Friday, December 27, 2019

Caesars Books, the Gallic Wars

Julius Caesar wrote commentaries on the wars he fought in Gaul between 58 and 52 B.C., in seven books one for each year. This series of annual war commentaries is referred to by various names but is commonly called De bello Gallico in Latin, or The Gallic Wars in English. There is also an 8th book, written by Aulus Hirtius. For modern students of Latin, De bello Gallico is usually the first piece of real, continuous Latin prose. Caesars commentaries are valuable for those interested in European history, military history, or the ethnography of Europe since Caesar describes the tribes he encounters, as well as their military engagements. The commentaries should be read with the understanding that they are biased and that Caesar wrote to enhance his reputation back in Rome, passing blame for defeats, justifying his own actions, yet probably accurately reporting the basic facts. The Title Caesars title for The Gallic Wars is not known for sure. Caesar referred to his writing as res gestae deeds/things done and commentarii commentaries, suggesting historical events. In genre it appears to be close to the Anabasis of Xenophon, a hypomnemata memory helps—like a notebook to be used as a reference for later writing. Both Anabasis and the Gallic War commentaries were written in the third person singular, relating historical events, with the intention of sounding objective, and in simple, clear language, so that the Anabasis is often the first continuous prose beginning Greek students face. In addition to not knowing for sure what Caesar would have considered its proper title, The Gallic Wars is misleading. Book 5 has sections on the customs of the British and Book 6 has material on the Germans. There are British expeditions in Books 4 and 6 and German expeditions in Books 4 and 6. The Pros and Cons The downside of the standard reading De bello Gallico during the early years of Latin study is that it is an account of battles, with descriptions of tactics, techniques, and materials that can be hard to understand. There is debate as to whether it is dry. This evaluation depends on whether you can figure out what is going on and visualize the scenes, which in turn depends on your understanding of military tactics in general, and Roman techniques, armies, and weaponry, in particular. The upside is, as Vincent J. Cleary argues in Caesars Commentarii: Writings in Search of a Genre, that Caesars prose is free of grammatical error, Grecisms, and pedantry, and rarely metaphorical. It overwhelmingly reads as Ciceros tribute to Caesar. In Brutus, Cicero says that Caesars De bello Gallico is the best history ever written. Sources Caesars Commentarii: Writings in Search of a Genre, by Vincent J. Cleary. The Classical Journal, Vol. 80, No. 4. (Apr. - May 1985), pp. 345-350.Style in De Bello Civili, by Richard Goldhurst.The Classical Journal, Vol. 49, No. 7. (Apr. 1954), pp. 299-303.

Thursday, December 19, 2019

A View From the Bridge Essay - 3428 Words

Eddie Carbone is an American-Sicilian man working in Brooklyn. He works as a longshoreman: carrying crates and goods from the ships. He is quite a large man. His job requires him to be strong and a good worker. In other words he is very masculine. He is an ordinary man. He lives with his wife and niece, whom he treats like a daughter, and like all good men should do, he works every day to provide them with enough money to survive on. Eddie is a man’s man. He lives within a close-knit community of Sicilians and is a well respected member of society. Eddie sees himself as a prime example of how a man should act and look. The ending of a view from the bridge is fairly predictable from the beginning as it is hinted at by the narrator†¦show more content†¦Eddie holds an old fashioned, limited view of masculinity. His opinions of what it means to be masculine involve fairly stereotypical features, such as strength and ability. Characteristics that people generally associate with a male figure are strength, silent. The time that they play is set in doesn’t help to widen Eddie’s view of masculinity. The area, Redhook, is described by the lawyer Alfieri. But this is Redhook, not Sicily. This is the slum that faces the bay on the seaward side of Brooklyn Bridge†¦the gullet of New York swallowing the tonnage of the world’. It accommodated some of the worst people of the time, and though there were laws the country was controlled by gangsters. ‘In those days, Al Capone, the greatest Carthaginian of all, was learning his trade on these pavements, and Frankie Yale himself was cut precisely in half by a machine-gun on the corner of Union Street, two blocks away’. This would maybe inspire Eddie to act tough and strong. He understands that these gangsters are undeniably very masculine figures and that may affect him. All the immigrants came to this area, that’s why the community was so close-knit. It is also why it was so devastating to betray family or friends by reporting immigrants. When Eddie warns Catherine not to say anything about the illegal immigrants coming to stay with them he tells the story of a boy who reported his uncle. ‘The whole neighbourhood was cryin’.’ The worst thing you could do was betrayShow MoreRelatedA View from the Bridge1822 Words   |  8 PagesLiterature Coursework-Modern Drama What is the dramatic function of Alfieri’s character in ‘A View from the Bridge’? ‘A View from the Bridge’ is a play written by Arthur Miller. Miller’s inspiration for this play is close to his heart. He grew up in New York City; his parents were illegal immigrants into the United States looking for work. Alfieri is a key component, not only is he a character he is also a narrator. He acts as a chorus to the play and an aid to the audience. Alfieri plays manyRead MoreA View From A Bridge1842 Words   |  8 PagesFollowing the Second World War in 1945, America emerged from the conflict as a prestigious superpower and saw the 1950s begin as an era of prosperity and wealth. However, the beginnings of the Cold War saw increased tension between the USA and the USSR and the capitalist and communist ideologies. These clashes along with the rise of nuclear power contributed to a tense and fearful atmosphere, giving rise to a period of McCarthyism. This saw communist ‘witch hunts’ and people accused and prosecutedRead MoreA View from the B ridge by Miller1609 Words   |  7 PagesMiller’s A View from the Bridge, originally written in 1956 as a one act play, has many features of a classic Greek tragedy. It is set in the Italian-American neighbourhood, situated in Red Hook, near Brooklyn Bridge in New York. It is in this community Miller chooses to dramatise themes of conflict, betrayal, love and obsession. The underlying omerta is present throughout the play and is the reason for the conflict as it is defied by Eddie Carbone, the Italian longshoreman, who destroys himselfRead MoreA View from the Bridge Essay734 Words   |  3 PagesA View from the Bridge *Works Cited Not Included The first scene begins with a fight. Obviously this introduction is indicative of some kind of intense emotion to follow. An aura of passionate emotions continues to surface throughout the play. The mood is set immediately. The audience knows that whatever is to come will be fiery and fervent. Ironically, the opening scene is the climax itself. By using this structure, the author gets right to the point that Eddie Carbone is a self-destructive characterRead MoreA View from the Bridge Essay10643 Words   |  43 Pages What does the Bridge in View From The Bridge symbolize? A View From The Bridge is a play written by the American playwright Arthur Miller, a prominent figure in American Theatre, this Greek tragedy adapted drama was written to emphasize on the themes of incestuous love, jealousy and betrayal. In simple geographical terms, the ‘bridge’ in the title of the play is the Brooklyn Bridge, the one that spans the East River, between the boroughs of Brooklyn and Man hattan, New York. The title drew attentionRead Morea view from the bridge; honour1228 Words   |  5 PagesCHARACTERS IN THE PLAY. WHICH CHARACTERS IN PARTICULAR BELIEVE THAT HONOUR IS AN IMPORTANT THEME IN THE PLAY? Honour is a very important in this play, specially for Eddie and Marco, who are the â€Å"alpha males† of the house more or less, because Eddie is from the beginning the boss at his house, but when he threatens Rodolpho, Marco tries to show Eddie that he is also a strong man and that he cannot do that to HIS brother. It means far more to them than the law. To be honorauble is to be respected, andRead MoreEssay on Justice in A View from the Bridge1747 Words   |  7 PagesJustice in A View from the Bridge Arthur Miller is now regarded as one of the world’s greatest dramatists. In his plays he explores the struggles of the ordinary man against authority and insurmountable odds. Millers own struggle therefore with this issue is present in ‘A View from the Bridge’ as he, like the characters in his plays (such as Eddie Carbone), was faced with the problem of choosing to be American or not, specifically by naming names of people who were doing (what were consideredRead MoreA View from a Bridge Dramatic Techniques2178 Words   |  9 PagesHow does Arthur Miller successfully engage an audience with A play with no surprise? A view from a bridge is a play written by Arthur Miller in the 1950s. Miller wrote the play as a modern day Greek tragedy in New York Brooklyn. Arthur Miller captures the audience with a true story twisted in his own words from which emerge the controversial ideas of incest, cultural obligation and masculinity. The part in the play where Alfieri mentions ‘it is not what but how means that even though we knowRead More A View From The Bridge Essay examples1199 Words   |  5 PagesA View From The Bridge â€Å"Whatever happened we all done it and don’t you ever forget it.† The play A View from the Bridge by Arthur Miller is set in New York in the 1950s. During this period of time there were many illegal immigrants from Eastern Europe moving in to America. This was due to the depression caused by the Second World War. The depression caused a lack of work, many people started to migrate to America where there were many jobs. Due to the mass immigration America started to Read MoreEssay about A View from The Bridge4541 Words   |  19 PagesA View from The Bridge Discuss the importance of stage directions in Arthur Millers ‘A View From The Bridge’ and what they reveal about the character of Eddie Carbone. Stage directions are very important in drama and this is evident in Arthur Millers ‘A View From the Bridge’. Stage directions give actors and directors character motivation and this allows actors to create believable characters and explain a characters actions and feelings. They also highlight characters emotions that are

