper understanding of the given case study and show the implementation of the models of e-marketing. About the company: TESCO Tesco plc which popularly trades as Tesco is a multinational grocery and general product merchandize business retailer based in Britain with its headquarters located in Garden city, Herefordshire in the United Kingdom (Tesco.com 2018). It is one of the largest retailers in the globe in terms of both revenue and profits. The company was found by Jack Cohen and he expanded his business rapidly. The company has diversified technologically and geographically as well into various arenas like books, clothing, prepaid services, broadband, petrol, electronics, financial services and others. It has also made its presence online for wider consumer base. The strategic approaches that have helped tesco.com achieve online success Product range development Product development can be referred to as an important tool which can be utilized by any organization to attain success (Slack 2015). Through the introduction of products and development of the existing products, an organization can offer its customers what they are seeking. This opens new opportunities for the firm and gives rise to an atmosphere of innovation in the organization. Very often for the development, customer information is applied in order to see to it that customers get attracted easily. The products developed according to the demands of the consumers tend to strengthen the position of the company. The company-user approach has been used by the Tesco Company in the given scenario. Due to the advent of technology, a track can be kept with respect to the needs and requirements of the consumer. This information which is obtained is then converted into the system and a database is maintained for the future. Under Wade-Gery`s leadership, the company made use of the given approach to attract a larger crowd of customers (Hill, Jones and Schilling 2014). The supermarket brand engaged in various dummy test approaches in limited markets to observe the success of the program. Only when this was successful, it launched its online services to various other markets. In the year 2015 itself, the company had successfully engaged in delivering a rough estimate of around 150,000 orders. Tesco used the diversification of product strategy to penetrate into different markets and gained huge shares in the markets of Ireland and the United Kingdom. Unlike its competitors, Tesco had not restricted itself to providing just grocery to its consumers but also provided much more services so that the customer would not have to visit any other website than Tesco.com. The customers could engage in activities like reloading their phones, broadband services and rental movies. Along with this, they were often inclined to shop for groceries also (Lasserre 2017). Providing a sufficient amount of convenience to the consumers made them popular. Improved customer experience online It was during this time that the internet business an e-commerce had started to flourish; Tesco realized that they had to have a presence online. Internet often provides the firms with great opportunities to serve as a cheaper alternative for a business distribution channel. Tesco realized that if it had to have an online presence, then it would be required to have an interface which was user friendly. The original store method of shopping made the customer wait before serving them. This aspect has got totally changed in the online scenario, hereby the customers have become an important component of the service process and are made to do half of the activities like selection and check out themselves. Tesco saw to it that their online website was a place of convenience whereby the customers are easily entertained and enjoy the shopping experience. This tends to make the communication process faster and make the customers more interested in adopting the online way. Tesco understood the problem of time with respect to online shopping and developed a formula whereby the company converted a time period of 1 hour that would have been applied by the customer to shop the items to almost half the time (35 minutes). It offered the customers with easy billing facilities and smart buying options which already took into the customer choice as a factor and showed products which the customer actually purchases. This formula helped Tesco.com to increase their revenue and even improve the customer relationship management by providing value for money to the consumers. Making home delivery part of Tesco. Coms DNA Tesco.com realized that if they aim to develop a successful relationship with their customers, they would be required to bring the supermarket at their doorstep. Wade-Gery decided to offer the delivery of the products purchased to the door step of the customers and they core business functions in order to improve This integrated approach was adapted by Tesco.com as a business model through which they developed an effective customer relationship management (Toufaily, Ricard and Perrien 2013). Under the leadership of Wade-Gery, the delivery service begins at 4am in the morning and the company has set up various delivery points in order to ensure the effectiveness of the service which is being offered. Amidst this, the customer has an opportunity to speak to the delivery man in order to keep a track of it. Hence, it can be stated that these strategies have enabled Tesco.com to gain a competitive advantage and increase their business. Tesco.com online success an e-business model at work Comparison analysis of Tesco with respect to the given model. Stage 1: Product Innovation The given stage comprises of innovation in the business, differentiation of services, respecting customer value. After analyzing the strategies adopted by Tesco to improve the business, it could be stated that the business was successful in implementing all the aspects of the given model. It engaged in development of its product which was one of its key success factors (Wheelen et al. 2017). Tesco also ensured that they incorporate value in the services by offering much more than just groceries to the given consumers. Stage 2: Customer Relationship In the given stage, information gathered from the various sources is assembled and analyzed in order to provide benefit to the different consumers. The transaction time which was reduced for the customers served as an important tool (White et al. 2013). An improved relationship with the consumers helped the company to a great extent to become popular among the consumers. Stage 3: infrastructure management The given stage makes use of strategies and assets in order to create a large value network and redefine the consumer boundaries. Tesco utilized this model by acquiring a maximum number of outlets in Asia, America, England and Ireland (Wang and Zhang 2013). Through this aspect the company wanted to stay closer to its consumers in order to see to it that there is no chance of missing out on these consumers. Stage 4: Financial aspect Tesco. Com applied a model whereby it reduced the delivery costs and bymarketing its presence online, it was able to reduce infrastructure and personnel costs as well to a great extent. Hence, from the analysis, it could be stated that Tesco`s online success was based on a well tested model. The company was able to target its objective accurately and make its operations grow. Even now, the company continues to expand and diversify its offerings and is planning to penetrate into new markets. Conclusion Hence, from the given analysis it can be stated that the company under the guidance of Wed-Gery, the company reached to new heights. It made sure that the company had both online as well as offline presence in order to see to it that the brand name remains in the minds of the consumers. Tesco.com made use of various business models to improve their share in the market. They engaged in successful diversification strategy in order to acquire new customers and explore new markets. Hence, Tesco.com is a clear example of how to achieve success by diversification and engage in sustainability. References Barney, J.B. and Hesterly, W., 2015.Strategic management and competitive advantage concepts and cases. Pearson. Chaffey, D., 2015.Digital business and E-commerce management. Pearson Education Limited. Hill, C.W., Jones, G.R. and Schilling, M.A., 2014.Strategic management: theory: an integrated approach. Cengage Learning. Lasserre, P., 2017.Global strategic management. Palgrave. Park, K. and Jang, S.S., 2013. Effects of within-industry diversification and related diversification strategies on firm performance.International Journal of Hospitality Management,34, pp.51-60. Rothaermel, F.T., 2015.Strategic marketing management. McGraw-Hill Education. Slack, N., 2015.Operations strategy. John Wiley Sons, Ltd. Tesco.com. ,2018.Tesco - Online Groceries, Homeware, Electricals Clothing. [online] Available at: https://www.tesco.com/ [Accessed 24 Feb. 2018]. Toufaily, E., Ricard, L. and Perrien, J., 2013. Customer loyalty to a commercial website: Descriptive meta-analysis of the empirical literature and proposal of an integrative model.Journal of Business Research,66(9), pp.1436-1447. Wang, J. and Zhang, Y., 2013, July. Opportunity model for e-commerce recommendation: right product; right time. InProceedings of the 36th international ACM SIGIR conference on Research and development in information retrieval(pp. 303-312). ACM. Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2017.Strategic management and business policy. pearson. White, A.E., Li, Y.J., Griskevicius, V., Neuberg, S.L. and Kenrick, D.T., 2013. Putting all your eggs in one basket: Life-history strategies, bet hedging, and diversification.Psychological Science,24(5), pp.715-722.

