Risk and Return Past and Prologue Essay Example

Risk and Return: Past and Prologue Essay CHAPTER 05 RISK AND RETURN: PAST AND PROLOGUE 1. The 1% VaR will be less than -30%. As percentile or probability ofa return declines so does the magnitude of that return. Thus, a 1 percentile probability will produce a smaller VaR than a 5 percentile probability. 2. The geometric return represents a compounding growth number and will artificially inflate the annual performance of the portfolio. 3. No. Since all items are presented in nominal figures, the input should also use nominal data. 4. Decrease. Typically, standard deviation exceeds return. Thus, an underestimation f 4% in each will artificially decrease the return per unit of risk. To return to the proper risk return relationship the portfolio will need to decrease the amount of risk free investments. 5. Using Equation 5. 6, we can calculate the mean of the HPR as: E(r) = = (0. 3 C] 0. 44) + (0. 4 0 0. 14) + [0. 3 (-0. 16)] = 0. 14 or using Equation 5. 7, we can calculate the variance as: var(r) = 02 = [0. 3 + [0. 4 + [0. 3 (-0. 16-0. 14)2] -0. 054 Taking the square root of the variance, we get SD(r) = 0 = 23. 24% = 0. 2324 or 6. We use the below equation to calculate the holding period return of each cenario: HPR = a. The holding period returns for the three scenarios are: Boom: = Normal: (43-40+ Recession: (34-40+0. 0)/40 = -0. 1375 = -13. 75% E(HPR) = = [(1/3) 0. 30] + [(1/3) 0. 10] + [(1/3) (-0. 1375)] -0. 0875 or 8. 75% var(HPR) = [(1/3) (0. 30 0. 0875)2] + [(1/3) (0. 10 0. 0875)2] + [(1/3) (-0. 1375 0. 0875)2] = 0. 031979 SD(r) = = = 0. 1788 or 17. 88% = 0. 5 017. 88% = 8. 94% 7. a. Time-weighted average returns are based on year-by-year rates of retu rn. Year Return = [(Capital gains + Dividend)/Price] 2010-2011 (110- 100 + or 14. 00% 2011-2012 (90- 110 + -0. 1455 or -14. 5% 2012-2013 (95-90+4)/90- 0. 10 or 10. 00% Arithmetic mean: [0. 14 + (-0. 1455) + 0. 10]/3 = 0. 0315 or 3. 5% Geometnc mean: = 0. 0233 or 2. 33% b. Date 111/20101/1/2011 1/1/20121/112013 Net cash Flow -300 -208 110 396 Time Net Cash flow Explanation O -300 Purchase of three shares at $100 per share 1 -208 Purchase of two shares at $110, plus dividend income on three shares held 2 110 Dividends on five shares, plus sale of one share at $90 3 396 Dividends on four shares, plus sale of four shares at $95 per share The dollar-weighted return is the internal rate of return that sets the sum of the resent value of each net cash flow to zero: 0=-$300 ++ + Dollar-weighted return = Internal rate of return = 8. . Given that A = 4 and the projected standard deviation of the market return = 20%, we can use the below equation to solve for the expected market risk premium: A = 4 † E(rM) AOM2 = 4 (0. 20)0 = 0. 16 or b. solve E(rM) 0. 09 = AOM2 = A (0. 20)0 , we can get A = 0. 09/0. 04 = 2. 25 c. Increased risk tolerance means decreased risk aversion (A), which results in a decline in risk premiums. 9. From Table 5. 4, we find that for the period 1926 2010, the mean excess return for 00 over T-bills 7. 98%. 10. We will write a custom essay sample on Risk and Return: Past and Prologue specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Risk and Return: Past and Prologue specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Risk and Return: Past and Prologue specifically for you FOR ONLY $16.38 $13.9/page Hire Writer To answer this question with the data provided in the textbook, we look up the real returns of the large stocks, small stocks, and Treasury Bonds for 1926-2010 from Table 5. 2, and the real rate of return of T-Bills in the same period from Table 5. 3: Total Real Return Geometric Average Large Stocks: 6. 43% small stocks: 8. 54% Long-Term T-Bonds: 2. 06% Total Real Return Arithmetic Average Large Stocks: 8. 00% small stocks: 13. 91% Long-Term T-Bonds: 1 . 76% T-Bills: 0. 68% (Table 5. 3) 11. a. The expected cash flow is: (0. 5 $50,000) + (0. $100,000 With a nsk remium of 10%, the required rate of return is 15%. Therefore, if the value of the portfolio is X, then, in order to earn a 15% expected return: solving x 00(1 + 0. 15) = $100,000, we get x = $86,957 b. If the portfolio is purchased at $86,957, and the expected payoff is $100,000, then the expected rate of return, E(r), is: The portfolio price is set to equate the expected return with the required rate of return. c. If the ris k premium over T-bills is now 15%, then the required return is: The value of the portfolio (X) must satisfy:x 00(1 + 0. 20) = $100, OOO X = $83333 d. For a given expected cash flow, portfolios that command greater risk premiums must sell at lower prices. The extra discount in the purchase price from the expected value is to compensate the investor for bearing additional risk. 12. a. Allocating 70% of the capital in the risky portfolio P, and 30% in risk-free asset, the client has an expected return on the complete portfolio calculated by adding up the expected return of the risky proportion (y) and the expected return of the proportion (1 y) of the risk-free investment: E(rC) = y 0 E(rP) + (1 -y) 0 rf = (0. 7 0. 17) + (0. 3 0. 07) = 0. or per year The standard deviation of the portfolio equals the standard deviation of the risky fund times the fraction of the complete portfolio invested in the risky fund: DC = y OOP = 0. 7 0 0. 27 = 0. 189 or 18. 9% per year b. The investment proportions of the clients overall portfolio can be calculated by the proportion of risky portfolio in the complete portfolio times the proportion Security Investment Proportions T-Bills 30. 0% stock A stock B stockC 0. 7040% = 28. 0% c. We calculate the reward-to-variability ratio (Sharpe ratio) using Equation 5. 14. For the risky portfolio: s For the clients overall portfolio: 3. = 0. 704 a. -Y)orf 0. 17+(1 -Y) 0 0. 07 = 0. 15 or per year Solving for y, we get y = = 0. 8 Therefore, in order to achieve an expected rate of return of 1 5%, the client must invest 80% of total funds in the risky portfolio and 20% in T-bills. the proportion of risky asset in the whole portfolio times the proportion allocated in each stock. Security Stock A stock C Investment Proportions 20. 0% 0. 8 21 0. 8 0 = 26. 4% 0. 8 = 32. 0% d. The standard deviation of the complete portfolio is the standard deviation of the risky portfolio times the fraction of the portfolio invested in the risky asset: DC = y 0. 8 0. 27 = 0. 216 or 21. % per year 14. a. Standard deviation of the complete portfolio= DC = y 0 0. 27 If the client wants the standard deviation to be equ al or less than 20%, then: y = (0. 20/0. 27) = 0. 7407 = 74. 07% b. +0. 7407 0. 10 15. a. Slope of the CML = = 0. 24 See the diagram below: = 0. 1441 or 14. 41% b. Your fund allows an investor to achieve a higher expected rate of return for any given standard deviation than would a passive strategy, i. e. , a higher expected return for any given level of risk. 16. a. With 70% of his money in your funds portfolio, the client has an expected rate of eturn of 14% per year and a standard deviation of 18. % per year. If he shifts that money to the passive portfolio (which has an expected rate of return of 13% and standard deviation of 25%), his overall expected return and standard deviation would become: E(rc) = rf+ 0. 7 rn In this case, 7% and E(rM) = 13%. Therefore: E(rc) = 0. 07 + (0. 7 0. 06) = 0. 112 or 11. 2% The standard deviation of the complete portfolio using the passive portfolio would be: OC = 0. 7 00M = 0. 7 0. 25 = 0. 175 or 17. 5% Therefore, the shift entails a decline in the mean from 14% to 1 1. 2% and a decline in he standard deviation from 18. 9% to 17. 5%. Since both mean return and standard deviation fall, it is not yet clear whether the move is beneficial. The disadvantage of the shift is apparent from the fact that, if your client is willing to accept an expected return on his total portfolio of 1 1. 2%, he can achieve that return with a lower standard deviation using your fund portfolio rather than the passive portfolio. To achieve a target mean of 1 1. 2%, we first write the mean of the complete portfolio as a function of the proportions invested in your fund portfolio, y: + y (17% = + ooy Because our target is E(rC) = 1 1. %, the proportion that must be invested in your fund is determined as follows: 11. 2% = + ooy = = 0. 42 The standard deviation of the portfolio would be: oc = y 0 = 0. 42 0 = 11. 34% Thus, by using your portfolio, the same 1 1. 2% expected rate of return can be achieved with a standard deviation of only 1 1. 34% as opposed to the standard deviation of 17. 5% using the passive portfolio. b. The fee would reduce the reward-to-variability ratio, i. e. , the slope of the CAL. Clients will be indifferent between your fund and the passive portfolio if the slope of Slope of CAL with fee = Slope of CML (which requires no fee) = Setting these slopes equal and solving for f: 0. 24 = 6. 48% 6. 48% = 3. 52% per year 17. Assuming no change in tastes, that is, an unchanged risk aversion, investors perceiving higher risk will demand a higher risk premium to hold the same portfolio they held before. If we assume that the risk-free rate is unaffected, the increase in the risk premium would require a higher expected rate of return in the equity market. 18. Expected return for your fund = T-bill rate + risk premium = 6% + 10% = 16% Expected return of clients overall portfolio = (0. 16%) + (0. 4 0 6%) = 12% Standard deviation of clients overall portfolio = 0. 6 0 14% = 8. 4% 19. Reward to volatility ratio = = 0. 7143 20. Excess Return (%) a. In three out of four time frames presented, small stocks provide worse ratios than large stocks. b. Small stocks show a declining trend in risk, but the decline is not stable. 21 . For geometric real returns, we take th e geometric average return and the real geometric return data from Table 5. 2 and then calculate the inflation in each time frame using the equation: Inflation rate = (1 + Nominal rate)/(l + Real rate) 1. The VaR is not calculated, since the values used to determine the VaR in Table 5. 4 are not provided. Comparing with the excess return statistics in Table 5. 4, in three out of four time frames the arithmetic real return is larger than the excess return, and the standard deviation of the real return in each time frame is lower than that of the excess Comparing the nominal rate with the real rate of return, the real rates in all time frames and their standard deviation are lower than those of the nominal returns. Comparison The combined market index represents the Fama-French market factor (Mkt). It is better diversified than the S 500 index since it contains approximately ten times as many stocks. The total market capitalization of the additional stocks, however, is relatively small compared to the S 500. As a result, the performance of the value- weighted portfolios is expected to be quite similar, and the correlation of the excess returns very high. Even though the sample contains 84 observations, the standard deviation of the annual returns is relatively high, but the difference between the two indices is very small. When comparing the continuously compounded excess returns, e see that the difference between the two portfolios is indeed quite small, and the correlation coefficient between their returns is 0. 99. Both deviate from the normal distribution as seen from the negative skew and positive kurtosis. Accordingly, the VaR (5% percentile) of the two is smaller than what is expected from a normal distribution with the same mean and standard deviation. This is also indicated by the lower minimum excess return for the period. The serial correlation is also small and indistinguishable across the portfolios. As a result of all this, we expect the risk premium of the two portfolios to be similar, s we find from the sample. It is worth noting that the excess return of both portfolios has a small negative correlation with the risk-free rate. Since we expect the risk-free rate to be highly correlated with the rate of inflation, this suggests that equities are not a perfect hedge against inflation. More rigorous analysis of this point is important, but beyond the scope of this question. CFA 1 Answer: V(12/31/2011) = (1/1/2005) O (1 + = $100,000 (1. 05)7 = $140,710. 04 CFA2 Answer: a. and b. are true. The standard deviation is non-negative. CFA3 Answer: c. Determines most of the portfolios return and volatility over time. Answer: Investment 3. For each portfolio: Utility = E(r) Investment E(r) 0 Utility 02) 1 0. 12 2 0. 15 3 0. 21 4 0. 24 0. 30 0. 50 0. 16 0. 21 -0. 0600 -0. 3500 0. 1588 0. 1518 We choose the portfolio with the highest utility value. CFA 5 Answer: Investment 4. When an investor is risk neutral, A = O so that the portfolio with the highest utility is the portfolio with the highest expected return. CFA 6 Answer: b. Investors aversion to risk. CFA 7 Answer: = [0. 2 0 (-0. 20)] + (0. 5 0 0. 18) + (0. 3 0. 50) = 0. 20 or E(rY) = [0. 2 (-0. 15)] + (0. 5 0. 20) + (0. 0. 10) = 0. 10 or CFA8 OX2 = [0. 2 0 (-0. 0 0. 20)2] + [0. 5 0 (0. 18 0. 20)2] + [0. 3 0 (0. 50 0. 20)2] 0. 2433 = 24. 33% OY2 = [0. 2 0 (-0. 15 0. 10)2] + [0. 5 (0. 20 0. 10)2] + [0. 3 (0. 10 0. 10)2] 0. 1323= 13. 23% CFA 9 E(r) = (0. 9 0. 20) + (0. 1 00. 10) = 0. 19 or 19% CFA 10 = 0. 0592 ox = 0. 0175 = The probability is 0. 5 that the st ate of the economy is neutral. Given a neutral economy, the probability that the performance of the stock will be poor is 0. 3, and the probability of both a neutral economy and poor stock performance is: 0. 3 0. 5=0. 15 E(r) = (0. 1 00. 15) + (0. 6 0. 13) + (0. 3 0. 07) = 0. 114 or 11. 4%