Wednesday, December 11, 2019

Security Issues in Internet of Things Report

Question: Discuss about the Security Issues in Internet of Things Report. Answer: Introduction Internet of Things (IoT) is a term that refers to the use of interconnected devices in an intelligent manner such that the devices allow sharing of information and fulfillment of various tasks and activities. The devices that are connected to for IoT may be Smartphones, tablets, laptops, electrical appliances and many others connected over the Internet with each othe. The same has proved to be a growing trend in the recent times as it allows the ability to accomplish routine and complex activities in a quick and efficient manner. However, there are a number of security risks that have emerged in the world of IoT which can cause severe adverse impacts if not controlled. One way to deal with the security issues that are associated with IoT is to make secure and efficient use of cloud mechanisms for timely detection and prevention of such risks and attacks. Security Issues There are a number of technologies that may be used for the connection of devices to form IoT. These technologies may range from a number of wireless sensor networks such as sensors, microcontrollers, batteries and many others. Radio Frequency Identification (RFID) is another technology that may be used for the creation of IoT. All of these technologies have a number of security and privacy concerns in an IoT environment. These concerns have the potential to impact the confidentiality, integrity and availability of information in an adverse manner and the impact may be low, medium or high on the basis of the type of information that it may attack. One of the most prominent and commonly seen security attacks that impacts the availability of the network is the Denial of Service (DoS) attack. Attackers introduce unnecessary traffic in the network path which leads to deterioration of the service quality and a final breakdown as a result. There are various types of DoS attacks such as jam ming, collision, selective forwarding, flooding and many others. There are various layers that are present in the architecture of IoT with three broad layers as perception layer, network layer and application layer from bottom to top in the same order. The security concerns for each layer are different. The perception layer comprises of RFID tags and sensor networks which may lead to the security issues such as malicious codes or defect of the tag itself. These malicious codes such as viruses, worms, logic bombs and Trojan horses may or may not be reproducible in nature and generally require a trigger to begin their malicious activity. Issues in the network layer are usually associated with the integrity and availability of information during sharing and transmission. Access control, identity control and likewise are the concerns that are associated at the application layer. Apart from the security issues in the form of security risks and attacks, there are also a number of challenges that may come up in terms of security of IoT. Technology is something that is changing at a rapid pace. There may be scenarios wherein the existing security infrastructure and environment may not be competent and sufficient enough to deal with newer forms of attacks. There are also issues with the system background that have been observed that lead to easier access to the attackers in order to execute security risk or attack. The negligence and lack of knowledge at the end of the user is also one of the major security challenges that lead to the variety of options for the attackers to gain access to the system. There are also silent attacks that are continuously executed by the attacker which go unnoticed as the damage caused by such attacks at a particular instance is negligible. However, after a certain period of time lead to a huge collective damage. Secure IoT Communications Cloud Network There are a number of countermeasures that have been identified and developed with the emergence of so many security issues and attacks in the world of IoT. The first and the foremost measure are to use stronger authentication measures in the cloud network such as use of stronger passwords, multi-level authentication, and single sign on, single sign off and likewise. There are also a number of cloud databases that are available for the data storage and management. These cloud storage options are efficient and offer enhanced security as well. Also, there are options such as automated back-up and disaster recovery enabled in these cloud databases which allow the security of the information even in case of a security attack on the system. The choice of cloud network also plays a significant role in terms of security. For instance, private cloud is always securer and safer in terms of the public cloud network. Encryption is one of the major techniques that can assure the safety of information in the IoT environment. Use of encrypted data while transmission of the same over cloud would ensure that the attackers do not succeed in retrieving valuable details out of the same even if they succeed in capturing the information. Use of encryption would prevent the network attacks such as session hijacking and spoofing. There is also a number of Intrusion Detection and Prevention Systems that have been designed which may be installed over the cloud network to make sure that any of the malicious activity is immediately detected and dealt with. Such systems have proved to be extremely beneficial with DoS attacks. Conclusion Internet of Things (IoT) has allowed the users to connect their devices and make use of smart applications and services with much ease. The security issues that are associated with IoT can have severe impacts if the attackers succeed in getting hold of confidential and private information. However, these issues can be prevented, detected and controlled with due diligence and various physical, administrative and technical controls. Cloud network and architecture shall also be used with efficiently to ensure that the execution of security attacks is not possible for the attackers. References D. Evans, "The Internet of Things How the Next Evolution of the Internet Is Changing Everything", 2011. [Online]. Available: https://www.cisco.com/c/dam/en_us/about/ac79/docs/innov/IoT_IBSG_0411FINAL.pdf. [Accessed: 12- Jan- 2017]. T. Borgohain, U. Kumar and S. Sanyal, "Survey of Security and Privacy Issues of Internet of Things", 2016. [Online]. Available: https://arxiv.org/ftp/arxiv/papers/1501/1501.02211.pdf. [Accessed: 12- Jan- 2017]. M. Bhabad and S. Bagade, "Internet of Things: Architecture, Security Issues and Countermeasures", 2015. [Online]. Available: https://www.ijcaonline.org/research/volume125/number14/bhabad-2015-ijca-906251.pdf. [Accessed: 12- Jan- 2017]. D. Das and B. Sharma, "General Survey on Security Issues on Internet of Things", 2016. [Online]. Available: https://www.ijcaonline.org/research/volume139/number2/das-2016-ijca-909113.pdf. [Accessed: 12- Jan- 2017]. J. Eom, "Security Threats Recognition and Countermeasures on Smart Battlefield Environment based on IoT", 2015. [Online]. Available: https://www.sersc.org/journals/IJSIA/vol9_no7_2015/32.pdf. [Accessed: 12- Jan- 2017]. A. Kotkar, "Network Attacks and Their Countermeasures", 2013. [Online]. Available: https://www.ijircce.com/upload/2013/march/14_Network%20Attacks.pdf. [Accessed: 12- Jan- 2017].

Tuesday, December 3, 2019

The Issue of Advance Medical Directives

The use of advance medical directives in the Western countries is discussed as the possibility to resolve many ethical and legal questions in relation to incurable patients, and the practice is explained from the point of respect for the patients’ autonomy and their dignity.Advertising We will write a custom essay sample on The Issue of Advance Medical Directives specifically for you for only $16.05 $11/page Learn More However, this issue is impossible to be discussed only from one perspective. If the idea of advance medical directives is rather typical for the Western countries, the readiness of the Muslim countries to use the practice is rather questionable. Hamdan Al-Jahdali and the group of researchers state that the concept of advance medical directives can be translated to the Muslim society, but it is impossible to agree with the statement completely because this perspective is controversial, and there are many cultural and religious barrie rs which are associated with the ethical aspects of the question. It is necessary to respond to many traditional visions of the Muslim understanding of the death concept to use the Western concept of advance medical directives in these countries. On the one hand, having the possibility to provide the advance directives, the incapacitated patients manipulate the right to have the definite autonomy and control their life. On the other hand, Muslims can act against the will of God in this situation. It is the traditional vision of the case which is the main barrier to admit the Westerners’ practice. The situation is complicated with the fact that according to the religious beliefs, it is impossible to reject the necessary treatment and it is impossible to make the decisions about euthanasia or suicide. As a result, there are many controversies which are associated with the ethical aspect of using advance medical directives. The issue of advance directives depends on many religio us questions which can be discussed from different perspectives separately, but their combination in relation to the problem of advance directives provides the next barrier because of the challenges to find the single appropriate decision.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Hamdan Al-Jahdali and the other researchers present their interpretation of different statements connected with the issue which are provided in the Quran. The problem is in the fact that many Muslims do not see the whole picture and cannot make the ethically and religiously right decision. That is why, to overcome the first barrier, it is necessary to provide the explanation that the usage of advance directives is not connected with supporting possible suicides and medically approved murders. As a result, the second barrier can be overcome accentuating the clear statements supported by the quotations from the Q uran that the choice of treatment and the abstinence from seeking therapy adopted in the Muslim society have many common features in their nature with the concept of advance directives. This essay on The Issue of Advance Medical Directives was written and submitted by user Colleen Wing to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Wednesday, November 27, 2019

Justin Hanson Essays - Fiction, Dungeons Dragons, Fantasy, Dragon

Justin Hanson Period 2 Mrs. Fouhs 1/12/16 David On an island north of England there is a town. This town holds a group of people that are not aware of technologies that have progressed throughout time. They are still in houses built by them and farm there food have no electricity or anything like that. And in the town there is a boy who is called David. He lives in a house not any bigger than the rest but out of the way in its own little area of the island. His parents both treat him with no respect and are abusive. Whenever his parents would get angry he would run away into his little hiding spot in a cliff next to the ocean. When he would go in this cliff he would sit down and cry wishing he had someone else for parents or that he had a friend to help him deal with the pain and suffering he is enduring. In this tunnel it goes deep but David has not gone all the way in because when he comes here he had no curiosity and no effort to do anything but cry. One day he was going to his house and saw his parents fighting in the house so instead of going in he went straight into the cave and sat down. Instead of crying he thought he would venture deeper into the cave thinking that it might hold something that can get him out of this painful situation. The cave went deeper and deeper until he was in the center of the island, but underneath it all. As he went in it got warmer and warmer as if there was a giant fire deep inside. When he was walking and sweating from the beating heat he saw a part of the tunnel that lead into an open space four times his houses size but underground. In the room was something unexpected but pleasing at the same time. There in the center sleeping was a Dragon with sharp claws and a deep maroon color to it, its wings acting like a blanket over the entire thing. Although it was a Dragon David still wanted to see more so he went around the Dragon looking it over from head to toe admiring the creature. Soon David did get scared and was starting to leave but he tripped over a rock and landed on the Dragons head. That woke up the Dragon and it sat there looking at him with its deep dark eyes that showed nothing but thought. After a second or two the dragon started stretching its wings and moving its le gs walking around but ever still watching David frozen by fear. The dragon instead of eating him talked, and said "I already know who you are and why you are here the question is how can I help you." David astonished that the dragon talked he still stood there looking at him horrified and confused because of the Dragon. After a few seconds David got his wits back and said "what do you mean, how can I help you?" after all he is only human and this is a magnificent dragon that can breathe fire and fly. The dragon replied "I know you are in a tough situation and I can't understand that so I want you to ask me what you need because I cannot tell you what you need or I would already be doing it." Well the boy said I could use some help getting out of here and not living with my parents and I would be in your debt. The Dragon thinking about the offer stood there and eventually agreed with the proposal. And said hop on I can take you out of this place now that would have been nice but how do you ride a dragon? So I went up to it and grabbed its h orns and jumped up onto its back hoping to not slide off holding his horns with my life literally. The dragon went to the other side of the tunnel and was going deeper in until we came out on the other side of the island. The

Sunday, November 24, 2019

America in the 20th Century essays

America in the 20th Century essays The Spanish-American War led America into the modern era. When President Teddy Roosevelt left the White House to lead the charge on San Juan Hill, it was a dramatic moment. The Spanish American War victory gave America possession of Cuba, the Philippines, Panama and the Virgin Islands. Once in control of Panama, the Americans began to build their canal. It took about ten years to build, but it was worth it because they got much money from the canal traffic. After Woodrow Wilson became President, war broke out in Europe. They called it World War I at the time. America immediately joined in and helped the Allies defeat the Axis powers. The incredible economic benefits of the war effort led America into the Roaring 20s. President Calvin Coolidge presided over a decade of peace in America. He was defeated in 1928 by Republican Herbert Hoover, who immediately ended the prosperity and caused the Great Depression. The Stock Market Crash of 1928 was a very sad event which led to the closing of all stocks and banks. Americans knew it was time to elect a bold leader. Franklin David Roosevelt, or FDR, was America's savior. Elected in 1933, Roosevelt quickly institued various reforms to help stimulate the sagging economy. For example, he made Social Security that helped old people get money after they retired. He also instituted IRS, or Internal Revenue Service. What really stimulated the economy, ironically, was World War II. At first we didn't want to join the war, but Japan bombed Pearl Harbor in 1942 so we had very little choice. FDR called it "a day which will live in infomy." With General Dwight D. Eisenhower in command of the allied Forces, we were able to launch a surprise on D-Day, which was so named because of Eisenhower's initials. Swiftly winning the war, Americans entered the 50s. The 50s were an era of Rock n Roll. Elvis Pressly, a famous rock star, became popular among teenage girls. There was great p...

