Risk Management A Dynamic Environment Essay - 1520 Words

Risk Management in a Dynamic Environment Research Problem The Department of Defense (DoD) is increasingly challenged to assess and manage risk in an exceedingly dynamic threat environment. Risk Management includes multiple steps of which risk identification is the foundation of the process. A flawed identification of threats is shaky ground from which to build the remaining risk management steps. Mitigating a threat is this actually not a threat is a poor use of resources and potentially indicates that another threat is not being mitigated or managed. To further constrain the process, mitigation strategies are limited by a finite amount of resources, including personnel, money, time and political acceptance. Therefore, it is extremely important that the risk identification process is as accurate as possible. Preliminary work has revealed three focus areas for further research as they pertain to DoD’s risk assessment process. First, is a need for high-priority defense-relevant interests or objectives for the Uni ted States, second is a characterization of the risk environment, and third is the identification of the threats or the Principal Risk Portfolio. These have been understood to be part of the research team’s proposed risk identification process. Interests. The national interests generally have endured over time and are usually updated and documented periodically in the National Security Strategy. The research team has tailored these to make them moreShow MoreRelatedDynamic Risk Assessment Techniques Can Inform Safety Compliance1234 Words   |  5 PagesDynamic effects: how dynamic risk assessment techniques can inform safety compliance Dynamic risk assessment is often seen as only applying to very particular circumstances such as the emergency services. However, the principles it teaches can surely inform all aspects of health and safety awareness. 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The company’s mission reads: â€Å"our mission is to be a profitable, growing, adaptive company in an intensively competitive logistical services benefit environment.† The focus of Huffman’s mission is on stockholders, customers, regulatoryRead MoreComparative Analysis Of Coso I Vs Basel IIi1411 Words   |  6 Pages This paper includes: †¢ Comparative analysis of COSO I vs BASEL III †¢ Analysis of Enterprise Risk management(ERM) relative to BASEL III Capital Accord ABSTRACT Learning about COSO and BASEL, the two important frameworks in the business world is much needed to understand the internal functions in an industry. COSO framework helps us in understanding how internal consulting is done in a corporation. 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America Is A Birthing Ground For Religion - 1708 Words

Historically, American history has been about the diaspora not so much the historical footprint and legacy. Wars have broken out and riots have been caused over that idea alone. That is what makes this country so unique; standing for diversity and intervention for the greater good time and time again. But one thing has persevered since the beginning of this great nation, and that is religion. America is a birthing ground for religion and has provided the safety needed to practice religion in such a way that is against the beliefs of most other countries. The birth of the nation offered religious tolerance, and colonies were created around their own idealistic religious beliefs. But with all good things comes a struggle to get there, and†¦show more content†¦These practices prompted radical puritans to fear these religious traditions that were so unlike their own, condemning blacks and the various ways they expressed hope in oppression. McMillan states, â€Å"As blacks occup ied the lowest rung within society, their ability to survive the ordeals of the witchcraft trials itself indicates something of the perceived power they possessed. The survival of the accusations of witchcraft also demonstrates Blacks’ insignificance in the eyes of the Europeans. This contradiction in categorizing Blacks as both powerless and powerful actually served to empower Blacks in the society of New England.† McMillan asserts his point by divulging into the traditional witchcraft of blacks, the puritan accusations against blacks, and the blame on â€Å"inherently satanic† blacks for sociocultural and economic oppression. At the same time we see the emergence of the Maryland colony, Lord Baltimore is all for religious tolerance amongst the colony. Baltimore analyzes the downfalls of most other colonies and rather than to strictly specify a declared religion amongst the colony, he establishes a strict religious policy. â€Å"The Religious Tolerance Act of 1 649- all colonies are protestant, lord baltimore comes over and starts the catholic church in Maryland†. Maryland stood in contrast to the middle colonies who were mostly composed of quakers and puritans. The quakers were established under

Graph Visualization Review Paper for Graphics-myassignmenthelp

Question: Discuss aboit theGraph Visualization Review Paper for Graphics. Answer: Introduction: The review is done on the article Graph Visualization and Navigation in Information Visualization: A Survey. The review is done mainly to study briefly about Graph Visualization in Information Visualization. The main issue that is related with Graph Visualization is reviewed from the article and different layouts of Graph Visualization (Herman, Melanon, and Marshall 2000). The technical approach of Graph Visualization is done and their pros and cons in terms of computational cost, aesthetics rules and process of human recognition are reviewed from the article and the navigation techniques Graph Visualization is also reviewed. Graph Visualization definition and related issues: Information Visualization gets great advantage from Graph Visualization. Transforming some information into a graphical representation makes the data more highlighting and accurate. The process by which structural information can be transformed into diagram is known as Graph Visualization. In computer system, Graph Visualization is considered as file hierarchy. There are issues to represent structured into graphs or diagrams. The main issue that arises from Graph Visualization is the difficult to view the diagram. Large diagrams are difficult to manage and study. To view such a large diagram is time taking and gives rise to many issues. In large graphical diagrams, identifying and displaying the layouts is done correctly but problem arises with the usability which makes it difficult to make a difference between nodes and edges. On the other hand, there is a different view for graphs that are small sized. Small size graphs are easy to comprehend and handle. Large graph shows all the detail structure of data but are difficult to comprehend. So the main issue lies in the comprehension process of Graph Visualization that has larger images. To detail the data in small images are easier but most of the graph comes as large images which creates an issue for comprehension. Tree layouts of Graph Visualization and their categories: Mainly four layouts of Graph Visualization are described in the article. The four categories of Graph Visualization are spanning tree layout, horizontal tree layout, classical tree layout and spanning tree layout. The four layout of Graph Visualization can be categorized under three sections. The sections are classical or traditional section, tree spanning section and horizontal 3-D section. The elements that are present in the traditional section of layout have elements like H-Tree, balloon layout and radial layout. The first three layouts that is used for information visualization are categorized mainly into traditional form. The three layout of Graph Visualization are applicable as less or non hierarchical due to which they can also be defined as classical ones. Comparing traditional layout with the spanning tree layout, spanning tree is considered as most important layout of tree. There is a main reason for which 3-D layout and the hyperbolic layout of the tree structure is combi ned together. The reason behind this is that with the help of 3-D graphing, the layout of hyperbolic tree represents the data in a proper way. Main Technical features of each approach: The main feature that is related with technical aspect of traditional tree layout is that it has ability to depict the structural data in top-down approach. There is also an ability to show the data in left to right tree layout. The data that is structural in Graph Visualization are presented as a grid like structure. This helps to draw the image as a hierarchical manner that has less impact. The technical feature that lies behind the spanning tree layout is that all the nodes of the graph are used by spanning trees to get a view of the data properly. To visit the nodes of the graph by the process of BFS (Breadth First Search) and collecting all the edges of the graph for forming a tree is used for making a spanning tree. There also lies a technical feature in hyperbolic tree approach. The hyperbolic tree approach uses 3-D technology for showing the data as a tree layout. Not only 3-D technology is viewed by hyperbolic tree, also 2-D technology can be viewed by hyperbolic tree. Inter action in the mind is used in hyperbolic tree for representing the data. Pros and Cons of the approaches: The main benefit of traditional tree layout is the data which is visualized in intrinsic hierarchy is reflected by its help. To visualize the data in different layout, small size of graphs are made in traditional layout. The classical tree presentation layout also makes exploration of graphs easier with less hierarchical way. The main existing drawback of traditional tree layout approach is that the structure of the given data is difficult to recognize. Testing is required in traditional approach. Testing process includes examining several planetary o nodes which creates an issue in the traditional approach. In terms of aesthetic rules and also human cognition, the approach of traditional tree layout builds a problem. In terms of computation cost and space utilization it gives an advantage in its efficiency. The benefit of using spanning tree layout approach is that it uses less size structural data for Graph Visualization. All the nodes of the graph that are made from the real graph are used in the spanning tree. To bring different layout with different weight of same graph, different weight functions are used b y spanning trees. 3-D visualization is used in spanning tree approach. The disadvantage of spanning tree is that it creates a problem in graph visualizing. The problem is that the edges and nodes of a graph collude with one other in 3-D visualization setting. The conclusion that arises is that spanning tree approach of Graph Visualization gives an advantage to aesthetic rules, space utilization and computing cost, but it creates a disadvantage for human cognition. The advantage of layout of hyperbolic tree is that it helps to create the distorted view of image. Moreover, the images that are distorted help to view applications in real life mainly for large trees. The disadvantage of hyperbolic tree layout approach in Graph Visualization is that it is difficult to know the layout because it has very complex background and is mysterious. Space utilization is an advantage with hyperbolic tree approach, but it pays a disadvantage in other aspects such as human cognition, computing cost and aesthetic rules. Navigation techniques: Three types of navigation techniques are studied in this article. The techniques are zoom and pan technique, focus and context technique and the incremental exploration technique. The three techniques that are identified can be categorized by navigation techniques. From the review of the navigation techniques, the categorization can be done mainly in the context and focus technique. The reasons for making the categorization intact are that it helps to categorize all the techniques clearly. This article shows all the categorization better. The technique of zoom and pan help to navigate a given graph in semantic and geometric way. The technique of context and focus navigates the graph in clear context. In incremental navigation, images are displayed which makes this navigation as one of the most important navigation technique in Graph Visualization. Main technical features of navigation techniques: The technical feature that arises in zoom and pan navigation techniques is that by the process of semantic zooming and geometric zooming, large images can be explored. The screen contents in Zoom and pan technique is re-adjusted and the screen can also be adjusted. The technical problem with context and focus technique is that the technique of zoom and pan is more complimented in this technique which makes it more useful. The contents of web based are adjusted in the incremental technique which provides as the main technical feature. Pros and Cons of Navigation approaches: The benefit of zoom and pan technique is that by the process of semantic zooming and geometric zooming, large images can be explored in this technique. The geometric technique blows up content of the graph but the screen resolution is adjusted with semantic technique and gives a clear picture. The disadvantage of zoom and pan technique is that problem arises mainly in contextual loss of data and as well as usability. The images are changed totally and credible situations are created via real time response. The real time response, human cognition process and computational cost favor zoom and pan technique. In context and focus techniques, the advantage is that the focus+context techniques enhances the zoom+pan technique. Focus on objects which need more detailing in zoom+pan techniques are concerned in context and focus technique. The disadvantage of this technique is that it uses general curve to focus on objects which are not focused by standard graphic system. Real time response is an advantage and computational cost and human cognition is a disadvantage in this technique. The advantage of incremental navigation technique is that it allows the user to focus only on a single part of large graph and other parts can also be focused and zoomed when there is a need. The problem that arises in incremental navigation technique is that if the algorithm that is used for single frame is not same, problem such as saturation of image content arises. Conclusion: The review that is done from the article gives a clear view of Graph Visualization and their related issues. The navigation techniques of data visualization are described. To display structural data in image form, no other technique other than graph visualization is better. The four tree layouts of Graph Visualization are described and the tree layouts are further categorized. The advantage and the disadvantages of the tree layout and the navigations techniques are also reviewed from the article. References: Herman, I., Melanon, G. and Marshall, M.S., 2000. Graph visualization and navigation in information visualization: A survey.IEEE Transactions on visualization and computer graphics,6(1), pp.24-43.

