Angela’s Ashes: Respond

It was never clear in the story if the McCourt family become effective in battling against destitution. It finished when Frank left Limerick for America and he saw the American Dream he had, well before he set his feet on that transport. Along these lines, the inquiry if the family endure the deficiencies they encountered althroughout that period was left hanging. Regardless of whether the family made due after Frank left Limerick was never referenced aside from that he, Frank, vowed to return to his family and he will discover his accomplishment in America, where he was conceived. At the point when I think back on my adolescence, I wonder how I made due by any means. It was, obviously a hopeless adolescence: the upbeat youngsters is not really worth your time and energy. More terrible than the common hopeless youth is the hopeless Irish adolescence and more awful you get is the Irish Catholic Childhood. (McCourt, n. pag) These lines opened the novel and just after these lines, the creator didn't portray his story with sharpness excpet humor. He was objective in all that he remembers for his story and there is no hint of self indulgence in his words. In this manner, these lines summed up the distress he had when he was extremely youthful and that it was so difficult to carry on with a real existence wherein you are not acknowledged by the individuals and the neighborhhod encompassing you decides to snicker as opposed to help. Your Name 2 I know when father does the awful. I know when he drinks the give cash and Mam is frantic and needs to beg†¦ yet I would prefer not to move in an opposite direction from him and race to Mam. How might I do that when I'm up with him early every morning with the entire world snoozing. (McCourt, n. pag) In these words, Frank attempts to assemble his adoration and regard for his dad notwithstanding his annoyance in his off-base doings particularly when Malachy utilizes his pay or the give cash in his dringking habbit. In spite of the anguish that his mom is encountering, Frank can't despise his dad. In this writings found in the eighth section of the book, he referenced that in spite of the fact that his dad is awful sooner or later particularly in utilizing the cash that should be utilized for the youngsters and the family, he venerates his dad so much and cherishes him like he adores his mom. In different pieces of the novel, he referenced the accompanying articulation: I think my dad resembles the Holy Trinity with three individuals in him, the one toward the beginning of the day with the paper, the one around evening time with the accounts and petitions, and afterward the person who does the terrible thing and returns home with the smell of bourbon and needs us to bite the dust for Ireland. (McCourt, n. pag) In these lines, Frank expressed his love for his dad that regardless of being a lush, he can't relinquish the minutes that he was the one beverages tea with him during the morning and the individual who cares to recount to a story consistently and have a chance with him. In spite of the fact that he detests his bad habit, he never did denounced his dad in being that way and he keep respecting and cherishing him notwithstanding his insufficiency to help their family. The opposite side of Malachy's character caught Frank's heart as a kid. In that manner, he can't abhor his dad at the same time, he despite everything sees how his mom feels. Your Name 3 Mam moves in the direction of the dead remains in the fire and sucks at the last piece of goodness in the woodbire butt got between the earthy colored thumb and the consumed center finger. Michael†¦ needs to know whether were having fish sticks and french fries today around evening time since he's ravenous. Mam says one week from now, love and he returns out to play in the path. (McCourt, n. pag) Frank's depiction of Angela is loaded with imagery. The cinders that he referenced represents Angela's dead dreams and expectations throughout her life while the appropriate response she provided for Michael with respect to the food, to Frank, it isn't developed bacause he realizes that it will never happen in light of the fact that they don't have cash and their dad were not sending any cash to them yet in spite of this, Frank figures out how to battle for his endurance and neediness. I’m on deck the first light we sail into New York. I’m sure I’m in a film, that it will end and lights will come up in the Lyric Cinema. . . . Rich Americans in top caps white ties and tails should get going home to bed with the lovely ladies with white teeth. The rest are going to work in warm agreeable workplaces and nobody has a consideration on the planet. (McCourt, n. pag) The last qoutation was primarily about Frank's fantasy that should be only a fantasy. At long last, he figured out how to satisfy this fantasy as he ventured his feet on that boat and cruised to America. Straightforward idea that America is a free nation and heading off to that spot will make hima free man. Liberated from the judgment of the individuals dressed in Limerick and he can be the individual he needed to be Although there was no affirmation on what befallen the family, their battle during the previous years to endure is one genuine case of enduring the disagreeable neighborhood and the catholic church which was depicted as harsh dictators. Your Name 4 The unimportant certainty that the family stayed flawless even without the dad is by one way or another persuading that they found a route in getting away from the destitution line sooner or later in their life. The greater part of all, the truth that they had the option to proceed with their life notwithstanding the chances is a significant enormous achievement as of now. The inquiry: Is the McCourt family fruitful in spite of its conspicuous inadequacies? the appropriate response is yes. The framily was bold enough to ask and request anything around them even coal. Regardless of whether they figured out how to do mischiefs in their yuounger years, the McCourt childrem reached skyward to escape the pverty life and battle against their oppressors. Regardless of whether Frank despised the Catholic Church, his confidence in God and his solid conviction that he will succeed brought him achievement and he will carry this accomplishment to his family.

What is aggression Does watching violence in television, film and Essay

What is animosity Does watching viciousness in TV, film and computer games ake individuals progressively forceful and bound to submit fierce acts in the public arena - Essay Example The subsequent changes in ordinary social relations may prompt consistent heightening in forceful activities. Due to the amazing manner by which the TV media has concentrated on savage and withdrawn conduct, the media purposely misleads, making the watchers frightful, dubious and pessimistic. In view of its inclination toward awful news, the media channels a discernment that the world is a brutal, hazardous spot. Accordingly, the watchers come to overestimate the pace of brutality. With these pictures blazing in their psyches each night, the watchers become negative, suspicious of others and pulled back, and stop to have faith in progress. Youngsters, who are not adult enough to recognize dream from reality, TV from life in the city, come to expect that demonstrations of savagery are adequate, all things considered, and become unequipped for making suitable informed decisions in the midst of contention. Youngsters who are over and over presented to diversion brutality are additionally bound to consider viciousness to be a successful method of settling strife. Be that as it may, playing fierc e computer games might be more unfavorable than review brutal TV programs or motion pictures since they are particularly captivating, intelligent, and require the player to relate on an individual level with the savage character of the game. Scandalous occasions have produced broad discussion with respect with the impacts of computer game viciousness. For instance, an across the country discussion followed with respect to what association computer games had to the 1999 Columbine High School (Littleton, Colorado, U.S.) slaughter where two understudies killed 13 and injured 23 preceding murdering themselves. While numerous inspirations were likely included, it is unimaginable to expect to distinguish correctly what incited these young people to shoot their colleagues and instructors yet savage computer games have been referenced as one potential contributing variable. The two understudies had frequently played

8 Celebrity Memoirs to Read this Fall

8 Celebrity Memoirs to Read this Fall Im a huge fan of celebrity memoirs. Whether Im reading about travels in France with Julia Child or if Im devouring the illustrious career of Doris Roberts, I just have an affinity for celebrity memoirs. I honestly think it has something to do with my love for celebrity gossip, but lets not get into that. Celebrities are often these untouchable people. We see the characters they portray on the big screen and then we see their real lives on social media. In either of these respects, I find myself wanting to deeply know these people. I want to be their friends and I want them to give me life advice that helped them succeed or fail at whatever theyre doing. So of course I want to read these memoirs and see the world through the celebritys eyes. What was it like growing up? How did you become the figure you are? What were the naysayers saying? With that, heres eight memoirs coming out in Fall 2018 that I hope you add to your reading lists. Whiskey in a Teacup: What Growing Up in the South Taught Me About Life, Love Baking Biscuits by Reese Witherspoon Reese Witherspoon’s grandmother Dorothea always said that a combination of beauty and strength made southern women “whiskey in a teacup.” We may be delicate and ornamental on the outside, she said, but inside we’re strong and fiery. Reese’s southern heritage informs her whole life, and she loves sharing the joys of southern living with practically everyone she meets. She takes the South wherever she goes with bluegrass, big holiday parties, and plenty of Dorothea’s fried chicken. It’s reflected in how she entertains, decorates her home, and makes holidays special for her kidsâ€"not to mention how she talks, dances, and does her hair (in these pages, you will learn Reese’s fail-proof, only slightly insane hot-roller technique). Reese loves sharing Dorothea’s most delicious recipes as well as her favorite southern traditions, from midnight barn parties to backyard bridal showers, magical Christmas mornings to rollicking honky-tonks. It’s easy to bring a little bit of Reese’s world into your home, no matter where you live. After all, there’s a southern side to every place in the world, right? This Will Only Hurt a Little by Busy Philipps A memoir by the beloved comedic actress known for her roles on  Freaks and Geeks,  Dawsons Creek, and  Cougartown  who has become the breakout star on Instagram stories…imagine  I Love Lucy  mixed with a modern lifestyle guru (The New Yorker). Busy Philippss autobiographical book offers the same unfiltered and candid storytelling that her Instagram followers have come to know and love, from growing up in Scottsdale, Arizona and her painful and painfully funny teen years, to her life as a working actress, mother, and famous best friend. Busy is the rare entertainer whose impressive arsenal of talents as an actress is equally matched by her storytelling ability, sense of humor, and sharp observations about life, love, and motherhood. Her conversational writing reminds us what we love about her on screens large and small. From film to television to Instagram, Busy delightfully showcases her wry humor and her willingness to bare it all. Ive been waiting my whole life to write this book. Im just so grateful someone asked. Otherwise, what was the point of any of it?? Cravings: Hungry for More by Chrissy Teigen Cravings: Hungry for More  takes us further into Chrissy’s kitchen…and life. It’s a life of pancakes that remind you of blueberry pie, eating onion dip with your glam squad, banana bread that breaks the internet, and a little something called Pad Thai Carbonara. After two years of parenthood, falling in love with different flavors, and relearning the healing power of comfort food, this book is like Chrissy’s new edible diary: recipes for quick-as-a-snap meals; recipes for lighter, brighter, healthier-ish living; and recipes that, well, are gonna put you to bed, holding your belly. And it will have you hungry for more. Becoming by Michelle Obama In a life filled with meaning and accomplishment, Michelle Obama has emerged as one of the most iconic and compelling women of our era. As First Lady of the United States of Americaâ€"the first African American to serve in that roleâ€"she helped create the most welcoming and inclusive White House in history, while also establishing herself as a powerful advocate for women and girls in the U.S. and around the world, dramatically changing the ways that families pursue healthier and more active lives, and standing with her husband as he led America through some of its most harrowing moments. Along the way, she showed us a few dance moves, crushed  Carpool Karaoke, and raised two down-to-earth daughters under an unforgiving media glare. In her memoir, a work of deep reflection and mesmerizing storytelling, Michelle Obama invites readers into her world, chronicling the experiences that have shaped herâ€"from her childhood on the South Side of Chicago to her years as an executive balancing the demands of motherhood and work, to her time spent at the world’s most famous address. With unerring honesty and lively wit, she describes her triumphs and her disappointments, both public and private, telling her full story as she has lived itâ€"in her own words and on her own terms. Warm, wise, and revelatory,  Becoming  is the deeply personal reckoning of a woman of soul and substance who has steadily defied expectationsâ€"and whose story inspires us to do the same. I Might Regret This: Essays, Drawings, Vulnerabilities, and Other Stuff by Abbi Jacobson When Abbi Jacobson announced to friends and acquaintances that she planned to drive across the country alone, she was met with lots of questions and opinions: Why wasnt she going with friends? Wouldnt it be incredibly lonely? The North route is better! Was it safe for a woman? The Southern route is the way to go! You should bring mace! And a common one…why? But Abbi had always found comfort in solitude, and needed space to step back and hit the reset button. As she spent time in each city and town on her way to Los Angeles, she mulled over the big questionsâ€"What do I really want? What is the worst possible scenario in which I could run into my ex? How has the decision to wear my shirts tucked in been pivotal in my adulthood? In this collection of anecdotes, observations and reflectionsâ€"all told in the sharp, wildly funny, and relatable voice that has endeared Abbi to critics and fans alikeâ€"readers will feel like theyre in the passenger seat on a fun and, ultimately, inspiring journey. With some original illustrations by the author. My Squirrel Days by Ellie Kemper There comes a time in every sitcom actress’s life when she is faced with the prospect of writing a book. When Ellie Kemper’s number was up, she was ready. Contagiously cheerful, predictably wholesome, and mostly inspiring except for one essay about her husband’s feet,  My Squirrel Days  is a funny, free-wheeling tour of Ellie’s lifeâ€"from growing up in suburban St. Louis with a vivid imagination and a crush on David Letterman to moving to Los Angeles and accidentally falling on Doris Kearns Goodwin. But those are not the only famous names dropped in this synopsis. Ellie will also share stories of inadvertently insulting Ricky Gervais at the Emmy Awards, telling Tina Fey that she has “great hairâ€"really strong and thick,” and offering a maxi pad to Steve Carell. She will take you back to her childhood as a nature lover determined to commune with squirrels, to her college career as a bench-warming field hockey player with no assigned position, and to her young professional days writing radio commercials for McDonald’s but never getting paid. Ellie will guide you along her journey through adulthood, from unorganized bride to impatient wife to anxious mother whoâ€"as recently observed by a sassy hairstylistâ€"“dresses like a mom.” Well, sassy hairstylist, Ellie Kemper  is  a mom. And she has been dressing like it since she was four. Ellie has written for  GQ,  Esquire,  The New York Times, McSweeney’s,  and  The Onion. Her voice is the perfect antidote to the chaos of modern life. In short, she will tell you nothing you need to know about making it in show business, and everything you need to know about discreetly changing a diaper at a Cibo Express. American Like Me: Reflections on Life Between Cultures by America Ferrera America Ferrera has always felt wholly American, and yet, her identity is inextricably linked to her parents’ homeland and Honduran culture. Speaking Spanish at home, having Saturday-morning-salsa-dance-parties in the kitchen, and eating tamales alongside apple pie at Christmas never seemed at odds with her American identity. Still, she yearned to see that identity reflected in the larger American narrative. Now, in  American Like Me, America invites thirty-one of her friends, peers, and heroes to share their stories about life between cultures. We know them as actors, comedians, athletes, politicians, artists, and writers. However, they are also immigrants, children or grandchildren of immigrants, indigenous people, or people who otherwise grew up with deep and personal connections to more than one culture. Each of them struggled to establish a sense of self, find belonging, and feel seen. And they call themselves American enthusiastically, reluctantly, or not at all. Ranging from the heartfelt to the hilarious, their stories shine a light on a quintessentially American experience and will appeal to anyone with a complicated relationship to family, culture, and growing up. In Pieces by Sally Field One of the most celebrated, beloved, and enduring actors of our time, Sally Field has an infectious charm that has captivated the nation for more than five decades, beginning with her first TV role at the age of seventeen. From  Gidgets sweet-faced girl next door to the dazzling complexity of  Sybil  to the Academy Award-worthy ferocity and depth of  Norma Rae  and Mary Todd Lincoln, Field has stunned audiences time and time again with her artistic range and emotional acuity. Yet there is one character who always remained hidden: the shy and anxious little girl within. With raw honesty and the fresh, pitch-perfect prose of a natural-born writer, and with all the humility and authenticity her fans have come to expect, Field brings readers behind-the-scenes for not only the highs and lows of her star-studded early career in Hollywood, but deep into the truth of her lifelong relationshipsâ€"including her complicated love for her own mother. Powerful and unforgettable,  In Pieces  is an inspiring and important account of life as a woman in the second half of the twentieth century. What memoirs are you excited about? Sign up for True Story to receive nonfiction news, new releases, and must-read forthcoming titles. Thank you for signing up! Keep an eye on your inbox.

