Study On How Derivatives Can Reduce Risk Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1886 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Derivatives are based on the behaviour of the basic assets. Derivatives have a lot of purposes. It can be used to minimise risk. Don’t waste time! Our writers will create an original "Study On How Derivatives Can Reduce Risk Finance Essay" essay for you Create order For that it is need to allow the investor to hedge an investment or exposure, and hence it should be act as a function as a sort of insurance policy against adverse market movements. It can also be used to get extra leverage for specialized market speculation. These are a type of contracts which can be used as underlying the assets. It is merely a contract between two parties and its value can be derived from the variations that have occurred in underlying the assets. Mostly the common underlying assts include stocks, bonds, commodities, currencies interest rates and market indexes. Commonly derivatives are characterised by high leverage. The ways to how to use derivatives are to hedge risks, to reflect a view on the future direction of the markets, to put a lock in an arbitrage profit, to change the nature of a liability and to change the nature of an investment without incurring the costs of selling one portfolio and buying another. A derivative can also be regarded as a kind of asset, the ownership of which entitles the holder to receive from the seller a cash payment or possibly a series of cash payments at some point in the future, depending in some pre-speci ¬Ãƒâ€šÃ‚ ed way on the behaviour of the underlying assets over the relevant time interval. In some instances, instead of a cash payment another asset might be delivered instead. In general an option is a derivative with a speci ¬Ãƒâ€šÃ‚ ed pay off function that can depend on the prices of one or more underlying assets. It will have speci ¬Ãƒâ€šÃ‚ c dates when it can be exercised, that is, when the owner of the option can demand payment, based on the value of the pay off function. Derivatives are used for a variety of purposes. They can be used to reduce risk by allowing the investor to hedge an investment or exposure, and hence function as a sort of insurance policy against adverse market movements Derivatives can also be used to gain extra leverage for specialized market speculation. It is important to know the types of the derivatives which are used common and that are Forwards, Futures, Options and swaps. A forward contract is an agreement which is used to buy or sell an asset at a certain time in the future for a certain price that is called delivery price. It can be differentiated with a current agreement to buy or sell immediately. Que 1 : (1) what is swap ?* Types of swaps There are five types of swaps and that are interest rate swaps , currency swaps, credit swaps, commodity swaps   and  equity swaps. There are also many other types. Here , the GPL plc represents a very large portion of smith portfolio. Therefore the portfolio could be regarded as non-diversified and is exposed to very large level of specific risk. In order to reduce the specific risk elements in this portfolio entering into the swap has the consequence on effect of diversifying on smith portfolio. These will reduce its exposure through the performance of GPL stock with an equivalence of same exposure to the performance of the FTSE. (2) The strategy of hedging smiths exposure to GPL could be either buy- sell strategy of the underlying securities or the use of swap. However, the swap is potentially more superior than the alternative strategy. Some of the reasons that could be suggested for these kind of view are In order to avoid being taxed on the capital gains. The swap will reduce smiths expose to GPL stock The transaction cost of buying and selling of shares in the cash market will be avoided by using the swap strategy The swa p can be implemented quickly in the simple transactions, whereby avoiding any risk of being exposed to GPLs performance during the transactional period of buying and selling. (b) (1) In view of the fact that GPL has out performed the FTSE 100 index, smith has to pay the difference .Therefore smith is exposed to personal liquidity and cash flow risk. (2) The broker has to pay and there is a high tendency that the broker could diffort. This is a counterparty risk (3) Smith is not hedged until it is able to enter into new swap . The possibilities of having the previous swap terms at a reasonable cost may elude in Question : 2 (a) Calculate the outcome of each strategy if the CAC is equal to 3500, 4000, or 4500 at expiration of the contracts in June Value of CAC at expiration Initial portfolio (no futures or contracts) Portfolio hedged with futures Portfolio issued with puts 3900 Portfolio issued with puts 4000 3500 3,500,000 4,000,000 3,870,000 3,400,000 4000 4,000,000 4,000,000 3,970,000 3,900,000 4500 4,500,000 4,000,000 4,470,000 4,400,000 Working: Value of CAC at expiration is 3500, 4000 and 4500. Initial portfolio can be calculated by multiplying the amount into 100* 10 That is 3500*100*10 = 3,500,000 4000*100*10 = 4,000,000 4500*100*10 = 4,500,000 It is happened because the manager is buying 100 puts and options and futures have a multiple of ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 10. The portfolio is hedged with futures is 4000 and that is multiplied into 100*10 (same as above). This is because the futures on the CAC in June trade at 4000. Portfolio issued with puts 3900 Here the strike price is 3900 and premium is 30 (ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ per unit of index) Ie, 3500- 30 = 3470*100*10= 3,470,000 4000-30 = 3970*100*10= 3,870,000 4500-30 = 4470 *100*10= 4,470,000 Portfolio issued with puts 4000 Here the strike price is 4000 a nd the premium is 100 (ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ per unit of index) Ie, 3500-100 = 3400*100*10= 3,400,000 4000-100 = 3900*100*10 = 3,900,000 4500-100 = 4400 *100*10= 4,400,000 (b) Recommend and justify a strategy to the portfolio manager According to, above table, it is recommended that it is better to buy the 100 puts with a strike rate of 3900 or buy 100 puts with a strike of 4000. Here he can apply the strategy of hedging with futures. First of all, long term bilateral contracts are negotiated with the buyer and the seller. Such agreements have disadvantages. It can be say that, first, they used to expose each party to the risk that the other party may do and face failures in terms of the contract. Thus, while they cover up the companies from commodity price risk, they expose them to credit risk. Secondly, the lack of anonymity of the buyer and seller may strategic disadvantages. Finally the market value of the contract may not be easy to determine, that may making it difficult to track gains and losses. To avoid these disadvantages, as an alternative strategy hedge with futures can be used. A future contract is an agreement to trade an asset on some future date, at a price that is locked in today. Futures contracts are traded anonymously on an exchange at a publically observed market price. In this, both the buyer and seller can get out of the agreement by selling it to a third party at the current market price. These futures contracts are basically designed to eliminate the credit risk. It is determined by the market which is based on the supply and demand for each delivery date. Protection against a drop in the market is provided by hedging with futures, however the manager is deprived of profit potential. Buying puts also provides protection in case of a drop in the market while it is still to keep most of the upside potential although the put premium is deducted from the portfolio value. Therefore the portfolio manager is advis ed to buy 100 puts with a strike price of 4000. Question no: 3 Hedge fund These are collective investments which has a purpose to make the money whether the market goes up or down or sideways. These types of funds can make money when the share prices are falling. It can be done by using some techniques that is by going long or short on a share. How does the hedge fund works? Whenever an investor goes short, it is believed that the equity will fall in value. There are two main ways that hedge funds can do this. The first is by shorting the stock, where the investor borrows a stock to sell it, with the hope it will decrease in value so they can buy it back at a lower price and keep the difference. However the hedge funds are not only limited to equities. They will invest in anything that makes them a profit, including foreign currency, bonds or commodities. The hedge fund would aim at ensuring that at end of the day the beta value of its portfolio is equal to zero. I n order to achieve this goal it would meet to sell short -shares from list B, the proceeds of the actions would be used to buy shares from list A for an equal amount. The hedge funds could take long short positions for up to a sum of  £ 50 million. Other strategies in the same way as this could be to borrow  £25 m worth of shares in the list B and the sell them short. Use the sale profit to buy  £25 m shares in list A. Deposit  £9m as maintenance margin. This is 18% that the hedge fund is required as a deposit. From this question, it can be seen that the paying margin is 18% of the value of the stock. We can see that hedge fund makes a lot of money in all aspects. It is advised him to sell shares from the list B as this list of shares are considered as overvalued and also it is expected that shares from list B will underperform the British index by 5 percent over the year . also it is better to buy the shares from the list A as this list of shares are considered as und ervalued and also it is expected that shares from list A will outperform the British index by 5 percent over the year. These buying and selling shares are for equal amount in such a way that the overall value of the portfolio with respect to the market will be equal to zero. It is advised him to keep  £1 million in cash and take  £9 million and deposit in the margin account. It is asked him to hedge fund to take long positions of  £50 million.  £9 M / 0.18= £50M It is say that good to borrow  £25 m of shares in list B from a broker and go short on these shares. Also advised to buy shares of worth £25 m from the list A. by doing these type of buying and selling the position in list A B will well established and portfolio will be zero. When looking at the invested amount  £50 m=  £9 m / 0.18 this is why  £9m is invested in the margin market. It enables him to go short or long with  £25 m. Abitrage pricing Arbitrage is the key to unders tanding the mathematics of derivative pricing. No arbitrage means that it is not possible to construct a strategy that on average makes a pro ¬Ãƒâ€šÃ‚ t higher than the risk free rate without taking some risks. This also imples that is not possible to construct a strategy that requires no cash input but has some positive probability of making pro ¬Ãƒâ€šÃ‚ ts without any risk of a loss. No arbitrage also implies that given two strategies with the same initial position, and guaranteed  ¬Ãƒâ€šÃ‚ nal positions, then these  ¬Ãƒâ€šÃ‚ nal positions must be equal. Otherwise, by going long the strategy with the higher  ¬Ãƒâ€šÃ‚ nal value and short the other we would generate an arbitrage. Similarly if two strategies have the same  ¬Ãƒâ€šÃ‚ nal value and involve the same risk they need to have the same initial value.

