Is Our Constitution Still Alive Essays - Censorship, Controversies

Is our Constitution Still Alive? The question of whether our Constitution is still alive in America today is a difficult one. Some could say it is and some could say the opposite each with potent evidence and reasons for their beliefs. I feel that modern America is not keeping our original Constitution alive. When it was first made, it was definitely more alive than it is today. So many things have been changed, added, our revised that our Constitution now is almost a whole different document than our original. While some amendments a nd rules in the Constitution are still followed, I feel that the main ones are being forgotten or too modified. I want to say that our modern day society and government is not doing what our Constitution says that our country will do. I would just like to point out a few examples. Domestic tranquility is not ensured, our freedom of speech is limited, and justice is not being established. One of the lines in the preamble is that the Constitution will ensure domestic tranquility. Our government is doing a horrible job of doing that. We hear on the news all the time about spouse abuse, child abuse, sexual assault, and murder going on in households. This is not good. A spouse or girlfriend of some evil man is beaten every five seconds, I read in some pap er before. This has got to stop. I think that our law enforcement agency is too lenient on people who abuse their spouses or children. Most of the time, the victims deny that someone abused them, even though they may have a broken nose or black eye. I think that if a report is called in by a neighbor hearing a confrontation, which is how most reports are made, the police should immediately arrest the man responsible. Other people may say that the police already interfere too much by sometimes not having a warrant or something, but what?s more important; following orders or saving someone?s life? The first amendment is about freedom of press, religion. and SPEECH. Freedom of speech is annoyingly limited in our country today. Censorship is all over the place, even though I read somewhere that they declared censorship unconstitutional. Whether it is unconstitutional or not, censorship is severely violating the rights of some people. Demonstrations are stopped, protests broken up, sometimes these start riots. Citizens should be able to say what they want, then they want with no interference. On the other hand, citizens don?t want their children to be exposed to profanity, nudity, and violence, which I can see as a good point. Although I am all for free speech and no censorship, I am totally against that whole ?gangsta rap? thing. Freedom of speech should not be abused by talking about gangs, guns, drugs, rape, and discriminating women. I still feel that freedom of speech is not as free as it should be. J ustice is hardly enforced in our country and there is so much evidence to prove so. Take the OJ Simpson case. Enough said. It seems now that our justice system is all run on money, like so many other things in our country. Again, domestic life is certainly not tranquil because of our justice system. I don?t know much about it, but what about this whole thing where Clinton can?t be prosecuted while he is president for whatever he did, despite the evidence they might have? Media greatly influences our judicial system by brainwashing our community to believe certain things. I think the death penalty should be enforced, harder. Giving cops the right to shoot anyone with a rag on their head would be a pretty good start. Overcrowded prisons are ludicrous. ?We have to start using capital punishment again. I was really impressed with the death sentence of Davis, I can?t remember his first name, who raped and killed that 12 year old girl, Pauly Klaas. We should go back to an eye for an eye , tooth for a tooth way of justice. In closing, I feel that our Constitution is not practiced today because of domestic conflict, limited free speech, and our corrupt justice system. We have to go back to the roots