Research Proposal on Wetlands Essay Example

Research Proposal on Wetlands Essay A wetland is the territory which is covered with water seasonally or all the year round. A wetland is a specific ecosystem, because some animals, insects and plants can survive only in such lands. Generally, there are several types of water in wetlands (freshwater, brackish and saltwater) and every of them determine the sort of plants and the species of the animals which live there. There are different types of wetlands and most of them have the image of swamps, bogs, marches and fens. The ecosystem existing in the wetland is extremely rich, because there are thousands of plants, insects, birds and animals which coexist together. The largest wetlands are generally located in South America and a great number of the international organizations protect their flora and fauna. The role of the wetlands is extremely high. We will write a custom essay sample on Research Proposal on Wetlands specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Research Proposal on Wetlands specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Research Proposal on Wetlands specifically for you FOR ONLY $16.38 $13.9/page Hire Writer These territories serve as the enormous reservoirs of water which is used not only by animals and plants but by people. Wetlands serve like the natural filters and they absorb all the pollutants from the water that is why the water on the surface is always clean. Moreover, wetlands serve as a good help for agriculture. Every wetland is located in the basin of a certain big river, so the soil is quite rich there and people use this quality for their purposes in agriculture. Wetlands regulate the level of water and prevent from floods. They absorb much rainfall and snowmelt water in their boarders and do not let it flood vast territories. This conservational ability of wetlands is useful for the surrounding villages and towns because it prevents them from floods and provides them with water. The slightest harmful impact of people on the life of a wetland is extremely dangerous for the whole ecosystem. There were cases when people dried the wetlands and as a result all the fauna and flora of the ecosystem was destroyed and the people lost the single source of water for the domestic purposes, drinking and agriculture. A well-organized wetlands research proposal should be based on the deep knowledge about the ecosystem of a wetland. A student should convince the professor that the topic is worth research and provide his with the facts which prove that wetlands play a very important role for the ecosystem, for the life of animals and people and the economics of the area. With the help of a good free example research proposal on wetlands a student gets to know about the structure of the paper (he learns about the literature review and methodology sections, predictions and expectations, etc.) and the ways of its formatting. Furthermore, only a free sample research proposal on wetlands will teach a student the basics of the convincing manner of writing. At EssayLib.com writing service you can order a custom research proposal on Wetlands topics. Your research paper proposal will be written from scratch. We hire top-rated PhD and Master’s writers only to provide students with professional research proposal help at affordable rates. Each customer will get a non-plagiarized paper with timely delivery. Just visit our website and fill in the order form with all proposal details: Enjoy our professional research proposal writing service!

Vinyl or CD the age old debate essays

Vinyl or CD the age old debate essays At the beginning of the last decade of the Twentieth century a new media for the storage and playback of music came into the picture. The compact disc was a phenomenon of sorts, causing people to completely rebuild record collections that had taken years to build. It was a situation of, out with the old in with the new. There seemed to be no place for the vinyl records that had been so true to so many for so long. Compact discs do have several benefits over the vinyl records of the past, but there is also something about a record on vinyl that sets it apart from its digital counterpart. Convenience is likely the most noticeable benefit that compact discs have over vinyl records. They are easily stored in a binder or on a small shelf. You can load some stereos up with several at a time and have continuous play of music for hours with out having to deal with changing anything. The compact disk also brought the concept of quality sound out of the home and into the cars and walkways of the world, something the cassette never quite managed to do. Essentially for the busy lifestyle that was embodied by the nineties in America the compact disc made sense convenience wise. Before too long the major record companies stopped producing vinyl releases of many of the albums they released in favor of the new cheaper to produce compact discs. Less and less could you buy new releases on vinyl and even more rarely could you buy reissues of older albums. If you wanted to listen to new music or a copy of past favorite you were left with compact disc as the only quality choice. Therefore availability of new music became a strong benefit of compact discs. Another commonly mentioned benefit of compact discs is there durability and easy of care. You can play a compact disc millions of times and it will sound the same each and every time. They are susceptible to scratches and finger prints, but both are easily avoided ...

How to Pronounce Thank You in Chinese

How to Pronounce Thank You in Chinese Being able to thank someone is one of the first things we learn to say in another language, and the word è ° ¢Ã¨ ° ¢ (è ¬ Ã¨ ¬ ) †xià ¨xie† therefore appears in the first chapter of almost all beginner textbooks in Chinese. This word is very versatile and can be used in most situations where you want to thank someone, so treating it as a direct equivalent of the English †thank you† works well most of the time. But how do you pronounce it? How to Pronounce è ° ¢Ã¨ ° ¢ (è ¬ Ã¨ ¬ ) †xià ¨xie† Even if the word è ° ¢Ã¨ ° ¢ (è ¬ Ã¨ ¬ ) †xià ¨xie† often appears in the first chapter of most textbooks, it certainly isnt easy to pronounce, especially if you havent had time to internalize Hanyu Pinyin yet, which is the most common way of writing the sounds of Mandarin with the Latin alphabet. Using Pinyin to learn is good, but you should be aware of some of the problems involved. There are two things you need to pay attention to: the initial †x† and the tones. How to Pronounce the †x† Sound in è ° ¢Ã¨ ° ¢ (è ¬ Ã¨ ¬ ) †xià ¨xie† The †x† sound in Pinyin can be tricky to pronounce for beginners, and together with †q† and †j† they are probably the hardest initials to get right for native speakers of English. These sounds might sound similar to the English †sh† and in †sheep† (in the case of †x†) or to the English †ch† in †cheap† (in the case of †q†), but that will not give you the right pronunciation. To pronounce †x† correctly, do like this: Lightly press the tip of your tongue against the teeth ridge just behind your lower teeth. This is a very natural position and this is probably what you do when you breathe normally through your mouth.Now try to say †s† while still keeping your tongue tip in the same position. To produce the sound, the tongue needs to be raised, but since you cant raise the tip (it shouldnt move), you have to raise the body of the tongue (i.e. farther back than when you say s).If you can produce a hissing sound with this tongue position, congratulations, youre now pronouncing †x† correctly! Try playing around a bit and listen to the sounds you produce. You should be able to hear a difference between this †x† sound and the †sh† in †sheep† as well as a normal s. The next part of the syllable, â€Å"ie†, usually doesnt cause much trouble for beginners and simply trying to mimic a native speaker as well as you can is likely to be enough. The tones, however, are a different matter, so lets look at how to say â€Å"thank you† without sounding like a tourist. How to Pronounce the Tones in è ° ¢Ã¨ ° ¢ (è ¬ Ã¨ ¬ ) †xià ¨xie† Tones are tricky because they arent used to create different words in English. Of course, we do vary the tone height when we speak English too, but it doesnt change the basic meaning of a word like it does in Chinese. Therefore, its common for beginners to not be able to hear tones properly, but this is just a matter of practice. The more you expose yourself to tones and the more you practice, the better you will become. Practice makes perfect! Tones are normally indicated by a mark above the main vowel, but as you can see in the case of è ° ¢Ã¨ ° ¢ (è ¬ Ã¨ ¬ ) †xià ¨xie†, there is no mark above the second syllable, which means that its a neutral tone. The downward mark on the first syllable indicates a fourth tone. Just like the tone mark indicates, the pitch should fall when you pronounce this. The neutral tone should be pronounced more lightly and should also be shorter. You can treat the word è ° ¢Ã¨ ° ¢ ( è ¬ Ã¨ ¬ ) †xià ¨xie† as a word in English with stress on the first syllable, like â€Å"sissy† (I mean for stress purposes, the other sounds are different). There is an obvious emphasis on the first syllable and the second one is quite reduced. Practice Makes Perfect Simply knowing how è ° ¢Ã¨ ° ¢ (è ¬ Ã¨ ¬ ) †xià ¨xie† is supposed to be pronounced doesnt mean that you can pronounce it, so you need to practice yourself as well. Good luck!

