Bank Notes Essay

Linear Probability Models (LPMs) * Econometric model to explain repayment experience on past/old loans. * Regression model with a â€Å"dummy† dependent variable Z; Z = 1 default and Z=0 no default. * Weakness: no guarantee that the estimated default probabilities will always lie between 0 and 1 (theoretical flaw) Logit and Probit Models * Developed to overcome weakness of LPM. * Explicitly restrict the estimated range of default probabilities to lie between 0 and 1. * Logit: assumes probability of default to be logistically distributed. Probit: assumes probability of default has a cumulative normal distribution function. Linear Discriminant Analysis * Derived from statistical technique called multivariate analysis. * Divides borrowers into high or low default risk classes. * Altman’s LDM = most famous model developed in the late 1960s. Z < 1. 8 (critical value), there is a high chance of default. * Weaknesses * Only considers two extreme cases (default/no default). * Weights need not be stationary over time. 3. New Credit Risk Evaluation Models Newer models have been developed – use financial theory and financial market data to make inferences about default probabilities. * Most relevant for evaluating loans to larger corporate borrowers. * Area of very active continuing research by FIs. Credit Ratings * Ratings change relatively infrequently – objective of ratings stability. * Only chance when there is reason to believe that a long-term change in the company’s creditworthiness has taken place. * S&P: AAA, AA, A, BBB, BB, B and CCC * Moody’s: Aaa, Aa, A, Baa, Ba, B and Caa Bonds with ratings of BBB and above are considered to be â€Å"investment grade† Estimating Default Probabilities 1. Historical Data * Provided by rating agencies e. g. cumulative average default rates * If a company starts with a: * Good credit rating, default probabilities tend to increase with time. * Poor credit rating, default prob abilities tend to decrease with time. * Default Intensity vs Unconditional Default Probability * Default intensity or hazard rate is the probability of default conditional on no earlier default. * Unconditional default probability is the probability of default as seen at time zero. Default intensities and unconditional default probabilities for a Caa rated company in the third year Supplement point 14 by monitoring a combination of internal reports, prudential reports and market information. 16. Should intervene to require effective and timely remedial action to address liquidity deficiencies. 17. Should communicate with other regulators e. g. central banks – cooperation TOPIC 7: CORE PRINCIPLES OF EFFECTIVE BANKING SUPERVISION Overview * Most important global standard for prudential regulation and supervision. * Endorsed by vast majority of countries. * Provides benchmark against which supervisory regimes can be assessed. * 1995: Mexican and Barings Crises Lyon Summit in 1996 for G7 Leaders. 1997: Document drafted and endorsed at G7 meeting. Final version presented at annual meetings of World Bank and IMF in Hong Kong. * 1998: G-22 endorsed * 2006: Revision of the Core Principles * 2011: Basel Committee mandates a major review, issues revised consultative paper. The Core Principles (2006) * 25 minimum requirements that need to be met for an effective re gulatory system. * May need to be supplemented by other measures. * Seven major groups * Framework for supervisory authority – Principle 1 * Licensing and structure – Principles 2-5 * Prudential regulations and requirements – Principles 6-18 * Methods of ongoing banking supervision – Principles 19-21 * Accounting and disclosure – Principle 22 * Corrective and remedial powers of supervisors – Principle 23 * Consolidated and cross-border banking – Principles 24-25. * Explicitly recognise: * Effective banking supervision is essential for a strong economic environment. * Supervision seeks to ensure banks operate in a safe and sound manner and hold sufficient capital and reserves. * Strong and effective supervision is a public good and critical to financial stability. * While cost of supervision is high, the cost of poor supervision is even higher. Key objective of banking supervision: * Maintain stability and confidence in the financial system * Encourage good corporate governance and enhance market transparency Revised Core Principles (2011) * Core Principles and assessment methodology merged into a single document. * Number of core principles increased to 29. * Takes account of several key trends and developments: * Need to deal with systemically important banks * Macroprudential focus (system-wide) and systemic risk * Effective crisis management, recovery and resolution measures. Sound corporate governance * Greater public disclosure and transparency enhance market discipline. * Two broad groups: 1. Supervisory powers, responsibilities and functions. Focus on effective risk-based supervision, and the need for early intervention and timely supervisory actions. Principles 1-13. 2. Prudential regulations and requirements. Cover supervisory expectations of banks, emphasising the importance of good corporate governance and risk management, as well as compliance with supervisory standards. Supervisory powers, responsibilities and functions 1. Clear responsibilities and objectives for each authority involved. Suitable legal framework. 2. Supervisor has operational independence, transparent processes, sound governance and adequate resources, and is accountable. 3. Cooperation and collaboration with domestic authorities and foreign supervisors. 4. Permissible activities of banks is controlled. 5. Assessment of bank ownership structure and governance. 6. Power to review, reject and impose prudential conditions on any changes in ownership or controlling interests. 7. Power to approve or reject major acquisitions. 8. Forward-looking assessment of the risk profile of banks and banking groups. 9. Uses appropriate range of techniques and tools to implement supervisory approach. 10. Collects, reviews and analyses prudential reports and statistical returns. 11. Early address of unsafe and unsound practices. 12. Supervises banking group on consolidated basis (including globally) 13. Cross-border sharing of information and cooperation. Prudential regulations and requirements 14. Robust corporate governance policies and processes. 15. Banks have a comprehensive risk management process, including recovery plans. 6. Set prudent and appropriate capital adequacy requirements. 17. Banks have an adequate credit risk management process. 18. Banks have adequate policies and processes for the early identification and management of problems assets, and maintain adequate provisions and reserves. 19. Banks have adequate policies re concentration risk. 20. Banks required to enter into any transactions with related pa rties on an arm’s length basis. 21. Banks have adequate policies re country and transfer risk. 22. Banks have an adequate market risk management process. 23. Banks have adequate systems re interest rate risk in the banking book. 24. Set prudent and appropriate liquidity requirements. 25. Banks have an adequate operational risk management framework. 