An Estimation of Systematic Risk Essay Example

An Estimation of Systematic Risk Essay Example An Estimation of Systematic Risk Essay An Estimation of Systematic Risk Essay An Estimation of Systematic Risk This is a financial report on the estimation of risk for Walt Disney CO. (DS) and Energy Transfer Equity LP (ETE). This report is done on the basis of the Normality Assumption suggesting that there is a constant variance and that the two variables tested are related there error terms = O. There is also the assumption that the distribution of error term is normal between both variables. Contents Statement of Hypothesis 2 Specification of the Mathematical Model of the Theory 3 Specification of the Statistical or Economic Model 5 Obtaining Data 6 Estimation of the Parameters of the Econometric Model 7 Hypothesis Testing 8 Forecasting, Prediction and Advice 1 1 Hypothesis: The expectation of each security is that its systematic risk will tend to mirror the market more closely and take certain values closer to 1 then its stated beta. I expect Walt Disney (DS) to take up a beta less than its stated value of 1. 2, and arbitrarily be 1. 15, . 05 less, and I expect Energy Transfer Equity LP (ETE) to take up a beta greater than its stated value of . 82, and arbitrarily be . 87, . 05 greater. My hypothesized numbers are closer to 1 to represent the basis of my hypothesis that he true is closer to 1 . Im suggesting this theory because securities want to appear more attractive to investors and not mirror the market too closely. Securities will exaggerate their betas in order to appear more dispersed from the market. It is important for investors to have the most accurate data possible as to make the proper assumptions about their investments. This will become better represented in the return analysis and CAPM models of each stock supported by the benchmark of the S 500. A formula representation of the hypothesis should look like: HO: P2 1. 15 (DS) HI: *1. 15 (DS) HO: = . 87 (ETE) HI: . 87 (ETE) The data from these SRF will suggest that the stated values of DIS and ETE beta will be closer than they are represented on common business sites such as Yahoo Finance and MSN Money. It will be apparent Walt Disney and Energy Transfer Equity should still be highly considered as potential options in portfolios. With a more accurate measure of each stocks it will provide the investor with better information to assess the amount of risk the investor is willing to take on based off the returns of each security. Specification of the Mathematical Model of the Theory Independent Variable, X = S 500 Dependent variables, Y, Yl = DS, Y2 = ETE Using the two-variable linear regression model we can calculate the SRF and draw inferences about our PRF. The market or SP 500 will have a benchmark of 1 as that is the stated basis for testing the f the market. Yi will be the daily returns of the securities over the last five years dating from March 25th, 2008 to March 25th, 2013. These five years will be the basis for all data collection. A mathematical It is estimated from the SRF A mathematical representation of the SRF for DIS and ETE is as follows: 9i = DAI + The mathematical model for the SRF of the data states that the parameters are DAI which is the risk free rate or rf, and OA2 which is the slope or of the security. The y- intercept, or DAI will be represented as O because its already factored into our expected return (ER) of the securities and subtracted from it. Using the Capital Asset Pricing Model or CAPM we can further discuss the relationship between the independent and dependent variables. A graphical representation of the CAPM is as follows: ERi is known as the expected return of the securities, and is known as the systematic risk or the return of the market. The relationship between the dependent and independent variables in our hypothesis is a positive one because the assumption as stated in the hypothesis is that the betas of DIS and ETE are positive values, so regardless of actual value, they move in a positive manner with the market. DAI is assumed to be O in this graphical representation as stated prior as it is subtracted from our expected returns of each security. A mathematical representation of the CAPM model is as follows: (ERi rf) = (ERm rf) ERm is the expected return of the market, calculated by averaging the yield of the S 500 for the last five years. The risk-free rate is estimated from the five year average return of 3-month Treasury bills. Specification of the Statistical or Economic Model A mathematical representation of the error term is as follows: Ui = Yi E (y/xi) In this equation, Ui is known as the error term of a given variable, in our case the minus the mean return of the given security, E (y/xi). The error term in this hypothesis represents the variation of returns in our securities that cannot be explained by the market. In other words, its our inability to model all the movements f the dependent variable. There are other variables other than the SP 500 that effect the return of DIS and ETE. Geographical, political, and other economic factors all affect the return of a security in some way. Increasing the sample size of our SRF further eliminates the error term, but its impossible to completely eliminate the error term due to the immeasurable connectivity of all variables. Obtaining Data Data is necessary in order to help explain the basis of our hypothesis. It is essential that the collection of data be done in the most intentional and accurate way according to your hypothesis. Data for testing was obtained through Yahoo Finance. Data for Walt Disney Inc. , Energy Transfer Equity LLP, and the S 500 was collected from a five year daily period from March 25th, 2008, to March 25th, 2013. Data selection was intentionally selected to avoid the majority of the great recession and the years before. To increase the accuracy and reduce the error term of our returns, daily returns were preferred over weekly or monthly. Data collected was the % changes in each the price of each variable. With this data a simple mathematical equation was performed to adjust the % changes into returns. The mathematical equation is as follows: Y2 represents the % change in a securities price the day after Yl . Using SAS Web Editor to run tests on the data collected further interpretations of the two parameters, Pl and P2 can be concluded. The SAS coding for each plot is as proc plot; plot DIS*SP500; plot ETE*SP500; proc reg; model ETE=SP500; model DIS=SP500; See attached PDF for visual results of SAS tests. Interpretation of Parameters The parameter estimates for the SAS tests are as follows: For ETE, using a regression analysis, SAS concluded that Pl = . 00052687 which is ssumed to be O. SAS estimated the beta as OA2 = . 80867 which is about . 01 lower than what Yahoo Finance and MSN Money had calculated it to be, which was . 82. The standard error for ETE, SE (OA2) = . 02931. r2 was found for our ETE return model to be . 773. The value of r2 of . 3773 means that about 37. 73% of the variation in the daily return of ETE is explained by the markets daily return. For DS, using a regression analysis, SAS concluded that Pl = . 00041319 which, again, is assumed to be O. The SAS calculated the beta for DIS as OA2 = 1. 09786 which was about . 1 lower han what Yahoo Finance and MSN Money had calculated it to be, which was 1. 2. The standard error for DS, SE (OA2) = . 02036. r2 was found for our DIS return model as . 6983. The value of r2 of . 6983 means that about 69. 3% of the variation in the daily return of DIS is explained by the markets daily return. The intercept for each regression analysis is interpreted as O because the risk-free rate is already factored into the return of the securities. Using the estimates from the parameters of the regression analysis one can test the statistical significance of their hypothesis. Running a test of significance test will show the range in which the true beta is found. Running a t-test one will be able to see if the stated betas of DIS and ETE are statistically significant than the actual beta. The hypothesized betas for the securities are as follows: HO: P2 = 1. 15 (DS) The estimated betas for the securities are as follows: = 1 . 09786 (DS) = . 80867 (ETE) The estimated standard errors of each security are as follows: SE (OA2) = . 02036 (DS) SE (QQ) = . 02931 (ETE) Region of Acceptance Testing The formula for calculating the region of acceptance for our HO is as follows: Pr [P2 an SE (OA2) + tan SE (OA2)] = 1 -a DS: 2=1. 15 tan = 1. 962 SE (OA2) = . 02036 pr [1. 11 ETE: = . 87 SE (OA2) = . 02931 pr [ . 812 . 28] = 95% level of significance These equations show the range in which the true value of the beta for each security is found. We are 95% confident that the true is found within these values. Notice how both levels of significance tend to stretch towards 1. The stated for DIS was 1. 2, and . 82 for ETE. The HO for both securities is located within this level of significance, which is a good indicator in support of my hypothesis. T-testing The formula for calculating t he t-value of each security is as follows: t = (OA2 HO: 2)/ SE On the basis oft for Walt Disney we see that t = (1. 09786 1. 15)/ . 2036 which equals -2. 5609 which is significant at a = 5% if you compare the t-value. Taking the absolute value of the calculated t-value we can make a comparison The t-value calculated: tal 2 = t. 025 = 1. 962 Again, given the confidence coefficient of 95%, in the long run 95 out of 100 case intervals will contain the true beta of Energy Transfer Equity LLP. F-value When testing the overall significance of the model one can analyze the f-value for each security. The estimated f-values for each security are as follows: F-value ETE = 761. 03 The calculated f-value formula is as follows: (ESS/(k- 1 K is equal to the #of independent variables which is 2. N is the sample size. (2-1)/ (1256-2) 1/ 1254 Using the F table and that data above the calculated f-value on a =5% interval is 3. 84. Since 3. 84 My hypothesis essentially suggested that the betas of each security would tend to mirror the market more closely than their stated beta, testing rejected that theory. My arbitrary guess was that each security would be . 05 closer to 1 than its stated beta. Data suggested that the beta for ETE was actually farther away from 1, the opposite of my hypothesis, and while data for DIS suggested a beta closer to 1, it wasnt statistically significant nough to fail to reject my hypothesis. However analysis on the level of significance for each security suggested that the true beta was indeed closer to 1, again, Just not statistically significant enough. Forecasting and Prediction: Based off of the estimated parameters from hypothesis testing we can suggest that Walt Disney will produce roughly a 10% 20% higher swing in volatility related to the market. With greater systematic risk in this security one can predict higher returns as well. Forecasting the return for DIS based the estimated parameters consists of oughly a 10% 20% higher return than the market. Forecasting for Energy Transfer Equity LP based off of the estimated parameters suggests that returns will be slightly less volatile than reported from MSN Money and Yahoo Finance. With an estimated beta of . 80867, and a stated beta from financial states at . 82, ETE looks to be generating revenues at about 20% less than the market. Both of these predictions are under the assumption that the percentage of risk for each security directly correlated to the percentage of return for that security. Investment Advice: Financially speaking, DIS is going to provide higher returns for a portfolio than ETE, but at a greater risk. In terms of investing, security selection boils down the type of investor, and how risk averse they are. Its important to diversify a portfolio which is why Id definitely suggest including these two securitys together, to avoid taking on unnecessary risk. As I stated in my hypothesis mirroring the market is generally something avoided in investing, however in light of the recent positivity of the market and what many consider a bull market, mirroring the market could actually be a very safe and profitable decision.