Fluctuation of Share Prices in Bangladesh Essays

Fluctuation of Share Prices in Bangladesh Essays Fluctuation of Share Prices in Bangladesh Essay Fluctuation of Share Prices in Bangladesh Essay CONTENTS ABSTRACT3 over view of dhaka stock exchange4 introduction6 problem statement7 Overview7 Research Question/Hypothesis7 OBJECTIVES AND AIMS8 Overall Objective8 Specific Aims8 BACKGROUND AND SIGNIFICANCE9 research design and methods11 Overview11 Sources of Data11 Collection of Data11 time fram e 12 key determinants of share price of dse13 conclusion and recommendation17 BIBILIOGRAPHY 18 APPENDIX 19 Background As, in Bangladesh many people are involved in share business and, significantly many newcomers are heading towards the markets for investing but most of them are investing whimsically or without proper justification on the share markets. As a result some are gaining markedly and some are returning back loosing a great amount. Some think that dividend policy is the key factor of the share price fluctuation. Actually it is not the only factors behind the movement of share prices. Financial scholars have been conducting studies of dividend policy for several decades; but different researchers have come to different conclusions. Financial economists have come to different conclusion about factors determining dividend policy and effect of dividend policies on common stock price. A general question may arise in the mind of the shareholders that the corporate dividend policy affects the value of their stocks. So, in addition to the theory of dividend policy, it is necessary to discuss the empirical evidence on the dividend payment practices of the corporations and their possible impacts on common stock prices. : Empirical testing of dividend policy may focus on determinants which directly and indirectly affects the stock prices in Bangladesh especially in the Dhaka Stock Exchange. Key words: Stock market, economic factors, political factors, stability. INTRODUCTION The stock exchange has been perceived by many as the backbone for most contemporary economies, serving a critical need of raising capital funds for companies at a reasonably low cost as compared to other sources of finance such as borrowing. The stock exchange serves two critical functions; it provides a critical link between companies that need funds to set up new businesses or to expand their current operations and investors that have excess funds to invest in such companies and it provides a regulated market place for buying and selling of shares at prices determined by supply and demand, not withstanding other macroeconomic fundamentals such as interest and inflation rates. To meet their short-term cash requirements corporations usually borrow from banks. However, when corporations need long term financing they may sell their ownership interests in the company to the public, or borrow from the public by selling bonds. Stocks exist to enable companies in need of long term financing to sell pieces of their business as stock (equity securities) in exchange for cash. This is the principal method for raising capital other than issuing bonds. These publicly held shares could be traded to other investors on the stock market. The Bangladesh Stock Exchange (DSE) has become very important as an investment vehicle for both local and international investors especially after the introduction Economic Structural Adjustment Program (ESAP) in 1991 when borrowing rates increased to levels above one hundred percent. This study will try to unravel the major qualitative arguments of stock prices on the DSE. Origins of the Dhaka Stock Exchange: Dhaka Stock Exchange  (Generally known as DSE) is the main  stock exchange  of  Bangladesh. It is located in  Motijheel  at the heart of the  Dhakacity. It was  incorporated  in 1954. Dhaka stock exchange is the first stock exchange of the country. As of 18 August 2010, the Dhaka Stock Exchange had over 750 listed companies with a combined  market capitalization  of $50. 28 billion. History It first incorporated as  East Pakistan  Stock Exchange Association Ltd in 28 April 1954 and started formal  trading  in 1956. It was renamed as East Pakistan Stock Exchange Ltd in 23 June 1962. Again renamed as  Dacca Stock Exchange Ltd in 13 May 1964. After the  liberation war  in 1971 the trading was discontinued for five years. In 1976 trading restarted in Bangladesh. In 16 September 1986 was started. The formula for calculating DSE all share price index was changed according to  IFC  in 1 November 1993. The  automated trading  was initiated in 10 August 1998. In 1 January 2001 was started. Central Depository System  was initiated in 24 January 2004. As of November 16, 2009, the benchmark index of the Dhaka Stock Exchange (DSE) crossed 4000 points for the first time, setting another new high at 4148 points. Formation Dhaka Stock Exchange (DSE) is a  public limited company. It is formed and managed under  Company Act 1994,  Security and Exchange Commission Act 1993,  Security and Exchange Commission Regulation 1994, and Security Exchange (Inside Trading) regulation 1994. The  issued capital  of this company is Tk. 500,000 which is divided up to 250  shares  each pricing Tk. 2000. No individual or firm can buy more than one share. According to stock market rule only members can participate in the floor and can buy shares for himself or his clients. At present it has 230 members. Market capitalization of the Dhaka Stock Exchange reached nearly $9 billion in September 2007 and $27. billion in Dec 9, 2009. Management The management and operation of Dhaka Stock Exchange is entrusted on a 25 members Board of Director. Among them 12 are elected from DSE members, another 12 are selected from different trade bodies and relevant organizations. The CEO is the 25th ex-officio member of the board. The following organizations are currently holding posit ions in DSE Board: ? Bangladesh Bank ? ICB ? President of  Institute of Chartered Accountants of Bangladesh ? President of  Federation of Bangladesh Chambers of Commerce and Industries ? President of  Metropolitan Chambers of Commerce and Industries ? Professor of Finance Department of  Dhaka University ? President of DCCI (Dhaka Chamber of Commerce and Industry) Mr. Md. Shakil Rizvi is the current president of DSE. Trading The Dhaka Stock Exchange is open for trading Sunday through thursday between 11:00am – 3:00pm  BST, with the exception of holidays declared by the Exchange in advance. Recent Developments in DSE Total market capitalization of all listed securities in DSE increased substantially (by around 133 percent) in end of December, 2007 to Tk. 753. billion which, as a share of GDP, reached a new height in 2007 of nearly 16. 0 percent as against 2. 3 percent in 2003. In December 2007, a total of 350 securities were listed at DSE comprising 266 companies, 14 mutual funds, 8 debentures, 61 treasury bonds, and 1 corporate bond as opposed to a total of 267 securities comprising of 248 companies, 11 mutual funds, and 8 debentures in December 2003. Thu s during the last four years only 43 new companies got listed in the DSE of which only three were listed by direct listing route, and the rest were listed through public offering. Market indicators started to show new dynamism from November 2003 and reached new heights at the end of December 2003 as the daily average turnover jumped to Tk. 136. 9 million from the recorded low of Tk 30. 3 million in September 2003 (Chart 1). The DSE general index also started to rise from November 2003 which continued till the end of December 2004, as the DSE-Gen index reached its peak at 1971. 3. These developments owed significantly to the banking sector performance, as indicated by market capitalization and total turnover. Declaration of lucrative incentives in the FY04 national budget, floatation of shares of some profitable companies through Initial Public Offer (IPO) along with several important reform measures initiated by the Securities and Exchange Commission (SEC) helped to regain investor’s confidence back to the capital market. The FY04 national budget exempted the purchasers of listed equities of any queries as to the source of fund so long as purchased shares were not sold or transferred within two years of purchase. This was made effective for a limited period (FY04 to FY05). In addition, dividend-income tax was exempted and a new dividend distribution tax was imposed on the companies paying dividend. 1 One important development in the capital market in 2004 was the initiation of electronic settlement through the Central Depository System (CDS) in January 2004. In order to prevent market manipulation by in-house officials of listed companies, SEC banned the purchasing or selling of shares of a company by its owners during an interim period (from the date of the financial year closure and the day of approval of accounts by the company’s board). De-listing of 13 companies in August 2004 by DSE due to their repeated failure in complying with the listing rules was also an important step toward bringing discipline in the stock exchange. The trading of Bangladesh Government Treasury Bonds (BGTBs) started in DSE from January 2005. However, in order to temper the rising trend of stock index and control excess liquidity in the capital market, SEC temporarily suspended the credit facility extended by brokers to their clients. 2 At the same time, SEC also increased the members’ trade margin requirements by reducing the free trading limit from Tk. 10 million to Tk. million. As a result, secondary market activities became quiet during January-Februaryn 2005 and the daily average turnover declined to Tk. 245 million from Tk. 402 million in November-December 2004. However, the daily average turnover of DSE increased to Tk. 447 million in March 2005, which significantly surpassed the level of daily average transactions during the F Y03-FY05 period. 3 Considering the interest of the investors, SEC amended the margin rule in February 2004 by increasing the free limit to Tk. 10 million; and withdrew the order relating to the suspension of margin rule in April 2005. At the end December 2005, the stock index stood at 1,677. 3. The market observed a downward trend during January-June 2006 and then turned positive from July 2006. In August 2006, the daily average turnover at DSE reached Tk. 561 million, where Dhaka Electric Supply Company (DESCO) and Rupali Bank Limited accounted for around 13 1 In order to attract companies into the capital market, several other steps were also taken. The corporate tax rate for non-listed companies was fixed at 37. 5 percent and for listed companies it remained unchanged at 30 percent (and 45 percent on banks, insurance, and financial institutions). However, 10 percent tax rebate was allowed for companies declaring 20 percent or more in dividend. 2 The DSE-general index increased by 52 percent during July to December 2004 and the daily average turnover increased from Tk. 140 million in March-July 2004 to Tk. 316 million in August-December 2004. 3 Around 59 percent of the turnover was attributed to the banking sector. and 4 percent of the total turnover respectively. 4 In the wake of political instability, the market witnessed fluctuations during the last two quarters of 2006; the index however rose to 1,609. at the end of 2006. Sign of vibrancy in DSE started from the beginning of 2007 and continued till the last trading day of the year. All the market barometers significantly rose during 2007 reflecting regained investors’ confidence after 1996 stock market bubble. The increasing trend of DSE-Gen index started in January 2007 and continued over the year except for a short period covering February-April 2007. The DSE-Gen index crossed the 3,000 mark for the first time and closed at 3,017. 2 on the last trading day in 2007. In October 2007, the daily average turnover at DSE reached Tk. ,297 million, but declined to Tk. 1,244 million in December 2007 mainly due to SEC intervention. 5 OBJECTIVES AND AIMS Overall Objective It is important to have a sound knowledge over the field where someone wants to have an access in business or any career related job. Since, share market is popularly recognized as a good field for investment many people intends to invest here for safety and good return than Bank or any other Financing company. But some people found it more volatile than other and considered as insecure investment. My study would like to meet up the following pursued objectives To map out the limitations of the bank-based financing system of Bangladesh. To examine the structure of the existing financial sector of Bangladesh emphasizing on an organized capital market. To analyze limitations and examine opportunities of the capital market of Bangladesh covering both equity and debt markets in creating a congenial investment climate. To provide a useful basis for building a sustainable capital market with a view to creating a healthy investment climate in Bangladesh. To find out the reason of market fluctuation and make a steady market . Specific Aims The main objectives of the study is to make a sustainable environment in the share market as the investors find it a safe and secure place for their investing . Attract investors to invest more in the market showing that the reasons of the market fluctuation and its inside conspiracy . MATERIALS AND METHODS The focus of this review is the determination of stock prices in Bangladesh. To gather the information that we wanted we used interviews and the archival method. We targeted the people in the various organizations/companies that are registered on the Dhaka Stock Exchange, stock exchange staff, stock broking firms, investment analysts. In some instances we engaged people in some informal discussions because if people know that they are being interviewed they tend to withhold some information which they think is sensitive. We also gathered published information [3] from various libraries and the Bangladesh Stock Exchange publications. Importance of stock markets The importance of the stock market as an investment vehicle for the investors is explained here. Very few people in Bangladesh are aware that they can invest money on the stock market and reap some very lucrative returns through dividends and capital gains. For investors who invest on the market there are of course some risks that they have to live with, for example, the unexpected crashing of the stock market. According to McGregor[6] companies usually borrow money from banks in order to meet their short-term cash requirements. However, when they need long-term finance, they may sell their ownership interests in the company by using common and preferred stocks. Moreover, they can also borrow from the public by selling bonds to meet their long-term capital requirements. Stocks exist to enable companies in need of long-term finance to sell pieces of their business as stocks (equity securities) in exchange for cash. The selling of equity securities is the principal method of raising long-term capital other than the issuing bonds. The publicly held shares can be traded to other investors on the stock market and are in this case, known to be liquid[5]. According to Stanlake[7] company shares represent permanent loans and there are no rights to repayment of such loans. He also noted that in the absence of some kind of stock exchange, securities such as these will be very illiquid and it would be very difficult to find buyers for them. Hence, the existence of the stock exchange solves this problem because it provides a market where holders of shares and long term securities can always buy and sell them. A company that has obtained permission to have its shares traded on the stock exchange will find it much easier to raise new capital by making an issue of shares. The stock exchange, therefore, is an essential part of the capital market, i. . , market for long-term loans[2]. Shauna Croome[1] states that companies receive money from the securities market only when they first sell a security to the public in the primary market, which is commonly referred to as an Initial Public Offer (IPO). It is in the subsequent trading of these shares on the stock market that investors buying and selling the stock would benefit from the movements in the stock price. The benefits accrue through either the appreciation of the stock price or the dividends that are paid out. Croome[1] further went on to explain why management and founder members of a given company care about their stock’s performance in the secondary market when the company has already received its money in the IPO. He argued that the explanation lies in the fact that management or founder members of a public company tend to own a significant number of shares and also that salary incentives or stock options for management could be tied to the performance of the company’s stock. For these two reasons, management acts as shareholders and thus pay attention to their stock price. According to McGregor[6] another main role of the stock market is to act as a barometer of the financial health for the companies that are listed. Thus creditors tend to favorably consider companies whose shares are performing very well for financing purposes. This preferential treatment is due to the relationship, which exists between a company’s earnings and its share price. Over the long term, strong earnings are a good indication that the company will be able to meet its debt requirements. As a result, the company will receive cheap finance because of the lower risk associated with it. The Dhaka Stock Exchange provides the platform and the means for raising capital for both Bangladesh and international companies through the issuance of equity, debentures and depository receipts. It also provides investors with the opportunity to buy and sell shares in any company listed on the stock exchange. The other fact that has to be considered is that a stock exchange has been perceived as the backbone for most contemporary economies, serving a critical need of raising capital funds for companies at a reasonably low cost as compared to other sources of finance such as borrowing[2]. RESULTS AND DISCUSSION OF DETERMINANTS OF STOCK PRICE OF DSE The determinants of stock prices that we established after analyzing the data that we collected through archival techniques and interviews are summarized below: Corporate earnings: Information on a company’s performance and growth prospects is very important in determining a company’s share price. Demand increases for the shares that have a high prospect for growth (blue chip shares). The prices of such shares rise much faster than those of companies whose growth prospects are bleak. The expected receipt of dividend income is sometimes an incentive for investing in a given stock, particularly if the yield on the investment exceeds the return offered on other alternative investments like savings accounts. Investors may pay a premium for shares in issue. The less liquid the shares are, the more difficult they are to come across and one may have to pay a premium in order to get them. Management: The strength of the management team plays a very crucial role in determining the price of a share. Changes in the management team affect both the risk and returns associated with the counter. If the Nincumbent management team is perceived to be strong due to its past performance, changes in such