26. Banks have adequate internal controls to establish and maintain a properly controlled operating environment for the conduct of their business. E. g. delegating authority and responsibility, separation of the functions that involve committing the bank. 27. Banks maintain adequate and reliable records, prepare financial statements in accordance with accounting policies etc. 8. Banks regularly publish information on a consolidated and solo basis. 29. Banks have adequate policies and processes e. g. strict customer due diligence. Preconditions for Effective Banking Supervision 1. Provision of sound and sustainable macroeconomic policies. 2. A well established framework for financial stability policy formulation. 3. A well developed public infrastructure 4. A clear framework for crisis managemen t, recovery and resolution 5. An appropriate level of systemic protection (or public safety net) 6. Effective market discipline 001: IMF and World Bank Study on Countries’ Compliance with Core Principles * 32 countries are compliant with 10 or few BCPs * Only 5 countries were assessed as fully compliant with 25 or more of the BCPs. * Developing countries less compliant than advanced economies. * Advanced economies generally possess more robust internal frameworks as defined by the ‘preconditions’ 2008: IMF Study on BCP Compliance * Based on 136 compliance assessments. * Continued work needed on strengthening banking supervision in many jurisdictions, particularly in the area of risk management. More than 40% of countries did not comply with the essential criteria of principles dealing with risk management, consolidated supervision and the abuse of financial services. * More than 30% did not possess the necessary operational independence to perform effective super vision nor have adequate ability to use their formal powers to take corrective action. * On average, countries in Western Europe demonstrated a much higher degree of compliance (above 90%) with BCP than their counterparts in other regions. * Africa and Western Hemisphere weak. Generally, high-income countries reflected a higher degree of compliance. TOPIC 8: CAPITAL ADEQUACY Overview * Adequate capital better able to withstand losses, provide credit through the business cycle and help promote public confidence in banking system. Importance of Capital Adequacy * Absorb unanticipated losses and preserve confidence in the FI * Protect uninsured depositors and other stakeholders * Protect FI insurance funds and taxpayers * Protect deposit insurance owners against increases in insurance premiums * To acquire real investments in order to provide financial services e. . equity financing is very important. Capital Adequacy * Capital too low banks may be unable to absorb high level of losses . * Capital too high banks may not be able to make the most efficient use of their resources. Constraint on credit availability. Pre-1988 * Banks regulated using balance sheet measures e. g. ratio of capital to assets. * Variations between countries re definitions, required ratios and enforcement of regulations. * 1980s: bank leverage increased, OBS derivatives trading increased. * LDC debt = major problem 1988 Basel Capital Accord (Basel I) * G10 agreed to Basel I Only covered credit risk * Capital / risk-adjusted assets > 8% * Tier 1 capital = shareholders equity and retained earnings * Tier 2 capital = additional internal and external resources e. g. loan loss reserves * Tier 1 capital / risk-adjusted assets > 4% * On-balance-sheet assets assigned to one of four categories * 0% – cash and government bonds * 20% – claims on OECD banks * 50% – residential mortgages * 100% – corporate loans, corporate bonds * Off-balance-sheet assets divided into co ntingent or guarantee contracts and FX/IR forward, futures, option and swap contracts. Two step process (i) derive credit equivalent amounts as product of FV and conversion factor then (ii) multiply amount by risk weight. * OBS market contracts or derivative instruments = potential exposure + current exposure. * Potential exposure: credit risk if counterparty defaults in the future. * Current exposure: cost of replacing a derivative securities contract at today’s prices. 1996 Amendment * Implemented in 1998 * Requires banks to measure and hold capital for market risk. * k is a multiplicative factor chosen by regulators (at least 3) VaR is the 99% 10-day value at risk SRC is the specific risk charge Total Capital = 0. 08 x [Credit risk RWA + Market risk RWA] where market risk RWA = 12. 5 x [k x VaR + SRC] Basel II (2004) * Implemented in 2007 * Three pillars 1. New minimum capital requirements for credit and operational risk 2. Supervisory review: more thorough and uniform 3. Market discipline: more disclosure * Only applied to large international banks in US * Implemented by securities companies as well as banks in EU Pillar 1: Minimum Capital Requirements * Credit risk measurement: * Standardised approach (external credit rating based risk weights) * Internal rating based (IRB) Market risk = unchanged * Operational risk: * Basic indicator: 15% of gross income * Standardised: multiplicative factor for income arising from each business line. * Advanced measurement approaches: assess 99. 9% worst case loss over one year. * Total capital = 0. 08 x [Credit risk RWA + market risk RWA + Operational risk RWA] Pillar 2: Supervisory Review * Importance of effective supervisory review of banks’ internal assessments of their overall risks. Pillar 3: Market discipline * Increasing transparency – public disclosure Basel 2. 5 (Implemented 2011) * Stressed VaR for market risk * Incremental risk charge Ensures products such as bonds and derivatives in the trading book have the same capital requirement that they would if they were in the banking book. * Comprehensive risk measure (re credit default correlations) Basel III (2010) * Considerably increase quality and quantity of banks capital * Macroprudential overlay – systemic risk * Allows time for smooth transition to new regime * Core capital only retained earnings and common shares * Reserves increased from 2% to 4. 5% * Capital conservation buffer – 2. 5% of RWA * Countercyclical capital buffer * Tracing/monitoring of liquidity funding Introduction of a maximum leverage ratio Capital Definitions and Requirements * Common equity > 4. 5% of RWA * Tier 1 > 6% of RWA * Phased implementation of capital levels stretching to Jan 1, 2015 * Phased implementation of capital definition stretching to Jan 1, 2018 Microprudential Features * Greater focus on common equity * Loss-absorbing during stress/crisis period capital conservation buffer * Promoting integrated manageme nt of market and counterparty credit risk. * Liquidity standard introduced introduced Jan 1, 2015 Introduced Jan 1, 2018 Available Stable Funding Factors Required Stable Funding Factors Macroprudential Factors * Countercyclical buffer * Acts as a brake in good times of high credit growth and a decompressor to restrict credit during downturns. * Within a range of 0-2. 5% * Left to the discretion of national regulators * Dividends restricted when capital is below required level * Phased in between Jan 1, 2016 – Jan 1, 2019 * Leverage Ratio * Target 3% * Ratio of Tier 1 capital to total exposure > 3% * Introduced on Jan 1, 2018 after a transition period * SIFIs * Required to hold additional loss absorbency capital, ranging from 1-2. 5% in common equity