Mizuko Kuyo - Free Essay Example

Sample details Pages: 1 Words: 283 Downloads: 9 Date added: 2019/10/10 Did you like this example? Mizuko Kuyo is a term used to describe a Japanese Buddhist ceremony that focuses on a dead fetus or a stillborn child. The origin of this celebration can be traced back to the honor of Jizo (i.e. a god whose major role was to transport dead fetuses or children to the other world).   This ceremony has considerably expanded in the last half century because of the growing number of abortions among the Japanese. Don’t waste time! Our writers will create an original "Mizuko Kuyo" essay for you Create order William R. LaFleur made a significant contribution to the description of the primary aspects of the ceremony (Mizuko kuyo). This essay seeks to describe two important aspects to a kuy?. The two major aspects of kuy? are the therapeutic and commercialized aspects that determine the perception of different people towards the ceremony. Regarding the therapeutic aspect of this ceremony, LaFleur explained that kuy? is organized to enable people to understand that abortion is becoming trivialized and to offer the Japanese and other parents with a therapy that enable them to understand their emotions and persevering the losses they encounter during an abortion (LaFleur, 34).   This aspect makes people pose a positive attitude towards kuy? and accelerates its existence in most of the communities in the entire world. On the other hand, kuy? contains a commercialized aspect that entails the acquisition of financial benefits from the ceremony. LaFleur outlines that kuy? involves the purchase of a statue of Jizà ´, the boats, or bodhisattva, connected with children and their safety. The purchase and the writing of ema and the wooden plaques are among the commercial aspects of kuy?. From the outlined aspects by LaFleur, one can conclude that kuy? is a complicated ritual that contains a range of interpretation and numerous features.

