The River Between Summary Chapters free essay sample

Again told about Waiyaki’s eyes: â€Å"strong and undaunted look†, â€Å"evil glitter† - Waiyaki and Chege go to the slopes together. - Waiyaki energized †going of understanding from one age to the next - Learn about the significance of nature: can both recuperate and toxic substance - Nature brings child and father nearer. - Waiyaki feels significant, cherished, in wonder of his dad. - The strange tree: â€Å"ancient, blessed, holy, huge† - Waiyaki intrigued by the enormity of the land, threatened by nature’s significance and excellence. Part 5: Son and father think about nature’s excellence. - Chege cautions his child about the white men. - Waiyaki is frightened however doesn’t have the mental fortitude to advise his dad to quit teling him those antiquated stories. - Waiyaki is told about Mugo’s prediction: â€Å" a hero will originate from the hills† - Waiyaki alongside kinuthia and kamau go to Siriana to become f amiliar with the shrewdness of the white men. - Due to his brisk advancement, the white men saw waiyaki as a potential future Christian pioneer. We will compose a custom article test on The River Between Summary Chapters or on the other hand any comparative point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Part 6: - Nyambura and her littler sister Muthoni are Christians whose father Joshua had been changed over. Muthoni reveals to her sister that she needs to get circumsized, causing the latter’s stun (Nyambura considers this training as non Christian and primitive) - They both realize that Joshua will never permit it. - Muthoni’s reason: to turn into a genuine lady, to be started into womanhood, the white man’s God doesn't fulfill her. - Nyambura doesn't comprehend her sister however doesn't demoralize her, rather, encourages her to discover a spot to go. - As the 2 young ladies return home, Muthoni drops her water barrel which moves down back to the Honia stream: represents something terrible will occur. Section 7: - Joshua was one of the first to be changed over to the new confidence and he dreaded the annoyance of his companions who felt sold out. - Joshua didn't affirm of female circumcision which he thought about a wrongdoing. - The Kameno individuals censured Joshua for the more regular visits of the white men. Part 8: - After the petitions at the congregation, Muthoni is discovered missing. - Miriamu, her mom looks for her wherever following Joshua’s arranges yet futile. - Nyambura discloses to her folks about Muthoni’s plan of getting circumsized at Kameno. Joshua asks Nyambura to go to their aunt;s place at Kameno to bring back Muthoni. He additionally includes that in the event that she doesn't return, he won’t consider her as her girl any longer. - The following day, Nyambura, once more from her aunt’s place reports that her sister would not return. Joshua feels embarrassed as his own little girl has carried an everlasting disrespect to him and h is home. - From that day, Muthoni â€Å"ceased to exist for him† Chapter 9: - It is the reap period. - We learn of the incredible starvation that assaulted the entire Gikuyu land. This was the time Chege cautioned the individuals of the appearance of the white men and that Joshua and Kabonyi were changed over. - Sense of contention between christain religion and the Gikuyu rituals and lifestyle (circumscision) - Chege expected that his child would bomb the prescience and be polluted by the new clique. - Chege followed mindfully the progresss, development and conduct of his child. The last was doing great in Siriana and was to be circumcised this season. - The news had spread everywhere throughout the slopes about Mutnoni’s circumscision and Waiyakim didn't comprehend her choice. He was stunned by the reality she had fled from her dad (he could always be unable to resist his dad) - Waiyaki couldn't focus on the circumcision ceremonies anda moves as his psyche was as yet distracted with Muthoni’s taboo act. - Waiyaki converses with Muthoni yet can't comprehend the explanation for her demonstration. Part 10: - Waiyaki feels the impacts of the circumcision. - All the starts sat along the banks of Honia waterway hanging tight for the specialist. - Chege was pleased with his child as he was getting praises from wherever on how Waiyaki had risen up out of the entire experience in spite of having remained with the white men for such a long time. Muthoni’s wounds had not recuperated like the various young ladies. - Muthoni was all the while enduring multi week later while all the others continued their typical lives. - Waiyaki needed to meet Nyambura to discuss Muthni’s awful condition. Nyambura sobbed when hearing the news and went to see her si ster right away. - Nyambura’s visits turned out to be increasingly more regular similar to those of Waiyaki. - Muthoni’s condition continued intensifying and she was brought to the Siriana clinic by Waiyaki. - On that equivalent day, Nyambura reveals to her mom the entire story.

Proposal Eye Clinic System

Table Content 1. Presentation †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 2. Arranging Phase 1. Issue statement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 2. Objective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 3. Degrees 1. Client Scope†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 2. Framework Scope†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 3.Software Requirement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 4. Investigation Phase 1. Methodologies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 1. Planning†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 2. Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 3. Design†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦ 7 4. Implementation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 5. Graph 1. Stream chart†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †15 2. Substance Relationship Diagram (ERD)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 16 3. Information Flow Diagram (DFD)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 17 †19 6. End †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20 7. Informative supplement 1. Interface design†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 21 †42 INTRODUCTION LaserPro Eye Center Clinic System is where it is an eyes master facility and is where the patient gets management from specialists about eyes diseases.Laser Pro Eye Center facility framework is having insecure and absence of ability in dealing with the facility. For instance, this framework can't store the data of the patients and the conclusion of the specialists. This is because of they are as yet utilizing the manual routes in taking care of their patient records. Thusly, they should search for the records and it will be problematic if the records have been saved for a year. Other than that, there will be a need in computing the clinical expenses. It will be not productive on the off chance that they are as yet utilizing the manual method to do the calculation.After that this framework likewise will print the receipt and the report. Accordingly, this framework is crea ting to make the administration of the center all the more methodicallly, simpler and smooth. This facility will do some cause, as didn’t tally the meeting expense for all the patients, the destitute individuals likewise bear to pay the clinical charge. Since some patient not moderate to pay the costly clinical expenses, they will pick don’t need go for treatment, possibly will cause the sickness become serious.This framework is a framework were utilizing the main start things out serve strategy, so it won't gave arrangement to the patients to book the arrangement, since this isn't reasonable for those stroll in patients on the off chance that they come promptly in the first part of the day but since of the arrangement patients, they need to hold up until specialist completed the arrangement patients first just analyze them. In this framework, I will incorporate a few modules. These modules are login, scanning for the staff data, item data, and patient data, figuring f or prescription expense, erase and update module, clear, print receipt PLANNING PHASE Problem StatementThere is a couple of issue that happen if there is no methodical framework for this facility. It will be requiring some investment to search for the records of the patient and clinical apportions. Other than that, it likewise require bigger capacity place, not condition amicable since they are utilizing papers in keeping the records and the dormant records which have been set aside more likely than not been lost. Other than that, a portion of the records are absent because of the huge amout of patients record or data. Furthermore, manual strategy which required numerous procedures, for example, discovering old subtleties that have been saved for a year is very troublesome.OBJECTIVE The fundamental intention is to mechanize LaserPro Eye Center facility the executives framework. The subordinate are as per the following: †¢ To mechanize the staff data framework. †¢ To roboti ze the item data framework. †¢ To robotize the patient data framework. †¢ To mechanize deals report and item list. †¢ To mechanize the count of the clinical charge. Degree User Scope: The objective clients of this framework are the specialists and medical caretakers of LaserPro Eye Center Clinic System. With this system,admin can : 1. Login into the framework utilizing security secret word. . View, update, include, and search subtleties of staff data. 3. View, update, include, erase, and search subtleties of item data. 4. View, update, include, erase, and search the patient data. 5. View deals report, and stock report as indicated by and large deals, by day. Print out the report. 6. Figure for the medicine expenses and print the receipt. With this framework, staffs can: 1. Login into the framework utilizing security secret phrase. 2. View, update, include, and search subtleties of staff data, however can’t update specific subtleties. 3.View, update, include, er ase, and search subtleties of item data. 4. View, update, include, erase, and search the patient data, however can’t include or update the treatment of the patient. 5. View deals report, and stock report as indicated by generally deals, by day. Print out the report. 6. Compute for the prescription expenses and print the receipt. Framework scope: The framework use in LaserPro Eye Center and its significant capacity are: 1. Security secret key is required to permit administrator and staffs to login into the framework. 2. Store records of staff in database. 3. Store subtleties of item in database. . Store subtleties of patient in database. 5. Can figure the prescription expenses and print the receipts for the patient. 6. Looking through capacity which empowers the administrator and staff to search for tolerant records. 7. Help capacity to control client in utilizing this framework. Programming Requirement: 1. Microsoft Visual Basic. Net 2008: use to make or manufacture interface of †LaserPro Eye Center Clinic System†. 2. Microsoft Office Access 2007. 3. Microsoft Office Visio 2007. Examination PHASE Methodologies The philosophy that was utilized to make the LaserPro Eye Center is the System Development Life Cycle (SDLC).It involves 4 phases which are arranging, investigation, structure and execution. Arranging †¢ The framework is worked for effectively search and find required data of the center for the Admin and the staff of the facility. †¢ The clients would need search and discover the staff data, tolerant data, item data in a fast and viable way. And furthermore figure the clinical charge for the patient. †¢ The framework is to be worked by utilizing the Visual Basic. Net programming language from the Visual Studio. Net programming. Investigation The clients of the framework are individuals who need to look, include, update, clear and erase the staff data, item data, tolerant data. †¢ The LaserPro Eye Center will show th e staff data, item data, understanding data, count for clinical expense, and the marketing chart that the clients looked. †¢ Besides, there is a print catch to let the client print out the receipt of the clinical expense, deals report, item data the clients has checked and looked. †¢ The framework must be utilized in LaserPro Eye Center Clinic. Plan In the director menu and the principle menu, the clients can choose the staff, item, and patient data that they need to look or update. †¢ When the clients decide to look through the data, the data will be show. †¢ The clients can figure the clinical charge utilizing the count page. After determined the clinical expense, additionally can print out the business chart and the stock report. †¢ When the clients decide to refresh the data, the clients are permit to include, update, alter and erase the data. †¢ They can leave the framework whenever they want to do so.IMPLEMENTATION †¢ The framework should be conveyed by the fourteenth week and introduced on the fifteenth week. †¢ The framework is test before convey. Stream Chart Login [pic] Forget Password [pic] Manager MenuMain Menu [pic] Staff Information [pic] Product Information [pic] Patient data [pic] Sale Information [pic] Sale Calculation [pic] Entity Relationship Diagram (E