The Exxon Valdez 1989 Oil Spill

This summary will briefly discuss three topics: a) the oil spill, b) the environmental damage and clean up, and c) the insurance coverage settlements. This paper will then focus on the insurance coverage settlements. Afterwards, it will provide an analysis on the effectiveness of the dispute resolution process. The Exxon Valdez Oil Spill of 1989 was one of the largest manmade environmental disasters (Rodgers et al, 2005, p. 136). It occurred in U. S. waters at Prince William Sound, Alaska in March 1989 (Rodgers et al, 2005, p. 136).The oil tanker, Exxon Valdez, struck a reef and discharged an estimated 10. 8 million gallons of oil according to Exxon estimates but other sources indicate that it is around 30 million gallons (Rodgers et al, 2005, p. 136). The oil belonged to Exxon Corporation while the tanker belonged to Exxon Shipping, its subsidiary (Holman, Fenwick & Willan, 2004, p. 1). The environmental damage caused by the oil spill and the subsequent clean up of the spill and its contaminants became the subject of numerous litigations (Rodgers et al, 2005).Environmental damage claims and settlements ran into several billion U. S. dollars (Rodgers et al, 2005, p. 149-88). Oil spill clean up expenses likewise ran into several billion U. S. dollars (Holman, Fenwick & Willan, 2004, p. 2). In this regard, due to the huge volume of lawsuits, the complexity of the case or cases, the wide coverage of the disaster, and the disaster’s far-reaching implications among other considerations, Exxon Corporation undertook a wide variety of legal strategies. One of those strategies involved alternative dispute resolution through settlements for insurance coverage disputes.The Exxon insurance coverage disputes are complex (Covington & Burling LLP, 2007). One point of consideration is that Exxon’s primary insurers are reinsured with Lloyd’s London (Holman, Fenwick & Willan, 2004, p. 2). This complicates the disputes since Exxon is an American company while its underwriters are international business entities. Hence, the dispute involved significant activities in many locations: Texas, New York, London, Oslo, Alaska and other places (Covington & Burling LLP, 2007).As such, issues on jurisdiction and applicability of laws whether English law or New York law should be applied made litigations costly and long. Covington & Burling LLP represented Exxon from 1991 to 1997 in â€Å"its hotly contested, multi-forum claims for coverage of losses arising out of the grounding of the Valdez† (Covington & Burling LLP, 2007). In early 1997, these disputes ended after Exxon and the Lloyd’s consortium of international underwriters and various Scandinavian companies settled for $780 million (Treaster, 1996; Covington & Burling LLP, 2007).Covington & Burling LLP (2007) best describes the legal complexity of these disputes, to quote: The Exxon claims arose out of the company's Global Corporate Excess package of policies for 1988-89, which was characterized by high limits and high retentions. Exxon claimed coverage under various sections of the package, including the first-party property section's cover for removal of debris, the marine liability section's cover for cargo-owner pollution losses, and the general liability section's cover for pollution clean-up costs.Meanwhile, the Covington & Burling LLP strategy involved: a) â€Å"a non-binding ADR procedure moderated by a London-based barrister before any litigation commenced;† b) â€Å"a Texas lawsuit filed by Exxon that the underwriters unsuccessfully sought three times to remove and that resulted in a jury verdict for Exxon on one of its three claims;† c) â€Å"an arbitration proceeding in New York;† d) â€Å"a federal declaratory judgment action in New York that the underwriters struggled to keep alive despite a dismissal and multiple trips to the Second Circuit and the Supreme Court on jurisdictional issues;† and finally,e) â€Å"two settlements — one for $300 million before the Texas verdict and one for $480 million while the Texas verdict was on appeal and just before the arbitration hearing was to commence† (2007). Many forms of alternative dispute resolutions or ADR can be made. Balmer (n. d. ) notes that several types of ADR can in fact be customized as can be seen from the Exxon insurance settlements. Some of these customized ADRs can range â€Å"from non-assisted discussions through mediation, neutral fact finders, case exposure such as mini-trials, arbitration both binding and non-binding, and limited issue litigation† (Balmer). Exxon already spent some U. S. $ 2. 5 Billion in damage claims as a result of the oil spill (Rodgers et al, 2005).Without ADR, it would have been unable to recover some $780 million from its insurance coverage (Treaster, 1996) while Exxon’s insurance disputes could have been unnecessarily protracted. For this incident, Exxon employed litigation but was always open to the many forms of alternative dispute resolution. For instance, Exxon used mediation through a non-binding ADR procedure moderated by a London-based barrister before any litigation commenced (Covington & Burling LLP, 2007). Technically, mediation involves a neutral third party who helps in hammering out a resolution (Balmer). In another instance, Exxon employed arbitration proceedings. Balmer describes arbitration as â€Å"getting a neutral party or panel to reach a decision on facts, law or both.† Most importantly, Exxon often used settlements.

