The Effect Star Wars Had on American Culture free essay sample

The utilization of Star Wars in American culture has assisted with characterizing society as far as new markets, the development of a social network, and being present day in culture and society. George Lucas began his creation organization Lucasfilm Limited for the creation of Star Wars, this thusly prompted another market and the formation of various organizations, all with a family driving back to Lucasfilm Limited and Star Wars. Star Wars likewise prompted the arrangement of another sub-culture in American culture, the way of life encompassing the route individuals of any age can interface and play, just as making unbounded opportunities for Star Wars games and subjects. Star Wars likewise demonstrates us being present day, and in considering the extraordinary movies one can see all the various advancements we have today that were a result of the Star Wars universe. Lucasfilm Limited, established by George Lucas in 1971, is most popular for the Star Wars and Indian Jones films and got the show on the road for the mastery of the film showcase regarding embellishments. Here is a brisk rundown of auxiliary organizations to Lucasfilm Ltd. : Industrial Light and Magic, Skywalker Sound, LucasArts, Lucas Licensing, Lucas Learning, Lucas Books, Lucasfilm Animation, Lucas Marketing, Lucas Online. Previous auxiliary organizations incorporate THX Ltd. , and Pixar Animation Studios. These ten organizations were totally worked off Lucasfilm Ltd. what's more, show how Star Wars prompted George Lucas control over the embellishments film industry. Mechanical Light and Magic is an American Academy Award-winning film visual ffects organization established in 1975 by Lucas. Skywalker Sound is the audio cues, sound altering, sound structure, sound blending and music recording division of Lucasfilm Ltd. LucasArts is an American computer game engineer and distributer, it distributes games based essentially off Star Wars. Lucas Licensing and Lucas Learning are the two divisions under Lucasfilm Ltd. responsible for the authorizing and promoting of items, just as the dis tributing of instructive materials. Lucas Books is the division accountable for all book distributing under Lucasfilm Ltd. Lucasfilm Animation is a liveliness studio established in 2003, its first significant creation was the Star Wars: Clone Wars TV arrangement. Lucas Marketing and Lucas Online are divisions of Lucasfilm Ltd. accountable for showcasing of items and site creation, individually. THX Ltd. is a high-devotion sound/visual multiplication standard for cinemas, screening rooms, home theaters, PC speakers, gaming reassures, and even vehicle sound frameworks. It was established in 1983 by George Lucas so as to guarantee that the soundtrack for the third Star Wars film, Return of the Jedi, would be precisely repeated in the best settings. Pixar Animation Studios is a PC movement film studio, most popular for its CGI-energized highlight films. Pixar started in1979 as the Graphics Group some portion of the PC division of Lucasfilm Ltd. These are only a portion of the bigger organizations that are a section or were at one time a piece of Lucasfilm Ltd. , which produced most of its capacity/income from the Star Wars establishment. Star Wars has made and subsidized the market of vivified film in American culture through the development of Lucasfilm Ltd. what's more, the formation of gigantic film organizations, for example, THX and Pixar. Not just has this dynamic establishment made new roads in the vivified film advertise, yet is has likewise become a famous item in our way of life. The six-film Star Wars adventure has significantly affected American mainstream society, with Darth Vader being a famous super lowlife and expressions like May the Force be with you being a well known farewell state. Since that noteworthy Friday in May of 1977, sci-fi, especially in film, has regularly been impacted and contrasted with Star Wars, and it likewise helped dispatch the science fiction blast of the late 1970s and mid 1980s, making sci-fi films a blockbuster class. The Hollywood-center moved from simply important stories dependent on emotional clash, topics and incongruity to the embellishments loaded blockbusters following these significant stories. Before Star Wars, enhancements in films had not obviously progressed since the 1950s, yet the business achievement of the establishment made a blast in the embellishments business, this flood being driven by Lucasfilm Ltd. The American conductor, piano player and author, John Williams, made the film scores, or music in the film, for movies, for example, Indiana Jones, Jaws and similarly if not progressively significant, Star Wars. Williams film scores have become notorious melodic options for display, games, or other Star Wars occasions. There have additionally been various measures of Star Wars satires and side projects, for example, Spaceballs, or TV scenes from Family Guy, The Cleveland Show, and various other TV scenes. The production of Star Wars activity dolls and other Star Wars toys is an immense market that is developing each year. One of Legos, development toy sets, most famous merchants is the Star Wars themed Lego sets. With the ascent of computer games in the course of recent decades has additionally observed some development because of the Star Wars people group. LucasArts has delivered more than 80 individual Stars Wars computer games since Star Wars initially came out, making its own sub-type of the computer game market. Above all with the social network part of Star Wars, we see the unification of a wide range of people. What number of individuals in American culture today can't perceive Princess Leias cinnamon bun haircut, or the notable sound of Darth Vaders breathing, or the eccentric discourse of Jedi Master Yoda? Star Wars has made a network of individuals who can perceive the various characters based off individual highlights, for example, Vaders breathing or Leias hair, however it likewise gives numerous individuals a shared conviction to talk about various parts of life, since Star Wars contacts pretty much every part of life. One can liken a woods to the trees of Endor, or a development machine to the developments of an AT-AT, or a frigid atmosphere to that of Hoth. The great storyline that follows a poor, stranded ranch kid join a gathering of revolutionaries to crush his scalawag father and the shrewd he represents is straightforward enough for children of any age to comprehend, and sufficiently energizing to engage the child in each one of us. At that point with the augmentation of the set of three to Episodes I, II, and III, the storyline is made significantly more profound and progressively intricate as watchers watch the childhood of the youthful Vader. The story following Anakin Skywalker advances to numerous as a result of his rastic change from the guiltless kid to the grown-up who yields to feelings, much the same as huge numbers of the Star Wars watchers who may, each once in for a little while, surrender to feeling. The arrangement of the Star Wars people group is a case of a shared conviction where ANY individual is welcome only because of their capacity to perceive Star Wars in mainstream society. This establishment additionally sh ows being present day regarding innovation, and we can perceive how innovation today was influenced by Star Wars. The cardboard TIE Fighters and firecrackers blasts were what was utilized to make the enhancements of the main Star Wars set of three. Thinking back on those movies, the innovation appears to be very boorish, where is the CGI?! Yet, in the mid year of 1977 the enhancements of Star Wars was equivalent to the visual (not storyline) execution of James Camerons Avatar. At the point when George Lucas established Industrial Light and Magic he did so not simply to enhance the innovation and embellishments encompassing Star Wars, yet other film ventures also. Since Lucas moved the organization to Marin County in 1978, Industrial Light and Magic has proceeded to deliver the enhancements of about 300 movies, including the Indiana Jones arrangement, the Harry Potter arrangement, the Jurassic Park arrangement, the Back to the Future set of three, many Star Trek films, the Pirates of the Caribbean arrangement, the Terminator spin-offs, the Transformers films, the Men in Black arrangement, the Mission Impossible movies, E. T. the Extra-Terrestrial, and obviously the Star Wars establishment. All huge blockbuster arrangement or movies, every single embellishment dealt with by Industrial Light and Magic, which was established dependent on the enhancement needs of Star Wars. The Star Wars establishment has likewise given motivation to the U. S. government when it come to innovation. The Strategic Defense Initiative, made by President Ronald Reagan in 1983, planned to utilized ground-and-space-based lasers, rockets and different weapons to help shield the United States from assault by atomic rockets. Pundits mockingly alluded to it as Star Wars. Reagan himself may have drawn upon Star Wars for motivation when he alluded to the Soviet Union as the Evil Empire, resounding the utilization of Evil Galactic Empire in the initial slither for A New Hope six years sooner. Another connect to the U. S. government and Star Wars lay in the thoughts of U. S. Armed force Lt. Col. Jim Channon for a First Earth Battalion. As itemized in the book The Men Who Stare at Goats and fictionalized in the film of a similar name, the U. S. military inquired about the possibility of super-officers they called Jedi warriors, who could, among different capacities, embrace shrouds of intangibility, go through dividers, precognitive sense information on the future and even slaughter goats by gazing at them. A later case of how Star Wars impacted present day innovation is political race night, 2008. CNN introduced journalists as 3D images a lot of like the scenes from Star Wars, total with fractional translucence and a shining blue fog around them. The procedure required 35 HD cameras and is called tomograms, made by catching pictures of an individual from all sides, recreating them with PCs and showing them on screen. The utilization of bionic hands and different appendages has additionally become increasingly more conspicuous with current innovation, and numerous amputees liken themselves with Star Wars character who were the first to be seen with bionic appendages that can be contrasted and todays standa