Satellites Orbit The Earth Doing Our Bidding In Ways That Enrich The L

Satellites orbit the earth doing our bidding in ways that enrich the lives of almost all of us. Through electronic eyes from hundreds of miles overhead, they lead prospectors to mineral deposits invisble on earth's surface. Relaying communications at the speed of light, they shrink the planet until its most distant people are only a split second apart. They beam world weather to our living room TV and guide ships through storms. Swooping low over areas of possible hostility, spies in the sky maintain a surveillance that helps keep peace in a volatile world. How many objects, exaclty, are orbiting out there? Today's count is 4,914. The satellites begin with a launch, which in the U.S. takes place at Cape Canaveral in Florida, NASA's Wallops Flight Center in Virginia, or, for polar orbiters, Vandenberg Air Force Base in California. One satellite in 20 is crippled by the jolt of lift-off, or dies in the inferno of a defective rocket blast, or is thrust into improper orbit. A few simply vanish into the immensity of space. When a satellite emerges from the rocket's protective shroud, radiotelemety regularly reports on its health to round-the-clock crews of ground controllers. They watch over the temperatures and voltages of the craft's electronic nervous system and other vital organs, always critical with machines whose sunward side may be 300 degress hotter than the shaded part. Once a satellite achieves orbit--that delicate condition in which the pull of earth's gravity is matched by the outward fling of the Page 2 ------ crafts speed--subtle pressures make it go astray. Solar flares make the satellite go out of orbit. Wisps of outer atmosphere drag its speed. Like strands of spiderweb, gravity feilds of the earth, moon, and sun tug at the orbiting spacefarer. Even the sunshine's soft caress exerts a gentle nudge. Should a satellite begin to wander, ground crews fire small fuel jets that steer it back on course. This is done sparingly, for exhaustion of these gase s ends a craft's useful career. Under such stresses, many satellites last 2 years. When death is only a second away, controllers may command the craft to jump into a high orbit, so it will move up away from earth, keeping orbital paths from becoming too cluttered. Others become ensnarled in the gravity web; slowly they are drawn into gravitational that serve as space graveyards. A satellite for communications would really be a great antenna tower, hundreds or even thousands of miles above the earth, capable of transmitting messages almost instantaneously across the oceans and continents. Soon after the launch of ATWS-6, the Teacher in the sky, (a satellite designed to aid people) NASA ground controllers trained its antenna on Appalachia. There is brought evening college classes to schoolteachers whose isolation denied opportunity for advancement. The use of Satellites is growing rapidly and so is the different jobs for them.

Lucid Dreaming Essays - Dream, Lucid Dreams, Stephen LaBerge

Lucid Dreaming Essays - Dream, Lucid Dreams, Stephen LaBerge Lucid Dreaming Roughly one-third of our lives are spent sleeping, and a significant amount of this time is spent dreaming. You have the ability to be conscious, awake, and well.. lucid, in your dreams. Lucid dreaming is dreaming while being aware of being in a dream state. The term ?lucid,? coined by Frederik Van Eeden in 1913, is used in the sense of mental clarity. The basic definition of lucid dreaming is nothing more than becoming aware that you are dreaming, of which many people have experience of. However, among these people, the amount of control and clarity varies greatly. A low-level lucid dream is one where you know you?re dreaming, but that?s it. In experiencing a higher level lucid dream, you have the power to control, influence, and react to various events and contents of the dream. For those who achieve the state of lucidity, the benefits are potentially enormous. It gives you the chance to experience adventures unsurpassed in everyday life. You can, literally, do anything you wish; the only limits you are bound to are set by your imagination. Lucid dreaming gives us the ability to tap the power of the unconscious, and subconscious mind, giving us a valuable insight into our daily lives. By learning to make the best of the worst situation imaginable, you can overcame nightmares and fears in the waking world. (Gackenbach/Bosveld) There are several techniques for inducing a lucid dream, and The Lucidity Institute, Inc., founded in 1987 by lucid dreaming researcher Dr. Stephen LaBerge to support research on lucid dreams and to help people learn to use them to enhance their lives, has created special devices to assist people in achieving lucid dreams. Inducing lucid dreams takes concentration, effort, and time, which some people may not be wanting to sacrifice to learn what they perceive as a ?pointless? skill. The key is perseverance, and you will be successful. Some people have been able to have lucid dreams on the very first night of attempting to do so, however, it has taken others up to a few weeks. This varies greatly from person to person, as people who remember their dreams with greater ease tend to find it easier to have lucid dreams when compared to those who remember only a few every month. However, all is not lost if you fall into the latter category, as increasing dream recall is a fairly easy task to accomplish. One of the best ways to advance your dream recall ability is to keep a journal of dreams, and record them when you first awaken, doing so will train yourself to remember dreams for more than a mere thirty seconds. (LaBerge) Many people confronted with the chance to learn of lucid dreaming ask themselves, ?Why would I want to lucid dream. The most common use of lucid dreams for those who have achieved the skill is for pure fun and adventure. Unlike reality, you are not restricted by the laws of physics, or even the government. There is no need to be afraid of social consequences, because they are non-existent. You can fly, visit other worlds, other times, or even have sex with the most desirable partner you can imagine. There are no limit to the possibilities, except by your imagination. Entertainment is not the only use of lucid dreaming. Because of the strong link between the mind and body during dreams, there is evidence to suggest that dreams can be used for mental and physical healing. (Ziesing) ?Does lucid dreaming interfere with the function of normal dreaming Lucid dreaming is normal dreaming. The body and mind are in the same physiological state as in ?normal? REM sleep. Dreaming is the result of high activity in the brain, but at the same time exists sleep paralysis, which stops us from acting out our dreams, or sleepwalking, by paralyzing our muscles. Your mind creates experiences based solely on your thoughts, fantasies, concerns, and fears. Having the knowledge that you are dreaming allows you, simply enough, to direct the dream experience, like you direct your thoughts while awake. The thinking of dreams being an unconscious act is a close-minded one. Your conscious-self is always present in dreams, if

A Dolls House - 1973 Production with Claire Bloom

A Doll's House - 1973 Production with Claire Bloom The Bottom Line This treatment of Henrik Ibsens play, A Dolls  House, by director Patrick Garland and actors Claire Bloom and Anthony Hopkins, is especially strong. Garland manages to transcend the plot contrivances which I found, on reading Henrik Ibsens play, to make the story almost unbelievable, and instead, create characters and a story that seem real. A surprisingly hopeful film to enjoy for itself, this would also make an interesting film to use in high school, college, or adult classes to explore issues of gender roles and expectations. Pros both Claire Bloom and Anthony Hopkins create sympathetic charactersdepicts woman on a pedestal in its positives and negativesemotional depth of Noras transformation and her husbands reaction ring truefictionalized and historical settings may make discussion of feminist issues feel safer to somemakes a somewhat-contrived plot seem believable Cons some plot coincidences a bit too contrivedhistorical and fictional settings may, for some, make the feminist issue easy to dismissfor some women, that this is written by a man might be a negative Description Henrik Ibsens depiction of 19th century men and women in marriage and friendshipDepicts Nora Helmars attempt to find her identity, beyond the constricting pedestalAlso depicts her husband Torvald Helmers attempt to salvage his own identity at work and home1973 production directed by Patrick Garland, screenwriter Christopher HamptonClaire Bloom and Anthony Hopkins star as Nora and Torvald HelmerDenholm Elliott, Ralph Richardson, Edith Evans,and Helen Blatch play supporting roles Review - A Dolls House The basic plot is this: a woman of the 19th century, pampered first by her father and then by her husband, acts out of caring and that act then subjects her and her husband to blackmail, threatening their security and future. How Nora, her husband, and Noras friends attempt to deal with the threat depict different kinds of love. Some loves transform people and bring out their best and the best in their loved ones others make the lover and loved one smaller. I remember the first time I read Henrik Ibsens play, A Dolls House, in the late 1960s, just when the feminist movement was rediscovering past literary treatments of gender roles. Betty Friedans more straightforward treatment of the ultimately-unsatisfying constrictions of womens traditional role seemed to ring more true. In reading A Dolls House then, I was disturbed by what I read as contrived characters Nora always seemed quite the silly doll, even after her transformation. And her husband! What a shallow man! He didnt evoke the least bit of sympathy in me. But Claire Bloom and Anthony Hopkins, in director Patrick Garlands 1973 treatment, show how good acting and direction can add to a play what a dry reading cannot.

Leadership Research Paper Example | Topics and Well Written Essays - 1250 words - 2

Leadership - Research Paper Example The approach did not go well as his boss discouraged the idea claiming that the company dealt with the production of UV lamps. The boss claimed that the 3D printers were replicators of â€Å"Star Trek† which the company could not spend on. Chuck hull however did not give up and kept on insisting to the boss that he be given the permission to make the machine. Eventually, they both reached a compromise, which stated that Chuck would concentrate in the making of the company’s lamps during daytime while at night concentrate on making his 3D printer(Lipson, et al 49). The UV lights manufactured at the company mainly influenced the idea of the 3D machine. Factories would use the lamps to harden plastic veneers onto rubber tiles or tabletops. With this in mind, Hull discovered that the UV light could be used to engrave plastic layers. The plastic layer’s etching would be into whatever shape he deemed attractive. The layers would be stalked forming a 3D object. At the initial stages however, he wrote codes that guided the machines on cutting the layers (Lipson, et al 65). Chuck Hull’s success was not mainly because of his invention but also due to the leadership styles and qualities he possessed and practiced. Both internal and external drivers influenced his leadership qualities and styles. One external driver is the situational interaction that came about while talking to his boss. The two were close as they worked in the same company and this gave him the opportunity of telling and convincing his boss about the idea. Had he not been in a situation where he would convince the boss about the 3D printer, he would never have gotten the chance to use the company’s resources to come up with the printer. Another external driver is the function role (Sadler & Philip 76). He used to work in a UV lamps manufacturing company and this made him to realize that the UV

