Effect and suspense Essay

At the beginning of act 2 it begins in the house of John and Elizabeth Proctor. John walks into the kitchen and adds some salt to the pot and sits down. Elizabeth walks in and serves Proctor some food. Proctor compliments her â€Å"It is well seasoned† This shows Proctor is metaphorically trying to make his relationship better with his wife. Both characters engage in idle conversation about the weather and the crops. Audiences would have felt that there may be something beneath the surface they both are avoiding talking about something. The conversation changes to witchcraft. Elizabeth mentions Abigail being accused and how she thought she was innocent. John then says â€Å"If the girl’s a saint now, I think it is not easy to prove she’s a fraud, and the town gone so silly. She told it to me in a room alone – I have no proof of it.† Elizabeth then replies â€Å"You were alone with her?† this shows Elizabeth is still caught up with the affair and still can’t forget it. When Mary Warren enters, he grabs her and shakes her; He says â€Å"How do you go to Salem when I forbid it? Do you mock me? I’ll whip you if you dare leave this house again!† audiences would get the impression Proctor is not a very good person if he would talk to someone like that, and also a sinner who had an affair. When Reverend John Hale visits to tell them Elizabeth has been mentioned in court. He asks both of them questions like why only two out of three of their children have been baptized. Elizabeth explains that she does not think of Parris to be holy so does not want her child to be baptized by him. Hale asks Elizabeth if she knows all Ten Commandments, she says she does, Hale asks Proctor and he says, â€Å"I- I am sure I do, sir.† Hale asks him to repeat them all Proctor does and names 9. Elizabeth says you forgot adultery John. This shows Elizabeth still resents John for the affair. Audiences would have seen John as a sinner, and an aggressive man up to this point of the play. When Abigail charges Elizabeth, we see a more desperate side to John Proctor’s character. When Ezekiel Cheever comes to the Proctor house hold with a warrant to arrest Elizabeth, he finds a poppet of Mary Warrens. There is a needle in the middle, where Abigail stabbed herself. Proctor, in desperation pleads that it was not Elizabeth; â€Å"Why, she has done it herself! I hope you not taking this for proof, mister!† Proctor pleads with Herrick and Cheever; audiences may feel that he is saying these things to prove to Elizabeth how much he loves her. â€Å"I will fall like an ocean on that court! Fear nothing, Elizabeth.† In court, Proctor attempts to defend his wife and says that Abigail has been pretending witchcraft. Many people have now been arrested, some even sentenced to death. Mary changes her testimony and confirms Proctor’s evidence. In act three Proctor is defending his wife, saying that Elizabeth dismissed Abigail from their household, was because Proctor and Abigail had an affair. Abigail denies this but Proctor asks Judge Hawthorne to fetch his wife and ask her, because she never lies. Elizabeth is then summoned to court to say if Proctor is telling the truth. Danforth asks her why she dismissed Abigail and she lies for Proctor, this means that Proctor is arrested.  Ã‚  Ã¢â‚¬Å"Danforth: Your husband- did he indeed turn from you?  Elizabeth: My husband is a goodly man, sir.  Danforth: Then he did not turn form you.  Elizabeth: He-  Danforth: Look at me! To your knowledge, has John Proctor ever committed the crime of lechery?  Elizabeth: No, sir†Ã‚  Ã‚  Proctor is made to confess, or risk loosing his life. He decides to make a false confession to save his life, but however when he is made to sign his confession he refuses, he argues that his name is with him his whole life. The audience would have the impression that John Proctor is a good, self- respecting, brave man. John Proctor then went on to be hanged for a crime he didn’t commit. My conclusion is that in the beginning of the play, John Proctor has the impression that he is a sinner with a past, who is trying to change into a better person but still with a violent and aggressive temper, However by the end of the play we see a different side to him. He changes into a man with dignity and pride, who is willing to die for his sins of lechery. I think he is trying to prove something to his wife, that he regrets his sins and is sorry. Arthur Miller uses long sentences in a dramatic way to add depth to The Crucible, to gives effect and suspense.

Children Stay at Home for Entertainment Essay

The twenty first century held many changes for our life . This changes are different and multifarious . as well as this covered all aspects of life. The most effect was on the children that changed their life completely different rather than previous generation . Those children become spend a large amount of time inside their homes , playing computer games and watching television , rather than playing games and sport outside . This phenomenon is disturbing many people, therefore they ask what are the benefits , and what are the drawbacks in this case. This essay will talk about these views. To begin with ,there are two reasons may be most advantages for the children spend a large of time inside their home. Firstly , It is clear that children who spend more time at home for entertainment will be more safe from those who spend time outside, which may causes for them risk of theft or assault. Secondly , Children sit at home a long time help them to avoid many bad practices such as smoking or drug. On the other hand , there are many drawbacks in this instance , firstly , children who spend bulk of time inside their home, that means they will disappear from the sun for a long time, it may result in they have deficiency in vitamin D , which the sunlight is natural source for it , â€Å"kids tend to stay indoor more days and play on their computers instead enjoying the fresh air . This mean their vitamin D levels are worse then previous years â€Å"(S.Peace 2010)[1]. Consequently it lead to some diseases such as rickets , which this practice blamed for increasing numbers of children suffer from it . As well as these figures dismayed some scientists as well according to professor T Cheetham from Newcastle university[2] . Secondly, stay a long time in front of screen lead to fitness that the most common diseases among children. In conclusion can the children of new century enjoying with a new technologies , but they should not ignore the healthy practice which protect them from diseases . In fact I think the generation of this century is more lucky than their ancestors ,particularly if I compared him with our generation.

Ophelias madness

Also, Aphelia cannot express herself the way the men around her can, reserving he r to a alone of emotions, which, in addition to being left stranded after the men in her life essentially disappear, bursts into her ultimate insanity. Every person with influence in Aphelion's life are men: Polonium, her father, Hamlet, her lover, and Alerter, her brother. These are the people who most o f the time dictate her decisions for her. In the first scene of the play involving Aphelia, h err lines are not many in number or lengthy by any means.This is because Polonium an d Alerter spend the bulk of the scene instructing her. Both men discourage her from try gusting Hamlet's love. Alerter says, â€Å"His greatness weighed, his will is not his own. For he himself is subject to his birth. † (1. 3. 1718) Alerter is saying that Hamlet cannot be devoted to her because his focus has to be on Denmark as the heir to the thro one. He also tells her to protect her virginity, which is a very author itative statement a ND possibly an uncomfortable command to receive from your brother.Polonium in the as me scene after Alerter leaves forbids Aphelia from seeing Hamlet again, telling her Ha melt may walk with a â€Å"larger tether†(125) than she, meaning her standards are stricter t Han his ND that she cannot partake in his lifestyle. It is now impossible for Aphelia to remain obedient to her father and be true to her love, Hamlet. In act 3, Aphelia prove s this by lying to Hamlet about her fathers whereabouts in a spy trap Claudia and POI onus set up with her. Hamlet recognizes he is under surveillance and ultimately tells O aphelia he is cutting her off.Aphelia loses her lover Hamlet because of the decision to b e obedient to Polonium, which ironically, is a similar obedience Hamlet has for his own fat her. Being a woman, Aphelia is held to a different standard than the men around err which doesn't allow her to express herself the way they can based on emotion n. Hamlet p lays insanity in a tactic to eventually get revenge, while Alerter storms the ca steel on motives to avenge his fathers death. Aphelia, however, must remain relatively passive.The rejection of her lover and murder of her father causes insurmountable fee lings of anger, stress, and frustration, and with no avenue for these feelings to escape , she must keep them boiling inside. Eventually, she starts taking these inner fruits actions and sorrows out on herself. Upon ACTA, both Hamlet and Aphelia are fatherless FRR ruder, but these similar circumstances do not call for similar reactions. It woo old be absurd for Aphelia to seek revenge as Hamlet has for the his father. This is La rater's role as he declares, â€Å"only I'll be revenged most thoroughly for my father. (4. 5. 135136). Being a man, avenging his father is expected, while Aphelion's expectations ARQ Eire her to remain static on the case even though her feelings for her father are just a s intense as her brother. At this po int with the return of Alerter, Aphelia has already boiled over into insanity. Being habituated to the non independent lifestyle subject to the com ands of he men around her, she is at a loss when that authority has essentially Addis appeared. Her father is dead, her brother is away at school, and Hamlet is being export d to England for killing Polonium.Hijacked of this independence, Aphelia inevitably is led to her own destruction with no turning back. Up to this point Aphelia was reserve deed, only speaking few lines, and mainly those lines were in response to a man. After being instructed to stay away from Hamlet in act 1, she simply responds to end the scene, â€Å"I shall obey, my lord . 4. 136). After her madness ensued, she almost seems lie berated from her reserves, and leads the stage. In Act 4, she is the focus of the stage I n scene 5. She sings without embarrassment, says what she is thinking and feels, and everyone listens to her. Unfortunately, though everyone is list ening, they are not under standing what she is expressing, only associating her songs and words with her madden Additionally, Aphelion's madness can be last traced, but not limited to, the dead h of her father. Most of her songs of madness refer to her father, like in act 4, s cone 5, † Sings. Larded with sweet flowers, which between to the grave did go with truelove meaning she has been crying over the death Of her father . In one Eng Aphelia refers to Hamlet saying, â€Å"Quota she, before you tumbled me, you promised me to wed. Meaning Hamlet promised to marry her if she came to bed with him, but the following few lines, â€Å"So would I ha' done, by yonder sun, an thou heads not come to my bed. â€Å"(4. 5. 6265) show Hamlets deceitful double standard where he says he would've married her if she wouldn't have come to his bed. Accustomed to the precept that she must be fully obedient to her father polo anus, Aphelia is torn when he commands her to stay away from her love r, Hamlet. This inner strife erodes her mind because she cannot express these conflicting emotion to anyone.Instead, because of the differences between an honorable lady and a upstanding man of this time period, Aphelia is expected to remain neutral on the events in her life, even after her father is murdered by Hamlet, whom she once loved . Being habituated to the men in her life commanding most of her decisions, Aphelia IS non path of ruin when these men essentially disappear (Polonium her father is dead d, Alerter her brother is overseas, and Hamlet is on his way to England). Accordingly, the e bottled feelings inside her having no reserve any longer, release out all at once, cause Eng her omelet fundamental change and obvious insanity.Had Aphelia disobeyed her father and given herself to her lover Hamlet, her fathers death may have never coco red, for Hamlet was driven into blinding anger when he was betrayed by her, losing the e last person he had to trust. Though a minor chara cter, Aphelion's impact is a pope rueful one. Her madness was inevitable and reflective of the situation women of her time were often in, being subject to the male dominance which prevailed. Equality amongst m en and women is important, for a double standard is an impossible one to operate WI thin whilst maintaining a healthy sanity.