Choose a narrow topic of Public Relations within marketing Assignment

Choose a narrow topic of Public Relations within marketing communication, then write a critical review of theory relating to tha - Assignment Example According to various observations from different scholars, it has been identified that PR is regarded as one of the major, effective as well as versatile tools of marketing communication that enables to enhance as well as to develop the efficiency of each marketing activity. It can be executed by taking into concern both internal as well as external business environment of a specific organisation (Zerfass & Duhring, 2012; Xifra & Huertas, 2008). Based on the various literatures concerning determining the role and the significance of PR in the arena of marketing communication, the paper intends to critically analyse the contribution of public relation to the efficiency of marketing communication. The discussion of this report will mainly focus on critically reviewing different literatures concerning the role and the influences of PR in the field of marketing communication process. Moreover, different theories or models concerning the function of PR in marketing communication will also be critically reviewed throughout this discussion. With this concern, the description in this report will further focus on identifying the importance and oversights of conducting PR practices in the segment of marketing communication, especially concerning the events industry. Critical Review of the Literatures The emergence of modern trends that are followed by the global organisations has been found to be highly focused on enhancing the capability of the marketing communication through involving an effective PR process. With regard to the notion of marketing communication efficiency, Stroh (2007) revealed that PR is one of the major and widely used approaches for the modern organisations. According to the observation of the study made by Zerfass and Duhring (2012), it has been viewed that both marketing communication and PR simultaneously have been passing through a dramatic and evolutionary growth during the past few decades. Both these aspects have been noted to experience amaz ing developments in the global business world. PR can be recognised as one of the major independent functions of the modern business organisations. The concept of PR, being an element of marketing communication, insists the global organisations should practice different strategies to effectively develop the significant concern of PR in the marketing process (Cochrane & Hazou, 2012). Moreover, Arnoldi (2012), Prindle (2011), and Grunig and Grunig (1998) stated that PR is recognised to be one of the major contributory factors for an organisation to efficiently perform its broad assortment of marketing activities. According to Grunig and Grunig (1998), it has been apparently observed that PR offers two major benefits to different organisations that include increasing sales and raising business reputation that in turn could lead the organisations towards accomplishing their predetermined business targets to a greater extent. Watson (2011) and Grunig and Grunig (1998) noted that PR canno t be considered as a sales tool; rather, it can be viewed as an extensively effective approach that enables an organisation to

Philosophical aspects of qualitative research Essay

Philosophical aspects of qualitative research - Essay Example Philosophical tenets influence qualitative research in relation to data analysis, data collection approach and research questions. Philosophical aspects of social science are applicable in qualitative research. Qualitative research in social science involves focusing on exploring of ideas, meanings, patterns, inconsistencies and the nature of conflicts in individual’s behaviors and thoughts (Bryman, 2009). The technique provides a technique of eliminating cases of bias in interpreting data. A core value in the use of qualitative research is that it is interpretative and interactive. Philosophical theories are applicable in qualitative research influence the process of data analysis, the general approach to data collection and formulation of research questions. In qualitative research, the data analysis aims at finding understandable output. The focus of the analysis is not in simplification of figures, but it concentrates on giving the figures, some meanings (Hammersley & Traianou, 2012). The approach used in the data collection process greatly affects qualitative research techniques. The nature of the data collected in quantitative research must be in a form that is easy to interpret. Qualitative research questions often lead the researcher towards obtaining information that explains the human behavior. They assist in obtaining information that explains why and how certain phenomena occur in an individual’s

Organizational Culture in Multinational Corporations Research Paper - 1

Organizational Culture in Multinational Corporations - Research Paper Example The culture in general and broad-spectrum comprises of assumptions, beliefs, values, norms, customs, artifacts, and several other components, likewise organization also have its norms, values, principles and policies that makes up a characteristics of the organization. In the view of many experts and theorists, culture can come under illustration and distinguish itself on three levels (Schneider, 1988). Behavior and artifacts are considerably the most obvious and manifest level as it encompasses the behavioral structure of the populace of a particular culture. Values or the principles are the subsequent level that motivate, inspire, and figure out the actions of the people. Assumptions, hypothesis, values and attitude are the distant and rooted level and considerably the most vital and imperative level to apprehend (Schneider, 1988). In order to understand the effective functioning of the organization, it is pivotal to identify with the culture first as it is a complete experience of the happenings and circumstances that encircles the entire population of the world (Alvesson, 2002). With the emergence of the multinational corporations that managed their operations in a number of countries apart from the parent country, a new concept also came under development that came under the explanation as organizational culture. Organizational culture is one of the foremost and primitive facets that are cumulative endeavors of the workforce of the enterprise and their actions and conduct (Alvesson, 2002). Although organizational culture has come under analysis and study from a wide variety of aspects, yet it does not have a solitary and distinct definition as it is complicated and tricky to articulate in a noticeable or apparent manner. Some schools of thought even refer the organizational culture as a system where the key in elements are the response and opinion from various

