One of the Free

One of the Freedom Fighters; Dr. Martin Luther King, Jr. Paper Martin Luther King, Jr. was conceived on January 15, 1929. He was an American minister, extremist, and noticeable pioneer in the African-American Civil Rights Movement. He is most popular for his job in the progression of social liberties utilizing peaceful common defiance. A Baptist serve, King turned into a social liberties extremist right off the bat in his vocation. He drove the 1955 Montgomery Bus Boycott and helped found the Southern Christian Leadership Conference (SCLC) in 1957, filling in as its first president. Lords endeavors prompted the 1963 March on Washington, where King conveyed his I Have a Dream discourse. On October 14 1964, King got the Nobel Peace Prize for fighting racial imbalance through peacefulness. In the following scarcely any years paving the way to his demise, he extended his concentration to incorporate neediness and the Vietnam War. Ruler was killed on April 4, 1968, in Memphis, Tennessee. He was granted the Presidential Medal of Freedom in 1977 and Congressional Gold Medal in 2004; Martin Luther King, Jr. Day was set up as a U.S. government occasion in 1986. Many boulevards in the U.S. what's more, past have been renamed in his respect. Here’s a passage from his renowned discourse â€Å"I have a dream†: I have a fantasy that one day this country will ascend and experience the genuine importance of its ideology: We hold these facts to act naturally obvious, that all men are made equivalent. I have a fantasy that one day on the red slopes of Georgia, the children of previous slaves and the children of previous slave proprietors will have the option to plunk down together at the table of fraternity. I have a fantasy that my four little kids will one day live in a country where they won't be decided by the shade of their skin however by the substance of their character. I have a fantasy today! I have a fantasy that one day, down in Alabama, with its horrendous racists, with its representative having his lips dribbling with the expressions of intervention and invalidation one day in that spot in Alabama minimal dark young men and individuals of color will have the option to hold hands with minimal white young men and white young ladies as sisters and siblings. I have a fantasy today! I have a fantasy that one day each valley will be lifted up, and each slope and mountain will be made low, the unpleasant spots will be made plain, and the abnormal spots will be made straight; and the brilliance of the Lord will be uncovered and all tissue will see it together.

Technology Plan & Email Skills Essay Example | Topics and Well Written Essays - 750 words

Innovation Plan and Email Skills - Essay Example It might happen whenever and is flighty. On the off chance that the current framework flops because of any explanation, understudy can't proceed with his web based learning. So to stay away from such a situation, one needs to keep a couple of elective PCs. At any circumstance in the event that the working PC comes up short, at that point other PC can be utilized. Attempt to utilize all the PCs. In any case there is an opportunity for disappointment in the unused PCs too. So check the usefulness of the elective PCs once in a while. Keep subtleties of the assistance work area: - Problems like incapable to get to the PC or system may happen in any framework. It might likewise influence the internet learning. For this sort of learning, understudy in every case needs effectively working PC and accessibility of system. So keep the subtleties like telephone number and E-mail ID of the PC overhauling focuses or people and ensure their accessibility as quick as could be expected under the circumstances. Understudy must take care that these people or focuses offer great support and they are effective in the PC equipment and working framework. Keep the contact subtleties of the colleagues and client support group: - There might be circumstances when can't approach his PC or Internet. In such circumstance they can't think about subtleties like assignments and different works give in that meeting. It will influence his examination. To evade this, keep the contact subtleties of at least one cohorts. They can give the refreshed data about the assignments. So keep a decent connection with colleagues. Attempt to keep subtleties of client care group. It will assist with confronting troublesome circumstance. Keep the back up consistently: - Student should know the essential activities of the PC. Information kept in the PC may lose because of different reasons like, human blunder, behold plate disappointment, infection assault, and huge record move and so forth. (Pacchiano, 2006). To evade the information misfortune from the PC, understudy must take care for sparing the information in the inside drives. Take the back

Gods of Worship :: essays research papers

Divine forces of Worship Early convictions are the beginning for the way of life today. Convictions from some time in the past have adjusted and advanced. Early ideas of Religion have a portion of the fundamental qualities that are remembered for Religions even today. The most astounding actuality is that numerous early societies had no real way to speak with one another yet they despite everything had a significant number of similar convictions and ideas. The early Aztecs and the early Greeks are ideal instances of these early societies. Obviously, this leaves numerous inquiries to be replied. What were the strict ideas of the early Greeks? What were the early ideas of the early Aztecs? How are these societies the equivalent? Â Â Â Â Â The early Greeks give off an impression of being very savvy. The Greeks had an arrangement of divine beings. They had 12 fundamental divine beings, regularly called the Olympians, called Zeus, Hera, Hephaestus, Athena, Apollo, Artemis, Ares, Aphrodite, Hestia, Hermes, Demeter, and Poseidon. Â Â Â Â Â Zeus was the leader of the divine beings. He was the profound dad of divine beings and individuals. His significant other, Hera, was the sovereign of paradise and the watchman of marriage. Different divine beings related with paradise were Hephaestus, lord of fire and metal specialists; Athena, goddess of insight and war; and Apollo, lord of light, music, and verse. Artemis was the goddess of natural life and the moon; Ares, lord of war; and Aphrodite, the goddess of adoration, were different divine forces of paradise. These divine beings were joined by Hestia, goddess of the earth; and Hermes, delegate of the divine beings, and leader of science and innovation. Poseidon was the divine force of the ocean, and he controlled a gathering of lesser ocean divine beings. To wrap things up, Demeter was the goddess of agribusiness. Â Â Â Â Â Â Â Â Â Â The Greeks had numerous other lesser divine beings to go with the 12 boss divine beings. Their idea of the divine beings is mind boggling. They accepted their divine beings were undying and controlled all parts of nature. The Greeks recognized that thier prosperity laid on the desire of the divine beings. The Gods severly rebuffed humans who indicated unsatisfactory conduct. Be that as it may, the general relations among individuals and divine beings were cordial. Â Â Â Â Â Â Â Â Â Â Each Greek City gave itself to a god(s). Frequently residents of these citys would fabricate sanctuaries of love for their god(s). Kids would find out about the divine beings in their home, and they would lead revere inside their home. Be that as it may, various pieces of the house were saved for petition to various divine beings. The Greek human advancement had a divine being for nearly everything physical and passionate.

Computer Virus and Prentice Hall Essay

Reports of PC security disappointments show up much of the time in the day by day new. Refer to an announced disappointment that exemplified (at least one) of the standards recorded in the part: most straightforward infiltration, satisfactory insurance, viability, most fragile connection. There has been a great deal of reports of security penetrates in the news, for instance the Sony Playstation Network, RSA Lockheed Martin bargain, Hyundai, etc, these have been of later and these all show that we are so defenseless against security dangers out there on the internet which has next to no to do with fringes of the nation or state. The Internet is a portal of data everywhere throughout the word where individuals are associated and giving and retaining data. A significant number of the security limitations that apply from a physical perspective don't in the digital world. I have picked the Sony Playstation Network (PSN) bargain as my subject of conversation to show the territories canvassed in section one that discussion about entrance, security, viability, most vulnerable connection. An effective infiltration into the PSN by the aggressor, has undermined people groups charge card data, birthdates, addresses, telephone numbers and then some. The fruitful entrance was conveyed masked as a buy as expressed by Sony Chief Information Officer Shinji Hajesima (Ogg, 2011). The frameworks couldn't recognize the assault experiencing as it experienced has a buy exchange. This show absence of satisfactory security, in the article it likewise specifies that the powerlessness that was misused by the programmer was additionally known. This shows it is totally critical to ensure that the patches for realized vulnerabilities are sent and the frameworks are fixed as needs be, however one may contend if the fixing presents different types of weakness. The effective abuse of the framework prompted the loss of individual subtleties of up to 70 million (Schreier, 2011) clients, this data could be utilized for wholesale fraud, Visa burglary, what's more that the personal time for clients who are utilizing the framework that they have paid for. The viability of this assault is appeared by the shutdown of the PSN for various days. This shows the adequacy of the assurance on this framework was deficient with regards to, the failure to pickup on the interruption as it occurred and accordingly demonstrating us a powerless connection in the framework security. The article shows us the mix of things that have become an integral factor that have prompted the fruitful trade off of the PSN arrange. Beginning with the helplessness that was known by Sony with the frameworks and left unattended, besides the failure of the interruption recognition framework to get the real assault or the conveyance of the contorted information that abused the powerlessness to allow access to the assailant, finally the capacity of information in a decoded however hashed structure which is reversible to acquire the certifications and individual subtleties of the PSN clients or clients.

Lewis Carroll In Wonderland Essays - Alice In Wonderland

Lewis Carroll In Wonderland Essays - Alice In Wonderland Lewis Carroll in Wonderland I.Through the works of Lewis Carroll in the story Alice in Wonderland the contrast among dream and reality can be seenthrough the eyes of a youngster. The narratives made via Carroll are a mix of pretend stories made to engage youngsters he conversed with on a practically regular schedule. Seen as odd by grown-ups in the public eye Carroll better connected himself with youngsters on account of his stammering handicap when talking. A. Charles Lutwidge Dodgson B. Alice in Wonderland C. Impressions II.Charles Lutwidge Dodgeson A. Gifts B. Pen name Dodgson 1. Motivation of Alice III.Alice in Wonderland A. Dream versus Reality 1. Understanding of Alice a. Growning-up b. Alice's sentiments 2. Genuine Fantasy B. Symbolism IV.Impressions A. Effect on society 1. Enthusiasm of society 2. Capacity to find out additional Jennifer Stark Mr. Desormier English 12 Honors Walk 23, 1998 Lewis Carroll In Wonderland Through the composition of Lewis Carroll in the story Alice in Wonderland the contrast among dream and reality can be seen through the eyes of a youngster. The accounts made via Carroll are a blend of pretend stories made to engage youngsters he conversed with on a practically regular routine. Seen as odd by grown-ups in the public arena Carroll better connected himself with kids in light of his stammering handicap when talking. Carroll the man of numerous gifts was conceived Charles Lutwidge Dodgson on January 27, 1832. Out of a group of eleven youngsters Dodgson was the most established child and third kid. As a kid he was exceptionally scholarly and had many intrigue which he sought after in the wake of turning into an elder in the Church of England. His numerous achievements incorporate Mathematician, English rationalist, picture taker, and author (Carroll, Lewis). From the creative mind of Lewis Carroll came Alice in Wonderland and numerous books like it made for kids. These books have been looked at and deciphered by grown-ups the world over to show signs of improvement comprehension of who Carroll was as an individual. For a long time kids have appreciated finding out about Alice and her experience however that story isn't the main thing licensed to Carroll. Carroll the man of numerous abilities was conceived Charles Lutwidge Dodgson on January 27, 1832. Out of a group of eleven kids Dodgson was the most seasoned child and third kid. As a youngster he was exceptionally scholastic and had many intrigue which he sought after in the wake of turning into a minister in the Church of England. His numerous achievements incorporate mathematician, english philosopher, picture taker, and author (Cohen 52-3). Sometime down the road while composing diverting works he utilized the nom de plume Carroll. Dodgson showed up at this pseudonym by taking his own name Charles Lutwidge, and making an interpretation of it into Latin as Carolus Ludovicus, at that point turning around and retranslating them in to English. The nom de plume he utilized distinctly for nonacadmemic works. He at that point thusly utilized his genuine name when composing books on arithmetic, for example, Euclid and His Modern Rivals (1879) which is one of recorded intrigue (Carroll, Lewis). Carroll's motivation to compose Alice in Wonderland originated from his engaging of the Liddell kids. Under the oversight of the tutor, Carroll read stories to engage them on their visits to his school room, where he instructed arithmetic. The youngsters' dad was dignitary of Christ Church College where Carroll educated (Hudson 264). Alice Liddell the most seasoned of the youngsters was the person who asked Carroll to compose the Alice Adventure's out, he did as such and offered it to her. While giving the completed item to Alice he never gave any idea about finding out about it again. In weeks to come Henry Kingsley the author got the story while sitting in the drawing room of the Liddell house. When Kingsley completed the process of finding out about Alice and her Adventurers he encouraged Mrs. Liddell to convince the creator to distribute it. Carroll dazzled by Kingsley's proposal counseled his companion George MacDonald. MacDonald read it to his kids, in which they completely app reciated it and wanted for 60,000 volumes of it. Carroll at that point changed it and distributed it in 1865 (Carroll, Lewis). It was all to state 'DRINK ME,' yet the savvy little Alice was not going to do that in a rush. 'No, I'll look first,' she said 'and see whether it's stamped poison or not'; for she had perused a few decent chronicles about youngsters who had got scorched, and eaten up by wild brutes and other undesirable things, all

Resumes and LinkedIn for Relaunchers The Essay Expert Interviewed on BlogTalkRadio

Resumes and LinkedIn for Relaunchers The Essay Expert Interviewed on BlogTalkRadio I was interviewed about resumes and LinkedIn topics on March 22, 2011 by LeeAnn Dance. Her project, Back In Force Productions, is a blog and radio show for stay-at-home parents reentering the workforce. For your listening pleasure! The interview is full of great tips not just for relaunchers but also for any job seeker. Find out about how long your resume should be; whether to include dates; and what the current trends are for the Objective statement (or not). And learn some absolute musts for your LinkedIn profile. This is my first experience embedding a BTR player into a blog post. Check it out! Listen to internet radio with Back in Force on Blog Talk Radio

