Investment Management Essays

Investment Management Essays Investment Management Essay Investment Management Essay 24/02/2013 1 25721 INVESTMENT MANAGEMENT Lecturers: Sean Anthonisz Nadima El-Hassan Jianxin Wang Brandon Zhu Subject Coordinator: Jianxin Wang Objectives 2 ? ? ? ? Why do you take this subject? What do you expect to learn? How much did you pay for this subject? Is this a good investment? Investment Decisions 3 ? ? How much should I invest in risky assets? How much should I invest in different risky assets? ? ? How many risky assets should I hold? When not to diversify? ? How to determine mispricing? Fair value today? Expected return next year? ? How well do asset pricing models work? ? ? 1 24/02/2013 Investment Decisions 4 ? Passive versus active investing ? ? Is market efficient? Why not? What does it take to beat the market? How to hedge and how much to hedge? Derivative pricing Trading cost, liquidity, private information ? How should I manage risk? ? ? ? How should I trade? ? ? Sources of my performance? What Do We Learn in This Subject? 5 ? ? ? ? A theoretical framework for portfolio construction. A theoretical framework for the pricing of equities and bonds. Some practical applications of asset pricing models and portfolio analysis. Issues relating to market efficiency and investor behaviour. Course Structure 6 Funds Management Information Portfolio Theory Risk and Return Markets and Investing CAPM Factor Models APT Options Fixed Income Equities Futures 2 24/02/2013 Investment Electives 7 ? ? ? ? ? ? 25705 Financial Modelling and Forecasting 25728 Bond Portfolio Management 25729 Applied Portfolio Management 24731 International Finance 25762 Synthetic Financial Products A whole range of subjects for Quant Fin majors: technical analysis, numerical analysis, fin econometrics, stat methods, derivative pricing, interest rate modelling. Prerequisite 8 ? ? 25742 Financial Management Basic math and statistics Basic calculus and optimization Probability and distributions ? Mean, variance, standard deviation, covariance ? Linear regression by ordinary least square (OLS) ? ? ? Read the online Quantitative Review ? A very brief review next week What Is Expected – in class 9 ? Lectures are primarily aimed at Identifying and explaining key concepts and issues Highlighting the links to practice ? Completing selected problems from text ? ? ? Questions are encouraged and rewarded. ? Discussion is better than lecture Mutual respect and encouragement; Potential problems: repeated late arrivals, chatting during lecture, academic honesty Code of behavior ? ? 3 24/02/2013 What Is Expected – outside class 10 ? Address some details within the course reading materials. ? Group study is more effective ? ? Workload is about 7-8 hours per week on average (albeit uneven), including course readings, practices, and assignments. Multiple learning channels: ? ? Multiple levels of learning: ? Web-bas ed learning support Lecture material, textbook, and Excel sheets Approach to Learning 11 ? ? ? Read relevant chapters prior to lectures Attempt to identify and understand the key messages: Concepts? Issues? Connections? Ask questions during lecture. ? You paid $$$ for the opportunity ? ? Think reflect; don’t just summarize memorize. Practice using back-of-chapter questions. Approach to Learning I listen and I forget; I see and I remember; I do and I understand. Xun Zi Just Do It! Nike 12 4 24/02/2013 Textbook and Readings 13 ? Bodie, Kane, Marcus, Investments, 9th Ed, McGraw-Hill/Irwin, 2011. ? You take full responsibility if using an earlier edition. ? ? ? ? Harvard Business School case study 9202-024 â€Å"Strategic Capital Management†. R. A. Haugen, Modern Investment Theory, 5th Ed, Pearson Higher Education, 2001. J. H. Cochrane, 2006, Investments Notes. Other fun books on financial markets. Assessments 14 ? Weekly online quizzes: 10 marks ? ? ? ? ? 15 MC questions in 1 hour Unlimited tries with the best mark kept Monday morning to next Wednesday midnight Once closed, quizzes cannot be reopened Best 10 marks for the semester Group-based case report Online group registration Report due 5pm Friday March 29 Late submissions carry point deduction ? Case study in lecture 6: 10 marks ? ? ? ? Assessments 15 ? Mid-session exam: 40 marks ? ? ? ? Cover lectures 1 – 6, including the case study Multiple-choice (20 marks) Short-answer questions (20 marks) No formula sheet Cover lectures 7 – 13, excluding lecture 8 Multiple-choice (20 marks) Short-answer questions (20 marks) A short list of formulas will be identified and provided during the final exam. ? Final exam: 40 marks ? ? ? ? 5 24/02/2013 Online Group Registration 16 ? ? ? ? ? ? Log in the online course website Click on â€Å"Groups† in the left panel Group names contain â€Å"1m†, â€Å"2m†, â€Å"3m†, â€Å"4m†, indicating max members = 1, 2, 3, 4, respectively. The first member is the group leader. Registration closes after 5pm on March 10. Changing group only in the most extreme circumstances. What’s Required? 17 ? ? ? Materials covered in the chapters listed in the lecture program, except certain subsections are explicitly excluded. The midsession and the final exams will focus on materials covered during lectures, with at most 3-4 multiple-choice questions in each exam on materials not covered in lectures. Materials not covered in lectures will be heavily featured in the online quizzes. Administrative Issues 8 ? Name sign: â€Å"Open† for the business of learning ? Take it out at the start of every lecture It’s good to make the lecturer know your name ? Come to consultation hours ? ? ? Other times by appointment Email for straightforward questions Complex questions are best answered through interactive discussion ? Emails will be answered before or during the next consultation hours ? 6 24/02/2013 Learning Support P ostgraduate ? ? ? ? ? Need help with your postgraduate studies at UTS Business School? Are you new to university / postgraduate education? Not sure to how develop your academic skills in writing, reading, critical thinking etc.? Not sure how to complete assignments or achieve your best? Ask for help from the Learning Support Coordinator ? ? ? ? ? ? Make appointments for confidential individual help Lots of ‘online study resources’ to recommend / hardcopy study resources to share Attend the Study Skills Workshops all semester / or download them / Help by email / phone support / Email: [emailprotected] edu. au www: business. uts. edu. au/teaching/student/resources/studen t-learning. tml Join us on facebook UTSBlearningsupport ? Asset Classes 20 ? ? ? ? ? ? The money market The bond market The equity market The real estate market Currency markets Derivative markets ? Financial and commodities ? Others? Trading Platforms 21 ? Organized exchanges Dealership markets Auction markets ? Electronic trading ? ? ? ? OTC NASDAQ Alternative trading systems (ATS) ? ECNs, dark pools, internal crossings. ? Algorithm/high f requency trading 7 24/02/2013 High Frequency Trading 22 ? Menkveld (2011): a HFTer on Chi-X Dutch stocks from Jan 2007 to June 2008 Trades 1400 times per stock per day ? Gross profit per trade â‚ ¬0. 88 ? ? ? ? ? â‚ ¬1. 55 profit on the spread net of fees â‚ ¬0. 45 profit on positions 5 seconds â‚ ¬1. 13 loss on positions = 5 seconds Max capital committed ? â‚ ¬2 million per stock ? Implied annualized Sharpe ratio = 9. 35! ? ? Sharpe ratio for SP500 over the period = -0. 16 ? Chi-X is in Australia. Costs of Trading 23 ? Commission: fee paid to broker for making the transaction ? Exchange members/subscribers? ? Spread: Bid and ask prices Spread: ask – bid ? P89, #14 ? Market versus limit orders ? ? ? Price impact of large trades Stock Margin Trading 24 ? ? ? ? Borrow (from brokers) to purchase shares Initial margin Maintenance margin minimum level the equity margin can be Margin call ? Call for more equity funds ? Margin arrangements differ for stocks and derivatives 8 24/02/2013 Margin Trading Initial Conditions 25 ? ? ? ? ? X Corp: P = $70 Initial Margin = 50% Maintenance Margin = 40% 1000 Shares Purchased Initial Position: Stock $70,000 Borrowed Equity $35,000 $35,000 Maintenance Margin 26 ? ? Stock price falls to $60 per share New Position ? $60,000=$35,000(Borrowed) + 25,000(Equity) ? Margin = $25,000/$60,000 = 41. 67% How far can the price fall before a margin call? ? ? (1000P $35,000) / 1000P = 40% P = $58. 33 ? P88, #9 Short Sale 27 ? ? Purpose: Profit from a price fall Mechanics Borrow stock through a dealer/broker Sell it and deposit proceeds and margin in an account ? Any dividend is passed back to the lender ? Closing out the position ? ? ? ? Buy back the stock and return it to the lender Prof its can be deposited into your own account ? Naked versus covered short sale 9 24/02/2013 Short Sale Initial Conditions 28 Z Corp Initial Margin Maintenance Margin Initial Price Sale Proceeds Margin Account Balance 100 Shares 50% 30% $100 $10,000 $ 5,000 $15,000 Short Sale Maintenance Margin 29 ? Stock Price Rises to $110 Stock owed Net equity ? Margin % (4000/11000) ? ? $11,000 $ 4,000 36% ? ? How much can the stock price rise before a margin call? ($15,000 100P) / (100P) = 30% P = $115. 38 P89, #12 Summary 30 ? Course introduction and requirements ? Think, reflect, and participate ? ? Financial markets and assets Trading of financial assets Trading platforms Transaction costs ? Margin trading and short selling ? ? 10

