Implementation of a Health Program

The â€Å"American Cancer Society† has concocted â€Å"Guidelines on Nutrition and Physical Activity for Cancer Prevention† (American Cancer Society, 2008, pp. 1 †11). The motivation behind the previously mentioned is to â€Å"reduce the danger of cancer† through â€Å"healthy food choices†, just as, â€Å"physical activity† (American Cancer Society, 2008, pp. 1 †11).The rules gave addresses inquiries of endless people who are very confounded by â€Å"several studies or news reports† which are not normally peer-looked into or not so much â€Å"official† (American Cancer Society, 2008, pp. 1 †11).Although responding to the inquiries would help extraordinarily, this program of the â€Å"American Cancer Society† should in any case experience a procedure of execution with the goal that individuals will be spurred to look further into the rules, just as, to rehearse them so as to â€Å"reduce the danger of cancer† (American Cancer Society, 2008, pp. 1 †11).Before these rules are to be completely executed, there are sure factors should have been thought of (American Cancer Society, 2008, pp. 1 †11). A portion of these variables are the accompanying: 1) driving the usage; 2) time span; 3) staff capabilities; 4) staff obligations; 5) preparing; 6) oversight/support; 7) assets; and 8) backing (American Cancer Society, 2008, pp. 1 †11).Leading the ImplementationIt is imperative to relegate a person to â€Å"lead the implementation† (Illness Management and Recovery, 2003, pp. 1 †6). The pioneer ought to be very much aware of the program or rules and ought to have aced all parts of the rules (Illness Management and Recovery, 2003, pp. 1 †6). The person in question ought to likewise be bolstered by those in a higher situation, just as, regarded by the subordinates (Illness Management and Recovery, 2003, pp. 1 †6).Time FrameAfter a pioneer is picked for the exec ution, â€Å"time-frame† ought to likewise be settled (Illness Management and Recovery, 2003, pp. 1 †6). This involves the time required in preparing the individuals who will assume a job in the usage of the program (Illness Management and Recovery, 2003, pp. 1 †6). For example, a quarter of a year is required to widely teach and inspire the people who will have an influence in the usage (Illness Management and Recovery, 2003, pp. 1 †6).

Roots free essay sample

My uncle started prodding me about it when I was seven. I was riding with him in his join, watching a great many stalks of corn sneak past the substantial peripheral cutting edges, when he stated, â€Å"You’re going to be one of them starving craftsmen, aren’t you?† I denied it. Starving? Not me. However, his words stayed with me, waiting, as though a recommendation that the fantasies I had may be not exactly perfect. I originate from a group of ranchers. Practicality is a typical characteristic, just as clear insight (in opposition to the generalization, ranchers can't stand to be dumb). Our heritage is a plot of 160 sections of land that has been in our family for ages; it will be mine and my sister’s sometime in the not so distant future. Growing up, I foreseen â€Å"Corn Day† each late spring, which includes the rear of a get loaded with green ears and an escort of family members grandparents, aunties, wavy headed little children. We will compose a custom article test on Roots or on the other hand any comparable theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Uncle Steve used to take evident get a kick out of prodding me with squirming corn earworms while the 25-pound ranch feline assaulted the backs of our legs. My close family is something of an abnormality. We live on a land, yet don't cultivate. There is a 40-foot high horse shelter in our yard, a neighborhood milestone of sorts, and fields encompass us toward each path, yet both my folks drive 70 miles per day to Lincoln. I have for the longest time been itching to leave. In all actuality, this inclination may have started as unimportant mimicry of every one of those young ladies in books or on TV constantly declaring, â€Å"I can’t hold on to escape from this place.† It would be commensurate to surrendering some internal feeling of high school respectability to concede something else. In any case, a city like Chicago or New York is even more an inside for human expressions than Nebraska, and I realized that was the sort of spot I needed to be. I can’t envision remaining here as long as I can remember; my sister can’t envision leaving. Recently have I come to harbor a solid fondness for this spot the prairies, the old streets, the structures. There’s a sort of unpretentious verse about it. I wind up attracted to books by Willa Cather, and giggle intentionally through Ted Kooser’s Seasons in the Bohemian Alps, very acquainted with the peculiarities of old ranchers and wild roses, animal dwellingplace swallows and icicle-style light embellishments. I discover I like it here significantly more than I ever have, particularly as a seven-year-old paying just hesitant affirmation to the setting of the Little House arrangement. I used to yearn to leave; presently I need to relax around on the yard and expound on how the rock street looks when the sun is rising. I wonder what it resembles to leave. I wonder how hard it is build up a comparable friendship for Chicago, or New York. Certainly feasible it’s only difficult to tell how to go on from here. How might I be, and do, all the things I need, and not neglect this spot and the family that I originate from? Is it justified, despite all the trouble to attempt? I suspect as much. I think it’ll alarm me from the outset most likely a great deal. In any case, everybody gets their ocean legs in the long run. Furthermore, what I at last, totally know is that regardless of where my goals take me, Nebraska is a decent no, an amazing spot to return to, and in the rear of my brain, to keep as home.

Grow Your Influencer Outreach with a Simple PR Funnel

Grow Your Influencer Outreach with a Simple PR Funnel Influencer outreach is all about building positive, long-term relationships with bloggers and journalists. Long gone are the days of sending out a ‘Dear nameless’ email to the world and beyond, expecting your press release to lead to something. Building up contacts and working on outreach takes time. But once you’ve gone to all that effort to gather direct email addresses, topic interests and submission instructions, you need to make sure that your contact details are secure and well-organized. So here’s where an influencer outreach funnel comes in. Using a MeisterTask project board you can visually display all of your contacts in one place, then organize, filter and tag contacts depending on their interests, accessibility and relationship with your company. So without further ado, heres some insight into how we organize our contacts and influencer outreach at MeisterLabs. Setting Up The Funnel Once we’ve created a new project on MeisterTask and named it (creatively) PR Funnel, we start setting up the different sections, categorizing our contacts by our existing relationship with them. The sections in our PR Funnel include: Potential lead = someone who’s written about topics related to our tools previously In contact = we’re currently communicating with them about an article Due to write = they already have an article about us in progress Wrote about us = unsurprisingly, theyve written about us previously   Ambassador / friend = theyre an advocate for the tool and write about us without us asking them to General news / tips / submissions = details for submissions to columns, blogs, OpEds etc. Turning Your Contacts Into Tasks The next step is  to start filling out your funnel so we can use it for influencer outreach. We begin by adding new contacts to the ‘potential lead’ section  unless we’ve already gotten in touch with them. We then add all of the relevant details to each contact, as a reminder to ourselves and to make sure that the rest of our team are on the same page. These details include: Task Title = contact name and publication if appropriate Notes = email address, short author bio including details of what they like to write about, information on how to pitch and relevant links e.g. where they’ve previously mentioned us Tag = tags can be used to filter contacts by topic (e.g. education, productivity, startups), language spoken (EN, DE) and product which they are or could be interested in (if you have multiple products) Assignee = potential leads can be unassigned but if a specific team member is already in touch, make sure to assign the task to them so that other members of your team won’t cross wires Checklist = use a predefined checklist to ensure you follow the necessary steps to build a relationship with the person (more on this checklist later) or pitch an article. You can easily move contacts between the sections as your relationship with them changes. For example, if a potential lead  writes an article about you, you would move them into the have written section. Or if the lead mentions you a few more times in their articles, praising your product and stating that they use it regularly, perhaps its time to move them into the Ambassador section.   Grow Your Influencer Outreach It goes without saying that it’s always great to reach out to new contacts and build new relationships with journalists and bloggers. In order to reach out to new contacts, we use our  potential lead and general submission sections. There are many ways to find potential leads. One way is by reading articles about other companies in the same sector, or posts on similar topics to our product area and/or content focus. We then have a look at who wrote the article to see if the author could be interested in writing a piece about our company or product as well. At MeisterLabs we have five steps that we follow when doing influencer outreach, so we include these as a predefined checklist within each contact task. You can set this up in your project settings. Our checklist includes: Following on Twitter Favoriting and retweeting 3 of their tweets Commenting on 2 of their articles Reaching out via email Following up via email if we don’t receive a response. We also tag our contacts by which of our products, if either, they’ve previously written about, so we’re able to reach out about our second product too, asking if they’d like to try it. Offer exclusives! We’ve created a Top 10 tag in our funnel to categorize the contacts we gain best coverage with. This means that when we have a large story to pitch, we’re able to filter by the Top 10 tag and target these contacts, or perhaps just one contact in order to offer an exclusive. In our experience, this sort of targeted influencer outreach works a lot better than sending out blind emails and potentially ending up in someones junk folder. So there’s a bit of insight into how we conduct infuencer outreach here at MeisterLabs with a  PR funnel to organize our contacts and plan our future outreach, using MeisterTask. As always, feel free to ask questions and let us know how you get on in the comments below. Get started on your own outreach funnel Sign-up for MeisterTask Try it free! Sign-up for MeisterTask

Social Class And Family Relationships - 855 Words

We all have a family, but we all have grown up in a different way. Social class plays a huge role in family life. Three of the connections between social class and family include kin, child rearing, and education levels. To begin, kin is a part of the family, but there is a difference between kin ship among the poor and near poor. Kin is an important part of the family life because it is the connection between family and, sometimes, wealth. Who people associate in times of need and support greatly influence their lives and surroundings. In families, the father is seen as the main economic contributor and in crisis, a loss of a job, his authority will drop. This isn’t the only loss he will face, he will also have a decreased self-respect and other family members will treat him with less respect. On the contrary, if women were to lose her job, there wouldn’t be the same treatment. In areas of chronic poverty, â€Å"young mothers rely less on marriage and more on other ki nship ties for support† (Cherlin, 2013, p. 127). The poor is more likely to reach out or support more distant relatives than the other social classes. There is yet another difference between the nonpoor. â€Å"The core of kinship among the nonpoor in the United States has been the conjugal family of wife, husband, and children† (Cherlin, 2013, p. 128). Parents of the higher social class are expected to provide for themselves and their children first and foremost. Any savings handed down are concentrated to theirShow MoreRelatedFamily Inequality757 Words   |  4 Pagesto acknowledge the inequality present among them in society; however, inequality is a main contribution to the changes in American families whether or not people accept it as a fact. In â€Å"From Marriage Markets: How Inequality is Remaking the American Family† by June Carbone and Naomi Cahn, they explain how American families have changed due to inequality in the social classes of the economy. Th e authors discuss the plummeting rate of marriage, more children being born out of wedlock, and the amountRead MorePride And Prejudice By Jane Austen Essay1711 Words   |  7 Pagesbook about a young woman’s struggle with family and love. Pride and Prejudice was originally published in 1813, but, the most common version of the story, and the one used for this research, is from the version published in 1892, still by only Jane Austen, though many other authors have contributed to this book over time. Austen often references the class system at the time, often noting one of the multiple heroine’s struggle to marry outside of the class that they were born into, in other wordsRead MorePride And Prejudice By Jane Austen Essay1724 Words   |  7 Pagesbook about a young woman’s struggle with family and love. Pride and Prejudice was originally published in 1813, but, the most common version of the story, and the one used for this research, is from the version publish ed in 1892, still by only Jane Austen, though many other authors have contributed to this book over time. Austen often references the class system at the time, often noting one of the multiple heroine’s struggle to marry outside of the class that they were born into, in other wordsRead MoreEleanor And Park And s Ship Breaker : Social Class s Affect On The Characters1565 Words   |  7 PagesBreaker display social class’s affect on the characters’ lives. Eleanor and Park contrasts the high and low classes through the family and relationship love and violence. Eleanor comes from an abusive home that is part of the lower class, while Park’s family is more fortunate and intense than Eleanor’s household. Ship Breaker creates a parallel between the two classes through violence. However, family relationships in different classes are portrayed like in Rowell’s novel. The lower class deals with betrayalRead MoreJane Austen s Pride And Prejudice1231 Words   |  5 Pagescompatible relationship when one person expects something out of the other. Problems may transpire in a relationship when one concerns over things like: where the other stands in society and their financial stability. In the novel Pride and Prejudice, Jane Austen states that the desire for better social connections interferes with the workings of love through the relationship between Darcy and Elizabeth to criticize the social class structure of the 19th century. Anxieties about social connectionsRead More`` Wuthering Heights `` By Emily Bronte1288 Words   |  6 PagesWuthering Heights, a celebrated classic of English literature, offers important social commentary that readers in modern times can relate to. Throughout Emily Brontà «Ã¢â‚¬â„¢s novel, the emphasis placed on the overbearing social pressures in society affected the characters’ sense of self and the course of their romantic relationships. In modern society, this underlying theme of social class differences in the novel parallels the prevalence of privilege in many aspects of our daily lives. Although today’sRead MoreSocial Forces And The Social Force1502 Words   |  7 Pageson social forces, as the functionalists would see it, they are the parts of the motor that make it run (Henslin et al. 17). Therefore, it is not only interesting to make an assessment on how they influence one’s personal life, it is important for a better understanding of the position of a person within society. The social forces that Koopman saw as the most influential in his life were the social class in which he grew up and the relationship he had with his parents (Koopman 1). Both social forcesRead MorePride And Prejudice By Jane Austen1693 Words   |  7 PagesPride and Prejudice by Jane Austen was first published on January 28, 1813, and was later republished in May of 2004 by Barnes and Noble. The story follows five young women and their family as they discover what it is to love and to lose love. The Bennets discover how the real world around them views propriety and proper etiquette when it comes to marriages. This tale specifically focuses on one of the eldest daughters, Elizabeth Bennet, as she discovers the true meaning of love from an unexpectedRead MoreAnalysis Of The Book Howard s End 1273 Words   |  6 PagesThe social class one belongs to is largely determined by his education level and economic status, rendering it difficult for him to adva nce beyond the class he inherited at birth. In his novel, Howard s End, E.M. Forster exposes his readers to three families, each in a distinct social class in early 20th century England; the Basts, made up of Leonard, an impoverished investment clerk, and his eventual wife, Jacky, are from the lower middle class; the Wilcox family, a clan has been uplifted by theirRead MoreAnalysis Of Jean Anyons Social Class And The Hidden Curriculum Of Work1369 Words   |  6 PagesSocial class is based on the relationship one has to the elements of society, and as children in the American education system grow and develop, it is a plausible query that these education systems might be the starting point to where social class based relationships such as people, ownership, and productive activity are fostered. In social activist and American professor Jean Anyon’s essay â€Å"Social Class and the Hidden Curriculum of Work†, the relation to social class and the established cycle of