a team can result in the dropping of share price and vice versa. Lawsuits: News of lawsuits against a company can severely affect its share price. Besides the issue of unwanted bad publicity, lawsuits can result in fines, damages and/or withdrawal of trading licenses. This is risky for an investor and therefore causes a plunge in the share price. Market liquidity and stability: When the market is less liquid, there are no funds to buy shares and hence share prices go down especially when supply is high. During financial crises, stock market information is very sensitive and hence share prices are volatile. Stock prices normally decline during the subscription period and when companies announce rights issues. Stock markets include laws that govern insider trading because this can also lead to share price volatility. Insider dealing is trading of stocks by people within the company who have important information about the direction the company is taking. The public may deduce that when the insiders are buying or selling shares of their own companies, they have some important information about the companies that drive them to do so. Availability of substitutes: When the market has substitute securities such as loan stocks, unit trusts and treasury bills, the share prices often go down or remain constant. For eight days from the 7th to the 14th of October 2004, most share prices for companies on the DSE traded at constant prices due to the short term treasury bills that were issued by the central bank during the same period to reduce market liquidity. For example, Old Mutual shares traded at a constant price of $11800 during that period even after the publication of some impressive results. Government policy: Changes or proposed changes in the system of taxation, government spending, monetary policy and in industrial policy (e. g. , privatization) can have an important effect on people’s willingness to buy or sell shares. In Bangladesh the recent problems that were experienced in the financial services sector have had profound effect on the financial counters. According to the Business Herald (5th of October 2004) financial counters are no longer as attractive to the prospective investors as they were in the previous years. Sentiments on the financial counters, with the exception of those that are financially stable reached their lowest ebb in 2004. During the first half of the year financial counters either remained static or plummeted, with at least three firms being suspended from trading on the Dhaka Stock Exchange. It can also be noted that each time a monetary policy or a government budget statement is presented the share prices are affected in some way. This clearly demonstrates the fact that government policy and actions impact on the share prices of listed companies. Macroeconomic fundamentals: Interest rates and inflation also have an effect on share prices. Where real interest rates are negative, investors tend to seek alternatives that yield positive returns and shares are one such alternative. As investors move from the money market to the DSE, share prices are likely to increase due to increased demand. When investors are assured of positive real interest rates on the money market they are more likely to invest on the money market where returns are guaranteed instead of the stock market where returns are uncertain. The exchange rate also has an effect on share prices as it affects the companies that either export or import. Devaluation of a currency might have a positive effect on the share price of an exporting company as it improves its competitiveness on international market. However, the companies that import raw materials are negatively affected by devaluation as their production costs automatically go up. On the other hand, companies that produce import substitutes are likely to benefit from devaluation as the imported products become less competitive as compared locally produced goods. Investor sentiments: Share price movements are also explained by the perceptions of the investors. For example in a bull market share prices are expected to rise and in a bear market they are expected to fall. Investor sentiments may be demonstrated through the seasonality of stock markets. For instance, share prices are usually anticipated to fall during the festive season. This compels some investors to redeem their shares just before the beginning of the festive season so as not to experience capital losses. The level of confidence of the investors in the general economy and economic policies of the country also impact on the share prices. For example, the land reform program, social unrest and policy reversals that were experienced between 1997 and 2001 negatively affected the stock market, as investors were uncertain about the direction the economy was taking. Uncertainties of this nature may also affect the global markets, for example, just after the 11th of September 2001 attack on the USA major world stock markets recorded their lowest volumes of trade. Technical influences: Technical influences are another factor that impact on share prices. A good example is the ranking of counters according to the performance and the profitability of the companies. Investors tend to regard highly counters in the ‘top ten’ and these are the companies they would be inclined to invest in. This is a self-fulfilling prophecy because as investors demand such shares their prices continue to go up. For example, in Bangladesh counters such as Old Mutual, Portland Cement, British American Tobacco, Delta Life Insurance are some of the counters in the top ten and they are the ones that are popular with investors. Another technical influence is the use of past share prices to forecast how share prices and stock markets will perform in the future. A company’s previous performance may always act as a pointer to its future performance and this guides investors as far as their investment decisions are concerned. Analyst reports: Analysts’ recommendations on â€Å"buy† or â€Å"sell† decisions affect prices of stocks in question as investors normally take heed of such recommendations. The public normally accepts the advice given by the analysts since the analysts are specialists in their respective fields. The determinants of share price on the basis of face value: Every company has a face value Company announce the dividend on the basis of face value On the basis of premium on share On the basis on right share On the basis of bonus share Earning revenue of company determined the share price Reputation of company often determined the share price Consistency of company often determined the share price Offerings of company determined the share price Determinants of share prices on the basis of Market Mechanism Ignorance about share market Syndicates affect on share market False information is a determinant of share market Unconsciousness of money market is one of the main reason of the fluctuation of the share market, Determinants of share prices on the basis of liquidity and governmental steps Interest rate of Bangladesh Bank and commercial Bank Inflation rate Total GDP Determinants of Market Price of Common Stock Present, past and future earnings of the company generally guide the shareholders? expectations of dividends and capital gains. The portion of earnings into dividends, and retained earnings is taken into account by the investors. Two major hypotheses are basically developed to explain the determinants of share price viz. , i) dividend hypothesis and ii) retained earnings hypothesis. The former attributes the explanation of share prices to the proportion of earnings that are distributed as dividends. Share price of a company with higher dividend payout would be higher. Even, if earnings remain the same, share price will increase as dividend payout increases. Several arguments, however, are developed in favor of dividend hypothesis as: a) dividends tend to reduce the risk and uncertainty attached to a share, b) it refers to the psychological preference of investors for current rather than future earnings, and c) it relates to the information content of dividend payout as dividends are taken by investors as a tangible evidence of earnings capacity of a firm. Retained earnings hypothesis, on the other hand, contends that higher share prices are consequences of higher retained earnings. Retained earnings being an important source of internal financing for business expansion effect share prices by their influence on future earnings. Kumar and Mohan (Kumar and Mohan, 1975) hypothesized that the market price of share is a function dividends and retained earnings and used the following regression Equation: Pit = a + bDit + cRit 29 where, Pit = price of stock i at time t, Dit = dividend per share of stock i at time t and Rit = retained earnings of stock i at time t. The coefficients they estimated for the two explanatory variables, dividends and retained earnings, are more or less equally significant. They argued that the dividend hypothesis has a little superiority over the retained earnings in determining the share prices, as T value is found slightly higher in case of dividends. Consistently, Nishat (Nishat, 1995) attempted to judge the relative importance of the dividend vis-a-vis retained earnings hypothesis in determining the share prices. He developed the following model to compare the dividend and retained earnings influence on the share prices in highly profitable growth industries of Pakistan: Pit = ? 0 + ? 1Dit + ? 2Rit Where, Pit = price of stock i at time t, Dit = dividend per share of stock i at time t and Rit = retained earnings. The above model might cause an upward bias in the dividend coefficient due to two major reasons. Firstly, the relationship is misspecified as it assumed that the riskiness of the firm was uncorrelated with dividend payout and share prices. This problem should be eliminated by introducing a variable namely lag of earning price ratio, to measure individual deviation from the sample average earning price ratio in the previous year periods as follows: Pit = ? 0 + ? 1Dit + ? 2Rit + ? 3[P/E] i(t? ) Where, [P/E]i(t? 1) = price earnings ratio of the previous Secondly, the income reported by a corporation in any particular period is subject to a host of short-run economic and accounting factors. If prices were related to normal than reported income, in regression equation, it would produce biased results in favor of dividend payout. However, the difference between the dividend and retained earnings coefficient might be reduced by use the following model: Pit = ? 0 + ? 1Dit + ? 2Rit + ? 3Pi(t? 1) Where, Pi(t? 1) = share price of the previous year. Some Policy Implications Volatility in stock prices is a common phenomenon in the equity market. Individual stock price undergoes ups and downs which is a regular feature of an efficient stock market. In the absence of price volatility, potential investors lose interest to participate in the stock market. However, careful monitoring of volatility by the concerned authority is needed in DSE which is yet to achieve maturity especially when high volatility exists in the market. If necessary, there should be effective intervention when the market experiences excess volatility. During unpredictable movements of individual stock prices, it would be useful for the authority to identify the factors behind such price movements and quickly disseminate the information to interested stakeholders. In addition, the authority may take measures to make available all relevant information relating to real worth of the companies experiencing excess volatility in stock prices, especially to the investors. It isn also important to ensure adequate supply of stocks through active participation of the government in the capital market particularly to dampen the excess demand. The endeavor should be to make the market more liquid, and the government can directly contribute to this by floating more treasury bonds. The availability of risk-free instruments would allow the investors to diversify their portfolios that carry lower risks. Of course, greater awareness and the development of stock market infrastructure are essential to stock market development. In addition, it is necessary to ascertain enforceable regulations that would ensure financial transparency, stop financial malpractice, and prevent any form of market manipulation. Capital market participation, in the form of floating debt and equity or asset securitization, remains the acceptable options of financing and materializing these options. As a financial product, securitization has gained popularity in Bangladesh for providing a method of issuing bonds that ensure maximum safety for investors. Most importantly, securitization addresses the fundamental asset liability maturity mismatch problem by providing true long-term funds. Upswings and downswings in the share market occur daily and no one can fathom the precise reasons. Why do the share prices fluctuate, beating the estimates of the brokers or investors? The price level is affected by the complex environment of the total economic system and all the economic activities are interlinked. Some of the important reasons that adversely affect the market are, extreme climatic conditions like heavy rain and floods or the total absence of it leading to crop failure, the varying interest rates, the political developments, war-like conditions or actual war, policy changes made by the government in the regulatory mechanism, and conditions that disrupt the confidence of the investing community. Even when the economic conditions are favorable, the share prices may crumble due to many extraneous factors. The internet and industrial revolution have deeply impacted the market and the technological advancement will continue to affect the small and big companies. The concept that world is one family has become the reality in the commercial world. So, global and domestic factors will have to be taken into account while  trading  in shares. Not long ago, if an entrepreneur thought of establishing an industrial unit, his survey would mostly confine to similar units within the country and their competing capacities. The situation is no more the same. For example, the giftware industry in India is facing stiff competition from China, and several units have pulled the shutters down or are on the verge of closure. The shareholders who invested in reputed gift items manufacturing companies have suffered losses. The most unexpected things happen in the share market and the random, unforeseen forces do their job pretty well to demolish the conclusions of the analysts and researchers. The market shifts dynamically with the impact of the laws of supply and demand, and the cyclical nature of the share market. Even a shrewd investor can only make a general guess about the adverse market factors affecting shares, but the precise predictions are impossibility. Finally, there are  stock  specific factors and general market conditions that will impact the price of a share. Professional stock trading companies offer consultancy that will help an investor to take profitable decisions. Do not go by cheap advertisements that promise you the moon. Such agencies get payment of their fees/brokerage and later land you in trouble. Conclusion and Policy Implications This study attempts to analyze different theoretical models in explaining the impact of dividend vis-a-vis retained earnings along with other independent variables like price earnings ratio of the previous year, lagged price on the prices of the stocks associated with DSE. To this end, some empirical studies relating stock prices to dividends and retained earnings conducted elsewhere have been analyzed. These studies produced considerable controversy and confusion regarding relative importance of dividend and retained earnings in the explanation of stock prices. In my study, the relative importance of dividend, retained earnings, price earnings ratio of the previous year and lagged price in explaining stock prices of the companies listed with DSE are explained. The findings suggest that in the market of DSE the overall impact of dividend on stock prices is comparatively better than that of retained earnings when dividend and retained earnings are taken as explanatory variables. It is also found that the impact of dividend and retained earnings is above the impact of additional explanatory variables like price earning ratio for the previous year and lagged prices. It means that whatever explanatory variable is taken announcements of expected dividends of the firms listed with DSE play an important role in the determination of stock prices. On the other hand, the study evidenced little bit different view when industry-wise dynamic relations are revealed. In some industries the impact of dividend on stock prices is stronger than that of retained earnings when dividend and retained earnings are taken as explanatory variables. In some cases the dividend impact remains very close to the retained earnings impact and in some cases impact of retained earnings on stock prices is comparatively better than that of dividend. It is also found that the impact of dividend and retained earnings is above the impact of additional explanatory variables like price earnings ratio for the previous year. But the impact of dividend and retained earnings is not above the impact of additional explanatory variables like lagged prices. Finally, it may, however, be concluded that whatever explanatory variable is taken announcements of expected dividends of the firms listed with DSE does not play an important role in the determination of stock prices in all industries. Although the study does not uncover the exact reasons of the dividend relevance like these, it merely provides that dividend announcement of the organizations in all industries does not have substantial explanatory power in explaining stock prices of the firms listed with Dhaka Stock Exchange. REFERENCES AHARONY, J. SWARY, I. 1980. Quarterly Dividend and Earnings Announcements and Stockholders Returns: An Empirical Analysis. The Journal of Finance, 35, 1-12. ALLEN, D. E. RACHIM, V. S. 1996. Dividend policy and stock price volatility: Australian evidence. Applied Financial Economics, 6, 175-188. ATIASE, R. K. 1985. Predisclosure Information, Firm Capitalization, and Security Price Behavior Around Earnings Announcements. Journal of Accounting Research, 23, 21-36. BAE, G. S. , S. , C. Y. KANG, J. K. 2008. Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups. Review of Financial Studies, 21, 2015-2060. BAJAJ, M. VIJH, A. M. 1995. Trading Behavior and the Unbiasedness of the Market Reaction to Dividend Announcements. The Journal of Finance, 50, 255-279. BALI, R. HITE, G. L. 1998. Ex dividend day stock price behavior: discreteness or tax-induced clienteles? Journal of Financial Economics, 47, 127-159. BAMBER, L. S. 19 86. The Information Content of Annual Earnings Releases: A Trading Volume Approach. Journal of Accounting Research, 24, 40-56. BAMBER, L. S. CHEON, Y. S. 1995. Differential Price and Volume Reactions to Accounting Earnings Announcements. The Accounting Review, 70, 417-441. BARCLAY, M. J. SMITH, C. W. J. A. W. , R. L. 1995. The Determinants of Corporate leverage and Dividend Policies. Journal of Applied Corporate Finance, 7, 4-19. BEAVER, W. H. 1968. The Information Content of Annual Earnings A [pic]