U.S. Presidents of the 1990s and 2000s (41 to 44)

U.S. Presidents of the 1990s and 2000s (41 to 44) You probably remember the first Gulf War, Dianas death and maybe even the Tonya Harding scandal, but can you recall exactly who was president in the 1990s? How about the 2000s? Presidents 42 through 44 were all two-term presidents, collectively spanning nearly two and a half decades. Just think of whats happened in that time. Taking just a quick look at the terms of Presidents 41 through 44 brings back a lot of significant memories of what already might seem like not-so-recent history.   George H. W. Bush:  The senior Bush was president during the first Persian Gulf War, the Savings and Loan Bailout and the Exxon Valdez oil spill. He was also in the White House for Operation Just Cause, also known as the Invasion of Panama (and the deposing of Manuel Noriega). The Americans with Disabilities Act was passed during his tenure, and he joined all of us in witnessing the fall of the Soviet Union.   Bill Clinton:  Clinton served as president during most of the 1990s. He was the second president to be impeached, though he was not removed from office (Congress voted to impeach him, but the Senate voted not to remove him as President). He was the first Democratic president to serve two terms since Franklin D. Roosevelt. Few can forget the Monica Lewinsky scandal, but what about NAFTA, the failed health care plan and Dont Ask, Dont Tell? All of these, along with a period of significant economic growth, are marks of Clintons time in office.   George W. Bush:  Bush was the son of the 41st president and grandson of a US Senator. The September 11th terrorist attacks occurred early in his presidency, and the rest of his two terms in office were marked by wars in Afghanistan and Iraq. Neither conflict was resolved by the time  he left office. Domestically, Bush may be remembered for the No Child Left Behind Act and the most contentious presidential election in history, which had to be decided by a manual vote count, and ultimately the Supreme Court.   Barack Obama: Obama was the first African-American to be elected as president, and even the first to be nominated for President by a major party. During his eight years in office, the Iraq War came to an end and Osama Bin Laden was killed by US forces. Less than a year later came the rise of ISIL, and in the following year ISIL merged with ISIS to form the Islamic State. Domestically, the Supreme Court decided to guarantee the right to marriage equality, and Obama signed the highly controversial Affordable Care Act in an attempt, among other goals, to provide health care to uninsured citizens. In 2009, Obama was awarded the Nobel Peace Prize  for, in the words of the Noble Foundation, ...his extraordinary efforts to strengthen international diplomacy and cooperation between peoples.

