Suitability Of Black Scholes Model And Pricing Derivatives Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2713 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Since the Black-Scholes (B-S) Model was proposed, it became a widely used pricing model in the options market. This paper critically discusses the suitability of using the Black-Scholes model for pricing derivatives from two points: its own accuracy and the accuracy of input data. Finally, it is safety to conclude that the B-S pricing model is only the best tool currently. 1 Introduction of the Black-Scholes (BS) option pricing model Since the option firstly came into the market in1973, it became one of the best choices among derivatives for investors to invest, speculate and hedge. Then with the option being extensively and fruitfully applied, a lot of models for pricing are proposed by many researchers after in-depth study and exploration, such as the Black-Scholes (B-S) Model (Black and Scholes, 1973), the Binomial Pricing Model (Chalasani,1999 and Lee, S. Park, H., and Jeon, 2007), Monte Carlo Simulation (Rubinstein, 1981), Finite Difference Method and so on. And the most influential one is Black-Scholes (B-S) model created by Fisher Black and Myron Scholes (1973). It has already been considered as one of the most successful models in applied economics. Based on the assumptions that stock prices follows a geometric Brownian motion and the logarithm of stock prices obeys normal distribution, a portfolio including a stock and its derivative is constructed. The proceeds of two positions in the portfolio are highly negative correlated and the stock earnings (loss) are always offset by derivative securities losses (gains). As the portfolio is risk-free, the yield is equal to the risk-free interest rate in the case of Risk-free in a small time interval. Therefore, the present value of the portfolio is determined by the risk-free rate and the duration. The BS model is as follows: In this expression, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼ is the instantaneous expected return on the stockError: Reference source not found is the instantaneous volatility of the return, and z (t) is a standard Brownian motion or a Wiener process and S is the underlying asset. According to the model, the Black-Scholes equation, was derived by setting an instantaneous riskless portfolio composed by appropriately weighted stocks, options and bonds. The B-S models specific pricing formulas are as follows: Don’t waste time! Our writers will create an original "Suitability Of Black Scholes Model And Pricing Derivatives Finance Essay" essay for you Create order , for the call option, and , for the put option, where Where R is the constant risk-free interest rate and N(x) is the normal cumulative density function, K is exercise price, Error: Reference source not found is the standard deviation of stock returns, T is the time to maturity options. According to Bruno Dupire, implied Black-Scholes volatilities strongly depend on the maturity and the strike of the European option under scrutiny. Then, this problem was solved easily by Merton in 1973. That makes the BS model more applicable. Just like what Black had pointed out during his lifetime, the B-S model for option pricing should really be called Black-Merton-Scholes model. 2 The Suitability of the Black-Scholes (B-S) Model The output accuracy of any theoretical pricing model depends on the exactness of input and the model itself. Therefore, perfect combination of accurate models and accurate input data creates perfect result. Both are indispensable. 2.1 The accuracy of the model itself The accuracy of Model assumptions essentially determined whether the model is a perfect description of the real world. In deriving the B-S model, many important assumes are used: 2.1.1 Market is frictionless market with transaction efficiency (Black and Scholes, 1973) Under this assumption, in essence, it implies that the underlying assets can be freely traded without any restrictions. Everybody is free to borrow funds at the same rate. Undoubtedly, it does not take the impact of taxes into account. However, the markets operation is not without friction in the real world. In some markets, such as Chinas stock market, the underlying asset cannot be traded freely, because there are restrictions on daily change limits. Whats more, there is also a complete ban or limits on short selling in some of the stock market. And sometimes the proceeds from short selling cannot be fully used. Wherefore, if the freedom of short selling is not given, the demand of securing the short equity using the put option will be more intense. This may result in a higher price of the put option than the call option. While options trading are not taxed, almost no one option investment will be better than another under the influence of tax policy issues. Thus, most traders do not usually consider the tax implications. In the real world, traders cannot borrow unlimited funds. If the funds can be borrowed for free, traders can always borrow money, and then put them into the Options Clearing House. Since the lending rates are equal, the Options Clearing House should also pay the interests because of the initial performance bond (margin). Therefore, obtaining the initial performance bond is not a problem. However, traders may be forced to close the contract before expiration of the option because of not making up the maintenance margin. Even if borrowing unlimited funds, traders have to face different interest rates on loans, always higher than lending rates. Finally, if the difference between the rates of borrowing and loading is more obvious, pricing models offer less reliable data. The transaction cost in the options investment is another factor which has to be considered as well. Broker commissions, clearing fees and membership fees and market makers bid-ask spread are all transaction costs. Once considering transaction costs, many investment portfolios theoretically acceptable are often not feasible. 2.1.2 The Stock Pays no Dividends (Black and Scholes, 1973) The B-S model assumes that the stock pays no divides or other distributions. This is clearly an unrealistic assumption. Payment of dividends will increase the intrinsic value of the put option and reduce the value of the call option. As there are protective measures for options paying dividends in the early OTC (Over-the-Counter) market. For example, the adjustment of exercise price is used to eliminate the impact of dividends paid on the option value. But the current contractual terms o f stock options will not be adjusted with cash bonus payment correspondingly in floor trading and the OTC market. Finally, the dividends become an important factor pricing the options. 2.1.3 The Short-Term Interest Rate is Constant through Time (Black and Scholes, 1973) The interest rate is assumed to be risk-free and fixed in the B-S pricing model. In most markets, risk-free interest rate is the interest rates on government securities. However, the actual market risk-free interest rate is usually not fixed but variable. Because the impact of changes in interest rates is a function of the options duration, and most of all listed options contract period of less than 9 months, it is not sufficient to constitute a significant impact on value, unless the interest rate changes to a large extent and the actual value is high. Therefore, the interest rate is not an important factor compared to the underlying asset price or price volatility. But this does not mean that traders can comp letely ignore the possibility of fluctuation in interest rates. Particularly, after the long-term stock options were introduced into the market, the interest rate impact is more and more important. 2.1.4 The variance rate of the return on the stock is constant (Black and Scholes, 1973) The B-S option pricing model assumes that when option expires, the standard deviation of expected returns of stock remain unchanged. That means that the future stock price volatility is constant. But actually, stock price volatility is influenced not only by stock prices, but also by the time the option expires, and other factors. It cannot remain constant in the life of the option. If the stock price volatility associated with stock prices, the stock price may deviate from the lognormal distribution in the B-S pricing model (Corrado, and Miller, 1993). Then pricing error may exist according to the B-S pricing model. If the stock price and volatility are positive correlated, the B-S pricing mode l will tend to underestimate the value of the call option in the virtual the state and overestimate the value of the state of the put option in the virtual the state. When the stock price goes up, the volatility is also rising. That means higher stock price appears in a higher probability in the geometric Brownian motion. Correspondingly, when stock prices fall, the volatility falls down. That means lower stock prices arise in a less probability in the geometric Brownian movement. In contrast, if the stock price and volatility are negative correlated, the B-S pricing model will tend to overestimate the value of call option price in the virtual the state and underestimate the value of the price of a put option in a virtual state for the following reasons. When volatility declined with stock prices rising, a high stock price is difficult to achieve. When volatility increased with stock prices falling, a very low stock price is easy to achieve. 2.1.5 Underlying Asset Price Changes i n a Continuous Manner (Black and Scholes, 1973) The underlying asset price changes have the following three forms (Thomas, Copeland, Fred Weston Kuldeep Shastr. 2010): diffusion form, beating form and diffusion in the form beating. In the diffusion form, the price changes in a continuous smooth manner, such as the changes in temperature, a typical spread in the form. In pure beating form, the prices remained unchanged during a period and then instantly jump to another price, such as changes in interest rates set by Central Bank in China. The same situation continues to happen. The form of beating diffusion is the beat of the combination of the form of diffusion and the forms of beating. In addition to the occasional beating in the price, it changes in a continuous smooth way in general. The BS pricing model assumes that stock price movements are spread in the confusion form, and the transaction will be continuous forever. There is no the price gap existing. Obviously, it is a kind of convenient but not precise form of the hypothesis. The option price of the underlying asset does not render the proliferation of forms in the real world as the Exchange will not open 24 hours a day. There is a closing price at the end of each trading day. The next days opening price is not necessarily equal to the closing price the day before. This is clearly will cause the price spread of the gap and is not allowed by the confusion form. Even in normal trading hours, the proliferation of forms of assumption may not be set up. Once the big news is released in the market, it may result in the price gapped up or down suddenly. 2.1.6 Logarithm of the Stock Prices Obey Normal Distribution at Maturity (Black and Scholes, 1973) The B-S pricing model assumes that stock prices have a lognormal distribution. It means that the logarithm of stock prices conform to normal distribution when the option expires. Actually, the stock price is not strictly logarithmic normal distributio n. The left tail of its distribution curve is a longer length or the right tail rather long and the broad peak is flat or tall. The kurtosis and skewness of its distribution curve is not necessarily zero. If the logarithmic of stock price is not accurate normal distribution at the end of option, it may generate pricing bias. Therefore, it is the BS model that does not depict the world perfectly in some degree. In response to these shortcomings, the options researchers conducted study and exploration of the B-S model in-depth and put forward many amendments to the pricing model. There are a series of amendments (Bakshi. Cao and Chen, 1997), such as the one proposed by Merton in considering of the effects from bonus in 1973, the American call option pricing model made by Roll in 1977, the futures option pricing model established by Black in 1976, the random interest rate pricing model set up by Moton, the stochastic volatility model created by Hull and White in 1987 and the pure ho pping model built by Cox and Ross and so on. Although the extended model is closer to the actual situation in the real world, the increased variables make the complex mathematical structure is more difficult to understand. The accuracy of the input data is also harder to ensure. However, since each of those above models is just an extension of a part of many defects in the model, no model has yet been sent out to overcome all the shortcomings. Even if someone tries to develop such a model, there is nothing but only a bunch of complicated mathematical formula with no practical value will be got. 2.2 The accuracy of model input data Based on the B-S option pricing model, the stock price, exercise price, option period, risk-free interest rate and stock price volatility all are the model input variables. Apart from the volatility, the remaining four variables can be observed directly in the market. Thus, the accuracy of the input data is mainly determined by the volatility (James. Doran. Ehud. Ronn. 2005). Usually, there are two ways for estimating volatility: calculating the standard deviation of returns based on historical stock price data and weighting average on the implicit volatility implied in the market price. In spite of the volatility compared to the data which the model requires may have some bias when the option expires, it is a good approximation. After all it is impossible to get an accurate data on the future. 2.3 The Suitability of the Black-Scholes (B-S) Model Although the B-S pricing model assumptions cannot perfectly describe the real world with many drawbacks, it is still widely used in practice. The reason is that the model is not only easy to understand, but also the model input variables are relatively simple. To some certain extent, this ensures the accuracy of input data. In the practical application process of the B-S pricing model, the actual employees can adopt some simple extension models to overcome its shortcomings. For the random price changes, more trading techniques are utilized to overcome the problem of pricing bias rather than the use of the more complex extended model. Usually, the trading techniques are that taking different pricing volatilities for the different price and different maturity options. There are three specific operating methods as follows: 2.3.1 The Curve of the Exercise Price of Volatility According to the different option exercise prices, actual practitioners calculate the corresponding implicit price volatility and drawn the volatility curves with the changes of the option exercise price. If the curve is concave, it were called the volatility smile curve; If it is convex, it is known as the frown curve. According to the implementation curve of price volatility, it is impossible to estimate the different option exercise prices with different volatilities for the same stock. 2.3.2 The Structure of Volatility Period Actual practitioners can also draw the curve of the structure of volatility period based on the implied volatility. The curve reflects the relationship between the volatility and options expiration time. In the light of the curve, it can price the different option exercise prices with different volatilities for the same stock to show the volatility changes under it duration. 2.3.3 Volatility Matrix A coordinate of the volatility matrix is the strike price and the other coordinate is the time to maturity. The data in matrix are the implied price volatilities calculated from the BS pricing model. If a specific execution price and the option price in expiration date cannot be directly observed from the market, the options implied price volatility can be determined by linear interpolation. When there is a need for a new valuation of options, the corresponding strike price and the implicit pricing volatility in expiration date can be found from the matrix. Actually the relationship between the volatility structure and its changes with the exercise price are taken into account in the volatility matrix. 3 Conclusions Although the B-S pricing model is not very accurate, it is better than other option valuation methods and is still an indispensable trading analysis tool. Most of options traders think that the deficiencies of the BS pricing model should be offset by trading experience rather than more complex models. Owning the B-S pricing model in options market just likes holding a candle into the dark room. Sometimes the flickering candlelight may lead us to judge wrongly. With more and more study and research, there will be more appropriate option pricing model in the future than the B-S pricing model undoubtedly.

