Gsci

DERIVATIVE CASES An Investment Linked to Commodity Futures Professor Richard Spurgin FIN 5310 – 1 Group 1 Zhongyi Qian Hao Cheng Yue Zhao Liuyang Gao Motivation for issuing the security Prior to the Swedish Export Credit Co. issued the security, the performance of the GSCI showed that this index was clearly attractive. First, the increasing-trend cumulative total returns were higher than the returns on S&P 500 and the Treasury bonds, and then it became more diversified with more futures contracts introduced after 1980.Besides, another attractive feature of the GSCI was its ability to act as a hedge against inflation because it had a strong positive correlation with the two most widely used measures of inflation: CPI and PPI. In addition, the investment on the GSCI had the potential to decrease the risk of a portfolio because its returns were negatively correlated with returns on stocks and bonds. We could examine the index performance more specifically. The total returns on th e GSCI consisted of three components, the yield from the collateral Treasury bill, the spot return and the roll yield from the futures.According to the total return of the GSCI prior to 1990, we could find that the contribution of the T-bill yield was substantial and relatively stable while that of the spot return was small on average and extremely volatile and that of the roll yield was positive though somewhat volatile. The primary source of return changed based on different period with different financial environment and weighting strategy. Spot return contributed a lot in the inflationary period while the roll yield contributed more in the isinflationary period. As for the returns after 1991, we consider it reasonable to assume that the GSCI would continue to generate hefty returns. Since the prices of crude oil futures included in the GSCI had been in backwardation 80% to 85%, GSCI generated high roll yield that significantly contribute to the total return during 1981-1990. The refore, we can say that in 1991-1993, with substantial contribution of T-bill yield and relatively high roll yield, the total return of the GSCI would continue to be hefty in short term.As a consequence, the GSCI would get more attractive and hence popularizing securities exclusively tied to it such as notes issued by Swedish Export. In addition, it was true that GSCI was particularly attractive because it had negative correlation with the US stock market. From Exhibit 4, we can obviously find returns of GSCI had negative correlation (actually -0. 32) with returns of S&P 500 and in the meanwhile, generated relatively higher returns than those of S&P prior to 1991. As far as we concerned, it make a lot of sense since it’s a fully collateralized portfolio of commodity futures.As we know, in theory, commodities futures perform well when financial assets perform worse , that is to say, GSCI has a negative correlation with stock markets. Structure of the security It is possible to replicate the GSCI by making a portfolio, which contains the future contracts of the commodities that includes in the GSCI and the futures of each individual commodity can be weighed approximately the same percentage as they are in the current GSCI. When the future reaches to its maturity, the future contract will be rolled over into the next nearest contract just like the way the GSCI was calculated.In this way we can replicate the GSCI index and the return should be also approximately equal to it. As for the tradeoff between buying the structured note and the replicating portfolio, one should compare them in different aspects. Although the nominal return maybe theoretically the same, the actual return of the structured note should be higher than the replicating portfolio because the transaction fees and charges will be charged in the progress of making and keeping the portfolio. To replicate the payoffs of the GSCI, the investor also needs to put a certain amount of money as the frequent margin and/or collateral postings.Besides, if the investor wants to sell what he has for cash, then he will find the liquidity for the structured note is much higher than the replicating portfolio. However, the investors would only get paid 95. 57% of the increase rate of GSCI index from the structure note while they did not have such limitation on the replicating portfolio. On this transaction, Goldman Sachs earned commission fee as 0. 35% of the total amount of the note, which was $350,000, but they got far more than this for creating the index. In addition to the notes described in this case, Goldman Sachs offered a number of other products related to the index.Each of these products would generate a huge amount of commission. For Swedish Export Corp. , they could finance with no fix interest paid and the possibility that the cost of financing was even cheaper than that of issuing company bond directly definitely existed. Investors would like to have this structure note in portfolios not only because the advantages illustrated above, but also because it had a negative correlation with the stock market, so it could hedge the portfolio risk to some extent. How the deal performed over timeTo calculate the total return, we first need to calculate the cash flows (Table 1) by using the formula, Par*[0. 9557 *GSCI End / GSCI Begin], and when at maturity the value investors could redeem is $78781. 54. Thus the total return of security is as below: (78781. 54/100000)^(1/3)-1=-7. 64%; 39390. 77/50000)^(1/3)-1=7. 64% Compared with other alternatives such as Managed Futures Funds, Swap Transaction and CRB Futures Index, it seemed that GSCI was a good investment since all these three alternatives had relatively lower return than GSCI and still in the decreasing trend.However, the total return of GSCI was declining from 1991 to 1994. Besides, the T- bill yield was higher than the GSCI return, which made this investment meaningless. Additionally, we calculated th e yearly return of GSCI and downloaded the return of S&P and Treasury of these four years. Correlations between GSCI return and S&P and Treasury return is showed in Table 2. It was obviously that there were positive correlation between the GSCI return and S&P and also positive between GSCI and Treasury, which meant that this future contract could not decrease risk effectively.Therefore, in retrospect from 1991 to 1994, the GSCI futures contract decreased the overall return and at the same time failed to diversify the risk of the investment portfolio. It was not a good investment for investors. Table 1 Year| Par=100000| Par=50000| 11/1/91| 95570. 00| 47785. 00| 11/30/94| 78781. 54| 39390. 77| Table 2 Year| Return| S&P| Treasury| 91| -5. 46%| 30. 23%| 5. 61%| 92| -4. 09%| 7. 49%| 3. 41%| 93| -8. 20%| 9. 97%| 2. 98%| 94| -7. 64%| 1. 33%| 3. 99%| | | | | S&P and return| 0. 327556756| T and return| 0. 302031481|