Week 5 Student Blog Post Assignment Example | Topics and Well Written Essays - 250 words

Week 5 Student Blog Post - Assignment Example Her neighbor represents the male gender and he is a popular football quarterback in the video (Taylor). According to the video, despite the girl being smart and talented, she has managed to acquire high academic achievements but not happy for her joy depends on earning the boy’s love. This is evident in the way she constantly tries to capture the boy’s attention but he does not seem to notice her. Just as Karloff said, cultural images enforce the notion that women depend on romance for happiness. In the minds of the youthful viewers, the will then learn from the video that the only way to be happy is to get involved in a heterosexual relationship (Boosalis, & Golombisky 25). This videos tends to bring out the perception than men are powerful and women whereas the female gender inferior. In addition, the cultural images of the video portray that women are subordinate to men in the society since Swift in the video relies on the relationship between her and the boy for happiness (Boosalis, & Golombisky 23). The consumers of these images who mostly may be adolescents and most especially girls need guidance and should be critical when deciding how they conduct their normal life experiences with cultural representation from the video images

Using Global Variables Essay Example for Free

Using Global Variables Essay Global variables are variables that are visible to every module in the program and its scope is the entire program so that all of the modules within the program can access a global variable. They can be declared in modules by simply setting up an assignment box and adding in the variables to the modules. In Pseudocode, you will simply write out the particular variable you want to declare and its value. Many programmers go against the idea of using global variables in modules but there are a few good sides to using global variables. For one, the global variables are very easy to find within modules and can be accessed throughout all of them. Global variables also make it easier to update the objects code and on the APL*PLUS II/III systems, the correct signature in the first element can be installed once, and when the object is loaded into the workspace, instead of having to be done each time the FastFN is called. It is suggested that you try to avoid using global variables when unnecessary for several reasons. Non-locality, in other words, source code is easy to understand when the scope of its individual elements is limited. Global variables can be read or modified by any part of the program, which makes it difficult to remember or reason about every possible use. Global variables also give no access or control or constraint checking. Global variables can be set by any part of the program, and any rules regarding its use can be easily broken or forgotten by extension, the lack of access control greatly hinders achieving security in situations where you may wish to run untrusted code. Global variables also lead to concurrency issues. If global variables can be accessed by multiple threads of execution, synchronization is necessary. When dynamically linking modules with globals, the composed system might not be thread-safe even if two independent modules tested in dozens of different contexts were safe. They also create Namespace pollution because the global names are everywhere. Memory allocation issues are also big when it comes to using global variables. Some environments have memory allocation schemes that make allocation of globals tricky. References Gaddis, T. (2010). Global Variables and Global Constants. Starting out with programming logic design (pp. 104-105). Boston: Pearson Addison Wesley. Global Variables. (n.d.). Global Variables. Retrieved April 20, 2014, from http://www.chilton.com/~jimw/globals.html Global Variables Are Bad. (n.d.). Global Variables Are Bad. Retrieved April 21, 2014, from http://c2.com/cgi/wiki?GlobalVariablesAreBad Pros and Cons of Using Global Variables. (n.d.). Pros and Cons of Using Global Variables. Retrieved April 20, 2014, from http://social.msdn.microsoft.com/Forums/vstudio/en-US/53ae563a-bb7d-4526-b7c6-8e58c7bb62e6/pros-and-cons-of-using-global-variables?forum=csharpgeneral

Urbanization in Africa Essay examples -- Development, Urban Trend

Urbanization is the movement from a rural society to an urban society, and involves a growth in the number of people in urban areas. Urban growth is increasing in both the developed but mostly in the developing countries. Urbanization is associated with the problems of unemployment, poverty, bad health, poor cleanliness, urban slums environmental deprivation. This causes a very big problem for these developing countries and who are some of poorest countries. Africa urbanization is not as big as most developing countries but is on the rise for it outbursts in city growth lately. (Saundry, 2008). In Africa, one important feature of the urbanization process is that a lot of the growth is taking place in the industrial increase. Urbanization also finds expression in external expansion of the built-up area and the changing of prime agricultural lands into residential and industrial uses (Saundry, 2008). An alternate to the present expansion of the urban population across a wide area of the country in order to save crucial land for agriculture is to construct high-rise buildings and support commercial development in specific zones, which would depend on efficiency, and the right technology and resources (Hanson, 2011). In Africa, the urbanization processes are largely driven by market forces and government policies. This will lead to methods at the same time of change in incomes, land use, health and natural resources management including water, soil and forests and often reactive changes in local governments (The Economist, 2010). So this is saying that government developm ent policies and budget divisions, in which urban residents are often favorites over rural areas and will tend to pull more people into the urban areas. I... ...population distribution designed to reduce the rate of rural-urban migration appears to have had limited success in many developing countries. Policies must be directed at altering the rural economy in order to slow the rate of urban sprawl. Broad land use planning and changing of planning standards and governmental procedures would go a long way to reduce many of the problems that face urban populations in the developing areas, especially Africa. Urbanization can cause a lot of problems for a city or even a country. It can cause cities to become overpopulated which are known as mega-cites, and cause problems with living arrangements and finding a job. Urbanization can also cause health problems. Urbanization is supposed to be good for developing countries on the rise but with this rapid growth in Africa, these problems can become a major concern in the future.

Hamlet’s Indecisiveness

Shakespeare wrote Hamlet and created his character as someone who would lead to his own tragic death. He had many flaws that lead to his eventual death, however there was one that he should have been able overcome. He could over come his indecisiveness, most people would be able to overcome it in their lives but Hamlet could not. In the play, Hamlet is supposed to be portrayed as brave and intelligent but looking deep into the play it is seen that Hamlet is more of a coward and an indecisive man through out most of the play.Hamlet doesn’t know what he is doing in his life because he can’t act upon his father’s murder. King Claudius kills Hamlet’s father, so Hamlet is in a confused as to how he will get revenge. He wants to do what it takes to avenge his father’s death. â€Å"Revenge his foul and most unnatural murder,† demands the ghost in (Act I, scene 5, line 23). The ghost tells hamlet he needs to kill King Claudius but Hamlet is to busy c onsumed in all the problems he has, that he doesn’t act at the right time.He had many chances to do something about King Claudius but didn’t because he was too indecisive about it. For example: when the King is kneeling paying Hamlet has a chance to kill him but he doesn’t. He talks himself out of murdering him, and instead makes a play to see if he is guilty. Hamlet talks to the actors of the play and decides to make them act out his father’s murder. The makes the actors act out exactly what the ghost had told him. â€Å"Speak the speech, I pray you, as I pronounced it to you, trippingly on the tongue.But if you mouth it, as many of your players do, I had as lief the town crier spoke my lines. Nor do not saw the air too much with your hand thus, but use all gently, for in the very torrent, tempest, and whirlwind of passion, you must acquire and beget a temperance that may give it smoothness†(Act 3, scene 2, line 1). Hamlet decides his uncle is gui lty after seeing his reaction to the play and still doesn’t do anything about it. Hamlet never spoke up at the right time; he stayed quiet about everything.During the play, Claudius yells, â€Å"Give me some light. Away† and Hamlet was sure of his uncle's guilt (Act III, Scene 2, Line 152). Claudius was guilty and Hamlet should have taken advantage of Claudius being on the spot, but he didn’t. He went to go talk to his mother and gave time for Claudius to think what he should do. Hamlets indecisiveness cost him a lot. Most people can be decisive and make decisions when they are in favor of the person making the decision. Everyone has to make choices in their lives and they always do it in their favor.People lie and cheat to save themselves, but Hamlet cant do this. In this world everyone looks out for there own best interests and make decisions based on that. Its simple you need to be decisive to make decisions to progress in your life. Hamlet’s lack of b eing able to do this cost him his life. It not only cost him his life but others too. If Hamlet was able to act quickly he could have saved himself. In the end hamlet does get revenge but it’s at the cost of his own life, which could have been avoided.