Essay Example | Topics and Well Written Essays - 500 words - 206

Essay Example Besides, if emissions of greenhouse gases like carbon dioxide into the atmosphere continue, we would experience even more serve climate changes in the next millennium or longer (Solomon et al., 2008)Impact of climate change on the world Adverse carbon dioxide emissions in the atmosphere in coming years will lead to drastic climate changes that will exist on short and longer scale. However, these changes are bound to be irreversible (Solomon e al 2008).The various climate changes caused by anthropogenic carbon dioxide in the atmosphere have a great impact to the world in general. Some of these changes occur promptly in association with warming while other changes buildup under sustained warming due to the time lags of the involved process (Solomon et al. 2008). Some of these impacts by climate change are Arctic sea ice retreat, a major increase in heavy rainfall and flooding, permafrost melts (Solomon et al. 2008). Other impacts of climate change in the world are increased intensity of hurricanes, loss of glaciers and snowpack with attendant changes in water supply (Oreskes, 2005).Solomon also states in his article that these climate changes will cause adverse increase in sea levels that will eventually lead to unav oidable inundation of many small islands and low-lying coastal areas. Increase in emission of carbon dioxide in the environment will lead to irreversible sea level rise (Solomon et al 2008). According to Solomon, the latter occurrences can be understood via various phenomena take place. For instance, warming causes the ocean to expand thus leading to rise of sea level. In addition, loss of land ice also contributes majorly to sea level rise as the world warms. According to study, using current ice discharge data suggests that ice sheet contributes close to 1-2 m to sea level in the next century (Solomon et al 2008). There are several measures that ought

Investigating Business-Boots Plc and Vodafone Group Essay

Investigating Business-Boots Plc and Vodafone Group - Essay Example The Boots Company is an international pharmaceutical manufacturer and retailer of health and personal care products. The company operates under three divisions: Boots Retail, Boots Retail International and Boots Healthcare International. Boots Retail includes the company’s UK and Ireland operations. The company has three services in this division: Boots the Chemist, wellbeing services, and digital wellbeing. The division also includes Supply and Support Services which includes the company’s supply chain, logistics, procurement, manufacturing, properties, engineering and facilities management activities. Boots Retail International undertakes the company’s operations in South East Asia and Europe. Similarly, Boots Healthcare International focuses on three core therapy categories – analgesics, cough & cold and skincare. The Boots Group specializes in the manufacture and retail of health and personal care products. It has an international presence, operating u nder three divisions: Boots Retail, Boots Retail International and Boots Healthcare International. The Boots Group operates Boots the Chemists (BTC), a drugstore chain with about 1,400 shops in UK and Ireland. The company's other core business Boots Healthcare International is a leading UK maker of over-the-counter (OTC) drugs and it sells OTC drugs in some 130 countries. Boots Contract Manufacturing is one of Europe's largest suppliers of private- label toiletries and cosmetics.

Difficulties in cross cultural communication Case Study

Difficulties in cross cultural communication - Case Study Example 2001). As such, this paper is mainly concerned with analysing a case study that is related to difficulties experienced in a situation that deals with cross cultural communication. The paper starts by analysing the case and this will be followed by problem identification and presentation. The main part of the paper will analyse the measures that can be implemented in order to deal with the problem in an amicable way that is not likely to create more problems. A summary of the major points discussed will be drawn at the end of the paper. Case analysis Leary is the manager of a thriving financial company, Merrill Lynch, and she uses people oriented strategies to manage the company. She prefers to engage the employees in their work so as to try to get the best out of them. She also closely monitors the performance of the employees so as to be in a position to effectively manage them so that the goals of the organization can be achieved. There are about 45 financial consultants who carry out the work in the company. Of notable concern is the fact that the company has an employee, Ted Chung whose primary origin is Taiwan. Chung is specifically meant to target Taiwanese people since this segment is comprised of affluent people who can bring meaningful business to the company. Indeed, Chung brought a whopping account worth $6 million, one of the highest in the history of the company. Chung states that he has to use the Taiwanese tradition in order to attract these targeted people and there is no other financial consultant with the exquisite skills to perform this particular task. Problem identification For quite some time, Leary has noticed certain behaviour in Chung which she thinks is a cause for concern. For instance, Chung is a self centred person and he does not like to interact with others. He does not want to share his things with others and he is also short tempered. All these factors worry Leary. The other problem is that Chung has requested a private office b ut regardless of the fact that he brought one of the largest accounts to the company and he is performing well, he is still too junior to get a private office. Of the 45 financial consultants, only eight have private offices. Therefore, the problem in this case is twofold: if Leary gives in and try to appease Chung, this is likely to attract the wrath of other senior financial consultants who can also demand the same favour. This will certainly impact on the morale of other employees as well as their performance. It can also be seen that the problem is culture based. By virtue of being Taiwanese, Chung thinks that he deserves special treatment since he is dealing with a niche group of customers that has potential to bring a lot of business to the company. As such, a holistic approach ought to be taken when dealing with this case since it can negatively affect the whole organization if care is not taken. Measures that can be taken to resolve the problem identified According to Korac- Kakabadse et al (2001), the difficulties that arise in cross-cultural face-to-face encounters may be addressed with a better understanding of communication styles utilised by different cultures. In this case, it is imperative for Leary to understand the culture of Chung before taking a decisive step. People who come from different cultural backgrounds have different communication skills and this fact impacts on the way they interact with others. It can be noted that Chung is a sort of withdrawn person but this may not be his fault as may be thought by other people within the company. A closer reading of the case study shows that

Effective Management in Construction Industry Essay

Effective Management in Construction Industry - Essay Example These materials are useful even to construction managers with general knowledge on management. This essay is geared towards putting together the essential components as far as construction manager's roles are concerned in ensuring the timeliness of a specific project. It tries to emphasize the traditional yet crucial management functions such as planning, organizing, staffing, budgeting, and coordinating and its contribution to the completion of the project within deadlines set. This also provides inputs or synthesis of studies related to construction industry that is contributory to improving implementation efficiency and completed projects' quality. Let us consider a project and its management in the general context in order to understand the process. Project management in the universal context is defined by most literatures as a process by which an idea or project is created, processed, and accepted, and from which resources, whether materials, financial and manpower, are allocated, directed, and carefully coordinated to achieve the goals with the optimum quality, cost, and timeliness (Hendrickson 1998, Jones 2003, FTA 2006:1-9). Based on the definition of the Federal Transit Administration, a project is "made up of a group of interrelated work activities constrained by a specific scope, budget, and schedule to deliver capital assets needed to achieve the strategic goals of an Agency" (2006: 1-3) or a corporate organization for that matter. These aspects hold specifically true for construction projects, over-all goals of which revolve around the idea of delivering the project on time, with quality, and ensuring optimum benefits to the company and the owner. The interrelated tasks inherent in a project, in most cases, require specialized workers to handle and deal with. The efficiency of the management teams in handling the works within a project dictates the pace by which it is done and is among the most crucial in completing the project within the time frame. Besides, it is the management that closely deals with the owner, users or sponsor of a construction project and "it will be wise for any owner to have a clear understanding of the acquisition process in order to maintain firm control of the quality, timeliness and cost of the completed facility."(Hendrickson 1998) There are a lot of approaches to project management that a project manager can use depending on the type of work to be done. Individual projects may vary in their scope of work and life cycle. Recent innovative approaches to project management as far as construction industry is concerned are a subject of many researches and studies in the field. These studies and recommendations from researches can be applied in the actual management of the project. FTA (2006:1-9) states that the project management process begins with identification of the user requirement, project constraints, resource needs, and establishment of realistic objectives to meet the strategic goals. The common life cycle is presented in Figure 1. It usually starts with user demand and ends up to the structures intended usable life. Figure 1 The Project Life Cycle of a Constructed Facility (Hendrickson 1998) The primary concern of the construction manager is

Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 2750 words

Corporate Social Responsibility - Essay Example This thought was advanced by economists of the free market school of thought into the neo-liberalism economics. This new school of thought emerged a century later following the burst of free market ideals, growing out of the existing liberalism economics theory. What therefore was this old liberalism theory all about? Economic liberalism prevailed in America in the 1800 and early 1900 granting individuals the right to make profit in an increasingly unregulated market. Profit was therefore pursuable at no restrictions; an anything goes analogy that would soon plunge the world into unfathomed crisis a few decades later. Subsequent to the economic crush of the 1929 occasioned by the crash of the stock market, the world was plunged into major turmoil; this lead to the emergence of two primary concerns as to how to restore balance to economies that had been into chaos. Firstly, that government had the duty and obligation to spend where others (largely the private sector) would not. Second ly, and in stark opposition to this was, that the intervention of state was both pointless in addition to being potentially dangerous in the long-run health of the aggregate economy (Wapshott, 2011). These early debates still linger till now striking strong and ferocious debates and reactions both within the government and amongst corporate bodies. The subsidence of this World crisis and the decline in profitability in industries prompted the elite to revive economic liberalism leading to the development of neo-liberalism economics (Roberts, 2010). The neo-liberalism economics propagated for the exclusive rule of the markets within the economy; deregulation of government role on any aspect that would cut back on enterprise profitability (including workers’ safety, environment safety and workers’ unionization); privatization of public amenities and resources and reduced public welfare expenditure such as healthcare and education. On the global scale, the spread of this new world order was halted by the World Wars. Subsequent to these was the United States’ Marshall Plan that once more made Europe a major trading bloc with the United States. The tide of independence and freedom of markets was meanwhile blowing across the Atlantics greatly positioning the new economic order to states that were alien due to prolonged socialism and colonization (Robbins, 2004). It is against this widespread neo-liberalism particularly by the United Sates (in its newly found capacity as the world’s superpower) that economists such as Polanyi forecasted the setting in motions events that are yet to lead to another world crisis. The blatant permission of free market forces to be a lone determinant of the fate of humanity and the natural environment would ultimately result in the destruction of society (Polanyi, 2001). However, in an apparent contradiction of his prophecy, Polanyi further went to argue that such a societal destruction could not abound since the developments within the system would guarantee the supremacy of society over the economic system.

MGM600-0803B-02 Applied Managerial Decision-Making - Phase 3 Essay - 1

MGM600-0803B-02 Applied Managerial Decision-Making - Phase 3 Individual Project - Essay Example Thus the chi-square test hypothesis may be described as follows: The test statistics is calculated by the formula T = (n-1) (s/ ÏÆ'0)2. The main element of this formula is the ratio s/ ÏÆ'0 which compares the ratio of the sample standard deviation to the target standard deviation and n is the sample size and s is the sample standard deviation. The more this ratio deviates from 1, the probability of rejecting the null hypothesis increases. Here X2 (., n-1) is the critical value of the chi-square distribution where n-1 represents the degree of freedom. X2a is considered as the upper critical value and X2 1-a is considered as the lower critical value in the chi-square distribution. The chi-square test is performed to obtain answer questions like, whether the standard deviation is less than the predetermine value of standard deviation, whether the standard deviation is greater than the predetermine value and whether the standard deviation is equal to the predetermined value (Engineering Statistics Handbook. 1.3.5.8. Chi-Square Test for the Standard Deviation). The F-test is conducted to check whether the standard deviation of two set of population or sample is equal. Like chi-square test this can either be a two-tailed test or a one-tailed test. The two-tailed version tests against the alternative that the standard deviations is not equal and the one-tailed version tests in one direction, that is the standard deviation from the first population is either greater than or less than the second population’s standard deviation . The option of the test is confirmed by the problem. This is applied in a case while testing a new process and when a firm wish to know if the new method is less variable than the old one. F hypothesis test is represented as follows: Chi-square distribution can be found out using a statistical

Macbeth - Monologue script as Fleance Assignment

Macbeth - Monologue script as Fleance - Assignment Example sh that your beloved husband, my father has passed away.Sorrow weighs upon my heart like an anchor, and it drowns me to the depths of this ocean of hopeless hopes. The events that led to this horrendous moment in my life are still hard for my tongue to speak of them because Im still shocked by the death of my father. As dad and I dismounted from our horses, we lit a torch due to the night being pitch black with an atmosphere of tragedy looming above our heads.Almost like a premonition, my father said:†It will rain tonight† (3:3:16).These three men murdered Father, and I could do nothing to save him.By the abundance of grace from the heavens, I escaped by a whisker. However, the image of father’s life was slowly leaving his body was painted on the walls of my head.I then remembered what he told me concerning the prediction the witches portended on father’s descendants.It became as clear as the blue in the sky that Macbeth played a significant role in the demise of my beloved father.It was further enhanced after I saw the identity of one of the murderers as father held them off while I escaped.Anguish and rage descended upon me and his last words, etched in my memory would become my spear of vengeance that would destroy Macbeth and his infernal reign over the land. It might be highly possible that while father was being killed, Macbeth would make an appearance in front of people, and this would be his perfect alibi.While he did this, he could have his minions kill father, and if this did not succeed, he might have resolved to frame father for the murder of Duncan, which would justify his execution. Oh mother I have heard the â€Å"Foul whisperings† of â€Å" unnatural deeds†(5:1:61) for the gossips are abroad in the eating halls of the Thanes, the market places, and the kitchens, with rumours that Macbeth and his Lady are â€Å"in blood stepped in so far â€Å" (3:4:136-137). The rumor was that Lady Macbeth was the principal orchestrator to King Duncan’s death

