Towson University offers new MBA program Essay Example

Towson University offers new MBA program Essay Example Towson University offers new MBA program Paper Towson University offers new MBA program Paper Towson University offers new online MBA programs because of the expanded enthusiasm by future understudies. 80% of the enlisted understudies are employed. That’s why the online MBA programs are acclimated to suit the necessities and time span of the individuals who can’t go to grounds. All materials and the courses are recorded and accessible on the web. At whatever point the understudy has the opportunity, he/she can tune in to the courses and view the materials. This program gives understudies the adaptability to pick when they need to tune in to classes and take the tests. The online MBA program at Towson University is certify by the Association to Advance Collegiate Schools of Business. This accreditation expresses that this online MBA program is phenomenal and can enable the understudies to progress in their professions. Towson University is the main college in the Baltimore region that has AACSB accreditation. Towson University agents clarify that the online MBA was adjusted with the goal that working experts who have families and different commitments don’t need to leave their place of employment so as to seek after advanced education. Understudies can complete the program in their own pace as indicated by their calendar. Despite the fact that the program is on the web, you have the chance to partake in conversations that are directed on the web. You likewise need to do assignments and you have months notice to complete them. You can present your task at whatever point you need, it doesn’t matter on the off chance that it is day, nigh t or end of the week. You can likewise pick what number of courses you need to take simultaneously. You can pick at least one and you can complete at whatever point you need. The nature of training of Towson’s online MBA is on a similar level as normal MBAs. Also, there is no contrast among on the web and standard courses. The main contrast is the absence of nearby communication of the online projects. Understudies can address the online organizer for questions. A great many people are astounded to hear that despite the fact that the program is online the individuals who wish can reach the facilitator on the off chance that they need to. In this gathering they can ask anything they need by and by and counsel the organizer about the online courses. Towson University understudies can look over four double degree projects and nine specializations: account, enterprise, human asset the executives, global business, social insurance the executives, the board data frameworks, promoting, general MBA and administration and authoritative learning. The individuals who wish to take an online MBA at Towson University must present an online application, have the requested GMAT score, encase two suggestion letters, individual proclamation and a resume.

Childrens physical creative social and emotions education essay Free Essays

Utilizing ICT assets is considered to progress childrens physical, originative, cultural and enthusiastic and conveying this is on the grounds that it will increase their obtaining from multiple points of view. For delineation using a processing machine can back up the child ‘s physical turn of events, this can be drilled by an adult puting their manus over a child ‘s manus on the mouse this will show happiness and build up his OK engine achievements. Utilizing a figuring machine will other than direct the children ‘s going to with discussion ; requests asked by them along these lines expanding the two his idea and conveying achievements. We will compose a custom paper test on Childrens physical innovative social and feelings instruction paper or on the other hand any comparative subject just for you Request Now Figuring achievements can be improved when playing an onscreen saber saw game. While using ICT children ought to be urged to work in supports or gatherings this is on the grounds that they will come on their cultural turn of events. Moreover children can build up their inventiveness achievements by pulling pictures on the Paint Software using ICT. Other than originative advancement can be expanded by electronic music gadgets that empower children to use their inventiveness and express sentiments. Little, unsupported consoles can play, arrangement of vocals with an extent of various instruments, including lustful sounds. Increasingly convoluted frameworks can be connected to a processing machine. Music created by the children can so be added to sight and sound introductions to include with their pictures. Instructions to oblige use of ICT for children of various ages, sexual orientation, requests and capacities More youthful children will use apparatuses and toys that can execute carefully or audio effects for example talking dolls or remote controlled automobiles, the movement can incorporate moving the inaccessible control to venture to every part of the auto. Other than early mature ages projects can be found in a processing machine for example whiteboard or color, introducing this will help to learn them the building aspect of making exercises. Anyway more established children will suit an alternate utilization of ICT for example using a registering machine to complete classification exercises or to use a computerized camera to take an introduction of a class work show. It is regular for misss to lounge playing with discourse creation dolls ; henceforth providing this sort of toy to a youthful miss in any case obliging and advancing an alternate start of ICT for male childs expand their comprehension of the general public this is on the grounds that there sexual orientation are ordinarily intrigued by remote controlled automobiles, or a talking constabulary or a doll and so on by the by to propel a reasonable situation of sexes the misss could be given a similar toy as the male childs and delicacy versa. Besides, kids with requests and capacities should meet various methods of ICT assets they ought to be bolstered while using an electronic toy, they should be told and a record of how to use the toy must be clarified to them. Moreover they ought to be observed the greater part of the clasp so that on the off chance that they require help they can be helped. ICT assets utilized must propel the fear and compassion of specific requests for example giving straightforward directions to show the utilization of a computerized camera or figuring machine. Step by step instructions to do best use of ICT in bilingual or multilingual scenes Youngsters that have English as an extra semantic correspondence must be considered in a way that will follow up on their proficiency achievements for example they ought to be shown synergistic accounts that will develop up their proficiency achievements. Also, synergistic whiteboards and advanced exposures can be utilized to uncover exposures and bolster kids ‘s education achievements each piece great as cultural turn of events. Showing rimes from books and vocals will other than better their fear of the English phonetic correspondence. Social achievements will other than be created in light of the fact that working in supports or as an individual from a gathering ; larning to parcel and help out each other would build autonomous larning and dynamic. So as to use some ICT gear children will require to build up an extent of achievements for example good engine achievements to use a console and mouse, and will require clasp to look into the gear before they can use it. Kids will require to build up good engine achievements so as to use a console or a mouse since movements of fingers and pollex to travel this hardware are required other than the authorities and eyes cooperate ( manus and oculus coordination ) . Fine engine achievements will enable to execute minimal exact movements to coordinate a mouse. How children use ICT as an apparatus to back up larning in numerous course of study nations and in causing this what they to realize roughly ICT as a theme in its ain right. ICT utilization will back up the obtaining in numerous course of study nations this is on the grounds that instructive sites can help children to uplift their procurement for delineation using ‘early mature ages ‘ site that contains each subject ( predominantly English, maths and logical order ) will assist them with being shown their points in a greater cheerfulness and satisfying in light of the fact that they will have the option to mess around online identified with the theme. Finding out about an arrangement of themes will other than spread out their cognizance of ICT as a point in its ain right since they become familiar with the names of the registering machine parts this will build their jargon, seat the utilization of a mouse and recognize the letters on a console. The most effective method to influence family units in ICT in manners that are delicate to their foremost discernment and level of affirmation Families can be engaged with ICT in manners which are antiphonal to their front comprehension by inquisitive a parent to take an introduction of their child making a movement at place and direct it to the schoolroom for a presentation slideshow made by the classification. Utilizing testing gadgets to hinder dish to unsatisfactory stuff by means of the internet Screening gadgets to hinder dish to unsatisfactory stuff through the internet is of import since it guarantees the wellbeing of children. Kids ought to be shielded from destructive sites that could provoke them or upseting pictures for example killing, blood and so on. When watching films focused for classification kids their age degree ought to be thought of and the age accreditation ought to ever be kept an eye on DVDs and sites ( it should sooner area ‘Universal ‘ which in a general sense implies that it is appropriate for all ages ) . Accordingly it is significant that there is a hindrance between the unsatisfactory stuff to monitor the children and shield them from injury. Security issues for kids who dish the internet The conceivable to offer children web course will benefit them to inquire about new possibilities and grow new achievements and securing. The use of electronic mail and texting ought to be observed both at place and in school. They should, if conceivable be confined from these sites. This is on the grounds that there are components of risks in these sites seeing that the children could be irritated or tormented. In this way to dodge these complexities from go oning the utilization of ICT ought to be controlled and additional use of it is constrained. Youngsters ought to be instructed to use registering machines and the internet rationally. Both more seasoned and more youthful ought to be informed that they ought to non give their own inside informations to outsiders for example there reference, telephone figure and age and so forth. They ought to other than be educated that in the event that they see jeopardizing messages they should non respond by and by, they should express an adult in a flash. Valuable on the web and disconnected assets that help proper use of ICT At the point when online ( web course ) children ought to do utilization of the site to teach their perception by sing arranged instructive sites. They ought to use it less to mingle and more to indict their contributions in points that will build up their originative achievements, accepting achievements and so on. For representation they may want to make some image using kids ‘s sites they may other than loll playing puzzle games or venture games that will increase their innovativeness achievements. In add-on to this they can see sites that will build up their schoolroom larning for example ks2, ks1, ks3 Bitesize ; this site rouses juvenile children to larn at place and in school outside the schoolroom condition to develop on their idea achievements. On the different manus when children are disconnected and do non hold web course they can use bundles like color to make basic drawings for workmanship and originative exercises, in any case an alternate bundle ought to be utilized for larning for example Boardworks is utilized to do headway in kids ‘s securing in the schoolroom this is a bundle focused for kids matured 12 or more that is actualized in a synergistic whiteboard meeting. As ICT is a rapidly creating and changing nation how you will keep up to day of the month so as to promise you give the best help to children and family units. Synergistic whiteboard is up to day of the month ICT bundle that has numerous assets, for example, games, instructive beginnings it is utilized in schoolrooms to increase kids ‘s securing. The board is contact screen thus you utilize a pen to drag, chink and form this way will be not the same as the sheets teacher ‘s normally utilization. Kids can dissect various subjects and look for shifted exercises using the whiteboard. Other than families can keep up to day of the month by guaranting that they are given utile sites that will help their children to create numerous achievements. Wayss of picking great quality ICT assets that energize positive obtaining for kids by utilizing decision principles for example By giving the child great assets and leting them to be in charge of the