Conversation Lesson About the Equality of lMen and Women

Conversation Lesson About the Equality of lMen and Women Debates in class can help English learners practice a wide range of functions including agreeing and disagreeing, negotiating, collaboration with other students, and so on. Often students need help with ideas and thats where this lesson plan can help. Below you will find cues to the discussion concerning equality between men and women to help get students discussing issues related to the debate. Provide ample time for the discussion and then time the debate. This will help encourage precise language use. This debate can easily be carried out between the men and women in the class, or those who believe the statement is true and those who do not. Another variation is based on the idea that having students support opinions that are not necessarily their own during debates can help improve students fluency. In this manner, students pragmatically focus on correct production skills in conversation rather than striving to win the argument. For more information on this approach please see the following feature: Teaching Conversational Skills: Tips and Strategies. Aim Improve conversational skills when supporting a point of view Activity Debate about the question of whether men and women are truly equal. Level Upper-intermediate to advanced Outline Review language used when expressing opinions, disagreeing, making comments on other persons point of view, etc.Write a few ideas on the board to encourage discussion of the equality between men and women: the workplace, the home, government, etc.Ask students if they feel that women are truly equal to men in these various roles and places.Based on students responses, divide groups up into two groups. One group arguing that equality has been achieved for women and one that feels that women have not yet attained true equality to men. Idea: Put students into the group with the opposite opinion of what they seemed to believe in the warm-up conversation.Give students worksheets including ideas pro and con. Have students develop arguments using the ideas on the worksheet as a springboard for further ideas and discussion.Once students have prepared their opening arguments, begin with the debate. Each team has 5 minutes to present their principal ideas.Have students prepare notes and make a rebuttal to the expressed opinions. While the debate is in progress, take notes on common errors made by the students.At the end of the debate, take time for a short focus on common mistakes. This is important, as students should not be too involved emotionally and therefore will be quite capable of recognizing language problems - as opposed to problems in beliefs! Men and Women: Equal at Last? You are going to debate whether women are finally truly equal to men. Use the clues and ideas below to help you create an argument for your appointed point of view with your team members. Below you will find phrases and language helpful in expressing opinions, offering explanations and disagreeing. Opinions, Preferences I think..., In my opinion..., Id like to..., Id rather..., Id prefer..., The way I see it..., As far as Im concerned..., If it were up to me..., I suppose..., I suspect that..., Im pretty sure that..., It is fairly certain that..., Im convinced that..., I honestly feel that, I strongly believe that..., Without a doubt,..., Disagreeing I dont think that..., Dont you think it would be better..., I dont agree, Id prefer..., Shouldnt we consider..., But what about..., Im afraid I dont agree..., Frankly, I doubt if..., Lets face it, The truth of the matter is..., The problem with your point of view is that... Giving Reasons and Offering Explanations To start with, The reason why..., Thats why..., For this reason..., Thats the reason why..., Many people think...., Considering..., Allowing for the fact that..., When you consider that... Yes, Women Are Now Equal to Men Many governments have both male and female representatives.Many companies are now owned or managed by women.A lot of progress has been made since the 1960s.Television series now portray women as successful career makers.Men now share in the raising of children and household responsibilities.Many important laws have been passed to ensure equality in the workplace.In many places, a married couple can choose whether the man or the women takes leave from work to look after the newly arrived baby.People arent discussing equality anymore. It has become a reality.Have you ever heard of Margaret Thatcher? Excuse Me? Women Still Have a Long Way to Go Before They Are Equal to Men Women still earn less than men in many work situations.Women are still portrayed in a superficial manner in many television shows.Look at international sporting. How many professional female leagues are as successful as their male counterparts?Most governments still are made up in their majority of men.We are having this debate because women are not equal. Otherwise, there would be no need to discuss the matter.Women are often not given enough responsibility based on the possibility that they might become pregnant.The number of sexual harassment suits have increased over the past 10 years.Hundreds of years of history cant have been changed in a mere 30 odd years.Have you ever watched Bay Watch?