The Economic Value of Sports on National Development Research Paper - 2

The Economic Value of Sports on National Development - Research Paper Example The mega sporting events are said to be good stimulators of economic growth and development. Sydney and Atlanta Olympics were highly associated with the macro economic development plans of Australia and United States of America respectively and left positive impact on the business environment. Again the business groups that associate with such mega sporting event also gets benefitted through their promotional activities in terms of increased future business potential. Considering the Sydney Olympic Games, the Business Club Australia provided networking opportunities as well as attracted around 16,000 visitors by linking to the Common wealth’s Trade Visitors Program. The sporting events also provide huge economic benefits to the host country through increased tourism. To manage greater number of tourists the infrastructure of a country must be renewed and revitalized. This leads to fresh investment in sectors like transportation, construction etc. This eventually creates higher employment opportunities. In 1999, the Sports Travel Magazine estimated that sports related travel and the tourism market possessed an approximate value of US $ 118.3 billion (Jordan et al, 2011, p. 29). The NBA in the United States of America has also led to the enhancement in the economic forefront with its tremendous popularity and the market has reached out and has spread its influence to Asia as well as in Africa (Abrams, 2010). The economic value of sports can be understood through the fact that economic performance of areas with stadium is better than those without it. Moreover if a popular team is hailed from an area it often reflects through the areas better economic performance; this might be due to more exposure that the concerned area gets through that team in all most all the spheres. However, among the works of some eminent scholars like that of Baade (1994), no such significant

An Examination of General and Specific Motivational Mechanisms Essay Example for Free

An Examination of General and Specific Motivational Mechanisms Essay Luc G. Pelletier and Stà ©phanie C. Dion’s report entitled An Examination of General and Specific Motivational Mechanisms for the Relations Between Body Dissatisfaction and Eating Behaviors aims to examine the relationship of body dissatisfaction with eating behaviors through a study of the different models of regulation of eating behaviors used by women. The study mainly uses the Self-Determination Theory (SDT) as a framework for examination of socio-cultural pressures and the `thin-ideal` as factors for body dissatisfaction and, in turn, body dissatisfaction as a cause of eating-related problems like binge eating, dietary restraint, and bulimia. Lastly, the study also looks at two different levels of motivation to explain the differences in the responses of women to socio-cultural pressures regarding body image, which lead to a difference in eating patterns. These two are the general self-determination or a sense of self-determination toward ones life and self-determination towards eating. Negative body image and its causes and effects have been the subject of many studies during the past decade. Due to its popularity as a topic for research, many of its findings are well-known and accepted by society at present. Among these are the role of media, peers, family, puberty and others in reinforcing the thin ideal, the relationship of women’s perceived discrepancies between their body ideal and body image with their satisfaction with their own body and the effect of negative body images to women’s eating habits. However, a review of the existing literature about body image reveals many interesting and sometimes unexpected findings. The first among these is the main basis of this study, which is self-determination. Deci and Ryan’s Self-Determination Theory shows that the level of women’s general self-determination in life may serve as a shield against the effect of the pressure exerted by society for women to be thin. This is interesting because this will show how body-image can be approached as a cyclical issue when joined with the findings on how positive body image can lead to confidence then to a positive self-determination. Second, body image may have an effect on many positive qualities such as attractiveness, success and intelligence. This shows attractiveness as more than just a fixed variable. It is not merely affected by the physical attributes one is born with, but also by how one feels about these physical attributes. Moreover, it emphasizes the gravity of the consequences that either a positive or negative body image may cause. Its affects can extend onto many non-physical aspects of a person’s life. In fact, another research shows that pressures from society to be thin can change individual core beliefs as regards the importance of physical appearance compared with other values. Another interesting finding is that body dissatisfaction may be addressed by either self-reinforcement or by aiming to change one’s appearance. People are more familiar with the second approach, which includes exercising and dieting. However, it is interesting to find that grooming and other forms of self-reinforcement are also used. While these forms of self-reinforcement may have been admitted to be used by people to enhance their self-image, it is not easily identifiable to have a direct correlation to body image. Moreover, this type approach shows a more positive and less destructive way of addressing issues on body image.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Seven hypotheses were tested in the research. They are stated in the article as follows. First, general self-determination will be negatively associated with both socio-cultural pressures about body image and the endorsement of society’s beliefs about thinness and obesity. Second, socio-cultural pressures should be positively linked to the endorsement of society’s beliefs, which, in turn, will positively predict body dissatisfaction. Third, although body dissatisfaction is expected to positively predict both an autonomous and a controlled form of regulation of eating behaviors, it should lead mainly to a controlled regulation of eating. Fourth, the autonomous form of regulation of eating will be positively associated with healthy eating behaviors, whereas the controlled form of regulation will be positively associated with dysfunctional eating behaviors. Fifth, general self-determination should be positively associated with the autonomous form of regulation and negatively associated with the controlled form of regulation. Sixth, the autonomous regulation of eating behaviors will be positively associated with healthy eating behaviors and negatively associated with bulimic symptoms, whereas the controlled regulation of eating behaviors will be positively associated with dysfunctional eating and negatively associated with healthy eating behaviors. Finally, healthy eating behaviors should positively predict psychological adjustment, whereas dysfunctional eating should negatively predict psychological adjustment. These hypotheses aim to test the relationship of general self-determination, body image, body dissatisfaction, forms of regulation of eating behaviors, eating habits and psychological adjustment among each other. Methodology The study was done on 447 female students, ages 16 to 54 from two universities—the University of Ottawa and the Carleton University. Of these students 78.2% are taking undergraduate degrees from the University of Ottawa, 20% are graduate students from the same university, while the remaining 1.2% are enrolled at Carleton University. The researchers adopted several scales and indexes to test its hypotheses. Enumerated in the study are the General Motivation Scale (GMS), Teasing Assessment Scale, Body Dissatisfaction Subscale (EDI-BD), Regulation of Eating Behaviors Scale (REBS), Healthy Eating Habits Scale, Dysfunctional Eating (BULIT-R), Psychological Adjustment Index (PAI), Depressed Mood Scale (CES-D), Self-Esteem Scale (SES) and the Satisfaction with Life Scale (SWLS). The tests are composed of statements and questions, which the respondents assess using a Likert scale with around five to seven points for rating. The scales are usually divided in several subscales with equal number of items based on the nature of the hypothesis being tested. They have been previously used in other studies and their reliability and validity have been tested. Results and Discussion The study was able to prove all six hypotheses. These hypotheses will be discussed in three groups. These groups are general self-determination and determinants of body dissatisfaction, general self-determination and forms of regulation of eating behaviors and consequences of the forms of regulation of eating behaviors on psychological adjustment. The last group will be divided into the association of autonomous and controlled eating regulation to healthy and dysfunctional eating habits and the relationship of eating behaviors with psychological adjustment. The first discussion group pertains to the first and second hypotheses. Findings show that general self-determination has a positive association with autonomous regulation of eating behaviors, while it has a negative association with controlled regulation of eating. In relation to this, general self-determination has a negative relation with socio-cultural pressures about body image and the endorsement of society’s beliefs about thinness and obesity. On the contrary, socio-cultural pressures about body image and endorsement of society’s beliefs about thinness and obesity have a positive association, while the latter is positively associated with body dissatisfaction. The cause for this result was explained to be that the more women perceived socio-cultural pressures about body image, the more they internalized societal beliefs about thinness and obesity, which causes them to have body dissatisfaction. However, general self-determination allows them to be more motivated to act according to their own values, rather than be pressured socio-cultural messages of thinness. People with general self-determination are more likely to measure self-worth based on personal growth, meaningful relationships and other intrinsic values, rather than by using extrinsic values such as physical attractiveness. The second discussion group relates to the third and fifth hypotheses. It was found that both autonomous and controlled eating behaviors are good motivational mechanisms and have a positive association to body dissatisfaction. However, the association of controlled regulation, which is ÃŽ ² = .74 is stronger than autonomous regulation’s ÃŽ ² = .14. In addition to this, it was found that general self-determination in life caused them to be self-determined in the regulation of their eating behaviors, which is a specific life domain. The third discussion groups relates to the fourth, fifth and sixth hypotheses. As for the fourth and sixth hypotheses, majority of women who are dissatisfied with their body image eat in a restrictive manner due to the motivation to reduce body dissatisfaction caused by internal pressures such as guilt or shame or external pressures such as media and parents about body image and the endorsement of beliefs about thinness and obesity. Controlled regulation has a positive association with dysfunctional eating behaviors and a negative associated with healthy eating behaviors. On the contrary, women with greater self-determination tend to have healthy eating habits because they have less probability of perceiving socio-cultural pressures about body image and internalize societal beliefs about thinness and obesity. Unlike its negative relation with dysfunctional eating behaviors, autonomous regulation has a positive relation to healthy eating behaviors. Lastly, as regards the last hypothesis, positive psychological adjustment are found have a positive connection with healthy eating behaviors. On the contrary, it has a negative relation with dysfunctional eating behaviors. The results of the study suggest that healthy eating behavior may be a necessary condition for global psychological adjustment. These findings may provide new approaches to understanding and treating body image-related issues and eating disorders. Having built the relationship between body dissatisfaction and eating disorders, specialists may focus on increasing self-esteem rather than emphasizing the evils of unhealthy eating habits. They may also begin looking at the motivational perspective introduced in the study and adapt treatment according to what motivates a woman to adopt weight control habits. Summary In summary, the results were interpreted to show that societal pressures and self-determination may be seen as competing factors that determine body dissatisfaction, with societal pressures as the cause for the endorsement of societal beliefs about obesity and thinness, while self-determination as the buffer against it. Both body dissatisfaction and self-determination have an effect on the kind of eating regulation a woman may adopt. This may result to either a healthy or dysfunctional eating habit among women. However, the authors offered an alternative explanation for the results. The explanation is actually a reverse of the second hypotheses. According to the authors, body dissatisfaction may have been the cause for women to endorse society’s belief, rather than the inverse, because such dissatisfaction may lead women to pay more attention socio-cultural pressures about body image.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Several other topics related to this area of research may be examined in the future. First, researchers can look at satisfaction or dissatisfaction caused by the body image formed relative to the body type of the person with whom a subject has constant contact with. Some people may feel less overweight when placed with obese people than when placed with thin people and vice versa. Second, researchers may delve into more deeply into other means women address body dissatisfaction such as exercise, and determine what factors cause women to choose a certain approach. This may also be related to general self-determination such that researchers may examine which between exercising or other means of addressing body dissatisfaction and dieting, or a combination of both, is used by women with different levels of self-determination. Lastly, the present study may also be replicated using different genders, attributes, and means of addressing body dissatisfaction. Very interesting results may arise from the study of gays and lesbians.

