Need to know Essay

Reading is a complex cognitive process of decoding symbols in order to construct or derive meaning (reading comprehension). It is a means of language, of communication, and of sharing information and ideas. Like all language, it is a complex interaction between the text and the reader which is shaped by the reader’s prior knowledge, experiences, attitude, and language community which is culturally and socially situated. The reading process requires continuous practice, development, and refinement. Readers use a variety of reading strategies to assist with decoding (to translate  symbols into sounds or visual representations of speech) and comprehension. Readers may use morpheme, semantics, syntax and context clues to identify the meaning of unknown words. Readers integrate the words they have read into their existing framework of knowledge or schema (schemata theory). Other types of reading are not speech based writing systems, such as music notation or pictograms. The common link is the interpretation of symbols to extract the meaning from the visual notations. The history of reading dates back to the invention of writing during the 4th millennium BC. Although reading print text is now an important way for the  general population to access information, this has not always been the case. 2 With some exceptions, only a small percentage of the population in many countries was considered literate before the Industrial Revolution. Some of the pre-modern societies with generally high literacy rates included classical Athens and the Islamic Caliphate. Scholars assume that reading aloud (Latin clare legere) was the more common practice in antiquity, and that reading silently (legere tacite or legere sibi) was unusual. In his Confessions, Saint Augustine remarks on Saint Ambrose’s unusual habit of reading silently in the 4th century AD. Currently most reading is either of the printed word from ink or toner on paper, such as in a book, magazine, newspaper, leaflet, or notebook, or of electronic displays, such as computer displays, television, mobile phones . Handwritten text may also be produced using a graphite pencil or a pen. Short texts may be written or painted on an object. Often the text relates to the object, such as an address on an envelope, product info on packaging, or text on a traffic or street sign. A slogan may be painted on a wall. A text may also be produced by arranging stones of a different color in a wall or road. Short texts like these are sometimes referred to as environmental print. 3 Sometimes text or images are in relief, with or without using a color contrast. Words or images can be carved in stone, wood, or metal; instructions can be printed in relief on the plastic housing of a home appliance, or a myriad of other examples. A requirement for reading is a good contrast between letters and background (depending on colors of letters and background, any pattern or image in the background, and lighting) and a suitable font size. In the case of a computer screen, not having to scroll horizontally is important. The field of visual word recognition studies how people read individual words. A key technique in studying how individuals read text is eye tracking. This has revealed that reading is performed as a series of eye fixations with saccades between them. Humans also do not appear to fixate on every word in a text, but instead fixate to some words while apparently filling in the missing information using context. This is possible because human languages show certain linguistic regularities. Reading is typically an individual activity, although on occasion a person will  read out loud for the benefit of other listeners. Reading aloud for one’s own use, for better comprehension, is a form of intrapersonal communication. Reading to young children is a recommended way to instill language and expression, and to 4 promote comprehension of text. Before the reintroduction of separated text in the late middle Ages, the ability to read silently was considered rather remarkable. 5 I. READING TECHNIQUES i. The purpose of this technique is to help you interpret the context of the reading. To sink in the information’s you need to know. You can also easily interpret those books you can read.  ii. You can learn more effective ways to speed up your reading skills and getting knowledge further. A. Have him read aloud. 1. This forces him to go slower, which gives him more time to process what he reads, which improves reading comprehension. Plus, he’s not only seeing the words, he’s hearing them, too. You can also take turns reading aloud. 2. To enhance fluency. Fluency is an essential part of successful reading. Fluency is based on automaticity (a reader’s ability to recognize words automatically). If children are to become both automatic and fluent readers, they need practice. Preparing to read a text aloud expressively provides children with the time and means to recognize words automatically and to read a text with a high percentage of accuracy. 6 3. To strengthen comprehension. When children use techniques for expressive oral reading, their comprehension of what they are reading dramatically increases. Since fluency is closely tied to comprehension, when children become smoother and more accurate readers they will also become more knowledgeable ones. 4. To develop critical reading skills. For children to read expressively, they must make conscious decisions about how to  read and what they should emphasize while they are reading so that they can effectively communicate both the surface and deeper meanings of a text. 5. To develop other important reading skills. When children prepare to read expressively, they will develop competence in grammar, memory, attention, sequencing, and understanding cause and effect. Reading well takes time, focus, and attention; and if children are going to read aloud well, they must give the requisite time, focus, and attention to prepare the text. As children prepare a text for oral reading, they will gain a greater  understanding of how grammatical and rhetorical structures (sentences, stanzas, and paragraphs) work and how the sequencing of words and ideas plays an important role in the delivery of meaning. 7 6. To build confidence. When children read with expressive skills, they will also develop more confidence in themselves as readers. No longer limited either to rapid word-calling or to stumbling over print, children will discover that, with practice and guidance, they can become more fluent, purposeful, and effective readers of the kinds of print material that had previously frustrated or befuddled them. B. Provide the right kinds of books. 1. Make sure your child gets lots of practice reading books that aren’t too hard. She should recognize at least 90 percent of the words without any help. Stopping any more often than that to figure out a word makes it tough for her to focus on the overall meaning of the story. 2. Almost any book can help build vocabulary and improve writing skills. It was advisable reading as many different genres and as many different books as possible. 3. Letting them choose their own books as soon as they start showing a preference for one over another. If a book is beyond a child’s reading  ability, it can be read to him or her now. 8 4. Finding out what students is interested in, and choose books that are related to his interests either an informational book or a novel in an area of specific interest. 5. Find picture books because of the subject or artwork, will be just right for a young reader , An interesting story in a beautiful, well-illustrated book offers the students an aesthetic experience to enjoy over and over again. 6. Pick books depending on your reading level, no matter what your age. C. Reread 1. If you don’t understand what you are reading, read over the sentence(s) again. Try reading the words out loud to yourself. If you still don’t understand something, ask a good reader nearby to explain the sentence(s) to you, or simply pick up a book that is easier to read and more appropriate to your reading level. 2. Feel free to use your finger as a pointer. It will keep your eyes focused on the line you are reading, improving your understanding. 3. To gain meaning from text and encourage reading comprehension, your child needs to read quickly and smoothly – a skill known as 9 fluency. Rereading familiar, simple books gives your child practice at decoding words quickly, so she/he’ll become more  fluent in her reading comprehension. 4. The more you read you the more you will remember them. Some of the experts suggest reading a chapter twice and then reading it again before a test. This technique is definitely effective; it is time-consuming, especially if you read slowly. D. Study Reading Vocabulary 1. As your student reads books, have her make a list of words that were difficult or unfamiliar in the book. Make flashcards of these words, spend some time together talking about the meanings and looking them up in the dictionary. Take turns showing the cards and guessing the words and meanings. As the student masters each word, remove it from the deck and put it in a place of honor. When the whole deck is mastered, celebrate with a special reward. E. Participate in Library Reading Programs 1. Most libraries offer organized reading programs during school breaks for students based on their school levels. Many of these 10 programs are themed and showcase some of the best works for children and young adults. a. The library staff may host activities based on books and have special events and field trips designed to help students explore the literature on a deeper level. Librarians are  usually happy to help your child and can help find ways to involve all levels of readers within an age group. F. Mind mapping 1. A mind map is a non-linear diagram that makes it easy to capture key thoughts and connections between ideas in a graphical / visual format. Starting with an idea, concept, or question in the center, you capture information by connecting key concepts and thoughts to the central idea. More detailed information related to these thoughts is then captured in branches that radiate out from the key concepts, away from the central idea. a. It is a useful technique to use while reading, since the  non-linear format allows you to view the entirety of your notes at a glance, then easily place new information in the appropriate branch or make connections between ideas. 11 It’s also a useful technique when solving problems or planning projects: start with a question or project description, then capture all ideas or necessary tasks in the appropriate branches. G. Scanning 1. A technique you often use when looking up a word in the telephone book or dictionary. You search for key words or ideas. In most cases, you know what you’re looking for, so you’re concentrating on finding a particular answer. Scanning involves moving your eyes quickly down the page seeking specific words and phrases. Scanning is also used when you first find a resource to determine whether it will answer your questions. Once you’ve scanned the document, you might go back and skim it. a. When scanning, look for the author’s use of organizers such as numbers, letters, steps, or the words, first, second, or next. Look for words that are bold faced, italics, or in a different font size, style, or color. 12 b. A process of quickly searching reading materials in order to locate specific bits of information. When scanning you  don’t start from the beginning and read to the end. H. Skimming 1. It is another technique whose purpose is to gain a quick overview in order to identify the main points. When skimming, you will often skip words, sentences, and paragraphs. a. Skimming is done at a speed three to four times faster than normal reading. People often skim when they have lots of material to read in a limited amount of time. Use skimming when you want to see if an article may be of interest in your research. b. The students may read the first and last paragraphs using headings, summarizes and other organizers as they move down the page or screen. You might read the title, subtitles, subheading, and illustrations. Consider reading the first sentence of each paragraph. This technique is useful when you’re seeking specific information rather than reading for comprehension. Skimming works well to find dates, names, and places. It might be used to review graphs, tables, and charts. 13 I. Make your own study guide 1. An extension of the concept of composing questions about your reading, this technique involves creating a set of possible test questions and answers and studying from those. Determine what your professor is likely to ask, compose questions, and write the  answers under them. Study from your study guide until you feel you know it well. Then create a version that omits the answers and see how well you do answering the questions. Those you miss are the ones you need to study more. J. Recite and teach material to others 1. Many experts swear by the effectiveness of reciting important parts of the reading orally[md]not reading aloud, but reciting section summaries you’ve composed yourself or questions and answers you’ve posed about the reading. Since you might find it awkward to recite aloud with people around, you may want to find a private place. In the same vein, teaching the material to others can dramatically boost your memory of it. Study groups are an excellent setting for doing so. If all else fails, consider teaching concepts to your dog or one of your stuffed animals. K. Keep reading 1. Try to read as much as you can on your free time. Reading will help you in lots of ways; your vocabulary will become larger and 14 more sophisticated and you will notice your grades change for the better in school. Have fun reading. II. FACTORS AFFECTING STUDENT READING i. The students nowadays are just refusing to read, Psychological studies have  shown that children who become adults who do not read very well are less successful in life than their peers. Of course we can break the reasons why students hate to read down to both medical and psychological factors: 15 A. Medical 1. They may have difficulty seeing the text and need glasses. Or they may have an organic brain disorder B. Psychological 1. They may be a developmental or learning disability such being mentally handicapped or they may have a learning disability such as dyslexia making it extremely difficult to read. a. Dyslexia is a very broad term defining a learning disability  that impairs a person’s fluency or comprehension accuracy in being able to read, [1] and which can manifest itself as a difficulty with phonological awareness, phonological decoding, processing speed, orthographic coding, auditory short-term memory, language skills/verbal comprehension, and/or rapid naming. C. Other psychological factors 1. They are simply distracted. In the past there were fewer distractions. Today there is TV, video games, and so on, which can take them away from reading. a. Nowadays there are internets that they can read far quicker, you do not have to read books. D. Lack of self-confidence 16 1. They may feel embarrassed to read out loud which is also related to self-esteem. Some kids will say they don’t like the sound of their voices. They may compare themselves to better readers and feel they are not as good. This may not even be the case. They may be just as good as the other readers. Only, they just fail to see it. E. Boredom 1. They get bored with reading and once the students lose interest in reading it is hard to get them back on board. Some of this boredom can be attributed to the dullness of the classroom reading assignments which have very little to do with the lives of the students who are reading them. F. Lack of practice 1. If the students are not motivated to read they will not practice. Motivation decreases with age. Even high school students who are good readers can feel like they are climbing a mountain when they have to read a chapter from a book. Without practice students will not develop the required skills and ease of reading. They will not read fast and later on in life this will also affect their university studies when enormous amount reading is requires in many disciplines. 17 a. The ability to read well and comprehend what is read is also crucial for adults in the work, environment, social  environment, and at home. III. TIPS ENCOURAGE THEM TO READ A. The first step to read to your child at an early age. 1. Many people have fond memories of their parents reading them bedtime stories, and reading to your child will help foster a love of words and reading. B. Fill your room with books 1. Kids who grow up with books all around them learn to think of books as friends, and allies in their pursuit of adventure and learning. a. The books like encyclopedias, dictionary, atlas, newspapers, magazines, almanac and etc. C. Be a good reading â€Å"role model†. 1. Let them see you reading, and how much you enjoy reading books  and magazines. a. Encourage joining you as you read; it can be your â€Å"bonding time† with them. D. Introduce them to books that match their interests and hobbies. 18 1. Show them how a good book can expand their knowledge in a particular area, and expand their horizons as well. E. Encourage them to find new books on their own to read. 1. While showing your books is a good way to build their interest level, a child who finds new books on their own can benefit from an increased sense of independence. 2. Let them to choose their own interest book. F. Get your child a library card. 1. Show them how a library can be a place of wonder and excitement, and can open up whole new worlds of learning to last a lifetime. And then put the library in your schedule, so you will be sure to visit frequently together. G. Setting limitations 1. Set limits on the amount of time your child spends in front of a television or video game console. a. There’s nothing wrong with watching television or playing video games, if you want to child to develop good language and learning skills, make sure they spend just as much time reading a good book. b. They might not like it now, but chances are they’ll thank you for it later in life. H. Leaving books 1. Leave books in the bathroom within easy reach of the toilet. You are quite likely to pick one up and read it. 19 2. Put books on the breakfast table. You are reading the backs of cereal boxes already. If you have a few books right in the kitchen, these will probably end up on the morning reading menu. a. If you don’t read, it’s unlikely your children will, either. Set a good example. I. Be comfortable 1. Therefore it is wise when you are comfortable reading general material to increase your reading speed as soon as possible. 2. Use a spreadsheet creatively. Try to read 15 to 20 minutes a day. Also, don’t judge a book by its cover. a. Spreadsheet is a grid that organizes data into columns and rows. Spreadsheets make it easy to display information, and people can insert formulas to work with the data. 3. To get the most comprehension, avoid lying down while reading. While reading in bed can help you relax and fall asleep, you can retain more information by having a good posture while reading. a. For example, sitting straight up and keeping your feet flat on the floor can increase your alertness. b. Make sure to choose a place that is comfortable for you for  the length of time you are going to read your book. This can be a couch, a chair or a bed. 20 Temperature is the most important factor to get comfortable reading. You can adjust the temperature the way you like it to be. If it’s too cold or too hot, then it will make getting comfortable to read a lot harder. The temperature is on you to decide. 4. Clothing. This is also another important factor to getting comfortable to read. You don’t want very tight or too lose clothes that make it not comfortable to read. a. Try wearing pajamas or just sweat pants and a t-shirt. Anything you are comfortable with. 5. A nice refreshing drink. This step is optional to you. It can depend on where and what time of day or year it is. Hot and warm drinks are great for those cold or cool nights or days. Cold drinks are perfect for those warm hot days and nights. 6. Book. The main thing you are getting ready to read. It can be a book you wanted to read for a long time or just to read for fun. Make sure it’s the book you really want to read. a. Bookmark. This is also optional but highly recommended to have with you when you need to get up and take a break or use the restroom and you don’t want to lose the page you are on. 21 7. Glasses and contacts. This step is for people with glasses and contacts. Make sure your glasses and contacts are clean enough for you to be able to read the words on the pages of the book. You don’t want dirt to make it hard for you to read. 8. Position is a key to get comfortable to read. You can adjust your position when you are reading to make it comfortable. It can be reading on your back while leaning back on something comfortable, sitting, standing, lying on your stomach, or lying on your side. It’s your choice of position you are comfortable with. a. But as much as possible do not lying on the bed because you will quickly fall asleep. b. Take a place that have more lights, IV. STUDY WELL BY READING 22 i. By reading you can gather information not even as faster as on the internets but you can learn more from reading. It can improve your vocabulary, grammar and enhancing your self-confidence especially when you speak. ii. In doing any works it is advisable to read, by this you can get the exactly meanings or knowledge you want and you will be having an advance thought from it. A. Get all materials. 1. If you want to study properly, don’t just bring your book. You will need a notebook and pencils, pens and highlighters. a. Highlights will help you pay more attention when reading rather than reading passively. B. Read it once. 1. During this, read for content. Try to understand the overall message or story. Put a * with a pencil when you read something that you think are important, rare, or stand out. If you want, just read a page at a time. C. Read it again. 1. Read over, and see if the points with the * are still that important. If they are, highlight them. There should be no more than 10 lines on a page that is highlighted. The highlighted points would help 23 you find important quotes or sentences when you need them later  on, or to study for exams. a. You can skip reading it again, and only have to read the highlighted important points. D. Take notes. 1. Pull out your notebook and summarize what you read. Try to make it as short and precise as possible. a. You can make jot notes or a paragraph, whichever is easier for you to read later on. E. Study. 1. You already read through the passage twice and used your own mind to rewrite and make notes, so it should be stuck in your head. But remember to review every 2-3 days to make sure you don’t forget. a. You can recite it with anyone as much as possible. b. Avoid any distractions. Don’t read for 2 minutes and text for 2 minutes. Your mind must be 100% on what you are reading. V. ADVANTAGES HAVING LIBRARY AT HOME i. The environment within the library itself highly motivates as there will be alot of focused people who will be down to serious business and thus you will feel motivated to do likewise. 24 ii. A proper library should have all the books you require thus you won’t have to spend much time looking for the books you require. A. You more likely to pick up ‘other’ books. 1. If you have a reasonably large collection of books at home, you and other members of your family will be exposed to newer  authors, genres and styles of writing. And if there is a reading culture at home it will help people pick up books belonging to diverse settings, eras and techniques. a. They are more likely to choose books addressing different issues. For instance, a young adult who only devours say a college romance can be exposed to comic fantasy and steam punk or even poetry. B. More chances of rereading a book 1. Chances of rereading or in other words revisiting what you just read are higher if you own the book and if the book is well within reach. So chances of pulling out a motivational book from your  personal library when you are feeling low are higher when the books are just stacked and kept away in your cupboard. a. Some people are in the habit of marking important lines, writing foot notes especially beside their reads so that they can glance at what they picked up from the book. This is a great practice and truly ensures that you make the most of 25 what you have read and pick up books from your personal collection. C. Discussing with friends 1. Once you to get into the groove you could have a monthly book reading and eventually kids will follow suit. If you have good  books at home they will be exposed to newer names, authors, genres, lessons all encouraging. D. Treasuring books 1. If you keep your library well, kids too will learn to treasure books and keep them well organized. They will eventually learn valuable lessons from the books they read and will learn to love their books too. 26 CONCLUSION: Reading can be a tool, to achieve success. it gives us a lot of information and ideas that we can use to our everyday life. By reading we can increase our self-confidence with this we can competitively speaking in any people. It can be improved or vocabularies, grammars, and know more languages. There lots of more if we read we can bring out the best on us, but the problem nowadays of the students they loss of attention in there reading habits, instead of reading to get the information they need they prefer to use the internet, we all know that all of our need ideas can’t be get in them. Are can be solve by using the techniques that are written ahead. Your friends and family can motivate you. As I’ve said it can be your â€Å"bonding time†. Reading is much fun as you think, if you just explore your imagination while you read. If you will be reading my work I’m sure you will learn more from it. ACKNOWLEDGEMENTS: 27 A special thank you goes to those who contributed to this paper: My sister Roby Jane Gayas valuable comments and sharing her knowledge. To my friends who directly contribute to the development of my research and a special thanks’ to my family supported on me all through the way. REFERENCES : Cornelissen PL, Kringelbach ML, Ellis AW, Whitney C, Holiday IE, Hansen PC (2009). Aleman, Andre. ed. â€Å"Activation of the left inferior frontal gyrus in the first 200 ms of reading: evidence from magnetoencephalography (MEG)†. PLoS ONE 4 (4): e5359. â€Å"NINDS Dyslexia Information Page†. National Institute for Neurological. Disorders and Stroke. Retrieved November 12, 2011. Sanabria Diaz G, Torres Mdel R, Iglesias J et al. (November 2009). â€Å"Changes in reading strategies in school-age children†. Span J Psychol 12 (2): 441– 53. PMID 19899646. Carver, Ronald P. (1990). Reading rate: a review of research and theory. Boston: Academic Press. ISBN 0-12-162420-X. Legge GE, Mansfield JS, Chung ST (March 2001). â€Å"Psychophysics of reading. XX. Linking letter recognition to reading speed in central and peripheral vision†. Vision Research 41 (6): 725–43. doi:10. 1016/S0042-6989(00)00295-9. PMID 11248262. http://www. wikihow. com/Improve-Your-Reading-Skills. http://esl. about. com/od/englishreadingskills/a/readingskills. htm 28 http://www2. le. ac. uk/offices/ld/resources/study/reading http://www. pickthebrain. com/blog/improve-reading-comprehension/ http://www. wikihow. com/Category:Improving-Reading-Skills http://braindance. com/bdiread3. htm http://www. bookchums. com/blog-detail/about-books/advantages-of-a-wellstocked-home- library/Mjgx. html Mind Maps as Classroom Exercises John W. Budd The Journal of Economic Education , Vol. 35, No. 1 (Winter, 2004), pp. 35-46 Published by: Taylor & Francis, Ltd. Article Stable URL: http://www. jstor. org/stable/30042572.