Western Humanities Essay - How is the Palace of Versailles a fitting

Western Humanities - How is the Palace of Versailles a fitting symbol of the Age of Absolutism - Essay Example Louis chose to build the palace on the location of his father’s hunting lodge in Versailles. For the next two decades the town became an enormous construction site. Le Vau added new wings and faà §ades on every side until they completely enveloped the original hunting lodge. Illustrious additions included the Sun King’s magnificent bedroom (the Chambre du Roi), and the famous Galerie des Glaces (Hall of Mirrors). Construction of the Hall of Mirrors began in 1678. The principal feature of this famous hall is the seventeen mirror-clad arches that reflect the seventeen arcaded windows that overlook the gardens (Singleton 25). The mirrors are very decadent and decorated and they use natural light and candlelight to create awesome space. There is an Audience hall within that highlights Louis XIV’s enormous wealth and power. Ceiling frescoes illustrate Louis’s successes in war. Versailles became the home of the French nobility and the location of the royal court thus becoming the center of French government. Symbolically the central room of the long extensive symmetrical range of buildings was the Kings Bedchamber. All the power of France emanated from this center: there were government offices here; as well as the homes of thousands of courtiers, their retinues and all the attendant functionaries of court, thus keeping the lords close at hand and securing the French government in an absolute monarchy. All major avenues radiate from and to the palace courtyard. The King’s bedchamber is the actual radiating point, which highlights the king’s centrality. Buildings create an embrace and the gardens reflect the King’s mastery over the natural world. Exterior is classical; linear and geometric that emphasizes order and stability (Ranum 20). Louis weakened the power of the nobles by excluding them from his councils. In contrast, he increased the power of the government agents called intendants, which collected taxes and

Career Management Skill Essay Example | Topics and Well Written Essays - 1000 words