Different Networking Systems Advantages and Disadvantages

Different Networking Systems Advantages and Disadvantages Local Area Network: Local Area network is isolated network. Generally, It is build in a physical location. such as office, home etc. Computers are connected to each other by a small server and also connected to the wide area network (Internet). This types of networks are very usefull for sharing data likes files, small or big document, play network games etc. Metro Politian Area Network(MAN) : Metropolitan area network is a large computer network where computers are connected with each other from different geographical location. Its structure and built process are quite similar with LAN the only difference its spans an entire city or a selected are like college or university campus or a commercial area. We can get a shared network connection form MAN. Wide Area Network (WANs): Wide area network is similar to a Local area network but here all other device connected to each other by fiber-optic cables, telephone line or a satellite links. Networking Topologies: Bus: Every node or device are individually linked up to successive other device or other node . Its a very simple network but its has sum troubleshooting network issues . such as if a node is not working then how can anyone find the error node. Other way it has data redundancy issues. Ring: It quite similar to bus network topologies. It has no termination like bus topologies. The main reason is that this topologes has no end it related to each other like a circle. this network has some fault such as difficulty of adding a new node to a token ring network. Star: In this netwrok each and every node maintains an itotally individual connection to a switch, where all other nodes are connected. It has a direct connection with swithch to node. the weakness are need more wire to setup a network. Mesh: In this topology every node conected with each other node. It generally used in warreless network. It need a large amount of overhead which very difficult to manage+ Hybrid: This is simply a topology referring to the case where more than one topology is utilized. ti is the combination of star and ring topology. 1.2 Evaluate the impact of current network technology, communication and standards. Answer: OSPF: It is a routing protocol generally used for larger network either a single network or a group network. It is designed by Internet Engineering Task Force. It can also used as a Gateway Protocol. FTP: File Transfer Protocol (FTP) is mainly a standard protocol of Network which is used to transfer data from client to host or one server to another server . If user or admin want to upload a file on a website he or she needs a username, password and host address. SMTP: Simple mail transfer protocol is like a media which transfers e-mail. SMTP always work with POP3 service. TCP/IP: Transmission Control Protocol and Internet Protocol is a set of a protocol stack. Basically it is tow different protocol. TCP/IP is closely related with FTP, SMTP, HTTP. 1.3 Discuss how protocols enable the effective utilisation of different networking systems. Network Protocols are ensure proper utilisation of different network system. OSI model Layer 2 protocol is data link protocol which handles the physical and logical connections to the packets destination using a network interface card (NIC). Layer 3 Protocol called Internetwork Protocol (IP) it is also called network layer protocol it work for routing, directing datagrams from one netwrok to another. IP protocol always analysis larger datragrams and identify each and every host with a 32-bit IP address. Layer 4 protocol are TCP, UDP. Transmission Control Prtocol (Tcp0 establishes connections between two hosts on the network through sockets which are determined by the IP address and port number. one the other side provides a low overhead transmission service, but with less error checking. 2.1 Discuss the role of software and hardware components. Answer: Software: All Network software consists of the programs and protocols which required to connect computers together. Their primary purpose are data inter connect each other, data sharing. Application sharing: For application sharing all computer use same platform to connect and manage computer. If a network share application software platform to connect then it can reduce network cost. Hardware or Peripheral sharing: Network software also share hardware such as phone, fax, printer etc. A printer connected with ser with server and all other computer can share that computer. Management and Security: Network software provide some mechanism to maintain proper security of data and its can make backup copy of valuable date. It can monitor and make a digital report on resource utiliaation and efficiency. Operating System: Windows or Linux system. Hardware: Network Interface card (NIC) Hub Switches Bridges Routers Gateway Modems 2.2 Discuss server types and selection requirement. Answer: For the given scenario I would prefer a window server and here I want to clear my intension by full filing server selection requirement. So If any admin want to select a server types then admin must follow, server, proxy servers, web server, mail server, FTP server, SMTP server. Here I try to mention server and its work Server: A Server designed to get request or to process requests from other device or node(client) and deliver or process data to other node or client over a local network, or the wide area network. Now a days we find plenty of servers around us. So, I try to figure out some common server types: Proxy Servers: A proxy server like a middle man between a client and a real server. Here client means a web browser such as Internet explorer or chrome. When a client make a inquiry then web browser its try to solve it, otherwise web browser forward the query to the real server. In this way a proxy server reduce search time. A proxy server also used to filter request. A network admin used it to control unauthorized web access. Such as: many company block facebook, online game site etc Mail Servers: A mail server used for delivers e-mail over a network or over the internet. This types of servers receive e-mails from other nodes or users and send the mail to correct node or client. Web Servers: Web server generally a server which commonly used to host websites. Its deliver web page with content to client site and all the content are plain HTML documents or a image. Application Servers: Application server generally called appserver. It is a software which controlled all application between users and an server. Real-Time Communication Servers FTP Servers: File Transfer Protocol (FTP) is mainly a standard protocol of Network which is used to transfer data from client to host or one server to another server . If user or admin want to upload a file on a website he or she needs a username, password and host address. Server types selection is an important step for a new network. To select a server for office or a home is not easy its seems quite complicated. So an administer should make his own criteria to select server type. So, I try to set some criteria. Software requirements: Comment Operating systems (OS) Windows CPU type and speed Lattes Expansion/Upgrade Criteria Must Drive types, space, and speeds Lattes Physical characteristics Yes Brand Intel(Processor), HP (Network Printer) 2.3 Discuss the inter-dependence of workstation hardware with network components. 3.1 Design a networked system to meet a given specification. Answer: Design of a computer network systems first think about a central device which could be a switch or a router, A central server, a pc for every users, hard ware components . Office PrinterLife Insurance company Router Agent 6 Agent 4 Server Agent 2 Agent 5 Life Insurance Company Network Structure Agent 3 Hardware requirement: Name Quantity Comment Server 1 Main Server Printer 1 Network Printer Router 7 Main Router, Office and Agents Switch 1 Central switch PC 9 Main office and agents Software requirement: 1. Windows 7 2. Internet connection 3.2 Evaluate the design and analyse user feedback. Answer: 4.1 Implement a networked system based on a prepared design 4.2 Test the network system to meet user requirements. 4.3 Document and analyse test results against expected results 4.4 Recommend potential enhancements for the networked systems. 4.5 Design a maintenance schedule to support the networked system.

Lipase Producing Rhodococcus Strains Analysis

Lipase Producing Rhodococcus Strains Analysis CHAPTER 1 INTRODUCTION Overview of research Malaysia has attained an outstanding position as world’s second largest palm oil producer. This remarkable quality indirectly eases high consumption of palm oil in the country. As per statistic, industrial domestic consumption has achieved 2,000 million tonnes of palm oil while, general domestic consumption reaches 3,160 million tonnes for the year 2013 (Index Mundi, 2013). Considering variable food industry scales available in the country, this ideal identity has even manifested Malaysia’s status as â€Å"Asia’s Food Paradise†. Number advantages such wide availability and consistent utilization of cooking oil throughout the nation, has indirectly resulted to startling questions on the management of used cooking oil. Coined and defined already that, lipids holds the largest portion of organic components in municipal and industrial wastewater particularly from food industries (Prasad Manjanuth, 2011). Improper management of fatty wastes on the other hand, has led to serious anthropogenic damages such as clogging pipes, congest treatment filters, odour problems, oil film formation and depleting oxygen hence, damaging aquatic livings (Fadile et al., 2011; Cipinyte et al., 2009). Therefore, removal as well as early remediation on lipid contaminant has become a great necessary due to its associated negative impacts. In regards to the necessity of improvement in biological treatment, enzymatic technology specifically lipase is gaining increasing attention. Concept of â€Å"White Biotechnology† introduces two implications on fatty acid contaminants namely concept of biodegradation and biotransformation (Dors et al., 2013; Whiteley Lee, 2006). Biological treatment on lipid contaminated sites employ microbial lipase to detoxify, solubilize fatty acids and further commence conversion into microbial biomass. Despite the nature of treatment technology, it is crucial to ensure incorporation of right microbes on right place with suitable environment conditions for degradation to occur (Ugukchokwu et al., 2008). Fascinatingly, aerobic biodegradation by active lipolytic strains was proven to be feasible with many other added advantages compared to other strategies (Cipinyte et al., 2009). On top of it, lipases also exhibit excellent feasibility in early remediation through biotransformation approach. Abundant waste fatty feedstock prior to disposal can be modified in structure by lipolytic reactions. These modifications could be applied to serve demands for numerous industrial products like pet food, cosmetics, detergents, soap, floatation reagent and handcrafts (Used cooking oil, 2011; Shimizu, 1988; Alonso et al., 2000; Emoterabear, 2013). To date, current growing industrialization projected great necessary for alternative energy fuel-source due to depleting petroleum based fuels. As an enzymatic early remediation, researchers also have introduced lipase catalysed biodiesel product in oleochemical industry (Felizardo et al., 2006). Parallel to the â€Å"Green Environment† strategy, used cooking oil are proven to be possible alternate feedstock for biodiesel production as well (Chetri Watts et al., 2008). Considering wide range of versatility of lipase as biocatalyst, this enzyme is catered for both biodegradation and biotransformation productively. However, researchers are still in search of new lipase-lipid interaction to diversify the efficiency and upgrade quality of the existing outcome. Therefore in present investigation, production of lipase enzyme from locally isolated actinomycete known as Rhodococcus sp. was investigated. Denoting minimal documentation on lipase production by this actinomycete, yet the extreme ability of the strain to degrade oil extensively draws great intuition on lipase production. 1.2 Statement of problem As an amalgamation of many races, Malaysia has established a robust position for various food cuisines especially variable deep fried dishes. Therefore, large amount of cooking oil is required in the food preparation which simultaneously yields similar portion of utilized cooking oil. Consequently, excessive increments of waste cooking oil (WCO) are being disposed to waste streams continuously which lead to many detrimental effects to the environment. Therefore, it’s absolutely necessary to apply bioremediation concept to comprehensively treat the contaminated waste sites while providing early remediation to manage the increasing abundance of fatty waste materials. In order to emphasize high occurrence of waste cooking oil production especially in Malaysia, a survey was conducted in Teluk Bahang, Pulau Pinang, a local area popularly known for food business. The outcome reveals that the community generates 40% of more than 15kg of waste cooking oil monthly as described in Figur e 1.1. Figure 1.1: Production of WCO in Teluk Bahang, Pulau Pinang, a popular food industry area in Malaysia (Hanishah et al., 2013). 1.3 Justification of problem As aforementioned, cooking oil has become a basic ingredient for food preparation in the entire world. Deep frying is recognized as traditional practice of food preparation, where the oil are left exposed repeatedly to excessive heat of 160  ºC- 190  ºC in presence of moisture and air (Kamisah et al., 2012). Additionally, people tend to be fonder of fried food due to the attractive colour, fast preparation, delicious taste and catchy presentation in dining (Cvengros Cvengrosova, 2004). As a result, waste cooking oil are extensively being generated due to food and semi product preparation by frying such as fast food networks, restaurants, dining rooms, catering establishments throughout the world (Cvengros Cvengrosova, 2004; Kulkarni Dalai, 2006). According to a report by Capital Region District, 2012, almost 1million kilograms of fat contaminants are being disposed through our home drainage every year. Review in Asia countries like Malaysia, China, Indonesia, India and Thailand on the other hand, estimates to produce waste cooking oil for 40 000 tonnes per year (Hanisah et al., 2013). Meanwhile to be detail, excessive heating of cooking oil causes chemical modification by forming toxic compounds like peroxides, aldehyde and polymer via few reactions including hydrolysis, oxidation and thermolytic (Kulkarni Dalai, 2006; Hanisha et al. 2013). In agreement to this, study by Kamisah et al. (2012) found out that repeated heating of cooking oil augmented lipid peroxidation formation in the oil which causes severe health problems to human. Malaysian’s night markets for an instance, offer variety deep fried snacks such as keropok lekor, meat balls, sausages and potato chips. Different type of fried food indeed causes different fatty acid composition and anti- oxidant properties to the frying oil (Awney, 2011, Purushothama et al., 2003; Adam et al., 2007). In case of keropok lekor, a popular snack in Malaysia, the oil is prone to autoxidation due to the presence of polyunsaturated fatty acid (PUFA), therefore, the oil has been chemically modified (Kamsiah et al., 2 012). Nevertheless, if this â€Å"dead oil† been disposed to water streams or land, it indirectly causes both water pollution and land pollution. After being disposed to aquatic environment, this contaminant undergoes four natural actions namely weathering, evaporation, emulsification or biodegradation. In exceptional to biodegradation, the rest of natural actions leads to the formation of oil slick or oil film on surface of water. Meanwhile droplets of oil will be vertically distributed in water, increasing BOD and COD value besides, transforming into toxic compound due to degraded oil by-product (Hanisah et al., 2013; Understanding oil spills and oil spill response, 1999; Marjadi Dharaiya, 2010). Riskily, these cause an interaction between the oil and sediments to occur hence, affecting living of aquatic lives. Indirectly, these carcinogenic compounds can be absorbed into by marine creatures and affect human food chain (Kulkarni Dalai, 2006; Hanisah et al., 2013; Understanding o il spills and oil spill response, 1999). Figure 1.2 precisely describes natural actions encountered due to disposal of waste cooking oil into water and land. 1.4 Scope of research In regards to detrimental impacts imposed by waste cooking oil, it’s absolutely prudent to commence treatment on lipid contaminated sites and further discover feasible ways to manage the fatty waste materials. Therefore, presence research recommends remediation through biodegradation and biotransformation for an effectual management of the waste cooking oil. Lipases, being a ubiquitous biocatalyst significantly extend frontiers of applications through hydrolysis as well as esterification reactions. Favourably, waste cooking oil that has been disposed to the water streams can be potentially treated with biocatalytic action of lipase producing microorganisms. Waste cooking oil prior to disposal also can be potentially transformed into many value-added products through structure modification by the same catalyst as well. Concerning numerous microbial lipases and wide range of reactions catered by lipase enzyme, it’s essential to obtain this biocatalyst from a novel and reliable source. This will highlight new lipid-lipase interaction with better characteristics for improvement and further add intrinsic value for industrial interests adequately (Jesus et al., 1999; Glogauer et al., 2011). Considering the alarming production of waste cooking oil by local food industries and household disposal, a feasible remediation requires a promising local yet new source for lipase enzyme. Appropriately, local Rhodococcus strains, an actinomycete isolated throughout Peninsular Malaysia was not been evaluated for lipase production. Being an excellent hydrocarbon degrader, these serial of strains is expected to project excellent level of lipase secretion and further be applied into both biodegradation and biotransformation. Upon, identification of lipase production from this actinomycete, the best lipase producing strains was optimized for maximum enzyme activity. Since, this bacteria is poorly studied, the crude enzyme was subjected for electrophoresis to estimate the size protein band of the extracted enzyme. Later on, practicability of the optimized strains was applied as both whole cell biocatalyst (naturally immobilised cell) and immobilised intracellular crude. A preliminary analysis of the enzyme to biodegrade WCO and also biotransform WCO into biodiesel was evaluated also for future studies. Precisely, lipolytic actions illustrated in Figure 1.3 are the reactions evaluated in biodegradation and biotransformation of WCO by Rhodococcal lipase in this study. Figure 1.3: (a) Hydrolytic reactions displayed by lipase enzyme to solubilize fatty acids and further convert into biomass during biodegradation of WCO (Jaeger Reetz, 1998). (b) Trans-esterification reaction by lipase enzyme involving transfer of alcohol moiety to form acid alkyl ester during biotransformation in biodiesel production (Murugesan et al., 2009). 1.5 Objectives of this research The primary goal of this study is to identify and evaluate lipase producing Rhodococcus strains, as ideal source for bioremediation purposes. Following are the stages of objectives obeyed in this investigation: To screen and identify for the most potential lipase producing Rhodococcus isolates To study the optimum conditions required for maximum lipase production by identified lipolytic Rhodococcus sp. To evaluate ability of Rhodococcus lipase to degrade waste cooking oil. To investigate the ability of Rhodococcus lipase to catalyze conversion of waste cooking oil into biodiesel. Figure 1.4: Flow chart representing designed work flow of this research.