Thursday, November 21, 2019

There Are No Children Here Assignment Example | Topics and Well Written Essays - 1000 words

There Are No Children Here - Assignment Example trating great unwillingness to leave the place at the high point in the city significantly related to my personal life and also affected me personally. Pharaoh is a young boy of only nine at that time when he goes with his brother and other boys to that high point in the city from where they could watch the downtown skyline. The children go there looking for snakes, but Pharaoh gets distracted by nature as they are about to leave when the night begins to fall. This small moment in Pharaoh’s life moved me on a personal level and made me feel nostalgic of my own childhood. When I was about nine or ten myself, I suffered the loss of my grandfather with whom I was really close emotionally and psychologically. He was the most influential figure in my life because he was there for me always when my parents due to their hectic working schedules could not make it. When I lost him to a case of heart disease, I became very gloomy and used to feel tired all the time. However, one day my parents took me for hiking at a hilly area which is known for boasting some very natural and beautiful views. I remember how being at that place made me feel exactly like Pharaoh felt in that scene from the story. That moment breaks my heart and reminisces of my own past when the little boy cannot bring himself to leave the place because he is so engrossed in the view of diving sparrows returning to their nests and the smell of wildflowers that the harsh realities of real life totally release him from their shackles for a while. Adolescents have raw minds which explains why they are so impressionable. They are highly receptive to what their surroundings have to offer which can be good or bad. For Pharaoh, the environment of the bad neighborhood in which destiny forced him to live offered him bad memories to escape which he longed to stay forever at the place which offered overwhelmingly beautiful views of birds and nature. Similarly, the death of my grandfather m ade me hung up on the time I

Wednesday, November 20, 2019

Multiattribute Theory of Wal-Mart Essay Example | Topics and Well Written Essays - 750 words

Multiattribute Theory of Wal-Mart - Essay Example The relative personal importance of each attribute was considered on a scale of 1-10 and indicated. Similarly, each belief about the establishments was scored on a scale of 1-10. Finally, the Multiattribute index for each firm was computed using the Fishbein model’s formula. The purpose of this study was to determine whether scored attributes and beliefs of establishments correlate to the purchasing behavior of the consumer (Deb & KÃ ¶ksalan, 2010). The study revealed that the scored attributes and beliefs do not correlate to the purchasing behavior of the consumer. Kmart was found to have the highest index of 298 followed by Wal-Mart with a score of 271. The establishment with lowest score was Sears with 187. So, there was a perceived difference in the overall score of attributes. This means that the beliefs concerning various attributes vary from one establishment to another. In terms of the price, which is rated as highly important, of the various establishments, K-Mart is believed to have fair prices, followed by both Wal-Mart and Sears, which have equal ratings. The belief that a certain store charges lower or higher prices as compared to other stores influences the purchasing behavior of the buyers (KÃ ¶ksalan & Sagala, 1995). Convenience, quality, guarantee of satisfaction and job security were also rated highly in terms of importance, with each having a score of at least 7. However, their scores of believes vary from one establishment to another. Wal-Mart has the highest score in terms of quality followed by K-Mart, while Sears has the lowest score of 3. Both Wal-Mart and K-Mart are rated equally in terms of convenience and satisfaction guarantees. Variety, wages, good neighbor, and environment protective are all rated with scores of not more than 5, in terms of importance. Even in terms of believes, they still rated below 5. This means that these attributes may not matter so much to a buyer when making a purchase. This attributes are clearly known

Sunday, November 17, 2019

Dualism by Plato and Descartes Assignment Example | Topics and Well Written Essays - 1000 words

Dualism by Plato and Descartes - Assignment Example Whereas for Descartes, so has to be integrated with the body for it to function while Plato thought that the soul ought to be separated from the body so that it can think better. For Plato, the soul has already a â€Å"pure and perfect† knowledge even before the birth of the body and it is at its thinking best when it is in this condition without the distraction of everyday life. While Descartes thought the soul is necessary to animate the body, Plato thought that the soul is in its â€Å"ideal† condition when it is separated from the body upon death.Considering this viewpoint of Plato that the soul has already a perfect knowledge even before it was born to a body, provides human experience with moral value because the soul already has this moral predisposition even before it was born into a body. Cartesian dualism provides us the confidence that this moral predisposition has its use when the soul animates the body because it provides human endeavor a sense of rectitude .

Friday, November 15, 2019

Identifying Macromolecules by Means of Colour Change

Identifying Macromolecules by Means of Colour Change By Marike Coetzee B Dietetics II 1. Introduction 1.1 Aim The purpose of this lab was to observe the colour changes (due to chemical reactions) indicators had on different macromolecules in food;1 such as starch, proteins and lipids; and then to identify the macromolecules found in an Unknown solution. These known solutions contained different types of macromolecules which each reacted with at least one indicator solution in a unique way, which allowed us to identify the macromolecule based upon the presence or absence of a colour change. Water was also used as a control solution, as it showed a negative reaction with the indicator solutions.2 This experiment produced results which provided a clear understanding of the colour change that occurred when each known solution reacted with each indicator solution. When the colour changes associated with the Unknown solution were compared with those of the known solutions, it is possible to deduce which macromolecules are present in the Unknown solution 1.2 General background The four types of macromolecules (organic compounds) found in all living organisms and substances are lipids, carbohydrates, proteins, and nucleic acids. Foods and nutrients, which consist of plants, animals or derivatives thereof; are a combination of these macromolecules.3 It is important to determine which macromolecules are found in food as macromolecules play an important role in nutrition. The basis of this experiment is that the four types of macromolecules consist of different atoms and atom arrangements. Protein for example contains an NH group while carbohydrates contain a CHO group. This difference will cause the molecules to react differently with substances and enabling us to determine the compositions of different samples.4 ProteinCarbohydrate 1.3 Focussed background Negative and positive results for each indicator:1 *The intensity of the colours is an indication of the amount of the respective macromolecules found in the samples. Water, protein, starch, lipid, vitamin C and an unknown sample were each treated with the different indicators solutions (iodine, Sudan III and Biuret copper sulphate) to determine how that sample solution (and that type of macromolecule) would react with each specific indicator. The identity of the unknown solution can then be determined by comparing the reactions of the unknown solution with the reactions of the five known solutions. 2. Method and Materials 2.1 Materials/ Reagents Apparatus used: White paper 10ml test tubes Pipette Reagents: WaterAscorbic AcidIodine solution ProteinGlucoseSudan III LipidUnknownBiuret copper solution 2.2 Procedure: Set up three sets of seven clear, clean, 10ml test tubes and mark each set with the following: water, protein, starch, lipid, vitamin C and an unknown sample. Place 5 ml of each solution into each tube. Add one drop iodine to the first set of seven tubes, Sudan III to the second set and Biuret copper sulphate to the last set of tubes. Place a white paper behind the tubes so any colour change can be easily observed Record the colour changes in the table below. 3. Results 4. Discussion Interpretation of results To create a control group, the different indicator solutions was added to water and used as a colour standard for a negative result. Any colour variation from the control group means a positive result. The indicator solution that could best be used to show the presence of different starch molecules was Iodine as it turned from yellow to a dark/ purple black in the presence of starch. Sudan III is the best indicator of lipids, since this solution turned orange, which is different than the controls red colour, and also only reacts with lipids and none of the other macromolecules. To test for protein; a biuret copper sulphate solution was used, since protein reacted with the biuret copper sulphate to form a dark purple solution. This is considered a change since this solution (purple) is a different colour than the control solution (light blue). Vitamin C has two indicator solutions that can be used to determine its identity: iodine and biuret copper sulphate. The iodine indicator reacted with the vitamin C to produce a colourless solution, which can be contrasted with the yellow control, while the biuret and copper sulphate produced a yellow solution that differed from the light blue control. Broader implication of results The Iodine solution turned yellow to colourless in the presence of simple carbohydrates (starch and Vitamin C) but it turned dark purple/black when it was added to the Unknown solution. From the focussed background information, it can be deduced that the Unknown sample contained a complex carbohydrate. The Sudan III tested positive (changed from light red to orange) when added to a lipid but no colour change occurred when the indicator was added to the unknown. Therefore the unknown sample does not contain any lipids Although the Biuret and Copper solution reacted differently for each of the protein, lipid and vitamin C; the solution stayed light blue when added to the starch and unknown. This proves again that the Unknown is a carbohydrate. Conclution Due to the colour changes observed when the Unknown sample was treated with the different indicators, it can be deduced that the Unknown sample contained a complex carbohydrate, and none lipids or proteins. The unknown solution, labelled Unknown, reacted with the iodine indicator to form a purple black solution. The only known solution which reacted with iodine to form a black solution was starch. Although these colours don’t match up perfectly, they are the closest match. The difference in colour between the starch solution and the Unknown solution could be explained by a difference in concentration between the two solutions or by the difference in degree of complexity of the different starches. A factor that could have influence the difference in concentration is if the solutions weren’t both well shaken, since starch can settle out of solution. 5. References Yourscienceteacher.net [Internet]. Identifying macromolecules and Nutrients Lab background. Your Science teacher. [updated 2010; cited 2014-10-09]. Available from: http://www.cpet.ufl.edu/wp-content/uploads/2013/03/Identifying-Macromolecules-Lab.pdf Inky, EFA [Internet]. Identification of Macromolecules. Study Mode. [updated 2011-10-23; cited 2014-10-09]. Available from: http://www.studymode.com/essays/Identification-Of-Macromolecules-Lab-Report-810104.html nesscityschools.org [Internet]. Identifying macromolecules. Nesscity Schools [updated 2013; cited 2014-10-09]. Available from: http://www.nesscityschools.org/vimages/shared/vnews/stories/53f3996a455d1/Macromolecules%20Lab.pdf Smith JK [Internet]. Identifying macromolecules and proteins. Osborne Highschool [updated 2013; cited 2014-10-09]. Available from: http://osbornehighschool.typepad.com/files/biochemistry-lab-identifying-macromolecules2013s-with-post-lab-questions.doc