Pet peeves Essay

If you’re a fitness freak like me or spend countless hours in the gym rather than your own home you know what goes on wants you step a foot in the gym. But at one point or another we’ve all seen nasty, irritating, and confusing behavior by others at a gym or reaction center. Like for instance it are giant puddles of sweat left on machines, a meathead hoarding dumbbells in a packed weight room, or that one old man or women nude in the locker room. Nevertheless, for some people common respect seems to disappear in a gym setting now days. However, the common pet peeves I have always experience is preventable if people follow my advice, then everyone’s workout will go peacefully and smoothly. One of my many pet peeves is when a crazy sweaty people do not clean there machine because sweat spread diseases. For example, they continually leave giant puddles of sweat all over workout equipment. Not only sweat is a problem with me, but also people who do not pick up after themselves. Such as free weights, foam rollers, towels, and yoga mats. My subjection is it back where it belongs if you use it. In addition, I am quite sure others around you do not want the most common decease in gyms now days so be kind and pick up after yourself. Arrebota2 People should not hog equipment because it waste time and prevent others from working out. I can’t stand when people who grab one piece of equipment and won’t let you work in. For example, every time I go into 24-hour fitness in Kansas City. Sadly, there is always that one male or female who puts their bag down next to the squat rack and reserve it like it is a plane ticket. However, even after they get on the squat rack they spend about twenty-five percent of the time lifting, and the next seventy-five percent cursing around talking to friends or staring at mirror acting like a peacock. If you do not want to work out fully get off the machine and let others who are waiting use it because they do not want to spend all day waiting at a gym waiting. In my gym, it is common to see nude people walking around the locker room because they are not courteous or respectful. The most people who do these things are the elderly people. I don’t know why but they feel like it’s okay to walk around the locker room nude for hours and not try to cover their sleeves. I mean dropping a towel quickly to pull on your clothes is one thing, but standing at the mirror brushing your teeth while completely naked is another. If this is a problem for you take my advice and tell the manager. Ask if they could hang a nice, and polite sign saying to â€Å"practice covering yourself†. For some people they might not know what goes on in a gym setting because they do not work out every day. Then again, If you are a fitness freak like me than, you must have experience at least two out of the three examples I talked about. On the other hand, if you are one of those people who cause my pet peeves please be responsible for your actions and treat others Arrebota3 with respect. Try to prevent the nasty, and irritating things that goes on in the gym so everyone’s workout can go peacefully and smoothly.