The Gentle Lena Essay - 1231 Words

Lena’s gentle, sweet, servant-like behavior was a commentary on the way on the way society saw and treated women in the early 20th century. Lena did not have an opinion of her own, she did not know how to make decisions on her own; she was told what to think, where to work, what to do with her money, her free time and her future; her life was designed by someone else because she was a women and unable to make decisions for herself. In the early 20th century society treated women as though they were not important, their duties were to have children, cook and clean for their husbands and much like children of this timeperiod, women were to be were to be seen but their voices not heard with regards to anything outside of the family. It†¦show more content†¦Upon arrival in America Lena was made to work as a servant, while her Aunt searched for a good husband for her. There was not one moment where Lena questioned why: why did she have to leave Germany and go to Americ a, why did she have to work as a servant, why did she have to go to her Aunt’s house every Sunday, why couldn’t she spend the money she worked hard to make, why did she have to get married when she enjoyed working as a servant for the family, why did she have to marry Herman Kreder when he obviously did not want to marry her. Lena was just expected, as women in that timeperiod were, to just submit to the whims of the dominent member of her family. Lena was so dutiful throughout the story, dutiful to the point where modern day readers may actually get frustrated or angry with this character. Lena lived her life passively and took what came her way without complaint; the cook â€Å"who scolded Lena a great deal but Lena’s german patience held no suffering and the good incessant woman really only scolded for Lena’s good† (Stein 143). 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Lena in a thick Australian accent: â€Å"Whadda dickhead.† Clear from this dialogue that her values are very different from the norm. * Close up of dead butterfly with crawling ants, camera switches to close up of Lena. Connection between the character and the butterfly is made – both are beautiful creatures but neither are able to flourish in such an environmentRead MoreExamples Of Matriarchy In A Raisin In The Sun991 Words   |  4 Pagesit is actually also about a matriarchy. Mama is pretty much the leader of this matriarch and Ruth is struggling with this role. The purpose of this essay is to explain how the Younger family household is actually a representation of a matriarchy. Lena (Mama) is the higher matriarch of the household pretty much deciding everything for most of her family members and keeping Walther and Beneatha in line. 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Professional Practice in Information Technology †Free Samples

Questions: 1.Describe and discuss what cultural issues may impact on you as an ICT professional if your organisation merges with another? 2.You are faced with a situation you feel may be unethical. How would you set about analysing the situation? Answers: In todays world, the most competitive of all the business strategies is mergers and acquisitions. However, studies have shown that almost 80 percent of the mergers do not live up to the expectations of the organizational committee (Kroon, Cornelissen Vaara, (2015). One of the main factors that deviates a merger from reaching its market reach is the cultural difference. The countries having high population have a possibility to possess large cultural variations. These differences in linguistics and cultures always have trouble in knowledge transfer, especially when a new technological strategy is about to set in the company. The merger occurring between two or more companies may have huge differences in work culture and ethics, belonging to different countries or areas, thus making it even more difficult a situation for seamless communication. In a career path, the most important skill is to maintain a soaring moral intellect. If a situation is seemingly unethical, a person is required to analyse the situation based on the utility, rights and justice. Being right or wrong is relative, but if a situation does not synchronize with the moral values of a person, there is a possibility of it being wrong. Therefore, it is necessary to critically analyse a situation. According to Simon Priest, Whites three-step methods could form a strong framework in analysing any ethical dilemma (Priest Gass, 2017). These methods are mentioned as follows: Knowing the ICT ethical values Selecting either of the consequential theories or deontological theories Using a process to solve the problems These steps help a person to know the difference between ethical and unethical. However, it mostly depends on the persons own intellect in figuring out and solving the issue. It is to be remembered that good behaviour provides results in the longer run. References Kroon, D. P., Cornelissen, J. P., Vaara, E. (2015). Explaining employees reactions towards a cross-border merger: The role of English language fluency.Management International Review,55(6), 775-800. Priest, S., Gass, M. (2017).Effective Leadership in Adventure Programming, 3E. Human Kinetics.

William Faulkner Essay Thesis Example For Students

William Faulkner Essay Thesis Biography on William Faulkner William Faulkner was born in New Albany, Mississippi on September 25, 1897 and then moved to Oxford, Mississippi with his family at the age of 5. Most of the novels written by William Faulkner take place in the area in which he himself was born and raised. He renames Oxford and calls this place Jefferson, Mississippi. Faulkner is a contemporary American author who has achieved greatness as an author. He is already considered to be one of the worlds greatest novelists and has been awarded with the Nobel Prize for literature in 1949. This is quite an achievement as it is the highest prize that can be awarded to an author. Of all of Faulkners achievements, The Sound and the Fury is considered to be one of his greatest novels. We will write a custom essay on William Faulkner Thesis specifically for you for only $16.38 $13.9/page Order now Faulkner was part of a distinguished family in Mississippi. His name was originally spelled Falkner. The u was added by mistake when his first novel was published and William Falkner decided to retain the spelling of Faulkner. The most distinguished member of William Faulkners family was his great-grandfather, Confederate Colonel William Cuthbert Falkner. The Colonel first moved to Mississippi in the early part of the 19th century from his home South Carolina. Faulkner uses Colonel Falkner as a character in his novels named Colonel John Sartoris. Colonel Falkner had a notable career as a soldier in the Civil War and the Mexican War. Colonel Falkner was also a writer like his great-grandson and published one of the nations best sellers called The White Rose of Memphis. Before being assassinated by a former partner in 1889, Colonel Falkner also took the time to build a railroad and run for public office. Faulkner received his initial education in Oxford, however he dropped out of high school in 1915. He attempted to join the U.S. Army but was rejected for pilot training so he joined the Canadian Royal Air Force in 1918 but the war ended before he spent any time in service. After the ending of the war, Faulkner took some classes at the University of Mississippi and spent a short time working at the university post office. The majority of his education was due to his promiscuous time he spent reading. Faulkner had started writing poetry as a young schoolboy. In 1924, he used his own financial resources and published a collection of poetry called The Marble Faunn. He met Sherwood Anderson who became a close friend and Anderson fueled his literary aspirations. Faulkner wrote three novels before finishing The Sound and the Fury and two more the year it was finished, 1929. The same year he married Estelle Oldham, who was a sweetheart ten years earlier in his life. Faulkner was unable to support himself financially by writing these novels so he became a screenwriter for MGM, Twentieth Century Fox, and Warner Brothers. During this time he formed a strong working relationship with director Howard Hawks, whom he worked on many films. Faulkner became a heavy drinker which caused some problems in his personal life. He had finished all of his novels except one at this point in 1944. During the war he was discovered in the French Literary world and in the postwar period his reputation rebounded and brought him newfound attention in America. Soon after he was held as a high literary figure throughout the entire world. Faulkner wrote seventeen books set in Yoknapatwapha County, which is a fictional setting formed in Faulkners imagination. This is the home of the Compson family in The Sound and the Fury. In later books, Faulkner continued to explore what he considered the problems of the human heart in conflict with itself, and he did this in Yoknapatawpha County as it increasingly connected to the modern world. William Faulkner is an esteemed writer of the 1900s and proves to be so as he received the Nobel Prize for literature. William Faulkner died of a heart attack on July 6, 1962.