Frostbite Chapter 22

TWENTY-TWO HORROR AND SHOCK CONSUMED ME, so much so that I thought my soul would shrivel, that the world would end right then and there- because surely, surely it couldn't keep going on after this. No one could keep going on after this. I wanted to shriek my pain to the universe. I wanted to cry until I melted. I wanted to sink down beside Mason and die with him. Elena released me, apparently deciding I posed no danger positioned as I was between her and Isaiah. She turned toward Mason's body. And I stopped feeling. I simply acted. â€Å"Don't. Touch. Him.† I didn't recognize my own voice. She rolled her eyes. â€Å"Good grief, you're annoying. I'm started to see Isaiah's point- you do need to suffer before dying.† Turning away, she knelt down to the floor and flipped Mason over onto his back. â€Å"Don't touch him!† I screamed. I shoved her with little effect. She shoved back, nearly knocking me over. It was all I could do to steady my feet and stay upright. Isaiah looked on with amused interest; then his gaze fell to the floor. Lissa's chotki had fallen out of my coat pocket. He picked it up. Strigoi could touch holy objects- the stories about them fearing crosses weren't true. They just couldn't enter holy ground. He flipped the cross over and ran his fingers over the etched dragon. â€Å"Ah, the Dragomirs,† he mused. â€Å"I'd forgotten about them. Easy to. There's what, one? Two of them left? Barely worth remembering.† Those horrible red eyes focused on me. â€Å"Do you know any of them? I'll have to see to them one of these days. It won't be very hard to- â€Å" Suddenly, I heard an explosion. The aquarium burst apart as water shot out of it, shattering the glass. Pieces of it flew toward me, but I barely noticed. The water coalesced in the air, forming a lopsided sphere. It began to float. Toward Isaiah. I felt my jaw drop as I stared at it. He watched it too, more puzzled than scared. At least until it wrapped around his face and started suffocating him. Much like the bullets, suffocation wouldn't kill him. But it could cause him a hell of a lot of discomfort. His hands flew to his face, desperately trying to â€Å"pry† the water away. It was no use. His fingers simply slipped through. Elena forgot about Mason and jumped to her feet. â€Å"What is it?† she shrieked. She shook him in an equally useless effort to free him. â€Å"What's happening?† Again, I didn't feel. I acted. My hand closed around a large piece of glass from the broken aquarium. It was jagged and sharp, cutting into my hand. Sprinting forward, I plunged the shard into Isaiah's chest, aiming for the heart I'd worked so hard to find in practice. Isaiah emitted a strangled scream through the water and collapsed to the floor. His eyes rolled back in his head as he blacked out from the pain. Elena stared, as shocked as I'd been when Isaiah had killed Mason. Isaiah wasn't dead, of course, but he was temporarily down for the count. Her face clearly showed she hadn't thought that was possible. The smart thing at that point would have been to run toward the door and the sun's safety. Instead, I ran in the opposite direction, toward the fireplace. I grabbed one of the antique swords and turned back toward Elena. I didn't have far to go, because she'd recovered herself and was heading toward me. Snarling with rage, she tried to grab me. I had never trained with a sword, but I had been taught to fight with any makeshift weapon I could find. I used the sword to keep distance between us, my motions clumsy but effective for the time being. White fangs flashed in her mouth. â€Å"I am going to make you- â€Å" â€Å"Suffer, pay, regret I was ever born?† I suggested. I remembered fighting with my mom, how I'd been on the defensive the whole time. That wouldn't work this time. I had to attack. Jabbing forward, I tried to land a blow on Elena. No luck. She anticipated my every move. Suddenly, from behind her, Isaiah groaned as he started to come around. She glanced back, the smallest of motions that let me swipe the sword across her chest. It cut the fabric of her shirt and grazed the skin, but nothing more. Still, she flinched and looked down in panic. I think the glass going through Isaiah's heart was still fresh in her mind. And that was what I really needed. I mustered all my strength, drew back, and swung. The sword's blade hit the side of her neck, hard and deep. She gave a horrible, sickening cry, a shriek that made my skin crawl. She tried to move toward me. I pulled back and hit again. Her hands clutched at her throat, and her knees gave way. I struck and struck, the sword digging deeper into her neck each time. Cutting off someone's head was harder than I'd thought it would be. The old, dull sword probably wasn't helping. But finally, I gained enough sense to realize she wasn't moving. Her head lay there, detached from her body, her dead eyes looking up at me as though she couldn't believe what had happened. That made two of us. Someone was screaming, and for a surreal second, I thought it was still Elena. Then I lifted my eyes and looked across the room. Mia stood in the doorway, eyes bugging out and skin tinged green like she might throw up. Distantly, in the back of my mind, I realized she was the one who'd made the aquarium explode. Water magic apparently wasn't worthless after all. Still a bit shaken, Isaiah tried to rise to his feet. But I was on him before he could fully manage it. The sword sang out, wreaking blood and pain with each blow. I felt like an old pro now. Isaiah fell back to the floor. In my mind, I kept seeing him break Mason's neck, and I hacked and hacked as hard as I could, as though striking fiercely enough might somehow banish the memory. â€Å"Rose! Rose!† Through my hate-filled haze, I just barely detected Mia's voice. â€Å"Rose, he's dead!† Slowly, shakily, I held back the next blow and looked down at his body- and the head no longer attached to it. She was right. He was dead. Very, very dead. I looked at the rest of the room. There was blood everywhere, but the horror of it didn't really register with me. My world had slowed down, slowed down to two very simple tasks. Kill the Strigoi. Protect Mason. I couldn't process anything else. â€Å"Rose,† whispered Mia. She was trembling, her words filled with fear. She was afraid of me, not the Strigoi. â€Å"Rose, we have to go. Come on.† I dragged my eyes away from her and looked down at Isaiah's remains. After several moments, I crawled over to Mason's body, still clutching the sword. â€Å"No,† I croaked out. â€Å"I can't leave him. Other Strigoi might come†¦.† My eyes burned like I desperately wanted to cry. I couldn't say for sure. The bloodlust still pounded in me, violence and rage the only emotions I was capable of anymore. â€Å"Rose, we'll come back for him. If other Strigoi are coming, we have to get out.† â€Å"No,† I repeated, not even looking at her. â€Å"I'm not leaving him. I won't leave him alone.† With my free hand, I stroked Mason's hair. â€Å"Rose- â€Å" I jerked my head up. â€Å"Get out!† I screamed at her. â€Å"Get out, and leave us alone.† She took a few steps forward, and I lifted the sword. She froze. â€Å"Get out,† I repeated. â€Å"Go find the others.† Slowly, Mia backed up toward the door. She gave me one last, desperate look before running outside. Silence fell, and I relaxed my hold on the sword but refused to let it go. My body sagged forward, and I rested my head on Mason's chest. I became oblivious to everything: to the world around me, to time itself. Seconds could have passed. Hours could have passed. I didn't know. I didn't know anything except that I couldn't leave Mason alone. I existed in an altered state, a state that just barely kept the terror and grief at bay. I couldn't believe Mason was dead. I couldn't believe I'd just summoned death. So long as I refused to acknowledge either, I could pretend they hadn't happened. Footsteps and voices eventually sounded, and I lifted my head up. People poured in through the door, lots of them. I couldn't really make out any of them. I didn't need to. They were threats, threats I had to keep Mason safe from. A couple of them approached me, and I leapt up, lifting the sword and holding it protectively over his body. â€Å"Stay back,† I warned. â€Å"Stay away from him.† They kept coming. â€Å"Stay back!† I yelled. They stopped. Except for one. â€Å"Rose,† came a soft voice. â€Å"Drop the sword.† My hands shook. I swallowed. â€Å"Get away from us.† â€Å"Rose.† The voice spoke again, a voice that my soul would have known anywhere. Hesitantly, I let myself finally become aware of my surroundings, let the details sink in. I let my eyes focus on the features of the man standing there. Dimitri's brown eyes, gentle and firm, looked down on me. â€Å"It's okay,† he said. â€Å"Everything's going to be okay. You can let go of the sword.† My hands shook even harder as I fought to hold on to the hilt. â€Å"I can't.† The words hurt coming out. â€Å"I can't leave him alone. I have to protect him.† â€Å"You have,† said Dimitri. The sword fell out of my hands, landing with a loud clatter on the wooden floor. I followed, collapsing on all fours, wanting to cry but still unable to. Dimitri's arms wrapped around me as he helped me up. Voices swarmed around us, and one by one, I recognized people I knew and trusted. He started to tug me toward the door, but I refused to move just yet. I couldn't. My hands clutched his shirt, crumpling the fabric. Still keeping one arm around me, he smoothed my hair back away from my face. I leaned my head against him, and he continued stroking my hair, murmuring something in Russian. I didn't understand a word of it, but the gentle tone soothed me. Guardians were spreading throughout the house, examining it inch by inch. A couple of them approached us and knelt by the bodies I refused to look at. â€Å"She did that? Both of them?† â€Å"That sword hasn't been sharpened in years!† A funny sound caught in my throat. Dimitri squeezed my shoulder comfortingly. â€Å"Get her out of here, Belikov,† I heard a woman say behind him, her voice familiar. Dimitri squeezed my shoulder again. â€Å"Come on, Roza. It's time to go.† This time, I went. He guided me out of the house, holding onto me as I managed each agonizing step. My mind still refused to really process what had happened. I couldn't do much more than follow simple directions from those around me. I eventually ended up on one of the Academy's jets. Engines roared around us as the plane lifted off. Dimitri murmured something about coming back shortly and left me alone in my seat. I stared straight ahead, studying the details of the seat in front of me. Someone sat beside me and draped a blanket over my shoulders. I noticed then just how badly I was shivering. I tugged at the edges of the blanket. â€Å"I'm cold,† I said. â€Å"How am I so cold?† â€Å"You're in shock,† Mia answered. I turned and looked at her, studying her blond curls and big blue eyes. Something about seeing her unleashed my memories. It all tumbled back. I squeezed my eyes shut. â€Å"Oh God,† I breathed. I opened my eyes and focused on her again. â€Å"You saved me- saved me when you blew up the fish tank. You shouldn't have done it. You shouldn't have come back.† She shrugged. â€Å"You shouldn't have gone for the sword.† Fair point. â€Å"Thank you,† I told her. â€Å"What you did †¦ I never would have thought of that. It was brilliant.† â€Å"I don't know about that,† she mused, smiling ruefully. â€Å"Water isn't much of a weapon, remember?† I choked on a laugh, even though I really didn't find my old words that funny. Not anymore. â€Å"Water's a great weapon,† I said finally. â€Å"When we get back, we'll have to practice ways to use it.† Her face lit up. Fierceness shone out from her eyes. â€Å"I'd like that. More than anything.† â€Å"I'm sorry †¦ sorry about your mom.† Mia simply nodded. â€Å"You're lucky to still have yours. You don't know how lucky.† I turned and stared at the seat again. The next words out of my mouth startled me: â€Å"I wish she was here.† â€Å"She is,† said Mia, sounding surprised. â€Å"She was with the group that raided the house. Didn't you see her?† I shook my head. We lapsed into silence. Mia stood up and left. A minute later, someone else sat down beside me. I didn't have to see her to know who she was. I just knew. â€Å"Rose,† said my mother. For once in my life, she sounded unsure of herself. Scared, maybe. â€Å"Mia said you wanted to see me.† I didn't answer. I didn't look at her. â€Å"What†¦what do you need?† I didn't know what I needed. I didn't know what to do. The stinging in my eyes grew unbearable, and before I knew it, I was crying. Big, painful sobs seized my body. The tears I'd held back so long poured down my face. The fear and grief I'd refused to let myself feel finally burst free, burning in my chest. I could scarcely breathe. My mother put her arms around me, and I buried my face in her chest, sobbing even harder. â€Å"I know,† she said softly, tightening her grip on me. â€Å"I understand.†

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The Life of Women and Minorities in the Old West - Assignment Example The assignment "The Life of Women and Minorities in the Old West" analyzes the life of women and minorities in the Old West. The Chinese left their homelands and came in big numbers. They faced hardships, discrimination, but fought back to set right unjust laws. They labored and contributed in the building of the Unites States, especially California in a big way. The Hispanics figure intrinsically in almost every segment of America’s activity be it political, military, economy, social or sports. The Hispanics have worked for America, fought wars for America and even played for America. The Native Americans were the original settlers in America. They were fierce, warlike tribes and held no fascination for the white invaders who came in droves with devastating weapons. There were conflicts in which the brave natives were massacred. Most of them live in their own colonies even now. The Wild West conjures up images of large ranches in rolling, pristine landscapes with cowboys moun ted on horses galloping around without a care in the world. It also makes one think of men facing each other gun in hand, ready to shoot it out. Lawlessness is another aspect that got blown out of proportion. Although some of these aspects might have existed, they were not allowed to continue unobtrusively. Judges, sheriffs, and marshals were duly dispatched to usher in law and order. The nation of America has grown due to the heroic efforts of its citizens. There are others who died to face harsh conditions in the Gold Rush.