A library of ancient information

The totality of an organism’s genes is known as its genome and since each gene provides the instructions for making a specific protein, the genome can be thought of as a collection or library of instruction manuals for producing all the proteins necessary for an organism to function normally and survive (Krogh, 2003). This collection though, is not one that is built up as the organism grows but rather, one that is inherited from the organism’s parents. Human beings have 46 sets of these instruction manuals called chromosomes. Chromosomes come in pairs but during reproduction, only half of each pair is passed on by each parent to their offspring so that the offspring would likewise end up having a total of 46 chromosomes (Krogh, 2003). This goes on for each new generation of offspring produced and so if we try to trace things back we can imagine how we have, for example, inherited the gene for our particular hair color from either our mother or father, and how they in turn have likewise inherited theirs from either of their parents. Going a long way back towards our ancestors’ generation, we can therefore imagine ourselves as having inherited inside us a library of ancient instruction manuals which tell our body how to produce proteins practically the same way that they have been produced in our ancestors. Naturally though it would be expected that during the course of time, modifications may have been made in these instructions but the fact still remains that these basic instructions were passed on from one generation to the next so that the information it carries may serve succeeding generations. A library of ancient information The totality of an organism’s genes is known as its genome and since each gene provides the instructions for making a specific protein, the genome can be thought of as a collection or library of instruction manuals for producing all the proteins necessary for an organism to function normally and survive (Krogh, 2003). This collection though, is not one that is built up as the organism grows but rather, one that is inherited from the organism’s parents. Human beings have 46 sets of these instruction manuals called chromosomes. Chromosomes come in pairs but during reproduction, only half of each pair is passed on by each parent to their offspring so that the offspring would likewise end up having a total of 46 chromosomes (Krogh, 2003). This goes on for each new generation of offspring produced and so if we try to trace things back we can imagine how we have, for example, inherited the gene for our particular hair color from either our mother or father, and how they in turn have likewise inherited theirs from either of their parents. Going a long way back towards our ancestors’ generation, we can therefore imagine ourselves as having inherited inside us a library of ancient instruction manuals which tell our body how to produce proteins practically the same way that they have been produced in our ancestors. Naturally though it would be expected that during the course of time, modifications may have been made in these instructions but the fact still remains that these basic instructions were passed on from one generation to the next so that the information it carries may serve succeeding generations.

Read the requirement carefully Essay Example | Topics and Well Written Essays - 1250 words

Read the requirement carefully - Essay Example They are also used to determine the effect competition has on certain goods. Effects of these forces can be interpreted well especially in a perfect market. A perfect market is a market that is governed by certain conditions. They are: there are no restrictions to entering the market; information about the market is readily available; there is no party in the market that has any powers to set prices and technology is equally accessed by all participants in the market, (Mankiw, 2011). The demand of a commodity is the quantity of a good or service a consumer is willing and ahs the ability to buy. The law of demand stipulates that, when there are no other factors at play, the higher the price of a good or service, the lower the demand for that good or services. For example, if the price of milk increases then the demand for milk will fall. Diagram 1.a is a simple illustration of a demand curve Diagram 1.a However, there is an exception with velben and giffen goods, (Arnold, 2008). A vel ben good is a type of commodity whose demand rises with the increase of its price. Normally giffen goods are considered commodities of position. They include jewelry, expensive cars among others. Giffen good is a commodity whose demand increases irrespective of the change in price. ... The responsiveness of the demand of goods and services to these factors is referred to as elasticity of demand. The percentage change of the quantity demanded for a particular good is referred to as price elasticity of demand. it is derived from the formulae . Diagram 1.c illustrates price elasticity of milk. Diagram 1.c An increase in the price of milk from p1 to p2 will result in a slight decrease in the quantity demanded from q1 to q2. This is because products like milk experience inelastic price elasticity. This is because the milk is a necessity good which experiences this type of elasticity, (Mankiw, 2011). Cross price elasticity of demand is the difference in the amount demanded for a good in percentage as a result of a percentage change in the price of other goods. It is derived from the formula, (Hall and Lieberman, 2007). In this case there are different types of curves to show the responsiveness of the amount demanded as a result of changes in price of other goods. Diagram 1.d shows the cross elasticity of complementary goods. These are goods that are used together. For example, milk and bread are complementary goods. If the price of bread drops from p1 to p2 then we expect the demand of milk to increase from p1 to p2. Diagram 1.d Diagram 1.e shows the cross elasticity of independent for independent goods. These are goods whose use is independent of each other, for example, milk and electronics are independent. Hence a change in the price of electronics from p2 to p1 will result in no change in the price of milk. It will remain at q1.. Diagram 1.e Income elasticity of demand is the percentage change demand of a certain commodity as a result in changes in income of the consumer. It is derived from the formula .Since milk is a

Nosferatu and Twilight Essay Example | Topics and Well Written Essays - 1250 words

Nosferatu and Twilight - Essay Example Gender roles have been discriminated in these films have been discriminated in the film. However, the contemporary vampire films also portray gender discrimination. Although female gender roles have evolved throughout vampire tales the contemporary vampire tales, Twilight, continues to reinforce the stereotypical representation of gender roles. In the nineteenth-century role of women have been challenged in the different literature, however, the similar concepts still continue to be a part of contemporary vampire films. The main focus of this paper is to analyze the reinforcement of stereotypical gender roles. In order to determine the gender roles in vampire films, the female characters of Nosferatu and Twilight are  analyzed. The role of female in the nineteenth century of the film Nosferatu (Mina Harker) has been compared with the contemporary female character of Twilight (Twilight). The character of Bella Swan of twilight does not portray stereotypes gender roles of man and women characters. Bella Swan is totally dependent on her boyfriend Edward Cullen. She can go to any extent to have Edward in her life, even to give away her life and become a vampire for Edward. The several feminist scholars have criticized Bella as it represents gender stereotype. Edward is mesmerized in love of Edward; she is a submissive woman who can sacrifice anything to have her vampire boyfriend, even without her werewolf admirer. Bell turns down everything in her life just to ensure that Edward is around her. She jumps off a cliff, disobeys her father and is extremely hopeless without Edward (Bella Not the Role Model). It reflects that the character of Bella Swan demonstrates the similar stereotype gender role of a woman in a society (Bella Not the Role Model). The character illustrates that a woman becomes hopeless in her life, as she is ready to make every extend in her life, Bella is stubborn and does not have control on her emotions due to which she is

Advantages of Online Recruitment Essay Example | Topics and Well Written Essays - 4250 words

Advantages of Online Recruitment - Essay Example In using this modern technology rather than the more conventional recruitment channels, companies, as well as applicants, have experienced several advantages (Frandsen and Ferguson, 2014). The researcher endeavors to explain some of the major advantages of the online recruitment process for organizations. Â  Recruitment can be defined as the process of searching and attracting competent applicants for the purpose of employment. This process establishes a link between potential employees to their job seekers. A headhunter goes over the recruitment process in order to stimulate talented individuals to apply for jobs in their organization. The processes usually commence when potential candidates are sought and concludes when they submit their applications. Â  Online recruitment, also sometimes referred to as e-recruitment is one of the most cost-effective and powerful way of recruiting employees for an organization. This mechanism offers companies with the flexibility to search for candidates in the required field and assess their capability on the basis of the company’s requirements. The online recruitment system is designed over a platform that is powered by information technology. The components of an online recruitment system are an administrator, job seeker, and the company. Â  One of the major advantages of online recruitment is that it offers organizations with a wider access and geographical spread thereby enabling HR managers to find talent not only from the domestic circuit but from the international arena as well. This enables managers to achieve two-fold objectives. First of all HR managers are able to diversify their pool of workforce by recruiting people from different cultural backgrounds.