The Ogood Samaritan Essay

The Ogood Samaritan Essay The Ogood Samaritan Essay The Good Samaritan Jesus Christ was a teacher and he often told parables, embedding within them messages and lessons. One of the many important parables Jesus taught was the parable of the Good Samaritan of the Gospel of Luke. He was asked by a lawyer, an expert on the Law of Moses; how one could inherit eternal life. Jesus replied by asking him what the law said and the lawyer replied with the first commandment: â€Å"Love the Lord your God with all your heart, and with all your soul, and with your entire mind, and with all your strength; and, Love your neighbour as yourself† (Luke 10:27). Jesus said to do so and he will live. The lawyer wanted to justify himself and asked Jesus who his neighbour was. Jesus replied with the parable of The Good Samaritan. (Luke 10: 25-37) We can apply the covenants to our everyday life to be like the Good Samaritan. The parable begins between the city of Jerusalem and the city of Jericho. The roads between the cities were rough and deserted, with very few inhabitants and where many robbers spent their time. A man travelling to Jericho was unfortunate and fell into the hands of the robbers. The robbers stripped him, beat him and then went away, leaving his body on the side of the road half dead. By chance, a priest was going down the same road and when he saw the beaten body, he passed onto the other side. Next a Levite came to the place and when he saw the man’s body, he too passed onto the other side. But a Samaritan, a person despised by the Jews was travelling when he saw the man. He approached the injured man, cleaned and bandaged his wounds, pouring oil and wine on them. The Samaritan put the man onto his animal and brought him to an inn to take care of him. The next day, he returns and repay the innkeeper whatever more he spent. The priest and the Levite are two characters in the parable. They are Jewish religious leaders who have good knowledge of God’s law. There are a number of possibilities which may explain why the priest and the Levite could not stop and help the injured man. It would have been bad for the priest and the Levite to touch a dead body, which may explain why they did not check to see if the man was dead. To touch a dead body would have made the Levite and the priest unclean (Numbers 19:11). In Leviticus 21:1, it states: ‘The Lord said to Moses, â€Å"Speak to the priests, the sons of Aaron, and say to them: A priest must not make himself ceremonially unclean for any of his people who die.† But in accordance to Leviticus 25:35, they were still required to help his brother in need: â€Å"If any of your fellow Israelites become poor and are unable to support themselves among you, help them as you would a foreigner and stranger, so they can continue to live among you.† They may have had to be someplace else and therefore, it would have been an inconvenience to help the man, their neighbour while the Samaritan did. The third person in the parable is a Samaritan, a person from the province of Samaria. Samaritan and Jews did not associate with one another (John 4:9). Jews called Samaritans unclean and looked down on them. To Jews, Samaritans were considered as social outcasts, untouchables and racially inferior people who practised a false religion. Any physical contact with a Samaritan would make a Jew ceremonially unclean. The Samaritans responded with a strong dislike for the Jews. The bible does not say whether the injured man was a Jew but either way the charitable Samaritan was moved with pity when he saw the half-dead man on the side of the road, â€Å"The first question which the priest and the Levite asked was, â€Å"If I stop to help this man, what will happen to me?† But the Good Samaritan reversed the question, â€Å"If I do not stop to help this man, what will happen to him?† (Martin Luther King Jr, 1968). It was the Samaritan who showed Mercy to the injured man, not the Levite or the priest and this is the point that Jesus was trying to get across to the lawyer. Jesus flipped

1906 San Francisco Earthquake

1906 San Francisco Earthquake At 5:12 a.m. on April 18, 1906, an estimated magnitude 7.8 earthquake hit San Francisco, lasting for approximately 45 to 60 seconds. While the earth rolled and the ground split, the wooden and brick buildings of San Francisco toppled. Within half an hour of the San Francisco earthquake, 50 fires had erupted from broken gas pipes, downed power lines, and overturned stoves.   The 1906 San Francisco earthquake and subsequent fires killed an estimated 3,000 people and left over half of the citys population homeless. Around 500 city blocks with 28,000 buildings were destroyed during this devastating natural catastrophe. The Earthquake Strikes San Francisco At 5:12 a.m. on April 18, 1906, a foreshock hit San Francisco. However, it offered just a quick warning, for massive devastation was soon to follow. Approximately 20 to 25 seconds after the foreshock, the large earthquake hit. With the epicenter near San Francisco, the entire city was rocked. Chimneys fell, walls caved in, and gas lines broke. Asphalt that covered the streets buckled and piled up as the ground seemed to move in waves like an ocean. In many places, the ground literally split open. The widest crack was an incredible 28 feet wide. The quake ruptured a total of 290 miles of the Earths surface along the San Andreas Fault, from northwest of San Juan Bautista to the triple junction at Cape Mendocino. Though most of the damage was focused in San Francisco (in large part because of the fires), the quake was felt all the way from Oregon to Los Angeles. Death and Survivors The earthquake was so sudden and the devastation so severe that many people didnt have time to even get out of bed before they were killed by falling debris or collapsed buildings. Others survived the quake but had to scramble out of the wreckage of their buildings, clothed only in pajamas. Others were naked or near naked. Standing out in the glass-strewn streets in their bare feet, survivors looked around them and saw only devastation. Building after building had been toppled. A few buildings were still standing, but had entire walls fall off, making them look somewhat like doll houses. In the hours that followed, survivors began helping neighbors, friends, family, and strangers who remained trapped. They attempted to retrieve personal possessions from the wreckage and scavenge some food and water to eat and drink.   Homeless, thousands upon thousands of survivors began wandering, hoping to find a safe place to eat and sleep. Fires Start Almost immediately after the earthquake, fires broke out across the city from broken gas lines and stoves that had fallen over during the shaking. The fires spread ferociously across San Francisco. Unfortunately, most of the water mains had also broken during the quake and the fire chief was an early victim of falling debris. Without water and without leadership, it seemed nearly impossible to put out the raging fires. The smaller fires eventually combined into larger ones.   South of Market Fire  - Located south of Market Street, the fire was curbed on the east by fireboats that could pump salt water. However, without water in the fire hydrants, the fire quickly spread both north and west.North of Market Fire  - Threatening an important commercial area and Chinatown, firefighters attempted to use dynamite to create firebreaks to stop the fire.  Ham and Eggs Fire  - Started when a survivor tried to make breakfast for her family not realizing that the chimney had been damaged. Sparks then ignited the kitchen, starting a new fire that soon threatened the Mission District and City Hall.Delmonico Fire  - Another cooking fiasco, this time started by soldiers trying to cook dinner in the ruins of the Delmonico Restaurant. The fire quickly grew. With the fires raging out of control, buildings that had survived the earthquake were soon engulfed in flame. Hotels, businesses, mansions, City Hall all were consumed. Survivors had to keep moving, away from their broken homes, away from the fires. Many found refuge in city parks, but often those too had to be evacuated as the fires spread. In just four days, the fires died out, leaving a trail of devastation behind. Aftermath of the 1906 San Francisco Earthquake The quake and subsequent fire left 225,000 people homeless, destroyed 28,000 buildings, and killed approximately 3,000 people. Scientists are still trying to accurately calculate the magnitude of the quake. Since the scientific instruments used to measure the earthquake werent as reliable as more modern ones, scientists have yet to agree on the size of the magnitude. Most, however, place it between 7.7 and 7.9 on the Richter scale (a few have said as high as 8.3). Scientific study of the 1906 San Francisco earthquake led to the formation of the elastic-rebound theory, which helps explain why earthquakes occur. The 1906 San Francisco earthquake was also the first large, natural disaster whose damage was recorded by photography.

The Robot-Reply and the Definition of Being Human Essay

The Robot-Reply and the Definition of Being Human - Essay Example In perception, movement, and through the imitation of human action, one might begin to believe they are seeing a sentience, but true sentience requires something more. Searle explores the idea through an examination of causality, that a being must be able to create causality for its choices through the framework of intention. In an examination of the concept of intention as it relates to the creation of sentience, the exploration of the idea of AI becomes as much a philosophical discussion as one of science. In order to discuss the concept of artificial intelligence, one must first discuss the idea of sentience. Sentience means that the thoughts of a being are directed by intention and not dictated through programmed parameters within which the thoughts have been constructed. Claudia Dreifus discussed the emergence of social robots in the M.I.T. God and Computers project with Anne Foerst, the theological advisor for the project. The need for a theological advisor comes from a need to create a discourse on the meaning of the human experience as it is being translated through a computer generated reflection of human behavior. In the case of the M.I.T. project, the idea of embodiment goes a long way in defining the ‘intrinsic value’ of the robot, the premise being that this means that the robot deserves the respect of its reflection of humanity because it has become embodied. In relationship to this embodiment, the robot, according to Foerst, will develop the right to the kind of respect afforded to humans when it can no longer be turned off. When a robot exists in a framework of independence and without the vulnerability of the switch, it becomes a being of intent. Through the socialization skills that are being applied in the project, the robots they have created have already begun to breach the veil between mechanics and life. Searle discusses the idea of creating a thinking robot by creating psychological explanations. These psychological explanat ions provide a testing environment through which psychological factors in humans can be tested. This type of A.I. requires cognitive capacities. Given the appropriate programs, a computer begins to have cognitive states. In the God and Computers project from M.I.T. the robots are given humanoid embodiment, their shape and existence in space relatable at a level that provides for social interaction. The question that one can ask in relationship to the cognitive states that computers have been given in order to create psychological frameworks is whether or not those programs gain ‘life’ status when given into the embodiment of a robotic shell. Defining the difference between the way in which the brain thinks and the robot processes is an attempt to define human life in contrast to the reactions of a machine that can formulate human like responses. In other words, it is the discussion of what is human and what is human-like. The interesting thing that can be noted is that audiences and readers of Shelley’s work rarely consider that the creation made by Dr. Frankenstein is significantly distinguishable from human life. The body of the creation is human as it is constructed from human parts, and while the brain is human it is