Advanced Financial Accounting (The FASB and IASB) Essay

Advanced Financial Accounting (The FASB and IASB) - Essay Example Overview of CSR reporting Corporate social responsibility has been an integral part of corporate functions since time immemorial. It is very difficult to trace the roots of the phenomenon or how it all started but one fact is clear that corporate social responsibility has come to stay with the corporate world. Perhaps the undeniable fact is that the benefits of undertaking corporate social responsibility cuts across several quarters of business functioning including to the ordinary customer or citizen who lives in the neighbourhood of a given company. A clear instance can be given as a multinational company that makes regular end of year donation to given Children’s Hospital in all countries where they have their branches. In such a situation, the ordinary citizen in the said country will benefit from the donations that are done to hospital but the benefit will not end there as the publicity that the company will receive from the media by way of broadcasting their donations as well as the good will that beneficiaries will develop will lead to the eventual expansion of the company in terms of the company’s customer base. ... Identifying the parties involved in corporate social responsibility as stakeholders, Haddija (2006) state that the only way that stakeholders can be assured that companies are interested in corporate social responsibility not just because of their share of the benefit is to implement and effective corporate social responsibility reporting system. The role of stakeholders in CSR Reporting There are three major stakeholders who can be identified as far as corporate social responsibility reporting are concerned. These stakeholders are staff and managers of companies, shareholders of companies and beneficiaries of corporate social responsibility. Each of these stakeholders have very important roles to play as far as corporate social responsibility reporting is concerned that cannot be compromised in anyway (Prempeh, 2008). Management and Staff In the first place, the staff and managers of various organisations who undertake corporate social responsibilities are enshrined to keep comprehe nsive data at three stages of any corporate social responsibility project. These three stages are pre-implementation, implementation and post-implementation stages. Before any corporate social responsibility project is undertaken, the leadership of the institution is expected to set a budget and planning team whose responsibility will be to estimate how much the company wishes to spend on the entire project. The planning and budget are integrated in such a way that the entire plan of what is expected to be achieved in the course of the corporate social responsibility project but have an even allocation of funding. The role of the planning and budget team and by extension the role of the staff and

Information and Network Centric Operations Essay

Information and Network Centric Operations - Essay Example Operations of this sort do have advantages that more traditional approaches lack. For example, properly executed distributed networked operations are less dependent on the survival of individual units and thus should be harder for an adversary to disrupt. To reach its full potential, Network Centric Warfare must be deeply rooted in operational art. The key is how the activities of geographically dispersed and functionally diverse units are orchestrated, or controlled. This is obviously a complex matter that requires a thorough understanding of the concepts upon which distributed networked operations are based. This book aims at the Network Centric Warfare concept; to explain how it embodies the characteristics of the Information Age; to identify the challenges in transforming this concept into a real operational capability; and to suggest a prudent approach to meeting these challenges. David S. Alberts, John J. Garstka, Frederick P. Stein are top thought-leaders in Information Age innovation and published pioneering work in the application of New Science techniques to military problems and lectures internationally on the future of military forces. This book is the product of an ongoing effort to understand and articulate the power of information superiority in warfare from a Joint perspective. Information Information & Network Centric Operations Information has long been an integral component of warfare. Requirement of dominance over an adversary necessitates knowing his center of gravity, influencing his perception and safeguarding organization's sensitive information. History is replete with examples of how information superiority has influenced political and military struggles, from the earliest battles of recorded history to current military operations. 1. What is Information Information is defined as ' Data collected from the environment and processed into a usable form.' Information begins as derived data from observable fats or events. Interpreting data leads to the development of the information. The ultimate interpreter is the person receiving the data. At times, though, an observed event is too complex for the human mind to dissect. Machines are used to reduce data into a manageable and comprehensible set. They are the information systems and come in both hardware and software terms. A given piece of data, largely meaningless by itself gains meaning in a situational context, when it is processed. This processed data than by definition becomes information. Knowledge is derived from information. 2. Information Operations (IO) Activities PROTECTION VALIDATION EXPLOITATION IO ACQUISATION DENIAL MANAGEMNET Information operation synthesizes all aspects of information, to support combat power, with the aim of dominating battle space at right time, right place and with the right resources. Complete knowledge of location, combat effectiveness, current activity of own forces and an adversary's location, disposition, combat efficiency, preparedness, determination to fight etc. are essential inputs for conceiving, planning and executing naval operations. These inputs

Entrepreneurial Finance Course Essay Example for Free

Entrepreneurial Finance Course Essay ICampus: download case study + 6 questions (9am to 6pm end) Doyen A015 to A023 : we have the locals: tell him what we want (we have to book the locals) Entrepreneurial finance Different case studies cover the four parts (follow the IPO of Facebook) Project assessment: some toughts on business plan case studies: the knots and cachet tehnologies Introduction All these elements fits together. Business plan has to be written. Not a real predictor for success. People: ask you some questions Deal: as you do for edocs. Introduction Key elements that predict success. * Team : you need good managers Not only a good team but a team that fits with the project * Are you able to defend or create a competitive advantage? Is it special? Are people ready to pay for it? =gt; KEY * You have to know the different steps * How to extract value? You should make money! That’s key. For example: Facebook: out of the market in 5 year? Maybe. Not succeeding on smartphones! Are they ready to make money? Extract money from your customers? * Context * Deals should have the rights incentives. You have to find the right partner who ad value not only funding. * .. People To success you need the right person. For example: cachet technologies: lack of management. Opportunity Market: what is the size of the market? The growth rate? Attractiveness of industry: obvious Customers: Selling price is not a production cost + margin. It’s what your customer is ready to pay. When your able to produce this at a lower cost, you make a margin. What is the cost to acquire a new customer? Important. And how to retain a customer? Difficult or not? Competition: Very good market and customers BUT maybe the competition is very hard. Chance of success will be maybe very low. Pay attention. Graphical tools to understand a business model Sales forecast selling price cost =gt; makes you able to calculate the future cash flow. Usely it is like on the graph. Scenario 1 is what you expect but in real life it’s usely scenario two (more time to make money) or scenario three. When you negotiate you first funding, you know you will need a second round (scenario 2). (Give not to much right in the first round to the funding persons) What’s acceptable? Context * Legality? * Today is not the best market to raise money or to go to an IPO * Today? I believe smartphones is an opportunity. Deals Find the right partner! He may understand what you are doing. Everyone has to understand the terms. * Because you need the right incentives. The two parties have to be comfortable. * .. * .. * The right incentive: the profit of the entrepreneur is in line with the success of the company. He has to share the success of the company. Or to lose all his money in case of not success. * .. Case studies The Knot * We asked us these questions. No one had experience in retail services * Barriers for entry were very low so they need to create a brand. * .. * Internet was a very fast growing market. * 1997: a lot of venture capitalist were very active to spend their money on internet. Today? Two sectors. Biotechnology (here in LLN! ) amp; Green energy? (funding comes more from state etc. ) amp; applications on smart phones. * Basic principle: the source of value is cash flow! What is the capacity of this company to generate cash flow! You cannot value a company when you say we will have 1 million customers. Like Facebook 100 billion Where comes the value from? Not from the cash flow they are making today. They make 1 billion cash flow today You want to pay 100 times this They want to raise 10 billion in their IPO (22-28 â‚ ¬ per share) It could make sense if they will made a cash flow of 15 billion/year. Is Facebook capable? If you want to speculate, cash flow does not matter. But if you want to invest, look at the cash flows. (here, in the course, we think investors) Types of securities: the entrepreneur needs to share to company success. It’s like an option. Preferred convertible. Founder: 100 VC: 100 If lt;100 all the money goes to the VC (they protect themselves) * Or you failed: the VC takes all te money and sell your company Or you succeed and the VC helps you with your IPO. There is not really a situation between the two. Cachet Technologies Main question: do we continue the project? Dilemma: Two options:

Oliver Twist, Hamlet, and Autism :: essays research papers

There are things in life which have an impact on us, an event, a place, movie, a person and many other experiences influence our thoughts and emotions. People also feel touched by things they read. There are books which make you cry or keep you in tension all these things are considered memorable. I have been affected by innumerable books and articles of which I am going to discuss the three most memorable pieces of literature I have read. Which are: Hamlet, Oliver Twist and an article on Autism. I chose to write about these pieces of literature because apart from having impacted me they have a similar topic which makes the term paper more appealing. Hamlet is one of my favorite plays written by William Shakespeare. Just by being written by my favorite author, Shakespeare, makes it memorable, but apart from that the play has a well structured plot and vivid characters. The play, Hamlet, by William Shakespeare, was first performed around 1600. Since then, it has proven to be one of the English language's most enduring stories, and there has never been a decade that hasn't seen dozens of new productions. Hamlet has come to the screen numerous times, in incarnations varying from early, silent versions to grand, colour epics.1 The story centres on Hamlet, a thirty-year old Prince of Denmark during the twelfth century, who is mourning the death of his beloved father and the untimely wedding of his mother, Gertrude, to his uncle Claudius.2 Hamlet sees his mother's sudden re-marriage as a betrayal of her union with his father, but worse news is yet to come. An apparition, appearing in the shape of Hamlet's father, haunts Elsinore Castle, and when Hamlet confronts the ghost, it claims to be the true spirit of the late king, doomed to walk the Earth for a set time. It also states that, by using a fast-acting, deadly poison, Claudius committed murder to claim both queen and crown for himself. Hamlet vows revenge, and thus begins either his slow spiral into madness or his carefully orchestrated act to appear insane.3 The mixture of fantasy and reality if one of the things I like about Hamlet. The appearance of the â€Å"ghost† at the beginning of the play makes the plot exiting and grabs people attention immediately.