Various Characters in a Book Eugene ONeill (Don Parritt) - 1375 Words

Various Characters in a Book: Eugene O'Neill (Don Parritt) (Book Report Sample) Content: Name:Professor:Course:Date:Plays Character AnalysisEugene O'Neill (Don Parritt)The character that is for Don Parritt in the play is based on a young man who had the name, Donald Vose. Donald was the son of a woman who was involved in Anarchist movements. As a young man, in 1914 Donald was able to tell the police about the movement of the Anarchist to the police. This resulted in the anarchist becoming infuriated. His actions were considered to be a betrayal of the whole movement and to his mother who was a member of the Anarchist movement. In the creation of the play, the writer tried to combine the story from Donald to the experiences of the character who was Don Parritt. Like the character that he played Don was faced with many issues in relation to his mother relations. Don was in need of his maternal attention and this resulted in him facing challenges as he was growing up (Eugene, et al 35). The problems of addition that he faced resulted in him having attention problems and the relations that existed.Another thing that happened in the life of the Don was that he was desperate after a failed marriage. This resulted in him attempting to have a suicide. The writer of the play attempted suicide at Jimmy who was the priest. The author of the play tries to unintentionally reveal the primary personality complexities. The character of Don is a complex and as it is played nothing has to be lost for the essence of the play. The experience that Don has which are almost related to the experience of Donald who he plays helps the character to come out more clearly.As the youngest of the other members of the cast, he enters the play as a complete stranger to the setup. The only persons that he is familiar with are Larry and Hugo. The relationship that he was able to forge with Larry may sound like a soap opera but was an important one. Since Larry loved Don's mother since he was a young boy then the relationship between the two was still able to continu e to grow (O'Neill and Michael 106). There was a point in which Parritt was wondering if Larry was even his dad. Although as the play continue we come to find out that Larry was not actually the father of Parritt but just a friend who was close to him. When Parritt is in need of help he turns to Larry for help as he believes since he is a father finger he would be able to help him. In the play, we find out that Larry on his part does not want anything to do with the kid's problems although it is no what Parritt may be needing from him.In terms of his character it can be found out in the play that Parritt is shifty and shady. This may be due to the reason that he is a stranger or just a young kid. In the play, Parritt may come out a young man who is untrustworthy but the writer, ONeill tries to put the play in a way that the reader can be able to sympathize with him. In the beginning, it can be seen that Parritt may be wanting help from Larry. However, as the play goes on he is able to admit that he sold out his own mother. This shows that Parritt would go after material things over the betrayal of his mother. The author of the play is able to show clearly the deep human psyche. The young man needs to hear from another source that he has done something wrong and that he does not deserve to live. When he comes to Larry he is seeking redemption although at the back of his mind he knows that he has done something wrong. According to the timeline of the play, he finally hears what he needs to hear that he does not deserve to live. This results in Parritt committing suicide.Death of a salesman (Willy Loman)In the play a sixty-year-old salesman who lives in Brooklyn but is a man with powerful aspirations to be able to succeed. The plays show that Loman has worked for many. Although after the many years of working he feels defeated. The success that he had hoped to have is difficult to come by. He also experiences difficulties in his family. The first problem is that he has a strained relationship with his oldest son while his wife is dutiful. As a salesman, he is able to focus on his personal details since he believes that that the success that he acquires on a personal level is more important than the success from the business world.Willy is portrayed as a rather an insecure guy who feels better by mastering the art of lying to himself as well as his family in order to feel better. This results in him being a successful businessman in a world that is faced by many delusions (Tag, Shadow and Louise 177). He is always trying to maintain a certain image which he feels will be a better platform for him to be successful. Despite his efforts to be a better person, he is not a well-liked person. This means that he cannot drive completely alone with time as he is about to become an older man. He is left to cling to the belief of achieving the American Dream, which is a promise that anyone who has invested in themselves and feels as though they are wel l liked can be able to make it in America. He also tries to cover the lies that he has been telling the family but his son, Biff find out about the lies. He then chooses to alienate his son instead of facing the reality of his lies. This affects him to a life down spiral.As his life take a toll he tries to escape as he feels he needs to move to a place that will be convenient and will not be judged. As he tries to escape he then decides to take his life. This shows that he is willing to take anything from his son that he was cheating on his mother with another lady. As he decides to kill himself he feels deluded as he has not been able to achieve any of his goals and all the money he had would not be used to start the business. Since his life was always in pursuit of being the perfect salesman therefore before he dies he notes that it is the death of a perfect salesman.Willy can be concluded to be a person who believed in the success of being a sales person. This results in him livi ng a lie to his family. The lies make a delusional man who is not living in the reality of things. Lying to his son in the hope that it would help his course only makes the situation harder for him. The more he is involved in telling lies the further he moves from the reality of things. His son Biff is the only one who releases that the family lived in lies and tries to make sure he faces the truth.A Raisin in the Sun (Beneatha Younger)The character of Beneatha Younger is a college student who is in her twenties. She is the daughter of Lena. She is an attractive younger lady whose way of communication is better than that of the other family members as she is college. She atheist who speaks her mind strongly on what she believes in. though a strong minded person some of the things that she may say may be able to affect the people that are around her. She is very proud of her Nigerian heritage. There are always collisions...

How to Introduce Yourself in Spanish

No matter how little Spanish you know, its easy to introduce yourself to someone who speaks Spanish. Here are three ways you can do it: Introduce Yourself: Method 1 Simply follow these steps, and youll be well on your way to making a connection with someone even if that person doesnt speak your language: To say hello or hi, merely say Hola or OH-la (rhymes with Lola; note that the letter h is silent in Spanish).To introduce yourself, simply say Me llamo (may YAHM-oh) followed by your name. For example, Hola, me llamo Chris (OH-la, may YAHM-oh Chris) means Hi, Im Chris.To ask someones name in a formal way, say  ¿Cà ³mo se llama usted? or KOH-moh say YAHM-ah oo-STED. (The oo rhymes with moo.) This means, What is your name?In an informal setting, or if speaking to a child, say  ¿Cà ³mo te llamas? or KOH-mo tay YAHM-ahss. That also means, What is your name?After the person responds, you may say, Mucho gusto or MOOCH-oh GOOSE-toh. The phrase means much pleasure or, less literally, pleased to meet you. Introduce Yourself: Method 2 This second method may be a slightly less common way of introducing yourself, but its still perfectly acceptable and is easier to learn. Most of the steps are the same as above, but for the second step, where you actually introduce yourself, merely say Hola followed by soy and your name. Soy is pronounced basically the same as it is in English. Hola, soy Chris means Hello, Im Chris. Introduce Yourself: Method 3 The third method also isnt as common as the first in most areas, but it may be the most straightforward way for those who have English as a first language. For the second step, you can use Mi nombre es or mee NOHM-breh ess followed by your name. Thus, if your name is Chris, you can say: Hola, mi nombre es Chris. Whichever method you use, dont be afraid to sound silly. Youll be understood by following these directions, and in nearly any Spanish-speaking area even the feeblest attempts to speak Spanish will be honored. Spanish Introductions The most common way to introduce yourself in Spanish is to say  Me llamo followed by your name.Alternatives include Mi nombre es or Soy followed by your name.Hola can be used for either  hi or hello. Grammar and Vocabulary Behind These Introductions You dont need to understand the precise meanings of what youre saying or how the words relate to each other grammatically to introduce yourself. But if youre curious, or if youre planning on learning Spanish, you may find them interesting to know. As you might have guessed, hola and hello are basically the same word. Those who know etymology, the study of word origins, think the word goes back to at least the 14th century, before English and Spanish existed in their current form. Although it is unclear how the word entered Spanish, it probably originated with German as a way of trying to get someones attention. Me in the first method above means myself (obviously, theres an etymological connection with the English me), and llamo is a form of the verb llamar, which usually means to call. So if you say Me llamo Chris, thats a direct equivalent of I call myself Chris. Llamar is used in many of the same ways as to call is, such as for calling out to someone or calling someone on the telephone. In both Spanish and English, verbs in which the person is referring to doing something to him- or herself are known as reflexive verbs. The reason two methods are used with llamar for asking someones name is because Spanish differentiates between formal and informal (sometimes called formal and familiar) ways of addressing people. English used to do the same thing — thou, thee and thine were all informal terms at one time, although in modern English you and your can be used in both formal and informal situations. Although there are regional variations in how Spanish distinguishes between the two forms, as a foreigner you are safer in using the formal form ( ¿Cà ³mo se llama _____?) with adults and especially with authority figures. Soy is a form of the verb ser, which means to be. In the final method, mi nombre es is a word-for-word equivalent of my name is. Like soy, es comes from the  verb ser.

Manly Heart - Free Essay Example

Sample details Pages: 6 Words: 1669 Downloads: 4 Date added: 2017/09/13 Category Advertising Essay Did you like this example? A Boy Becomes a Man People can drown in their own arrogance without even knowing, thus making it difficult to get out of the rough waves. In Hugh Garner’s short story, â€Å"The Manly Heart†, he reveals the sadness of a mother whose son, Donald, is blinded by his own insecurity. There are constant problems between his inability to be mature, selfless and grateful. Don’t waste time! Our writers will create an original "Manly Heart" essay for you Create order For the setting, I drew white caps to display the disturbance Donald creates and how awkward the room gets when Donald talks. White caps create tension for boaters like in the story there is a lot of tension between the characters. It seems this way when â€Å"the others didn’t even wish [Donald] goodbye† (p. 42) and illustrates that what could be a peaceful and exciting environment is in fact a troubled atmosphere. A bee is an interesting insect. Its annoying buzzing gets on peoples nerves very easily. It never gets the hint that it’s not wanted until it gets swatted and bashed around. Finally it starts get angry and starts its grand finale and stings. It brings pain and hurt to a person without even a shred of sympathy. Donald easily resembles a bee. He’s not wanted at all while in the dorm room. He doesn’t know when to stop his childish act and he becomes an annoyance. The characters give Donald the cold shoulder. They are very rude to him because of his behaviour towards his mother. This leads him to open his eyes, slightly, and leads him to think that â€Å"they were ashamed of [Donald]† (p. 42) instead of his mother. Donald begins his big finish, his attack and suddenly stings his mother so bad that â€Å"she was trying to keep from blubbering†¦Ã¢â‚¬  (p. 42) Donald’s mother is upset and full of pain and no matter how hard she tries, the hurt will never go away. Donald believes that his mother is his biggest problem when in reality the big problem in his life is his own self. The top hat represents Donald’s wanting to be superior than he actually is. He tells lies to Archie about his family, â€Å"like [Donald’s] father being an engineer,† (p. 39) he acts ashamed when really he has no one to be ashamed of but himself. Donald disturbs the harmony of this great celebration, kind of like a tornado. A tornado becomes a disaster in the peace of a wonderful day. It can ruin lives in seconds, sort of like Donald and how he destroys his mother’s day. The sunny celebration turned into a storm of personalities, lightning portrays this perfectly. The thunder that comes with the lightening shows how dark a storm really is. The lightening, like Donald, easily destroys a great day. Zephyrus, the Greek God of wind, makes wind and stirs up trouble, Donald swirls up a mess when in the dorm room. Donald is just like Zephyrus. Donald has a dull personality and is why I drew the gray clouds to illustrate Donald’s dreariness. He is very pessimistic. He has a wonderful happy mother and makes her seem embarrassing and shameful. Anyone would be grateful to have a mother so kind and so dear, but not Donald. In life people make mistakes, people screw up and wish to go back in time to fix the trouble. I drew the clock to show that time goes on and that Donald cannot go back and change the past. Nevertheless, he feels like a fool and sees that it’s not too late for him to change in the future. A Glass vase is a very stunning decoration, it brings elegance to a room, it stands in pride and if it is knocked down it will easily break. Donald’s mother has a very beautiful personality, very bubbly and happy, and to show this I drew bubbles. They are very bouncy and joyful, just like her. The glass half full represents how optimistic Donald’s mother is. She might not have a lot but she makes the best of what she has. She is very proud of her son and his accomplishment of graduation. She has a big heart which is full of love for her son and â€Å"[she’d] have been so proud to have walked down the street with [Donald] today. † (p. 41) This reason is why I drew a heart. Donald’s mother is a very kind person but when her rude son shows that he is ashamed of her because of his own immaturity, she cracks, and it will be hard to glue the pieces of her heart back together. In Donald’s eyes she ruined his life. The rain drop shows that not just one drop is responsible for the flood, just like Donald’s mother is not the reason for Donald being miserable. When he takes all of his problems in life and blames it on his mother, it is easily shown how hurt she truly is. The band-aid I drew is there to show the pain Donald’s mother feels. A band-aid covers the injury but the pain will still be there. She tries to hold it in and make it seem like everything is ok when really everyone in the room can see the pain in her loving eyes. She is a very nice and wonderful women and it’s unfortunate that her own son is such a jerk to her. She deserves better and hopefully in the future she will get treated will only the utmost respect. The other characters in this story judge Donald because of his actions. A judge in the Court of Law uses a mallet to sentence someone. In my drawing there is a mallet to show the judging done in the book. Everyone took part in this because everyone judged someone at some point in time. Donald judged his mother for being the wrong in all his life. Donald’s mother thinks that all the other characters are very nice. And everyone else judges Donald’s as an ignorant and rude. People judge others, it happens all the time, however the judging can be right or wrong kind of like a magazine. I drew it to show the good and bad theory’s people have about others. Some are correct and some theories are far off. The way the other characters judge Donald is correct. They give him the cold shoulder and even â€Å"Mrs. Tomlinson gave [Donald] a look that in other circumstances [Donald] would have though was an angry one. † (p. 40) It was an angry look and it’s for his miserable attitude towards his wonderful mother. The other character’s try and support Donald’s mother just like a hug it’s warm shows the compassion. Just how the other characters are very kind towards Donald’s mother. The other characters in the short story show the right actions. They are there to make Donald realize what he’s done and that he should learn to grow up. Some people say mountains can easily relate to peoples lives. Sometimes life is easy and the mountain appears flat. On the other hand, when life is unsteady and people face hard times, the mountain is rocky and rough. I drew a steep mountain because Donald is struggling in life right now. He is unsure of who he actually is and is taking all of his frustration out on his dear mother. The conflict only has one source and that would be Donald. There would actually be no problems if only Donald didn’t act like a foolish immature snot. Donald feels like his mother is the most embarrassing person alive. He thinks that â€Å"her appearance would be bad enough,† (p. 33) meaning she is ugly. All these horrible things Donald thinks about his mother are wrong in the minds of the other characters. Donald tries to make trouble and causes his mother to get hurt. The conflict is about the difference in thinking. Donald’s beliefs towards his mother are far different than the beliefs of the other characters. Donald worries too much about himself. The mountain also shows that Donald is fighting to try to find himself. The conflict is only Donald and who he is trying to be. To be manly means to have courage, own up to mistakes, to live and be strong. It means to fight for the good in yourself, and to fight for the good in others. To be full of heart means to be happy, loving and fearless. It means to see the good in everyone and to forgive the bad. It implies love comes first, love yourself and love others. To have â€Å"a manly heart† (p. 42) does not come easy. A person can change. Even though it is not simple it can be done. Change does not come over night, but over days. A person can not say it and have it happen right away. It is a thing to be worked on over a period of time. Donald says he wants to change and have this â€Å"manly heart,† (p. 42) still the reader’s don’t know if Donald is actually capable of changing. What they do know is that he wants to because â€Å"[Donald] kept thinking of the line about facing the future with a manly heart. † (p. 2) I drew a sun to show that Donald finally sees the light. It shows his wanting to alter his attitude. It illustrates that Donald finally understands why the other characters were giving him glares. The heart I drew is also for â€Å"a manly heart† (p. 42) and that maybe Donald can have one. Sometimes in life people make mistakes a nd they have to learn from them. This could be the most important life lesson. People are not perfect. People have to see the future and think about who they want to be. If someone has love and can change there attitude, they are most likely able to get out of the rough waves.