Tuesday, November 12, 2019

Effect of the Internet on Society Essay

The world in which we live is vastly different than that of even those who lived in the generation that came before us, especially in the arena of computer technology. Few would debate that the most revolutionary innovation of the last several decades, along with the home computer is the Internet. It is through the Internet that the average person can access the largest libraries and art galleries of the world, instantly review the news and weather up to the minute, and communicate with others-all without leaving the classroom, home or office. In fact, Internet technology has also made it possible for online access from the local coffee shop or fast food restaurant. Like other advances that came before it, however, the Internet brings up questions as to whether the Internet helps or harms society, what the implications are for an Internet society, and other key considerations. This research will analyze and discuss these various issues in an effort to better understand where the Internet began, where it will go in the future, and what it means to the modern society itself. The Birth of the Internet Before the Internet can fairly be examined and discussed, it is important to take just a slight step back in time and look at the origins of the Internet. Many people falsely believe that the Internet was the creation of marketing gurus who sought a better way to sell products and advertise to the masses in an instant, or the brainchild of a certain former vice president of the United States, but in reality, nothing could be farther from the truth. What many do not realize is that the Internet was, in the beginning, a top secret American governmental creation to allow for the effective sharing of information between the many government authorities. The first version of what we today know as the internet was launched in 1969 by the Advanced Research Projects Administration, ARPA (Vangelisti). Eventually, to make a long story short, the Internet was introduced to the general public, and soon gained massive popularity that in the 21st century has included use by people virtually from age 1 to 100. Just as quickly, the debate of the utility and best use of this awesome technology arose. Use and Usefulness of the Internet On a typical day in the United States alone, over 55 million people of all ages and demographic backgrounds access the Internet for purposes ranging from business to entertainment to academia and beyond (DiMaggio, et al). Any media form with this type of influence and allure for the general population will undoubtedly have its share of supporters and critics, legitimate users and abusers. With this consideration, it is worthwhile to discuss exactly why people use the Internet and if the Internet itself, in the end result, is really as useful as the hype surrounding it seems to indicate. A common denominator for the ultimate utility of almost any technology or product is of course money- if something cannot create monetary value, in the eyes of many, it is essentially useless. This traditional view was quickly realized by those who pioneered Internet usage in the general public in the 1980s. Before that time, anyone who wished to engage in the selling of any commodity, from shares of stock to cardigan sweaters needed to physically set up a physical place of business for customers to visit for the transaction of business, keep regular business hours and so forth, spending many thousands of dollars in the process and of course being limited to doing business in a realistic geographic area. Thanks to the Internet, however, a great deal of business can in fact be done from anywhere, as long as both parties in the transaction have computers and Internet access (Monthly Labor Review). Beyond the traditional business arrangement, in recent years, what has come to be known as telecommuting has emerged. Basically, telecommuting allows a worker to complete assigned work tasks away from the traditional office setting by using computer/Internet technology for communication, transference of data, etc. Additional popular uses for the Internet are in education, allowing for school children to access libraries thousands of miles from their classroom, or for homebound individuals to study the curricula of some of the top universities in the world. Certainly, the Internet has demonstrated already that it has a wide range of uses, and with time, more of those uses will emerge. This being understood, however, the issue of the usefulness of the Internet needs to be weighed. In researching the idea of the Internet as either something highly useful or causing more harm than good, it is fair to say, and is in fact supported by evidence, that the Internet can in fact be highly useful in a complex and fast moving world such as the one in which the people of the 21st century live. Even before the Internet was brought forward for the general public to use in more traditional settings, it is not unreasonable to assume that the technology had protected the citizens of the US from a military and governmental standpoint in countless ways that most people would not be aware of for obvious reasons (DiMaggio, et al). In the public arena, Internet technology has made it possible for physicians across the globe to consult on medical cases to save lives; essential news and information has been spread in split seconds, and billions of dollars of revenue has been generated through the use of the earlier discussed e-commerce applications of Internet technology. These uses are hard to dispute or to question the value of; however, there are likewise some areas of question for the usefulness of Internet technology. It was discussed earlier that the Internet has in fact made it possible for many people to work or conduct business away from the traditional sites of that work or business-telecommuting, virtual study for eager young minds and the transmission of vital data at the speed of light. The natural assumption would be that these features would bring pure benefit with no ill effects. However, the reality is that with many other things, those will less than pure intentions have turned the Internet into an open season for criminals. In brief, the Internet has given rise to a new breed of criminal who harnesses the power of computers to steal valuable information from its rightful owners, defraud innocent people, and victimize innocent children (Vangelisti). No innovation is without danger; therefore, the key for society to safely interact with the Internet in the future will be to use common sense and be aware that there are those that would harm them in the online world. The debate of the usefulness or lack thereof, as well as safety or danger of the Internet could take up thousands of pages and never fully be satisfied; what can be looked at in a more defined way, however, are the implications for a society that seems to spend much of its waking hours online. Implications for an Online Society For a generation of adults who changed their everyday lives due to the advent of the Internet, as well as a generation of children who were literally born and raised in the age of online interaction, there are of course implications that have been seen and are worthwhile to discuss. While the implications for the material world as it were has already been covered, the implications from a social and psychological vantage point are just as significant, if not more significant. For children who are sat in front of a computer keyboard as soon as they are able to use their hands to touch the keys, it seems that the first effect that multimedia like the Internet will have on the developing mind of a child is again what some would call a double-edged sword. Obviously, a child who has the ability to hear classical music, view priceless art, and learn as much as possible as their young mind is in its formative years would have a much better chance of maturing into an intelligent adult than the child who spent his or her early years taking in the often obscene content of cable television programs. On the other hand, if a child is enabled to access the Internet without restriction and precaution, they could in fact be exposed to content that is in fact worse than anything that has ever been seen on television. Either way, this is a key consideration for an online society, as there have been countless studies which prove that an early childhood which consists of the viewing of obscene and violent content can spur mental disorders in these people in childhood and moving into adolescence and adulthood. Additionally, even in the cases when the child does not evolve into a criminal or problem individual, there are also social problems which take place when children, or even adults, substitute an artificial media source such as the Internet for the traditional communication methods such as having face to face conversations with other people. Research proves that the activity of interacting with people in person helps children to develop key social skills that are necessary for the proper development of the human personality. Adults also have to continually sharpen their interpersonal skills. Therefore, when the Internet becomes the main outlet for the communication between people of all ages, what is seen is a society of isolated people who lack the necessary social skills to be fully functional members of that society itself. This can lead to increased psychological problems over the long term (The Classroom in Cyberspace). The physical wellbeing of society, especially children, is also affected by the Internet. The wide appeal of the Internet is without question and as a consequence, the children who are growing up with the Internet as a regular part of everyday life are spending a majority of their waking hours using the Internet not only for studies, but also for communicating with other children via e-mail, playing online games, etc. When a child picks up the computer mouse instead of engaging in physical activity such as playing outdoors with a soccer ball, for instance, the affect on developing humans is staggering. Research proves that when human beings choose sedentary activities like endless hours of Internet usage as opposed to engaging in outdoor activities that include physical exercise, the occurrences of obesity skyrocket, which in turn can lead to chronic ailments such as high blood pressure, diabetes and cancer (Wartella & Jennings). It would appear that for all that the Internet has to offer, too much of a good thing is a bad thing. Conclusion As we have seen in this research, the Internet is both a benefit to society when used properly and a threat when abused or used to excess. Looking back through the history of innovation, this same conclusion applies to the introduction of motion pictures, radio and television, yet society has managed to survive, even with those in it that would seek to cause problems and harm others. Therefore, in conclusion, what can fairly be said about the effect of the Internet on society is that the ultimate effect is in the hands of every member of society. The challenge going forward will be for individuals to realize that the Internet can be the best invention of the age- if they will only allow it to be. References â€Å"The Classroom in Cyberspace. † The Mail on Sunday (London, England) 11 Feb. 1996: 30. Dimaggio, Paul, Eszter Hargittai, W. Russell Neuman, and John P. Robinson. â€Å"Social Implications of the Internet. † Annual Review of Sociology (2001): 307. â€Å"Telecommuting or Work Invasion. † Monthly Labor Review 123. 3 (2000): 62. Vangelisti, Anita L. , ed. Handbook of Family Communication. Mahwah, NJ: Lawrence Erlbaum Associates, 2004. Wartella, Ellen A. , and Nancy Jennings. â€Å"Children and Computers: New Technology-Old Concerns. † The Future of Children 10. 2 (2000): 31.

Sunday, November 10, 2019

Alice Walker Outling

Alex Teague Language Arts outline 5-2-07 3rd period Alice Walker Outline I. Alice Walker was not only one of the most superior African American writers over the century, but also an activist in the civil rights movement, growing up in the time period where African Americans were just beginning to experience equality. In addition to her work about race, she wrote about the poor treatment that black women faced, and was often criticized for her portrayal of the black man being the bad guy. The color purple is one of her most profound books, involving racial discrimination and same-sex relationships.A lot of her novels and stories are based on her childhood experiences. II. Difficulties growing up A. She was the youngest of eight kids to parents that were sharecroppers. (source # 2) B. At the age of eight, he brother scarred and blinded her right eye with a bb gun, in a game of cowboys and Indians. C. She was constantly teased by classmates and no one in her family understood her, so sh e became shy and reclusive. (source #2) D. She was a southern black girl, growing up in a rural community, during a time when blacks had no rights. source # 3) E. Walker’s state of mind identified in the following quote, shows her perspective on her life thus far; â€Å"Black women are called, in the folklore that so aptly identifies one’s status in society, the ‘mule of the world,’ because we have been handed the burdens that everyone else –everyone else- refused to carry. † (source # 1) F. In the winter of 1965 she wrestled with suicide after deciding to have an abortion, and some of her poems recount the despair and isolation she felt at the time. (source # 1) III. Educational background A. he attended a segregated high school in Eatonton, Georgia, and she had inspiring teachers. ( source # 3) B. She first attended Spelman on a state scholarship. – During these two years she became active in the civil rights movements. (source # 2) C. After Spelman, she transferred to Sarah Lawrence College in New York. – spent her junior year in Africa as an exchange student. (source # 3) D. She has taught African American women studies to college students at Wellesley, the university of Massachusetts at Boston, Yale, Brandeis, and the university of California at Berkeley. source # 2) E. She served as a writer-in-residence for Jackson State College, now called Jackson State University, and Tougaloo College. (source #2) Civil Rights involvement A. She was invited to Martin Luther King’s home in recognition of her attendance at the youth world peace festival in Finland. (source # 2) B. She also registered black voters in Liberty County, Georgia. (source # 2) C. She worked for the New York City department of welfare. (source # 2) D. She married a white civil rights attorney. (source # 2) E.In Jackson, Mississippi she was a black history consultant for a Head Start Program. (source # 4) F. She is also an advocate fo r women’s rights. – she performed protest against the oppressive rituals of female circumcision in Africa and the Middle East. (source # 2) G. she participated in various demonstrations started but other civil rights activist. (source # 3) IV. Greatest Accomplishments A. ‘The Color Purple’ was published in 1982, and made into a motion picture in 1994. B. ‘You Can’t keep A Good Woman Down’ was published in march 1981. C. The Temple Of My Familiar’ was published in 1989. D. ‘ We Are The Ones We Have Been Waiting For’ in 2006. E. ‘Possessing the Secret of Joy’ was published in 1992. F. ‘Now Is The Time to Open Your Hearts’ was published in 2004. G. ‘Meridian’ was published in 1976. ^ fiction novels/books (source # 3) H. ‘The Same River Twice: Honoring The Difficult’ was published in 1996. I. ‘The Way Forward Is With a Broken Heart’ was published in 2000. J . ‘In Search of Our Mothers' Gardens: Womanist Prose’ was published in 1983. ^ nonfiction (source # 3) K. ‘Once: Poems’ was published in 1968. L. Revolutionary Petunias and Other Poems’ was published in 1973. M. ‘Goodnight, Willie Lee, I'll See You in the Morning’ was published in 1979. N. ‘Horses Make a Landscape Look More Beautiful’ was published in 1984. O. ‘Her Blue Body Everything We Know: Earthling Poems’ was published in 1991. P. ‘Absolute Trust in the Goodness of the Earth: New Poems’ was published in 2003. ^ poetry (source # 3) V. The Male Character A. She is often criticized for her portrayal of the black man being a violent and abusive figure, because this appearance was how black men were viewed by society, coming from a black women was critical. source # 1) B. After writing the color purple she was considered a black feminist because of how she showed the black male character of society . Some say that when she received the Pulitzer prize and the American Book award for â€Å"the color purple†, ‘that the award only proved that black women writers were being awarded for bashing black men. ’ (source # 4) C. She often demonstrates the struggle and constant down fall of Black women in society during the 1950-1990’s , through her novels and poems.And she makes a spiritual connection with God and her characters in almost all the books. (source # 3) D. Some of her stories such as, The Third Life of Grange Copeland, create controversy because of her recurring theme of the suffering of black women at the hands of men. (source # 3) E. Walker explains that the depiction of these stories is not to bash black males, its to show the strength of black females and how much expected failure they have overcome. (source # 5) VI. Influences and inspirations A.In her poem, Once (1968), she writes about her experiences in the civil rights movement and her visi t to Africa, including love and suicide. – after visiting Africa in 1964 , she struggled with an unwanted pregnancy. Upon deciding to have an abortion she battled with the thought of suicide, but she soon reclaimed her life. (source # 2) B. After the accident at age eight, Alice’s eyes were opened up to the true meaning of life and she noticed relationships and how to be patient, she expresses her learning about life through these stories. source # 1) C. Walker mentions that growing up a southern black girl, in a poor rural community, she possessed the benefit of double vision; her quote†¦. – â€Å"Not only is the [black southern writer] in a position to see his own world, and its close community†¦but he is capable of knowing, with remarkably silent accuracy, the people who make up the larger world that surrounds and suppresses his own. † (source # 3) D.A major theme of Alice Walker is the preservation of black culture, and her woman characters are important aspects in demonstrating hard-earned success. (source # 3) E. Alice recounted in, Our Mothers' Gardens, that she was inspired by Martin Luther King Jr. ‘s message that being a southern black meant â€Å"I †¦ had claim to the land of my birth. † (source # 3) F. She was also influenced by black writer Zora Neale Hurston, who'd wrote lively folk accounts of the thriving small, southern black community she grew up in. source # 3) VII. Alice Walker continues to write today and her legacy will live on for generations to come, as possibly the most inspirational black writer of our time. Alice’s books have two effects on people, either inspiring or a waste of time. But despite their opinion, her novels provide insight that most people would never learn in a lifetime. She even appreciates the constructive criticism from her readers, because it makes her a better writer.