Blog Essay Example | Topics and Well Written Essays - 500 words

Blog - Essay Example IBM invented the Personal Computer and ruled the market by adopting open licensing. Clones proliferated worldwide. The creative genius of the two Steves at Apple – Wozniak and Jobs – lay in driving the concept of consumer-friendly machines. The Apple I was a pre-assembled hobbyist’s kit but a true microcomputer nonetheless. Beginning with the Apple II and even more famously with the enduring Macintosh line, Apple reduced the complexity of computing to a manageable level. The world became computer-literate learning word processing, spreadsheet â€Å"what if† analysis and â€Å"point and click† at the altar of the folks from Cupertino. Ease of use combined with monumentally breakthrough advertising executions to create a cult following that now spans two generations of students, teachers, art directors and graphic artists. Apple never dominated the PC industry owing to its premium-pricing strategy. But the heritage of iconoclastic advertising first created by Chiat/Day three decades ago continues with such campaigns as â€Å"Think Different†. Apple then continues to position on eye-opening consumer-driven innovation. The result is an amazing 70% market share for the iPod, 90% for iTunes music downloads, leadership in smartphones and a commanding lead in tablet PCs. The spring and summer of 2011 has been a seriously bad time for the economic managers of the land. From the White House down to state governments, there is a surfeit of joblessness, deficits and other harbingers of doom and gloom. Is nothing going right at all? Are consumers condemned to a kind of perpetual manic-depressive state, oscillating between drooping stock markets one day and the drumbeating of the Obama media chorus that things are looking up? As always in consumer marketing, crises should be viewed as opportunities. The very first take-out is that the country has been in recession more or less continuously since the

Nursing personal statement Example | Topics and Well Written Essays - 1000 words

Nursing - Personal Statement Example With time, I developed a need and desire to refocus my career goals to become an established psychiatric mental nurse practitioner with a command in this particular area of nursing. In order for me to actualize my career goals and professional development, I realized there was a need to increase the depth, and scope of my knowledge, skills and experience in this particular field. This would enable me to conform to the current standards of delivering patient centered care with integration of evidence based practice and clinical experience in order to optimize patient care outcomes. In order for me to achieve my goal, I have to enroll for a master degree in PMHNP (Psychiatric Mental Health Nurse Practitioner) that would increase my knowledge and hands on skills in this specific field of nursing practice. In particular, this program offers me the necessary biopsychopharmacotherapeutic knowledge and skills that will enable me to function well as a PMHN (Psychiatric Mental health Nurse) w ith regard to diagnosing various psychiatric disorders, managing of various psychotropic medication, and promoting the health of the psychiatric mental health patient. ... I have the necessary experience which is a prerequisite for admission to the MSN PMHN program. During my work as a nurse both in the hospital and in the home care, I interacted with patients with psychiatric disorders and actively participated in their treatment and management plans. In particular, I was part of a team that handled psychiatric cases. I personally participated in the physical assessment of the patients and the process of diagnosing the disorders. My participation in the diagnosis process included participating in many of the tests performed to aid the diagnosis. I participated in designing of their treatment plan and its implementation. I also participated in the development of long term palliative care plans for most of the patients with psychiatric disorders. I monitored their progress and response to treatment (both pharmacological and psychotherapy). Apart from the experience that I gained by directly working with patients with psychiatric disorders, I also worked with patients with other disease conditions. In the process, I gained valuable experience needed by the practicing nurse in a clinical setting. I have experience in using handoff communication tools like â€Å"I pass the baton† and SBAR. These tools provide a standard mechanism for communication between nursing personnel and account for a large percent in reduction of medical errors. I also have developed critical skills and experience in using standard research methods within a clinical setting to obtain relevant and up to date information with regards to essential guidelines that are to be observed while handling a continuum of medical conditions presented b patients. I have acquired skills that enable me to apply evidence based practice to developing meaningful and practical

Question response Coursework Example | Topics and Well Written Essays - 250 words - 4

Question response - Coursework Example Interference of the church leader will complicate the decision making process. The opinions of the Church leaders are not public opinion, as they are not legally elected representatives of the people. It is another issue if some political leaders solicit the opinion of the Church leaders on some important social issues like divorce, abortion, single mother parenting etc. to enable the government to address these issues from the moral angle. Moral approach to political matters appears fine in principle. But often Church leaders have conflicting views amongst themselves on moral issues. As such the government leaders would not like to take risk by patronizing any one faction of the Church. â€Å"The Family† is secretive group which articulates Christian fundamentalism. Any sect/group that relies on fundamentalism for spreading the message and for the alleged growth of the religion will end up in doom. Christian fundamentalists have cross on their necks but not Christ in their hearts. The other name for fundamentalism is envy and hatred for other religions. How that could be the trait that contributes to the welfare of humankind? As such the legislators need to be free from religious bias before making policy decisions. Legislators do not represent a particular religion. A legislator is the elected representative of a multi-cultural society as such religion is his private matter. He needs to work for the welfare of

Histories of Photography Essay Example | Topics and Well Written Essays - 750 words