Causes of World War I and the Rise of Germany

The early years of the 20th century saw tremendous growth in Europe of both population and prosperity. With arts and culture flourishing, few believed a general war possible due to the peaceful cooperation required to maintain increased levels of trade as well as technologies such as the telegraph and railroad. Despite this, numerous social, military, and nationalistic tensions ran beneath the surface. As the great European empires struggled to expand their territory, they were confronted with increasing social unrest at home as new political forces began to emerge. Rise of Germany Before 1870, Germany consisted of several small kingdoms, duchies, and principalities rather than one unified nation. In the 1860s, the Kingdom of Prussia, led by Kaiser Wilhelm I and his prime minister, Otto von Bismarck, initiated a series of conflicts designed to unite the German states under their influence. Following the victory over the Danes in the 1864 Second Schleswig War, Bismarck turned to eliminating Austrian influence over the southern German states. Provoking war in 1866, the well-trained Prussian military quickly and decisively defeated their larger neighbors. Forming the North German Confederation after the victory, Bismarcks new polity included Prussias German allies, while those states which had fought with Austria were pulled into its sphere of influence. In 1870, the Confederation entered into a conflict with France after Bismarck attempted to place a German prince on the Spanish throne. The resulting Franco-Prussian War saw the Germans rout the French, capture Emperor Napoleon III, and occupy Paris. Proclaiming the German Empire at Versailles in early 1871, Wilhelm and Bismarck effectively united the country. In the resulting Treaty of Frankfurt which ended the war, France was forced to cede Alsace and Lorraine to Germany. The loss of this territory badly stung the French and was a motivating factor in 1914. Building a Tangled Web With Germany united, Bismarck set about to protect his newly formed empire from foreign attack. Aware that Germanys position in central Europe made it vulnerable, he began seeking alliances to ensure that its enemies remained isolated and that a two-front war could be avoided. The first of these was a mutual protection pact with Austria-Hungary and Russia known as the Three Emperors League. This collapsed in 1878 and was replaced by the Dual Alliance with Austria-Hungary which called for mutual support if either was attacked by Russia. In 1881, the two nations entered into the Triple Alliance with Italy which bound the signatories to aid each other in the case of war with France. The Italians soon undercut this treaty by concluding a secret agreement with France stating that they would provide aid if Germany invaded. Still concerned with Russia, Bismarck concluded the Reinsurance Treaty in 1887, in which both countries agreed to remain neutral if attacked by a third. In 1888, Kaiser Wilhelm I died and was succeeded by his son Wilhelm II. Rasher than his father, Wilhelm quickly tired of Bismarcks control and dismissed him in 1890. As a result, the carefully built web of treaties Bismarck had constructed for Germanys protection began to unravel. The Reinsurance Treaty lapsed in 1890, and France ended its diplomatic isolation by concluding a military alliance with Russia in 1892. This agreement called for the two to work in concert if one was attacked by a member of the Triple Alliance. Place in the Sun Naval Arms Race An ambitious leader and the grandson of Englands Queen Victoria, Wilhelm sought to elevate Germany to equal status with the other great powers of Europe. As a result, Germany entered the race for colonies with the goal of becoming an imperial power. In a speech in Hamburg, Wilhelm said, If we understood the enthusiasm of the people of Hamburg alright, I think I can assume that it is their opinion that our navy should be further strengthened, so that we may be sure that no one can dispute with us the place in the sun that is our due. These efforts to obtain territory overseas brought Germany into conflict with the other powers, especially France, as the German flag was soon raised over parts of Africa and on islands in the Pacific. As Germany sought to grow its international influence, Wilhelm began a massive program of naval construction. Embarrassed by the German fleets poor showing at Victorias Diamond Jubilee in 1897, a succession of naval bills were passed to expand and improve the Kaiserliche Marine under the oversight of Admiral Alfred von Tirpitz. This sudden expansion in naval construction stirred Britain, which possessed the worlds preeminent fleet, from several decades of splendid isolation. A global power, Britain moved in 1902 to form an alliance with Japan to curtail German ambitions in the Pacific. This was followed by the Entente Cordiale with France in 1904, which while not a military alliance, resolved many of the colonial squabbles and issues between the two nations. With the completion of HMS Dreadnought in 1906, the naval arms race between Britain and Germany accelerated with each striving to build more tonnage than the other. A direct challenge to the Royal Navy, the Kaiser saw the fleet as a way to increase German influence and compel the British to meet his demands. As a result, Britain concluded the Anglo-Russian Entente in 1907, which tied together British and Russian interests. This agreement effectively formed the Triple Entente of Britain, Russia, and France which was opposed by the Triple Alliance of Germany, Austria-Hungary, and Italy. Powder Keg in the Balkans While the European powers were posturing for colonies and alliances, the Ottoman Empire was in deep decline. Once a powerful state that had threatened European Christendom, by the early years of the 20th century it was dubbed the sick man of Europe. With the rise of nationalism in the 19th century, many of the ethnic minorities within the empire began clamoring for independence or autonomy. As a result, numerous new states such as Serbia, Romania, and Montenegro became independent. Sensing weakness, Austria-Hungary occupied Bosnia in 1878. In 1908, Austria officially annexed Bosnia igniting outrage in Serbia and Russia. Linked by their Slavic ethnicity, the two nations wished to prevent Austrian expansion. Their efforts were defeated when the Ottomans agreed to recognize Austrian control in exchange for monetary compensation. The incident permanently damaged the already tense relations between the nations. Faced with increasing problems within its already diverse population, Austria-Hungary viewed Serbia as a threat. This was largely due to Serbias desire to unite the Slavic people, including those living in the southern parts of the empire. This pan-Slavic sentiment was backed by Russia who had signed a military agreement to aid Serbia if the nation was attacked by the Austrians. The Balkan Wars Seeking to take advantage of Ottoman weakness, Serbia, Bulgaria, Montenegro, and Greece declared war in October 1912. Overwhelmed by this combined force, the Ottomans lost most of their European lands. Ended by the Treaty of London in May 1913, the conflict led to issues among the victors as they battled over the spoils. This resulted in the Second Balkan War which saw the former allies, as well as the Ottomans, defeat Bulgaria. With the end of the fighting, Serbia emerged as a stronger power much to the annoyance of the Austrians. Concerned, Austria-Hungary sought support for a possible conflict with Serbia from Germany. After initially rebuffing their allies, the Germans offered support if Austria-Hungary was forced to fight for its position as a Great Power. Assassination of Archduke Ferdinand With the situation in the Balkans already tense, Colonel Dragutin Dimitrijevic, head of Serbias military intelligence, initiated a plan to kill Archduke Franz Ferdinand. Heir to the throne of Austria-Hungary, Franz Ferdinand and his wife, Sophie, intended to travel to Sarajevo, Bosnia on an inspection tour. A six-man assassination team was assembled and infiltrated into Bosnia. Guided by Danilo Ilic, they intended to kill the archduke on June 28, 1914, as he toured the city in an open-topped car. While the first two conspirators failed to act when Ferdinands car passed by, the third threw a bomb that bounced off the vehicle. Undamaged, the archdukes car sped away while the attempted assassin was captured by the crowd. The remainder of Ilics team was unable to take action. After attending an event at the town hall, the archdukes motorcade resumed. One of the assassins, Gavrilo Princip, stumbled across the motorcade as he exited a shop near the Latin Bridge. Approaching, he drew a gun and shot both Franz Ferdinand and Sophie. Both died a short time later. The July Crisis Though stunning, Franz Ferdinands death was not viewed by most Europeans as an event that would lead to general war. In Austria-Hungary, where the politically moderate archduke was not well-liked, the government elected instead to use the assassination as an opportunity to deal with the Serbs. Quickly capturing Ilic and his men, the Austrians learned many of the details of the plot. Wishing to take military action, the government in Vienna was hesitant due to concerns about Russian intervention. Turning to their ally, the Austrians inquired regarding the German position on the matter. On July 5, 1914, Wilhelm, downplaying the Russian threat, informed the Austrian ambassador that his nation could count on Germany’s full support regardless of the outcome. This blank check of support from Germany shaped Viennas actions. With the backing of Berlin, the Austrians began a campaign of coercive diplomacy designed to bring about a limited war. The focus of this was the presentation of an ultimatum to Serbia at 4:30 p.m. on July 23. Included in the ultimatum were 10 demands, ranging from the arrest of the conspirators to allowing Austrian participation in the investigation, that Vienna knew Serbia could not accept as a sovereign nation. Failure to comply within 48 hours would mean war. Desperate to avoid a conflict, the Serbian government sought aid from the Russians but were told by Tsar Nicholas II to accept the ultimatum and hope for the best. War Declared On July 24, with the deadline looming, most of Europe awoke to the severity of the situation. While the Russians asked for the deadline to be extended or the terms altered, the British suggested a conference be held to prevent war. Shortly before the deadline on July 25, Serbia replied that it would accept nine of the terms with reservations, but that it could not allow the Austrian authorities to operate in their territory. Judging the Serbian response to be unsatisfactory, the Austrians immediately broke off relations. While the Austrian army began to mobilize for war, the Russians announced a pre-mobilization period known as â€Å"Period Preparatory to War. While the foreign ministers of the Triple Entente worked to prevent war, Austria-Hungary began massing its troops. In the face of this, Russia increased support for its small, Slavic ally. At 11 a.m. on July 28, Austria-Hungary declared war on Serbia. That same day Russia ordered a mobilization for the districts bordering Austria-Hungary. As Europe moved towards a larger conflict, Nicholas opened communications with Wilhelm in an effort to prevent the situation from escalating. Behind the scenes in Berlin, German officials were eager for a war with Russia but were restrained by the need to make the Russians appear as the aggressors. The Dominoes Fall While the German military clamored for war, its diplomats were working feverishly in an attempt to get Britain to remain neutral if war began. Meeting with the British ambassador on July 29, Chancellor Theobald von Bethmann-Hollweg stated he believed that Germany would soon be going to war with France and Russia and alluded that German forces would violate Belgiums neutrality. As Britain was bound to protect Belgium by the 1839 Treaty of London, this meeting helped push the nation towards actively supporting its entente partners. While news that Britain was prepared to back its allies in a European war initially spooked Bethmann-Hollweg into calling on the Austrians to accept peace initiatives, word that King George V intended to remain neutral led him to halt these efforts. Early on July 31, Russia began a full mobilization of its forces in preparation for war with Austria-Hungary. This pleased Bethmann-Hollweg who was able to couch German mobilization later that day as a response to the Russians even though it was scheduled to begin regardless. Concerned about the escalating situation, French Premier Raymond Poincarà © and Prime Minister Renà © Viviani urged Russia not to provoke a war with Germany. Shortly thereafter the French government was informed that if the Russian mobilization did not cease, Germany would attack France. The following day, August 1, Germany declared war on Russia and German troops began moving into Luxembourg in preparation for invading Belgium and France. As a result, France began mobilizing that day. With France being pulled into the conflict through its alliance to Russia, Britain contacted Paris on August 2 and offered to protect the French coast from naval attack. That same day, Germany contacted the Belgian government requesting free passage through Belgium for its troops. This was refused by King Albert and Germany declared war on both Belgium and France on August 3. Though it was unlikely that Britain could have remained neutral if France was attacked, it entered the fray that next day when German troops invaded Belgium activating the 1839 Treaty of London. On August 6, Austria-Hungary declared war on Russia and six days later entered into hostilities with France and Britain. Thus by August 12, 1914, the Great Powers of Europe were at war and four and a half years of savage bloodshed were to follow.

It320 Chapter 1 Questions Essay - 706 Words

Chapter 1 1. Which of the following statements accurately describe differences between a LAN and a WAN? b. companies can use a Wan to connect remote locations, and a LAN can make a local connection in a building. d. Only WANs require a CSU/DSU to be used on the ends of the cable 2. Network professionals belong to organizations that plan and define standards used in networking. Which of the following are recognized industry organizations? a. IETF c. ISO d. EIA f. ITU 3. Which of the following are true about router? a. routers enable different IP networks or IP subnets to communicate with each other. c. path selection is one of the main functions of a router. e. routers have a central†¦show more content†¦a. Frame relay c. IETF 14. Which of the following are used in WANs? b. Router c. Modem 15. Which of the following describe the function of flash memory in a router? a. Holds the Cisco IOS software image c. Keeps its contents when a router is rebooted. d. Can store multiple versions of Cisco IOS software. 16. Which of the following are true about out-of-band router management? a. Can be performed using the console port with a rollover cable. d. Can allow troubleshooting when a link is down. e. Can be performed using a dialup connection. 17. Which of the following are true about the items shown in the following figure? a. Item B contains serial interfaces. b. Items C and D can be used for router management. d. Item B can accept either DTE or DCE cables. 18. Which statement is true about a router? b. NVRAM stores the startup configuration file, and RAM stores the running configuration. CHALLENGE Qamp;A 1. Which type of cable is used in the connections marked in the following figure? a. PC1 to R1: crossover b. R1 to R2: back-to-back serial connection or DTE/DCE c. R2 to SW2: straight-through cable d. R2 to PC2: console or rollover cable 2. Router R1 has been used in a lab for the last several years. R1 connects to router R2 using a back-to-back serial connection, using its serial interface that does not have a built-in CSU/DSU. R1 also has a single Ethernet interface connected to a

Labour Markets, Wages and Industrial Relations Free Essays

Telecommuting is going to change the landscape of labour for years to come. As a matter of fact, the very notion of a job is going to change. A job will be something one takes home to do in the intervals between football matches and household duties, not an activity that reshapes one’s day. We will write a custom essay sample on Labour Markets, Wages and Industrial Relations or any similar topic only for you Order Now Such changes will trigger changes in other aspects of work. Thus, trade union participation and union power will most probably be reduced. A great part of this influence is based in personal interaction. It is much easier to recruit a person to become a member of the union through direct personal contact than through means such as e-mail. Trade union leaders will turn into virtual figures rather than living beings in flesh and blood, and people will feel less affiliated with the union. Besides, as the authors point out, there are reasons to expect an inflow of workers into labour who have never or seldom had employment before, including single mothers or disabled people. Those may feel isolated from the rest of the workforce and have had no experience with unions. As a result, they will be less willing to participate in union activities and bargain with their employer. Besides, more developing nations will be included in the workforce, and it is more difficult to recruit people there in the union as they live in remote places and as well have little experience with unions. However, trade unions will not go away because of telecommuting. There are factors that even call for an increase in their power. For instance, it will become easier to change jobs since it will not involve looking for a job in exactly the same area and workers will probably not have to go to interviews in person. Rather, they may be able to do some kind of audio- or video-interview via Internet. As a result, employees will have more possibility to defend their rights through trade unions as they will not fear loss of job. Communication with trade union leaders will take place through the same interactive means as communication with supervisors – e-mail, telephone, and videoconferencing. Telecommuting will probably to some extent remove the difference between house prices between capital cities and regions. At the moment, housing is pricey in larger cities since there a lot of people willing to move there because higher salary levels. Those people coming from the regions are prepared to pay a premium on house price as compared to the regions because they know the house price will be offset by gains in wages. As a result, they drive demand up even at higher prices. If differences salary levels are reduced, a probable result of telecommuting, more people will prefer to stay in the regions, and housing there will rise in value against capital cities. This does not mean that housing will cost the same throughout the nation. First, not all jobs will be affected by telecommuting. It will take time before the pay for manual jobs such labourers, nurses, etc., will get to about the same level throughout the country. People in those jobs will then still be attracted to larger cities. Second, there are other factors than salary levels that affect housing prices. For instance, in the same city where one can get the same salary living in a nice or unattractive neighbourhood, housing prices will vary from one district to another. The reason for these variations is the difference in infrastructure, ecological atmosphere (as, for example, when the house faces a busy road or something of the kind), and opportunities for entertainment. Surely in larger cities one can have a much more interesting and varied life thanks to the availability of many cultural establishments, and regions will not soon overcome this difference. That is why people may still be attracted to living in the capital even if wages arrive at about the same level. Besides, formerly the attraction of the remote areas was their cheap prices for everything other than housing, such as food, entertainment, services, etc. A rise in wages will probably change that, making prices go up. In conclusion, housing prices will go up in regions as compared to the province as a result of dwindling difference in wages. However, prices in capital or larger cities will still remain higher. Bibliography Sloman, John Mark Sutcliffe. Economics for Business. Â   How to cite Labour Markets, Wages and Industrial Relations, Essay examples

