Financial Analysis on National Bank Ltd. Essays

Financial Analysis on National Bank Ltd. Essays Financial Analysis on National Bank Ltd. Essay Financial Analysis on National Bank Ltd. Essay The then President of the Peoples Republic of Bangladesh Justice Ahsanuddin Chowdhury inaugurated the bank formally on March 28, 1983 but the first branch at 48, Dilkusha Commercial Area, Dhaka started commercial operation on March 23, 1983. The 2nd Branch was opened on 11th May 1983 at Khatungonj, Chittagong. At present, NBL has been carrying on business through its 124 branches and 11 SME / Krishi centers (total 135 service locations) spread all over the country. It has drawing arrangements with 415 correspondents in 75 countries of the world, as well as with 37 overseas Exchange Companies located in 13 countries. NBL was the first domestic bank to establish agency arrangements ith the world famous Western Union in order to facilitate quick and safe remittance of the valuable foreign exchanges earned by the expatriate Bangladeshi National NBL was also the first among domestic banks to introduce international Master Card in Bangladesh. Despite shaken domestic economic condition due to global recession, performance of 2009, the year under review was noteworthy. In 2009, the pretax profit of National Bank stood at 3,197. 50 million, registering a growth of 13. 03 percent over the previous year and profit after tax other provisions stood at Taka 2,070. 47 million reflecting a growth of 36. 45 percent. Further, banks revenue, loans advances, deposit and assets registered a growth of 22. 98, 28. 55, 27. 6 and 27. 53 percent respectively. Capital adequacy maintained at Tk. 9,124. 62 million, which was 13. 56 percent against statutory requirement of 10 percent. The earning per share for the year 2009 was Tk. 72. 74 compared to Tk. 53. 31 of previous year. Being a regular tax payer, the bank made a direct contribution of Tk. 1, 366. 20 million to Government Exchequer in 2009 representing an increase of 79. 35 percent over 2008. Detailed facts-figures and disclosures are available in the financial statements and notes of accounts for the year 2009. Products and Service ? Deposit product. ? Credit product. ? Cards. Deposit Product 1. Saving Deposit National Bank Limited offers customers a hassle free and low charges savings account through the branches all over Bangladesh. Benefits (Condition Apply) ? Interest rate of 6. 00% on minimum monthly balance. ? Minimum balance Tk. 1000. ? Maintenance charge yearly Tk. 400. ? No hidden costs. ? Standing Instruction Arrangement are available for operating account. Account Opening ? 2 copies of recent photograph of account holder. ? Nominees Photograph. ? Valid photocopy of Voter ID Card. 2. Current Deposit National Bank Limited offers customers current deposit facility for day-to-day business transactions without any restriction. Benefits (Condition Apply) ? Minimum balance Tk. 2000. ? Minimum maintenance charge yearly Tk. 800. No hidden costs. ? Standing Instruction Arrangement are available for operating account. ? Easy access to our other facilities. Account Opening ? 2 copies of recent photograph of account holder. ? TIN certificate. ? Nominees Photograph. ? Valid photocopy of Voter ID Card. 3. Term Deposit ? Short Term Deposit. ? Fixed Deposit. a) Short Term Deposit National Bank Limited offers interest on customers short term savings and gives facility to withdraw money any time. Benefits (Condition Apply) ? Minimum balance Tk. 2000. ? Minimum maintenance charge yearly Tk. 800. ? Standing Instruction Arrangement are available for operating account. Account Opening 2 copies of recent photograph of account holder. ? Nominees Photograph. ? Valid photocopy of Voter ID Card. b) Fixed Deposit National Bank Limited offers fixed term savings that will scale up your savings amount wtih the time. Benefits (Condition Apply) ? Any amount can be deposited. ? Premature encashment facility is available. ? Overdraft facility available against term receipt. Account Opening ? 1 copy of recent photograph of account holder. ? Nominees Photograph. 