History of Learning Theories Research Paper Example | Topics and Well Written Essays - 2750 words

History of Learning Theories - Research Paper Example A brief history of the theories of learning can provide a context for understanding social learning. The basics of three learning theories—Behaviourism, Cognitivism and Constructivism—are discussed in this section (Mergel 1998). Behaviourism took form as a learning theory when Aristotle made an essay entitled "Memory". This essay discussed associations between events such as lightning and thunder. The theory concentrated on behaviours that are overt enough to be observed and measured (Good & Brophy 1990). The illustration is that the mind is some sort of a â€Å"black box† such that the response to a stimulus can be quantified and observed. However, this assumed that the possibility that processes are running in the mind are totally ignored. Pavlov was considered as one of the key players of the development of the Behaviourist Theory together with Skinner, Thorndike and Watson. Pavlov was known for his reputation as the Russian physiologist who worked on stimulus substitution, more popularly known as classical conditioning. His experiments mainly involved food, a dog and a bell. Others who followed Aristotle's thoughts include Hobbs in 1650s, Hume in 1740s, Brown in 1820s, Bain 1860s and Ebbinghaus i n 1890s (Mergel 1998). However, when the 1920s came, the limitations in the behaviourist approach to understanding learning were noticed. It was in this time where Cognitivism was born. Specifically, Edward Tolman observed that the rats he used in his experiment seemed to have a mental map of the maze he was using for the experiment. It was noticed that when he closed a part of the maze, the rats did not bother to look for an alternative path because they seem to know that it led to the blocked path. This was the phenomenon that behaviourists were unable to explain. Certain social behaviours seemed to be out of the bounds of behaviourism.

Legacy leader Essay Example | Topics and Well Written Essays - 250 words

Legacy leader - Essay Example A legacy leader knows that the success of the organization depends on the productive and heartfelt performance of the employees. It is all about motivating the members of the organization to serve its customers with warmth and enthusiasm. One remarkable example of a legacy leader in the hospitality industry is J. Willard Marriott. The leadership legacy of the father, J. Willard Marriott, was passed on to his son, J.W. ‘Bill’ Marriott (Burwash, 2008). Admired throughout the hospitality industry for his practical approach to leadership, J.W. Marriott has developed a reputable culture that focuses on the people and acknowledges the value they endow the organization with. He is a perfect example of a legacy leader because he emphasizes the importance of a positive employee culture. He also values diversity and continuously tries to build a multicultural workforce. He only wants the best for their customers. He embraces the doctrine of kindness, sympathy, and compassion. The hospitality industry, for an ideal legacy leader like J. Willard Marriott, is all about this

Learning Agreement Essay Example for Free

Learning Agreement Essay Instructions: * There are 4 parts to a Learning Agreement. You must remember to complete every section since marks will be awarded for each section. Sections in a Learning Agreement Remarks Marks Allocated Objective(s) This is where you determine What you want to learn from a particular department 15% Strategies The Strategies is where you determine How you are going to achieve your objective(s) or where you are going to get the information required to fulfill your learning. 15% Assessor Comments You will have to submit this to your Manager(s) for their comments and signature company stamp. (When submitting this to your manager(s), you need not show them the Students Reflections, just your objectives and strategies) 5% Student Reflections This is where you develop a report on your objective(s) this is where you can also develop the learning outcomes. 65% * No part of this report may be reproduced, in any form or by any means. Work submitted based on any of the examples may be awarded no marks. AN EXAMPLE OF A LEARNING AGREEMENT Student Name : X Placement : Human Resource Department Assessor : Ms A Subject Area : Health and Safety Objective To learn and observe the health and safety regulation used in R Company for its employees Strategies for achieving the objective * Discuss with the Human Resource Manager regarding the safety procedures provided by R Company * Tour around the office to observe any hazardous condition and safety procedures implemented in R Company * Discuss with the staff on their opinion about safety in R Company Target date of completion : Y Verification by Assessor and Comments [This is where you get your Manager/Assessor to comment about your performance in the area identified above and get him/her to sign ( stamped).] Signature Stamp _________________________________________________________ Students Reflections [This is where you write in detail about your objectives.] It is important that any company to provide a safe workplace for its employees. For many companies, safety is considered to be a very minor issue, but if one were to look at it closely, it plays a very important role to ensure a safe working environment. This is because a minor negligence in safety could lead to a major disaster. R Company being a company dealing with both local and foreign customers has to always take the effort to ensure that they provide safe and secure services to its customers. It is also necessary to provide enough safety for the employees working there. In my observation on the working condition in R Company, the safety here is awfully neglected. From my personally experience, I had injured my toe more than twice during my 5 months there. This is because all the files are allocated on the floor and due to the small walking space, it is easy for anyone to kick the files and causing injury. The first reason why the files are placed on the floor is because lack of space in the file cabinets. The second reason is because of the staff themselves, they place the files that they need on the floor around the desk. A condition such as this is hazardous to the employees because it will reduce that maneuverability in the company. The staff will have difficulty walking around and might injure themselves because of the files being placed on the floor. If in any case where there is fire, the employees will tend to rush out of the office. With the files placed on the floor, someone might trip and fall. Due to the rushing of all the employees, the victim might suffer major injuries and probably death. It is always important to keep all walk space clear of any obstacle and is wide enough for people to walk safely. This is to ensure that nobody would get trip and injure themselves while working or in an emergency case. The other thing that I observed in both branches of R Company in M City and N City is that they do not have a fire exit. The fire exit of N City branch is locked and blocked with boxes of old documents and brochures. I also noticed that they do not even have any fire extinguisher placed in the office. This shows that there are no proper safety procedures for the staff when there is an emergency situation. Fire escape routes are also not set and displayed in the office. Without these safety items in the office, it can be hazardous when there is a fire situation. The employees there do not know how to react during a fire, how to vacate the building during a fire and the knowledge of any fire fighting equipment placed in the premises. When I interviewed the Human Resource Manager regarding the practice of safety for the employees, I was shocked when he told me that this issue was never discussed. This is very disappointing because I believe many companies fail to see the importance to practice a safe workplace and concern about the welfare of its employees. Even though an emergency situation is unlikely to happen in a commercial office, it is very important that the staff know what to do when an emergency situation occurs. Firstly, it is important that the staff know how to react during a fire situation. This is because a fire accident could happen anytime without warning, therefore it is better to be prepared when it does happen. To be prepared for this, the fire escape route must be cleared. The management of the company should set up and display the emergency escape route all over the office. With this information displayed, the staff would know where to go during an emergency situation. The fire escape routes should also be cleared of any obstacles. This is to ensure an easy escape path and there are no difficulties using it. The office should also be equipped with fire extinguishers to combat any fire situations. This is because in most cases, a fire disaster can be avoided if it is dealt with immediately. With fire extinguishers placed around the office, a minor fire can be attended to before it gets out of hand. I noticed that in R Company there is no fire alarm system. It is important to install a fire alarm system to alert the staff in case of a fire situation because it could take just a few minutes for any fire to consume the whole building. Therefore it is best that all the employees are notified immediately by the fire alarm and able to vacate the premises as soon as possible. When all the facilities and procedures installed to combat a fire situation, it is also necessary to educate the employees on how to use them. A safety committee should be set up to continuously educate the employees on safety and how to react during an emergency situation. The committee is responsible to provide education to the employees on how to use the fire extinguisher, identify the different types of fire extinguishers available and which one is best to use in each type of fire cause. The committee can also conduct frequent audit of the workplace to ensure that all fire escape routes are not blocked and all fire extinguishers are easily accessible. By conducting audits, it is also possible to identify any fire hazard in the company and action could be taken before it turns into a disaster. R Company should also hold a fire drill twice a year to make sure that all employees know what to do if the fire alarm goes off. This is to avoid a panic situation which could cost lives. When the staff are educated with fire drills, they would know the correct procedure on how to vacate the building in an organized manner. The company should also provide training for a certain number of staff in First Aid. This is because if there is any accident that occurs in the workplace, the victim could be attended to immediately while waiting for the arrival of the ambulance. This is vital because in many cases, lives were lost because no immediate attention was given to them. This committee should also work closely with the fire department to learn any latest information regarding safety. They should also encourage frequent checking of the electrical wiring in the company because wires tend to wear off over the years. Even though the Tourism industry usually deals with tourists and giving them the best services available, it is also important to ensure that safety of the tourist. To do so it is best to start with the company. This is because without the concern of safety in the office, how it is expected that the safety of the customers can be guaranteed. Often many people overlooked the issue of safety in their working environment because it rarely happens, but bear in mind that accidents happen without a warning and it is always better to be prepared for it.