Entrepreneurship and Enterprise Activity Research Paper

Entrepreneurship and Enterprise Activity - Research Paper Example Within thÐ µ fiÐ µld of Ð µntrÐ µprÐ µnÐ µurship studiÐ µs, it is dÐ µbÐ °tÐ µd whÐ µthÐ µr thÐ µ Ã' rÐ µÃ °tion of nÐ µw Ã' ombinÐ °tions rÐ µquirÐ µs thÐ µ Ã' rÐ µÃ °tion of Ð ° nÐ µw orgÐ °nisÐ °tion or if it is Ð °lso mÐ °dÐ µ possiblÐ µ through innovÐ °tion in Ð µxisting orgÐ °nisÐ °tion (;).In Ã' ompÐ °rison, thÐ µ psyÃ' hologiÃ' Ã °l Ã' hÐ °rÐ °Ã' tÐ µristiÃ' s sÃ' hool of Ð µntrÐ µprÐ µnÐ µurship foÃ' usÐ µs on pÐ µrsonÐ °lity fÐ °Ã' tors Ð °nd Ð ° numbÐ µr of diffÐ µrÐ µnt Ð °spÐ µÃ' ts hÐ °vÐ µ bÐ µÃ µn Ð µxplorÐ µd in thÐ µ rÐ µsÐ µÃ °rÃ' h. ThÐ µsÐ µ Ð °rÐ µ pÐ µrsonÐ °l vÐ °luÐ µs suÃ' h Ð °s honÐ µsty, duty, rÐ µsponsibility Ð °nd Ð µthiÃ' Ã °l bÐ µhÐ °viour, risk-tÐ °king propÐ µnsity, thÐ µ nÐ µÃ µd for Ð °Ã' hiÐ µvÐ µmÐ µnt (MÃ' Ã ¡lÐ µllÐ °nd, 2000) Ð °nd loÃ' us of Ã' ontrol (StorÐ µy, 2001: p25). Ð dhÐ µrÐ µnts to this sÃ' hool of thought do not bÐ µliÐ µvÐ µ thÐ °t Ð µntrÐ µprÐ µnÐ µurs Ã' Ã °n bÐ µ dÐ µvÐ µlopÐ µd or trÐ °inÐ µd in thÐ µ Ã' lÐ °ssroom. ThÐ µ Ã' lÐ °ssiÃ' Ã °l Ð µÃ' onomiÃ'  sÃ' hool is rÐ µflÐ µÃ' tÐ µd in thÐ µ rÐ µsÐ µÃ °rÃ' h by Ð °uthors suÃ' h Ð °s Ð ¡Ã °ntillon (1992) Ð °nd SÃ' humpÐ µtÐ µr (1986). In fÐ °Ã' t Hjorth (2004) points out thÐ °t ЕuropÐ µ hÐ °s Ð ° long Ð µstÐ °blishÐ µd trÐ °dition of Ð µntrÐ µprÐ µnÐ µurship Ð °nd thÐ °t thÐ µ tÐ µrm â€Å"Ð µntrÐ µprÐ µnÐ µur† dÐ µrivÐ µs from thÐ µ FrÐ µnÃ' h vÐ µrb â€Å"Ð µntrÐ µprÐ µndrÐ µÃ¢â‚¬ , mÐ µÃ °ning to undÐ µrtÐ °kÐ µ. KÐ µy Ð °spÐ µÃ' ts of this sÃ' hool of thought Ð °rÐ µ innovÐ °tion, Ã' rÐ µÃ °tivity Ð °nd disÃ' ovÐ µry. In pÐ °rtiÃ' ulÐ °r, SÃ' humpÐ µtÐ µr (1986) sÐ °w thÐ µ Ð µntrÐ µprÐ µnÐ µur Ð °s somÐ µonÐ µ who would disrupt thÐ µ Ð µÃ' onomiÃ'  Ð µquilibrium, thÐ µ SÃ' humpÐ µtÐ µriÐ °n Ð µntrÐ µprÐ µnÐ µur would bÐ µ Ð °n innovÐ °tor providing thÐ µ indispÐ µnsÐ °blÐ µ driving forÃ' Ã µ for Ã' Ã °pitÐ °li st Ð µÃ' onomiÃ'  growth. ThÐ µ mÐ °nÐ °gÐ µmÐ µnt sÃ' hool of Ð µntrÐ µprÐ µnÐ µurship is bÐ °sÐ µd on thÐ µ bÐ µliÐ µf thÐ °t Ð µntrÐ µprÐ µnÐ µurship Ã' Ã °n bÐ µ tÐ °ught (SpinosÐ °, 1997). Ð s Ð ° rÐ µsult, Ð µntrÐ µprÐ µnÐ µurship is viÐ µwÐ µd Ð °s Ð ° sÐ µriÐ µs of lÐ µÃ °rnÐ µd Ð °Ã' tivitiÐ µs with foÃ' us on thÐ µ Ã' Ã µntrÐ °l funÃ' tions of mÐ °nÐ °ging Ð ° firm. In Ã' ompÐ °rison, thÐ µ lÐ µÃ °dÐ µrship sÃ' hool of Ð µntrÐ µprÐ µnÐ µurship is oftÐ µn viÐ µwÐ µd Ð °s thÐ µ non-tÐ µÃ' hniÃ' Ã °l sidÐ µ of thÐ µ mÐ °nÐ °gÐ µmÐ µnt sÃ' hool Ð °s foÃ' us is upon thÐ µ Ð µntrÐ µprÐ µnÐ µur Ð °s Ð ° â€Å"pÐ µoplÐ µ mÐ °nÐ °gÐ µr† or Ð °s Ð °n Ð µffÐ µÃ' tivÐ µ lÐ µÃ °dÐ µr/mÐ µntor whosÐ µ mÐ °jor rolÐ µ is in motivÐ °ting, dirÐ µÃ' ting Ð °nd lÐ µÃ °ding pÐ µoplÐ µ (Ð ldriÃ' h, 1999). ThÐ µ FrÐ µnÃ' h trÐ °dition Ð °ssoÃ' iÐ °tÐ µd with thÐ µ work of Ð ¡Ã °ntillon (1992) suggÐ µsts thÐ °t thÐ µ Ð µntrÐ µprÐ µnÐ µur is thÐ µ kÐ µy figurÐ µ who opÐ µrÐ °tÐ µs within Ð ° sÐ µt of Ð µÃ' onomiÃ'  mÐ °rkÐ µts. HÐ µ hÐ °s thÐ µ forÐ µsight to Ð °ssumÐ µ unÃ' Ã µrtÐ °inty; hÐ µ rÐ µÃ °Ã' ts to profit opportunitiÐ µs Ð °nd bÐ µÃ °rs unÃ' Ã µrtÐ °inty. This Ã' ontrÐ °sts with thÐ µ GÐ µrmÐ °n-Ð ustriÐ °n trÐ °dition rÐ µprÐ µsÐ µntÐ µd by SÃ' humpÐ µtÐ µr (1986) whÐ µrÐ µ thÐ µ SÃ' humpÐ µtÐ µriÐ °n Ð µntrÐ µprÐ µnÐ µur plÐ °ys Ð ° disÐ µquilibrÐ °ting rolÐ µ by innovÐ °ting, i.Ð µ. introduÃ' ing nÐ µw goods or mÐ µthods of produÃ' tion Ð °nd thÐ µ opÐ µning of nÐ µw mÐ °rkÐ µts.ThÐ µ Ð ¡hiÃ' Ã °go trÐ °dition is Ð °ssoÃ' iÐ °tÐ µd with thÐ µ work of Knight (2000), who suggÐ µsts thÐ °t Ð µntrÐ µprÐ µnÐ µurs Ð °rÐ µ rÐ µsponsiblÐ µ for thÐ µir own Ð °Ã' tio ns. ЕntrÐ µprÐ µnÐ µurs Ð °rÐ µ prÐ µpÐ °rÐ µd to tÐ °kÐ µ risks in Ð °n unÃ' Ã µrtÐ °in Ð µnvironmÐ µnt. Knight Ð °lso suggÐ µstÐ µd thÐ °t Ð µntrÐ µprÐ µnÐ µurs hÐ °vÐ µ skills Ð °nd Ã' ompÐ µtÐ µnÃ' iÐ µs thÐ °t Ð µnÐ °blÐ µ thÐ µm to suÃ' Ã' Ã µssfully Ã' o-ordinÐ °tÐ µ sÃ' Ã °rÃ' Ã µ rÐ µsourÃ' Ã µs, whiÃ' h distinguishÐ µs thÐ µm from othÐ µr individuÐ °ls.

Corporate and global strategy Essay Example | Topics and Well Written Essays - 1500 words

Corporate and global strategy - Essay Example In the first quarter of year 2007, Toyota has been able to sell more number of cars than GM, pushing GM at the second place for the first time (USA Today, 2007). GM is headquartered in Detroit, Michigan and employs about 335,000 people. The brands include Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn and Vauxhall. GM recorded revenues worth $192,604 million during the fiscal year ended December 2005. GM also owns equity partnerships in some regional subsidiaries and joint ventures like New United Motor Manufacturing (NUMMI), Suzuki Motor Corporation, Isuzu Motors, Shanghai GM, SAIC-GM-Wuling Automobile Company and CAMI Automotive (Datamonitor, 2006). The car market has indeed become very competitive, with major players like GM, Ford, Toyota, Audi, BMW, VW etc. vying for the international market, besides a number of local players in the car market. With technology playing a major role in advancements of the features in a car, ICT helping in making the care more intelligent, marketing communication techniques have started playing a major role in convincing the customer. General Motors has also outlined plans for ICT needs of its cares and the company has signed deals worth $15bn (Â £8.5bn) for the next five years with IBM, HP, EDS, Capgemini, Compuware Covisint and Wipro (Brown, 2006). General Motors has also unveiled E-Flex electric architecture, configured with GMs newest, most efficient hydrogen fuel cell system to date, at the recently held Shanghai Auto Show (GM, 2007). Company believes that the fuel cell technology has the potential to be a competitive alternative to the internal combustion engine - in size, performance, du rability and cost. Internationalization provides an opportunity for the company to plan out moves for a wider spectrum of customer base. Strategic decisions are concerned with the issue of setting a direction for the

Input, Output and Storage Case Study Example | Topics and Well Written Essays - 250 words

Input, Output and Storage - Case Study Example In addition, the OS should make efficient management of resources for effective handling large volumes of data. Organizations cannot do without networks, which bring special software challenges. For instance, the OS on which servers run put varying load capacities on the memory. For optimal database functionality requiring many read/write processes, access and writing speeds weigh heavily in the decision for the OS. With regard to usability, Windows is arguably the easiest to use for many enterprise applications, particularly in comparison to Linux and Mac OS (FahAd, 2010). However, many malware threats plague the Windows system. Considering the necessity for flexibility, availability, cost of maintenance and upgrade, stability, performance, and backward compatibility, Ms Windows would be the most appropriate operating system for the organization. Linux unfamiliar for many users, and it numerous versions make its use more complicated. A printer can be installed in a number of ways. A local printer can be installed by simply plugging it into the computer, for instance through a USB port, which is called a local printer (Microsoft, 2012). Windows automatically detects an installs the printer which is then available for use. For network printers, the process is more complicated, usually requiring naming the printer and going through a setup process through the control panel. The process is simple and can add both wireless and Bluetooth printers. The appropriate printer for a certain operating system is largely a compatibility issue. Many printer suppliers and manufacturers supply information for compatibility of the printer with specific operating systems. In addition, many technology review magazines provide specific information on the best printer models for particular operating systems based on comprehensive tests and

Gernal Motors Term Paper Example | Topics and Well Written Essays - 1250 words

Gernal Motors - Term Paper Example The backdrop behind the inception of the company was the New York Auto Show of the year 1900, which was immensely successful in garnering a lot of positive attention from the masses. Before foraying into the automobile sector through the foundation of General Motors, the founder was highly successful in the manufacturing business of horse driven vehicles in the United States. Talking in regards to the strategy implemented by General Motors, for attaining business growth in the automobile market that provided extremely strong business opportunities as of the early days of automobile manufacturing, it needs to be mentioned that the company focused on growing through acquisition. Though in the very beginning, General Motors was holding only the Buick Motor Company, yet in a very short time the company has acquired Cadillac, Oldsmobile as well as Oakland, which is the modern day Pontiac. The company also focused on strategic acquisition of Opel, which concentrated on the entering the aut omobile market with their basic patent in the year 1899 (General Motors -1, 2013). Though the company’s core business offering is the automobile sector but the company has diversified in the recent years. As of the recent times, the company has transformed itself in to a global conglomerate, with offering in a wide range of sectors. It needs to be mentioned that GM at present has around 396 facilities all over the world (General Motors -2, 2013). The company has its footprints spread across multiple continents like North America, Europe, Asia as well as South America. Talking in regards to annual sales of the company, it needs to be mentioned that as of March 2013, the company sold around 245,950 units. This resulted in a spike of around 6 percent in annual sales in regards to the previous year (General Motors -3, 2013). While discussing on the lines of annual dollar sales, the data from various newspaper articles highlight that the company booked a profit of over 7.5 billion USD as of the year 2011 (Roberson, 2012). Section B: Products Marketed It is of considerable importance to say that the company General Motors has a highly diversified product portfolio. It needs to be mentioned that the company’s product portfolio for the multiple continents comprises of cars, crossovers as well as trucks. Discussing in a more specific manner, it can be highlighted that the product offerings extends from mini cars and electric vehicles to mega sized trucks, convertibles as well as monocabs. Talking in regards to the brands marketed by the largest automobile company on the lines of product volume, it can be said that the brands of General Motors are made available at around 120 countries across the globe. The popular brands of General Motors comprise of Buick, Chevrolet, GMC, Baojun, Cadillac, Holden, Jiefang, Isuzu, Vauxhall, Wuling and Opel. Also, since, the company has considerable amount of stakes in multiple joint ventures in China, it also holds some c redit for some of the Chinese automobile brands and models (General Motors -2, 2013). While discussing about product packaging, it needs to be highlighted that the product that is being discussed in this particular case belongs to the automobile se