Essay on Why Is Evolution True - 1951 Words

In recent years, the political and religious movement that sought to integrate theories competing with the theory of evolution into the curriculum of various schools in the US. The theory that was offered was the theory of â€Å"intelligent design†, which even though not explicitly religious, makes for a theory much more compatible with religion than evolution. The danger of this move was that it was trying to dismiss a legitimate scientific theory as just one among the existing theories – an equal rival in pursuit of true explanation. However, what the advocates of this measure were actually doing is to equate scientific theory with a vastly inferior narrative about the world. It was, therefore, necessary for an author like Coyne (2009) to†¦show more content†¦For example, the evolution of an eye went through a large number of intermediate steps all of which had some incremental changes when compared to the previous ones. The idea that all evolution was gradua l is contested by some authors claiming that some evolutionary changes of profound type happened in only one or two generations when organisms containing some profound genetic mutations found them very useful and established a whole new species (Theißen 2009). Theißen (2009), for instance, claims that the emergence of some features of some organisms cannot be explained any other way than postulating these sudden profound changes. However, gradualism should not be excluded and it can be regarded as a normal mode of evolutionary progress, while these sudden â€Å"saltations† provided an alternative mode. Finally, the definition states that the mechanism that drove all these changes was natural selection. Natural selection is the crucial concept in the theory of evolution and Charles Darwin devotes perhaps the central chapter in his landmark book On the Origin of Species to this notion. Some authors before Darwin discussed the possibilities that life could have evolved, but they approached the issue in a rather philosophical manner without reference to particular facts. What Darwin did was to use the theory of evolution as a powerful way of explaining aShow MoreRelatedWhy Evolution Is True?1079 Words   |  5 PagesWhy is Evolution True Essay - Final Over the past few centuries, humans have been questioning and debating over what makes evolution true. In Jerry Coyne’s work, Why Evolution is True, he noted two kinds of evidence from Darwin’s theory of evolution. The first evidence includes the six testable predictions of evolution: evolution, gradualism, speciation, common-ancestry, natural selection, and nonselective mechanisms of evolutionary change. The second evidence that Coyne noted in his work is theRead MoreEssay on Why Evolution is True, by Jerry A. Coyne 2482 Words   |  10 Pages Why Evolution is True is a book by Jerry A. Coyne about how modern man slowly evolved from single cell organisms. This book has changed my whole perspective of evolution. Before I read this book I was a strong believer in creation but while reading this book I realized that there are to many connections between all of earths animals. I am unable see a scenario where we could share so much of our genes with other creatur es and still say that we did not evolve from other animals and were justRead MoreJerry Coyne s Why Evolution Is True?3477 Words   |  14 Pages Jerry Coyne’s Why Evolution Is True? Sainte Leo University Mallory Ansel Abstract In this paper, I will discuss the theory of evolution and the concepts applied throughout the chapters of Jerry A. Coyne’s, Why Evolution is True. In each section, I will summarize the chapter, explain what the contents of that chapter mean to me, and explain how I apply them to my belief system. You may notice throughout the paper I switch between support of evolution and support of creationism; andRead MoreWhy Evolution Is True. Oakley T. Lowe. St. Leo’S University.1263 Words   |  6 PagesWhy Evolution Is True Oakley T. Lowe St. Leo’s University  Abstract Throughout history, there has been a major debate on the theory of evolution. Is it true? The term evolution has been defined many ways, and for the purpose of this paper, I will use the fourth definition from the Merriam-Webster dictionary. â€Å"Evolution is the descent with modification from preexisting species:  cumulative inherited change in a population of organisms through time leading to the appearance of new forms:  the processRead MoreCreationism in Public School Science Class Essay923 Words   |  4 PagesShould history teachers teach that the Holocaust happened and that it didnt happen? If not, then why should science teachers teach that life evolved over billions of years, and that it was created as it is now just six thousand years ago? Creationism should not be taught in science class because it has no supporting evidence, it is not equal to evolution, and religious myths can not be taught in public schools in an officially non religious nation. ...[I]ndividual scientists andRead More Evolution vs. Creation Essay915 Words   |  4 Pagescovered in this piece is that of whether or not evolution should be taught in classrooms. Also, if it is to be taught, should it be taught as fact or theory? It is also intended to present enough evidence to disprove evolution altogether and, as a result, make it much less than a theory, but actually the vain opinions of a man who chose not to accept the truth. nbsp;nbsp;nbsp;nbsp;nbsp;The entire point of this essay is to breakdown the theory of evolution, invalidate its scientific reliability, andRead MoreEvolution : Fact And Theory1649 Words   |  7 PagesEvolution What is evolution? Is it a theory or is it based on facts? Many people think that it is both a fact and a theory. We all seek to find an explanation for life as we know it. We all want to understand how it all began. Creationist believes that the world was created in six days by a supreme being referred to as God. Many scientists report that there is plenty of evidence to prove that all living things have evolved, and reference examples such as evidence from fossils that indicatesRead MoreDarwinists and Dissenters1535 Words   |  7 Pagesthe universe create itself? Ever since Charles Darwin’s On the Origin of Species was first published in 1859, the debate between those that believe life was brought into existence by supernatural means and those who believe in Darwin’s theory of evolution has been fierce. Each side presents compelling arguments that may sway any uneducated reader to agree with their position based solely on the confidence they portray in their writings. However, because of the vastness and strength of evidence presentedRead MoreFaith and Reason: Creacionists and Evolutionists1249 Words   |  5 PagesMany people believe that Christians have to reject evolution in order to believe in the biblical account of creation in Genesis 1. Scholar and author John Walton, as well as physician, Francis Collins argue that this is not necessarily true. Walton reminds us that we have to read the Bible carefully, as it was not written for us but for the Israelites. Walton also argues that observing natural effects does not mean that we have to remove God from our thoughts. He cannot just reveal all the scientificRead MoreIn The Article The Fossil Record Supports Evolution, Writer,938 Words   |  4 Pages In the article The Fossil Record Supports Evolution, writer, David A. Thomas argues his position. He favors Evolution over Creationism. In the article David explains how there are gaps in fossilization. He tells how creationists expos e those gaps and claim that because of those gaps evolution is not proven to be true. However Thomas explains that there are many difficult steps in the process of uncovering fossils, but those difficulties don’t disprove anything. He says that creationists say that

Rosa Lee Story Free Essays

The Rosa lee story Rosa Lee gave dash full access to her and her family life for four years, because she thought someone could learn from it. Rosa was born in Washington and was living a low class life, and often looked down up on for it . Rosa lee was brought up in a single parent house hold and when she entered jr. We will write a custom essay sample on Rosa Lee Story or any similar topic only for you Order Now high her dad died. Rosa mom often struggled to take care of her and her siblings. Her mother gave birth to twenty-two kids, but only eleven survived. Rosa and her mom never saw eye to eye and when she got pregnant at the age of thirteen it didn’t make their relationship any better. At the age of fourteen she had her first prostitution experience for five dollars, she told her customers at work that if they were going to have sex with her, they had to pay because she had eight kids at home. After Rosa third child she married into an abusive relationship with a man who was twenty one which made her sixteen she couldn’t take anymore so she moved back in with her mom. Rosa and her mom relationship was filled with conflict. At a very young age Rosa started stealing from people. She stole to basically buy her some friends, she would take her friends to the movies and buy them candy. At the age of twenty Rosa had moved to the North East with her six kids and was on welfare by the time she was twenty one she had two more kids. Rosa just wanted to make sure her family was ok and that they had some of the things they needed. Rosa also did other jobs that paid under the table so she could still get her welfare check. So she became a dancer at night clubs and got paid for sex. Being brought up in a neighborhood like Rosa had several down falls. Her and her sibling didn’t really have anyone to motivate them to do the right thing. The girls were supposed to be domestic but Rosa rebelled against it. Rosa started selling drugs in the seventies and in fifteen years she was in jail a dozen times. Until Rosa was twenty-nine she got away with stealing, she tried to steal a fur coat and had to do eight months in jail. Most of Rosa lee brother and sisters made it out of poverty and became middle class. They had honest jobs like bus driving and had their own cab services. Her brother and sister choose a different path because they seen and knew the struggle that their mom and sister Rosa had to deal with. Seeing Rosa life its self made you want to do right. Eight kids, having to steal, selling and using drugs and being back and forth in jail made you want to do right. Rosa didn’t start selling drugs with the intent to use them, it just happened, she thought selling marijuana and heroin was a quick way to get money and keep her welfare, but when she started she couldn’t quit she was using two fourty dollar bags a day. She said that when she used the drug it gave her courage. Rosa could do and say anything when she was high. Rosa and her siblings used drugs and broke the law because they were not taught any right from wrong . They had such a rough childhood and at this time they didn’t know any better, they were young when they started. Even Rosa kids started taking different paths at very young ages. They didn’t go to school because she didn’t make them. Rosa did drugs in front of her kids and it made them want it. Her one and only daughter Patty started using drugs at the age of thirteen and was rapped several times by relatives while Rosa was incarcerated, which is why she said she hated males and on top of that she was prostituted by her mom. Her son Ronnie started using drugs at the age of fifteen, she told him if he wanted to drugs he had to support his own habit, so he started selling marijuana with his mom. Her oldest son Bobby died of aids cause they all shared needles. At a very young age Rosa stopped going to church and didn’t start going back until she was about forty. She didn’t seek for religious ways to help her in her situation she thought that what she was doing was right for her and her kids. Even with Rosa taking the path she did she could have taught her kids the right from wrong. I think that Rosa had a choice to do well she just choose a different path. She lived in a single parent household, where drugs were being sold and welfare was the way to live. She wasn’t getting the attention that she needed so she explored and ended up finding out the hard way that wasn’t the life she wanted to live. If Rosa stayed in school and maybe had a better a male figure in her life she probably wouldn’t have been in all the trouble she was in. How to cite Rosa Lee Story, Essay examples

The Role of the ICJ Essay Example

The Role of the ICJ Essay The International Court of Justice (also known as the World Court or ICJ) is the primary judicial organ of the United Nations. Its main functions are to settle legal disputes submitted to it by member states and to give advisory opinions on legal questions submitted to it by duly authorized international organs, agencies and the UN General Assembly. The ICJ acquires its authority thorough the Article 92, which is part of the UN Charter. This states in accordance with the annexed Statute, which is based upon the Statute of the Permanent Court of International Justice and forms an integral part of the present Charter. Article 92 UN Charter) This enables the ICJ to function at a level of acceptance and allows equality and justice to flow freely. Although the central court is in Hague (Holland), councils can be held elsewhere, whenever it is deemed acceptable. The ICJ holds the ability to pass judgment on disputes between states and attempt to ratify them. It is open to all states that are in accord with the statute and all those who are in agreement of the conditions that are laid down. Due to the ICJ having nominal enforcement powers, Article 94 of the Charter states that each party of the UN must comply with the decision of the ourt in any case to which it is a party. There are also further provision which include: If any party to a case fails to perform the obligations incumbent upon it under a judgement rendered by the court, the other party may have recourse to the Security Council, which may, if it deem necessary, make recommendations or decide upon measures to be taken to give effect to the judgment. (Article 94 UN Charter). The court is then authorized by other documents Article 65 of the Statute which addresses any legal queries that may be made in accordance with the UN Charter in regards to making a legal request. We will write a custom essay sample on The Role of the ICJ specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Role of the ICJ specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Role of the ICJ specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Another document Article 96 of the Charter provides that opinions may be requested by the General or other members of the UN such as specialized agencies. Because of the ICJs limited powers it holds more of an advisory role. This then causes a stringent need to follow the charter and keep actions short in order to resolve a larger amount of cases before they failure to do so. This would then result in shortcomings and thus create turmoil in regards to its effectiveness in maintaining its goal of World peace. The ICJ was founded in 1946 and since then they have dealt with 41 controversial cases between various states delivering 21 advisory opinions. It has many failures and successes, with an astonishingly high degree of compliance in regards to the verdict that the ICJ makes. There are only two known cases where the states did not comply with the ICJs judgment. These cases were the Corfu Channel Case and the US-Nicaragua. One possible reason for this was the fact that the ICJs compliance is on voluntary basis and therefore States can not seek the ICJs verdict without first accepting the courts verdict beforehand. One example of a successful case was the intervention of the ICJ on the fishing rights in the Fisheries case (1951). The ICJ settled a verdict in favor of Norway as the dispute between them and the United States as there were British fishing vessels within Norwegian waters. Another successful ICJ case was the North Sea Continental Shelf cases (1969). This case involved Denmark, Netherlands and West Germany. This was a successful settlement and was crucial as it open up the facility of oil and gas in the North Sea. More recently the ICJ resolved a boarder clash between Burkina Faso and Mali. (1986). This Frontier Dispute case was ruled in Belgiums favor as the two separate pieces of land that were disturbed by Belgium and Holland where in fact part of Belgium. On the other hand the ICJ is renowned for its failures as well as its successes. These include the inability to resolve inner-state disputes and to date more than 40 unresolved cases have been submitted to the ICJ. Some of the cases have involved parties fulfilling illegal duties and have not accepted the jurisdiction of the court. An example of this is in Israel, Us and the UK (1955) as they all bought down and Israeli civilian aircraft over their territory. Bulgaria rejected ICJ jurisdiction and therefore the ICJ had to let the case go as too much time was already wasted. Another example of the ineffectiveness of the ICJ was in 1960 where Ethiopia and Liberia brought forward a case claiming that South Africa was violating the human rights of the natives that resided in Namibia. After a long period of time and through a tedious process the ICJ finally gave their verdict. They were in favor of the case and ruled it as illegal and thus claimed procedural point. Another limit in effectiveness was the case of the Ruling on the Israeli Security Barrier (Wall) (July 9, 2004). This barrier caused a separation between the West Bank (Judea and Samaria) and the areas inside Israel. The ICJ failed to take down the wall as they felt that it was not violating the principals of international law and as a result the Israeli High Court stated against the ICJ and ruled that specific portions of the barrier had to be moved in order to spare Palestinian Arab residents inordinate suffering. (Israeli High Court). All the above ineffectiveness reflects the initiations of the ICJ in regards to the settlement of various disputes. The actual limited effectiveness cannot be placed upon the court itself as the ICJs objective position has enabled to be as fair as possible. For example: No two ICJ judges may be of the same nationality, but due to human prejudices not all discriminative happenings can be eradicated. In addition another major issue is the fact that more powerful states and their issues with security and peace have rarely been addressed as they are rarely submitted. This is because most governments tend to consider the recognition of the jurisdiction of the court as infringing on their sovereignty. Furthermore the ICJ has often been criticized by the extensive time consumption with nominal results as it may take several years for a case to be heard and acted upon or even reach a final judgment. Hence it is very time consuming to go through the ICJ and often considered a waste of resources and lack of efficiency. Although it cannot be wholly blamed as varied parties involved in the claims often request more time for preparation of their cases. Since it is usually voluntary it really cannot be expected to resolve all cases and definitely not be held accountable for legal actions that follow after it has been settled. Despite the fact that the ICJ has had many failures and successes it still remains a positive diplomat for international law and also a dissemination of the principals of sovereignty, non-conquest, human rights and the rights of existence, self-defense in regards to the state. In addition the ICJ has helped determine certain disputes and difficulties experienced by various states. Most importantly the ICJ provides an alternative for states to reconcile disputes through the use of third party intervention and thus results in more equality as strive for world peace.