Integral part of British culture Essay

Soaps are contemporary, which means they are written in the same rime that they are being acted. Some viewers develop what’s called social critism or social commentary, when as I mentioned before, viewers get lost in the plots and get carried away with their feelings. You sometimes hear about people trying to kill characters that they don’t like. I just think how pathetic they are that they can’t differenciate between a soap opera and reality. Political bias is another issue, which tends to sway the minds of viewers. This happens when a character is portrayed to have a specific political view on a matter. For example if a character is strongly against the Labour Party, their views may rub off on to the public, and then the public assume that that is their real belief. Really the actors/actresses are shoved a script to learn. They don’t mess about and argue with the script writers just because their views differ to their characters. Many potentially controversial issues are embarked upon in soaps. For example, when the first lesbian kiss was screened on Brookside a few years ago everyone was horrified. On the otherhand, it encouraged real life lesbian couples to go public, not being ashamed of their sexuality. Soap operas are a form of voyeurism which means you can enjoy watching without participating, which is just up some people’s street. It’s nice to come in from school, make a cuppa and be entertained by people for half an hour, from a distance, without having to participate. Some people believe soaps are anti-depressants. This is true when you are experiencing serious problems in your life. It is comforting when you switch on the tv and find a character with a much worse problem than yours. It puts everything into perspective, and demonstrates that it is quite possible to overcome such problems. Soap operas prove to be relief from everyday pressures, albeit temporary. This is especially true for me. My artistic merit is Neighbours. Sometimes I can’t wait till 5. 35pm, because I know that I can relax during the twenty five minutes it is on. Soaps are very informative about occupations. You get to know what a characters job involves and requires. For example, Joe Scully is a builder in Neighbours, Paddy is a vet in Emmerdale and Karl Kennedy, a doctor in Neighbours. All these characters provide good insights into these careers, which may help you to choose which job suits you. Soaps allow you to study lifestyles. This is especially useful for sociology and psychology students who are required to research different lifestyles and the way they affect our personalities. Using these studies they can compare the lifestyles of regions or countries, and how they differ. Soaps are used as message propaganda. This is when truths or quotes are twisted and end up only half true. Journalists use this technique. Since video recorders developed, soaps have given them a revolution. Before technology developed viewers who were unable to watch an episode simply missed it. Now, it is popular to record programmes when you are out, or viewing on another channel. This revolution has increased the viewing figures by thousands. Producers of soap operas have many promotion techniques. Some of these include advertising, omnibus episodes, special length episodes with exciting content, ie, a birth or a wedding. All of these attract the viewer and send the ratings rocketing. There are two types of soaps: Imported and home grown. Imported is self-explanatory-the soap is imported from other countries to our screens, Home and Away and Neighbours are examples. Home grown is the screening of soaps from their own country. Wealth and power V class consciousness is an issue in soaps. An example of wealth and power is Mike Bawldin in Coronation Street. He is portrayed as a filthy rich business man. On the otherhand the employees that work for him in his factory are examples of class consciousness. They are of the working class. In my opinion this is wrong because it demonstrates that people of different classes should be treated differently, when really people should be treated with the same amount of respect. Soaps are a form of escapism, as viewers can escape from the real world to the soap world. Soaps provide a vicarious experience, which means that the viewers experience the soap at second hand. The cast experience at first hand. Soap opera producers use romanticism to enchance love affairs, to give the viewer a rose-tinted image of the issue. Usually the characters chosen to have love affairs are beautiful, psycially desirable people. We all know that in the real world this stereotypical image is not always true to life. Soap operas move with the times in all aspects such as decor and design in houses and settings, up to the minute technology, lifestyles and relationships, entertainment and the cultural scene (mores), eg drugs, alcohol abuse. This can have a powerful impact on the viewers who will emulate a particular home or lifestyle. Overall, I think soap operas are enjoyable and fulfilling, but if watched over prolongued periods of time can lead to unhealthy addiction.

Sex Workers: the Legalization of Prostitution

Iya Clarke Mrs. Peacock 4 December Sex Workers: The Legalization of Prostitution Prostitution, one of the most controversial jobs created, is often revered as one of the lowest jobs of the career totem pole. Sex workers are counted out and their voices are rarely, if ever, listened to, but no longer should sex workers be ignored. They are people too and have a lot to offer the America. Other countries have legalized prostitution and it has simply become a part of the culture, no longer looked down upon. Perhaps, the U. S. hould revisit the job of sex working, and if stigmas and judgments about the field were removed and prostitution was viewed with unbiased eyes, then the positive aspects of legalization could be considered. Sex is simply another commodity that can be bought and sold, just like anything else that is traded, and should be treated as such. With certain restrictions, if brothels were designated for certain places, had their own district outside the major cities, it coul d help uplift a forgotten community. With certain regulations and laws put in place, not only sex workers, but society as large can benefit. Sex workers are not hurting anyone and should be allowed to do what they love. the Declaration of Independence it clearly states that, â€Å"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. † So if sex workers are happy doing their job then who is the government to try and outlaw it? Prostituting is their way of gaining life, liberty and it is their personal way of pursing happiness. If sex workers are doing what they love, not hurting anyone, and prostituting in a safe manner then the only ethical thing to do is to legalize it. But the only reason this will not happen is because of the negative stigma attached to it. Legalizing prostitution would normalize it and the mystery about sex workers would quickly dissipate. But if it became just a regular job then a lot of the taboo allure about it would be lost. After a certain amount of time most Americans would become indifferent to the issue, similar to how the Dutch now view prostitution. According to Melanie Abrams of History Today, â€Å"research has shown that 74 per cent of the Dutch population regards prostitution as an acceptable job and prostitution has been legal in the Netherlands since 2000. † If prostitution is normalized than stereotypes and judgments will decrease about the workers, making them feel less ostracized from society and help to create a richer place with diverse groups of people. The United States claims to be an accepting place, a â€Å"melting pot,† of all kinds of people with different ideas and lifestyles, so why sex workers be put on the outskirts of society? So many of sex workers are taken advantage of and abused physically, but if prostitution was legalized than not as many woman would be injured. Everyday sex workers are beaten and abused, and the intuition who is supposed to be stopping this type of behavior, the police, is often a main perpetrator of it. The police use the power in their job title to coerce the women into illicit sexual acts so that they aren’t arrested and taken to jail. Sex workers live in fear of the possible threats from their customers and threats from the governing force, the police. Legalizing prostitution would help to eliminate abuse from both of these groups because prostitution would be seen as a legitimate job. Just as other jobs have laws to ensure the protection of them, sex workers would be granted the same rights. The workers would be able to stand up for themselves and not be afraid to call out the people who take advantage of them. Also, the countless tax dollars spent on picking up sex workers and holding them in jail could be used for something more useful. Because honestly, if a sex worker really enjoys their job, they are just going to go back out on the streets. This will only encourage a viscous cycle, that will never ever stop, and simply waste money that needs to be used in something more important. The spread of STDs, if prostitution was legalized, would decrease, due to mandatory testing. One of the greatest fears about sex workers is that the spread a large number of diseases to their customers because they do not have to use protection. But if prostitution was legalized then a system could be set up to curb the spread of STDs and STIs. The workers would have to be checked periodically to insure the spread of diseases decreased, as opposed to workers who do not have to follow any rules, because they are participating in an illegal business. In parts of Australia, where prostitution is legal, sex workers â€Å"undergo regular examinations for STIs. If these tests are not done, the brothel will not permit the sex worker to work,† and in Queensland, Australia, â€Å"sex workers in brothels are required to wear a prophylactic during any type of sexual activity. As a result, Australian sex workers now have a very low incidence of STI’s. † With many jobs people have to go undergo certain requirements whether it is periodically drug testing, or getting a background check. Prostitute are going to do their job, legal or not, so imposing a way for it to be done in healthy manner, can only be for the better and help to curb the spread of unwanted STDs and STIs. If prostitutes became a legal then sex worker s could help the economy. Just as with any other job, prostitutes would become a part of the tax paying population. Rather than making all the money under the table, which is what they do now, sex workers could help the Unites States out of the economic downturn of the past few years. They could play a vital part in helping to alleviate the billions of debt that the United States is in imagine the millions of unpaid tax dollars that is being overlooked annually because prostitution is not considered a â€Å"real job. † Finally, the United States need to understand that prostitution is as a real of a job as any and rid themselves of the judgments that have been in the culture for years. Yes, some of the workers are coerced into selling themselves on the street, but there is also a percentage of the woman enjoy the work. Some women enjoy the thrill, or simply enjoy having sex. It is their body, so who is the government to tell them what to do with it; what not to do with it? If the government was able to see past these judgments then America would be a better place for it. The spread of unwanted STIs and STDs would lessen within this field, millions; possibly billions of dollars could be made by taxing the work. And the great melting pot, which is spoken so fondly of, would become even more diverse and accepting of people. In addition, there is no legal reason for it not to be legalized. Most of the reasons for why prostituting is illegal has to deal with morals. But if people do not like the idea of sex work, then they do not have to participate in it, but ultimately it is not their decision to make. If the sex workers are of the legal age, have made this decision on their own, without being forced or coerced, then they should be able to do what makes them happy. That’s all most people search for, the thing that makes them happy, so everyone should be able to experience that without being treated terribly and dealing with the constant oppression from the society from which they live in. Works Cited Abrams, Melanie. â€Å"City Of (Red) Lights. † History Today 59. 11 (2009): 6-7. Academic Search Complete. Web. 4 Dec. 2011. Sullivan, Barbara. â€Å"When (Some) Prostitution Is Legal: The Impact Of Law Reform On Sex Work In Australia. † Journal Of Law & Society 37. 1 (2010): 85-104. Sociological Collection. Web. 5 Dec. 2011.