Narrative Structure Essay Example for Free

Narrative Structure Essay The simple folksy dialogue between the two younger siblings hazel and George is very effective in downplaying their intelligence. With lines such as â€Å"that was doozy† or when George explains the sound he heard by saying â€Å" sounded like somebody hitting a milk bottle with a ball peen hammer† George being so above average in intelligence has a mental handicap radio in his ear that beeps every 20 seconds in order to prevent him from taking unfair advantage of his thoughts. These conversations are simple and believable despite the absurd 20 second beeping George must experience, Vonnegut does not have to say this is absurd as it is interpreted by readers through dialogue. The story follows diachronic order, Harrison is taken away from his family, then escapes jail and declares himself emperor, is shot down by Diana Moon Glampers and the story ends with the Bergerons watching this all on TV yet displaying not emotions to their death of their own son with the exception of Hazel’s tears although she herself has no idea why she is crying. Synchronic order is not common as the story aims to focus Narrative Structure See more: what is narrative writing The simple folksy dialogue between the two younger siblings hazel and George is very effective in downplaying their intelligence. With lines such as â€Å"that was doozy† or when George explains the sound he heard by saying â€Å" sounded like somebody hitting a milk bottle with a ball peen hammer† George being so above average in intelligence has a mental handicap radio in his ear that beeps every 20 seconds in order to prevent him from taking unfair advantage of his thoughts. These conversations are simple and believable despite the absurd 20 second beeping George must experience, Vonnegut does not have to say this is absurd as it is interpreted by readers through dialogue. The story follows diachronic order, Harrison is taken away from his family, then escapes jail and declares himself emperor, is shot down by Diana Moon Glampers and the story ends with the Bergerons watching this all on TV yet displaying not emotions to their death of their own son with the exception of Hazel’s tears although she herself has no idea why she is crying. Synchronic order is not common as the story aims to focus Kurt Vonnegut’s short story â€Å"Harrison Bergeron† both mimics and satirizes the way Americans came to see the enemy – socialism/communism and, specifically the Soviet Union during the cold war, which peaked at its height of distrust and fear in the late 1950-60’s during which this story was written. It explores the theory of â€Å"tall poppy syndrome†, when people of brilliance or exceptional ability are brought down, criticized or cut due to the idea humans are unable to accept someone else being placed on a higher pedestal. As the story’s main concept is enforcing equality among all human beings by giving those with better traits handicaps in order to create a balanced level of intelligence and beauty among all. The short story draws upon a controversial speech made by Newton Minow titled â€Å"The Vast Wasteland† in it he explained that instead of challenging people to think, television programming was making it easier for people to avoid serious thought. Within the story of Harrison Bergeron television is used as a time filler, a method of preventing average people from thinking, similar to Minow’s description. Kurt Vonnegut’s short story â€Å"Harrison Bergeron† both mimics and satirizes the way Americans came to see the enemy – socialism/communism and, specifically the Soviet Union during the cold war, which peaked at its height of distrust and fear in the late 1950-60’s during which this story was written. It explores the theory of â€Å"tall poppy syndrome†, when people of brilliance or exceptional ability are brought down, criticized or cut due to the idea humans are unable to accept someone else being placed on a higher pedestal. As the story’s main concept is enforcing equality among all human beings by giving those with better traits handicaps in order to create a balanced level of intelligence and beauty among all. The short story draws upon a controversial speech made by Newton Minow titled â€Å"The Vast Wasteland† in it he explained that instead of challenging people to think, television programming was making it easier for people to avoid serious thought. Within the story of Harrison Bergeron television is used as a time filler, a method of preventing average people from thinking, similar to Minow’s description. Due to the amount of speech within the narrative analepsis is rarely used, however prolepsis is seen at the beginning of the story in the introduction where it reads â€Å" THE YEAR WAS 2081, and everybody was finally equal† and through the line â€Å"some things about the living still weren’t quite right though†/ As both these lines have significant meaning to the conflict that is about to arise. Both of these being â€Å"proleptic† details. The story follows a diagetic sequence and has lineal progression. The narrator begins the story with informing readers that the human race has come to live in equality yet then reveals how this equality leads to the conflict created by Harrison Bergeron and so on leads to his escape and murder one event following the other. Due to the amount of speech within the narrative analepsis is rarely used, however prolepsis is seen at the beginning of the story in the introduction where it reads â€Å" THE YEAR WAS 2081, and everybody was finally equal† and through the line â€Å"some things about the living still weren’t quite right though†/ As both these lines have significant meaning to the conflict that is about to arise. Both of these being â€Å"proleptic† details. The story follows a diagetic sequence and has lineal progression. The narrator begins the story with informing readers that the human race has come to live in equality yet then reveals how this equality leads to the conflict created by Harrison Bergeron and so on leads to his escape and murder one event following the other. on the achievement of equality among all in the current year 2081 and not reflect on the past where social order and class were present. Aspects that had previously â€Å"ruined† society. We are introduced to the primary narrative through the line â€Å" THE YEAR WAS 2081, and everybody was finally equal†. Providing readers with the concept that equality has been achieved, the secondary narrative embedded within the story would be the tale of Harrison Bergeron, who strives to change the perspective that all humans must live accordingly by escaping jail and declaring that he is to be emperor, placing himself upon a pedestal above others. The narrative is single ended as we finish on a conversation between Hazel and George rather than re-visiting the beginning of the narrative and further explaining how equality had come to be achieved. on the achievement of equality among all in the current year 2081 and not reflect on the past where social order and class were present. Aspects that had previously â€Å"ruined† society. We are introduced to the primary narrative through the line â€Å" THE YEAR WAS 2081, and everybody was finally equal†. Providing readers with the concept that equality has been achieved, the secondary narrative embedded within the story would be the tale of Harrison Bergeron, who strives to change the perspective that all humans must live accordingly by escaping jail and declaring that he is to be emperor, placing himself upon a pedestal above others. The narrative is single ended as we finish on a conversation between Hazel and George rather than re-visiting the beginning of the narrative and further explaining how equality had come to be achieved. * Harrison Bergeron: possess intelligence so immense that at the beginning of the story the Handicapper General has him arrested on suspicion of â€Å"plotting to overthrow the government†. Harrison’s actions suggest an ironic theme: corruptive power. Following his escape Harrison repeats government errors by establishing himself as emperor. Had his death not occurred these acts of rebellion would send society back to the â€Å"dark ages† of social and individual competition. * George Bergeron: Harrisons father bears a number of handicaps that suppress his above average intelligence. He refuses to remove any of them abiding by the law as he believes any attempt to alter life as it is will cause civilization to regress back to times of war and argument due to difference between human beings. * Hazel Bergeron- Harrisons mother does not wear any handicaps, as she possesses â€Å"normal† intelligence, appearance and strength. In this story however â€Å"normal† means one is incompetent or unable to fathom anything beyond that which is superficial. Her dialogue with her husband makes reference towards the comedic team of George Burns and Gracie Allen a comedy show from which Vonnegut was said to have learnt all his social and political idealisms from. * Diana Moon Glampers- The United States handicapper kills Harrison Bergeron by shotgun as he threatens to disrupt civilization. She ruthlessly maintains law and order without due process. A lot of the story takes place in what is unsaid and can be read between the lines and subtle dialogues of the main characters. When Hazel Bergeron said, I think Id make a good Handicapper General , her husband replied, Good as anybody else. The reader will surmise that meant it quite literally because in the story everyone is equal, so the idea of being better than anyone else, of competition, was nonexistent. This is an example of Explict characterization. * Harrison Bergeron: possess intelligence so immense that at the beginning of the story the Handicapper General has him arrested on suspicion of â€Å"plotting to overthrow the government†. Harrison’s actions suggest an ironic theme: corruptive power. Following his escape Harrison repeats government errors by establishing himself as emperor. Had his death not occurred these acts of rebellion would send society back to the â€Å"dark ages† of social and individual competition. * George Bergeron: Harrisons father bears a number of handicaps that suppress his above average intelligence. He refuses to remove any of them abiding by the law as he believes any attempt to alter life as it is will cause civilization to regress back to times of war and argument due to difference between human beings. * Hazel Bergeron- Harrisons mother does not wear any handicaps, as she possesses â€Å"normal† intelligence, appearance and strength. In this story however â€Å"normal† means one is incompetent or unable to fathom anything beyond that which is superficial. Her dialogue with her husband makes reference towards the comedic team of George Burns and Gracie Allen a comedy show from which Vonnegut was said to have learnt all his social and political idealisms from. * Diana Moon Glampers- The United States handicapper kills Harrison Bergeron by shotgun as he threatens to disrupt civilization. She ruthlessly maintains law and order without due process. A lot of the story takes place in what is unsaid and can be read between the lines and subtle dialogues of the main characters. When Hazel Bergeron said, I think Id make a good Handicapper General , her husband replied, Good as anybody else. The reader will surmise that meant it quite literally because in the story everyone is equal, so the idea of being better than anyone else, of competition, was nonexistent. This is an example of Explict characterization. Characterization Characterization Story is told in third-person limited point of view, the narrator is not a character within the story but is privy to the thoughts of one character. He is a â€Å"covert† narrator, un-identified yet still able to narrate the thoughts and feelings of characters. The narrator does not draw conclusion, make decisions or make judgments about the events. The objectivity of the narrator suggests a distancing from the hostile world of the story. The narration is heterodiegtic, an omniscient narrator meaning he has a detailed overview of what is happening in the story at the present time as well as an insight into the thoughts and feelings of other characters. Internal and External focalization are both present throughout the narrative. Internal focalization is seen through George: â€Å" he tried to think a little about the ballerinas. They weren’t really any better than anyone else would have been anyway†. External focalization is seen through the television announcer: â€Å"and she had to apologize for her voice at once, which was a very unfair voice for a women to use. Her voice was a warm luminous timeless melody†. This short story is both mimetic and diegetic, an example of diegesis would be â€Å" TH YEARS WAS 2081, and everybody was finally equal†. As it summarizes the events leading to the major concept of equality. An example of mimesis would be â€Å"nobody was smarter than anybody else. Nobody was better looking than anybody else. Nobody was stronger or quicker than anybody else. The narrator is reliable third person, omniscient. Story is told in third-person limited point of view, the narrator is not a character within the story but is privy to the thoughts of one character. He is a â€Å"covert† narrator, un-identified yet still able to narrate the thoughts and feelings of characters. The narrator does not draw conclusion, make decisions or make judgments about the events. The objectivity of the narrator suggests a distancing from the hostile world of the story. The narration is heterodiegtic, an omniscient narrator meaning he has a detailed overview of what is happening in the story at the present time as well as an insight into the thoughts and feelings of other characters. Internal and External focalization are both present throughout the narrative. Internal focalization is seen through George: â€Å" he tried to think a little about the ballerinas. They weren’t really any better than anyone else would have been anyway†. External focalization is seen through the television announcer: â€Å"and she had to apologize for her voice at once, which was a very unfair voice for a women to use. Her voice was a warm luminous timeless melody†. This short story is both mimetic and diegetic, an example of diegesis would be â€Å" TH YEARS WAS 2081, and everybody was finally equal†. As it summarizes the events leading to the major concept of equality. An example of mimesis would be â€Å"nobody was smarter than anybody else. Nobody was better looking than anybody else. Nobody was stronger or quicker than anybody else. Strength, talent, brains and beauty to a common standard. It seems today everyone wishes to be like someone else, everyone wants to be accepted and people will go to extremities to do this. One common factor is working out. Gyms are continually advertised everywhere, owning your own gym equipment is affordable and physical education is a required subject throughout school. We are attracted to strength because it is needed to survive. Yet it is not because we need strength that we are attracted to it vanity plays a large part. TV shows such as â€Å"Biggest Loser† and â€Å"Survivour† reward those who help you reach your standard of beauty , and although we do not place handicaps on those who are stronger we have created the desire for everyone to beequal in the area. It might not be the same as weighting everybody down to be equally â€Å"bad,† but enhancing everybody to make them equally â€Å"good† is still removing diversity; it is still conformity, only, perhaps, in a more pleasing way. Strength, talent, brains and beauty to a common standard. It seems today everyone wishes to be like someone else, everyone wants to be accepted and people will go to extremities to do this. One common factor is working out. Gyms are continually advertised everywhere, owning your own gym equipment is affordable and physical education is a required subject throughout school. We are attracted to strength because it is needed to survive. Yet it is not because we need strength that we are attracted to it vanity plays a large part. TV shows such as â€Å"Biggest Loser† and â€Å"Survivour† reward those who help you reach your standard of beauty , and although we do not place handicaps on those who are stronger we have created the desire for everyone to beequal in the area. It might not be the same as weighting everybody down to be equally â€Å"bad,† but enhancing everybody to make them equally â€Å"good† is still removing diversity; it is still conformity, only, perhaps, in a more pleasing way. Values and Morals The values and morals expressed in Harrison Bergeron are those that surround us daily. For example some schools play down the dumbest in order to pass the most, and in the process neglect the brightest, denying them the full advantages of their education and compromising their future. Society nowadays is conforming our strength Values and Morals The values and morals expressed in Harrison Bergeron are those that surround us daily. For example some schools play down the dumbest in order to pass the most, and in the process neglect the brightest, denying them the full advantages of their education and compromising their future. Society nowadays is conforming our strength Nunc urna lorem, gravida vel, sollicitudin in, dignissim in, nunc Nunc urna lorem, gravida vel, sollicitudin in, dignissim in, nunc Etiam pharetra, elit a aliquam ultrices, nisl quam viverra felis, non tincidunt eros leo non sapien. Pellentesque pretium nunc id nunc. Phasellus eget felis. Mauris euismod, velit nec facilisis gravida, tortor justo consectetuer diam, id venenatis diam orci vel leo. Suspendisse ut massa et lacus faucibus imperdiet. Nulla felis orci, iaculis sed, euismod ac, egestas in, odio. Suspendisse consequat velit eu enim. Quisque quis nisl. Cras ac libero varius dui porta nonummy. Duis tincidunt, quam vitae cursus aliquet, nisi arcu consectetuer orci, vitae condimentum dui nisi quis diam. Aliquam erat volutpat. Morbi sodales. Cras commodo, purus et tempor mollis, orci est venenatis tortor, in rutrum nibh neque sed purus. Aenean leo ante, commodo non, molestie id, fringilla sit amet, dui. Ut a mi. Nulla nisi nisi, blandit non, sollicitudin non, faucibus sed, ante. Nullam vitae libero. Nulla posuere, augue a gravida molestie, leo tellus euismod lorem, ut suscipit nisl tortor interdum arcu. Duis leo nunc, congue in, aliquet ac, pretium sagittis, elit. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Phasellus in sem. Curabitur auctor fermentum elit. Fusce et dolor. Cras pretium nonummy justo. Vivamus pretium, massa et consequat consectetuer, massa nisi ullamcorper lectus, et luctus magna sem in velit. Cras egestas. Integer neque. Fusce sapien turpis, vulputate a, fermentum a, porta in, massa. Cras at quam. Donec hendrerit volutpat leo. Praesent lobortis. Morbi tincidunt mollis dolor. Nulla malesuada, tortor ut auctor pulvinar, ligula felis ultricies pede, et porttitor mi purus tristique mi. Vestibulum nec nisl sed odio semper auctor. Curabitur convallis elit id augue sollicitudin mattis. Sed ipsum. Sed in leo non nisl sollicitudin faucibus. Aliquam pharetra semper arcu. Proin ut ante. Integer consequat sapien quis nunc convallis posuere. Vestibulum in nunc a risus laoreet tempus. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. In consectetuer ligula ac tellus. Phasellus sit amet tortor. Nunc ultricies, orci ac placerat iaculis, neque ligula sodales metus, vel sollicitudin nibh sem ac lacus. Aenean iaculis. Quisque vitae nibh. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Quisque tortor ligula, elementum sed, facilisis ut, auctor vitae, erat. Cras in justo nec ipsum vulputate faucibus. Integer consequat augue ut dolor. Fusce congue. Nam ut enim nec velit tincidunt posuere. Vivamus dui. Vestibulum sagittis rutrum justo. Donec vel velit elementum diam consectetuer lobortis. Nunc hendrerit, leo in sodales ornare, nisi dolor ullamcorper felis, vel sollicitudin enim ipsum sed nulla. Donec sit amet urna non augue pellentesque fermentum. Cras varius risus auctor tellus. Vivamus venenatis tincidunt ligula. Praesent a turpis. Duis tempus, lorem eget imperdiet condimentum, magna mauris ornare turpis, vitae dapibus pede sem lacinia sapien. Nulla ut eros eu nisi suscipit sodales. Suspendisse lobortis. Vestibulum accumsan ante id erat. Etiam pharetra, elit a aliquam ultrices, nisl quam viverra felis, non tincidunt eros leo non sapien. Pellentesque pretium nunc id nunc. Phasellus eget felis. Mauris euismod, velit nec facilisis gravida, tortor justo consectetuer diam, id venenatis diam orci vel leo. Suspendisse ut massa et lacus faucibus imperdiet. Nulla felis orci, iaculis sed, euismod ac, egestas in, odio. Suspendisse consequat velit eu enim. Quisque quis nisl. Cras ac libero varius dui porta nonummy. Duis tincidunt, quam vitae cursus aliquet, nisi arcu consectetuer orci, vitae condimentum dui nisi quis diam. Aliquam erat volutpat. Morbi sodales. Cras commodo, purus et tempor mollis, orci est venenatis tortor, in rutrum nibh neque sed purus. Aenean leo ante, commodo non, molestie id, fringilla sit amet, dui. Ut a mi. Nulla nisi nisi, blandit non, sollicitudin non, faucibus sed, ante. Nullam vitae libero. Nulla posuere, augue a gravida molestie, leo tellus euismod lorem, ut suscipit nisl tortor interdum arcu. Duis leo nunc, congue in, aliquet ac, pretium sagittis, elit. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Phasellus in sem. Curabitur auctor fermentum elit. Fusce et dolor. Cras pretium nonummy justo. Vivamus pretium, massa et consequat consectetuer, massa nisi ullamcorper lectus, et luctus magna sem in velit. Cras egestas. Integer neque. Fusce sapien turpis, vulputate a, fermentum a, porta in, massa. Cras at quam. Donec hendrerit volutpat leo. Praesent lobortis. Morbi tincidunt mollis dolor. Nulla malesuada, tortor ut auctor pulvinar, ligula felis ultricies pede, et porttitor mi purus tristique mi. Vestibulum nec nisl sed odio semper auctor. Curabitur convallis elit id augue sollicitudin mattis. Sed ipsum. Sed in leo non nisl sollicitudin faucibus. Aliquam pharetra semper arcu. Proin ut ante. Integer consequat sapien quis nunc convallis posuere. Vestibulum in nunc a risus laoreet tempus. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. In consectetuer ligula ac tellus. Phasellus sit amet tortor. Nunc ultricies, orci ac placerat iaculis, neque ligula sodales metus, vel sollicitudin nibh sem ac lacus. Aenean iaculis. Quisque vitae nibh. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Quisque tortor ligula, elementum sed, facilisis ut, auctor vitae, erat. Cras in justo nec ipsum vulputate faucibus. Integer consequat augue ut dolor. Fusce congue. Nam ut enim nec velit tincidunt posuere. Vivamus dui. Vestibulum sagittis rutrum justo. Donec vel velit elementum diam consectetuer lobortis. Nunc hendrerit, leo in sodales ornare, nisi dolor ullamcorper felis, vel sollicitudin enim ipsum sed nulla. Donec sit amet urna non augue pellentesque fermentum. Cras varius risus auctor tellus. Vivamus venenatis tincidunt ligula. Praesent a turpis. Duis tempus, lorem eget imperdiet condimentum, magna mauris ornare turpis, vitae dapibus pede sem lacinia sapien. Nulla ut eros eu nisi suscipit sodales. Suspendisse lobortis. Vestibulum accumsan ante id erat. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; In vestibulum accumsan quam. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Fusce vitae ipsum vehicula neque vehicula mattis. Pellentesque bibendum scelerisque ligula. Nulla ut nisl at nulla condimentum facilisis. Etiam commodo nulla non turpis. Sed a justo. Aenean gravida. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; In vestibulum accumsan quam. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Fusce vitae ipsum vehicula neque vehicula mattis. Pellentesque bibendum scelerisque ligula. Nulla ut nisl at nulla condimentum facilisis. Etiam commodo nulla non turpis. Sed a justo. Aenean gravida. Suspendisse potenti!