The importance of managing credit risk in the market - Free Essay Example

Sample details Pages: 12 Words: 3650 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Managing Credit Risk is very important. Managing risk as well as returns is very crucial in order to sustain organization. In order to attract a large pool of customers variety of products with different options, advantages need to be offered. Don’t waste time! Our writers will create an original "The importance of managing credit risk in the market" essay for you Create order Bank must have ample amount of capital as reserves to meet sudden requirements. Risk can arise if borrowers who are not creditworthy are given loan extensions, this can also lead to liquidity problems for the bank and financial institutions. In order to avoid such situations banks need to monitor various parameters on regular basis. Risk may arise due to macroeconomic factors such as depression or recession in economy, changes in the interest rates, risk may arise due to counterparty default on terms of principal or interest payments. Managing Credit risk becomes important because in this globalized era everyone financial institution is linked to many financial firms. Decline in rating of one or delinquency by one institution may lead to catastrophe all over. Timely management of credit risk not only prevents personals associated but also helps in sustaining overall equity of the firm. 1.2. Purpose of the study: To analyze what type of risk one can face in terms of credit risk. How to asses these risks in a timely manner and how to take preventive measures when risk arises. Several Risk Mitigation techniques have been explained which showcase how one can mitigate risk after reaching a certain threshold. Different methods and models have been discussed 1.3. Significance of the study: Through this we will be able to differentiate what type of risk an organization is facing and what measures need to be taken. One understands how important it is to measure risk in timely manner. Different models have different limitations and need to be used properly so that gaps may get covered up. 2. LITERATURE REVIEW 2.1 Credit is defined as the terms, or an obligation to present resources, cash or other forms of funds (on- and off-balance sheet), secured or unsecured to a counterparty who is obliged to pay back, the amount along with the fee and interest thereon. 2.2 Credit Risk is the Financial Risk arising when counterparty is not able to meet the scheduled payments in accordance with agreed terms. Investor in such case losses on principal payments, Interest payments, reduced cashflow and incurs receivables expenses. Some examples: When a business is not able to pay an employee its wages. A consumer is not able to make interest or principal payments in case of mortgage. A firm/company declares insolvency. 2.3 Credit Risk can be broadly categorized into following three categories: Default Risk Credit Spread Risk Downgrade Risk Default Risk is when a borrower has not met his/her legal obligations as written down in the indenture. A default is when one fails or is unwilling to pay back the debt amount. It includes all debt obligations bonds, mortgages, loans, and promissory notes. Distinction from insolvency and bankruptcy Default is a condition in which one has not paid debt which he is obliged to. Insolvency incorporates legality when a debtor skips one or more scheduled payments. Bankruptcy involves supervision by court of law to proceed over any financial dealings in case of default or Insolvency. Credit Spread Risk is the difference in yield between securities arising due to different ratings assigned. It depicts the additional yield one earns from security with more credit risk as compared to a security which has lesser risk. The credit spread is often quoted with reference to the yield on a risk-free benchmark. There are several methods for measuring credit spread risk such as Z-spread and OAS. Downgrade Risk is the risk when a security/bond or any financial instrument faces down trigger of credit ratings assigned by well known and certified rating agencies such as Crisil, Moodys etc. The risk arises from declining situation of a corporation. 2.4 CREDIT RISK MANAGEMENT PROGRAMME Managing Credit Risk is of supreme importance and is properly assessed by all Financial Institutions. Good Credit Risk Mitigation techniques involve properly maintaining risk adjusted return across various dimensions such as maturity, interest rates, liquidity, currency exchanges etc. A broad credit risk management programme involves: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Effectively identifying existing Financial Risk and promptly finding solutions. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Establish effective processes to have a good documentation, receivables and credit rating processes. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Credit Portfolio should be assessed on regular basis and regressed against various parameters in order to mitigate risk and align other parameters in sync with the environment. 2.5 CREDIT RISK ASSESSMENT Several Methods have been adopted worldwide in order to asses risk arising from various activities. 2.5.1 Credit Rating Agencies: Ratings are given by external and internal agencies. External Sources: Crisil, Fitch, SP any many such rating organizations evaluate creditworthiness of bond issuers. Ability of the debtor is assessed as to how timely he can make principal and interest payments and ratings are granted accordingly. Internal Sources give ratings which are at the point and through the cycle. Through the cycle assessment provides default probability at the worst condition in the business cycle and is useful in making lending decisions. At the point approaches assessment relate to changes in cyclical conditions and are more appropriate for capital allocation. Some basic points considered while assigning ratings by these agencies: The amount and composition of existing debt. The stability of issuers cash flow. The issuers ability to meet scheduled payments of interest and principal on its debt obligation. Asset protection Management Capability. Measures used to measure Credi t Risk are LGD (Loss Given Default), Probability of Default (PD). Traditional Measures to asses Credit risk using PD are- 2.5.2 Expert System: It is based on the opinion of experts and evaluates on the basis of 5 Cs. Character: It refers to management integrity and its commitment to repay the loans. Capital: It examines the relationship between equity and debt. Capacity: refers the ability of borrower to generate cashflow or liquidate short term assets to repay its debt obligation. Collateral: It includes the assets offered as security for the debt as well as other assets controlled by the issuer. Cycle: It considers how the current state of economy will impact exposure to credit risk. This is a subjective method. In order to minimize subjectivity we go for Neural Network which are flexible systems that include various conditions in a streamlined way in the final decision making process. Weights are updated based on the historical data input; this helps in training Neural Networks. This is very costly process and data may over fit. 2.5.3 Credit Scoring Models: These models they basically help in calculating Probability of default and Loss Given Default which is required to calculate Credit VAR. Expected Loss and Unexpected Loss are calculated by banks in order to mitigate risk arising from the counterparty. Expected Losses are covered through reserves maintained by the banks. Unexpected losses are met through economic capital. Threshold is reserved through VAR analysis at 99% confidence interval over a 1 year horizon period. VAR (Credit Risk) = Z (Value) x sigma x Value of the firm x .08 Economic Capital = VAR (at 99% Confidence Interval) Expected Loss. According to Basel 2 a minimum of 8% needed to be reserved in lieu to protect against credit risk. 1) Losses are marked in the x-axis; y-axis denotes percentage return. 2) Loss more than the Credit VAR is defined as the tail losses. They have very low probability of occurrence. Basel II IRB, area is 1-99.9% = 0.1% with 1 year horizon. 3).EC (confidence) = Credit V AR (confidence) Expected Loss (EL). EC refers to the region between EL and Credit VAR. 2.5.4 Merton Model: It showcases that value of equity is equivalent to a call option on firms assets where strike price of the assets is equal to the value of the debt. At expiration, the value of equity is equal to either zero or the difference between the value of the assets and the value of the debt, whichever is greater. The value of the equity is the function of following inputs: Market value of the assets Volatility of the market value of the assets Risk free rate The time until the option expires The exercise price As for the calculation part let us suppose the firms only debt issue is a zero coupon bond with a face value of F, due to maturity date of T. If the firm is unable to pay the principal at T, then the firm is bankrupt and the equity claimants receive nothing. Alternatively, if the firm value at T, V(t) is large enough to pay the principal amount, then the equity holders have claim to the balance, V(t) F. These two pay off possibilities are the same as the payoffs for a call option, with the firm value as the underlying asset and the principal amount as the exercise price. The value of the equity at T is: S (t) = Max (V (t) F,0) The value of debt is D (t) = F Max (F V (t), 0) Calculating Probability of Default Intensity based models assume defaults occur randomly and a hazard rate determines the probability of default. Intensity based models decompose the credit spread on debt to provide estimates of both the PD and the loss given default by utilizing the following relationship: CS = PD x LGD CS represents the credit spread, which is the difference between the yield on risky debt and the risk free rate. This is essentially a measure of expected loss since it is the spread that exceeds the risk free rate. Thus a researcher can approximate the probability of default from the credit spread and the loss given default. Recall that loss given default is equal to one minus the recovery rate. Probability of default could also be calculated using the following expression (assuming LGD = 100%) Market Price of Bond = [(Face value of bond) x (1 PD)}] / (1 + risk free rate) 2.6 Mitigating credit risk Risk-based pricing: Those borrowers who are prone to defaults are charged higher rates of interest by Lenders. Various parameters such as purpose of loan , Ratings assigned by agencies, Loan-Value ratio and yields (spreads) are evaluated. Covenants: A note in an indenture, or any agreement stating that these activities will be carried out and these will not be. Financial Analysis is done at regular intervals Due to significant change in certain Financial Ratios lender can request the borrower to repay the loan in full. Credit Insurance: Lenders can hedge counterparty risk by purchasing Insurance. This process helps in transfer of risk from Lenders to Insurance Firms (Third party) Credit Default Swap is a type of instrument in which one party makes payments to other party. The purchaser of the CDS seeks credit protection and will make fixed payments to the seller of the CDS for the life of the swap, or until a credit event occurs. Tightening: By lowering the amount of credit extended, Lenders can mitigate risk fully or partially. Say for Example, a distributor tries to lessen his credit risk by reducing payment scheme from 30 to 15 to a retailer. Diversification: Diversifying to a large number of borrowers reduces the risk plus lending it to different sectored departments further lowers the credit risk. Deposit insurance: Central Government in many countries has established a process known as Deposit Insurance so that the bank can derive some monetary benefit from the Central Bank. This scheme prevents a run on the bank situation. Credit risk mitigation (CRM) It helps in managing credit risk in an efficient and mechanized way. Offers a widespread approach so that can be used across range of institutions. Offers great amount of flexibility and is consistent with the environment. 2.7 Some of the Methods to Mitigate Credit Risk are: 2.7.1 Collaterals: An institution/Bank or any Financial Services firm has a credit exposure which is safeguard by cash or any equivalent Financial Instrument serving as Collateral. Some part of the total Loan or the full amount is collateralized in the process. No collateral requirement higher than secured issue should be posted. These reduce the risk by a larger amount as in case of adverse events these collaterals can be encashed to meet the sudden liquidity, cashflow risk arising due to counterparty risk. 2.7.2 Netting: It is a legal agreement that enables counterparties with multiple derivative contracts to net their obligations. This reduces credit and liquidity risk exposures by eliminating large fund transfers resulting from each individual transaction. Instead of large transfers, smaller net payments are made by the counterparty with the net liability. Let us consider Bank XYZ has a portfolio of N derivatives contracts with counterparty MNO, and suppose that no default value of the i th contract is equal to V (i). Furthermore, the amount recovered if default occurs is the recovery rate times the no default exposure. If netting clauses were not enforced, the financial institution would suffer losses of: LGD x (i=1 to N) SIGMA (Max (V, 0)) When the netting credit risk mitigation technique is implemented, the net loss would be: LGD x Max ( (i =1 to N ) SIGMA (V ( i ),0 ) ) 2.7.3 Guarantees and Credit Derivatives Guarantee given by certain Institutions which specializes in that particular sector. Some initial coverage or protection is provided by these institutions. 2.7.4 Downgrade Triggers: When the rating of a certain party falls below specified levels, a trigger is set and this enables the counterparty to clear off the contract at its current market value. 2.8 Credit Risk Management Process 2.8.1 Credit Processing/Appraisal In this process all the required information is gathered and screening of applicants is undertaken. The next step in line is to assess the obligors how efficiently they can make scheduled payments. These institutions should ensure that benefits are only given to those creditworthy customers who have ensured that they can timely deliver and have stability of the cashflow. These institutions generally accept collateral from borrowers so as to mitigate risk. These institutions then relax in their drilling process; they become less efficient in collecting information from borrowers. They should have in mind that securing loan through collateral does not signify that stability of cashflow from the client/counterparty will be timely. The working capital should not be derived from collaterals or guarantees. The working capital should be based on proper analysis of sales, historical background, stress testing and Scenario Analysis. Some measures should be adopted as follows: Pe riodic valuation of the collaterals should be done. Legal issues and credit downgrade issues should be tackled immediately. Regular audit of financial statements should be undertaken. 2.8.2 Credit-approval/Sanction A set of guidelines should be written down by all the institutions based on which decision will be taken. Every blueprint developed should be approved by the senior members. Regular checking should be done by board of members. Decisions such as renewal of credit ters, analysis of existing credit policies and proposition of new terms is carried out. Some points to be kept in mind: Committee/personnel handling credit approval task should be kept away from the CRM responsibility. Approval should be structurized and should consist of a well defined hierarchy; who should be responsible for screening the entire process depending on the size and nature of credit. 2.8.3 Credit Documentation This process is important and is required for every step in the credit cycle. Activities such as credit rating, monitoring, valuation etc. are documented. A standardized report regarding every step need to be drafted and should be made available to every person in the concerned department. 2.8.4 Credit Administration Following should be done to administer credit risk: Files and related documents should not be moved from their respective locations and should be kept in order; The obligor is making regular and apt payments. Collaterals are properly valued and monitored thereon. Timely and accurate information is conveyed to the top officials. Proper Role Allocation is done. Back office, front office and middle levels are in sync with each other. 2.8.5 Disbursement A letter should be delivered to the customer to make him aware of all the terms and condition. A duplicate letter should be signed by the client and should be submitted to the institution. No funds should be released prior approval by the concerned authorities. 2.8.6 Monitoring and Control of Individual Credits Funds if allotted for a particular client should only be used for his purpose and not anywhere else. Obligors should comply with bounded promises; Manage audit reports and financial statements. Budgeting and Projections 2.8.7 Monitoring the Overall Credit Portfolio (Stress Testing) Economy Downturn: Continuous evaluation of the economy is to be carried out because recession, interest rates, inflation etc have severe impact on the portfolio. Market Risk need to be evaluated because in the era of globalization various markets are inter-related and have strong dependencies. Liquidity Mismatch may arise due to cashflow instability, this needed to be tracked and projections regarding such instances should be made well in advance. Contingency plans should be developed and reviewed by senior management periodically. 2.8.8 Managing Problem Credits/Recovery Recovery Process with respect to Customers: Seniority: It determines the priority order of the claimants with respect to the assets when the firm defaults. Higher the seniority higher will be the recovery rate. Collateralization: It showcases how different assets have been assigned to different claimants in the event of default. The allocation value and liquidity of the assets will determine the recovery rate. Some of the recovery Functions used: Beta Distribution: Two input statistical parametric distribution using mean and variance. This is a very flexible process. Kernel Estimation: A non parametric technique which uses probabilistic method to assign probabilities to events. Conditional Recovery model: Parametric technique that uses multiple factors to asses recovery. Covariances, volatility, mean etc are calculated. 2.9 Credit Risk Portfolio Models: Credit Risk+: It measures risk for every obligor using a set of risk factors. It is a two outcome model; default or no default. Each obligors PD is based on its credit rating and sensitivity to each risk factor. The defaults are uncorrelated across obligors. The risk parameters are supposed to follow a definite distribution such as gamma distribution. Credit Metrics: The first step is to determine credit ratings. Then use historical transition rating matrix to determine PD. Use 1 year forward rate to get current price of zero coupon bond and then calculate VAR at a given confidence level. This method totally relies on co-relation analysis. KMV Portfolio Manager: Expected default probabilities for each obligor are calculated. This method gives us what is the firms value and volatility. This method uses current equity in the model which integrates current event to the model. There is minimal lag regarding updating of these ratings. Expected return is calculated using CAPM which factorizes the correlation structure. Credit Portfolio View: They depict macroeconomic changes using transition matrices, also economic cycle is being included in the data to be analyzed. An econometric model is used to asses the risk. Autoregressive process measurement is done. Next step is to compose sector indices for the variables. Index value is used to estimate default rates. Simulated values are regressed against historical values and results are used to make decision making process. KMV Award Approach: This model is used to determine default rates. Basic steps to be followed are: There is one issue of equity and debt, and the debt is in the form of a zero-coupon bond that matures at a given date. Default can only occur at the maturity date. The value of the firm is observable and follows a lognormal diffusion process. The risk free rate is constant through time. There is no negotiation between equity and bondholders. There is no need to adjust for li quidity. Default point is then calculated as follows: Short Term Liabilities + 0.5 x Long Term Liabilities Short Term Liabilities + (0.7 x Long Term Liabilities 0.3 x Short term Liabilities) 3. SUMMARY AND CONCLUSION This seminar paper guides us through Credit Risk and its type. We learn what credit risk is and what its scope is, also we come across different types of risk and segregate among them this helps particularly banks in setting aside reserves for each department to meet daily requirements and safeguard against adverse events. Next most important thing we have analyzed is the credit risk management technique which involves process oriented scheme to prepare data and evaluate with the help of seniors, to document the findings and properly asses that factors are in sync with the stated data. The next learning sector was the credit risk mitigation techniques such as netting. Netting is a widely used concept in which an obligor having multiple exposures to counterparty reduces his exposure by paying net amount rather than submitting full amount. Collateralization is yet another concept learnt through this seminar paper. Collaterals are posted as security by borrowers in order to safe guard investors. These collaterals should be properly valued and any change in its value should be reflected in the documents. Guarantees and promissory notes are provided in order to facilitate investor and keep him away of the potential threats. Next we learnt how actually firms/ banks and financial institutions Mitigate risk through a standardized process. Firstly risk factors are analyzed, weights are assigned and their sensitivity is analyzed. Reports are documented and presented to the senior officials. We have learnt that the entire process is error free and accurate if followed, minimal chances of fraud etc are to be seen. Every step adds value to the process and any sudden change is included using various models such as KMV, Merton. These models give an insight as to how industry officials actually asses such a widespread risk. This gives an insight as to how models relate real world risk and integrate theoretical knowledge to the sector. Various concepts such as expe cted loss, unexpected loss, economic capital, VAR were seen and understood. In the end it is enough to conclude that credit risk management is a very important process which every firm needs to carry out in order to sustain in this competitive world. Risk Mitigation is complex and requires stress testing and scenario analysis with reference to historical data side by side as well.