Shanghai Essay Example | Topics and Well Written Essays - 3000 words

Shanghai - Essay Example The city’s economic history began in the thirteenth century through cotton manufacturing and production. The production of Cotton and textile were the city’s economic backbone of city’s economy through to the nineteenth century. The economic development of Shanghai continued to grow after the construction of dikes, canals, and real estate development by private investors during the Song Dynasty. The city would have developed earlier in the fifteenth century, but the Ming Dynasty placed restrictions on trade in efforts to guard the city against Wokou. The dynasty was also responsible for the construction of the city’s wall. Part of the reasons that were encouraging rapid grow in Shanghai was the inclusion of the city as a treaty port in the Treaty of Nanjing of 1842. Around mid nineteenth century, the city of Shanghai was an established regional trade point, which attracted the Great Britain’s interest in the land. After victory in the First opium wa r, Britain began efforts to acquire land in the region, managing to obtain both trading rights and 140 acres on the riverbank to the north of the Chinese city. France and America were the next invaders around the city, with France settling in the western part of the town (later called the French Concession), and the American establishing themselves to the north of Suzhou Creek in 1863 (combining with the British settlement to be the International Settlement). These foreign communities were trading on opium in exchange to the goods they had come with. They had their own rules apart from the Chinese. During the Taiping uprising between 1850 and 1864, the international communities stepped in to contain the revolt throughout the city and the entire country. Their interest was Shanghai’s fortune, and this led to further development of the city’s infrastructure, including buildings in the foreigners’ style, telephones in 1881, electricity the year that followed, and r unning water in 1884. Shanghai defeat in the Sino-Japanese War was a leading factor for the establishment of the 1895 Japanese Concession, with manufacturing rights. Soon, the city had a diverse set of foreigners, from the White Russians to the Iraqi Jews (O’Sullivan, 2008). In accordance with the theory of existence and origin of cities, Shanghai developed from a self-sufficient household to innovative development by the foreign settlers. The influx of diverse communities decorated the city, making it a cosmopolitan location in China. It is set to eclipse its rival Hong Kong in the near future. Growth The growth of Shanghai was slow in the Ming Dynasty due to the trade restrictions. It began re-establishing inter-state trade in the Song Dynasty, and that is when it began to grow and develop rapidly. The major growth factor of Shanghai was its strategic position in the Grand Canal and the intersection of the East China Sea, as well as the Yangzi confluence (O’Sullivan, 2008). This was a good exposure point for development of a trade center, considering that at the time, the main means of long-distance travel was water transport. Another important growth aspect was the incorporation of the city as a treaty port with four other cities, including Xiamen, Fuzhou, Linbou, and Canton. The treaty ports were part of the 1842 Treaty of Nanjing between the Great Britain and China. The treaty permitted

Economics Supply and Demand of Gasoline Essay Example | Topics and Well Written Essays - 1000 words

Economics Supply and Demand of Gasoline - Essay Example The paper tells that the gasoline price has ostensibly undergone extensive fluctuations mainly because of the product nature and the industry which supplies the world with oil. Note that a bulk of the aggregate oil output is produced by the Organization of Petroleum Exporting Countries (OPEC). This influential group is organized as a cartel and composed of nations in the Middle East including United Arab Emirates, Saudi Arabia, and Kuwait among others. The main produce of these countries is oil and other petroleum products. Other countries, including the United States, are largely dependent on these countries for their oil supply. With their rich oil resources, these nations created the cartel which has the ability to control member countries' oil production capacity and output quotas enabled them to collude to raise the oil price by. Given its mandate, a supply of oil including gasoline is significantly affected by political unrest arising between these oil-exporting countries and o ther countries as well. To illustrate this point, a supply of petroleum products was adversely affected by the war between Iran and Iraq in 1979. This tumultuous battle between two of the largest oil producers had caused a global oil supply shock and resulted in a dramatic increase in the price of oil. The limited oil supply then was further aggravated by the restricted means of transporting oil products to the rest of the world. Similarly, Iraq's invasion of Kuwait that spawned the Gulf War also caused a leftward shift in the supply curve during early 1990's. Aside from wars, OPEC also has the power to impose sanctions by restricting the supply of oil production to other countries in light of political reasons. For instance, the cartel initiated an embargo on export oil and cut down supply as an indication their protest for western nations' support of Israel. This caused a sharp leftward shift in oil supply curve and ultimately resulted in the severe escalation in the price of oil in 1973. In terms of domestic supply, the United States recently encountered supply shortages brought about by Hurricane Katrina. It is reported that the calamity has adversely impacted the supply chain from the off-shore rigs in the Gulf Coast, which is the largest source of oil for the domestic market. The short-term shutdowns due to power outages during the peak of the hurricane-affected two major on-shore pipelines. Furthermore, it was reported that at least 10% of the country's refining capacity was not operational in the wake of the storm. Apart from these, Louisiana, the epicenter of the hurricane and heavily devastated, also houses one of the main ports that serves as one of the most important inlets for oil imports. This means that supply is not only affected by the factors affecting actual production but also by the transportation of oil products.