Drink and Creative Writing Planning Essay Example for Free

Drink and Creative Writing Planning Essay Sometimes people choose to try things for the first time because they want to or they like trying new things or they are forced to. It was the day I was always waiting for, my first ever 9th grade party. I was so thrilled that the person even invited me, only the ‘cool’ people were invited to huge parties and well let’s just say I was an ordinary girl. My friend Adriana and got ready at my place with excitement and off we went to experience our one life opportunity with the popular groups. I walked in the big huge giant building I started to have goose bumps all over my body, my heart started to race as fast as a rocket, I was so nervous. It was all dark and the music was so loud my ears felt as if I was on a plane and about to take off. Everyone was dancing, drinking and doing all sorts of things I only thought happened in movies. I looked on my right and there was Adriana with some guy sitting on his lap and drinking, she moved quit fast. I went over to check if she was okay. She said she was but she sure didn’t look okay. I was already starting to regret coming to this party. I didn’t fit with these people, I was with all the ‘popular’ people but I still felt like an outcast. Sitting in the corner alone, then a loud voice crawled into my ear â€Å"Hey, what are you doing sitting down alone? Come with me! † I had never seen this girl in my life, or maybe I have but she was just covered by the heavy make-up. The strange girl handed me a drink, and told me to drink it, it’s nothing. Mum warned me about this, not taking drinks from random people. I hesitated and told the girl I don’t want the drink. But she kept implying that I should just take a little bit and I was in the middle of all her friends and I didn’t want to be humiliated. I took my first sip of alcohol and then I saw myself dancing and making a complete full of myself. The room started to spin uncontrollably. I don’t remember half of the things I even did; it was like I was a different person. I look to my right and I see two people fighting and Adriana in the middle. I was so worried she was in trouble so I headed over there to help her. I was pushed and shoved around trying to get to Adriana and all I remember is some aggressive boy picking up a bottle and I was on the floor. All I could see was a blurred vision of Adriana screaming my name and it all went blank. That night would have to be the worst night of my life. One single drop of alcohol changed my whole night. I regret every single decision I made that night. I wish I can take it all back. Who would’ve thought the impossible could be possible.