4. Foreign Currency Deposit ? RFC Deposit ? NFC Deposit. a) RFC Deposit National Bank Limited gives opportunity to maintain foreign c urrency account through its Authorized Dealer Branches. : Bangladesh nationals residing abroad or foreign nationals residing abroad or Bangladesh and foreign firms operating in Bangladesh or abroad or Foreign missions and their expatriate employees. Benefits (Condition Apply) ? No initial deposit is required to open the account. ? Interest will be offered 1. 75% for US Dollar Account , 3. 00 % for EURO Account and 3. 25% for GBP Account. ? They will get interest on daily product basis on the credit balance (minimum balance of US$ 1,000/- or GBP 500/- at least for 30 days) maintaining in the account. Account Opening ? 2 copies of recent photograph of account holder. ? Nominees Photograph. ? Passport Copy. ? ID of residence in abroad. b) NFC Deposit National Bank Limited gives opportunity to maintain foreign currency account through its Authorized Dealer Branches. All non – resident Bangladeshi nationals and persons of Bangladesh origin including those having dual nationality and ordinarily residing abroad may maintain interest bearing NFCD Account. Benefits (Condition Apply) ? NFCD Account can be opened for One month, Three months, Six months and One Year through US Dollar, Pound Starling, Japanese Yen and Euro. ? The initial minimum amount of $1000 or 500 Pound Starling or equivalent other designated currency. ? Interest is paid on the balance maintain in the Account. This interest is tax free in Bangladesh. Account Opening ? 2 copies of recent photograph of account holder. ? Nominees Photograph. ? Passport Copy. ? ID of residence in abroad. 5. NBL Monthly Saving Scheme National Bank Limited offers monthly savings scheme for its retail customers. Benefits (Condition Apply) ? Monthly installments of deposit will be Tk. 500/-, Tk. 1,000/- , Tk. 2,000/- ,Tk. 3,000, Tk. 4000/- , Tk. 5,000/- and Tk. 10,0000 ? Account may be opened for any installment and term, which is not changeable. ? A person is allowed to open more than one account for different installment in a Branch/ Bank. |Sl no |Monthly Installments (Taka) |Amount to be paid on completion of Term | | | |3(Three) years @9. 00% |5(Five) years @9. 25% |8(Eight) years @9. 0% | |01 |500/- |20,627/- |37,896/- |70,849/- | |02 |1,000/- |41,255/- |75,791/- |1,41,691/- | |03 |2,000/- |82,510/- |1,51,583/- |2,83,394/- | |04 |3,000/- |1,23,765/- |2,27,374/- |4,25,091/- | |05 |4,000/- |1,65,020/- |3,03,166/- |5,66,788/- | |06 |5,000/- |2,06,274/- |3,78,957/- |7,08,485/- | |07 |10,000/- |4,12,549/- |7,57,914/- |14,16,970/- | Credit Product 1. Overdraft BL offers overdraft facility for corporate customers for day-to day business operations. Benefits (Condition Apply) ? Low charges in overdraft account maintenance. ? Facility is available against deposit receipt or mortgage property. ? Low interest rate 13-16%. Account Opening ? Introductory current account. ? Others necessary documents as per loan requirement. 2. Lease Financing National Bank Limited offers leasing facility for clients with easy installment facility. Financing Area ? Capital machinery. ? Different equipments. ? Gas, Diesel generator and Power plant. ? Medical equipments. ? Lift or elevator. ? Inroformantion Technology equipments. ? Construction equipments. Consumer durables. Benefits (Condition Apply) ? Competitive monthly rental. ? Tax benefit. ? Fast processing. ? Easy handover after leasing period. 3. House Building NBL offers home loan facility for purchasing flats or construction of house. Benefits (Condition Apply) ? Financing amount extends up to 70% or Tk. 7 5, 00,000 which is highest of total construction cost. ? Grace period available up to 9 months in flat purchase or 12 months in construction. ? Competitive interest rate. ? No application or processing fee. Eligibility ? Any Bangladeshi citizen or NRB, who is capable of repayment, can apply for this loan. 4. Small medium Enterprise NBL offers financial support to small businessmen/enterprise with new products named Festival Small Business Loan and NBL Small Business Loan has been introduced in the Bank. Benefits (Condition Apply) ? Maximum Tk. 3. 