Discussions Essay Example | Topics and Well Written Essays - 250 words

Discussions - Essay Example The author should have added more information on his exceptional qualifications. Although the letter is not arrogant and boastful, one thinks that it lacks depth. The author did not mention any outstanding accomplishments which will make him stand out among the applicants. It was however written in a concise, professional and confident manner. The letter did not specify what specific contribution the author can give to Big Four. The author failed to detail what value he will add to Big Four and why it will be advantageous for the company to hire him instead of the others. The author did not give his available time for an interview. He just mentioned when he will call to request for an interview. It would have been better if the author already attached references to his resume instead of stating that the company is free to contact his former employers. This could have given an impression that he is open and confident that his former managers will give him a good

Using illustrative examples, examine why competition authorities might Essay

Using illustrative examples, examine why competition authorities might be concerned about the way large companies behave - Essay Example It has been evident that many large firms indulge in unfair competition to gain advantage over their competitors by unfair means (Hewitt, Clark and Phillips, 2009); therefore competition authorities across the world are concerned about their behaviour. Firms grow so large that unilaterally they harm competition through monopolising the market and take advantage of their size to block threats arising from potential or existing competitors (Hewitt, Clark and Phillips, 2009). For example Microsoft the world’s largest software company indulge in similar such practices that denied other software companies an opportunity to build and market products competing with Microsoft’s products by building licensing agreements that were restrictive, exclusionary and unreasonable and thus monopolizing the client operating- system market by anti- competitive strategies (Justice, 1994 and Bloomberg, 2012). Large companies often make vertical or horizontal agreements with other firms called as cartel to fix prices not considering the reaction of either of its rivals or customers. Dominant firms fix higher price knowing that their customers have few alternatives and little choice other than accepting the firm’s offered higher price (The Competition authority (a), 2013). For example Automobile giant Daimler Mercedes-Benz found guilty of fixing prices in collaboration with five of its van and truck dealers, also shared sensitive commercial information and to some extent market sharing that negatively affected the competition in UK market however they were fined by UK’s antitrust authority of about  £2.6 Million (Reed, 2012 and Binham, 2013). Apart from fixing prices they also control markets or production or make agreements to share markets or supply sources so that rivals supply sources gets restricted. When doing business with other trading parties they put different