Midterm exam Essay Example | Topics and Well Written Essays - 750 words - 1

Midterm exam - Essay Example These are examples of cultural relativism and these examples also would say that one culture cannot be better than another culture because of what they practice and believe. Ethical relativism on the other hand would say that due to the fact that there are several varying ethical norms one’s belief cannot be more good than another. Ethical norms are normally based on one’s culture such that one cannot separate ethics and culture. Two versions of utilitarianism – act and rule – would both consider the consequences of one’s action to determine which is the right action to do based on which will generate the most pleasure. Unfortunately, we can never foretell or conclude with utmost certainty that the end of the action we decide to do will in reality produce the greatest good or the greatest happiness. Good and happiness, after all are constructs of society and thus changes from one period to another or one person to another. At the same time, the view of what we think may produce the greater happiness may be viewed differently. For example, in the industrial age, it was made to believe that burning coal produces the necessary energy to fuel machineries that aid production of textile and the like. It was believed to be producing the greatest happiness for the greater number because it gave jobs to people and it gave them better level of existence with electricity and other implements in the household. However, at this time, the consequences of coal burning is being felt worldwide due to the greenhouse gases emitted by the coal burning. This is not making the people happy rather they are suffering and feeling the negative consequences. This is a true proof that even when we believe that the consequence of the action would result to our own happiness as well as the rest of the population, we are still not guaranteed about it. It would be best if we were to know everything and foresee every thing that our

Lost and Sex and The City Essay Example for Free

Lost and Sex and The City Essay They are referring to the kinds of programmes that are perceived as more expensively produced and, especially more culturally worthwhile, due to their subject matter or content. In the history of ‘quality’ television, it presents a daunting set of challenges. There is no central register of quality programming quality style is defined by depth and warmth of its characters and the use of self reflexivity and the notion that the writers and viewers enjoyed an unusual degree of freedom. The term also associates mostly on the issue of gender representation. In this essay I will discuss television shows, Lost and Sex and The City and how they have both proved great quality television through their success and interesting storylines. (Jancovich, Mark, Lyons, James, Quality Popular Television, 2003) The complex characters, settings and dilemmas are what make good quality television. This brings me to Lost. Lost is an American television drama that follows the survivors of a plane crash that end up on a mysterious island. Each episode typically features what happens on the island as well as a secondary storyline of the characters lives. Most of the characters in Lost are driven to reconcile a patriarchal crisis; Jack must resolve an ‘Oedipal’ conflict with his alcoholic father, John Locke must redeem his masculinity and after being manipulated by his father and rebuild his disabled body and Kate and Sawyer are repetitively haunted by their fathers and dark pasts. The whole island is an experimental site, emphasizing the constant distress of mystery that the island holds and the unknowing. Within this, each episode continues a story about each character, most encountering their violent fathers and how this will shape the collective islands culture. In one particular episode, ‘The 23rd Psalm’, flashbacks consist between Nigeria, the present day and a Nigerian beechcraft airplane that crashed on the island. ‘Mr Eko’ becomes aware that drug addict ‘Charlie’ has possession of a heroin filled Virgin Mary statue that he realizes has a connection to his own past. After discovering the plane on the island, Eko finds his brothers corpse along with it. The episode has an overall theme of redemption of Mr Eko’s religious leanings that have created a major turn in his life. This also challenges our assumptions about coincidence and fate and how the overall series depicts spirituality and realism through the characters pasts. (www. uk. tv. ign. com/artcicles/101/1011812p1. html) The director, ‘JJ Abrams’, creates strong character development and long term plotting which is why the Lost series remained so strong and captivating for audiences. The fact that people were being forced to live together and survive, made it interesting to watch because relationships were created very fast and viewers wanted to see love, fights and dramas as well as action and supernatural happenings on the island. In the first pilot episode of Lost, the first scene shows an eye close-up and character ‘Jack Shephard’ as he awakens in a jungle and notices a yellow Labrador retriever darting through the forest. He then runs through the jungle to a beach where he is faced with the disaster of the plane crash and people fighting for survival. Quality TV dramas are what make audiences want to keep watching and Lost is a great example of this because in the very first scene, viewers are already given that mind blowing experience and the drive to keep watching. The characters are also faced with the unraveling of the islands mystery and the motives of the unknown ‘Others’ who may also inhabit the island. The series tracks two major, interconnected themes; first, the struggles to survive and live together on the island and second, the lives of the fourteen main characters before the crash which is retold through flashbacks. It doesn’t follow the stereotypical television back story and allows viewers to become connected with the characters, their secrets and motivations. Jack is a doctor becomes the leader of the group; helping Charlie kicks his drug addiction and encourages ‘Shannon’ to pursue her relationship with ‘Syid’. Jack is seen at the very beginning of the series and in the last episode in the last scene where it re creates the first scene again only in a different context. The way Lost starts off, during; with all the inconceivable and unthinkable story lines, makes it so mesmerizing for audiences. After six seasons of plot twists, there was a completely thrilling but not entirely logical finale. Audiences across the world became worried about what Lost would end like and how everything could be explained because of its constant complexity. Lost is full of mind puzzling and gripping drama that has become a huge success through its mind blowing performances. (www. tv. com/shows/lost) Another American quality TV show is Sex and The City. Broadcast from 1998 until 2004, the comedy-drama series follows the lives of a group of four women; three in their mid thirties and one in her forties and throughout their different natures and constant changing sex lives, they remain great friends with high confidence. Sex and The City becomes quality television through the continual of its quirky storylines and modern social issues that explore the differences between friendships, relationships and revolves around femininity. The main character ‘Carrie Bradshaw’ is the narrator of each episode which is structured through her train of thoughts. Throughout the entire series, Carrie is entangled with her on and off relationship with ‘Mr Big’ and whose name eventually is revealed to be John Preston. Each character has their own individual unique personalities which female audiences can relate to and connect with. Sex and The City has proven to be one of the most successful and controversial television programmes of the last decade. In transforms the idea of the incisive widow into the life of the single urban female and emphasizes an upper class life. It also presents sophistication and yet, much of the generic and stylistic conventions, are by no means new to this specific show. (LeMay, Matt, Sex and the City and the Discourse of Quality Television: 2) ‘Once upon a time on a small island not too far away, there lived four smart, beautiful women who were all very good friends’. (LeMay, Matt, Sex and the City and the Discourse of Quality Television: 2) This quote already establishes the genre of the show and the kind of characters the audience may expect to see. Much of the criticism both positive and negative, show degrees of realism which suggests how they are entwined in the history of industry and market standards of quality television and determines gender and class. Many other dramas can be traced back to earlier ‘realist’ family sitcoms and still remain relevant to contemporary quality television such as Sex and The City. There is a particular emphasis on self reflectivity and the program’s representations and intersexuality. Through Sex and the City, the relation to feminism and sexual taboos positions itself in the history of television. Intersexuality occurs through the importance and real-life impact of the cultural phenomenon called ‘Sex and the City’. (Akass, Kim, McCabe, Janet, Reading sex and the city. London: I. B. Tauris, 2004) In conclusion, the serve to clearly set out the intended debate and issue of ‘Quality TV’, is the way in which critics and audiences currently define it and supplying a broad overview of the critical contentiousness of quality TV as a collective term. Quality Television is about captivating storylines, unique characters and enabling viewers to want to watch excellent programming. Within this, audiences are able to connect with the show through the interesting structures that are included in them. Bibliography Books: Jancovich, Mark, Lyons, James, Quality Popular Television, 2003) McCabe, Janet, Akass, Kim, Contemporary American Television and Beyond, 2007) Akass, Kim, McCabe, Janet, Reading sex and the city. London: I.B. Tauris, 2004

The YMCA Essay -- essays research papers

The YMCA The YMCA has a very clear and concise mission statement. Their mission is "to put Christian principles into practice through programs thta build healthy spirit, mind, and body for all". The YMCA is the nation's largest not-for-profit community service organization in America. With more than 2,500 YMCAs, they are able to meet the health and social service needs of 18.9 million men, women and children in over 10,000 communities in the United States. No one is turned away from the Y. It is a place for people fo all faiths, races, abilities, ages and incomes. Inability to pay is never a reason for the YMCA to turn someone away. Their strength lies in fulfilling their goal of bringing people together. Not every community is the same. Therefore, each YMCA is different to accomadate these differing needs. The YMCA in your community may offer child care or teen leadership clubs. In the next town over, swimming lessons or drawing lessons may be of bigger concern. Every Y makes theri won decisions based on the needs of the community around them. They decide which programs to offer and how to operate. The YMCA was founded in London, England, in 1844 by George Williams and some friends who lived and worked as clerks in a drapery, a forerunner of drygoods and department stores. Their goal was to help young men like themselves find God. The first members were evangelical Protestants who prayed and studied the Bible as an alternative to vice. The first U.S. YMCA...