The Hippie Subculture of the 1960s Essay - 1356 Words

The 1960’s was a decade to remember. Hippies, The Draft, Civil Rights, and the Vietnam War were all events that took place in this youthful generation. Drugs claimed numerous lives furthermore the birth rate for young adolescents reached sky high. There was a major turning point on the idealistic life in the sixties its effect tarnished many families.  ¶ The corner of Haight and Ashbury marks the spot of where the hippie subculture began. â€Å" Initially it was a youth movement that started during the early 1960’s and spread all over the world† (Stone, Skip). The word hippie derives from â€Å"hipster which is someone who rejects the established culture† (Web Dictionary). Hippies rejected and established institutions, criticized middle-class†¦show more content†¦Velvet, leather, denim, Indian cotton and silk were all popular fabrics. Op art, paisleys and psychedelic designs appeared on clothes. Hippies had no problem with nudity in their eyes it was totally natural. Footwear ranged from the basic sandal, zippered boots, to platforms and bright patent leather shoes. Walking barefoot to hippies put them in direct touch with the world around them. Accessories included love beads, bandannas, granny glasses, Bangles, rings, earrings, nose rings, and ankle bracelets were worn. Necklaces were adorned with peace symbols, raised fists, and yin-yang symbols. Many hippies did not wear deodorant, cosmetics or perfume of any kind, preferring to keep their body natural. â€Å" Long hair was there declaration of independence and rebellion against the clean shaven U.S army† (Huber, Adam).  ¶ â€Å" Many hippies tried and used plenty of illegal drugs in the 60’s mainly because their lives were filled with hard days to get past so most hippies used drugs to get out of their regular state of mind so they were worry free† (Stone, Skip). Hippies used a variety of different drugs the main drugs that were experimented with is Marijuana, Shrooms, Heroine, and LSD. 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Describe Functionalist and Marxist Perspective on Education. Free Essays