Beware of Wielding Unwieldy Jargon

Beware of Wielding Unwieldy Jargon Beware of Wielding Unwieldy Jargon Beware of Wielding Unwieldy Jargon By Mark Nichol This post pertains to the pitfalls of employing jargon to convey ideas without considering that colorful usage may confound instead of convey. I once edited a book that referred to â€Å"dual-wielding pistols,† a reference to the trademark weapons of a movie character: a brace of flintlock pistols. Mentally shaking my head in mild consternation, I revised what I considered an exceedingly awkward and misleading effort to express that the character routinely fought with both guns at once- a dynamic image commonly seen in action films, but one that depicts a strategy seldom employed in real life. As it turns out (meaning, I did some research), the phrase is valid, but not as the author employed it. Websites and publications devoted to firearms sometimes refer to dual-wielding handguns- but with dual-wielding operating as a phrasal verb, not a phrasal adjective. One can use the phrase to refer to the action of firing two handguns at once (â€Å"Is dual-wielding pistols practical?†). However, because no firearms are specifically designed to be used in parallel- presumably (meaning, my research didn’t turn up any such weaponry), there is no such thing as dual-wielding pistols- there is no reason for such phrasing. Therefore, though the phrase exists, it was not correct as employed. And even if it had been used as a phrasal verb, although any reasonably intelligent reader could be expected to understand the phrase, because it is jargon, it would be more courteous to all readers to simply write something like â€Å"wielding two pistols at once.† The lesson for writers is, one can be clear, concise, or both, but if you must choose between clear and concise, be clear. Speaking of phrasal adjectives, one hallmark of jargon is to omit hyphenation in some such phrases, as they are understood to be terms of art (words or phrases understood by a certain readership and not requiring explanation or the hand-holding treatment hyphenation provides). Therefore, although the phrasal adjective in, for example, â€Å"data-governance initiatives† would generally be hyphenated in lay publications to clarify that the reference is to initiatives regarding governance of data, not governance initiatives pertaining to data, publishers of content intended for readers familiar with the concept might consider the helpful hyphen superfluous. (For clarity and consistency, such publishers should codify this style in a manual accessible- and familiar- to a publications writers and editors.) In publications intended for the general public, however, dictionary usage should guide writers and editors in treatment of phrasal adjectives. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:What Does [sic] Mean?Connotations of 35 Words for Funny PeopleTitled versus Entitled

Byzantine-Seljuk Wars and the Battle of Manzikert

Byzantine-Seljuk Wars and the Battle of Manzikert The Battle of Manzikert was fought on August 26, 1071, during the Byzantine-Seljuk Wars (1048-1308). Ascending to the throne in 1068, Romanos IV Diogenes worked to restore a decaying military situation on the Byzantine Empires eastern borders. Passing needed reforms, he directed Manuel Comnenus to lead a campaign against the  Ã¢â‚¬â€¹Seljuk Turks with the goal of regaining lost territory. While this initially proved successful, it ended in disaster when Manuel was defeated and captured. Despite this failure, Romanos was able to conclude a peace treaty with Seljuk leader Alp Arslan in 1069. This was largely due to Arslans need for peace on his northern border so that he could campaign against the Fatimid Caliphate of Egypt. Romanos Plan In February 1071, Romanos sent envoys to Arslan with a request to renew the peace treaty of 1069. Agreeing, Arslan began moving his army into Fatimid Syria to besiege  Ã¢â‚¬â€¹Aleppo. Part of an elaborate scheme, Romanos had hoped that the treaty renewal would lead Arslan away from the area allowing him to launch a campaign against the Seljuks in Armenia. Believing that the plan was working, Romanos assembled an army numbering between 40,000-70,000 outside Constantinople in March. This force included veteran Byzantine troops as well as Normans, Franks, Pechenegs, Armenians,  Ã¢â‚¬â€¹Bulgarians, and variety of other mercenaries. The Campaign Begins Moving east, Romanos army continued to grow but was plagued by the questionable loyalties of its officer corps including the co-regent, Andronikos Doukas. A rival of Romanos, Doukas was a key member of the powerful Doukid faction in Constantinople. Arriving at Theodosiopoulis in July, Romanos received reports that Arslan had abandoned the siege of Aleppo and was retreating east towards the Euphrates River. Though some of his commanders wished to halt and await Arslans approach, Romanos pressed on towards Manzikert. Believing that the enemy would approach from the south, Romanos split his army and directed Joseph Tarchaneiotes to take one wing in that direction to block the road from Khilat. Arriving at Manzikert, Romanos overwhelmed the Seljuk garrison and secured the town on August 23. Byzantine intelligence had been correct in reporting that Arslan had abandoned the siege of Aleppo but failed in noting his next destination. Eager to deal with the Byzantine incursion, Arslan moved north into Armenia. In the course of the march, his army shrank as the region offered little plunder. The Armies Clash Reaching Armenia in late August, Arslan began maneuvering towards the Byzantines. Spotting a large Seljuk force advancing from the south, Tarchaneiotes elected to retreat west and failed to inform Romanos of his actions. Unaware that nearly half his army had departed the area, Romanos located Arslans army on August 24 when Byzantine troops under Nicephorus Bryennius clashed with the Seljuks. While these troops successfully fell back, a cavalry force led by Basilakes was crushed. Arriving on the field, Arslan dispatched a peace offer which was quickly rejected by the Byzantines. On August 26, Romanos deployed his army for battle with himself commanding the center, Bryennius leading the left, and Theodore Alyates directing the right. The Byzantine reserves were placed to the rear under the leadership of Andronikos Doukas. Arslan, commanding from a nearby hill, directed his army to form a crescent moon-shaped line. Commencing a slow advance, the Byzantine flanks were struck by arrows from the wings of the Seljuk formation. As the Byzantines advanced, the center of the Seljuk line fell back with the flanks conducting hit and run attacks on Romanos men. Disaster for Romanos Though capturing the Seljuk camp late in the day, Romanos had failed to bring Arslans army to battle. As dusk neared, he ordered a withdrawal back towards their camp. Turning, the Byzantine army fell into confusion as the right wing failed to obey the order to fall back. As gaps in Romanos line began to open, he was betrayed by Doukas who led the reserve off the field rather than forward to cover the armys retreat. Sensing an opportunity, Arslan began a series of heavy assaults on the Byzantine flanks and shattered Alyates wing. As the battle turned into a rout, Nicephorus Bryennius was able to lead his force to safety. Quickly surrounded, Romanos and the Byzantine center were unable to break out. Aided by the Varangian Guard, Romanos continued the fight until falling wounded. Captured, he was taken to Arslan who placed a boot on his throat and forced him to kiss the ground. With the Byzantine army shattered and in retreat, Arslan kept the defeated emperor as his guest for a week before allowing him to return to Constantinople. Aftermath While Seljuk losses at Manzikert are not known, recent scholarship estimates that the Byzantines lost around 8,000 killed. In the wake of the defeat, Arslan negotiated a peace with Romanos before permitting him to depart. This saw the transfer of Antioch, Edessa, Hierapolis, and Manzikert to the Seljuks as well as the initial payment of 1.5 million gold pieces and 360,000 gold pieces annually as a ransom for Romanos. Reaching the capital, Romanos found himself unable to rule and was deposed later that year after being defeated by the Doukas family. Blinded, he was exiled to Proti the following year. The defeat at Manzikert unleashed nearly a decade of internal strife which weakened the Byzantine Empire and saw the Seljuks make gains on the eastern border.

Connectivity in Health Care Research Paper Example | Topics and Well Written Essays - 500 words

Connectivity in Health Care - Research Paper Example Ans. 2 Generally, intense and big activities are tried to be automated in healthcare like administration and finance. Nursing activities are one such kind which is still devoid of a place in electronic record keeping. From bedside handovers to recording patient recovery status, it is considered too trivial to be automated when there are so many other activities to turn electronic. As such, it is likely that this specific activity area will still remain on paper records for some time (Brown 2011). In order to automate it through the use of IT, initial check-up details should be stored by nurses on systems and distributed to all the nurses who are taking care of patients. Further, whenever patient recovery status is recorded or any test is conducted, complete and proper information should be feed into the system with the use of handheld gadgets. This way, paper costs and costs incurred in delayed claims can be avoided and quality of care can be enhanced dramatically. Ans. 3 The integra ted healthcare system at Kaiser Permanente demonstrates high level of technical integration and subsequent expertise of employees, nurses and physicians in handling electronic operations. With a US community hospital having less than 300 beds, it would be difficult to derive the same benefits as with Kaiser.

Development & Implications of a Green Road Infrastructure Dissertation

Development & Implications of a Green Road Infrastructure - Dissertation Example Evidently, the technique presents requisite incentives that enhance trade and social integration that is essential for growth. It holds relevance especially in the current century where most nations are facing severe economic complications that hamper funding of road construction. It presents the application of re-usable and permeable materials that are less costly compared to ancient materials. The concept requires innovative and creative mindset to ensure its holistic integration with an aim of achieving its intended objectives. The green concept applies permeable materials, the road under layers and air purifiers that are critical. Technical elements that are vital in green highway development to ensure its conformance to set specifications are also analyzed. The elements entail development of porous pavements that facilitate the efficient flow of water to eliminate degradation of road networks. Application of environmentally friendly concrete, vegetation buffer and advancement of stream restoration systems also forms its credible elements. The elements are imperative in ensuring construction of sound infrastructural systems. Clearly, engineers should consider these elements including formulation of a superior plan of activities and project’s design to ensure sustainability. Consequently, various case studies of green road infrastructure in India, Canada, and Japan are contained in the study. The countries operate under superior road network system the embraces green technology. The technology has ensured improved performance economically and development of roads that are sustainable and easy to maintain. The paper adopted purposive research methodology where the use of electronic sources, case studies and questionnaires was adopted to facilitate in-depth study based on the topic to aid realization of its intended objective. The technique enabled application of relevant data gathering techniques that are relevant to achieving a purposive aspect of the study. Introduction Green energy is a concept that is gaining prominence in the world as it holds basic incentives to transform economic and environmental settings in diverse nations. Clearly, the idea facilitates the adoption of cost-effective energy systems and infrastructural development that are sustainable. Its sustainability nature has enabled most leaders to formulate potential strategies to adopt its use holistically. There are several challenges that are influencing the construction of infrastructural systems especially roads in various countries that require an amicable solution. This has led to powerful deliberations among stakeholders with an aim of ascertaining the root causes of infrastructure degradation and formulation of relevant solutions to avert possible dilapidation of the basic element. It is crucial for nations to construct infrastructural setups that are fiscally viable and friendly.