Impact of Technology Essay Example for Free

Impact of Technology Essay Abstract The information technology investments have increased significantly with time and advancement in technology. In this study, an attempt is made to highlight how the information technology influences the organization productivity. The correlation between the information technology (IT) and productivity was very argumentative. Many studies were conducted to identify the impact of IT on productivity conclude different results. It is impossible to estimate the productivity growth due to the availability of so many advanced computer technologies, as it’s tough to consider all parameters involved while calculating productivity growth. Several researches and studies were documented stating positive effects of IT on productivity growth. But still there were few against this statement. Introduction The advancement in the information technology made both consumers and business enterprises to use it. Computers, laptops, wireless communications etc. are all part of IT and incorporated in every industry. Enterprises invest in these technologies because it was assumed technologies will enhance productivity. Companies aim to generate more business and high turnovers through less investment. In a race to gain more efficiency, the enterprises are adapting new technologies. Huge investments are made on new technologies to survive in industry. The major challenge is to produce high quality goods and services at low prices. Some enterprises understood the  value and importance of information technology and used it to deliver more products in less time and more reliable and convenient services at lower cost. This will also help to gain competitive advantage over rivals. It was illustrated in a study to generate high productivity growths from information technology; enterprises should cha nge the existing infrastructure as well as business practices (Brynjolfsson Brown, 2005). Many enterprises changed the organizational structure to exploit the full potential of information technology and its applications. Brynjolfsson and Hitt (1998) linked productivity with living standards to understand it better. They mentioned that value of productivity can be easily understood when related with our living standards. They highlighted the significance of productivity by comparing it with our living standards and mentioned that, â€Å"productivity growth determines our living standards and the wealth of nations.† This reflects the customers’ behavior to consume more in less money. They also point out that the concept of productivity is simple and vast but tough to measure with accuracy. Information Technology and Productivity Productivity was described as the amount of output generated for a certain amount of input (Brynjolfsson, 2003; Hitt Brynjolfsson, 1995). Productivity can also be defined as the measure of the quantity of outputs in goods and services per unit of input (Muriwai, 2006). Productivity can be measured either by keeping the output static or input. Productivity can be increased with increase in output keeping input constant or by decreasing the input keeping the output static. The term information technology was defined narrowly as the expenditures made on the computing hardware (Brynjolfsson, 2003 and Hitt Brynjolfsson, 2005). It was elaborated a little more as. All the computer software and hardware, tools and services used in the business processes and operations are a part of information technology. The investments in information technology were defined as the expenses on the computer hardware and software and all other devices related with IT (Morrison, 1997). The main purpose of these investments is developing a modern infrastructure within the organization to boost productivity of both organization and employees (Dehning, Dow, Stratopoulus, 2003). It was documented by Mahmood and Mann (2005) that  investment in IT was not sufficient enough to increase productivity. Strategic decisions had to be made whether investment in IT would help to accomplish objectives and goals set. A harmony must occur between IT investments and changes in business process to have high productivity growth, even greater than investment in information technology. Keller (2004) also stated that when IT is utilized appropriately at workplace that also helps a lot in productivity growth. Just investing in information technology is not sufficient to gain growth in productivity; but organization can visualize changes brought by information technology (Brynjolfsson Hitt, 1998; Dedrick, Gurbaxani Kraemer, 2003). A significant relation between IT investments per employee and overall productivity of company was found by Brynjolfsson (2003). The enterprises gained high productivity growth who invested huge sum in information technology effectively. But pattern of productivity growth across the enterprises varied no doubt the return from IT investment were positive (Brynjolfsson Hitt, 1998). It takes time to realize productivity gains from investments in information technology. It was supported by Mahmood and Mann (1988) that productivity growth and performance of the organization improves in time period of two or three years after investing in information technology. Dedrick et al. (2003) also believed that productivity gains are realized after a long time period. It was highlighted in their research that information technology payoffs are high when firms’ effectively apply information technology in long run. It’s easy to measure productivity when tangible products and goods are produced as in the manufacturing sector. An input alteration in the manufacturing process can bring substantial changes in productivity. For instance, the use of automation technology and robotics produce outputs of good quality (Kao Liu, 2005). On the contrary, it’s tough to measure and improve productivity in service sector. It’s next to impossible to evaluate the productivity of an employee. A method was proposed by Tallon and Kraemer (2006) to measure precisely the impact of information technology on productivity. A method of perceptual measures was recommended by them. Perceptual measures would bring new scope to study impact of technology on productivity. They described it as â€Å"perceptual measures, if structured around information technology impacts at the process-level, can yield richer insights than objective criteria alone†. Authors’ Agree and Disagree: The research was done by many to study the impact of IT on productivity (Brynjolfsson Brown, 2005; Brynjolfsson Hitt, 1998; Melville, Kraemer Gurbaxani, 2004 and Kudyba, 2004). The expectation that productivity will certainly increase by utilizing the IT were not always true. But researches ended up with different conclusions, some stated positive impacts of IT on productivity and others negative. Information technology had negative impact on productivity. Mahmood and Mann (2005) mentioned in their study that there is no adequate evidence available in past researches showing the positive effects of IT on productivity. It was also supported by Dedrick et al. (2003) stating, â€Å"Studies have failed to identify a relationship between information technology investment and firm profitability.† The term productivity paradox was introduced by Robert Solow in 1987 explaining the inability of the information technology contributing towards firm productivity (Solow. 1987). He made a statement that growth in productivity was not accompanied by the information technology. He also discussed that the companies didn’t had expected results in productivity after investing in Information technology. He quoted, â€Å"You can see the computer age everywhere but in the productivity statistics†. In my opinion and during my research I realized that impact of IT on productivity had mixed reviews from different authors, researchers and economists. Researchers used new approach to reveal the hidden positive effects of IT on productivity. Brynjolfsson and Hitt (1998) illustrated that â€Å"Information technology has a positive and significant impact on firm output, contradicting the claims of a productivity paradox (p52).† This was also supported by Brynjolfsson (2003) and Dedrick et al. (2003) that productivity including the output per worker annually had increased significantly with use of information technology. It was mentioned by Kudyba (2004) that the output can be upraised with increased information technology skills. The new information technology and techniques effectively when used by the companies, those companies are productive than who don’t use it (Brynjolfsson Brown, 2005). When the technologies and techniques were used perfectly and timely, yield high level of productivity. The three ways were  discussed by Brynjolfsson (2003), Keller (2004) and Brynjolfsson Hitt (1998) to recognize productivity growth from IT: by decreasing the cost on Information technology and keeping the benefits from business stagnant; increase the benefits from business and keeping the investment in Information technology constant; or reduce the cost of information technology and benefits increase from business. The information technology is important and valuable for organization (Melville et al., 2004). They also stated that effective and efficient use of information technology can yield potential benefits, like cost reduction, improving quality and at last productivity. The companies, who used information technology effectively, had also observed an increase in price of their market share more than others. It had been reported by Mahmood and Mann (2005) that both IT labour and computer resources contribute towards return on investments. They also mentioned in their report that effective enterprises have developed and improved their infrastructures and investing highly in information technology. Information technology is a medium through which the information can be distributed easily within organizations. The highly advanced IT infrastructures create an atmosphere within organization that encourages decentralized process of decision making (Brynjolfsson Brown, 2005). When modification of the business processes is done within organizations, it becomes necessary to integrate information technologies. The productivity can be enhanced by integrating information technology investments with decentralize process of decision making (Melville et al., 2004). The integration of information technology investments and other investments within business also proves to be beneficial (Brynjolfsson Hitt, 1998). The operations and business processes within the organization must be evaluated and ensure that existing business environm ent can adapt the new technology, before future information technology investments made (Zhou Chen, 2003). The predictable and estimated outcomes can be realized from IT investments through integration of technologies and current business processes (Kudyba, 2004). It becomes important to restructure the business processes with the changing business environments when new information systems are set up (Zhou Chen, 2003). McNamara and Watson (2005) also reported that the integration of the existing technology systems with new technologies within organizations yields the expected productivity growth.  They also discussed how the existing technologies can be employed in various business operations, it equally productive as investing in new information technologies. Brynjolfsson and Hitt (1998) found that â€Å"The greatest benefits of computers appear to be realized when computer investment is coupled with other complementary investments; new strategies, new business processes and new organizations all appear to be important in realizing the maximum benefit of information technology† . The companies must integrate all daily activities, decentralize decision process, flow of information from high to low level, this will enhance productivity growth and all these attributes directly or indirectly contribute to information technology (Brynjolfsson, 2003). The organizations use various methods and measures like product quality, profitability, and value of market shares to measure productivity (Dedrick et al., 2003). There is a possibility that productivity can also be gained through effective management. It was observed that productivity can be increased by information technology and make worth for consumers (Hitt Brynjolfsson, 1995). Devaraj and Kohli (2003) proposed a method which requires elevation of the IT usage at the employees’ level individually and then finally investigating its effect on organizational performance. Employees’ of modern organization may call it push or pull of IT investments. This phenomenon of push or pull in IT investments may inspire employees’ for using new technologies and this may lead to productivity improvements. Kudyba (2004) mentioned that competitive advantage can be gained by hiring skilled and experienced employees. In my view, the employees must be trained to use new technologies or companies should hire skilled and experienced employees. It also depends how the new technologies are being utilized by the enterprises to enhance their productivity. Only those companies will maximize their productivity that will use the technology perfectly and timely. I have also learned during my research that productivity doesn’t depend on one factor, there are number of parameters that affect the overall productivity of the organizations. The accurate methods are required for calculating the productivity, to recognize the growth of productivity. Rather than focusing on productivity only, enterprises should develop new strategies to integrate t echnologies with new opportunities. The barriers to entry can be easily terminated by raising the firm’s efficiency and gaining competitive advantage. Benefit to Manager There is a big challenge ahead for all the mangers and decision makers how to consume the information technologies at best and have maximum benefits. It’s not compulsory that the companies will have same levels of productivity if provided with same information technology, it depends how the technology is utilized to have high growth in productivity (Brynjolfsson, 2003). To maintain competitive advantage in the industry, the managers had to find new ways in which they can exploit the full potential of technologies differently from their rivals. Melville et al. (2004) mentioned the competitive advantage gained through human resource and technical synergies cannot be maintained for long. A strategy or mechanism had to develop to gain competitive edge for long periods and which is not easy to imitate. The competitive advantage can be maintained until others don’t follow what you are doing, once others start following your techniques it’s tough to sustain competitive advantage (Brynjolfsson, 2003). I believe that managers should examine future values of all IT investments when productivity results were not up to the level of expectations. The organizational leaders are not ready to invest more on technologies, when results from previous IT investments are not beneficial enough (Devaraj Kohli, 2003). A big challenge for the leaders to justify future investments in technologies when there is no significant evidence of productivity improvement from previously investments in information technologies (Dehning, Dow, Stratopoulus, 2003). Managers should focus on other aspects of business process also rather than on productivity alone. Hitt and Brynjolfsson (1995) discussed that managers should concentrate more on how information technology can be used to improve product quality and customer service. Information technology has the potential to reduce the expenses on such services and change the mode of production and delivery of the goods and services so can’t be easily imitated by competitors (Hitt Brynjolfsson, 1995). The uniqueness in utilizing the information technologies in business operations and processes is the key to stay ahead of the competitors in the market. This not only provides competitive advantage but also increases the overall growth in productivity. Conclusion The conclusion can be drawn that investing in information technology doesn’t  have any positive impact on productivity growth until utilized properly and effectively. The impact of investing in technologies can be realized how organizations utilize technologies effectively depending on the current situations of organizations and derive expected productivity results. The invention of telecommunication, computer software and hardware had totally changed operations within the organizations. The use of these forms of technology was extensively popular and in-demand among the various industrial sectors. The enterprises had changed their existing infrastructures to adapt these new technologies. The meaning both consumption and productivity have changed with innovation of information technology. Organizations across the globe are implementing new technologies to enhance the daily business activities with the purpose to survive and compete in this new global world of information tec hnology. References Brynjolfsson, E. (2003). ROI valuation :The IT productivity gap. (21). Retrieved from http://ebusiness.mit.edu/erik/Optimize/pr_roi.html. Brynjolfsson, E., Brown, P. (2005). VII pillars of IT productivity. Optimize Manhasset.4(5), 26-35.Retrived from http://www.georgeschussel.com/wpcontent/uploads/articles/NY6420050502_erik.pdf. Brynjolfsson, E., Hitt, L. M. (1998). Beyond the productivity paradox. Communications Of The ACM, 41(8), 49 55. Retrived from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.195.1657rep=rep1type=pdf Dedrick, J., Gurbaxani, V., Kraemer K.L. (2003). Information Technology and Economic Performance: A Critical Review of the Empirical Evidence. ACM Computing Surveys ,35(1),1-28.Retrived from Business Source Complete. Dehning, B., Dow, K. E., Stratopoulos, T. C. 2003. The info-tech â€Å"Productivity Paradox†dissected and tested. Management Accounting Quarterly,5(1),31-39. Retrieved from Business Source Complete. Devaraj, S., Kohli, R.(2003). Performance impacts of information technology: Is actual usage the missing link?. Management Science, 49(3),273-289. Retrieved from Business Source Complete. Hitt, L. Brynjolfsson, E. (1995). Productivity, profit and consumer welfare: Three different measures of information technologys value. MIS Quarterly, 20(2), 121 -143. Keller, E. (2004). What Is Your IT Productivity. MSI 22(2), 33 34. Kudyba, S. (2004). The productivity pay-off from effective allocation of IT and non- IT labour.