Friday, November 8, 2019

White Oleander - Literary Devices essays

White Oleander - Literary Devices essays Love, hate, truth, deception, manipulation, self discovery and murder. Janet Fitch covered all of this and more. White Oleander is an epic tale about a young girl, Astrid, who was ripped away from her mother, Ingrid, at a very young age and forced onto the path of self discovery all by herself. White Oleander has made it into Oprahs Book Club and has had a major motion picture created based on the novel. White Oleander received and rightfully deserves a high literary status solely based on Astrids characterization character development and the ingenious incorporation and selection of impacting characters throughout the novel that ultimately shape who Astrid becomes. The two main characters in the story are the protagonist heroin, Astrid, and the antagonist, her mother Ingrid. Astrid is more so the main character, although Ingrid remains crucial until the very last page. Its clear to anyone who reads this novel that Fitch put an obvious emphasis on these two characters and their developments throughout the story, and left the other characters that come into play somewhat less significant and vague at times. Fitch created Astrids character exceptionally well, as she was like a story herself, with a beginning, development and an end, while Ingrid was more so the same character throughout, with occasional minor developments. In the first 3 chapters of the novel, were introduced to Astrid, as a young, naive and somewhat distant little girl that idolizes her mother, Ingrid. Ingrid is a crazy, yet passionate poet that lives her life from day to day without a worry in the world, or a real thought to her daughter. Fitch created Ingrid to be a woman with icy blues eyes that could have any man she wanted, who abused her beauty incessantly by using men in the night. Ingrids golden rule had always been; never let a man spend the night. At this point, Astrid has no life, except f...

Wednesday, November 6, 2019

Hope and Colorado Technical University Essay Example

Hope and Colorado Technical University Essay Example Hope and Colorado Technical University Essay Hope and Colorado Technical University Essay Using the list of reasons you created in step 2 and the questions below as suggestions, write a letter to your future self that includes your plan for success at Colorado Technical University. We will get your letter back to you at the end of your first session. Suggested questions: What do I hope to accomplish by the end of this first session? Make my hopes a reality? How am feeling at this moment? How will I Dear future self, today begins a new chapter in your life. Its been a long time owing and now is the time for you to pick up where you left off and hit the ground running. Success is my plan, because failure is not an option. Success is walking from failure to failure with no loss of enthusiasm. Winston Churchill. During this first session and all future sessions plan to be successful. Success to me is being the best person can be, being a leader and becoming one wont be easy. But to succeed you have to lead and that I know I can do. I will make sure the all assignments are completed on time ND as accurate as possible. I will be shooting for all Ass this first session and ensure myself that this is all a possibility for me. Through positive thinking, a good personality and a great attitude, I hope to accomplish these goals. I will ask for help when need it and wont be afraid to mess up or get the answer wrong. Albert Einstein said, Life is like a bicycle. To keep your balance you must keep moving. will manage my time to fit my new schedule, adding school to work and my work from home online business.

Sunday, November 3, 2019

Anatomy Essay Example | Topics and Well Written Essays - 1000 words

Anatomy - Essay Example D is the correct answer because acetylcholine is just involved in minor signal transmission, in the nervous system. B is not correct answer because Serotonin is well known, and it is involved in the regulation of anxiety and feelings of depression. B is the correct answer because the primary motor area of the brain is the one responsible for the voluntary, fine motor movements. C is wrong because primary sensory area is responsible for detecting signals that are sent to the brain. D is the correct answer (he was frustrated). This is because alpha waves are detected when the brain is experiencing quietly flowing thought. C is wrong because when someone when the brain is asleep, it does not experience quietly flowing thoughts. C is the correct answer because delta waves suspend all external awareness and are only detected when the brain is dead asleep. B is not correct answer because when someone is awake or resting with the eyes wide open, then they their brains are subjected to external feelings. Action potential refers to the short lasting event or an impulse that occurs in the neurons when the electrical membrane potential (charge) of the cell rapidly rises then falls. It takes place in the excitable cell like neurons and muscle cells. This action plays a crucial role in the communication between the cells, for instance, it is the first step that occurs to lead to crucial actions like contraction. Neurotransmitters that are released from the synaptic end of the motor neuron binds with the proteins that are released from T tubules. This is because T tubules do not have the voltage-gated Na+ and K+ channels, which are found on the plasma membrane. Therefore they carry action potential through their interior muscles cells through voltage-gated Na+ and K+ channel. Voltage-gated ion channels, on the cell’s plasma

Friday, November 1, 2019

Reactivity of M-C bonds and catalytiv formation of heterocycles Essay

Reactivity of M-C bonds and catalytiv formation of heterocycles - Essay Example The second key element is the CH activation process and this process usually helps in electrophilic metal and acetate activation. The activation is achieved through combination of deprotonation as well as acetate which is an intramolecular base. Currently, close to 95% of all phenyl group activation relies on CH activation (Anastas & Warner, 1998). Current studies have showed the ease of activation of different types of CH bonds and some of these bonds are NH or NR types. This type of bond falls in type 1 of the heterocycles ligands and the second type is the vinyl group. This group is characterized by the formation of rings such as M ring which at times is an equivalent of p-cymene. The vinyl group which is type 2 of the heterocycles in ligands is able to react with alkynes after the process of CH activation. The ease of insertion of the various M-C bonds which comprises of the heterocycle, phenyl, and vinyl with alkynes are not yet known. This is because very limited research has b een done on this area. The activation of these M-C bonds with the alkynes is expected to give type 3 of the heterocycles in ligands (Chen et al., 2009). Some of the end products of catalysis with heterocycles produce effects during the activation process and update such kind of effects have never been researched. Therefore, the effects that they are capable of producing are not well known. Basically, this project will tend to unveil the synthesis of complexes in group 2 like D, 1,2-Diphenylethane-1,2-diol (II) and their various reactions with the alkynes to form either group 3 or group 4 heterocycles ligands (Sanford & Lyons, 2010). The obtained experimental results will therefore, be compared to the various results that are obtained through computational chemistry. These computational chemistry results will be the ones that were obtained by the various collaborators who were present at the University of Heriott Watt. PREPARATION OF FUNCTIONALIZED HETEROCYCLES STARTING MATERIALS AND PRODUCTS The starting materials are 1-chloro-isoquinoline together with benzotriazole. The two are combined through nucleophilic substitution method. The combination of these two gives ligand 1. The use of deprotonation can also be used in the preparation of these functionalized heterocycles such as NH or NR. The deprotonation is carried out on imidazolium chloride salt together with a strong base as the solvent. The reaction time is at an interval of 10 to 15 minutes before the next step is undertaken. Reaction pass this time at times yield wrong results and therefore, keen observations of this reaction time is recommended for purposes of accurate results. The preferred chemical apparatus is Schlenk flask together with stir bar. Stir bar is used to prevent heat loss during the homogeneous mixing of the reactants. After the formation of ligand 1 the cyclometallated complexes 2 which is ligand 2 is formed from the reaction of 2-vinylpyridine and trithiazyl trichloride (Ng, Zhou & Yu , 2012). The ligand 3 is also formed from the reaction of rubeanic acid and double cyclocondesation of oxalamidoxime. These kinds of ligands are useful during the formation of multinuclear and mononuclear metal complexes. The other products formed are Diisopropoxytitanium (III) Tetrahydroborate, 1(2 mmol) and lithium bis (2,4,6-triisopropylphenyl)hydroboratylmethylpolystyrene (9) A reaction between tetrahydroborate 1 of heterocycles 1 equivalent took place with a-hydroxyketones also of 1 equivalent for a time ranging between 5 to 15 minutes. The

Wednesday, October 30, 2019

The Cold War Assignment Example | Topics and Well Written Essays - 250 words

The Cold War - Assignment Example 2010) That said there was plenty of room for disagreements and competition to erupt between the two; There are three are reasons that generally gave the United States little choice but to become a part of the Cold War. The first was the issues of free elections that Poland should have been able to participate. But due to under the table deal making by Stalin with Hitler during World War II the Soviet Union would not allow Poland their free elections. For this reason President Truman made it clear that as our allies we were required to aid and support them; the same was true of our Mediterranean allies.(Henretta et al. 2010) This pushed us into involvement. Next, was the arms competition. The aforementioned arms race left America little choice but to participate in the Cold War, or else face the Soviet Union becoming more powerful and far more dangerous. Lastly, the United States being entering into the Cold War had a great deal to do with ideology and philosophical belief systems. Th e Cold War represented the war between Democracy and Communism. Defeating the Soviet Union was the same as gaining the upper hand over Communism. Ultimately, the United States and the Soviet Union did not destroy each other, or the rest of the world, obviously. However, some scholars today will tell you that the Cold War did not end in the 1960s, as often stated; it did not until the Soviet Union officially fell decades