Career Management Skill - Essay Example To assist in the achievement of the financial control of the set budgets as agreed annually with the Manager. Job Requirements Relevant understanding and/or experience of 3/4 Star hotel Food & Beverage management. Hold or be willing to gain an Advance Food Hygiene certificate Hold or be willing to gain relevant First Aid qualifications. Computer literate Numerate and experience of menu costing. Good communication skills, both verbal and written. Experience of training others and creating/using simple training aids. Assist the Manager with the planning and implementation of ‘guest entertainment’ (recourse from https://atsv7.wcn.co.uk/search_engine/jobs.cgi?SID=amNvZGU9MTMwMjE5NSZ2dF90ZW1wbGF0ZT03ODMmb3duZXI9NTAzMjY5MCZvd25lcnR5cGU9ZmFpciZicmFuZF9pZD0wJnZhY3R5cGU9ODU4JnZhY194dHJhNTAzMjY5MC4xMV81MDMyNjkwPUZ1bGwgVGltZSZwb3N0aW5nX2NvZGU9MTI1JnJlcXNpZz0xMzU2NjM2MzczLTRjMzA1MGM1YmJjZTA0NmY1ZmVkZjUzMDQwYmMxZGJiYjEzMTBmYTQ=) Reasons Being a business management graduate, I am well aware of supply chain processes, interpreting financial reports and negotiating with suppliers to a make a viable decision. My secondary interest is in human resources and during my studies I learned both management and development functions of the field. I have intermediate knowledge of financial management with clear understanding of financial reports. My interest in this career is backed by the experience I had of a similar role at my partner’s restaurant, understanding of processes involved and admiration for the environment. CV Zong luo 32 Conduit Road, Sheffield, S10 1EW Mobile: 07420 668333. Email: nameistoolongtoplay@gmail.com Profile An intelligent and articulate management graduate who has a keen interest in analytical management with satisfactory knowledge of finance. Possesses a natural aptitude for building rapport with key stakeholders and a keen eye for attention to detail, coupled with the perseverance to seek effective solutions under challenging deadlines. Education 2011-2014 University of Sheffield BA (Hons) Business Management (2:1 expected) Main subjects: Accounting and Finance, Economics, Organization Behaviour, Marketing Management, Analysis for design making, Business Strategy 2010-2011 University of Sheffield, the International College Accounting (89%), Economics (85%), Social science (63%), Mathematics (91%) and Academic study (65%) Work Experience 3rd July 09 to 10th Jan 2010 Green Tea (Classical Theme Restaurant) Position: sales manager Responsibilities: increasing business results and customer satisfaction market analysis and forecasting, understand and grasp peer business status and collect business information responsible for developing new and existing clients managing marketing and promotional activities. 20th Feb 09 to 5th June 2009 Green Tea (Classical Theme Restaurant) Position: Purchasing Category Manager Responsibilities: institute supply strategy negotiations with the vendors implementing the Supply Chain strategy establish new vendors for components checking all contracts with the vendors creating the savings plan and working on execution establish budget for supplying components and controlling it. 30th Sept 08 to 10th Feb 2009 Financial Services Bureau (Local Government, China) Position: Temporary Clerk Responsibilities: Collaborate with team in providing tax and accounting information

Information System (IT) Essay Example | Topics and Well Written Essays - 250 words

Information System (IT) - Essay Example It serves computer industries dealing with hardware, software and consumer electronics worldwide. Michael Porters value chain framework helps to analyze activities through which creates value and gains competitive advantage. In this case, Delta Airlines applies different secondary and primary activities in realizing its value chain. For instance, the company uses technology (secondary activity) through its company website to enhance flight scheduling for its clients. Another secondary activity used by the company is the procurement of resources such as acquisition of aircraft and their parts. Primary activities of Delta Airlines include marketing of its services to their target audience through different marketing channels such as Internet marketing. Another primary activity is great customer service that is realized through a good company motivational plans. Organizational designs make sure that the rights to make decisions are properly allocated. In hierarchical, a manager is the mediator and oversees information collection from those answerable to him and reports as in is the case in several companies around the globe. Flat structures support information flow all through the firm like in the case of matrix which involves small groups that are interconnected. Some of the technologies that support this organizational structures and designs is the Intranet. Intranet functions just like the Internet, but it’s not available to the out Internet community as it’s solely for a given