Shui Fabrics Essay Example

Shui Fabrics Essay Thisâ case is aboutâ the usage of anâ employee included and enabled organization at Elektra ProductsInc. The top administration recommendedâ to execute, for example, to allow chiefs to follow an item from structure to deals to client; permit deals representatives to get an on the spot discount of $500 worth of product; make data accessible to salesmen about future items and trade deals and assembling employeesâ for brief periods to let them become more acquainted with one another’s job.Read alsoâ ANALYSIS OF OUR SECRET BY SUSAN GRIFFINOn the other hand theâ majority of the organization workers after knowing about the arrangement have demonstrated lack of engagement and scepticismâ to the idea,â due to might want to actualize according to the Director of the Human Resources Department the thought for individual change would everyone’s low resolve, loss of trust towards the organization andâ lack of correspondence. Theâ employees are not open to grasp the change that the organization obliterate the deliberately made activity classifications that had quite recently been completed.The money division contended that permitting sales reps to make $500 discounts would make a goldmine for deceptive clients and sales reps and the legitimate office cautioned that giving such data to sales reps can result to mechanical spying. All these were referenced by the representatives after the CEO Martin Griffin left to go to a gathering for a specific client.Barbara Russell the VP of the assembling division and part of the critical thinking group is left with the thought whether to keep her mouth shut; take a risk and face Martin to push gradually for the change and work for progressive help from different groups; or search for another activity and leave the organization she truly thinks about. II. Targets Theâ objectives of theâ problem are toâ provide a successfulâ action planâ towardsâ theâ involvement and strengthening of the organization w orkers and to set up an amicable relationshipâ with all the representatives and top administration. Case Study: Shui FabricsI. Articulation of the Problem: Rocky River Industries is considering dropping tit’s joint endeavor with Shanghai Fabric Ltd. , due toâ itsinefficient 5% ROI for as long as three years, Rocky River Industriesâ is expecting Shui Fabrics to 20% ROI. Shui Fabricsâ was said to be wasteful because of its unsophisticated innovation and Rocky River would like to lessen workforceâ by fusing progressively complex machineryâ to increment ROI to 20%. II. Destinations Theâ objective of the issue is to decide conceivable answer for keep the joint endeavor of Rocky River andShanghai Fabric. IV.Framework of Analysis/Evaluation of Alternative Actions: Strengths (Internal to the association) Shanghai Fabricâ contribution to the neighborhood economy Helps decline joblessness rate in China Weaknesses (Internal to the association) Company creates t he perfect degree of benefit, and had been reliably at 5% ROI Opportunities (External to the association) Competitors are utilizing progressively refined innovation that doesn’t require more workforces Threats (External to the association) Importation of items and administrations from America to China can likewise be restricted Current US duties and shares could change at any timeStrengths-Opportunities Upgrading or fusing increasingly complex apparatus will build effectiveness and profitability, it will likewise help Shanghai Fabricâ compete with nearby and global contenders and more business joint endeavors with other association. Along these lines executing this will help in expanding the business rate and maintain a strategic distance from workforce lay-off. Qualities Threats By strengthening Shanghai Fabricâ it will enable their organization to develop and not need a 50-50 joint venturethatâ will give them 100% benefit. Shortcomings Opportunities Updating thei r apparatuses will expand the company’s return

Using Zoloft to Treat Panic Disorder

Using Zoloft to Treat Panic Disorder Panic Disorder Treatment Print Zoloft for Panic Disorder By Katharina Star, PhD facebook linkedin Katharina Star, PhD, is an expert on anxiety and panic disorder. Dr. Star is a professional counselor, and she is trained in creative art therapies and mindfulness. Learn about our editorial policy Katharina Star, PhD Medically reviewed by Medically reviewed by Steven Gans, MD on October 26, 2019 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on November 27, 2019 Myling/Wikimedia Commons More in Panic Disorder Treatment Symptoms Diagnosis Coping Related Conditions In This Article Table of Contents Expand How Zoloft and SSRIs Work Side Effects Stopping Zoloft View All Back To Top Zoloft (sertraline) is a medication thats frequently prescribed to treat a number of different psychiatric disorders including depression, obsessive-compulsive disorder, and social anxiety disorder. Its also often prescribed for people whove been diagnosed with  panic disorder, a condition that causes frequent episodes of specific symptoms called panic attacks. If your doctor suggests you take Zoloft as part of a treatment plan for panic disorder, it can be helpful to learn how the drug might work to help you manage your symptoms. The more you understand about any medication you take, including how it affects the body and any potential side effects it might cause, the more comfortable youre likely to feel when taking it.   How Zoloft and Other SSRIs Work Zoloft (sertraline) has been available for the treatment of depression since the mid-1990s.?? At that time, many studies found the drug to be highly effective for treating panic disorder as well. It is a medication that is prescribed to treat mental illnesses like depression, obsessive-compulsive disorder, social anxiety disorder, post-traumatic stress disorder and more.?? People who take Zoloft often report improvements in mood, appetite, sleep quality, energy level and interest in daily life. Many say that they feel less afraid or anxious and have fewer panic attacks. Zoloft belongs to a class of medications called selective serotonin reuptake inhibitors (SSRIs). Examples of other SSRIs include Prozac (fluoxetine), Paxil (paroxetine), and Lexapro (escitalopram).  These medications work by increasing the amount of serotonin available in the brain.?? Serotonin is a neurotransmitterâ€"a chemical that carries signals between brain cellsâ€"that, among other things, helps to regulate mood. In particular, serotonin is associated with positive emotions; in fact, its sometimes called the feel-good chemical. As an SSRI, Zoloft and other SSRIs do exactly what the name suggestsâ€"they block the reabsorption, or uptake, of serotonin in the brain, leaving more of the chemical available. Research has found that for many people, taking 50 to 175 milligrams of Zoloft per day can  reduce the severity and frequency of panic attacks and baseline anxiety, and is as effective as cognitive behavioral therapy.?? Side Effects Since drugs like Zoloft affect the brain, you may be worried about how taking them will affect youâ€"that youll feel strange or have trouble thinking, for instance. Truthfully, theres no way to predict how an SSRI will make you feel since everyone responds differently to the drug. One thing that is for sure is that you wont get relief from your  symptoms  right away as the drug will need to be in your system for some time before you feel the full effects.   Common Side Effects You may experience side effects of Zoloft before you notice youre feeling better. The side effects may include:   DrowsinessNausea (which you may be able to avoid by taking your medication with food)Dry mouthInsomniaDiarrheaNervousness, agitation or restlessnessDizzinessHeadacheBlurred vision?? Sexual Side Effects One of the most potentially bothersome side effects of Zoloft and other SSRIs are sexual problems. These can include  reduced sexual desire or difficulty reaching orgasm, or less frequently inability to maintain an erection (erectile dysfunction). These can be so distressing for some people that they  choose not to take the medication and live with their psychiatric symptoms.   If taking Zoloft interferes with your sex life, the Mayo Clinic suggests some things you can try before quitting the medication:?? Give it time. Sometimes sexual side effects of antidepressants get better on their own.  Adjust your dosage. Speak to your doctor first, of course, but you may be able to take a lower dose and still get the same benefits with less impact on your sexual function.    Adding a second antidepressant.  One, in  particular, Wellbutrin (bupropion), has been found to sometimes counter the sexual side effects of SSRIs.  Take medication to improve sexual function.  You can try Viagra (sildenafil), Cialis (tadalafil) or Levitra (vardenafil), which are all approved by the U.S. Food and Drug Administration for treating sexual problems in men. Limited research suggests sildenafil may improve sexual problems caused by antidepressants in some women, but more information is needed on its effectiveness and safety in women. If none of these measures work, you may need to try a different antidepressant to find one that doesnt have the same effect on your sexual function.     Serious Side Effects Contact your doctor immediately if you experience any of the following less common side effects of Zoloft: Signs of an allergic reaction: hives, rash, difficulty swallowing or breathing, and swelling of the face, mouth, throat or tongueVomitingConfusionExtreme nervousness, irritability or anxietyRapid heart rateSeizures?? Serotonin Syndrome In very rare cases, an antidepressant such as Zoloft can cause high levels of serotonin to build up in the body. This is most likely to happen to someone whos taking another medication that can elevate serotonin such as other antidepressants, certain pain or headache medications, and the herbal supplement St. Johns wort.?? This is one reason why its important to always make sure your doctor knows which other drugsâ€"including over-the-counter medicines and supplementsâ€"you might be taking before he prescribes something new for you. Signs and symptoms of serotonin syndrome include anxiety, agitation, sweating, confusion, tremors, restlessness, lack of coordination and a rapid heart rate. Seek immediate medical attention if you have any of these signs or symptoms.?? Black-Box Warnings All antidepressants, including Zoloft, have a black box warning. Black box warnings are assigned to medications by the U.S. Food Drug Administration. In some cases, children, teenagers and young adults (under 25) may have increased suicidal thoughts or behavior when taking antidepressants, especially in the first few weeks after starting the drug or after the dose is changed.?? Anyone taking an antidepressant should be watched closely for worsening depression or unusual behavior. If you or someone you know has suicidal thoughts when taking an antidepressant, immediately contact your doctor or get emergency help. Keep in mind that antidepressants are more likely to reduce suicide risk in the long run by improving mood. Stopping Zoloft If you decide you want to stop taking Zoloft, do not go cold turkey. Talk to your doctor first so he can help you gradually wean off the drug. Quitting abruptly can cause you to potentially experience some serious withdrawal-like symptoms. Even if youre very ready to go off Zoloft, the process will be more pleasant if you take your time.