Bad Debts and Uncollectible Accounts Receivable

When we own a business, we hope that all the customers who get goods or service from us will pay in full. But in fact, a certain percentage of customers will default on their obligations. We need to consider this part of money to balance sheet, so that we report them as writing off bad debts.Account Receivable We recognize Account Receivable from two different parts. 1) Service Organization, we record a receivable when it provides service on account. 2) Merchandiser, we records receivable at the point of sale of merchandise on account.Bad Debt Expense Under GAAP, when we sale goods or offer service to customers, we recognize the revenue as â€Å"Sales Revenue† on Income Statement- even the customers don’t pay immediately. When we can’t collect the receivable money, we have to report an expense to offset the revenue which we reported at the beginning of sale or service. This is the so called Bad Debt Expense. In other words, seller records losses that result from extending credit as Bad Debts Expense.Methods of Accounting for Uncollectible Accounts There are two methods to record the uncollectible accounts. 1) Direct Write-Off. But it is theoretically undesirable. 2) Allowance Method. It is much better. Companies estimate uncollectible accounts receivable. Then debit Bad Debts Expense and credit Allowance for Doubtful Accounts. Companies debit Allowance for Doubtful Accounts and credit Accounts Receivable at the time the specific account is written off as uncollectible.Write-offs First of all, we need to decide a specific amount for the uncollectible account. For instance, we decide $1000 debt is uncollectible. Secondary, we decrease the Account Receivable by $1000. We also decrease the allowance for doubtful account by $1000. So, at the beginning we have $20000 for the account receivable and $2000 for allowance, then it falls down to $19000 and the allowance would drop to $1000. Then the net account receivable is still $18000 the same as be ginning. Eg: Bed Debts Expense 1000Allowance for doubtful accounts 1000Balance Sheet Approach Under the percentage of receivables basis, management establishes a percentage relationship between the amount of receivables and expected losses from uncollectible accounts.