Media on Youth Essay Example for Free

Media on Youth Essay Media, the widest influence known to humans. The powerhouse of civilization. Why do the youth of today praise the photo-shopped bodies of Victoria Secret or Calvin Cline Models? Why do they thrive to keep track of the latest fashion trends that they see within the pages of popular magazines such as Vogue or Cosmopolitan? It’s the type of question that has no real answer, but far too many consequences. The ‘perfect’ body. Browse through the magazines, it’s there. Most teens will do anything to get that stick figure and emphasize on anything. Eating disorders are commonly found in youths. Disorders such as Anorexia and Bulimia are mental disorders that force youths not to eat because they believe they are ‘fat’. They then refuse food, vomit food they have eaten or in some cases, use pills to lose the pounds and continue to do so even when they are considered ‘skinny’. They gradually become too thin and frail. Some teenagers become obsessed with working out which is healthy, but not when they workout two to four times a day. Obsessive working out usually allows the patient to build muscle rather than lose weight. In this mental state disorder, they don’t want rock hard abs or strong calfs, they just want to be ‘skinny’. Flip open a magazine, proceed through it and Stop! Whats there? Probably an ad from a designer, or anything subliminal that enters the mindset of a teenager. This promise for beauty and perfection is brainwashing. Fashion this summer is going retro which means the youth will ransack expensive stores looking for the latest trends they saw in that Teen Vogue magazine, or during the commercial break while watching T.V. or maybe even mounted on a giant billboard. If it says â€Å"buy this†, teens will do anything to buy it. Some teens may get into shoplifting or stealing money from their parents to get these items. Money is hard to come by when young and out of work so staying on top of the trends becomes harder to achieve. The youth should learn the value of money which media does not teach. Youth should not obsess over their bodies. With a healthy balanced diet and the right exercise, they can stay in shape and look and feel good. Teenagers don’t need a new wardrobe every week. Buy clothes that is needed at reasonable prices, or look for sales to find bargains. The youth should not buy something because of impulse. Media makes it look so easy to have or get, but in reality it’s tempting youths to be something or someone they’re not. Media is a huge influence but with the right mindset, it can be overcome and taken lightly. Media will always be there, it’s up to the individual to take what they want from these messages within reason.

Global Interdependence Essay -- Geopolitics, Globalism

As technology of the past gives way to the technology of the future, the world is becoming a smaller and smaller place. In economic terms, Global Interdependence is increasing as time goes on. In other words, we as the United States, as well as other countries, rely on each other for the three factors of production, Land, Labor and Capital. As noted in Thomas L. Freidman’s book, The World is Flat, there are several instances in which the Global Interdependence started. For example, the introduction of the Internet created a common forum in which people could connect to each other instantly was revolutionary in the interdependence process. In addition, the Global Interdependence Center, located in Philadelphia, PA is a non-profit organization that has a global goal. According to the GIC their mission is to â€Å"encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing internation al conflicts and improving worldwide living standards.† The American Economic system has become closely linked to foreign economies through global interdependence by the rise of new technologies, methods of communications and transportations that break down barriers that previously could not have been broken. This is shown in our relationships with countries and organizations such as China, The European Union, and OPEC. As Globalization increases, countries become more reliant on each other for resources such as oil. Oil, nicknamed â€Å"Black Gold,† has become one of the most valuable resources in the world. According to the Central Intelligence Agency (CIA), the United States of America is the largest consumer of oil in the world, devouring a whopping 19,150,000 b... ...ds and it would help us make a firmer footprint in history. Works Cited Thomas L. Friedman, The World Is Flat: a Brief History of the Twenty-First Century, 1st updated and expanded ed. (New York: Farrar, Straus and Giroux, 2006), page nr. http://www.interdependence.org/about/overview-mission/ https://www.cia.gov/library/publications/the-world-factbook/rankorder/2174rank.html http://www.cnbc.com/id/41887743/The_World_s_15_Biggest_Oil_Producers?slide=16 https://www.cia.gov/library/publications/the-world-factbook/geos/sa.html http://www.opec.org/opec_web/en/data_graphs/330.htm http://recession.org/history/1970s-oil-crisis http://www.wto.org/english/thewto_e/whatis_e/wto_dg_stat_e.htm http://www.wto.org/english/thewto_e/whatis_e/tif_e/fact2_e.htm http://www.wto.org/english/thewto_e/whatis_e/tif_e/fact2_e.htm#nondiscrimination