History Of Brakes And Principles Of Hydraulics Engineering Essay

History Of Brakes And Principles Of Hydraulics Engineering Essay Landing gears are one of the most important parts of the aircraft and play an important role because it can make the aircraft run through runways and lands the aircraft to safety with the aid of the braking system and other systems. The modern brake system has been refined for over 100 years and has become extremely dependable and efficient. The whole draft talks about the hydraulic brake system. Modern braking systems are complicated and understanding the operation of a braking system requires specialized skills and training. Brakes are the most important feature of any modern transportation these days. The principles of brakes in a landing gear of the aircraft gave us the idea that making a simple hydraulic break system would be our main project. The content is designed to show the insight of the principles of operation of the hydraulic break, components and its functions. The advantages and disadvantages against different types of brakes and other terminology. :History oF Brakes: All cars need a brake system; therefore it has been present in the automobile since its invention. However, the technology of the components and the design of the brake system have evolved throughout the years. In the early days of the automobile, drum brakes were the standard. Drum brakes offered several advantages over other types of brakes. One of these was that the drum could keep out water and dust, materials that could damage disc brakes which were out in the open. The other, more important advantage was that drum brakes required drivers to apply less pressure on the pedal as compared to disc brakes. This was especially important in the days before hydraulic and power brake systems, both of which decreased the amount of pedal pressure needed. The next major advancement in brake technology came in 1918 with the invention of four-wheel hydraulic brake systems by Malcolm Loughead. It is interesting to note that Loughead was a member of the Lockheed family, a company known better for producing airplanes. The hydraulic brake system replaced the mechanical brake system that was in use at this time. The mechanical system had numerous disadvantages. It made it difficult to brake all the wheels evenly, often causing a loss of control. In addition, it required drivers to exert tremendous amounts of force on the brake pedal to slow the car. The hydraulic brake system multiplied the force that was applied to the brake, lessening the amount of force needed to be applied to the brake pedal by the driver. This system was first used in the 1918 Duesenberg. Its advantages quickly caught on and by 1929, four wheel hydraulic braking systems were standard equipment on most higher priced cars. It took a few more years for the feature to becom e common on lower price cars. As the speed of automobiles and their weight increased, better braking systems were required. The main problem with drum brakes is that the heat is not efficiently disbursed. The heat that is produced inside the drum does not escape easily since the drum prevents wind from drawing it away. However, disc brakes were open to the passing wind. This allowed the heat to be carried away which increased the efficiency of the brake. It is interesting to note that disc brakes were first used in 1902. However, their use was limited up until the 1950s since their efficiency was not required and they required more pedal pressure to operate. The reason for the higher pedal pressure is that disc brakes have no self-servo effect or no self-energizing capacity that the drum brakes have. The self-servo effect is caused by the forward motion of the car. This forward motion helps pull the brake shoe into contact with the drum. This helped lower the required pedal pressure. Now that their efficiency was needed and the hydraulic brake system multiplied the force applied to the brake pedal, disc brakes seemed to be the better alternative. Chrysler was the first to widely introduce the disc brake in its cars in the early 1950s. The system did not have much success. It seemed that the brake pressure required of the driver was still a little to great for the system to gain widespread consumer acceptance and therefore it was dropped. It finally took the failing automaker Studebaker to reintroduce the system in 1964. This time it saw much more success and in a few years, disc brakes were common on most new cars. One of the reasons that disc brakes were a success with the Studebaker and not the Chrysler was due to the development of the power braking system. Power brakes became common in the 1950s, after Chrysler had developed and dropped its disc brake program. The system assisted the movement of the piston in the master cylinder which meant that the driver needed to apply less peddle pressure to get the same braking effectiveness. Therefore, since ease of braking was no longer an issue, the adoption of the more efficient disc brake became widespread. Another development in braking systems came with anti-lock or anti-skid braking. With conventional braking systems, when the brakes are applied with enough pressure, the wheels will lock up. This results in a loss of steering effectiveness which may cause a loss of control. With anti-lock braking, the wheels do not lock up, allowing the driver to continue steering. Anti-lock brakes are not a new technology. They had been used in large aircraft since the 1950s and the British had used them in race cars in the 1960s. The first automaker to use this technology in its cars was Ford in 1969. It placed anti-lock brakes in the luxury Thunderbird and Continental Mark III. Today, anti-lock brakes are common on many new cars. : Basic Principles of Hydraulics: What is pressure? Pressure can be defined as the force per unit area and is expressed in Newtons per square millimeter (N/mm ²) or in bars and pounds per square inch (lbs/in ²) or p.s.i. in U.S. pressure. Formula: P = F / A Where: P = Pressure; F = Force; A = Area What is hydraulics? Liquids or fluids which are under pressure are usually used to transmit power through pipelines. The fluid power is converted into mechanical power by using rotary or linear actuators. What is Pascals Law? Pascals Law comprises a set of principles formulated in 1648 and states that pressure applied to a confined fluid at any point is transmitted undiminished throughout the fluid in all directions and acts upon every part f the confining vessel at right angles to its interior surfaces and equally upon equal areas. It defines the fundamental principle of power transmission by a hydraulic system. Figure 2: Pascals Law Pressure is created only when: The system is closed There is no air trapped in the system An attempt is made to compress the fluid Another important relationship in hydraulics is the area of the piston, the distance it moves, and the volume of fluid displaced. Formula: Volume =Area * Distance Fluid Compressibility: All liquids have a very high resistance to compression while air has a very low resistance to compression. Liquids used in hydraulic systems are also known as hydraulic fluids. Figure 3: Hydraulic fluid Bramahs Press: States that under a given load, the smaller the area it acts upon the greater the pressure produced and the greater the area under pressure, the greater the force available. Pressure = Load / Area Figure 4: Bramahs Press In an aircraft hydraulic system, Bramahs principle can be applied to the movement of different loads using actuators subject to one pressure. The figure above shows a large load and a small load being pushed by actuators having different piston areas. Bernoullis Principle : The relationship between the velocity and pressure exerted by a moving liquid is described by the Bernoullis principle: as the velocity of a fluid increases, the pressure exerted by that fluid decreases and as fluid decreases, pressure is increased. Figure 5: Bernoullis Principle Figure 6: Bernoullis principle also allows wings to produce lift Hydraulic Fluids: Hydraulic system fluid or liquids are used to transmit and to distribute the fluid to various units to be actuated. They are able to do this because they are almost compressible. If a number of passages exist in a system, pressure can be distributed to all of system by means of the liquid. Manufacturers of hydraulic devices usually specify the type of liquid best suited for use with their equipment, during working conditions, the service required, temperatures expected inside and outside the systems, pressures the liquid may withstand, the possibilities of corrosion, and other conditions. Figure 7: Types of hydraulic fluid Figure 8: Hydraulic Fluid (Aeroshell brand) Properties of Fluid: Fluids are incompressible They have a reasonable density with very little variation changes in temperature. Low rate of change of viscosity with temperature changes Large working range of temperature (-80 °C to +70 °C) Good Lubricating Properties It isnt harmful when in in contact (skin, hands) It doesnt foam Chemically stable with changes in temperature Good storage life Doesnt attack nor damage rubber. Fluid is preferably non-flammable Efficiency: Friction between the fluid and the walls of the pipes depends upon: The velocity of the fluid of the pipelines The bore, length and internal finish of the pipelines The number of bends in the pipelines and the radii of the bends The viscosity of the fluid What is Viscosity? It is one of the properties of hydraulic fluid. Viscosity is internal resistance to flow. Viscosity increases with a decrease in temperature. The knowledge of viscosity is needed for proper design of required temperatures for storage, pumping or injection of fluids. There are two related measures of fluid viscosity known as dynamic (or absolute) and kinematic viscosity. Types of Hydraulic Fluid: 1 Vegetable Based: (MIL-H-7644) is composed of a caster oil and alcohol. It is dyed blue. They are mostly used in older type aircraft. Natural rubber seal are used with vegetable base hydraulic fluid. This type is flammable. And the system may be cleaned with the use of alcohol. Figure 9: Vegetable based fluid 2 Mineral Base: (MIL-H-5606) it is processed from petroleum. It has an odour similar to penetrating oil and is dyed red. Synthetic rubber seals are used with petroleum base fluids. This type of fluid is flammable. They are used in common aircrafts and the precaution is damaging to rubber tyres. Figure 10: Mineral base fluid 3 Synthetic Base: (MIL-H-8446) This is one of the most commonly used fluid of this type. This fluid is of a clear purple colour or either dyed green. They are fire resistant. The seal material used is synthetic butyl Teflon and the precaution is of damaging to surface finishes. Figure 11: Synthetic base fluid These three types of fluids cannot be mixed nor any of them are compatible with each other.