The Declaration Of The Rights Of Woman And The Female Citizen

The Declaration of the Rights of Woman and the Female Citizen was written in the late 1700’s. This document is important because it shows how women are just as equal as men are. It states that, â€Å"Woman is born free and lives equal to man in her rights. Social distinctions can be based only on the common utility†(Traditions and Encounters 640). Women have always played a significant role during crises. Almost all the times they were devaluated and history did not dedicate them many pages to point out their contribution and its positive or negative effects. Olympe de Gouges wrote this document. She was a butcher’s daughter who directly challenged women’s inferiority to men. This woman was charged with treason and then hanged on November 3, 1793 for fighting for women’s rights. The document states ten articles that give good examples of why women should have equal rights as men and should also be considered a citizen. The ten articles listed are Ar ticle 2, Article 3, Article 4, Article 6, Article 7, Article 11, Article 13, Article 14, and Article 17. Some important articles are Article 1, which states how women are born free and their lives should matter just as much as a mans. It also says that you should only look at their common utility when it comes to social distinctions. Also, Article 6 stating that men and women are both equal in the eyes of the law and that both may be employed and hold high positions based on their virtues and talents. If it involved the house or theShow MoreRelatedThe Civil War Of Independence967 Words   |  4 Pages 1750 marked a reconstruction era for the world. Also 1750-1850 was heavily focused on people’s rights. Some of the main bills were the Declaration of the Rights of Man and the Citizen, The Bill of Rights, Haitian Republic Constitution Of 1801, and Olympe de Gouge: Declaration of the Rights of Women. 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Shekelhound Said That Nobody Could Survive Scrooge As He

Shekelhound said that nobody could survive Scrooge as he was relentless in the boardroom and ultimately wanted to be president of the entire company. Shekelhound was correct as Scrooge maneuvered his way to the top of the heap laying waste to the corporate lawyer and many who had been with the company for decades. The appointment of Pan-face to be President of the Hotel Division came as no surprise to Japes. Pan-face was the definition of â€Å"a suit† from a long line of pure bread Kiva s. A suit was a person who dresses the part, was well enough educated to converse on many different topics, was political with a lot of Brown Nose in them, and would never take a stand or support any subordinate. The truly good suits would take crap from†¦show more content†¦The hotel computer system had been compromised and thousands of individual credit card numbers were stolen. These credit cards were used all over the world and would cost the companies tens of thousands of dollar s in retribution to the actual cardholders. The Secret Service agent, who looked more like a cover girl than an agent, implied that it would be unlikely the perpetrator would actually be caught. The cyber attack was something new to the world and extremely hard to track. Japes was informed that the hotel would receive a fine, and that funds would be held in escrow in the amount of a quarter-million dollars. He didn t realize that the company transferring the funds from the hotel to the bank would arbitrarily take the money. In essence, the hotel would receive no revenue from its credit card transactions for nearly two weeks. The hotel contracted one of the few firms in the country to come into the hotel and analyze the data breach, which in turn would then report directly to the Secret Service, the franchise, and to the credit card companies. The young four-eyed geek, who flew in from the Midland Region was twenty-five years old. He was a typical geek analyst and knew the ins and ou ts of all the computer systems. Japes worked him as best he could, establishing a quick relationship and attempting to decipher what happened. Although the geek couldn t say officially what was wrong, he soon recognized the malignant software cleverly attached through the Internet

Long Term Results of Earning My Degree Free Essays

I believe that my long term results of earning my degree will be to help me find a job in my field of study. I think that the value of my education is priceless. I feel this way because you cannot put a price on education and knowledge. We will write a custom essay sample on Long Term Results of Earning My Degree or any similar topic only for you Order Now There is nothing greater than knowing that I completed my courses and could graduate from college. No matter what my age is when it happened. My personal plan for my academic future will be to graduate from my courses and earn my associates degree and possibly moving on to earn a bachelor’s degree. While earning my bachelor’s degree I can start to intern as an accountant and gain the experience necessary to further my career. I think that by doing these two things I will be more educated and qualified as an Accountant. With me gaining the experience and becoming more educated I will have a better chance for receiving a position that I have applied for because I do have the educational know how and experience. I have learned a large amount about being in a collaborative learning environment. I find this experience to be very helpful and have enjoyed working with my fellow classmates. They have allowed me to express my thoughts and views on a topic and also have helped my views and opinions to grow with theirs. I have learned so much from my classmates and I am very excited to continue on my journey. We have all worked together to gain a better understanding of the material. I learned that goal setting is an extremely important tool to help me achieve my degree. If I do not set goals I will never get things done. It is important to set smaller goals to help you achieve bigger goals. At any point in time you can adjust your goals to make them more attainable. The important thing to remember is to follow your goals according to plan, and be sure to stay on track. While taking this course I have learned how to better manage my time and try to eliminate as much stress as possible. I have made a schedule to fit my schoolwork, family time, and personal time in to my daily routine. I have found that if I do not stick to my schedule and do things according to plan I will fall behind and have to rush through things to get them done. If I do not effectively manage my time, especially while my children are in school, I have to stay up really late to get things done. If I can at least get done all my reading and notes taken while they are in school then it is fairly easy to go back and check fellow classmate responses to myself and reply to them. By doing this I am not only helping myself to get a better understanding of the material I am also helping my classmate as well. My top priority before I start my week is to get as much of my reading done the weekend before so that way when I sign in I just have to review my notes and posts my answers and responses. While I am reading I start my studying an make sure that I am taking accurate notes and I also print out the assignments so I am able to create a rough draft before I send my assignment to my instructor. I have learned that if I am starting to lose my concentration I will close my laptop and save what I was doing and return to it later. I do this so I can stay energized and focused, whether it is for only a few minutes or an hour or so. This the part that I really love about doing my courses online I can do it at my own pace as long as the work is completed by the due dates specified in course syllabus. I love that I can choose what way I study and learn making it personalized allows me to learn the way I am familiar with and what works for me. The resources offered to University of Phoenix students are extremely helpful. I cannot wait to utilize all of the resources. I know the one that I probably will use the most is the University Library. I say this because I will want to make sure my information that I use is credible and accurate. Another resource will be the Center for Writing Excellence, this tool will help me to check proper grammar use, writing format, and help me cite the sources that I have used in academic work. How to cite Long Term Results of Earning My Degree, Essay examples Long Term Results of Earning My Degree Free Essays I believe that my long term results of earning my degree will be to help me find a job in my field of study. I think that the value of my education is priceless. I feel this way because you cannot put a price on education and knowledge. We will write a custom essay sample on Long Term Results of Earning My Degree or any similar topic only for you Order Now There is nothing greater than knowing that I completed my courses and could graduate from college. No matter what my age is when it happened. My personal plan for my academic future will be to graduate from my courses and earn my associates degree and possibly moving on to earn a bachelor’s degree. While earning my bachelor’s degree I can start to intern as an accountant and gain the experience necessary to further my career. I think that by doing these two things I will be more educated and qualified as an Accountant. With me gaining the experience and becoming more educated I will have a better chance for receiving a position that I have applied for because I do have the educational know how and experience. I have learned a large amount about being in a collaborative learning environment. I find this experience to be very helpful and have enjoyed working with my fellow classmates. They have allowed me to express my thoughts and views on a topic and also have helped my views and opinions to grow with theirs. I have learned so much from my classmates and I am very excited to continue on my journey. We have all worked together to gain a better understanding of the material. I learned that goal setting is an extremely important tool to help me achieve my degree. If I do not set goals I will never get things done. It is important to set smaller goals to help you achieve bigger goals. At any point in time you can adjust your goals to make them more attainable. The important thing to remember is to follow your goals according to plan, and be sure to stay on track. While taking this course I have learned how to better manage my time and try to eliminate as much stress as possible. 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I say this because I will want to make sure my information that I use is credible and accurate. Another resource will be the Center for Writing Excellence, this tool will help me to check proper grammar use, writing format, and help me cite the sources that I have used in academic work. How to cite Long Term Results of Earning My Degree, Papers

Romeo And Juliet Mood Essays - Characters In Romeo And Juliet

Romeo And Juliet Mood The mood illustrated in William Shakespeare's "Romeo and Juliet" changed drastically from the beginning of the play to the end. This is shown throughout the story through the physical, emotional, and philosophical changes that take place. When Romeo and Juliet met each other, they were so ecstatically in love with each other, but their joy was soon crushed. At the beginning of their love they thought nothing could separate them, but Romeo's banishment changed that. The Capulet and Montague families had always believed that hatred towards each other was an indestructible, acceptable thing, however, that soon changed. Both the Capulets and Montagues were emotionally scared by the two teenagers love for one another. The families felt that hatred was right throughout there history. Emotionally Juliet was tortured from being away from Romeo, Romeo feeling the same way also. First, Romeo is banished to Mantua, then her parents disown her when she refuses to marry Paris. Yet no sooner do they draw apart than they find themselves bound to take notice of the public world and its imperatives, of time calculated in days and hours, of love reduced to very little. Finally, her beloved Nurse betrays her, and Friar Lawrence deserts her in the tomb. Without meaning to, Romeo has left her alone in the world. She must spend her final moments totally abandoned. As you can see the emotional moods varied throughout the story of the two star crossed lovers. At the beginning of the play, Juliet is in harmony with her family. Their wish that she likes Paris is also her wish, and she has no secrets from them. After she meets Romeo, the two are isolated from the rest of the world. Even their friends don't truly understand them any more, but they have each other, and no one, at this point, is seriously threatening them. Juliet starts to physically lose her family and friends after she met Romeo. Nevertheless, we recognize this deeper dramatic sense, which was to shape the maturer tragedies, already in rebellion. Accidents make good incidents, but tragedy determined by them has no meaning. Their families are all hatred and pride and the play contrasts Romeo and Juliet's love against their families'hate as illustrated by the feud. In the Prologue, we're told that her love is stronger than the hatred of the feud, but it's a bitter struggle. Hatred is strong enough to separate the lovers, kill Mercutio, Tybalt, and Paris, banish Romeo, and finally force Romeo and Juliet to commit suicide. But love is even stronger, nothing can kill the love between Romeo and Juliet, and this finally triumphs. After the tragedy the survivors are shocked into dropping their feud, and Montague and Capulet are united in grief. You can see there was a lack of communication throughout the families and loved ones. Once again, nothing made the enemies except the clash of their own wills, and nothing is needed to make them friends except a change of heart. Romeo and Juliet is in essence a comedy that turns out tragically. But it is Romeo's headlong recklessness that leaves Friar Laurence no time to retrieve the mistake.