Asset and liability management

Asset and liability management ASSET AND LIABILITY MANAGEMENT In banking, asset and liability management (ALM) is used to manage the risks that arise due to mismatches between the assets and liabilities (debts and assets) of the bank. Banks face several risks like the liquidity risk, market risk, interest rate risk, credit risk and operational risk. Asset Liability management (ALM) is a strategic management tool to manage interest rate risk and liquidity risk faced by banks, other financial services companies and corporations. Banks manage the risks of Asset liability mismatch by matching the assets and liabilities according to the maturity pattern or the matching the duration, by hedging and by securitization. Asset and liability management remain high-priority areas for bank regulators, with an emphasis on management of market risk, liquidity risk, and credit risk. Asset/liability managers face the challenge of keeping pace with industry changes as new areas of risk are identified and new tools and models are developed to help measure and manage risk. In other words Asset-Liability Management (ALM) can be known as a risk management technique designed to earn an adequate return while maintaining a comfortable surplus of assets beyond liabilities. It takes into consideration interest rates, earning power, and degree of willingness to take on debt and hence is also known as Surplus Management. But in the last decade the meaning of asset liability management has evolved. It is now used in many different ways under different contexts. ALM, which was actually pioneered by financial institutions and banks, are now widely being used in industries too. The Society of Actuaries Task Force on ALM Principles, Canada, offers the following definition for ALM: Asset Liability Management is the on-going process of formulating, implementing, monitoring, and revising strategies related to assets and liabilities in an attempt to achieve financial objectives for a given set of risk tolerances and constraints. Basis of Asset-Liability Management Traditionally, banks and insurance companies used accrual system of accounting for all their assets and liabilities. They would take on liabilities such as deposits, life insurance policies or annuities. They would then invest the proceeds from these liabilities in assets such as loans, bonds or real estate. All these assets and liabilities were held at book value. Doing so disguised possible risks arising from how the assets and liabilities were structured. Consider a bank that borrows 1 Crore (100 Lakhs) at 6 % for a year and lends the same money at 7 % to a highly rated borrower for 5 years. The net transaction appears profitable the bank is earning a 100 basis point spread but it entails considerable risk. At the end of a year, the bank will have to find new financing for the loan, which will have 4 more years before it matures. If interest rates have risen, the bank may have to pay a higher rate of interest on the new financing than the fixed 7 % it is earning on its loan. Suppose, at the end of a year, an applicable 4-year interest rate is 8 %. The bank is in serious trouble. It is going to earn 7 % on its loan but would have to pay 8 % on its financing. Accrual accounting does not recognize this problem. Based upon accrual accounting, the bank would earn Rs 100,000 in the first year although in the preceding years it is going to incur a loss. The problem in this example was caused by a mismatch between assets and liabilities. Prior to the 1970s, such mismatches tended not to be a significant problem. Interest rates in developed countries experienced only modest fluctuations, so losses due to asset-liability mismatches were small or trivial. Many firms intentionally mismatched their balance sheets and as yield curves were generally upward sloping, banks could earn a spread by borrowing short and lending long. Things started to change in the 1970s, which ushered in a period of volatile interest rates that continued till the early 1980s. US regulations which had capped the interest rates so that banks could pay depositors, was abandoned which led to a migration of dollar deposit overseas. Managers of many firms, who were accustomed to thinking in terms of accrual accounting, were slow to recognize this emerging risk. Some firms suffered staggering losses. Because the firms used accrual accounting, it resulted in more of crippled balance sheets than bankruptcies. Firms had no options but to accrue the losses over a subsequent period of 5 to 10 years. One example, which drew attention, was that of US mutual life insurance company The Equitable. During the early 1980s, as the USD yield curve was inverted with short-term interest rates sky rocketing, the company sold a number of long-term Guaranteed Interest Contracts (GICs) guaranteeing rates of around 16% for periods up to 10 years.Equitable then invested the assets short-term to earn the high interest rates guaranteed on the contracts. But short-term interest rates soon came down. When the Equitable had to reinvest, it couldnt get even close to the interest rates it was paying on the GICs. The firm was crippled. Eventually, it had to demutualize and was acquired by the Axa Group. Increasingly banks and asset management companies started to focus on Asset-Liability Risk.The problem was not that the value of assets might fall or that the value of liabilities might rise. It was that capital might be depleted by narrowing of the difference between assets and liabilities and that the values of assets and liabilities might fail to move in tandem. Asset-liability risk is predominantly a leveraged form of risk. The capital of most financial institutions is small relative to the firms assets or liabilities, and so small percentage changes in assets or liabilities can translate into large percentage changes in capital. Accrual accounting could disguise the problem by deferring losses into the future, but it could not solve the problem.Firms responded by forming asset-liability management (ALM) departments to assess these asset-liability risk. Techniques for assessing Asset-Liability Risk Techniques for assessing asset-liability risk came to include Gap Analysis and Duration Analysis. These facilitated techniques of managing gaps and matching duration of assets and liabilities. Both approaches worked well if assets and liabilities comprised fixed cash flows. But cases of callable debts, home loans and mortgages which included optio.ns of prepayment and floating rates, posed problems that gap analysis could not address. Duration analysis could address these in theory, but implementing sufficiently sophisticated duration measures was problematic Accordingly, banks and insurance companies started using Scenario Analysis. Under this technique assumptions were made on various conditions, for example: * Several interest rate scenarios were specified for the next 5 or 10 years. These specified conditions like declining rates, rising rates, a gradual decrease in rates followed by a sudden rise, etc. Ten or twenty scenarios could be specified in all. * Assumptions were made about the performance of assets and liabilities under each scenario. They included prepayment rates on mortgages or surrender rates on insurance products. * Assumptions were also made about the firms performance-the rates at which new business would be acquired for various products, demand for the product. * Market conditions and economic factors like inflation rates and industrial cycles were also included. * Based upon these assumptions, the performance of the firms balance sheet could be projected under each scenario. If projected performance was poor under specific scenarios, the ALM committee would adjust assets or liabilities to address the indicated exposure. Let us consider the procedure for sanctioning a commercial loan. The borrower, who approaches the bank, has to appraise the banks credit department on various parameters like industry prospects, operational efficiency, financial efficiency, management qualities and other things, which would influence the working of the company. On the basis of this appraisal, the banks would then prepare a credit-grading sheet after covering all the aspects of the company and the business in which the company is in. Then the borrower would then be charged a certain rate of interest, which would cover the risk of lending. * But the main shortcoming of scenario analysis was that, it was highly dependent on the choice of scenarios. It also required that many assumptions were to be made about how specific assets or liabilities will perform under specific scenario. Gradually the firms recognized a potential for different type of risks, which was overlooked in ALM analyses. Also the deregulation of the interest rates in US in mid 70 s compelled the banks to undertake active planning for the structure of the balance sheet. The uncertainty of interest rate movements gave rise to Interest Rate Risk thereby causing banks to look for processes to manage this risk. In the wake of interest rate risk came Liquidity Risk and Credit Risk, which became inherent components of risk for banks. The recognition of these risks brought Asset Liability Management to the centre-stage of financial intermediation. Today even Equity Risk, which until a few years ago was given only honorary mention in all but a few company ALM re ports, is now an indispensable part of ALM for most companies.. Some companies have gone even further to include Counterparty Credit Risk, Sovereign Risk, as well as Product Design and Pricing Risk as part of their overall ALM. * Now a days a company has different reasons for doing ALM. While some companies view ALM as a compliance and risk mitigation exercise, others have started using ALM as strategic framework to achieve the companys financial objectives. Some of the business reasons companies now state for implementing an effective ALM framework include gaining competitive advantage and increasing the value of the organization. Asset-Liability Management Approach ALM in its most apparent sense is based on funds management. Funds management represents the core of sound bank planning and financial management. Although funding practices, techniques, and norms have been revised substantially in recent years, it is not a new concept. Funds management is the process of managing the spread between interest earned and interest paid while ensuring adequate liquidity. Therefore, funds management has following three components, which have been discussed briefly. A. Liquidity Management Liquidity represents the ability to accommodate decreases in liabilities and to fund increases in assets. An organization has adequate liquidity when it can obtain sufficient funds, either by increasing liabilities or by converting assets, promptly and at a reasonable cost. Liquidity is essential in all organizations to compensate for expected and unexpected balance sheet fluctuations and to provide funds for growth. The price of liquidity is a function of market conditions and market perception of the risks, both interest rate and credit risks, reflected in the balance sheet and off-balance sheet activities in the case of a bank. If liquidity needs are not met through liquid asset holdings, a bank may be forced to restructure or acquire additional liabilities under adverse market conditions. Liquidity exposure can stem from both internally (institution-specific) and externally generated factors. Sound liquidity risk management should address both types of exposure. External liquidit y risks can be geographic, systemic or instrument-specific. Internal liquidity risk relates largely to the perception of an institution in its various markets: local, regional, national or international. Determination of the adequacy of a banks liquidity position depends upon an analysis of its: * Historical funding requirements * Current liquidity position * Anticipated future funding needs * Sources of funds * Present and anticipated asset quality * Present and future earnings capacity * Present and planned capital position As all banks are affected by changes in the economic climate, the monitoring of economic and money market trends is key to liquidity planning. Sound financial management can minimize the negative effects of these trends while accentuating the positive ones. Management must also have an effective contingency plan that identifies minimum and maximum liquidity needs and weighs alternative courses of action designed to meet those needs. The cost of maintaining liquidity is another important prerogative. An institution that maintains a strong liquidity position may do so at the opportunity cost of generating higher earnings. The amount of liquid assets a bank should hold depends on the stability of its deposit structure and the potential for rapid expansion of its loan portfolio. If deposit accounts are composed primarily of small stable accounts, a relatively low allowance for liquidity is necessary. Additionally, management must consider the current ratings by regulatory and rating agencies when planning liquidity needs. Once liquidity needs have been determined, management must decide how to meet them through asset management, liability management, or a combination of both. B. Asset Management Many banks (primarily the smaller ones) tend to have little influence over the size of their total assets. Liquid assets enable a bank to provide funds to satisfy increased demand for loans. But banks, which rely solely on asset management, concentrate on adjusting the price and availability of credit and the level of liquid assets. However, assets that are often assumed to be liquid are sometimes difficult to liquidate. For example, investment securities may be pledged against public deposits or repurchase agreements, or may be heavily depreciated because of interest rate changes. Furthermore, the holding of liquid assets for liquidity purposes is less attractive because of thin profit spreads. Asset liquidity, or how salable the banks assets are in terms of both time and cost, is of primary importance in asset management. To maximize profitability, management must carefully weigh the full return on liquid assets (yield plus liquidity value) against the higher return associated with less liquid assets. Income derived from higher yielding assets may be offset if a forced sale, at less than book value, is necessary because of adverse balance sheet fluctuations. Seasonal, cyclical, or other factors may cause aggregate outstanding loans and deposits to move in opposite directions and result in loan demand, which exceeds