Causes of Variation in Construction Projects

Causes of Variation in Construction Projects Literature reviews that of Variations and Variation Orders requires a comprehensive understanding of the root causes of Variations (Hester et al., 1991).Variations some of which are financial, design aesthetics, changes in drawings, weather, geological and geotechnical reasons. From the literature review, there were 53 causes of Variations identified and these Variations are mainly caused by the Employer, Consultants and Contractors. As shown in Figure 1, these causes of Variations were grouped under four categories: Employer related Variations, Consultants related Variations, Contractor related Variations and other Variations. These Causes of Variations have been identified by many researchers (CII, 1990a; Thomas and Napolitan, 1994; Clough and Sears, 1994; Fisk, 1997; Ibbs et al., 1998; OBrien, 1998; Mokhtar et al., 2000; Gray and Hughes, 2001; Arain et al., 2004). The causes of Variations can be categorized according to the originators (CII, 1990a; Thomas and Napolitan, 1994). The 53 causes identified from the literature review are also discussed below. A. Employer Related Changes This section discusses the causes of variations that were initiated by the Employer. In some cases, the Employer directly initiates Variations or the Variations are required because the Employer fails to fulfil certain requirements for carrying out the project. Change of plans or scope by Employer: Change of plan or scope of project is one of the most significant causes of Variations in construction projects (CII, 1990b) and is usually the result of insufficient planning at the project planning stage, or also i can because of lack of involvement of the Employer in the design phase (Arain et al., 2004). This cause the Variations affects the project severely during the later phases. Change of schedule by Employer: A change of schedule or master programme during the project construction phase may result in major resource reallocation (Fisk, 1997; OBrien, 1998). This is because time has an equivalent money value. A change in schedule means that the Contractor will either provide additional resources, or keep some resources idle in the construction site. In both cases additional cost is incurred. Employers financial problems: The Employer of the project may run into difficult financial situations that force him to make changes in an attempt to reduce cost of the project. Employers financial problems affect project progress and quality (Clough and Sears, 1994; OBrien, 1998). Proper financial planning and review of project cash flow would be effective in avoid this problem to from happening. Inadequate project objectives: Inadequate project objectives are one of the causes of Variations in construction projects (Ibbs and Allen, 1995). Due to inadequate project objectives, the designers would not be able to develop a comprehensive design which leads to many of Variations during the project construction phase. Replacement of materials or procedures: Replacement of materials or procedures may cause major Variations during the construction phase. The substitution of procedures includes Variations in application methods (Chappell and Willis, 1996). Therefore, an adjustment to the original contract value is required if there is a change in procedures. Impediment in prompt decision making process: Prompt decision making is an important factor for project success (Sanvido et al., 1992; Gray and Hughes, 2001). A delay in decision making may obstruct the progress of subsequent construction activities and that may eventually delay the entire project progress. Obstinate nature of Employer: A building project is the result of the combined efforts of the professionals. They have to work at the various interfaces of a project (Wang, 2000; Arain et al., 2004). If the Employer is obstinate, he may not accommodate other creative and beneficial ideas. Eventually, this may cause major Variations in the later stages and affect the project negatively. Change in specifications by owner: Changes in specifications are frequent in construction projects with inadequate project objectives (OBrien, 1998). In a multi-player environment like any construction project, change in specifications by the Employer during the construction phase may require major Variations and adjustments in project planning and procurement activities. B. Consultant Related Variations This section discusses the causes of Variations that were initiated by the consultant. In some cases, the consultant directly initiates Variations or the Variations are required because the consultant fails to fulfil certain requirements for carrying out the project. Change in design by Consultants: Change in design for improvement by the Consultant is a norm in contemporary professional practice (Arain et al., 2004). The changes in design are frequent in projects where construction starts before the design is finalized (Fisk, 1997). Design changes can affect a project adversely depending on the timing of the occurrence of the changes. Errors and omissions in design: Errors and omissions in design are an important cause of project to delays (Arain et al., 2004). Design errors and omissions may lead to loss of productivity and delay in project schedule (Assaf et al., 1995). Hence, errors and omissions in design can affect a project adversely depending on the timing of the occurrence of the errors. Conflicts between contract documents: Conflict between contract documents can result in misinterpretation of the actual requirement of a project (CII, 1986a). To convey complete project scope for participants, the contract documents must be clear and straight to the point. Insufficient details in contract documents may adversely affect the project, leading to delay in project completion. Inadequate scope of work for contractor: In a multi-player environment like construction, the scope of work for all the players must be clear and without uncertainty for successful project completion (Fisk, 1997; Arain et al., 2004). Inadequate scope of work for the contractor can cause major Variations that may negatively affect the project, and leads to changes in construction planning. Technology change: Technology change is a potential cause of Variations in a project. Project planning should be flexible for accommodating new beneficial Variations (CII, 1994b). This is because the new technology can be beneficial in the project life cycle, for instance, reducing maintenance cost of the project. Or new methods of constructions that reduce construction cost. Value engineering: Value engineering should ideally be carried out during the design phase (DellIsola, 1982). During the construction phase, value engineering can be a costly exercise, as Variation in any design element would initiate and leads to Variations to other relevant design components (Mokhtar et al., 2000). Lack of coordination: A lack of coordination between parties may cause major variations that could eventually impact the project adversely (Arain et al., 2004). Unfavourable Variations, which affect the projects negatively, can usually be managed at an early stage by paying extra focus in coordination. Design complexity: Complex designs require unique skills and construction methods (Arain et al., 2004). Complexity affects the flow of construction activities, whereas simple and linear construction works are relatively easy to handle (Fisk, 1997). Hence, complexity may cause major Variations in construction projects. Inadequate working drawing details: To convey a complete concept of the project design, the working drawings must be clear and concise (Geok, 2002). Insufficient working drawing details can result in misinterpretation of the actual requirement of a project (Arain et al., 2004). Thorough reviewing of design details would assist in minimizing Variations. Inadequate shop drawing details: Shop drawings are usually developed for construction work details for site professionals (Cox and Hamilton, 1995). As mentioned earlier with regard to working drawing details, likewise, inadequacy of shop drawing details can be a potential cause of Variations in the construction projects. Consultants lack of judgment and experience: Professional experience and judgment is an important factor for a successful completion of a building project (Clough and Sears, 1994; OBrien, 1998). The lack of professional experience increases the risk of errors in design as well as during construction. Eventually, this may affect the project quality and delay the project completion. Lack of consultants knowledge of available materials and equipment: Knowledge of available materials and equipment is an important factor for developing a comprehensive design (Geok, 2002). In the construction industry where material standardization is not common, the consultants lack of knowledge of available materials and equipment can cause numerous major Variations during various project phases. Honest wrong beliefs of consultant: Honest wrong beliefs may cause construction professionals to contribute poor value add in projects (Arain, 2002; Arain et al., 2004). Consultants, without having firsthand knowledge, may make decisions based on their wrong beliefs which would adversely affect the pace of the project. Consultants lack of required data: A lack of data can result in misinterpretation of the actual requirements of a project (Assaf et al., 1995; Arain, 2002). When there is insufficient data, consultants are prone to develop designs based on their own perceptions, which may not be what the Employer wants. Eventually, this may cause major Variations and affect the project negatively. Obstinate nature of consultant: In a multi-player environment like construction, the professionals have to work as team at the various interfaces of a project (Wang, 2000; Arain et al., 2004). If the consultant is obstinate, he may not accommodate other creative and beneficial ideas. Eventually, this may cause major Variations in the later stages and affect the project Negatively. Ambiguous design details: A clearer design tends to be comprehended more readily (OBrien, 1998). Ambiguity or Doubtfulness or uncertainty in design is a potential cause of Variations in a project. This is because ambiguity in design can be misinterpreted by project participants, leading to rework and delay in the project completion. Eventually, this may affect the project progress negatively. Design discrepancies (inadequate design): Inadequate design can be a frequent cause of Variations in construction projects (CII, 1990a; Fisk, 1997). Design discrepancies affect the project functionality and quality. Eventually, this can affect a project adversely depending on the timing of