Impact of Technology on Business Essay

Every functioning business in the world today uses some sort of technology in order to help them accomplish their goals. Before the age of technology, it was much harder for businesses to thrive because it was harder for them to advertise to their customers, communicate with their business partners, store information, and much more. Today businesses have all those things, and it has never been easier to start up a business, maintain it, and have your business prosper because technology is there to help. Technological advancements have made positive impacts in the business world in ways such as computers, transportation development, and smart phones. Computers and the Internet have helped businesses thrive more and more through out the years. They have done this in many ways, including making it easier to communicate through Emails, storing information without breaking a sweat, allowing businesses the opportunity to have a online store, and making it easier to start up a business successfully by researching your market needs and identifying your consumers. A research done by the Radicati Group said that â€Å"there are over three billion active Emails in the world today, and there is projected to be over 4 billion e-mails by 2014. † (Radicati, Sara. â€Å"Email Statistics Report. â€Å") This means that more and more people in our world today are becoming tech-savvy, which is good for businesses all across the globe. A countless amount of businesses today use Email as a form of communication between them and their business partners, their own business employees and their customers. Firms Email their customers to keep in touch with them, and remind them that they value their customers. Businesses also Email their customers to inform them of sales, special deals, and new products. Emails also help businesses by helping them communicate to their employees and their business partners. Businesses use Emails to communicate almost all of the time, they use Email for their everyday communication of business goals and even for times of crisis. Another study from the Radicati Group said that there are about 294 billion Emails sent per day, and that a majority of those Emails are sent by businesses. Radicati, Sara. â€Å"Email Statistics Report. â€Å") Email is a very reliable and speedy form of communication that is used by businesses and without it businesses wouldn’t be the same. Another use for computers that has had a significant impact on businesses in today’s world is digital storage. Businesses are able to store information such as their customer’s information, financial data, and future business plans. An article from Marketingzone. com said â€Å"most important part of marketing is collecting and saving customer information. (â€Å"How to Collect and Save Customer Information | MarketingZone. â€Å") A customer’s information includes things such as phone numbers, home addresses, and Emails. The reason this information about the businesses’ customers is so important is because it is essential to keep a customer’s interest in the company. With phone numbers, the firm is able to call or text their customers and advertise or let them know of a special sale. Storing a customer’s home address is a very significant way for businesses to advertise because it helps enable a way to advertise through mail. Advertising through mail is extremely effective because it makes it so the customer can have a physical relationship with the advertisement, the customer has to pick up the mail and look through it, therefore, the firm makes sure that they are seeing the information given in the advertisement. Having a customer’s Email address is important because it helps the business communicate with their customers while allowing them to do more such as sending links with more information or links to the businesses website. The Internet has allowed many businesses to create their own personalized website and online store. These websites are extremely helpful for today’s businesses because it allows their customers to search and browse inventory, compare products on the website, and then choose and order a product online and have it shipped to the customer’s home address. Purchasing desired products has never been easier thanks to the Internet. These websites have made it so convenient for consumers and also have lower prices than the store. An essay titled â€Å"The Internet Has Helped Businesses Reduce Overhead Costs in the Wholesale Industry† stated that online websites and stores have increased the annual revenue of many businesses, and is becoming a necessity for businesses to have. (Genco. â€Å"The Internet Has Helped Businesses Reduce Overhead Costs in the Wholesale Industry. â€Å") The Internet has also helped businesses flourish by enabling them to research their market needs and help them start-up successfully. Before starting up a business it is essential for a business to discover the geographic and demographic of the potential market. Businesses need to research the best location to open up their store and what their typical customer is like in terms of gender, age, and social class. This research is made easier with the help of the Internet, and without having the Internet; businesses would have a much harder start-up process. Computers and the Internet are two technological advancements that have improved the world of business. These two genius inventions have helped businesses in marketing, communication, start up, and just their every day process of running a business and with the help of these inventions, the business world will continue to blossom. Technological advancements in transportation have greatly escalated today’s businesses by getting rid of trade barriers, and with shipping. Transportation has greatly progressed businesses because it helped the business world get rid of the trade barriers that restricted its full potential. With the introduction of cars, planes and boats, businesses have been able reach out to other countries and make business partners and long lasting relationships with other nations. These forms of transportation helped ensure that all isolated countries in the world would begin to come out of their shell, and begin trading and making business agreements with the rest of the world. If it weren’t for transportation and the globalization of industries, the businesses in the US wouldn’t be able to benefit off of what other countries have to offer such as labor, resources, and property. Labor in different countries may benefit a firm because in poverty-stricken countries jobs are scarce and many inhabitants are willing to work for low wages, and since it is in a different country, there are no minimum wage issues and the firm saves money. This is called outsourcing, a process where businesses contract jobs in foreign nations, thus allowing them to pay cheap wages and expand their product globally at the same time. Businesses also expand globally now by seeking out country’s natural or manmade resources such as oil, coal, copper, gold, timber, iron, mercury or precious stones and gems. All of these resources can be beneficial to businesses and that’s what makes all of these resources desirable. A report written by Julliete Jowit said â€Å"The Living Planet report calculates that humans are using 30% more resources than the Earth can replenish each year, which is leading to deforestation, degraded soils, polluted air and water, and dramatic declines in numbers of fish and other species. † (Jowit, Julliete. ) This means that more and more businesses are looking to other countries to help with the need for natural esources. In certain countries, their most desired attribute is land. Land is a very crucial component to a businesses success because each firm needs property to build their manufacturing sight, and in some cases the land is needed in order to make prerequisite commodities for their final product in order to cut out the middle man and save money. Land in other countries also plays a huge role in the multiplying of franchise names, which include