Academic Writing for Fundamentals of Research -myassignmenthelp

Question: Discuss about theAcademic Writing for Fundamentals of Legal Research. Answer: Essay Question- Should all academic writing be based on primary sources? Academic writing is conducted in various set of outlines and genres that comprises an impersonal as well as dispassionate tone. This form of writing is generally targeted for a significant and informed audience and is based on an intensively examine knowledge. Academicians in every discipline utilizes academic form of writing in order to convey thoughts, ideas, make arguments and further engage in scholarly discussion. However, at times, this form of writing is regarded as prolonged or inaccessible but it must be noted that a vehement and intense academic writing is quite otherwise (Candlin and Hyland 2014). Such form of writing enlightens, examines and further persuades in an effortless manner and facilitates the readers to involve critically in an intellectual and scholarly discourse. The value and significance of sources must be noted in order to comprehend any research project. The three labels of sources of information namely primary, secondary and tertiary serve a varied purpos e throughout the process of any research work and can further strengthen the piece of writing (Turabian 2018). The essay will intend to focus on the significance of primary source of information in conducting a successful academic writing. In addition to it, the essay will further evaluate the role of primary, secondary and tertiary sources in varied disciplines of academic writing. Primary sources are considered significant to any research assignment except for the occasions when the primary aim is to create a survey of accessible literature on a specific subject. The idea of primary varies from discipline to discipline. A primary source for literature for instance, would involve writings, dialogues, speeches along with other direct communications derived from the author of the work that has being studied (Brundage 2017). Certain disciplines in particular such as history include sources like letters, scripts, eyewitness testimonies, newspaper articles and other autobiographical work. For instance, a researcher intending to analyse the disparities on the way the Northern and Southern media reported the battle of Antietam during the Civil War would necessitate the consideration of the testimonies of the battle and its direct repercussions, reports from the soldiers who participated in the battle along with the chronicles and journals (Galvan and Galvan 2017). How ever, it must be noted that not all primary references can be utilized in conducting an effective historical investigation. A research worker might further review autobiographies or narratives written by people who were in direct association with the battles (Cumming 2013). Primary references for studying a discipline of psychology, on the other hand, incorporate discussion and interrogating human entities who provide effective participation in the study, empirical investigation gathered during the course of the investigation, investigation outcomes along with other related materials. An academic researcher in order to assess the space-elevator strategies of NASA will conduct an in-depth interview with a NASA scientist or further evaluate videos of NASA Power Beaming Challenge incidents (Coolican 2017). A research worker intending to determine the efficacy of listening to classical genre music while studying would outline the project in order to analyse students who study under dive rse circumstances. Such a research design would aid the researcher to accumulate information and required data in order to support or refute the hypothesis. According to the UCLA Institute on Primary Resources, the role of primary references is to offer immediate evidences of historic occurrences. However, it is immensely important to consider that primary references in its unusual form that is neither construed nor assessed by other researchers (Harvey 2013). The implementation of primary references provides an academic writer with distinctive opportunities in order to perform original study and further formulate the researchers personal theory, ideas and opinions (Harris 2017). The central idea of primary resources in academic writing or research is to analyse as data for scientific, historical as well as social investigation. Primary data aid in immense intimacy to the occurrence or phenomenon that is being studied (Kipping, Wadhwani and Bucheli 2014). The central area whereby primary sources lie is in journals or any documentation, but one may intermittently encounter a book or document in which a researcher or author has incorporate d original work or unique thoughts and findings. For instance, conceptualizing the themes and ideas in the novel of Great Gatsby, an academic writer must analyse the text and further review nonfiction essays written by Scott Fitzgerald (Chin et al. 2013). Furthermore, primary sources provides with a window to look into the past records which are the unfiltered admission to the data of artistic, societal, scientific as well as political ideas and achievements during the period of investigation in particular. Academic research is based on factual data, information and investigation, which further entails the usage of primary sources (Fairclough 2014). A detailed inquisition into primary data sources acknowledges a researcher with several disagreements and contradictions and further evaluates manifold sources and data that symbolize contradictory standpoints, further confronting the intricacies of past. Secondary sources in academic writing are regarded as an n analysis of the raw or firsthand data done by researchers within the domain of intellectual and academic study. Such secondary materials conceptualize and further interpret the primary data. Secondary data serves the role of used or indirect account or substantiation of an event or an affair (Ary et al. 2018). Thus, such form of data is considered as sources deflected from the original explanation and phenomenon. Secondary source of information instead of offering an accurate narrative, researchers using these data evaluate, construe and further gather inferences about the raw or primary sources, thus incorporating significance to the sources in academic writing (Cottrell 2017). Such forms of sources play the role of a liaison between the sources and the academic writer. A journal article based on ideologies of motherhood for instance, in the novel of Frankenstein can be used in order to evaluate the beliefs and thoughts of S helleys on motherhood and further assess the way the ideas of both have exerted their way into the narratives of the novel (Carroll et al. 2013). Furthermore, several books and articles on speech styles and patterns can be used in order to assess the way renowned personalities such as Obama communicates with the audience and media. Secondary data is regarded as a systematic and methodical method with the use of procedural as well as evaluative manner, but there remains an absence of literature in order to define particular procedures (Barkan, Bintliff and Whisner 2015). The central idea lying on secondary data sources is to provide theoretical ideas and knowledge along with conceptual competences in order to implement existing information to address the investigating questions (Kipping, Wadhwani and Bucheli 2014). In the domain of academic writing, this type of sources include less expenditure, time as well as resources whereby the information collected is assessed and evaluated and further accessible in formats which are prepared in advance, thus, aiding to time reduction (Hancock and Algozzine 2016). Secondary source data further provides responses to the research questions of the study. However, on the contrary with primary source in academic writing secondary data might be incompetent to achieve the research requirements as the data gathered through secondary sources requires detailed evaluation in order to produce into the configure, which is attuned to the needs of the academic writer (Brundage 2017). For instance, in analysing the Great Gatsby the primary data collection would be gathered from the novel itself, while for secondary resources the references can thus be congregated from the film adaptations based on the novels or the scholarly documentations of review the novel (Coolican 2017). It must be noted that in primary data sources, academic researchers who gather data further analyse it. Furthermore, for meta-analysis, a researcher quantitatively coalesce the statistical outcomes from several studies of an event in order to accomplish a specific conclusion. However, in the case of secondary sources, researchers who do not have any direct association with the data collection study the data. The majority area of animal cognition incorporates primary data investigation; however, it creates complexities to recognize any which rely on meta-analysis (Hancock and Algozzine 2016). On the contrary, secondary sources rely on effective published and accessible information. Articles or editorial, which are supported by primary sources, have the potentialities to provide significance impact on further investigation (Fairclough 2014). A comprehensive enduring influence of written documentation based on raw data analysis may be evaluated by citations in succeeding pragmatic or empirical articles as well as in review of literature. However, in the context of secondary data sources, academic researchers or group of academic investigators con ceptualizes the information that is not implicated in the outline of the research work or data collection (Kipping, Wadhwani and Bucheli 2014). These evaluations are relied upon information that has the accessibility in text, tables, and graphs or upon the raw data gathered from secondary sources. Conducting any study or investigation facilitates a researcher to discover and determine the prevailing and dominant thoughts, theories, perceptions and discussions that have their presence in the literature. The third form of source involved in the domain of academic writing is the tertiary source that further recapitulates or commentaries on secondary data (Galvan and Galvan 2017). Writers implement tertiary sources in order to achieve a fundamental idea and improved understanding of the subject and to prepare through broad range of information in a rapid and effective manner (Carroll et al. 2013). Sources collected from indexes, bibliographies, theoretical data and further reference resources can be regarded as tertiary sources unless they offer academic and scholarly analyses. Tertiary sources are regarded as sources that recognize and locate both primary and secondary data. While conducting an enduring ethnographic investigation on the way first and third year law students demog raphic factors along with preceding disclosure to data literacy induction have an impact on the data sources that law students choose and further their preferences whether or not to provide suitable attribution to implemented information references (Candlin and Hyland 2014). While conducting the research the academic researcher has, further consulted data generally regarded as secondary references that involved law review journals, legal encyclopaedia, various legal dictionaries, and Restatements of the Law as well as practice directories. It must be noted that these primary and secondary reference sources offer enhanced consistent, legitimate and reliable (Barkan, Bintliff and Whisner 2015). However, students conducting academic research in law may not consider these factors due to its immense level of time consumption aspect in comparison to the usage of tertiary source such as Google (Fairclough 2014). In recent times, the majority of people within the academic domain are greatly reliant towards the rapid accessibility of internet. A law student whereby, can easily access any form of data of legal information that is related to his or her subject in lesser time with the help of a search engine that is a tertiary reference (Hancock and Algozzine 2016). On the contrary, gathering legal information with the help of a digital legal database or from a documented source, which can be regarded as primary or secondary sources. Even though, tertiary sources identify intense value of primary and secondary sources, the prominence of tertiary references lack at various areas due to their distance from the original source of data, they possess a tendency to generalize or sometimes create distortions of the research subject (Brundage 2017). Repetitive rehash of secondary references results in losing some new dimensions and insights of the research topic (Hancock and Algozzine 2016). In order to accomplish certain principles and standards of exploration and expectations o f the academic writing, consistent and reliable data facilitate to achieve the aims and objectives of the research and further ascertain the writing to accomplish the necessities and requirements of the paper. However, the significance of sources deserves a mention because they tend to reveal evidences to the debates and arguments the academic writer present in his or her work must be corroborated properly. In such contexts, primary sources provide germane and well-established information in order to aid such declarations and arguments. Despite the fact that primary sources reveal original, raw and direct evidences that are usually related to the personal experiences of the writers or researchers, they does not always confirm their efficacy in all forms of academic writing. However, primary sources have immense significance but few academic writings to develop the critical thinking as well as research skills. Utilizing primary sources for writing an essay can pose challenges , therefore incorporating secondary sources such as peer-reviewed articles, academic or scholarly journals is important because they aid the analysis of the writer and further facilitates in the development of critical thinking as well as research abilities. References Ary, D., Jacobs, L.C., Irvine, C.K.S. and Walker, D., 2018.Introduction to research in education. Cengage Learning. Barkan, S.M., Bintliff, B. and Whisner, M., 2015. Fundamentals of legal research. Brundage, A., 2017.Going to the sources: A guide to historical research and writing. John Wiley Sons. Candlin, C.N. and Hyland, K., 2014.Writing: Texts, processes and practices. Routledge. Carroll, J.A., Diaz, A., Meiklejohn, J., Newcomb, M. and Adkins, B., 2013. Collaboration and competition on a wiki: The praxis of online social learning to improve academic writing and research in under-graduate students.Australasian Journal of Educational Technology,29(4). Chin, P., Reid, S., Wray, S. and Yamazaki, Y., 2013.Academic Writing Skills 3 Student's Book(Vol. 3). Cambridge University Press. Coolican, H., 2017.Research methods and statistics in psychology. Psychology Press. Cottrell, S., 2017.Critical thinking skills. Macmillan Education. Cumming, A., 2013. Assessing integrated writing tasks for academic purposes: Promises and perils.Language Assessment Quarterly,10(1), pp.1-8. Fairclough, N., 2014.Critical language awareness. Routledge. Galvan, J.L. and Galvan, M.C., 2017.Writing literature reviews: A guide for students of the social and behavioral sciences. Routledge. Hancock, D.R. and Algozzine, B., 2016.Doing case study research: A practical guide for beginning researchers. Teachers College Press. Harris, R.A., 2017.Using sources effectively: Strengthening your writing and avoiding plagiarism. Taylor Francis. Harvey, K., 2013.History and Material Culture: A Student's Guide to Approaching Alternative Sources. Routledge. Kipping, M., Wadhwani, R.D. and Bucheli, M., 2014. Analyzing and interpreting historical sources: A basic methodology.Organizations in time: History, theory, methods, pp.305-329. Turabian, K.L., 2018.A manual for writers of research papers, theses, and dissertations: Chicago style for students and researchers. University of Chicago Press.