Describe functionalist and Marxist perspective on education. Functionalist Education can be described as the method whereby society continually passes on the knowledge it has gain from pass generations to the next or future generation. It is centered around and entails the teaching of the three R’s, which includes: arithmetic’s, reading and writing but also encompass social, spiritual, moral and physical component. We will write a custom essay sample on Describe Functionalist and Marxist Perspective on Education. or any similar topic only for you Order Now It is viewed as a secondary agent of socialization as it socializes individuals into the norms and acceptable behaviors of society. Functionalist view education as having many roles but are interested mainly in how education meets society needs. They believe that one of its major roles being to equip individuals with intellectual knowledge. Functionalist also believes that besides it most obvious role of passing on society’s knowledge, education also has other latent roles that affects the individual on a holistical level and is reflective of society values, beliefs and norms. According to Durkheim individuals learn to socialize with one another within the schools through the integration of people from all diversity of society and this he believes is one of the latent roles of education, which he also call â€Å"moral education†. Besides this, functionalist believes that education have other latent or subtle roles that are used to instill in individuals values that stem from political and economic system and as a result help them build their self-confidence and prepares them for meeting society demands. For example, independence is taught through individualism. Functionalist also, believe that sorting (separating students on the basis of merit) another function of the school is essential in determine from early on who is capable of doing what and what job they will be better suited to in the future. The next function to take place after this is networking, they believe this function facilitates matchmaking and is unavoidable within the schools setting as individual of background, interest and education comes together to learn. Marxist Marxist sees education as a continuation of functionalist ideologies. They believe that education is used by functionalist to maintain the line of segregation that exists between the classes. Hence the reason why the Marxist view education as being used to create an â€Å"obedient working class† continuing the status quo. Acting as a persistent cause of inequality continuing to maintain the power structures and giving them the tool to create a â€Å"docile† work force. However, it is the view of the Marxist that the education system could be used as a system that helps in sorting the individuals of society into what is their calling position in life, it is the way it is done that their exist a problem. The problems they believe exist in the strategy that is used to by the functionalist to achieve this. This strategy they see as based on the ideals of functionalism which is according to class, race and gender. This is achieved in the form of the hidden agenda that exist within the curriculum that is used to educate. This hidden curriculum Marxist believes is present in every classroom and is taught through the use of the curriculum, hence the reason it is call the hidden curriculum. To the Marxist school of taught the hidden curriculum is present in numerous forms, this is evident in the funding that is available to school in affluent areas. These school according to Marxism are funded by â€Å"property taxes† because of there affluent location. Because of this they can afford to pay higher salaries to their teacher and this give them better teachers, available books and even technology. This in turn cause the students that attend these school to have better opportunities than child children who are schooled in rural areas that do not get the amount of funding that the other school get. Some of theses children are not even given the opportunity to go to college or even complete school. This inequality is also present in the exams that are given to children of the two classes. This is seen in the traditional IQ test that is given to student for acceptance into school. This test is Suppose to test the mental knowledge of the child but the formation of the test is not based on the intelligence of the child but on cultural knowledge. This creates a bias because children from a poor social background will not be able to answer question base on the culture of the affluence classes. This is called Cultural bias and is caused by inequality of the classes. They disagree with the idea that education can be used as a tool for any individual to move up within the social classes that exist in society. They believe that these principles are far from the truth. As religion is used to opiate the people against the real issues that affect them and to help in keeping them from solving their problems so to is education used to discourage the people from helping themselves and to remain within their social classes. Marxist see education as an influential tool in maintaining the lines that separate the have from the have not. Another argument of the functionalist school of taught is the use of meritocracy to help individual achieve status in life. However that Marxist sees this as a false perception, and believes that through meritocracy functionalist portrays the ideals of inequality of opportunity. Marxist believed that it is just another tool that is used to create an unequal society. The hidden curriculum is also present in the socialization process that takes place in school. It is of the view of many sociologists regardless of association or theory that the school is a major institution in the socialization process. It is for this reason that the Marxist believes that functionalist used this as the bases for the continuation of their theories. They see the hidden curriculum in this case as use to instill the norm and values of the functionalist. This is used to tell student what is deem as wrong or right, not allowing room for questioning. The question that Marxist asks is who is to tell what is right or wrong? Whether culturally, academically or otherwise. The hidden curriculum does not stop at school level but it is seen as being continued through out an individual lifetime whether it is in the home, work place or society as a whole. 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Pseudo-palladian elements in English Neo-classical architecture Essay The academic architects of the Burlington circle felt themselves to be the custodians of the tradition formed by Palladio and Inigo Jones, in whose works they believed that they had discovered the eternal rules of architecture. In theory and practice they attempted to restore this great art to its former glory, and it is well known how closely they followed the precepts of their models. We tend to look at their works in the light of their endeavours rather than with an eye on their achievements. In reality, their Palladianism is a good deal more English than is generally realized. These men could neither ignore the development of the previous hundred years in English architecture nor their own national tradition, and it can be shown that they gave a new meaning to almost all the elements which they derived from Palladio: to his planning, to the ‘monolithic’ character of his structures as well as to his orders and detail. Moreover, certain recurrent motives of importance in English academic architecture between 1720 and 1760 arc not Palladian at all, and others occur only as ephemeral experiments in his work. It is with two such motives that this paper is concerned, and its aim is to study their translation from Italian into English idiom, and thereby to throw new light on the movement as a whole. The ‘Venetian window is the one motive which everybody associates immediately with English Palladianism. It consists of three lights, the large central one being arched while the two smaller ones are covered by a straight architrave. The Basilica at Vicenza is the famous example of Palladio’s use of the motive on a grand scale, and from there it received its name of â€Å"Palladian Motive.† In the Basilica a continuous sequence of the motive in two stories, each framed by a large order, screens the mediaeval town-hall. By the regular repetition of the monumental motive the wall is reduced to a minimum, and a rhythm based on the approximately equal alternation of arched and straight parts prevails. In English 18th century architecture the motive was hardly ever employed in this way.1 It is, however, common in a less monumental form for windows and in isolation. Could English architects quote Palladio’s authority for such a usage? Palladio was not at all fond of the â€Å"Palladian† motive for isolated windows and only one precedent exists, the Villa Angarano near Bassano. This was never finished and cannot have been known to Palladios admirers except in the small illustration in his Qpattro libri dellarcki Uttura. Moreover, the villa belongs to Palladio’s juvenilia (1548), and he never returned to the simple type of the three-light window in his later periods. In the Basilica, as well as in the Villa Angarano, Palladio was influenced by Serlio who in the fourth book of his Architecture, published in Venice in 1537, prominentlyillustratcs the motive in the form of a gallery and also as a window in a house front (PI. 42a).4 Serlio, on his part, popularized a conception which had a long pedigTee and was almost consistently in use from the and or 3rd century a.d. onwards.6 Reduced to its essentials the motive is concerned with the bridging of voids between columns, and its novelty consists in the reconciliation of the straight architrave of the Greeks with the arch of the Romans. But it was not before the early 16th century that the motive received a definite rhythm. Its author seems to have been Bramante, judging from the fact that his pupil Dolcebuono used it in a monumental sequence for the galleries of S. Maurizio in Milan , and that it appeared in Raphael’s circle after Bramante went to Rome. After that, we   find it isolated as a single window and employed by Raphael himself in S. Eligio degli Orrfiti (designed 1509) and in his fresco of the Rorgo Fire (1514). Even earlier Antonio da Sangallo the elder had used it as the central feature for his facade of S. Maria dcllc Lacrimc at Arezzo, and during the next 20 years it is frequently used as a window, as well as in the monumental sequence, by Peruzzi, Giulio Romano, Antonio da Sangallo the younger, Girolamo Genga, Cristoforo Solari and many others.4 From this list of names it is evident that the motive had been completely incorporated into the repertory of Italian architects when Palladio took it up at the end of the ’forties. Leaving aside the monumental use of the motive as being unimportant from the English point of view it appears that as a window it was often designed for church facades, where it was brought into a functional relationship with the entrance.3 Only at a later dale, towards the middle and in the second half of the century, docs it occur frequently, in palaces by Vignola, Ammanati, Vasari, Cigoli, Giacomo della Porta, and in the north with Giovanni da Udine, San- micheli, Serlio and Scamozzi.4 It is used to emphasize the centre of the facade and, as with Palladio, it is frequently framed by a large order. Even when this is not the case, as in Giovanni da Udine’s Palazzo della Provincia at Udine, entrance door and â€Å"Palladian† window form a compact group firmly tied together, and the window appears immovably fixed in the surface of the wall. When Inigo Jones introduced this type of window into English architecture, he reverted, not to Palladio, but to Scamozzi for whom he seems to have had a dislike mixed with admiration.6 Scamozzis Idea della Architettura uititersale4 contains a selection of palazzi with this centre motive, all of which are translations of Serlios prototypes into a later style (PL 42b). The â€Å"Palladian† motive appears prominently in most of the drawings for Whitehall Palace (PI. 42c, d),7 and the way in which it is firmly bound up with the wall between tle vertical frames of the big order and the horizontals of two tiers corresponds exactly to its use by Scamozzi. But particularly in the schemes which were used by Colin Campbell and by William Kent there are important differences which were to bear fruit. In the block-shaped Italian palazzo the Venetian window, applied in one or two stories above the entrance door, forms with it a middle axis, the climax of the steady rhythm of the side bays. In the long drawn-out fronts of the Campbell plates symmetrically arranged pavilions alternate with lower receding parts, and the pavilions with the Venetian windows and loggias stand out not only by virtue of their greater height but also, and even mainly, through being conceived as isolated decorative accents (PI. 42d). The receding parts are left plain so that they do not in any way prepare for the new motives in the pavilions. That the Venetian window has been chosen for its decorative and festive quality and not for its intrinsic functional value, can be shown by a further and stricter analysis. In the Italian palazzo it bridged the central bay, the great width of which is due to the entrance door; at the same time, by repeating the arch of the entrance in the middle light and the straight lintels of the windows in the side lights,it had become the ideal point of intersection between the horizontal and the vertical tendencies in   the facade. Most of the Whitehall drawings follow this conception, but those used by Kent arc dif ferent (PI. 42c).1 Nothing can be more revealing for the character of the â€Å"Palladian† motive than the fact that here the Venetian window does not result from a particularly wide bay, and that instead of accentuating an entrance-door it stands above the unbroken sequence of the ground-floor windows. Thus, the Venetian group in the first and second floors appears, from a functional point of view,.as a casual element, and not necessitated by the structural logic of the building itself. Campbell plates show this same use of the motive, whereas it docs not appear in the original drawings from which Campbell derives. Theoretically Palladio demands that â€Å"the void must be over the void and the solid upon the solid,†2 and Scamozzi discussing the question of the â€Å"suitability of windows to the quality of the building states explicitly that windows above one another in different storeys should have the same width.3 Tins point docs not occur in English theory. On the other hand, Isaac Ware, in the most comprehensive architectural treatise in the English tongue,Complete Body of ArcMtectun (1756), says about Venetian windows that they are â€Å"a kind calculated for shew, and very pompous in their nature; and, when executed with judgment, of extreme elegance.’ The en thusiasm for the Venetian window displayed l »y Inigo Jones and his school was short lived ; Sir Christopher Wren used it exclusively—and on very few occasions -in the east end of churches. It is an unsettled question who initiated the widespread use of the Venetian window in the early 18th century. Not a single Venetian window Is to be found in Campbell’s first volume of the Vitruvius Britarmicus, published in 1715. But shortly afterwards the motive appears almost simultaneously in the Vanbrugh-Hawksmoor group and in the Burlington circle. Campbell may have preceded Vanbrugh by a slight margin with his Venetian windows in the facade of Burlington House, designed in 1717 (PI. 43a). But as these windows were not executed before 1719,5 it is likely that Vanbrugh, between 1718 and 1720, hit upon the same idea in the towers of Eastbury and Seaton Delava!. The Venetian windows in Burlington House are framed by a double order as in some of Scamozzi’s designs, and they reveal immediately their kinship with the Whitehall Palace types. The ground floor windows under the three-light windows correspond again with the other windows in the same storey and the â€Å"Palladian† motive appears isolated. Moreover, the application of this major feature not in the centre but in the projecting comer bap, centrifugally one might say and not centripetally, is quite foreign to Italian usage. Finally, the windows are set in the wall in such a way that a comparatively large piece of solid surface is shown above them. In other words, the Italian method, which is to reduce this wall as much as possible, in order to tie the arched top of the window to the entablature above, was not followed here. In spite of the completely different   character of Seaton Dclaval, Vanbrughs use of the motive is very much on the same lines. But it is important that here the Venetian windows arc not framed by an order; they appear as relatively small voids in the plain wall of the upper part of the towers. The next step in the development towards a conventional English use of the Venetian window is Campbell’s large house at Wanstcad which was demolished in 1822. Campbell published two designs for it in the first volume of Vitruvius Britannicus (1715) which both show a six-column portico in the centre and six bap in each of the almost bare wings.1 But between 1715 and 1720 there occurs a characteristic development, and we witness the growth of a style. In the third volume of Vitruvius Britannicus Campbell re-published his second design with the â€Å"addition of the new towers† planned in 17203—each tower decorated with a Venetian window on the level of the main storey (PI. 43b). The tripartite windows are used to emphasize the comers as in Burlington House; but they arc loosely placed in a large empty wall without a ‘framing’ order as at Seaton Dclaval. Vanbrugh again follows with very similar Venetian windows in the wings of his last work, Grims- thor pe Castle, designed c. 1723. But from a neo-classical standpoint the final design of Wanstcad is more progressive, for wc find here for the first time equal emphasis placed on the Palladian temple motive of the centre and on the Venetian windows of the corners, a trinity which very soon was to become the accepted pattern of such facades. Two years after Wanstcad it was taken up, and elaborated by Campbell in the design for the west front of Houghton Hall (PI. 43c). The string-course between the Venetian windows and the small windows above them is dropped, with the result that the two windows of each side-pavilion form a decorative configuration on the large plain surface of the wall. This configuration should be seen together with the window of the rusticated ground-Hoor below and that of the tower above the comice,5 and be compared with the central axis of a Scamozzi design. Then it will be realized what a difference separates a conception in which every architectural member is charged with functional energy fr om one which tends towards the arrangement of linear patterns on a surface. The grouping of Wanstead and Houghton was repeated most notably in Kent’s south side of Holkham (1734) and Flitcroft’s Woburn Abbey (1747). Alderman Bcckford’s house at Fonthill, Wiltshire, was an almost exact copy of Houghton, combining features of Campbell’s original design with elements of the structure as carried out by Ripley. The same model was followed by Sanderson Miller in the garden front of Croome Court in Worcestershire (r. 1750); but the proportions were changed by replacing the rustic ground-floor by a basement (PI. 43d).In the Duke of Bedford’s scat, Stratton Park in Hampshire, the type was reproduced without the mez- zanine.10 Gopsal in Leicestershire, on the other hand, has three storeys in its middle block, and only two in the strongly projecting comer-wings with the Venetian windows, the result being a complete lack of relationship between the main block of the building and the wings. These must be   regarded as the frame of a picture (PI. 43c).1 The appeal of this type was so strong that even Robert Adam succumbed to it in the Register House at Edinburgh (1769). In all these cases the variations on the archetype are slight. In other examples, however, the departure from it is more considerable without its essential features being sacrificed. In Isaac Ware’s Wrotham Park (c. 1 754) the Venetian windows frame the tetrastyle feature, and the constituent trinity—portico and Venetian windows is closely joined (PI. 44a). Isaac Ware used the same arrangement in another of his designs,and so did lib greater suc cessor, Robert Adam. Applying it in his designs for Witham Park, Somerset, for the completion of King’s College, Cambridge, and for the main block of Stowe (south front, PI. 45g) he gave it new life.6 These last four projects have a peculiarity with which so far we have not met: the Venetian windows appear under a relieving arch. This conception has its own long and interesting history. The idea of placing a small arch within a large one was an old Italian device which Renais sance architects had found in Roman Thermae and other classical structures. It became an ever recurrent theme from the days of Brunelleschi’s Cappclla Pazzi. Its development and fate cannot here be followed up; it must suffice in this connection to say that the motive is extremely rare in its application to the Venetian window, and it seems probable that Palladio was the first to use it in this combination. The only executed example occurs—with a fascinating simplification—in the entrance door to his Villa Pojana (r. 1560),* and the consequences for later Italian architecture remained negligible. But Lord Burlington possessed a number of Palladian drawings7 which exploited the theme in various directions. Of these drawings, the one which Lord Burlington himself copied in General Wade’s house, is perhaps the mo st important for England (PI. 44b). The relieving arch applied to the Venetian window made it possible for Palladio’s design to attain a measure of concentration and unification which far surpassed Scamozzi’s achievement. The large arch of the window almost corresponds to, and repeats, the arch of the entrance, and the small arch is of identical height and width to the relieving arches of the other windows. This type of Venetian window helped to create a structure of unsurpassed lucidity. On the other hand, the use in both stories of rusticated arches, between which the windows appear set in a smooth wall surface, reveals another tendency. The rustication is attached to the wall like a strengthening scaffolding. The two surfaces which thereby become visible on different levels give this system an ambiguity which occurs only in the Mannerist phase of Palladio’s develop ment, and it is characteristic that the idea had come to him from Giulio Romano. Thus, when this drawing with its combination of rustic and smooth surfaces was used in England, architects were following a Palladio who, from a classical point of view, was least himself. Is drawing exerted an extraordinary influence on English architecture, not only through the copy of it embodied in General Wade’s house which became the prototype of a number of houses on this and the other side of the Atlantic, but also throug h the transformations which it underwent in the course of time. These reveal that neo-classical architects had no eye for the tension of this design. William Kent’s Treasury and Horse Guards provide proof of it. In the top storey of the Treasury project (PI. 44c)2 the old pattern -tetrastyle motive and Venetian windows was combined with the rustication and the relieving arches from Palladios drawing. But without Palladios Doric order the rustication has considerably gained in importance and appears as a continuous wail, and not as applied framework. The decorative character of the rusti cated surface with the hollows for the Venetian windows is still more striking in the Parade side of the Horse Guards (PI. 45c). In both these buildings another idea appears which was not Kent’s own. The Venetian windows are not confined to the comer pavilions but one is also used in the centre. With the abandoning of the tetrastyle feature in the Horse Guards the three Venetian windows remain the chief accents of the facade. Behind this conception lies another Palladian project. Burlingtons collection con- tained a design with three recessed Venetian windows in a plain wall (PI. 45a); this design was quite exceptional for the South, it was probably never meant to be executed, and nothing like it is to be seen in Italy. It is significant for Lord Burlingtons own development and the severe turn in English neo-classicism that a few years after the building of General Wade’s house the Earl applied this arrangement to a building intended for liimsclf. He used it for the garden front of his villa at Chiswick (PI. 45b).4 The relieving arches of the Venetian windows appear here as if cut out of the flat wall with a knife, and the strongly linear character of the design has a rest raint not to be found in Houghton and its derivatives. The triple emphasis on the centre and the sides was now, perhaps for the first time, achieved with the same â€Å"Palladian† motive, and it is this peculiar and essentially un Italian arrangement which had such a strong appeal in this country. Kent applied this system in the north front of Ilolkham and anticipated here in a plain wall the Parade front of the Horse Guards.5 This makes it obvious that the employment of a different surface medium did not necessitate a great change of design. The garden front of Chiswick formed also the basis of Isaac Ware’s design for the Mansion House,5 and derivatives may be found in a long series of buildings such as Vardy’s street front of Spencer House,7 Paines house for Sir Matthew Fcatherstonchaugh in Wrhitchall (PI. 45c)8 or Robert Adam’s Gosford House, East Lothian. But the design for the park front of Sir Matthew’s house which was published by Paine but not executed shows an interesting version of the three-window type. Each window is framed by large Corinthian double columns, and the wall has shrunk considerably, so that a continuous sequence of windows replaces the isolated accents of earlier designs. We are much nearer a genuine Italian conception than in the earlier phase of nco-classicism and, indeed, the design was inspired by another Palladian drawing in Burlingtons collection (PI. 43d)1 which, characteristically, was not used in Burlington’s own generation. Robert Adam relumed to it in the design of the side blocks of Stowe and Kedlcston. In dealing with the use of the Venetian window in two important house types represented by the west from of Houghton and the garden front of Chiswick, this survey leaves out the innumer able buildings in which the Venetian window, more or less loosely connected with these types, plays an important part right down to the end of the 18th century. It appears in the centre alone under a tetrastyle motive and without it, in the wings alone with or without any middle accent, and in both forms, simple and recessed. Yet in almost all these fronts the same law of a decorative relationship between wall and voids remains binding. Quite often such aberrations from the main types are occasioned by the shape and size of the building, and in a small and high front like Isaac Ware’s house in South Audlcy Street, London,4 three variations of Venetian windows one above the other form the only axis. Moreover, this motive was so completely a bsorbed in England that it sank down from the level of ‘high art’ and was widely used as a decorative feature of popular architecture.