Histories of Photography - Essay Example Therefore, using cameras, ethnographers during this period were able to capture all the aspects of a community’s culture, which were observable and manifest (Torresan Web). Therefore, the camera, and overall photography was considered a neutral way of the ethnographers’ collection of objective data. During most part of the 19th Century, photography was characterized by various challenges, as far as ethnography is concerned. For instance, low technological advancements in photography had rendered cameras to be heavy and expensive, and the film was considered a volatile tool. These and other factors resulted in some ethnographers arguing against use of photography in ethnography. However, in the 20th century, with increased technological advancements in photography, most of the technological problems experienced previously were resolved. This therefore, led to an increased usage level of photography in ethnography. For instance, ethnographers used photography as a tool fo r documentation. This would include recording videos of rituals, of which their details would be lost, if an ethnographer took notes only (Torresan Web). Through this, ethnographers are able to gain greater understanding of case studies. In the ethnographic studies in the 19th and 20th centuries, ethnographers held the ideological assumption that culture is manifested through symbols that are visible, and which are embedded in gestures, artifacts, rituals, ceremonies, and natural and constructed environments. The people in a community are considered as the actors in culture, which presents itself as a script. With this therefore, ethnographers believed that photography was an essential way of revealing the intangibles of social life, which include facial expressions, pauses in speech, body gestures, and tonal variations (Torresan Web). It was impossible to capture these using written ethnography; thus making photography to be core to ethnography. Part 2 From its time of invention, t here had been a great debate on whether to or not to consider photography as an art form. Different artists had varied views and arguments on whether photography was an art form or not. One of the most important early advocates of photography as an art form include Le Gray. This was a trained artist, who was highly influential in early photography. In 1852, Le Gray wrote, â€Å"The future of photography does not lie in the cheapness but in the quality of a picture. If a photograph is beautiful, complete, and durable, it acquires an intrinsic value before which its price disappears entirely. For my part, it is my wish that photography, rather than falling into the domain of industry or of commerce, might remain in that of art. That is its only true place, and I shall always seek to make it progress in that direction† (Drogoul Web). This therefore, shows Le Gray’s justification of photography as an art form. On the other hand, Henry Peach Robinson was one of the most pro minent photographers of the 19th century. Like Le Gray, Robinson felt that photography deserved to be respected as an art form. He therefore, was involved in different association of artists, which promoted photography as an art form. In addition, Robinson wrote various texts, in which he promoted photography as a form of art (Harry Ransom Center Web). Oscar Gustav Rejlander was another important artist, whom many

Thermal Equilibrium Essay Example for Free

Thermal Equilibrium Essay Thermal Equilibrium If you want to know the temperature of a cup of hot coffee, you stick a thermometer in the coffee. As the two interact, the thermometer becomes hotter and the coffee cools off a little. After the thermometer settles down to a steady value, you read the temperature. The system has reached an equilibrium condition; further interaction between the thermometer and the coffee cause no more changes. This is a state of thermal equilibrium. If the systems are separated by an insulator, such as wood, plastic or fiber glass, they influence each other more slowly. An ideal insulator is a material that permits no interactions at all between the two systems. It prevents the systems from attaining thermal equilibrium if the systems are not in thermal equilibrium at the start. That’s why ice is packed in insulating materials so that the insulation delays the process of achieving thermal equilibrium with the surrounding. Zeroth law of thermodynamics If system A is in thermal equilibrium with system C, and system B is in thermal equilibrium with System C, then System A and System B must be in thermal equilibrium. Important implication: THERMAL ENERGY HEAT Thermal energy is also frequently described as internal energy of a system. The internal energy of a system is the sum of kinetic energy and potential energy possessed by the molecules of the system. Heat is the amount of thermal energy transferred from a region of higher temperature to a region of lower temperature. Important note: Heat and work are energy in transit. A body does not contain work; a force is needed to transfer energy between two interacting mechanical system. Likewise, a body does not contain heat; heat is the transfer of energy between two systems due to a temperature gradient. Does your body contain heat? If not, what does it contain? 