the occurrence of the Variations. Noncompliance of design with government regulations: Noncompliance of design with government regulations or policies would cost the project difficult to execute (Clough and Sears, 1994). Noncompliance with government regulations may affect the project safety and progress negatively, leading to serious accidents and delays in the project completion. Noncompliance of design with owners requirements: A comprehensive design is one that accommodates the owners requirements (Cox and Hamilton, 1995). A noncompliance design with the owners requirements is considered an inadequate design (Fisk, 1997). Eventually, this may cause Variations for accommodating the Employers requirements. This may affect the project adversely during the construction phase. Change in specifications by consultant: Changes in specifications are frequent in construction projects with inadequate project objectives (OBrien, 1998). As mentioned earlier with respect to changes in specifications by the Employer, this is also a potential cause of Variations in a project, leading to reworks and delays in the project completion. C. Contractor Related Variations This section discusses the causes of Variations that were related to the Contractor. In some cases, the contractor may suggest Variations to the project, or the Variations may be required because the contractor fails to fulfil certain requirements for carrying out the project. Lack of Contractors involvement in design: Involvement of the Contractor in the design may assist in developing better designs by accommodating his creative and practical ideas (Arain et al., 2004). Lack of Contractors involvement in design may eventually cause Variations. Practical ideas which are not accommodated during the design phase will eventually affect the project negatively. Unavailability of equipment: Unavailability of equipment is a procurement problem that can affect the project completion (OBrien, 1998). Occasionally, the lack of equipment may cause major design Variations or adjustments to project scheduling to accommodate the replacement. Unavailability of skills (shortage of skilled manpower): Skilled manpower is one of the major resources required for complex technological projects (Arain et al., 2004). Shortage of skilled manpower is more likely to occur in complex technological projects. This lack can be a cause for Variations that may delay the projects completion date. Contractors financial difficulties: Construction is a labour intensive industry. Whether the Contractor has been paid or not, the wages of the worker must still be paid (Thomas and Napolitan, 1994). Contractors financial difficulties may cause major Variations during a project, affecting its quality and progress and in some cases even the safety of the site is affected if there is an argument. Contractors desired profitability: Contractors desired profitability can be a potential cause of Variations in construction projects. This is because Variations are considered a common source of additional works for the contractor (OBrien, 1998). The Contractor may eventually strive to convince the project Employer to allow certain Variations, leading to additional financial benefits for him. Differing site conditions: Differing site condition can be an important cause of delays in large building projects (Assaf et al., 1995). The contractor may face different soil conditions than those indicated in the tender documents. Eventually this may affect his cost estimates and schedule negatively. Defective workmanship: Defective workmanship may lead to demolition and rework in construction projects (Fisk, 1997; OBrien, 1998). Defective workmanship results in low quality in construction projects (Arain et al., 2004). Even the Contractor bares the cost of the defective work, but this also may affect the project negatively, leading to rework and delay in the project completion. Unfamiliarity with local conditions: Familiarity with local conditions is an important factor for the successful completion of a construction project (Clough and Sears, 1994). If the Contractor is not aware of local conditions, it would be extremely difficult for him to carry out the project. Eventually, project delays may occur that end up with vital Variations in the entire design entity. Lack of a specialized construction manager: The construction manager carries out the construction phase in an organized way to eliminate the risks of delays and other problems. Lack of a specialized construction manager may lead to defective workmanship and delay in the construction project. Fast track construction: Fast track construction requires an organized system to concurrently carry out interdependent project activities (Fisk, 1997). When the public and private sectors have large funds and want to complete projects in a very short time, complete construction drawings and specifications may not be available when the contractor starts work (Arain et al., 2004).Eventually, this procurement mode may cause major Variations. Poor procurement process: Procurement delays have various negative effects on other processes in the construction cycle (Fisk, 1997). Occasionally, the procurement delay may cause an entire change or replacement for originally specified materials or equipment for the project (Arain et al., 2004). This may therefore cause a need for project activities to be reworked. Lack of communication: Detrimental Variations, which affect the projects adversely, can usually be managed at an early stage with strong and incessant communication. A lack of coordination and communication between parties may cause major Variations that could eventually impact the project negatively (Arain et al., 2004). Contractors lack of judgment and experience: The consultants lack of professional experience increases the risk of errors during construction (OBrien, 1998). This lack may cause major construction Variations in a project, when both Contractor and consultant could not identify or foresee the problems in the planning stage due to both parties are lacking of experience. Eventually, this may affect the project quality and delay the project completion. Long lead procurement: Procurement delays have various adverse affects on other processes in the construction cycle (Fisk, 1997). Occasionally, the procurement delay may cause an entire change or replacement for originally specified materials or equipment for the project. Delay in long lead procurement is a common cause of delays in building projects (Assaf et al., 1995). Honest wrong beliefs of contractor: As mentioned earlier with respect to honest wrong beliefs of the consultant, honest wrong beliefs of the contractor can also be a potential cause of Variations in construction projects. Contractors, without having firsthand knowledge, may make decisions based on their wrong beliefs which would adversely affect the quality and pace of the project. Complex design and technology: Complex design and technology require detailed interpretations by the designer to make it comprehensible for the Contractor (Arain, 2002). A complex design may be experienced for the first time by the Contractor. Eventually, the complexity may affect the flow of construction activities, leading to delays in the project completion. Lack of strategic planning: Proper strategic planning is an important factor for successful completion of a building project (Clough and Sears, 1994; CII, 1994a). The lack of strategic planning is a common cause of Variations in projects where construction starts before the design is finalized, for instance, in concurrent design and construction contracts (OBrien, 1998). Contractors lack of required data: A lack of required data may affect the contractors strategic planning for successful project completion, leading to frequent disruptions during the construction process. This is because a lack of data can result in misinterpretation of the actual requirements of a project (Assaf et al., 1995; Arain et al., 2004). Contractors obstinate nature: As mentioned earlier with regard to the obstinate nature of consultant, likewise, this can be a potential cause of Variations in construction projects. If the Contractor is obstinate, he may not accommodate creative and beneficial ideas suggested by others. Eventually, this may cause major Variations in the later stages and affect the project negatively. D. Other Variations This section discusses the causes of Variations that were not directly related to the project team. Weather conditions: Adverse weather conditions can affect outside activities in construction projects (Fisk, 1997; OBrien, 1998). When weather conditions vary such as the various monsoon seasons in Malaysia, the contractor needs to adjust the construction schedule accordingly. Occasionally, this may affect the project progress negatively, leading to delays in construction. Safety considerations: Safety is an important factor for the successful completion of a building project (Clough and Sears, 1994). Noncompliance with safety requirements may cause major Variations in design. Lack of safety considerations may affect the project progress negatively, leading to serious accidents and delays in the project completion. Change in government regulations: Local authorities may have specific codes and regulations that need to be accommodated in the design (Arain et al., 2004). Change in government regulations during the project construction phase may cause major Variations in design and construction. This can affect a project negatively depending on the timing of the occurrence of the changes. Change in economic conditions: Economic conditions are one of the influential factors that may affect a construction project (Fisk, 1997). The economic situation of a country can affect the whole construction industry and its participants. Eventually, this may affect the project negatively, depending on the timing of the occurrence of the Variations. Socio-cultural factors: Professionals with different socio-cultural backgrounds may encounter problems due to different perceptions, and this may affect the working environment of the construction project (Arain et al., 2004). Lack of coordination is common between professionals with different socio-cultural backgrounds (OBrien, 1998). Eventually, project delays may occur that end up with vital changes in the entire project team. Unforeseen problems: Unforeseen conditions are usually faced by professionals in the construction industry (Clough and Sears, 1994; OBrien, 1998). If these conditions are not solved as soon as possible, they may cause major Variations in the construction projects. Eventually, this may affect the project negatively, leading to reworks and delays in the project completion.