First-principles Study of Spin Transport in Si-C Nanotube

First-principles Study of Spin Transport in Si-C Nanotube First-principles study of spin transport in Si-C nanotube with ferromagnetic contacts Surendra Jalu Abstract  Ã¢â‚¬â€ We perform first-principles calculations of spin-dependent quantum transport in a two-probe device, viz. Fe-SiCNT-Fe device in which (8,0) Si-C nanotube is sandwiched between two Fe electrodes. Substantial tunnel magnetoresistance and perfect spin filtration effect are obtained. The zero bias tunnel magnetoresistance is found to be several hundred percent, it reduces monotonically till the bias voltage 0.4 V, sees marginal increase at the bias of 0.6 V, and eventually goes to nearly zero after the bias voltage of about 1 V. The spin injection factor is 100% at the zero bias, it reduces sharply to 57% at the bias of 0.4 V, and remains reasonably high, in the range of 60%-75%, after the bias voltage of 0.6 V when the magnetic configurations of two electrodes are parallel. The spin-dependent non-equilibrium transport features can be understood by analyzing microscopic details of the transmission coeà ¯Ã‚ ¬Ã†â€™cients. Keywords — First-principles; Tunnel magnetoresistance(TMR); Spin injection; One-dimensional; Spin filter I. Introduction Si-C crystals have unique properties, including thermal stability, chemical inertness, high thermal conductivity, and others. These properties make Si-C materials an appropriate candidate for fabricating electronic devices operating in high power, high temperature environments. Recently synthesized Si-C nanometer materials, such as nanorods, nanowires and nanotubes, have attracted tremendous interest (1-4). These materials obviously broadened the application range of the Si-C crystals, especially in fabricating nanometer gas sensors, electronic devices, field emitters and other novel devices. Silicon carbide nanotubes have a great potential for application in chemical and biological sensors (Taguchia et al 2005a; Xie et al 2007). Recently, scientists have suggested to make silicon carbide nanotubes (SiCNTs) as a possible alternative to carbon nanotubes (CNTs) for field emitting applications (Taguchia et al 2005b; Alfieri and Kimoto 2010), which has boosted the interest for SiCNTs and several studies on the electronic properties of SiCNTs can be found in the literature (Mavrandonakis et al 2003; Mpourmpakis et al 2006; Larina et al 2007; Muralidharan et al 2007; Wu and Guo 2007; Lakshmi et al 2008; Moradian et al 2008; Raidongia et al 2008; Voggu et al 2008; Wu et al 2008; Manna and Pati 2010; Zheng et al 2010). It is well known that CNTs undergo a semiconductor to metal transition (SMT) (Ren et al 2009) or metal to semiconductor transition (MST) (Lu et al 2003) when deformed. Therefore, it is of interest to understand how the semiconducting (8,0) SiCNT would behave when i t is brought in contact with ferromagnetic electrodes. On account of important applications in magnetoresistive random access memory [1], programmable logic elements [2] and magnetic sensors, the giant magnetoresistance (GMR) and tunnel magnetoresistance (TMR) effects in systems with spin-polarized transport are at the heart of spintronics [3] and attract many theoretical and experimental investigations. A basic magnetic tunnel junction (MTJ) device consists of tunnel barrier separating two ferromagnetic (FM) layers which play the role of device leads. During a tunneling process, the spin-up and spin-down electrons from the metal layers traverse the nonmagnetic tunnel barrier with different Fermi wave function due to electronic structure of the ferromagnetic material. The electrical resistance of MTJ is therefore sensitive to the relative orientation of the magnetic configuration of the electrodes, resulting to a TMR [4]. Hence, the MTJs behave as spin valves [4–8]. It is possible to control the orientation of magnetic moments by imposing an external magnetic field in experiments [9,10]. It is important to note that, MgO-based MTJ has progressed at a rapid pace in recent years and produced the highest measured TMR at room temperature. When the electrodes and the tunnel barrier are all one-dimensional (1D) materials such as nanowires or nanotubes, it is experimentally feasible to achieve MTJ at the 1D scale. It is worth mentioning that Wang et al. [12] construct a 1D TMJ using Fe-doped carbon nanotubes and theoretically investigate its spin-dependent transport properties. What is a pity that, the zero bias magnetoresistance ratio is only ∠¼ 40%, which may restrict the spintronics applications in nanodevices where the large magnetoresistance ratio is desirable. Here, we theoretically investigate the spin-polarized transport of a 1D MTJ constructed by (8,0) SiCNT in contact with FM(Fe) electrodes. It is observed that (8,0) SiCNTs are semiconducting and we believe that it can be used as a tunnel barrier for 1D or molecular-scaled MTJ. In our work, We have chosen (8,0) SiCNT as the tunnel barrier and two semi-infinite FM materials, namely Fe, as electrodes. Significant TMR and perfect spin filtration effect are obt ained according to the first-principles calculations of spin-polarized quantum transport by adopting non-equilibrium Green’s function method combined with density-functional theory. TMR has already led to the construction of the present generation of magnetic data storage devices. However, in order to reach storage densities of the order of Terabit/inch2, a substantial down-scaling of the read/write devices is extensively expected. Such 1D MTJ and spin filter with diameter less than 1 nm may realize the storage densities of the order of Terabit/inch2 and hold promise for extensive spintronics applications of nanodevices. II. Model and method Our investigation is based on a recently developed self-consistent first-principles technique which combines the Keldysh non-equilibrium Green’s-function formalism (NEGF) with a self-consistent density-functional theory (DFT). The package we use is the Atomistix Toolkit [20], which incorporates the NEGF technique into the well tested SIESTA method [21] to realize the simulation of electrical or spin-polarized quantum transport in the molecular conductors under non-equilibrium situations. In the calculation, the local density approximation (LDA) in the form of the Perdew and Zunger [22] (perdew burke ernzerhof) exchange-correlation functional is used. Only valence electrons are self-consistently calculated, and the atomic cores are described by standard norm conserving pseudopotential [23]. The valence wave functions are expanded by the localized numerical (pseudo) atom orbitals [24]. The k-points sampling is 3, 3, and 200 in the x, y, and z direction, which has been proven to be enough to give the converged results. The convergence criterion for the Hamiltonian, charge density, and band-structure energy is 10-5 via the mixture of the Hamiltonian. The positions of C and Fe atoms at the interface of the device are relaxed until the force tolerance 0.05 eV/Ã… is achieved. The spin-current (spin-polarized charge current) is calculated [25] as I↑(↓) = e/h ∠« T↑(↓)(E, Vb) [F(E − ÃŽ ¼L) – F(E −  µR)] dE [R] Where F is the Fermi–Dirac distribution, ÃŽ ¼L and ÃŽ ¼R are the chemical potentials of left-electrode (L) and right-electrode (R) respectively, T↑(↓)(E, Vb) is the transmission coeà ¯Ã‚ ¬Ã†â€™cient for spin channel ( ↑ , ↓ ) at the energy E and bias voltage Vb. While building SiCNT, it is utterly important to use optimum bond-length between Si and C atoms to obtain correct results which in our case, as mentioned in various literatures, is 1.78 Ã…. We couldn’t find the optimum bond-length between C and Fe atoms in literature but we were able to optimize a geometry that consisted of only a few atoms of Fe and C and this way we found the optimum bond-length between Fe and C atoms to be 2.04 Ã… (Fig. 4 (b)). The whole system (Fig. R) is divided into three parts from left to right in practical theoretical simulations: the left electrode, the central scattering region, and the right electrode. The left electrode and right electrode are exactly the same and are made of Fe atoms. Si-C nanotube acts as central scattering region between two electrodes. The whole structure contains 328 atoms (192 Fe, 72 C, 64 Si). 4 (a) 4 (b) Fig. 4(a) Fe-C bond-lengths in non-optimized geometry 4(b) Fe-C bond lengths in optimized geometry Fig. 4(c) Fe-SiCNT-Fe device III. results and discussions Fig. 2(a) and (b) plot the current–voltage (I–V) characteristics for the parallel magnetization configuration (PC) and the antiparallel magnetization configuration (APC) of the two electrodes, respectively. In the case of PC, the spin-up current (I↑) are always much larger than the spin-up current (I↓). The I↑ increases steeply with bias voltage especially after the bias of 0.8 V while on the other hand I↓ is almost negligibly small compared to I↑ at almost all bias voltages. The total equilibrium conductance of 0.0022G0 is found at zero bias, where G0 is the conductance quanta, G0 = 2e2/h. In the case of APC, I↑ and I↓ have almost the same values at all bias voltages. The total equilibrium conductance of 0.0095G0 is found at zero bias. From the I–V curves, we infer a TMR ratio using the common definition: TMR = (IAPC − IPC)/IAPC, where IPC and IAPC are the total currents in PC and APC, respectively. At Vb = 0 when all currents vanish, we calculate TMR using equilibrium conductance. Fig. 2(c) shows the TMR, where the RTMR ∠¼ 322% at zero bias is obtained, which indicate in the perfect tunneling magnetoresistance effect. It sharply decreases to ~ 80% at the bias voltage of 0.4 V, sees slight increase at the bias voltage of 0.6 V and gets reduced to almost zero after the bias voltage of 1 V. The TMR decrease with bias voltages because IPC increases at higher rate with bias voltages than IAPC. It is possible for TMR to assume negative value but in our case no such behavior is observed. The device structure presented here indeed has substantial TMR and could be utilized for spintronics applications. The spin-injection factor ÃŽ · which is defined by spin currents: ÃŽ · = mod(I↑ I↓) / (I↑ + I↓) are plotted in Fig. 2(d). At the bias voltage of 0.0 V, the current is 0 A and hence we use the equilibrium conductance represent current. For the case of PC, ÃŽ · is 99% at the zero bias, it monotonically reduces to 57% at the bias voltage of 0.4 and it increases and remains fairly within large values once the bias voltage goes beyond 0.4 V. The spin-injection factor ÃŽ · is as large as ~73% at the bias of 1.2 V and may even improve at higher bias voltages. For the case of APC, the ÃŽ · is meager ~49% at the zero bias. It’s dramatic that it reaches ~85% at the bias voltage of 0.2 V but then it keeps reducing with increase in bias voltages and attains very negligible values at the bias of about 1 V to 1.2 V. From Fig.R it is observed that in the case of PC the spin filtration effect manifests itself very clearly when the bias is above 0.4 V while in the case of APC no such effect is seen. The source of this behavior maybe originates from the quantum size effect which results in the quantized subbands in the cross section of 1D electrode. Detailed analysis is in the below. Spin injection into semiconductors has been measured experimentally using the optical techniques [26,27]. Such 1D TMJ contr olled spin injection into semiconductors should occur in devices that are smaller than a spin relaxation length in extent and have resistance that is limited by the insulating BNNT. The voltage dependent of spin current, TMR ratio and spin-injection factor can be understood from the behavior of the transmission coeà ¯Ã‚ ¬Ã†â€™cients [ T (E, Vb) ] , since the current is essentially given by the energy integral of the T (E, Vb) over the bias window [see Eq. (1)]. The T (E, Vb) for several bias are shown in Fig. 3, where the (a) and (b) are spin-up and spin- down channel of PC setup respectively and the (c) and (d) are spin-up and spin-down channel of APC setup respectively. For both PC and APC setup, these bias-depended T(E,Vb) have several sharp peaks especially after the bias of 0.35 V, due to quantized subbands in the cross section of the 1D electrodes, already mentioned above. The spin up channel contribute to the T(E,Vb) above the Fermi level and spin-down channel contribute both above and below the Fermi level. Refer to the notation from molecular transport theory [28] we can deduce that the spin-up channel conductance is through the lowest unoccupied molecular orbital (LUMO) while the spin-down channel conductance is through both the highest occupied molecular orbital (HOMO) and LUMO of pristine (6,0) BNNT in scattering region. From Fig. 3(a), one can see that the T (E, Vb) shifts to high energy but roughly maintains its shape when bias increases. The T (E, Vb) are all almost absolutely inhibited in spin-up channels around Fermi level, while in the spin-down channel the T (E, Vb) is smooth and several orders of magnitude larger than in spin-up channel around Fermi level. This is why the I↓ linearly increases while the I↑ is inhibited under the bias of 0.75 V, already discussed above for Fig. 2(a). As the bias increases, the electrochemical potential in the left electrode (ÃŽ ¼L) is shifted down, and that in the right electrode (ÃŽ ¼R) is shifted up. Hence, the bands in the two electrodes are shifted correspondingly [29–32]. When the bias increase beyond 0.75 V, a little resonance states A1 are induced around Fermi level showed in Fig. 3(a) for the bias of 0.75, 0.95 and 1.15 V, which originate from the alignment of the LUMO of left electrode with the HOMO of right electrode in spin-up channel because the bands in the two electrodes are shifted. These resonance states significantly enhance as bias increasing, which result in the rapid increase about I↑ after the bias of 0.75 V. Consequently, the rapid increase of I↑ also leads to the rapid decrease about ÃŽ · for PC setup after 0.75 V, already discussed above for Fig. 2(c). The bias dependent T (E, Vb) for APC setup are more complex than PC setup. From Fig. 3(c), one can see that the T (E, Vb) in spin-up channel roughly maintains its shape when bias increases. A little resonance states A2 below Fermi level, which presents for the bias of 0.00 and 0.15 V are removed after the bias of 0.15 V. As the bias increase, only a little resonance states above the Fermi level enter to the transport window (i.e., the part of transmission function in the bias window integrated to obtain the current) and contribute to the I↑, which result in very slow increase of the I↑. After the bias of 0.15 V, the T (E, Vb) shifts to larger energy and large resonance states are induced around Fermi level due to the alignment of spin-down states around Fermi level of left electrode with HOMO of right electrode in spin-down channel because the bands in the two electrodes are shifted. These induced resonance states continuously enhance as bias increase, which result in r apid increase of I↓. Eventually, the total current for APC setup exceed PC setup after the bias of 0.75 V, result in negative RTMR, already discussed above for Fig. 2(c). As mentioned above, the quantum size effect leads to the quantized subbands in the cross section of 1D electrode. Hence, there are two peaks in the induced resonance states around Fermi level after the bias of 0.35 V, showed in Fig. 3(d). When T (E, Vb) continuously shifts to higher energies, these two peaks pass the Fermi level one by one, which cause the oscillation about the spin-down conductance. Thus, the spin injection factor ÃŽ · is oscillating with bias in the APC setup. IV. conclusion We theoretically investigate the spin-polarized transport properties of V atoms doped (6,0) single-wall BNNT using non-equilibrium Green’s-function formalism with a self-consistent density- functional theory. The RTMR is as high as 789% at the bias of 0.05 V. It decays to zero and eventually to negative values when bias is increased. The ratio of spin injection is not below 99% until the bias of 0.55 V when the magnetic configurations of two electrodes are parallel. When the magnetic configurations of two electrodes are antiparallel, the ratio of spin injection oscillates with the bias. Our calculations indicate that it could design perfect 1D MTJs and spin filter using TMs doped BNNTs. The perfect TMR effect and spin filter effect are obtained. References The template will number citations consecutively within brackets [1]. The sentence punctuation follows the bracket [2]. Refer simply to the reference number, as in [3]—do not use â€Å"Ref. [3]† or â€Å"reference [3]† except at the beginning of a sentence: â€Å"Reference [3] was the first † Number footnotes separately in superscripts. Place the actual footnote at the bottom of the column in which it was cited. Do not put footnotes in the reference list. Use letters for table footnotes. Unless there are six authors or more give all authors’ names; do not use â€Å"et al.†. Papers that have not been published, even if they have been submitted for publication, should be cited as â€Å"unpublished† [4]. Papers that have been accepted for publication should be cited as â€Å"in press† [5]. Capitalize only the first word in a paper title, except for proper nouns and element symbols. For papers published in translation journals, please give the English citation first, followed by the original foreign-language citation [6]. G. Eason, B. Noble, and I.N. Sneddon, â€Å"On certain integrals of Lipschitz-Hankel type involving products of Bessel functions,† Phil. Trans. Roy. Soc. London, vol. A247, pp. 529-551, April 1955. (references) J. Clerk Maxwell, A Treatise on Electricity and Magnetism, 3rd ed., vol. 2. Oxford: Clarendon, 1892, pp.68-73. I.S. Jacobs and C.P. Bean, â€Å"Fine particles, thin films and exchange anisotropy,† in Magnetism, vol. III, G.T. Rado and H. Suhl, Eds. New York: Academic, 1963, pp. 271-350. K. Elissa, â€Å"Title of paper if known,† unpublished. R. Nicole, â€Å"Title of paper with only first word capitalized,† J. Name Stand. Abbrev., in press. Y. Yorozu, M. Hirano, K. Oka, and Y. Tagawa, â€Å"Electron spectroscopy studies on magneto-optical media and plastic substrate interface,† IEEE Transl. J. Magn. Japan, vol. 2, pp. 740-741, August 1987 [Digests 9th Annual Conf. Magnetics Japan, p. 301, 1982]. M. Young, The Technical Writer’s Handbook. Mill Valley, CA: University Science, 1989.