Jesus Christ Came To Earth From Heaven Religion Essay Example

Jesus Christ Came To Earth From Heaven Religion Essay Example Jesus Christ Came To Earth From Heaven Religion Essay Jesus Christ Came To Earth From Heaven Religion Essay More than 1900 old ages ago, on the Judaic province Israel Jewish religious orders in Bethlehem, Jesus Christ came to earth from heaven. This is the beginning of the twelvemonth. The Christianity had non been built until Jesus had non been crucified on the Cross and brought back to life. Soon, Christianity spread from its beginnings as a first century Jewish religious order, to a faith of the whole Hellenic and Roman universe. It spread really fast at the Roman Empire even it was suppressed the persecution at that minute. Around A.C.380, Christianity became the Roman Empire national faith. It expanded throughout the universe bit by bit and became the biggest faith in our universe today. After about 2000 old ages developing, the Christianity has produced some different spiritual subdivisions, the biggest three spiritual religious orders are the Roman Catholicism, Eastern Orthodoxy, and Protestantism. Main Concepts/belief systems Christianity is a faith based upon believes God and nowadayss Jesus for Saviour s universe. The Founder of Christianity is Jesus. Jesus is the boy of God, Jehovah, who was born in Nazareth in Galilee in northern Palestine, the female parent is Maria and his male parent is Joseph. When Jesus grew up, Jesus led Peter, John and other adherents, prophesying the Gospel everyplace. eˆÂ ¶c?cs„a? e?a?e µÃ‚ ·a?† cS?a ¤?e? µ?-?a’?c? ­a?cs„?†¦?i?a »-a »Ã‚ ¬? ¶a? °a?† eˆÂ ¶c?cs„e-?a?’cS?a ¤Ã‚ §i?SSeˆÂ ¶c?e’†°? ­Ã‚ »a?a?† a?a ­-?z ¶a?Saˆ‚ Jesus sermon caused terror in the Judaic Lords and priests. They crucified Jesus on the cross. a?† a?†°a ¤Ã‚ ©a »?a?Zi?eˆÂ ¶c?a ¤? »i?a?e-?a?’a’?c? ¤a?-?cZ °c?ze?i?e ¦? ±Ã¢â‚¬Å¡a »-a »Ã‚ ¬a?†º?a?†ºcs„e?a†º?a† Ã¢â‚¬ ¦a ®?e ®?c ¦?eY?aˆ‚ However, three yearss afte r, Jesus resurrected. He asked his adherents to demo miracles to the people. From so on, Christianity is born. Now, Christianity is the biggest faith in our universe, about 2 billion people believe Jesus, it is about a 3rd of the universe s population. The lone enchiridion for Christians is the Bible. The content in the Bible are the narratives about God s enlightenment. It revaluates the Christian religion and life. It is ageless truth for the Christians. Bible is divided into two parts: New Testament and Old Testament. Old Testament was originally a Judaic Bible. Different from the position of Judaism, Jesus made certain facets of his ain and made an account on them. This became an of import footing for their beliefs. aY?c?â„ ¢cs„?â„ ¢a?†°a?a?’c?a?a? ¤a?a ­ a?sc? ± aˆ‚Christian philosophy can be summed up in one word love. In the eyes of Jesus, love is divided into two facets: love God and love others as yourself. Christianity is a rigorous faith. It merely recognized that Jehovah God is the highest God. God dwelling of three incorporate and distinguishable individuals: Father, Son and the Holy Spirit. Christianity is against polytheism and idol worship. It is besides against the spiritual life of the ruddy tape and grandstanding. There are several basic credos for the Christian as chap. First, Christian believe Decalogue, it described 10 of import things that Christian can non make. Second, Christian accepts the theory of Trinity. This is one of Christianity s basic credos. They believe there is merely one God in the word, but God has three different place criterions. It is Saint Father, Saint Jesus, and Holy Ghost. Third, Christian believes the Original Sin. This theory is the foundation of Christianity moralss and moral. Christian believe homo have sin since birth because their ascendant Adam and Eve have sin. Human can non salvage themselves ; they need Jesus Christ s redeeming. Last, Christian besides believe eternal of life, heaven, snake pit, and Judgement Day. Ritual of Christianity The rite of Christianity is changing from denomination, church and single Christian, but we still can happen some common ritual for most of the Christian. Most of Christian goes to Church on Sunday to idolize the God. The Worship general includes three parts: vocalizing, supplication and a discourse. At place, most of Christian prays before the dinner. They besides read the Bible on a regular basis. Another of import rite of Christianity is Baptism. Almost all Christians have been baptized. The Baptism is ritual that people decides to acquire right with God, portion of the outward mark of accepting Jesus as their Jesus. The intent of Baptism is taking ritual dirtiness, rinsing off of wickedness. Communion besides is another really of import portion of Christianity. In Christianity, the basic significance of the term Communion is an particularly close relationship of Christians, as persons or as a Church, with God and with other Christians. The Baptism and Communion are regard as sacred rites instituted by Christ. The symbol of Christianity Symbols are widely applied in Christianity. Hundreds of Symbols are used in all sorts of Christianity juncture. The well-know symbols are Cross, Ichthys, Peacock, Dove, and so on. Each symbol has its ain narrative and different use. The Cross, for illustration, is the most popular symbol which used in Christianity. We can really easy happen Cross in every Church. Christian believes Jesus was crucified on the cross, so the cross has become the centre of Christianity. Now, beside churches, the Cross can be found on many things like necklaces, key ironss, and rings. Peoples can demo their worship anyplace through the Cross. They besides believe Cross can protect them from the immorality and convey fortune to them. The uses of symbols in Christianity are changing from occasions. In Baptism procedure, for case, different symbols in this procedure have different significance. Water in the Baptism means purify and cleaning. It symbolizes the cleaning of the psyche from wickedness. Seashell is a symbol of administrating Baptism. Dove in Baptism represents the Holy Spirit. There are some interesting symbols related to the Christianity, such as Christmas tree, Easter egg and Halloween Jack O lanterns. They bring felicity to the people particularly to the childs. Who am I? Why am I here? Where am I traveling? Why must we endure? Who am I? Most people have asked this inquiry. There are many replies, such as I am a human being. I am a Canadian. I am a Christian. Before we answer this inquiry, we should see another inquiry Where are we come from? For Atheistic Worldview, human being is a consequence of development. Life s merely an accident, cipher designs and makes it. People serve no intent. But on the position of Christian, they believe God made the human. God proceeded to make the adult male in his image, in God s image he created him ; male and female he created them. GENESIS 1:27. So we understanding human is made by God, the replies for Who am I should be I am a boy of God. God made us and desire us to hold a relation with him. This besides the reply Why I am here? Having a relationship with Jesus and worship to the Lord is the intent of Christian s life. Christian knows the life the beginning, and purpose. Because they believe homo was redeemed by Christ, people s organic structure and the psyche are belonging to God. Regardless unrecorded or die, people need return their glorification to the host. Second, a Christian can non work merely for himself/herself, his/her household or the society. He/she should work for the God, make relationship with God and be joyful with God. Third, people must follow the God the edict. At the terminal, when people go to decease, they will confront the opinion made by the God, to make up ones mind where they should travel, heaven or snake pit. Another interesting inquiry is why people should endure. When we look around the universe, we can see the wars, natural catastrophes anyplace. For illustration, from get downing of this twelvemonth, there are two major temblors happened in Haiti and Chile, it took 100s 1000s of people s life. Countless people suffered in these catastrophes. They lost their household members, friends. They have no nutrient, H2O and medicative drugs. When these things happened, people will reason where the God is. If God is truly exist, why he does non rescue people who suffers on the Earth. The one ground for that is world has been imperfect and iniquitous of all time since the rebellion in the Garden of Eden. Iniquitous worlds tend to fight for