Blogging: Its for everyone Essay -- essays research papers fc

Recently, Merriam-Webster announced that, based on â€Å"online lookups,† the number one word of the year was â€Å"blogs† (Morse, Page 1). Their definition of a blog is â€Å"a web site that contains an online personal journal with reflections, comments, and often hyperlinks provided by the writer† (Morse, Page1). This definition is inaccurate based on my research, as blogs are not always â€Å"personal† and can include more than one author. Throughout my research, many bloggers in the blogoshere have referred to websites as blogs that discuss business only, business and personal details, and more than mere â€Å"reflections† of a personal nature. As blogs become more popular and affect different forms of communication with a higher degree of magnitude, I am confident that the definition of blogs will morph closer to my definition of blogs (short for weblog, a web site that contains an online journal including, but not limited to, reflections, com ments, and often hyperlinks provided by the writer(s)) than the Merriam-Webster definition. This paper will discuss blogs (what they are), bloggers (who they are), blogging (should you do it and is it profitable), and the impact of blogs on media. I will start by talking about how blogs started, and who some bloggers are. Next, I will discuss the amount of revenue that can be made, and how that revenue is made, from starting a blog. Finally, I will show the impact blogs have had on the mainstream media, specifically, the most recent Presidential Election. The culture of the internet has created a subculture of bloggers that, as evidenced by the number of persons looking to find a definition of the word (however inaccurate the definition may be), is growing in popularity and is therefore a prescient topic for persons to be informed about. Blogging started, albeit without a proper name and with an even more vague definition, as soon as the internet was invented. Just as writing a journal started with the first writers thousands of years ago, blogs arose at the same time as the medium of the internet was born. This created some new challenges to the conventional writer. According to The Handbook of Digital Publishing, the greatest strength of publishing online material is â€Å"displaying the interrelated nature of information connected with hyperlinks† (Kleper, Page 197). The use of hyperlinks is extensive in blogs... ... power of a blog, everyone now can own their own version of Leibling’s press, and the power of that concept is freedom at its highest form. Bibliography Ante, Spencer. â€Å"Blogging for Dollars.† www.businessweek.com/magazine/content/03_30/b3843096_mz016.htm 2004. Page 1. Brewer, Jay. â€Å"Shaving Blog.† www.shavingstuff.com 2004. Page 1. Bushell, Sue. â€Å"Blogging for Profit.† www.cio.com 2004. Page 1. Case, Karl and Fair, Ray. â€Å"Monopolistic Competition and Oligopoly.† Principles of Microeconomics. Prentice Hall. 2004. Page 281. Gard, Lauren. â€Å"Blogging by the Numbers.†www.businessweek.com. 2004. Page 1. Kleper, Michael. â€Å"What Makes Web Site Visitors Come Back?† The Handbook of Digital Publishing. Prentice Hall. 2001. Pages 194, 196. McGann, Rob. â€Å"Blogging Tips† www.smallbusiness.blogspot.com 2004. Page 1. Meeker, Mary. â€Å"Annual Report 2004" www.smallbusiness.blogspot.com 2004. Page 1. Morse, Allan. â€Å"Home Page.† www.merriam-webster.com 2004. Page 1. Rowse, Darren. â€Å"To Blog or Not to Blog?† www.livingroom.org 2004. Page 1. Simpson, James. â€Å"L† Simpson’s Contemporary Quotations. Prentice Hall. 1988. Page 82.

The Marriage Of John And Jaqueline Kennedy Essay -- essays research pa

The Marriage of John and Jacqueline Kennedy. THESIS: Although the relationship of John and Jacqueline Kennedy evolved from friendship to love, their marriage was filled with tragedy, shame, and change. I. The relationship of John and Jacqueline Kennedy evolved from friendship to love.   Ã‚  Ã‚  Ã‚  Ã‚  A. They met at a dinner party thrown by Charles and Martha Bartlett.   Ã‚  Ã‚  Ã‚  Ã‚  B. Their marriage was called â€Å"the wedding of the year.† II. Their marriage had many tragedies.   Ã‚  Ã‚  Ã‚  Ã‚  A. Although three children survived birth, Jackie had many unsuccessful   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   pregnancies.   Ã‚  Ã‚  Ã‚  Ã‚  B. President Kennedy was assassinated in Dallas, Texas while riding in a   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   motorcade. III. Their marriage was filled with shame.   Ã‚  Ã‚  Ã‚  Ã‚  A. Jack had an irresistible urge to women.   Ã‚  Ã‚  Ã‚  Ã‚  B. Jack had innumerable conversations with a Judith Campbell, a woman with   Ã‚  Ã‚  Ã‚  Ã‚   mob connections. IV. Their marriage was filled with change.   Ã‚  Ã‚  Ã‚  Ã‚  A. Life was different for the Kennedy’s in the White House.   Ã‚  Ã‚  Ã‚  Ã‚  B. Jackie did a complete renovation of the White House.   Ã‚  Ã‚  Ã‚  Ã‚  C. Life changed drastically for Jackie after the assassination of her   Ã‚  Ã‚  Ã‚  Ã‚   husband.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Although the relationship of John and Jacqueline Kennedy evolved from friendship to love, their marriage was filled with tragedy, shame and change. The life of the first family is highly publicized but many of the happenings of the Kennedy family were not meant to be up for public scrutiny. During the time that Kennedy was in office there were many political as well as personal events that went on in his life. Love, tragedy, shame, and change were just some of the feelings and occurrences that went on inside the White House.   Ã‚  Ã‚  Ã‚  Ã‚  Jacqueline began her journalism career working for the Washington Times-Herald where she was soon promoted to â€Å"Inquiring Cameragirl.† This was how she first got to talk to Senator John F. Kennedy. She interviewed him for her column a few times and attended a ... ... Publishers,   Ã‚  Ã‚  Ã‚  Ã‚  1997. Anthony, Carl Sferrazza. First Ladies Volume II The Saga of the President’s   Ã‚  Ã‚  Ã‚  Ã‚  Wives and Their Power 1961-1990. New York: William Morrow and Company   Ã‚  Ã‚  Ã‚  Ã‚  Inc.,   Ã‚  Ã‚  Ã‚  Ã‚  1991.   Ã‚  Ã‚  Ã‚  Ã‚   Davis, John H. Jacqueline Bouvier An Intimate Memoir. New York: John Wiley and   Ã‚  Ã‚  Ã‚  Ã‚  Sons, Inc., 1996. Davis, John H. The Bouviers From Waterloo to the Kennedys and Beyond.   Ã‚  Ã‚  Ã‚  Ã‚  Washington DC: National Press Books, 1993. Donald, Aida Dipace. â€Å"Kennedy, John F. Assassination.† Dictionary of American   Ã‚  Ã‚  Ã‚  Ã‚  History. 1976 ed. Encyclopedia Americana: John F. Kennedy. Frank B. Freidel, Jr. (1999)   Ã‚  Ã‚  Ã‚  Ã‚  http://www.grolier.com/presidents/ea/bios/35pkenn.html. Heymann, David C. A Woman Named Jackie. Secaucus, New Jersey: Carol   Ã‚  Ã‚  Ã‚  Ã‚  Publishing group, 1994. â€Å"Kennedy, John Fitzgerald.† Microsoft Encarta 98 Encyclopedia. 1998 ed. Mills, Judie. John F. Kennedy. New York: Franklin Watts, 1962. Watney, Hedda Lyons. Jackie O. New York: Leisure Books, 1994.