Betty Ford Case Study

In the study of abnormal behavior it is found to be behavior observed through others individuals, this failed to be observed within self. The capability of recognizing the living aspects, emotional, cognitive and the behavioral part of behavior needed initially in the steps to recognize the purpose associated in behavior. In this case study of Betty Ford, she was an individual that struggled with a form of abnormal behavior along with the ability to recognize it with the assistance of other individuals to be able to notice she made a difference in her life.In this case study, it will explain the aspects of her life and overview of how she was able to work with assistance in understand the addictive behavior she developed over time and beat the odds of becoming sober. Biological Components Unfortunately, Betty grew up as the daughter of alcoholics this was the platform that lead to her alcoholism predisposition that was biological. Unaware she was going to grow up and have an addictio n of any sort and her father’s hidden alcoholism.His employment kept him away from home a lot oftentimes alcoholics and addicts find it easy to hide their stigmas that are stemmed from a genetic predisposition (Pinel, 2009). Betty was not the only family member that suffered from alcoholism, she later found her brother was afflicted also suffered from the factor that would support this reasoning (Meyer, Chapman & Weaver, 2009). Pertaining to genetic predispositions, an individual do not need to be raised in the same environment of an alcoholic to become afflicted, individuals only have to have the inherited genetic predisposition (Pinel, 2009).Having a genetic predisposition regarding the addiction to alcoholism help set the platform to Betty’s components to alcoholism, along with many other components that allowed the genetic predisposition the ability to work together in Betty’s situation to be considered. Emotional Components The absence of Betty’s fat her doing her childhood affected her emotionally. His absence in her upbringing caused Betty to become deeply attached to her mother, whom as any other mother needing to play both roles of the parents in her home (Meyer, Chapman & Weaver, 2009).Mrs. Ford, Betty’s mother was known as a perfectionist who demanded the same of everyone around her a trait Betty admired so of her mother. When her father died Betty was only 16 years of age, she was able to lean on the strength of her mother to get her through the traumatic ordeal. Following the case study of Betty, the qualities she observed through her mother, she was plagued with the notion of never living up to her, this was the factor that lead to the development of the baseline her addictions.As a young girl growing up Betty never had a drink, but later around the age of eighteen she developed a taste of alcohol as a social drinker. At this time in her life, she explored the modeling and dance industry in New York, the stress o f the life style had an effect on which caused a shift in her self-esteem and emotional status (Meyer, Chapman & Weaver, 2009). This form of exposure was a major gateway into Betty’s path of dependency to alcohol. Betty was thrown into the world of partying at all hours of the night and found her peers at the given time seem to place pressure on drinking more than usual.Once her mother the path of destruction she was falling into her urged Betty to return to Michigan (Meyer, Chapman & Weaver). After returning home six months later, Betty married a gentleman she knew from her childhood (Meyer, Chapman & Weaver). As many marriages, today, it did not take long before it was the end of her marriage. Betty found that her husband was not over the night life and party life style his actions affected her greatly because she was sure she was ready to settle down into a life of marriage and children. It did not take long before Betty met and later married a handsome fellow named, Geral d Ford.Gerald was from a very decent family he was known as one of the most eligible bachelors at the time in Grand Rapids (Meyer, Chapman & Weaver, 2009). Yes, Betty truly was in love, but living the life of politic as the future first lady to the President of the United States was more than she bargained. Feeling lonely and placed aside of all, Betty was emotionally drained (Meyer, Chapman & Weaver). The situation she found herself in had a downward spiral that pushed her over the edge along with the aspect of having the biological trait that lead to her painful addictions.Cognitive and Behavioral Components On the political trail, Betty gave birth four beautiful children, alone and keeping her home intact she found strength from the influence she saw in her mother throughout her childhood. It did not take long for Betty to be overcome with stress of the mental and physical aspect of a politician’s wife and a mother raising four children mostly alone, not to mention she dev eloped a painful situation of a compressed nerve in her (Meyer, Chapman & Weaver, 2009).Due to the compressed nerve condition in her neck Betty was treated with pain medications prescribed to ease her discomfort, unfortunately, this cause another form of addition along with the drinking. Betty was encouraged by her physician to continue her pain medication, unaware of her biological and emotional situation she was already plagued with. No one seem to notice the despair she was in which led to her cognitive and a behavioral substance-related turmoil she began living. Betty began experiencing a sense of emptiness and no self-worth that increased her emotional pain and dependency.Finding herself in a state of denial Betty needed to admit to herself that she had a problem with alcohol and prescription medication. In time, she had to come to grasp with the fact there was something wrong, and she needed to get some assistance before it was (Meyer, Chapman & Weaver, 2009). Taking in consid eration the biological and alcoholism predisposition Betty had to face her substance abuse problems was fore seen an instance that many might say was inevitable without some form of help early on her youth.Sadly with the state of be alone and suffering from the complication in her neck Betty suffered from depression and anxiety (Meyer, Chapman & Weaver, 2009). Through observation and case studies individuals who seem to have situations dealing with the issue of alcoholism are diagnosed with forms of depression and various other disorders associated with the mental status. With all the complications, Betty find herself in she is in harm’s way due to the continued use of alcohol and the prescribed medications (Comer, 2005). ConclusionAs this case study looked at the unfolding of Betty Ford’s life, the understand of what lead to the unfolding of a beautiful woman into a woman riddled with depression, anxiety, alcoholism and a dependency to prescribed medication we needed to begin with the understanding of how it began. The aspect of individual’s genetic predisposition and a childhood flawed in perception her cognitive and a look at her behavioral fundamental conditioning actions associated with her relationship with her mother and peers. In the end, the intervention of her supportive family resulted in a lifesaving gesture that saved her and gave a new outlook in her life. Betty Ford Case Study In the study of abnormal behavior it is found to be behavior observed through others individuals, this failed to be observed within self. The capability of recognizing the living aspects, emotional, cognitive and the behavioral part of behavior needed initially in the steps to recognize the purpose associated in behavior. In this case study of Betty Ford, she was an individual that struggled with a form of abnormal behavior along with the ability to recognize it with the assistance of other individuals to be able to notice she made a difference in her life. In this case study, it will explain the aspects of her life and overview of how she was able to work with assistance in understand the addictive behavior she developed over time and beat the odds of becoming sober.Biological ComponentsUnfortunately, Betty grew up as the daughter of alcoholics this was the platform that lead to her alcoholism predisposition that was biological. Unaware she was going to grow up and have an addiction of any sort and her father’s hidden alcoholism. His employment kept him away from home a lot oftentimes alcoholics and addicts find it easy to hide their stigmas that are stemmed from a genetic predisposition (Pinel, 2009). Betty was not the only family member that suffered from alcoholism, she later found her brother was afflicted also suffered from the factor that would support this reasoning (Meyer, Chapman & Weaver, 2009).Pertaining to genetic predispositions, an individual do not need to be raised in the same environment of an alcoholic to become afflicted, individuals only have to have the inherited genetic predisposition (Pinel, 2009). Having a genetic predisposition regarding the addiction to alcoholism help set the platform to Betty’s components to alcoholism, along with many other components that allowed the genetic predisposition the ability to work together in Betty’s  situation to be considered.Emotional ComponentsThe absence of Betty’s fa ther doing her childhood affected her emotionally. His absence in her upbringing caused Betty to become deeply attached to her mother, whom as any other mother needing to play both roles of the parents in her home (Meyer, Chapman & Weaver, 2009). Mrs. Ford, Betty’s mother was known as a perfectionist who demanded the same of everyone around her a trait Betty admired so of her mother. When her father died Betty was only 16 years of age, she was able to lean on the strength of her mother to get her through the traumatic ordeal. Following the case study of Betty, the qualities she observed through her mother, she was plagued with the notion of never living up to her, this was the factor that lead to the development of the baseline her addictions.As a young girl growing up Betty never had a drink, but later around the age of eighteen she developed a taste of alcohol as a social drinker. At this time in her life, she explored the modeling and dance industry in New York, the stress of the life style had an effect on which caused a shift in her self-esteem and emotional status (Meyer, Chapman & Weaver, 2009). This form of exposure was a major gateway into Betty’s path of dependency to alcohol. Betty was thrown into the world of partying at all hours of the night and found her peers at the given time seem to place pressure on drinking more than usual.Once her mother the path of destruction she was falling into her urged Betty to return to Michigan (Meyer, Chapman & Weaver). After returning home six months later, Betty married a gentleman she knew from her childhood (Meyer, Chapman & Weaver). As many marriages, today, it did not take long before it was the end of her marriage. Betty found that her husband was not over the night life and party life style his actions affected her greatly because she was sure she was ready to settle down into a life of marriage and children. It did not take long before Betty met and later married a handsome fellow named, Ger ald Ford. Gerald was from a very decent family he was known as one of the most eligible bachelors at the time in Grand Rapids (Meyer, Chapman & Weaver, 2009).Yes, Betty truly was in love, but living the life of politic as the future first lady to the President of the United States was more than she bargained. Feeling lonely and placed aside of all, Betty was emotionally drained (Meyer, Chapman &  Weaver). The situation she found herself in had a downward spiral that pushed her over the edge along with the aspect of having the biological trait that lead to her painful addictions. Cognitive and Behavioral ComponentsOn the political trail, Betty gave birth four beautiful children, alone and keeping her home intact she found strength from the influence she saw in her mother throughout her childhood. It did not take long for Betty to be overcome with stress of the mental and physical aspect of a politician’s wife and a mother raising four children mostly alone, not to mention sh e developed a painful situation of a compressed nerve in her (Meyer, Chapman & Weaver, 2009). Due to the compressed nerve condition in her neck Betty was treated with pain medications prescribed to ease her discomfort, unfortunately, this cause another form of addition along with the drinking.Betty was encouraged by her physician to continue her pain medication, unaware of her biological and emotional situation she was already plagued with. No one seem to notice the despair she was in which led to her cognitive and a behavioral substance-related turmoil she began living. Betty began experiencing a sense of emptiness and no self-worth that increased her emotional pain and dependency. Finding herself in a state of denial Betty needed to admit to herself that she had a problem with alcohol and prescription medication. In time, she had to come to grasp with the fact there was something wrong, and she needed to get some assistance before it was (Meyer, Chapman & Weaver, 2009).Taking in c onsideration the biological and alcoholism predisposition Betty had to face her substance abuse problems was fore seen an instance that many might say was inevitable without some form of help early on her youth. Sadly with the state of be alone and suffering from the complication in her neck Betty suffered from depression and anxiety (Meyer, Chapman & Weaver, 2009). Through observation and case studies individuals who seem to have situations dealing with the issue of alcoholism are diagnosed with forms of depression and various other disorders associated with the mental status. With all the complications, Betty find herself in she is in harm’s way due to the continued use of alcohol and the prescribed medications (Comer, 2005).ConclusionAs this case study looked at the unfolding of Betty Ford’s life, the understand of what lead to the unfolding of a beautiful woman into a woman riddled with depression, anxiety, alcoholism and a dependency to prescribed medication we ne eded to begin with the understanding of how it began. The aspect of individual’s genetic predisposition and a childhood flawed in perception her cognitive and a look at her behavioral fundamental conditioning actions associated with her relationship with her mother and peers. In the end, the intervention of her supportive family resulted in a lifesaving gesture that saved her and gave a new outlook in her life.

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Cooperative Bank A Case of Corporate Restructuring Free Essay Example, 2000 words

Through restructuring, a company is able to reassess its operations and seek the best changes that can bring about a desired change. Restructuring may arise due to changes in ownership or due to extreme financial difficulties that may lead to a given company being bankrupt. Various countries have different bankruptcy laws and refinancing schemes. The success of any given plan should always consider these laws as well as any accounting information about a given industry or market. Cooperative Bank (UK) The global financial crisis experienced during the 2011/2012 period resulted in a weak corporate sector in the United Kingdom as well as many other countries. The weak corporate sector was due to weaker consumer demand as well as a tightening of credit. Since the first economic crisis of 2008/2009, the cooperative bank has had difficulties in maintaining profitability (Cooperative Bank). Over the years, the bank has been slowly having an increasing in losses and has been sinking in debt. In 2012, a restructuring initiative was announced by the bank and several steps have been taken so as to ensure the bank reclaims peak performance and profitability. History The Cooperative Bank (UK) is a public limited company and is both a commercial and retail bank and whose headquarters is in Manchester, U.K. We will write a custom essay sample on Cooperative Bank A Case of Corporate Restructuring or any topic specifically for you Only $17.96 $11.86/pageorder now The bank was created in 1872, but was not a registered company until 1971. The company began as a branch of the Cooperative Wholesale Society but in 1876, it was later reformed and became the CWS bank (Wilkinson & Balmer, 1996). In 1974, the bank was the first bank to offer free banking to consumers who stayed in credit (Graham 2013). The parent company of the bank, the Cooperative Group Limited, combined the bank and the Cooperative Insurance Society into one holding society that was called the Cooperative Financial Services. In 2009, the United Kingdom’s government acquired 43.4% of Lloyds Banking Group, which allowed the Cooperative Bank to enter into talks with the banking Group to buy over 600 of its branches (Goff, 2013). The deal however fell through due to poor economic conditions witnessed in 2012 as well as the beginning of troubles in the bank. In 2012, the bank witnessed massive losses at the end of the financial year. During that year, the bank announced a  £1.5 billion capital shortfall (Wilson, 2012). Financial problems for the bank increased, leading to the bank being taken over by the Bank of England under the Banking Act 2009. After this, several restructuring initiatives were put in place to ensure a smooth transition and a return to profitability.

Instructional Leadership As A Model For Leadership

Instructional Leadership in the Primary School Abstract The link between student achievement and effective teaching has been well researched and documented. Likewise, an extensive research base supports the view that leadership is the most important element of an effective school (Department of Education and Training, 2005). This inquiry seeks to examine the leading educational idea of Instructional Leadership as a model for leadership which has a positive impact on student outcomes. The contemporary model of instructional leadership will be examined so that a clear picture of its changed emphases will be highlighted. Literature will be examined and analysed in order to provide a historical and contemporary view of this style of leadership as well as provide a clear understanding of how it would impact a primary school. An alternative style of leadership will also be examined which has achieved student success by focusing on a moral rationale for teaching and learning. One of the maj or insights emerging from this literature review is that instructional leadership provides a model for leadership which improves student outcomes primarily through teacher learning and development. The findings of this review will be of benefit to school leaders who are interested in instructional leadership as a model for supporting the improvement of student outcomes in primary schools. It will provide a sense of how contemporary instructional leadership has evolved and why it isShow MoreRelatedStrategies Of Effective Instructional Leadership1714 Words   |  7 Pages Strategies of effective instructional leadership Nursultan Salgarayev University of Toronto Introduction School principals practicing instructional leadership model plays a significant role in everyday’s life of an organization. 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Portfolio Management Free Essays