The Wedding of Sir Gawain and Dame Ragnell :: Essays Papers

The Wedding of Sir Gawain and Dame Ragnell Character Analysis Sir Gawain is one of the more popular Knights of the Round Table in Arthurian legends. Different writers have expounded on Gawain including the unknown writer of The Wedding of Sir Gawain and Dame Ragnell. The peruser becomes more acquainted with Gawain’s character through its advancement all through the story. Gawain shows his goodness and considerate way through his words and furthermore through his activities. His physical appearance and dress are never referenced so there are no hints to his character in such manner. Gawain’s resolute way despite affliction is further demonstration of his value as a knight. The principal glimpse we have of Gawain in the story is soon after King Arthur comes back from his chase. Gawain is the main individual to whom Arthur trusts his misfortune with Sir Gromer Somer Jour. Arthur’s evident trust of Gawain to worry about his concern demonstrates that he trusts Gawain’s counsel and that Gawain will be circumspect about the king’s inconveniences. Gawain authorizes this conviction when he says, I am not that man that wold you disrespect/Nother by evin ne by moron(329). Rather than Arthur who breaks his pledge to Sir Gromer that I shold nevere telle it to no wighte(331) by raising his issues on another, Gawain’s character displays an increasingly fair manner by promptly offering his help. The juxtaposition of these two differentiating characters, to be specific Arthur and Gawain, serves to show every one of their traits in a more clear, progressively characterized light. Despite the fact that Arthur doesn't really act in a fearful w ay, neither does he match Gawain’s ethical nature. After Arthur’s experience with Dame Ragnell later in the story, he comes back to his home considerably more disheartened than when he set out. Gawain, after gathering with the blue ruler, swears that I had switch myself be dead, so not I thee(335) when he hears Arthur’s premonition forecast that he will unquestionably bite the dust. Gawain backs up his dedication with minor words as well as with his activities also. At the point when confronted with the possibility of taking a repulsive spouse to spare his lord’s life, Gawain doesn't stop for a second yet says that he will †¦wed her and marry her once more,/Thoughe she were a fight,/Though she were as foulle as Belsabub,/Her will I marry, by the rood,/Or ellses were not I your frende(335).

Statistics Project Management and Its Importance

Statistics Project Management and Its ImportanceStatistics Project Management is an important part of any organization and anyone who want to have success with their business will need to understand how statistics can be used. Statistics helps you to make informed decisions, to measure progress and monitor improvements and this is all dependent on your knowledge of statistics.For the statistics project manager, understanding statistics is essential. There are many different types of statistics available for the Statistics Project Manager to learn about. Here are a few of the different statistics that are used in the field of Business to help measure various aspects of your business. These statistics are:Sales is basically a measure of sales per dollar, but sales may be defined in many different ways. Most people are more familiar with gross sales, which is the amount of money you are making from sales of goods and services. Gross sales does not tell you the profit margin you are maki ng, which is another form of sales.Customers can also be measured in many different ways. Customers can be classified into two broad categories, those who have paid for the service or product and those who have not, with sales and customer satisfaction also being measured. Many organizations use customer satisfaction as a part of their Sales Performance Index, which can be found in the SIC manual.Your organization will need a way to measure your organizational success, and using sales and customer satisfaction to measure your success is a very good way to do this. This is one of the best statistics to use in determining which products to buy. There are many factors that are considered when deciding which products to purchase and which ones to pass on, and using customer satisfaction and sales can help you get a feel for how successful your organization is.Your Total Cost of Ownership can be calculated by subtracting your capital from your cost of ownership. The Capital Cost Inventor y is used in many different industries as a method of quantifying capital costs. These are more suitable for companies who are not doing research work.Sales and Customer Satisfaction are two of the best statistics to have in any business. If you want to know how to measure your sales, it is time to find out how to use these statistics. Statistics is the key to success.

The Injustice of the Deaf in the Criminal Justice System

The problem faced by the deaf community is the injustice they encounter when in the criminal justice system. Someone who is deaf or hard of hearing has at least a 50 percent loss of hearing in one ear (Ridgeway 2009), and some may be able to read lips. However, only  ½ of all spoken sounds can be translated into American Sign Language (Ridgeway 2009), which makes it difficult for the deaf to communicate without using sign language. Because English and sign language are not the same language, many deaf people are illiterate because of a lack of schooling past a certain age. Even those with schooling up to the age of 18 or older are often functionally illiterate, read at a grade level of second grade or below, and have unintelligible speech†¦show more content†¦When an interpreter is not provided by the police – which is a violation of the law – then the police again cannot explain the Miranda rights in a way that the person being arrested understands (Vernon 2 005). McCay Vernon, a pioneer in deaf education who wrote many articles on the topic, also said that the practice of laws such as Americans with Disabilities Act (ADA) and numerous other laws protecting the rights of persons with hearing loss who encounter the criminal justice system are often misunderstood or ignored by professionals in the system mainly because of a lack of knowledge of the communication issues facing persons with hearing loss. Trial is another problem for a deaf person. A large percent of deaf people who face criminal charges are convicted and sentenced without understanding the legal proceedings that led to their conviction (Vernon 2005) because an interpreter often is not provided or there is a high likelihood the client being prosecuted is illiterate, is considered Linguistic Incompetent or has PPD. Another problem deaf clients have during the trial is the lack of a qualified interpreter to do legal interpreting, meaning one who is familiar with legal terminology and expansion, which is the act of explaining an unknown concept in detail by finger spelling, examples, pictures and miming. Prison provides many challenges and obstacles that the deaf have to face, oftentimes alone. FirstShow MoreRelatedPros And Cons Of The Death Penalty1348 Words   |  6 PagesThe United States justice system uses many methods of punishment on lawbreakers and criminals. These include jail time, community service, paroles, fines, and the most shocking, the death penalty. The death penalty, also referred to as capital punishment, was first introduced in the form of hanging hundreds of years ago when America was first established. Now, the most common way of execution proves to be death by lethal injection. For hundreds of years, people have argued over whether or not theRead MoreNews Analysis : A Mockery Of Justice For The Poor Essay1459 Words   |  6 PagesRachel Mulder Professor Henry CCJS 201 1 December 2016 News Analysis Report #2 In the New York Times article, â€Å"A Mockery of Justice for the Poor,† the author discusses how the poor are cheated in the criminal justice system. By law, it is mandatory that the government provides an attorney to any defendant facing possible prison time, even if he or she cannot afford one. However, there are underlying fees that must be paid despite these people being poor. John Pfaff mentions how 43 states are nowRead MoreAnylizing Concepts of Justice in to Kill a Mockingbird1660 Words   |  7 PagesAnalyzing the Concept of Justice in To Kill a Mockingbird Through the study this term of the central text, To Kill a Mockingbird by Harper Lee, and related texts, films Rabbit Proof Fence by Phillip Noyce and In the Name of the Father by Jim Sheridan, my understanding of the concept of justice, or what constitutes justice, has altered considerably. We all think we know what justice is, or what it should be. In Australian colloquial terms, it is the principle of a â€Å"fair go† for everyone. In a perfectRead MorePrivileges Within The Justice System Essay6320 Words   |  26 PagesKatherine Sagastume Mrs. Kehrmeyer AP English, Period 1 10 February 2016 Privileges Exist in the Justice System Today many people witness or have experienced the injustices committed towards others or even personally due to race, social status, or because of their ethnicity. 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The woman identified Brown as her assailant, both at the scene and during the trial three months later. Brown denied the accusation, but his alibi, supported by a handful of witnesses, fell on â€Å"deaf ears†. The jury convicted him of attempted aggravated rape on Nov. 19, 1997. Less than two months later, then Judge Walter Rothschild sentenced him to 25 years in prison, with no chance of probation, parole or suspended sentence. The Innocence ProjectRead MoreBlack Men in the Prison System Essays1839 Words   |  8 Pagesseemingly fallen on deaf ears in the world of these students. As a result, a great number of them have turned to crime. The rate at which black males are being trapped in the prison system is alarming Today African Americans comprise 62% of imprisoned drug offenders, though they are only 13 5 of the national population. One out of every 115 black males enters prison each year on a felony drug crime, compared with one of every 1,150 white men, according to the Bureau of Justice Statistics. Black youthsRead MoreBlack Men In The Prison System Essay1792 Words   |  8 Pagesseemingly fallen on deaf ears in the world of these students. As a result, a great number of them have turned to crime. The rate at which black males are being trapped in the prison system is alarming Today African Americans comprise 62% of imprisoned drug offenders, though they are only 13 5 of the national population. One out of every 115 black males enters prison each year on a felony drug crime, compared with one of every 1,150 white men, according to the Bureau of Justice Statistics. Black youthsRead MoreTorts study notes Essay17110 Words   |  69 PagesTHEORIES OF TORT LAW: AFFIRMING BOTH DETERRENCE AND CORRECTIVE JUSTICE Gary T. Schwartza Copyright (c) 1997 Texas Law Review Association; Gary T. Schwartz Introduction Currently there are two major camps of tort scholars. One understands tort liability as an instrument aimed largely at the goal of deterrence, commonly explained within the framework of economics. The other looks at tort law as a way of achieving corrective justice between the parties. If these are alternative camps, they are alsoRead MoreDefining Deviancy Down By Daniel Patrick Moynihan2906 Words   |  12 Pages In our everyday society, we see things but pretend to be blind, we hear things but pretend to be deaf, we taste freedom but pretend to live in hell, we smell corruption but pretend to live in heaven, and we touch others sorrow but pretend to be emotionless. What is becoming of our society you ask? We are becoming more lenient towards deviancy as time progresses, meaning that we are departing from the norm. The article written by Daniel Patrick Moynihan, â€Å"Defining Deviancy Down†, illustrates the