The Value of the You Attitude in Professional Writing

The Value of the 'You Attitude' in Professional Writing The you attitude is more than a matter of playing with  pronouns or even of playing nice. Its good business. In professional writing, the you attitude means looking at a topic from the readers point of view (you) instead of our own (me): Me Attitude: I have requested that your order is sent out today.You Attitude: You will receive your order by Wednesday. In emails, letters, and reports, emphasizing what our readers want or need to know is likely to generate goodwill and lead to positive results. Why It's All About You, You, You Put yourself in the readers place and think about the kinds of emails and letters that you like to receive. Messages that are stuffy, pushy, and vague? Unlikely. Messages that elicit a positive response are generally positive themselves: courteous and considerate, with just enough information to anticipate the most common questions and concerns. In any case, dont make your message all about me or us. If youre trying to persuade your readers to buy a product, accept an offer, pay a bill, or perform a service for you, emphasize whats in it for them. You're in Good Hands or Maybe Not Heres an excerpt from a letter (addressed to Insured followed by a ten-digit number) that shows a marked insensitivity to the you attitude: As a participating company of the National Flood Insurance Program (NFIP), policies written through Allstate Flood are subject to periodic reviews by the Risk Mitigation Unit of the Federal Emergency Management Agency (FEMA). This review process serves to ensure that policies have been properly rated based on the supporting documentation provided and according to the rules and regulations set forth by the NFIP... The above referenced policy was reviewed by the Flood Service Center and it has been determined that this policy has been rated incorrectly, or that additional information or clarification of submitted documentation is required to ensure that the policy has been properly rated. The following items are needed to complete the underwriting file and establish the proper rate for this account ... Clearly, its going to take more than a ​you to fix this letter. For one thing, theres not even a ​we here. The persistent use of the passive voice obscures any sense of a human subject a problem also demonstrated by the signature line, which reads (sincerely and monolithically), Allstate Flood Underwriting. One presumption of the you attitude is that both writer and reader are real people. But like the wrapper on a loaf of Wonder Bread, the Allstate letter might just as well say, Never touched by human hands. The multiple-choice format of the second paragraph only deepens the mystery. Just who reviewed, determined, and rated? Thats not for us to know. Has the policy been rated incorrectly for the past eight years, and if so, when and how did this blunder come to light? Has information been misplaced dropped behind a filing cabinet, say, or deleted by a clumsy intern? All things are possible in the stilted language of this form letter, and nothing is certain. Except for one thing, of course: it looks like our rates are going up again. Five Guidelines for Writing With the "You Attitude" Establish a good, respectful relationship with your readers by addressing them directly, writing in the active voice and using the second person (you, your, and yours), not just the first (I, me, mine, we, us, and ours).Try to empathize with your readers. Ask yourself: what do they want, what do they need to know, and whats in it for them? Rather than focus on your product, your service, or yourself, stress how your readers will benefit from complying with your message.Earn the respect of your readers by being courteous, tactful, and gracious.And finally, if youre ever tempted to write it should go without saying, stifle the impulse.

Which Colleges Require the SAT Essay Complete List

Which Colleges Require the SAT Essay Complete List SAT / ACT Prep Online Guides and Tips Planning to take the SAT? Before you sign up, you need to decide whether you’re going to take the test with or without the optional Essay. How should you pick? Well, some colleges require that you apply with the SAT with Essay; others don’t care whether you submit an SAT score with or without the Essay. In this article, I’ll provide you with a complete list of colleges that require or recommend taking the SAT with the Essay. What Is the Optional SAT Essay? The redesigned SAT debuted in March 2016 along with a now-optional Essay section. For the Essay, you have 50 minutes to read a passage (similar to those you see on the Reading section) and write an essay dissecting how the author made the argument. Did the author use evidence to support the main claim? Appeals to emotion? Specific word choice? If you take the SAT without Essay, the test length is three hours. However, if you take the SAT with Essay, the optional Essay adds 50 minutes. It also costs more to take the SAT with Essay: $64.50 vs $47.50 without the Essay. Don't automatically assume you must take the Essay. Whether it's important for you depends on which schools (and scholarships) you're applying to, and what the rest of your application looks like. I'll go into more depth later about how to decide which version of the SAT to take. See if you need to take the SAT with Essay to end up here! List of Schools That Require the SAT With Essay Below, I’ve compiled a list of colleges that require or recommend taking the SAT with Essay. Info comes from the College Board and some individual schools who we consulted separately. NOTE: This list is subject to change, so make sure to double-check with each school you’re applying to. School State/Country Require or Recommend Abilene Christian University TX Recommend Albany College of Pharmacy and Health Sciences NY Recommend Allegheny College PA Recommend Amherst College MA Recommend Art Institute of Houston TX Recommend Augsburg University MN Recommend Austin College TX Recommend Benedictine University IL Require Caldwell University NJ Recommend California State University, Northridge CA Recommend Central Connecticut State University CT Recommend Central Michigan University MI Recommend Cheyney University of Pennsylvania PA Recommend City University London UK Require Coastal Carolina University SC Recommend College of Wooster OH Recommend Colorado School of Mines CO Recommend Cooper Union for the Advancement of Science and Art NY Recommend Corban University OR Recommend Cornerstone University MI Recommend Dallas Christian College TX Recommend Davidson College NC Recommend Delaware State University DE Require DeSales University PA Require Dominican University of California CA Require Eastern University PA Recommend Eastern Illinois University IL Recommend Eastern Nazarene College MA Recommend Five Towns College NY Recommend Gallaudet University DC Recommend George Washington University DC Recommend Georgia Highlands College GA Recommend Greenville University IL Recommend High Point University NC Require Hofstra University NY Recommend Holy Family University PA Recommend Howard University DC Recommend Husson University ME Recommend Indiana University Southeast IN Recommend Indiana Wesleyan University IN Recommend Inter American University of Puerto Rico: Barranquitas Campus Puerto Rico Recommend John Wesley University NC Require Juilliard School NY Recommend Kentucky State University KY Require Lehigh University PA Recommend Madonna University MI Recommend Manhattan College NY Recommend Martin Luther College MN Require Marymount California University CA Recommend Massachusetts Maritime Academy MA Recommend McMurry University TX Recommend Molloy College NY Require Montana Tech of the University of Montana MT Recommend Morehouse College GA Recommend Mount Saint Mary College NY Recommend Mount St. Joseph University OH Recommend New Jersey City University NJ Recommend Nichols College MA Recommend North Park University IL Recommend Occidental College CA Recommend Ohio University OH Recommend Oregon State University OR Recommend Purdue University Northwest IN Recommend Randall University OK Recommend Randolph-Macon College VA Recommend Reading Area Community College PA Recommend Rowan University NJ Recommend Rutgers University- Camden Campus NJ Recommend Saint Michael's College VT Recommend Schreiner University TX Require SciencesPo France Recommend Seton Hill University PA Recommend Shiloh University IA Recommend Shippensburg University of Pennsylvania PA Recommend Silver Lake College of the Holy Family WI Recommend Soka University of America CA Require Southern California Institute of Architecture CA Require Southern Illinois University Carbondale IL Recommend Southern Oregon University OR Recommend Spring Hill College AL Recommend Stanford University CA Recommend Sul Ross State University TX Recommend SUNY Farmingdale State College NY Recommend SUNY University at Stony Brook NY Recommend Texas AM International University TX Recommend Texas AM University TX Recommend Texas AM University- Galveston TX Require Texas State University TX Recommend The King's College NY Recommend United States Military Academy (West Point) NY Require University of California, Berkeley (UC Berkeley) CA Require University of California, Davis (UC Davis) CA Require University of California, Irvine (UC Irvine) CA Require University of California, Los Angeles (UCLA) CA Require University of California, Merced CA Require University of California, Riverside CA Require University of California, San Diego (UCSD) CA Require University of California, Santa Barbara (UCSB) CA Require University of California, Santa Cruz CA Require University of Evansville IN Recommend University of La Verne CA Recommend University of Mary Hardin- Baylor TX Recommend University of Massachusetts Amherst MA Recommend University of Minnesota, Twin Cities MN Recommend University of New England ME Recommend University of North Texas TX Require University of the Virgin Islands Virgin Islands Recommend University of Toledo OH Recommend University of Washington Bothell WA Recommend VanderCook College of Music IL Recommend Virginia Union University VA Recommend Wabash College IN Recommend Webb Institute NY Recommend Webber International University FL Recommend Wesleyan College GA Recommend West Virginia University WV Require West Virginia University Institute of Technology WV Require Western Carolina University NC Require William Jessup University CA Recommend William Jewell College MO Recommend Surprisingly (and in contrast to how it's been in the past), top schools mostly do not require the SAT essay. Currently, no Ivy League School requires students to take the SAT with Essay; the same is true for Caltech, Duke, Georgetown, Johns Hopkins, MIT, Northwestern, NYU, and UChicago. Many of these schools no longer even recommend students take the SAT with Essay, which is a huge turnaround from even a couple of years ago. Most liberal arts colleges do not require or recommend the SAT with Essay. However, there are a few exceptions: Soka University requires it, and Amherst College and Occidental College both recommend it. In general, most state schools also do not require the SAT with Essay, although there's still a significant portion which do. There tends to be some weird variance even within states. For example, all University of California schools require the SAT with Essay, but most of the California State University schools do not. Regardless of the types of schools you're applying to, don’t assume that they all ask for the SAT with Essay. Check with every school to make sure you understand their testing requirements. To take or not to take, that is the question. How to Decide Whether to Take the SAT Essay When making your decision about whether to take the SAT with Essay or the SAT without Essay, you'll need to consider the following four questions: #1: Do Any Schools I Want to Apply to Require the SAT Essay? If you’re applying to any school that requires the Essay, then you must take the SAT with Essay. If you take the SAT without Essay, your application will be incomplete and you won't get admitted. By contrast, if you apply to any schools that don't require the SAT Essay, you can still take the SAT with Essay since these schools will accept both types of SAT scores (with or without Essay). To reiterate, colleges that require the SAT Essay won't consider your score if you took the SAT without the Essay. The last thing you want to do is take the SAT without the Essay and get a good score- but then find out that one of your target schools requires you to take the SAT with Essay. Remember that some colleges change their application policies from year to year, so make sure to double-check the testing policies of the schools you’re applying to. #2: Do Any Schools I Want to Apply to Recommend the SAT Essay? If you're not applying to any schools that require the SAT Essay section but are applying to some that recommend it, then I'd still suggest taking it. This gives you another dimension schools can use to evaluate your application. However, there are some cases in which you shouldn't take the SAT with Essay as well. If, for some reason, you do not qualify for SAT fee waivers and paying the extra cost to take the SAT with Essay would be a financial burden to you, then please don't feel like you have to take it; in this case, it's fine to take the SAT without Essay instead. In addition, if you really struggle to write essays under time constraints (due to anxiety), you might want to opt out of the Essay. However, I only recommend this for students who normally have strong English and writing skills but struggle to write coherent essays when there's the added pressure of a time constraint. For example, do you get As on essays you can work on at home but Cs on in-class essays because you get easily nervous? If that's the case, taking the SAT with Essay might not be a good idea. #3: Am I Applying to Any Scholarships That Require an SAT With Essay Score? Many scholarships (such as National Merit) require you to submit SAT scores, and some specifically want SAT with Essay scores. Therefore, be sure to check the requirements of each scholarship you're planning on applying for. While scholarships that don’t require or recommend the SAT Essay should still accept your SAT with Essay score, scholarships that require the Essay section will not consider your SAT score if you took the no-essay version. #4: Will the SAT Essay Enhance My Application in Other Ways? Generally speaking, taking the SAT Essay if it's not required won't add a lot to your application. In truth, colleges that don't recommend or require the Essay really don't pay much attention to it. However, the Essay might be helpful for international students who want to prove they have strong English skills and who think they'll do especially well on it. If you fall into this category and feel confident that you'll get a high score on it (after doing practice essays, for example), definitely consider taking the SAT with Essay. On the other hand, if you don't think you'll do well on the Essay, I recommend against taking it. What’s Next? Need help preparing for the SAT? Read our ultimate study guide to get expert tips on prep and access to the best free online resources. If you're taking the test soon, learn how to cram for the SAT. Want to learn more about the SAT Essay? Check out our step-by-step guide to writing a great Essay. Not sure where you want to go to college? Learn how to do college research right and figure out your SAT target score. Want to learn more about the SAT but tired of reading blog articles? Then you'll love our free SAT prep livestreams. Designed and led by PrepScholar SAT experts, these live video events are a great resource for students and parents looking to learn more about the SAT and SAT prep. Click on the button below to register for one of our livestreams today!