string(70) " preference shares and debentures have fixed returns with lower risk\." A PROJECT REPORT ON PORTFOLIO MANAGEMENT AT SHAREKHAN LTD HYDERABAD A PROJECT REPORT SUBMITTED TO [pic] OSMANIA UNIVERSITY HYDERABAD IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE IN MASTER OF BUSINESS ADMINISTRATION SUBMITTED BY SAFIA MOHAMMADI 1238-11-672-015 VILLA MARIE PG COLLEGE FOR WOMEN SOMAJIGUDA- 82 2011-2013 By DEPARTMENT OF BUSINESS ADMINISTRTION VILLA MARIE POST GRADUATE COLLEGE, SOMAJIGUDA (Affiliated to Osmania University) 2011-2013 DECLARATION I SAFIA MOHAMMADI student of Master of Business Administration, VILLA MARIE PG COLLEGE FOR WOMEN, hereby declare that the project report entitled â€Å"PORTFOLIO MANAGEMENT† has been carried out at â€Å"SHAREKHAN LTD† and submitted in partial fulfillment for the â€Å"Master’s Degree in Business Administration† in the result of my own work and is original. I have not submitted this project to any other university or college for the award of any other degree or Diploma. SAFIA MOHAMMADI ACKNOWLEDGEMENT A project is never the  work of an individual. We will write a custom essay sample on Portfolio Management or any similar topic only for you Order Now It is  moreover a combination of ideas, suggestions, review, contribution and work involving many folks. It cannot be completed without guidelines. I wish to express my gratitude to all those who have made significant contribution to the development and presentation of this project. I express my sense of profound gratitude to the Management of â€Å"SHAREKHAN LTD†, Hyderabad for giving me this opportunity to conduct a study on Portfolio Management in their esteemed organization. My sincere thanks to Mr. DEEPAK, Manager and Ms. SWATHI BASA, Assistant Manager for permitting me to pursue this project and for providing their valuable time, suggestions and support for completing my project work successfully. Their patience and invaluable guidance have proved to be very precious without which this project would not be completed. Acknowledgements are also due to all the other staff members and executives in Sharekhan Ltd. , for providing information at various points of the project, especially the discussions on the market. I am thankful to our Principal and also I would also like to thank my project guide and all the faculty members of the college for guiding me throughout the process. I also wish to extend my sincere acknowledgement to my parents for their moral and financial support. Lastly, I am indebted to the friends and will-wishers who have extended their support to me during the project. Place: Hyderabad SAFIA MOHAMMADI INDEX | | | |LIST OF CONTENTS |PAGE NO. | | | |CHAPTER-1 | | | | | |INTRODUCTION | | | | | |NEED AND IMPORTANCE OF THE STUDY | | | | | |OBJECTIVE OF THE STUDY | | | | |SCOPE OF THE STUDY | | | | | |DATA COLLECTION METHODS | | | | | |LIMITATIONS OF THE STUDY | | | | | |CHAPTER-2 | | |REVIEW OF LITERATURE | | | | | |CHAPTER-3 | | |COMPANY PROFILE | | | | | |CHAPTER-4 | | |DATA ANALYSIS AND INTERPRETATION | | | | | |CHAPTER-5 | | |CONCLUSION AND SUGGESTIONS | | | | | |QUESTIONNAIRE | | | | | |BIBLIOGRAPHY | | CHAPTER-1 INTRODUCTION PORTFOLIO MANAGEMENT: A portfol io is a collection of assets. The assets may be physical or financial like Shares, Bonds, Debentures, Preference Shares, etc. The individual investor or a fund manager would not like to put all his money in the shares of one company that would amount to great risk. He would therefore, follow the age old maxim that one should not put all the eggs into one basket. By doing so, he can achieve objective to maximize portfolio return and at the same time minimizing the portfolio risk by diversification. Investment may be defined as an activity that commits funds in any financial form in the present with an expectation of receiving additional return in the future. The expectations bring with it a probability that the quantum of return may vary from a minimum to a maximum. This possibility of variation in the actual return is known as investment risk. Thus every investment involves a return and risk. Investment is an activity that is undertaken by those who have savings. Savings can be defined as the excess of income over expenditure. An investor earns/expects to earn additional monetary value from the mode of investment that could be in the form of financial assets. The three important characteristics of any financial asset are: †¢ Return-the potential return possible from an asset. †¢ Risk-the variability in returns of the asset form the chances of its value going down/up. †¢ Liquidity-the ease with which an asset can be converted into cash. Investors tend to look at these three characteristics while deciding on their individual preference pattern of investments. Each financial asset will have a certain level of each of these characteristics. An investor invests his funds in portfolio expecting to get a good return consistent with the risk that he has to beat. Portfolio management comprises all the processes involved in the creation maintenance of an investment portfolio. It deals specifically with Security Analysis, Portfolio Analysis, Selection and Revision Evaluation. Portfolio Management is a complex process, which tries to make investment activity more rewarding less risky. ? Portfolio management is the management of various financial assets which comprise the portfolio. ? Portfolio management is a decision – support system that is designed with a view to meet the multi-faced needs of investors. According to Securities and Exchange Board of India Portfolio is defined as: â€Å"portfolio means the total holdings of securities belonging to any person†. ? PORTFOLIO MANAGER means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client. ? DISCRETIONARY PORTFOLIO MANAGER means a portfolio manager who exercises or may, under a contract relating to portfolio management exercises any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client. Investment avenues There are a large number of investment avenues for savers in India. Some of them are marketable and liquid, while others are non-marketable. Some of them are highly risky while some others are almost risk less. Investment avenues can be broadly categorized under the following head. 1. Corporate securities 2. Equity shares. 3. Preference shares. 4. Debentures/Bonds. 5. Derivatives. 6. Others. Joint stock companies in the private sector issue corporate securities. These include equity shares, preference shares, and debentures. Equity shares have variable dividend and hence belong to the high risk-high return category; preference shares and debentures have fixed returns with lower risk. You read "Portfolio Management" in category "Essay examples" The classification of corporate securities that can be chosen as investment avenues can be depicted as shown below: DESIGN OF STUDY NEED AND IMPORTANCE OF THE STUDY †¢ Portfolio management presents the  best investment plan  to the individuals as per their income, budget, age and ability to undertake risks. †¢ Portfolio management  minimizes the risks  involved in investing and also increases the chance of making profits. †¢ Portfolio managers understand the client’s financial needs and suggest the best and unique investment policy for them with minimum risks involved. †¢ It enables the portfolio managers to  provide customized investment solutions  to clients as per their needs and requirements. It also focuses on important aspects like Stability of Income, Capital Growth, Liquidity, Safety, Tax Incentives, etc. †¢ Main goals of Portfolio Management are To Maximize the value of the portfolio, To Seek balance  in the portfolio and To Keep portfolio projects strategically  aligned OBJECTIVES OF THE STUDY: †¢ To provide the material frame work of Portfolio Management †¢ To understand how to analyze securities †¢ To know how portfolio management is done. †¢ To study the investment pattern and its related risks returns. †¢ To help the investors to choose wisely between alternative investment. †¢ To understand, analyze and select the best portfolio. To strike balance between costs of funds, risks and returns. †¢ To find out optimal portfolio, which gives optimal return at a minimize risk to the investor. †¢ To see whether the portfolio risk is less than individual risk on whose basis the portfolios are constituted SCOPE OF THE STUDY: †¢ This study covers the Markowitz model. The study covers the calculation of correlations between the different securities in order to find out at what percentage funds should be invested among the companies in the portfolio. Also the study in cludes the calculation of individual Standard Deviation of securities and ends at the calculation of weights of individual securities involved in the portfolio. These percentages help in allocating the funds available for investment based on risky portfolios. METHODOLOGY: Sources of Data Collection The Methodology employed in this study data include both the primary and secondary collection methods. Primary collection methods: This method includes the data collected from the personal discussion with the authorized clerks and members of the exchange. Secondary data collection: It includes the following: †¢ Companies Annual Reports †¢ Information From Internet †¢ Publication †¢ Information provided by Stock Exchanges. Period of Study For different companies, financial data has been collected from the year 2007- 2012 Selection of Companies Companies selected for analysis are:- o Wipro o Indian Tobacco Corporation o Dr. Reddy Laboratories o ACC o Bharat Heavy Electricals LIMITATIONS OF THE STUDY: †¢ This study has been conducted purely to understand portfolio management for investor and is done for requirement of Certificate of MBA. †¢ For study purpose 5 companies have been taken for calculations. †¢ Study is limited to period from 2007-2012. †¢ There was a constraint with regard to time allocated for the research study, period of one and half month. †¢ Study is limited to only first 3 steps of phrases of portfolio management. †¢ Detailed study of the topic was not possible due to limited size of project. The availability of information in the form of annual reports and price fluctuations of the companies was a big constraint to the study. CHAPTER-2 REVIEW OF LITERATURE INTRODUCTION TO PORTFOLIO MANAGEMENT The term Portfolio refers to any collection of financial assets such as stocks, bond s, and cash. Portfolios may be held by individual investors and/or managed by financial professionals, hedge funds, banks and other financial institutions. It is a generally accepted principle that a portfolio is designed according to the investor’s risk tolerance, time frame and investment objectives. Portfolio management is all about strengths, weaknesses, opportunities and threats in the choice of debt vs. equity, domestic vs. nternational, growth vs. safety, and many other tradeoffs encountered in the attempt to maximize return at a given appetite for risk. The art and science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk against performance is known as Portfolio Management. ? PORTFOLIO MANAGER means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client. DISCRETIONARY PORTFOLIO MANAGER means a portfolio manager who exercises or may, under a contract relating to portfolio management exercises any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client. FUNCTIONS OF PORTFOLIO MANAGEMENT: ? To frame the investment strategy and select an investment mix to achieve the desired investment objectives ? To provide a balanced portfolio which not only can hedge against the inflation but can also optimize returns with the associated degree of risk ? To make timely buying and selling of securities ? To maximize the after-tax return by investing in various tax saving investment instruments. STRUCTURE / PROCESS OF TYPICAL PORTFOLIO MANAGEMENT In the small firm, the portfolio manager performs the job of security analyst. In the case of medium and large sized organizations, job function of portfolio manager and security analyst are separate. CHARACTERISTICS OF PORTFOLIO MANAGEMENT: Individuals will benefit immensely by taking portfolio management services for the following reasons: ? Whatever may be the status of the capital market, over the long period capital markets have given an excellent return when compared to other forms of investment. The return from bank deposits, units, etc. , is much less than from the stock market. ? The Indian Stock Markets are very complicated. Though there are thousands of companies that are listed only a few hundred which have the necessary liquidity. Even among these, only some have the growth prospects which are conducive for investment. It is impossible for any individual wishing to invest and sit down and analyse all these intricacies of the market unless he does nothing else. ? Even if an investor is able to understand the intricacies of the market and separate chaff from the grain the trading practices in India are so complicated that it is really a difficult task for an investor to trade in all the major exchanges of India, look after his deliveries and payments. TYPES OF PORTFOLIO MANAGEMENT: Discretionary Portfolio Management Service(DPMS): In this type of service, the client parts with his money in favour of the manager, who in return, handles all the paper work, makes all the decisions and gives a good return on the investment and charges fee. In the Discretionary Portfolio Management Service, to maximize the yield, almost all portfolio managers park the funds in the money market securities such as overnight market, 18 days treasury bills and 90 days commercial bills. Normally, the return of such investment varies from 14 to 18 percent, depending on the call money rates prevailing at the time of investment. 2. Non-Discretionary Portfolio Management Service(NDPMS): The manager functions as a counselor, but the investor is free to accept or reject the manager‘s advice; the paper work is also undertaken by manager for a service charge. The manager concentrates on stock market instruments with a portfolio tailor-made to the risk taking ability of the investor. Risk of Portfolio Management There was a time when portfolio management was an exotic term. The scenario has changed drastically. It is now a familiar term and is widely practiced in India. The theories and concepts relating to portfolio management now find their way to the front pages financial newspapers and the cover pages of investments journals in India. Capital markets have become active. The Indian stock markets are steadily moving towards efficiency, with rapid computerization, increasing higher market transparency, better infrastructure, better customer service etc. The markets are mutual funds have been set up the country since1987. With this development investment in securities has gained considered momentum. Professional portfolio management backed by competent research began to be practiced by mutual funds, investment consultant and big brokers. The Securities Exchange Board of India (SEBI), The Stock Market Regulatory body in India is supervising the whole process. IMPORTANCE OF PORTFOLIO MANAGEMENT: ? Emergence of institutional investing on behalf of individuals. A number of financial institutions, mutual funds and other agencies are undertaking the task of investing money of small investors, on their behalf. Growth in the number and size of investible funds – a large part of household savings is being directed towards financial assets. ? Increased market volatility – risk and return parameters of financial assets are continuously changing because of frequent changes in government‘s industrial and fiscal policies, econo mic uncertainty and instability. ? Greater use of computers for processing mass of data. ? Professionalization of the field and increasing use of analytical methods (e. g. quantitative techniques) in the investment decision – making ? Larger direct and indirect costs of errors or shortfalls in meeting portfolio objectives – increased competition and greater scrutiny by investors. STEPS IN PORTFOLIO MANAGEMENT: ? Specification and qualification of investor objectives, constraints, and preferences in the form of an investment policy statement. ? Determination and qualification of capital market expectations for the economy, market sectors, industries and individual securities. ? Allocation of assets and determination of appropriate portfolio strategies for each asset class and selection of individual securities. ? Performance measurement and evaluation to ensure attainment of investor objectives. ? Monitoring portfolio factors and responding to changes in investor objectives, constrains and / or capital market expectations. Rebalancing the portfolio when necessary by repeating the asset allocation, portfolio strategy and security selection. CRITERIA FOR PORTFOLIO DECISIONS: †¢ In portfolio management emphasis is put on identifying the collective importance of all investor’s holdings. The emphasis shifts from individual assets selection to a more bal anced emphasis on diversification and risk-return interrelationships of individual assets within the portfolio. Individual securities are important only to the extent they affect the aggregate portfolio. In short, all decisions should focus on the impact which the decision will have on the aggregate portfolio of all the assets held. †¢ Portfolio strategy should be molded to the unique needs and characteristics of the portfolio‘s owner. Diversification across securities will reduce a portfolio‘s risk. If the risk and return are lower than the desired level, leverages (borrowing) can be used to achieve the desired level. †¢ Larger portfolio returns come only with larger portfolio risk. The most important decision to make is the amount of risk which is acceptable. †¢ The risk associated with a security type depends on when the investment will be liquidated. Risk is reduced by selecting securities with a payoff close to when the portfolio is to be liquidated. QUALITIES OF PORTFOLIO MANAGER: 1. SOUND GENERAL KNOWLEDGE: Portfolio management is an exciting and challenging job. He has to work in an extremely uncertain and confliction environment. In the stock market every new piece of information affects the value of the securities of different industries in a different way. He must be able to judge and predict the effects of the information he gets. He must have sharp memory, alertness, fast intuition and self-confidence to arrive at quick decisions. 2. ANALYTICAL ABILITY: He must have his own theory to arrive at the intrinsic value of the security. An analysis of the security‘s values, company, etc. is s continuous job of the portfolio manager. A good analyst makes a good financial consultant. The analyst can know the strengths, weaknesses, opportunities of the economy, industry and the company. 