The Pros And Cons Of Each Approach

The Pros And Cons Of Each Approach The project management team at Parallel Services is having a debate about how to define tasks in the work breakdown structure used to construct a Gantt chart. Ann, the project manager, wants to break tasks down into the smallest possible units. For example, she objected to a broad task statement called Develop a training schedule. Instead, she suggested three subtasks: (1) Determine availability of training room, (2) Determine availability of attendees, and (3) Select specific dates and training times. Karen, another project team member, disagrees. She feels that the broader task statement is better, because it allows more flexibility and will produce the same result. Karen says that if you break tasks into pieces that are too small, you risk over-managing the work and spending more time on monitoring than actually performing the tasks. (a) Discuss the pros and cons of each approach. Breaking down tasks into smaller and manageable units, makes the inter relationship between those units clearer, effectively helps the planning process, easier to revise and update plans when needed, assign work packages to appropriate skill groups, which makes it easier for the project manager to macro manage the project. Tracking the progress of work packages is more accurate because the timeline feature of Gantt chart carries over to WBS. Smaller tasks also carry some disadvantages like need for excessive communication, unending status reporting, loss of productivity and more. For example, the below figure shows that a project that is twice as large will be much more than twice as complex. Only one interaction among team members exists in Project A. In Project B, as many as six different interactions can take place. Unless carefully coordinated, multiple interactions can lead to misunderstanding and delays. Large work packages (Broader tasks) can be unclear as team members may not be sure of what they are supposed to do. There are chances that your team members could assure you about meeting the delivery date of the large chunk of work and approach you for schedule extension just when you thought the work would have been done. In addition below are some more disadvantages of large/broader tasks. You receive less feedback to overcome this, smaller tasks are better because people can learn sooner if the tasks are smaller and provide better feedback. Work might expand after the initiation of a project. Large tasks usually have long due times. Hence there might be no sense of urgency which leads to low motivation. Tasks fail if they are big After spending half of the budget, you discover that resources are not enough to finish the task on time. The only solution would be fight with neighbor projects to find more resources which is again expensive because you cannot just cancel the project after spending half of the budget. So, your task would drag on forever, and consume even more resources. (b) Explain which approach you would advocate and justify why. I would like to support smaller tasks. Project manager plans, monitors and tracks the work done by the team members, so tasks should be small and manageable. Trying to manage a project as one large task would be impossible. Instead, i would like to break the project down into many smaller tasks that can be easily managed. People who procrastinate often comment that when they wait to the last minute to complete a project, they often feel overwhelmed, and the task seems insurmountable. Breaking the task into smaller units and setting priorities, the work would be more manageable and less intimidating. Finding the correct size for the work packages is very important when planning on work breakdown, not too big, not too small, but just correct size. If the tasks were smaller we always have option to increase it later if needed. However the opposite is always not possible. Work breakdown structure would help assigning tasks to individuals, monitor the work status on a regular basis and also hold people accountable for the work assigned to them. Preparing the work breakdown structure properly, you can easily maintain your schedule and people will be responsible for their part of work (tasks assigned to them). A project task can be represented by one or several team members. In a workgroup, to complete a task, the workgroup leader should consult with the workers in order to develop the task list. A task should be broken down in to a level where an individual is able to do a task without further breaking it down into smaller units. The project task list does not necessarily describe task sequence, but the task leaders will often think in these terms. It is important for the project manager to keep in mind that these tasks must be broken down into smaller, discreet, independent work units, and that none are left out. Breakdown is satisfactory when individu als are identified who can determine exactly what has to be done, how long it will take, and who will do it. If, on one unit of effort, several groups are each working independently of each other, the unit needs even further breakdown. Each autonomous team should have its own task. Below is a simple example of work breakdown structure. Question 2 Point value: 10 Many companies are undergoing server virtualization. This is the concept of putting multiple virtual servers on to one physical device. The payoffs can be significant: fewer servers, lower electricity and cooling costs, lower infrastructure and administrative costs, increased flexibility, more effective use of space, and lower maintenance costs. The costs of doing so include licensing virtualization software, labor costs in establishing the virtual servers on to a physical device, costs of updating tables, and access. However, determining return on investment can be a challenge. Some companies have lost money, while others claim that they have gained a positive return on investment. (a) Suggest ways in which a company could determine its actual return on investment from server virtualization and how this would be accomplished. Server virtualization increases the rate of investment for an organization. Below are some of the ways in which server virtualization can help the organization to increase their ROI. 1. Reducing server maintenance, storage and networking costs 2. Reducing growing power, cooling and costs pertaining to facilities 3. Increased IT productivity 4. Reduce business risks Server virtualization allows an organization to save money on hardware, floor space and resources. Virtualization uses existing servers to provide better performance without adding additional capacity, which results in savings from hardware. For example, deploy three virtual servers on one physical machine and it saves the need to buy three separate machines, which may be used less frequently that too at full capacity. When the physical number of servers in an organization is decreased, this means less storage space is required. Office rents are a major expense for any business, so less space is definitely a plus. It is necessary to calculate the money to be spent on the licenses for virtualization products. Buying more RAM and software licenses are more feasible than buying new machines. In the long run virtualization can save money because it reduces energy consumption. Server virtualization makes an organization more effective by making use of the existing infrastructure in a better way. Migration is easier in virtualized environment. With virtualization we can just deploy an image of the existing or a new system or solution on the present server without a need for a new server deployment. (b) Discuss whether this is a type of project in which a systems analyst would become involved and why. A systems analyst would be involved in this type of project. Though server virtualization is a great choice there are factors to consider prior to the implementation of product. The analysis and planning phase should be done properly to avoid any type of virtualization failure. A systems analyst should have better understanding of server virtualization concepts before trying to implement it in an organization. The leading virtualization solutions are easy to deploy and user friendly however might require close inspection based on the requirements of the organization. This doesnt mean that you shouldnt consider virtualization, but you should look carefully at the numbers and run a test bed before committing to the idea. Below are some of the notable factors that a systems analyst needs to consider before deciding on server virtualization idea. Single point of failure When failures occur on a server on which all the virtualization solutions are hosted and running, when the virtualization solution itself fails, the system crashes. Need for powerful machines Virtual servers demand powerful hardware. It is still possible to deploy virtualization solutions with less powerful systems; however the performance decreases greatly if there is no sufficient RAM and CPU power on the main system. Lower performance Issues Problems show up after the application has been virtualized. Application performance would differ when it experiences lot of stress from different processes running on the same server. Performance issues cannot be predicted in advance. Not always possible There are applications where virtualization is not possible or not feasible. One practical example is database, since databases require frequent disk read and write operations, virtualization, which takes time to perform is not at all suitable for the database environment. Security Security configurations and concerns must also be considered when analyzing a virtualization solution. It is the job of systems analyst to carefully weigh the pros and cons while considering to go for a virtualization solution. Question 3 Point value: 15 The vice president of accounting says to you, the IT director, This systems development life cycle stuff takes too long. She tells you that her people know what they are doing and that all systems requests coming from her department are necessary and important to the organization. She suggests that the IT department bypass the initial steps for any accounting department request and immediately get to work at the solution. (a) Justify your departments use of the SDLC and the consequences of omitting stages of the lifecycle in systems analysis. The Systems Development Life Cycle (SDLC) is a conceptual model that describes the stages involved in a system development project starting from Identifying problems, opportunities and objectives through maintenance of the application. There are several models developed to guide the process involved. Documentation is crucial regardless of the type of model chosen for any application and is usually done in parallel with the development process. Success of a project depends on how closely the plan was followed and implemented throughout the project development. During the initial phases, systems analyst is concerned with correctly identifying the problems, opportunities and objectives. The success of the rest of the project depends on this because if the problem is not identified correctly at the initial stages or skip this stage then the rest of the team would be addressing the wrong problem. The cost of fixing a defect in the early stages of the project is very less when compared to fixing a defect at later stages of the project development because it would cost a lot to fix the defect when project is in production stage. Below is a simple graph of cost and time graph that can explain the cost of change as we progress in the project. http://www.ambysoft.com/artwork/costOfChangeCurve.jpg (b) Explain to her the alternative design methodologies used in systems analysis, how they are similar to and how they differ from the SDLC, and the appropriateness of each for different types of projects. Agile methodology and object oriented methodology are the other two alternative methodologies used in systems analysis. Agile methodology is an approach based on values, principles and core practices. Agile methodology not only reduces the risk of misunderstanding, it also minimizes the cost of addressing any defect. Object oriented best suits situations where complex systems undergo continuous maintenance, adaptation and redesign. Understanding the organization, budgeting time and resources, developing a project proposal, gathering information and sampling data from existing reports are the activities that are common in all the three methodologies (SDLC, Agile and Object Oriented methodologies). SDLC and object -oriented approaches require extensive planning and diagramming. The Agile and object-oriented approach allow subsystems to be build one at a time until the entire system is complete. The agile and SDLC approaches are concerned about the way data logically moves through the s ystem. SDLC approach can be used when there are adequate resources and time to complete the full SDLC. Agile methodologies can be used when applications need to be developed quickly in response to a dynamic environment. Object-Oriented methodologies can be used when organization supports the UML learning and when systems can be added gradually, one subsystem at a time. Question 4 Point value: 20 points FlexTime is a regional chain of fitness centers that provides workout facilities as well as a variety of fitness classes to its members such as aerobics, martial arts, yoga, Zumba, and kickboxing. The chain has 50 facilities located in the northeastern region of the United States. Each facility employs approximately 80 individuals including managers, personal fitness trainers, fitness instructors, receptionists, on-site physical therapists, and maintenance personnel. The owners of the chain would like to replace their antiquated database system with an integrated system that keeps track of payroll, employee and class scheduling, inventory, and membership dues at each of its facilities. They have asked your systems analysis team to conduct a feasibility analysis and to develop the system for them, assuming that it is feasible. (a) Explain how you would conduct the feasibility analysis for FlexTime. I would start with defining the potential impact of the integrated system which can help decision makers to determine whether or not to replace their antiquated database system with an integrated system. Feasibility study report should be prepared in such a way that FlexTime can decide about cost estimation, funding and important decisions which are very essential for them to be stable and run profitably. Systems analyst should analyze the current system with the proposed integrated system and prepare detailed report that contains information related to technical, economic and operational impact and will also include both pros and cons of both the current system and proposed system. Interviewing managers, personal fitness trainers, fitness instructors, receptionists, on-site physical therapists, and maintenance personnel, developing and managing questionnaires to interested sponsors, such as potential users of the information system, monitoring users of the current system and determi ne their requirements as well as their like and dislike with the current system, gathering, investigating, and analyzing documents, specifications, reports, procedures, user guides, and any other documentation relating to the operations of the current system, modeling, detecting, and simulating the tasks of the current system are some various methods a systems analyst can use to collect data. It pursues to determine the resources required to develop an information systems solution which includes the cost and benefits and the feasibility of the new solution (b) Provide three examples of why this project might lack technical feasibility. This project may lack Technical feasibility because Flextime doesnt have enough information technology staff to execute the project. The existing resources (hardware or software) might not be able to support the business needs. Lacks financial resources to support the proposed system. The organization might lack the expertise, time or personnel required to implement the new project. (c) Provide three examples of why this project might lack operational feasibility. This project is not adequate in terms of operational feasibility because the project might not be easy to operate. The users (managers, personal fitness trainers, fitness instructors, receptionists, on-site physical therapists, and maintenance personnel) of the project lack proper training or knowledge of the system. The project procedures might be too complex for the personnel as the system has integrations with multiple applications. (d) Provide three examples of why this project might lack economic feasibility. This project might lack economic feasibility because they might lack the finances required to wait for return on investment, so the project implementation might halt due to longer payback period. They can use the profits gained with this and reinvest in other technology. In addition, benefits and costs can both be intangible, hidden and/or hard to estimate. Alternative financing arrangements like renting or leasing or purchasing required hardware or software. When compared to existing system the proposed system would be integrated with many other applications, the organization may want to invest more on labor. Costs may have been underestimated (However, we did compare our costs to a comparable services startup costs). Furthermore, although we hoped to exhaust the potential list of project costs, there will likely be items that we must purchase. (e) Explain which of the systems development methodologies discussed in the text would you choose to use to develop the system for FlexTime and why. I would like to use SDLC to develop the system for FlexTime. SDLC model can answer questions like Do we have the hardware or software to handle the system?, Do our computers have enough memory?, Does the new proposed system do what it is supposed to do? and many more. SDLC is used to identify the need for the system initiation, ship out the new system to the user(implementation), and de support when no longer needed(Disposition) because if we dont have a clear plan for doing all these, then it can become an expensive mistake. As each phase of SDLC requires documentation, reporting and approval, it assures that a project does not go out of hand either by changing the direction or becoming a financial black hole. There will not be any surprises when the system is shipped to the user because the management is aware of every step and it is documented. In short because of the planning, approval, testing and documentation activities SDLC can assure that the system can, and will work as exp ected. Question 5 Point value: 45 points City College is considering introducing a new online system through which faculty and students will place textbook orders which will be implemented in fall 2011. As the systems analyst assigned to this project, you have been asked to obtain information from different user groups who will be using the new system. (a) Identify the different user groups that you would want to gather information from, and explain why. Administrators They are responsible for setup and maintaining user accounts, maintaining system, verifying whether all the hardware and software used are working properly, monitor system performance, creating backup and recovery policy to use whenever there is a disaster, setup security policies for users, monitor network communication. Librarians It is always important to collect information from librarians because they create records for library catalogs, process library materials for collection, assist users in locating materials, circulate library materials and handle overdue processes, managing user records, operating customer service points, in fact librarian is the person who would have knowledge of everything in the library. Students They use library more than any other user groups identified in this case so it is very important to gather information from students to build the new online system. Faculty/Reviewers/Evaluators/Teaching Assistants As most of these people use library for traditional printed resources, inter-library loan, electronic journals, and electronic databases/article indexes. Gathering information from them would help developing online system and provide all options they need. (b) Develop an interview protocol that you would use to interview members of the user groups. In doing so, identify the types of questions that you might ask as well as the appropriate structure for conducting the interview. When interviewing administrators and librarians I would like to follow the protocols that include open ended questions and then move on to closed ended questions to be more focused with the interview and finally with some open ended questions and appreciate the interviewee for taking time out of his/her schedule. I might even use general probes in interviews to enable the user being interviewed to be as informative as possible in their responses. I might ask questions like Is there anything else you would like to add?. I would like to use diamond structure for conducting the interview as this structure combines the strengths of the both pyramid and funnel structure. When interviewing students and faculty I would like to start with open ended questions and then narrow the possible responses by using closed ended questions. I might ask questions like How do you use the library resources?. I feel funnel structure best suits to conduct the interview for this users group. (c) Make a case for or against the use of joint application design (JAD) sessions to gather information. Joint application design (JAD) sessions to gather information would not suit because JAD sessions require commitment of a large block of time from all participants, JAD requires minimum of two to four day commitment where participants may not do any other activities concurrently. Inadequate JAD session preparations in any regard or if the follow-up report and documentation of specifications is incomplete. The necessary organizational skills may not be sufficiently developed to enable the concerted effort required to be productive in a JAD session. JAD may not be possible in our case as students may have their classes/exams going on or faculty may be busy teaching in class at the time of JAD schedules. (d) Develop a questionnaire that you would use to elicit information from members of each user group. Students Group Which Department are you in? What courses are you taking? What types of books are required for your course? What authors books do you prefer or are preferred by your instructors? Any specific publications? Is there anything else you would like to add? Faculty Group Which Department are you in? What courses are you teaching? What type of books do you propose to the students? Any specific authors? Any specific publications? Is there anything else you would like to add? Librarians Group Library catalogs? Any library material for collection? Any overdue processes? What books do you see students using/requesting most? Any new journals/magazines required? Any editions of books to be updated? What type of user records? Is there anything else you would like to add? Administrators Group Types of user accounts? What type of tools required to upgrade the search capabilities in the online library system? System performance monitoring options? What type of security policies? Is there anything else you would like to add? (e) Explain how the questionnaire might be distributed to members of each user group. Make sure to describe the benefits and drawbacks of each distribution method that you suggest, and provide a final recommendation with justification. I think we can distribute questionnaire to users in all groups via email and web survey because we can reach the users quickly. Cost of taking opinions from the groups with paper is completely reduced since the surveys are taken electronically and email is free, user privacy is maintained. Responses can be automatically collected and stored electronically at users convenience. Reminders can be sent easily and are inexpensive via email and by using software we can turn email data into data tables for use in spreadsheet. (f) Determine what sampling methodology you would use to distribute the questionnaire. Justify your selection. I would use stratified sampling methodology to distribute the questionnaire. To develop an online system for text book orders the data gathered should be effective and stratified sampling methodology is often essential in such cases. Using this sampling methodology a systems analyst can gather information from different group of users/people say for example you may want to use a survey to gather data from students, faculty but you might prefer to use personal interviews to gather similar data librarians and administrators. (g) Suggest a strategy for analyzing any existing documents that are used in the textbook ordering process. Explain why you would choose this strategy and why you would select certain documents (You can be general in specifying the types of documents.) Systems analysts should consider both quantitative and qualitative documents for analyzing. Quantitative documents include analyzing reports, records and forms to determine where the organization stands currently and what the vision for the proposed system is. Qualitative documents include email messages, memos, web pages, procedure manuals and policies because they contain details of the expectations of behavior, the ways in which users expect to interact with information technologies. Systems analysts can take help of guidelines to systematically approach to this sort of analysis. The focus of the document analysis should be a critical investigation, rather than a mere description, of the documents. The analysis should include questions about the educational purpose of the document; how librarians, faculty and students are using it, and how it is contributing to learning. Records provide periodic updates of what is occurring in the business, it can provide much useful information t o the analyst. Systems analyst should make a note of performance measurement. This measurement can help analyzing the actual and intended performance of the system. Analyzing policies allows the systems analyst to gain an awareness of the values, attitudes and beliefs guiding the organization.