laterality, and these consequence in wars and enduring. But the chief ground for the agony is that the whole universe is lying in the power of the wicked 1. ( 1 John 5:19 ) . By governing with Sadan, people have no protection from the God, agony is inevitable. Purpose of decease, View of the end-times Christians lives are guided by the Bible. Peoples will decease because they affected by wickedness ( Genersis 2:17 ; Romanas 5 ) . There is a clip to be born and a clip to decease ( Ecclesiastes 3:2 ) . But decease is non the concluding portion for the life. Christians believe there is life after decease. Death is a procedure for people to do a judgement by Jesus and it is a start point for the life after decease. Christians believe there is heaven and snake pit after decease. Good individual will travel to heaven and bad cat will travel hell, the justice is Jesus. Christian besides believes there is an End Time existed on some yearss in the hereafter. Before the End Time , people will endure from Antichrist, war, hungry, nature catastrophe, and Human Ethics Decadence. When the End Time is coming, everything will be destroyed. Finally, Jesus will come back, justice good and bed, and save people from the agony. This procedure can non be changed and will go on shortly. Factors impacting chosen faith today including tendencies To choose a faith is a really serious thing. Through chosen a faith, people will put their beliefs. A batch of factors will act upon people s pick. I believe the most of import factors for faith pick are the living part. Nowadays, Christianity, Buddhism, Islam are three chief faith in the universe. Christians spread over West states. Buddhism is focus on East Asia. The Muslin is in Middle East and Africa. Pakistan, for case, 97 % people believe Islam. When the kids born, they are Muslin ; they have no more opportunities to take another faith. The other of import fact for spiritual pick is the household spiritual background. The Children will be educated to believe Jesus when he or she born in a Christian household. This will act upon kids s belief when he or she grows up. These sorts of narratives will go on both in Buddhism and Islam household. With development of scientific discipline and engineering, people have more agencies to acquire information. This besides a fact affects people s faith picks. By utilizing of Internet, People can remain at place to seek all sorts of spiritual information online. This will assist people make a determination to take a right faith. By the manner, Internet besides helps people to understand other faith cognition. Let them cognize that each faith may reflect some portion of truth of the existence. High engineering can assist people to unify all faiths together and force the Pluralism goes frontward.

Watson's Theory of Caring in Modern Healthcare Setting Essay

Watson's Theory of Caring in Modern Healthcare Setting - Essay Example At this juncture, Jean Watson’s ‘Theory of Human Caring’ seems to be a vital tool for meeting the objectives of current day nursing practices. Jean Watson Jean Watson was born at West Virginia in United States. She got her graduation from the Lewis Gale School of Nursing in 1961 and earned a B.S. in 1964 from the University of Colorado. After two years of study, Watson acquired an M.S. in psychiatric and mental health nursing from the same university. In 1973, she earned a Ph.D. after completing a series of researches in the field of educational psychology and counseling. Watson focused her researches in the area of human caring and loss and published the theory â€Å"nursing: human science and human care† in 1988. An Overview of the Theory The theory of human caring proposes that caring is the ‘most valuable attribute’ that the nurses has to serve up the humanity (The core concepts of Jean Watson’s theory). In the opinion of the theoris t, if patients do not get effective caring, disease may be cured but illness will remain. Watson strongly argues that caring is the essence of nursing without which patients’ health cannot be retained. The theory suggests that caring greatly helps a person to attain control, to become more knowledgeable, and thus enhance his/her health. Watson also suggests that higher emphasis must be given on patients’ autonomy and freedom of choice, which in turn would add to client self knowledge and self control. According to Blais, Hayes, Kozier, and Erb (2006, p.107), the transpersonal caring relationship, caring occasion, and ten carative factors constitute the elements of Jean Watson’s theory of human caring. Watson’s ‘The ten primary carative’ are; The formation of humanistic-altruistic system of values. The installation of faith-hope. The cultivation of sensitivity to one’s self and to others. The development of a helping-trust relationship. The promotion and acceptance of the expression of positive and negative feelings. The systematic use of the scientific problem-solving method for decision making. The promotion of interpersonal teaching-learning. The provision for a supportive, protective and /or corrective mental, physical, socio-cultural and spiritual environment Assistance with the gratification of human needs. The allowance for existential-phenomenological forces. (Source: ‘Jean Watson’s Philosophy of Nursing’). The first three carative factors represent a well structured philosophical foundation for the science of caring. The remaining seven carative factors emerge from the foundation established by the first three factors. This theory has seven assumptions also. According to Watson (2006), the essence of these assumptions is that caring is the central element of nursing and it must be practiced interpersonally in order to acquire the desired results. The carative factors constitute the con cept of caring and hence it meets the satisfaction of certain human needs. Watson says that the science of caring is complementary to the science of curing or caring is more healthogenic than is curing. In her theory, Watson has clearly classified various human needs according to its nature and importance. She believes that each human need must be equally considered in order to maintain a quality nursing care that promotes optimal health. Watson’s ordering of needs is of three types such as biophysical needs, psychophysical needs, and psychosocial needs. The biophysical needs (lower order needs) include need for food and fluid, elimination, and ventilation. At the same

Bahrain International Circuit (BIC) formula 1 PowerPoint Presentation

Bahrain International Circuit (BIC) formula 1 - PowerPoint Presentation Example To begin with, cell Phones have got many different features and purposes that have helped the society in various ways. The primary features of Cell Phones especially Smartphone include Internet application services and money transfer services (Vats Web). Most current account customers can instantly send or receive cash using their smart phones. An individual with a smart phone can accept credit card payments quickly, securely from anywhere. This feature, which is easy to set up, allows a user to key transactions and adds a credit card swiper to take advantage of low rates. Smartphone allows use of master account by linking many accounts to create an enterprise level solution. These features make it easier to do business from any corner of the world. Customers with Smartphone can now scan in their checks deposit from anywhere. The issue of mailing checks or making queues at the ATM is long overdue to Smartphone users using the Mobile PC deposit app. In addition, cell Phones have numerous internet application features that have to a great extent benefited their users. Smartphone uses web browsers of very high quality that can be used to browse internet with ease compared to other standard phones (Vats Web). The Smartphone can be connected to the laptops to access the internet and some Smartphones have expandable memories and powerful processors that help in storing large media data and can be used to connect to stream media from internet media providers. Smartphone, by using app such as Open Garden allows users to share mobile web access by forming a mesh network by connecting it to laptops. Interestingly, a Smartphone user can participate in teleconferencing by using noise cancelling handset to reduce noise and using the Smartphone timer to manage the teleconferencing duration. Moreover, the big memory in the Smartphone and powerful processors allow users to download songs games and videos anytime (Vats Web). Some Cell Phones enable live streaming