The 30-Second Trick for Nyu Essay Samples

The 30-Second Trick for Nyu Essay Samples Many college applicants make the error of attempting to incorporate all their accomplishments and activities in their application essays. Students might only apply to one NYU program at a moment. Since you may see, students are certain to face a number of challenges should they wish to turn into a member of the buy essay club. To receive our students started on this prompt, we tell them to consider the things that they are interested in having the college to understand about them that isn't evident from the remainder of the application package. Instead, you can begin with a past event or achievement and describe the way that it influenced the growth of your aspiration. The training course is designed to expand kids' views of science, infusing it for more social and ethical themes along with history as a way to give them greater societal context once it comes to their writing and comprehension of STEM. As NYU students will say, constructive debate of ideas is integral to life on campus and something which is emphasized in the necessary coursework students are requested to finish. It may be an intellectual challenge, a research query, an ethical dilemmaanything that's of personal significance, regardless of the scale. Indicating that you'd be prepared to attend any of the NYU campuses overseas indicates that you're looking for more than only a localized education. You will need to react in a fashion that is particular to you and specific to NYU. Instead, you wish to spend more time focusing on what NYU offers for that particular major, with a tidbit thrown in on why you wish to pursue that major if you have sufficient space. Besides offering your distinctive spin on why an NYU education is best for you, you will also need to make certain your answer ticks off a couple of specific boxes. The cost of an essay depends upon the total amount of effort the writer has to exert. The essay prompts are intended to make you believe. It is the most important part of a college appllication, see sample essays perfect for applying to schools in the US. Admission essay is just one of the most significant academic papers in your life as it determines whether you'll be in a position to put in the college you need or not. Our website is just one of the most appropriate for essay help. You can trust the ideal essay help online. In the end, think about this supplemental essay as a means to express how compatible you're with the college you're applying to. You are able to self-report your scores, but we'll also require an official report. Let's say you should purchase essay for college. This has been shown to be an extremely powerful and quick means to assist with a writing assignment and find the business done properly. The objective of the provider alone makes this one of the best essay services. The Downside Risk of Nyu Essay Samples You are going to receive unique texts, which will be finished in time. The essay that's full of bad puns or off-color jokes will often wind up in the rejection pile. We always had an excellent time with Macbeth. If it's so, then you'll be having some challenging time for a student in addition to being a writer. Citations and extracts from several sources have to be formatted properly. You will soon locate the official data about us. There are many tutorials shared on the site, from different food recipes to DIYs. In any case, we're using a wise interface. You don't need to incorporate a department code. It gives a platform to engage people in what you would like to show. An individual can follow YouTubers from all around the world and can be exposed to so many unique cultures they have yet to be in a position to experience if not for YouTube. Association of Google AdSense Account YouTube makes it possible for you to make a new Google AdSense account, in the event you don't have one and you may also associate your existing Google AdSense account by means of your channel enabling you to monetize your videos. Another benefit of our website is the quickness.

Education is Life Itself

Question: How Education is life itself. Answer: When I joined the course on education and came for attending the first class, I was very confused, as I had never attended something like this before in life, and hence did not know how far I will be able to respond to the same. When the participants were being asked for their reason behind joining the course, most of them responded saying that this course would facilitate the hike in pay scale. But I had three main objectives in mind, behind joining this course. The first and foremost one, is that I intend to nurture the inner potentiality of my students, making them not only academically strong, but socially prepared for tomorrow. Secondly, I want to provide love, support and confidence to my students, so that they can be motivated to improve their skills in future. Finally, the sense of accomplishment over the victory of my students, is too big a reward for me, to reject. I believe that on completion of the course, I will be able to know the means of fulfilling these objectives mo re fully. As a part of an activity in the course, I was really fascinated by the PowerPoint presentation, explaining the two different branches of the philosophy of knowledge- Epistemology and Ontology. While the former deals with the source of knowledge and the process of how we acquire it, the latter revolves around the concept and nature of existence and non-existence of the things surrounding us (Prawitz, 2012). Since Epistemology concerns with the nature and limits of knowledge, as a teacher, it shall help me in knowing how to design my curriculum and deliver my lecture in class. Again, from Ontological studies, I hope to learn to interpret as well as accept various perspectives of the students of a single topic. Whatever the philosophical study of knowledge be, I have realized that any form of knowledge is highly beneficial for us, and all our lives, we should be able to explore various facets of knowledge to keep learning (Turner, 2013). Reference List: Prawitz, D. (2012). Truth and proof in intuitionism. InEpistemology versus ontology(pp. 45-67). Springer Netherlands. Turner, R. B. (2013).Expert teaching: Knowledge and pedagogy to lead the profession. Routledge.

Manifest Destiny Essays (661 words) - MexicoUnited States Relations

Manifest Destiny MANIFEST DESTINY The idea of Manifest Destiny was based on the idea that America had a divine providence. It had a future that was destined by God to expand its borders, with no limit to area or country. All the traveling and expansion were part of the spirit of Manifest Destiny, a belief that it was God's will that Americans spread over the entire continent, and to control and populate the country as they see fit. Many expansionists conceived God as having the power to sustain and guide human destiny. It was white man's burden to conquer and Christianize the land Though the idea was revolutionary for the US, it was nothing new for the world. The idea of conquering other lands in the name if Christ was easily seen in Europe with the Crusades. Thousands of natives died and many countries captured by people who claimed that this was the divine work of God. Anyone who did not convert or stood in their way was killed, much like the Americans did to Native Americans while conquering the west. Manifest Destiny was the reason for the great interest in territorial expansion. With a sense of a ?holy mission,? people were encouraged to travel because of the great amounts of untouched land lying just beyond the borders of the declared territories. There was also the growing desire to develop trade with Asia. Taking over the western lands would eventually open new trade routes with China and Japan who offered rare items such as silk and unique spices. (Quick note from the student: Spices? Isn't that what started the whole thing in the first place? I guess that there is always a hungry man in the history books!) There was also a fear that the land the United States would seek might be taken by foreign invaders. - Namely Russia who was rumored to be planning to take the area of that would later be California for itself. The easiest way to keep others from encroaching on the American's divinely ?Promised Land? was to conquer the land first. Manifest Destiny also created a brutal consequences from the eagerness of the land hungry Americans. While conquering the new and untouched lands, in the process the Native Americans were either moved to other territories so that they were not in the way, or killed. Their deaths were justified by the reasoning that it was their duty to Christianize the savages. (This was all in favor of the advancement of the white civilization.) With such a divine right from God, anything that stood in the way of their right was a threat that simply had to be ridded from on the earth. The government even put their supposed justification in writing with the Manifest Destiny Doctrine, where they intended to break up all tribal governments. Even in modern times, the idea of manifest destiny still flowed through the veins of American government. The most blatant example is the United States burning urge to have Hawaii as the 50 state and a military out post. This was a prime example of Manifest Destiny when in 1898 the US military went into Hawaii and quickly, and simply, took it. The task was completed in 1959 when Hawaii was still unwillingly made the 50th state of the US. Though the idea of manifest destiny in general had been around since the beginning of religion itself, American took it in whole-heartedly and so quickly went to claim their providence from God. Though many believed that it was the holy thing to do, most of their morals were shot to the ground when their greed for land took over. Whoever started the American Manifest Destiny probably had no idea what they had begun. He probably did not have the slightest intellect of how much land there was to conquer, nor how many there were to see slaughtered in the name of God. May all God's children rest in peace? History Essays

Compare and Contrast «The Searchers» and «Dances with the Wolves»