The Basics of String Theory

The Basics of String Theory String hypothesis is a scientific hypothesis that attempts to clarify certain marvels which isn't at present logical under the standard model of quantum material science. The Basics of String Theory At its center, string hypothesis utilizes a model of one-dimensional strings instead of the particles of quantum material science. These strings, the size of the Planck length (10-35 m), vibrate at explicit full frequencies. Some ongoing variants of string hypothesis have anticipated that the strings could have a more extended length, up to about a millimeter in size, which would mean theyre in the domain that examinations could distinguish them. The equations that come about because of string hypothesis anticipate multiple measurements (10 or 11 in the most well-known variations, however one rendition requires 26 measurements), yet the additional measurements are nestled into the Planck length. Notwithstanding the strings, string hypothesis contains another kind of key item called a brane, which can have a lot more measurements. In some braneworld situations, our universe is really stuck within a 3-dimensional brane (called a 3-brane). String hypothesis was at first evolved during the 1970s trying to clarify a few irregularities with the vitality conduct of hadrons and other basic particles of material science. Similarly as with a lot of quantum material science, the arithmetic that apply to string hypothesis can't be exceptionally fathomed. Physicists must apply bother hypothesis to get a progression of approximated arrangements. Such arrangements, obviously, incorporate suspicions which could conceivably be valid. The driving expectation behind this work is that it will bring about a hypothesis of everything, including an answer for the issue of quantum gravity, and to accommodate quantum material science with general relativity, along these lines accommodating the central powers of physical science. Variations of String Theory The first string hypothesis concentrated distinctly on boson particles. Superstring hypothesis (short for supersymmetric string hypothesis) joins bosons with another molecule, fermions, just as supersymmetry to show gravity. There are five autonomous superstring hypotheses: Type 1Type IIAType IIBType HOType HE M-Theory: A superstring hypothesis, proposed in 1995, which endeavors to unite the Type I, Type IIA, Type IIB, Type HO, and Type HE shows as variations of a similar basic physical model. One result of the exploration in string hypothesis is the acknowledgment that there is a massive number of potential speculations that could be built, driving some to address whether this methodology will ever really build up the hypothesis of everything that numerous specialists initially trusted. Rather, numerous analysts have embraced a view that they are portraying a huge string hypothesis scene of conceivable hypothetical structures, a considerable lot of which don't really depict our universe. Research in String Theory At present, string hypothesis has not effectively made any expectation which isn't likewise clarified through an elective hypothesis. It is neither explicitly demonstrated nor adulterated, however it has numerical highlights which give it extraordinary intrigue to numerous physicists. Various proposed tests may have the chance of showing string impacts. The vitality required for some, such tests isn't as of now realistic, albeit some are in the domain of plausibility sooner rather than later, for example, potential perceptions from dark openings. The truth will surface eventually if string hypothesis will have the option to assume a prevailing position in science, past moving the hearts and psyches of numerous physicists.

The Harvard Essay Template How To Start A Cleaning Business - 1100 Words

The Harvard Essay Template: How To Start A Cleaning Business (Essay Sample) Content: THE HARVARD ESSAY TEMPLATEByClassProfessorSchoolDateHOW TO START A CLEANING BUSINESSBecoming a cleaner in the UK can be a great way to tap into a large market. Its contract is about 5.6 billion, with almost half a million people working on it. Small companies and even some traders also dominate it; thus the following are some of the steps on how to start a cleaning industry.Determine the kind of cleaning one want to specialize in either residential or commercialThis could help them in that they will be able to determine the type of workers to employ, for example, residential cleaning business involves cleaning other people's homes, this is usually done when they are at work, and it can be undertaken at any time as long as they have secured some clients. On the other hand commercial cleaning is a kind of business where one will need a lot of people to team up to work since they are operating commercial properties which have massive buildings, which may be that one is more managerial than on the cleaning ground. He or she may also, for instance, want to consider specialised cleaning which has a lot of valuable niches to venture into. Thus it is essential to determine the cleaning business one want to specialise in because it aids in the success of the company since he or she have an idea of the cleaning business to venture into.Identify the marketDetermining the type of market anyone want to operate in will also help one decide the cleaning business he or she want to venture into, for example, if planning to run a domestic cleaning venture, one will have to ensure that the people living in that local area are financially stable in that they can be able to for someone else to help them in the chores. Apart from that when one decide to venture into commercial cleaning, the market he or she chooses should be able to meet its requirements for example they should ask themselves if the market they wish to have will be able to meet viable contact s to win, apart from that proper research on the market one want to operate on will also be the key in determining the price.The budget for equipmentCleaning, for instance, can vary a lot. For example, domestic cleaners are provided by the householders, whereas in commercial cleaning company one has to invest in for some essential equipment. Thus through this one should budget on the business he wants to ventures into and he or she should also consider the loses and the profits incurredWhy start a cleaning businessTo make money in the cleaning industriesPeople usually start a company with the aim of making money. Cleaning business has excellent cash flow. Through this flow of cash, one can even grow their cleaning business the way they want since they are in control of their business. This kind of activity can also move from quotes to jobs and even into a full-force cleaning company with one being the manager.It is a job that will never go awayThis is because there is usually a very high demand in cleaners since so many filters are needed as domestic cleaners and also as commercial cleaners, And so many people will be willing to pay them to do the cleaning even when the economy takes they will be needed. Thus the business will never go away since it is in a very high demand thus becoming a significant advantage to the industry.The investment to start cleaning business is also slimOne opts to begin cleaning industry is that the funds needed to start and operate it is minimal in that one can afford it.Advantages of starting a cleaning businessNo experience requiredWhen starting a cleaning business, no experienced is needed what one only need, is his or her determinations, and also once hard work in booking their first clients.Low costs to startStarting a cleaning business requires a little amount of money to operate. What one only needs are some cleaning products and the passion to succeed.Few overhead expenses requiredWhen it comes to cleaning business, there a re few overhead expenses necessary to start it. Since he or she dont have to rent or buy premises, this can be done at a later stage, but as a starter, one can only start with minimal monetary concernsFlexibilityCleaning company can make one be his own boss in that, one can manage his or her own business, thus through this, he or she can be able to arrange his working hours, one can even work for himself...

Review Of The Remembered Village - 1189 Words

Book Review Of Mysoore Narsimhachar Srinivas’ â€Å"The Remembered Village† by Ashmik Pratik Roll No.142241006 M.A. Development Studies [Dept.:-HSS] Indian Institute of Technology, Guwahati (IIT-G) The Remembered Village by M.N.Srinivas was first published in 1976.From then till date, it has been deemed as a classic for sociologists and social anthropologists alike. In this book, he deals in details the social nuances and social dynamics of the various castes, genders and religion in a village called Rampura in the Mysore area in Karnataka state in Modern India. The naming of the book has an incredible story attached to it. All three copies of his work was burnt in a fire and so he had to redo hi work based on reminiscences and burnt fragments of his work, hence the name â€Å"The Remembered Village†. The novel like fluidity of these 365 odd pages of this first hand ethnographic report is like an exotic vicarious journey that one experiences rather than labyrinthine ordeal. It is like a romantic story of meeting a village, falling in love with it , learning a lot from it, then moving on as one does in life yet still get reminded of its nuances every time in life. The book is precisely divided into three distinct parts. The first three chapters of the books tells us a lot and it precisely sets the base for further penetration. Srinivas elaborates to us us how he selected Rampura, selfishly and partially as an emotional desire to uncover his own origins and also because it fit mostShow MoreRelatedThe Lottery By Shirley Jackson811 Words   |  4 Pagesâ€Å"Although the villagers had forgotten the ritual and lost the original black box, they still remembered to use stones†. During 1948, promptly world war II ,â€Å"The Lottery† was published by Shirley Jackson. The story was true expression of Jackson’s genuine thoughts about human beings and their heinous competence in an annual village event for corn harvest . 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Flaubert was born in Rouen, the son of a doctor. author began writing as a toddler and was educated at the lyceumin Rouen. In 1840, he emotional to Paris so as to review law, however found the town distasteful. one in every ofthe few folks he metRead MoreGrave of the Fireflies -------- My Personal Reactions1582 Words   |  7 Pagesin a sudden burst of desperation, cries out: Where am I supposed to get food? These two questions stabbed my heart like spears the moment I heard them. These are questions that never really need to be answered but they nevertheless need to be remembered. In the last scene, the ghost of Setsuko lays sleeping comfortably in the lap of her older brother, while he gazes at the night sky over the skyline of a fully modernized city. As one critic elaborates on this last shot, and here I quote, TheyRead MoreAnalysis Of The Book Ramona 1689 Words   |  7 PagesLuiseà ±o tribe members in the book. 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Advantages Of Qualitative Research Design - 1045 Words

Advantages of Qualitative research design: Qualitative research is great at rearranging and overseeing information without pulverizing multifaceted nature and connection. Qualitative techniques are exceedingly proper for inquiries where preemptive lessening of the information will anticipate revelation. On the off chance that the reason for existing is to gain from the members in a setting or a procedure the way they encounter it, the implications they put on it, and how they decipher what they encounter, the scientist needs systems that will take into consideration revelation and do equity to their discernments and the multifaceted nature of their understandings. Subjective strategies have in like manner the objective of creating better approaches for seeing existing information. In the event that the reason for existing is to develop a hypothesis or a hypothetical structure that reflects reality as opposed to the analysts own point of view or earlier research results, one may require strategies that help the revelation of h ypothesis in information. On the off chance that the reason for existing is to comprehend marvels profoundly and in subtle element, the scientist needs routines for disclosure of focal subjects and investigation of center concerns. Each of these proposals has a flip side. On the off chance that one recognizes what is being conjectured and what they are prone to discover, if one don t have to know the intricacy of others understandings, if one isShow MoreRelatedA Research Study On Sedation Management799 Words   |  4 PagesResearch Critique The design of both quantitative and qualitative research offer valuable information to the health sciences. There are circumstances when certainty is necessary, and a quantitative design is needed. 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Business Impairment Loss Business Accounting