Case study Example | Topics and Well Written Essays - 250 words - 117

Case Study Example The facility had always kept daily production records, but from what Helen could tell, no one ever consulted them or did anything with them other than to put them in file cabinets at the end of each reporting period. She thought that in principle she should be able to monitor production rates for the types of machines, identify any machines that seemed to be in need of adjustment, and characterize the amount of downtime to be expected. Accordingly, she extracted one days production records for 116 presses at her facility. The machines were scheduled for a shift of 7.75 hours each day. The operators recorded the hours of operation manually on clipboards kept near each machine. The actual quantities of parts produced were determined from automatic counters on the machines. The data on the next two pages (and in file PROD) were derived from these logs. Based on the statistics above, we can advise Jane for a machine type to be considered as being effective, it must be able to produce parts that are between 5084 and 320242 in number. The machine type must also be able to operate a minimum of 0.58 hours and a maximum of 7.75 hrs. From the statistics of central tendency, machine type 2 is the best for producing parts and also uses minimum time. When the press was down, machine type 2 is the best since it has the minimum standard

Strategic Operations Management Som Marketing Essay

Strategic Operations Management Som Marketing Essay Strategic operations management (SOM) isnt only about how an organisation manages effectively its day-to-day activities. Furthermore, it provides the organisation with long-term objectives as well as strategic decisions and actions to achieve those objectives. (Slack et al., 2007, p.63) SOM is vital to any organisation. It is the core determinant for the organisations success because it involves every part within the organisation. Moreover, it helps organisations to achieve organisational goal and gain competitive advantages. The four advantages of operations management (Slack et al., 2007, p.22) emphasise the importance of SOM: Helps organisations reduce cost and increase the efficiency in product/service production. For Toyota case, we all recognised one its vital competitive advantage is cost; this is the evidence that SOM helps Toyota reduce cost, increase efficiency. Increases revenue by increasing customers satisfaction through good quality and service (we can find Toyota also focuses on customers satisfaction and quality) Reduces the amount of investment required for increasing operations capacity and innovative resource deployment. In a competition world, a heavy industry like automobile always has to invest on discovering the new techniques to improve and hasten production processes. Being able to reduce these costs will help Toyota give competitive price. Provide the basis of future innovation through building a strong base of skills and knowledge inside the company. This is also important, because it will motivate Toyota to develop the capability in order to adapt with possible change in the future. Besides, SOMs importance can be clarified by the Top-down perspective of the four perspectives model: Slack et al., The four perspectives on operations strategy. Operations management, 5th ed., p.64 Top-down Perspective: the starting point of operations strategy. It supports corporate, business and functional strategies of an organisation. At corporate level, we can see Toyota positioned itself to global, economic, political and social environment (Slack et al., 2007, p.63). Itll help Toyota decide: The type of business they want to do The markets in which they will operate Allocation of cash between different businesses At business level, strategic decisions helps Toyota create business strategies that related to individual business units within the organisation. The business strategy will support these business units to focus on particular customer, markets and competitors. For example when we analyse the Toyota Corporation, we find this description: Toyota runs by 3 segments: The Automobile segment designs, manufactures and sells automobiles; The Finance supports relevant financial data; and the other is responsible for housing, information and communication. (The New York Times, 2012) So, we can see SOM in Toyota attaches individual business units to the corporate strategy by formulating the goals for individual business units. At functional level, SOM make different departments recognise and hence support the business strategy. Different departments such as: operation, marketing, RD would be managed to adhere to the business objectives. Generally, lets simplify the whole points by analysing Toyota Global Vision (Toyota-Global, 2012). Here, the corporate level decision focuses on: quality, innovation and human resources. Pass to the business level, business goals and strategic decisions are formulated, then Toyota will the specific performance objectives (quality, flexibility, cost). Finally, at functional level, different departments and functions will act accordingly through various techniques (JIT, TQM, JIT) and continuous process improvement, to meet the objectives given in business level. b) To understand Toyota from different perspectives, we should use Stakeholder Analysis to identify Stakeholders expectations in associated with 5 performance objectives (Slack et al., 2007, p.39)This table describe Toyotas 5 main stakeholder groups (Toyota-Global, 2012) and their expectation. Performance objectives Stakeholder types Stakeholders expectations Quality Customer Shareholders Society Quality of product/service, safe vehicles Speed Customer Shareholders Reduce throughput time and waiting time Dependability Customer Business partners On time delivery Flexibility Customer Suppliers Toyota Availability of different models to choose from Cost Customer Toyota Lower price and superior performance Lets analyse each group in detail: Customers: Customers expectation How Toyota addresses? Meet customers expectations? Quality Toyota strives to do thing right at the first time. With Total Quality Management (TQM) Toyota controls the quality from development, procurement, production to after sale service, while focusing on continuous improvement. Yes Opportunity to feedback and receiving of the information Listening to customer, giving timely supports. Yes http://www.toyota-global.com/sustainability/stakeholders/customers/quality.html Safety and reliability Offering modern technologies and information to prevent accidents such as: virtual human model, navigation system, audible system Recent recalls of 7 millions of cars because of faulty window switches may oppose this statement (Kollewe, J., 2012) http://www.toyota-global.com/sustainability/stakeholders/customers/safety.html Low price By applying effective techniques on processes, Toyota can lower the costs, thus giving low price to customers. (JIT, Jidoka, Lean manufacturing) Yes Dependability Toyota production system (TPS) helps on-time delivery Yes Flexibility Toyota offer a wide range of product Yes http://www.toyota-global.com/company/vision_philosophy/toyota_production_system/ Employees: Employees expectation How Toyota addresses? Meet employees expectation? Safety health Creating safe and healthy working environment Yes Pride Motivate and inspire the employees to work with full energy. Yes Confidence Guarantee a stable career and secured working conditions Toyota has sacked 350 workers in Australia (OConnor, P., 2012) this may cause some tensions for current employees. Equality in all aspects Emphasize mutual respect and harmony in work place. yes Opportunity Continuous develop HR yes http://www.toyota-global.com/sustainability/stakeholders/employees/ Business partners: Partners expectations How Toyota addresses? Meet partners expectations? Equal opportunity Giving equal opportunities for all suppliers, providing clear guidelines to potential supplier. Yes Fairness in receiving information All partners are well informed Yes Long term procurement Open-door policy to encourage fair competition Yes Stable relationship Mutual benefit based on mutual trust Yes Trust Unified cooperation with partners. Yes http://www.toyota-global.com/sustainability/stakeholders/partners/#policy Society/Communities: Society/communitys expectations How Toyota addresses? Meet societys expectations? Environment preservation Development of eco-friendly models. Reduce amount of CO2 in product, manufacturing, production process Develop recyclable material, resource and product Yes Safer vehicle Produce safe vehicles to prevent accidents Not really, because of the recent recalls. Innovation in life style Motivate activities concerned in environment preservation Yes. Other automakers (Honda, Ford, Mitsubishi) are influenced to produce this kind of product. (Schulte, M., 2012) http://www.toyota-global.com/sustainability/stakeholders/society/mobility.html Social welfare Social welfare programs Yes Jobs Provide employment opportunities to unemployed. Yes Infrastructure Infrastructure development activities Yes Traffic safety Education and training Yes http://www.toyota-global.com/sustainability/stakeholders/society/contribution.html http://www.toyota-global.com/sustainability/stakeholders/society/environment.html Shareholders: Shareholders expectations How Toyota addresses? What Toyota prioritises? ROI Sustainable profitability Respect for the agreements Respect and follow the laws Support the long-term vision for management Dividends and shares Dividends based on investment plans, business results, cash revenues http://www.toyota-global.com/sustainability/stakeholders/shareholders/ In addition, Globalisation has considerable influence on Toyota strategic operations management activities. Globalisation comes with plenty of opportunities as well as challenges (Slack et al., 2007, p.680). With the help of internet, Toyota can easily be available to worldwide customers, procurements and other transaction activities will become internet-based, which helps reduce cost and enhance quality control. Lets identify what challenges and opportunities of globalisation for Toyota: Greater competitions, wider range of customers demands, and partners around the world. Higher customers awareness and expectations Global value chains increasing complexity competition Higher knowledge of culture, behaviours is required Higher requirement of technology applications. Continuously increase of product standards Require more efficient and effective supply chains Require continuous improvement and innovation Having a clear view on the influences of stakeholders and globalisation to Toyota, we can clarify the SOM in different perspectives: Product/service perspective SOM in Toyota focus on transferability of products/services (Slack et al., 2007, p.681). This means Toyota guarantees their design compatible with different hobbies and attitude of customer throughout the world. Here, Toyota considers widening range of options to cope with different cultures and customers, the RD department will be commanded to design according to the customers expectation. The five performance objectives should be focused at the business level of strategy to gather and maintain customers loyalty. Toyota guarantees a reliable quality in every product with competitive price in order to satisfy customers expectations. Provide safety and reliable vehicles that inspire enthusiasm at affordable prices. (Toyota-global, 2012) Relationship with suppliers and other partners is important. Since its establishment, Toyota has sought to work closely with its suppliers in its manufacturing activities (Toyota-Global, 2012) Hybrid car is a good innovation and should be developed as it meets both customers and societys demand. Toyotas unique hybrid system combines an electric motor and a gasoline engine in the most efficient manner. It saves fuel and reduces emissions while giving ample power. (Toyota-Global, 2012) Manufacturing perspective Toyota should emphasize the quality in every product to enter global market. The TQM at Toyota is to ensure this. To compete with other automakers around the world, Toyota always find the ways to reduce costs, yet guarantee an acceptable quality. Again, the importance of partnership is justified, in associated with continuous development on: waste reduction, stock control, human skills, capacity planning and control, process improvement, etc. For example, Toyota pioneers the Lean manufacturing concept, a production method that focuses on reducing waste. Specifically, Toyota use common parts and designs for multiple product lines and reducing the number of suppliers, so that Toyota can buy parts and components at greater number, with lower cost. (Ann All, 2010) Localizing manufacturing makes Toyota effectively deal with different markets around the world. Now there are 51 bases in 26 different countries and regions. In addition, there are design and RD bases in nine locations overseas (Toyota-Global, 2012] Toyota should always make continuous improvement. Flexibility and dependability should be noticed in the manufacturing arena. Layouts of facilities need to be adjusted properly with the culture of particular region. Process technology development should be emphasized. Here availability of skills, serviceability and maintenance options can be exploited (Slack et al 2007 p681) Capacity and inventory planning and control are other areas to consider. Here Toyota JIT is helpful Administrative perspectives Toyota respects the different cultures and beliefs. Toyota is establishing a corporate culture with abundant vitality by fostering human resources that include a diverse range of individuals. (Toyota-global, 2012) Job design should be considered in globalisations. Here cost of labour, skill availability, cultural should be considered. (Slack et al., 2007, p.681) Business recovery plan should be developed to minimize the damage on reputation caused from risks. Supplier management should be considered to increase quality, and reduce cost. Toyota may develop knowledge management to increase knowledge base within the organisation. Environmental-friendly is highly considered in Toyota Because of the globalisation, Toyota may face the increases of new competitors, new products, low pricing, better quality. So, its important to promote continuous improvement principle, whilst avoiding errors (quality problem, employee sacks) as these will damage companys reputation. Task 02 For big organisations, global capability mostly came from their capability in manufacturing (Pepsi, Coca-cola). Then, Toyota would be also such case, as their success has been considerably contributed by manufacturing functions. (T., Ohno, 1988) shared a story about the strange growth at Toyota though many companies were suffering the economic recession. The operation way of manufacturing function was included in TPS. The two main concept of this system include Jidoka and Just-in-Time: where Jidoka guarantees of product quality through the prevention, in-time correction, and Just-in-Time is about reducing waste and speed enhancement in work processes. (Toyota-Global, 2012) Generally, Toyotas global capability came from the continuous development of various long-term objectives: TPS, efficient use of resource, human skills, waste reduction, customer focus, supplier network improvements, emphasis on quality and customisation, inbound logistic management, inventory control For clarifying the Toyotas competitive advantages, lets analyse through the five performance objectives (Slack et al. 2007, p 39) Performance objectives Competitive advantage How Toyota did it? Quality High quality The Jidoka helps prevent possible errors of product. The Lexus series are carefully done from the design, production, procurement, to the service delivery for customers. Good quality helps reduce the re-works, lessen the confusion, thus increase dependability, efficiency and reduce cost(Slack et., al, 2007) Speed Quick delivery Toyotas JIT principles, inventory control and inbound logistics management helps enhance the speed of production and delivery. The speed emphasis helps Toyota reduce inventories and risk (Slack et al., 2007) Dependability Reliable delivery Again, the JIT, planning and control systems help Toyota to provide on-time delivery, both to internal production process and customers. This helps Toyota increase efficiency operation, saves the time, money and gives stability to the company.