Information Security Management Assignment Case Study of Solar IQ

Question: Discuss about theInformation Security Management Assignmentfor Case Study of Solar IQ. Answer: Preparation of the Policy Statement for BCM at SIQ The organization specializes in production installation and maintenance of photoelectric solar panel solution for home appliances all over Australia. The main purpose of the organization is to develop solar panel inverters and monitoring system. The inverter will convert the solar energy to household electricity and the monitor is the software device which will track the entire system. The DC electricity is converted into AC electricity in order to match the efficiency of other competitive organizations (Schmidt and Prado 2013). The inversion and monitoring approach needs certain business continuity management planning for overall development of the organization. The policies for business continuity management planning are as follows: Policy statement: Different ranges of products and services that can meet the requirements of education and community are developed by the development department of Solar IQ, they are committed to do this. The organization is maintaining the risk management system for the organization that might create threats by external and internal attacks. The products and service that interrupts the business continuity is initially identified by Solar IQ and then the identified problem are fixed by the risk management department of the organization (Studnia et al. 2013). Moreover the protection and precaution technologies are completely dependent on IT risk recovery strategies. Additionally many other objectives of the policies are identified (Lee 2012). If any sort of information system interruption occurs then, the risk management department will identify the risks and recover those by re establishing the services. Basically in order to protect the data and entire information system advanced and wider range of risk management system is identified (Schmidt and Prado 2013). It provides offer and advanced frame work with proper configuration to the managers of Solar IQ to identify the main risks that threaten the organizational management system. The employees working for Solar IQ have the potentials to prevent the exploitation of the confidential information stored in the data base system of the organization. Apart from this, it is also having the capability to protect the resource (Kapeliushnikov et al. 2013). The broad range of risk identification capacity minimizes the cost by implementing different business actions. The main thing is this that BCM for Solar IQ is a system which is maintained in a regular basis such as implementation, regular testing, development and appropriate update of the system (Zissis and Lekkas 2012). As the business is facing environmental threats, thus disaster recovery management system is also developed for risks detection and recovery. Even the policies are applicable for all entities and all critical business functionalities. Most of the BCM system leads by standard BCM guidelines. The presence of intranet supervises the overall management system of Solar IQ. Evaluation of Preliminary Risks SIQ and Rables the Most Likely Disruption Scenarios for the Risks While evaluating the risks associated with Solar IQ it has been found that, there are many preliminary risks that might hamper the over system. The inverter and monitoring system develops the entire management system by adopting business intelligence (Schmidt and Prado 2013). By adopting the new generation wireless technology, in the year between 2007 and 2011 the organization had inaugurated solar powered buildings. As, Solar IQ is maintaining the manufacture based supply chain thus most of the orders are managing by electronic mail. Special kind of design component needed technology based benchmarks and these are conquered for some of the selected suppliers (Lee 2012). From the customers perspectives it has been found that, the data warehouse performs faster than any other processing system. The dynamic reporting system will allow the clients of Solar IQ to undertake the technological uses. The resources provides opportunity to big data analysis and tough competition to other power saving and converting organizations. The HR management system is based on cloud computing and many new initiatives and the enterprise system is exploring all the information stored in the database management system of Solar IQ (Kapeliushnikov et al. 2013). Many core business functionalities are integrating to the existing system of Solar IQ based on SaaS platform. Without establishing any business policies Solar IQ is developing their business relationships in terms of partnership with salesforce.com. Though, during assessment period it has been found that, some incidents took place within the organization that changed the overall business operation of Solar IQ (Studnia, et al. 2013). In the year between 2013 and 2016 much number of virus attacks was detected in the email attachment scanned (Kapeliushnikov, et al. 2013). The virus attack was detected by the IT department of Solar IQ. The distributed denial of service was another kind of attack detected by the IT department of the organization and it has been defined that, DDOS has the ability to change the content of the resource and the link of the resource (Schmidt and Prado 2013). From different analysis the deliberate, accidental and the environmental threat are ranked. The ranking is as followed: Risks Mitigation planning Long term solution Risk ranking Legacy enterprise system Insecurity and unstable enterprise system requires proper monitoring mechanism. Inventory management system will help to ensure the long term solution of the system. 1 Subcontractor and BYOD use of SIQ Systems Expert team is needed to be hired so that the monitoring team will be able to manage the entire system. Data integrity can ensure the solution. 3 Email compromise Monitoring each email and other online transaction carefully can resolve these issues. Supplant current Enterprise System with another powerful ES which can deal with various exchange stacks and with modules and modules that can without much of a stretch be included, redesigned and expelled. 2 Offshore data storage of customer data Protected data storage will secure the communication between the service provider and the users. Find and hire a proper Australian based company for cloud hosting. 5 Physical security Request email secret word to be changed at regular intervals and connections secret word protected Secure cloud based capacity of classified plans requiring sharing alternatives utilizing certifications ought to be actualized. 4 References Kapeliushnikov, R., Kuznetsov, A., Demina, N. and Kuznetsova, O., 2013. Threats to security of property rights in a transition economy: An empirical perspective.Journal of Comparative Economics,41(1), pp.245-264. Lee, K., 2012. Security threats in cloud computing environments.International Journal of Security and Its Applications,6(4), pp.25-32. Schmidt, S.O. and Prado, E.P.V., 2013. IT Architecture and Information Quality in Data Warehouse and Business Intelligence Environments.Information Quality and Governance for Business Intelligence, p.112. Studnia, I., Nicomette, V., Alata, E., Deswarte, Y., Kaniche, M. and Laarouchi, Y., 2013, June. Survey on security threats and protection mechanisms in embedded automotive networks. InDependable Systems and Networks Workshop (DSN-W), 2013 43rd Annual IEEE/IFIP Conference on(pp. 1-12). IEEE. Zissis, D. and Lekkas, D., 2012. Addressing cloud computing security issues.Future Generation computer systems,28(3), pp.583-592.

A Biography of US Senator Rand Paul

A Biography of US Senator Rand Paul Rand Paul is a Republican United States Senator from Kentucky with conservative-libertarian view points, and the son of former Congressman and regular presidential candidate Ron Paul. An eye doctor by trade, Paul has been married to his wife, Kelly, since 1990 and together they have three sons. While Paul has limited political history, he was a frequent campaigner for his father and also the founder of a pro-taxpayer group in Kentucky, Kentucky Taxpayers United. Electoral History: Rand Paul has a very limited political history and did not make a run for political office until 2010. Although he started as a double-digit underdog to Trey Grayson in the GOP primary, Paul took advantage of the anti-establishment sentiment within the Republican Party and was one of many long-shot outsiders to oust GOP-backed candidates. With the backing of the tea party, Paul went on to defeat Grayson 59-35%. Democrats believed they had a decent chance in the general election against Paul due to his lack of political experience. They party picked the fairly popular state Attorney General, Jack Conway. Though Conway led in early polling, Paul went on to win by a fairly comfortable 12 points. Paul was backed by most conservatives and tea party groups, including Jim DeMint and Sarah Palin. Political Positions: Rand Paul is a conservative-libertarian who is ideologically-aligned with his father, Ron Paul, on most issues. Paul is staunchly in favor of states rights on most issues and he believes that the federal government should only legislate where it is constitutionally authorized to do so. He believes hot-button issues such as gay marriage and marijuana legalization should be up for each state to decide, which also seems to be an emerging opinion within the conservative movement. Paul has also been a major figure in minority outreach and a major proponent of criminal justice reform. Rand Paul is pro-life, which is perhaps where he deviates most from the larger libertarian movement. He opposes federal funding of almost everything, including abortion, education, healthcare and other extra-constitutional issues that are meant to be handled by each individual state. The main area of concern for conservatives regarding Paul is on foreign policy. While Paul is clearly on the less interventionist and less activist scale of foreign policy, he is not quite the extremist his father was on the issue. He is strongly opposed to NSA spying programs. 2016 Presidential Run: Picking up where his father left off, Rand Paul announced a run for the 2016 GOP nomination for President. While he started off with decent numbers, his popularity took a dip as he suffered a handful of poor debate performances. While his father often occupied the wild outcast role in presidential elections, Rand Pauls more measured approach actually seems to have hurt him. The anti-establishment crowd drifted away from the Ron Paul/Rand Paul side and over to Donald Trump and Ted Cruz, both who have out-maneuvered Paul. His foreign policy views have also become a liability as the Republican Party has shifted back to a more hawkish stance following the off-hands approach of the Obama White House. This has led to the occasional back-and-forth between Paul and fellow contender Marco Rubio, who has typically came out for the better. Financially, the Paul campaign has struggled and it has remained in the bottom rung of candidates. His polling has also lagged, and he has constantly struggled to remain above the debate threshold. Some Republicans have called for Paul to give up on the race and instead focus on his 2016 Senate run as they fear he is wasting valuable resources while damaging his personal popularity.

How To Get Inspiration For Your Research Projects

How To Get Inspiration For Your Research Projects How to connect for the inspiration in your writing job Writing is a creative process which requires both factual calculations of time and effort as well as a consideration of an emotional side, such as inspiration. It is easy to make a rough estimation of the time and effort required to produce your next publication. However, the lack of inspiration to write about the required subject might be an issue and can result in the writer’s block. How to connect for the inspiration? Places for inspiration Nowadays, there are many places available for getting an inspiration which writers may end up lacking in the creative process. In the academic world, the inspiration for the research can come from attending conferences or seminars, reading up to date academic publications, listening to good quality radio podcasts, checking newspapers and websites, engaging in social media and connecting with people who are equally interested in the subject that you study. Connecting with other researchers It might be very helpful to connect with those who study the same subject. Your colleagues have their own insights and they can share the valuable information with you. You can join relevant networks or you can even start your own blog or forum to publicize your research and get into a productive discussion with those who have the same interests. Seeking advice from those whose research you respect is also one of the ways to get your piece of work written effectively. Promoting your research via digital media It is important to be â€Å"online present†. If you would like to promote your research, it can be very helpful to be socially active in terms of online activity. You need to engage in the social media in order to spread the important ideas of your work to as many people as possible. Nowadays, it is unwise to underestimate the power of social media, so use it to the fullest. Digital means for working on the academic pieces of writing The number of digital aids for the effective writing is very much in abundance nowadays. Do you need to save an interesting information that you have encountered on the web? You can use one of the digital bookmarking sites such as Delicious, Pinterest, Scoop.it or Pinterest. If you need an online reference manager, Zotero, Endnote or Mendeley can be very helpful. The citations that you come across can be saved very easily with those research management tools. Physically activity as a source of inspiration Being physically fit can make a lot of difference in the creative process. Besides getting a portion of positive emotions, going for a run or exercising in the gym can give you some time to think about the subject of your research. Many successful writers say that they come up with new and unique ideas when they are in motion. Writing an academic paper is a challenging task and every academic writer has his own methods and routines which facilitate producing great pieces of work. Perhaps, experimenting is the key element in the process of creating a masterpiece. Finding your own approach to the creative writing process can help you achieve your goal of being a successful writer.

Writing assingnment Research Paper Example | Topics and Well Written Essays - 500 words

Writing assingnment - Research Paper Example Utility maximization is a process or goal of obtaining the maximum utility from the consumption of goods and services on the basis of rational behaviour of human beings. The utility maximization is associated with the theory of decision making. Utility is an economic term which is defined as satisfaction received by individuals from the consumption of goods and services. â€Å"In 1957, Simon proposed the notion of Bounded Rationality as that property of an agent that behaves in a manner that is nearly optimal with respect to its goals as its resources will allow† (Bounded Rationality: A Response to Rational Analysis, n.d). A search refers to a psychological process related to instinct of a person which helps him to find solution for a problem. The searches can be of different types like search for job, search for home, and search for other aspects of professional and personal life of human. The decision outcome of an individual is affected by his search as the decision made depends on the search process. Decision making is considered as a major activity in any organization. Decision making is important in any activity of an organization as it helps to choose the best course of action in carrying out any task, helps to find solution to any problem or to solve conflict within an organization. If a needle to sew a jean is of 4 inch and is along with other 1000 needles of different size in a haystack, then it will take more time in seeking the needle. So a satisficer would stop looking as soon as a needle is found which can sew the jeans. Every individual satisfice in their life during those situations when time is limited. â€Å"Congressional budget decision-making in the U.S., where the usual questions considered about a given (existing) agency might typically range from whether to cut 4 or 5 percent from its budget to whether to tack on a 5 or 10% increase. Congress very seldom stops to think seriously

The Possitive and Negative Effects of the Death Penalty Essay

The Possitive and Negative Effects of the Death Penalty - Essay Example Recently, the debate over the use of the death penalty has become highly contentious, and its use as a form of punishment has decreased across the nation (Katz, Livett and Shustorovich 318). For example, most of the executions that occurred during 2002 occurred in the South of the USA, with Texas accounting for three times as many executions as those carried out in the West, Midwest and Northeast altogether. Overall, most states did not use the death penalty during 2002. Currently, the debate focuses on the availability of empirical evidence, and discourse on ethics and morality, to determine whether the death penalty should, or should not, remain as a punishment alternative. This paper aims to review the arguments of the death penalty debate. Firstly, the arguments For the use of capital punishment shall be outlined. Secondly, the arguments Against the use of the death penalty shall be presented. Finally, a conclusion shall synthesize the main arguments and make recommendations for future research. A dominant argument for the use of the death penalty is that the highest interest for a society is to prevent the deviant behavior of murder, and so the strongest punishment should be employed to deter the potential for murder to occur (Death Penalty Curricula for High School). According to this reasoning, the death of those who do commit murder will motivate other potential murderers to re-think their actions, as they will fear the loss of their own life. The arguments For the death penalty contend also, that although many studies show the results of the deterrent hypothesis to be inconclusive, that this may well be because the punishment is so infrequently used, due to the long process involved to actually carry out an execution (Katz, Livett and Shustorovich 318). It is postulated that the US states that utilize the death penalty would have much higher rates of murder if they did not use this form of punishment at all. Also, the arguments focus on the ability for capital punishme nt to deter those who are executed for murder, not only as a protection for the public, but also for other prisoners and staff who work within the prison system (Death Penalty Curricula for High School). Ultimately, it is contended, as a form of permanent incapacitation the death penalty aids in crime prevention and so the protection of society. An in-depth study by Isaac Ehlich is often pointed to as providing proof that murder rates change when there is the likelihood of losing one's life for the crime (Ehlich [a] 32). Ehlich concluded that as many as 7 or 8 murders were prevented through the use of capital punishment in the USA, during the period from 1933 to 1967 (Ehlich [b] 15). Furthermore, to support Ehlich's findings, a study in England by Wolpin found that for every execution, there was a reduction, on average, of four other