Use and analyse the use of a range of Lean tools ( Engineering Essay

Use and analyse the use of a range of Lean tools ( Engineering Business ) - Essay Example Bicheno & Holweg (2008) distinguished between four types of flexibility, namely process flexibility, product flexibility, volume flexibility and labour flexibility. These are detailed in the table below. The organisation can then devise its strategy according to the type of flexibility desired. Some other tools are histograms, Pareto charts, cause and effect diagrams, flow charts and control charts. It is pertinent to point out that strictly; lean is not merely a set of tools. Individual tools are useful for specific purposes, but they are designed to be used together in such a way that increases overall efficiency. The combination and synchronisation of tools allows for a wide range of strategic options. The improvement in competitiveness is made possible by â€Å"an end-to-end value stream† (Bicheno & Holweg, 2008). It is therefore a complete system, which involves processing for enhancing value by reducing waste. Lean tools serve to be applied such that they improve specific and overall efficiency. Mistakes could be made at any time during ordering, but most of these tend to be the result of human errors. It is important to prevent mistakes, for example because it could lead to producing defective parts, giving the wrong service, and ultimately to customer dissatisfaction. Moreover, â€Å"mistakes in one area have consequences in all others† (Nicholas & Steyn, 2008: 485). The alternative could be to make inspections but this itself is not mistake proof, and it is also an inefficient method. Preventing mistakes could eliminate the possibility of failures, and thus producing wastes. This could in turn avoid time wasting and prevent unnecessary costs. Mistakes with an order can be prevented by implementing a safety mechanism at any stage of the ordering process where mistakes would be likely to occur. The Japanese term for making processes protected from mistakes is ‘poka yoke’ (ãÆ' Ã£â€š «Ã£Æ' ¨Ã£â€š ±), which

The Crossrail railway project-Report Essay Example | Topics and Well Written Essays - 1000 words

The Crossrail railway project-Report - Essay Example ing connections between the city of London and those in the East and the West thought direct linkages, employment of thousands of workers and creation of business opportunities, significant reduction of time taken by commuters while travelling, and most importantly eases perennial congestion of commuters through increased capacity of existing railways and the construction of others (House of Lords, 2005:62). Easing up of congestion has been highlighted as the most important benefit the Crossrail project will deliver. It is envisaged that over 20 trains will operate every hour when the project is officially opened in the year 2014, with each train having a capacity to ferry about 1400 commuters. As such, it is estimated that annually, over 200 million passengers will use the Crossrail (Pagan, 2011:54). The Crossrail is without doubt a very ambitious project which will have significant impact to the economy of Europe once completed. In this paper, we will look at the factors that are contributing to its success across the stages of presentation of the bill to parliament, building, and being ready to commence operations. We will also look at the practices employed, both bad and good, in its management and development against skill and managerial primary elements usually used in the management of such projects. Factors that have contributed to the success of the development of the Crossrail development project include political good will, especially in funding, identification of reliable sponsors, and time tracking to ensure completion of project is on schedule. The Crossrail bill was introduced to parliament in the year 2005 for discussion, deliberations and possible approvals (Colville, 2008:34). The support accorded to it has been very positive so far, with the bill being granted a royal assent in 2008, effectively making it an act of parliament, that is, the Crossrail Act of 2008 (Bernand, 2008:29). One of the good practices employed in the management and

Assignment 4 Term Paper Example | Topics and Well Written Essays - 750 words

Assignment 4 - Term Paper Example However, employees in the private company have limited options with regards to vesting their options especially while they are still employed there. Within the private enterprise there is really no way of knowing the fair market value for one’s stock options. Going public offers a better market for employees to exercise their stock options. Therefore, from the employee perspective, Deltek’s reason for going public was merited. 2-What advantages did Deltek find in going public once it became a public company? What disadvantages did it face? In going public, Deltek’s experienced two major benefits: increase in brand equity that came with all the attention it received as a public image and extra cash from the sale of stock which have it the resources to make important acquisitions. However, from the case, it seems that the company experience greater disadvantages than advantages on becoming a public company. The biggest disadvantage was the obsession with the stock price. Everything in the company now revolved around the stock price and this focus shifted the company’s attention away from the more important long-term goals (Johnston 4). This was especially dangerous given that it directly has an effect on the company’s ability to survive in future. ... Why did those companies go public? Who gained? The three major differences between Deltek and other dot-com companies that rushed to go public were that: (1) it had a single investor – who was the founder; (2) the founder was not eager to sell his stake; and (3) Deltek was already a profitable company. The other dot-com companies went public largely for three reasons. Firstly it was to raise money to fund growth irrespective of whether they were currently profitable or not. Secondly, these companies went public to gain the visibility or prestige offered by being a publicly traded stock. Thirdly, these dot-coms went public in order to cash in on the inflated prices that others were willing to pay for tech start-ups at the time. The people who gained from the dot-com IPOs were mostly the venture capital investors, the founders and employees who had stock options within those tech start-ups. These individuals cashed in on the high IPO prices whereas the new investors were left to face the dot-com bubble burst a few years later. For Deltek, both the founder and employees who had stock options gained from the initial IPO prices, however their work-life balance was adversely affected by the demand placed on them by their new public status. 4-Why did Deltek decide to leave the public arena and become a closely held corporation once again? Do you think its management made the right decision? Deltek decided to leave the public arena for three main reasons: (1) to focus on its long-term goals; (2) to avoid being second-guessed by the fits and starts of a volatile stock market; and (3) to regain the work-life balance that was taken away by going public. Deltek’s management made the right decision with regards to