00 lac (Festival Scheme) and Maximum Tk. 5. 00 lac (Small Business Scheme) ? 3 Months (Festival Scheme) and 5 years (including 1 month grace period (Small Business Scheme)) ? Collateral Free Advance. Eligibility ? Any genuine and small businessmen/ entrepreneurs/enterprise having honesty, sincerity, and integrity. 5. Consumer Credit Scheme NBL offers consumer credit facility for retail customers. Financing items ? Electronics consumer products. Computer or Computer accessories. Benefits (Condition Apply) ? Fast processing. ? Competitive interest rate. ? No application or processing fee. ? Easy monthly installment. 6. Trade Finance NBL provides comprehensive banking services to all. types of commercial concerns such as in the industrial sector for export-import purpose as working capital, packing credit, trade finance, Issuance of Import L/Cs, Advising and confirming Export L/Cs. Bonds and Guarantees . Benefits (Condition Apply) ? Low interest rate 13. 00%-14. 50%. ? Minimum processing time. ? Low service charges. Cards 1. Credit card NBL Credit Card is accepted in many merchant outlets around the world. Our wide range of merchants include hotels, restaurants, airlines, travel agents, shopping malls and departmental stores, hospitals diagnostic centers, jewelers, electronics computer shops and many more. Benefits (Condition Apply) ? Dual Currency Card Facility. ? Lowest Rate of Interest. ? Lowest Card Fees. Special Discount of Card Fee *** condition applicable. ? You can transfer 80% amount of your Local Card Limit to any NBL A/c or have Pay Order Facility. ? No Excess Limit Charge. ? No Hidden Charges. 2. NBL Power Card NBL Power Card is the first debit card for which you don’t have to maintain any account with our any branch. Benefits (Condition Apply) ? It is a Pre-paid Card. ? Annual / Renewal Fee Tk. 200/- only. ? May be issued and refilled from RFCD/FC Account. ? Accepted at all VISA POS merchants. Cash withdrawal at all ATM booths bearing VISA and Q-cash logo(Except HSBC in Bangladesh). ? Drawing of Cash: (i) from NBL ATMs Free of charges (ii) From ATMs under Q-cash network- Tk. 10. 00 per transaction (iii) From other ATM Tk. 100. 00 per transaction. ? Cash Withdrawal Fee (aboard)-2. 00% on the cash drawn amount or US$2. 00, whichever is higher. ? Only 1% loading fee against both International and Local Power Card at the time of Refilling. ? Yearly Tk. 100 for enrollment of SMS service. Account Opening ? 2 copies of your recent photograph. ? Nominees Photograph. ? National ID Card ? Birth Certificate BALANCE SHEET As at 31 December 2009 |PROPERTY ASSETS |2009 2008 | |Cash |6,843,689,881 |5,421,055,640 | |Balance with other Banks Financial Institution |2,490,371,694 |1,174,813,554 | |Money at call short notice |1,359,800,000 |3,089,900,000 | |Investments |12,315,204,277 |9,156,612,128 | |Loans advances |64,962,312,154 |50,665,074,783 | |Fixed assets including land, building, furniture fixtures |1,815,564,664 |1,583,387,810 | |Other assets |1,740,385,536 |716,430,198 | |Non-banking assets |384,788,241 |397,763,841 | |TOTAL ASSETS |91,912,1 16,447 |72,205,037,954 | | | | | |LIABILITIES CAPITAL |2009 |2008 | |Liabilities-Borrowing from other Banks, Financial Institution |1,390,919,847 |1,256,555,900 | |Agents | | | |Deposits other accounts |76,814,651,280 |60,187,435,050 | |Other liabilities |4,789,781,786 |4,634,780,266 | |TOTAL LIABILITIES |82,995,352,913 |66,078,771,216 | |TOTAL SHAREHOLDERS EQUITY |8,916,763,534 |6,126,266,738 | |TOTAL LIABILITIES SHAREHOLDERS’ EQUITY |91,912,116,447 |72,205,037,954 | Liquidity statement (Assets liabilities maturity analysis) As at 31 December 2009 |Particulars |Not more than 1 month |1-3 month term |3-12 months term |1-5 years term |Above 5-years term |total | | |term | | | | | | Assets Cash in hand |1,290,177,054 |- |- |- |- |1,290,177,054 | |Balance with |5,553,512,827 |- |- |- |- |5,553,512,827 | |Bangladesh Bank | | | | | | | |its agent Bank | | | | | | | |Balance with other |1,919,750,009 |295,821,685 |200,000,000 |74,800,000 |- |2,490,371,694 | |Banks financial | | | | | | | |institutions | | | | | | | |Money at call |1,359,800,000 |- |- |- |- |1,359,800,000 | |short notice | | | | | | |Investments |276,548,223 |821,213,870 |2,433,641,609 |1,004,424,171 |7,779,376,404 |12,315,204,277 | |Loans Advances |251,369,000 |6,428,422,500 |23,499,478,750 |27,813,652,000 |4,649,389,904 |64,962,312,154 | |Fixed assets |26,401,403 |52,802,806 |237,612,627 |1,203,447,457 |295,300,371 |1,815,564,664 | |Other assets |333,886,810 |667,409,160 |739,089,567 |- |- |1,740,385,536 | |Non-banking assets |- |- |- |384,788,241 |- |384,788,241 | |TOTAL ASSETS |13,331,445,326 |8,265,670,020 |27,109,822,552 |30,481,111,869 |12,724,006,679 |91,912,116,447 | Liabilities Borrowings from other |315,909,987 |231,819,974 |843,189,886 |- |- |1,390,919,847 | |Banks,Financial Institution | | | | | | | |Agents | | | | | | | |Deposits other accounts |12,327,012,687 |6,789,670,173 |23,763,845,604 |30,624,351,651 |3,309,771,165 |76,814,651,280 | |Other liabilities |409,713,507 |828,671,700 |1,758,041,643 |1,751,983,422 |41,371,514 |4,789,781,786 | |TOTAL LIABILITIES |13,052,636,181 |7850,161,847 |26,365,077,133 |32,376,335,073 |3,351,142,679 |82,995,352,913 | |NET LIQUIDITY GAP |278,809,145 |415,508,174 |744,745,419 |(1,895,223,204) |9,372,924,000 |8,916,763,534 | INCOME STATEMENT For the year ended 31 December 2009 PROFIT LOSS ACCOUNTs |2009 |2008 | |Interest income |6,818,466,566 |5,786,710,797 | |Less: Interest paid on deposits borrowings |4,489,636,114 |3,594,841,261 | |Net interest income |2,328,830,452 |2,191,869,536 | |Investment income |1,779,316,931 |938,915,231 | |Commission, exchange brokerage |1,448,972,295 |1,510,479,954 | |Other operating income |935,365,402 |654,912,889 | |TOTAL OPERATING INCOME |6,492,485,080 |52,961,776,101 | |TOTAL OPERATING EXPENSES |3,114,118,992 |2,173,109,713 | |Profit before provision |3,378,366,088 |3,123,067,897 | |Specific provision |25,000,000 |25,000,000 | |General provision |175,000,000 |270,000,000 | |TOT AL PROVISION |200,000,000 |295,000,000 | |Profit before taxes |3,178,366,088 |2,828,067,897 | |Profit transferred from off shore Banking Unit |19,129,827 |756,516 | Profit before taxes (including) |3,197,495,915 |2,828,824,413 | |Provision for taxation |1,150,000,000 |1,310,000,000 | |Deferred taxes |(22,974,549) |1,389,931 | | |1,127,025,451 |1,311,389,931 | |Net profit after taxation |2,070,470,464 |1,517,434,482 | |Retained earnings brought forward from previous year |975,132,271 |687,825,162 | | |3,045,602,735 |2,205,259,644 | |Statutory reserve |(639,499,183) |(565,613,366) | |Transfer from general reserve |135,000,000 |- | |Dividend |(973,815,007) |(664,514,007) | | |(1,478,314,190) |(1,230,127,373) | |Retained earnings carried forward |1,567,288,545 |975,132,271 | |Earnings per share |72. 74 |53. 1 | RATIO ANALAYSIS FOR 2009 ? Current ratio : current assets/current liabilities = 35,388,824,017/47,267,875,161 = 0. 748 times. FOR 2008 ? Current ratio : current assets/current li abilities = 23,228,911,038/18,569,065,016 = 1. 249 times. 2008 is better than 2008. FOR 2009 ? Return on assets : Net income(profit)/total assets = 2,070,470,464/91,912,116,447 = 0. 022*100 = 2. 2%. FOR 2008 Return on assets : Net income(profit)/total assets = 1,517,434,482/72,205,037,954 = 2. 1%. 2009 is better than 2008. FOR 2009 ? Return on equity : Net income(profit)/total stock holder equity = 2,070,470,464/8,916,763,534 = 0. 232*100 = 23. 2%. FOR 2008 ? Return on equity : Net income(profit)/total stock holder equity = 1,517,434,482/6,126,266,738 = 0. 247*100 = 24. 7%. 2008 is better than 2009. FOR 2009 ? Debt to total assets : total debt/total assets 82,995,352,913/91,912,116,442 = 0. 902*100 = 90. 2%. FOR 2008 ? Debt to total assets : total debt/total assets = 66,075,037,954 = 0. 915*100 = 91. 5%. Less debt 2009 than 2008. Financial Statement Analysis Comparative analysis |Item |Year |Year |Comparative |Percentage | | |2009 |2008 |analysis | | |Cash |6,843,689,881 |5,421, 055,640 |1,422,634,241 |26. 