Schizophrenia, A Matter of Perception :: Schizophreania Science papers

Schizophrenia, A Matter of Perception Part 2: Reality, What Reality? What is reality? To many, reality is the ability to validate a sensory experience with another sensory experience, for example, when one is able to touch what he sees, then that something is real. Yet, our perception, the collection of all our sensory inputs formatted into the framework of the mind, is unreal. A blue box is not really blue, but consists of waves transmitted to our visual receptors. What sounds like music is really a collection of vibrations, and smells are really different molecules interacting with our nasal receptors. Our perception does not correctly reflect the true identity of an object. The electromagnetic waves absorbed and transmitted off an aggregate of mass, manifests itself as a blue cube, and all our visual limitations allows us to see is a blue cube. If reality were defined as the existence of an object as we perceive it, then reality is unreal. There are many errors to the human experiences and the human mind because mankind needs the affirmation t hat information and facts are either right or wrong. Once upon a time, the world was the center of the universe, with mankind standing at its' pedestal. Even when evidence was present, it took many years before people then learned to accept a new form of thinking. So what we view as real and right today, may just be a summary waiting to be replaced. Yet, are we ready to accept a new reality? Perception in itself varies greatly from one individual to another. No two people are the same, and no two people have the same fine tunings that discriminate the sensory environment. What our environment presents to our sensory receptors differs from what our brain presents to our perception. When presented with a painting of a blue cube, one person might notice the different textures of the paint and the background, while another might focus on the dimensions of the cube. As these images are transmitted to the brain, the schemata that is accessed by this input also varies from one individual to another. Jo may see the color blue and remember the time her father bought her a blue bike, bringing her back to happy childhood memories. The color blue may send a shiver down Bob's spine as he remembers the blue vodka bottle his alcoholic and abusive father used to drink.