Assessment Management Forensic Mental Health Health And Social Care Essay

Since the 1980s force per unit area is increasing on mental wellness professionals to better their ability toA predictA and better manage the degree of hazard associated with forensic mental wellness patients, and offendersA being dealtA with in the justness system ( Holloway, 2004 ) .A This increasedA pressureA has besides increased involvement within a wider scope of research workers and forensic clinicians, working in the justness system to better the truth, and dependability of their analysis of whether recidivism is a strong possibility.A The overallA valueA of rating of research is toA allowA theA improvementA in the appraisal, supervising, planning and direction of wrongdoers, in concurrence with a more dependable base line for follow up ratings ( Beech et al, 2003 ) . However, there continues to be an increasingA interestA andA expectationA on professionals from the populace and the condemnable justness system in respects to the potentialA dangerA posed byA seriousA offendersA being releasedA back into the community and the demand for the wrongdoers to be better managed, in orderA to adequately protectA the populace from unsafe persons ( Doyle et al, 2002 ) . As the appraisal of riskA is madeA at assorted phases in the direction procedure of the violent wrongdoer, it isA extremelyA important that mental wellness professionals have a structured and consistent attack to put on the line appraisal and rating of force. ( Doyle et Al, 2002 ) . This paper will compare and contrast three theoretical accounts of hazard appraisal thatA are usedA to cut down possible danger to others, when incorporating violent wrongdoers back into the community. These three attacks are unstructured clinical opinion, structured clinicalA judgementA and actuarialA appraisal. It is non intended, in this paper, to research the assorted instruments used in the appraisal procedure for theA respectiveA actuarial and structured clinical attacks. Unstructured Clinical Judgement Unstructured clinical opinion is a procedure affecting no specific guidelines, but relies on the single clinician'sA evaluationA holding respect to the clinicians experience and makings ( Douglas et al. , 2002 ) .A Doyle et Al ( 2002 ) , refers toA clinicalA opinion as â€Å" first coevals † ( p. 650 ) , and sees clinical opinion as leting the clinicianA completeA discretion in relation to what information the clinician will or will non take notice of in their concluding finding of hazard degree. The unstructured clinicalA interviewA has been widely criticised because itA is seenA as inconsistent and inherently lacks construction and aA uniformA approachA that does non let forA trial, retest dependability over clip and between clinician ‘s ( Lamont et al. , 2009 ) . ItA has been arguedA that this incompatibility inA assessmentA can take toA incorrectA appraisal of wrongdoers, as either high or low hazard due to the subjective sentiment inherent in the unstructured clinic al assessmentA approachA ( Prentky et al. , 2000 ) . Even with these restrictions discussed above the unstructured clinicalA interviewA is still likely to be the most widely usedA approachA in relation to the wrongdoer ‘s force hazard appraisal ( Kropp, 2008 ) . Kropp ( 2008 ) , postulates that the continued usage of the unstructured clinicalA interviewA allows for â€Å" idiographic analysis of the offendersA behavior † ( Kropp, 2008, p. 205 ) .A Doyle et Al ( 2002 ) posits, that clinical surveies have shown, that clinician ‘s utilizing the hazard analysisA methodA of unstructured interview, is non asA inaccurateA asA generallyA believed.A Possibly this is due, mostly to the degree of experience andA clinicalA makings of those carry oning the appraisal. The unstructured clinicalA assessmentA methodA relies to a great extent on verbal and non verbal cues and this has the potency of act uponing single clinician ‘s appraisal of hazard, and therefore in bend has a high chance of over trust in the appraisal on the exhibited cues ( Lamont et al. , 2009 ) .A A major defect with the unstructured clinical interview is the evident deficiency of structured standardised methodologyA being usedA toA enableA aA testA retest reliability A measureA antecedently mentioned.A However, the deficiency of consistence in the appraisal attack is aA substantialA disadvantage in the usage of the unstructured clinical interview.A The demand for a more structuredA processA leting forA predictableA trial retest dependability wouldA appearA to be aA necessaryA constituent of any hazard appraisal in relation to force. Actuarial Appraisal ActuarialA assessmentA was developedA toA assessA assorted hazard factors that would better on the chance of an wrongdoer ‘s recidivism. The actuarial attack relies to a great extent on standardised instruments to help the clinician in foretelling force, and the bulk of these instrumentsA have been developed, in an effort, A to foretell futureA probabilityA of force amongst wrongdoers who have a history of mental unwellness and or condemnable offending behaviors. ( Grant et Al, 2004 ) . However, Douglas et Al ( 2002 ) warns that usage of actuarial appraisal does non supply appraisal of any degree of forestalling the possibility of future force. The usage of actuarialA assessmentA has increased in recent old ages as more non cliniciansA are taskedA with the duty of direction of violent wrongdoers such as community corrections, correctional officers and probation officers. Actuarial hazard appraisal methods enable staff, that do non hold the experience, A backgroundA or necessaryA clinicalA makings toA conductA a standardized clinicalA assessmentA of wrongdoer hazard. This actuarial assessmentA methodA has been foundA to be extremelyA helpfulA when holding hazard measuring wrongdoers with mental wellness, substance maltreatment and violent wrongdoers. ( Byrne et al, 2006 ) . However, actuarial appraisals have restrictions in the inability of the instruments to supply any information in relation to the direction of the wrongdoer, and schemes to forestall force ( Lamont et al, 2009 ) .A Whilst such instruments may supply transferableA testA retest dependability, there is a demand for cautiousness when the instrumentsA are usedA within differing samples of theA testA populationA used as the validationA sampleA in developing theA testA ( Lamont et al, 2009 ) .A Inexperienced andA untrainedA staffA may non be cognizant that testsA are limitedA by a scope of variables that may restrict the dependability of the trial in usage. The bulk of actuarial toolsA were validatedA in North America ( Maden, 2003 ) . This hasA significantA deductions when actuarial instrumentsA are usedA in the Australian context, particularly when autochthonal cultural complexnesss are non taken into history. Doyle et Al ( 2002 ) postulates that the actuarialA approachA is focusedA on anticipation and that hazard appraisal in mental wellness has a much broaderA functionA † and has to beA linkA closely with direction and bar † ( p. 652 ) . Actuarial instruments rely on steps of inactive hazard factors e.g. history of force, gender, mental illness and recorded societal variables.A Therefore, inactive hazard factorsA are takenA as staying constant.A Hanson et Al ( 2000 ) argues that where the consequences of unstructuredA clinicalA opinionA areA openA to inquiries, the through empirical observation based hazard assessmentA methodA can significantly foretell the hazard of rhenium offending. To relyA totallyA onA staticA factors thatA are measuredA in Actuarial instruments, and non integrate dynamic hazard factors has led to what Doyle et Al ( 2002 ) has referred to as, â€Å" Third Generation † , or as more normally acknowledged as structured professional opinion. Structured Professional Judgement Progression toward a structured professionalA theoretical account, wouldA appearA to hold followed a procedure of development since the 1990s.A ThisA progressionA has developed throughA acceptanceA of the complexness of what hazard appraisal entails, and the force per unit areas of the tribunals andA publicA in developing an outlook of increased prognostic truth ( Borum, 1996 ) .A Harmonizing to Lamont et Al ( 2009 ) , structured professional opinion brings together â€Å" through empirical observation validated hazard factors, professional experience and modern-day cognition of the patient ( p27 ) .A Structured professional opinion attack requires aA broadA assessmentA standards covering both inactive and dynamic factors, and efforts to bridge the spread between the other attacks of unstructured clinical opinion, and actuarialA approachA ( Kropp, 2008 ) .A The incorporation of dynamic hazard factors that are takingA accountA of variable factors such as current emotionalA levelA ( choler, depression, emphasis ) , societal supports or deficiency of and willingness to take part in the intervention rehabilitation process.A The structured professional attack incorporatesA dynamicA factors, whichA have been found, to be besides important in analysingA riskA of force ( Mandeville-Nordon, 2006 ) .A Campbell et Al ( 2009 ) postulates that instruments thatA examineA d ynamic hazard factors are moreA sensitiveA toA recentA alterations that mayA influenceA an addition or lessening in hazard potency. Kropp ( 2008 ) , reports that research has found that Structured Professional Judgement measures alsoA correlateA substantiallyA with actuarial steps. Decision Kroop, ( 2008 ) postulates that either a structured professional opinion attack, or an actuarial attack presents the most feasible options for hazard appraisal of violence.A The unstructuredA clinicalA approachA has been widely criticised by research workers for missing dependability, cogency and answerability ( Douglas et al, 2002 ) . Kroop, ( 2008 ) besides cautions that hazard appraisal requires the assessor to hold an appropriate degree of specialised cognition and experience. This experience should be non merely of wrongdoers but besides with victims.A There wouldA appearA to be a valid statement that unless there is consistence inA trainingA of those carry oning hazard appraisals the cogency and dependability of any step, either actuarial or structured professional opinion, will neglect toA giveA theA levelA of predictability of force thatA is sought.A Risk analysis of force will ever be burdened by theA limitationA which â€Å" lies in the fact thatA exactA analyses are notA possible, andA riskA will ne'er be wholly eradicated † ( Lamont et al, 2009, p 31. ) . Doyle et Al ( 2002 ) postulates that a combination of structured clinical and actuarial approachesA is warrantedA to help in hazard appraisal of force. Further research appears to be warranted to better the rating andA overallA effectivity of hazard direction.