Data Mining Essay

What is meant by the term â€Å"lift†? The term â€Å"lift† describes the improved performance of an exact or specific amount of effort on a modeled sampling, as opposed to a random sampling (Spang, 2010). In other words, if you are able to market via a model to say, a given number of random customers (e.g. 1000), and we expect that 50 of them would be successful, then a model that can generate 75 successes would have a 50 percent lift. â€Å"Lift† is possibly the most commonly metric used to measure targeting model performance in marketing applications – the purpose of which, is to identify a subgroup or target from a larger population (Coppock, 2002 and Spang, 2010). The subgroup targeted or target members selected are those who are most likely to respond positively to a marketing offer. As such, the model is doing well if as predicted – the response within the targeted section is much better than average when compared to the population as a whole. Lift then, is simply the ratio of these values: target response divided by average response (Coppock, 2002). â€Å"Lift Charts† and â€Å"Lift Curves† are terms often seen in direct marketing. To quickly define them here – a lift curve is a popular technique which assigns a â€Å"probability of responding† score when used in an attempt to determine who the likely responders from a population are. â€Å"The lift curve helps us determine how effectively we can â€Å"skim the cream† by selecting a relatively small number of cases and getting a relatively large portion of the responders† (Keating, 2013). A lift chart or a â€Å"Gains Chart† is a convenient summary of all the cumulative lift curves whereby all the information in these multiple classification matrices are turned into a graph (Keating, 2013 and Coppock, 2002). What is Customer Relationship Management (CRM)? â€Å"There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.† – Sam Walton (Founder of Wal-Mart) Customer Relationship Management or CRM is a â€Å"company-wide business strategy† which is generally designed with the intent to â€Å"reduce costs and increase profitability by solidifying customer satisfaction, loyalty and advocacy† (CRM Magazine, 2010). While once, it was regarded of as a type of software, today, CRM has evolved into a â€Å"customer-centric philosophy that must permeate an entire organization† (CRM Magazine, 2010).   In other words, it is not a new concept but as the quote above by Sam Walton suggests – an extremely important one that can and should be instinctively employed to all businesses to ensure returning and new clientele. We may perhaps think of CRM in its most basic, common and best known form as â€Å"customer services† or simply, methodology employed to create happy customers. A true and effective CRM program revolves around three key elements – people, processes and technology (CRM Magazine, 2010). Targets within these elements that should be especially considered are individual applications, a data infrastructure to support them, and organizational changes to take full advantage of the technical upgrades (Goodhue et. al., 2002). Moreover, the CRM program should be bringing in information from all relevant data sources both within, and outside the organization when applicable. In doing so, a company is able to gain a â€Å"holistic view of each customer in real time† (CRM Magazine, 2010), thus allowing staff dealing directly with customers, for example, in the realms of customer support, sales and marketing – the ability to make informed yet quick decisions on everything from cross-selling and upselling to target marketing strategies and competitive positioning tactics (Info Entrepreneurs, 2013 and CRM Magazine, 2010). A working example of how CRM could be achieved may be through: discovering the purchasing habits, opinions, needs and preferences of one’s customers; then profiling the individuals and groups researched so marketing can be executed more effectively, thus increasing sales. Finally, by combining this information found with good customer services and satisfaction – customer relationships which are the heart of business success, can be appropriately and effectively fostered, then maintained and ultimately managed for efficiency and profitability. While there are many technical and technological components to CRM, thinking about CRM as primarily a strategy to learn about the needs and behaviors of customers in an effort to create, develop and strengthen relationships with them may prove to be more helpful overall and in the long term. Additionally, it should be thought of as a process bringing together information concerning customers, sales, marketing effectiveness, responsiveness and marketing trends (Goodhue et. al., 2002 and Writing, 2013). Finally, for CRM to be truly effective, everyone in the organization from the CEO to the frontline staff and those behind the scenes need to get on board, involved and invested in the company`s program (Info Entrepreneurs, 2013; CRM Magazine, 2010; Writing, 2013 and Goodhue et. al., 2002). What are its benefits? Provide examples of potential benefits. To reiterate the above – benefiting from CRM is â€Å"not just a question of buying the right software. You must also adapt your business to the needs of your customers† (Info Entrepreneurs, 2013).   Having said that, after investing the time and expense in implementing a good CRM solution, there are many potential benefits, some being extremely significant and having a major impact on the establishment in question: −Development of better relationship with existing customers due to understanding and therefore addressing their specific requirements. −Increased sales and revenue through better timing gained via anticipating the customers’ needs based on historic trends. −Cross-selling of other products by leveraging the customer relationship. −Ability to identify the most profitable clientele. −Improved profitability through focusing on most profitable clients while dealing with less profitable clients in a more cost effective manner. −Better overall marketing of products or services. −More effective target marketing communications aimed specifically at customer needs. −An improved, more personal approach which can help win additional business in the future. −The development of new and / or improved products and services through better client feedback, complaints, comments and suggestions. −Reducing cost of sales and cost of new customer acquisition and generation by concentrating on customer retention, thus improving organization reputation and word-of-mouth recommendations. (Writing, 2013; Info Entrepreneurs, 2013 and Goodhue et. al., 2002). With respect to CRM systems, what does it mean if the system is â€Å"scalable†? A â€Å"scalable† system according to the Business Dictionary, is one whose â€Å"size, performance or number of users can be increased on demand without a penalty in cost or functionality†.   A secondary definition details that such a system is well designed enough to handle â€Å"proportionally very small to very large usage and service levels almost instantly, and with no significant drop in cost effectiveness, functionality, performance or reliability.† It goes on to add that scalable systems may generally utilize technologies such as automatic load balancing, clustering and parallel processing as a means to achieve the points listed above (Business Dictionary, 2013). With respect to CRM systems (and even data mining systems), both definitions apply with equal precision and aptness to scalability because scalability deals with not only the increasing size of data sets, but also how to process them within a useful timeframe. We can go so far as to concur that the issue of scalability in systems such as CRM are similar for performance scaling issues for Data Management in general (Piatetsky-Shapiro and Parker via Massa-Lochridge et. al., 2013). Ultimately, the scalable system is in the business of efficiency of analysis – and being able to do so with very large data sets (Olson and Shi, 2005). A system which is scalable is one which can aid in overall performance in the organization. In fact, scaling and performance are often considered together in both data mining and CRM systems (Massa-Lochridge et. al., 2013). To further emphasize and prove these points, we can look towards real life examples such as the Onyx checklist for scalability which sets the criteria as a customer management system deployed across the company that is able to support staff without any degradation in performance. Furthermore, the system must also be able to support thousands of users with sub-second response times. For it to be truly scalable, it needs to be a flexible CRM solution – preferably one which adheres to an industry standard architecture which can leverage existing infrastructure. This, coupled with efficiency and easiness of upgrading, will help to keep the total cost of ownership low now, and into the future (Onyx, 2013). Compare and contrast affinity positioning and cross-selling (minimum 500 words). Provide real life examples and personal experiences to substantiate this analysis. Affinity positioning is a marketing tactic that is defined exactly as its component words suggest – the practice of positioning or placing products that have a natural or inherent attraction or connection with each other, together. For example, a retail store may arrange their shop layout in such a way that there is a deliberate, close placement of complementary products on the shelves (Olson and Shi, 2005). Consider also, this potential real life situation where a retailer may have identified through perhaps, a Market Basket Analysis that customers who tend to buy cold medicine also have been observed to purchase tissues. Similarly, the buying of coffee makers may be strongly correlated with the purchase of ground coffee. It therefore makes sense from a marketing and profitability perspective to place both these items in each set, in close proximity to each other. Cross-selling is a related and resulting concept. Where there is knowledge of products that go together, one is able to use this information to create cross-selling opportunities through marketing the complementary product (Olson and Shi, 2005; Microstrategy, 2013; and Tsai, 2010). Apart from positioning products on shelves like a grocery store might do, retail stores for example, can be seen to rely upon advertising to create this connection within the purchaser`s mind.   A buyer of suits for instance, may notice the sale of shirts and ties from posters and advertising stands on shop windows and outside the door, respectively. In terms of technology, we may observe computer stores selling laptops while encouraging customers to purchase accessories or peripherals like casings, screen protectors and external hard drives concurrently. While both strategies have always been applied by the clever retailer, today data collection (e.g. generated from cash register data) and automated data mining tools provide them with a yet unmatched ability to even identify the less expected and less obvious product affinities and cross-selling possibilities. Sellers are now able to use current technology to look at customers’ purchase history and target marketing operations specifically to their individual and group needs and wants (Olson and Shi, 2005). A Customer Cross-Cell Analysis can be employed to identify customers who might be interested in purchasing complementary products and services to those which have already been bought previously (MicroStrategy, 2013). Indeed, sales and marketing managers have long relied on the cross-sell analysis to create more efficient marketing projects, thereby producing increased revenue with less resources through focused efforts. A customer cross-sell analysis typically begins with using data mining techniques and tools to determine which product pairs (product affinity) are frequently purchased by a significant number of customers. From here, an organization can then identify which customers bought one but not both products or services. By executing this second stage, we can now know who these customers are and hence target them specifically – thereby reducing total advertising campaign costs, increasing response rates and finally and most importantly, create increased sales (MicroStrategy, 2013; Olson and Shi, 2005; and Tsai, 2010). One point worth mentioning, is a separate but related concept to both affinity positioning and cross-selling, which is upselling (also often referred to as up-selling or up selling). This involves searching for opportunities to sell an improved, higher grade or generally more expensive â€Å"latest† product to the consumer. Going back to the example of the computer store, a staff member who tries to upsell to a new or returning customer may sing the praises of another, higher-end model of laptop which may have more features the client may find useful, thus hoping to create a more profitable sale. In my own, personal experience in a hospital setting – affinity positioning is seen for example, in the maternity ward where â€Å"New Mother† and â€Å"Baby Care Training† hospital sponsored classes or their adverts are held or displayed in an area close by, thus encouraging expecting women to come back to the hospital after delivery to take advantage of this value added service. In doing so, the hospital then creates a cross-selling opportunity by ensuring additional services such as pediatrician care for babies or postpartum care for mothers are clearly advertised via a targeted campaign. Finally, upselling is also seen in this ward via examples such as when staff offer mothers increased comfort and privacy with the option of upgrading shared rooms to private ones. Identify and discuss some potential ethical mishandling when it comes to cross-selling. Some of the more commonly known ethical issues to watch for in cross-selling, as well as in general marketing include but are not limited to: −Intentionally trying to sell sub-par goods or services to the client in a bid to create a sale, when aware of the quality deficiency. −Related to the above, is the deliberate misrepresentation of goods or services, in both cross-selling and otherwise. −Incessantly contacting existing or potential clients without consent in order to cross-sell products or services. −The refusal to respond to, acknowledge or correct customer complaints after a sale has taken place – be it cross-selling or initial sales. −An unclear privacy policy which may involve personal details being distributed or sold. −An unclear after sales policy which may involve the placement of deliberate loopholes for the sellers to have an advantage. Again, this point can be attributed to both regular sales and cross-selling issues. With regards to issues more specific to cross-selling, research has revealed that certain service sectors may be affected by ethical mishandlings and / or concerns more than others. In particular, it is revealed that situations regarding cross selling in hospitals; situations to do with plastic surgery; and cross-selling targeted towards the elderly, have all been widely discussed in recent years and may be cause for action. With respect to cross-selling in hospitals, an example which can be seen is that ethical issues often arise when medicine, equipment or medical product reps all too easily ignore or forget that they are supposed to have the hospital’s, doctor’s, medical staff’s and patient’s needs at heart – attempting to create sales based on the pharmaceutical companies’ incentives and profit margins instead. When this happens: It ignores the necessity of consultative selling, which involves proper questioning techniques. It fails to connect the customer on a value level. In essence, it’s not selling at all; it’s simply peddling! (Francis, 2008). The literature available also suggests that there have been events with respect to aesthetic plastic surgery which again raise the question of ethics mishandling and cross-selling. Concerns here include examples such as cross-selling and â€Å"bundling† cosmetic surgery and procedures as attractive package deals – whether they be necessary or not (Fatah, 2011), or the rise of incidences such as patients having undergone breast implant removals or replacements being â€Å"bullied† or pressured into buying additional surgery such as nipple lifts (mastopexy). In addition, these cross-selling strategies may be coupled with other marketing tactics such as time-limited offers from their clinics, resulting in anxiety and customers feeling the need to respond instead of taking time out to heal after surgery (BAAPS, 2012). Finally, in terms of targeting the elderly for cross-selling certain products and services which may be deemed unethical – one may wish to consider the â€Å"unethical and dishonest conduct† of promoting and selling expensive annuities to elderly customers, the market targeting done here because the elderly may be seen as â€Å"easy targets† (Litterick, 2005). There have been cases of banks which have been accused employing cross-selling practices such as referring existing, elderly customers who come in for separate bank services, to stockbrokers who in turn sold them variable annuities that are often considered unsuitable for older people because they can be â€Å"expensive and do not pay out quickly† (Litterick, 2005). This was often found to be due to the fact that service staff were receiving incentives for doing so. In response to such cases, Banner (2011), maintains that: â€Å"Improper cross-selling – cross-selling of products to earn a fee or a commission that does not truly benefit the client’s quality of life on a long-term basis – is wrong, unethical and immoral† (Banner, 2011). He does go on to ascertain however, that the cross-selling of a product or service which truly is suitable to them – meaning to say it can benefit and / or protect the client appropriately, is well worth considering (Banner, 2011). As a final note on the ethics of cross-selling, to avoid ethical dilemmas and mishandling, it is prudent to keep in mind often that the key to effective cross-selling can be boiled down to mutual benefit on the parts of both the selling and buying parties, and suitability, suitability, suitability! (Banner, 2011; Francis, 2008 and NRMLA, 2008). References BAAPS – The British Association of Aesthetic Plastic Surgeons (2012, February 10). Cross-selling to breast implant scandal victims ‘immoral’. The British Association of Aesthetic Plastic Surgeons. Retrieved February 26, 2013, from http://www.baaps.org.uk/about-us/press-releases/1136-cross-selling-to-breast-implant-scandal-victimes-immoral Banner, M. (2011, May). Originating: Living at Home Brings Peace of Mind. The Reverse Review. Retrieved from http://www.reversereview.com/magazine/3862-living-at-home-brings-peace-of-mind.html Business Dictionary (2013). What is scalable? Definition and meaning. In BusinessDictionary.com – Online Business Dictionary. Retrieved February 25, 2013, from http://www.businessdictionary.com/definition/scalable.html Coppock, D. S. (2002, June 21). Why Lift? Information Management. Retrieved February 24, 2013, from http://www.information-management.com/news/5329-1.html CRM Magazine (2010, February 19). What Is CRM? – CRM Mag azine. destinationCRM.com – The leading resource for Customer Relationship Management – from the editors of CRM magazine. Retrieved February 24, 2013, from http://www.destinationcrm.com/Articles/CRM-News/Daily-News/What-Is-CRM-46033.aspx Fatah, F. (2011, May 5). BBC News – ‘A little lipo with your facial, madam?’. BBC – Homepage. Retrieved February 26, 2013, from http://www.bbc.co.uk/news/health-13228094 Francis, P. T. (2008). Cross-Selling Your Hospital’s Capabilities. Clinical Laboratory Sales Training with Peter Francis. Retrieved February 26, 2013, from http://www.clinlabsales.com/pdf/Cross-Selling-092508.pdf Goodhue, D. L., Wixom, B. H., & Watson, H. J. (2002). Realizing Business Benefits through CRM: Hitting the Target in the Right Way. MIS Quarterly Executive, 1(2), 79