Essay --

Overview Upon entering the field of medicine, physicians agree to practice according to the Hippocratic Oath which states, â€Å"first, do no harm.† Although it seems like this task would be straight forward, it is not always clear on how to carry out this oath. One example of where conflicting viewpoints are often argued is how to resolve child abuse cases such as Munchausen Syndrome by Proxy (MSbP). MSbP is a relatively new form of child abuse in which a parent deliberately fabricates illnesses in their child to receive medical attention. Over the past 30 years, the recognition and prevalence of MSbP has increased, however, it is still difficult to identify and is highly under diagnosed (Maldonado, 2002). It has stirred much controversy and even the name itself is a topic of debate because MSbP is hard to define. Other terms to describe the condition include factitious disorder by proxy, pediatric condition falsification, and medical child abuse (Lowen & Reece, 2008). In treating a child that may be a victim of MSbP, using covert video surveillance (CVS) is controversial because blurred lines exist between using for it for diagnostic reasons versus legal reasons. When conducting CVS, typically two hidden cameras, placed in objects such as a wall clock or a ceiling light, monitor a parent’s activity without their knowledge (Shabde & Craft, 1999). A member of the care team, such as a nurse, and a police officer observe the video footage from a remote site to look for suspicious activity and intervene if the parent begins to harm the child. Some activity that is typically seen on footage include a parent poisoning their child with cleaning solution or salt, removing medical devices such as tubes, and smothering the child. Clinical Per... ...rs of the care team is communicating effectively with each other. Personal Perspective After researching the various viewpoints regarding CVS, I still maintain that it is ethical when used in good faith in order to protect the child. Many case studies have shown that not only is the child more likely to be put in a safer environment when child protective services has the evidence to intervene but it also saves siblings from potential harm. I believe that the physician’s role is to act in the best interest of the patient, especially when outside factors pose a threat to the child’s well-being. Although many view CVS as unethical because it infringes on privacy rights, it can also provide a great benefit. Studies such as the one conducted by David Southall make it difficult to dispute that there is not a value from using CVS as a form of diagnosis and intervention. Essay -- Overview Upon entering the field of medicine, physicians agree to practice according to the Hippocratic Oath which states, â€Å"first, do no harm.† Although it seems like this task would be straight forward, it is not always clear on how to carry out this oath. One example of where conflicting viewpoints are often argued is how to resolve child abuse cases such as Munchausen Syndrome by Proxy (MSbP). MSbP is a relatively new form of child abuse in which a parent deliberately fabricates illnesses in their child to receive medical attention. Over the past 30 years, the recognition and prevalence of MSbP has increased, however, it is still difficult to identify and is highly under diagnosed (Maldonado, 2002). It has stirred much controversy and even the name itself is a topic of debate because MSbP is hard to define. Other terms to describe the condition include factitious disorder by proxy, pediatric condition falsification, and medical child abuse (Lowen & Reece, 2008). In treating a child that may be a victim of MSbP, using covert video surveillance (CVS) is controversial because blurred lines exist between using for it for diagnostic reasons versus legal reasons. When conducting CVS, typically two hidden cameras, placed in objects such as a wall clock or a ceiling light, monitor a parent’s activity without their knowledge (Shabde & Craft, 1999). A member of the care team, such as a nurse, and a police officer observe the video footage from a remote site to look for suspicious activity and intervene if the parent begins to harm the child. Some activity that is typically seen on footage include a parent poisoning their child with cleaning solution or salt, removing medical devices such as tubes, and smothering the child. Clinical Per... ...rs of the care team is communicating effectively with each other. Personal Perspective After researching the various viewpoints regarding CVS, I still maintain that it is ethical when used in good faith in order to protect the child. Many case studies have shown that not only is the child more likely to be put in a safer environment when child protective services has the evidence to intervene but it also saves siblings from potential harm. I believe that the physician’s role is to act in the best interest of the patient, especially when outside factors pose a threat to the child’s well-being. Although many view CVS as unethical because it infringes on privacy rights, it can also provide a great benefit. Studies such as the one conducted by David Southall make it difficult to dispute that there is not a value from using CVS as a form of diagnosis and intervention.

Universal Children Day

Universal Children's Day Saturday, Nov. 20, is Universal Children’s Day, as declared by the United Nations, and a new survey of children illuminates the wants and needs of kids living in poverty. Children's Day is celebrated on various days in many places around the world, to honor children globally. It was established in 1954 to protect children working long hours in dangerous circumstances and allow all children access to an education. The UN General Assembly recommended that all countries should establish a Universal Children's Day on an â€Å"appropriate† day.Major global variants include a Universal Children's Day on November 20, by United Nations recommendation. Children's Day is often celebrated on other days as well. International Day for Protection of Children, observed in many countries as Children's Day on June 1 since 1950, is said to have been established by the Women's International Democratic Federation on its November 1949 congress in Paris. The Small Vo ices, Big Dreams survey questioned children ages 10 to 12 in 30 countries throughout Africa, Asia and the Americas.Conducted by ChildFund Alliance, which is comprised of global child development organizations, the survey found that one in three children goes to bed hungry at least once a week; more than 25% spend half of every day working, including household chores and other work but not counting school or homework. Regardless of where they live, the children spoke of bootstrapping themselves up through education. In the fortunate yet unlikely event they end up as president of their country, 57% said they would make sure to offer all children an education, improve existing schools and build more. If I were the president of India,† responds one Indian child, â€Å"I would provide good education and study materials such as pen, copies, pencils, uniforms, etc. to children. † (Of U. S. kids, 31% said education would be their top presidential priority. Perhaps, say those wh o’ve analyzed the study, the lower number doesn’t indicate a lack of interest in education but acknowledgement that U. S. children can attend school for free. ) What do you need most? the children were asked; one in three answered food, with 45% saying they’d spend a spare dollar on food or water. One motherless child from Cape Verde said, â€Å"I need food. My father is a fisherman, but he can’t get enough money to buy food. † â€Å"This survey serves to amplify [children's] voices so that we can direct our work in the most appropriate way,† said Anne Lynam Goddard. In countries such as Ecuador and Zambia, for example, ChildFund is trying to figure out how to enroll more children in school and keep them there longer.Interestingly, when polled about fears, snakes took first place, followed by death and disease, then falling victim to war or violence. â€Å"I am mostly afraid of death,† responded a Sierra Leone child. â€Å"I don†™t want to dream of dead people. The muddy water†¦is dangerous for children because muddy water has germs. † The survey was administered individually from July through September 2010 to about 100 children in 30 developing nations and 318 children in Australia, New Zealand and the United States. Done By : Mahdi AL-Dailati Grade:10-F Submitted to: Ms. Hanaa Eid