( Slack et al 2007) Flexibility Production flexibility Mix flexibility Volume flexibility Delivery flexibility Wide range of product Toyota develops variety of attractive and practical models such as: Camry, Prius, Varis Toyotas R D division often design different models to satisfy different markets. Toyota is able to adjust the volume in production process. Toyota even can reschedule the manufacturing priorities. It would help the organisation to become agile, maintains dependability, and saves time. ( Slack et al 2007, p 47) Cost Low price Perhaps price is the strong competitive advantage of Toyota. Price is very important in automobile industry. However, effective cost reduction has been helping Toyota to provide favourable price. This make Toyota the leader producer in automobile industry. The performance objectives in Toyota could be illustrated by this polar diagram: Adapted from Slack et al., Operations management (2007), p.55 Besides, identification of the customers needs and expectations should be critical considered. Therefore, the order winning factors and qualifying factors could be appropriate to identify the competitive advantage of Toyota. Order winner is customers key reason for buying a product/service, while qualifying factor is the minimum competitive factors required to get the attention from customers (Slack et., al, 2007, p.69.). For Toyota the order winning factors include: standardized quality and design, low price, and dependability. Qualifying factors are: wide range of products, quick throughput-time and quick delivery to customers (speed) Adapted from Slack et al., Operations management (2007), p.69 In addition, different customers and markets have different expectation, so these factors would change according to that. For example, Lexus is a luxury series of Toyota, its target market is higher income people, therefore, the order winners would be: high quality, gorgeous design and qualifying factors are: acceptable price, quick delivery and reliable delivery. Task 3 Analysing the operation strategy at Toyota through Top-down perspective, we see that corporate level strategy lead the organisation to long-term objectives such as: innovation, waste reduction, continuous improvement Business level concentrates on performance objectives such as quality, cost, flexibility and dependability, and adapts the strategy according to the corporate objectives. And at functional level, different functions (manufacturing, RD, marketing) plan, execute and cooperate steps to achieve business objectives. These are evidences of how effective Toyota pursues its long-term objective: Toyota applies TQM, Kanban, JIT in production to achieve performance objectives. At the product/service segment, Toyota focus on innovation, quality and customer care (Toyota Code of Conduct, 2006, p.12) Finally, at administrative perspective, Toyota pays attention to: sustainable location decisions, long-term capacity management, continuous resource development and long-term supplier relations (Toyota Code of Conduct, 2006, p.12)). Here, we should notice that supplier relationship is important; Toyota should manage the first and second-tier suppliers effectively to work globally because advantages come from the close relationship with suppliers (Slack et al., 2007) These following concepts can be helpful to analyse Toyota Operation Strategy: Product Life Cycle (PLC) Product Life cycle Source: Marketing FAQ,What is Product Life Cycle(PLC)? 1. Introduction stage In introduction stage, when something new is introduced in the market, competitors will be few. Companies should develop flexibility to adapt with changes in the market (Slack et al., 2007) For example with Toyota case, a new great model Prius Hybrid has just entered the market. Assume it is in introduction stage, then customers who purchase this model would be innovators. This model seems to be well designed in shape and technology, so competitors are few, but may not exclude big competitors such as Mercedes, BMW, GM Then, the order winning factors here should be the design and qualifying factors should be quality, price. That means, Toyota should focus on design, and pay attention to quality and price. 2. Growth stage This stage is characterised by sales volume and competitors increase. The objective should be keeping up with demand expectations and ensuring the quality (Slack et al., 2007) Toyota will compete with competitors, order winners will be quality, speed and dependability (deliver according to the demand) to cope with increasing demand, and satisfying factors will be price and flexibility. We recognise that Toyota offers a wide range of product and price for different markets customers in order to attract different market segments. Lets take the case of Toyota Camry 2012, currently it is in growth stage and the target market is average income people. Its facing a rough competition with Honda Accord, both companies emphasize the quality. Though the quality, design, performance is somewhat similar, Honda is slightly better than Toyota. However Toyotas offering variety of same type products such as: Matrix, Sienna, Avalon providing more options for customers, which may yield more profits. (Halvorson, B., 2012) 3. Maturity stage In this stage, the demand has a sign to fall; some competitors withdraw from the market exclude big players. The concentration should be turned to price reduction. Here, company has to deal with cost, production and supply issues (Slack et al., 2007) Toyotas target customers now should be the mass market. Then, order winning factors will be low price, and dependability of supply. The qualifying factors are flexibility (various types of model) and quality. A wide range of product may bring some profits as Toyota already had different target markets. Consequently, Toyota should focus on cost reduction, dependability and expansion of market. We can see how Toyota applies this practice by the example of Lexus: Lexuss in maturity stage, which explains Toyotas efforts to offer a wide range of models: sedan, hybrid, SUVs which we can find in the link below: http://www.lexus.com/models/allVehicles/ 4. Decline stage Decline stage is characterised by: sales decline, more withdrawal, price competition and cost focus. (Slack et al., 2007). Here, customers are the people who follow new style late, and competitors will be less. Price war will happen and obviously, order winning factors will be low price, qualifying factors are dependability of supply. At this stage, Toyota should focus on reducing costs. Lets look at the Toyota Qualis model which had gone to the decline stage and it was replaced by the Innova. Toyotas trying to replace with Innova, probably they will sell the remaining Qualis with low price. (TNN, 2005. The Economic Times) Efficient frontier Toyota might use this approach to position its main performance objectives in order to achieve effectiveness in operation (Slack et al., 2007). With Toyota, the high variety will make the cost higher. There are some ways such as: innovation of sustainable products, increasing product life in the PLC, positioning of product at various stage in the PLC could help Toyota limit variety. In Toyota case, there are quality, cost and variety that need to be considered properly to increase the efficiency of product Adapted from Slack et al., Operations Management, 2007, p.78) Toyota can link the frontier approach with PLC to make rational decisions. Different PLCs stage requires different concentrations, Toyota may adjust its variety/quality/cost accordingly to adapt with the situation. For example, suppose Innova model reached Maturity stage in India, then Toyota would focus on cost reduction. Since Indians only prefer family car like Innova, variety should be ignored. Consequently, Toyota should sacrifice Variety to achieve cost efficiency. Toyotas competitive advantages overview Kanban System A unique method developed by Toyota. Here, JIT and Lean manufacturing are applied effectively. This method helps Toyota develop the production process speed and efficiency. Therefore they can avoid inventory, waste of resources, product error and other unwanted costs. Kanban system provides some benefits such as: waste reduction, inventory avoidance, error-free manufacturing, which help Toyota produce quality products with low cost, increase their competitiveness over other automakers. (Toyota-Global, 2012) Relationship with Suppliers Toyota understands the importance of having strong relationship with suppliers. As an integral part of Kanban system, suppliers are always up-to-date with new changes in Toyota. A lot of investments were done by Toyota to extend its supply network. As a result, Toyota is one of the organisations possess strongest supplier network in different areas of the world. The principal measure of supplier relations in the American auto industry is the OEM benchmark Survey that is published by John Henke of Oakland University. Suppliers rank auto manufacturers using 17 measures from trust to perceived opportunity. In the 2003 survey Toyota ranked first followed by Honda and Nissan, while Chrysler, Ford and GM were fourth fifth and sixth. The survey also showed that Toyotas scores had improved over 7% over 2002. Another automotive supplier survey published annually comes from J.D. Power. The 2003 survey found that Toyota, Nissan and BMW are the best North American automakers in promoting innovation with their suppliers. (David McBride, 2004) Valuable culture As a Japanese organisation, Toyotas management is highly concern with Japaneses culture. Here, the loyalty and pride is highly respected. Besides, Hofstedes 5 cultural dimensions shows Japanese is characterised by highly regarding hierarchy authority, uncertainty avoidance and long-term orientation. This leads to these following results: Employees willingly follow the command from managers, so the decision making process and the implementation of decision will be faster. The employees strive to get to perfection due to the high uncertainty avoidance. Every worker has their pride of their work, so they wont damage their own credibility. Long-term orientation leads every individual in the organisations to continuous development and perfection. These cultural benefits made employees at Toyota continuously develop themselves thus get better performances. Because of this, the cultural value is considered one of Toyotas strongest advantages. Task 4 Lets apply the SWOT analysis for the overall review on Toyota Favourable Unfavourable Internal Strengths Strong global presence Strong brand image Strong financial performance Effective marketing and distributions to different market segments. Toyota production system Continuous improvement and innovation Strong relationship with partners Weaknesses Heavily relied on imports for inputs Heavily depends on Japan and U.S. market. Recent recalls in 2010 External Opportunities Increasing demand for hybrid electric vehicle Enough capability to produce more quality, green, fuel efficiency products. Opportunities in Asian market. Threats Increase competition from other automakers. Uncertain economic condition Usual demand is gradually changing, due to the environmental and fuel price issues. Recommendation Toyota should focus on their hybrid technology as the demand increases and pay attention to green technologies. Thanks to their reputation of quality and innovation, these concentrations can help Toyota get an additional competitive advantage. The Build your Toyota is a great innovation; customers can customize their own model. http://www.shopatgst.com/gstbuildyourtoyota/default.aspx?zip_code=70000Vehicle=nullYear The RD section should always be invested properly as it will keep Toyota up-to-date with modern technologies. Note in mind that now the green, fuel efficiency technologies are most concerned with the society. Keep promoting its brand in key markets, and in new-developed countries such as Russia, China, Brazil, and India. The demand in these markets is increasing due to the improvement of quality of life. Governments of China and India have reduced taxed for automobile, this may be the chance for Toyota. Keep observing the competitors, while focusing on the quality factors to avoid mishaps (2010 recalling) that damage their reputation and market share. Toyota should consider applying vertical integration in the growing markets and improve the management of different portfolios. Conclusion As the leading manufacturer of automobiles market, Toyota has all the required conditions to continue their successful journey in the future. Though there are currently some disadvantages, Toyota can still improve by taking more responsibility in community, environment and society. References: Ann All, (2010). Did Lean Manufacturing Contribute to Toyota Recall? IT Business Edge. 29th Jan., 2010. [online]. Available from: [accessed 5th Oct., 2012] David McBride, 2004. Toyotas Extended Lean Enterprise. EMS Consulting Group. 1st Dec., 2012. [online] Available from: [Accessed 5th Oct., 2012] Halvorson, B., (2012). Toyota Camry Vs. Honda Accord: Compare Cars. The Car Connection. 11th Sep, 201. [online]. Available from: [Accessed 4th Oct., 2012] Kollewe, J., (2012). Toyota recalls 7m cars worldwide over window fault. The Guardian. 10th Oct., 2012. [online]. Available from: [Accessed 12th Oct., 2012] OConnor, P., (2012). Toyota Australia sacks 350 workers. World Socialist Web Site. 17th Apr., 20