Free Essays on Dads Home

Dad’s home The house slowly rumbled as the garage door opened and I started to think to myself â€Å" Dad’s home.† So, I casually walked up the stairs of our secluded home in the middle woods. As I reached the top of the steps, I heard the beep of a very annoying alarm system. â€Å"Hey dad!† I muttered nerveously, thinking that he was going to get after me again about something being wrong with the way something looks inside the house. Unexpectedly my dad said, â€Å"Hey chief. How are you?† the same thing that he usually says to people that he knows, but forgets their names. Trying to keep things as short as possible I said, â€Å" I’m good, but I need to take out the trash though.† So, I bagged up the smelly trash and walked outside in what seemed a mile to put the smelly trash into an even smellier trash. After that, I came back inside a â€Å" dear OL’ dad,† was inspecting the entire house. â€Å"Well, you kind have been keeping up with the cleaning,† he told me as he tilted his head to the side to look out the window into the woods as if something was staring back at him†¦ it was most likely the reflection of the sun off a leaf of a tree. I replied with a quick â€Å" yeah, I suppose.† Then slowly tried to hurry down the stairs to return to what I was doing before he came home, which was nothing. Just as I approached the third step he gestured a quick â€Å" leaving so soon?† Thinking on my toes I said, â€Å" I have quite a bit of homework I had to do and I was planning on going out later tonight so, I was going to do it so I won’t have to think about it later.† I got downstairs and lay on my bed. Just as I started to get comfortable he yelled â€Å" Court!† I said to myself â€Å" aw†¦here we go again.† I quickly bolted up the stairs as if I was that comic character, Flash; just to see him about ten feet away from the phone that was sitting on a chair. â€Å" Can you hand me the phone?† he said. As much as I wanted to... Free Essays on Dad's Home Free Essays on Dad's Home Dad’s home The house slowly rumbled as the garage door opened and I started to think to myself â€Å" Dad’s home.† So, I casually walked up the stairs of our secluded home in the middle woods. As I reached the top of the steps, I heard the beep of a very annoying alarm system. â€Å"Hey dad!† I muttered nerveously, thinking that he was going to get after me again about something being wrong with the way something looks inside the house. Unexpectedly my dad said, â€Å"Hey chief. How are you?† the same thing that he usually says to people that he knows, but forgets their names. Trying to keep things as short as possible I said, â€Å" I’m good, but I need to take out the trash though.† So, I bagged up the smelly trash and walked outside in what seemed a mile to put the smelly trash into an even smellier trash. After that, I came back inside a â€Å" dear OL’ dad,† was inspecting the entire house. â€Å"Well, you kind have been keeping up with the cleaning,† he told me as he tilted his head to the side to look out the window into the woods as if something was staring back at him†¦ it was most likely the reflection of the sun off a leaf of a tree. I replied with a quick â€Å" yeah, I suppose.† Then slowly tried to hurry down the stairs to return to what I was doing before he came home, which was nothing. Just as I approached the third step he gestured a quick â€Å" leaving so soon?† Thinking on my toes I said, â€Å" I have quite a bit of homework I had to do and I was planning on going out later tonight so, I was going to do it so I won’t have to think about it later.† I got downstairs and lay on my bed. Just as I started to get comfortable he yelled â€Å" Court!† I said to myself â€Å" aw†¦here we go again.† I quickly bolted up the stairs as if I was that comic character, Flash; just to see him about ten feet away from the phone that was sitting on a chair. â€Å" Can you hand me the phone?† he said. As much as I wanted to...

Make a Glow in the Dark Pumpkin

Make a Glow in the Dark Pumpkin You can make a glow in the dark pumpkin with a jack-o-lantern face using a common non-toxic chemical. The jack-o-lantern doesnt require carving or fire, shines in rain or wind, and lasts as long as your pumpkin. Plus, the glowing pumpkin looks really spooky! Glow in the Dark Pumpkin Materials Its very easy to make a glow in the dark pumpkin and it doesnt require many materials: Pumpkin (real, carved, or artificial)Glow in the dark paintPaintbrush (optional)Masking tape to form a jack-o-lantern face (optional) Make the Pumpkin Glow Basically, ​all you need to do is coat a pumpkin with glow in the dark paint. The glow in the dark paint can be obtained from any arts and crafts store. You can use glow in the dark acrylic paint for making models, glowing tempera paint, or glow in the dark fabric paint. I used glowing fabric paint, which dries clear and is waterproof. Paint your pumpkin.Shine a bright light on the pumpkin, then turn out the lights. If the pumpkin does not glow as brightly as you would like, apply one or more coats of glow in the dark paint. Creating a Jack-o-Lantern Face For this project, the jack-o-lantern face is the part that does not glow. If you are using a carved jack-o-lantern, youve already got a face. If you just want a glowing pumpkin, you simply coat the pumpkin with glow in the dark paint, and youre finished. If you want a face on an intact pumpkin you have a few different options for creating it: Trace a face on the pumpkin and paint around the face.Tape a face on the pumpkin, paint the entire pumpkin  and remove the tape when the paint is dry. How Long Will the Glowing Pumpkin Glow? How long your pumpkin glows depends on the chemical used to make it glow and the light you used to charge your pumpkin. Zinc sulfide is a phosphorescent non-toxic chemical used in most glow in the dark paints. If you shine a bright light on it, you can expect it to glow for several minutes up to an hour. If you shine an ultraviolet lamp or black light onto the pumpkin, it will glow more brightly, but probably not any longer. Newer phosphorescent paints are based on rare earth elements. These pigments glow very brightly, usually in green or blue, and can last a full day. If you use tritium-based paint, you will not need to apply light in order to make your pumpkin glow, plus the pumpkin will glow pretty much until the end of time (at least 20 years). How Long Will the Glowing Pumpkin Last? The type of pumpkin you use will determine how long your glowing pumpkin will last. If you paint a carved jack-o-lantern, expect the pumpkin to last a few days to a week. An uncarved pumpkin may last a few months. An artificial pumpkin can be used year after year.

Philosophy - Boethius and Aquinas on the Problem of God's Prescience Essay

Philosophy - Boethius and Aquinas on the Problem of God's Prescience - Essay Example This only serves to pronounces the clash with freewill. The Problem of God’s Prescience The conflict hence forms the basic premise of the Problem. God as the master of all things tangible and intangible is assumed to know incomprehensible details about human life and the course it will take. As such, His knowledge about a particular event precedes the event itself, thereby exemplifying his unique ability of knowing the future. This belief in God’s ubiquitousness forms one of the core foundations of his Divinity across the board of religions, whether the one in question is Christianity, Judaism or Islam. The Bible, Torah, and the Quran all repeatedly assert His pervasiveness carefully contrasting it with His limitless power. The masses of religions preach the notion that God is to be found everywhere at all times and no thought or eventuality escapes His gaze. Superficially, this ideology is readily admissible but when theologians venture to expound their gifts of insigh t onto the subject, striving to explain the Divine Knowledge, the one immediate problem they tend to notice is the apparent conflict with freewill. This is because the concept of freewill indicates that every human is capable of altering the course of his life as he deems fit by exercising discretionary powers of judgment. If God is to possess all knowledge of all time, this discretion may not in actuality exist, since God would already know the direction a particular individual would be expected to take. If the individual’s future is already preconceived in God’s eternal knowledge, the individual’s course of action could simply be labeled predetermined, even though he in his own right may be employing the gift of freewill. This notion forms what has come to be known as the Problem of God’s Prescience. Boethius’s ideologies Boethius in his Consolation of Philosophy sought to answer the very questions that formed the crux of the Problem. Firstly, it must be elucidated that incidents are historically conceived by philosophers to be of two kinds, necessary and contingent. God’s omniscience pertains to all knowledge that exists in the world, including the murkiest of thoughts that originate in a person’s mind. Hence, any thought, if formulated by a conscious course of judgment in a person’s mind, should be deemed contingent. It is contingent because it is not necessary for a person to think a certain thought, as his freewill allows him to develop a unique mindset, but if God already knows what his mindset would be, that contingent thought could become a necessary course of action for the person to take, as not taking that course of action would render God’s knowledge flawed. If it is assumed that God already knows the thought that is about to transpire, its contingency is made redundant. This, in essence, negates freewill and converts seemingly contingent occurrences into necessary occurrences since Go d already knows of their presence. As such, Boethius’ twin-prong ideologies regarding the problem emerge. His first limb identifies that God’s omniscience and perfection go hand in hand and can never be rebutted,

Change of Management - OH&S Essay Example | Topics and Well Written Essays - 3750 words

Change of Management - OH&S - Essay Example In the entire process, stakeholders and those affected by change normally have to absorb the simple elements that define and make up the change process. As a result, time, effort and resources are required in order to make the process of change adoption more smooth and possible. Moreover, change is complex, which requires planning, organization, and implementation. Throughout the entire process of change, communication remains the critical aspect that glues the entire process of change. The concept of change as it is applicable in the organization has two major components; that of organizational change itself, and the change of people within the environment where people affected with change are perceived to be crucial to the success of change process. The understanding here is that successful application of change management should integrate the people within the organization and more so the entire process need to be inline with the values of the corporation or organization involved. The University’s Occupational Health and Safety Risk Management (OHSRM) system was established in 2002, in consultation with academic and administrative groups, as a practical mechanism to assist managers and staff at all levels to systematically manage OHS risks in their work areas. It is a key element in promoting the health, safety and well being of staff, students and visitors, and enabling compliance with NSW OHS legislation. As part of the OHSRM, an OHS Audit was undertaken in late 2010. The Faculty of Health Sciences which currently employs approximately 350 staff and educates 5,500 students, scored 20%, the lowest Faculty score within the University. The Faculty will be re audited in November 2011 and it is expected to achieve a minimum of 70%. The survey results portrayed an initial diagnosis of staff being unaware of safety procedures, evacuation plans, who to report incidents and hazards to. However, it was unknown if this was all staff or only

Essay of Analysis of No Logo Example | Topics and Well Written Essays - 500 words