Place of Perfect Content free essay sample

The sun rises at 5:30 over the San Bernardino Mountains. The sky shifts from total darkness, to an array of pinks and oranges, to a final stage of staggering blue. The sky shines as a backlight on the rolling hills of redwood trees. Deer frolic in the morning dew. The world begins anew atop the mountain I love. The mountain is home to many adventures, from amazing wildlife scenes, to science camps, to summer camp. The latter of the three shapes my life. As a counselor, I had only the time to work for six one-week sessions before returning to school. And this was the final day of my last session. On my final day, I chose to take the time to absorb just how great the world is. I wake up on my final morning at 4:30 am. I finish my packing in the dark. I silently move about the room in an attempt to not wake any of my sleeping campers. We will write a custom essay sample on Place of Perfect Content or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I pack, and then I venture outside to watch my final Pali Mountain sunrise of the year. This final sunrise marked the end of my summer camp work for the year. My adventure for the summer was over, however, my life will forever reflect my outstanding experiences on that mountain. The characters that I called my coworkers shaped my world. These people all came to the mountain for the same reason, to give each camper the best summer of his or her life. Even on my final day, they never fail to make me smile. My day begins flashy and adventurous. I choose to sabotage anyone I please with water balloons or shaving cream as I make my way to the large wooden rustic dining hall. As I enter the dining hall, trendy music is blasting as three hundred other counselors and campers sing along. I voyage through the hall in bliss, for I am who I choose to be, and I am accepted. I am loud. I sing. I dance. I dress vividly. I am happy. My friends are happy too. We are constantly dressing in odd costumes and talking with strange accents. We promote fun with an emphasis on safety. As I sit at my table amongst my Cabin of 10 smiling campers, I work to make sure every camper is ready and excited for his day. I sat on the edge of my chair that morning, expecting the unexpected. Ready to pounce out of my chair and dance in the aisle. I wait patiently as I hear the iPod changing to â€Å"The Cupid Shuffle.† I jump full force out of my seat and into the aisle to perform the associated dance with my co-counselors. The kids cheer. I hear sounds of joy coming from different campers as they see us do what might ordinarily be considered embarrassing. I smile knowing that I have some of my very greatest friends by my side. Every activity we do is considered strange to some level. This camp is a place of freedom and self-expression. When I finally return to my seat, I sit anticipating for the ultimate camp song to play, à ¢â‚¬Å"Living on a Prayer.† To this song, the entire camp stands on their chairs and sings at the top of their lungs. Every day I know this song is going to play, but I am enthusiastic nonetheless. I love the glisten in my campers’ eyes as I come up with a new dance move in my final breakfast. I grin from ear to ear. This world around me grinned too. Every moment was full of excitement. This world has given me the self-esteem to know that I will be loved for being who I am. I mustn’t conform to what our society expects. If I want to lip-sync to Rihanna, I will lip sync to Rihanna. I make every moment of my day an adventure. And I will live the rest of my days as I lived at camp, cheerful and grinning. My main goal in life is to serve others, as I have served my campers at camp. I plan to make people happy and healthy so they can live their lives to the extent that they choose. I love seeing joy in others and plan to spread joy as far as possible.

Essay on Hist Part B Plan

Essay on Hist Part B Plan Essay on Hist Part B Plan history plan b plan TURNING POINT 1789. "[It is necessary to] reduce, if not destroy, the tendency of Jewish people to practice a very great number of activities that are harmful to civilisation and to public order in society in all the countries of the world. It is necessary to stop the harm by preventing it; to prevent it it is necessary to change the Jews. [...] Once part of their youth will take its place in our armies, they will cease to have Jewish interests and sentiments; their interests and sentiments will be French." this shows how he wanted nationality to become forthright to religion making antisemitism effectively impossible as it implys that the jews are not a race. TURNING POINT 1808 jews emancipated as a religious group- stems from the declaration of man and citizen 1840 damascus affair. 2 jews blamed for muder of a friar and his assistant, beleved to have stole his blood. point to the fact how officals so ready beleved the rumours and supustition escalating into torture and the kidnaping of children to be held at ransom so their mothers would "tell them the hideing place of the blood" mention how the jews where used so easly as a scapegoat by figures of autority and how barbaric efforts people used to pursicute them ironicly using monsterus methods they would accosiate with jews TURNING POINT 1892 Panama scandal could be argued that this stems from the belef that the jews are controlling the world as "puppeterrs" thus inciting violence towards the jews would seam logical. its could be seen as a cause towards the creation of The Protocols of the Meetings of the Learned Elders of Zion TURNING POINT 1903 The Protocols of the Meetings of the Learned Elders of Zion sparked huge levels of violence against jews for example assassins of German Jewish politician Walter Rathenau (1867–1922) were convinced that Rathenau was a literal "Elder of Zion". showing how rumours where to be belived without rational thought. link back to the damascus affair 1903–1906 this could also be the cause a wave of pogroms in russia"The anti-Jewish riots in Kishinev, Bessarabia [modern Moldova], are worse than the censor will permit to publish. There was a well laid-out plan for the general massacre of Jews on the day following the Orthodox Easter. The mob was led by priests, and the general cry, "Kill the Jews," was taken up all over the city. The Jews were taken wholly unaware and were slaughtered like sheep. The dead number 120 [Note: the actual number of dead was 47–48[10]] and the injured about 500. The scenes of horror attending this massacre are beyond description . Babies were literally torn to pieces by the frenzied and bloodthirsty mob. The local police made no attempt to check the reign of terror. At sunset the streets were piled

Imlementing strategy Coursework Example | Topics and Well Written Essays - 1000 words

Imlementing strategy - Coursework Example However the government also exercises the use of central control measures and the exertion of control on workers who are reluctant to abide by the set policies. Leaders of public service organizations tend to underestimate change complexity and instead focus on tools, strategy and structure instead of relating to individual employees (Karp & Helgo, 2008). Such practices are seen as archaic, driving out talented personnel or causing them to underperform on the job. It is therefore important to understand the dynamics of change that takes place in an organization. The diagram that follows is a graphical model of the process of change. It begins with (1) a vision and articulated goals, against which (2) the current model is assessed. Out of this assessment and mindful of the vision and goals, (3) the desired model is formulated and defined, for which (4) operational plans are designed. Finally, (5) the operational plans are implemented, and the result of this implementation is fed back and compared against the vision, and the cycle is repeated. At some point, the change adoption would be considered either completed or unfeasible, at which case routine management techniques take over again. The process described is viewed from an organizational perspective; from the perspective of the human element, the transition process is not as straightforward. The second diagram below depicts the more complicated process of changing people’s minds and hearts to adapt to the change. The human subject is seen to go through a roller coaster of emotions that can end in either denial, disillusionment, hostility, or full acceptance and even advancement of the change measure. Because it refers to employees’ reactions, the transition process is encountered in the implementation of the change, and the simultaneous objects and agents of change are the organization’s staff. 3. Current literature on the process of managing strategic change. The following are recent fi ndings by researchers published in academic journals: 3.1 The main external drivers for change include customer requirements, demand from the stakeholders, regulatory demand, market competition and the shareholders; the internal drivers include the need to improve operational efficiency, the quality of service and processes (Oakland & Tanner, 2007). 3.2 Some reasons change efforts fail include four findings: first, too little effort is exerted by leaders into convincing employees of the merits of change; second, change is often seen as a single event when in truth it is an iterative process; third, leaders often conduct change with a top-down, rather than a bottom-up, approach; finally, organizations and leaders lack the flexibility to effect successful change (Manikandan, 2010). 3.3 Public service organizations, such as fire and rescue service units, operate in a complex environment that are constrained to respond to dynamic changes in society; furthermore, they are rich in people diversity, processes and culture, making change management extremely complex (Karp & Helgo, 2008). 3.4 Transformational change is anchored upon people skills, involving the articulation and internalization of a common shared vision by employees. Creating a shared vision is the most positive way of unfreezing