Risk and Return Analyis and Portfolio Management of Indian Automobile Companies

PSG INSTITUTE OF MANAGEMENT FINANCIAL SYSTEMS A PROJECT REPORT On RISK AND RETURN ANALYSIS & PORTFOLIO MANAGEMENT Of INDIAN AUTOMOBILE COMPANIES Submitted by, G. Abirami(9UTB02) M. Kamalam(9UTB13) N. Nirupa(9UTB18) P. Srilakshmi(9UTB32) INDEX CONTENTS PAGE NO. Acknowledgement Statement of Problem Introduction: Industry overview Company profiles Objectives Scope & Limitations Literature Review Research Methodology Analysis & Interpretation Findings Suggestions Conclusion Bibliography (i) (ii) 1 1 3 13 13 14 18 20 33 36 37 38 ACKNOWLEDGEMENT First of all we thank the Almighty for having bestowed upon us the sufficient potential with which we are able to complete whatever work we undertake successfully. We feel a heart full of gratitude to our Director Mr. R. Nandagopal for encouraging us regarding all our curricular activities which take place at PSGIM. We also extend our thanks to our co-ordinator Mrs. V. Srividhya for being a constant support throughout and keeping us guided along the right path always. We also wish to thank our teacher for Financial and Management Accounting Mr. P. Varadharajan for having given us this opportunity in taking up this project and for his constant support and guidance throughout the course of the project. We also like to thank our parents who have carved a bright future for us by placing us in such a spectacular and prestigious institution where we could see ourselves as what and as whom we dream to become. May be the last but not the least people to thank are our friends. Thanks is a word not to be shared among friendship but it should be felt for the presence of their soulful support throughout our life. (i) STATEMENT OF PROBLEM Automotive Industry has significantly increased its contribution to overall industrial growth in the country. By 2030 India will be the third largest car market in the world after China and Japan. This coupled by the purchasing power of the ultra rich makes India a top destination for manufacturers of luxury cars Investment by foreign companies in automobiles implies a bright future for the auto industry India. This will lead to the creation of jobs, and a wider range for consumers to choose from. It will also give Indian companies a chance to compete globally for clients. This will greatly benefit the auto component and ancillary industry that will get access to the latest technology and manufacturing practices. According to Commerce Minister Kamal Nath, India is an attractive destination for global auto giants like BMW, General Motors, Ford and Hyundai who were setting base in India, despite the absence of specific trade agreements. Current Scenario On the cost front of Indian automobile industry, OEMs are eyeing India in a big way, investing to source products and components at significant discounts to home market. Overview By 2010, India is expected to witness over Rs 30,000 crore of investment. Maruti Udyog has set up the second car with an investment of Rs 6,500 crore. Hyundai will bring in more than Rs 3,800 crore to India. Tata Motors will be investing Rs 2,000 crore in its small car project. General Motors will be investing Rs 100 crore and Ford about Rs 350 crore. Ashok Leyland and Tata Motors have each announced over Rs 1,000 crore of investment. (ii) ________________________________________ ________________________________________ INTRODUCTION In India there are 100 people per vehicle, while this figure is 82 in China. It is expected that Indian automobile industry will achieve mass motorization status by 2014. Industry Overview: Since the first car rolled out on the streets of Mumbai (then Bombay) in 1898, the Automobile Industry of India has come a long way. During its early stages the auto industry was overlooked by the then Government and the policies were also not favourable. The liberalization policy and various tax reliefs by the Govt. of India in recent years have made remarkable impacts on Indian Automobile Industry. Indian auto industry, which is currently growing at the pace of around 18 % per annum, has become a hot destination for global auto players like Volvo, General Motors and Ford. A well developed transportation system plays a key role in the development of an economy, and India is no exception to it. With the growth of transportation system the Automotive Industry of India is also growing at rapid speed, occupying an important place on the ‘canvas' of Indian economy. Today Indian automotive industry is fully capable of producing various kinds of vehicles and can be divided into 03 broad categories : Cars, two-wheelers and heavy vehicles. Snippets: The first automobile in India rolled in 1897 in Bombay. India is being recognized as potential emerging auto market. Foreign players are adding to their investments in Indian auto industry. Within two-wheelers, motorcycles contribute 80% of the segment size. Unlike the USA, the Indian passenger vehicle market is dominated by cars (79%). Tata Motors dominates over 60% of the Indian commercial vehicle market. 2/3rd of auto component production is consumed directly by OEMs. India is the largest three-wheeler market in the world. India is the largest two-wheeler manufacturer in the world. India is the second largest tractor manufacturer in the world. India is the fifth largest commercial vehicle manufacturer in the world. The number one global motorcycle manufacturer is in India. India is the fourth largest car market in Asia – recently crossed the 1 million mark. 1 Segment Knowhow: Among the two-wheeler segment, motorcycles have major share in the market. Hero Honda contributes 50% motorcycles to the market. In it Honda holds 46% share in scooter and TVS makes 82% of the mopeds in the country. 40% of the three-wheelers are used as goods transport purpose. Piaggio holds 40% of the market share. Among the passenger transport, Bajaj is the leader by making 68% of the three-wheelers. Cars dominate the passenger vehicle market by 79%. Maruti Suzuki has 52% share in passenger cars and is a complete monopoly in multipurpose vehicles. In utility vehicles Mahindra holds 42% share. In commercial vehicle, Tata Motors dominates the market with more than 60% share. Tata Motors is also the world's fifth largest medium & heavy commercial vehicle manufacturer. 2 COMPANY PROFILES ASHOK LEYLAND In 1948, The Company was incorporated on 7th September, at Chennai. The Company Manufacture Comet chassis and Leyland `Tiger' and `Titan' Chassis and Leyland diesel engines. In 1955, the name of the Company was changed from Ashok Motors Ltd. , to AshokLeyland Ltd. in July. Ashok Leyland Motors Ltd. , are the associates Of the company In 2006, Ashok Leyland gets ISO/TS 16949 corporate certification In 2010, Ashok Leyland, the flagship company of Hinduja group, unveiled the Country’s first electric plug-in CNG hybrid bus, HYBUS, at the Delhi Auto show. Company Background Name Auto LCVs/HCVs House Name Hindujas Group Year of Incorporation 1948 Board of Directors: R J Shahaney Chairman / Chair Person D J Balaji Rao Director Ramachandran R Nai Director Shardul S Shroff Director V Sumantran Director Vinod K Dasari Whole Time Director J N Amrolia Executive Director S Balasubramanian Executive Director R R G Menon Executive Director M Nataraj Executive Director Rajive Saharia Executive Director 3 EICHER MOTORS In 1982, The company was incorporated on 14th October, and the Certificate of commencement of business was obtained on 28th March, 1983. It was promoted in the joint sector by Eicher Goodearth Ltd. Mitsubishi Corporation, Japan, Mitsubishi Motors Corporation Japan and Madhya Pradesh Audyogik Vikas Nigam Ltd. In 2005, Eicher Motors entered into definitive agreements with TMTL on May 27, In 2006, Eicher Motors Ltd (EML) on Feb 20, announced Mr. Siddhartha Lal as its new Managing Director designate. Eicher joins hands with Wipro to source hydraulic kits In 2007, Eicher Motors Ltd has informed that the Board of Directors of the Company in its meeting held on October 22, 2007 approved appointment of Mr. Rajesh Arora as Company Secretary as well as Compliance Officer of the Company. Company Background: Industry Name Auto LCVs/HCVs House Name Eicher Group Year of Incorporation 1982 Board of Directors: S Sandilya Chairman / Chair Person Priya Brat Director Prateek Jalan Director Siddhartha Lal Managing Director & CEO 4 ESCORTS In 1947, After partition the registered office of the Company was shifted from Lahore to New Delhi. The name of the Company was changed from Escorts (Agents) Pvt. Ltd. , to Escorts Ltd. upon its conversion into a Public company. In 2005, Escorts win . 5-m tractor order from Ghana Escorts Ltd has acquired its Polish joint venture partner, Farmtrac Tractors Europe Escorts' US subsidiary teams up with SAME Deutz-Fahr Italia In 2006, Escort India is set to manufacture tractors in Bangladesh through a Joint venture with the Nitol-Niloy group. Company Background Name Auto Tractors House Name Nand Year of Incorporation 1944 Board of Directors: Rajan NandaChairman and Managing director M G K MenonDirector P S PritamDirector Nikhil NandaJoint Managing Director 5 HERO HONDA In 1984, The Company was incorporated on 19th January, at New Delhi. The Company Manufacture motor cycles up to 100 cc capacity. The Company Was promoted by Hero Cycles (P) Ltd. (HCPL). In 2005, New product launches widen HHML's product portfolio Two-wheeler major Hero Honda on October 5 announced launch of its First scooter ‘Pleasure' Hero Honda rolls out 150-cc motorcycle Achiever. In 2006, Hero Honda announced the launch of two new variants the new ‘Glamour' and ‘Passion Plus' limited edition. In 2007, Hero Honda Motors Ltd. has appointed Mr. Yutaka Kudo as Director and Whole-time Director of the Company in the category of Executive Director w. e. f. April 1, 2007. Company Background: Industry Name Auto 2 & 3 Wheelers House Name Hero Year of Incorporation 1984 Board of Directors: Toshiaki Nakagawa Joint Managing Director Masahiro Takedagawa Non Executive Director Pawan Munjal Managing Director and CEO Takashi Nagai Non Executive Director Pradeep Dinodia Non. Exe. Independent Director 6 HMT In 1953, The Company was incorporated in Bangalore. The Company was converted into a Public Limited Company on May 13, 1977. The main objects of the Company is Manufacturing of the Machine tools, metal forming presses and press brakes, pressure die, casting machines and automatic plastic injection molding machines, automatic plastic injection molding machines. In 1998, HMT International Ltd, a wholly-owned subsidiary of HMT, has bagged a Rs. 3-crore order for setting up an Entrepreneur Technical Development Centre (ETDC) at Dakar in Senegal. In 2010, HMT Ltd has informed that Shri Harbhajan Singh has been appointed as Part-time Official Director on the Board of the Company with Effect from January 11, 2010 Company Background: Industry Name Auto Tractors House Name Public Sector Year of Incorporation 1953. Board of Directors: Rajiv BansalDirector S G SridharDirector (Operations) S BehuriaDirector Sourabh ChandraDirector K KipgenDirector Prakash SharanExecutive Director Harbhajan SinghPart Time Official Director 7 MARUTI SUZUKI In 2000, The Company was awarded the Highest Exporter Award in New Delhi. ICRA has assigned `LAAA' rating to the Rs. 200-crore Long-term non-convertible debenture program and `A1+' rating to the Rs. 100-crore commercial paper program of the company. In 2002, The government on May 14, 2002 set into motion big-ticket disinvestment in 2002-03 by announcing a two-stage process to exit from Maruti Udyog Ltd, a joint venture with Suzuki Motor Company. In 2007, Maruti Udyog Limited has informed that Mr. Tsuneo Kobayashi, a Non-executive director, has been appointed as Whole-time Director designated as Senior Joint Managing Director. The Board of Directors in their meeting held on 22nd January, 2007 has approved the above. UTI Bank and Maruti have joined hands for giving car finance. Company Background: Industry Name Auto Cars & Jeeps House Name MNC Associate Year of Incorporation 1981 Board of Directors: R C BhargavaChairman / Chair Person Amal GanguliDirector Keiichi AsaiDirector Osamu SuzukiDirector Davinder Singh BrarDirector 8 TATA MOTORS Tata Motors Limited is India's largest automobile company, with consolidated revenues of Rs. 70,938. 85 crores (USD 14 billion) in 2008-09. It is the leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. The company is the world's fourth largest truck manufacturer, and the world's second largest bus manufacturer. The company's 24,000 employees are guided by the vision to be â€Å"best in the manner in which we operate, best in the products we deliver, and best in our value system and ethics. Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of India. Over 4 million Tata vehicles ply on Indian roads, since the first rolled out in 1954. Company Background Industry Name Auto LCVs/HCVs House Name Tata Group Collaborative Year Of Incorporation 1945 Board of Directors: Ratan N TataChairman / Chair Person N A SoonawalaDirector R Gopalakri shnanDirector S M PaliaDirector S BhargavaDirector V K JairathDirector 9 TVS MOTORS TVS has been at the forefront in bringing a revolution in the way personal commutation was happening, way back in the 1980s. Beginning with launching a simple, easy-to-use moped for the middle class in India in the 1980s to launching 7 new bikes in a single day (first time in the history of the automotive industry in the world), TVS has often taken the unbeaten path to innovation. The Group's principal activity is to manufacture and sell motor cycles and components. The Group operates in two segments: Automotive Vehicles and Automotive Components. Automotive Vehicles include motorcycles, mopeds, ungeared scooters and three wheelers. The products of the Group include TVS Apache, TVS Scooty, TVS Fiero, TVS Super XL, TVS Victor, TVS Centra, TVS Star etc. It's plants are located at Hosur, Tamil Nadu , Mysore, Karnataka and Solan, Himachal Pradesh. Company Background Industry Name Auto 2 & 3 Wheelers House Name TVS Group Year of Incorporation 1982 Board of Directors: Venu Srinivasan Chairman and Managing director T Kannan Director K S Bajpai Director Prince Asirvatham Director 10 MAHINDRA AND MAHINDRA: Mahindra embarked on its journey in 1945 by assembling the Willys Jeep in India and is now a US $6. 