Question: Discuss about the Business Impairment Loss for Business Accounting. Answer: Part A IAS 36 , Impairment of Assets, is the standard which narrates about the accounting for impairment of assets in each accounting period. The said standard has gained importance in the recent past specifically after the global financial crisis 2008. The term impairment is defined as to when an assets value gets reduced or diminished as compared to the amount at which it is presently recorded in the balance sheet. This standard is covered by the Australian Accounting Standard as well under AASB 136. An asset is said to be impaired if its recoverable amount is lesser than its carrying amount. As per IAS 36 it is mandatory for every company to conduct an impairment test every year annually of all its assets but for some exceptions. These exceptions are due to the fact that they are covered in various other standards. The assets which are not impaired under IAS 36 are as under: Inventories IAS 2 Construction Contract IAS 11 Deferred Tax Asset- IAS 12 Employee Benefits- IAS 19 Financial Assets IAS 39 Investment properties held at fair value IAS 40 Agricultural assets held at fair value- IAS 41 Insurance contracts- IFRS 4 Non-Current Assets held for sale- IFRS 5 Thus apart from the asset categories mentioned above, the other assets have to go through an impairment test and if it is found that the carrying amount of the assets is more than the amount that can be recovered on selling the said asset, then the difference between the two amounts is treated as impairment loss. The said amount is then recorded in the income statement of the entity as an operational expense and the said amount is reduced from the balance of the asset reflecting in the balance sheet so that the present carrying amount can be brought down to its recoverable amount. This further leads to revision in the depreciation method applied for the said asset category, useful life of the assets and the salvage value of the asset (Henderson et.al. ., 2014). For concluding that an asset has been impaired, an impairment test has to be conducted. Factors both internal and external to an organization are responsible for determining whether an asset is to be impaired or not. The external factors are as under: The assets market value has dipped steeply. There is a negative impact felt due to an increase in the market interest rate The legal, economical and political scenario is highly unstable. The net asset value of a company is greater than its market capitalisation The internal factors are enumerated as under: Due to technological advancement an asset has become obsolescent. The said asset is held for sale or disposal The company has not been performing too well and its productivity has deteriorated substantially (Thornton, 2014). Thus if the top management or the accountants are of the opinion after conducting the impairment test that the asset has been impaired then the sae should be accounted for so as to reflect the actual recoverable amount of the asset in the balance sheet of the company. This also enables to understand the liquidity position of the company in case of financial crisis or need for cash and cash equivalents. Hence what is important is to understand and calculate the recoverable amount of the asset. But if an assets individual recoverable amount is not possible to derive then the amount of the cash generating unit to which the asset belongs should be derived. A cash generating unit is such an identifiable unit of the company which is capable of generating cash flows independently. Recoverable amount is the higher of the fair value of an asset after accounting for the cost of selling the asset and the value in use i.e. the net present value of an asset from the future cash flows discounted at the market risk free interest rate (iasplus.com, 2014). The second very important issue that this standard discusses about is the fact that impaired assets can be reversed as well. Thus on conducting the impairment test annually if it is found that the assets value has increased then the company should ensure to reverse the amount but limited to only assets other than goodwill. Therefore goodwill is subject to impairment loss but not impairment reversal. This is applicable in case of reversal of a CGU also. The reversal of the impairment loss can take place only to the extent the value of the asset would have been had it not been impaired in the past after taking into consideration the depreciation. The reversal amount is duly recorded as an income and is added back to the asset category. IAS 36 has defined that the impairment should be duly disclosed in the notes to financial statements. Thus the disclosure requirements as per the standard are as follows: Following are the disclosures required to be done for each class of assets being impaired: The amount of impairment loss that has been calculated and recognized in the profit and loss account and the line item(s) of the statement of comprehensive income in which the impairment loss is recorded. The amount of impairment loss reversed and recognized in the income statement of the company and the line item(s) of the statement of comprehensive income in which the impairment loss reversal is recorded. The impairment loss of revalued assets which are recognized in the other comprehensive income during the period. The impairment loss reversal of the revalued assets which is recognized in the other comprehensive income during the period (Buschhuter, Striegel, 2011) . For entities which also do segmental reporting, they are required to disclose the following too: The impairment loss which is recorded in the income statement and in the equity during the accounting period. The impairment loss amount which is reversed and recorded in the income statement and in the equity during the accounting period. If the asset being impaired is of material nature then the below mentioned disclosures are necessary: The factors that led to impairment of an asset. The value to which the asset is being impaired. For single assets the entity is required to disclose the nature of the asset and in case it does segmental reporting as per IFRS 8, then the segment to which the impaired asset belongs to is also required to be mentioned in the disclosures of the said standard (accaglobal.com, 2014). For a cash generating unit being impaired, disclosures with regards the nature of the CGU and the amount of impairment recognized or reversed of the assets in the CGU. Therefore on summarizing the said standard it is clear that it upholds the concept of recording the assets at its actual recoverable value so as to give a true picture to the suppliers, creditors, investors and the owners of the company with regards the liquidity position of the entity. It enables to prevent over-statement or under-statement of assets value in the balance sheet. Part B The subject case study clearly connotes that the inventories and the brand Crossbow Shoe is not subject to any kind of impairment. The former because it is covered under IAS 2 and the later because factors do not incline towards such impairment. Firstly the land is to be impaired as its recoverable amount is known individually. The total financial position of the entity as on the date of reporting is $1680000 and the recoverable amount is $1420000. Thus it is clear since the recoverable amount is lesser than the carrying amount hence the assets are subject to impairment. The total impairment is $1680000- $1420000 = $260000. Now since the recoverable amount of the land is known separately i.e. $171000, hence the impairment loss of land is $200000- $171000 = $29000. The journal entry is as under: Profit and Loss Account (loss on impairment) Dr...............$29000 To accumulated impairment loss (Land)...............................................$29000 Further, as per IAS 36, since the recoverable amount of the other individual assets is not known hence first and foremost the goodwill will be impaired to the full. After the same the rest of the assets will be reduced on a prorate basis (ey.com, 2014). Thus the remaining amount of impairment after allocation of $29000 to land is $231000 ($260000 - $29000), of which $40000 is allocated to goodwill and $191000 is allocated to the factory and the machinery in the ratio of 7:4. Thus the impairment loss for factory is 7/11*191000 = $121545 and for machinery is 4/11*191000= $69455. The Journal Entries is as under: Profit and Loss Account (loss on impairment) Dr.................$231000 To goodwill A/c.....................................................................................$40000 To accumulated impairment loss (Shoe Factory)A/c...........................$121545 To accumulated impairment loss (machinery) A/c................................$69455 References: accaglobal.com, (2014), IAS 36 Impairment of Assets, Available at https://www.accaglobal.com/in/en/discover/cpd-articles/corporate-reporting/ias36-impairment.html (Accessed 19th September 2016) Buschhuter, M., Striegel, A., (2011), IAS36- Impairment of Assets, Gabler: USA ey.com, (2014), Impairment Accounting the basics of IAS 36 , Impairment of Assets, Available at https://www.ey.com/Publication/vwLUAssets/Impairment_accounting_the_basics_of_IAS_36_Impairment_of_Assets/$FILE/Impairment_accounting_IAS_36.pdf (Accessed 19th September 2016) iasplus.com, (2014), IAS 36 Impairment of Assets, Available at https://www.iasplus.com/en/standards/ias/ias36 (Accessed 19th September 2016) ifrs.org., (2014), IAS 36- Impairment of Assets, Available at https://www.ifrs.org/IFRSs/Documents/Technical-summaries-2014/IAS%2036.pdf (Accessed 19th September 2016) Henderson, S., Peirson, G., Herbohn, K., Howieson, B., (2014), Issues in Financial Accounting, Pearson: Australia Thornton, G., (2014), Impairment of Assets- A Guide to applying IAS 36 in practice, Available at file:///C:/Users/E-ZONE/Downloads/IAS%2036%20Impairment%20of%20Assets%20-%20A%20guide%20to%20applying%20IAS%2036%20in%20practice.pdf (Accessed 19th September 2016)