Free Henry IV Essays: Falstaff and King Henry :: Henry IV Henry V Essays

Henry IV - Falstaff and King Henry    Throughout the play Henry IV : Part I,there are many similarities between characters. Two that seem particularly alike are Falstaff and King Henry. Their common traits are demonstrated by Shakespeare in many subtle and not-so-subtle ways. While Falstaff seems   to be able to accept himself for what he is, the King appears to be tied up in his image as a great ruler, and thus will never admit to being anything less than great.      Ã‚   The characters of Falstaff and the King at first seem to be diametrically opposed opposites in terms of personality, yet they share many common traits. Falstaff is a thief; he admits to being a robber of purses, and, in fact, is pursued by the Sheriff at one point. The king is also a thief; instead of robbing purses from travellers, he stole an entire empire from Richard II, whom he also had murdered. In their ways of dealing with people, especially under uncomfortable circumstances, the two also behave in like ways. It is well known that Falstaff often works his way out of unpleasant situations using only his wit. The King is continuously modifying his behavior to suit the occasion, such as when he is dealing with Hotspur and the opposing Vassals and when he deals with Hal at the royal court. Both Falstaff and the King live,to a great extent, by the sharpness of their minds: Falstaff as a criminal, and the King as a politician. Another similar facet of these two characters is their view of bravery. Both the King and Falstaff subscribe to the theory that it is better to avoid danger and thus avoid the possibility of harm than to takerisks. Falstaff does this on several occasions,such as when he played dead during the battle to avoid injury. At this same battle, the King employed similar tactics, when he had many of his men disguised to look like him and thus him hard to find. It is in these ways that Falstaff and the King are alike; it would appear that their only real differences are in how they see themselves. A politician and a thief can be said to have many things in common.

Tracing the Moral Development of Huck Finn Essay -- Mark Twain The Adv

Tracing the Moral Development of Huck Finn Living in the 1800's wasn't an easy task. There were many hardships that a person had to endure. In the novel, The Adventures of Huck Finn, the author Mark Twain portrays the adventure of a young boy. Huck, the young boy, goes on a journey with various dilemmas. The novel starts off in Missouri on the Mississippi River. Huck is taken from his guardians by his father and then decides to runaway from him. On his journey, he meets up with his former slave, Jim. While Huck and Jim are traveling down the Mississippi River, they meet a variety of people. Throughout the novel he takes on many different tasks which help shape his moral conscience. Taking on a new friend which society shuns, being without material possessions, and taking responsibility for his actions help Huck refine and reform the morals that make him a more mature young man. Huck develops morally from his companion on his journey, Jim, a runaway slave. At first, Huck doesn't respect Jim because he's his slave. "†¦He slipped Jim's hat off his head and hung it on a limb right over him†¦" P.6. This shows how Huck likes to trick Jim and play games on him. Later the two meet up on an island and immediately befriend and join up together. "†¦I didn't do him no more mean tricks, and I wouldn't done that if I'd 'a' knew it would make him feel that way." P.86. Huck says this after fooling Jim and telling him that a real event was just a dream of his. He r...

Fahrenheit 451: Books - A Part Of Our Past :: essays research papers

Fahrenheit 451: Books - A Part of Our Past   Ã‚  Ã‚  Ã‚  Ã‚  One of the biggest issues raised in this book was the idea that people are starting to forget more about books and what they mean. People have started to take books for granted, instead of reading books they watch a movie or a program on the television. People do not realize that books, scrolls, manuscripts are a big part of our past.   Ã‚  Ã‚  Ã‚  Ã‚  Since the beginning of time, people have been recording things they saw, did and took part in on birch bark and later very primitive paper. People do not realize that without those scratching on the birch bark that we would have no recollection of the past. Sure there would have been word of mouth, but things would have gotten so turned around that it would not have been our past anymore, it would have been a made up one. In the time of Shakespeare there were no televisions, not even close to that technology yet. Who would we study and learn about, if no one had written things. Man kind would be studying the man who had invented the television because he would have been able to record himself, and then everything after that, which is only about fifty years. But without the recordings of Einstein and all the other famous scientists, television probably would not be invented that early.   Ã‚  Ã‚  Ã‚  Ã‚  In our day and age people are watching too much television. We figure that everything that is in books is on the television. If we need to learn about something we rent a movie about it or watch a show on it. No one reads books anymore just for the fun of it, or so they can read the paranormal, science fiction, horror, classics, fiction or non-fiction novel that surround our world. If we want to see stuff like that we will watch â€Å"The X-Files† or rent a Stephan King movie. Actually when you read books there is much more satisfaction about it. They help you develop your imagination which can be very good in many things. The description in them makes you use your brain to see the picture and the action behind it. The picture that comes into your head is more real than the picture on the television. It never seems like they just threw a dummy out the window, it actually looks real in your head. When you read stuff like â€Å"Moby Dick†, you actually see Captain Ahab and Ishmael and the rest of the crew trying to slay the great Sperm Whale, then you see the

Imagery in Macbeth

Shakespeare’s Effective use of Imagery to Display Powerful Themes â€Å"Fair is foul and foul is fair: Hover through the fog and filthy air. † (1. 1. 11-12). This famous chant lies in the opening scene of William Shakespeare’s tragedy Macbeth, providing dark evil imagery to evoke the senses and set a tone for the play. Images are strong sensory techniques that can be used as a basis for much further development in any piece of literature. A black cat, a dark alley and a stormy night are all modern day symbols of mystery and evil doings.Authors often times use these or similar images to embellish the plot by designing a setting or giving the characters more depth. More significantly, images provide a solid ground which gives underpinning to important themes of the writing. William Shakespeare very skillfully uses imagery to support prevalent themes of his drama Macbeth. Poison of the mind, the power of ones thoughts and hypocrisy are all significant themes carried throughout the play by effective use of imagery in reference to serpents, ghostly visions and ill-fitted clothing.Powerful images creep through the tragedy at every scene to construct a venomous atmosphere of false virtue and self-deceit. To start, Shakespeare effectively uses serpent imagery to illustrate the idea that power may act as a virus that poisons the mind and leads to moral and self-destruction. For instance, the power that Macbeth achieves through the violent act of murdering Duncan acts as a disease embedded into his mind that warps and twists his thinking.His only focus now is what evil acts must be done in order to ensure that his crown is safe. He expresses these poisonous thoughts when speaking to his wife about his idea to exterminate those threatening his title â€Å"O, full of scorpions is my mind. † (3. 2. 36). The powerful image of scorpions crawling through his brain, injecting their venomous thoughts effectively demonstrates how power can act as a poi son that challenges moral thinking and sets people on a wrath of destruction.By providing a very sinister, wicked image of the diseased mind a common theme of the poison in power is successfully illustrated to the reader. Similarly, Lady Macbeth emphasizes the idea that in order to carry out those actions necessary to maintain such power they must possess poisoned blood â€Å"look like the innocent flower/ But be the serpent under’t. † (1. 5. 64-65). This striking image that compares Macbeth to a serpent enhances the suggestion that his strive to maintain authority has transformed him into a toxic creature with venomous blood.Such compelling imagery gives the reader a sense of his sickly soul, thus further amplifying the idea that supremacy acts as a sickness that infects the mind and disrupts moral judgment. In summary, the use of serpent and poison imagery firmly expresses a central idea of the play; power is a virus that contaminates the mind and leads to moral and self-destruction. In the same way that Shakespeare uses imagery to emphasize the idea of power acting as a virus, he also makes use of images to portray the theme that the physical world (reality) is not always as real as the thoughts in one’s mind.First of all, as Macbeth is preparing the murder of King Duncan his innermost thoughts come to life when his anxiety gives rise to the hallucination of a dagger, the handle pointed to him and the blade aimed at Duncan. In a soliloquy, Macbeth expresses his confusion when he is unable to clutch the blade â€Å"Mine eyes are made the fools o’ the other senses, or else worth all the rest. † (2. 1. 43-45). The vision is so strong to him that Macbeth is unable to determine whether his eyes are incorrect or his other senses (such as the sense of touch) are failing him.The ghostly vision and Macbeth’s heavy belief in what clearly isn’t there illustrates the power in one’s thoughts compared to the reality of the universe, further highlighting a key theme of the play. Furthermore, Macbeth experiences an even more passionate response to illusory thoughts when he believes to see the ghost of Banquo sitting at his place the night of his feast. At the sight of the ghost, Macbeth loses all sense of reality and begins speaking to the ghost amid all of his guests; â€Å"Prithee, sit there!Behold! Look! Lo! How say you? Why, what care I? If thou cans’t nod speak too. † (3. 4. 69-70). Once again, the way Shakespeare depicts the power of these visions to Macbeth through his ghost imagery better reinforces the strength of our internal thoughts. Shakespeare’s use of ghost imagery, and more notably Macbeth’s strong reaction to them, positively expresses the theme of one’s inner thoughts providing a stronger reality than the physical world.In a similar fashion to the way Shakespeare applies ghost imagery to depict an idea of the strength in one’s innermost thoughts, he effectively constructs the lesson that hypocrisy goes against nature and will not work in the long run with his use of clothing imagery. The clothing imagery is used to demonstrate that the persona Macbeth is attempting to possess is not actually his; the moral standards he claims to have as a loyal King do not match with his actions. For example, when Macbeth is given title Thane of Cawdor, he asks Angus â€Å"Why do you dress me in borrow’d robes? † (1. . 108-109), indicating that they are literally not his, they belong to the current Thane of Cawdor. However on a more symbolic level, the image of these borrowed robes demonstrates that Macbeth’s honors do not really belong to him. They have been borrowed, even stolen and he should not possess such a title. Thus, the clothing image helps to emphasize the idea that false virtue is unjust, further developing a major theme in the drama. Also, the clothing imagery throughout the play aids in revealing this theme by hinting at the idea that Macbeth’s new title does not â€Å"fit† him right.For example, in act 5 when Angus speaks of Macbeth â€Å"Now does he feel his title hang loose about him, like a giant’s robe/ Upon a dwarfish theif. † (5. 2. 20-22), the reader is given a very awkward an obscure image, revealing Macbeth as a small, dishonorable man covered in garments that are unsuited to him. This advances the thought of Macbeth standing as a fraud; his clothing is not tailored to his size just as his personality is not tailored to the position he holds.He does not belong in that position of power, he should not be in that position of power and the obscure image if ill-fitted clothing really proves the idea that this is not right, it is unnatural. In short, Shakespeare’s use of clothing imagery helps to develop a central theme that hypocrisy is against nature, further emphasizing his ability to illustrate prevalent themes through images. Evi dently, Shakespeare utilizes a variety of images to effectively illustrate the important themes of Macbeth.His use of poison imagery to display the virus of power, ghostly images to portray strength in one’s innermost thoughts and clothing imagery to demonstrate that hypocrisy goes against nature are all examples of the way Shakespeare employs this technique. This cunning use of words that appear to the senses give the reader a powerful picture to provide further understanding of underlying themes already present in the writing. Such a method of writing has since been used by many other authors to enhance their writing and better depict significant themes.