fast food restaurants, clothing stores, and many other stores. An example of a fast food chain that has expanded throughout the world is McDonald’s. McDonald’s Fast food restaurant serves over 64 million people every day in over 31,000 restaurants in 119 diverse countries. (â€Å"McDonald’s. † Wikipedia, the Free Encyclopedia. ) Without the evolution of transportation and the reduction of trade barriers and other restrictions on foreign countries, franchises and other companies would not be capable of extending over the world. Shipping is another way that the invention of high-speed transportation has transformed the world of business. Having the capability to send products across the globe in just a few days is extremely helpful to every company and it’s customers. It assists businesses in spreading popularity, and also helps businesses sell more of their products. Distributing products through transportation has increased brand name awareness for many companies by increasing their popularity. With the help of shipping, more and more firms have been able to distribute their products all over the world, to a variety of different customers, which has severely increased their popularity. The progression of shipping has allowed companies to sell more of their products because it helps them distribute their products to customers who aren’t close to a store that sells the merchandise. 34 Percent of all shoppers prefer to buy their commodities on the Internet and through online shopping, and 80 percent of online buyers were motivated to buy through the Internet because of shipping. (Charleton, Graham 34% of Shoppers Prefer to Buy Online: Report) Shipping offers a sense of convenience to some purchasers because it allows them to buy merchandise without going out to help with their busy schedules. Technological advancements in the transportation industry have helped businesses achieve more sales, get better brand recognition, gain more customers, and create more business partners. The invention and development of smart phones has assisted businesses by making it extremely easy to communicate with partners, deal with doubts and complaints of customers, and has also helped with smart phone applications. Smart phones such as iPhones, Blackberries, and Droids are essential equipment to businesses men and women because they help them communicate. These smart phones help business men keep in contact with their coworkers and business partners by allowing them to call, text or email while on the go. Collaborating with coworkers and business associates is made easy because all they need to do to call, text or email their significant other to keep up with their work. The ease of communicating between business associates allows many businessmen to work while they are at home, on vacation, or anywhere for that matter. Smartphones can help business productivity by providing the means for employees and entrepreneurs and owners to stay in touch with their primary contacts even while away from their place of business. This allows enterprises to grow even while on the move, which gives them a very competitive advantage in today’s world. † (How Smartphone Help Business Productivity | Planet Antares Scam Tips. ) Smart phones also help through means of communication because they allow companies to video chat. Video chat has dramatically increased the efficiency of businesses by allowing them to have a business meeting, even while they are 10,000 miles apart. Video chat is used between all types of business associates and gives all companies a sense of convenience. An article from Huddle. com said â€Å"A company could have an office in China, one in the UK, and one in the US, and they can all collaborate on projects as if they were in the same office together. † (Eddington, Joe. â€Å"How Can Web Conferencing Help Your Business? | Huddle’s Blog. â€Å") Video chat also helps businesses save money by allowing them to communicate and have business meetings without having to travel to a different country or state. Communicating through smart phones has also enables customers to call, email or even video chat with companies when they have a complaint or problem with a product. When a customer has a predicament, it is a simple as either a phone call or email to the company to help them go through trouble-shooting steps to solve their problem. â€Å"Business Support Systems (BSS), and Operation Support Systems (OSS) are two types of support offered by today’s businesses that are essential to help create and maintain customer relationships. (BSS: Business Support System | NetworkDictionary. ) Another way that businesses show support to their customers is by offering live video chat support. Many businesses have live chat links on their company’s website, which allow customers to have a one on one conversation to solve their problem. All of these benefits are given to consumers thanks to the advancements of smart phones. Contrary to the benefits of communication from smart phones, the ability to use applications on iPhones, Blackberries and Droids have also had a significant outcome on today’s firms. Applications on these smart phones assist consumers by allowing the companies to service their customers through the app, or by letting customers purchase merchandise through the application. IPhone, blackberry, and Droid apps all help businesses service to their customers by allowing them to conveniently use the service given from the company on their smart phone. An example is the banking company â€Å"Chase†, who allows their customers to deposit check and transfer money to different peoples accounts through their smart phone apps. (Bruene, Jim. â€Å"Chase Bank’s Jot App Shows the Future of Mobile Transaction Processing (NetBanker). ) By allowing these services through their applications, businesses like Chase Banking help create a positive relationship with their customers. An essay titled â€Å"The Effectiveness Of Branded Mobile Phone Apps† said â€Å"Smart phone apps focus attention on the user, and therefore encourages making personal connections with the brand. † (Duane, Varan, et al. â€Å"The Effectiveness Of Branded Mobile Phone Apps. â€Å") These applications don’t just allow their customers to enjoy services offered by companies, but they also empower their customer to purchase goods with the help of apps. An article written by Christina Warren said, â€Å"Over the last few years, in-app purchases have become an increasingly common way for mobile app developers to enhance their mobile products and services. † (Warren, Christina. â€Å"4 Ways In-App Purchasing Will Change Mobile. â€Å") Many big name clothing brands, equipment-selling companies, and even restaurants allow smart phone users to purchase their product through smart phone apps. An example is Dominoes, whose app lets users order and pay for pizza all with the help of their apps. Dominoes made over 1. million dollars off their iPhone application last year. (Kats, Rimma. â€Å"Domino’s Pizza IPhone App Generates More than $1. 3M in Sales. â€Å") Smart phone applications have changed businesses all over the world by allowing them to sell their products and services through the benefits of their applications. Smart phones have helped businesses become more effective by allowing them to communicate between business associates and customers and with the help of applications. Technological advancements have helped businesses develop and progress through out the years of the technology era. These developments include computers and the Internet, the improvements in transportation, and the inventions of smart phones. These inventions and creations have helped businesses sell more of their products and services, helped create brand awareness for companies, and assisted in creating and maintaining positive relationships with their customers. A world without technology would make a huge difference in business because without technology, these companies wouldn’t have Emails, computer storage, online stores, globalization of their company, shipping, rapid communication or smart phone applications.