3 billion Indian multinational. It employs over 1,00,000 people across the globe and enjoys a leadership position in utility vehicles, tractors and information technology, with a significant and growing presence in financial services, tourism, infrastructure development, trade and logistics. The Mahindra Group today is an embodiment of global excellence and enjoys a strong corporate brand image. Mahindra is the only Indian company among the top tractor brands in the world and has made an entry in the two-wheeler segment, which will see the company emerge as a full-range player with a presence in almost every segment of the automobile industry. The Mahindra Group expanded its IT portfolio when Tech Mahindra acquired the leading global business and information technology services company, Satyam Computer Services. The company is now known as Mahindra Satyam. Mahindra's Farm Equipment Sector is the proud recipient of the Japan Quality Medal, the only tractor company worldwide to be bestowed this honour. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize. The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its Global 200: The World's Best Corporate Reputations list. Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08. Company Background: Industry Name Auto -Cars & Jeeps House Name M & M Year of Incorporation 1945 Board of Directors: Keshub Mahindra Chairman / Chair Person Deepak S Parekh Director M M Murugappan Director A S Ganguly Director Anupam Puri Director 11 BAJAJ AUTO Bajaj Auto Ltd. is the largest exporter of two and three wheelers. With Kawasaki Heavy Industries of Japan, Bajaj manufactures state-of-the-art range of two-wheelers. The brand, Pulsar is continually dominating the Indian motorcycle market in the premium segment. Its Discover DTSi is also a successful bike on Indian roads. 2010 – Bajaj Auto launched a 135 cc Pulsar, priced at Rs 51,000, pushing the Pulsar brand into the mass segment. Company Background: Founder Jamnalal Bajaj Year of Establishment 1926 Industry Automotive 2 & 3 Wheelers Business Group The Bajaj Dominant presence in Sri Lanka, Bangladesh, Columbia, Guatemala, Peru, Egypt, Iran and Indonesia. Joint Venture Kawasaki Heavy Industries of Japan Board of Directors: Rahul Bajaj Chairman / Chair Person Rajiv Bajaj Managing Director D S Mehta Director Shekhar Bajaj Director J N Godrej Director Suman Kirloskar Director 12 ________________________________________ ________________________________________ OBJECTIVES Primary Objective: Construction of optimal portfolio using Sharpe Index Model To analyze the risk and return of Indian automobile companies. Secondary Objectives: To understand the Sharpe's Portfolio Selection Model over the Standardized Index Portfolio called Market portfolio in respect of stock market perations in India. It also involves the estimation of Beta for each potential asset; these estimations are obtained based on past data and using statistical methods in order to obtain future Beta. To understand the current scenario of Indian automobile industry. SCOPE & LIMITATIONS Scope: To get overview outline about the selected Indian automobile company, their performance comparison, market share, potential and their volatility. Serves as a source of information for investors in identifying the risk averse and risk seeking shares (more return and less risk)of selected automobile industry. To get insight about the application of Sharpe index model in risk and return analysis of portfolio management. Limitations 1. Only selected industries in Indian automobile sector. 2. The data obtained and collected are only approximate and not more accurate. 3. Market fluctuations in share price of the selected industries. 4. Application of Sharpie index model alone. 13 ________________________________________ ________________________________________ LITERATURE REVIEW â€Å"The Accounting Review†: Elgers, Pieter T. Murray, Dennis ( Apr 1982) published that a measure of investment risk-the systematic risk of the Sharpe-Linter capital asset pricing model (CAPM)-is now widely employed. The relationship between beta estimates and various accounting risk measures (ARMs) have been extensively studied by accounting researchers, but results have led to different inferences about the usefulness of ARMs. The impact of the choice of market index on inferences concerning the usefulness o f ARMs in explaining and predicting beta is investigated. The association of ARMs and beta tests are always joint tests. Beta reflects the expected co variation between the returns of a given security and those of the market portfolio of all risky capital assets. The market portfolio, however, is not observable. Empirical evidence showed: 1. that the stability of beta estimates over time are quite sensitive to the market index employed, 2. that the ability of ARMs to explain differences among betas for a cross-section of firms is highest when the betas are estimated using the CRSP equal-weighted index, and 3. that the ability of ARMs to improve upon market-based forecasts of beta depends upon the choice of market index and the error metric employed. The Journal of Finance†: Kwan, Clarence C. Y (Dec 1984) published that a simple common algorithm that is applicable to 7 models is suggested for optimal portfolio selection disallowing short sales of risky securities. The 7 models considered are: 1. Sharpe's (1963) single index model, 2. Cohen and Pogue's (1967) multi-index models in diagonal and cova riance forms, 3. Two multi-index models with orthogonal indexes, and 4. Two constant correlation models. The proposed algorithm successfully bypasses the requirement of explicitly ranking securities that is essential in previous research on the topic. Because of this feature, the algorithm is especially useful for the 2 multi-index models with orthogonal indexes where there are problems in establishing a ranking criterion. An illustrative example is provided showing the results of all the iterative steps. It is demonstrated in a simulation study performed on the 5 models with multiple groups that the procedure involved in the search for optimality requires only small numbers of simple iterative steps. Thus, the method can enhance the usefulness of these index models and constant correlation models in portfolio analysis. The Journal of Portfolio Management†: Gressis, N. , Vlahos, G. , Phillipatos, G. C. (Spring 1984) published that the recent establishment of stock index futures markets has opened up a variety of new investment opportunities that should improve the performance of both secondary markets and individual investor portfolios. Trading in stock index futures has been proposed as an effective hedge against investment risk. A technique based on the capital asset pricing model (CAPM) framework is here developed to identify the profit opportunities of stock index futures trading. With this technique, the systematic risk of a stock index futures contract can be identified for the investor buying on margin, along with the abnormal returns that can be expected from the contract and its equilibrium price. The technique is demonstrated in application to the Standard & Poor's 500 Index futures. It is shown that the risk of a stock index futures contract declines with the length of the investment horizon. However, the degree of abnormal performance and the deviation of the equilibrium price of the contract from the market price increases with time to maturity. The Journal of Portfolio Management†: French, Dan W. , Henderson, Glenn V (Winter 1985) published that the investment portfolio performance measures based on the capital asset pricing model are examined under ideal conditions that work around the problems that their critics have discovered. These problems include Miss specified independent variables, omitted variables, errors in variables, and unstable p arameters, all of which are basically beta problems. A database is constructed by simulating 60 portfolios or security return series, each containing 3 random variants having their own distribution. Regression analysis results show that winners cannot be distinguished from random performers, and that winners cannot even be labelled as such unless they are remarkably successful. If random noise is the only contaminating factor in performance evaluation, then the 4 currently popular performance measures rank in an internally consistent fashion and rank portfolio performance correctly â€Å"The Journal of Portfolio Management†: Peters (Summer 1985) published that Evidence is presented suggesting that early mispricing of stock index futures was due to market inefficiencies, but that the markets have become more efficient over time. This growing efficiency is the result of more experienced traders and the increasing availability of accurate valuation models. This evidence is derived from a test of market efficiency done using a cost-of-carry valuation model. The test is limited to the Standard & Poor's 500 and the New York Stock Exchange Composite indexes. The theoretical value for each future contract over the period June 1982-December 1983 is computed using data from CE/ICD's ANALYSTICS database. Results indicate that both index futures markets have become more efficient with time. If it is assumed that investors are rational and that expectations of the index value are not considered in valuation, it can further be assumed that dividend stream estimation is the major source of market inefficiency. Portfolio managers can now use index futures for hedging with greater confidence. 15 â€Å"The Journal of multinational financial management†: Javier Estrada and Ana Paula Serra (July 2005) published that the proper identification of the risk variables that explain the cross-section of returns in emerging markets has many and far-reaching implications for both companies and investors. We examine this risk–return relationship by focusing on three families of models, over 25 years of data, and over 1600 companies in 30 countries. We perform a statistical analysis that seeks to identify the variables that should be incorporated into the calculation of required returns on equity, and an economic analysis that seeks to determine the variables that produce the most profitable portfolio strategies. We find rather weak statistical results that prevent us from strongly recommending a given family to estimate required returns on equity. And we find somewhat stronger economic results that show that a variable belonging to our downside risk family, the global downside beta, is the one that has the largest impact on returns when portfolios are rebalanced every 5 years. â€Å"University of Mannheim – Department of Business Administration and Finance† : Alen Nosic (March 6, 2007), published that the determinants of investors' risk taking behavior. We find that investors' risk taking behaviour is affected by their subjective risk attitude and by the risk and return of an investment alternative. Our results also suggest hat consistent with previous findings in the literature objective or historical return and volatility of a stock are not as good predictors of risk taking behavior as subjective risk and return measures. Moreover, we illustrate that overconfidence or more precisely miscalibration has an impact on risk behavior as predicted by theoretical models. However, our results regarding the effect of var ious determinants on risk taking behavior heavily depends on the domain the respective determinant is elicited. We interpret this as an indication for extended domain specificity. In particular with the Markets of Financial Instruments Directive (MiFID) coming into effect we believe practitioners could improve on their investment advising process by incorporating some of the determinants we argue to influence investment behavior. † European Journal of Operational Research†: Xiang Li, Zhongfeng Qin, Samarjit Kar (April 1, 2010) published Numerous empirical studies show that portfolio returns are asymmetric, and investors would prefer a portfolio return with larger degree of asymmetry when the mean value and variance are same. In order to measure the asymmetry of fuzzy portfolio return, a concept of skewness is defined as the third central moment in this paper, and its mathematical properties are studied. As an extension of the fuzzy mean-variance model, a mean-variance-skewness model is presented and the corresponding variations are also considered. In order to solve the proposed models, a genetic algorithm integrating fuzzy simulation is designed. Finally, several numerical examples are given to illustrate the modeling idea and the effectiveness of the proposed algorithm. Banking and Finance†: Cheol S Eun, Jinso Lee (April 2010) published that the risk-return characteristics of our sample of 17 developed stock markets of the world have converged significantly toward each other during our study period 1974-2007, and (ii) that this international convergence in risk-return characteristics is driven mainly by the declining ‘country effect', rather than the rising ‘industry effect', suggesti ng that the convergence is associated with international market integration. Specifically, we first ompute the risk-return distance among international stock markets based on the Euclidean distance and find that the distance thus computed