Credit Risk Dissertation

Credit Risk Dissertation CREDIT RISK EXECUTIVE SUMMARY The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The major cause of serious banking problems over the years continues to be directly related to lax credit standards for borrowers and counterparties, poor portfolio risk management, or a lack of attention to deterioration in the credit standing of a banks counterparties. Credit risk is the oldest and biggest risk that bank, by virtue of its very nature of business, inherits. This has however, acquired a greater significance in the recent past for various reasons. There have been many traditional approaches to measure credit risk like logit, linear probability model but with passage of time new approaches have been developed like the Credit+, KMV Model. Basel I Accord was introduced in 1988 to have a framework for regulatory capital for banks but the â€Å"one size fit all† approach led to a shift, to a new and comprehensive approach -Basel II which adopts a three pillar approach to risk management. Banks use a number of techniques to mitigate the credit risks to which they are exposed. RBI has prescribed adoption of comprehensive approach for the purpose of CRM which allows fuller offset of security of collateral against exposures by effectively reducing the exposure amount by the value ascribed to the collateral. In this study, a leading nationalized bank is taken to study the steps taken by the bank to implement the Basel- II Accord and the entire framework developed for credit risk management. The bank under the study uses the credit scoring method to evaluate the credit risk involved in various loans/advances. The bank has set up special software to evaluate each case under various parameters and a monitoring system to continuously track each assets performance in accordance with the evaluation parameters. CHAPTER 1 INTRODUCTION 1.1 Rationale Credit Risk Management in todays deregulated market is a big challenge. Increased market volatility has brought with it the need for smart analysis and specialized applications in managing credit risk. A well defined policy framework is needed to help the operating staff identify the risk-event, assign a probability to each, quantify the likely loss, assess the acceptability of the exposure, price the risk and monitor them right to the point where they are paid off. Generally, Banks in India evaluate a proposal through the traditional tools of project financing, computing maximum permissible limits, assessing management capabilities and prescribing a ceiling for an industry exposure. As banks move in to a new high powered world of financial operations and trading, with new risks, the need is felt for more sophisticated and versatile instruments for risk assessment, monitoring and controlling risk exposures. It is, therefore, time that banks managements equip them fully to grapple with the demands of creating tools and systems capable of assessing, monitoring and controlling risk exposures in a more scientific manner. According to an estimate, Credit Risk takes about 70% and 30% remaining is shared between the other two primary risks, namely Market risk (change in the market price and operational risk i.e., failure of internal controls, etc.). Quality borrowers (Tier-I borrowers) were able to access the capital market directly without going through the debt route. Hence, the credit route is now more open to lesser mortals (Tier-II borrowers). With margin levels going down, banks are unable to absorb the level of loan losses. Even in banks which regularly fine-tune credit policies and streamline credit processes, it is a real challenge for credit risk managers to correctly identify pockets of risk concentration, quantify extent of risk carried, identify opportunities for diversification and balance the risk-return trade-off in their credit portfolio. The management of banks should strive to embrace the notion of ‘uncertainty and risk in their balance sheet and instill the need for approaching credit administration from a ‘risk-perspective across the system by placing well drafted strategies in the hands of the operating staff with due material support for its successful implementation. There is a need for Strategic approach to Credit Risk Management (CRM) in Indian Commercial Banks, particularly in view of; (1) Higher NPAs level in comparison with global benchmark (2) RBI s stipulation about dividend distribution by the banks (3) Revised NPAs level and CAR norms (4) New Basel Capital Accord (Basel -II) revolution 1.2 OBJECTIVES To understand the conceptual framework for credit risk. To understand credit risk under the Basel II Accord. To analyze the credit risk management practices in a Leading Nationalised Bank 1.3 RESEARCH METHODOLOGY Research Design: In order to have more comprehensive definition of the problem and to become familiar with the problems, an extensive literature survey was done to collect secondary data for the location of the various variables, probably contemporary issues and the clarity of concepts. Data Collection Techniques: The data collection technique used is interviewing. Data has been collected from both primary and secondary sources. Primary Data: is collected by making personal visits to the bank. Secondary Data: The details have been collected from research papers, working papers, white papers published by various agencies like ICRA, FICCI, IBA etc; articles from the internet and various journals. 1.4 LITERATURE REVIEW * Merton (1974) has applied options pricing model as a technology to evaluate the credit risk of enterprise, it has been drawn a lot of attention from western academic and business circles.Mertons Model is the theoretical foundation of structural models. Mertons model is not only based on a strict and comprehensive theory but also used market information stock price as an important variance toevaluate the credit risk.This makes credit risk to be a real-time monitored at a much higher frequency.This advantage has made it widely applied by the academic and business circle for a long time. Other Structural Models try to refine the original Merton Framework by removing one or more of unrealistic assumptions. * Black and Cox (1976) postulate that defaults occur as soon as firms asset value falls below a certain threshold. In contrast to the Merton approach, default can occur at any time. The paper by Black and Cox (1976) is the first of the so-called First Passage Models (FPM). First passage models specify default as the first time the firms asset value hits a lower barrier, allowing default to take place at any time. When the default barrier is exogenously fixed, as in Black and Cox (1976) and Longstaff and Schwartz (1995), it acts as a safety covenant to protect bondholders. Black and Cox introduce the possibility of more complex capital structures, with subordinated debt. * Geske (1977) introduces interest-paying debt to the Merton model. * Vasicek (1984) introduces the distinction between short and long term liabilities which now represents a distinctive feature of the KMV model. Under these models, all the relevant credit risk elements, including default and recovery at default, are a function of the structural characteristics of the firm: asset levels, asset volatility (business risk) and leverage (financial risk). * Kim, Ramaswamy and Sundaresan (1993) have suggested an alternative approach which still adopts the original Merton framework as far as the default process is concerned but, at the same time, removes one of the unrealistic assumptions of the Merton model; namely, that default can occur only at maturity of the debt when the firms assets are no longer sufficient to cover debt obligations. Instead, it is assumed that default may occur anytime between the issuance and maturity of the debt and that default is triggered when the value of the firms assets reaches a lower threshold level. In this model, the RR in the event of default is exogenous and independent from the firms asset value. It is generally defined as a fixed ratio of the outstanding debt value and is therefore independent from the PD. The attempt to overcome the shortcomings of structural-form models gave rise to reduced-form models. Unlike structural-form models, reduced-form models do not condition default on the value of the firm, and parameters related to the firms value need not be estimated to implement them. * Jarrow and Turnbull (1995) assumed that, at default, a bond would have a market value equal to an exogenously specified fraction of an otherwise equivalent default-free bond. * Duffie and Singleton (1999) followed with a model that, when market value at default (i.e. RR) is exogenously specified, allows for closed-form solutions for the term-structure of credit spreads. * Zhou (2001) attempt to combine the advantages of structural-form models a clear economic mechanism behind the default process, and the ones of reduced- form models unpredictability of default. This model links RRs to the firm value at default so that the variation in RRs is endogenously generated and the correlation between RRs and credit ratings reported first in Altman (1989) and Gupton, Gates and Carty (2000) is justified. Lately portfolio view on credit losses has emerged by recognising that changes in credit quality tend to comove over the business cycle and that one can diversify part of the credit risk by a clever composition of the loan portfolio across regions, industries and countries. Thus in order to assess the credit risk of a loan portfolio, a bank must not only investigate the creditworthiness of its customers, but also identify the concentration risks and possible comovements of risk factors in the portfolio. * CreditMetrics by Gupton et al (1997) was publicized in 1997 by JP Morgan. Its methodology is based on probability of moving from one credit quality to another within a given time horizon (credit migration analysis). The estimation of the portfolio Value-at-Risk due to Credit (Credit-VaR) through CreditMetrics A rating system with probabilities of migrating from one credit quality to another over a given time horizon (transition matrix) is the key component of the credit-VaR proposed by JP Morgan. The specified credit risk horizon is usually one year. A rating system with probabilities of migrating from one credit quality to another over a given time horizon (transition matrix) is the key component of the credit-VaR proposed by JP Morgan. The specified credit risk horizon is usually one year. * (Sy, 2007), states that the primary cause of credit default is loan delinquency due to insufficient liquidity or cash flow to service debt obligations. In the case of unsecured loans, we assume delinquency is a necessary and sufficient condition. In the case of collateralized loans, delinquency is a necessary, but not sufficient condition, because the borrower may be able to refinance the loan from positive equity or net assets to prevent default. In general, for secured loans, both delinquency and insolvency are assumed necessary and sufficient for credit default. CHAPTER 2 THEORECTICAL FRAMEWORK 2.1 CREDIT RISK: Credit risk is risk due to uncertainty in a counterpartys (also called an obligors or credits) ability to meet its obligations. Because there are many types of counterparties—from individuals to sovereign governments—and many different types of obligations—from auto loans to derivatives transactions—credit risk takes many forms. Institutions manage it in different ways. Although credit losses naturally fluctuate over time and with economic conditions, there is (ceteris paribus) a statistically measured, long-run average loss level. The losses can be divided into two categories i.e. expected losses (EL) and unexpected losses (UL). EL is based on three parameters:  ·Ã¢â€š ¬Ã‚   The likelihood that default will take place over a specified time horizon (probability of default or PD)  · â‚ ¬Ã‚  The amount owned by the counterparty at the moment of default (exposure at default or EAD)  ·Ã¢â€š ¬Ã‚   The fraction of the exposure, net of any recoveries, which will be lost following a default event (loss given default or LGD). EL = PD x EAD x LGD EL can be aggregated at various different levels (e.g. individual loan or entire credit portfolio), although it is typically calculated at the transaction level; it is normally mentioned either as an absolute amount or as a percentage of transaction size. It is also both customer- and facility-specific, since two different loans to the same customer can have a very different EL due to differences in EAD and/or LGD. It is important to note that EL (or, for that matter, credit quality) does not by itself constitute risk; if losses always equaled their expected levels, then there would be no uncertainty. Instead, EL should be viewed as an anticipated â€Å"cost of doing business† and should therefore be incorporated in loan pricing and ex ante provisioning. Credit risk, in fact, arises from variations in the actual loss levels, which give rise to the so-called unexpected loss (UL). Statistically speaking, UL is simply the standard deviation of EL. UL= ÏÆ' (EL) = ÏÆ' (PD*EAD*LGD) Once the bank- level credit loss distribution is constructed, credit economic capital is simply determined by the banks tolerance for credit risk, i.e. the bank needs to decide how much capital it wants to hold in order to avoid insolvency because of unexpected credit losses over the next year. A safer bank must have sufficient capital to withstand losses that are larger and rarer, i.e. they extend further out in the loss distribution tail. In practice, therefore, the choice of confidence interval in the loss distribution corresponds to the banks target credit rating (and related default probability) for its own debt. As Figure below shows, economic capital is the difference between EL and the selected confidence interval at the tail of the loss distribution; it is equal to a multiple K (often referred to as the capital multiplier) of the standard deviation of EL (i.e. UL). The shape of the loss distribution can vary considerably depending on product type and borrower credit quality. For example, high quality (low PD) borrowers tend to have proportionally less EL per unit of capital charged, meaning that K is higher and the shape of their loss distribution is more skewed (and vice versa). Credit risk may be in the following forms: * In case of the direct lending * In case of the guarantees and the letter of the credit * In case of the treasury operations * In case of the securities trading businesses * In case of the cross border exposure 2.2 The need for Credit Risk Rating: The need for Credit Risk Rating has arisen due to the following: 1. With dismantling of State control, deregulation, globalisation and allowing things to shape on the basis of market conditions, Indian Industry and Indian Banking face new risks and challenges. Competition results in the survival of the fittest. It is therefore necessary to identify these risks, measure them, monitor and control them. 2. It provides a basis for Credit Risk Pricing i.e. fixation of rate of interest on lending to different borrowers based on their credit risk rating thereby balancing Risk Reward for the Bank. 3. The Basel Accord and consequent Reserve Bank of India guidelines requires that the level of capital required to be maintained by the Bank will be in proportion to the risk of the loan in Banks Books for measurement of which proper Credit Risk Rating system is necessary. 4. The credit risk rating can be a Risk Management tool for prospecting fresh borrowers in addition to monitoring the weaker parameters and taking remedial action. The types of Risks Captured in the Banks Credit Risk Rating Model The Credit Risk Rating Model provides a framework to evaluate the risk emanating from following main risk categorizes/risk areas: * Industry risk * Business risk * Financial risk * Management risk * Facility risk * Project risk 2.3 WHY CREDIT RISK MEASUREMENT? In recent years, a revolution is brewing in risk as it is both managed and measured. There are seven reasons as to why certain surge in interest: 1. Structural increase in bankruptcies: Although the most recent recession hit at different time in different countries, most statistics show a significant increase in bankruptcies, compared to prior recession. To the extent that there has been a permanent or structural increase in bankruptcies worldwide- due to increase in the global competition- accurate credit analysis become even more important today than in past. 2. Disintermediation: As capital markets have expanded and become accessible to small and mid sized firms, the firms or borrowers â€Å"left behind† to raise funds from banks and other traditional financial institutions (FIs) are likely to be smaller and to have weaker credit ratings. Capital market growth has produced â€Å"a winners† curse effect on the portfolios of traditional FIs. 3. More Competitive Margins: Almost paradoxically, despite the decline in the average quality of loans, interest margins or spreads, especially in wholesale loan markets have become very thin. In short, the risk-return trade off from lending has gotten worse. A number of reasons can be cited, but an important factor has been the enhanced competition for low quality borrowers especially from finance companies, much of whose lending activity has been concentrated at the higher risk/lower quality end of the market. 4. Declining and Volatile Values of Collateral: Concurrent with the recent Asian and Russian debt crisis in well developed countries such as Switzerland and Japan have shown that property and real assets value are very hard to predict, and to realize through liquidation. The weaker (and more uncertain) collateral values are, the riskier the lending is likely to be. Indeed the current concerns about deflation worldwide have been accentuated the concerns about the value of real assets such as property and other physical assets. 5. The Growth Of Off- Balance Sheet Derivatives: In many of the very large U.S. banks, the notional value of the off-balance-sheet exposure to instruments such as over-the-counter (OTC) swaps and forwards is more than 10 times the size of their loan books. Indeed the growth in credit risk off the balance sheet was one of the main reasons for the introduction, by the Bank for International Settlements (BIS), of risk based capital requirements in 1993. Under the BIS system, the banks have to hold a capital requirement based on the mark- to- market current values of each OTC Derivative contract plus an add on for potential future exposure. 6. Technology Advances in computer systems and related advances in information technology have given banks and FIs the opportunity to test high powered modeling techniques. A survey conducted by International Swaps and Derivatives Association and the Institute of International Finance in 2000 found that survey participants (consisting of 25 commercial banks from 10 countries, with varying size and specialties) used commercial and internal databases to assess the credit risk on rated and unrated commercial, retail and mortgage loans. 