Geography - Climate Change Essay - 958 Words

Title: Compare and contrast the contributing factors of climate change and argue that there is a need for more economically developed nations to take the lead. Nations around the world have been contributing to climate change by damaging natural environments and releasing greenhouse gases and there is a need for more economically developed nations. There are different contributing factor, but the majority of these contributions are from the more economically developed nations. Although the less economically developed nations do not contribute as much as the More economically developed nations, they are the ones that are affected the most. More economically developed nations are not affected as much because they have enough resources to†¦show more content†¦This is not just because more economically developed nations have more carbon emission and should have more responsibility; it is also about the future of these developed nations. Even if the more economically developed nations do not help the less economically developed nations, the effects of climate change will still affect the developed nations. More importantly, the less eco nomically developed nations’ economic impact to the world from climate change will have some amount of impacts to the more economically developed nations. So by taking the lead and help the less economically developed nations to survive in climate change, more economically developed nations can economically benefits Overall, all the nations are contributing to climate change and all of them should have a responsibility. In contrast, more economically developed nations contributes more to climate change than less economically developed nations does but unfortunately less economically developed nations are facing more problems from the climate change. Therefore more economically developed nations should take more responsibility so that the less economically developed nations will not suffer as bad and should also take the lead, helping the all other nations in the world to survive in climateShow MoreRelatedThe Haut Glacier D Arolla1499 Words   |  6 Pagesonly one distinguished in physical geography. Conceptual, physical and mathematical models are also used (Jones and Gomez, 2010). Arnold et al., 1998 investigates the behaviour of the Haut Glacier d’Arolla in Valais, Switzerland to predict and explain how glacier drainage systems function. Barron and Washington, 1984, Cox et al., 2000 and Gildor and Tziperman, 2001 all used a form of climate models. 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Climate change relates to changes in the world s temperature, as you know it global warming is an example of climate change, and in addition, the effect of climate related events, for example, heat waves, hurricanes, droughts, rainfalls, earthquakes, and tornadoes. This essay is about ecology and the climate, and the relationship between the two, within the context of sustainability, which is theRead MoreClimate change and the loss heritage Antarctic’s ice melt and accelerating sea level rise, the1600 Words   |  7 PagesClimate change and the loss heritage Antarctic’s ice melt and accelerating sea level rise, the growing number of large wildfires, intense heat wave shocks, severe drought and blizzards, disrupted and decreased food supply, and extreme storm events are increasing to happen in many areas world wide and these are just some of the consequences of global warming. 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It is located in the South Atlantic region on the United States eastern seaboard. Prince Georges is one of twenty four counties in Maryland. It is also the geographic center of the state. Maryland has a varied climate. The state is home to a variety of different ecosystems. This is also true of Maryland’s environment, which has the Atlantic Ocean on the coast, mountains, and forest land. My paper will focus on Prince George’s county and the state of Maryland