Of Analysis of No Logo - Essay Example The documentary deals with the backlash, which many multinational corporations are receiving, because of their unfair dominance of the global markets. The fact that they make profits at the expense of others is one of the reasons that they have come to develop a very bad reputation. Most of the multinational companies are plagued with scandals from all over the world and all of these because of not only their branding strategies, but also because of the fact that those who produce their products work in appalling conditions. The documentary addresses the fact that some multinational companies have their products made cheaply in countries such as China and these are then branded and sold expensively in the western markets. Because of their activities, many companies have come to be immersed in scandals and the emergence of these scandals has worked against these corporation’s interests in the market since it created a situation where the public views their products with a lot o f suspicion. A further issue that is addressed in the documentary is the way through which multinationals are branding their products through falsely convincing the potential consumers of their worth. If it a fact that many of these corporations brand their products in such a way that they make the consumers feel inadequate without the said products. This makes the consumers want to by the said products at whatever price that they are asked, not caring for other priorities. Sales among these corporations have become paramount and this has gone against the tradition of making quality products for the market. Instead, multinationals have, over the past few decades, decided to go for the sale of the image of their products and not the products themselves (Klein, 2003). These corporations no longer sell their products according to their own merits, but sell the

A Day In The Life Of A Pharisee Religion Essay

A Day In The Life Of A Pharisee Religion Essay To be a good Jew is to have a vision and goal to achieve the ultimate level of holiness in the eyes of God. Jesus of Nazareth was a Jew, and during his lifetime there emerged many different groups whose ultimate goal was to follow and put into practice what God expected of his people. Among these, there stood three major groups known as the Pharisees, Sadducees and Essenes. In attempt to be a conscientious first century Jew, in comparison to the other groups, I feel as though the Pharisees hold the most appealing position in terms of living a genuine and legitimate religious life. During the time of first century Judaism, many groups conformed to his teachings however many made an attempt to challenge his judgment. Stepping into the Hasmonean period, sometime before 135 BCE, in terms of social class, the Pharisees arose as a group more applicable to a common people however it did consist of a few priests (Sanders, 44). Considering my place in society in the 20th Century, I believe it would be accurate to assume that in Jesus lifetime, I could place myself among the commoners rather than part of the elite. This minor detail plays a part in my decision of choosing the Pharisees as an appealing group to be part of. Granted the fact that they are of my social standing, they would be able to relate to my needs best therefore we would share many of the same religious and political views. In a way, during the Hasmonean Dynasty, the Pharisees could be described as religious teachers of the law. Theologically, the Pharisees shared common Jewish orthodoxy (Sanders 44), believing in Israel as the chosen nation, the law in which was given to Moses, and the concept of repentance and forgiveness. As these beliefs were shared among the average Jews of the time, it makes sense as to why a first century Jews, as well as myself, would turn to the Pharisees as religious teachers. The Hebrew word for Pharisees is Perushim, meaning those who have a tendency to withdraw or to separate themselves. One could assume this name could relate to the Pharisaic mode of life which dictated a strict separation from all impurity and unclean foods (Isaacson 24). However it could correlate with the reality that the Pharisees do not share one uniform view on things; thus there were two groups of Pharisees, The Shammai and the Hillel. Inevitably, amongst these two groups there were disagreements. The Shammai stood on the conservative left wing side of the spectrum while The Hillel held a more liberal position. Fundamentally, the Shammai followed a more strict and zealous observance of the law. They were powerful up until 68 BCE and they educated aristocratic, wealthy families over a longer period of time. The Hillel became more widely known after 68 AD. They appealed more to the interest of those in lower classes because they demanded training and did not have such a literal un derstanding of the law. In my opinion it is inevitable for disputes to occur among different classes of society especially regarding similar traditions. Nevertheless the two groups of Pharisees still managed to put their differences aside and allow intermarriage. This is a prime example of something that Jesus would encourage people to do, and because the Pharisees could acknowledge this, is another reason why as a first century Jew I would find them an admirable group to comply with. As well as being religiously linked with the middle class people of society, the Pharisees continued the tradition of scribes and the men of Great Assembly (Isaacson 240). Just as the Scribes did, the Pharisees believed in the authority of oral tradition as well as the Torah. They also maintained the notion of afterlife as well as believing that God would send a Messiah to create peace over the world. In spite of this, it is important to understand that the society of Judea developed over time and the Pharisees helped guide this development by creating new laws as well progressing the synagogue and temple. According to Josephus they practiced the highest ideals both in their way of living and in their discourse (Sanders, 44). The Pharisees did not fail to understand the importance of Laws already formed by their predecessors but they initiated change in the developing Judea society by adding new laws for the people as well as taking a non-literal approach to Biblical Law. They closely followed the doctrine of immortality therefore laws such as an eye for an eye were explained in an approach that could be more comparable to the current circumstances of the people. In their effort to create new laws for more modern day society, they formed a purity rule in regards to the Mosaic Law. This is a law in which one is required to bathe in order to remove impurities before entering the temple. The Pharisees instructed people to wash their hands before the Sabbath and holy meals, and this eventually led Jews to wash their hands before every meal in order to wash away impurities. Because of their dedication to the religiosity of the people, the Pharisees were well liked amongst Jews that populated their communities. It is said that although the Jews made special rules for them to follow, they did not force them on everyone else (Sanders 44). I can appreciate that the Pharisees were overall trying to better the Jewish community however they did not try to enforce their traditions on others. In the second century the Pharisees improved the Jewish Temple with the development of the synagogue as well as the enforcement of oral traditions to those who resided within their communities. The Pharisees greatly appreciated the written law however they held close to them the oral teachings of their fore fathers. As a teacher to the people, the Pharisees did not question that which was passed down to them; they simply interpreted these traditions and passed it down orally to the people. The Pharisees wished to embrace the whole people particularly through education. It was their desire and intention that everyone in Israel achieve holiness through the study of the Torah (The Maccabees 93). The Pharisees cared about the temple developing as a whole in a way that fit the needs of current society. Not only did the Pharisees not impede their ideas on the Jews of the time, they respected that society is always changing. With this, the Pharisees created the temple to be a place that fit into the life of a commoner. As a Jew at the time, I could turn to the Pharisaic movement to help me understand and practice my faith in a way that I could best relate to. Along with the Pharisees, the Sadducees were among the earliest groups to form during the Hasmonean dynasty. For the most part, the Pharisees and the Sadducees were seen as opposition to each other politically and religiously. The word Sadducee is believed to have originated from Zadok, Solomons High Priest. This description seems justifiable given the fact that the Sadducees consisted of members of the aristocratic, conservative, elite standing of society. The Pharisees were more popular as they attracted the commoners of society, the Sadducees were a minority that held great power over Kings and embraced Hellenization, forcing Greek culture upon society. One of the biggest conflicts between these two groups involved the fact that the Sadducees rejected the doctrine of immortality. The Sadducees took a literal approach to the written law, following it word for word where as the Pharisees were open to interpretation of the Torah. The Sadducees did not believe in after life therefore not seeing the importance of the oral law. As a result, they rejected new laws and innovations which the Pharisees introduced in response to historical necessity (Isaacson 240). In regards to the temple, the Sadducees viewed it as untouchable, ultimately denying the Pharisaic attempt to develop and integrate new ideas into the temple. Evidentially the two groups were at constant disagreement with each other and this lead to tension within the second temple era. Eventually, a civil war broke out during the Hasmonean dynasty banishing the Sadducees as a whole leaving only the Pharisees to fully recover. Given these facts I would not have wanted to be a Sadducee due to their unwillingness to accept that society is forever changing and therefore observance of the law needed to change with it. I do not find it appealing that they were only considerate to the needs of those higher up in society and perhaps this is why they were unable to regain power afterwards.

Amelia Earhart Essay examples -- Aviation Women

Amelia Earhart Amelia Mary Earhart had the courage and independence to do anything she wanted to do. This includes crossing the Atlantic Ocean on a plane and sharing her visions for aviation and women. She inspired many, formed the first women aviator’s association, and she tried to fly around the world. That is why I think that Amelia Earhart has made a difference. And as I have said, Amelia Earhart has certainly affected many people. Amelia Earhart inspired many women to follow their ambitions and dreams. She is still a symbol of the power and perseverance of American women. When she first saw an airplane, she wasn’t very interested, but as soon as she left the ground at a stunt-flying exhibition, she knew that she had to fly. Six months after her first lesson, she bought a second hand biplane painted bright yellow, and named it Canary. She used this plane to later set the first women’s record of rising to an altitude of 14,000 feet. On June 17, 1928, she was asked, along with Wilmer Stultz and Louis Gordon, to â€Å"fly the Atlantic†. She was so thrilled that, later, she formed the first women aviator’s association. The second reason that I think that Amelia Earhart made a difference is because she formed the first women aviator’s association called the Ninety-Nines, Inc. The Ninety-Nines is an International Organization of Licensed Women Pilots from 35 countries. Also, the membership was open to all women with a pilot’s license, and the organization’s purpose would be...