7. The BIS Risk-Based Capital Requirements Despite the importance of above six reasons, probably the greatest incentive for banks to develop new credit risk models has been dissatisfaction with the BIS and central banks post-1992 imposition of capital requirements on loans. The current BIS approach has been described as a ‘one size fits all policy, irrespective of the size of loan, its maturity, and most importantly, the credit quality of the borrowing party. Much of the current interest in fine tuning credit risk measurement models has been fueled by the proposed BIS New Capital Accord (or so Called BIS II) which would more closely link capital charges to the credit risk exposure to retail, commercial, sovereign and interbank credits. Chapter- 3 Credit Risk Approaches and Pricing 3.1 CREDIT RISK MEASUREMENT APPROACHES: 1. CREDIT SCORING MODELS Credit Scoring Models use data on observed borrower characteristics to calculate the probability of default or to sort borrowers into different default risk classes. By selecting and combining different economic and financial borrower characteristics, a bank manager may be able to numerically establish which factors are important in explaining default risk, evaluate the relative degree or importance of these factors, improve the pricing of default risk, be better able to screen out bad loan applicants and be in a better position to calculate any reserve needed to meet expected future loan losses. To employ credit scoring model in this manner, the manager must identify objective economic and financial measures of risk for any particular class of borrower. For consumer debt, the objective characteristics in a credit -scoring model might include income, assets, age occupation and location. For corporate debt, financial ratios such as debt-equity ratio are usually key factors. After data are identified, a statistical technique quantifies or scores the default risk probability or default risk classification. Credit scoring models include three broad types: (1) linear probability models, (2) logit model and (3) linear discriminant model. LINEAR PROBABILITY MODEL: The linear probability model uses past data, such as accounting ratios, as inputs into a model to explain repayment experience on old loans. The relative importance of the factors used in explaining the past repayment performance then forecasts repayment probabilities on new loans; that is can be used for assessing the probability of repayment. Briefly we divide old loans (i) into two observational groups; those that defaulted (Zi = 1) and those that did not default (Zi = 0). Then we relate these observations by linear regression to s set of j casual variables (Xij) that reflects quantative information about the ith borrower, such as leverage or earnings. We estimate the model by linear regression of: Zi = ÃŽ £ÃŽ ²jXij + error Where ÃŽ ²j is the estimated importance of the jth variable in explaining past repayment experience. If we then take these estimated ÃŽ ²js and multiply them by the observed Xij for a prospective borrower, we can derive an expected value of Zi for the probability of repayment on the loan. LOGIT MODEL: The objective of the typical credit or loan review model is to replicate judgments made by loan officers, credit managers or bank examiners. If an accurate model could be developed, then it could be used as a tool for reviewing and classifying future credit risks. Chesser (1974) developed a model to predict noncompliance with the customers original loan arrangement, where non-compliance is defined to include not only default but any workout that may have been arranged resulting in a settlement of the loan less favorable to the tender than the original agreement. Chessers model, which was based on a technique called logit analysis, consisted of the following six variables. X1 = (Cash + Marketable Securities)/Total Assets X2 = Net Sales/(Cash + Marketable Securities) X3 = EBIT/Total Assets X4 = Total Debt/Total Assets X5 = Total Assets/ Net Worth X6 = Working Capital/Net Sales The estimated coefficients, including an intercept term, are Y = -2.0434 -5.24X1 + 0.0053X2 6.6507X3 + 4.4009X4 0.0791X5 0.1020X6 Chessers classification rule for above equation is If P> 50, assign to the non compliance group and If P≠¤50, assign to the compliance group. LINEAR DISCRIMINANT MODEL: While linear probability and logit models project a value foe the expected probability of default if a loan is made, discriminant models divide borrowers into high or default risk classes contingent on their observed characteristic (X). Altmans Z-score model is an application of multivariate Discriminant analysis in credit risk modeling. Financial ratios measuring probability, liquidity and solvency appeared to have significant discriminating power to separate the firm that fails to service its debt from the firms that do not. These ratios are weighted to produce a measure (credit risk score) that can be used as a metric to differentiate the bad firms from the set of good ones. Discriminant analysis is a multivariate statistical technique that analyzes a set of variables in order to differentiate two or more groups by minimizing the within-group variance and maximizing the between group variance simultaneously. Variables taken were: X1::Working Capital/ Total Asset X2: Retained Earning/ Total Asset X3: Earning before interest and taxes/ Total Asset X4: Market value of equity/ Book value of total Liabilities X5: Sales/Total Asset The original Z-score model was revised and modified several times in order to find the scoring model more specific to a particular class of firm. These resulted in the private firms Z-score model, non manufacturers Z-score model and Emerging Market Scoring (EMS) model. 3.2 New Approaches TERM STRUCTURE DERIVATION OF CREDIT RISK: One market based method of assessing credit risk exposure and default probabilities is to analyze the risk premium inherent in the current structure of yields on corporate debt or loans to similar risk-rated borrowers. Rating agencies categorize corporate bond issuers into at least seven major classes according to perceived credit quality. The first four ratings AAA, AA, A and BBB indicate investment quality borrowers. MORTALITY RATE APPROACH: Rather than extracting expected default rates from the current term structure of interest rates, the FI manager may analyze the historic or past default experience the mortality rates, of bonds and loans of a similar quality. Here p1is the probability of a grade B bond surviving the first year of its issue; thus 1 p1 is the marginal mortality rate, or the probability of the bond or loan dying or defaulting in the first year while p2 is the probability of the loan surviving in the second year and that it has not defaulted in the first year, 1-p2 is the marginal mortality rate for the second year. Thus, for each grade of corporate buyer quality, a marginal mortality rate (MMR) curve can show the historical default rate in any specific quality class in each year after issue. RAROC MODELS: Based on a banks risk-bearing capacity and its risk strategy, it is thus necessary — bearing in mind the banks strategic orientation — to find a method for the efficient allocation of capital to the banks individual siness areas, i.e. to define indicators that are suitable for balancing risk and return in a sensible manner. Indicators fulfilling this requirement are often referred to as risk adjusted performance measures (RAPM). RARORAC (risk adjusted return on risk adjusted capital, usually abbreviated as the most commonly found forms are RORAC (return on risk adjusted capital), Net income is taken to mean income minus refinancing cost, operating cost, and expected losses. It should now be the banks goal to maximize a RAPM indicator for the bank as a whole, e.g. RORAC, taking into account the correlation between individual transactions. Certain constraints such as volume restrictions due to a potential lack of liquidity and the maintenance of solvency based on economic and regulatory capital have to be observed in reaching this goal. From an organizational point of view, value and risk management should therefore be linked as closely as possible at all organizational levels. OPTION MODELS OF DEFAULT RISK (kmv model): KMV Corporation has developed a credit risk model that uses information on the stock prices and the capital structure of the firm to estimate its default probability. The starting point of the model is the proposition that a firm will default only if its asset value falls below a certain level, which is function of its liability. It estimates the asset value of the firm and its asset volatility from the market value of equity and the debt structure in the option theoretic framework. The resultant probability is called Expected default Frequency (EDF). In summary, EDF is calculated in the following three steps: i) Estimation of asset value and volatility from the equity value and volatility of equity return. ii) Calculation of distance from default iii) Calculation of expected default frequency Credit METRICS: It provides a method for estimating the distribution of the value of the assets n a portfolio subject to change in the credit quality of individual borrower. A portfolio consists of different stand-alone assets, defined by a stream of future cash flows. Each asset has a distribution over the possible range of future rating class. Starting from its initial rating, an asset may end up in ay one of the possible rating categories. Each rating category has a different credit spread, which will be used to discount the future cash flows. Moreover, the assets are correlated among themselves depending on the industry they belong to. It is assumed that the asset returns are normally distributed and change in the asset returns causes the change in the rating category in future. Finally, the simulation technique is used to estimate the value distribution of the assets. A number of scenario are generated from a multivariate normal distribution, which is defined by the appropriate credit spread, t he future value of asset is estimated. CREDIT Risk+: CreditRisk+, introduced by Credit Suisse Financial Products (CSFP), is a model of default risk. Each asset has only two possible end-of-period states: default and non-default. In the event of default, the lender recovers a fixed proportion of the total expense. The default rate is considered as a continuous random variable. It does not try to estimate default correlation directly. Here, the default correlation is assumed to be determined by a set of risk factors. Conditional on these risk factors, default of each obligator follows a Bernoulli distribution. To get unconditional probability generating function for the number of defaults, it assumes that the risk factors are independently gamma distributed random variables. The final step in Creditrisk+ is to obtain the probability generating function for losses. Conditional on the number of default events, the losses are entirely determined by the exposure and recovery rate. Thus, the distribution of asset can be estimated from the fol lowing input data: i) Exposure of individual asset ii) Expected default rate iii) Default ate volatilities iv) Recovery rate given default 3.3 CREDIT PRICING Pricing of the credit is essential for the survival of enterprises relying on credit assets, because the benefits derived from extending credit should surpass the cost. With the introduction of capital adequacy norms, the credit risk is linked to the capital-minimum 8% capital adequacy. Consequently, higher capital is required to be deployed if more credit risks are underwritten. The decision (a) whether to maximize the returns on possible credit assets with the existing capital or (b) raise more capital to do more business invariably depends upon p Credit Risk Dissertation Credit Risk Dissertation CREDIT RISK EXECUTIVE SUMMARY The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The major cause of serious banking problems over the years continues to be directly related to lax credit standards for borrowers and counterparties, poor portfolio risk management, or a lack of attention to deterioration in the credit standing of a banks counterparties. Credit risk is the oldest and biggest risk that bank, by virtue of its very nature of business, inherits. This has however, acquired a greater significance in the recent past for various reasons. There have been many traditional approaches to measure credit risk like logit, linear probability model but with passage of time new approaches have been developed like the Credit+, KMV Model. Basel I Accord was introduced in 1988 to have a framework for regulatory capital for banks but the â€Å"one size fit all† approach led to a shift, to a new and comprehensive approach -Basel II which adopts a three pillar approach to risk management. Banks use a number of techniques to mitigate the credit risks to which they are exposed. RBI has prescribed adoption of comprehensive approach for the purpose of CRM which allows fuller offset of security of collateral against exposures by effectively reducing the exposure amount by the value ascribed to the collateral. In this study, a leading nationalized bank is taken to study the steps taken by the bank to implement the Basel- II Accord and the entire framework developed for credit risk management. The bank under the study uses the credit scoring method to evaluate the credit risk involved in various loans/advances. The bank has set up special software to evaluate each case under various parameters and a monitoring system to continuously track each assets performance in accordance with the evaluation parameters. CHAPTER 1 INTRODUCTION 1.1 Rationale Credit Risk Management in todays deregulated market is a big challenge. Increased market volatility has brought with it the need for smart analysis and specialized applications in managing credit risk. A well defined policy framework is needed to help the operating staff identify the risk-event, assign a probability to each, quantify the likely loss, assess the acceptability of the exposure, price the risk and monitor them right to the point where they are paid off. Generally, Banks in India evaluate a proposal through the traditional tools of project financing, computing maximum permissible limits, assessing management capabilities and prescribing a ceiling for an industry exposure. As banks move in to a new high powered world of financial operations and trading, with new risks, the need is felt for more sophisticated and versatile instruments for risk assessment, monitoring and controlling risk exposures. It is, therefore, time that banks managements equip them fully to grapple with the demands of creating tools and systems capable of assessing, monitoring and controlling risk exposures in a more scientific manner. According to an estimate, Credit Risk takes about 70% and 30% remaining is shared between the other two primary risks, namely Market risk (change in the market price and operational risk i.e., failure of internal controls, etc.). Quality borrowers (Tier-I borrowers) were able to access the capital market directly without going through the debt route. Hence, the credit route is now more open to lesser mortals (Tier-II borrowers). With margin levels going down, banks are unable to absorb the level of loan losses. Even in banks which regularly fine-tune credit policies and streamline credit processes, it is a real challenge for credit risk managers to correctly identify pockets of risk concentration, quantify extent of risk carried, identify opportunities for diversification and balance the risk-return trade-off in their credit portfolio. The management of banks should strive to embrace the notion of ‘uncertainty and risk in their balance sheet and instill the need for approaching credit administration from a ‘risk-perspective across the system by placing well drafted strategies in the hands of the operating staff with due material support for its successful implementation. There is a need for Strategic approach to Credit Risk Management (CRM) in Indian Commercial Banks, particularly in view of; (1) Higher NPAs level in comparison with global benchmark (2) RBI s stipulation about dividend distribution by the banks (3) Revised NPAs level and CAR norms (4) New Basel Capital Accord (Basel -II) revolution 1.2 OBJECTIVES To understand the conceptual framework for credit risk. To understand credit risk under the Basel II Accord. To analyze the credit risk management practices in a Leading Nationalised Bank 1.3 RESEARCH METHODOLOGY Research Design: In order to have more comprehensive definition of the problem and to become familiar with the problems, an extensive literature survey was done to collect secondary data for the location of the various variables, probably contemporary issues and the clarity of concepts. Data Collection Techniques: The data collection technique used is interviewing. Data has been collected from both primary and secondary sources. Primary Data: is collected by making personal visits to the bank. Secondary Data: The details have been collected from research papers, working papers, white papers published by various agencies like ICRA, FICCI, IBA etc; articles from the internet and various journals. 1.4 LITERATURE REVIEW * Merton (1974) has applied options pricing model as a technology to evaluate the credit risk of enterprise, it has been drawn a lot of attention from western academic and business circles.Mertons Model is the theoretical foundation of structural models. Mertons model is not only based on a strict and comprehensive theory but also used market information stock price as an important variance toevaluate the credit risk.This makes credit risk to be a real-time monitored at a much higher frequency.This advantage has made it widely applied by the academic and business circle for a long time. Other Structural Models try to refine the original Merton Framework by removing one or more of unrealistic assumptions. * Black and Cox (1976) postulate that defaults occur as soon as firms asset value falls below a certain threshold. In contrast to the Merton approach, default can occur at any time. The paper by Black and Cox (1976) is the first of the so-called First Passage Models (FPM). First passage models specify default as the first time the firms asset value hits a lower barrier, allowing default to take place at any time. When the default barrier is exogenously fixed, as in Black and Cox (1976) and Longstaff and Schwartz (1995), it acts as a safety covenant to protect bondholders. Black and Cox introduce the possibility of more complex capital structures, with subordinated debt. * Geske (1977) introduces interest-paying debt to the Merton model. * Vasicek (1984) introduces the distinction between short and long term liabilities which now represents a distinctive feature of the KMV model. Under these models, all the relevant credit risk elements, including default and recovery at default, are a function of the structural characteristics of the firm: asset levels, asset volatility (business risk) and leverage (financial risk). * Kim, Ramaswamy and Sundaresan (1993) have suggested an alternative approach which still adopts the original Merton framework as far as the default process is concerned but, at the same time, removes one of the unrealistic assumptions of the Merton model; namely, that default can occur only at maturity of the debt when the firms assets are no longer sufficient to cover debt obligations. Instead, it is assumed that default may occur anytime between the issuance and maturity of the debt and that default is triggered when the value of the firms assets reaches a lower threshold level. In this model, the RR in the event of default is exogenous and independent from the firms asset value. It is generally defined as a fixed ratio of the outstanding debt value and is therefore independent from the PD. The attempt to overcome the shortcomings of structural-form models gave rise to reduced-form models. Unlike structural-form models, reduced-form models do not condition default on the value of the firm, and parameters related to the firms value need not be estimated to implement them. * Jarrow and Turnbull (1995) assumed that, at default, a bond would have a market value equal to an exogenously specified fraction of an otherwise equivalent default-free bond. * Duffie and Singleton (1999) followed with a model that, when market value at default (i.e. RR) is exogenously specified, allows for closed-form solutions for the term-structure of credit spreads. * Zhou (2001) attempt to combine the advantages of structural-form models a clear economic mechanism behind the default process, and the ones of reduced- form models unpredictability of default. This model links RRs to the firm value at default so that the variation in RRs is endogenously generated and the correlation between RRs and credit ratings reported first in Altman (1989) and Gupton, Gates and Carty (2000) is justified. Lately portfolio view on credit losses has emerged by recognising that changes in credit quality tend to comove over the business cycle and that one can diversify part of the credit risk by a clever composition of the loan portfolio across regions, industries and countries. Thus in order to assess the credit risk of a loan portfolio, a bank must not only investigate the creditworthiness of its customers, but also identify the concentration risks and possible comovements of risk factors in the portfolio. * CreditMetrics by Gupton et al (1997) was publicized in 1997 by JP Morgan. Its methodology is based on probability of moving from one credit quality to another within a given time horizon (credit migration analysis). The estimation of the portfolio Value-at-Risk due to Credit (Credit-VaR) through CreditMetrics A rating system with probabilities of migrating from one credit quality to another over a given time horizon (transition matrix) is the key component of the credit-VaR proposed by JP Morgan. The specified credit risk horizon is usually one year. A rating system with probabilities of migrating from one credit