Globing Warming essays

Globing Warming essays Global Warming: Societys Warning I feel strongly that global warming is affecting my community because its effects reach across every town in every country across the entire planet. Global warming is sometimes referred to as the greenhouse effect. The greenhouse effect is the absorption of energy radiated from the Earth's surface by carbon dioxide and other gases in the atmosphere, causing the atmosphere to become warmer. The greenhouse effect is what is causing the temperature on the Earth to rise, and creating many problems that will begin to occur in the coming decades. For the last 10,000 years, the Earth's climate has been extraordinarily beneficial to mankind. "Humans have prospered tremendously well under a benign atmosphere," (Bates 28). Today, however, major changes are taking place. People are conducting an inadvertent global experiment by changing the face of the entire planet. We are destroying the ozone layer, which allows life to exist on the Earth's surface. All of these activities are unfavorably al tering the composition of the biosphere and the Earth's heat balance. If we do not slow down our use of fossil fuels and stop destroying, the forests, the world could become hotter than it has been in the past million years. Average global temperatures have risen 1 degree Fahrenheit over the last century. If carbon dioxide and other greenhouse gases continue to spill into the atmosphere, global temperatures could rise five to 10 degrees by the middle of the next century. The warning will be the greatest at the higher latitudes of the Northern Hemisphere, with the largest temperature rises occurring in winter. Most areas will experience summertime highs well above 100 degrees Fahrenheit. New temperature records will be set each year. As a possible prelude to global warming, the decade of the 1980's has had the six hottest years of the century (Erandson 18-22). Atmospheric disturbances brought o...

Promoting Your Books With Pinterest

Promoting Your Books With Pinterest Pinterest, a social media site, initially was popular among crafters, homemakers and Do-It-Yourselfers. Its becoming a popular destination as authors search for additional marketing possibilities. Pinterest can drive traffic to an authors blog or website, increase reader awareness and generate book sales. PINTEREST Pinterest is a free site (www.pinterest.com) where users set up boards and pin things they like to their boards. Think having a wall full of   bulletin boards. Create as many boards as you desire – one or hundreds. Name them – Books to read, Gardens, Fun to wear, etc. If you see a post on the main page that you like, click the heart on the upper right. If you want to save it, click pin it on the upper left. A box opens up where you choose which board to pin it to. Follow people. For instance, type chopeclark in the search box and youll find Hopes Pinterest page. On the upper right, click follow. Its that easy. Dont forget add your Pinterest link in your signature block, on your website and on your blog posts. WHY PINTEREST? Pinterest has over 100 million users. An estimated 70 percent of users pin/click through each month. Some authors have reported that Pinterest generated traffic surpassed Google+ and Twitter. TO PROMOTE YOUR BOOKS Set up a board for each book, or each series. Add a description about your book on each board. Include relevant keywords to show up in searches. Include links to your web site, blog, and sales page. (Descriptions are limited 500 characters. Bitly.com shortens those lengthy Amazon links.) Add pins that complement your book. Good visual images have the best chances of getting repined. They recommend having at least five pins on each board. Add pins that reflect the time period of your book, the area its set in, food or clothing of the era, recipes, etc. For instance, on my Trail Angel Mama – hiking board, I added pins about the Pacific Crest Trail, Wrightwood, California (story location), and links to useful hiking pages. When I publish a blog, I pin to my board, which directs Pinterest users back to my blog. When you start a new project, create a new board. Add pictures and information from your research. If the WIP name changes, edit the boards name. This helps promote your book prior to publication. Author Susan Wittig Albert has several series: China Bayles, Darling Dahlias and the Robin Paige Victorian mysteries that she co-writes with her husband, along with several stand-alone historical fiction books. Shes an active Pinterest user: 127 boards, 2,000 pins, and 3,000 followers. See her Pinterest page here. https://www.pinterest.com/susanwalbert/ Another Pinterest author is J.F. Penn. She has 31 boards: one for each book, and one titled My Books. She has a A Day in the Life of a Writer board sharing snippets of her life.https://www.pinterest.com/jfpenn/ TIPS Pin things specific to your target audience. Is it useful or entertaining? Hot Pinterest topics are: Food, fashion, fitness, beauty, dà ©cor, travel, crafts, children and pets. Share pins with valuable content: Blog posts, images, videos, essays, stories, character profiles. Be steady and consistent with your pinning to maximize your exposure. Better to briefly pin several times a week instead of binge pinning once a month. Pin at peak viewing times: late afternoons, early evenings and weekends. Pin your own unique pins along with repining others in your theme. READ MORE HERE: 56 Ways to Market Your Business on Pinterest, copyblogger.com/pinterest-marketing/ Your Writer Platform has a blog with usable tips and links detailing how to accomplish the recommended tasks. yourwriterplatform.com/use-pinterest-to-market-book-and-author-brand/

The Use Of The Business Ethics For Society And The Economy Essay

The Use Of The Business Ethics For Society And The Economy - Essay Example Of course, company employees are expected to obey the law and an act in accordance with customary public ethical guidelines but mainly because this is in the best interest of the company and not because the company itself has a moral obligation. The end result justifies any means by which to achieve it including the destruction of the environment as well as the financial gouging of customers and employees. Corporations do have social responsibilities and society should demand corporate adherence to those responsibilities. Employees cannot simply give away company funds to their favorite charity. That would be irresponsible, unethical and illegal. Certainly, company officials are also individuals whose conscience extends past workplace concerns. The person outside the corporation may feel a duty to voluntarily give their time and money to charities, the church, community, and family. In these instances, the individual is not acting as the agent of the giving but the principal. They ar e spending their own time and money or time and not the resources of a company. â€Å"If these are ‘social responsibilities,’ they are the social responsibilities of individuals, not business† (Friedman, 1970). Though the view that business does not have a social responsibility is logical and fits the capitalist ideology on which the country was built, others argue that the self-serving goals of corporate America have created a value system not only separate but in opposition to that of society. This reality is apparent not only in the U.S. but in many other countries as well, both in the developed world and Third World nations. The banking debacle in Mexico escalated its national debt by $80 billion due to the government financially bailing out unscrupulous shareholders who were in league with government officials at the taxpayer’s expense. When Argentina privatized most of the public works departments, corporations stole money from millions of Argentinean citizens. In Europe, the pharmaceutical industries essentially regulated themselves due to their influence within the government. The drug companies did not sufficiently test its products interested only in profits and not the benefits of the drugs for patients. Steps have since been taken to reduce the harm committed by this type of corporate corruption. Many suggest that the situation in the U.S. today involving pharmaceutical company influence and the consequential effects is hauntingly similar. (Borger, 2001) O f course, corporate corruption in the U.S. is sadly legendary in scope. The recent banking and Wall Street debacle in the U.S. is expected to cost taxpayers into the trillions of Dollars. The Bernie Madoff scandal, Worldcom, Tyco, and Enron are but a few of examples of fraudulent practices by company heads which cost thousands of people millions of dollars including

Problems Faced By Project Managers When Attempting To Weld the Essay - 1

Problems Faced By Project Managers When Attempting To Weld the Temporary Taskforce - Essay Example This essay explores the temporary taskforce as a group â€Å"composed of members from different departments that can create a new way of working from which the members can learn and bring the new methods back to their obligations†. This is considered a parallel learning methodology that is proactive to identify proper workflow charting and assess the entire project using team member expertise to formulate a total, working plan of action for the launch of the project team. The first issue involved in setting up a project team is identified roles and obligations and how to establish a hierarchy of command and control. Stys suggests that it is necessary to include the construction manager to the team during early planning efforts due to their specialized knowledge and experience in construction projects. The construction manager in most instances is accustomed to the supply, cost and labor concerns that arise in construction projects and can bring economic and hierarchical struct uring experience to help develop an appropriate workflow chart to ensure proper communication channels are established and assist the project manager in cost recognition and accounting activities. â€Å"Every construction project is unique with its own problems†. The temporary taskforce, depending on the individuals chosen to represent each workgroup or function, has individual knowledge about their area of interest as it relates to the construction project and can, therefore, brainstorm ideas or offer suggestions based on previous experience, successes, and failures when working on diverse construction projects. The project manager, himself, is not equipped to consider all of the different problems that might be incurred in real-time during a complex construction phase and thus bringing this form of knowledge to the preliminary planning stages ensures a proper development of structure, role identification, and communications channel.