Sustainable Space Tourism Consumer Behavior

Question: Describe about the Sustainable Space Tourism for Consumer Behavior? Answer: Introduction Luxury product or service in economics is termed as any product or service that behaves separately from the law of demand. Demand for luxury products rise when income of an individual increases comprehensively are consumed by people with higher level of disposable income, and are generally that are treated as a possession to show off (Duval and Hall 2015). For this particular project, the luxury product chosen is Virgin Galactic Space Tourism. Luxury tourism when defined states the high level of expectation and superiority of services and generating higher level of satisfaction by incurring higher amount of expenditures. This particular segment of space tourism is considered as luxurious primarily because of the higher cost involvement and its ability to treat the travelers with the unique scope to visualize the landscape abode and beauty of the planet from the sky (Hall and Page 2014). The target market of space tourism is identified as follows: Age factor: Age factor is the most crucial determinant of space tourism. Generally, people belonging to the age group of 20- 45 years are more reluctant towards undertaking space tourism. Involvement of adventure and enthusiasm to enjoy stratospheric beauty and landscape make this particular tourism a perfect match for young and middle aged people (Ma and Hassink 2013). Location factor: Location factor is another important derivative of tourism as taste and preference of people regarding choice of tourism spot determines whether tourism activity will flourish or not. Attractive locations and its capability to provide adventure and most importantly treat people with the adventures of the sky is another factor that will highly regulate space tourism (Reddy Nica and Wilkes 2012). Income pattern and expenses: Level of income and pattern of expenditure of individuals are considered as another determinant of tourism. Space tourism being expensive in nature, therefore, people belonging to higher income group is more vulnerable towards availing this particular tourism service. Therefore, expense pattern of people emerges to be another criteria for targeting the market. People who are generally interested towards expensing lavishly to treat themselves with new services can be another attributes for flourishing space tourism. After reviewing the possible factors that regulates space tourism the two most important factors that will positively highlight the target - market is dependent on individual traits of higher income generation and people belonging to the identified age group (Ringer 2013). Methods Business highlight Virgin galactic space tourism is the latest introduction to the tourism industry; where dedicated professionals like engineers, scientists have taken the effort of introducing the first commercial space liner aircraft facilities for the enthusiasts willing to explore the scenic beauty of the earth from the space. The company aims to provide space tourists suborbital space flights and takes part in suborbital launches of small satellites and science missions. Even the tourists are supposed to be provided with the service of riding controlled helium balloons that would be taking them over the clouds (Thurlow and Jaworski 2013). In order to highlight the reason why people prefer to choose luxury tourism as their choice or preference are highlighted through review of the different factors that generates preference of people towards conducting space tourism. These are: Changes in customer values: Changes in the values of customers regarding consumption of luxury products has been one of the prime reasons behind growing trends of luxury tourism. Presently, individuals have become more inclined and attracted towards any particular service that provides them a feeling of uniqueness and experience something that provides higher level of satisfaction (Webber 2013). Changes in pattern of business: With changing pattern of demand of the consumers, the service providers are also directed towards providing differentiated services to stay ahead in competition. Service providers or tour operators started to provide tour services to extreme places and adventures and introduction of space tourism now determines the brilliance of visualizing landscape beauty from the stratosphere (Duval and Hall 2015). Consumer behavior factor is dependent on some common factors such as sociological factor. Cultural factors are considered to be the most important factors that regulates luxury tourism. The two most important sociological factors that determine the generation and flourishing of space tourism are stated as follows: Social classes- People belonging to different classes and parts of the society generally possess desires of treating themselves with different types of services. Level of income and pattern of investment are the two important traits behind availing a particular service. However, from the context of luxury tourism, specifically space tourism, people belonging to higher level of society with higher level of purchasing power are generally inclined towards availing this particular service (Ringer 2013). Trends of culture- Highlighting the factors out from the concept of general economics, luxury tourism does not follow the law of demand. Bandwagon effect is considered to be one of the prime reasons behind availing this particular form of services. Space tourism being considered as a pattern and trend of popularity and something to show off, people will be generally interested towards highlighting their choice and preference. Cultural trend of space tourism being on the higher side, people generally prefer to be attached with the service having greater brand value and proposition (Hall and Page 2014). Result/ Findings Figure 1: Increased rate of growth tourism form 2010 and projections until 2017 (Source :Webber 2013) After going through the changes in the pattern of tourism in all over the world, it can be stated that space tourism has been emerging as one of the trendiest pattern of tourism activity. In 2010, 16.1 % people were interested towards availing space tourism activity and the trends have risen in the following years with 18.9% of total number of tourists have taken space tours. In the upcoming years, the tourism activity in this particular sector is expected to rise up to 19.4% in 2017 (Reddy Nica and Wilkes 2012). Conclusion After reviewing the trends of space tourism, it can be stated that, space tourism will enjoy massive popularity in the upcoming years and increased activity from the people belonging to the higher income group and generally belonging to lower age group. Luxury tourism definitely highlights the factors like purchasing power of individuals and growing trends of extreme adventure tourism. Reference Duval, D.T. and Hall, C.M., 2015. Sustainable space tourism.The Routledge Handbook of Tourism and Sustainability, p.450. Hall, M.C. and Page, S.J., 2014.The geography of tourism and recreation: Environment, place and space. Routledge. Ma, M. and Hassink, R., 2013. An evolutionary perspective on tourism area development.Annals of Tourism Research,41, pp.89-109. Reddy, M.V., Nica, M. and Wilkes, K., 2012. Space tourism: Research recommendations for the future of the industry and perspectives of potential participants.Tourism Management,33(5), pp.1093-1102. Ringer, G. ed., 2013.Destinations: cultural landscapes of tourism. Routledge. Stangl, B., Kastner, M. and Polsterer, F., 2012, January. Social Virtual Worlds' Success Factors: Four Studies' Insights for the Tourism Supply and Demand Side. InSystem Science (HICSS), 2012 45th Hawaii International Conference on(pp. 993-1002). IEEE. Thurlow, C. and Jaworski, A., 2013. Visibleinvisible: The social semiotics of labour in luxury tourism.Elite Mobilities, pp.176-193. Webber, D., 2013. Space tourism: Its history, future and importance.Acta Astronautica,92(2), pp.138-143.

Holocaust Report Essays - Responsibility For The Holocaust

Holocaust Report The Holocaust Sitting here, I watch the guard patrol the fence like a wolf waiting to pounce on its prey. The stench of burning flesh is in the air. I can't see anything past the barb wire in the distance. I can only see soldiers in the main yard of the compound. To the right of me, I spot a group of people who are lined up to go into a building covered with camouflage. The soldiers are yelling ?shnel, shnel? as they herd the people into the building like a group of cattle. In the back of this building I see a cloud of smoke rising into the dark sky. Some people say that once the soldiers take you there, you never come back. They say the smoke you see is not really smoke, it is the souls of the people that have disappeared in there. There are many people here that I have never seen before. They all look so different. Some still have meat on their bones, some look like a rack of bones. These soldiers do not feed us often. Only on certain days do they let us out of the permanent shelter that we are in. I feel like I have no energy, and I have not eaten in days. I wonder if I will I ever live through this. This is what Jewish people and Gypsies had to go through in World War 2. They were persecuted by Hitler's army of Nazis. These people did not harm anyone, but Hitler felt they threatened the new Germany he was building. Hitler blamed them for the economic hardship they were going through. Just because they were Jewish, they were sought out and put into concentration camps. These people were brought to these camps to be eliminated. If you did not meet the criteria for the ?New Germany?, then you would be eliminated. How can someone just forget about what happened back then? To me, that is not easy to forget about. I think you must study past atrocities to understand our own times. The world let it happen once, and that is enough. We should learn from our mistakes and apply that to the future. If we focus on what is going on now, and not learning what went on in the past, we can English Essays

Favorite Quotes From Faulkners As I Lay Dying

Favorite Quotes From Faulkners As I Lay Dying As I Lay Dying is the fictional chronicle of Addie Bundrens death. The family undertakes a journey to bury her body. The novel is narrated with the shifting viewpoints of 15 characters- made all the more vivid with Faulkners use of the vernacular and stream-of-consciousness style. Here are a few quotes from As I Lay Dying. Riches is nothing in the face of the Lord, for He can see into the heart.The quilt is drawn up to her chin, hot as it is, with only her two hands and her face outside. She is propped on the pillow, with her head raised so she can see out the window, and we can hear him every time he takes up the adze or the saw. If we were deaf we could almost watch her face and hear him, see him. Her face is wasted away so that the bones draw just under the skin in white lines. Her eyes are like two candles when you watch them gutter down into the sockets of iron candlesticks. But the eternal and the everlasting salvation and grace is not upon her.I know her. Wagon or no wagon, she wouldnt wait. Then shed be upset, and I wouldnt upset her for the living world. With that family burying-ground in Jefferson and them of her blood waiting for her there, shell be impatient. I promised my word me and the boys would get her there quick as mules could walk it, so she could rest quiet.I have heard men cuss th eir luck, and right, for they were sinful men. But I do not say its a curse on me, because I have done no wrong to be cussed by. I am not religious, I reckon. But peace is my heart: I know it is. I have done things but neither better nor worse than them that pretend otherlike, and I know that Old Marster will care for me as for ere a sparrow that falls. But is seems hard that a man in his need could be so flouted by a road. I knew that nobody but a luckless man could ever need a doctor in the face of a cyclone.Its because Im alone. If I could just feel it, it would be different, because I would not be alone. But if I were not alone, everybody would know it. And he could do so much for me, and then I would not be alone. Then I could be all right alone.I reckon if theres ere a man or woman anywhere that He could turn it all over to and go away with His mind at rest, it would be Cora. And I reckon she would make a few changes, no matter how He was running it. And I reckon they would be for mans good. Leastways, we would have to like them. Leastways, we might as well go on and make like we did.The wagon moves; the mules ears begin to bob. Behind us, above the house, motionless in tall and soaring circles, they diminish and disappear.We go on, with a motion so soporific, so dreamlike as to be uninferant of progress, as though time and not space were decreasing between us and it.I heard that my mother is dead . I wish I had time to let her die. I wish I had time to wish I had. It is because the wild and outraged earth too soon too soon too soon. She cried hard, maybe because she had to cry so quiet; maybe because she felt the same way about tears she did about deceit, hating herself for doing it, hating him because she had to. And then I knew that I knew. I knew that as plain on that day as I knew about Dewey Dell on that day.It is as though the space between us were time: an irrevocable quality. It is as though time, no longer running straight before us in a diminishing line, now runs parallel between us like a looping string, the distance being the doubling accretion of the thread an not the interval between.Because it is not us that can judge our sins or know what is sin in the Lords eyes. She has had a hard life, but so does every woman. But youd think from the way she talked that she knew more about sin and salvation than the Lord God Himself, than them who have strove and labored with the sin in this human world.While I waited for him in the woods, waiting for him before he saw me, I would think of him as dressed in si n. I would think of him as thinking of me as dressed also in sin, he the more beautiful since the garment which he had exchanged for sin was sanctified. I would think of the sin as garments which we would remove in order to shape and coerce the terrible blood to the forlorn echo o the dead word high in the air. Then I would lay with Anse again - I did not lie to him: I just refused, just as I refused my breast to Cash and Darl after their time was uphearing the dark land talking the voiceless speech. I give that money. I thought that if I could do without eating, my sons could do without riding. God knows I did.It had been dead eight days, Albert said. They came from some place in Yoknapatawpha County, trying to get to Jefferson with it. It must have been like a piece of rotten cheese coming into an anti-hill, in that ramshackle wagon that Albert said folks were scared would fall all to pieces before they could get it out of town, with that home-made box and another fellow with a broken leg lying on a quilt on top of it, and the father and a little boy sitting on the seat and the marshal trying to make them get out of town.Jewel came back. He was walking. Jewel hasnt got a horse anymore. Jewel is my brother. Cash is my brother. Cash has a broken leg. We fixed Cashs leg so it doesnt hurt. Cash is my brother. Jewel is my brother too, but he hasnt got a broken leg.When I went to find where they stay at night, I saw something that Dewey Dell says I mustnt never tell nobody. Life was created in the valleys. It blew up into the hills on the old terrors, the old lusts, the old despairs. Thats why you must walk up the hills so you can ride down.Sometimes I aint so sho whos got ere a right to say when a man is crazy and when he aint. Sometimes I think it aint none of us pure crazy and aint none of us pure sane until the balance of us talks him that-a-way. Its like it aint so much what a fellow does, but its the way the majority of folks is looking at him when he does it.She looked pretty good. One of them black eyed ones that look like shed as soon put a knife in you as not if you two-timed her. She looked pretty good.Yes yes yes yes yes yes yes.Its Cash and Jewel and Vardaman and Dewey Dell, pa says, kind of hangdog and proud too, with his teeth and all, even if he wouldnt look at us. Meet Mrs Bundren, he says.