Job Description of School Counselors

According to the U.S. Department of Labor's Occupational Outlook Handbook, in the broadest sense, counselors assist people with personal, family, educational, mental health, and career decisions and problems. Their duties depend on the individuals they serve and on the settings in which they work. In school settings-elementary through post secondary these professionals are normally called school counselors. Their role is to work with students, including those considered to be at risk and with special needs. They advocate for students and work with other individuals and organizations to promote the academic, career, and personal and social development of children and youths. School counselors help children and youth understand and deal with social, behavioral, and personal problems (U.S. Dept. Labor, 2005). Vocational counselors, also called employment or career counselors, primarily provide career counseling. These individuals are located both within and external to the school setting. Their main focus is supporting individuals of all ages and backgrounds with their occupational decisions. Vocational counselors explore and evaluate the client's education, training, employment history, interests, talents, and personality traits, and arrange for aptitude and achievement tests to assist in making career decisions (U.S. Dept. Labor, 2005). Marriage and family counselors are trained to support individuals, significant partners, family groups, couples, or organizations to resolve emotional and psychological conflicts. They work toward altering people's perceptions and behaviors, enhancing communication and understanding among all family members, and helping to prevent family and individual crises. Depending on their specific concerns, individuals who have mental or physical disabilities may see any of these counselors for support or else respectively mental health and rehabilitation counselors. Mental health counselors work with individuals, families, and groups to analyze, address and treat mental and emotional disorders and to promote optimal mental health. They are trained in a variety of therapeutic techniques required to address a broad range of concerns such as depression, addiction and substance abuse, suicidal thoughts, stress management, self-esteem issues, ageism, occupational problems, educational decisions, and relationship problems. Mental health counselors often work closely with other mental health specialists, such as psychiatrists, psychologists, clinical social workers, psychiatric nurses, and school counselors (U.S. Dept. of Labor, 2005). Rehabilitation counselors support people who must cope with the personal, social, and vocational effects of disabilities. They counsel disabled individuals who are coping with birth defects, illness or disease, accidents, or daily stress. They evaluate the strengths and challenges of these individuals, offer specialized and vocational counseling, and arrange for medical care, training, and job placement. Rehabilitation counselors meet both with disabled individuals as well as their families, evaluate school and medical reports and make suggestions, and confer and plan with physicians, psychologists, educators, occupational therapists, and employers to determine the capabilities and skills of the individual. Conferring with the client, they develop a rehabilitation program that frequently consists of training to help the person develop job skills. Rehabilitation counselors also work toward increasing the client's capacity to live independently (U.S. Dept. of Labor, 2005). The article â€Å"Vocational attainment of adults with CF: success in the face of adversity† (Burker, 2005, 22) discusses the unique needs of those suffering from Cystic Fibrosis (CF), a fatal inherited disease found in industrialized nations that affects multiple body systems but has the greatest impact on the lungs and pancreas. The article reports that despite the fact that there has been an increase in the number of working-age individuals with CF in the past two decades, research on career choice, work status and work disability of individuals with this disease has received very little attention. Information about the vocational potential for individuals with CF indicates limited expectation for vocational success. The researchers, who studied the vocational status of 183 adults with CF, provided information about this group's vocational potential. Important findings were: (1) the majority of participants were either working or in school; (2) those employed were working in professional, technical, managerial, clerical and sales occupations; (3) the jobs held varied in physical demands and strength ratings, and; (4) patients with skilled jobs were more likely to have maintained their positions than those with unskilled jobs. The researchers concluded that: these numbers are impressive given that the majority of these individuals were sick enough to be evaluated for their candidacy for lung transplant. These data suggest that, as with most people, vocation is an important part of life, and many individuals with CF go to school and achieve in careers and work despite their declining health. Rehabilitation counselors should consider people with CF as viable candidates for successful job placement. In other words, the differences between the CF and non-CF candidates in regards to vocational counseling needs may not be as different as expected. There is a greater overlap in their counseling needs. Each generation, depending on the present society and its issues, will have varying concerns. Due to the war in Iraq, increasing numbers of men and women are seeking help from counselors due to post traumatic stress syndrome. The journal report, â€Å"The prediction of levels of post traumatic stress levels by depression among veterans with disabilities† (Martz, 2005, 56), found a high correlation between this syndrome and depression. The researchers thus concluded that if a veteran with a disability shows some form of depression, then mental health professionals should also seriously consider the possibility of the simultaneous existence of post traumatic stress symptoms. Such knowledge, as found in this above study, can provide counselors with more information and understanding about their patient's psychological status. Rehabilitation counselors can utilize this information to aid in a more effective recovery. Such findings also demonstrate the importance of increased communication among various forms of counselors and the need for counselors to expand their knowledge about the changing psychological and emotional support of their patients.

Animal Rights Quotes by Alice Walker and Others

Animal Rights Quotes by Alice Walker and Others Supporters of the animal rights movement and their opponents often use quotes to bolster their arguments. Unfortunately, some of these quotes are taken out of context, misattributed, or otherwise incorrectly used. Famous quotes about animal rights, from Paul McCartney to the Bible, are explored and explained here. Alice Walker One quote taken out of context is attributed to writer Alice Walker. Its a beautiful quote clearly about animal rights: The animals of the world exist for their own reasons. They were not made for humans any more than black people were made for whites or women for men. Its one of the most famous quotes bandied about in the animal rights movement. The fact that it is attributed to the Pulitzer Prize-winning author of The Color Purple, a book that inspired a  movie by the same name, as well as a Broadway musical, makes it all the more credible and poignant. The problem is the quote is taken out of context, and Walker wasnt expressing her own views. The source of the quote is Walkers preface to Marjorie Spiegels 1988 book, The Dreaded Comparison. In fact, the very next sentence is This is the gist of Ms. Spiegels cogent, humane and astute argument, and it is sound. So Walker was simply summarizing someone elses views, not her own. Its easy to see how something like this spreads. Its a great sentiment, coming from a Pulitzer Prize-winning author. And technically, Alice Walker did write it. Adolf Hitler Critics of the animal rights movement, and specifically the aspect of it that involves vegetarianism, are quick to point out that Adolf Hitler was a vegetarian. Buzz such as this is a phenomenon of the internet age where misinformation spreads like wildfire if said information furthers one’s agenda. This rumor allegedly started because in his article in Psychology Today writer Hal Hertzog  reported that Hitler was overheard telling a female companion who ordered sausage while they were on a date: â€Å"I didn’t think you wanted to devour a dead corpse†¦the flesh of dead animals. Cadavers!† Subsequent inquiry and research have proven that Hitler was not a vegetarian, a fact clearly indicated in a 1964 Gourmet Cooking School  Cookbook written by Dione Lucas, who spoke openly about Herr Hitler’s favorite meat dishes. So much for anti-animal rights people trying to demonstrate a link between vegetarians and the world’s most evil bastard. Other Quotes About Animal Rights Paul McCartney was a vegan who famously and openly discussed his vegan lifestyle. He actually did say: â€Å"You can judge a mans true character by the way he treats his fellow animals.† Paul and his late wife Linda McCartney were both proponents of animal rights. Linda wrote in her book Lindas Kitchen: Simple and Inspiring Recipes for Meals Without Meat wrote: â€Å"If slaughterhouses had glass walls, the whole world would be vegetarian.†Ã‚   Writer Ralph Waldo Emerson also spoke of slaughterhouses, saying: â€Å"You have just dined, and however scrupulously the slaughterhouse is concealed in the graceful distance of miles, there is complicity.†Ã‚   Other quotes about animals and vegetarianism have been borrowed from other social movements. The context of these quotes is not directly related to animal rights, but the message is applied to the argument in favor of animal rights. Dr. Martin Luther King said: â€Å"Lifes most persistent and urgent question is, What are you doing for others?† There are other quotes related to social movements that are attributed to Dr. King and used for animal rights. This includes: Our lives begin to end the day we become silent about things that matter. Animal rights critics are also famous for citing biblical references to support their claim that people are supposed to use animals any way they desire, including eating them. This often used argument stems from Genesis 1:26-28:   Let us make  man  in Our image, according to Our likeness; and ...let them have  dominion over  the fish of the sea, and over the fowl of the air.   Some theologians have suggested that the word â€Å"dominion† was translated incorrectly and should actually be â€Å"stewardship.† Though Susan B. Anthony  likely was not responding to the use of the Bible to oppose animal rights, she did say: â€Å"I distrust those people who know so well what God wants them to do, because I notice it always coincides with their own desires.†Ã‚   While there is no evidence to support the idea that King or Anthony were vegetarians, their words are universal. Is there any harm in commissioning their moving words to inspire a kinder world? -Edited and updated by Michelle A. Rivera