The Ethics of Jane Austens Heroines Essay -- Biography Biographies Es

The Ethics of Jane Austen's Heroines      Ã‚  Ã‚  Ã‚   Jane Austen's novels at first glance tell a story of romance set primarily within the landowning society amidst country estates, and their cultivation of tea parties, social outings, and extravagant balls; ladies sashaying in flowing gowns through precisely decorated rooms, and men deliberating over their game of whist. The storybook romance usually unfolds in these familiar settings, and inevitably involves the conflict of two lovers separated by differences in social class, and the resulting influence of the diverse societies they revolve in. Although these superficial aspects of Austen's stories are protruding at the seams, underneath the skin of these well-clothed dramas lie serious moral issues afflicting the culture of England during Austen's life.         Ã‚  Ã‚  Ã‚  Ã‚   Jane Austen seems to have been disheartened by the decay of England's aristocratic society. The exploration of the innocent protagonist of each novel further into her core ethics, and the relation of these to the imposing culture of her immediate family and surrounding social class gives the reader a fresh taste of the prominence of class distinction and the apparent emptiness of the aristocratic society that in reality existed in Austen's own life. A close examination of the evolution of Austen's ideals through her novels will reveal the essence of the protagonist's relationship to her family, and its direct relationship to the family's moral stance, as well as conclusive evidence regarding Austen's own values.         Ã‚  Ã‚  Ã‚  Ã‚   Austen's first completed novel, and most popular novel to date, Pride and Prejudice, tells th... ...ense of moral integrity, she discovers that her high society family is inferior in every vital aspect. The concluding statement of this journey reads:         Ã‚  Ã‚  Ã‚  Ã‚   Anne, satisfied at a very early period of Lady Russell's meaning to love Captain Wentworth as she ought, had no other alloy to the happiness of her prospects than what arose from the consciousness of having no relations to bestow on him which a man of sense could value. There she felt her inferiority keenly.         Ã‚  Ã‚  Ã‚   The parallel of Anne's growth as a compassionate woman, to Austen's growth as a compassionate writer is felt immensely by the reader. To value virtue over vanity, cultural and class diversity over conformity is to be free from the narrow confines of the ignorant mind. This is ultimately Austen's powerful message.   