GREAT EXPECTATION BY CHARLES DICKENS Essay Example | Topics and Well Written Essays - 2000 words

GREAT EXPECTATION BY CHARLES DICKENS - Essay Example The story is written during Victorian era and provides an emphasis on a sense of social duty, family support relationship and feeling of respect and honor to each other. This is a changing period for Great Britain. This is considered to be the time of dilatation worldwide and becoming strong and powerful country. With the changing of economy and technical development people alter by themselves and transform their way of thinking and perception of world in general and literature particularly (Hughes, 3-5). Victorian literature is directed on a mass reader and focused on high amount of people who are going to read this or that novel. That is why, it may be suggested that Dickens decides reveal on the problems which are relevant for the society and for each humane personally. Moreover, he provides a solution to change the end of the story to a positive one. This might be done for readers to leave a desirable outcome and satisfactory effect from the book. As nineteenth century was not easy time for British citizens Dickens wants to bring a positive note in their lives. The central figure of the novel is Philip Pirrip also called Pip, and Charles Dickens leaves a part of his experience and feelings in this character. He was an orphan, â€Å"a dull, awkward, labouring-boy† (Dickens, 59) who do appreciate his life and considered to be unhappy. His education and growth is the deal of his sister, Mrs. Georgiana Maria Gargery who is â€Å"not a good looking woman† (Dickens, 26), but her character is a hundred times worse than her outlook. She yelps, irritates, trounce her husband and little Pip. This lady has a little devil deep inside in her heart and he is deplorable and wretched. Nevertheless, Pip is acquired kind and sensitive character together with the sincere and pure soul. One day this boy is faced with a chance for bright future in

Paper 3 (The Final) Essay Example | Topics and Well Written Essays - 1500 words

Paper 3 (The Final) - Essay Example Lady Gaga has been a trendsetter in fashion and beauty for several years to date. Her photo to be featured in this paper and the way it was presented is similar to how she portrayed herself in public – deviant and trendsetter. Beyonce, on the other hand, has been a role model of popular culture for more than a decade now. She depicts talent and beauty that most young people look up to and desired to be. These two personalities in their own ways set the standards for beauty and define what popular culture is. By this, my paper will try to evaluate the effect of popular culture in people’s perception of beauty. I will explore two photos to prove that there is a connection between the photos, the popular culture and its role in influencing people’s lives and perspectives in terms of their social roles and in the aspect of beauty in particular. In the study conducted by Barbara Read entitled â€Å"Britney, Beyonce and me – Primary school girls’ role mo dels and constructions of the ‘popular girl’† it was discussed how gender and culture shape the values of young girls today into aligning with the experiences observed from their role models are, like for example Lady Gaga and Beyonce. According to Read (2), children’s peer culture play an important role in shaping the way they value things and construct meanings such that the more their friends want to become like their role models, they wanted the same things to happen to them too. According to the results of the study (Read 5), school girls look up to their female teachers primarily as their role models but this can be argued to be normal as teachers are the next best thing they normally look up to. The next school girls’ role models include female singers and performers such as Britney and Beyonce (Read 5). Source: American music photo set. The photo above is showing Beyonce as she performed Oxygen Festival in Ireland. The photo is an example of a framing vector in which the artist used edges of the image as well as other vectors within the image to direct viewer’s attention; this type was specifically used to include certain elements while excluding others (â€Å"Tools† 6). By using this type of vector, the artist or photographer was able to portray Beyonce as an object in which viewers can direct their attention (â€Å"Tools† 7). The objectified pop star can now be subjected to scrutiny and in turn may influence the perception of people especially pre-teen girls and women. They were able to see Beyonce in this photo as a role model in the way she look and dress and how beautiful and talented she is. The perspective of the photo was oblique in which there is a slightly more detached sense of involvement (â€Å"Tools† 14) and the long shot social distance that pertains to distance between people who are to remain strangers (â€Å"Tools† 17). In support to this claim, Read suggested in her work that pre-teen girls look up to people that are popular and are stranger to them (6). Read’s extensive works on the subject lead her to conclude that pop music had been important for pre teen girls in construction of their identity indicated by their interest in unknown or rare songs or bands/singers before looking up to anyone else (6).The photographer clearly conveyed the extent in which popular culture influenced a large number of people through capturing within the frame of this photo the millions of people looking up to Beyonce and by representing her as