3. MARKETING SKILLS: He must be good salesman. He has to convince the clients about the particular security. He has to compete with the stock brokers in the stock market. In this context, the marketing skills help him a lot. 4. EXPERIENCE: In the cyclical behavior of the stock market history is often repeated, therefore the experience of the different phases helps to make rational decisions. The experience of the different types of securities, clients, market trends, etc. , makes a perfect professional manager. PORTFOLIO BUILDING: Portfolio decisions for an individual investor are influenced by a wide variety of factors. Individuals differ greatly in their circumstances and therefore, a financial programme well suited to one individual may be inappropriate for another. Ideally, an individual‘s portfolio should be tailor-made to fit one‘s individual needs. Investor‘s Characteristics: An analysis of an individual‘s investment situation requires a study of personal characteristics such as age, health conditions, personal habits, family responsibilities, business or professional situation, and tax status, all of which affect the investor‘s willingness to assume risk. Stage in the Life Cycle: One of the most important factors affecting the individual‘s investment objective is his stage in the life cycle. A young person may put greater emphasis on growth and lesser emphasis on liquidity. He can afford to wait for realization of capital gains as his time horizon is large. Family responsibilities: The investor‘s marital status and his responsibilities towards other members of the family can have a large impact on his investment needs and goals. Investor‘s experience: The success of portfolio depends upon the investor‘s knowledge and experience in financial matters. If an investor has an aptitude for financial affairs, he may wish to be more aggressive in his investments. Attitude towards Risk: A person‘s psychological make-up and financial position dictate his ability to assume the risk. Different kinds of securities have different kinds of risks. The higher the risk, the greater the opportunity for higher gain or loss. Liquidity Needs: Liquidity needs vary considerably among individual investors. Investors with regular income from other sources may not worry much about instantaneous liquidity, but individuals who depend heavily upon investment for meeting their general or specific needs, must plan portfolio to match their liquidity needs. Liquidity can be obtained in two ways: 1. by allocating an appropriate percentage of the portfolio to bank deposits, and 2. by requiring that bonds and equities purchased be highly marketable. Tax considerations: Since different individuals, depending upon their incomes, are subjected to different marginal rates of taxes, tax considerations become most important factor in individual‘s portfolio strategy. There are differing tax treatments for investment in various kinds of assets. Time Horizon: In investment planning, time horizon become an important consideration. It is highly variable from individual to individual. Individuals in their young age have long time horizon for planning, they can smooth out and absorb the ups and downs of risky combination. Individuals who are old have smaller time horizon, they generally tend to avoid volatile portfolios. Individual‘s Financial Objectives: In the initial stages, the primary objective of an individual could be to accumulate wealth via regular monthly savings and have an investment programme to achieve long term capital gains. Safety of Principal: The protection of the rupee value of the investment is of prime importance to most investors. The original investment can be recovered only if the security can be readily sold in the market without much loss of value. Assurance of Income: `Different investors have different current income needs. If an individual is dependent of its investment income for current consumption then income received now in the form of dividend and interest payments become primary objective. Investment Risk: All investment decisions revolve around the trade-off between risk and return. All rational investors want a substantial return from their investment. An ability to understand, measure and properly manage investment risk is fundamental to any intelligent investor or a speculator. Frequently, the risk associated with security investment is ignored and only the rewards are emphasized. An investor who does not fully appreciate the risks in security investments will find it difficult to obtain continuing positive results. RISK AND EXPECTED RETURN: There is a positive relationship between the amount of risk and the amount of expected return i. e. , the greater the risk, the larger the expected return and larger the chances of substantial loss. One of the most difficult problems for an investor is to estimate the highest level of risk he is able to assume. [pic] TYPES OF RISKS:- Risk consists of two components. They are 1. Systematic Risk 2. Un-systematic Risk 1. Systematic Risk: Systematic risk is caused by factors external to the particular company and uncontrollable by the company. The systematic risk affects the market as a whole. Factors affect the systematic risk are ? economic conditions ? political conditions ? sociological changes The systematic risk is unavoidable. Systematic risk is further sub-divided into three types. They are a) Market Risk b) Interest Rate Risk c) Purchasing Power Risk a) Market Risk: One would notice that when the stock market surges up, most stocks post higher price. On the other hand, when the market falls sharply, most common stocks will drop. It is not uncommon to find stock prices falling from time to time while a company‘s earnings are rising and vice-versa. The price of stock may fluctuate widely within a short time even though earnings remain unchanged or relatively stable b) Interest Rate Risk: Interest rate risk is the risk of loss of principal brought about the changes in the interest rate paid on new securities currently being issued. c) Purchasing Power Risk: The typical investor seeks an investment which will give him current income and / or capital appreciation in addition to his original investment. 2. Un-systematic Risk: Un-systematic risk is unique and peculiar to a firm or an industry. The nature and mode of raising finance and paying back the loans, involve the risk element. Financial leverage of the companies that is debt-equity portion of the companies differs from each other. All these factors Factors affect the un-systematic risk and contribute a portion in the total variability of the return. ? Managerial inefficiently ? Technological change in the production process ? Availability of raw materials ? Changes in the consumer preference ? Labour problems The nature and magnitude of the above mentioned factors differ from industry to industry and company to company. They have to be analyzed separately for each industry and firm. Un-systematic risk can be broadly classified into: a) Business Risk b) Financial Risk a. Business Risk: Business risk is that portion of the unsystematic risk caused by the operating environment of the business. Business risk arises from the inability of a firm to maintain its competitive edge and growth or stability of the earnings. The volatibility in stock prices due to factors intrinsic to the company itself is known as Business risk. Business risk is concerned with the difference between revenue and earnings before interest and tax. Business risk can be divided into. i) Internal Business Risk Internal business risk is associated with the operational efficiency of the firm. The operational efficiency differs from company to company. The efficiency of operation is reflected on the company‘s achievement of its pre-set goals and the fulfillment of the promises to its investors. ii)External Business Risk External business risk is the result of operating conditions imposed on the firm by circumstances beyond its control. The external environments in which it operates exert some pressure on the firm. The external factors are social and regulatory factors, monetary and fiscal policies of the government, business cycle and the general economic environment within which a firm or an industry operates. b. Financial Risk: It refers to the variability of the income to the equity capital due to the debt capital. Financial risk in a company is associated with the capital structure of the company. Capital structure of the company consists of equity funds and borrowed funds. PORTFOLIO ANALYSIS: Various groups of securities when held together behave in a different manner and give interest payments and dividends also, which are different to the analysis of individual securities. A combination of securities held together will give a beneficial result if they are grouped in a manner to secure higher return after taking into consideration the risk element. SELECTION OF PROTFOLIO: The selection of portfolio depends on the various objectives of the investor. The selection of portfolio under different objectives are dealt subsequently. Objectives and asset mix: if the main objective is getting adequate amount of current income, sixty per cent of the investment is made on debts and 40 per cent on equities. The proportions of investments on debt and equity differ according to the individual’s preferences. Growth of income and asset mix: Here the investor requires a certain percentage of growth in the income received from his investment. The debt portion of the portfolio may consist of 60 to 100 percent equities and 0 to 40 percent debt instrument. The debt portion of the portfolio may consist of concession regarding tax exemption. Appreciation of principal amount is given third priority. For example computer software, hardware and non-conventional energy producing company shares provides good possibility of growth in dividend. Capital appreciation and asset mix: Capital appreciation means that the valu of the original investment increases over the years. Investment in real estates like land and house may provide a faster rate of capital appreciation but they lack liquidity. In the capital market, the values of the shares are much higher than their original issue prices. Safety of principal and asset mix: Usually, the risk averse investors are very particular about the stability of principal. According to the life cycle theory, people in the third stage of life also give more importance to the safety of the principal. All the investors have this objective in their mind. No one like to lose his money invested in different assets. Risk and return analysis: The traditional approach to portfolio building has some basic assumptions. First, the individual prefers larger to smaller returns from securities. To achieve this goal, the investor has to take more risk. The ability to achieve higher returns is dependent upon his ability to judge risk and his ability to take specific risks. Diversification: Once the asset mix is determined and the risk and return are analyzed, the final step is the diversification of portfolio. Financial risk can be minimized by commitments to top-quality bonds, but these securities offer poor resistance to inflation. Stocks provide better inflation protection than bonds but are more vulnerable to financial risks. PORTFOLIO CONSTRUCTION: Portfolio is a combination of securities such as stocks, bonds and money market instruments. The process of blending together the broad asset so as to obtain optimum return with minimum risk is called portfolio construction. Diversification of investments helps to spread risk over many assets. A diversification of securities gives the assurance of obtaining the anticipated return on the portfolio. APPROACHES IN PORTFOLIO CONSTRUCTION: There are two approaches in construction of the portfolio of securities. They are ? Traditional approach ? Modern approach TRADITIONAL APPROACH: Traditional approach was based on the fact that risk could be measured on each individual security through the process of finding out the standard deviation and that security should be chosen where the deviation was the lowest. Traditional approach believes that the market is inefficient and the fundamental analyst can take advantage of the situation. Traditional approach is a comprehensive financial plan for the individual. It takes into account the individual needs such as housing, life insurance and pension plans. Traditional approach basically deals with two major decisions. They are a) Determining the objectives of the portfolio b) Selection of securities to be included in the portfolio MODERN APPROACH: Modern approach theory was brought out by Markowitz and Sharpe. It is the combination of securities to get the most efficient portfolio. Combination of securities can be made in many ways. Markowitz developed the theory of diversification through scientific reasoning and method. Modern portfolio theory believes in the maximization of return through a combination of securities. The modern approach discusses the relationship between different securities and then draws inter-relationships of risks between them. Markowitz gives more attention to the process of selecting the portfolio. It does not deal with the individual needs. In the modern approach, the final step is asset allocation process that is to choose the portfolio that meets he requirement of the investor. The risk taker i. e. who are willing to accept a higher probability of risk for getting the expected return would choose high risk portfolio. Investor with lower tolerance for risk would choose low level risk portfolio. The risk neutral investor would choose the medium level risk portfolio. MARKOWITZ MODEL: Harry Markowitz opened new vistas to modern portfolio selection by publishing an article in the journal of Finance in March 1952. His publication indicated the importance of correlation among the different stocks reruns in the construction of a stock portfolio. Most people agree that holding two stocks is less risky than holding one stock. For example, holding stocks from textile, banking, and electronic companies is better than investing all the money on the textile company’s stock. But building up the optimal portfolio is very difficult. Markowitz provides an answer to it with the help of risk and return relationship. Markowitz model is a theoretical framework for analysis of risk and return and their relationships. He used statistical analysis for the measurement of risk and mathematical programming for selection of assets in a portfolio in an efficient manner. Markowitz approach determines for the investor the efficient set of portfolio through three important variables i. e. ? Return ? Standard deviation ? Co-efficient of correlation Markowitz model is also called as an â€Å"Full Covariance Modelâ€Å". Through this model the investor can find out the efficient set of portfolio by finding out the tradeoff between risk and return, between the limits of zero and infinity. According to this theory, the effects of one security purchase over the effects of the other security purchase are taken into consideration and then the results are evaluated. Most people agree that holding two stocks is less risky than holding one stock. For example, holding stocks from textile, banking and electronic companies is better than investing all the money on the textile company‘s stock. Markowitz had given up the single stock portfolio and introduced diversification. The single stock portfolio would be preferable if the investor is perfectly certain that his expectation of highest return would turn out to be real. In the world of uncertainty, most of the risk adverse investors would like to join Markowitz rather than keeping a single stock, because diversification reduces the risk. ASSUMPTIONS: All investors would like to earn the maximum rate of return that they can achieve from their investments. ? All investors have the same expected single period investment hori zon. ? All investors before making any investments have a common goal. This is the avoidance of risk because Investors are risk-averse. ? Investors base their investment decisions on the expected return and standard deviation of returns from a possible investment. ? Perfect markets are assumed (e. g. no taxes and no transaction costs). ? The investor assumes that greater or larger the return that he achieves on his investments, the higher the risk factor surrounds him. On the contrary when risks are low the return can also be expected to be low. The investor can reduce his risk if he adds investments to his portfolio. ? An investor should be able to get higher return for each level of risk â€Å"by determining the efficient set of securitiesâ€Å". ? An individual seller or buyer cannot affect the price of a stock. This assumption is the basic assumption of the perfectly competitive market. ? Investors make their decisions only on the basis of the expected returns, standard deviat ion and covariance’s of all pairs of securities. ? Investors are assumed to have homogenous expectations during the decision-making period. ? The investor can lend or borrow any amount of funds at the riskless rate of interest. The riskless rate of interest is the rate of interest offered for the treasury bills or Government securities. ? Investors are risk-averse, so when given a choice between two otherwise identical portfolios, they will choose the one with the lower standard deviation. ? Individual assets are infinitely divisible, meaning that an investor can buy a fraction of a share if he or she so desires. ? There is a risk free rate at which an investor may either lend (i. e. invest) money or borrow money and There is no transaction cost i. e. no cost involved in buying and selling of stocks. ? There is no personal income tax. Hence, the investor is indifferent to the form of return either capital gain or dividend. The Effect Of Combining Two Securities: It is believed that holding two securities is less risky than by having only one investment in a person‘s portfolio. When two stocks are taken on a portfolio and if they have negative correlation then risk can be completely reduced because the gain on one can offset the loss on the other. This can be shown with the help of following example: Inter-Active Risk Through Covariance: Covariance of the securities will help in finding out the inter-active risk. When the covariance will be positive then the rates of return of securities move together either upwards or downwards. Alternatively it can also be said that the inter-active risk is positive. Secondly, covariance will be zero on two investments if the rates of return are independent. Holding two securities may reduce the portfolio risk too. The portfolio risk can be calculated with the help of the following formula: CAPITAL ASSET PRICING MODEL (CAPM): Markowitz, William Sharpe, John Lintner and Jan Mossin provided the basic structure for the Capital Asset Pricing Model. It is a model of linear general equilibrium return. In the CAPM theory, the required rate return of an asset is having a linear relationship with asset‘s beta value i. e. undiversifiable or systematic risk (i. e. market related risk) because non market risk can be eliminated by diversification and systematic risk measured by beta. Therefore, the relationship between an assets return and its systematic risk can be expressed by the CAPM, which is also called the Security Market Line. Lending and borrowing:- Here, it is assumed that the investor could borrow or lend any amount of money at riskless rate of interest. When this opportunity is given to the investors, they can mix risk free assets with the risky assets in a portfolio to obtain a desired rate of risk-return combination. Rp =Portfolio return Xf =The proportion of funds invested in risk free assets 1- Xf = The proportion of funds invested in risky assets Rf =Risk free rate of return Rm =Return on risky assets The expected return on the combination of risky and risk free combination is Rp= Rf Xf+ Rm(1- Xf) Formula can be used to calculate the expected returns for different situations, like mixing riskless assets with risky assets, investing only in the risky asset and mixing the borrowing with risky assets. THE CONCEPT: According to CAPM, all investors hold only the market portfolio and risk less securities. The market portfolio is a portfolio comprised of all stocks in the market. Each asset is held in proportion to its market value to the total value of all risky assets. For example, if Reliance Industry share represents 15% of all risky assets, then the market portfolio of the individual investor contains 15% of Satyam Industry shares. At this stage, the investor has the ability to borrow or lend any amount of money at the risk less rate of interest. Eg. assume that borrowing and lending rate to be 12. 