1 The diagram shows two interacting bodies A and B. How would the heat flow; from A to B or B to A? A Internal energy = 100000 J Temperature = 40oC B Internal energy = 4000 J Temperature = 100oC Direct contact and thermal contact Two systems in direct contact mean that they are physically touching each other. Two systems in thermal contact may not always be in direct contact. Can you think of a situation where two objects are in thermal contact but not touching each other? CONDUCTION Conduction is the process by which thermal energy is transferred in a medium from faster vibrating particles (solids) or faster moving particles (liquids/gases) to slower ones through collisions. When one end of the rod is heated, the local molecules gain energy and vibrate faster. These molecules collide with their neighbouring molecules and transfer some energy to them. This process carries on with the next layer of neighbouring molecules and the energy is passed from the region of high temperature to regions of lower temperature on the rod. Why are metals good conductors of heat? 2 Hwa Chong Institution Sec 3 (SMTP) Example 2 The tiled floor feels colder than the carpeted floor even though both surfaces are at the same temperature. Why? Example 3 Why will the snow melt faster on some parts of the roof than others? Example 4 Sometimes during the winter, it is possible for the temperature to drop below freezing point during the night. In this case, farmers spray water on the fruits to prevent them from freezing. Explain how spraying water on the fruits may help. Question: Using the logic above, can we boil water in a test tube which is placed inside a beaker of boiling water? 3 CONVECTION Convection is the transfer of heat energy from a hot region to a cold region by the transfer of matter. The flow of convection is called the convection currents. Natural convection is due to a temperature difference that causes the density at one place of the fluid to be different from the density at another. Hot fluid expands and becomes less dense and consequently will rise. Whether the convection currents form convection loops (or a convection cell) depend on the space available for the convection to take place. Forced convection uses an external device such as a fan or a pump to mix warmer and cooler portions of the fluid. Question: You can hold your finger beside a candle flame without getting hurt but not above the flame. Why? Question: Some ice is trapped at the bottom end of a test tube by steel wool. A flame is applied near the mouth of the test tube until the water at the mouth of the test tube boils. Yet, the ice cubes are still present for quite a while. Explain why a fluid like water, which can transport heat by conduction and convection, does not transfer energy quickly from the flame to melt the ice. 4 Hwa Chong Institution Sec 3 (SMTP) Example 5 A half-boiled egg is prepared by placing a fresh egg inside hot water (slightly less than 100oC). You have placed three eggs at the bottom of the container with hot water. After a minute, you decided there is enough space for more eggs so you put one more egg on top of the bottom three. 15 minutes later, which of the eggs will be the most cooked? RADIATION Radiation is the process by which energy is transferred by electromagnetic waves. Radiation can travel through vacuum. This form of energy is sometimes called radiant energy. A good radiator is also a good absorber but a poor reflector. Some factors that can affect the rate of absorption / emission of radiation include 1 2 3 Colour of surface The classic experiment that shows that dark colour surface is a better absorber of radiant energy than a shiny surface. Clearly, a shiny surface tends to reflect radiation that falls on it. Hot water Surface temperature The hotter the surface, the more radiation it emits. A surface can emit all types of radiation, but at a specific temperature, it has a dominant emission wavelength (a particular type of radiation). For example, at human body temperature, the dominant type is infrared (that’s why we have infrared thermometers). In general, the hotter the surface, the type of radiation emitted will tend to shift more to the higher energy type like ultraviolet, x-ray or gamma rays. Surface area The larger the surface area, the more radiation it can emit. There are two important physics law describing radiant energy: Stefan-boltzmann law and the Wien’s displacement law. However, these laws are not within our syllabus. 5 APPLICATIONS OF HEAT TRANSFER A thermos bottle, sometimes referred to as a Dewar flask, reduces the rate at which hot liquids cool down or cold liquids warm up. A thermos flask usually consists of a doubledwalled glass vessel with silvered inner walls. The space between the walls is evacuated to reduce energy losses due to conduction and convection. The silvered surfaces reflect most of the radiant energy that would either enter or leave the liquid in the flask. Finally, little heat is lost through the glass or rubberlike gasket and stopper because these materials have low thermal conductivities. Covering a space satellite with highly reflective material can prevent excessive temperature fluctuations that can damage the highly sensitive electronic circuitry. By reflecting much of the sunlight, the foil minimizes temperature rises. Being a poor absorber means it’s a poor emitter too. When the satellite is not shone by the sun (e.g. in Earth’s shadow), it will not emit a lot of radiation and causes the temperature to plummet. Halogen cooktops use radiant energy to heat pots and pans. A halogen cooktop uses several quartz-iodine lamps, like the ones in ultra-bright automobile headlights. These lamps are electrically powered and mounted below a ceramic top. The electromagnetic energy they radiate passes through the ceramic top and is absorbed directly by the bottom of the pot. Consequently, the pot heats up very quickly, rivaling the time of a pot on an open gas stove.