Compare and Contrast  «The Searchers » and  «Dances with the Wolves » Introduction It seemed to be an American tradition to be fascinated by films that depict the western culture of the United States of America. During the 20th century, novels and movies that depicted the western culture of the country were widely spread and sold within the country.Advertising We will write a custom essay sample on Compare and Contrast:  «The Searchers » and  «Dances with the Wolves » specifically for you for only $16.05 $11/page Learn More Perhaps, The Searchers directed by John Ford and released in 1956 and Dances with the Wolves produced by Kevin Costner in 1990 were one of the best selling movies during the 20th century that gave an insight into the western culture and the interaction between the Native Americans and the settlers. In both of these movies, the similarities and differences between these two cultures are clearly presented. In addition, the relationships between the two nations are also exhibited in an almost exact man ner reflecting a true picture of the current state of affairs during the 19th and early 20th century. The main aim of this essay is, therefore, to compare and contrast these two films. An Analysis of the Films The film Dances with the Wolves was written by Michael Blake. It was directed and starred by Kevin Costner. The film is a western epic film that showcases the life and events of an army lieutenant named John J. Dunber (Kevin Costner) after the American Civil war of the 1860s. After finding out from the doctor that his leg is to be amputated because of the injury that he suffered in the course of the war, Dunbar sacrifices his life and leads the army against the enemy. This heroic act comes about after he saw that it was better for him to die for his country rather than to live with one leg. Ironically, his brave acts lead his people to victory over their enemies. As a result of his heroic deed, Dunber is asked to choose a place where he should be deployed after the war. In Cos tners film, Dunbar chooses Fort Sedgwick that is located in the southern part of Dakota. He says, â€Å"actually sir, am here at my own request. Ive always wanted to see the frontierbefore its gone† He is then posted to Fort Sedgwick as per his request. However, on arrival, he finds the fort abandoned. The area is also not secure since he is vulnerable to attacks from the nearby tribes. Despite the solitude, Dunbar decides to settle at the fort and rebuild it. For the first month, he spends all his time alone. It is during this time he makes friends with a wolf whom he names as Two Socks after the two white paws that it has on its fore limbs.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More During this period, Dunbar encounters attacks from the members of the Sioux tribe who try to drive him out of his horse on several occasions. In response to this, he decides to go to their cam p and make peace with them. On his way, he meets with a Native American woman who is injured. Dunbar rescues her and takes her back to her village for treatment. This woman called Stand with a Fist is an adopted daughter of the chief. To show their gratitude, the members of the village accept Dunbar into their village. Due to the language barrier, they communicate using the signs with Stand with a Fist acting as a translator. After a while, Dunbar adopts the culture and lifestyle of the villagers. He even marries Stand with a Fist. Then he decides to return to the fort where he finds that American soldiers have taken over the place. He is arrested since he looks like an Indian. Since he refuses to give away the whereabouts of his tribesmen, he is taken back east for conviction. During this journey, Two Socks follows the convoy in a bid to rescue Dunbar. However, he is wounded in the process. The members of the Sioux tribe show up just in time, kill all the soldiers and rescue Dunbar . Because of the fear that he may be seen as a traitor, Dunbar abandons Stand with a Fist and the other tribesmen. On the close of the film, the American soldiers are seen searching the mountains for the Sioux but in vain. The Searchers is also a western epic film. The film is based on a 1954 novel by Alan le May and directed by John Ford. The film begins with the return of Ethan Edwards to his brothers home in Texas after the end of the Civil War in 1868. A few days after his return, he finds out that the cattle belong to his neighbour. Because of the rage that they have, they decide to retaliate by chasing after the cattle rustlers. However, this is only a diversion, and after they have left their homes, the Comanches come and steal things from their homesteads, kill the rest people, burn their houses and kidnap two underage girls; Debbie and Lucy. The whole film evolves with Ethan, Clayton and Martin searching for the girls. This pursue takes years. In the process, they manage to find the remain of Lucy in an abandoned cave. They also find Debbie who appears to be married to a local Comanche chief called Scar. After a confrontation with Ethan, Debbie refuses to leave her new life that makes Ethan want to shoot her.Advertising We will write a custom essay sample on Compare and Contrast:  «The Searchers » and  «Dances with the Wolves » specifically for you for only $16.05 $11/page Learn More However, Martin shields her with her body. In Fords film, Ethan draws his gun and points it at Debbie who says, â€Å"go Martin, go.† Ethan keeps shouting, â€Å"Stand aside,† but Martin refuses. In the end, they let Debbie go. However, near the end of the movie, they manage to rescue Debbie against her will and kill Scar, the Comanche chief. From the above description, it is evident that both these films are western epic movies that show life as it was soon after the civil war. In these two movies, the hostility that existe d between the Native Americans and the settlers is also brought out clearly. This is shown when the members of the Sioux tribe try to rob Dunbars horse and when the Comanches steal cattle and kidnap the two girls. Although these are hypothetical events, many cases of the same nature were reported to happen during this era. For instance, there were approximately 90 child kidnappings in Texas during the first half of the 20th century (Chan 512). Both of these movies are also about love and passion. This reveals in the love and affection that Ethan has for Debbie and feelings of Dunbar to Stand with a Fist. However, in Dances with the Wolves, the heroism that is normally associated with the Americans and American soldiers is not shown. As a matter of fact, the American soldiers are seen as normal individuals who are prone to error. The warriors of the Sioux tribe kill them and when the reinforcements come, they are unable to locate their camp. On one hand, Dunbar is also assimilated in to their culture. This act is viewed as inferior to most people. On the other hand, The Searchers shows that the Americans are superior beings and more intelligent over the Comanches. They are able to track them easily down and use their brilliance to rescue Debbie. This is a theme that was used in most western epic films. Conclusion Both of these two films show the way of life of the American people and their neighbours just after the civil war. These movies are important since they give us an insight into the way of life of people during that era. They show the social, political and economic status of American society, especially the community that lived next to the Native Americans. Despite their similarities and differences, these films are a good representation of the American History after the Civil War.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More Chan, Rita. Directory of American Scholars: History. Boston: Sage, 1999. Print. Costner, Kevin, dir. Dances with the Wolves. Orion Pictures, 1990. Film Ford, John, Dir. The Searchers. Warner Bros. Pictures, 1956. Film

The Understanding of the Artistic Works from Cultural Viewpoint Term Paper

The Understanding of the Artistic Works from Cultural Viewpoint - Term Paper Example The ideal of social anthropology will further delve into the reason why artwork was created in a specific way and the relationship it has to society.   For instance, if a type of material was used over another, there may be an inference to what this means socially and the ability to make the material with ease of use for the artistic expressions.   These various elements make a difference in the art and the perception from anthropology.   The interpretations don’t consider the aesthetics but instead looks at the social relationship which these hold (Gell, 40).   The definition of art from the anthropological point of view is not only examined with the social and cultural aspects by most.   There is also an understanding that the artistic work is able to raise questions and reflect on a specific culture and what the meaning is behind the works that are displayed.   The basic discipline is one which is first examined by the ideology of a human activity which is constructed by various societies.   This is followed by the social sciences which are able to define the experience, which is specific to the study of anthropology.   While art is one which is constructed of experience, this is based on interpretations, relationships to the pieces, knowledge of the piece and the defining elements.   This is also dependent on the spectator and what acting agents are parts of the piece.   The approach of anthropology is one which is only dependent on defining the material culture of the art.   This doesn’t provide room for interpreta tion of the aesthetics, specifically because this is defined by experience, cultural awareness and various levels of knowledge.   Anthropology then becomes limited only to the cultural ideologies, as opposed to the aesthetics of other levels which may reflect the philosophies of art (Pinney, Thomas, 118).  Ã‚   The interpretation of anthropology through art as a limitation is one which also questions the use of aesthetics and how this is left out of the viewpoint of anthropologists.   A question which arises when looking at aesthetics is based on the cultural value which is applied and whether this provides a thorough examination of an artwork.  

International Financial Accounting Bosch 2006 annual report Essay

International Financial Accounting Bosch 2006 annual report - Essay Example Its spare parts are available for all vehicles. Under automative technology, Bosch engineers develop and test product innovations for motor vehicle manufacturers in research centers around the world. Bosch products go into serial production for new vehicles produced by many different manufacturers around the world once they have undergone extensive testing and meet its strict quality requirements. Bosch has contributed significantly towards making driving safer, cleaner and more economical being one of the largest manufacturers and suppliers of spare parts. (http://www.bosch.com/content/language2/html/3506.htm) Bosch is also a major producer and mahufacturer of home power tools, household appliances, garden tools and heating appliances. At the industry and trade Bosch provides communications services, power tools for professionals, sensors and foundry, security systems and packaging technology. The aim of this paper is analyse Bosch's 2005 annual report so as to assess the influence of institutional, cultural and external factors on the financial accounting and reporting system of Bosch. The rest of the paper is organised as follows: Section 2 provides an analysis of the the institutional, external and cultural influences on the financial reporting system, and a classification for the Accounting system, Section 3 looks at the extent to which Bosch is related to the international Accounting standards (IAS/IFRS) of the International Accounting Standards Board (IASB) and Generally Accepted Accounting Principles GAAP of the US Financial Accounting Standards Board (FASB). 2. ANALYSIS OF THE INSTITUTIONAL, EXTERNAL AND CULTURAL INFLUENCES ON THE FINANCIAL REPORTING 2.1 Institutional Influences 2.1.1 Management Structure The management structure has got an important role to play in the type of accounting system used. In the words of Hermann Scholl: "Responsible corporate management is partly about striking the right balance - a balance between result focus and values such as responsibility, openness and trust, fairness, credibility,and cultural diversity. This is fundamental to long-term success." (extracted from Bosch Group Annual Report, 2005). According to the 2005 Annual Report the supervisory council is kept informed by the board of management throughout the year and give close attention at its meetings to business developments, corporate strategy, the financial situation, and investment plans. It receives briefings on and appraises the business environment, new engineering developments, and the competitive position of the individual divisions, quality issues and cost cutting measures. This has an influence on the system on the financial reporting system. Bosch announced in its 2005 annual report that it is adapting an IFRS based internal control system as from 2006 onwards. A monthly business report will be prepared and they explain that the system gives the board management a survey of developments on corporate, business sector, and division levels. Comparison is done via an actual-target comparison, which is based on the annual business plan. The business plan has a