James Baldwins Stranger in the Village essays

James Baldwin's Stranger in the Village essays In paragraph three of James Baldwin's 'Stranger in the Village' (1955), he alludes to emotions that are significant, dealing with conflicts that arise in the Swiss village. Of these emotions are two, astonishment and outrage, which represent the relevant feelings of Baldwin, an American black man. These two emotions, for Baldwin's ancestors, create arguments about the 'Negro' and their rights to be considered 'human beings' (Baldwin 131). Baldwin, an American Negro, feels undeniable rage toward the village because of the misconception of his complexion, a misconception that denies Baldwin human credibility and allows him to be perceived as a 'living wonder' (129).   Baldwin and his ancestors share this common rage because of the reflections their culture has had on the rest of society, a society consisting of white men who have thrived on using false impressions as a weapon throughout American history. Baldwin gives credit to the fact that no one can be held responsible for what history has unfolded, but he remains restless for an explanation about the perception of his ancestors as people. In Baldwin's essay, his rage becomes more directed as the power of the white man becomes relevant to the misfortune of the American Negro (Baldwin 131). This misfortune creates a fire of rage within Baldwin and the American Negro. As Baldwin's American Negro continues to build the fire, the white man builds an invisible wall around himself to avoid confrontation about the actions of hisforefathers? (Baldwin 131). Baldwin's anger burns through his other emotions as he writes about the enslavement of his ancestors and gives the reader a shameful illusion of a Negro slave having to explain his or her situation to a curious child. Baldwin seems unforgiving when he speaks about the troubles that the white man has bestowed upon his race. There is no intelligence and no forgiveness behind the outrage of a slave's ancestor, which is what Baldwin refuses ...

Pros and Cons of Part-Time MBA Programs

Pros and Cons of Part-Time MBA Programs There are many different types of MBA programs - from part-time and full-time programs to accelerated and dual programs. A part-time MBA program is designed primarily for students who are only able to attend class part-time. It is important to understand that the words part-time dont mean barely any time. If you commit to a part-time program, you will still need to make a significant time commitment to school - even if you dont have to attend class every single day. It is not unusual for part-time students to spend more than three to four hours each day on MBA schoolwork and activities. Part-time MBA programs are popular. More than half of all MBA students attend school part-time, according to a recent study from the Association to Advance Collegiate Schools of Business  (AACSB). But that doesnt mean that part-time study is for everyone. Before you commit yourself to earning your degree through part-time study, you should be aware of all of the pros and cons of part-time MBA programs. Pros of Part-Time MBA Programs There are many advantages to studying part-time. Some of the biggest pros of part-time MBA programs include: Part-time MBA programs are more flexible for working professionals; classes are usually scheduled outside normal business hours.Some part-time MBA programs require fewer course credits than their full-time counterparts.Part-time programs are typically favored by employers who offer  tuition reimbursement.Many part-time MBA programs schedule courses all year long.Part-time programs tend to cause less strain financially because tuition is sometimes cheaper.Part-time MBA students can apply what they learn as they learn it.There are many high-quality part-time MBA programs inside and outside the United States. Read more about the best part-time MBA programs. Cons of Part-Time MBA Programs Although there are advantages to part-time MBA programs, there are drawbacks as well. The biggest cons of part-time MBA programs include: Not every school offers a part-time MBA program, which means you may not be able to attend your first school of choice.Some part-time programs offer fewer course selections than their full-time counterparts.Part-time programs require fewer class hours each week but sometimes take as long as two to five years to complete.Credits that are earned through a part-time MBA program are not always transferable to other programs.Many part-time MBA programs schedule courses all year long.Working while you earn your part-time MBA can be exhausting - especially if it will take you more than two years to earn your degree.Not all part-time MBA programs offer a study abroad option or international experience, which is increasingly valuable in todays global business world. Should You Study Part-Time? Part-time programs may be the perfect solution for students who want to work while they earn their degree, but they arent for everyone. Be sure to take time to evaluate all of your business degree program options, including accelerated MBA programs, specialized masters programs, and executive MBA programs, before you commit yourself to any one program option.

Use of Video in Secondary Science Education Research Paper

Use of Video in Secondary Science Education - Research Paper Example Use of Video in Secondary Science Education Use of video projects in a classroom environment is one of the most effective ways to ensure that students get the required content. This is because it involves a hands-on approach where the students use theory that they have learnt to create their own videos, however the tools that the students use will determine how effective they will be in creating their own videos. The most efficient tools that students can use in video creation In choosing the most effective video creation tools that students can use, the following factors were put into consideration. One is the user friendliness of the tool where issues like easiness on the eye and navigation and the intuitiveness of the UI (Ivers & Barron, 2010). Second factor that was put in to consideration was the features that the tool contained such as assessment capability or feedback functions, another factor that was put into consideration is the limitations that come with the tools such as whether it is a WYSIWYG tool or it needs a p rogramming nous. imovie is a video editing software that is sold by Apple inc company for Mac and iOS which include iphone, ipad, ipad mini and ipod touch that was originally launched in the market in the year 1999 (Laybourne, 2009). Since 2005, imovie was designed to process high definition video from HDV camcorders and other versions of camcorders such as AVCHD camcorders and H.264 compressed video from MPEG4, to support this, the tool has undergone metamorphosis to ensure smooth integration especially with apple products. imovie HD 5 included support for HDV, which includes the 720p and 1080i, in addition, it also supported the integration with ilife suite and toolbox buttons that allow importation of images from iphoto and music from itunes. The HD 6 version, which was released in 2006 included support for iphotos, itunes, iDVD , garageband and iweb, this version was aimed at making the imovie more user-friendly as it included themes that allowed the user to drag and drop movies and photos in bac kdrops. The imovie 08 was an improvement of the previous versions of imovie as it contained better HD output and more formats in which files could be converted to. This edition however received criticism since it completely abandoned the earlier versions of imovie and features such as slow motion, fast motion, black and white options had been removed, in addition, imovie 08 could not support more than one project at a time. The imovie 09 was basically a response to the criticism the ’08 version as it restored features that the previous versions had, in addition, it also simplified some more advanced tasks such as picture to picture and chroma keying. The imovie 11 had the capability of making movie trailers, gave the user more power over the audio option, allowed immediate rerun, flash, and hold effects, new theme, face detection and the potential to watch videos on apple products. with the unveiling of the iphone, which was designed to support iOS, the apple company designed an imovie app that would be compatible with the iOS since the other products of the company were also designed to support the iOS (Maci?as, Granollers & Latorre, 2009). Animoto Animoto is an online video editing software that is easy to use among the students, a key feature of the

Develop a Vision, Mission, Philosophy, and Program Evaluation (2) Coursework

Develop a Vision, Mission, Philosophy, and Program Evaluation (2) - Coursework Example This paper proposes the vision, mission, philosophy and program evaluation of a developmentally-appropriate early childhood education program for children aged 2-6 years with the objective of developing confident, independent, creative and competent children, with the collaboration of their parents and families. The proposed early childhood education program shall offer a high quality early childhood education program that provides young learners with developmentally-appropriate activities to develop their knowledge and skills. With a strong home-school partnership, the program aims to cultivate confidence, independence, confidence and creativity in young children so they grow to be ready to succeed in a globally competitive world. There were several considerations in coming up with this vision for an early childhood education program. The first consideration is the nature of the child and how he learns. Lilian Katz (2003) recommends looking into children’s perspectives and natural processes of learning. Questions such as: â€Å"What are the concepts and skills they need to learn relative to their life stages?†; â€Å"What kind of environment would they thrive best?†; â€Å"How do they learn best?† should be reflected upon in planning the program. These are deemed most important instead of just complying with what adults around them believe about what is best for them. The program should be designed to engage young children in learning in ways that are natural to them so that it will enable them to maximize their abilities to gain competence and independence. It is offered in a nurturing environment that encourages children’s confidence and creativity. The early childhood education center or preschool upholds high standards for the quality of care and education of its learners, aged 2-6 years. It provides them with abundant opportunities for learning with a balance of adult-led activities and child-initiated experiences. The

Life and Work of a Famous Greek Thinker Essay Example | Topics and Well Written Essays - 750 words