quality to another over a given time horizon (transition matrix) is the key component of the credit-VaR proposed by JP Morgan. The specified credit risk horizon is usually one year. * (Sy, 2007), states that the primary cause of credit default is loan delinquency due to insufficient liquidity or cash flow to service debt obligations. In the case of unsecured loans, we assume delinquency is a necessary and sufficient condition. In the case of collateralized loans, delinquency is a necessary, but not sufficient condition, because the borrower may be able to refinance the loan from positive equity or net assets to prevent default. In general, for secured loans, both delinquency and insolvency are assumed necessary and sufficient for credit default. CHAPTER 2 THEORECTICAL FRAMEWORK 2.1 CREDIT RISK: Credit risk is risk due to uncertainty in a counterpartys (also called an obligors or credits) ability to meet its obligations. Because there are many types of counterparties—from individuals to sovereign governments—and many different types of obligations—from auto loans to derivatives transactions—credit risk takes many forms. Institutions manage it in different ways. Although credit losses naturally fluctuate over time and with economic conditions, there is (ceteris paribus) a statistically measured, long-run average loss level. The losses can be divided into two categories i.e. expected losses (EL) and unexpected losses (UL). EL is based on three parameters:  ·Ã¢â€š ¬Ã‚   The likelihood that default will take place over a specified time horizon (probability of default or PD)  · â‚ ¬Ã‚  The amount owned by the counterparty at the moment of default (exposure at default or EAD)  ·Ã¢â€š ¬Ã‚   The fraction of the exposure, net of any recoveries, which will be lost following a default event (loss given default or LGD). EL = PD x EAD x LGD EL can be aggregated at various different levels (e.g. individual loan or entire credit portfolio), although it is typically calculated at the transaction level; it is normally mentioned either as an absolute amount or as a percentage of transaction size. It is also both customer- and facility-specific, since two different loans to the same customer can have a very different EL due to differences in EAD and/or LGD. It is important to note that EL (or, for that matter, credit quality) does not by itself constitute risk; if losses always equaled their expected levels, then there would be no uncertainty. Instead, EL should be viewed as an anticipated â€Å"cost of doing business† and should therefore be incorporated in loan pricing and ex ante provisioning. Credit risk, in fact, arises from variations in the actual loss levels, which give rise to the so-called unexpected loss (UL). Statistically speaking, UL is simply the standard deviation of EL. UL= ÏÆ' (EL) = ÏÆ' (PD*EAD*LGD) Once the bank- level credit loss distribution is constructed, credit economic capital is simply determined by the banks tolerance for credit risk, i.e. the bank needs to decide how much capital it wants to hold in order to avoid insolvency because of unexpected credit losses over the next year. A safer bank must have sufficient capital to withstand losses that are larger and rarer, i.e. they extend further out in the loss distribution tail. In practice, therefore, the choice of confidence interval in the loss distribution corresponds to the banks target credit rating (and related default probability) for its own debt. As Figure below shows, economic capital is the difference between EL and the selected confidence interval at the tail of the loss distribution; it is equal to a multiple K (often referred to as the capital multiplier) of the standard deviation of EL (i.e. UL). The shape of the loss distribution can vary considerably depending on product type and borrower credit quality. For example, high quality (low PD) borrowers tend to have proportionally less EL per unit of capital charged, meaning that K is higher and the shape of their loss distribution is more skewed (and vice versa). Credit risk may be in the following forms: * In case of the direct lending * In case of the guarantees and the letter of the credit * In case of the treasury operations * In case of the securities trading businesses * In case of the cross border exposure 2.2 The need for Credit Risk Rating: The need for Credit Risk Rating has arisen due to the following: 1. With dismantling of State control, deregulation, globalisation and allowing things to shape on the basis of market conditions, Indian Industry and Indian Banking face new risks and challenges. Competition results in the survival of the fittest. It is therefore necessary to identify these risks, measure them, monitor and control them. 2. It provides a basis for Credit Risk Pricing i.e. fixation of rate of interest on lending to different borrowers based on their credit risk rating thereby balancing Risk Reward for the Bank. 3. The Basel Accord and consequent Reserve Bank of India guidelines requires that the level of capital required to be maintained by the Bank will be in proportion to the risk of the loan in Banks Books for measurement of which proper Credit Risk Rating system is necessary. 4. The credit risk rating can be a Risk Management tool for prospecting fresh borrowers in addition to monitoring the weaker parameters and taking remedial action. The types of Risks Captured in the Banks Credit Risk Rating Model The Credit Risk Rating Model provides a framework to evaluate the risk emanating from following main risk categorizes/risk areas: * Industry risk * Business risk * Financial risk * Management risk * Facility risk * Project risk 2.3 WHY CREDIT RISK MEASUREMENT? In recent years, a revolution is brewing in risk as it is both managed and measured. There are seven reasons as to why certain surge in interest: 1. Structural increase in bankruptcies: Although the most recent recession hit at different time in different countries, most statistics show a significant increase in bankruptcies, compared to prior recession. To the extent that there has been a permanent or structural increase in bankruptcies worldwide- due to increase in the global competition- accurate credit analysis become even more important today than in past. 2. Disintermediation: As capital markets have expanded and become accessible to small and mid sized firms, the firms or borrowers â€Å"left behind† to raise funds from banks and other traditional financial institutions (FIs) are likely to be smaller and to have weaker credit ratings. Capital market growth has produced â€Å"a winners† curse effect on the portfolios of traditional FIs. 3. More Competitive Margins: Almost paradoxically, despite the decline in the average quality of loans, interest margins or spreads, especially in wholesale loan markets have become very thin. In short, the risk-return trade off from lending has gotten worse. A number of reasons can be cited, but an important factor has been the enhanced competition for low quality borrowers especially from finance companies, much of whose lending activity has been concentrated at the higher risk/lower quality end of the market. 4. Declining and Volatile Values of Collateral: Concurrent with the recent Asian and Russian debt crisis in well developed countries such as Switzerland and Japan have shown that property and real assets value are very hard to predict, and to realize through liquidation. The weaker (and more uncertain) collateral values are, the riskier the lending is likely to be. Indeed the current concerns about deflation worldwide have been accentuated the concerns about the value of real assets such as property and other physical assets. 5. The Growth Of Off- Balance Sheet Derivatives: In many of the very large U.S. banks, the notional value of the off-balance-sheet exposure to instruments such as over-the-counter (OTC) swaps and forwards is more than 10 times the size of their loan books. Indeed the growth in credit risk off the balance sheet was one of the main reasons for the introduction, by the Bank for International Settlements (BIS), of risk based capital requirements in 1993. Under the BIS system, the banks have to hold a capital requirement based on the mark- to- market current values of each OTC Derivative contract plus an add on for potential future exposure. 6. Technology Advances in computer systems and related advances in information technology have given banks and FIs the opportunity to test high powered modeling techniques. A survey conducted by International Swaps and Derivatives Association and the Institute of International Finance in 2000 found that survey participants (consisting of 25 commercial banks from 10 countries, with varying size and specialties) used commercial and internal databases to assess the credit risk on rated and unrated commercial, retail and mortgage loans. 7. The BIS Risk-Based Capital Requirements Despite the importance of above six reasons, probably the greatest incentive for banks to develop new credit risk models has been dissatisfaction with the BIS and central banks post-1992 imposition of capital requirements on loans. The current BIS approach has been described as a ‘one size fits all policy, irrespective of the size of loan, its maturity, and most importantly, the credit quality of the borrowing party. Much of the current interest in fine tuning credit risk measurement models has been fueled by the proposed BIS New Capital Accord (or so Called BIS II) which would more closely link capital charges to the credit risk exposure to retail, commercial, sovereign and interbank credits. Chapter- 3 Credit Risk Approaches and Pricing 3.1 CREDIT RISK MEASUREMENT APPROACHES: 1. CREDIT SCORING MODELS Credit Scoring Models use data on observed borrower characteristics to calculate the probability of default or to sort borrowers into different default risk classes. By selecting and combining different economic and financial borrower characteristics, a bank manager may be able to numerically establish which factors are important in explaining default risk, evaluate the relative degree or importance of these factors, improve the pricing of default risk, be better able to screen out bad loan applicants and be in a better position to calculate any reserve needed to meet expected future loan losses. To employ credit scoring model in this manner, the manager must identify objective economic and financial measures of risk for any particular class of borrower. For consumer debt, the objective characteristics in a credit -scoring model might include income, assets, age occupation and location. For corporate debt, financial ratios such as debt-equity ratio are usually key factors. After data are identified, a statistical technique quantifies or scores the default risk probability or default risk classification. Credit scoring models include three broad types: (1) linear probability models, (2) logit model and (3) linear discriminant model. LINEAR PROBABILITY MODEL: The linear probability model uses past data, such as accounting ratios, as inputs into a model to explain repayment experience on old loans. The relative importance of the factors used in explaining the past repayment performance then forecasts repayment probabilities on new loans; that is can be used for assessing the probability of repayment. Briefly we divide old loans (i) into two observational groups; those that defaulted (Zi = 1) and those that did not default (Zi = 0). Then we relate these observations by linear regression to s set of j casual variables (Xij) that reflects quantative information about the ith borrower, such as leverage or earnings. We estimate the model by linear regression of: Zi = ÃŽ £ÃŽ ²jXij + error Where ÃŽ ²j is the estimated importance of the jth variable in explaining past repayment experience. If we then take these estimated ÃŽ ²js and multiply them by the observed Xij for a prospective borrower, we can derive an expected value of Zi for the probability of repayment on the loan. LOGIT MODEL: The objective of the typical credit or loan review model is to replicate judgments made by loan officers, credit managers or bank examiners. If an accurate model could be developed, then it could be used as a tool for reviewing and classifying future credit risks. Chesser (1974) developed a model to predict noncompliance with the customers original loan arrangement, where non-compliance is defined to include not only default but any workout that may have been arranged resulting in a settlement of the loan less favorable to the tender than the original agreement. Chessers model, which was based on a technique called logit analysis, consisted of the following six variables. X1 = (Cash + Marketable Securities)/Total Assets X2 = Net Sales/(Cash + Marketable Securities) X3 = EBIT/Total Assets X4 = Total Debt/Total Assets X5 = Total Assets/ Net Worth X6 = Working Capital/Net Sales The estimated coefficients, including an intercept term, are Y = -2.0434 -5.24X1 + 0.0053X2 6.6507X3 + 4.4009X4 0.0791X5 0.1020X6 Chessers classification rule for above equation is If P> 50, assign to the non compliance group and If P≠¤50, assign to the compliance group. LINEAR DISCRIMINANT MODEL: While linear probability and logit models project a value foe the expected probability of default if a loan is made, discriminant models divide borrowers into high or default risk classes contingent on their observed characteristic (X). Altmans Z-score model is an application of multivariate Discriminant analysis in credit risk modeling. Financial ratios measuring probability, liquidity and solvency appeared to have significant discriminating power to separate the firm that fails to service its debt from the firms that do not. These ratios are weighted to produce a measure (credit risk score) that can be used as a metric to differentiate the bad firms from the set of good ones. Discriminant analysis is a multivariate statistical technique that analyzes a set of variables in order to differentiate two or more groups by minimizing the within-group variance and maximizing the between group variance simultaneously. Variables taken were: X1::Working Capital/ Total Asset X2: Retained Earning/ Total Asset X3: Earning before interest and taxes/ Total Asset X4: Market value of equity/ Book value of total Liabilities X5: Sales/Total Asset The original Z-score model was revised and modified several times in order to find the scoring model more specific to a particular class of firm. These resulted in the private firms Z-score model, non manufacturers Z-score model and Emerging Market Scoring (EMS) model. 3.2 New Approaches TERM STRUCTURE DERIVATION OF CREDIT RISK: One market based method of assessing credit risk exposure and default probabilities is to analyze the risk premium inherent in the current structure of yields on corporate debt or loans to similar risk-rated borrowers. Rating agencies categorize corporate bond issuers into at least seven major classes according to perceived credit quality. The first four ratings AAA, AA, A and BBB indicate investment quality borrowers. MORTALITY RATE APPROACH: Rather than extracting expected default rates from the current term structure of interest rates, the FI manager may analyze the historic or past default experience the mortality rates, of bonds and loans of a similar quality. Here p1is the probability of a grade B bond surviving the first year of its issue; thus 1 p1 is the marginal mortality rate, or the probability of the bond or loan dying or defaulting in the first year while p2 is the probability of the loan surviving in the second year and that it has not defaulted in the first year, 1-p2 is the marginal mortality rate for the second year. Thus, for each grade of corporate buyer quality, a marginal mortality rate (MMR) curve can show the historical default rate in any specific quality class in each year after issue. RAROC MODELS: Based on a banks risk-bearing capacity and its risk strategy, it is thus necessary — bearing in mind the banks strategic orientation — to find a method for the efficient allocation of capital to the banks individual siness areas, i.e. to define indicators that are suitable for balancing risk and return in a sensible manner. Indicators fulfilling this requirement are often referred to as risk adjusted performance measures (RAPM). RARORAC (risk adjusted return on risk adjusted capital, usually abbreviated as the most commonly found forms are RORAC (return on risk adjusted capital), Net income is taken to mean income minus refinancing cost, operating cost, and expected losses. It should now be the banks goal to maximize a RAPM indicator for the bank as a whole, e.g. RORAC, taking into account the correlation between individual transactions. Certain constraints such as volume restrictions due to a potential lack of liquidity and the maintenance of solvency based on economic and regulatory capital have to be observed in reaching this goal. From an organizational point of view, value and risk management should therefore be linked as closely as possible at all organizational levels. OPTION MODELS OF DEFAULT RISK (kmv model): KMV Corporation has developed a credit risk model that uses information on the stock prices and the capital structure of the firm to estimate its default probability. The starting point of the model is the proposition that a firm will default only if its asset value falls below a certain level, which is function of its liability. It estimates the asset value of the firm and its asset volatility from the market value of equity and the debt structure in the option theoretic framework. The resultant probability is called Expected default Frequency (EDF). In summary, EDF is calculated in the following three steps: i) Estimation of asset value and volatility from the equity value and volatility of equity return. ii) Calculation of distance from default iii) Calculation of expected default frequency Credit METRICS: It provides a method for estimating the distribution of the value of the assets n a portfolio subject to change in the credit quality of individual borrower. A portfolio consists of different stand-alone assets, defined by a stream of future cash flows. Each asset has a distribution over the possible range of future rating class. Starting from its initial rating, an asset may end up in ay one of the possible rating categories. Each rating category has a different credit spread, which will be used to discount the future cash flows. Moreover, the assets are correlated among themselves depending on the industry they belong to. It is assumed that the asset returns are normally distributed and change in the asset returns causes the change in the rating category in future. Finally, the simulation technique is used to estimate the value distribution of the assets. A number of scenario are generated from a multivariate normal distribution, which is defined by the appropriate credit spread, t he future value of asset is estimated. CREDIT Risk+: CreditRisk+, introduced by Credit Suisse Financial Products (CSFP), is a model of default risk. Each asset has only two possible end-of-period states: default and non-default. In the event of default, the lender recovers a fixed proportion of the total expense. The default rate is considered as a continuous random variable. It does not try to estimate default correlation directly. Here, the default correlation is assumed to be determined by a set of risk factors. Conditional on these risk factors, default of each obligator follows a Bernoulli distribution. To get unconditional probability generating function for the number of defaults, it assumes that the risk factors are independently gamma distributed random variables. The final step in Creditrisk+ is to obtain the probability generating function for losses. Conditional on the number of default events, the losses are entirely determined by the exposure and recovery rate. Thus, the distribution of asset can be estimated from the fol lowing input data: i) Exposure of individual asset ii) Expected default rate iii) Default ate volatilities iv) Recovery rate given default 3.3 CREDIT PRICING Pricing of the credit is essential for the survival of enterprises relying on credit assets, because the benefits derived from extending credit should surpass the cost. With the introduction of capital adequacy norms, the credit risk is linked to the capital-minimum 8% capital adequacy. Consequently, higher capital is required to be deployed if more credit risks are underwritten. The decision (a) whether to maximize the returns on possible credit assets with the existing capital or (b) raise more capital to do more business invariably depends upon p