available deposit funds. A bank relying strictly on asset management would restrict loan growth to that which could be supported by available deposits. The decision whether or not to use liability sources should be based on a complete analysis of seasonal, cyclical, and other factors, and the costs involved. In addition to supplementing asset liquidity, liability sources of liquidity may serve as an alternative even when asset sources are available. C. Liability Management Liquidity needs can be met through the discretionary acquisition of funds on the basis of interest rate competition. This does not preclude the option of selling assets to meet funding needs, and conceptually, the availability of asset and liability options should result in a lower liquidity maintenance cost. The alternative costs of available discretionary liabilities can be compared to the opportunity cost of selling various assets. The major difference between liquidity in larger banks and in smaller banks is that larger banks are better able to control the level and composition of their liabilities and assets. When funds are required, larger banks have a wider variety of options from which to select the least costly method of generating funds. The ability to obtain additional liabilities represents liquidity potential. The marginal cost of liquidity and the cost of incremental funds acquired are of paramount importance in evaluating liability sources of liquidity. Consideration m ust be given to such factors as the frequency with which the banks must regularly refinance maturing purchased liabilities, as well as an evaluation of the banks ongoing ability to obtain funds under normal market conditions. The obvious difficulty in estimating the latter is that, until the bank goes to the market to borrow, it cannot determine with complete certainty that funds will be available and/or at a price, which will maintain a positive yield spread. Changes in money market conditions may cause a rapid deterioration in a banks capacity to borrow at a favorable rate. In this context, liquidity represents the ability to attract funds in the market when needed, at a reasonable cost vis-Ã  -vis asset yield. The access to discretionary funding sources for a bank is always a function of its position and reputation in the money markets. Although the acquisition of funds at a competitive cost has enabled many banks to meet expanding customer loan demand, misuse or improper implementation of liability management can have severe consequences. Further, liability management is not riskless. This is because concentrations in funding sources increase liquidity risk. For example, a bank relying heavily on foreign interbank deposits will experience funding problems if overseas markets perceive instability in U.S. banks or the economy. Replacing foreign source funds might be difficult and costly because the domestic market may view the banks sudden need for funds negatively. Again over-reliance on liability management may cause a tendency to minimize holdings of short-term securities, relax asset liquidity standards, and result in a large concentration of short-term liabilities supporting assets of longer maturity. During times of tight money, this could cause an earnings squeeze and an illiquid condition. Also if rate competition develops in the money market, a bank may incur a high cost of funds and may elect to lower credit standards to book higher yielding loans and securities. If a bank is purchasing liabilities to support assets, which are already on its books, the higher cost of purchased funds may result in a negative yield spread. Preoccupation with obtaining funds at the lowest possible cost, without considering maturity distribution, greatly intensifies a banks exposure to the risk of interest rate fluctuations. That is why banks who particularly rely on wholesale funding sources, management must constantly be aware of the composition, characteristics, and diversification of its funding sources. Procedure for Examination of Asset Liability Management In order to determine the efficacy of Asset Liability Management one has to follow a comprehensive procedure of reviewing different aspects of internal control, funds management and financial ratio analysis. Below a step-by-step approach of ALM examination in case of a bank has been outlined. Step 1 The bank/ financial statements and internal management reports should be reviewed to assess the asset/liability mix with particular emphasis on. * Total liquidity position (Ratio of highly liquid assets to total assets) * Current liquidity position (Minimum ratio of highly liquid assets to demand liabilities/deposits) * Ratio of Non Performing Assets to Total Assets * Ratio of loans to deposits * Ratio of short-term demand deposits to total deposits * Ratio of long-term loans to short term demand deposits * Ratio of contingent liabilities for loans to total loans * Ratio of pledged securities to total securities Step 2 It is to be determined that whether bank management adequately assesses and plans its liquidity needs and whether the bank has short-term sources of funds. This should include * Review of internal management reports on liquidity needs and sources of satisfying these need.. * Assessing the banks ability to meet liquidity needs Step 3 The banks future development and expansion plans, with focus on funding and liquidity management aspects has to be looked into. This entails. * Determining whether bank management has effectively addressed the issue of need for liquid assets to funding sources on a long-term basis. * Reviewing the banks budget projections for a certain period of time in the future. * Determining whether the bank really needs to expand its activities. What are the sources of funding for such expansion and whether there are projections of changes in the banks asset and liability structure. * Assessing the banks development plans and determining whether the bank will be able to attract planned funds and achieve the projected asset growth. * Determining whether the bank has included sensitivity to interest rate risk in the development of its long term funding strategy. Step 4 Examining the banks internal audit report in regards to quality and effectiveness in terms of liquidity management. Step 5 Reviewing the banks plan of satisfying unanticipated liquidity needs by. * Determining whether the banks management assessed the potential expenses that the bank will have as a result of unanticipated financial or operational problems. * Determining the alternative sources of funding liquidity and/or assets subject to necessity. * Determining the impact of the banks liquidity management on net earnings position. Step 6 Preparing an Asset/Liability Management Internal Control Questionnaire which should include the following Whether the board of directors has been consistent with its duties and responsibilities and included o A line of authority for liquidity management decisions. o A mechanism to coordinate asset and liability management decisions. o A method to identify liquidity needs and the means to meet those needs. o Guidelines for the level of liquid assets and other sources of funds in relationship to needs. Does the planning and budgeting function consider liquidity requirements. Are the internal management reports for liquidity management adequate in terms of effective decision making and monitoring of decisions. Are internal management reports concerning liquidity needs prepared regularly and reviewed as appropriate by senior management and the board of directors. Whether the banks policy of asset and liability management prohibits or defines certain restrictions for attracting borrowed means from bank related persons (organizations) in order to satisfy liquidity needs. Does the banks policy of asset and liability management provide for an adequate control over the position of contingent liabilities of the bank. Is the foregoing information considered an adequate basis for evaluating internal control in that there are no significant deficiencies in areas not covered in this questionnaire that impair any controls. Guidelines on Asset-Liability Management (ALM) System -Amendments Reserve Bank had issued guidelines on ALM system vide Circular dated February 10, 1999, which covered, among others, interest rate risk and liquidity risk measurement / reporting framework and prudential limits. As a measure of liquidity management, banks are required to monitor their cumulative mismatches across all time buckets in their Statement of Structural Liquidity by establishing internal prudential limits with the approval of the Board / Management Committee. As per the guidelines, the mismatches (negative gap) during the time buckets of 1-14 days and 15-28 days in the normal course, are not to exceed 20 per cent of the cash outflows in the respective time buckets. 2. Having regard to the international practices, the level of sophistication of banks in India and the need for a sharper assessment of the efficacy of liquidity management, Reserve Bank of India has reviewed guidelines on 24th October 2007 and decided that : (a) the banks may adopt a more granular approach to measurement of liquidity risk by splitting the first time bucket (1-14 days at present) in the Statement of Structural Liquidity into three time buckets viz. Next day , 2-7 days and 8-14 days. (b) the Statement of Structural Liquidity may be compiled on best available data coverage, in due consideration of non-availability of a fully networked environment.Banks may, however, make concerted and requisite efforts to ensure coverage of 100 per cent data in a timely manner. (c) the net cumulative negative mismatches during the Next day, 2-7 days, 8-14 days and 15-28 days buckets should not exceed 5 % ,10%, 15 % and 20 % of the cumulative cash outflows in the respective time buckets in order to recognise the cumulative impact on liquidity. (d) banks may undertake dynamic liquidity management and should prepare the Statement of Structural Liquidity on daily basis. The Statement of Structural Liquidity, may, however, be reported to RBI, once a month, as on the third Wednesday of every month. 3. The format of Statement of Structural Liquidity has been revised suitably and is furnished. The guidance for slotting the future cash flows of banks in the revised time buckets has also been suitably modified and is furnished at Annex II. 4. To enable the banks to fine tune their existing MIS as per the modified guidelines, the revised norms as well as the supervisory reporting as per the revised format would commence with effect from the period beginning January 1, 2008 and the reporting frequency would continue to be monthly for the present. However, the frequency of supervisory reporting of the Structural Liquidity position shall be fortnightly, with effect from the fortnight beginning April 1, 2008. Asset Liability Management in Indian Context The post-reform banking scenario in India was marked by interest rate deregulation, entry of new private banks, and gamut of new products along with greater use of information technolog.To cope with these pressures banks were required to evolve strategies rather than ad hoc solutions. Recognising the need of Asset Liability management to develop a strong and sound banking.system, the RBI has come out with ALM guidelines for banks and FIs in April 1999.The Indian ALM framework rests on three pillars. Â · ALM Organisation (ALCO) The ALCO or the Asset Liability Management Committee consisting of the banks senior management including the CEO should be responsible for adhering to the limits set by the board as well as for deciding the business strategy of the bank in line with the banks budget and decided risk management objectives. ALCO is a decision-making unit responsible for balance sheet planning from a risk return perspective including strategic management of interest and liquidity risk. The banks may also authorise their Asset-Liability Management Committee (ALCO) to fix interest rates on Deposits and Advances, subject to their reporting to the Board immediately thereafter. The banks should also fix maximum spread over the PLR with the approval of the ALCO/Board for all advances other than consumer credit. Â · ALM Information System The ALM Information System is required for the collection of information accurately, adequately and expeditiously. Information is the key to the ALM process. A good information system gives the bank management a complete picture of the banks balance sheet. Â · ALM Process The basic ALM processes involving identification, measurement and management of risk parameter.The RBI in its guidelines has asked Indian banks to use traditional techniques like Gap Analysis for monitoring interest rate and liquidity risk. However RBI is expecting Indian banks to move towards sophisticated techniques like Duration, Simulation, VaR in the future. For the accrued portfolio, most Indian Private Sector banks use Gap analysis, but are gradually moving towards duration analysis. Most of the foreign banks use duration analysis and are expected to move towards advanced methods like Value at Risk for the entire balance sheet.some foreign banks are already using VaR for the entire balance sheet. Conclusion ALM has evolved since the early 1980s.Today, financial firms are increasingly using market value accounting for certain business lines. This is true of universal banks that have trading operations.Techniques of ALM have also evolved.The growth of OTC derivatives markets has facilitated a variety of hedging strategies. A significant development has been securitization, which allows firms to directly address asset-liability risk by removing assets or liabilities from their balance sheets. This not only eliminates asset-liability risk; it also frees up the balance sheet for new business. Thus, the scope of ALM activities has widened. Today, ALM departments are addressing (non-trading) foreign exchange risks as well as other risks. Also, ALM has extended to non-financial firms. Corporations have adopted techniques of ALM to address interest-rate exposures, liquidity risk and foreign exchange risk. They are using related techniques to address commodities risks. For example, airlines hedging of fuel prices or manufacturers hedging of steel prices are often presented as ALM. Thus it can be safely said that Asset Liability Management will continue to grow in future and an efficient ALM technique will go a long way in managing volume, mix, maturity, rate sensitivity, quality and liquidity of the assets and liabilities so as to earn a sufficient and acceptable return on the portfolio.