Life and Work of a Famous Greek Thinker - Essay Example Aristotle was appointed the tutor to Alexander in 343 B.C (Williams 44). For three years he remained tutor to Alexander until the Prince turned 16. Not much is known of the relationship between Aristotle and Alexander, yet Alexander’s terrific career stands to be an apt testimony to the practicality of Aristotle’s philosophy. Aristotle resided in Athens in 335 B.C. to 323 B.C. It was in these 12 years that Aristotle wrote most of his works. However, after the death of Alexander, Aristotle had to flee from Athens to avoid persecution at the hands of Athenian rebels (Williams 53). As per some credible records, Aristotle died in 322 B.C (Williams 16). It is said that Aristotle wrote three treatises on ethics. However, two of them are today attributed to his disciples and it is the third one that is Nicomachean Ethics that is known to be written by Aristotle (Broadie 4). The views pertaining to ethics professed by Aristotle in this treatise present a good insight into the m indset of the mature and educated men of his age. In this treatise Aristotle lays out the principles by which the well behaved citizens need to conduct themselves. Till the late 17th century, Aristotle’s treatise on ethics had a great influence on the politics and statecraft and continued to be source of inspiration for the future scholars and statesmen (Broadie 5). One other treatise by Aristotle called Politics is regarded to be the very source of varied principles that held a great sway till the culmination of the Middle Ages (Weber 396). This treatise is not only a source of apt information regarding the ways of government in non-Hellenic States, but stood to be a pivotal instrument of defense of democracy in the times of Aristotle (Weber 396). The assumptions embedded in Politics not only were strongly entrenched in the Athens under Pericles, but the Aristotelian concept of governance by cultured gentlemen had its reverberations in Renaissance Age, till it was modified b y French Revolution and industrialism (Weber 397). Though Aristotle’s genius greatly influenced many aspects of the Greek civic life and the statecraft in the following ages, it was in the sphere of Logic that it reached its zenith (Ackrill 79). Aristotle’s dominance in logic flourished right through the Middle Ages, till he was accorded a dominion in the area of metaphysics by the Christian philosophers in the 13th century (Ackrill 80). Though Aristotle strain of Logic is today quiet antiquated, still many Catholic theologians, scientists and mathematicians prefer to adhere to his system (Ackrill 84). Aristotle’s doctrine of syllogism is the most important contribution by Aristotle to the field of Logic (Ackrill 80). When considering the contribution of Aristotle to modern sciences, two of his other works that are Physics and On the Heavens do need to be mentioned (Judson 19). These works greatly influenced the world of science in the Greek times and their domi nation continued till the times of Galileo (Judson 19). Aristotle’s views regarding planets and stars though were immensely influenced by the Pagan beliefs of his times were actually well received and accepted by the medieval Christians. Aristotle’s philosophy had a significant impact on both the Islamic and Western philosophy (Ackrill 9). Aristotle not only studied and meticulously delved on almost every subject and discipline existing in his times, but in fact made a significant contribution to the existing