Secret Essays - The Secret Sharer, Joseph Conrad, Secret Sharer

Secret Sharer By Joseph Conrad "The Secret Sharer" by Joseph Conrad is a story of deep mysterious thought. The main character is a young captain who becomes aware that he does not yet know his ship, or his crew, or, indeed, himself. His character is one of complicated emotion and deep inner struggle. It's emphasis on the "double" (or alter ego) portrays the bond between an innocent person and one who is technically a criminal and reveals how easily the fates of each are interchangeable. Conrad has a unique style on which his specific diction and somewhat advanced vocabulary, coupled with complex sentence structure and plot development, hold the potential to confuse and frustrate the average reader. Conrad attempts to engage their minds and create original thought. In depth description is also very characteristic of Conrad's style and is found throughout "The Secret Sharer." Because of his stylistic writing, some readers may find themselves lost in his description and loose the story line in the process. It is, however, these ornate descriptions that Conrad uses to present his underlying meaning of his story. His character development is also somewhat established through this. There is a recurring theme to "The Secret Sharer." Alienation and repression of inner urges are the dominating themes. One can almost believe the young captain is so filled with uncertainty of himself that he manufactures a self-analytical double to help him find his way. From the beginning of the story Conrad begins to use symbolism. The first four paragraphs that set the place and time also include the first usage of symbolism. In the first paragraph Conrad describes the setting of the story and in doing so subtly lets it be known that the captain is feeling alone and different from the rest of his crew. For example, ".... For there was no sign of human habitation as far as the eye could reach." "To the left a group of barren islets...had its foundations set in a blue sea that itself looked solid, so still and stable did it lie below my feet." In these words Conrad could be saying how the captain feels that the sea is his only solid foundation in life, his stronghold and the one thing that is stable in his life. Through the description of the vast sea and open air Conrad portrays a man who feels alienated and insignificant. Repetition of the use of the word alone and metaphors of things and situations that cause loneliness are used throughout the entire introduction. The secret sharer of the captain's boat is an escaped murderer by the name of "Legatt." Legatt is physically and psychologically identical to the captain. Whether or not Legatt is real is something that will be debated by scholars for years to come. Did the captain simply create this other self to rid him of his loneliness? Was Legatt a way for him to express his inner urges to sin and rebel against society? If so then how do we explain the skipper of the ship "Sephora" looking for him? These are all legitimate questions that really only Conrad would know the answers to. They do, however, give us a basis for further discussion of symbolism in this story. One way to explore the symbolism of the story is through the sleeping suit that Conrad repeatedly refers to. When Conrad brings Legatt into the story he uses words that imply a fantasy or mystical world. For example, "the darkling glassy shimmer of the sea", "a faint flash of phosphorescent light... flickered in the sleeping water with the elusive, silent play of summer lightning in a night sky.", "his face, a dimly pale oval in the shadow of the ship's side." and "he appeared ghastly, silvery, fishlike." All of these passages strongly suggest the presence of a fairy tale like atmosphere. The illusions to light, shimmers of the water, and the references to Legatt being a "shadow of the ship's side" and "ghastly" imply that Legatt could very well be a figment of the captains imagination. He could have been developed in the captain's subconscious as a real person who ended up succeeding in providing companionship and living out the other "self" inside the captain. Legatt is exactly like the captain in all respects except for the fact that he is also the part of him that the captain has always repressed and hidden even from himself. He is the part that we all hide deep inside us. The part of us that wants to go against the grain and do

Arms and the Boy Essays

Arms and the Boy Essays Arms and the Boy Paper Arms and the Boy Paper Owen uses Imagery, language and verse form to present the death and suffering of the soldiers. He uses these techniques in other poems, too, to create an effective, conspicuous theme. In, Dulcet et Decorum est., Owen, straight away, uses Imagery to convey his feelings about the soldiers. He describes the soldiers as if theyre like old beggars under sacks and coughing like hags. The implication of the exhaustion creates the image hat the soldiers look like ill tramps; they no longer look like robust, young men because the endurance of suffering has changed them health wise and In appearance. This Is different from the poem, Arms and the Boy, because the soldiers do not change in their health or looks, but in their innocence. Owen informs his audience that there lurk no claws behind his fingers supple, which suggests that the soldier Is not harmful and would never kill anyone If the choice was his. Unfortunately, the choice Is not his and he has to kill and fight; some of his innocence is lost forever. A significant amount of tribulations and sufferings are listed in, Dulcet et Decorum est., which creates a slow, heavy rhythm. Owen Informs his audience that the soldiers all went lame; all blind; drunk with fatigue; deaf even to the hoots. This tired rhythm mirrors the soldiers and what they are feeling. Owen does this so that we can comprehend more effectively what the soldiers are going through Just by saying the poem out loud. The suffering Is also emphasizes because of how the sentence structure is formed. By listing the soldiers injuries and poor wellbeing, the effect is almost overwhelming because the audience has little time to take in all of the pain that the soldiers have to endure. This is different to the description of suffering in, Arms and the Boy, because Owen creates a calm tone, rather than a violent one. He does this by using the same verse form throughout the poem and uses a casual tone to convey his thoughts on war. In Dulcet et Decorum est., we know that Owens fellow soldiers have to live through this languishing life, but It is easy to forget that Owen himself suffers In a way that the others might not. Wilfred Owen had suffered from shell-shock in the war and a symptom of this is that he cannot escape from some helpless dreams; he talks about one dream he had where the dying man plunges at him guttering, choking, drowning. The diction creates a violent Image of a demented man who looks as If he is possessed just because of the frantic pain. Rather than thinking of himself as lucky that he was not the agonized man, Owen detests the fact that he was there, watching It, Ana NAS to level Walt It Slammer ascription Is uses In, Anthem Tort mea Youth, UT instead of the soldiers suffering, personification is used when the weapons are described as demented and wailing as if they are the ones being tortured and not the soldiers. The representation of death in, Dulcet et Decorum est., fits in well with the futility of war theme that Owen is trying to convey. Insignificance is implied through language when the soldiers flung the wretched man behind the wagon. The effect of this nugatory attitude illustrates to the audience that the death and suffering of the soldiers is forlorn and futile. A different attitude is implied in, Anthem for Doomed Youth. This is because it has much more of a holy theme throughout the poem, relating to a conventional and respectful funeral in contrast to the reality of dying a painful death. The representation of death in, Anthem for Doomed Youth constitutes a theme of disrespect and a mockery of religion. Towards the end of, Dulcet et Decorum est., Owen talks about eyes, referring to them as writhing in his face. This creates a sense of incapability to withstand this tormented pain and implies how much the soldier is actually suffering. An image is also created by Owens choice of words. This is completely different to the eyes mentioned in, Anthem for Doomed Youth, for they are illustrated as if there are soldiers spirits still living on by holy glimmers. There is a great contrast between the eyes mentions; one set are demented and are in fierce agony while others carry on friends spirits. To conclude, Owens use of various techniques effectively presents death and the suffering of soldiers as futile and harsh. The vile diction used creates violent images in, Dulcet et Decorum est.. Arms and the Boy and Anthem for Doomed Youth are not as effective in conveying Wilfred Owens feelings on death and suffering because they are not as graphic. The impure reality is Chorine Simpson Making Close reference to language, imagery and verse form, consider the ways in which death is presented in Dulcet et Decorum Est. Does Owen present the suffering of soldiers more or less effectively here than in other poems from the selection. Decorum est., Owen uses imagery, language and verse form to present the death and In, Dulcet et Decorum est., Owen, straight away, uses imagery to convey his feelings about the soldiers. He describes the soldiers as if theyre like old beggars under because the endurance of suffering has changed them health wise and in appearance. This is different from the poem, Arms and the Boy, because the soldiers ay not change In tenet Neal or looks, out In tenet Innocence. Owen Monitor Nils the soldier is not harmful and would never kill anyone if the choice was his. Unfortunately, the choice is not his and he has to kill and fight; some of his innocence which creates a slow, heavy rhythm. Owen informs his audience that the soldiers all poem out loud. The suffering is also emphasizes because of how the sentence his languishing life, but it is easy to forget that Owen himself suffers in a way that drowning. The diction creates a violent image of a demented man who looks as if he is possessed Just because of the frantic pain. Rather than thinking of himself as lucky it, and has to live with it. A similar description is used in, Anthem for Doomed Youth, also created Day Owens sconce AT words. I Nils Is completely Deterrent to ten eyes are not as graphic. The impure reality is shown in a more disgusting light in, Dulcet et Decorum est., which constitutes vivid images of powerful description.

The Organization System - Organizational Change and Stress Management Term Paper - 1

The Organization System - Organizational Change and Stress Management - Term Paper Example The response to the first and the ninth question indicates that physical exhaustion is the major reason which is pushing me towards job burnout while mental exhaustion is also taking over as indicated by the response towards the second and the last question. Everybody experiences job burnout at one point in their career. It is a kind of job stress which affects a person physically as well as emotionally. A person feels utterly exhausted and doubts his abilities and competence. Job burnout was identified in the early 1970s and since then has become a topic of study with researchers and psychologists trying to determine the various causes and factors which often leave a person frustrated and drained. Job burnout is a global problem but is treated differently in different societies. In some countries it is considered a social problem while others treat it as a medical problem. At first it was thought that job burnout was restricted to those workers involved in human services such as nur ses, policemen, social workers and legal workers etc. However, as further studies were carried out, it was noted that job burnout was not restricted to people associated with social and health services only; even entrepreneurs, managers and white and blue collared persons suffered from a deep sense of depression and depletion in their jobs (Schaufeli et al, 2009). Job burnout reduces productivity as the worker begins to question his own talents and abilities and fails to come up with any useful contribution let alone face challenges. Although job burnout is quite common and is a hazard that plagues every occupation, the professionals who suffer from this emotional trauma the most are those associated with the police department and nursing. Pines (2005) devised the Burnout Measure or the BM method comprises of twenty one items pertaining to feelings and attitudes such as physical exhaustion; feeling weak or sickly and losing sleep; emotional exhaustion such as feeling depressed and h opeless and mental exhaustion such as feeling worthless like a failure and disappointed with people (Pines 2005). The answers were judged on a scale of 1 to 7 with responses ranging from never to always. According to Pine, a score of 4 indicates a burnout. The BM is the most commonly used burnout inventory and also enjoys a high internal consistency. A study of correlation between various work stressors and BMS scores in table four showed that the work environment factors contributed strongly towards burnout. The people examined were Israeli Jews and Arabs who were involved in police work force, nursing or were MBA students. Table 4 showed the responses of the police workforce and it is evident that the personnel are experiencing high job burnout which may affect the safety in jails and prisons. Poor working conditions, under staffing which means working under pressure to complete tasks such as cell searches, inmate count, paper work, security rounds and apathy and lack of interest from superiors led to job dissatisfaction and growing negative feelings. The Burnout Measure devised by Pines is the second most important measure of job burnout; the first one being the Maslach Burnout Inventory which according to Schaufeli is the â€Å"gold standard to assess burnout† (Schaufeli et al, 2009). Researchers and practitioners view burnout differently; according to some, exhaustion is the only force behind job burnout