How Is The Energy Generated Environmental Sciences Essay

Hydro engineering relies on H2O to reproduce electrical energy. Water is one of the most abundant beginnings in the universe we live in today. The force per unit area of the H2O will turn the turbines and generators to reproduce the electricity that so many people to a great extent depend on today. This engineering is clearly the manner frontward in respects to providing the general populace with clean renewable energy.IntroductionThis study will be concentrating on the Renewable energy beginning of Hydro engineering that is used in the universe today. It will be discoursing how this energy is transformed from kinetic energy into electrical energy, the constituents and different types of turbines that are used to build this engineering. How much power can be generated from this Renewable energy beginning. The study will be discoursing Ireland ‘s largest Hydro power station Ardnacrusha in Co. Clare. This study will discourse the advantages disadvantages of utilizing this energy beginning to provide electricity to the populace and the new advanced underwater turbines.Hydro TechnologyHydro engineering is a renewable energy that is one of the most abundant that is available today. Hydro power is supplied by bring forthing energy from falling H2O or cyclosis H2O and even sea H2O. This means that all these beginnings can be renewed. Unlike other energy beginnings that are most normally used like coal, gas and rough oil, the fact of the affair is that we will ne'er run out of H2O to the full, so we can safely state that this H2O can besides be renewed after we have used it. ( Lenntech n.d. ) hypertext transfer protocol: //www.lenntech.com/water-energy-faq.htm # ixzz1dEQL6A2E When rain H2O falls or flows depending on the environment/application energy will be generated. This power coevals of H2O is carried out in big power workss, this will include a figure of process stairss and the usage of power coevals equipment such as turbines and generators. The energy that is expelled from the H2O can be used to bring forth electricity. ( Lenntech n.d. ) hypertext transfer protocol: //www.lenntech.com/water-energy-faq.htm # ixzz1dETAw6Pv There are two chief factors involved in the operation of hydro engineering. The perpendicular autumn of H2O this is known as the caput this is indispensable for hydro power coevals. Fast streamlined H2O by itself does non hold sufficient energy merely on a big scale illustration of this would be the ocean, this is why the caput is so of import. Large scale coevals would imply the likes of ocean turbines that would be situated on the sea bed. So for smaller graduated table production the caput and flow rate are indispensable. There are two basic turbines that are used in this industry they are called reaction turbines and impulse turbines. The reaction turbine, this type of turbine is turned by the force/pressure of the H2O. The blades are mounted on the go arounding rotor these are called traveling blades. An illustration of this turbine is the Francis and Propeller turbine. ( Tpub n.d. ) hypertext transfer protocol: //www.tpub.com/content/engine/14105/css/14105_164.htm Figure 1 shows a David Darling Francis reaction turbine. hypertext transfer protocol: //www.daviddarling.info/images/Francis_turbine.jpg Figure ( David Darling n.d. ) Impulse turbines are turned/driven when a high speed of H2O which is directed from a nozzle hits of the vanes or pail. These vanes or pails are attached to a wheel which so turns the turbine and removes the kinetic energy from the H2O. ( David Darling n.d. ) hypertext transfer protocol: //www.daviddarling.info/encyclopedia/I/AE_impulse_turbine.html Figure 2 below shows the impulse turbine that are used in hydro engineering. hypertext transfer protocol: //www.leander-project.homecall.co.uk/Engines/Impulse.jpg Figure ( leander-project.homecall.co.uk n.d. ) The turbines that have been mentioned above are non suited for all the same applications as different power station will differ. For illustration a hydro station that will hold a caput tallness of over 200 meters, the pelton impulse turbine will be suited. For applications that range between 6 meters and 300 meters the Francis and Kaplin reaction turbines will be suited. For extremist low caput highs between 6 and 8 meters the reaction turbine which includes the reversible Gorlovka and the Francis tally over river turbines may be installed. The Francis turbines where the most common types used in early portion of this century but have since been superseded by the propellor turbine, this turbine is more compact and can be run in the same application. The Francis and Pelton have a good efficiency of around 70 to 85 % . Many of these turbines are still in topographic point today as they so where so normally used many old ages ago.How is the Energy GeneratedA hydro power works will dwell of a high H2O dike, this dike will be built across a river this in bend will now make a reservoir to incorporate the H2O, the station will house the turbines and generators this is where the procedure will take topographic point to pull out the energy organize the H2O and convert this energy to electricity. The first measure is gather the H2O, the beginning of the H2O will be from natural rain, rivers and streams all of these will be directed to the reservoir. This is called the hydrological rhythm. After all the H2O has been gathered the H2O will fall through the dike and into the hydropower works this in bend will get down to turn the turbine. The turbine will now get down to drive the generator the shaft will get down to revolve which will turn a figure of barons that are inside the generator this procedure produces the electricity. The power that is usually generated by this type of engineering is 10.5 Kv ( kilo Vs ) 10,500 Vs. Step up transformers will increase the electromoti ve forces to the desired end product for local distribution this will be 40 Kv ( kilo Vs ) 40,000 Vs and for longer distribution this will be stepped up once more to 110 Kv ( kilo Vs ) 110,000 Vs. This procedure does non do any pollution as no harmful chemicals are added to the H2O, after the H2O has been used it will be dispersed back into the river merely as how it came in. ( Lenntech n.d. ) hypertext transfer protocol: //www.lenntech.com/water-energy-faq.htm # ixzz1dFVeQ8iiUnder Water TurbinesUnder H2O turbines are progressively being installed today. They are soundless, unseeable, predictable and come from a renewable energy beginning. Twice a twenty-four hours every twenty-four hours the tides will alter high tide and low tide. The H2O flows in and out of the seashore lines and estuaries. The force of these tides will whirl the turbines in both waies which will in bend produce electricity. The turbines will be situated at the underside of the sea bed so they will non blockade any marine traffic. These turbines are now being produced in Ireland today by Open Hydro and have new innovated designs characteristics so they do n't hold any impact on the marine environment. A big gap in the Centre will supply equal infinite for marine life to go through safely. These new sleek designs will guarantee that fish and any other marine life will be able to go through with easiness and non go embroiled within the turbine. These new turbines do non utilize any lubricating fluids that may be harmful pollution to the marine environment. ( Open Hydro n.d. ) www.openhydro.com The universe has many oceans which mean that there is a immense resource for non fouling renewable energy. Around the universe there are many major tidal watercourse, these can be identified within every continent doing this natural resource available everyplace in the universe. It has been stated that if 0.1 % of the oceans energy was harvested it would be able to fulfill the planetary demand by more than five times over. Beginning: UK Marine Foresight Panel Figure 3 below shows the submerged turbines that are produced in Ireland by Open Hydro. hypertext transfer protocol: //www.openhydro.com/images/devGal4.jpg Figure ( unfastened hydro n.d. ) *Source: UK Marine Foresight Panel.Ireland ‘s Hydro Power StationIreland ‘s first hydro power station was commissioned in 1929 at the Ardnacrushafacility is Co. Clare. This is Ireland ‘s largest hydro river strategy. It is operated on a intent built canal which is connected to the river Shannon. This power generating works is made of three Francis perpendicular shaft turbine generators and there is one Kaplan perpendicular shaft turbine generator this turbine was non commissioned until 1934. The Ardnacrusha installation has an one-year end product of 332,000 Mwh ( mega W hours ) . This power is generated at 10.5 KV ( kilo Vs ) 10,500 Vs. This power is so transformed utilizing a measure up transformer to 40 KV 40,000 Vs for local distribution and 110 KV 110,000 Vs for long distance distribution. When the installation was foremost built in 1929 the end product of the works was 86 MW 86,000 ( mega Watts ) this was equal to run into the full electricity demand of Irelan d. The caput tallness of this hydro works is 28.5 meters which is the equivalent of around 95 feet.Today theArdnacrusha works merely represents 2 % of the ESB ‘s entire installed capacity. ( ESB n.d. ) hypertext transfer protocol: //www.esb.ie/main/about-esb/ardnacrusha.jsp Figure 4 below shows the ESB ‘s Ardnacrusha installation in Co. Clare. hypertext transfer protocol: //b.vimeocdn.com/ts/125/790/125790166_640.jpg Figure ( vimeo n.d. )Advantages and DisadvantagesHydro power has a high sum of utile energy and has a low cost of runing with really small care costs. These types of workss emit really small emanations during their operation. The submerged turbines are non seeable to oculus they are besides soundless. They besides have a life span of two to ten times that of a coal or atomic works. The dike will assist environing countries from deluging. However there are some disadvantages hydro power Stationss take up a batch of infinite this will hold a knock on consequence to animal home grounds and wildlife. Large dikes will interrupt the flow of rivers. With big dikes and reservoirs fish may be unable to swim to the sea mercantile establishment this will hold an consequence on the aquatic life and may diminish fish stocks in the surrounding seashore lines. ( Lenntech n.d. ) hypertext transfer protocol: //www.lenntech.com/water-energy-faq.htm # ixzz1dFvvPjILDecisionHydro engineering uses a complete renewable energy to bring forth electrical. This type of engineering is a really sustainable manner to reproduce energy with really small emanations being released during the procedure. The thought of seting the turbines underwater is really efficient manner to bring forth electricity around sea countries due to the fact that people populating on these seashore lines clearly do n't desire air current turbine environing at that place country as people maintain that the turbines obstruct the scenic position.