Number of Folds in Paper: Thickness of Earth to Sun

Number of Folds in Paper: Thickness of Earth to Sun Calculating the number of folds and the hypothetical size of a piece of paper so that its thickness equates to the distance from the Earth to Saturn. As a physics student doing the option on astrophysics, I have become very interested in the immensity of the universe. I decided it would be intriguing to combine it with my personal hobby of doing origami which helps me to relieve stress. As a result, I investigated the amount of times a piece of paper would need to be folded in half so that its thickness achieves a length which equates to the distance from the Earth to Saturn. I have chosen the planet Saturn because it is one of the biggest planets that can be observed by the naked eye and I have been able to see it last summer from the top of a high hill in La Pedriza in the Guadarrama mountain range near my hometown (Collado Villalba, Madrid, Spain). Popular claims suggested that it is impossible to fold a piece of paper in half more than seven times no matter its size or thickness.   Previous mathematicians have worked out the number of folds required to reach the moon from the Earth which was worked out to be 42 folds[1] using a m thick paper. The size of the paper however, was not found. In theory, the average folds for a normal size A4 (m) paper is seven. This is an interesting topic because it is incredible how, by exponential growth, a miniature of m thick like a piece of paper can be folded in half to reach the distance of the planet Saturn. Britney Gallivan[2] was able to fold a piece of toilet paper of 1200 meters a number of 12 folds. She derived two mathematical expressions based on geometrical sequences, taking into consideration the amount of paper lost in every fold. These formulas make it possible to calculate the hypothetical length L and width W of a piece of paper that would be folded n times to equate the distance from the Earth to Saturn. Gallivan established some rules that would need to be followed when folding a sheet of paper in half:       A single rectangular sheet of paper of any size and uniform thickness can be used. The fold line has to be in the same direction each time. The folding process must not tear the paper. When folded in half, the portions of the inner layers which face one another must almost touch one another. The average thickness or structure of material of paper must remain unaffected by the folding process. A fold is considered complete if portions of all layers lie in one straight line. Hence, the length L of the paper influences the number of times it can be folded in half. Hypothesis The distance from the Earth to Saturn will be obtained by folding a piece of paper ≠¥50 times with a hypothetically large enough paper. This exploration used exponential growth and logarithms in order to find out the number of folds required to reach Saturn. Before any calculation was done, it was indispensable to collect all the data required for the investigation. All the values were used were in the international system of units (metres) and standard form in order to keep the exploration standardized. Taking into consideration the elliptical orbits of the planets, sometimes they are closer to Earth and sometimes they are further away. Therefore, the value used during this mathematical exploration was the mean value of when they are the furthest apart and the closest together. Astronomical units (AU) are the standard unit measure used when dealing with distances within the Solar System. 1 AU is equal to the distance from the Earth to the Sun which is equivalent tom. Distance from the Earth to Saturn when closer together 8.00 AU[3] Distance from the Earth to Saturn when further apart 11.0 AU3 Mean distance from the Earth to Saturn    AU   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   m The thickness of a normal A4 paper (0.210 297m) was calculated by taking a measurement of an office pack of 500 pages (80gsm) which was found to be about 0.05m. The thickness of each individual page is calculated by dividing the total thickness (0.05m) by the amount of sheets (500); giving a result of m. Whenever a paper is folded in half, the number of layers is doubled so the thickness increases by two. When there is only one layer of paper (not folded), its thickness is m. Once it is folded in half for the first time, its thickness will be multiplied by 2 hence, m Folding it one more time means multiplying it by two again, m Thus, an expression can be established, showing the exponential growth; The expression can be represented in a graph to illustrate graphically the exponential growth because of folding. Graph 1: From Graph 1, it is possible to visualise how, something that seems unrealistic like folding a sheet of paper to reach Saturn becomes possible. The graph also illustrates how rapidly exponential growth occurs. Since the expression needs to be equal to the distance from the Earth to Saturn to work out (the number of folds), an equation to find can be solved: Folds To find, the rules of logarithms were put in place due to the exponential nature of the equation. The answer has been rounded up to 54 because it is not possible to have a half fold. Gallivan derived the following formula for the minimum length of a piece of paper of thickness t to be folded n times in a single direction To prove this formula, it is neccesary to understand that after each fold, some part of the paper is lost and becomes a rounded edge. I folded an A4 sheet of paper seven times in order to illustrate this: As you can see from the picture, there is a rounded edge on the side which is paper being lost and is not contributing to the real thickness but just joining the layers. The curved portion becomes bigger in correlation with the number of folds and begins to take a greater area of the volume of the paper. At the first fold, a semicircle of radius t (thickness) is formed, which has a perimeter . Thus, units of the paper are being used in the fold.   A paper smaller than this cannot be folded since there is not enough paper to form the fold. After the fold, there is a two-layer sheet of paper with a thickness of 2t. Another fold results in folding the second layer over the first layer. The second layer has a radius of , so it uses units of paper. The total amount of paper used by the second fold, for both layers, is resulting in a four-layer piece of paper. The ith fold begings with layers, and folding the jth layer uses units of paper. Hence, the total length of paper used for the ith fold is given by Therefore, to obtain the total length of paper required for n number of folds, sum this over i from 1 to n, which gives Gallivans formula: The thickness can be substituted into t and the number of folds can be substituted into n which gives L to be equal to 1.70-1028m. The other expression proposed by Gallivan can be used to calculate the width of the paper. If the length lost in the radii of earlier folds is not considered, the length lost must be considered in the last fold. At the final fold n, the side of the square must be at least equal to the length lost in the final fold which is (amount of length lost in each fold. Taking into consideration that the total area of the sheet (area = nb of sheets in penultimate step area of square in penultimate step) is preserved, Gallivans equation can be derived: Again, the thickness and number of folds can be substituted and an answer for W can be found giving W to be 2.69-1020m. In conclusion, the initial hypothesis was right since the number of folds was 54 which is, indeed, greater than 50. The hypothetical paper that could, in theory, be folded 54 times so that its thickness equates the distance from the Earth to Saturn of m would be long and wide (taking into consideration that its thickness would bem). The dimensions of this paper would be bigger than the actual distance from the Earth to Saturn so, unfortunately, we do not have a paper that big that would allow us to reach to Saturn just by folding it in half. This mathematical exploration used logarithms to find out the number of folds needed to reach Saturn with a m thick paper. However, the dimensions of this sheet of paper would be too big and hence, impossible to find in the Earths surface. Nevertheless, the exploration could have looked at using a thinner piece of paper to see if its dimensions would have been smaller and perhaps, we would have been able to find it in the surface of the Earth and we would have been able to reach Saturn. References       Astronomy, S. (2012). How Far away is Saturn? [Online] Space.com. Available at: http://www.space.com/18477-how-far-away-is-saturn.html [Accessed 16 Jan. 2017]. IFLScience. (2016). Fold A Piece of Paper in Half 103 Times and It Will Be As Thick As the UNIVERSE. [Online] Available at: http://www.iflscience.com/space/fold-piece-paper-half-103-times-and-it-will-be-thick-universe/ [Accessed 16 Jan. 2017]. Pomonahistorical.org. (2002). Folding Paper in Half Twelve Times. [Online] Available at: http://pomonahistorical.org/12times.htm [Accessed 16 Jan. 2017]. [1] IFLScience. (2016). Fold A Piece of Paper in Half 103 Times and It Will Be As Thick As the UNIVERSE. [online] Available at: http://www.iflscience.com/space/fold-piece-paper-half-103-times-and-it-will-be-thick-universe/ [Accessed 16 Jan. 2017]. [2]Pomonahistorical.org. (2002). Folding Paper in Half Twelve Times. [online] Available at: http://pomonahistorical.org/12times.htm [Accessed 16 Jan. 2017]. [3] Astronomy, S. (2012). How Far away is Saturn? [online] Space.com. Available at: http://www.space.com/18477-how-far-away-is-saturn.html [Accessed 16 Jan. 2017].