CRJS406(2) Research Paper Example | Topics and Well Written Essays - 750 words

CRJS406(2) - Research Paper Example Even though these characteristics are simple concepts, in some instances it is not easy for investigators to discern their meanings or uniquely identify them to a source. Hence, the aim of this paper is to discuss how investigators can identify class and individual characteristics evidences and their significance to the court process. Class and Individual Characteristic Evidence Class Characteristics evidences are those that no matter how painstakingly they are scrutinized, an explicit identification can never be realized, and they are thus categorized within a group or cluster (Brown, 2001). Under class characteristic evidences, there is commonly the likelihood of having in excess of one source for the material discovered, and they are applied in narrowing down a catalog of possible items or suspects. For instance, there are thousands of polyester fiber with definite shapes, outlines and colors; however, all of them have similar chemical nature, which makes it hard to identify the i tem as the specific one in a crime scene (Brown, 2001). Secondly, while human hair possesses similar class characteristics under microscopic observation whereby the medullas are either disjointed or nonexistent, the color and size pattern varies from all over the whole scalp in just a single person. This then makes it hard to positively point out that a hair sample belongs to a particular individual. Other forms of class characteristic evidences include blood samples, soil samples, and paint, in addition to glass fragments (Gardner, 2011). Conversely, individual characteristics evidences are those, which can be positively identified from a particular individual or a particular source due to existence of adequate microscopic inscriptions or even accidental markings (Gardner, 2011). Individual characteristics have unique physical qualities that are exceptional to a certain evidence item mainly due to natural variations, inadvertent damage and natural dress in. Some examples of individ ual characteristic evidences comprises fingerprints pattern, striation marks located in firearms, shoe prints, and blood or semen DNA code. Others include glass pieces whereby broken edges match each other, in addition to pattern formed by ejectors or firing-pin marks of fired cartridges (Buckles, 2010). Class Characteristics and Court Class characteristics evidences mainly aid in the buildup of circumstantial evidences during cases, and during substantiation of alibi false. This is because class characteristic evidences can offer a distinct negative or a positive substantiation that a certain portion of the evidence did not emerge from a source (DuPre, 2013). For a case to have good chances based on presentation of class characteristic evidence, the investigator should have a bigger number of classifying features, or otherwise massive amounts of diverse types of class evidence. Hence, class evidences are important mostly in proving of definite negative in court. For instance, in ra pe the identifying features like hair strands, blood samples, and semen samples can be proved not to come from a certain individual. Class Characteristic and Investigator The value of class characteristic evidences for an investigator rests in its capacity to substantiate events using facts that are

Germany and the germans class Essay Example | Topics and Well Written Essays - 1000 words

Germany and the germans class - Essay Example er polished his oratory skills but at the same time he could afford himself to unbosom himself to his confidents, which was unacceptable during official speeches. Trevor-Roper set himself a mission to study the development of Hitler’s thinking - the point that is usually ignored by historians. Hitler’s personality is revealed through these conversations in all its unpleasant grandeur. The most interesting notes are dated by 1941-1942. At that time Hitler was on the rise and orated with a special inspiration. After Stalingrad, everything changed. It all ended when the Fuhrer, who was hiding in the bunker, increasingly practiced his eloquence only in the circle of sleepy secretaries or in the presence of his aide and doctor... Conversation topics were all but the most essential and urgent - the military one. England, America, India, painting, music, architecture, Aryan Jesus, Bolshevik St. Paul, pharaohs, the Maccabees, Julian the Apostate, King Farouk, vegetarianism and Vikings, the Ptolemaic system, the era of glaciation, Shintoism, prehistoric dogs, spartan soup – despite his utter ignorance, Hitler covered almost all possible issues in his talks. Hitler was tireless in his speeches. Albert Speer and Otto Dietrich unanimously talk about Hitler’s pathological and integral feature â€Å"speech egoism† (Redeegoizmus). It is very interesting to get to know what Hitler reasoned about himself and his empire, how he became a practical politician and political philosopher in one person, Napoleon and Spengler at the same time, who imagined himself to be a Roman emperor entrusted with the sacred mission to plunge the Huns - Russians and destroy Carthage - Britain. I would like to turn attention to Hitler’s opinion of his political opponents on the other side of the English Channel, in the U. S. and Soviet Union. He mentioned that both Anglo-Saxon are worth each other. His general characterization of Roosevelt is striking – the President is an imbecile, a

Resource Planning and Accounting Informations

Resource Planning and Accounting Informations ERP has become one of the most popularity systems for a company that planning to implement a full ERP system to increase the productivity and efficiency on current business process flow. This report objective will discuss on the definition and function of ERP system, advantages and disadvantages that will bring to an organization after the implementation. Which and what major element and factor that needs to be well taking care for a successful implementation. The major implication of AIS will also further discuss in this report and how AIS will be affected with the implementation of the software. Introduction An Information system (IS) is any combination of Information technology and peoples activities using that technology to support operations, management, and decision making.(Miranda, E., 2010). ERP which is Enterprise Resource Planning is business software systems in different type of industries and companies. (Vala, P., 2010). ERP system is a process of integration of different data and sources from different department of one organization under one single unit system. ERP software that will make sure this integration to be work accurately and effectively. While AIS which stands for Accounting Information system is a computerized system that gather all the data, stores and then processes it into information used by managers, investor and creditors. This information generated from AIS can eventually help the company decision maker to operate organizations more smoothly. Main Body 3.1 Role and Purpose of Enterprise Resource Planning (ERP) systems With the growth of technology, everything have found in rapidly changing especially for business environment. Most of the organizations have choosing to implement the ERP software as the best solution which ERP is the only system that designed and developed to integrate and linked all the information among the internal department system. Major role of ERP is to streamline the business operation and workflow. All functional departments that are involved in operations or production can be integrated by using one system, while the elimination of the unnecessary manual work has simplified the business process. Production planning team can directly check for the goods produce process through the latest status updated by production operator. According to Sheldon D.H (2005), ERP maintain the inventory accuracy that enhance the process of tracking on supplier purchased and planning team are able to predict the demand of the market based on input from various department, the system can even schedule a plan when the product shall start produce and when to buy in extra raw material. In finance module, ERP allows a company to maintain their financial information, assist a company save a sum of money for long term while efficiency, performance and productivity will be improved as well. A company is also able to study their processes, earnings, and performance by combining the operation information with the financial information. With this information, a company can become more competitive and productive and so it can gain more customer satisfaction. Perceived benefits and drawbacks for companies of implementing ERPs There are many different type of ERP that serve businesses varying procedure types. With the ERP solution there are numerous benefits after an organization implementing the ERP system example in department of Sales, Human Resource, Finance, Procurement and Production. The ERP system will integrate all the data from other system so that the information will not have to be entered into several systems which will save a real time and manpower for the manual work. Every department information are linked and the sales person no longer need to take time to check with production or warehouse for the goods delivery status, checking with finance on the term on payment This knowledge indirectly can increase the sales performance and improve customer satisfaction. HRM system developed in the payroll module, recruitment module and HR Management module to ease the human resource department in operating their daily workflow and help to increase the efficiency and deliver the best service to their employees. They no longer need to manually count for the thousands of employees salary, overtime, incentive and other allowance. Besides saving up a lot of time, this may also reduce the risk of human error and mistake in calculating. The employees attendances are now even easier with the punch in/out system. By implement the E-pay statement its help the organization to reduce costs and work load of HRD as well, employees can access to corporate intranet to view, to save or to print the pay slip. (Edward, J., 2008) In Production department, most of the organization has using the Baan, BPCS, ERPLN, and ERPLX. It has developed solutions for the company that covers the bar-coding of transactions, such as receiving, put away, cycle counting, production order completions, and shipping. This has increased the productivity and cost reducing. From the warehouse to the shop floor, material and manpower processes become easier, complements and extends the existing ERP applications, empowers users in the production department speed up transactions, and ultimately eliminates the root causes of data inaccuracy. For purchasing department with Purchase Order System, the employees are able to go for electronic market place to order the stationary/ tools and consumable. By clicking a submit button, in about 3 minutes supplier can actually receive the order from the company. This has enhances the information sharing among one company and the supplier. Manager are easily to check which employee are creating the PO and which preferred supplier is selected on the order that its actually ease and shorten the lead time for the process, as lead time is shorten, production operation are able to meet the schedule and on time delivery for orders. Disadvantages of implementing ERP system: The most common disadvantages of implementing an ERP system are the high cost. (OLeary, D. E., 2010). According to Escalle et al, 1999, the cost might be a two o three percent from the revenues for the startup and on-going maintenance fees. Some hidden implementation costs like buying software, hardware, expert consultation fees, staff training cost that will incur to smoothen the project as the implementation process will need the expert consultation and IT administrator in developing this kind of system. (Mabert, V. 2002). The licensing fees can be one of the huge costs that need to be paid annually which depending on the size of the software established. That is why the expensive cost and long times consuming to implement may not be acceptable to each company specially for those small-medium size business. Besides, there is limitation on ERP software customization. ERP system can be a complex and difficult to use software, the organization daily activities will be impacted and usually will involve business process reengineering to fit the current standard process after the ERP implementation. (Benjamin, B. and Paul, A., 2004) There is a risk of failure on the implementation process if an organization did not having a proper planning. Inadequate resources, training, inexperience staff and invest not within budget will bring the company down to winding up too. Role and purpose of Accounting Information Systems (AIS) A primary role of AIS is to fasten the financial transaction recording, accountants that input the financial transaction into the AIS that will create information and financial reporting for review. Besides, AIS also important in support management to get timely information in decision making. AIS are usually web or server based which provide a centralized place where financial data stored, allowing managers have quicker access to review the financial information for that organization. Accountants play roles of tremendous significance in the economy. Without information expertise of accountants, business will be unable to evaluate their cost and profit position, gauge product or business unit performance, or to plan future financial success (Martin, B., 1996). Well-organized AIS will make everyday business a lot easier and more effective (Hall, 2001). How AISs may be affected by the implementation of a full ERP system. Before ERP implementation, finance department employee are still using the pen-paper basis in recording finance transaction, legacy system that only able to focus on one function and cannot be replaced. After the implementation of a full ERP system with SAP, AIS seems to have bigger changes in all the function. SAP that will integrates all the business transaction that entered from different area of operation. Thus, employee from different branches or division can automatically access to review the information at whatever place and however often it is necessary while in a discussion or meeting with the accurate and timely information. Thus, it really saves a great deal of time. AIS will make the accounting activities quicker and accurate as the transaction and records are prepared with the system and this has indirectly reduced human error and mistakes. It is also increased flexibility in information generation and improved quality of reports and financial statements. (Spathis and Constantinides 2003) AIS help to maintain financial control and accountability. (Joel, D. Wisner et al, 2009). Financial information are reliable and up to date all the time in order to prevent the management had use the old and out-dated information for decision making as with the uses of irrelevant data may seriously affect the decision in reducing cost, raise profit, increase sales and purchase new assets and etc. The merged of ERP and AIS has also improving the auditor task while auditing task while performing auditing in the company. Each transaction record can link to other related transaction record or softcopy attachment with just a click. (Anon, 2010) For negative effect, the integration process will be very complex and consume a long period to complete, thus it will incurred a very high cost for an organization. Data security not guarantee safe because info are shared and linked among the module within the ERP system, some of the important financial or business strategic information might easily spread out to the market or competitor that will affect the business strategic. Major Implication of AIS There are several components to the AIS such as transaction processing system, general ledger or financial reporting system and the management reporting system. (Hall, J.A., 2004). Major implications of AIS are to analyzed and determine whether the information should captured by the AIS and its speed up the bookkeeping process which bookkeeping mean to keep track the day to day activities of one organizations income and expenses, to collect necessary financial information for reporting and tax purpose, thereby improving the company profitability. (Anderson, C., 2010) After the bookkeeping process, system will automatically generate those data into information to generate a reporting that will use by both internal and external parties and reporting format may vary from different users for different purpose. (Anderson, C., 2010) Conclusion The implementation of ERP has a big impact for an organization business performance especially in accounting module that help to make the accounting transaction become easier and manageable, thus many of the other small-medium size organization can actually take consideration for implementation of ERP system in order to improve the productivity and efficiency and most importantly to maintain competitive. ERP system that will have drawbacks if the implementation process did not manage correctly, if an organization that required a successful implementation, top management should have a plan ahead that consist of the time consuming, the implementation cost, enough expert consultation on the process and special training provided to their staff.