Monday, October 28, 2019

The structure of the business Essay Example for Free

The structure of the business Essay As you can see from the organisational chart above, Venetian Ices LTD is a respectful size. As from the diagram above it is obvious that there is a large span of control and a reasonable chain of command, this means that communication is very accurate as there is less levels for messages to pass through before the message finally reaches the desired person. Managers are also at an advantage as they are less remote from the lower level of hierarchy, these managers as a result are more in touch with subordinates as there are less managers. Also as there is a small chain of command and a large span of control, managers have more responsibilities, this may at first seem as a disadvantage but after consideration, it is obvious that under the circumstances more delegation will occur meaning subordinates will have more to do. As a result of this employees will come more motivated as there is more of a responsibility handed to them. However a foremost disadvantage is that as managers have a wider range of control, then they may lose control of what their many subordinates are doing. In most businesses there are 4 main functions- Marketing, Production, Finance and Personnel. The production function which I am concerned with throughout this course work, is in charge of ordering the raw materials in which the business produces its product, this is vital as with-out the raw materials then the business would not be able to process the product or in other words, without the raw material Venetian Ices LTD would not be able to produce their ice cream and therefore will be unable to make a profit. The department is also in charge of designing the product along side the marketing section, the two sections try to work together to provide the best product available. This section of production also works together with the finance department in case of damaged machinery of any new material the business has to purchase, if there are any problems then the production manager would provide listings of new investments needed. The production department also have to work within laws of production, in order to make sure that when they produce their product they are abiding different laws which surround the business. This is an aspect of my course work which I have to research into, as I have to reveal to the Venetian Ices LTD directors which laws they have to abide by to produce ice cream. There are three main methods of production, job production, batch production and flow production. Job production is where products are made specifically to order, for example a tailor would make a new suit to match the consumer needs. In this method each order is different, and may or may not be repeated in the same way. Other examples specialist machinery manufacturers who would manufacture a machine for another business to meet particular specification. In this method the costumer is allowed to choose the exact requirements they wish to acquire, which is a distinct advantage. Also workers will proceed to become more motivated, as they get more job satisfaction because employees are not repeating there job over and over again, but instead are doing new requirements every time a new order occurs. However skilled labour is often needed, as employees have to be able to meet incalculable costumer requirements. This is not a method used by Venetian Ices LTD as they make many ice cream products for different supermarkets. One product for each market would not recoup enough profit nor meet supply and demand. Another production method is batch production, this is where similar products are made in blocks or batches. A certain number of another product is made, then another product is made and so on. Examples include when a baker makes one type of bread and then when that order is completed another design of bread is commences. Another example is that when a house design is made acceptable in a certain development area, that design is used several times and after that design is refined with, a new batch of houses is designed. This design is particularly useful as design transformations are easy to complete and progress. Furthermore motivation towards employees is also taken into account as they are not constantly completing the same procedure, but however there is more a variety in job production. For small businesses, this method would bring them to a disadvantage as raw material stock would need to be stored and warehouse space can often consume profits. This method may be used by Venetian Ices LTD in order to see if a new flavour or design fits in well with costumer needs and wants. By only producing a few amounts of their new products they will be able to test their product on the market without risking high values of cash. The last production method is the most continuous, the method is called Flow production. This method is often referred as mass production due to the heavy quantity of products being produced. The basic ingredients of the product are put together at separate levels as the pass different sectors of a production line. I.e. as each component moves along the production belt, another piece is added to the overall product. Large product quantities are made within this method and as a result of purchasing economies the business may buy materials below the average price of that certain material. By taking advantage of purchasing economies, the business can buy in bulk fore a much lower price, by buying each unit at a cheaper price it gives the business a greater benefit against smaller companies who may not buy in the same bulk amounts, as a result it enables the business to sell its product at a much less price, making their product more favourable in the eyes of the public. However research suggest that workers are hard to motivate under these circumstances, for the work is often boring and then same day in and day out. Another essential disadvantage is that high amounts of capital is needed to set up flow production machinery, which may discourage the directors of a business to venture in to this production method. The production function has to also choose the location of manufacturing for it is vital that the right selection of location is chosen. Shown below is a diagram of factors affecting the choice of location: Probably one of the most complicated sections is the finance department that is managed by John Hardy. This function has to be in charge of controlling financial transactions within all the business. It controls the transaction by budgeting and analysing a series of accounts, the analysation occurs is through many different accounts such as cash flow forecast, profit and loss accounts etc This function is important in the sale of a new product as without tracing the sales of a new product then there would be no record of increases or decreases, resulting in a risk of a business losing profit. Probably an extremely important aspect of this function is through the finance department making budgets in which the company has to cope with. It is vital that the company deals within a budget as without a budget, the company may over spend and come drowned in dept. This may leave the future of the company in doubt. The final section is the personnel department, this department deals with the employees, meaning it controls interviews with new employees, selecting staff for promotion, discipline within the company and who will receive bonuses for working well. As well as these responsibilities the function has the more important job of making sure the company workers are well motivated. They do this in many ways, a few of which are giving job perks company car, holidays, special bonuses and personnel problems in which the employees have to deal with. If however a vacancy occurs within a business, then it is the personnel departments responsibility to attract and recruit the most suitable and most qualified staff. If the recruitment process is not completed to the highest degree, then the company could be face with members of staff who are in capable of doing the job that they were employed to do. Also the personnel department is faced with the difficult job of the dismissal and redundancy making of staff. The reason why some members of staff may be faced with dismissal maybe because the company feel that that certain member of staff is not performing to the complete standards that they wished that member would work at. Or a member may be of a certain old age, where the company feel that that staff member is coming to an end of their career. Management responsibilities in different departments Human resources department *Forecasting staff needs for the business * Preparing job descriptions and job specifications * Planning staff training courses * Interviewing and selecting staff * Keeping staff records * Disciplining staff * Recruiting staff * Preparing job descriptions and job specifications * Planning staff training courses * Interviewing and selecting staff * Keeping staff records *Disciplining staff Marketing department * Market research * Planning new products * Keeping and extracting sales records * Deciding upon the best marketing mix strategy Finance department * Recording all financial transactions * Collecting and presenting financial data * Analysing the profitability of new investment projects * Keeping cashflow control * Preparing budgets for the business Production department * Ordering stock and materials * Developing and designing new products * Locating buildings in the most cost effective areas * Designing on production methods * Controlling production to ensure high levels of efficiency * Maintaining machinery * Making sure quality of products is of standard

Saturday, October 26, 2019

Toni Morrisons Sula - The Character of Eva Peace in Sula :: Sula Essays

The Character of Eva Peace in Sula       In the novel Sula, there were other important characters besides Sula.   The character in this book I would like to focus on most is Eva Peace.   Eva is a woman who has a disability but remains strong, and this will be the focus of this paper since it wasn’t focused on so much in the book.  Ã‚   Eva is an amputee.   There are many different theories about how she lost her leg.   Many say she may have cut it off in order to receive insurance money so she could feed her children.   Other tales told claim that Eva had sold her leg for $10,000.00 or that she had stuck it under a train.   Some people in the town said that there was a corn on her toe and it just grew and grew, traveling up her entire leg until the doctors finally had to cut it off.   Others told stories about how her leg had just got up one day and walked off.   Nobody quite knew how Eva had lost her leg and not many people in the town remembered her with it, but everyone knew that Eva Peace was a very strong woman who knew what she needed to do in order to survive.   Her survival consisted of taking care of her children, making sure they had enough to eat.     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eva was the single mother of three kids.   She was the matriarchal figure in her household, which did not only consist of her children, Pear, Plum, and Hannah and Hannah’s daughter Sula, but also many others who boarded in her house.   There were three young boys, all named Dewey by Eva, who had arrived to the house at the same time.   Eva knew that if she named them all the same name it would make them feel as though they were equally loved and cared about.   Such name-calling created a positive camaraderie between them.   Also in the boarding house resided a drunk, Tar Baby, and various newlyweds.   Eva kept the whole house under control.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Although the logistical theory of how she lost her leg was to feed her family, it did not stop there.   Eva did everything she could do to protect her children.   She used her stump, in one incidence, to maneuver herself in such a way that she was able to jump out of the window and save Hannah, who was literally on fire.