Math Project

Name: Math Manisa No. : 10740 Project 2 Regression Line The following table shows (for the years 1965 to 2000 and for people 18 and over) the total percentage of cigarette smokers, the percentage of males who are smokers, and the percentage of females who are smokers. Percentage of Smokers _________________________________________________________________________________________________ Year Total Population All Males All Females _________________________________________________________________________________________________ 965 42. 4 51. 9 33. 9 1974 37. 1 43. 1 32. 1 1979 33. 5 37. 5 29. 9 1983 32. 35. 1 29. 5 1985 30. 1 32. 6 27. 9 1987 28. 8 31. 2 26. 5 1990 25. 5 28. 22. 8 1992 26. 5 28. 6 24. 6 1993 25. 0 27. 7 22. 5 1995 24. 7 27. 22. 6 2000 23. 3 25. 7 21. 0 Part one 1)Using Excel, draw a Scatter Plot and generate a regression line for the percentages of males who are smokers versus time. Part two 1) The Regression Line for the Percentage of Males who are smokers is (just copy the equation from your Excel spread sheet ) Y= -0. 7766X+1575 2).By the model in 1), the percentage of Males who are smokers in the year 2002 is: 20. 85=21% 2) Using Excel, draw a Scatter Plot and generate a regression line for the percentages of females who are smokers versus time. [pic] Part Two 3). The Regression Line for the Percentage of Females who are smokers is (just copy the equation from your Excel spread sheet ) Y= -0. 4134x+847. 64 4) By the model in 3), the percentage of Females who are smokers in 2002 is: 20. 01=20% ———————– [pic]

History of Terrell State Mental Hospital Essay

There are many governmental agencies within the healthcare system. One of most interesting and heart-wrenching agencies is a local governmental agency called Terrell State Mental Hospital. This agency is well known in the state of Texas for its carefree healthcare. They have a longstanding relationship with the families of its patients and are a major contributor to the city of Terrell’s financial windfall. They produce over ten million a year for the city of Terrell, which allows this city to take care of its mental inpatients and make sure they have the best treatment possible. History of Terrell State Mental Hospital According to Mike Hansen (2008), Terrell State Mental Hospital is a 582 room facility that is joint commission accredited and a Medicare certified psychiatric inpatient hospital that is operated under the direction of the Texas Department of State Health Services. This hospital is responsible for many types of illnesses and is an independent, not for profit organization, which has many programs to offer its patients. These programs include an adult acute program, a children’s and adolescence program, a forensics program, geriatric service, an intensive behavioral program and an intermediate care program, all of which has their patients best interest at heart. This hospital was opened in July 1885 and has grown to double its original size and is still running strong to this day. This is a local governmental agency which can compare with national agencies such as The Centers of Disease Control or a state governmental agency such as Health and Human Services in many ways, but the most common factor between these agencies is their ability to help the ill to get over disease or keep from getting a physical or mental illness. This agency houses over 775 patients and employees over 175 people. It is a functioning psychiatric hospital, which cares for its mentally ill patients over four county lines. They onitor their facilities and patients for any new mental illnesses which may develop. This agency also serves the rich, the poor, all races and all minorities in the state of Texas. The Community Relations Department at Terrell State Hospital has three areas of responsibility, which includes volunteer services, public information and fundraising. They provide services and items that the state cannot supply by law or by limitation of funds. This agency has done a tremendous job with curing its patients or at least advancing them to live in society. Admission Process When a person first arrives at the hospital they will be greeted at the admissions office by the staff, which are well trained to address language and cultural needs as well as special needs such as those of the visually impaired or hearing impaired. Then a meeting with the chief psychiatrist will take place to cover the needs and reasoning for the patient being admitted then paperwork will be completed covering reason for hospitalization. Then the patient will be shown around the facility and introduced to the staff that will be caring for the patient. Afterwards, an evaluation will be done by the doctor to determine what needs are to be met. The only motto of this staff is the patient always comes first. Structure and Funding Terrell State Mental Hospital is designed in a matrix structure where the professionals focus on project teams and report to a general manager or a vice president. Because these professionals can work on several projects it is very important to have strong central oversight from the senior managers to ensure people do not stray from the projects they work on. According to Ninomiya (2009), with this style of management system workers report to more than one supervisor at a time. The idea is to share knowledge and personnel to maximize effectiveness. This hospital receives their funding from both voluntary contributions and from the Department of Human Services or the state of Texas. They arrange a budget describing the funds needed and the state of Texas takes care of the rest. Contributions also come from families of the inpatients. The voluntary contributions in this city are amazing. They really know how to make this city shine. It’s like a true Texan to show their winning attitudes by giving back to the economy and being generous with their money. Programs Available This hospital is operated under the direction of the Texas Department of Mental Health and Mental Retardation. They offer their services to people within a twenty-two county, 14,622 square mile area including Bowie, Dallas, and Kaufman Counties. According to the Chamber of Commerce (2009), their services are offered to children 6 to 12 years of age, adolescence ages 12 to 18 and adults. Programs include acute care, an intensive behavioral program, medical services, forensic care for inmates of state correctional institutions intermediate care, a cottage program for adult life skills and a research center. Local Agencies vs. National and State Agencies The three of these agencies have different aspects of treatment for disease. The national and state agencies usually focus on locating and making the public aware of possible outbreaks such as a rising number of cases of encephalitis. They announce to the public where and when to stay tuned for information on what is the next step for information on what is the next step or what they need to do to obtain an immunization or where they need to go to get their injection if one is available. The local agency such as with Terrell State Mental Hospital usually focuses on treatment of illness such as with mental illness. It is usually a prolonged and drawn out type of treatment. Doctors usually have to try a patient on several medications before they arrive at the treatment that works for a patients illness. Local agencies usually work with the family members of these patients to help determine what might work with their family member’s illness. According to Colonel Jim Harris (2009), this hospital continues to be governed by a local board of managers. When the State Board of Control assumed the duties for governing state institutions, the operation of Terrell State Mental Hospital came under the control and management of the Board of Texas State Hospital and special schools. The 59th Legislature in 1965, under House Bill No. , created the Mental Health and Mental Retardation Act for control and management of Terrell State Hospital. The Board of Texas State Hospital and special schools was abolished at that time. Over the years there have been major ameliorations some planned and some not. These changes have cost the state of Texas millions of dollars. The improvements have changed this pioneer establishment into a modern psychiatric facility that serves twenty-one counties in the northern part of the state. These ameliorations have made this hospital one that the patients and their family members can be proud of. Conclusion Local, National and State governmental agencies in the healthcare field all overlap in many different ways. For one, they all share disease prevention. Each agency shares disease prevention in a different way. A state organization such as Health and Human Services helps to prevent disease by helping to provide the poor with immunizations so they are protected in case of an outbreak of a dangerous disease. A national governmental agency such as Centers for Disease Control helps to keep the public aware when they are suspicious that a disease has reached epic proportions and is beginning to make them think an outbreak has occurred or is a threat to the public. They give the pubic directions on where they should go or how they should handle a dangerous situation in case one was to occur. The last agency which is the local governmental agency such as Terrell State Mental Hospital helps the public with a completely different completely different angle to the disease and its prevention. They help the public with mental disorders and their treatments. This hospital is very generous and works hard to help patients with their disorders. Psychiatric issues can be a very hard time for families, but this hospital works hard and uses voluntary contributions sparingly, so that the state of Texas can take the remainder of their contributions and work hard to make the patients well or to get them on the right treatment, so that they can once again function in society. Terrell State functions as a matrix structure which basically means they are a project oriented type of company. They also function by reporting to more than one manager. They highly believe projects are the best way to make the greatest progress. This style of structure is also well known for keeping several types of projects going at all times. In this case they may have several patients that they work with at a time and these individuals may have many types of problems such as a case of bipolar, and another may be schizophrenic, etc. These patients may have several doctors that they report to. Every doctor truly cares for their patients and they like to make sure that they take each patients interest to heart.