How Shakespear Makes Act 1 Scene 5 of Rome & Juliet Dramatically Effect

How Shakespeare Makes Act 1 Scene 5 of Romeo and Juliet Dramatically Effective   Ã‚  Ã‚  Ã‚  Ã‚  At the start of Act 1 Scene 5 the guests at the Capulets’ ball have just finishes dining and Sampson and Gregory, the two head servants, are complaining that a number of the servants, especially Potpan, are not helping to clear up: â€Å"Where’s Potpan that he helps not to take away?† Most of the servants are trying to clean up quickly because they want to have their own party later. The scene then moves on to Lord Capulet inviting all of the guests to come and dance, he is making jokes and the mood seems quite relaxed and jovial: â€Å"You are welcome, gentlemen. Come, musicians play.† This first part of the scene presents the audience with a lively, laid-back and fun atmosphere and is more light-hearted than the previous scenes. It is a complete contrast from the fighting and arguing in the first scene.   Ã‚  Ã‚  Ã‚  Ã‚  One of the ways Shakespeare makes this scene dramatically effective is the way he portrays Romeos thoughts when he first meets Juliet. Romeo uses very poetic language and appears to be a bit of a romanticist. He likens Juliet to a dove among ugly crows: â€Å"Beauty too rich for use, for earth too dear, So shows a snowy dove trooping with crows† Romeo is stunned by Juliet’s beauty. It is a case of love at first sight and Romeo is smitten with Juliet after this first passing: â€Å"Did my heart love till now?† Romeos form of speech is far more poetic then ...

Cultural Acceptance in Marjane Satrapi’s Persepolis Essay

Marjane Satrapi‘s graphic novel Persepolis is an autobiography that depicts her childhood up to her early adult years in Iran during and after the Islamic revolution. Throughout the novel Satrapi incorporates character development, religion, and the conflict of freedom vs. confinement in order to develop a greater appreciation between two opposing eastern and western cultures. When analyzing the current relationship between eastern and western cultures, it seems as if tensions and conflict arise from a complex and layered set of problems. These issues range from political, economic and military stances to opposing cultural beliefs. The genesis of these issues arises in a lack of empathy for the people in each nation. Satrapi uses character development to form a persona surrounding her childhood that makes the reader understand the human aspect of someone they would otherwise not relate to. The focus on her childhood establishes innocence. This innocence is what initially gives the reader the ability to view a different prospective with an open mindset. Satrapi also builds on this innocence with events in her childhood that can be appreciated by both eastern and western cultures. When she interacts with her friends they talk about romance and the opposite sex, dreaming of their price coming to save them. This is not something that is exclusive to young Iranian girls, but to all young girls. This similarity pulls the reader’s attention away from the fact that Marjane Satrapi is Iranian and builds a focus simply on that fact that she is a person with the same emotions and feelings as the reader. Satrapi also establishes the persona of her childhood through her personal morals. Throughout Persepolis Satrapi is vehemently concerned with social injustice, and is seen as a very empathetic child. She gets mad at the suffering of those who are in a lower social class because she sees how tormented they are. In chapter 3 of the novel Marjane takes a bath for hours in an attempt to understand how her grandfather felt in a water-filled torture cell. The reader incorporates the beliefs, morals, desires, fears, and overall  likeness that Satrapi conveys in her novel and gains a greater understanding of relationship all people possess through human nature. Although humanity shares a similarity in their greater design, there are still strong ideals that have existed since the foundation of civilized society. History has shown that the ideals formed through religion have become the most confrontational between differing cultures; however, Satrapi chooses the general aspects of faith and devotion and uses them as a connection between eastern and western religion. The more obvious physical differences between religions that Satrapi presents are pointed out in Joseph Darda’s article when he says â€Å"In this set of panels1, Satrapi introduces the reader to a familiar image, an Iranian woman in traditional hijab. Satrapi describes how most women hated the outfit because of the heat and awkward fit, but also appreciated the sense of security it gave them.† The hijab is something that the western audience cannot fully understand, however it is another example of how Satrapi is leading the readers to understanding Arabic culture. What stands out as the strongest tie between the east and west is the theme of freedom and confinement that both cultures value and desire. When comparing the Iranian revolution and the American Revolution the desire for freedom is a shared stake the two nations fought to obtain. The American colonies sought freedom from the British Empire and the corruption that was oppressing them. The Islamic Republic sought the same freedom from the oppression and corruption established in the Pahlavi dynasty, under Mohammad Reza Shah Pahlavi. Even though the two ideals grew into conflicting ideals the reader is able to appreciate a universal right of freedom. By connecting the desired independence sought by both revolutions, the reader sees the seemingly opposed political powers were founded by the same ideal. Satrapi’s parents’ desire for her education is what initially keeps the family from leaving. The reason then becomes the militant control of the city and the constant fightin g that prevents them. Eventually Satrapi’s parents see how dangerous it is and send her away, yet they make the choice to stay. It seems odd that her parents wouldn’t leave with her. When analyzing the statistical data presented in the â€Å"Middle East Research Information  Project,† the casualties witnessed by Marjane and her family, â€Å"rose near eight thousand just in their hometown† (MERIP, 3). The death of Iranian citizens was not only brought by the fighting of the Mujahedeen rebel army, but anyone that was seen as a threat to their new ideals. Executions were common and always practiced in public according to Keith Jones’s article, â€Å"Tragedy of the Iranian Revolution.† In the face of this present danger it is hard for the reader to comprehend the logic in wanting to stay amongst the violence. What Satrapi presents as reasoning to the reader is the fact that her parents have always lived in Iran. They don’t know anything else. To evacuate raises a lot more internal conflicts for her parents than it would for their daughter who has not had time to settle in one area. Ultimately the decision not to leave goes beyond cultural ties, educational reasoning, or even being forced to stay. There is a natural tendency for man to become complacent and turn a blind eye to the evadable. Its human condition. People do not wish to think about the possibility of their entire lives being changed for better or worse. Even though this aspect of conflict is not shared by all of her readers, Satrapi’s descriptions instill sympathy and draw on the readers’ pathos in order to connect their emotions. Since the genesis of mankind, people have identified and sought their own uniqueness. Personal characteristics that define what they are viewed as. Man’s uniqueness does not have to be a source of conflict, but rather something to be appreciated. This is the moral that Satrapi is conveying by connecting eastern and western regions. Satrapi use of character development, religion, and values of freedom as a common ground for an understanding to be built between these two cultures. Ultimately Satrapi wishes for the reader to use her story as a way to not only appreciate personal uniqueness, but appreciate the uniqueness of others as well. As a civilization moving towards this concept of acceptance, a new ability to maintain peace and harmony will be nurtured. It seems ironic that an author such as Marjane Satrapi would be so bold in her value of mutual respect given all of the violence and persecution she endured throughout her early life; however, it is those negative experience s that give her the desire to live in dedication towards equality. Works Cited Darda, Joseph. â€Å"Graphic Ethics.† Theorizing the Face in Marjane Satrapi’s â€Å"Persepolis† 40.2 Iran’s Revolution: The First Year. Washington, D.C.: Middle East Research Information Project, 1980. Print. Jones, Keith. â€Å"World Socialist Web Site.† Tragedy of the Iranian Revolution. WSWS.org, 11 Satrapi, Marjane. Persepolis. New York, NY: Pantheon, 2003. Print. Annotated Bibliography Darda, Joseph. â€Å"Graphic Ethics.† Theorizing the Face in Marjane Satrapi’s â€Å"Persepolis† 40.2 (2013): 31-51. Web. 1 Apr. 2014. Journalist Joseph Darda discusses the implications of the Iranian revolution. In this article there is a focus on the political as well as social aspects that this conflict induced. This article was chosen because of its moderate stance on the Iranian revolution. Both sides of the conflict were presented. Iran’s Revolution: The First Year. Washington, D.C.: Middle East Research Information Project, 1980. Print. The Middle East Research Information Project’s article presented statistical findings surrounding war time casualties, Iranian economy, and global market as well as psychological research. It was chosen mainly for its non-bias scientific reports and statistical data. Jones, Keith. â€Å"World Socialist Web Site.† Tragedy of the Iranian Revolution. WSWS.org, 11 Feb. 2009. Web. 01 Apr. 2014. Keith Jones focuses on class conflict and the consequences that the Iranian revolution has on the caste system in Iran during the late twentieth century. This article was chosen because of the cultural conflict Mr. Jones presents, and how it relates to similar conflicts in Persepolis Satrapi, Marjane. Persepolis. New York, NY: Pantheon, 2003. Print. Marjane Satrapi’s graphic novel Persepolis tells the story of her childhood and the trials she faced with her family during the Iranian Revolution. This work was chosen because of its focus on the implications and consequences of cross cultural conflict Outline I Introduction a Background Information Thesis: Throughout the novel Satrapi incorporates character development, religion, and the conflict of freedom vs. confinement in order to develop a greater appreciation between two opposing eastern and western cultures. b Transition II Body 1- Character Development a Main Point: Character Development b Relation to novel c Explanation d Text Support: Descriptions of Marjanes childhood persona Chapter 3- taking long bath (empathy) e Tie into thesis & transition to next topic> III Body 2- Religion a Main Point: Religion is seen as opposing, but still carries same virtues b Relation to novel c Explanation d Text Support: Quote from Joseph Darda’s article e Tie into thesis & transition to next topic> IV Freedom & Confinement a Main Point: The desire to overcome oppression and obtain freedom is a foundation of both cultures. Marjane and family’s lack of freedom inspires emotion from the reader. b Relation to novel c Explanation d Text Support: Statistics from MERIP Quote from Keith Jones Article e Tie into thesis & transition to next topic> V Conclusion a Summarize main points and draw back to thesis b Reworded thesis c Personal moral learned/taught