Market strategy and recommendations to enhance the USP

Market strategy and recommendations to enhance the USP Air Asia share price has been volatile, with the possible reasons for this volatility. Marketing: Discuss the Market Strategy and recommendations to enhance the USP by using Models and diagrams. Operation Management: Analysis of prioritise operations issues which are of strategic nature for the company and possible solutions. Module Code: MGTM IM 002 Submitted to: Programme Administration Team (Kaplan Financial) Submitted by: Group 11 Group members Name: Student ID No. Chanakya C0346816 Buddha C0364220 Musharaf C0361333 Saif C0360683 Submission Date: Friday 23rd April, 2010 Table of Contents Table of Contents 2 1. Introduction: 3 2. Company Background 3 3. Meaning of Share Price Volatility: 3 3.2. Possible reasons for this volatility: 4 4.2. Mareketing Strategy of Air Asia: 8 4.3. Environmental Analysis of Air Asia on the basis of Porters Five Forces (Chart-3) 9 5.1. Air Asia Business Process 11 5.2. Air Asia prioritises issues: 12 5.3. Possible solutions 13 6. Conclusion 14 7. References: 14 1. Introduction: The company chosen for this report is Air Asia assigned by Kaplan Financial and assignment requirements as follow: A report of no more than 3500 words Possible reasons for the share volatility Market strategy to enhance USP Operational issues and possible solutions 2. Company Background Air Asia was initially established in 1996 as a full-service regional airline offering slightly cheaper fares than its competitors. It was not performing well and its turning point was 2001 when it was bought by Tony Fernandes. Tony Fernandes restructured the company and re-established in Malaysia by enrolling some low cost airline expert like Connor McCarthy (formal director of successful European LCC Ryan air) in late 2001 as first no -frills, low cost carrier(LCC) in Asia, then it got huge success and become awards winner and largest low fare airlines in the Asia. Now Air Asia flies to over 61 domestic and international destinations with 108 routes with its own 72 aircrafts and operates over 400 flights daily. Air Asia believes in the no-frills, hassle free, low fare business concept and feels that keeping costs low requires high efficiency in every part of the business. Through its unique selling point (USP), NOW EVERYONE CAN FLY, Air Asia gained a revolution in airline business with more and more people choosing as their preferred choice of transport. 3. Meaning of Share Price Volatility: Many of us use the word volatility in a loose sense, in a way that belies the accuracy with, which it can be calculated. In fact, volatility is a statistical measure of the scale of fluctuations in the price of a share, a commodity or a stock market index in the recent past. It is generally taken to be a good measure for the relative riskiness of an asset the higher the volatility, the greater the risk of losing money. Volatility, however, is not a static thing. It fluctuates sometimes quite sharply over time. (Peter Temple 02.08.2007) 3.1 Air Asia Share Price Volatility: As per Air Asia case study the share price of Air Asia has been volatile. Exhibit 5: Case Study Airline Price on 3Dec 2007 US$ Price on 11 Jan 2008 US$ Share Price Change Air Asia 0.52 0.43 -16% Period of Change in Share Price: In a very short term of a period share price of Air Asia goes down by -16% in a period of 1 month and 1 week this is extreme change in share price so this is the sign of high volatility in share price. Air Asia Volatility from 2005-2009 (Chart -1) 3.2. Possible reasons for this volatility: There are lots of reasons for share volatility here in our case study of Air Asia. We have calculated on the basis of each year that volatility graph of Air Asia shown above. Latest Information in Stock Market: Investing on share price needs lots of information about companys present situation. Investor always invests their money if they saw the potential of getting good return from that investment. So information plays vital role to attract the investors. |Market adjusts the prices up or down depending on the way the market interprets that the information will affect the companys future earnings ability. In Air Asia case study in November 2004 they listed in Malaysia Stock Exchange that air Asia is going to purchase 175-aircrft airbus A320-200 to replace Boeing 737-300s because A320-200 more fuel efficient. This information attracts the investors to invest their money because market interprets that this will affect the companys future earnings ability. We can see in chart-1 in 2005 how share price go up by +0.63% so it shows the latest information has direct impact on share price volatility. Uncertainty: Future is always uncertain some decision is made on the basis of future predictions. Investors are always keen on the past experience, current performance and future expectations of the company. Uncertainty is a major barrier for investor to make their mind to invest in share market. What exactly had happened in the Air Asia, in 2006 they choose to enter in to a domestic-route rationalising arrangement with MAS. Under this contract Air Asia took over more than two-thirds of MASs loss making routes assuming they can make profit from it as they are the LCC but this decision turns wrong because of uncertainty which is clear in chrat-1 that companys share price goes down by -5.03% . Psychological Issues on Stock Prices: Human behaviour is one of the important factor that affect the share price of the company how investor think about the company will determine whether to invest in it or not. Entering the British tycoon, founder and chairman of the Virgin Group Sir Richard Branson with 20% stake in Air Asia X in 2007. Expansion of business with Sir Richard Branson attracts the large numbers of investors in the company because psychology of people believes the successful image of Richard Branson which as a result there is hike of share price by +6.62% in the year 2007. Inflation: The overall general upward price movement of goods and services in an economy, usually as measured by the Consumer Price Index and the Producer Price Index. Over time, as the cost of goods and services increase, the value of money is going to fall because a person wont be able to purchase as much with that money as they previously could. Inflation is also one of the factors that affects the share price and leads to share volatility. As from the case study fuel cost had a significant impact on Air Asia, as it was the recession time occurs during the year 2008 were the international oil price reached at the high of about US $150 per barrel. So it was very costly for the airlines to purchase fuel at that high price which leads to increase the price of the tickets. As it was the recession time customers also could not afford the increased price plane fare so they used the alternatives way. Where there is less numbers of customers airline industries had lost Billions of dollars due to that occurrence. So inflation affected the share prices a lot. Although Air Asia tried to cover its operational cost by hedging, buying fuel-efficient airbus A320-200 and cutting fuel consumption by nearly and doubled the number of landing that we get from the tyre. They were not able to sustain on the same price of tickets. As per exhibit 6: case study. Following are the calculation: Fuel and oil ratio = fuel and oil cost à · Revenue (2008) Fuel and oil ratio= 74164.88à ·146731.5 (2008) Fuel and oil ratio= 50.5% (2007) Fuel and oil ratio= 44488.62à ·111346.3 (2007) Fuel and oil ratio= 40.0% Ά% = Current year ratio-base year ratio à · Base year ratio Ά% = 50.5-40.0 à · 40.0 Ά% = 26.25% So cost of the fuel increased by 26.25% due to hike in oil price in 2008 the cause of inflation has direct impact on companys net profit ratio if net profit is going to decrease so investor dont want to invest their money in non profit company. See chart-1 due to inflation the share price decreased by-45.34% in 2008. Demand and Supply: It is another important factor that affects the share price. Demand is willingness and ability to pay where as supply depends on the market demand and suppliers ability. When demand is high supply is less and vice versa and when demand is high price of the product is also high and is low. In case of AirAsia recession caused its demand per share down in 2008, entering of British tycoon Richard Branson increased the demand of share because of investors psychological beliefs. Restructuring of the no-frills, low cost in Asia increased the numbers of customers travelling with Air Asia which gives the US$6 million of profit December 2002 which obviously rise of demand of share which leads to increased in share price. Economic Strength of Market and Peers: Doing business in current market everyone should know the market strengthens and the competitors of the business without considering these things it is impossible to do business. The economic strength of the peers heavily affected the share price of the company. The strong competitor of the Air Asia is MAS, as it is national carrier of Malaysia. To promote healthy competition in 2006 Malaysian government brought MAS and AIRASIA together then government starts with route rationalisation of MAS where Air Asia took 96 loss making routes of MAS while these routes were operated by MAS government used to provide subsidies for the fuel cost. This is totally unfair competition which leads share price down of Air Asia in 2006 you can see in chart 1. In 2008 MAS come up with the unaccepted everyday low fare Campion .It received an over whelming response which was funded by the government it was totally win-win position for MAS and that caused negative impact on Air Asia in 2008 which is clear from chart-1. 4. Definition of Marketing Strategy: A marketing strategy is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage. 4.1. Porter generic strategies: Strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firms sustainable competitive advantage. The generic strategy framework (porter 1984) comprises two alternatives each with two alternative scopes. These are Differentiation and low-cost leadership each with a dimension of Focus-broad or narrow. Product differentiation (broad) Cost leadership (broad) Market segmentation (narrow) (Chart-2) 4.2. Mareketing Strategy of Air Asia: After the restructured of the airline, the foundation is based on Low Cost and Strong Cash Flow,strategy is based on Low fare and service so goal is obviousely on high margin and sustainable growth and vision is continue to be LOWEST cost. So you can see they are totaly focusing on the Low cost Low Pricing so they getting strong cash flow sustainable growth. So they are following porters generic strategy. Their strategic scope is referring to market penetration and while strategic strength refers to the firms sustainable competitive advantage. (On the basis of chart-2) Product differentiation: Air Asia was the first airline operator in Asia to adopt with the low-fare, no-frills concept. It also becomes the regions first airline to introduce fully ticketless travel and implements free seating policy. Thats Product differentiations makes It a successful airline in the market. Cost leadership: Air Asia become the businesses that fully adopted cost leadership through operational effectiveness and efficiency. The cost advantages were enabled Air Asia to offered airfares 40% to 60% lower than those of its rivals. Some even cost less than bus fare. Even in 2008 when oil prices gone up they controlled over the cost by layered-hedge strategy to pay for fuel in advance and qualify for low price its pilots have cut fuel consumption by nearly 20%. Market Segmentation: Air Asia changes the human psychology in Asia by offering low fare and targeting middle class society. Earlier people think that only rich people can fly but then come with the No Frills, Low Cost Carrier under the tagline Now Everyone Can Fly. This whole idea captured the middle class and now no one is felling faired to fly. 4.3. Environmental Analysis of Air Asia on the basis of Porters Five Forces (Chart-3) The threat of the entry of new competitors: Air Asia is using penetration strategy under this there is always threat of the new entry exist because Air Asia is get success in the field of LCCs so now everyone want to do same business with same strategy. The intensity of competitive rivalry: Competition rivalry is currently in Air Asias favour. With price being the main battlefield of competition, Air Asia leads the way due to its low operating costs. However, there are more competitors entering the market that have major carriers as backers or owners which may lead to an unrealistic price war in the future. The threat of substitute products or services: Air Asia is domestic carrier so there is existence of substitute services are high customer can go for Bus services either for Railways or for their own transport facilities because of low distance if their services and prices are not effective. The bargaining power of customer: Today is world of Information Technology and communication everyone can find the world easily so easy availability of information and knowledge can make the bargaining power of consumer strong. E.g. customer can easily switch to other airlines by comparing the fares of different airlines. Even there are now lots competitors in LCCs so customer can easily move. The bargaining power of suppliers: For Air Asia bargaining of suppliers is major factor. In the airline industry basically there are only two major aircraft provider Boeing and Airbus. Although Air Asia is major customer of Airbus even than the bargaining power of suppliers is high due to expertise and few substitutes. 4.4. Unique Selling Proposition of Air Asia: Fernandes restructured Air Asia in 2001 , with the No Frills, Low Cost Carrier under the tagline Now Everyone Can Fly this unique selling point for Air Asia. This new business model was huge success. With this new unique selling point the company gained impressive profit. Then they come with Easy to Book, Easy to Pay Easy to Fly to encourage sale through online booking, telephone booking and through co-partner local banks and post offices. 4.5. Recommendation: Some modification in current market strategy on the bases of Marketing Mix (7Ps) to enhance Unique Selling Point. Product (service): There is a huge opportunity for Air Asia to expand its route and service and numbers of flights, they also lacking in good service in terms of flight delay. Because of it they get lots of complaints they should work on that to enhance good service Price: They are working on penetration price strategy and under this they are providing the cheapest price in the market and that is a strengths but if you see the margins per seat is very low it makes turn over high but not the net profit so they should control the operating cost to cover up that margin. So they should go with penetration. Place: Presently Air Asias putting more stress on Malaysia. Singapore, Thailand and Indonesia wherever Air Asia X only on Australia but low cost concept can also capture the market of India, China, Pakistan and Bangladesh and for long haul they can go for Europe and US. Promotions: As LCCs they are moreover targeting the middle class so to keep up the sale and to enhance USP they should come up with the new promotions scheme after a certain period of time because middle class is major customer, they should know they like changes and savings in their purchasing. People: From the starting they are only providing standard-class service on board its seems they are not targeting business class so if they come up with some of its more business concerned routs with business class they must get positive response. Process: Refers to the systems used to assist the organisation in delivering the service. Process must be very easy so that customer feels comfortable and convenient and preferred again and again. Physical Evidence: Where the service is provided. Physical Evidence is factor which makes customer to make judgement on the company or service. E.g. Customer accept what he/she spent so from the starting Air Asias tag line is No Frill airline but if you provide the frills even in the low cost it makes everyone happy. My meaning for frills is good service with the outstanding staff presentation and an unexpected interior of the craft. 5. Operation Management: The collection of people knowledge, technology, and systems within an organisation that has primary responsibility for producing and providing the organizations products or services is referred to as operations. Operations management is the planning, scheduling, control and co-ordination of the activities that transform inputs into finished goods and services. It is important because it can reduce costs, differentiate the organizations products and services and impact upon quality and therefore may increase revenue through increased customer satisfaction. (Phil Kelly 2009). This section is a process analysis to identify and prioritise current strategic operation issues and possible solution for Air Asia. 5.1. Air Asia Business Process Air Asias Operations management is focusing carefully on managing the processes to produce and distribute its services. These processes include:- Procurement:- buying various materials from suppliers and vendors Management control and coordinating functions to ensure goals are being met. Product (service):- managing the service- creation, development, distribution and sales. Quality management: important to effective operations management by continuous improvement. Inventory management:-Method like JUST-IN-TIME inventory control saves costs and improves on quicker delivery to end customers. Logistics management: focuses on the flow of services from Air Asia to its customer prioritizing on efficiency and cost effectiveness. Distribution channels. 8) Booking by mobiles is also available. 5.2. Air Asia prioritises issues: 1. Air Asia always focused on how to reduce inefficiency and make it low possible fare in the airline business: As we know they are operating penetration on market strategy to reduced costs, they even reducing the salaries and incentives of the employees, cutting down the staffs and even cutting down this facilities given to staffs and implementing the new efficient system like YMS, CRS AND ERP, which were helpful to reduced the cost but not to that extent. 2. Higher fuel cost around the world: Frequent fluctuation in fuel cost is one of the major problem for Air Asia as its emphasis on low cost their profit margin per ticket is low as price of fuel goes up they have to charge tickets price which creates negative effects in customers eyes. 3. Complain: Its because of delay in flight and even cancellation is one of the major current issues in Air Asia. 4. No maintenance, repair and overhaul: As we know they dont have their own maintenance, repair and overhaul so they have to spend on maintenance, repair and overhaul. 5. Incresing competition: At present competition in the airline industries growing day by day many full service airlines start cut costs to compete and new entry of LCC. 6. Aviation regulation and government policy: Changing rules and regulation in aviation industry and government policies is also one of the issues that Air Asia facing today. 7. Easy to buy, easy pay and easy to fly: In Malaysia Air Asia company was the first internet ticket seller airlines company. They are offering Easy to Book, Easy to Pay Easy to Fly system for their customers. So customers are easily paying and booking their ticket by online 5.3. Possible solutions 1. Cost control: As we know cost is one of the main possible solutions that can save any organisation from loss and compete in the competitive market. Air Asia can save their cost by starting their own maintenance and repair wing and overhaul routes. 2. Implementing the APS system: Implementation of APS system will provide several new functions to Air Asia. The followings are several APS functions that can help Air Asia in increasing its performance: APS system will help Air Asia in assessing suppliers performance and providing the capability to streamline monitoring process. (Aberdeen Group, 2004). Supplier portal will provide information hub for airlines and their suppliers to prevent errors happened during operational activities such as order processing (Aberdeen Group, 2004) These functions enable airlines and aircraft manufacturers and other suppliers to have collaboration strategy in managing inventory (e.g. spare parts), maintenance schedule, and design collaboration. Route profitability analysis tools enable airline companies to conduct analysis for planning efficient routes. 3. Outsourcing: Air Asia can use outsourcing strategy to be a lowest carrier in airline industry. If they can implement outsourcing strategy then they will get some benefits like, Cost benefits It will reduce risk. Outsourcing can give competitive advantage in Air Asia. Air Asia can reduce cost for IT. 4. Expansion of Air Asia business: As Air Asia is focusing on middle class people its expansion towards Indian and China has potential to gather the huge success. We know the population of Asian middle class are rising very fast. So it is a great opportunity for LCC cost airlines including Air Asia to expand their business in Asia. 6. Conclusion As we know Air Asia is a leading low fare airline in Asia. Its low cost attracts more and more customers and its market value and has increased its revenue. But knowing it from near its share price is volatile so management should focused on sustainable development with utilising marketing mix as we discussed above and should focused on customers as customers are key point for the companys success. Only low cost will not sufficient to survive in the competitive market. Providing good services like as they are saying easy to book, easy to buy and easy to fly but it is not always the facts as they are getting complains of delaying flight and even cancellation which makes bad reputation in the eyes of customers. Thats why they need to operates APS systems to overcome such a problems.