Austria 17Th & 18Th Centuries Essays - Knights Of The Golden Fleece

Austria 17Th & 18Th Centuries Essays - Knights Of The Golden Fleece Austria 17Th & 18Th Centuries Austria Keith Henriques History 21 August 22, 1999 In my paper I will examine the absolute monarchy of Austria during the seventeenth and eighteenth centuries. I shall focus on the on the power of Austria, its foundation, preservation, and expansion. Lastly I will take into consideration the relationship between the classes, the growth of the power of state institutions, and some of the consequential figures in the evolution of absolute monarchy in Austria. The foundation of absolutism was the theory of the divine right of kings. This theory maintained that the monarch was God's representative on earth. In reality absolutism was a closer working relationship with the nobles in order to maintain control. Ensuring the power of the nobles meant solidifying his authority. The bureaucracy began to reorganize, making it more effective on the local level. Local and national government began to meet on a regular basis. This was done by dividing the monarchy into ten units, then dividing it further into ten subdistricts. Kreishauptmann were the administrative heads of each district, appointed by the King to work at the local level. All this helped to extend the monarch's power to the far reaches of the domain. To the people this basically meant that not only was the king a supreme ruler but he could emphasize his will with armies of unmatched size giving the idea of absolutism an illustration and an authenticity never seen before. With this need for a standing army came the need for new funds. These new funds gave way to a new system of tax collection. Throughout history the war and taxes have gone hand in hand. The goal of every monarch was to have independent power and only economic independence could make that possible. Maria Teresa (r. 1740-1780) won approval of the realm to administer property tax on all subjects. These new funds were used to reform and build up Austria's depleted military. She expanded military academies, increased the size of her standing army, and even created a Hungarian army. The very nature of absolute monarchies created the need for state religion. If the people were to believe God had appointed the king, they better all believe in the same god. One of the few successes of the Counter Reformation was that all of Austria's nobility was converted back to Catholicism. Finally religious predominance could be used for the creation of an Austrian state. Then later on in Austrian history you'll see that the state even goes as far as to begin taxing the church. During Maria Theresa's reign the church was no longer exempt from taxation. The government then began to issue regulations to the amount men and women to enter in monastic institutes. This was a ploy by the government to tap into the wealth of the nobility. No longer could the nobles hide their money under the shroud of the church. Then under Joseph the II (r. 1780-1790) all non-productive religious institutions were closed. All together there were 700 monastic orders closed, leaving only the charitable, nursing, and educational institutions continuing to function. This freed up church funds for philanthropic endeavors. Priests then became state employees. While across the Atlantic they were trying to separate church and state, Austria was making the bond even stronger. Another way that the absolutist monarchs of Austria maintained their power was the creation of a court at Vienna. Beginning with Leopold I (r. 1658-1705), there was a promotion of the court as the center of political and social life. This turned Vienna into a city not only for the nobles but for businessmen as well. Leopold, unlike the Hapsburg rulers before him, was not a great ruler. He was a deeply religious man with no interest in the grandiosity of the great European Kings before him. He himself was a composer and his benefaction was a main reason for Vienna becoming the great musical center that it was renowned for. Leopold had plans for a grand palace, Schonbrunn, which was to surpass Versailles. These all contributed to the centralization of the government. The King finally could seek counsel of entrusted nobles and yet keep a watchful eye on those that would do him harm. Early on during Leopold's rule

10 Jobs Where You Can Work Overnight

10 Jobs Where You Can Work Overnight Some people just aren’t morning people, but that doesn’t mean they can’t have meaningful and successful careers. If you’re a night owl and just can’t seem to get to a desk at 8 or 9 a.m., don’t fear. Here are a few graveyard shift jobs that might be just right for you. 1. Freelance WriterThis is really a self-owned business, and one that requires a lot of hustle to get clients and prove your talent. But once you get started you can set your own writing hours- provided you meet your deadlines, it’s totally fine to burn the midnight oil.2. Air Traffic ControllerPlanes come in and fly out at all hours. If you want a really highly paid night shift, this might be the gig for you. You might not even need a college degree. One drawback: you might have to alternate your night shifts with a few days, which can take a lot out of you and leave you groggy.3. DealerOf cards. Work in a casino dealing blackjack or other card games. There are always s hifts available after midnight- it’s a bit slower, but also more relaxed. And most places pool tips and add to paychecks as an hourly rate, so the slow shifts aren’t always bad for the bank account.4. BartenderAll you need is speed and skill and you can make a ton of money if you find yourself in the right place. And evening shifts are the most lucrative- especially weekends. Get used to a Monday being your new night out. You could also try being a chef (much more stress) or a waiter.5. FirefighterOkay, so it’s super dangerous. But many firefighters report for duty at 11 p.m. Granted, they usually have to work 24 hour shifts with 48 hours off in-between, so the schedule can be a bit demanding.6. Security GuardGuard the gates of the company or store- 19% of security professionals report for work beginning at 3a.m. Try office buildings or casinos for opportunities.7. Taxi Driver or Uber DriverJust you and the city streets in the middle of the night. People always need rides and the traffic is much slower!8. BabysittingNow not just for teenagers! Turn this into your own independent contracting business. Work while parents are out on the town, or even off working their own night shifts!9. Mail SorterTry a temporary position at the post office to get you through the door. Start at 11 p.m. and finish between 5 and 7 a.m. It’s a great way to earn extra cash- though you’ll not get benefits.10. Pizza Delivery PersonIt’s 2 a.m and the only place still delivering is the pizza place. Take advantage of the late-night cravings of college students and other night owls and rake in the tips. You won’t make a huge amount, but you can scratch out some extra cash.