Indias Foreign Exchange System: An Analysis

Indias Foreign Exchange System: An Analysis CHAPTER-2 LITERATURE REVIEW 2.1 Introduction: It is a fact that the currencies of different countries have different values that is based upon their actual economic and monetary strength. It is from this difference that the genesis of foreign exchange occurs. Foreign exchange can be termed as the act of matching the different values of the goods and services that is involved in the international business transaction process in order to attain the exact value that is to be transferred between the parties of an international trading transaction in monetary terms. Foreign exchange as an activity had started the day civilization and independent principalities got established in the world. But in those days it was a case of exchanging value in the form of transfer of goods and services of identical value that is commonly identified with barter system. Moreover the transactions were done on a one-to-one basis, and the terms and conditions were determined by the parties entering into such transactions. There was no universal system or rule that determined these transactions. In that way foreign exchange and international monetary system is a modern day trend that gained an institutional form in the first half of the twentieth century and has been developing since then. 2.2 Foreign Exchange: According to International Monetary Fund (IMF), Foreign Exchange is defined as different forms of financial instruments like foreign currency notes, deposits held in foreign banks, debt obligations of foreign banks and foreign governments, monetary gold and Special Drawing Rights (SDR) that are resorted to make payments in lieu of business transactions that is done by two business entities or otherwise, of nations that have currencies having different inherent monetary value (www.imf.org). Leading economist Lipsey Richard G.,1993 has mentioned that the foreign exchange transactions are basically a form of negotiable instrument that are resorted to deliver the cost of goods and services that form a part of trading transactions and otherwise, between business and public entities of nations of the global economy. Sarno, Taylor and Frankel, 2003 gives the definition of foreign exchange as denoting the act of purchase and sale of currencies of different economies that is performed over the counter for various purposes that includes international payments and deliverance of cost of various business transactions, where the value is usually measured by tallying the value of the currencies involved in the foreign exchange transaction with that of the value of U.S. Dollar. According to Clark and Ghosh 2004, Foreign Exchange denotes transactions in international currency i.e. currencies of different economies. In such transactions the value of a currency of one country is tallied and exchanged with similar value of the currency of the country in order to exchange the cost of a business transaction or public monetary transfer that is taking place between two entities of these economies. 2.2.1 Foreign Exchange Transactions: Transactions in foreign exchange are done through various types and various modes between different countries of the world. According to information mentioned in the Reuters Financial Training Series, 1999,TOD Transactions, TOM Transactions, Swap Rates, Spot Rates, Forward Rates, Margin Trading and Buy / Sell on Fixed Rates foreign exchange transaction methods are some of the commonly used methods that are widely used by global managers for their foreign exchange transaction activities. 2.2.1.1 TOD Operations: TOD Operations are foreign exchange transaction methods where the trader uses the exchange rate of the day on which the foreign exchange transaction order is to be executed. In other words TOP operations are commonly used in intra-day foreign exchange transactions. As a result they are commonly resorted to by speculators in foreign exchange transactions and those who general speculate on the rates of different foreign exchange markets of the globe. 2.2.1.2 TOM Operations: In this type of transactions the transaction process carried forward to the next day instead of it being an intra-day trading. TOM transactions rate is fixed on the day the transaction is signed, but the rate of exchange is agreed upon to be that of the next day. 2.2.1.3 SPOTTransactions: SPOT Transactions can be compared with TOM transactions because here also the exchange rate is fixed at a value that prevails over the exchange rate of intra-day trading of shares. But SPOT transactions have been separated as a different category because unlike TOM transactions, SPOT transactions contracts are executed on the third day after the signing of agreement between the Bank and the client. 2.2.1.4 Forward Contract: Forward contracts are those exchange rate contracts where the currency conversion exchange rate agreement is decided at a certain rate at a time that is well before the date of execution of the exchange contract. In that way they are similar to TOM transactions. The only differ from them in the fact that these transactions are made for a long term i.e. generally for one year, and the parties involved in making this foreign exchange transaction deposit five percent of the contract value with the bank involved in facilitating the transaction at the time of executing the contract which is then returned to the client after execution of the exchange transaction. The need for depositing this amount is to secure the transaction against any loss due to market fluctuations. 2.2.1.5 SWAP: The greatest advantage of SWAP transactions is that the clients involved in the foreign exchange get prior information about the exchange rate of the currencies that are part of the transaction. In this type of transaction the bank first buys the amount of transaction form the client and resells it to the client after a few days after disclosing the exchange rate of the currencies involved in the transaction process. SWAP transactions are much sought after by traders because here they get to know beforehand the exchange rate of the currencies involved in the transaction process that helps them in avoiding fluctuations in market rate and gives them the advantage of determining the prices of goods, the nature of the currency market notwithstanding. . 2.2.1.6 MarginTrading: The key element of Margin trading is that any trader can opt for SPOT trading round the clock by going through the margin trading mode. The other key element of margin trading is that the traders can make deals with a minimal spread for a huge amount of funds by projecting fraction of the needed amount. In that way it is a unique form of global financial transaction where the threshold value that can be transacted through the margin trading mode is $ 100000 with bigger deals being multiples of $ 100000. But in order to deal in margin trading the trader has to make a security deposit of five recent of the contract value that has to be replenished from time to time in order to maintain the amount from which the probable losses from margin trading transactions are accommodated. 2.2.1.7 Buying/Selling on Fixed Rate Order: This is a mutual agreement between the buyer and seller of foreign exchange. Neither its rate nor its other terms and conditions are based upon actual conditions. Rather the deal is based keeping the mutual profitability of the buyer and seller intact where both of them get their desired amount. 2.3 Global Foreign Exchange Market: According to the table depicting the Triennial Bank Survey of Foreign Exchange and Derivatives Market Activity done by Bank for International Settlements (BIS)2007, as shown below the global foreign exchange market has an average daily turnover of over $ 2 trillion, which is an increase of around forty percent in terms of volumes . This rise in foreign exchange transactions it is observed has been due to rise in the volume of trading in Spot and Forward markets. This is indicative towards increase in volatility of foreign exchange markets around the world. (www.bis.org). Global Foreign Exchange Market Turnover Daily averages in April, (in billions $) Year 1989 1992 1995 1998 2001 2004 Spot Transactions 317 394 494 568 387 621 Outright Forwards 27 58 97 128 131 208 Swaps in Foreign Exchange 190 324 546 734 656 944 Gaps in Reporting (Estimated) 56 44 53 60 26 107 Total Turnover (Traditional) 590 820 1,190 1,490 1,200 1,880 Memo: Turnover (At April 2004 Exchange Rates) 650 840 1,120 1,590 1,380 1,880 (BIS Triennial Central Bank Survey, 2004) As observed by Jacque Laurent L.1996, Studies in foreign exchange point to the fact that the volume involved in foreign exchange transactions in the total markets around the globe has the potential to affect the overall functioning of the global financial system due to the systematic risks that are part and parcel of the foreign exchange transaction system. Most of the transactions occur in the major markets of the world with the London Exchange followed by New York and Tokyo Stock Exchange accounting for over sixty percent of the foreign exchange transactions done around the globe. Among these transactions the largest share is carried out by banks and financial institutions followed by other business transactions i.e. exchange of value for goods and services as well as dealers involved in securities and financial market transactions. According to the studies by Levi Maurice D., 2005, in foreign exchange transactions most of the transactions happen in the spot market in the realm of OTC derivative contracts. This is followed by hedging and forward contracts that are done in large numbers. The central banks of different countries of the world and the financial institutions operating in multiple markets are the main players that operate in the foreign exchange market and provide the risk exchange control mechanism to the players of the exchange market and the system where around $ 3 trillion amount of money is transacted in 300000 exchanges located around the globe. The largest amount of transactions takes place in the spot rate and that too in the liquidity market. The quotation on price in these markets sometimes reaches to around two thousand times in a single day with the maximum quotations being done in Dollar and Deutschemark with the rates fluctuating every two to three minutes with the volume of transaction for a dealer in foreign exchange i.e. both individual and companies going to the range of $ 500 million in normal times. In recent years the derivativ e market is also gaining popularity in OTC dealings with regards to the foreign exchange market. 2.4 Global Foreign Exchange Market Management Risks: According to the researcher Kim S. H., 2005, Foreign exchange transactions are identified by their connection with some financial transactions occurring in some overseas market or markets. But this interconnectivity does not affect the inherent value of the currency of the country which is determined by the economic strength of that country. This means that the inherent value of each currency of the world is different and unequal. So when the need arises to exchange the value of some goods or service between countries engaged in such activity it becomes imperative to exchange the exact value of goods and services. Considering the complexity and volume of such trading and exchange activity occurring in the global market between countries it is but natural that the currencies of individual countries is subject to continual readjustment of value with the currency with which its value has to be exchanged. This gives rise to the importance of foreign exchange transactions as a separate ar ea of study and thereby needs much focus for its understanding (Frenkel , Hommel and Rudolf , 2005). In addition to this it is to be realized that with the growing pace globalization and integration of global economic order there has been a tremendous increase in international business transactions and closer integration of economic systems of countries around the world especially between the members of WTO, that has led to the increase in economic transactions and consequent activity in international foreign currency exchange system (Adams, Mathieson and Schinasi, 1998). Added to this is the fact that the exchange value of currencies in the transactions is not determined by the respective countries but by the interplay of value of the currencies engaged in an international foreign exchange transaction and the overall value of each currency in the transaction prevailing at that time. In fact each country in the global economic order would want to determine the value of its currency to its maximum advantage, which was possible a few years ago in when the countries used to determine the value of their currency according to the existing value of their economy. The individual countries till the early nineties used to follow a policy of total or partial control over the exchange value of their currency in the global market. At the same time there also were a group of countries that followed the policy or system in determining the exchange value of their currency i.e. left it to the interplay of global economic activity where the value was determined by its economic performance. The currencies of countries that provide full or partial amount of control in the international exchange value of its currency are known to follow a Fixed Rate whereas the currencies of countries that allow its currency to seek its inherent value through its performance in the global economic system are termed as following the Floating Rate of foreign exchange conversion mechanism. Though lo gically both the type of mechanism of foreign exchange face the effect of exchange rate fluctuations and consequent volatility in rate it is the currencies having a floating rate that are continually affected by the fluctuations in exchange rate in the global market when in the case of currencies with a fixed rate it is more of a controlled and regulated affair (Chorafas Dimitris N., 1992). 