Music 1306

MUSI 1306 Study Guide-Twentieth-Century & Non-Western Music The section on twentieth-century music will involve chapters 1-8, 15-17. Chapters 1-3 will be utilized for the discussion of Non-Western music. It will be necessary to study these chapters, as well as the listening examples contained within, to achieve full comprehension of these sections. Twentieth-Century Overview (Chapter 1) Within the music of the twentieth century can be seen influences of folk and popular music, Asian and African music, and European art music from the Middle Ages through the nineteenth century.The principal parameters of music — tone color, harmony, tonality, rhythm, and melody — undergo vast changes in relation to the music of earlier periods. New musical innovations in this period include the prominence of the percussion section, new ways of playing conventional instruments, polychords, fourth chords, tone clusters, polytonality, bitonality, atonality, and polyrhythms. (Chapt. 2) Du ring the twentieth century, radio, television, and recordings had a direct impact on the listening habits of the public. Various institutions regularly commissioned new music.These include: ballet and opera companies, foundations, orchestras, performers, film studios, and wealthy music lovers. Also impacting the direction of Twentieth-Century music was the emigration of many famous composers to the United States because of World War II, the widespread dissemination of American jazz and popular music, and the role of universities in nourishing new music. (Chapters 3 & 4) Two artistic movements that were to have their musical counterparts in the work of Claude Debussy were impressionist painting and symbolist poetry. The painters Monet, Renoir, and Pissarro represent the impressionist movement in painting.Symbolist poetry is represented by Mallarme, Verlaine, and Rimbaud. Debussy was influenced by Wagner and Asian music, and he achieved many artistic successes and underwent person al tragedies during the course of his career and his life in general. (Chapt. 5) Neoclassicism is aptly described as an artistic movement that emphasizes emotional restraint, balance, and clarity. Neoclassical composers used musical forms and stylistic elements of earlier periods, particularly of the eighteenth century. Neoclassicism also reflects a reaction against romanticism and impressionism.Major contributions, outside of music, to the neoclassical style are the poems of T. S. Eliot and the paintings of Pablo Picasso. (Chapt. 6) Stravinsky’s career is typically traced from his early years in St. Petersburg, his studies under Rimsky-Korsakov, to his discovery by Sergei Diaghilev. The impact of the Ballet Russe on the entire cultural scene in Europe from 1909 to 1929, the success of Stravinsky’s three â€Å"Russian† ballets, including the famous 1913 riot, and his emergence as the twentieth century’s most celebrated composer are also principal topics o f discussion. Chapt. 7) Expressionism is defined as an artistic movement that â€Å"stressed intense, subjective emotion. † The movement is related to Freud’s work with hysteria and the unconscious, and can be seen as a German reaction to French impressionism (Chapt. 8) Arnold Schoenberg, in his early years, can be seen as a musical autodidact. His artistic progression from the late romantic style of his earliest music through the atonal works to the development of his twelve-tone system, are crucial to the understanding of future musical developments. Chapt. 15) Aaron Copland’s life spans from his early years in Brooklyn, his period of study in France, and his cultivation of the jazz idiom for a few years on his return to the United States. Copland’s works undergo distinct stylistic changes, including jazz and twelve-tone styles. Among his better-known works today are the ballet Appalachian Spring, and this chapter contains a Listening Outline for the se venth section, the theme and variations on Simple Gifts. (Chapt. 16) There have been distinct changes in musical styles since 1945.Among these are the increased use of the twelve-tone system, the growth of serialism and its applications to musical parameters other than pitch, chance music, minimalist music, musical quotation, the return to tonality, electronic music, the â€Å"liberation of sound,† mixed media, and new concepts of rhythm and form. (Chapt. 17) Some of the more modern innovations since 1945 can be seen in two of many important contemporary composers, and their representative compositions: Edgard Varese (Poeme electronique), John Adams (Short Ride in a Fast Machine). Twentieth Century Listening Claude Debussy Prelude to The Afternoon of a FaunIgor StravinskyThe Rite of Spring: Part I, Introduction Arnold Schoenberg A Survivor from Warsaw, Op. 46 Aaron CoplandAppalachian Spring: Theme and Variations on Simple Gifts Edgard VareseElectronic Poem: Opening Segment Jo hn AdamsShort Ride in a Fast Machine Twentieth Century Terms glissandopolychordfourth chord tone clusterpolytonalitybitonality atonalitypolyrhythmostinato impressionismpentatonic scalewhole-tone scale neoclassicismprimitivismexpressionism Sprechstimmetwelve-tone systemtone row; set; series serialismminimalist music chance music; aleatory music quotation musicmicrotonesNon-Western Music Overview (Chapt. 1) While nonwestern music reflects the diversity of the world’s social and economic systems, languages, religions, and geographical conditions, there are some features common to most musical traditions. A distinction can be drawn between the script tradition of European cultures and the oral tradition of nonwestern music. Also important are improvisational traditions and vocal techniques. In nonwestern music, melody, rhythm, and texture in contrast to harmony and polyphony, and the interaction between nonwestern and western music, are all important topics. Chapt. 2) The African continent can be divided into two large geographical areas, and this chapter focuses on the music of the countries below the Sahara Desert. Topics of discussion also include: the place of music in society, permeating virtually all aspects of African life, some of the more important instrument types and ensembles, including the mbira and â€Å"talking drums,† and African texture, vocal techniques, and performance practices. A representative work described in this chapter is Ompeh, a song from Ghana. (Chapt. 3)A brief survey of music and musicians in India typically focuses on the elements of Indian classical music. The melodic and rhythmic structures (ragas and talas), and the correct identification of the roles of typical Indian instruments, such as the sitar, tabla, and tambura, are also crucial topics in the understanding of music from this region. Ravi Shankar’s Maru-Bihag is representative of Indian classical music. Non-Western Listening Song from Ghana Ompeh Ravi Shankar Maru-Bihag Non-Western Terms membranophonechordophoneaerophone idiophoneheterphonycall and response tamburaragatala sitartabla