Video news release Essay Example | Topics and Well Written Essays - 500 words

Video news release - Essay Example Through undertaking a survey of 77 television stations that broadcasts to 50% of the USA population, the CMD found that there were 36 video news release that were aired by these television stations incorporated and disguised as part of their own news, without disclosing to the audience the authentic source of the video news (). However, the major problem associated with the video news release is that the television stations that broadcasts these types of news fails to balance the clients news with their own independently researched footages, so as to present to the clients the actual status of the clients. More than 75% of the USA adult population depended on television news to be informed on what is happening around the world. Therefore, the television news that is aired on a daily basis has a great influence on the ability of the people to evaluate everything, ranging from consumer products to government policies (). The government has also been known for contributing the highest p ercentage of video news release that are aired by the television news, while political parties and other politically-based organizations are keen to broadcast their opinions to the public though the use of the video news release. There has been a recent controversy over the state of the video news release being incorporated within the normal news broadcast by televisions to the public, but the controversial debate has not deterred the television stations from continued airing of the fake news (). The controversy has led the U.S. Federal Communications Commission to investigate the conduct of the television stations that incorporates corporate clients or the government released video news release as their own news. This resulted to the issuance of the FCCs April 2005 Public Notice, which provided that the television stations must always disclose the sources of their news

iTunes and the Future of Music Essay Example for Free

iTunes and the Future of Music Essay Through its iTunes, iPod, and proprietary music software, Apple dominates the legal music download industry. But with the iPod contributing half of all the firm’s revenues, Apple faces intensifying competition posed by imitators such as the joint venture between Microsoft and MTV, and Samsung’s Helix. In addition to the competitive pressures, iPod also faces legal challenges. In France for example, legal enactments that compel firms with proprietary music management software to open their code to others are about to be passed. Such a law will also standardize formats across the industry so that songs from one vendor could be played on a digital player from any other system. Apple has also had to stare down the four largest record labels as far as pricing is concerned. While the four largest record labels preferred variable pricing in order to maximize earnings, Apple successfully argued for the flat 99 cents price which is more competitive (Boone and Kurtz, 2008, ch. 4). The success of Apple illustrates how commitment to the marketing orientation philosophy is useful in ensuring organizational success. Unlike the major record labels which insisted on selling music packaged in CDs, Apple realized that music consumers’ tastes and preferences had shifted in favour of the more convenient digital format, and developed a product around such needs. Through the strategy of product development as identified by the Ansoff Matrix, we see Apple adding on to its product line music videos, popular TV shows, and short movies (Mercer, 1996). Apart from the product, Apple also got other elements of its marketing mix right. In particular, its adoption of the flat $0. 99 price rather than the variable pricing pushed by major record labels ensures that the product remains competitive. Its ability to bundle together its three products the iPod, iTunes and proprietary music software is also a smart marketing gimmick that has enabled it to lock in customers (Boone and Kurtz, 2008, ch. 4). Apple derives its sustainable competitive advantage from its proprietary music software as well as its unique player iPod. By enacting laws that allow Apple’s rivals access to its code, and by standardizing formats across the industry so that songs from other vendors could play from the iPod and vice versa, the new regulations will in essence be eroding the source of the competitive advantage enjoyed by Apple in the digital music industry. For that reason, should the French legislation succeed, it would be better for Apple to pull iTunes out of the French market (Boone and Kurtz, 2008, ch. 4).

HIV and Aids in Sub Saharan Africa :: HIV in Africa

HIV and Aids in Sub Saharan Africa Introduction Sub Saharan Africa has a very serious HIV / AIDS epidemic with millions of its people living with the disease. It has now become a human tragedy in many areas of the world, but most affected is sub Saharan Africa. It is no coincidence that the countries suffering most with HIV / AIDS are also the poorest. HIV / AIDS is now considered to be the single most important impediment to social progress to many countries in Africa .This report will analyse the current situation using up to date sources from articles, books and the World Wide Web. UN Millennium development goals At the start of the new millennium, all 191 UN member states pledged to meet all the UN Millennium goals by the year 2015. These goals covered such issues as, poverty, hunger, education, aid, gender equality, child mortality, pre natal care, environmental sustainability and HIV / Aids. All UN states have agreed to, "Halt and begin to reverse the spread of HIV/AIDS." (http://www.un.org/millenniumgoals/). At Present, the HIV prevalence rates are still rising in sub Saharan Africa. The rate is seven ties higher in developing countries than it is in developed countries. Many different schemes are trying to reverse this trend. These schemes include,à ¢? ¦. Oxfam, who work to help ease developing world suffering believe that the only scheme that will help reduce HIV / AIDS in developing countries is to cancel world debt. "Unsustainable debt represents a huge barrier to progress in the fight against HIV / AIDS. Repayments to creditors by some of the poorest countries in the world are diverting the resources needed to respond to current suffering." (http://www.oxfam.org.uk/what_we_do/issues/debt_aid/bp25_debt_hivaids.htm) Oxfam and other similar organisations believe that countries with high prevalence rates could help them selves to solve the aids epidemic if they did not have to meet large debt repayments to the developed world. Concurring the epidemic Unfortunately this disease is not easily concurred. The disease is still today considered to be taboo, making it difficult to talk to