Performance Management Framework Essay

Mr. Stonefield is starting his own business in Austin, Texas, called Landslide Limousine Service. One of the fundamental elements to building this new business venture is creating a framework for performance management. The framework must include necessary employee job skills, the methods used for measuring these skills, the process for addressing skill gaps, and the approach for delivering effective performance feedback. It is important to understand how the performance management framework (PMF) aligns to the organizational business strategy. Mr. Stonefield previously stated he wants to provide first-class transportation to his customers. His goals are realistic for the first year with an anticipated -$50,000 in revenue, and 10% turnover. The success of the business’s performance management will ensure there will not be any additional lost revenue, and turnover stays at, or under target. The goals set in place lay the foundation for the future of this company, and a clearly defined PMF will foster highly engaged employees and lead to continual revenue growth. It is imperative Mr. Stonefield’s employees have the necessary job skills to allow Landslide Limousine to achieve its goals and gain a positive reputation. A job analysis is â€Å"The process of obtaining information about jobs, including the tasks to be done on the jobs as well as the personal characteristics necessary to do the tasks† (Cascio, 2013, p.690). Mr. Stonefield has elected Atwood and Allen Consulting to conduct the job analysis process to identify the skills his employees will need. The job analysis process, or in this case, processes, have been identified, but additional time is required to act out these processes. The first process is observation. â€Å"The analyst simply observes a worker or group of workers doing a job. Without interfering, the analyst records†¦ Team Reflection: Performance Management In week 4 Team â€Å"D† reviewed and discussed the following information and how it applies to Landslide Limousine. Alignment of the performance management framework to the organizational business strategy, organizational performance philosophy, the job analysis process completed identifying the  skills needed by employees, methods used for measuring an employee’s skills, process for addressing skill gaps, approach for delivering effective performance feedback. Alignment of the performance management Aligning the structure of the performance management plan with the business strategy is a key element for its success. For Landslide Limousine Services, it was previously communicated that this strategy entailed providing first class transportation to its customers. Its prospective goals indicate a $50,000.00 first year net revenue, a 5% net revenue increase over the first few years, and a turnover rate of approximately 10%. In order to achieve the realistic goals set and for the business strategy to be met, you must consider what it would take to reach them. Understanding that employee loyalty will be an asset to the business is a good start. This means developing a flexible framework that expresses the company’s culture and shows managements’ commitment to developing a strong team of employees. Providing the right training opportunities is essential for meeting business objectives. Many companies just go through the motions of a performance management plan without fully evaluating the needs of the employees to develop their morale and commitment in return. In order to provide first class transportation to its customers, opportunity for development in this area with the proper guidance and encouragement will engage employees in the direction of the company’s strategy. Organizational performance philosophy Every business and its culture differ from one†¦ Introduction Creating a performance management framework ensures that Clapton Commercial Construction will achieve its business venture goals. A critical tool for a company is its performance management. It gives the employees an opportunity to succeed and for the organization to prosper. Outlined are recommendations that we here at Atwood and Allen consulting feel should be utilized to maximize the potential this company has. Performance Management For any business to be successful it is imperative that they implement a  performance management framework. This structure must be effective for the company to meet its goals and ensure that internal decisions are made based on the work performance of its employees. The performance management framework aligns with the business strategy because the structure is created based on the goals and vision of the business. Recommendations Clapton Commercial Constructions desire is to deliver quality top notch construction and customer service. A clear vision and realistic goals are needed to target areas of improvement. An effective performance management framework ensures consistency in reviews and brings the business success they are anticipating. It is recommended that Clapton Commercial promote growth by making sure that all employees are properly trained and feedback be analyzed from the employees and customers. The job analysis is an in-depth study of the position. It provides information for job descriptions (Job Analysis-Human Resources Management for Employers, 2011). We recommend that the employees be involved by completing a job analysis form, this is a way of collecting information about the work. Interview the employees by asking them specific questions about their job duties and make a list of the specific task performed. Also, identify the experience, education, and training levels†¦ PERFORMANCE MANAGEMENT SYSTEM ABOUT PERFORMANCE MANAGEMENT SYSTEM Performance Management involves the entire gamut of processes in identifying critical dimensions of performance – setting work plans against laid down objectives, reviewing the work done against indicators of performance and developing and enhancing competencies for improved performance. THEORGANIZA TIONAL GOAL PROVIDES THE PERSPECTIVE TO DETERMINE THE DEPARTMENTA L (REGION/ THEME/UNIT) GOAL WHICH IN TURN PROVIDES THE CONTEXT FOR AN PROCEDURE FOR EFFECTIVE PERFORMANCE MANAGEMENT SYSTEM An effective Performance Management System should be based on :a) Setting up Key Result Area (KRAs) for the Region/Theme/Unit/ Department b) Clarity of Individual Roles and Responsibilities c) Laying down Plans and Performance  Indicators for each position d) Periodic assessment of performance of the individual against such Plans/ Performance Indicators e) Identifying factors facilitating and hindering achievement of Plans – development of action plans for overcoming hindering factors and strengthening facilitating factors f) Periodic review of role incumbents’ behavior, which contributes to effective functioning and working out action plans for developing such behavior. g) Identification of role incumbents’ developmental needs and preparing plans for staff development through training and related activities. h) Implementation and review. HUMAN RESOURCE MANAGEMENT: PERFORMANCE MANAGEMENT SYSTEM PAGE STAGES OF MANAGING PERFORMANCE SYSTEM : 1. Identification of KRAs (Key Result Areas)  KRA(s) for the Organisation need to be identified and collectively agreed upon. The KRA(s) for the organization will be drawn out from the Country Strategy paper (2005-2010) which has evolved through a bottom-up approach, from consultations held with over a 1000 persons, with participation from the partners and communities AAI-India works with. KRA(s) for the organization will hold good for the†¦ Performance Management Plan Performance Management Plan HRM-531 March 17, 2014 Patrice Cloutier Mr. Stonefield, I am very happy to hear that you are considering a Performance Management Plan for your business expansion in Austin, Texas. As you may know there are sound organizational payoffs for implementing a strong performance management system. Study indicates that companies with a strong management plan is likely to outperform competitors by 51% on financial measure and by 41% on nonfinancial metrics. The performance management plan for the limousine operation with 25 employees, with a net $-50k revenue, with a growth of rate 5% for the first two years and expected rate of turnover of 10% should be straight forward. Here below I am presenting to you our recommendations for a very comprehensive performance management plan. (Cascio, 2013, P.332) The first step a business must consider is alignment of performance management to the business strategy. Once you have the vision for the Limo operation in Austin, identify the drivers or Key Performance Indicators to achieve the vision. The KPIs then can cascaded down to the functional areas then to individual level. The next step in the process should be of defining goals. The process of goal setting should be a collaborative process between a manger and the employee. Once the company wide strategy is established the strategy and the goals should be shared with each employee. This is a critical step in the process. One thing to keep in mind in goal development is that the goals should be specific, measurable, achievable and timely. Specific: Well-defined to inform employees exactly what is expected, when, and how much. Measurable: Provide milestones to track progress and motivate employees toward achievement. Achievable: Success needs to be attainable with effort by an average employee, with a bit of a stretch. Relevant: The goals should focus on the greatest impact to the overall†¦