Mental Status Exam

The mental status examination or mental state examination, abbreviated MSE, is an important part of the clinical assessment process in psychiatric practice. It is a structured way of observing and describing a patient's current state of mind, under the domains of appearance, attitude, behavior, mood and affect, speech, thought process, thought content, perception, cognition, insight and judgment. [1] There are some minor variations in the subdivision of the MSE and the sequence and names of MSE domains.The purpose of the MSE is to obtain a comprehensive cross-sectional description of the patient's mental state, which, when combined with the biographical and historical information of the psychiatric history, allows the clinician to make an accurate diagnosis and formulation, which are required for coherent treatment planning. The data are collected through a combination of direct and indirect means: unstructured observation while obtaining the biographical and social information, focu sed questions about current symptoms, and formalised psychological tests.The MSE is not to be confused with the mini-mental state examination (MMSE), which is a brief neuro-psychological screening test for dementia. Theoretical foundations[edit] The MSE derives from an approach to psychiatry known as descriptive psychopathology[4] or descriptive phenomenology[5] which developed from the work of the philosopher and psychiatrist Karl Jaspers.From Jaspers' perspective it was assumed that the only way to comprehend a patient's experience is through his or her own description (through an approach of empathic and non-theoretical enquiry), as distinct from an interpretive or psychoanalytic approach which assumes the analyst might understand experiences or processes of which the patient is unaware, such as defense mechanisms or unconscious drives.In practice, the MSE is a blend of empathic descriptive phenomenology and empirical clinical observation. It has been argued that the term phenome nology has become corrupted in clinical psychiatry: current usage, as a set of supposedly objective descriptions of a psychiatric patient (a synonym for signs and symptoms), is incompatible with the original meaning which was concerned with comprehending a patient's subjective experience.ApplicationThe mental status examination is a core skill of qualified (mental) health personnel. It is a key part of the initial psychiatric assessment in an out-patient or psychiatric hospital setting. It is a systematic collection of data based on observation of the patient's behavior while the patient is in the clinician's view during the interview. The purpose is to obtain evidence of symptoms and signs of mental disorders, including danger to self and others, that are present at the time of the interview.Further, information on the patient's insight, judgment, and capacity for abstract reasoning is used to inform decisions about treatment strategy and the choice of an appropriate treatment sett ing. [9] It is carried out in the manner of an informal enquiry, using a combination of open and closed questions, supplemented by structured tests to assess cognition. [10] The MSE can also be considered part of the comprehensive physical examination performed by physicians and nurses although it may be performed in a cursory and abbreviated way in non-mental-health settings.[11] Information is usually recorded as free-form text using the standard headings,[12] but brief MSE checklists are available for use in emergency situations, for example by paramedics or emergency department staff. [13][14] The information obtained in the MSE is used, together with the biographical and social information of the psychiatric history, to generate a diagnosis, a psychiatric formulation and a treatment plan.