Aqr Delta Strategy Essay

DANIEL BERGSTRESSER LAUREN COHEN RANDOLPH COHEN CHRISTOPHER MALLOY AQR’s DELTA Strategy In the summer of 2011, the principals at AQR Capital Management met in their Greenwich, CT, office to decide how best to market their new DELTA strategy. After launching in the late summer of 2008, the DELTA strategy had compiled an excellent track record, but David Kabiller, a Founding Principal and the Head of Client Strategies at AQR, was frustrated that the fund had not grown faster in light of its exceptional performance. In Kabiller’s experience, the combination of a solid track record plus an innovative product usually led to explosive growth in assets under management (AUM), but that had not been the case so far with DELTA. The DELTA strategy was a product that offered investors exposure to a basket of nine major hedge fund strategies. The DELTA strategy was innovative in two ways. First, in terms of its structure, AQR implemented the underlying strategies using a well-defined investment process, with the goal of delivering exposure to a well-diversified portfolio of hedge fund strategies. Second, in terms of its fees, the new DELTA strategy charged relatively lower fees: 1 percent management fees plus 10 percent of performance over a cash hurdle (or, alternatively, a management fee of 2 percent only). This fee structure was low relative to the industry, where 2 percent management fees plus 20 percent of performance, often with no hurdle, was standard. These features, while distinct relative to other related â€Å"hedge fund replication† products, had yet to fully resonate with investors, and Kabiller needed to decide on a more effective marketing approach given the large number of competitors entering this space. AQR AQR was established in 1998 and headquartered in Greenwich, CT. The founding Principals of the firm included Clifford Asness, David Kabiller, Robert Krail, and John Liew, who had all worked together at Goldman Sachs Asset Management before leaving to start AQR. Asness, Krail, and Liew had all met in the Finance PhD program at the University of Chicago, where Asness’ dissertation had focused on momentum investing. AQR’s over 200 employees managed $24.0 Billion in assets. A large amount of these assets were invested in hedge fund strategies. Professors Daniel Bergstresser (HBS), Lauren Cohen (HBS), Randolph Cohen (MIT), and Christopher Malloy (HBS) prepared this case. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright  © 2011, 2012 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-5457685, write Harvard Business School Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu/educators. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School. 212-038 AQR’s DELTA Strategy Hedge funds Voor- en nadelen Hedge Fund: While open-end mutual funds had to register with the SEC, calculate and publish daily net asset values (NAVs), and provide investors with daily liquidity, hedge funds were not automatically regulated by the SEC and enjoyed as much flexibility as they could negotiate with their clients with respect to liquidity. In exchange for this light-touch regulation, hedge funds were restricted in their marketing: only high net worth and institutional investors could directly invest in these funds. Nevertheless, academic work had by the late 1990s established that hedge funds offered a risk exposure that was less correlated with broad market indexes than most mutual funds, and potentially offered high risk-adjusted returns. The performance of the hedge fund industry during the 2001-2002 recession was  particularly good; Exhibit 1 shows that while stock market indices (S&P and NASDAQ) fell dramatically during this period, broad hedge fund indices (e.g., DJCS_Hedge and HFRI_FW, which were designed to track the overall performance of the hedge fund industry) rose. In response to the perception that hedge funds truly offered outperformance, institutional money flowed into hedge funds during the late 1990s and 2000s, and the size of the industry grew rapidly. Exhibit 2 charts the growth in the number of funds and total AUM (assets under management) in the hedge fund industry since 1997. With this growth in assets and managers, questions began to surface about the role of hedge funds in a portfolio and whether there were other ways to capture those returns without being exposed to some of the negatives of hedge fund investing. Alternatives to hedge funds Although many investors were attracted to the possibility of obtaining high returns and/or low covariance with other investments in their portfolio, many still found hedge funds themselves to be unappealing. Among the reasons for their distaste were: a) illiquidity, b) minimum investment requirements, c) high fees, d) the difficulty of selecting the right hedge fund manager, e) the inability to gain access to high quality funds, and f) the lack of established benchmarks in the industry. Most hedge funds only allowed redemptions on certain dates – often at the end of each quarter. Additionally many funds had an initial lockup – that is, investors could not redeem from the fund for a set period after investing; the period was often one year though some funds had no lockup and others had locked up investors for as long as five years. Most funds also had a minimum investment size of at least $1 million. In addition, many investors found the fees charged by hedge funds, which often amounted to 2% of assets under management (some funds even charged the full cost of their operations to their funds, amounting to more than 2% management fees) plus an additional 20% of profits generated by the fund, to be excessive and hoped to obtain similar benefits at a lower cost. Some investors also found the idea of selecting a portfolio from the many thousands of available hedge funds to be an intimidating task, especially given the lack of transparency (both as to investment process and holdings) that was common among hedge fund managers. And of course even if  an investor could identify a set of funds that made up an attractive portfolio, the managers of those funds might not accept an investment at that time or from that investor. Finally, in contrast to the mutual fund industry, there was a lack of established benchmarks fo r hedge funds, making it difficult to assess skill versus luck and idiosyncratic versus systematic returns. While hedge fund indices existed, these were just peer groups, not true benchmarks, and were biased by a number of things, including style drift and survivorship bias. In response to these criticisms, alternative products were soon introduced into the marketplace. 2 AQR’s DELTA Strategy 212-038 Funds of Hedge Funds (FOFs) One popular alternative to direct hedge fund investing was the funds of hedge funds (FOFs) structure. FOFs aimed to take investors’ money and allocate it among a select group of hedge funds – sometimes among a small number (even in the single digits in some cases), and sometimes among hundreds of funds. onerous= burdensome/ heavy This approach solved a number of the issues facing hedge fund investors, especially those with modest capital. FOFs had less onerous liquidity rules than individual hedge funds, and FOFs were less likely to encounter liquidity problems than individual funds since they could obtain liquidity from a number of underlying funds. Still, FOFs were ultimately subject to the underlying liquidity (both with respect to liquidity terms and underlying holdings) of the funds they were investing in. In addition, a single minimum investment bought a portfolio of many funds, and an experienced and hopefully expert financial professional, or team of such professionals, selected the funds, and chose allocations among them that (presumably) produced a well-optimized portfolio. Finally, FOF managers  claimed that their experience and connections provided access to hard-to-enter funds. Thus FOFs presented an appealing package, and indeed close to half of all money invested in hedge funds came through F OFs. However, many investors were put off by FOF fees, which historically included an additional layer of fees often as high as half the level of hedge fund fees themselves (thus making total fees paid about 1.5 times higher than for direct investing). Multi-strategy Funds Another approach to obtaining an alternative-investment portfolio while avoiding some of the challenges of one-strategy-at-a-time creation was to invest in multi-strategy hedge funds. Such offerings were often made by large hedge fund firms that offered a variety of individual strategies. Investors might have the option to invest in a multi-strategy fund that allocated assets across the different silos within the firm. One major advantage of multi-strategy funds over FOFs was fees: multi-strategy funds typically did not charge an additional fee layer over and above the hedge fund fee (as FOFs did). Further, multi-strategy funds only charged performance fees when the total investment was in the money; whereas, in the case of FOFs and direct single strategy investments, an investor could be subject to performance fees even if the net, aggregate performance wasn’t positive. A second potential advantage of multi-strategy funds was in portfolio construction. Not only was the allocation among strategies performed by professionals, those professionals likely had a high level of insight and visibility into the opportunities available to the individual silo managers. Multi-strategy funds generally offered as good or better liquidity than individual-strategy funds, and of course there was no trouble gaining â€Å"access† to the underlying managers. Multi-strategy funds appeared to offer strong diversification, although in the famous case of the hedge fund Amaranth, investors thought they were investing in a diversified portfolio of strategies. However, extreme losses in one of the portfolio’s silos led to the loss of approximately 75% of total portfolio value. Consequently many investors felt they were not truly diversified if they had a large allocation to a multi-strategy fund, but this could be potentially mitigated through the right amount of transparency into the positions and  risks of the portfolio, or, of course, through diversification among several different multi-strategy funds, thereby minimizing single firm risk. silos= opslagplaatsen 3 212-038 AQR’s DELTA Strategy One potential concern with multi-strategy funds from the investor’s point of view was the question of portfolio manager quality. Although it was possible that a single firm could gather under one roof the very best managers in a variety of specialties, some investors found this implausible. Hedge fund replication Starting in 2006, a number of investment management firms also introduced â€Å"hedge fund replication† products. These strategies, implemented using liquid instruments, purported to give investors a ‘top-down’ exposure to the broad risk exposures of the hedge fund industry. These products could be viewed as an effort to provide ‘hedge fund beta,’ or the systematic part of hedge fund performance. The rationale for these products originated from studies of hedge fund returns that highlighted the idea that the line between ‘alpha’ and ‘beta,’ was potentially fluid. The alternative systematic exposures of hedge funds could be viewed as a kind of â€Å"exotic beta.