Foreign Exchange Risk in Pakistan Financial Institution

Foreign Exchange Risk in Pakistan Financial Institution Abstract Companies especially multinational companies and financial institutes like banks and insurance companies are now exposed to foreign currency risks caused by unexpected movements in exchange rate. In order to survive in this competition age companies have to manage this foreign exchange risk in a planned and good manner. The purpose of this study is to describe the different types of risks faced by financial institutions in Pakistan. These risks may include translation risk, transaction risk and operating risk. Research also includes the management and measurement of foreign exchange risk and studies the different methods of hedging this risk. The research was conducted through internet, analyzing the financial reports of different financial institutes and face to face interviews conducted from different executives of different financial institutes. Foreign exchange risk has a great impact on the cash flows and operating profits of an organization while doing business abroad and organizations have to familiar to manage and hedge this risk by using different derivatives and choose the best method that is suitable to organization. Managing the foreign exchange risk through hedging and use of derivatives is very common in these days. Organization often uses leading and lagging technique and less uses the swaps and invoice currency methods. 1- Introduction In this section the back ground of the research will be presented. On the basis of back ground we will make a research question and then followed the proposition for a financial institutions foreign exchange risk. 1.1 Background of the study With the fast development of economic globalization since 70s of last century, today companies operate in as integrated world marketplace. The international market produces the global producer, supplier, customer and also global competitors. Now a days money has no national boundaries. Meanwhile the increasing global business has brought many new problems and opportunities for organizations. They also facing different kinds of risks involving operation risk, investment risk and financing risk etc. to be familiar with those risks and how to hedge and control these risks is very important for organizations. Especially the foreign exchange risk is placed at the top of the risks to be concerned for an effective management. Multinational corporations and multinational enterprises are the entities that operate in at least two countries in both ways i.e production and rendering services. Recently foreign exchange risk has got the increasing importance in both sectors corporate and literature. Focusing on different aspects, a no of studies have been done in order to develop the theory and provide the facts of corporate sector in foreign exchange risk. Some of them like Charles, Ronald and Herman tried to study the exchange rate behavior and others like Anderson Bollerslev, Diebold and Paul attempted to study the volatility of exchange rates. Present monitory system is illustrate by a mix of floating and managed exchanged rate policies that every country perused in its best interest. Any appreciation of a currency against other will bring export down and vise versa. Financial institutions must understand the foreign exchange risk in order to compete, survive and grow in their business of exports and to avoid from competition in imports. ________________________________________________________________________ http://en.wikipedia.org/wiki/Multinational_corporation 1.2 Research questions What exchange risk does a financial institute face and whether they hedge it or not. Whether these institutions used derivatives instruments to hedge exchange rate risk or not. What derivatives are used by these financial institutions in order to hedge the exchange risk? How these organizations measure the exposure of foreign exchange. What would be the objectives of foreign exchange risk management in financial institutions in Pakistan 1.3 Purpose Main purpose of this research is to describe the actual condition of foreign exchange risk in financial institutions in Pakistan. And how these organizations manage this risk and what efforts are done by these organizations to hedge the risk. 1.4 Disposition Chapter one: Introduction Content: This part is that where the research topic was introduced along with the importance of the foreign exchange risk management, the background of study and our purpose of study. The research problem and questions has been brought up, and we provide reader with our research purpose. Chapter two: Literature review Content: it is the literature review part. It will include the theory of foreign exchange risk management concepts of foreign exchange risk, its classification, characteristics, and different methods and techniques to manage and hedge this risk. Chapter three: Research methodology Content: This part is about the methods and techniques used for research purpose that how the data will be gathered analyzed and how to reach the conclusion. Chapter four: Empirical findings Content: In this part of thesis research will be done with the help of annual reports of different organizations. The study will help in analyzing that how these organizations manage this risk and what techniques are used by them. Chapter five: Comparative Analysis Content: In this chapter we will compare the data gathered from different financial institutions and find out the managing methods used by them. Chapter six: Conclusions and Recommendations Content: this part will contain the summary of our findings, implication and results answering the research questions of existing theory. It will also contains the recommendation for future research that may evaluate this research 2. Literature Review It is the review of literature regarding the foreign exchange risk management. It also includes the concepts, characteristics by types and different methods of hedging this risk. 2.1 Foreign exchange risk 2.1.1 The concept of foreign exchange risk What is foreign exchange risk? Different authors and researchers define exchange risk in different ways. Niso abuaf defines à ¢Ã¢â€š ¬Ã…“foreign exchange risk is the chance that fluctuation in the exchange rate will change the profitability of a transaction from its expected valueà ¢Ã¢â€š ¬?. (P.29)This definition is in terms of financial risk. Cornell and Shapiro (P.45) also define foreign exchange risk as à ¢Ã¢â€š ¬Ã…“variability in the value of a firm as measured by the present value of its expected future cash flows, caused by uncertain exchange rate changes. In this definition both the researchers emphasize the firms cash flows. Hekman (60) defines exchange risk in terms of control of firms as the possibility that operating and financial results may exceed or fall short of budget. Foreign exchange rate risk is the potential gain or loss resulting from a change in exchange rate. It is the risk arising from the adverse movements in exchange rate to the earnings and capital. It is the impact of adverse movement in currency exchange rate on the value of open foreign currency position. Banks faced this risk that arises from maturity mismatching of foreign currency positions. Banks also face the risk of failure to pay of counter party in foreign exchange business. While such type of risk crystallization does not cause primary loss, bank may undertake new transaction in cash/spot market for replacing the failed transactions. ____CGAP Portfolio, à ¢Ã¢â€š ¬Ã…“Are MFIs Hedging Their Bets? Issue 1, April 2005 Major categories of exchange rate changes are given as follow: Depreciation: it is the ongoing decline in the value of currency in the relevance of another currency. Devaluation: it is the sharp fall in the value of currency in comparison of another currency. Appreciation: it is the gradual increase in the value of currency in comparison of another currency. For example, a financial institution that has not managed its foreign exchange risk will Lose money through currency depreciation when the value of local currency falls as compared to the currency in which the liability is held. That is, if a financial institution say bank has borrowed in US Dollars and giving debt in local currency PKR will suffer a loss if the value of rupee falls against Dollars. It must have more PKR to service the Dollar based debt. 2.1.2 Classifications of foreign exchange risk Ankrom (1974) was the first writers who classify the foreign exchange risk in different categories. Many other writers and researcher also classified foreign exchange risk in different types. These authors include Walker (1978), Whilborg (1980), Dumas (1984), and Shapiro (1989). Following are three main kinds of foreign exchange risk, Translation exposure Transaction exposure Operating exposure These risks are further defined by Shapiro in 2006. à ¢Ã¢â€š ¬Ã…“Translation exposure, also known as accounting exposure, arises from the need for purpose of reporting and consolidation, to convert the financial statements of foreign operations from the local currency (LC) involved to home currency (HC). If exchange rate has changed, liabilities revenues, expenses, gains and losses that are denominated in foreign currency will result in foreign exchange gain or loss.à ¢Ã¢â€š ¬? This exposure generally affects the balance sheet and those items of income statement that already exist. à ¢Ã¢â€š ¬Ã…“Transaction risk, result from transactions that give rise to know, actually binding future foreign-currency-denominated cash inflows or cash outflows. As exchange rate change between now and when these transactions settle, so does the value of their associated foreign currency cash flow, leading to currency gains or losses.à ¢Ã¢â€š ¬? This exposure affects the cash flows of an organization which can be the result of an existing contractual obligation. For example this risk may affect the transactional account like receivables (export transactions) and payables (import transactions) or repatriation of dividends. à ¢Ã¢â€š ¬Ã…“Operating exposure, measures the extent to which currency fluctuations can alter a companys future operating cash flows, that is, its future revenues and costs. The firm faces operating exposure the moment it invests in servicing a market subject to foreign competition or in sourcing goods or inputs abroad. This investment includes new-product development, a distribution network, foreign Supply contracts, or production facilities.à ¢Ã¢â€š ¬? This risk also affects cash flows but impacts revenues and costs associated with future sales. The combination of two exposures i.e transaction exposure and operating exposure is also called economic exposure as said by Shapiro. This economic exposure actually affects the firms present value of future expected cash flows from exchange rate movement. Economic risk concerns the effect of exchange rate changes both on revenues (domestic sales and exports) and operating expenses (domestic input costs and imports). It is very crucial for firms to establish a strategy of managing the foreign exchange risk as they have the clear identification of various types of currency risks along with their measurement. 2.2 Measurement of foreign exchange risk For the multinational firms, they must have to face the foreign exchange risk. It is very important for them to exactly measure the foreign exposure faced by their organization. 2.2.1 Measurement of translation risk History describes four principals method for translation. These are given as follow: The current/non current method The monitory/non monitory method The temporal method The current rate method These can be understood from following table: Note: while translating the income statement sales revenues and interests are generally translated at average historical exchange rate that prevailed during the year, whereas depreciation is translated at appropriated historical rate. Cost of goods sold and some general and administrative expenses are translated at historical exchange rate and other items are translated at current rate. à ¢Ã¢â€š ¬Ã…“Cà ¢Ã¢â€š ¬?= it stands for current rate. That means assets and liabilities are recorded at current prevailing rate. It is the rate at balance sheet date. à ¢Ã¢â€š ¬Ã…“Hà ¢Ã¢â€š ¬?= it shows historical rate. Assets and liabilities are recorded at historical rate that was prevailed during the period. After knowing all the methods of translating the issue arises is that which method should be used among these four methods while translating? Financial accounting standard board (FASB) in its standard 8 which relates to the governance of treatment of translation of foreign currency financial statements from 1975 requires that organizations should use the temporal method for translation of financial statements and the resulting gain or loss from translation should be included in income statement. But this treatment was argued that this produced gains or losses which were not the economic reality of the organizations business. So any hedging for this translation risk under this method seems not realistic meaning. From the invention of standard 52 published by Financial Accounting Standard Board to the end of 1981, which replaced the FAS 8, require that organizations must use the current rat method for translation purpose. FAS 52 introduced the functional currency, which is identified b y each organization for basic economic environment and selected for each of the organizations foreign entities. If the functional currency is foreign currency, the standard requirement is to use the current rate method for any translation gain and loss that is taken directly to the share holders equity. Whereas if the functional currency is the parents company currency, then the rule described by FAS 8 should follow. The above mentioned issues can be referred to the Adrian Buckleys book named à ¢Ã¢â€š ¬Ã…“Multinational Financeà ¢Ã¢â€š ¬? (2004) (P145-152). http://pages.stern.nyu.edu/~igiddy/fxrisk.htm, à ¢Ã¢â€š ¬Ã…“The Management of Foreign Exchange Riskà ¢Ã¢â€š ¬? by Ian H. Giddy And Gunter Dufey 2.2.2 Measure of economic exposure as Adler and Dumas (1980,19840defined foreign exchange risk as the regression of assets value on the exchange rate and recommended that exchange rate risk of organizations can be calculated by the sensitivity of stock return to exchange rate activities. Many other researchers like Popper (1997), Bodnar and Gentry (1993) And recently Martin and Mauer (2003, 2005), have been done to explore the foreign exchange exposure. Whereas Holton (2003) indicated that when measuring the foreign exchange risk is difficult it is due to the difficulty of measuring the economic risk. For the measurement of economic risk the method used is value-at-risk (VAR). in broader sense value at risk is defined as the maximum loss for a given risk over a given period of time with z% confidence. This definition was given by micheal papaioannou (2006). 