Electricity and Magnetism Essay Example for Free

Electricity and Magnetism Essay In this investigation I will be burning a range of alcohol in a method known as calorimetry. This will allow me to see the amount of energy produced by each alcohol, and then look at the structure of the alcohol and investigate why an amount of energy is produced for each alcohol. Before I go on with the experiment there are several factors that must be first understood. What is an alcohol? The definition of an alcohol as taken from Richard Harwoods Chemistry textbook is a series of organic compounds containing the functional group OH. The OH group, called a hydroxyl group is what defines the compound as an alcohol. The alcohol compounds are very similar to the alkanes, however alcohols contain one oxygen atom, creating the hydroxyl group, and making the alkane an alkanol (alcohol). As the hydroxyl group makes the compound different to an alkane, the hydroxyl group is seen to be functional. The formula for alcohol is: In this investigation I will look at the first five alcohols. These are methanol, ethanol, propan-1-ol, butan-1-ol and pentan-1-ol. The classification of alcohols is similar to the classification of alkanes, where the name refers to the number of carbon atoms i. e.meth- one carbon atom, eth-=two carbon atoms, prop-=3 carbon atoms, but-=four carbon atoms, pent-=five carbon atoms and so on. The carbon atom that the hydroxyl group is bonded to may classify the alcohol further. If it is joined to the end carbon atom it is classified as -1-ol, if it is bonded to the second carbon atom it is classified as -2-ol and so on. The five alcohols I am testing are shown with formulas, and atomic structure diagrams below: Name RMM Formula Structure Boiling Point Methanol. What is combustion? The definition of combustion as taken from Richard Harwoods Chemistry textbook is a chemical reaction in which a substance reacts with oxygen the reaction is exothermic. Burning is a combustion reaction that produces a flame. The reactions that will take place in our investigation will be combustion reactions, as we burn the alcohol in calorimetry. The combustion of an alcohol produces carbon dioxide and water. This is represented by the following equation: ALCOHOL + OXYGEN i CARBON DIOXIDE + WATER e. g. The combustion of methanol produces carbon dioxide and water: METHANOL + OXYGEN i CARBON DIOXIDE + WATER 2CH3OH + 3O2 i 2CO2 + 4H2O What is calorimetry? Calorimetry is defined as the science of heat. It may be used in chemistry to measure the heat energy exchanged for a substance during a reaction, by allowing the substance reacting to heat a measured mass of liquid. The temperature change of this liquid is measured and recorded, and the following equation may be used to calculate the heat energy transferred to the liquid: Heat change = MC? T (where M = mass of liquid, C = critical temperature, and T = temperature change). The critical temperature is the proportionality between heat energy applied and the subsequent temperature rise. E. g. for 1g of water a temperature rise of 1 i C requires 4. 8 joules of heat energy. Using calorimetry may be used to measure both reactions in solution, and reactions not in solution. Wet reactions or those in solution are more accurate than those not in solution, as the actual energy release of the reaction is being measured directly as a thermometer is placed in the solution. For dry reactions, (a reaction not in solution such as the burning of an alcohol) the reaction must be used to heat a mass of water and the temperature increase measured from the water. As the combustion reaction must transfer its heat energy from the reaction to the water, calorimetry for dry reactions can be inaccurate due to heat loss. HYPOTHESIS I believe that the increased complexity of a molecule and the energy released by it are proportional. I found this idea upon the theory of breaking and making bonds. In a molecule, bonds hold atoms together. When these bonds are formed energy is given out to the surroundings (exothermic), and when these bonds are broken energy is absorbed from the surroundings (endothermic). This may be seen by the alcohols boiling points: Name Boiling Point Methanol 65 Ethanol 78 Propan-1-ol 97 Butan-1-ol 117 Pentan-1-ol 137 Using this theory of breaking/making bonds, we can say that there will be a greater amount of energy released from the combustion of a more complex alcohol, as more bonds will be formed. When more bonds are formed, more heat energy is released. The hypothesis may be seen on the flowing graph: TESTING To investigate the relationship between the structure and heat provided by combustion of a range of alcohols, we will use the method of calorimetry. We will do this by burning an alcohol, and allowing it to heat a mass of water. Measuring the temperature rise of this mass of water we can use the formula to find the heat energy released during the reaction. Apparatus == 1 can == 1 measuring cylinder == Water == 1 thermometer == 1 stand == 1 clamp == 1 boss == 1 heat mat == 1 alcohol burner/candle == 1 balance == Draught shields Fig1: Experiment setup. Method. Safety must be ensured at all times, as highly flammable substances are being burned here. All students must wear eye protection during the experiment, stay standing during the experiment, and be aware of the flames around them. 1. The apparatus is set up as shown in fig 1. 2. The alcohol candle is weighed on the balance, and the mass recorded. 3. The mass of water in the can measured and recorded 4. The height between the candlewick, and the base of the can must be set and recorded, measuring the distance with a ruler. 5. The temperature of the water is measured and recorded using the thermometer. 6. The candle is lit and the thermometer monitored until the water has risen by a given temperature. 7. The candle is blown out, the burnt wax on the base removed of the candle, and the candle is weighed. The data produced by this method will then be calculated by the formulas: ? H (j) = mass of water (g) X specific heat capacity of water (S. H. C) X temperature rise (? C) The result of this is found per gram of alcohol burnt by dividing it by the change of mass ? H per gram of alcohol burnt (J/g) = ? H (? C) / change in mass (g) The results of this are the found per mole of alcohol burnt. ? H per gram of alcohol burnt per mole (J/mole) = ? H per gram of alcohol burnt (g) X RMM of alcohol Variables There are two types of variables: dependant variables and independent variables. Dependant variables are those that are kept constant at a set value, so that they cannot cause variation in the results, by changing throughout the experiments. There should only be one independent variable in a test, this is what is being tested. Therefore the dependent variables for this investigation are as follows (see fig 2): 1. The distance of the wick from the base of the can The distance of the flame from the base of the can may vary the results greatly, as it will decide how much of the flames heat is transferred directly to the can and to the water. The experiment should allow the flame to contact the can at its hottest point. The most accurate and safe way to measure flame distance from the can is to measure the distance of the wick. For the purposes of our experiment this should be accurate enough. Measuring the distance from the wick and the base of the can each time will control this variable. 2. The mass of water heated. The volume of water can vary the experiment greatly, as the greater the mass of water used, the more alcohol will be combusted to reach the target temperature. Also when a greater mass of water is used, the test will go on for longer, and thus a greater amount of energy will be transferred to the surroundings as wasted energy. Measuring the amount of water used each time will control this variable. 3. The type of can used. The type metal the can is made from is extremely important to the experiment, as different metals conduct heat with different efficiency and at different rates. Therefore the type of can used will affect the heat transfer to the water. Using the same can each time will control this variable. 4. The heat increase The heat increase can vary the experiment, as the greater the energy increase, the greater the mass of alcohol burnt, and the greater amount of energy transferred to the surroundings as waste. The start temperature may affect the results, as the higher the temperature the equipment reaches, the more heat will be wasted in the surroundings, according to the theory that heat energy moves from areas of high heat energy to areas of low energy. By allowing the equipment to cool after each experiment to a set temperature this variable may be controlled. 5. Stirring of the water Stirring the water will affect the results, as it means that the whole mass accounted for in the calculation will be being heated, not just one volume of water. The type of stirring in terms of frequency and power may affect the results also, and must be kept constant. To control this variable, the same type of stirring will be used each time. The only variable in the experiment will be the changing type of alcohol being combusted, as this is what is being investigated.

The Color Purple - Character Analysis of Celie :: Alice Walker

In the color purple, we can see how Celie develops an identity for herself throughout the novel. At first we can appreciate how Celie does not longer believe in herself and looses all trust she had on herself. When Nettie gets older, about 12 years old, their father Fonso tries to get to Nettie, but Celie protects her and lets Fonso rape her instead of him raping Nettie. This at the beginning shows that Celie has enough strength to take decisions that will affect other people, however, this strength starts to disappear as the story continues. Celie is at most 14 when Mr.____ marries her. She does no talk about "making love" but instead refers to sex as "he gets on top of me and does his business". That shows how little Celie believes on herself as she thinks that Mr.____ could do sex without her. Then the story changes direction and the discrimination against Celie starts to be present. When Mr.____ beats her she does not try to fight back, but instead she remains passive to what is happening. On the other hand, Celie continues to work as the perfecto maid of the children and keeps the house perfectly clean and tidy. This shows that indirectly she does not like being beaten (obviously) but she does not say anything because of the fear she feels for men, she instead reacts to it in a way which shows the big heart Celie has. When Shug comes to Mr.____Â ´s house Celie starts to feel something that she had never felt. She start to feel emotions for Shug. As the relationship between Celie and Shug develops, Shug shows Celie that life, freedom and having an identity should be the best present for a black woman which is condemned and trapped for ever after on the cruel and racist society of those times. To begin with, Celie obtains freedom as she escapes from Mr.____ with Shug, then, she realises that life can be much better when you do not depend on any one else, and so Celie does no longer depend on any one but on herself.

Gender roles Essay

Gender roles refer to the set of social, attitudinal and behavioral roles, norms and expectations that, within a definite culture, are also formally or informally required or widely measured to be socially appropriate for persons of a precise gender identity. They are constructed for a variety of genders in order to channelize their energies towards some socially intended goals, which are either frequently shared or affixed from many of the experimental differences in behaviors, attitudes and personalities, amid various genders, come naturally, a lot of of these characteristics are, either in part or wholly, socially constructed, therefore, a product of socialization experiences. Qualities of a meticulous gender identity do not need to be imposed through rules and norms, while artificial roles have to be ‘enforced’ on people throughout some kind of psycho-social mechanism. Gender roles of a particular sex may not always be in accordance with the normal or biological traits of that gender, and they may turn out to be too strict or constricting so as to cause in the oppression of that gender. This is because of the potential of the gender roles to manage the behavior of people that these roles have been tremendously politicized and manipulated with the ruling forces, for several millenniums now, resulting in severe oppression of every gender of humans. Gender has numerous valid definitions, but its here in reference to an individual’s inside sex or psychological sense of being a male or female irrespective of one’s (outer) sex identity as determining one’s sexual organs. We find three major genders: masculine (inner male identity), feminine (inner female identity) and neutral (a balance of inner male and female identity). In conclusion gender roles of women have been enforced on them through force, and have thus been extra visible. Men gender roles are difficult to enforce but are indirectly enforced. References Bem, S. L. (1981). Gender schema theory: A cognitive account of sex typing. Psychological Review 352-365. Connell, Robert William: Gender and Power, Cambridge: University Press 1987.