Analysis fo the Dairy Industry in Pakistan

Analysis fo the Dairy Industry in Pakistan Introduction The prospering dairy industry of the country seems an embryonic market for branded dairy products, especially in the urban areas, where branded and packed milk, curd and butter are rapidly capturing the market. In fact, the consternation of adulteration, germs, decades-old style of improper handling of dairy products, particularly loose milk and curd by milkmen and shopkeepers, are impelling a large number of consumers in the country to bid adieu to the traditional milkman. Consumer preferences have changed in the favor of packaged dairy products, which ensure better hygiene and good value for money. In Pakistan when we talk about adulteration in loose milk. These kinds of fears and health hazards relating to loose dairy items are steadily changing the mindset of the consumers. Seeing this change and an enormous untapped potential of growth in packaged dairy products in the country in future, several local and multinational companies have introduced their branded dairy items in the r ecent past. In Pakistan, when someone talks about branded milk and curd, the name of Haleeb and Nestle comes to the mind of the people as they have emerged as two strong market leaders, who have swiftly captured the unexplored business of packed milk, curd, butter, margarine, etc. The emergence of these two brand leaders in the country has also encouraged several others to introduce branded dairy products. At present over a dozen companies are actively marketing branded dairy items in the country and among them the most famous are CDL Foods Limited, Bhaipheru; Idara-e-Kissan, Pattoki; Kabirwala Dairy; Lahore Milk Plant, Lahore; Millac Food (Pvt) Ltd., Lahore; Monnoo Dairies, Bhowana; Nestle Milkpak Ltd., Sheikhupura; Noon Pakistan Ltd., Bhalwal; Pakistan Milk Food Manufacturers, Jhang; Prime Dairies, Manga; Royal Dairy Products, Karachi; Ravi Dairies, Jaranwala and Unilever Pakistan Ltd., Sheikhupura, Bhaipheru, Karachi. Besides marketing milk and curd most of the companies are sell ing dairy products with innovation such as yogurt (natural and flavored), sweetened milk, UHT and pasteurised cream, butter, ghee, cheese and ice cream. In Pakistan Nestle is a great success story for establishing the largest milk collection network and setting new trends in dairy sector. On the one hand, it has proved a regular source of income for farmers through an assured and growing income resulting from the sale of their milk, and on the other, it has enabled Nestle to collect better quality milk in the quantities it needs. The basic unit of Nestle milkmans milk collection system is the Village Milk Collection Centre where farmers deliver milk, morning and evening. A trained milk collection agent who tests and records every supply for quality and fat content collects the milk. Over three thousand such centres operate throughout Punjab. This milk is then transported to the nearest sub-centres for mechanical chilling and then to the main centres where it is consolidated and chil led further, before being transported in specially designed insulated tankers to the factories in Sheikhupura and Kabirwala. According to background, dairy is one of the growing segment of livestock sub-sector and important component of Pakistans economy. Pakistan is the fifth largest producer of milk in the world. The per capita availability of milk at present is 185 litres, which is the highest among the South Asian countries. Milk production in Pakistan has seen a constant increase during the last two decades. The production has increased from 8.918 million metric tons in 1981 to 27.031 million metric tons in 2001-02. Milk production for the year 2002-03 is estimated at 27.811 million metric tons. Investment Prospects: There is a large and untapped potential in the dairy industry. With a population of 160 million, a significant demand for dairy products exists in Pakistan. There is a need for establishing modern milk processing and packaging facilities based on advanced technolog y to convert abundantly available raw milk into high value added dairy products. In addition, with improved conditions for milk pasteurisation, availability of chilled distribution facilities and consumer preference for the low cost pasteurised milk, the sector provides unique opportunity for investment in establishing pasteurised milk production plants. There is also great scope for establishing related industries in the form of an efficient milk collection system and refrigeration transportation facilities. The sector offers opportunity to foreign investor for establishing a joint venture for the production of dairy products, particularly dried milk and infant formula milk for which great demand exists in the neighboring countries like Iran, UAE and Saudi Arabia. The dairy industrys main ingredient is milk, which is processed at the dairy plants to produce variety of dairy products. The average daily production of milk in Pakistan is estimated at approximately 95 million litres. Punjab is the leading province in milk production with a share of around 80%. Out of the total production of 95 million litres of milk per day, about 55% is consumed at source in the countryside while the remaining 45% is traded in urban centres. Most of the traded milk is marketed un-processed and currently only about 2.5 to 3 per cent of the traded milk is processed by the dairy industry in Pakistan. Processed liquid milk in the form of Pasteurized or Ultra Heat Treated (UHT) milk is the main dairy product in Pakistan while other products include Dry Powdered Milk, Cream, Butter, Butter Oil, Yogurt, Cheese and ice cream. Presently, about 13 units in the organised sector are engaged in the production of various dairy products. Majority of the dairy plants are located in the vicinity of Lahore, which serves as the hub of this industry Milk Processing Out of the 28 million tons of milk produced in Pakistan, only 2.5 to 3 per cent reaches the dairy plants for processing into variety of dairy products. Pakistans dairy industry produces Ultra Heat Treated (UHT) Milk, Pasteurized Milk, Dry Milk Powder, and Condensed milk. Other major milk products produced by the dairy industry include butter, yogurt, ice cream, cheese, cream and some butter oil. Approximately half of the 0.3 million tons of milk available to the industry is processed into UHT milk, 40 percent into powdered milk, and the remaining 10 percent into pasteurised milk, yogurt, cheese and butter etc. Dairy plants in Pakistan Of the 38 major dairy plants established in the country with a capital investment of Rs. 2.392 billion and having a daily rated capacity of 2,180,000 litres, only 13 plants are currently in operation. The rated milk processing capacity of the 13 plants in operation is estimated at a little over one million litres per day. In addition, two dairy farms of the Pakistan military operating on non-commercial basis have raised Pakistans daily production of processed milk, yogurt and butter. The reasons for failure of large number of dairy plants are several and may differ from plant to plant. The most common reasons include an over estimation of demand for processed milk, too rapid investment in UHT technology, lack of consumer education, high price of UHT processed milk, non development of sustainable milk collection system, lack of trained manpower and insufficient operational funds. For the same reasons, the capacity utilisation of dairy plants in operation is around 40 per cent. The low capacity utilisation prevents most UHT milk processing plants from recovering much more than their variable costs. Next to the raw material i.e. raw milk cost available to the plants for Rs. 14 per litre on average, packaging is the most important cost element. Expensive packaging forms part of UHT technology. Despite immense potentials the dairy sector in Pakistan has been victim of criminal neglect by the successive governments in the country. Even at its present lowest-in-the-world yield per milk cattle, Pakistan is surplus in milk production; but due to lack of proper planning, collection and distribution facilities, a major portion of the total production is consumed, per force, by the producers in the far-flung areas. As against this we are importing 25000 tonnes of powder milk annually to meet the demand of the urban areas at a cost of above 300 million dollar. Pakistan ranks 7th among milk producing countries, with an estimated 21 billion liters of milk produced annually. A lthough this level of milk production is more than adequate on a per capita basis for todays population, lack of processing and poor distribution system in a long hot weather (milk has a shelf life of only four hours under moderate temperatures) keeps it from reaching consumers in areas that are either deficient in milk production, particularly the urban centres, or those that are difficult to access. The milk yield per cow in the neighbouring country is about 3000 liters per lactation period as against 1000 liters in Pakistan. In Western Europe the average exceeds 5000 liters, in USA 9000 and Israel exceeds 7000 liters per lactation period. After extensive research Indian Livestock Ministry has introduced a programme to gradually replace buffaloes with cows, which give more milk, by educating their farmers through their well-established cooperatives and successfully carried out the replacement programme during the last decade or so. During this period India has almost doubled its m ilk production from 38 to 72 billion liters and now ranks at No. 2 after USA with 74-billion liters in milk production. Despite feeding its huge population, India is exporting huge quantity of powder and processed and packed milk. To increase its yield of milk, India has made full use of Israeli expertise who have been trained by the US. Through artificial insemination India had developed a new breed of cows which yield 3000 liter per lactation period instead of previous record of 1200 liters. Pakistans tremendous potential to increase its milk production has so far remained unexplored due to the inactivity of the government and the related bodies which were created with much of fanfare. This neglect appears criminal in view of the fact that milk production despite its lowest yield, is even today far ahead of the major cash crops such as wheat, cotton, rice and sugarcane Conclusion There is huge demand of both powdered and packed milk in the neighbouring countries of Iran, UAE, Saudia Arabia beside Malaysia, and Philippine which Pakistan can successfully harness to its advantage if due attention is paid to this sector. By copying Indian plan, Pakistan can also develop a new breed of cows within a period of about 4/5 years and thereby increase its production by over 100 per cent. Pakistan can become a big exporter of dry and processed milk provided due attention is paid to this sector. Presently in Pakistan only about 22 per cent of milk production is processed, about 57.5 per cent is supplied to urban areas in raw form in most unhygenic conditions causing real health hazards. Rest is consumed by the farmers, mostly per force, specially in the far-flung areas for lack of proper facilities to take it to deficient areas. About 75 per cent of the total production of raw milk is produced in Punjab, 14 per cent in Sindh 10 per cent in NWFP and only 1 per cent in Balo chistan. In Punjab we have more buffalos than cowl in about 60-40 ratio, in Sindh it is 50-50, in NWFP dead 20 per cent buffalos and 80 per cent cows. In Balochistan there are mostly cows. Unlike other progressive countries where sale of raw milk is disallowed by law and processing is mandatory due to milk being one of the two major carriers of diseases (water being the other), Pakistan continues to allow 97-5 per cent milk to be distributed through the traditional gawala system. To the bacteria of tuberculosis and hepatitis that naturally occurs in milk, the gawala adds many more varieties through the addition of contaminated water for its dilution. The contractors, who collect milk in bulk from villages in Punjab through the dodhis the middlemen, and sell it to the urban consumers, go a step further. They add unhygenically produced ice slabs, caustic soda and sometimes formaline to the milk they collect to prevent it from going bad due to intense heat in summers. The UHT process, although expensive, has proven to be a success in Pakistan as it increases milks shelf life to 12 weeks. On the other hand, the pasteurization process inspite of its low procession cost, had not made much of a headway due to the short shelf life of its product and its dependence on old chain from production to consumption. Taking advantage of this cost factor, some milk marketers have begun marketing loose milk in urban areas which they claim to be pasteurized. The UHT process add heavily to the cost of milk as it requires huge investment to set up the plant, production of packing material and above all the collection cost of the milk making it beyond the purchasing power of poor and even lower middle class. Pasteurization process is much cheaper comparatively as the process is much simple and packing material much cheaper. Small pasteurization plants can play an important role to meet the milk demand of cities and towns provided there is a strong and efficient organization to ensu re that all necessary precautions are taken and hygienic requirements for pasteurization process are met before supplying milk to the ultimate consumers. Village cooperatives in India have efficiently handled this problem and about 80 per cent of the milk requirement of urban areas are met through pasteurized milk at an average selling rate of Rs. 15 a liter as against Rs. 24 per liter in case UHT processed and packed milk. Nestle Milk Pak. Ltd., a joint venture with the reputed multinational Nestle of Switzerland operating in over 80 countries around the globe, has done the poineer work in the field of milk collection UHT processing on most modern and state of art machines and quality packing. Nestle has almost the monopoly of UHT processed milk in Pakistan. It is a household name in our affluent families. Poor and lower middle class cannot afford the price and for them it is still a luxury which they can enjoy only once a while. The price of Rs. 28 per cent for Nestle UHT processe d and packed milk appears high, but if you consider the cost of infrastructure manpower and middle men involved in the whole process the selling price is justified. Nestle is concentrating only in Punjab and has developed a remarkable set up to collect milk from areas stretching about 80,000 KMs, and keeping the collected milk chilled in the most hygenic conditions until it reaches the processing factory which may take 8 to 12 hours. They have set up over 2500 milk collection centers from where it is transported to the 520 chilling centres within less than 3/4 hours. Chilled milk is then transferred to the two factories at Sheikhupura near Lahore and Kabirwala near Multan in special trucks with freezing arrangements. It sounds unbelievable but it is a fact that all this organizational structure for collection of milk has been set up by a Swiss expert who arrived in Pakistan only seven years back. To meet J. Moser Head of Milk collection department of Nestle at one of Milk chilling c entre at Mandi Bhauddin was one of most exciting experience of my life. By any standard. J. Moser is an authority on milk production and milk cattle. He can talk for hours on various breed of cattle around the world, their milk yield, how they increased the yield and their future plants, domestic consumption of milk, pattern of consumption and capacity to export milk and milk products to deficient countries. In order to keep his knowledge up-to-date he frequently goes on tour of different countries. He has worked in Sri Lanka, frequently instead India since posted in Pakistan in 1993. In this region he is most impressed by the work done by India to increase their milk production, manage its collection and distribution to its ultimate consumers at an affordable cost. The cooperative societies in Indian rural areas have played a very significant role in developing the dairy sector in India. Hundreds of thousand milk collection centers have been set up to supply milk in bulk to thousan d of pasteurization plants under required unhygienic conditions in the outskirts of almost every city to ensure supply of good milk in abundance. Through artificial insemination programme going on for over a decade with the help of Israel and United States they have developed a special breed of cows with yield of over 3000 liter of Milk per lactation period as against 1000 about 12/13 years back. Mr. Moser told this correspondent that he developed his milk collection and chilling centres on the pattern of Indian cooperatives. A business organization, whatsoever bigger size it may have cannot meet the national requirements. We are concentrating only on the central parts of Punjab which is densely populated and where more milk is available. For other areas in Punjab, Sindh, N.W.F.P. and Balochistan no such arrangement exists. This huge task cannot be done without the financial assistance, help and cooperation of the government. With proper planning and financial support of the governm ent Pakistan Milk production can be doubled in 10 years time and country can become a big exporter of milk and milk products, Mr. Moser said disclosing that by giving shorts of seaman imported from Europe we have successfully carried out artificial insemination programme in Pakistan on experimental basis. Our experiment proved successful as some of the cows conceived and nurtured through this system are giving 18 liter milk a day instead of normal 10 liters. The work has to be done at a large scale for which Nestle is not equipped, he added. It is imperatives, therefore, that the issues of increase in its production, and distribution are tackled on progressive line. The federal government may appoint a task force to study the various aspect of the disarray sector, identify the factors which has hampered growth sofar and recommend measures to develop this sector properly to harness its tremendous potential for the betterment of national economy. Inclusion of a person like, J. Moser i n the proposed task force can be a real help. With the every passing day, dairy products are becoming costlier because live stock farming has not scientifically grown with the increase in population and also it did not match with the pace of urbanization. Recently, milk prices in Karachi increased without any reason. In a short time of two years, milk prices have gone up from Rs 20 per liter to Rs 25, showing a 25 percent increase. Moreover, meat prices have also risen to about 25 percent in the last six months. In such a situation, the only way to control prices is to develop the dairy industry on scientific lines, which will not only provide meat and milk in abundant quantities to the domestic consumers but extra quantities can also be exported. In spite of having a large population of LIVESTOCK, the country is spending some $40 million annually on the import of formula milk only, which is the highest amount spent by any country in the world on this particular commodity. Pollution affecting the Pakistani Dairy industry Seventeen units, including three run by multinational companies, are engaged in the manufacture of dairy products in Pakistan, but environmental pollution, as well as an inadequate supply chain, is hampering the growth of the dairy industry. Noise pollution is one of the factors. Pakistan exports meat to Saudi Arabia but is yet to export dairy products to it, although that is a possibility, said Ibad-ur-Rehman, an executive of Cleaner Production Programme, a private-sector company based in Karachi that offers environmental solution packages to the industry in the backdrop of rising local and international competition. The growth necessitates consistent and adequate supply of raw material, and this is possible in contract production. This is being done by at least one multinational company. Balochistan and Tharparkar district in Sindh, which have a sizeable livestock population, are some of the ideal locations for dairy farming, besides Punjab, he said. Milk, by and large, is the main ingredient of almost all dairy products. Average daily production of milk in Pakistan is about 130 million litres. Most of the traded milk is marketed unprocessed, and hardly two percent of the traded milk is processed by the dairy industry in Pakistan. Processed liquid milk in the form of pasteurised milk or ultra-heat-treated (UHT) milk is the main dairy product in Pakistan. Other products include dry powdered milk, cream, butter, butter oil, yoghurt, cheese and ice cream. The milk-manufacturing process includes pasteurization, homogenization, UHT treatment and packing. Through little additional work, cream is also produced during the pasteurization cycle. Pasteurized cream is churned to make butter. In order to obtain butter oil, butter is heated to 90C degrees in ghee-melters and then liquefied. The milk powder-making process primarily involves evaporation and drying. The main steps around which whole ice cream manufacturing process revo lves are pasteurization, homogenization, freezing and packing. But CPP findings show that the major environmental problem of the dairy industry is wastewater, while solid waste, soil pollution and noise pollution are potential aspects of environmental pollution. Wastewater generation at a dairy industry is characterized by very large volumes of discharge besides the pollution loading from various dairy processes. Estimates show that the proportion of the waste discharge at a typical dairy industry per unit of processed milk ranges from 12:1 to 24:1. This is a very high figure considering the typical ratio of 3:1 in cleaner factories in the developed countries. In modern plants this ratio gets as low as 1:1