† If hedge fund returns could be approximated with dynamically traded portfolios of liquid assets, then investors attracted to hedge fund returns, but potentially looking for a liquid or low-fee alternative to actual hedge funds could invest in a ‘hedge fun d replication’ product that attempted to mimic hedge fund returns using liquid assets. These top-down approaches aimed to use statistical methods to create a portfolio of liquid assets that had similar performance to hedge funds as a class. One top-down approach was to use linear regressions, or optimizations, to build a portfolio that had high correlations to historical hedge fund returns. An example of this  approach consisted of three steps. First one would obtain a long-run time series of returns on a diversified portfolio of hedge funds (e.g., the HFRI monthly hedge fund indices were commonly used). Then one would obtain returns on a large number of liquid investments-these could be indexes of stocks (e.g., S&P 500, MSCI EAFE, MSCI Emerging, Russell 2000, etc.), bonds (e.g., US 10-year government bonds), currencies (e.g., EUR-USD Spot Exchange Rate), etc. () Finally, one would use a standard statistical optimizer, or linear regression, to find the portfolio of liquid investments (either long or short and at weights implied by the statistical analysis) that most closely replicated the statistical characteristics of the hedge fund portfolio. Exhibit 3 presents the monthly returns from a set of indices that were commonly used for hedge fund replication purposes. 1 Specifically, the goal was to create a portfolio that historically moved as close to one for one with the hedge fund portfolio, so that it had high correlation with the hedge fund portfolio, and yet also matched other â€Å"statistical moments,† such as volatility, skewness, and kurtosis. Historically, and ideally on a forward-looking basis as well, this portfolio would fulfill a role in the diversified portfolio similar to the role that hedge funds would play. Exhibit 4 plots the recent return performance of a few commonly used hedge fund indices (e.g., DJCS_Hedge, HFRI_FW, and HFRX_Global), which represent composite indices of individual hedge funds and were designed to track the overall return performance of the industry; as well as a fund-ofhedge funds (FOF) index (HFRI_FOF) designed to track the overall return performance of funds of hedge funds. Exhibit 5 presents the return performance of four popular hedge fund replication index products, produced by Merrill Lynch, G oldman Sachs, JP Morgan, and Credit Suisse. Exhibit 6 presents the return performance of the overall hedge fund indices alongside the performance of these hedge fund replication products. 1 This is an excerpt of the data. The full data series is in the Spreadsheet Supplement to the case. 4 AQR’s DELTA Strategy 212-038 AQR’s approach For years, the principals at AQR had been working on understanding the underlying nature of hedge fund returns and exploring the possibility of being able to capture them in a transparent, liquid and cost effective way. Thus, they were initially intrigued by the introduction of these hedge fund replication products, but very soon came to the conclusion that an entirely different approach to delivering exposure to the systematic risk factors of the hedge fund industry was needed. Whereas AQR’s competitors focused on the ‘top-down’ products described above, AQR focused on creating a ‘bottom-up’ approach that sought to deliver significant risk-adjusted returns instead of simply replicating an index by: capturing classical, liquid hedge fund strategies that were uncorrelated with traditional markets, implementing them at low cost, and then bundling these strategies into a wellconstructed single portfolio focusing on portfolio construction, risk management and trading. Origins of AQR’s approach The idea of direct, simplified implementation of core hedge fund strategies was hinted at by the pioneering work into merger arbitrage of Mark Mitchell and Todd Pulvino. Mitchell and Pulvino were both former academics (at Harvard Business School and the Kellogg School of Management, respectively) who subsequently teamed up with AQR in 2001. A simple merger arbitrage strategy, for example, worked as follows: after the announcement by Firm A of a desire to acquire Firm B, the merger arbitrageur made a purchase of the target Firm B shares while shorting the acquirer Firm A’s shares (if the acquisition was to be made in cash, the arbitrageur merely purchased Firm B shares without shorting Firm A). Typically upon the announcement of the merger, the price of the target shares would not rise all the way to the price that would be appropriate if the merger were sure to be completed. When Mitchell and Pulvino studied the merger arbitrage industry, they found that merger arbitrage strategies did deliver substantial risk-adjusted returns. Specifically, the expected returns of putting merger arbitrage  investments into place was high, and while the risk was higher than one might naturally have expected — because mergers tended to break up exactly at times of market stress, and therefore the merger arbitrage strategy had more beta, or market exposure, than might be presumed — nevertheless they found that even accounting for this risk, the performance of a naà ¯ve merger arbitrage strategy that invested in every deal was substantial. Mitchell and Pulvino also looked at the performance of actual merger arbitrage funds. A merger arbitrage fund would be expected to add alpha by correctly identifying which mergers were more or less likely to achieve completion than the market anticipated. So, for example, if the market pricing of a deal was such that the expected return would be zero if the merger was 90% likely to be completed, the merger arbitrageur’s job was to try to figure out whether in fact the merger was substantially more than 90% likely to go through, substantially less than 90%, or about 90%, and then invest only in those deals that were substantially more than 90% likely to go through. What Mitchell and Pulvino found was that merger arbitrage funds made money, but that they did not show an ability to forecast which mergers would close over and above the market’s ability. That is, the outperformance that merger arbitrageurs were generating was no greater than the outperformance that would be generated by a simple strategy that bought every target and shorted every bidder, particularly net of fees. 5 212-038 AQR’s DELTA Strategy This opened the door to a potential strategy for the replication of merger arbitrage: simply participate in every merger arbitrage deal that met a set of basic screens (e.g., size and liquidity). The benefit to investors would be a potentially more diversified portfolio of merger deals than would be obtained from a fund manager who only selected a subset of the deals, and also potentially far lower fees, because there was no need to pay an analyst  to determine which mergers were more or less likely to succeed. With this as a template, one could easily imagine a whole roster of potential hedge fund strategies that could be captured in a systematic way (e.g., long value stocks and short growth stocks, convertible arbitrage, carry trades, trend following trades and trades exploiting other wellknown empirical asset pricing anomalies). Since the early work into merger arbitrage, AQR had spent years researching these other classical hedge fund strategies that could be captured from the bottomup. Bottom-Up versus Top-Down AQR preferred their bottom-up approach for a variety of reasons. First, they felt that many hedge fund strategies earned returns for bearing a liquidity risk premium, which you could not earn by trading solely in liquid instruments as in the hedge fund replication methods. For example, in order to capture the returns from a convertible bond that traded at a discount to fair value because of a liquidity risk premium, you needed to own the convertible bond, not simply liquid assets that were correlated with the convertible bond. Second, since top-down methods aimed to maximize correlations with recent past hedge fund performance, these approaches were necessarily backwardlooking and based on what hedge funds were doing in the past. By contrast, if you ran the actual strategies, one could respond to market opportunities immediately. Finally and perhaps most importantly, AQR felt that the hedge fund indices upon which most top-down replication strategies were based had a variety of biases (e.g., survivorship bias), had too much exposure to traditional markets (i.e., equity and credit beta) and also tended to reflect the weights of the most popular strategies. Since these popular strategies were crowded with many trades, the expected returns on these strategies going forward were potentially lower. In short, while they shared the noble goals of top-down replication products (i.e., attempting to provide liquid, transparent exposure to hedge fund strategies at a lower fee), AQR felt that the approach had fundamental flaws or, as Cliff Asness put it in a speech in October 2007 on hedge fund replication, â€Å"Not Everything That Can Be Done Should Be Done.† AQR’s DELTA Strategy In late 2007, AQR decided to focus their years of research on capturing the classical hedge fund strategies in a systematic way from the bottom up by â€Å"creating our own product that would seek to deliver these strategies in a risk-balanced and efficiently implemented way.† AQR viewed their â€Å"DELTA† product as superior to the newly-introduced replication products that were being marketed as offering ‘hedge fund beta.’ In fact, AQR staff bristled at comparisons between the existing hedge fund replication products and their DELTA product. To ensure that AQR was taking a broad approach and to avoid being insular, they formed an external advisory committee made up of some very seasoned hedge fund investors to help guide the development of the product. The DELTA name was an acronym that reflected the product’s characteristics: ‘Dynamic, Economically Intuitive, Liquid, Transparent and Alternative.’ The portfolio was designed to be uncor related with the overall stock market, and would be diversified across nine broad strategy classes: a Fixed Income Relative Value strategy, a Managed Futures strategy, a Global Macro strategy, insular = bekrompen 6 AQR’s DELTA Strategy 212-038 an Emerging Markets strategy, a Long/Short equity strategy, a Dedicated Short Bias strategy, an Equity Market Neutral strategy, a Convertible Arbitrage strategy, and an Event Driven strategy. Performance AQR decided to go ahead with the creation of the DELTA strategy in the late summer of 2008. By October 1, 2008, the portfolio was fully invested and had begun to compile a track record. At the time, the staff at AQR had worried that this might be â€Å"the worst possible time to be launching a product designed to capture classical hedge fund strategies.† Nonetheless, the DELTA  portfolio performed well in the fourth quarter of 2008 immediately after its launch, an impressive feat given the turbulence in the market. Exhibit 7 charts the monthly performance of the DELTA strategy since inception. Exhibit 8 shows the raw monthly returns of the DELTA strategy, compared to the raw monthly returns of stock market indices (S&P and NASDAQ) and broad hedge fund indices (e.g., DJCS_Hedge and HFRI_FW, which were designed to track the overall performance of the hedge fund industry). Exhibit 8 also presents the â€Å"beta† of the DELTA strategy with respect to these various market and hedge fund indices, while Exhibit 9 graphs the cumulative return performance of the DELTA strategy relative to these indices. Marketing DELTA Although DELTA was off to a great start, Kabiller felt like it was underperforming its potential. By the summer of 2011, despite its excellent performance, growth in DELTA’s AUM had been modest. After giving it a lot of thought, Kabiller identified three primary challenges AQR faced in convincing investors to allocate capital to DELTA. First, many of his institutional clients had grown very comfortable selecting a set of hedge funds and paying them both management and performance fees. Exhibit 10 presents the recent annual returns of some of the largest U.S. hedge funds, many of whom had delivered stellar returns over time. Kabiller was convinced that one of DELTA’s major assets was its ability to deliver hedge fund returns with a significantly lower fee structure. But many of his institutional clients had difficulty assessing just how large an advantage this provided DELTA. For instance, if a client selected the two percent management fee with no performance fee struct ure, how much higher could they expect their after-fee returns to be? Given that performance fees were typically only paid on