Studying The Bankruptcy Of Orange County Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2920 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The case of bankruptcy of Orange County in 1994 emphasize the importance of using duration and Value at risk (VAR) to assess portfolio risk and avoid future bankruptcy. Duration and VAR analysis provide deeper understanding about the underlying risk of the Orange County Investment Pool which was heavily leveraged and interest-pledged through reverse repurchase agreements and other derivatives in the pool. Some VAR estimation, including historical simulation method, delta-normal method and Monte Carlo simulation will be used to calculate worst possible loss. Don’t waste time! Our writers will create an original "Studying The Bankruptcy Of Orange County Finance Essay" essay for you Create order The EWMA will be used to provide more accurate estimation of the volatility to improve the accuracy of VAR estimation. Background: On Dec 6, 1994, Orange County declared bankruptcy after suffering losses of around $1.6billion from a wrong way bet on interest rates 7.5 billion investment pool. This pool was intended to gain some returns from the investing the money which is raised from taxes and other government incomes. It was implemented a bet that the interest would decline or stay low by Citron (the portfolio manager). Because of the steadily declining interest rates from 1989 to 1992, the portfolio performed extremely well before 1994 and earned millions of above average profit. However, in 1994, the government suddenly declared policies which included raise the interest rates from 3.45% to 7.14% to prevent high inflation and overheating economy. This increase in interest rate caused the portfolio suffer 1.6 billion loss and further lead the bankruptcy of Orange County. Section 1: The heavy leveraged and interest-pledged portfolio In order to sustain above average returns, several investment tools are used by Citron to leverage the $7.5 billion funds into $20.5billion investment. In detail, reverse repurchase agreements allow Citron to use the securities which had already purchased as collateral on further borrowing and then reinvested the cash into new securities (Jameson, 2001). Besides the heavily leveraged risk, the portfolio also encounters significant risk from the unexpected interest movement. Firstly, these repurchase agreements values significantly depend on the change in interest rate. In detail, its value decrease as the interest rate increase and increase as the interest rate decrease (P=). Secondly, $2.8 billion of derivatives, including inverse floating-rate notes, dual index notes, floating-rate notes, index-amortizing notes and collateralized mortgage obligations, are used to increase the portfolio bet on the term structure of the interest rate (Jorion, 2009). Thirdly, median term maturities which had higher yields (5.2%) than the short term investments (3%) were used to increase the return of the portfolio (Jorion, 2009). However, by using longer term maturities, the portfolios sensitivity to interest change will significantly increase. Clearly, by doing these, the portfolios value will be significantly impacted by the movement of the interest. Section 2: Duration of the portfolio and its application Duration of the portfolio Hull (2009) defines the duration as a measure of how long, on average, the holder of the instrument has to wait before receiving cash payments. It measures sensitivity of price changes with changes in interest rates. Duration can be calculated by weighting average (the weight is the proportion of portfolios total present value of cash flow received at time t) of the times. In this case, the portfolio was heavily bet on the interest, therefore, duration might be a good measure for the portfolio. In the $7.5 billion portfolio, median term maturities (5 years), rather than short term maturities (1-3 years), were used to increase the return. By doing this, the duration of the portfolio significant increased. In other words, the portfolio exposed higher risk of interest rate movements. In December 1994, the average duration of the securities in the portfolio was 2.74 years. It means 1% change in interest would cause 2.74% change in portfolios prices. M oreover, Citron leveraged $7.5 billion equity into a $20.5 billion portfolio. This means that a 2.73 leverage ratio (20.5/7.5). In other words, for every dollar of the pool invested, the pool borrowed extra $1.73. For a leveraged portfolio, the effective portfolio duration = ordinary duration * leverage ratio. Thus, the effective portfolio duration of the portfolio is 7.4 (2.74*2.7). Estimation by using duration The response of portfolio prices to change in interest rate: In 1994, the interest rates went up by about 3.5 ( and the 5 years bond yield was 5%, therefore, the loss of the portfolio equals 1.85 (7.5*7.4*3.5%/1.05) which is slightly larger than the actual loss of 1.64 billion. This slightly difference between the loss estimated by duration and the actual loss might be caused by that the duration applies to only small changes in interest rate. As a first order approximation, duration cannot capture the information that two bonds with same duration can have different change in price for large change in interest rate (different convexity). So, convexity (second order approximation) which can capture this information should be added into the estimating model. Through adding this (convexity factor), the estimated loss will slightly less than before, and will more close to the actual loss (1.64 billion). Thus, duration seems to have the ability to accurate measure the portfolios sensitivity to interest rate change. Section 3: Value at risk (VAR) Value at risk (VAR) In order to estimate the underlying risk of the portfolio, VAR which measures the worst expected loss over a given horizon under normal market conditions at a given confidence level could be used (Jorion, 2001). Because the portfolio was heavily bet on the interest rate, its return and risk are significantly depending on the change of interest rate. In other words, the change of interest yield multiplies the modified duration and portfolio value could be used as an approximation of the change of portfolios value. Thus, the change of interest yield could be used in the 3 simulation methods as the only factor that contribute the change of portfolio value. Non-parametric approach (no need to identify variance-covariance matrix) Historical simulation approach The historical simulation accounts for non-linearity, income payments, and even time decay effects through using marking-to-market the whole portfolio over a large number of realizations of underlyi ng random variables. VAR is calculated from the percentiles of the full distribution of payoffs (Jorion, 2001). By using actual price, the method captures Greek risk (gamma, vega risk etc.) and corrections of securities (already exist in the real historical data) in the portfolio, and it does not rely on some specific assumption, such as the underlying stochastic structure of the market (the pre-requests of estimating volatility and mean). Moreover, it can account for fat tails distribution besides normal distributions (Jorion, 2001). (Figure 1) The root-T approach will be used to transfer the monthly VAR to yearly VAR in all the 3 approaches. Its success significantly relies on the some specific assumptions, including the monthly yield changes of the portfolio are identically and independently distributed (iid distribution) and the return has a constant variance (Cuthbertson and Nitzsche, 2001). However, in the real world, stock returns always has time varying variance and th ere are some autocorrelation factors exist (thus, not independent). Therefore, as the T increase, the error of the transformation will significantly increase. The VAR will be calculated through sorting the monthly yield change and picking the worst daily yield change at 5% percentile (see details in CD). However, in this case, the increase in yield will cause decrease in portfolio return, therefore, the worst daily yield change should be picked at the right hand side of the histogram (see figure 1). The VAR equals 1.24 billion annually (0.36 billion monthly) which is less than the actual loss (1.64 billion). This inaccuracy might be caused by the problems exist in historical simulation method. Firstly, the success of the method significantly relies on the assumption that the past price can represent the future price information. However, the assumption is not realistic to some extent because of the existence of market efficient. Secondly, simple historical simulation method may m iss the information of temporarily elevated volatility, such as structural breaks and extreme value (Butler and Schachter, 1996). In this case, the historical simulation method cannot capture the extreme value (1.64 billion loss) which is caused by 6 suddenly decreases of interest rate. Parametric approach (need to need to identify variance-covariance matrix) Delta normal approach The delta normal method is particularly simple approach to implement. It takes account simple variance-covariance matrix and then forecast the total variance of the portfolio (volatility). Then, The VAR can be calculated through the formula: VAR = MD*Portfolio Value*=7.4*7.5*0.4%*1.65/(1.005)=0.35 billion (monthly) = 1.21 billion (annually). Delta normal method is slightly less accurate than the historical in the case. This might caused by that the change in yield does is a fat tail distribution (Kurtosis =6.9, Skewness = -0.44) rather than a normal distribution (Kurtosis =6.9, Skewness = -0.44 ). Thus, the model based on the normal distribution will underestimate the proportion of outliers and hence the value at risk (Jorion, 2001). In addition, the portfolio contains a lot of derivatives instrument. This will cause the method inadequately measures the risk of nonlinearity. Monte Carlo simulation (MCS) (the theoretical most powerful method) Unlike historical simulation, through specifying and stimulating a stochastic process for financial variables, Monte Carlo simulation covers a wide range of