feline leukemia virus :: essays research papers fc

FELINE PANLEUKOPENIA VIRUS Virus Classification:   Ã‚  Ã‚  Ã‚  Ã‚  Order:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Mononegavirales  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Family:  Ã‚  Ã‚  Ã‚  Ã‚  Parvoviridae   Ã‚  Ã‚  Ã‚  Ã‚  Subfamily:  Ã‚  Ã‚  Ã‚  Ã‚  Parvovirinae   Ã‚  Ã‚  Ã‚  Ã‚  Genus:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Parvovirus  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Species:  Ã‚  Ã‚  Ã‚  Ã‚  Feline panleukopenia virus Also called feline infectious eneritis, feline â€Å"distemper†, and feline ataxia or incoordination. Examples of other viruses belonging to the same genus as Feline panleukopenia virus include Canine parvovirus type 2, Porcine parvovirus, Mink enteritis virus, and Raccoon enteritis virus. Virus Structure:   Ã‚  Ã‚  Ã‚  Ã‚  Feline panleukopenia virus (FPV) is a small (20 nm) autonomous , non –enveloped, icosahedral, single-stranded DNA virus that is approximately 5,120 nucleotides in legnth. The genome encodes for two genes which each form two proteins by alternative mRNA splicing. The non-enveloped capsid is assembled from 60 copies of a combination of the overlapping capsid proteins VP1 and VP2. The virus contains three capsid proteins. The capsids normally enter cells by clathrin-mediated endocytosis. Replication of the virus in the host occurs in cells that are rapidly dividing. FPV can survive in pH ranging from 3 to 9. The virus is highly resistant to most disinfectants (ether, chloroform, acid, alcohol, and heat), but is susceptible to Clorox bleach. History and Natural Biology of Feline Panleukopenia Virus:   Ã‚  Ã‚  Ã‚  Ã‚  Feline panleukopenia is endemic to cats worldwide. The virus has been identified since the early 20th century. The virus is so severe that it was referred to as â€Å"cat plague† in earlier times when infections worldwide nearly wiped out cat populations in certain geographic areas. Now FPV rarely occurs in domestic populations in which vaccination is routinely practiced. There is a seasonality to the occurrence of FPV that usually coincides with the production of new populations of susceptible kittens. This seasonal effect may vary according to geographic location. In the northeastern United States, most cases of FPV are seen in the summer and early fall. However, outbreaks of FPV may occur at any time of the year. It is thought that feral domestic cat populations are a natural resevior for Feline panleukopenia virus. Clinical Features and Viral Pathogenesis:   Ã‚  Ã‚  Ã‚  Ã‚  All members of the cat family (Felidae) are susceptible to infection with feline panleukopenia virus (FPV), as are raccoons, and minks, in the family Procyoniclae. Three major body sytems are affected by FPV. FPV specifically depresses the white blood cells and thus the immune system of the host, it attacks the rapidly reproducing cells lining the gut, and FPV affects the reproducing cells of the cerebellum and the retina of the eye when they are in their developing stage. The system it chooses depends on the age of the cat at the time of infection.