Should the internet be censore essays

Should the internet be censore essays Can you imagine a place where expressing your own opinion is not allowed? Picture not being able to research a topic of your interest. Can you imagine a place where you can get penalized for your choice of words? Can you imagine living in a society that prohibits you from expressing yourself the way you like? Well, if you live in a democratic society, you probably cannot imagine living under such strict laws. In a democratic society, freedom of speech is necessary because a democratic government is government run for the people, by the people and of the people. Freedom of speech allows us to express ourselves both publicly and privately. Censoring the Internet is a very complex issue that is open for debate. Should the Internet be censored? Many people might agree on this and those are the people who have younger children online. Many parents feel that the Internet should definitely be censored because the Internet allows minors to explore sites that may be harmful to them; such sites might include pornography. Pornography is a big issue for parents because they feel that it exists all over the Internet. They are not mistaken; it is fairly easy to find pornography on the net. Nonetheless, you will not actually see pornographic entities unless you open up the site. Just like the Internet, pornography also exists in television and the movie industry. The fact is that if you want to see pornography you will turn on the television to the specific channel and choose to watch it. Many times people may receive pornographic mail, but unless you open the mail you are not exposed to pornography. Instead of censoring the net, there are alternative solutions. Parents and schools may purchase Surf W atch and Net Nanny instead of insisting on censoring the Internet as a whole. The problem is that the use of children in order to help the media censor the net is very easy. People have a soft spot for children, they know that they are defenseless and ...

The Bitter Truth about Betty Botter You’re Not Thinking Straight

The Bitter Truth about Betty Botter You’re Not Thinking Straight Can you say this tongue twister 10x fast? Betty Botter bought some butter, â€Å"But,† she said, â€Å"This butter’s bitter! If I put it in my batter, It will make my batter bitter!† So she bought some better butter, Put it in her bitter batter, Made her bitter batter better. I learned this one from my mother when I was young, and I always thought it was an easy one to roll off the tongue. I also thought it was cute and logical. I always enjoyed tongue twisters growing up, and even got to perform one (Rubber Baby Buggy Bumpers) when I was on Sesame Street as a kid. Yes that was a moment of fame and glory! Stopping to Think I never really delved into the meaning of a given tongue twister. But on my recent trip to visit family in Austin, the Betty Botter rhyme came into my wandering mind after some talk with my mom about bats and batters- and I realized there’s a gaping logical hole in the poem. Here’s the question: How did the batter get bitter if Betty Botter never put the bitter butter in her batter in the first place? I went straight to my mom with my question. Surely, I thought, I must be remembering the words wrong! There must be a line I was missing! But mom confirmed that I remembered the words just as she had passed them down to me- and she admitted that she, too, had missed the gap in logic in the verse. Next stop Google. Perhaps mom had learned an incomplete version of the poem? Here’s what I found on Wikipedia as the full text: Betty Botter bought some butter; â€Å"But,† said she, â€Å"this butter’s bitter! If I put it in my batter It will make my batter bitter. But a bit o’ better butter Will but make my batter better.† Then she bought a bit o’ butter Better than the bitter butter, Made her bitter batter better. So ’twas better Betty Botter Bought a bit o’ better butter. While this version is longer and a bit of a better tongue twister, it by no means solved the problem that Betty never put that bitter butter in her batter! And while I did find one version that had a line, â€Å"The butter Betty Botter bought was a bit bitter / And made her batter bitter,† this version was clunky and contrived. Sigh†¦ We Are Gullible How many things like this are there in our lives? How easy is it for someone, or for the media, to trick us with a clever gimmick into accepting something as reasonable or logical that simply makes no sense? I’m reminded of the well-known joke that goes something like this: What’s the opposite of least? Most. What do you call a person who throws a party? The host. What’s another word for seashore? Coast. What’s another word for brag? Boast. What do you call a dead person who comes back to life? A ghost. What do you put in a toaster? Toast. Oops. You don’t put toast in a toaster. The correct answer is â€Å"bread.† Or maybe â€Å"a bagel.† Back to Google. I put â€Å"what do you put in a toaster joke† into my search bar and was gifted with multiple lists of jokes that made me feel like an idiot when I read them. I was hoping for some brain science around these types of jokes, but came up empty except for one suggestion that brain training can be accomplished without the help of Luminosity.com. Read, Think and Listen Carefully Mostly I am reminded by all these examples to pay attention. To listen carefully and closely, and as much as possible, not to accept things at face value. This is easier said than done, and I know I will miss important subtleties and inconsistencies more often than I would like to predict. And in the meantime, I will leave you with this: A plane crashes fatally on the border of the United States and Canada. Where do they bury the survivors? Answer: First of all, it sounds like there were no survivors. But even if there were, you do not bury survivors. They are alive.

The Parable of the Sahdu Essay Example | Topics and Well Written Essays - 500 words

The Parable of the Sahdu - Essay Example Parable of the Sadhu began with the multi-ethnic and multi-national group of expert mountain climbers who want to reach the top of Mount Everest. One group member who is a part of the New Zealand group of mountaineers discovered the sadhu (an Indian holy man that practices yoga or an ascetic or a mystic) to be lying in the snow almost naked and near death already due to hypothermia (loss of body heat due to the cold). He brought this Indian man to the group to which the author Bowen H. McCoy belonged to so they can take care of him. He was in a hurry to rejoin his group that is already far ahead in the mountains. Members of the group of McCoy gave their food and clothing to the Sadhu so he can recover his strength. The four members of a Swiss group also helped to keep the man warm. The group of the Japanese climbers refused to lend their horse for transporting the Sadhu down the mountains to the next nearest village. The local porters carried the man instead but only half-way to the village and left the sadhu to cover the rest of the way to the village which they pointed out to him. No one in the group had bothered to ask the sadhu why he was there in the place or if he had really wanted to die (McCoy 12). No one also knew whether the sadhu eventually lived or not. The moral of the story is that people will often act differently when confronted with a situation that requires moral judgment. In this parable, each group of climbers found a reason to help the sadhu but only partially, because each had a higher goal of reaching the mountains peak before the snow steps will melt and make reaching the summit almost impossible. Each person was confronted with an ethical dilemma: whether to continue on with their journey or help out the sadhu and get delayed and probably never reach the mountains peak anymore. At issue in this story is no individual or group was willing to accept responsibility for the sadhu. Many of us as professionals will encounter similar

Top-down model Essay Example | Topics and Well Written Essays - 500 words

Top-down model - Essay Example Each of these layers will be discussed keeping in mind the example of Intertex Corporation and its processes (Turban, McLean, & Wetherbe, 2004). Firstly Business Layer is this level of the top – down approach, Intertex Corporation requires to work on the basic areas of the business which include the strategic business plans, process reengineering, and also the identification of the major business functions, processes and opportunities (Goldman & Rawles, 2004). These basically include the need to focus on areas like the need for the networking within the organization and also implementation of WAN and LAN which helps standardizing the overall processes. Applications Layer: is the second step which involves using the WAN and LAN to pass on all information more simply to all employees within the company and to use this as an excellent opportunity to identify the needs for all information and knowledge within the company (Goldman & Rawles, 2004). Here this can be used to also essential information from the headquarters both locally as well as to the remote locations as well. Data Layer is the third step and this section is also an essential part of the approach. Here factors like the database analysis and design are looked into along with other areas for the organization which include the Data modeling, Data distribution analysis and also aspects of Client/server architecture design (Goldman & Rawles, 2004). In the case of companies for instance Intertex this is an important stage and this forms the major part of the overall top down approach. This stage is essential in the overall determination of requirements for the Top down approach and this area focuses on all data collection and distribution for the business needs and information. Network Layer as explained by Goldman and Rawles 2004 deals with, a) Network analysis and design, b) Logical network design (what), c) Network implementation planning, d) Network