Optimal Hedge Ratios - Free Essay Example

Sample details Pages: 13 Words: 3757 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Essay any type Did you like this example? Estimation of Optimal Hedge Ratios (hedging strategies): Naà ¯ve or one-to-one hedge assumes that futures and cash prices move closely together. In this traditional view of hedging, the holding of both the initial spot asset and the futures contract used to offset the risk of the spot asset are of equal magnitude but in opposite direction. In this case the hedge ratio (h) is one-to-one (or unit) (-1) over the period of the hedge. Don’t waste time! Our writers will create an original "Optimal Hedge Ratios" essay for you Create order This approach fails to recognize that the correlation between spot and futures prices is less than perfect and also fails to consider the stochastic nature of futures and spot prices and resulting time variation in hedge ratios (Miffre, City University). The beta hedge recognizes that the cash portfolio to be hedged may not match the portfolio underlying the futures contract. With the beta hedge strategy, his calculated as the negative of the beta of the cash portfolio. Thus, for example, if the cash portfolio beta is 1.5, the hedge ratio will be -1.5, since the cash portfolio is expected to move by 1.5 times the movement in the futures contract, where the cash portfolio is that which underlies the futures contract. The traditional strategy and the beta strategy yield the same value for h (Butterworth and Holmes 2001). Minimum Variance Hedge Ratio (MVHR) was proposed by Johnson (1960) and Stein (1961). This approach takes into account the imperfect correlation between spo t and futures markets and was developed by Ederington (1979). According to him, the objective of a hedge is to minimize the risk, where risk is measured by the variance of the portfolio return. The hedge ratio is identified as: h*= ?S,F / ?2F (1) Where, ?S,F is the variance of the futures contract and ?S,F is the covariance between the spot and futures position. The negative sign mean that the hedging of a long stock position requires a short position in the futures market. The relation between spot and futures can be represented as: St = ? + h*Ft + et (2) Eq. (2), which is expressed in levels, can also be written in price difference as: St – St-1 = ? + h*(Ft – Ft-1) + ?t (3) or in price returns as: St – St-1 / St-1 = ? + h*(Ft – Ft-1 / Ft-1) + ?t (4) Eq. (4) can be approximated by: logSt – logSt-1 = ? + h*(logFt – logFt-1) + ?t (5) Eq. (6) can be re-written as: RSt = ? + h*RFt + ?t (6) Where, RSt and RF t are returns on spot and futures position at time t. Equation (2) and (3) assume a linear relationship between the spot and futures while eq. (4)-(6) assumes that two prices follow a log-linear relation. Relative to equation (2)-(3), the hedge ratio represents the ratio of the number of units of futures to the number of units of spot that must be hedged, whereas, relative to eq. (4), hedge ratio is the ratio of the value of futures to the value of spot. (Scarpa and Manera, 2006) Eq. (2) can easily produce auto correlated and heteroskedastic residuals (Ederington, 1979; Myers and Thompson, 1989: cited in Scarpa and Manera, 2006). Due to this reason, some authors suggest the use of eq (3)-(6), so that the OLS classical assumption of no correlation in the error terms is not violated. Empirically, optimal hedge ratio h* can be obtained by simple Ordinary Least Square (OLS) approach, where the coefficient estimates of the futures gives the hedge ratio. This is can only be done when there is no co-integration between spot and futures prices/values and conditional variance-covariance matrix is time invariant (Casillo,XXXX). Even though application of MVHR relies on unrealistic assumptions, it provides an unambiguous benchmark against which to assess hedging performance ( Butterworth and Holmes, 2001). Error Correction Model (ECM) approach for determining optimal hedge ratio takes in to account the important role played by the theory of co-integration between futures and spot market, which is ignored by MVHR (Casillo,XXXX). The theory of co-integration is developed by Engle and Granger (1981), who shows that if two series are co-integrated, there must exist an error correction representation that permits to include both the short-run dynamics and the long-run information. ECM approach augments the standard OLS regression used in MVHR by incorporating error correction term (residual) and lagged variables to capture deviation from the long run equilibriu m relationship and short-run dynamics respectively (XXXXect). The presence of the efficient market hypothesis and the absence of arbitrage opportunity imply that spot and futures are co-integrated and an error correction representation must exist (Casillo,XXXX) of the following form: i=1 j=1 ?St = ?et-1 + Ft + ? ?i?Ft-i + ? ?j?St-j + ut (7) Where, ? is the optimal hedge ratio and et-1 = St-1 – ?Ft-1 All the above mentioned approaches employ constant variance and covariance to measure hedge ratio, which have some problems. The return series of many financial securities exhibit non-constant variance, besides having a skewed distribution. This has been demonstrated by Engle 1982, Lamoureux and Lastrapes 1990, Glosten, Jagannathan and Runkle 1993, Sentana 1995, Lee and Brorsen 1997 and Lee Chen and Rui 2001 (Rose, et al.,2005). Non-constant variance, linked to unexpected events is considered to be uncertainty or risk, and this uncertainty is particularly importa nt to investors who wish to minimize risks. In order to cope with these problems, Engle (1982) introduced the Autoregressive Conditional Heteroskedasticity (ARCH) model to estimate conditional variance. It takes into account changing variance over time, by imposing an autoregressive structure on the conditional variance. Bollerslev, Engle and Wooldridge (1988) expanded the univariate GARCH described above to a multivariate dimension to simultaneously measure the conditional variance and covariance of more than one time series. Thus, the multivariate GARCH model is applied to calculate a dynamic hedge ratio that varies over time based upon the variance-covariance between time series. (Rose, et al.,2005) Finally, other researchers have proposed more complex techniques and some special case of the above techniques for the estimation of the OHR. Among these we mention the random coefficient autoregressive offered by Bera et al. (1997), the Fractional Cointegrated Error Correction mod el by Lien and Tse (1999), the Exponentially Weighted Moving Average Estimator by Harris and Shen (2002), and the asymmetric GARCH by Brooks et al. (2002). (Casillo,XXXX) Despite the existence of massive literature on all the above approaches, no unanimous conclusion has been reached regarding the superiority of a particular methodology for determining the optimal hedge ratio. However, it would be wise to suggest that the choice of a strategy for deriving optimal hedge ratio should be based on the subjective assessment to be made in relation to investor preferences (Butterworth and Holmes, 2001). Development of Research: Figlewski (1984) conducted the first analysis of hedging effectiveness of stock index futures in US. He examined the hedging effectiveness for Standard and Poors 500 stock index futures against the underlying portfolio of five major stock indexes for the period June 1, 1982 to September 20, 1983. All five indexes represented diversified portfolio, however they were different in character from one another. Standard and Poors 500 index and New York Stock Exchange (NYSE) Composite included only the largest capitalization stocks. The American Stock Exchange composite (AMEX) and the National Association of Securities Dealers Automated Quotation System (NASDAQ) index of over-the-counter stocks contained only small companies which somewhat move independently of the Standard and Poors index. Finally, the Dow Jones portfolio contained only 30 stocks of very large firms. Return series for the analysis included dividend payments as risk associated with dividends on the portfolio is presumably one of many sources that give rise to basis risk in a hedges position. However, it was found that their inclusion did not alter the results. Consequently, and given the relatively stable and predictable nature of dividends, subsequent studies have excluded dividends. Figlewski used beta hedge and minimum variance hedge strategies and showed that the latter can be estimated by Ordinary Least Square (OLS) approach using historical data. He found that for all indexes hedge performance using minimum variance hedge ratio (MVHR) was better than beta hedge ratio was used. MVHR resulted in lower risk and higher return. When MHHR was uses, risk was reduced by 70%-80% for large capitalization portfolios. However, hedging performance was considerably reduced for smaller stocks portfolios. Also, hedging performance was better for once week and four week hedges when compared with overnight hedges. Figlewski (1885) studies hedging effectiveness of three US index futures (SP500, NYSE Composite and Value Line Composite Index (VLCI)) in hedging five US indices (SP500, NYSE Composite, AMEX Composite, NASDAQ and DJIA). Data was collected for 1982. He analyzed the hedging effectiveness for the holding period ranging from one day to three weeks using the standard deviation of the hedged position, divided by the standard deviation of the un-hedged position, as a measure of assessing hedging effectiveness. Hedge ratios were derived using beta strategy and MVHR. Assuming constant dividends, the weekly returns of each of the five indices were regressed on the on the returns of the indices underlying the three futures. Daily data was used to compute ex post risk-minimizing hedge ratios. In nearly every case, risk-minimizing hedge ratio outperformed the other in terms of hedging effectiveness, for both types of hedge ratio it was found that the hedges under a week were not very effective. It was also found that hedging was more effective for the SP500, NYSE Composite and the DJIA th an for NASDAQ and AMEX Composite. In other words, once again, portfolios of small stocks were hedged less effectively than were those comprising large stocks. Junkas and Lee (1985) used daily spot and futures closing prices for the period 1982 to 1983 for three US indices: SP500, NYSE Composite and VLCI. They investigated the effectiveness of various hedging strategies, including the MVHR and the one-to-one hedge ratio. This was done for each index using data for a month to compute the hedge ratio used during that same month in hedging the spot value of the corresponding index. MVHRs were computed by regressing changes in the spot price on changes in the futures price. The average MYHR was 0.50, whike the average effectiveness, as measured by variance of un-hedged position minus variance of hedged position divided by variance of un-hedged position (HE), was 0.72 for the SP500 and the NYSE Composite, and 0.52 for the VLCI. The effectiveness of the one-to-one hedge ratio was poor, leading to an increase in risk for the VLCI and the NYSE Composite, and an effectiveness measure of 0.23 for the SP500. In other words, MVHR was found to be most effective in reducing the risk of a cash portfolio comprising the index underlying the futures contract. There was little evidence of a relationship between contract maturity and effectiveness. Peters (1986) examined the use of SP500 futures to hedge three share portfolios; the NYSE Composite, the DJIA and the SP500 itself. MVHR and beta hedge strategy was applied to the data for the period 1984 to 1985. For each of the portfolio, MVHR gave a hedged position with a lower risk that did beta. Graham and Jennings (1987) were first to examine hedging effectiveness for cash portfolios not matching an index. They classifies US companies into nine categories according to their betas and dividend yield. For each beta-dividend yield