2.5 Foreign Exchange Risks Prevailing in the Global Market: Risks related to the exchange rate of a currency in the global market as has been mentioned, occurs due to the interplay of inherent value of each currency of the respective countries that are part of the global financial mechanism. Risks related to foreign exchange come into picture and are also inevitable in this world marching towards increased interaction due to globalization. The risks will occur due to business interaction and consequent exchange of value for goods and services. According to Kodres LauraE., 1996, the risks related to foreign exchange occur when there is increased interaction between the currency of a country with that of other countries in the international market and that too if the currency has a floating exchange rate. In that case the value of the currency is continually affected by its business and financial performance. This relation with other currencies in the market affects it during the time when the need arises to exchange it with another currency for settlement of financial transaction in some business or financial purposes and gives rise to various types of risks. The prominent risks associated during this situation are Herstatt Risk, and Liquidity Risk. 2.5.1 Herstatt Risk: Herstatt risk is a risk that is named after a German Bank that got liquidated by the German Government in the seventies of the last century and made to return all; the claims accruing to its customers. This is because its creditworthiness was affected and it could not pay the settlement claims to its customers and also on behalf of its customers to their clients. It is basically connected to the time aspect of foreign exchange value claim settlements in which the foreign exchange transactions do not get realized as the bank loses its ability to honour the transaction in the intervening period due to some causes. In the particular case the German bank failed to honour the financial settlement claims of its clients to their counter parties that were to be paid in values of U.S Dollars. The main issues that arose were regarding quantifying the amount to be delivered and the time of the transaction process due to the two countries financial systems being located and working according to different or separate time zones. This case has established a phenomenon in foreign exchange market where there may erupt situations in which the working hours of banks located in different time zones may never match with each other leading to foreign exchange settlement transactions getting affected during the mismatch of the two banks closing and opening time. In fact the Alsopp Report that studied this phenomenon in detail said that though the foreign exchange transactions are made in pen and paper on a single day the actual transfer of value takes place within three to four days. And with the exchange value of currencies operating in the international market always remaining in a state of flux they either get jacked up or devalued. In either case it affects the clause of transactions that was decided on an intra-day rate, as the value of both the currencies in the international market has changed during these days. 2.5.2 Risks related to Liquidity: There can crop up different problems related to the banking systems operations and dynamics i.e. in both technical and management systems as well as inability in terms of volume of available liquidity strength or in mismatch in tallying of time etc; that can affect the capacity of banks to honour foreign exchange transactions in terms of transfer of liquidity. These types of risks are being commonly witnessed in newly emerging economies that are being unable to cope with the sudden surge in volume of global business transactions thereby leading to exchange rate settlement and payment delays, outstanding payments and dishonouring of financial commitments in the exchange rate transaction market. 2.5.3 Financial Repercussions: According to the Studies in foreign exchange related risks by Dumas and Solnik, 1995 aver that risk related to transactions in foreign exchange have increased with globalization and the rise of global economic integration process with the countries getting affected in relation to the volume of their transactions in the global financial and business marketplace. This is because the market is now more oriented towards market value driven convertibility of currencies that is influenced by the global financial movements and transactions, and any independent transaction especially of transnational and multinational companies; will automatically affect other transactions happening in the global financial marketplace (Klopfenstein G.,1997). However, according to another study by Gallati Reto R., 2003, these multinational and transnational companies are simultaneously being affected by the fluctuations in exchange rate of different currencies of the global market that is exposing their business operations in different global markets to exchange rate related risks especially due to difference in Spot and Forward rates and the inevitable fluctuations (Choi , 2003) that give rise to foreign exchange settlement related problems. 2.5.4 Remedies to Foreign Exchange Settlement Risks: As there risks that have cropped up in foreign exchange transactions due to increase in volume and frequency of transactions mainly as a result of globalization so, also there have come up remedies to minimize the risk related to adverse conditions in foreign exchange transactions. The Bank for International Settlements (BIS) in one of its studies in 1999 has said that settlement of claims is the most predominant risk that is related to foreign exchange transactions, especially the speed with which these transactions are materialized and the roadblocks that they may face in the process due to tremendous increase in volume of foreign exchange transactions that cannot be cleared in expected times. The solution to these risks according to the study is to simultaneously clear transactions on either side i.e. for both the parties side so that they simultaneously give and receive payments at the agreed rate of exchange. This would solve the problem of extended time of actual payment when the rate of exchange fluctuates, thereby creating problems for both the parties. This arrangement is related to deals being processed simultaneously, which requires the concurrence and common cause of both the parties. This is because the party that is expecting a hike in value of it s currency may not agree to such a proposal. In that case there should be some law or arrangement that would make it mandatory for both the parties to settle their intra-day payments on that day itself so that there is no scope left for speculation by them. According to the study, such arrangements have been made in USA and Europe where systems like Fedwire and Trans- European Automated Real-Time Gross Settlement Express Transfer (TARGET) have been established. Fedwire facilitates payments in foreign exchange transactions under the mode of Real Time Gross Settlements (RTGS)and TARGET facilitates intra-day transfer of foreign exchange between parties of member countries of Europe on the same day itself. But, for simultaneous release of funds by both the parties and the intra-day settlement of claims to succeed it is imperative that the member countries of the global economic system should come together have concurrence on these issues. This is because all said and done the foreign exchange transaction related rules and laws are still governed by the respective countries. And most of these countries are reluctant to make any headway in linking their currency system to the global currency system for speedy disposal of foreign exchange transactions for fear that such a move would expose their currency end financial system to the baneful effects of risks and volatility of global foreign exchange system (Hagelin and Pramborg, 2004). At the level of international trading corporations there has been initiated some steps whereby they have formed a private arrangement known as Group of Twenty. They are a group of twenty internationally acclaimed global clearing banks who have formed an system called the Global Clearing Bank that acts as a connection between the payment systems of different countries and verifies international foreign exchange transactions in order to simultaneously satisfy both the parties regarding authenticity of the process of transaction. The thing is that this system puts a high amount of strain on the financial and foreign exchange system as well as reserves of individual countries along with requiring them to bring about some amount of commonality between the financial rules and regulations of individual countries which is easier said than done. All the same the establishment of Bilateral Netting System and Multilateral Netting Systems as well as of Exchange Clearing House (ECHO) are trying t o facilitate foreign exchange transactions and minimize the inherent risks involved (McDonough ,1996). 2.6 Indian Foreign Exchange System: 2.6.1 Historical Background: The historical background of foreign exchange system in India was a saga of excess control and monitoring with even minor transactions being made to undergo the rigorous scrutiny of concerned government authorities to avoid any risks associated with such transactions and save the scarce foreign exchange reserves from being frittered away in some transactions considered unimportant or anti-national by the government. The Foreign Exchange Regulation Act (FERA) that was enacted in 1947 and made more stringent in 1973 was the embodiment of the prevailing sentiment of the governments of those days, which was to completely regulate and control all the foreign exchange transactions and protect the foreign currency reserves. (Mehta, 1985) All these changed in the nineties of the last century with the opening up of Indian economy in 1991 in keeping with the recommendations of the High Level Committee on Balance of Payments set up under the chairmanship of Dr C. Rangarajan by the Ministry of Finance, Government of India and subsequent entry of India into World Trade Organization (WTO) in 1994. This was preceded by the liberating of current account transactions and establishing full convertibility of current account transactions in 1993. In 1994 also the Government of India accepted Article VIII of Agreement of the International Monetary Fund that established the system of current account convertibility and the exchange value of rupee came to be determined according to the market rates with only the convertibility of capital account being under the control of the government (Krueger,2002) as the Tarapore Committee on Capital Account Convertibility of 1997 (Panagariya A., 2008) suggested the government to keep adequate sa feguards before allowing the convertibility of capital account to be determined according to the market forces as there was need to consolidate the financial system and have an accepted inflation target before such a venture. The Tarapore Committee also suggested that the legal framework governing the foreign exchange transaction system in India also needs to be modernized before going for total convertibility of the capital account due to which the Government repealed the FERA Act of 1973 and promulgated the Foreign Exchange Management Act (FEMA) in 2000. This new act did away with the system of regulation and control and established a system of facilitation and management of foreign exchange transactions thereby promoting all the activities related to foreign exchange transactions. The most important thing that was done by FEMA was to recognize violations or mistakes in foreign exchange transactions as a civil offence instead of a criminal offence as was done by FERA. FEMA also shifted the responsibility of proving the violation or mistake in foreign exchange transaction and related rules from the prosecutor to the prosecuted. And if the prosecuted was proved guilty he or she was to pay only monetary fine or compensation instead of being jailed as was the earlier provision under FERA. FEMA also simplified many of the rules and notified specific time frames for delivering judgments related to violations of foreign exchange rules and regulations and provide rules for establishing special tribunals and forums to deal with such cases. Th e compounding rules were also made less stringent and all matters related to compounding rules were notified to be dealt by Reserve Bank of India (RBI) instead of the previously assigned Enforcement Directorate. RBI was made the designated Compounding Authority in all related matters. Only the cases involving hawala transactions were left from its purview As per Mecklal and Chand