5% and the return from the risky assets to be 20%. There is a tradeoff between the expected return and risk. If an investor invests in risk free assets and risky assets, his risk may be less than what he invests in the risky asset alone. But if he borrows to invest in risky assets, his risk would increase more than he invests his own money in the risky assets. When he borrows to invest, we call it financial leverage. If he invests 50% in risk free assets and 50% in risky assets, his expected return of the portfolio would be Rp= Rf Xf+ Rm(1- Xf) = (12. 5 x 0. 5) + 20 (1-0. 5) = 6. 25 + 10 = 16. 5% if there is a zero investment in risk free asset and 100% in risky asset, the return is Rp= Rf Xf+ Rm(1- Xf) = 0 + 20% i. e. 20% if -0. 5 in risk free asset and 1. 5 in risky asset, the return is Rp= Rf Xf+ Rm(1- Xf) = (12. 5 x -0. 5) + 20 (1. 5) = -6. 25+ 30 = 23. 75% EVALUATION OF PORTFOLIO: Portfolio manager evaluates his portfolio performance and identifies the sources of strengths and weakness. The evaluation of the portfolio provides a feedback about the performance to evolve better management strategy. Even though evaluation of portfolio performance is considered to be the last stage of investment process, it is a continuous process. There are number of situations in which an evaluation becomes necessary and important. i. Self-Valuation: An individual may want to evaluate how well he has done. This is a part of the process of refining his skills and improving his performance over a period of time. ii. Evaluation of Managers: A mutual fund or similar organization might want to evaluate its managers. A mutual fund may have several managers each running a separate fund or sub-fund. It is often necessary to compare the performance of these managers. iii. Evaluation of Mutual Funds: An investor may want to evaluate the various mutual funds operating in the country to decide which, if any, of these should be chosen for investment. A similar need arises in the case of individuals or organizations who engage external agencies for portfolio advisory services. iv. Evaluation of Groups: Academics or researchers may want to evaluate the performance of a whole group of investors and compare it with another group of investors who use different techniques or who have different skills or access to different information. NEED FOR EVALUATION OF PORTFOLIO: ? We can try to evaluate every transaction. Whenever a security is brought or sold, we can attempt to assess whether the decision was correct and profitable. ? We can try to evaluate the performance of a specific security in the portfolio to determine whether it has been worthwhile to include it in our portfolio. We can try to evaluate the performance of portfolio as a whole during the period without examining the performance of individual securities within the portfolio. Portfolio management has emerged as a separate academic discipline in India. Portfolio theory that d eals with the rational investment decision-making process has now become an integral part of financial literature. Investing in securities such as shares, debentures bonds is profitable well as exciting. It is indeed rewarding but involves a great deal of risk need artistic skill. Investing in financial securities is now considered to be one of the most risky avenues of investment. It is rare to find investors investing their entire savings in a single security. Instead, they tend to invest in a group of securities. Such group of securities is called as PORTFOLIO. Creation of portfolio helps to reduce risk without sacrificing returns. Portfolio management deals with the analysis of individual securities as well as with the theory practice of optimally combining securities into portfolios. The modern theory is of the view that by diversification, risk can be reduced. The investor can make diversification either by having a large number of shares of companies in different regions, in different industries or those producing different types of product lines. Modern theory believes in the perspective of combinations of securities under constraints of risk and return. PORTFOLIO REVISION: The portfolio which is once selected has to be continuously reviewed over a period of time and then revised depending on the objectives of the investor. The care taken in construction of portfolio should be extended to the review and revision of the portfolio. Fluctuations that occur in the equity prices cause substantial gain or loss to the investors. The investor should have competence and skill in the revision of the portfolio. The portfolio management process needs frequent changes in the composition of stocks and bonds. In securities, the type of securities to be held should be revised according to the portfolio policy. An investor purchases stock according to his objectives and return risk framework. The prices of stock that he purchases fluctuate, each stock having its own cycle of fluctuations. These price fluctuations may be related to economic activity in a country or due to other changed circumstances in the market. If an investor is able to forecast these changes by developing a framework for the future through careful analysis of the behavior and movement of stock prices is in a position to make higher profit than if he was to simply buy securities and hold them through the process of diversification. Mechanical methods are adopted to earn better profit through proper timing. The investor uses formula plans to help him in making decisions for the future by exploiting the fluctuations in prices. PASSIVE MANAGEMENT: Passive management is a process of holding a well diversified portfolio for a long term with the buy and hold approach. Passive management refers to the investor’s attempt to construct a portfolio that resembles the overall market returns. The simplest form of passive management is holding the index fund that is designed to replicate a good and well defined index of the common stock such as BSE-sensex or NSE-Nifty. ACTIVE MANAGEMENT: Active management is holding securities based on gthe forecast about the future. The portfolio managers who pursue active strategy with respect to market components are called ‘market timers’. The portfolio managers vary their cash position or beta of the equity portion of the portfolio based on the market forecast. The managers may indulge in ‘ group rotation’s. here, the group rotation means changing the investment in different industries’ stocks depending on the assessed expectations regarding their future performance. FORMULA PLANS: The formula plans provide the basic rules and regulations for the purchase and sale of securities. The amount to be spent on the different types of securities is fixed. The amount may be fixed either in constant or variable ratio. This depends on the investor‘s attitude towards risk and return. The commonly used formula plans are i. Average Rupee Plan ii. Constant Rupee Plan iii. Constant Ratio Plan iv. Variable Ratio Plan ADVANTAGES: ? Basic rules and regulations for the purchase and sale of securities are provided. ? The rules and regulations are rigid and help to overcome human emotion. ? The investor can earn higher profits by adopting the plans. ? A course of action is formulated according to the investor‘s objectives. ? It controls the buying and selling of securities by the investor. ? It is useful for taking decisions on the timing of investments. DISADVANTAGES: ? The formula plan does not help the selection of the security. The selection of the security has to be done either on the basis of the fundamental or technical analysis. ? It is strict and not flexible with the inherent problem of adjustment. ? The formula plans should be applied for long periods, otherwise the transaction cost may be high. ? Even if the investor adopts the formula plan, he needs forecasting. Market forecasting helps him to identify the best stocks. CHAPTER-3 COMPANY PROFILE SHAREKHAN LTD Sharekhan Ltd. is one of the leading retail stock broking house of SSKI Group which is running successfully since 1922 in the country. It is the retail broking arm of the Mumbai-based SSKI Group, which has over eight decades of experience in the stock broking business. Sharekhan offers its customers a wide range of equity related services including trade execution on BSE, NSE, Derivatives, depository services, online trading, investment advice etc. The firm’s online trading and investment site – www. sharekhan. com- was launched on Feb 8, 2000. The site gives access to superior content and transaction facility to retail customers across the country. Known for its jargon-free, investor friendly language and high quality research, the site has a registered base of over one lakh customers. The content-rich and research oriented portal has stood out among its contemporaries because of its steadfast dedication to offering customers best-of-breed technology and superior market information. The objective has been to let customers make informed decisions and to simplify the process of investing in stocks. On April 17, 2002 Sharekhan launched Speed Trade, a net-based executable application that emulates the broker terminals along with host of other information relevant to the Day Traders. This was for the first time that a net-based trading station of this caliber was offered to the traders. In the last six months Speed Trade has become a de facto standard for the Day Trading community over the net. Sharekhan’s ground network includes over 640 centers in 280 cities in India which provide a host of trading related services. Sharekhan has always believed in investing in technology to build its business. The company has used some of the best-known names in the IT industry, like Sun  Microsystems,  Oracle,  Microsoft,  Cambridge  Technologies,  Nex genix, Vignette, Verisign Financial Technologies India Ltd, Spider Software Pvt Ltd. To build its trading engine and content. The Morakhiya family holds a majority stake in the company. HSBC, Intel   Carlyle are the other investors. With a legacy of more than 80 years in the stock markets, the SSKI groupventured  into  institutional  broking  and  corporate  finance  18  years  ago. Presently  SSKI  is  one  of  the  leading  players  in  institutional  broking  andcorporate finance activities. SSKI holds a sizeable portion of the market in each of these segments. SSKI’s institutional broking arm accountsfo7%of  the  market  for  Foreign  Institutional  portfolio  investment  and  5%  of  allDomestic  Institutional  portfolio  investment  in  the  country. It  has  60institutional  clients  spread  over  India,  Far  East,  UK  and  US. ForeignInstitutional Investors generate about 65% of the organization’s revenue, with a daily turnover of over US$ 2 million. The Corporate Finance section has a listof very prestigious clients and has many ‘firsts’ to its credit, in terms of the size of deal, sector tapped etc. The group has placed over US$ 1 billion in private equity deals. PROFILE OF THE COMPANY: Name of the company : Sharekhan ltd. Year of Establishment : 1925 Headquarter : ShareKhan SSKI A-206 Phoenix House Phoenix Mills Compound Lower Parel, Mumbai – Maharashtra, INDIA- 400013 Nature of Business : Service Provider Services : Depository Services, Online Services and Technical Research. Number of Employees : Over 3500 Website : www. sharekhan. com Slogan : Your guide to the financial jungle Vision To be the best  retail brokering Brand in the retail business of stock market. Mission To educate and empower the individual investor to make better investmentdecisions through quality advice and  superior service Sharekhan is infact: †¢ Among the top 3 branded retail service providers †¢ No. 1 player in online business †¢ Largest network of branded broking outlets in the country serving more than7, 00,000 clients Sharekhan’s management team is one of the strongest in the sector and has positioned Sharekhan to take advantage of the growing consumer demand for financial services products in India through investments in research, pan-Indian branch network and an outstanding technology platform. Further, Sharekhan’s lineage and relationship with SSKI Group provide it a unique position to understand and leverage the growth of the financial services sector. SSKI Corporate Finance Private Limited (SSKI) is a leading India-based investment bank with strong research-driven focus. Their team members are widely respected for their commitment to transactions and their specialized knowledge in their areas of strength ITA CORE SERVICES ARE: ? Equities, and Derivatives trading on the National Stock Exchange of India Ltd. (NSE), and Bombay Stock Exchange Ltd. (BSE), ? Commodities trading on National Commodity and Derivatives Exchange India(NCDEX) and Multi Commodity Exchange of India Ltd. (MCX), ? Depository services, ? Online trading services, ? IPO Services, ? Dial-n-Trade ? Portfolio management services, Fundamental and Technical Research services, ? In addition to this they also provide advisory services and  distributions for  mutual funds. ? Sharekhan ValueLine (a monthly publication with  reviews of recommendations,stocks to watch out for etc. ) ? Daily research reports and market review (High Noon   Eagle Eye) ? Pre-market Report ? Daily trading calls based on Technical Analysis ? Cool trading products (Daring Derivatives and Market Strategy) REASONS TO CHOOSE SHAREKHAN: ? Experience : SSKI has more than eight decades of trust and credibility in the Indian Stock Market. In the Asia Money Broker’s Poll held recently, SSKI won the ‘India’s Best broking house for 2004’ award. Ever since it launched Sharekhan as its retail broking division in February in 2000, it has been providing institutional-level research and broking services to individual investors. ? Technology: With their Online Trading account one can buy and sell shares in an instant from any PC with an internet connection. Customers get access to the powerful online trading tools that will help them to take complete control over their investments in shares. ? Accessibility: Sharekhan provides Advice, Education, Tools and Education services for investors. These services are accessible through many centers across the country (over 650 locations in 150 cities), over the internet (through the website www. sharekhan. ltd) as well as over the voice tool. ? Knowledge: In a business where the right information at the right time can translate into direct profits investors get access to a wide range of information on the content rich portal www. sharekhan. com. Investors will also get a useful set of knowledge-based tools that will empower them to take informed decisions ? Convenience: One can call Sharekhan’s Dial-N-Trade number to get investment advice and execute his/her transactions. They have a dedicated call-center to provide this service via a Toll Free Number 1800 22-7500 39707500 from anywhere in India. ? Customer Service: Its customer service team assist their customer for any help that they need relating to transactions, billing, demat and other queries. Their customer service can be contacted via a toll-free number, email or live chat on www. sharekhan. com. ? Investment Advice: Sharekhan has dedicated research teams of more than 30 people for fundamental and technical research. Their analysts constantly track the pulse of the market and provide timelyinvestment advice to customer in the form of daily research emails, online chat, printed reports etc. SHAREKHAN LIMITED’S MANAGEMENT TEAM †¢ Dinesh  Murikya   :   Owner  of  the  company †¢   Tarun  Shah   :   CEO  of  the  company †¢ Shankar  Vailaya   :   Director  (Operations) †¢   Jaideep  Arora :   Director  (Products  Ã‚  Technology) †¢ Pathik  Gandotra :   Head  of  Research Rishi  Kohli   :   Vice  President  of  Equity  Derivatives †¢ Nikhil  Vora :   Vice  President  of  Research BENEFITS †¢ Free Depository A/c †¢ Instant Cash Transfer †¢ Multiple Ba nk Option. †¢ Secure Order by Voice Tool Dial-n-Trade. †¢ Automated Portfolio to keep track of the value of your actual purchases. †¢ 24*7 Voice Tool access to your trading account. †¢ Personalized Price and Account Alerts delivered instantly to your mobile phone †¢ Live chat facility with Relationship manager on Yahoo Messenger. †¢ Special Personal inbox for order and trade confirmations. †¢ On-line customer service via web chat. †¢ Enjoy automated Portfolio. Buy or sell even single share. †¢ Anytime ordering. Sharekhan provides 4 in 1 account: *Demat a/c *Bank a/c: for fund transfer *Dial and Trade: for query relating trading *Trading a/c: for cash calculation DEMAT ACCOUNT: Sharekhan  is  a  depository  participant. This  means  that  we  can  keep  the  shares  in dematerialized form  in  Sharekhan. But  for  this  one  has  to  the  demat  account  in Sharekhan. Dematerialization is the p rocess by which a client can get physical certificates converted into electronic balances maintained in his account with the DP. In Sharekhan, under demat account there are two types of terminals Classic and Trade Tiger. ACCOUNT OPENING: Opening a DP account with Sharekhan-One can open a Depository Participant (DP) account, either through a Sharekhan branch or through a Sharekhan Franchisee center. There is no fee for opening DP accounts with Sharekhan. However a nominal deposit (refundable) is charged towards services which will be adjusted against all future billings. All investors have to submit their proof of identity and proof of address along with the  prescribed account opening form. CLASSICAL ACCOUNT: This is a user friendly product which allow the client to trade through website www. sharekhan. com and is suitable for all the retial investors who is risk averse and hence prefers to invest in stocks or who does not trade too frequently Features Online trading account for investing in equity and derivatives via www. sharekhan. com †¢ Live Terminal and Single terminal for NSE Cash, NSE FO BSE. †¢ Integration of On-line trading, Saving Bank and Demat Account. †¢ Instant cash transfer facility a gainst purchase sale of shares. †¢ Competitive transaction charges. †¢ Instant order and trade confirmation by E-mail. †¢ Streaming Quotes (Cash Derivatives). †¢ Personalized market watch. †¢ Single screen interface for Cash and derivatives and more. †¢ Provision to enter price trigger and view the same online in market watch. SPEEDTRADE SPEEDTRADE is an internet-based software application that enables you to buy and sell inan instant.