has been decreasing significantly over time, implying a mean-variance convergence. In particular, the average risk-return distance has decreased by about 50% over our sample period. We also document that the risk-return characteristics of our sample of 14 emerging markets have been converging rapidly toward those of developed markets in recent years. This development notwithstanding, emerging markets still remain as a distinct asset class. Lastly, we show that the convergence in risk-return characteristics has exerted a negative impact on the efficiency of international investment during our sample period. â€Å"Journal of investment management†, Lisa R Goldberg, Michael Y Hayes (first quarter 2010) published that a practical and effective extension of portfolio risk management and construction best practices to account for extreme events. The central element of the extension is (expected) shortfall, which is the expected loss given that a value-at-risk limit is breached. Shortfall is the most basic measure of extreme risk, and unlike volatility and value at risk, it probes the tails of portfolio return and profit/loss distributions. Consequently, shortfall is (in principle) a guide to allocating reserve capital. Since it is a convex measure, shortfall can (again, in principle) be used as an optimization constraint either alone or in combination with volatility. In principle becomes in practice only if shortfall can be forecast accurately. A recent body of research uses factor models to generate robust, empirically accurate shortfall forecasts that can be analyzed with standard risk management tools such as betas, risk budgets and factor correlations. An important insight is that a long history of returns to risk factors can inform short-horizon shortfall forecasts in a meaningful way. 17 ________________________________________ ________________________________________ RESEARCH METHODOLOGY Sources of data: We selected the companies based on the market capitalisation and for this we referred money control. om from where we sorted out the top ten automobile companies in India based on the market capitalisation value given as of March 1, 2010. Then the opening and closing stock price of the top ten automobile companies for the previous five financial years (2005-2006, 2006-2007, 2007-2008, 2008-2009, 2009-2010) was downloaded from NSE website(nseindia. com). The overall index return price was also downloaded from the same website for the same period. Top ten automobile industries selected based on market capitalisation are: Company nameMarket Capitalisation(Rs. Crore) Tata Motors43,388. 97 Maruti Suzuki 42,705. 24 Hero Honda38,218. 19 Tech Mahindra31,398. 74 Bajaj Auto 27,698. 93 Ashok Leyland 7,183. 83 HMT 6,307. 10 TVS Motor 1,800. 58 Eicher Motors 1,685. 52 Escorts 1,387. 46 Market capitalization (often market cap) is a measurement of the size of a business enterprise (corporation) equal to the share price times the number of shares outstanding of a public company. As owning stock represents ownership of the company, including all its equity, capitalization could represent the public opinion of a company's net worth and is a determining factor in stock valuation. Tools used: We used certain formulae to study on the risk and return of the companies and the portfolio management based on the Sharpe – Index model. The calculations were done in a spread sheet to make it easier. The formulae of the elements used in the spread sheet are as follows: Sum of Individual Stock returns – Ri and Market return – Rm. 18 Stock return – Y and Market return – X: = ((Today’s price – Yesterday’s price) / Yesterday’s price)*100. Mean of stock return – Y? , Mean of market return – X?. Y? = (sum of Y)/ total number of days X? = (sum of X)/ total number of days Standard deviation of Stock return – ? , Standard deviation of market return – ? x. Correlation = Covariance/(? y * ? x) Risk factor ? = Covariance *(? y / ? x) Return indicator ? = Y? – ? (X? ). Unsystematic risk – ? ei?. Cut off point Ci: n Ci = ? m? * ? ((Ri-Rf)? )/ ? ei? ) i =1 n 1 + ? m? * ? ( / ? ei? ) i=1 where , ? m = market variance. Z value = Zi/ ? _(i=1)^n-Zi where, Zi = ? /? ei? ( Ri-Rf)/? – Ci X value = Zi / Z. Tables and bar graphs are drawn for average values of important parameters like ? , ? x, ? y, X? , Y? , for each company for all five years. Outcomes are represented diagramaticaly) A table for all companies’ cut-off point, Z value, X value is also drawn. Population & Sample size: There was a total of about 16 automobile companies registered in NSE website out of which we selected top 10 companies based on the market capitalisation as mentioned before. Total population in NSE = 16. Sample size = 10. (Specific yrs. 2005-2010) 19 ________________________________________ ________________________________________ ANALYSIS AND INTERPRETATION Ashok Leyland Interpretation: Average Stock return Y? is largest during the year 2009(approximately 0. 6) and lowest during the year 2008 (approx. -0. 4). Risk factor ? is more during the year 2010 and low during the years 2006, â €™07, ’08. Highest deviation is seen in the year 2008 and least is seen in 2005. 20 Eicher Motors Interpretation: The company experiences the highest average stock return during the year 2009 (approx. 0. 5) and the lowest during the year 2010(approx. -0. 25). Risk factor ? is below 1 for all the years except 2010. But the average value for the five years stays below 1. Highest deviation is seen in the year 2008 and least deviation one is seen in 2005. 21 Escorts Interpretation: The company has a highest stock return in 2009 and less stock return in 2008. Average stock return is very low which is near to 0. 053. ?eta value is high in the year 2005 and low in the year 2009 and all the beta values are above 1. Deviation is seen high in 2008 and less in 2010. 22 Hero Honda Interpretation: Beta value is seen to be above 1 during the years 2007 & 2010. Average beta value of the company is seen to be below 1. Stock return is high during the year 2009 and negative during the years 2006 & 2007. Deviation is high in the year 2008. 23 HMT Interpretation: The company has a good stock return during the years 2005 and 2010 and negative during the year 2008. The deviation is very much high for the company here. Average deviation of 4. 5 is seen here. Average beta value is more than 1. 24 Maruti Suzuki Interpretation: Stock return is highest during the year 2009 and less during 2008. Beta value is less than 1 after 2007 and more than 1 before 2007. Deviation is large during 2008. 25 Tata motors Interpretation: Stock return is high in the year 2009 and has gone negative in the previous year. Beta value is less 1 from 2007 and >1 in 2005 & 2006. The deviation is more in 2009 and 2008. 26 TVS Motors Interpretation: Stock return high in 2009and very low in 2008. Beta value is less than 1 in all cases than in 2006. Deviation is supposed to be high in 2009. 27 Tech Mahindra Interpretation: The stock return is very high during the year 2006 and very less(negative) during the year 2008. Deviation is almost high for all the years. Average beta value is < 1. 28 Bajaj Auto Interpretation: The company has shown a good stock return of positive value during the years 2009 & 2010. Beta value is less than 1 for all the years. Deviation is high during the year 2008. 9 Table- Summary of Calculations Market return vs. Individual stock return Figure – 1 30 Comparison of Unsystematic risk and cut off points Figure – 2 Systematic Risk Figure – 3 31 Interpretation from Summary of Calculations: Table Figure – 1: HMT has the highest stock return and is greater the market return(about 170) Second comes the Maruti Suzuki followed by Hero honda. (about 150) TVS Motors has the lowest stock return of all the 10 companies and is less than the market return. (about 70) Figure – 2: Unsystematic risk is high for HMT (approx 19) and second Escorts. (approx 18) Hero Honda has the lowest unsystematic risk. (approx 5) Bajaj Auto has the highest cut off point whereas Ashok Leyland has the lowest cut off point. Figure – 3: Escorts has highest systematic risk (approx. 1. 36) HMT has the second higher risk value(approx. 1. 09) Bajaj Auto has the lowest risk value (approx. 0. 65) 32 ________________________________________ ________________________________________ FINDINGS Ashok Leyland: The ? value gives us a stock’s risk profile. Here we can take the average beta value and interpret and comment on the overall risk for the five years taken by the concern. Average beta value = 1 which means it is neither stable nor unstable. It is a neutral share and is expected to follow the market. From the table when we look at the ? value its average value is . 01233 which means that the minimum riskless return is 1. 23%. The company’s earnings from stock investment has reduced in the year 2010. We get a positive correlation value which implies that a 0. 5% in the market return will affect a company’s stock return by 0. 5% in the same direction. Eicher Motors: The company’s earnings from stock investment has reduced in the year 2010 from 2009. Here ? he company expects less volatility and less risk and therefore less returns. These are called defensive shares and will generally experience smaller than average gains in a rising market, will generally experience smaller than average falls in a declining market. From the table the average ? value 0. i6691. The minimum risk free return is 16. 69%. Mahindra is having high risk free rate so it is safe to hold this stock. Correlation value = 0. 44% 0. 44% of change in market return affects the stock return by 0. 44% in the same direction. Bajaj Auto: The return on stock investments is good during 2009 & 2010 when compared to the year 2008. Since beta value < 1. The company expects a stability, less risk and less returns. These are called defensive shares and will generally experience smaller than average gains in a rising market, will generally experience smaller than average falls in a declining market. Alpha From the table the average ? value 0. 24715. The minimum risk free return is 24. 715%. Bajaj is having the highest risk free retun in all the ten companies so it is very safe to invest. Correlation value = 0. 46% 0. 46% change in Rm = 0. 46% change in Ri in the same direction. 35 Summary of calculation: HMT is having high stock return because they are using stock investments efficiently in the business The low cut-off point is good which implies less payback. Ashok Leyland has minimum payback whereas Bajaj has maximum payback. Escorts involves in high risky projects expecting more returns rather Bajaj is not involving in risky projects. SUGGESTIONS Hero Honda is having low risk and high return. So it is good for the investors to invest in this company. (for investors) HMT is taking high risk and provides decent returns. So next to Herohonda, HMT is a good company to invest. (for investors) Bajaj is having a low return at a medium risk so the company have to indulge in risky projects to get good returns in the future. (for company) HMT and Escorts have high unsystematic risk, so they can go for product diversification to reduce the unsystematic risk. (for company) (Product diversification helps the companies to reduce the unsystematic risk because even if they lose in one of the products they can make up their revenues by some other product) Cut off point is the point at which the required rate of return is worth the expense. If it is high then that company is going to take a long time to repay its initial investment. In our case Ashok Leyland will be able to recover the money invested in the project as soon as possible than others. Ashok Leyland might serve as the best company to invest to get their investment back whatever the return may be. Based on the stock return, risk and the cut off point, Herohonda is a good company to invest because they have an optimum return at an optimum risk level. TVS motors has a high cut off point, less stock return at a high risk. They can reduce their risk level, because it might involve large sum of investment. 36 ________________________________________ ________________________________________ CONCLUSION According to our findings we suggest that Hero Honda is the best Automobile company in India to invest and the investment can range up to 42% as per our analysis. Although India has been much discussed in recent years, and has been the recipient of major foreign investment in its automotive industry, it has in many ways not received the attention of the world’s other major developing country, China – but this is about to change. With the world’s second largest and fastest-growing population, there is no denying India’s potential in both economic and population terms and the effect it will have on the auto industry in the years to come. The country is already off to a good start, with a well-developed components industry and a production level of one million four-wheeled vehicles a year, plus a further five million two- and three-wheelers. India also has substantial strength in mass production techniques and is particularly well served in the fields of research and development and software design. Therefore, as always, the question is when will expansion occur and to what level? The implications, market drivers and scope of a future massive Indian vehicle market are covered in the India Strategic Market Profile, a brand-new forecast of Indian automotive and related activity to 2020. 37 BIBLIOGRAPHY Robert A. Strong, year, Portfolio Management, 82-85,123-131. Jeff Madura, 2009, Finance Markets and Institutions, 243-283. Dr. G. Ramesh Babu, 2007, Portfolio Management Including Security Analysis, 577-647. www. nseindia. com www. moneycontrol. com www. springerlink. com www. proquest. com www. sciencedirect. com www. jstor. org www. informaworld. com 38