returns in excess of a cash hurdle, was a twenty percent performance fee really that costly to fund investors? Related considerations applied to investors that invested primarily through Funds of Hedge Funds. These investment vehicles typically added a layer of fees on top of the after-fee performance of their hedge fund investments – typically a one percent management fee and a ten percent performance fee. Due to DELTA’s multi-strategy investment approach, its after-fee performance should perhaps be benchmarked against those of fund-of-funds alternatives. Conveying to such investors the fee advantage of DELTA in simple terms – for instance, how much better their competitors’ pre-fee returns needed to be than those of DELTA to offset the fee differential – would go a long way in convincing them that DELTA was the superior approach. A second challenge in marketing DELTA was the emergence of the so-called hedge fund replication strategies. These strategies were almost the polar opposite of the fund-of-funds – they had modest fees and, because they replicated hedge fund returns using highly liquid indices, they faced little in the way of liquidity risk. Institutional investors interested in low-fee exposure to hedge fund returns found these products attractive, and Kabiller found it challenging to convey the advantages of the DELTA approach. His inclination was to focus on two key limitations of hedge fund replication. First, he felt they relied heavily on the historical relationship between hedge fund returns and major stock and bond market indices. To the extent that the relationship was not stable, 7 212-038 AQR’s DELTA Strategy or to the extent that a large fraction of hedge fund movements could not be captured by an appropriate combination of these indices, the replication approach would be limited in its ability to truly deliver in real time the actual returns being earned by the average hedge fund investor. Second, even if the strategy could replicate a large fraction of the monthly fluctuations in performance of the average hedge fund, Kabiller felt it was likely that a â€Å"top-down† approach would be limited in replicating the actual edge, or â€Å"alpha,† of the average hedge fund. Even if much of the risks to which hedge funds were exposed could be found in broad stock and bond market indices, it was unlikely that any of the informational or liquidity edges they possessed would appear in the returns of these indices. A final challenge Kabiller faced in the marketing of DELTA was its track record. Although it had outpaced the broad HFRI index since its inception in the fall of 2008, th e track record was still a fairly limited one. Moreover, since the central appeal of the product was its ability to match average hedge fund returns  with modest fees, the outperformance ironically posed something of a challenge for DELTA. Kabiller felt it would be critical to understand its source before determining whether it was an aberration or whether they possessed a sustainable edge relative to the index of hedge funds. As Kabiller looked out beyond his infinity pool and into the calm waters of the Long Island Sound, he worried that without a proper grasp of these issues, many rough sales meetings lay ahead for him and his DELTA team. 8 AQR’s DELTA Strategy 212-038 Exhibit 1 Cumulative Return Performance of Hedge Fund Indices versus Stock Market Indices, since 1996. Cumulative Return Performance of Hedge Fund Indices Versus Stock Market Indices 500 450 400 350 300 250 200 150 100 50 0 199601 199609 199705 199801 199809 199905 200001 200009 200105 200201 200209 200305 200401 200409 200505 200601 200609 200705 200801 200809 200905 201001 201009 201105 NASDAQ S&P_Index DJCS_Hedge HFRI_FW Source: Bloomberg. 9 212-038 AQR’s DELTA Strategy Exhibit 2 Total Number of Hedge Funds and Total AUM (Assets Under Management) for the Hedge Fund Industry, since 1997. Growth in Hedge Fund Industry (1997-2010) 12,000 $2,500.00 10,000 Number of Hedge Funds 8,000 $1,500.00 6,000 $1,000.00 4,000 $500.00 Hedge Fund AUM (in Billions $) $2,000.00 Number of Hedge Funds Hedge Fund AUM 2,000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 $- Source: Created by casewriters using data from Hedge Fund Research, www.hedgefundresearch.com, accessed August 2011. 10 212-038 -11- Exhibit 3 Excerpt of Monthly Returns on Indices Commonly Used for Hedge Fund Replication (1996-2011). The full data series is contained in the Spreadsheet Supplement to the case MSCI EM 7.6% -0.6% 1.1% 5.2% 0.1% 0.9% -6.2% 2.6% 1.4% -1.4% 1.7% 1.0% †¦ -2.1% -1.4% 4.3% 0.8% -1.6% -1.9% -0.9% -7.3% -7.4% 9.1% -3.8% 0.0% 7.4% 3.9% 7.0% 6.2% -2.5% 0.5% 15.0% -0.5% 0.5% 10.9% -0.2% 1.0% 4.5% -8.7% -4.3% -8.8% -11.4% -5.4% -7.0% -1.3% -1.2% -3.5% -2.0% -2.5% -3.7% -1.1% -1.7% -2.0% 0.4% 0.1% 0.2% 0.4% -0.1% 0.0% 0.0% 0.0% 0.1% -2.8% 2.0% 2.4% 2.6% 0.0% 3.0% -0.1% 0.5% 1.6% 2.4% -0.3% 5.4% 2.4% 3.4% 0.2% -0.1% -0.4% 0.0% 0.0% 1.6% 2.7% -0.7% 3.3% 5.7% 2.8% -2.0% 1.3% 2.0% 0.8% 4.0% -0.7% †¦ 4.0% 2.4% †¦ 7.6% -2.0% †¦ 0.8% 0.0% †¦ 2.8% -2.1% †¦ 4.6% -1.2% 3.7% -1.7% 5.6% 2.8% 0.9% 1.2% 2.2% 2.9% 0.9% 4.1% 0.4% 0.0% †¦ -0.7% -0.2% 1.1% 1.7% -0.9% -0.8% 0.6% -1.2% 1.4% 0.0% 1.0% 0.3% 0.0% 1.0% -4.9% 0.9% -4.2% -8.8% 5.7% 0.4% -4.4% 2.1% 0.8% 0.4% 0.4% 1.5% 0.0% -0.5% -0.3% -1.0% -1.4% 3.5% -1.2% 5.3% 3.9% 1.5% 2.6% 0.0% 0.2% -1.7% -0.6% 4.5% -1.4% -1.0% 2.8% 3.0% 1.8% 0.9% 1.0% -0.5% -0.2% -3.6% -1.1% -3.7% -0.3% 3.7% -0.2% 3.4% 0.9% 0.4% 5.1% MSCI EAFE RUSSELL 2000 S&P 500 US TREAS 2YR US TREAS 10YR CURRENCY HFRI HFRI FOF HFRI FW 1/31/1996 1.1% 2.7% 2.9% 2/29/1996 3/29/1996 2.8% 1.9% -0.6% 1.0% 1.2% 1.5% 4/30/1996 5/31/1996 5.3% 3.7% 3.1% 1.5% 4.0% 3.1% 6/28/1996 7/31/1996 8/30/1996 -0.7% -2.9% 2.6% 0.4% -1.9% 1.5% 0.2% -2.1% 2.3% 9/30/1996 10/31/1996 2.2% 1.6% 1.2% 1.6% 2.1% 1.0% 11/29/1996 12/31/1996 †¦ 1.7% 0.8% 2.3% 0.7% †¦ 2.1% 1.3% †¦ 1/31/2011 2/28/2011 0.4% 1.3% 0.1% 0.8% 0.4% 1.2% 3/31/2011 4/29/2011 0.5% 1.3% -0.1% 1.2% 0.1% 1.5% 5/31/2011 6/30/2011 7/29/2011 -1.3% -1.3% -0.3% -1.1% -1.3% 0.4% -1.2% -1.2% 0.2% 8/31/2011 9/30/2011 -4.9% -6.0% -2.6% -2.8% -3.2% -3.9% 10/31/2011 11/30/2011 12/30/2011 4.9% -2.0% -0.9% 1.1% -1.0% -0.4% 2.7% -1.3% -0.4% 1/31/2012 3.8% 1.9% 2.6% Source: Thomson Reuters Datastream. 212-038 AQR’s DELTA Strategy Exhibit 4 Cumulative Return Performance of Overall Hedge Fund Indices, since June 2007. Recent Performance of Hedge Fund Indices 120 110 100 DJCS_Hedge 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 HFRI_FW HFRX_Global HFRI_FOF Source: Bloomberg. 12 AQR’s DELTA Strategy 212-038 Exhibit 5 Cumulative Return Performance of Hedge Fund Replication Indices, since June 2007. Recent Performance of Hedge Fund Replication Products 130 120 110 100 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 ML GS JPM CS Source: Bloomberg. 13 212-038 AQR’s DELTA Strategy Exhibit 6 Comparison of Cumulative Return Performance of Overall Hedge Fund Indices versus Hedge Fund Replication Indices, since June 2007. Comparison of Recent Performance of Hedge Fund Indices Versus Hedge Fund Replication Products 130 120 110 100 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 DJCS_Hedge HFRI_FW HFRX_Global HFRI_FOF ML GS JPM CS Source: Bloomberg. 14 AQR’s DELTA Strategy 212-038 Exhibit 7 Monthly Return Performance of AQR DELTA strategy, Since Inception. AQR DELTA Return Performance 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% -3.00% -4.00% Source: Company documents. 15 212-038 AQR’s DELTA Strategy Exhibit 8 Monthly Return Performance (and Beta) of AQR DELTA strategy compared to Market Indices (S&P, NASDAQ) and Hedge Fund Indices (DJCS_Hedge, HFRI_FW), since October 2008. Date 200810 200811 200812 200901 200902 200903 200904 200905 200906 200907 200908 200909 200910 200911 200912 201001 201002 201003 201004 201005 201006 201007 201008 201009 201010 201011 201012 201101 201102 201103 201104 201105 Average DELTA 1.22% 1.72% 4.05% 2.79% -0.10% 2.32% 3.09% -0.35% 1.78% 1.93% 4.48% 2.70% -0.31% 0.96% 0.55% -0.66% -0.27% 2.23% 2.18% -3.37% 1.39% 1.62% 2.02% 3.33% 2.47% 1.03% 1.93% -0.41% -0.45% 0.92% 2.31% -0.84% 1.32% NASDAQ -17.73% -10.77% 2.70% -6.38% -6.68% 10.94% 12.35% 3.32% 3.42% 7.82% 1.54% 5.64% -3.64% 4.86% 5.81% -5.37% 4.23% 7.14% 2.64% -8.29% -6.55% 6.90% -6.24% 12.04% 5.86% -0.37% 6.19% 1.78% 3.04% -0.04% 3.32% -1.33% 1.19% 0.09 0.25 0.28 S&P_Index -16.94% -7.48% 0.78% -8.57% -10.99% 8.54% 9.39% 5.31% 0.02% 7.41% 3.36% 3.57% -1.98% 5.74% 1.78% -3.70% 2.85% 5.88% 1.48% -8.20% -5.39% 6.88% -4.74% 8.76% 3.69% -0.23% 6.53% 2.26% 3.20% -0.10% 2.85% -1.35% 0.64% 0.09 0.28 0.32 DJCS_Hedge -6.30% -4.15% -0.03% 1.09% -0.88% 0.65% 1.68% 4.06% 0.43% 2.54% 1.53% 3.04% 0.13% 2.11% 0.88% 0.17% 0.68% 2.22% 1.24% -2.76% -0.84% 1.59% 0.23% 3.43% 1.92% -0.18% 2.90% 0.69% 1.38% 0.12% 1.80% -0.96% 0.64% 0.25 HFRI_FW -6.84% -2.67% 0.15% -0.09% -1.21% 1.66% 3.60% 5.15% 0.25% 2.50% 1.30% 2.79% -0.20% 1.52% 1.28% -0.76% 0.66% 2.49% 1.19% -2.89% -0.95% 1.61% -0.13% 3.48% 2.14% 0.19% 2.95% 0.41% 1.23% 0.06% 1.45% -1.18% 0.66% 0.25 DELTA’s Beta with: DJCS_Hedge’s Beta with: HFRI_FW’s Beta with: Source: Company documents. 16 AQR’s DELTA Strategy 212-038 Exhibit 9 Cumulative Return Performance of AQR DELTA Strategy versus Market Indices (S&P and NASDAQ) and Hedge Fund Indices (DJCS_Hedge and HFRI_FW), since October 2008 Cumulative Return Performance of DELTA versus Market and Hedge Fund Indices 180 160 140 120 100 80 60 40 20 0 DELTA NASDAQ S&P_Index DJCS_Hedge HFRI_FW Source: Bloomberg and company documents. 17 212-038 -18- Exhibit 10 Annual Returns of Largest Hedge Funds (%) Fund Name Winton Futures USD Cls B Millennium International Ltd Transtrend DTP – Enhanced Risk (USD) The Genesis Emerging Mkts Invt Com A Aspect Diversified Programme Aurora Offshore Fund Ltd. Permal Macro Holdings Ltd USD A Canyon Value Realization Cayman Ltd A Permal Fixed Income Holdings NV USD A Absolute Alpha Fund PCC Diversified Caxton Global Investments Ltd GAM U.S. Institutional Trading K4D-10V Portfolio K4D-15V Portfolio Orbis Optimal (US$) Fund GAM Trading II USD Open Double Black Diamond Ltd (Carlson) GoldenTree High Yield Master Fund Ltd Bay Resource Partners Offshore Fund Ltd GAM U.S. Institutional Diversity Firm Name Winton Capital Management Millennium Intl. Management Transtrend BV Genesis Investment Management Aspect Capital Aurora Investment Management Permal Asset Management Canyon Capital Advisors Permal Asset Management Financial Risk Management Caxton Associates GAM Sterling Management Graham Capital Management Graham Capital Management Orbis Investment Management GAM Sterling Management Carlson Capital Goldentree Asset Management GMT Capital Corp GAM Sterling Management Size ($Bil) 9.89 8.84 8.38 6.70 5.71 5.56 5.35 5.21 4.51 4.47 4.40 3.57 3.54 3.54 3.43 3.09 2.98 2.65 2.45 2.43 2001 7.11 15.26 26.36 4.62 15.79 9.82 14.66 12.69 11.50 9.33 31.41 16.34 6.45 39.31 29.01 14.78 11.94 18.30 29.32 9.56 2002 18.34 9.61 26.26 -1.77 19.19 1.31 8.03 5.21 10.47 6.36 26.44 10.69 18.76 43.71 12.15 10.55 2.12 6.24 0.03 4.95 2003 27.75 10.89 8.48 61.98 20.59 13.58 12.56 21.87 17.59 8.07 8.09 14.74 8.46 21.60 10.84 14.49 7.62 31.42 23.24 14.60 2004 22.63 14.68 12.82 31.53 -7.72 8.15 4.86 13.56 9.37 4.06 9.97 3.55 5.56 -0.43 2.25 3.84 4.70 9.89 27.97 6.14 2005 9.73 11.31 5.99 37.86 12.01 9.47 10.65 8.35 7.69 7.00 8.03 4.98 -7.52 -16.97 8.60 4.80 5.08 13.35 30.95 10.48 2006 17.83 16.43 12.04 30.22 12.84 10.95 9.48 14.08 10.48 8.94 13.17 8.68 5.02 6.64 4.95 7.44 21.12 13.21 21.65 16.74 2007 17.97 10.99 22.38 31.68 8.18 13.14 8.90 7.52 8.42 16.33 1.06 9.48 11.62 16.57 6.98 7.93 15.96 4.60 19.84 7.76 2008 20.99 -3.04 29.38 -49.30 25.42 -21.69 -5.16 -28.36 -18.40 -23.02 12.96 7.57 21.82 35.67 -2.49 5.78 -12.40 -38.60 -20.88 -13.96 2009 -4.63 16.28 -11.27 90.44 -11.24 21.26 9.83 55.20 27.32 10.51 5.83 8.32 1.41 3.11 9.92 6.55 28.34 69.94 56.60 6.78 2010 14.46 13.22 14.89 25.06 15.36 7.31 6.38 13.46 10.40 5.36 11.42 7.80 2.46 4.58 -3.93 5.97 9.30 23.61 15.90 -1.14 2011 6.29 8.39 -8.65 -15.29 4.51 -6.01 -3.27 -4.66 -5.28 -2.06 -2.40 -2.32 -4.11 -2.67 -4.19 -2.79 Source: Morningstar Hedge Fund Database, accessed January 2012.