financial variables (volatility and stochastic variables) and fully captures correlations of securities (unlike HS, need to define the matrix) in the portfolio (Jorion, 2001). It does not only account for a wide range of risks, such as nonlinear price, volatility and model risks (the same as historical simulation), but also incorporate time variation of volatility (structural breaks and extreme values), and fat tails. Moreover, it can capture the structure changes in the port folio as the time pass (Jorion, 2001). In theoretical way, MCS should be the best method in estimating VAR. The MCS VAR is about 0.295 monthly, through using the root-T rule, the annually VAR is about 1 billion (see detail calculation in CD). There are also some limitations of Monte Carlo simulation cause the estimated error between the estimated loss and actual loss. Its success significantly relies on the specific pricing model for underlying assets and stochastic processes for the underlying risk factors. In this case, the pricing formula is Brownian approach without drift may not accurately capture the actual value change of the portfolio. This might be one possible reason that the estimated loss is not equal to the actual loss. Moreover, the problems may exist in the sample used to derivate the underlying risk factors. For example, MCS will generate less accurate estimates then delta normal method when the risk factors are jointly normal and all payoffs are liner (Cuthbertso n and Nitzsche, 2001). Why MCS (theoretical best method) shows the worst estimation in this case MCS seems to have the least accurate estimation (more closer to the actual loss) in this case. This might be caused by the portfolio used in MCS are treated as one asset which is only impacted by the interest yield. Three factors, including the correlation between all the securities in the portfolio, the underlying risk factors of these securities and the different price formula should be used for each security, are ignored in the powerful approach (Tardivo, 2002). On the other hand, compared with the MCS, historical simulation does not need to define the correlation matrix, because the data has already captured the information. In addition, underlying risk factors also contains in the actual data. Thus, in the case with limited information, historical simulation provides more accurate estimation. Section 4: EWMA In realistic world, the variance of the time series is varying overtime. Thus, the simple unconditional variance (simple variance/standard deviation) may not provide unbiased estimation of the volatility. This will further result in inaccuracy estimation of the VAR. in the case, In the case, the simple variance (volatility) are calculating through assigning the same weight on all observations during Jan 1953 and Dec 1994. This may lead to biased forecasts of VAR because the Fed dramatically increased/decreased the interest rate during this time period. In order to improve the accuracy of estimating VAR, Exponentially weighted moving average (EWMA) will be used to provide more accurate estimation to the volatility at a specific time (conditional standard deviation) (Cuthbertson and Nitzsche, 2001). EWMA method allows more recent observations to have stronger impact on the forecast of volatility than the old observations. In practical way, the recent data are given more weights th an the old data. By applying this model, volatility in practice will be more impacted by recent events and the impacts on volatility will decline as time pass (smaller weights apple to the event) (Brooks, 2002). Through applying the EWMA model, the monthly standard deviation for the six months before December 1994 is 0.348%. The next 6 months volatility could be forecasted through using the formula:. In addition, the actual monthly volatility could use the change in yield as approximation. According to RiskMetrics, the optimalshould be 0.97 (Brock, 2002). ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Forecast volatility (%) Actual volatility (%) Range of the possible volatility at 5% confidence level ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Volatility at june 1994 0.35 ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Left side (-1.65) Right side (1.65) Forecasted volatility ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Jul-94 0.35 -0.26 -0.57 0.57 Aug-94 0.34 0.08 -0.56 0.56 Sep-94 0.35 0.47 -0.57 0.57 Oct-94 0.34 0.20 -0.56 0.56 Nov-94 0.34 0.31 -0.56 0.56 Dec-94 0.34 0.04 -0.55 0.55 Generally, the EWMA approach does not fully capture abnormal volatility change in 1994. In detail, the actual volatility change more volatile than the forecast one (table 1). The inaccuracy involve in estimating the volatility may result in that the calculated VAR is significantly different from the actual possible loss of the portfolio (table 2). If the forecast volatility is used to calculate VAR, manager should aware that the calculated VAR is only an approximation and it cannot capture all the volatility change information. For example, in this case, the actual volatility in Sep-94 is significantly larger than the forecast one. This may cause manager to underestimate the risk in the time period and then holding the portfolio unchanged as before. It is also support by Mahoney (1996) who empirically support that the EWMA volatility has inaccuracy problems. Table 1: ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Forecast volatility (%) Actual volatility (%) Left side (-1.65) Right side (1.65) Volatility at June 1994 0.35 ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Forecasted volatility ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Jul-94 0.35 -0.26 -0.57 0.57 Aug-94 0.34 0.08 -0.56 0.56 Sep-94 0.35 0.47 -0.57 0.57 Oct-94 0.34 0.20 -0.56 0.56 Nov-94 0.34 0.31 -0.56 0.56 Dec-94 0.34 0.04 -0.55 0.55 On the other hand, VAR calculated based on EWMA volatility can still be used as a benchmark to assess the portfolios risk. All of the actual volatility is in the boundary of the forecast volatilitys 5% tail cut off (on both sides *1.65). That is to say, although there are significant differences between the forecast and the actual volatility in this case, portfolio manager may still not underestimate the underlying risk at 5% confidence level (normal distribution). In addition, if better models are used, including GARCH, EGARCH, and GJR , the VAR can provide more precise estimation of the worst possible loss. Table 2: ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ Forecasted VAR(*-1.65) monthly Actual VAR monthly Forecasted VAR annually Actual VAR annually Jul-94 -0.302 0.227 -1.045 0.786 Aug-94 -0.297 -0.070 -1.030 -0.242 Sep-94 -0.301 -0.410 -1.044 -1.420 Oct-94 -0.298 -0.174 -1.034 -0.604 Nov-94 -0.298 -0.270 -1.031 -0.937 Dec-94 -0.293 -0.035 -1.015 -0.121 Section 5: Backtest EWMA model In order to test whether VAR can be used as s a benchmark to assess the portfolios risk, the backtest should be used to test whether EWMA can capture the actual change in interest yield at the 5% left tail cut off level (normal distribution). Practically, if all of the actual changes in interest yield are within the forecast volatilities boundary (the forecast volatility multiply 1.65 at right hand side and -1.65 at the left hand side), the EWMA model can be considered as providing accurate estimation at 5% confidence level. According to figure 2, there are 4 outliers (Aug-89, Jan-92, Feb-94 and Mar-94) are outside the forecast. This will cause manager to over/under estimate the underlying risk of the portfolio. Figure 2: forecast volatilities boundary and actual change in interest yield Section 6: Whether the portfolio should be liquidated in December 1994 Miller and Ross (1997) recommend that the portfolio should not be liquidated until the maturity of the structural notes. This is because after the Orange County bankruptcy, the interest rate fell from 7.8% to 5.25% during Dec 1994 to Dec 1995. If it did not announce the bankruptcy, this decrease in interest rate could help the County to recover 7.4*7.5*2.55%/1.05= 1.32 billion losses. However, the problem is that in Dec 1994, how the managers would know that there would be a decrease in interest in 1995. Jorion (1997) suggest that because it is impossible to predict suddenly interest rate decrease, holding the assets in order to recover value in the next years is speculative and risky. Given this change in yield is a normal distribution, the probability of 2.55% decrease in interest can be calculated through P(=P(-6.223). According to the normal statics table, the probability of such large decrease in interest is less than 1%. Thus, the rational managers would not expect suddenl y large decrease in interest rate. In order to minimize to further loss, it is reasonable to liquidate the portfolio on Dec 1994. In addition, as the portfolio is interest pledged, some interest futures, such as the T-bond futures, could be shorted to hedge the portfolio in Dec 1993. Long cap could also a good choice to generate profit when interest rate exceeds the strike rate. This could partially compensate the massive loss. Conclusion The orange countys heavy leveraged and interest-pledged portfolio suffer massive loss in 1994 because of the suddenly increase of interest rate. Through examining this case study, the Duration and VAR are important measurement of risk to avoid future bankruptcy. Compare the duration estimated loss with the actual loss, Duration (plus convexity) of the portfolio seems to have the ability to accurately measure the portfolios sensitivity to the change in interest rate. In addition, all of the VARs calculated through three approaches, including historical simulation, delta normal, and MCS, are less than the actual loss. The theoretical best approaches (MCS) does not provide the most accurate estimation because of ignorance of some important factors, such as the correlation between all the securities in the portfolio, the underlying risk factors of these securities and the different price formula should be used for each security. The backtest of EWMA (4 outliers) suggest that there are some risk in using VAR to measure the worst possible loss in the real world.