Ways People Deal With Stress Essay Example | Topics and Well Written Essays - 750 words

Ways People Deal With Stress - Essay Example However, when the frequency and/or the intensity of bombardment cross a certain threshold, it severely affects the mental and physical health adversely. Nonetheless, it is possible to deal with stress and make life worth living. This demands internal and external efforts often called cognitive-behavioral stress management techniques; optimism, staying happy and healthy, liking what you do and being less prone to external pressures help reduce the effects stress can have. ‘Stress, is the outcome of the demands made on an individual beyond the capacity of his potentials to cope with the situation†¦ ability to cope with a task dealing with the situation is inversely related to the degree of stress’ (Shrivasta, pp. 17). Some people can work ten hours a day easily while others find it burdensome. Some people can submit a twenty five page report due on the weekend without taking any painkillers during the course while others suffer from severe migraine and insomnia. It is widely observed that in the race course of life, a few individuals are more prone to tumbling on every hurdle and hurting themselves. A huge factor which may lead to such a performance is lack of self-belief. It is highly essential for an individual to recognize the entity that they are and acknowledge all that they are capable of; without such recognition a person is likely to underestimate their self frequently and harm their personality. An ‘I can do this’ attitude keeps the person moving ahead with determination while an ‘I don’t know how I will ever do this!’ attitude forces them to stop intermittently and get frightened by minor difficulties which causes stress (Shrivasta, pp. 23-25). Therefore, believe in one’s self helps a person fight with the stressful forces they encounter and leads to a stress-free life. Moreover, willingness to do a task and enjoying it contribute positively to stress management. Stress is usually caused by †˜stretching’ activities which require more than one’s regular output or productivity. Enjoying what one is doing automatically increases the level of efficiency and makes stretching activities fun rather than arduous. For instance, a person who likes writing will enjoy their career as a journalist and will take up new demanding projects with a positive vigor; on the other hand, anyone who lacks the ability to write will be facing difficulty and stressing their selves at every step of their work life. Therefore, doing what one enjoys highly reduces the level of stress they will experience (Shrivasta, pp. 29-32). Many a times, when coming across individuals of different natures, we experience a type of people who cannot refuse or cannot say a ‘no’. Such a behavior leads situations where they find themselves trapped. If one is not comfortable with doing something or finds a task totally beyond their capabilities, they should refuse to take the offer rather t han mentally suffering from their own actions. For example, if a girl opts to teach calculus to her friend everyday in her already-hectic life, just because the friend asked for it, she will over-burden herself and may get stressed (Bennet, Zeller, Rosenberg, and McCann, pp. 6-8). The friend and her incapability to refuse will be her stressors. In this situation, if she refused to teach, she could have done well to herself as well as the friend who could have now taken help from someone who has the time and a willingness to teach. The most important thing is to have a positive outlook on life; happiness and relaxation should be on the to-do list every day. Studies have found that laughter may reduce stress by causing a decrease in stress hormones and improve natural killer cell activity (Bennet,

The Member of the Wedding Essay Example | Topics and Well Written Essays - 1500 words

The Member of the Wedding - Essay Example Almost all of her works are set in South America and reflects the themes of misfits and spiritual isolations of the south. Her characters are desperately lonely individuals that are looking for ways to escape from their small town existence. The writing style and structure is deceptively simple hiding the richness of empathy that Carson portrays towards individual plight. The writer is best known for her three novels, â€Å"The Heart is a Lonely Hunter† (1940); Reflections in a Golden Eye† (1941) and â€Å"The Member of the Wedding† (1946). A Biographical Sketch of Carson McCullers Carson McCullers was born in Columbia in Georgia in 1917 in the home of a plantation owner and former soldier of the war. She initially had aptitude for music and it was this subject that motivated her to leave her home and study it at an advanced level through the prestigious Julliard School of Music (situated in New York City). But, when she lost the money that she had saved to the st udy the subject of music, she totally left any thoughts of pursuing the subject in higher education and instead started taking courses in creative writing under the tutelage of Dorothy Scarborough, a Texas writer at Columbia University. Carson also studied along with Sylvia Chatfield Bates at the Washington Square College of New York University. Later she met an aspiring writer Reeves McCullers and married him in the year 1937. Carson had suffered rheumatic fever in 1932 which may have been the primary cause of the number of crippling strokes that Carson suffered later in her life. The strokes weakened her body and by the age of 30, her left side was completely paralyzed. However, the strokes did not weaken her moral spirit and instead gave her the determination to face life with all her mental strength. The sufferings acted as fuel to her imagination and together with the association of prominent writers of the time (such as Eudora Welty, Louis Untermeyer, Newton Arvin and Katherin e Anne Porter) made her compose highly creative works. Carson created tragic works with an element of comedy in them. Carson’s first novel, The Heart is a Lonely Hunter (1940) had a sensational response from the critics and readers alike and established her as one of the premier prose writers of the country. Carson was twice awarded the Guggenheim Fellowship (24 March, 1942 and 15 April 1946) but was unable to accept it due to her poor health conditions. Amidst all the physical pains and spiritual disillusionments, Carson wrote the script of the play, â€Å"The Member of the Wedding† which opened to a full house on 5th January, 1950. The play is an adaptation of her book with similar title and won her the New York Drama Critics Circle Award for the best play of the season. However, her other play, The Square Root of Wonderful (1957) failed to attract the crowd and closed prematurely. Devastated by its failure, Carson turned to children’s writings. She publishes a children’s book, Sweet as a Pie, Clean as a Pig on 1st ‘November, 1964. Finally, the year of her death (1967) recognizes her outstanding contribution in the field of English Literature as she was awarded the 1966 Henry Bellamann Award. A few days later, Carson suffered a stroke and died on 29 September. Literary Analysis of the Book the Member of the Wedding The Member of the Wedding was one of the most important works of Carson written over a period of 5 years. At the time of its creation, the world was suffering from the traumas of World War II and this trauma passes on to its protagonist. It is a story of a 12 year old tomboy, Frankie Addams who is leading a very isolated kind of life with hardly a suitable candidate to speak to. Frankie’s father is a jeweler who had lost his wife during childbirth. Her elder