Thursday, October 24, 2019

Currency Risk Management Essay

Currency or Exchange rate risk management is an integral part in every firm’s decisions about foreign currency exposure. Currency risk hedging strategies entail eliminating or reducing this risk, and require understanding of both the ways that the exchange rate risk could affect the operations of economic agents and techniques to deal with the consequent risk implications. Selecting the appropriate hedging strategy is often a daunting task due to the complexities involved in measuring accurately current risk exposure and deciding on the appropriate degree of risk exposure that ought to be covered. The need for currency risk management started to arise after the break down of the Bretton Woods system and the end of the U.S. dollar peg to gold in 1973. The issue of currency risk management for non-financial firms is independent from their core Business and is usually dealt by their corporate treasuries. Most multinational firms have also risk committees to oversee the treasury’s strategy in managing the exchange rate (and interest Rate) risk. This shows the importance that firms put on risk management issues and techniques. Conversely, international investors usually, but not always, manage their exchange rate risk independently from the underlying assets and/or liabilities. Since their currency exposure is related to translation risks on assets and liabilities denominated in foreign currencies, they tend to consider currencies as a separate asset class requiring a Currency overlay mandate. It can be argued that prudent management of multinational firms requires currency risk hedging for their foreign transaction, translation and economic operations to avoid potentially adverse currency effects on their profitability and market valuation. DEFINITION AND TYPES OF CURRENCY RISK A common definition of currency risk relates to the effect of unexpected exchange rate changes on the value of the firm. In particular, it is defined as the possible direct loss (as a result of an unhedged exposure) or indirect loss in the firm’s cash flows, assets and liabilities, net profit and, in turn, its stock market value from an exchange rate move. To manage the exchange rate risk inherent in multinational firms’ operations, a firm needs to determine the specific type of current risk exposure, the hedging strategy and the available instruments to deal with these currency risks. Multinational firms are participants in currency markets by virtue of their international operations. To measure the impact of exchange rate movements on a firm that is engaged in foreign-currency denominated transactions, i.e., the implied value-at-risk (VAR) from exchange rate moves, we need to identify the type of risks that the firm is exposed to and the amount of risk encountered. The four main types of currency / exchange rate risk that exist: 1. Translation risk: A firm’s translation exposure is the extent to which its financial reporting is affected by exchange rate movements. As all firms generally must prepare consolidated financial statements for reporting purposes, the consolidation process for multinationals entails translating foreign assets and liabilities or the financial statements of foreign subsidiaries from foreign to domestic currency. While translation exposure may not affect a firm’s cash flows, it could have a significant impact on a firm’s reported earnings and therefore its stock price. Translation exposure is distinguished from transaction risk as a result of income and losses from various types of risk having different accounting treatments. Translation gives special consideration to assets and liabilities with regards to foreign exchange risk, whereas exposures to revenues and expenses can often be managed ex ante by managing transactional exposures when cash flows take place; 2. Transaction risk: A firm has transaction exposure whenever it has contractual cash flows (receivables and payables) whose values are subject to unanticipated changes in exchange rates due to a contract being denominated in a foreign currency. To realize the domestic value of its foreign-denominated cash flows, the firm must exchange foreign currency for domestic currency. As firms negotiate contracts with set prices and delivery dates in the face of a volatile foreign exchange market with exchange rates constantly fluctuating, the firms face a risk of changes in the exchange rate between the foreign and domestic currency. Firms generally become exposed as a direct result of activities such as importing and exporting or borrowing and investing. Exchange rates may move by up to 10% within any single year, which can significantly affect a firm’s cash flows, meaning a 10% decline in the value of a receivable or a 10% rise in the value of a payable. Such outcomes could be troubl esome as export profits could be negated entirely or import costs could rise substantially; 3. Economic Risk: A firm has economic exposure (also known as operating exposure) to the degree that its market value is influenced by unexpected exchange rate fluctuations. Such exchange rate adjustments can severely affect the firm’s position with regards to its competitors, the firm’s future cash flows, and ultimately the firm’s value. Economic exposure can affect the present value of future cash flows. Any transaction that exposes the firm to foreign exchange risk also exposes the firm economically, but economic exposure can be caused by other business activities and investments which may not be mere international transactions, such as future cash flows from fixed assets. A shift in exchange rates that influences the demand for a good in some country would also be an economic exposure for a firm that sells that good; and 4. Contingent Risk: A firm has contingent exposure when bidding for foreign projects or negotiating other contracts or foreign direct investments. Such an exposure arises from the potential for a firm to suddenly face a transactional or economic foreign exchange risk, contingent on the outcome of some contract or negotiation. For example, a firm could be waiting for a project bid to be accepted by a foreign business or government that if accepted would result in an immediate receivable. While waiting, the firm faces a contingent exposure from the uncertainty as to whether or not that receivable will happen. If the bid is accepted and a receivable is paid the firm then faces a transaction exposure, so a firm may prefer to manage contingent exposures. MEASUREMENT OF EXCHANGE RATE RISK After defining the types of exchange rate risk that a firm is exposed to, a crucial aspect in a firm’s exchange rate risk management decisions is the measurement of these risks.   Measuring currency risk may prove difficult, at least with regards to translation and economic risk. At present, a widely used method is the value-at-risk (VAR) model. Broadly, value at risk is defined as the maximum loss for a given exposure over a given time horizon with z% confidence. The VAR methodology can be used to measure a variety of types of risk, helping firms in their risk management. However, the VAR does not define what happens to the exposure for the (100 – z) % point of confidence, i.e., the worst case scenario. Since the VAR model does not define the maximum loss with 100 percent confidence, firms often set operational limits, such as nominal amounts or stop loss orders, in addition to VAR limits, to reach the highest possible coverage. VALUE-AT-RISK CALCULATION The VAR measure of exchange rate risk is used by firms to estimate the riskiness of a foreign exchange position resulting from a firm’s activities, including the foreign exchange position of its treasury, over a certain time period under normal conditions. The VAR calculation depends on 3 parameters: †¢ The holding period, i.e., the length of time over which the foreign exchange position is planned to be held. The typical holding period is 1 day. †¢ The confidence level at which the estimate is planned to be made. The usual confidence levels are 99 percent and 95 percent. †¢ The unit of currency to be used for the denomination of the VAR. Assuming a holding period of x days and a confidence level of y%, the VAR measures what will be the maximum loss (i.e., the decrease in the market value of a foreign exchange position) over x days, if the x-days period is not one of the (100-y)% x-days periods that are the worst under normal conditions. Thus, if the foreign exchange position has a 1-day VAR of $10 million at the 99 percent confidence level, the firm should expect that, with a probability of 99 percent, the value of this position will decrease by no more than $10 million during 1 day, provided that usual conditions will prevail over that 1 day. In other words, the firm should expect that the value of its foreign exchange rate position will decrease by no more than $10 million on 99 out of 100 usual trading days or by more than $10 million on 1 out of every 100 usual trading days. To calculate the VAR, there exists a variety of models. Among them, the more widely-used are: (1) the historical simulation, which assumes that currency returns on a firm’s foreign exchange position will have the same distribution as they had in the past; (2) the variance- covariance model, which assumes that currency returns on a firm’s total foreign exchange position are always (jointly) normally distributed and that the change in the value of the foreign exchange position is linearly dependent on all currency returns; and (3) Monte Carlo simulation which assumes that future currency returns will be randomly distributed. The historical simulation is the simplest method of calculation. This involves running the firm’s current foreign exchange position across a set of historical exchange rate changes to yield a distribution of losses in the value of the foreign exchange position, say 1,000, and then computing a percentile (the VAR). Thus, assuming a 99 percent confidence level and a 1-day holding period, the VAR could be computed by sorting in ascending order the 1,000 daily losses and taking the 11th largest loss out of the 1,000 (since the confidence level implies that 1 percent of losses – 10 losses –should exceed the VAR). The main benefit of this method is that it does not assume a normal distribution of currency returns, as it is well documented that these returns are not normal but rather leptokurtic. Its shortcomings, however, are that this calculation requires a large database and is computationally intensive. The variance – covariance model assumes that: (1) the change in the value of a firm’s total foreign exchange position is a linear combination of all the changes in the values of individual foreign exchange positions, so that also the total currency return is linearly dependent on all individual currency returns; and (2) the currency returns are jointly normally distributed. Thus, for a 99 percent confidence level, the VAR can be calculated as: VAR= -Vp (Mp + 2.33 Sp) Where, Vp is the initial value (in currency units) of the foreign exchange position Mp is the mean of the currency return on the firm’s total foreign exchange position, which is a weighted average of individual foreign exchange positions Sp is the standard deviation of the currency return on the firm’s total foreign exchange position, which is the standard deviation of the weighted transformation of the variance-covariance matrix of individual foreign exchange positions While the variance-covariance model allows for a quick calculation, its drawback includes the restrictive assumptions of a normal distribution of currency returns and a linear combination of the total foreign exchange position. Note, however, that the normality assumption could be relaxed. When a non-normal distribution is used instead, the computational cost would be higher due to the additional estimation of the confidence interval for the loss exceeding the VAR. Monte Carlo simulation usually involves principal components analysis of the variance-covariance model, followed by random simulation of the components. While it’s main advantages include its ability to handle any underlying distribution and to more accurately assess the VAR when non-linear currency factors are present in the foreign exchange position (e.g., options), its serious drawback is the computationally intensive process. MANAGEMENT OF CURRENCY RISK After identifying the types of exchange rate risk and measuring the associated risk exposure, a firm needs to decide whether to hedge or not these risks. In international finance, the issue of the appropriate strategy to manage (hedge) the different types of exchange rate risk has yet to be settled. In practice, however, corporate treasurers have used various currency risk management strategies depending, ceteris paribus, on the prevalence of a certain type of risk and the size of the firm. A. Hedging Strategies Indicatively, transaction risk is often hedged tactically (selectively) or strategically to preserve cash flows and earnings, depending on the firm’s treasury view on the future movements of the currencies involved. Tactical hedging is used by most firms to hedge their transaction currency risk relating to short-term receivable and payable transactions, while strategic hedging is used for longer-period transactions. However, some firms decide to use passive hedging, which involves the maintenance of the same hedging structure and execution over regular hedging periods, irrespective of currency expectations—that is, it does not require that a firm takes a currency view. Translation, or balance sheet, risk is hedged very infrequently and non-systematically, often to avoid the impact of possible abrupt currency shocks on net assets. This risk involves mainly long-term foreign exposures, such as the firm’s valuation of subsidiaries, its debt structure and international investments. However, the long-term nature of these items and the fact that currency translation affects the balance sheet rather than the income statement of a firm, make hedging of the translation risk less of a priority for management. For the translation of currency risk of a subsidiary’s value, it is standard practice to hedge the net balance sheet exposures, i.e., the net assets (gross assets less liabilities) of the subsidiary that might be affected by an adverse exchange rate move. Within the framework of hedging the exchange rate risk in a consolidated balance sheet, the issue of hedging a firm’s debt profile is also of paramount importance. The currency and maturity composition of a firm’s debt determines the susceptibility of its net equity and earnings to exchange rate changes. To reduce the impact of exchange rates on the volatility of earnings, the firm may use an optimization model to devise an optimal set of hedging strategies to manage its currency risk. Hedging the remaining currency exposure after the optimization of the debt composition is a difficult task. A firm may use tactical hedging, in addition to optimization, to reduce the residual currency risk. Moreover, if exchange rates do not move in the anticipated direction, translation risk hedging may cause either cash flow or earnings volatility. Therefore, hedging translation risk often involves careful weighing the costs of hedging against the potential cost of not hedging. Economic risk is often hedged as a residual risk. Economic risk is difficult to quantify, as it reflects the potential impact of exchange rate moves on the present value of future cash flows. This may require measuring the potential impact of an exchange rate deviation from the benchmark rate used to forecast a firm’s revenue and cost streams over a given period. In this case, the impact on each flow may be netted out over product lines and across markets, with the net economic risk becoming small for firms that invest in many foreign markets because of offsetting effects. Also, if exchange rate changes follow inflation differentials (through PPP) and a firm has a subsidiary that faces cost inflation above the general inflation rate, the firm could find its competitiveness eroding and its original value deteriorating as a result of exchange rate adjustments that are not in line with PPP. Under these circumstances, the firm could best hedge its economic exposure by creating payables (e.g., financing operations) in the currency that the firm’s subsidiary experiences the higher cost inflation (i.e., in the currency that the firm’s value is vulnerable). Sophisticated corporate treasuries, however, are developing efficient frontiers of hedging strategies as a more integrated approach to hedge currency risk than buying a plain vanilla hedge to cover certain foreign exchange exposure. In effect, an efficient frontier measures the cost of the hedge against the degree of risk hedged. Thus, an efficient frontier determines the most efficient hedging strategy as that which is the cheapest for the most risk hedged. Given a currency view and exposure, hedging optimization models usually compare 100 percent unhedged strategies with 100 percent hedged using vanilla forwards and option strategies in order to find the optimal one. Although this approach to managing risk provides the least-cost hedging structure for a given risk profile, it critically depends on the corporate treasurer’s view of the exchange rate. Note that such optimization can be used for transaction, translation or economic currency risk, provided that the firm has a specific currency view (i.e., a possible exchange rate forecast over a specified time period). B. Hedging Benchmarks and Performance Hedging performance can be measured as a distance to a given benchmark rate. The risk embedded in the hedge is usually expressed as a VAR number that will be consistent with the performance measure. Hedging optimization models, as methods for optimizing hedging strategies for currency-denominated cash flows, help find the most efficient hedge for individual currency exposures, while most of them do not provide a hedging process for multiple currency hedging. Thus, both performance and VAR are measured as effective hedge rates, calculated for each hedging instrument used and the risk in terms of a confidence level. A single optimal hedging strategy is then selected by defining the risk that a firm is willing to take. This strategy is the lowest possible effective hedge rate for an acceptable level of uncertainty. In this way, when the firm’s currency view entails a perception of volatility, options generate a better or similar effective hedge rate at lower uncertainty than the unhedged position. Furthermore, when local currency has a relatively high yield and low volatility, options will almost always generate a better effective hedging