Teaching of an aspect of mathematics and english education essay

Appraisal for larning ( AfL ) has become slightly of a cant and has been an involvement in instruction for over 20 old ages. Harmonizing to Braodfoot and Black ( 1994 ) appraisal sits at the nucleus of acquisition and serves as a communicative device between the universe of instruction and that of wider society. Since the Education Reform Act ( 1988 ) and coinciding debut of the National Curriculum ( NC ) , the Government has put important accent on appraisal. The NC in England and Wales was created to standardize acquisition, so that the quality of end product in schools could be measured ( Murray, 2003 ) . Therefore the impression of appraisal in order to mensurate criterions was cardinal to its development. In this essay I will critically analyze the beginnings and intent of AfL and so travel on to research how I, as a trainee instructor, implement AfL into my ain instruction. There are a figure of AfL devices that can be used within the schoolroom, from larning aims, ego and peer appraisal, formative usage of summational trials and feedback. Given the restraints with word count I will measure one specific country of AfL that I used during a sequence of three literacy lessons based around Instructions ; oppugning. Subsequent to the debut of the NC, the Task Group for Assessment and Testing ( TGAT ) was developed in order to construct on the NC, planing a system of national testing and instructor appraisal ( DES/WO,1988 ) . The undertaking group study distinguished between summational and formative appraisal: â€Å" Formative, so that the positive accomplishments of a student may be recognised and discussed and the appropriate following stairss may be planned. Summative, for the recording of the overall accomplishment of a student in a systematic manner † ( DES/WO 1988: parity. 23 ) The TGAT argued that formative appraisal was rule in raising criterions ( DES/WO, 1988 ) . However, as Black ( 2000 ) notes, their statement was considered ‘weak ‘ and was mostly ignored in pattern. The usage of summational appraisal prevailed due to the demand for schools to show high criterions of instruction ( Black, 2000 ) . Wiliam ( 2001 ) adds that as a consequence, appraisal became divorced from larning and the immense part that appraisal could do to acquisition was mostly lost. Under the new Labour Government the NC was revised and the Qualifications and Curriculum Authority ( QCA ) determined that students would be assessed and a study would be written at the terminal of each Key Stage. Although there is still a demand for summational appraisal, the comprehensiveness of survey offered by the NC suggests that formative appraisal has an increasing function in back uping acquisition ( NC 2008 ) . More late formative appraisal has been labelled as ‘Assessment f or Learning ‘ ( AfL ) . It was non until Black and Wiliam ( 1998 ) published conclusive grounds that AfL significantly improved students larning that there was a considerable push for execution in schools and hence became an indispensable constituent of schoolroom work ( Black and Wiliam, 1998 ) . As Black et al province few enterprises in instruction have had such a strong organic structure of grounds to back up a claim to raise criterions ( 2004: 9 ) . In its simplest signifier, AfL is described as: â€Å" The procedure of seeking and construing grounds for usage by scholars and their instructors to make up one's mind where the scholars are in their acquisition, where they need to travel and how best to acquire at that place † . ( Assessment Reform Group, 2002 ) The Qualifications and Curriculum Authority ( QCA ) enhance this thought of construing grounds by presenting the impression that AfL enables students to be responsible for their ain acquisition. They add that students will better most if they understand the purpose of their acquisition, where they are in relation to this purpose and how they can accomplish the purpose ( or shut the spread in their cognition ) ( QCA, 2008 ) . Therefore one could reason that AfL encourages independent larning which increases self efficiency beliefs and the capableness to execute ( Pintrich and De Groot, 1990 ) . This relationship is supported by Deci and Ryan ‘s ( 1985 ) Self-government Theory ( SDT ) which purports that if a individual ‘s demand for liberty is satisfied so the motive to better will be intrinsic instead than extrinsic ( Vansteenkiste et al, 2006 ; Deci and Ryan, 2002 ) . Furthermore this correlates with the societal constructivist theory of acquisition and the humanistic do ctrine of larning. Inspired by such theoreticians as Abraham Maslow ( 1954 ) and Carl Rogers ( 1951 ) AfL encourages pupils to hold the ‘freedom to larn ‘ , understand and be cognizant of one ‘s strengths and failings with an built-in belief to win. Maslow ( 1954 ) and Rogers ( 1951 ) argue that intrinsic motive is a more healthy signifier. Reinboth and Duada ( 2004 ) agree, saying that intrinsic motive and desire is associated with increased ego regard, enjoyment, continuity ( Deci and Ryan, 1985 ) and more effectual acquisition ( Gottfried, 1990 ) . The supposed benefits of AfL run throughout instruction, with deductions that kids from a primary age benefit from holding self awareness around their ain acquisition through to those in higher instruction, at College and University. Indeed the Dearing Report ( 1997 ) provinces: â€Å" The universe of work is in continual alteration: persons will progressively necessitate to develop new capablenesss and to pull off their ain development and acquisition throughout life † . ( Dearing, 1997: 12 ) However as Swaffield ( 2008 ) notes assessment is multifaceted and complicated, it comes in a assortment of pretenses, takes many signifiers and fulfils many intents ( 2008: 11 ) . It would look that through the procedure of AfL there is an outlook that scholar ‘s become more confident, independent and independent ( Taras, 2002 ) and therefore the duty for the pupils ‘ acquisition is shared ( Black et al, 2004 ) . Whilst it may look an wholly positive intercession and one that lends itself to a ego reflective, dynamic and empowered larning experience I do question how genuinely realistic AfL is in the schoolroom? Indeed AfL may be desirable, but as Webb and Jones ( 2009 ) inquiry how easy is it for instructors to accomplish? Successful execution of AfL certainly depends on the acquisition attack and instructors ‘ cognition, accomplishments and schemes that they use to transport out complex pedagogical procedures ( 2009: 167 ) . Furthermore is our instruction system is set up for an environment to the full centred on the demands of the person? As Taras ( 2002 ) provinces, do our current patterns maintain gait with our ideals of pupil centred acquisition? ( 2002: 508 ) . Taras raises a valid statement. Is it possible to to the full encompass AfL when our instruction system is designed to fix kids for summational testing at the terminal of each stage of schooling? Given that our instruction system is based upon summational trial scores one could reason that there are assorted messages ; empower scholars so that they understand the roots of their acquisition and take duty for this acquisition yet guarantee that all scholars pass trials on a national degree. On the one manus by promoting AfL it would look that we are accepting and so encompassing the fact that all scholars are different ; larn in different ways and at different velocities. Yet on the other manus, we continue to prove all scholars on a mainstream, national degree and systematically generate degrees and numerical marks for every student. Black and William ( 1998 ) promote the formative usage of summational testing, so instead than seeing proving as a agency of mensurating, ‘it can be used to supply an indicant of students ‘ strengths and development demands, particularly at of import phases of their academic calling ‘ ( Smith, 2010: 4 ) . However one might hold with Taras ( 2002 ) ; our current patterns within instruction certainly do non suit with the ideals upon which AfL are based. Hargreaves ( 2008 ) concurs ; saying that the Government has put in topographic point a ‘debased version of the Black and Wiliam theoretical account of AfL ‘ due to our constricting theoretical account of instruction ( 2008: 1 ) . Although the execution of AfL may be criticised the intent and possible acquisition results are widely accepted. Feedback is important to successful acquisition ( Swaffield, 2008 ; Black and Wiliam, 1998 ) and is arguably one of the most effectual signifiers of educational intercession ( Hattie, 2007 ; Wiliam, 2007 ) . Oral feedback, through inquiring, is less developed than written feedback but can be a powerful manner of giving instant formative feedback to pupils. Furthermore oppugning can work both ways and besides provide instant feedback from the pupil to the instructor. Effective inquiring goes beyond inquiring simple ‘open ‘ inquiries ( as opposed to closed ‘yes ‘ or ‘no ‘ inquiries ) and can be a hard tool to seamlessly implement into the schoolroom. However despite any troubles the DfES ( 2007 ) province a overplus of grounds as to why oppugning offers the chance for a extremely effectual schoolroom where AfL is obviously active. The most outstanding ground cited is that of oppugning holding the ability to enable students to gain what they know and, more significantly, what they partially know and guide them to farther develop their apprehension ( 2007: 2 ) . Black et Al ( 2004 ) agree, adding that oppugning can go portion of the synergistic atmospher of the schoolroom and can supply an priceless chance to widen pupils ‘ thought through immediate feedback on their work ( 2004:12 ) . Crowe and Stanford ( 2010 ) further add that the effectual usage of oppugning creates a ‘dynamic and synergistic duologue ‘ and so utilizing higher degree oppugning and believing ‘predicates the use of information and thoughts which, in bend, provide an chance to develop new thoughts and apprehensions ‘ ( 2010: 36 ) . Mentioning to the lesson sequence overview at appendix 1 ( page 2 ) it is apparent that I intended to utilize oppugning as an imperative appraisal tool as I felt that it would give me an instan t overview and apprehension of the kids ‘s acquisition and how they may be able to come on farther. In add-on I decided to do usage of the single whiteboards ( see appendix 2a and 2b ) when utilizing oppugning as this would let me to measure the category as a whole, instead than merely an single kid that answers a directed inquiry. The usage of oppugning is perceived to hold many advantages. As the Northern Eastern Education and Library Board ( NEELB ) ( 2008 ) and Trinkle ( 2009 ) note set uping the correct schoolroom clime is important to effectual inquiring. Black et Al ( 2004 ) concur ; adding that in order for oppugning to be an effectual AfL device the instructor needs to accommodate a ‘risk taking civilization ‘ and a ‘community of question ‘ ( 2004: 11 ) . Through my ain pattern I strived to make this inclusive community, guaranting that I included all kids and made them experience valued and comfy to portion their ain ideas and thoughts. I was happy for kids to give a ‘wrong ‘ reply and by researching why the reply may non be right, as opposed to merely stating ‘no ‘ , I felt that this contributed to a supportive and encouraging schoolroom environment. Rae and Nelson ( 2010 ) agree, emphasizing the importance of making a collaborative acquisition environm ent otherwise the fright of acquiring a inquiry incorrect and looking like a failure in forepart of their equals will deter scholars from seting their manus up or replying a inquiry if selected. As shown on my programs in appendix 2a, 2b and 2c I pre-empted inquiries that I felt would be relevant to the kids and would foreground whether or non the kids had listened, understood and interpreted the information given about instructions. I thought approximately unfastened inquiries yet was really cognizant of the age of my category and was hence witting non to inquire inquiries that may confound them. Looking at the inquiries I had planned at appendix 2a, Rogers and Abell ( 2008 ) would knock me for non incorporating multi degree oppugning. On the most basic degree inquiries such as ‘what are instructions? ‘ , ‘how are they used? ‘ and ‘what happens if the instructions are non in the right order ‘ are all unfastened inquiries and do so necessitate the scholar to believe about an reply which goes beyond merely ‘yes or ‘no ‘ . However they are all comprehension inquiries. Whilst comprehensive inquiries demonstrate that the kids show apprehension of information callback and can set this information in their ain words ( Crowe and Stanford, 2010 ) on a more holistic degree I have non utilised the different types and degrees of inquiries ( cognition, comprehension. application, analysis, rating, and synthesis ) to back up my systematic development of oppugning schemes ( Hill and Flynn, 2008 ) . As Anderson and Krathwohl ( 2000 ) province I have fallen in to a common trap ; teacher ‘s frequently do non gain the types or qualities of inquiries that they use. To better upon this in the hereafter, Costa ( 2000 ) suggests that developing a broad scope of oppugning schemes that include a diverseness of inquiry types will heighten the acquisition environment and let for distinction within the learning procedure. There are a figure of ways in which this may be achieved. Clarke ( 2005 ) proposes utilizing Edward De Bono ‘s Six Thinking Hats, with each chapeau being linked to a different thought scheme and therefore a different manner of oppugning. For illustration White Hat believing involves informations and information presented neutrally, so inquiries would include ‘what information is losing? ‘ Black Hat believing involves being defensive and cautious, so inquiries would include ‘why would this non work? ‘ I could besides hold thought about Blooms Taxonomy ( 1956 ) to develop a broader scope of oppugning types. The foundation work of Bloom ‘s taxonomy divides educational aims into three separate spheres, cognitive, affectional and psycho-motor and hence encourages a focal point towards a more holistic position of instruction. Using Bloom as a stimulation would promote one to believe about the different spheres and how to integrate these into the types of oppugning used. As Black et Al ( 2004 ) recognise, utilizing a assortment of inquiry types allows scholars to go more active participants and come to gain that acquisition may depend less on their capacity to descry the right reply and more on their preparedness to show and discourse their ain apprehension ( 2004: 13 ) . Upon farther contemplation of my ain usage of oppugning I noticed that I tended to inquire a inquiry and so merely wait for a few seconds before either inquiring another kid or, on occasion, replying the inquiry myself if that kid had non responded. Rowe and Hill ( 1996 ) note that this is a common happening in the usage of inquiring, and in fact their survey on oppugning concluded that on norm instructor ‘s waited less than a 2nd before they intervened. Black et Al ( 2004 ) argue that the effect of such short ‘wait clip ‘ is that the lone inquiries that ‘work ‘ are those that can be answered rapidly, without idea ; that is, inquiries naming for memorised facts. As a consequence the duologue is at a superficial degree ( 2004: 11 ) . Harmonizing to the NEELB ( 2008 ) there are a figure of schemes that I could set in topographic point which would supply scholars with critical thought clip and therefore they would be better placed to react. Immediately, one scheme would be to increase the wait clip ( Black et al, 2003 ; Taras, 2009 ; Crowe and Stanford, 2010 ) . Swaffield ( 2008 ) explains that this would let scholars the critical clip they need to reply the inquiry, would ensue in fewer ‘I do n't cognize ‘ , would bring forth more thoughtful and originative replies and would profit all scholars, no affair their ability. Black et Al ( 2004 ) note that many instructors find it difficult to make this, for it requires them to interrupt their established wonts. However once they change, the outlooks of their pupils are challenged ( 2004: 11 ) . Other schemes, supported by Trincani and Crozier ( 2007 ) and the NEELB ( 2008 ) , include affecting the whole category instead than merely one person, walking around the room whilst inquiring inquiries ( this takes the force per unit area off an person ) , utilizing a ‘no hands up ‘ attack ( this would promote all scholars to remain engaged for longer ) and eventually utili zing the ‘think, brace, portion ‘ scheme to affect the whole category and give those scholars who are somewhat shyer the chance to take part. As Taras ( 2009 ) states incorporating these schemes create a displacement in the inquiring model. Learning moves from a behavioristic theory where factual callback was prioritised, to a societal constructivist position taken from cognitive psychological science, where a complex model of factors within a given context permits scholars to research their ain apprehension ( 2009: 64 ) . Atkins et Al ( 1993 ) agree, observing that this would besides look to match to ‘deep ‘ larning as opposed to ‘surface ‘ acquisition ( 1993: 50 ) . To reason AfL plays a polar function in the schoolroom, and so literature emphasises the importance of AfL as a procedure to increase students ‘ duty for their ain acquisition ( DfES 2007 ) . This essay has critically explored the intent of AfL, foregrounding the disagreements between the Government push for AfL to be used throughout instruction yet within a system which still relies to a great extent on summational testing. I have analysed my ain usage of one component of AfL ; oppugning, and can reason that it is a powerful device that has several benefits for the instructor. Questioning has the ability to arouse kids ‘s ‘ understanding, make an environment that encourages hazard pickings, contributes to classroom interaction and promotes larning and enthusiasm. However in order to to the full accomplish these benefits one must carefully see and reflect upon the nature of inquiries used and actively program to implement the usage of multi flat inquiries as portion of their lesson planning ( Anderson & A ; Krathwohl, 2000 ; Hill & A ; Flynn, 2008 ) . As I progress as a instructor I will now take more clip to see the usage of oppugning so that I guarantee that I am maximizing its full potency.