2.3 Foreign Exchange Risk Management 2.3.1 Corporate Objectives of Risk Management After knowing the foreign exchange risk and its measurement faced by the organization, the company should choose to whether hedge this risk or not and further know how this risk should be managed. Oxelheim and wihlborg (1987) with mutual participation produced the idea of currency risk which is given as follow, à ¢Ã¢â€š ¬Ã…“Risk aversion: it relates to the desire of reduction of variability of cash flows in businessà ¢Ã¢â€š ¬? à ¢Ã¢â€š ¬Ã…“The target variable: in summaries form these are the efforts of the organization to maximize or to stabilize, measurement in accounting or cash flow, measurement in nominal or real terms.à ¢Ã¢â€š ¬? An effective foreign exchange risk management requires definite objectives viewing managements approach toward the foreign exchange risk. The decision making of hedging or not to hedging the foreign exchange exposure depends upon the attitude of companys management towards exchange risk management. Hedging strategy varies from organization to organization. Whenever there is a risk the risk aversion companies try to hedge this risk whereas the risk taking companies leave this risk unhedged. This is the idea arises from management of financial risks that management of financial risk is unnecessary and the gain and loss is will at last equalize in term of equilibrium relationship in the international financial market. This idea was given by Dufey and Sirininasulu in 1984: à ¢Ã¢â€š ¬Ã…“Foreign exchange risk does not exist; even if it exists, it need not be hedged; even it is to be hedged, corporations need not hedge it.à ¢Ã¢â€š ¬? It is the general concept that the organizations invo lved in exports and imports should hedge the risk of foreign risk exposure as a risk averse attitude. In real terms companies prefer to manage the risk within an acceptable limit instead of adopting neither of the two attitudes. Management should be in charge for ensuring to take suitable and reasonable actions based on after-tax term to decrease the risk. 2.3.2 Theoretical appraisal of managing foreign exchange exposure it is the basic strategy of the organizations to hedge the foreign exposure that they increase hard currency assets and decrease the soft currency assets, at the same time decreasing the hard currency liabilities and increasing the soft currency liabilities. However, many debates relating to the hedge the translation exposure exist in finance literature. Pramborg (2002) pointed out that transaction exposure hedging comes to add value for Swedish companies whereas there is no value addition from translation exposure. Butler (1990) suggested that it support the general suggestion of the finance literature not to worry about this type of risk, so it might not be hedged. A reason for not hedging this risk is that translation exposure risk is uneconomic as it is based on historical book value and has no direct effect on organizations cash flows. Thus organization should concern to the exposure faced to the cash flows. Earlier experimental studies by Belk and Glaum (1990) and Aobo (1999) who have investigated the foreign exchange risk management in UK and US multinationals, show that the management of transaction exposure is the focal point of company exchange risk management for the transaction risk control the real cash flows. As compared to translation and transaction risk operating risk is less defined and more difficult to manage. It could be defined as the sensitivity of an organizations future cash flows to the unexpected change in foreign exchange rate and any change in aggressive environment caused by these currency movements. Belk and Glaum (1990) found that firms were less worried about the real impact of exchange rate varies on the competitive position of the companies. Bradley and Moles (2002) find that there is a strong relations ship between exchange rate sensitivity and the extent to which it sales, sources and funds itself worldwide. Shapiro (2006) argued that it could be concluded that organizations operating exposure is attributed to distinguish a companys product is, the internationaly expand its competitors is, the ability to shift production, the sourcing of inputs among countries, and the variation in real exchange rate. It is assumed that the firms more involved in foreign markets the greater would be the operating risk faced by the organization. Shapiro (2006) concluded that firms can easily hedge their transaction risk, competitive exposure (operating exposure) are long term and can not be dealt with exclusively through financial hedging techniques, they relatively require making the long term operating adjustment. Strategic reorientation of operating policies related to pricing, sources, location of production and financing needs not only financial managers but also requires the corporate managers. Moffet and Karlsen (1994) illustrate the use of production, financial and promotion policies to manage economic currency risk as natural hedging. Being a part of globalization business environment, diversification of international operations is very important for multinational corporations to handle operating risk. So this can give the companies to maintain competitive advantage and protective reactions to unfavorable exchange rate changes. Whenever service cost or domestic production cost is affected by exchange rate changes as compared to those of producing in foreign country, the firm can move product sourcing from those countries whose currency is devalued or plant transfered there. Strategic marketing and production regulations in general are for à ¢Ã¢â€š ¬Ã‹Å"cost-effective. Another operational process used to hedge operating exposure is financial management, which are formating the firms assets and liabilities. One option is to funding the portion of a firms assets used to create export profits so that changes in foreign assets values caused by an exchange rate change are compensate by virtual changes in the debt expense in the same currency. For example, a firm should hold debt in currency of a foreign country, in which the firm increases a considerable export market. Existing text such as Glaum (1990) suggests economic exposure management should be integrated into the long-range, strategic planning system of the corporation and included with all areas of corporate decision-making. Tools and techniques for foreign exchange risk management Nowadays foreign exchange risk could not only control a firms quarterly earnings, but Also decide its survival. A variety of financial implements come into sight as the financial markets require managing the different increasing exposure that firms face. For Managing foreign exchange risk, there exist internal techniques such as matching inflows and outflows, inter-company netting of receipts and payments, transfer pricing agreement, etc, and external hedging tools involve the usage of different sorts of derivatives including forwards, futures, debt, options and swaps. Each of these techniques differs to hedge different exchange risk in each company situation. There have been many studies concerned with the effect from the use of these Currency derivatives, e.g. recent study as Allayannis and Ofek (2001), Bengt Pramborg (2002). Foreign exchange forwards A forward foreign exchange contract is a contract to exchange one currency for another with a particular amount, where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a fixed date in the future. The predetermined exchange rate is also known as the forward exchange rate. The amount of the contract, the value date, the payments method, and the exchange rate are all mentioned in contract at the time of contract. Forward contracts in major currencies are available on daily basis with maturities of up to 30-, 90-, and 180-day. Two types of forwards contracts are often used: deliverable forwards (face amount of currency is exchanged on settlement date) and non-deliverable forwards (which are settled on a net cash basis). A currency forward contract is usually used to hedge exchange risks that ranges from short to medium term and whose timing is known for certainty. It is so important for Firms treasurers to deal in the forward market that they can fix the costs of imports and exports in advance for the payable or receivable amount and hedge the exchange risk. A lot of experimental researches such as Belk et al. (1992), Bodnar et al. (1995), Mallin et al (2000) and Pramborg (2002) pointed out that the most commonly used method is forward exchange contract. With forwards, the firm can be totally hedged. However, some exposures including settlement risk that exchange rate shift in the opposite direction as they predicted, and counter party risk which the other party is unable to perform the contract. Sometimes the high cost of forward contracts prevent Firms to implement this instrument to fully hedge their exchange exposure. For that reason, futures are more beneficial. Currency futures Currency future is another tool to decrease the exposure of foreign exchange instability It is an exchange-traded agreement specifying a standard amount of a particular currency to be replaced on a specific future payment date. It is likely to forward contract in a way that they permit a firm to buy or sell definite currency at a fixed price and at a future time. So far, there are some differences among these two sorts of practices. One of the futures distinctiveness vary from forward is that futures are standardized both for amount and payment date (normally March, June, September and December), whereas Forwards are for any amount and any delivery date upon which the two parties are agreed. One more difference is that forwards are dealt by phone and telex and are completely independent of locality or time while all clearing functions for futures markets are hold by an exchange clearing house. The biggest difference is in terms of liquidation that futures contracts are settled by balancing of gains and losses for each day, whereas forward contracts are settled by real delivery whether full delivery of the two Currencies or net value only at the contract maturity. Giddy and Dufey said à ¢Ã¢â€š ¬Ã…“This daily cash compensation attribute mostly eliminates default risk.à ¢Ã¢â€š ¬? Futures market and forward market both are of most important ways to hedge risk. David Tien (2002) pointed out à ¢Ã¢â€š ¬Ã…“Firms uncomfortable with the uncertainty involved in receiving a fixed payment in foreign currency can easily hedge the transaction using either futures or forward contracts.à ¢Ã¢â€š ¬? Some studise as Belk and Glaum (1992) establish that none of the firms which were talked used currency futures, because the standardized features of exchange traded futures most often do not enable the companies to hedge their positions completely. Mallin et al (2000) also found that only 9 companies out of 231 respondents to their survey used currency futures. Giddy and Dufey conclude that à ¢Ã¢â€š ¬Ã…“forwards and futures serve similar purposes, and tend to have identical rates, but differ in their applicabilityà ¢Ã¢â€š ¬?. The largest part of big companies use forwards; futures tend to be used whenever exchange risk may be a problem. Currency options A foreign exchange option which is dissimilar from currency forward agreements and currency futures is to give the possessor of the contract the right to buy or sell a definite amount of a certain currency at a prearranged price (also called strike or exercise price) until or on a specified date, but he is not bound to do so. The seller of a currency option has obligation to execute the contract. The right to buy is a call position and the right to sell is a put position. There is option premium required to pay by those who acquire such a right. The holder of a call option can take advantage from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to exercise the right when the price decreases (locked in loss of the option premium). Vice versa is the situation for the holder of a put option. For the advantages of simplicity, elasticity, lower cost than the forwards, and the expected maximum lossà ¢Ã¢â€š ¬Ã¢â‚¬ which is up to the premium paid to acquire the right , the currency option has become growing popular as a hedging tool to protect firms against the exchange rate movements. Whenever there is insecurity in the size of cash flows and the timing of cash flows, currency option agreements would be better to conventional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) observed the degree of derivative use and the motives for their use by carried out surveys in 250 large UK companies, found that a extensive use of both forwards and options(respectively 96% and 59%). They pointed that comparing the most important reasons for the use of forwards were company policy, business reasons and risk aversion, A good understanding of instrument, and price were prominent while the primary reasons to use option for company management. Currency swaps As a virtually new financial derivative used to hedge foreign exchange exposure, currency swaps have a rapid advancement. Since its introduction on a global scale is in the early 1980s, currency swaps market has turn into one of the leading financial derivative markets in the world. A currency swap is a foreign exchange agreement among two parties to exchange a given amount of one currency for another and, after a particular period of time, to give back the original amounts exchanged. It can be negotiated for a broad range of maturities up to at least 10 years, and can be regarded as a series of forward contracts. It is normally used under such circumstances that a firm functions in one currency but need to borrow in another currency. Currency swaps are frequently connected with interest rate swaps, as the common cross currency swaps the cross-currency coupon swap which is to pay fixed and get floating interest sum meantime buying the currency swap. Another generally used one is cross currency basis swap which is to pay floating interest in a currency and receive floating interest in another currency. The benefit of currency swaps is to facilitate each contracting part to borrow in their relative constructive market, and both parties can benefit from the swaps by lessening the borrowing costs. The use of swaps now has developed rapidly in western countries such as Grant and Marshall (1997) found that the use of swaps and forwards/futures is dominant in UK, Bodnar et al. (1995) found that swaps govern for interest rate risk management in US.