Parametric and Nonparametric Methods in Statistics

Parametric and Nonparametric Methods in Statistics There are a few divisions of topics in statistics. One division that quickly comes to mind is the differentiation between descriptive and inferential statistics. There are other ways that we can separate out the discipline of statistics. One of these ways is to classify statistical methods as either parametric or nonparametric. We will find out what the difference is between parametric methods and nonparametric methods.  The way that we will do this is to compare different instances of these types of methods. Parametric Methods Methods are classified by what we know about the population we are studying.  Parametric methods are typically the first methods studied in an introductory statistics course. The basic idea is that there is a set of fixed parameters that determine a probability model. Parametric methods are often those for which we know that the population is approximately normal, or we can approximate using a normal distribution after we invoke the central limit theorem.  There are two parameters for a normal distribution: the mean and the standard deviation. Ultimately the classification of a method as parametric depends upon the assumptions that are made about a population. A few parametric methods include: Confidence interval for a population mean, with known standard deviation.Confidence interval for a population mean, with unknown standard deviation.Confidence interval for a population variance.Confidence interval for the difference of two means, with unknown standard deviation. Nonparametric Methods To contrast with parametric methods, we will define nonparametric methods. These are statistical techniques for which we do not have to make any assumption of parameters for the population we are studying. Indeed, the methods do not have any dependence on the population of interest. The set of parameters is no longer fixed, and neither is the distribution that we use.  It is for this reason that nonparametric methods are also referred to as distribution-free methods. Nonparametric methods are growing in popularity and influence for a number of reasons. The main reason is that we are not constrained as much as when we use a parametric method.  We do not need to make as many assumptions about the population that we are working with as what we have to make with a parametric method. Many of these nonparametric methods are easy to apply and to understand. A few nonparametric methods include: Sign test for population meanBootstrapping techniquesU test for two independent meansSpearman correlation test Comparison There are multiple ways to use statistics to find a confidence interval about a mean.  A parametric method would involve the calculation of a margin of error with a formula, and the estimation of the population mean with a sample mean.  A nonparametric method to calculate a confidence mean would involve the use of bootstrapping. Why do we need both parametric and nonparametric methods for this type of problem? Many times parametric methods are more efficient than the corresponding nonparametric methods. Although this difference in efficiency is typically not that much of an issue, there are instances where we do need to consider which method is more efficient.

Strategic Marketing Research Paper Example | Topics and Well Written Essays - 1500 words

Strategic Marketing - Research Paper Example The majority of marketing scholars addresses strategic marketing as a continuous, long-term process, one that is concerned with clarifying the present state of the institution, a series of coordinated steps along a clearly defined route, while others speak to strategic planning as the organization’s defining of a mission and strategies to achieve goals and objectives in the most effective manner. This paper aims to examine and analyze customer orientation perspective of strategic marketing, with a specific focus on customer orientation, consumer behavior and relationship marketing. In a customer-oriented organization, the process of identifying and responding to the interests and needs of the customer is crucial, and must be viewed as the key element of the company’s strategic business plan. In a customer-oriented organization, quality is defined by the one who uses and ultimately benefits from the specific product or service, that being the customer or client. Those at the helm of successful businesses realize that the focus of the organization must be aligned with creating customer satisfaction above all else (Hinton & Schaeffer, 1994). Everyone’s job is defined by the customer. It is the customer, after all, who ultimately, defines how well the product or service is to be created, or delivered (Webster, 1994). As Jack Welch, the highly acclaimed CEO of General Electric, often reminded his employees, â€Å"Companies can’t give job security. Only customers can!† (Kotler, 1999, p. 20). The managers of responsive organizations focus on customer satisfaction, and make every effort to satisfy the needs and wants of the customers (Kotler & Armstrong, 1999). Forler Massnick, author of The Customer is CEO (1997), stakes a claim for TQM (Total Quality Management) by emphasizing that value is defined and determined by the customer. This practice of continuous product improvement, viewed through

The Role of the Environment (Geography) in the Emergence of the Egypti Essay - 2

The Role of the Environment (Geography) in the Emergence of the Egyptian Civilization - Essay Example People grew food along the river due to the availability of water and the fertility of the land. The river became an important feature that attracted settlements, leading to a significant growth of cities (Stalcup 2000). Being in a desert, Egypt’s survival relied on the river. Therefore, as civilization continued people came to live in the cities near the river in order to increase their chances of survival. Egyptians lived in an environment with a lot of dessert features. Due to the seasonal rains in East Africa where River Nile originates, the Nile overflowed annually during the ancient Egyptian civilization (Smith 1916). When the rains decreased, the rich black soil was deposited on the floodplain. This environmental phenomenon led to successful agricultural production in Egypt (Stalcup 2000). The sun was also shining relentlessly, providing light and heat for the people and crops. Furthermore, natural dessert barriers caused protection of the Egyptians against foreigners. In terms of arts and writings, a strong and creative society was created following the rise of cities and civilizations along the Nile Delta. The Lighthouse at Alexandria and the Pyramids of Giza became two of the five wonders of the world. There were a lot of written records of ancient Egyptians including moralistic treatises, love poetry, instructional texts and tales. Their knowledge of Mathematics and architecture motivated by the environment also led to the development of large stone buildings (Smith 1916). The availability of building stones and other architectural materials encourage the ancient Egyptians to develop writings and architecture in the Nile Delta region. The Nile River was also a good environment for the growth of papyrus plant that was used to write texts. This encouraged the development of writing during civilization, which  was one of the earliest forms of writings.