Biography of Sol LeWitt, Conceptual Artist

Biography of Sol LeWitt, Conceptual Artist Solomon Sol LeWitt (September 9, 1928–April 8, 2007) was an American artist regarded as a pioneer in both the Conceptual and Minimalist Art movements. LeWitt stated that ideas, not physical creations, are the substance of art. He developed instructions for wall drawings that are still being created to this day. Fast Facts: Sol LeWitt Occupation: ArtistArtistic Movements: Conceptual and Minimalist ArtBorn: September 9, 1928 in Hartford, ConnecticutDied: April 8, 2007 in New York City, New YorkEducation: Syracuse University, School of Visual ArtsSelected Works: Lines in Four Directions (1985), Wall Drawing #652 (1990), 9 Towers (2007)Notable Quote: The idea becomes the machine that makes the art. Early Life and Education Born in Hartford, Connecticut, Sol LeWitt grew up in a family of Russian Jewish immigrants. His father died when Sol was only six years old. With encouragement from his mother, he attended art classes at the Wadsworth Atheneum in Hartford, Connecticut. LeWitt showed a talent for creating humorous drawings. Most children in LeWitts neighborhood took industrial jobs, but he pursued art to rebel against expectations. Although he wanted to skip college, Sol compromised with his mother and attended Syracuse University. While in college, he won a $1,000 award for his work creating lithographs. The grant helped fund a trip to Europe in 1949 where LeWitt studied the work of the Old Masters. Drafted into the United States Army during the Korean War in 1951, Sol LeWitt served in the Special Services and created posters among other duties. He visited many shrines and temples in both Korea and Japan. LeWitt returned to New York in 1953, set up his first art studio, and began working as a design intern at Seventeen magazine. He also attended classes at the School of Visual Arts in Manhattan. LeWitt joined I.M. Peis architectural firm in 1955 as a graphic designer. There he began developing his idea that art is a concept or a blueprint for creation, and not necessarily the finished work- meaning that the physical work could be executed by someone other than the artist. Sol Lewitt in New York (1969). Jack Robinson / Getty Images After taking an entry-level job as a clerk at the Museum of Modern Art in New York in 1960, Sol LeWitt had firsthand exposure to the landmark 1960 exhibit Sixteen Americans. Among the featured artists were Jasper Johns, Robert Rauschenberg, and Frank Stella. Structures Showing independence from the tradition of sculpture in the arts, LeWitt called his three-dimensional works Structures. Initially, he created closed wooden objects lacquered by hand. However, in the mid-1960s, he decided it was necessary to reveal the internal structure leaving only a skeletal form. In 1969, LeWitt began creating his structures on a large scale often constructed out of fabricated aluminum or steel. X with Columns (1996). Raymond Boyd / Michael Ochs Archives / Getty Images In the 1980s, LeWitt began creating large public structures out of stacked cinder blocks. He started working with concrete in 1985 creating the cement Cube for a park in Basel, Switzerland. Beginning in 1990, he created multiple variations on a tower of concrete blocks for locations around the world. One of LeWitts final structures was the 2007 design for 9 Towers to be constructed in Sweden out of over 1,000 light-colored bricks. Wall Drawings In 1968, LeWitt began developing guidelines and diagrams for making works of art by drawing directly on the wall. At first, they used a graphite pencil, then crayon, colored pencil, and later India ink, acrylic paint, and other materials. Many of LeWitts wall drawings were executed by other people using his guidelines. LeWitt stated that the wall drawings are never the same, as everyone understands the instructions differently and draws lines uniquely. Even after his death, LeWitt wall drawings are still being produced. Many are created for exhibitions and destroyed once the exhibition is over. John Hogan creating a Sol Lewitt line drawing. Andy Kropa / Getty Images A characteristic example of LeWitts wall drawing instructions is as follows: Draw all combinations of two lines crossing, placed at random, using arcs from corners and sides, straight, not straight, and broken lines. This example comes from Wall Drawing #122, executed at the Massachusetts Institute of Technology in Cambridge, Massachusetts. After moving to Spoleto, Italy in the late 1970s, LeWitt began creating wall drawings with crayon and other brightly colored materials. He credited the change to his exposure to Italian frescoes. In 2005, LeWitt began developing a series of scribbled wall drawings. As with his other works, the instructions for creation are highly specific. The scribbles are done with six different densities that ultimately imply a three-dimensional work. Major Exhibitions New Yorks John Daniels gallery mounted Sol LeWitts first solo show in 1965. In 1966, he took part in the Primary Structures exhibition at the Jewish Museum of New York. It was a defining event for Minimalist Art. The Museum of Modern Art in New York launched a Sol LeWitt retrospective in 1978. Many art critics embraced LeWitt for the first time following the exhibition. The 1992 Sol LeWitt Drawings 1958-1992 exhibit began at Gemeentemuseum in The Hague Netherlands before traveling to museums around the world for the next three years. A major LeWitt retrospective by the San Francisco Musem of Modern Art in 2000 traveled to Chicago and New York. Sol Lewitt Line Drawing #84 (2011). Andy Kropa / Getty Images A massive exhibition titled Sol LeWitt: A Wall Drawing Retrospective- a collaborative project of Yale University, the Massachusetts Museum of Contemporary Art, and Williams College- opened in 2008, a year after the artists death. It includes almost an acre of wall space devoted to more than 105 drawings created to LeWitts specifications. Sixty-five artists and students executed the works. Housed in a 27,000-square-foot historic mill building, the exhibition will remain open for viewing for 25 years. Legacy and Influence LeWitts methods of using lines, shapes, blocks, and other simple elements made him a key figure in Minimalist Art. However, his primary legacy is his vital role in the development of Conceptual Art. He believed that concepts and ideas are the substance of art, not the final piece that is created. He also insisted that art is not about anything in particular. These ideas distinguished LeWitt from the romantic and emotional work of the abstract expressionists. LeWitts 1967 essay Paragraphs on Conceptual Art, published in ArtForum, is a defining statement for the movement; in it, he wrote, The idea becomes the machine that makes the art. Source Cross, Susan, and Denise Markonish. Sol LeWitt: 100 Views. Yale University Press, 2009.

Gothic Elements in Anne Radcliffes The italian essays

Gothic Elements in Anne Radcliffes The italian essays Anne Radcliffes novel The Italian incorporates many aspects of the Gothic that can be found weaved throughout the text. Radcliffes novel is a combination of an exploration into a striking culture, with looming family secrets, subtle hints of supernatural forces at work and Gothic architecture everywhere. Yet perhaps the most effective use of the Gothic used in Radcliffes novel is her ability to keep her reader in constant suspense. Through the use of foreshadowing, Radcliffe creates a unique chain of events intended to lure the reader deeper into the realm of darkness and the Gothic atmosphere that surrounds characters in The Italian. Numerous Events foreshadowing the scenes taking place occur at the beginning of each chapter. The quotes Radcliffe uses to introduce each chapter of the novel allow the reader an idea of the events to follow throughout the chapter. The first chapter of the novel inspires this design with the quote What is this secret sin; this untold tale. That art cannot extract, nor penance cleanse?-mysterious Mother (Radcliffe, 5). This quote itself foretells that Radcliffes novel holds a secret, perhaps one pertaining to a family name, which has been revealed in confession. This theory is supported in the next pages of the text as the reader finds out that what he is reading is a written account of a confession made at the convent of the Black Penitents. The secret itself is so immense that the guilt cannot even be cleansed by the penance. In Radcliffes novel many, places and characters are veiled throughout the novel. The first description the reader has of this is of a veiled woman: It was in the church of San Lorenzo at Naples, in the year 1758, that Vincentio di Vivaldi first saw Ellena di Rosalba. The sweetness and fine expression of her voice attracted his attention to her figure, which had a distinguished air of deli...

Write an essay about the following questions Example | Topics and Well Written Essays - 750 words

Write an about the following questions - Essay Example According to naturalists, the world exists naturally. However, this school of thought assumes that the existence of reality is independent of the observers; thus, the observers should categorize and record these observations (Algra 251). Therefore, a well-developed philosophical accounts leading to any reality must be analyzed against the effects to humanity and world’s naturalist. Moreover, the activities of this reasoning must follow well-organized logical standards. The Aristotle’s ethical views may appeal to a rational reality determination of matters of existence of the universe, but acceptable behavior development and attitude confirmation is needed for proper reasoning towards assessing the reality in the world. Thus, only right characters can properly develop assessment of the world and react to such developments in line with creating values and virtues of these characters within the society (Algra 264). Despite of the contribution of philosophers like Aristotle , it is vital to note that reality often exist regardless of human reason and human activities. Regarding these assumptions, Hedonist and Stoic philosophers derived different social and ethical theories that can be used to examine and explain any intended changes in the nature. Hedonism is a philosophical argument that defines happiness as pleasure created by avoidance of pain. However, in the contemporary world, the hedonist views can be understood as allowing an individual to peruse pleasure without analyzing the other effects on such actions (Algra 622). In fact, Epicurus was opposed to the quest of the bacchanalian pleasures especially regarding extreme sensuality. Epicurus argued that such physical pleasures are usually short-lived and follows an equally extreme pain (Algra 634). In this context, one may consider pleasure as pursue of life and avoidance of pain

Special Stain NoteBook Research Paper Example | Topics and Well Written Essays - 3500 words

Special Stain NoteBook - Research Paper Example Again, the tissue is rinsed in the stain with cold water and finally, dipped in ethanol fixate, then in xylene for forty-five seconds (Yakovlev, 2009). Procedure (Steps): Bouin’s solution, an inorganic oxide, is used in microwave for one minute and is allowed to stand for fifteen minutes. Subsequently, for five minutes, the stain is washed in tap water, followed by the application of one drop of hematoxylin and is allowed to stand for ten minutes. Correspondingly, it is again washed in tap water for five minutes and then rinse in distilled water. In the following step, the stain is dipped in biebrich scarlet solution for five minutes and then rinsed in distilled water. Then phosphomolybdic or phosphotungstic is applied with a resting time of ten minutes required to discard it. Sixth, then transferred to aniline blue solution, and is kept for five minutes. The stain is then rinsed in distilled water. Again one percent of acetic acid is applied on the specimen and rinsed in distilled water. Finally, it is dehydrated and cleared (Media Lab Incorporated, 2015). Procedure (Steps): At the initial step, sections of the tissue is deparaffinized and hydrated and then suspended in distilled water. In the second step, 250 ml of iron stain solution is added to the specimen and dipped for thirty minutes. Then the specimen needs to be washed for three times in distilled water. Again it needs to be stained with 250 ml nuclear fast red solution for five minutes and then rinsed in distilled water. In the third step, the specimen needs to be dehydrated through 95% of alcohol for two changes, followed by the final and the last process to clear it in xylene solution for three changes and for two times, before covering the slip by using permanent mounting medium (Biogenex, 2015). Procedure (Steps): First, deparaffinize sections of the liver and hydrate it to deionized water. Second, oxidize the liver section in 1% potassium