rate than forward hedging. As part of the currency risk management policy, firms use a variety of hedging benchmarks to manage their hedging strategies effectively. Such benchmarks could be the hedging level (i.e., a certain percent), the reporting period especially for firms that use forward hedging to limit the volatility of their net equity (e.g., quarterly or 12-month benchmarks) and budget exchange rates, depending on the prevailing accounting rules. Moreover, benchmarks enable the performance of individual hedges to be measured against that of the firm. C. Hedging and Budget Rates Budget exchange rates provide firms with a reference exchange rate level. Setting budget exchange rates is often linked to the firm’s sensitivities and benchmarking priorities. After deciding on the budget rate, the corporate treasury will have to secure an appropriate hedge rate and ensure that there is minimal deviation from that hedge rate. This process will determine the frequency and instruments to be used in hedging. It should be further pointed out that persistent moves relative to the numeracies (functional) currency should be reflected in the budget rates, or strategic positioning and hedging should be considered. Firms have different practices in setting budget exchange rates. Many corporate treasurers of multinational firms prefer to use PPP rates as budget exchange rates, often with the understanding that tactical hedging may be needed over the short-term where the forecasting performance of the PPP model is usually poor.2 However, other multinational firms prefer to set the budget rate in accordance with their sales calendar and, in turn, with their hedging strategy. For example, if a firm has a quarterly sales calendar, it may decide to hedge its next year’s quarterly foreign currency cash flow in such a way that they do not differ by more than a certain percentage from the cash flow in the same quarter of last year. Accordingly, this will necessitate four hedges per year, each of one-year tenor, with hedging being done at the end of the period, using the end-of-period exchange rate as its budget rate. Alternatively, a firm may decide to set its budget exchange rate at the daily average exchange rate over the previous fiscal year. In such case, the firm would need to use one hedge through, perhaps, an average-based instrument like an option or a synthetic forward. This hedging operation will usually be executed on the last day of the previous fiscal year, with starting day the first day of the new fiscal year. Furthermore, a firm may also use passive currency hedging, such as hedging the average value of a foreign currency cash flow over a specified time period, relative to a previous period, through option structures available in the market. This type of hedging strategy is fairly simple and easier to monitor. The relative version of the PPP theory states that bilateral exchange rates would adju st to the relative price differentials of the same good traded in the two countries. Setting budget exchange rates is also crucial for a firm’s pricing strategy, in addition to their importance for defining the benchmark hedging performance and tenor of a hedge (as the latter generally match cash flow hedging requirements). However, the budget exchange rate used to forecast cash flows needs to be close to the spot exchange rate in order to avoid possible major changes in the firm’s pricing strategy or to reconsider its hedging strategy. In this connection, it should be noted that forecasting future exchange rates is a key aspect of a firm’s pricing strategy. Since it has been well-documented that forward rates are poor predictors of future spot rates, structural or time-series exchange rate models need to be employed for such an endeavour. This becomes evident if we compare a firm’s net cash flows estimated by using the forecast rate and the future spot exchange rate. For an investment in a foreign subsidiary, moreover, the budget exchange rate is often the accounting rate, i.e., the exchange rate at the end of the previous fiscal year. D. Best Practices for Exchange Rate Risk Management For their currency risk management decisions, firms with significant exchange rate exposure often need to establish an operational framework of best practices. These practices or principles may include: 1. Identification of the types of exchange rate risk that a firm is exposed to and measurement of the associated risk exposure. As mentioned before, this involves determination of the transaction, translation and economic risks, along with specific reference to the currencies that are related to each type of currency risk. In addition, measuring these currency risks—using various models (e.g. VAR)—is another critical element in identifying hedging positions. 2. Development of an exchange rate risk management strategy. After identifying the types of currency risk and measuring the firm’s risk exposure, a currency strategy needs to be established on how to deal with these risks. In particular, this strategy should specify the firm’s currency hedging objectives—whether and why the firm should fully or partially hedge its currency exposures. Furthermore, a detailed currency hedging approach should be established. It is imperative that a firm details the overall currency risk management strategy on the operational level, including the execution process of currency hedging, the hedging instruments to be used, and the monitoring procedures of currency hedges. 3. Creation of a centralized entity in the firm’s treasury to deal with the practical aspects of the execution of exchange rate hedging. This entity will be responsible for exchange rate forecasting, the hedging approach mechanisms, the accounting procedures regarding currency risk, costs of currency hedging, and the establishment of benchmarks for measuring the performance of currency hedging. (These operations may be undertaken by a specialized team headed by the treasurer or, for large multinational firms, by a chief dealer.) 4. Development of a set of controls to monitor a firm’s exchange rate risk and ensure appropriate position taking. This includes setting position limits for each hedging instrument, position monitoring through mark-to-market valuations of all currency positions on a daily basis (or intraday), and the establishment of currency hedging benchmarks for periodic monitoring of hedging performance (usually monthly). 5. Establishment of a risk oversight committee. This committee would in particular approve limits on position taking, examine the appropriateness of hedging instruments and associated VAR positions, and review the risk management policy on a regular basis. Managing exchange rate risk exposure has gained prominence in the last decade, as a result of the unusual occurrence of a large number of currency crises. From the corporate managers’ perspective, currency risk management is increasingly viewed as a prudent approach to reducing a firm’s vulnerabilities from major exchange rate movements. This attitude has also been reinforced by recent international attention on both accounting and balance sheet risks. HEDGING INSTRUMENTS FOR MANAGING EXCHANGE RATE RISK Within the framework of a currency risk management strategy, the hedging instruments allowed to manage currency risk should be specified. The available hedging instruments are enormous, both in variety and complexity, and have followed the dramatic increase in the specific hedging needs of the modern firm. These instruments include both OTC and exchange-traded products. Among the most common OTC currency hedging instruments are currency forwards and cross-currency swaps. Currency forwards are defined as buying a currency contract for future delivery at a price set today. Two types of forwards contracts are often used: outright forwards (involving the physical delivery of currencies) and non-deliverable forwards (which are settled on a net cash basis). With forwards, the firm is fully hedged. However, the high cost of forward contracts and the risk of the exchange rate moving in the opposite direction are serious disadvantages. The two most commonly used cross-currency swaps are the cross-currency coupon swap and the cross-currency basis swaps. The cross-currency coupon swap is defined as buying a currency swap and at the same time pay fixed and receives floating interest payments. Its advantage is that it allows firms to manage their foreign exchange rate and interest rate risks, as they wish, but it leaves the firm that buys this instrument vulnerable to both currency and interest rate risk. Cross-currency basis swap is defined as buying a currency swap and at the same time pay floating interest in a currency and receive floating in another currency. This instrument, while assuming the same currency risk as the standard currency swap, has the advantage that it allows a firm to capture prevailing interest rate differentials. However, the major disadvantage is that the primary risk for the firm is interest rate risk rather that currency risk. For exchange-traded currency hedging instruments, the main types are currency options and currency futures. The development of various structures of currency options has been very rapid, and is attributed to their flexible nature. The most common type of option structure is the plain vanilla call, which is defined as buying an upside strike in an exchange rate with no obligation to exercise. Its advantages include its simplicity, lower cost than the forward, and the predicted maximum loss—which is the premium. However, its cost is higher than other sophisticated options structures such as call spreads (buy an at-the-money call and sell a low delta call). Currency futures are exchange-traded contracts specifying a standard volume of a particular currency to be exchanged on a specific settlement date. They are similar to forward contracts in that they allow a firm to fix the price to be paid for a given currency at a future point in time. Yet, their characteristics differ from forward rates, both in terms of the available traded currencies and the typical (quarterly) settlement dates. However, the price of currency futures will normally be similar to the forward rates for a given currency and settlement date. Comparing currency forward and currency futures markets, the size of the contract and the delivery date are tailored to individual needs in the forward market (i.e., determined between a firm and a bank), as opposed to currency futures contracts that are standardized and guaranteed by some organized exchange. While there is no separate clearing-house function for forward markets, all clearing operations for futures markets are handled by an exchange clearing house, with daily mark-to-market settlements. In terms of liquidation, while most forward contracts are settled by actual delivery and only some by offset—at a cost, in contrast, most futures contracts are settled by offset and only very few by delivery. Furthermore, the price of a futures contract changes over time to reflect the market’s anticipation of the future spot rate. If a firm holding a currency futures contract decides before the settlement date that it no longer wants to maintain such a position, it can close out its position by selling an identical futures contract. This, however, cannot be done with forward contracts. Finally, since currency hedging is often costly, a firm may first consider â€Å"natural† hedging, such as (1) matching, which involves pairing suitably a multinational firm’s foreign currency inflows and outflows with respect to amount and timing; (2) netting, which involves the consolidated settlement of receivables, payables and debt among the subsidiaries of a firm; and (3) invoicing in a foreign currency, which reduces transaction risk related primarily to exports and imports. HEDGING PRACTICES BY U.S. FIRMS According to the BIS (see Tables 1-4) and the International Swap and Derivatives Association, the OTC derivatives market has experienced an exponential growth. Even with the recent slowdown due to the special disclosure requirements of FAS 133, derivatives continue to be the main hedging instrument for most firms. However, the increased availability of derivative instruments, coupled with the advent of mark-to-market hedge accounting (FAS 133 and IAS 39), implies a difficult to follow impact of derivatives on firms’ financial statements. Several surveys have shown certain characteristics and practices of U.S. non-financial firms using derivatives. Thus, the larger the size of sales of U.S. non-financial firms, the more likely is to use derivatives in their risk management. Foreign currency derivatives usage is most common, with almost three-fourths of the reporting firms taking positions. The primary goal of exchange risk hedging is the minimization of the variability in cash flow and in accounting earnings, arising from the firms’ operational activities and characteristics. Preoccupation with accounting earnings may be related to their role in analysts’ perceptions and predictions of future earnings and in management compensation. Furthermore, it is interesting to note that U.S. firms do not place high importance in minimizing the variation in the market value of the firm (the present discounted value of the stream of future cash flows) when they use derivatives in risk management. The choice of derivative instruments for foreign exchange management by U.S. firms is concentrated in simple instruments, with OTC currency forwards being by far the most popular instrument (over 50 percent of all foreign exchange derivatives instruments), OTC currency options being the second most preferred hedging instrument (around 20 percent of all foreign exchange derivative instruments) and OTC swaps being the third (around 10percent). Forward-type (volatility elimination) instruments are used to hedge foreign exchange exposures arising from U.S. firms’ contractual commitments (accounts receivable/payable, and repatriations), as recommended by the international financial literature. Option-type instruments, on the other hand, are used to hedge uncertain foreign currency-denominated future cash flows (usually, related to anticipated transactions beyond one year and to cover economic exposures). The tendency of US firms to use OTC currency forwards rather than OTC options or swaps should mainly be attributed to the relatively higher liquidity and depth of forward markets. The use of OTC instruments (forwards/swaps and options) dominates that of exchange traded hedging instruments, with currency futures being preferred by less than 10 percent of U.S. firms and currency options being preferred by a very small percentage of firms. The prevalence of OTC instruments should be attributed to firms’ very specific hedging needs that can primarily be accommodated in the more-flexible OTC market. The majority of U.S. firms with a set frequency for revaluing derivatives do so on a monthly basis, with a quarter of the total firms valuing their derivatives at least weekly and a very small percentage doing so only on an annual basis. Finally, the most common methods to evaluate the riskiness of their foreign exchange positions are stress testing of derivatives and VAR techniques. CONCLUSION Measuring and managing currency risk exposure are important functions in reducing a firm’s vulnerabilities from major exchange rate movements. These vulnerabilities mainly arise from a firm’s involvement in international operations and investments, where exchange rate changes could affect profit margins, through their effect on sources for inputs, markets for outputs and debt, and the value of assets. Prudent management of currency risk has been increasingly mandated by corporate boards, especially after the currency-crisis episodes of the last decade and the consequent heightened international attention on accounting and balance sheet risks. In managing currency risk, multinational firms utilize different hedging strategies depending on the specific type of currency risk. These strategies have become increasingly complicated as they try to address simultaneously transaction, translation and economic risks. As these risks could be detrimental to the profitability and the market valuation of a firm, corporate treasurers, even of smaller-size firms have become increasingly proactive in controlling these risks. Thereby, a greater demand for hedging protection against these risks has emerged and, in response, a greater variety of instruments has been generated by the ingenuity of the financial engineering industry. This paper presents some of the main issues in the measurement and management of exchange rate risks faced by firms, with special attention to the traditional types of exchange rate risk (transaction, translation, and economic), the currently predominant methodology in measuring exchange rate risk (VAR), and the advantages and disadvantages of various exchange rate risk management approaches (tactical vs. strategical, and passive vs. active). It also outlines a set of widely-accepted best practices in currency risk management, and reviews the use of some of the widely-used hedging instruments in the OTC and exchange traded markets. It also reports on the use of various derivatives instruments and hedging practices of U.S. multinationals. Based on the reported U.S. data, it is interesting to note that the larger the size of a firm the more likely it is to use derivative instruments in hedging its exchange rate risk exposure; the primary goal of U.S. firms’ exchange rate risk hedging operations is to minimize the variability in their cash flow and earning accounts (mainly related to payables, receivables and repatriations); and the choice of foreign exchange derivatives instruments is concentrated in OTC currency forwards (over 50 percent of all foreign exchange derivatives used), OTC currency options (around 20 percent) and OTC currency swaps (around 10 percent). From the available exchange-traded foreign exchange hedging instruments, currency futures is preferred by less than 10 percent of U.S. firms and currency options by around 2 percent. Overall, it should be noted that the data on U.S. firms are only representative of the reporting period that they refer to and are indicative of the level of sophistication of U.S. corporate treasurers and the level of development of local derivatives markets. By no means can these stylized facts be generalized for other time periods and countries, especially those with different corporate structures and capital market development. To form a better understanding of global firms’ practices in this area, more empirical studies would need to be undertaken to explore their exchange rate risk measurement and hedging behaviours.