category, ten equally weighted portfolios of ten shares each were constructed. Weekly returns w ere computed for each portfolio for 1982-83. They then investigated the performance of SP500 futures in hedging these portfolios for periods of one, two and four weeks. Three alternative hedge ratios were uses: one to one, bets and MVHR. The MVHR produced hedged positions with returns that were about 75% higher than for the other two hedge ratios. The measure of hedging effectiveness HE ranged from 0.16 to 0.33. For the one and the two week hedges, the MVHR hedge was more effective, that is, had a higher HE value. Morris (1989) investigated the performance of SP500 futures in hedging the risk of a portfolio of the largest firms in the NYSE. The data was monthly from 1982 to 1987. The MVHR was estimated using data for the entire period, and gave a HE value of 0.91. Lindhal (1992) investigated hedge duration and hedge expiration effects for the MMI and SP 500 future contract. Results showed that MVHR increased towards unity with an increase in the hedging duration. For SP 500 he dge ratios were found to be 0.927, 0.965 and 0.970 for one, two and four week hedge duration, respectively. It was concluded that hedge ratio and hedging effectiveness increase as duration increase. Lindhals examination of the hedge expiration effect is based on the fact that future prices converge towards spot prices as expiration approaches. According to him MVHR can be expected to converge towards the naà ¯ve hedge ratio if future prices also exhibit less volatility when approaching expiration. It was concluded that there was no obvious pattern in terms of risk reduction in relation to time to expiration. Unlike previous studies which only investigate ex post hedging effectiveness, Holmes (1995) became the first individual in UK to examine the hedging effectiveness of FTSE-100 stock index futures contract using Ex Ante Minimum Variance Hedge Ratio strategy. The cash portfolio being hedged mirrored FTSE-100 stock index. Data for spot and future series was collected for the per iod July 1984 to June 1992 for hedging duration of one and two weeks. The results also demonstrated the superiority on MVHR over beta hedges and showed that ex ante hedge strategy resulted in risk reduction of over 80%. Greater risk reduction was also shown to be achieved by estimating hedge ratios over longer periods. Holmes(1996) examined the ex post hedging effectiveness for the same data and return series used in the earlier study (1995) and showed that the standard OLS estimated MVHR provided the most effective hedge when compared to beta hedge strategy, error correction method and GARCH estimation. Results also suggested increase in hedging effectiveness with increase in hedging duration. This can be explained as variance of returns increases with an increase in the duration, resulting in the reduction of the proportion of the total risk accounted for by the basis risk. Butterworth and Holmes (2001) provided an unprecedented insight in to the hedging effectiveness of inv estment trust companies (ITCs) using Mid250 and FTSE100 stock index futures contract ,the former being introduced in February 1994 with an aim to provide better hedging for small capitalization stocks. Analysis is based on daily and weekly hedge durations for the cash and future return data of thirty-two ITCs and four indices for the period of February 1994 to December 1996. FTSE100 index futures and FTSE Mid250 index futures are used to hedge cash positions. Apart from well established OLS approach, consideration is also given to Least Trimmed Squares (LTS) approach for estimation which involves trimming of regression by excluding the outliers. Four hedging strategies including traditional hedge, beta hedge, minimum variance hedge and composite hedge were compared on the basis if within sample performance. Composite hedge ratio was generated by considering returns on synthetic index futures formed by weighted average of returns on FTSE100 and FTSE-Mid250 contracts. Results demonstr ated that traditional and beta hedge performed worst. MVHR strategy for daily and weekly hedges using Mid250 contracts outperformed the same strategy using FTSE100 contacts in terms of risk reduction for ITCs. However the superiority of Mid250 over FTSE100 is significantly less for cash portfolios based on broad market indexes. The composite hedge strategy demonstrated only minor improvements over results of the Mid250 contract. The LTS approach suggested similar results as OLS. Seelajaroen (2000) attempted to investigate the hedging effectiveness of All Ordinance Share Price Index (SPI) to reduce price risk of All Ordinary Index (AOI) portfolio in the Australian financial market. Hedging effectiveness was investigated for one, two and four week hedge duration. Hedge ratios were generated by using Workings model and the Minimum variance model and their effectiveness was determined by comparison with naà ¯ve strategy. Data for the analysis consisted if daily closing prices of the SPI and API for the period January 1992 to July 1998. Minimum variance model consisted of both ex post and ex ante approach. Results demonstrated superiority of both Workings model and Minimum variance model over naà ¯ve hedge strategy. Workings strategy was found to be more effective in long run, however, in short run the strategy is more sensitive to basis level used in the decision rule. Minimum variance strategy was also found to be highly effective, as even the standard use of the hedge ratio derived from past data was able to achieve risk reduction of almost 90%. Also, longer duration hedges were found to be more viable than short duration hedges and finally effects of time expiration on hedge ratio and effectiveness was found be ambiguous. DATA METHODOLOGY: This paper examines the cross hedging effectiveness of five of the worlds most actively traded Stock Index Futures to reduce the risk of KSE100 index. The 5 stock index futures include SP500, NASDAQ100, FTSE100, HANG SENG and NIKKEI 225. All 5 stock index futures and KSE100 index are arithmetic weighted indexes, where the weights are market capitalization. Analysis is based on daily and weekly hedge durations by using spot and futures return data for the period commencing from 1st January 2003 to 31st July 2008. Due to problems of sample size hedge durations of more than one week are not considered. Each daily return series consists of 1457 observations, out of which last 157 (from 1st January 2008 to 31st July 2008) are used to calculate out of sample (ex ante) hedging performance. Each weekly series consists of 292 observations, out of which last 31 (from 1st January 2008 to 31st July 2008) are used to measure ex ante hedging performance. The return series for each index is calcu lated as a logarithmic value change: Rt = logVt – logVt-1 (2) Where, Rt is the daily or weekly return on either the spot or futures position and Vt is the value of the index at time t. Value is the daily or weekly closing value of all 6 indexes. All data was obtained from Datastream. Two hedging strategies are considered. First, is the MVHR, and the second, is an extension of the first strategy by applying the theory of co-integration, formally known as Error Correction Model. MVHR is estimated by regressing spot returns (KSE 100 in this case) on futures returns using historical information: RSt = ? + bRFt + et (3) Where, RSt is the return on KSE100 index in time period t; RFt is the return on the futures contract in the time period t; et is the error term and ? and b are regression parameters. Value of b is obtained after running the above regression in e-views, which is the hedge ratio h* shown earlier in equation 1. This hedge ratio is used in furt her calculation for determining risk reduction. Effectiveness of minimum variance hedge is determined by examining the percentage of risk reduced by the hedge (Ederington, 1979; Yang, 2001). Consequently, hedging effectiveness is measured by the ratio of the variance of the un-hedged position minus the variance of the hedged position, divided by the variance of the un-hedged position (Floros, Vougas 2006). Var(u) = ?2s (4) Var(h) = ?2s + h2?2F – 2h?S,F (5) Hedging Effectiveness (HE) = (Var(u) Var(h)) / Var(u) (6) Where, Var(u) is the variance on un-hedged position (KSE100); Var(h) is the variance on the hedged position; ?S ?F are standard deviation on spot (KSE100) and futures returns respectively; h is the value of hedge ratio (b in equation 3); and ?S,F is the covariance between spot and future returns. Error Correction Model (ECM) approach requires testing for co-integration. The return series are checked for co-integration by following a simple two step a pproach suggested by Engle and Granger. Consider two time series Xt and Yt, both of which are integrated of order one (i.e. I(1)). Usually, any linear combination of Xt and Yt will be I(1). However, if there exists a linear combination (Yt – ?Xt) which is I(0), then according to Engle and Granger, Xt and Yt are co-integrated, with the co-integrating parameter ?. Generally, if Xt is I(d) and Yt is I(d) but their linear combination (Yt – ?Xt) is I(d-b), where b0 then Xt and Yt are said to be co-integrated. Co-integration conjoins the long-run relationship between integrated financial variables to a statistical model of those variables (XYZ,200N). In order to test for co-integration, it is essential to check that each series is I(1). Therefore, the first step, is to determine the order of integration of each series. Order of integration is determined by testing for unit root by using Augmented Dickey Fuller (ADF) test. A variable Xt is I(1), if it requires differenc ing once to make it stationary. The null of unit root is rejected when probability is less than the critical level of 5%. Then the following OLS regression is estimated: RSt = ? + bRFt + et Where, variables are same as equation 3. Empirical existence of co-integration is tested by constructing test statistics from the residuals of the above equation. If two series are co-integrated then et will be I(0). This is found by testing the residuals for unit root by using ADF test. The null of unit root is rejected if probability is less than 5%. Once it is established that the series are co-integrated, their dynamic structure can be exploited for further investigation in step two. Engle and Granger show that co-integration implies and is implied by the existence of an error correction representation of the series involved. Error correction model (ECM) abstracts the short- and long-run information in modeling the data(XYZ,200N). The relevant ECM to be estimated for generation of the optimal hedge ratio is given by: j=1 i=1 RSt = ?et-1 + ?RFt + ? ?iRFt-i + ? ?jRSt-j + ut (7) Where, et-1 is the error correction term and n and m are large enough to make ut white noise; ? is the hedge ratio. The appropriate values of n and m are chosen by the Akaike information criterion (AIC) (Akaike1974). In short, returns on KSE100 are regressed on futures returns and residuals are collected by using OLS. ECM with appropriate lags is estimated by the OLS in the second stage. Next phase is to determine the superiority of the two models MVHR and ECM, which were used to obtain the hedge ratios b and ? respectively. This is achieved by conducting Wald Test of Coefficient on model (7). If anyone of the lags in model 7 turn out to be significant, then optimal hedge ratio obtained through model (7) will be superior then hedge ratio obtained through model (3). Hence, signaling the superiority of ECM over MVHR. The significance is tested by a hypothesis, where: Ho= C(1)=C(2)†¦=C(i)=0 H1 = C(1)=C(2)†¦=C(i)?0 The null is rejected if the probability of Chi-square statistic is less than the critical value of 5%. Lastly, the superior hedge ratio will be used to determine ex ante performance. The hedging effectiveness of the superior hedge ratio will be based on the measure of risk reduction achieved through equation (6).