4% | |Balance with other bank and |2,490,371,694 |1,174,813,554 |1,315,558,140 |111. 96% | |Financial Institution | | | | | |Money at call and short notice |1,359,800,000 |3,089,900,000 |(1,730,100,000) |55. 99% | |Investment |12,315,204,277 |9,156,612,128 |3,158,592,149 |34. 49% | |Loan and Advance |64,962,312,154 |50,665,074,783 |14,297,237,371 |28. 1% | |Fixed Assets |1,815,564,664 |1,583,387,810 |232,176,854 |14. 66% | |Including land, building, | | | | | |furniture, and fixtures | | | | | |Other Assets |1,740,385,536 |716,430,198 |1,023,955,338 |142. 92% | |Non-Banking assets |384,788,241 |397,763,841 |(12,975,600) |3. 6% | |Total Assets |91,912,116,447 |72,205,037,954 |19,707,078,493 |27. 29% | |Liabilities(borrowing from other|1,390,919,847 |1,256,555,900 |134,363,947 |10. 69% | |bank, Financial Institution and | | | | | |agent | | | | | |Deposit and other account |76,814,651,280 |60,187,435,050 |16,627,216,230 |27. 2% | |Other liabilities |4,789,7 81,786 |4,634,780,266 |155,001,520 |3. 34% | |Total liabilities |82,995,352,913 |66,078,771,216 |16,916,581,697 |25. 60% | |Shareholders Equity |8,916,763,534 |6,126,266,738 |2,790,496,796 |45. 54% | |Total liabilities and share |91,912,116,447 |72,205,037,954 |19,707,078,493 |27. 29% | |holder equity | | | | | Financial Statement Analysis Common size analysis |Item |Year |Year | | |2009 |2008 | |Cash |7. 44% |7. 50% | |Balance with other bank and Financial Institution |2. 70% |1. 62% | |Money at call and short notice |1. 47% |4. 7% | |Investment |13. 39% |12. 68% | |Loan and Advance |70. 67% |70. 16% | |Fixed Assets |1. 97% |2. 19% | |Including land, building, furniture, and fixtures | | | |Other Assets |1. 89% |0. 9% | |Non-Banking assets |0. 41% |0. 55% | |Total Assets |100% |100% | |Liabilities(borrowing from other bank, Financial |1. 51% |1. 74% | |Institution and agent | | | |Deposit and other account |83. 7% |83. 35% | |Other liabilities |5. 21% |6. 41% | |Total liabilities |90. 29% |91. 51% | |Shareholders Equity |90. 29% |8. 48% | |Total liabilities and share holder equity |100% |100% | SWAT ANALAYSIS Every organization has some strength that helps it to survive, some weakness that push it backward, some opportunities that helps it to compete and also some threats that keeps it aware. NBL also has some SWOTs. These are mentioned below. Strengths of organization ? Stakeholder and customer are main Strength. ? Strong branch network. ? Committed to ensure high customer service. ? True accountability. ? Efficiency and loyalty of all sorts. ? Enough human resources. ? Knowledge enhancement. ? New technology. ? Enough local and foreign branches. ? Good management. ? Enough current money collection periods. ? Priorities identified the Corporate Plan to be implemented: ? Enhancing national and international presence as envisaged in the Vision of the Bank. Consolidation of the Bangladesh Operations by opening more branches. ? Maintain the most preferred bank status for Trade Finance. ? Increase the present credit card base. ? Improve exchange turnover and market share. ? Improve the risk m anagement infrastructure. ? Improve key performance ratio. ? Focus the new business by talking the opportunities favoring the Bangladesh economy. Weakness of organization The organization does not have a diversified range of products services. Still the bank is not fully computerized. Manual registers are used in some cases. However, the income of the business is still heavily dependent upon its share on the retail market. It caters less the corporate market than the SCB. This may leave it vulnerable if for any reason its market share erodes. The retail sector is very price sensitive. But it pays very less interest than other banks. So, if they found higher interest rate offering by other private banks of Bangladesh then they will loose customers. It has less promotion campaign than the other bank, because they believe brand value is the top promoting entity for the company. Opportunity of organization National Bank Limited is a customer oriented financial institution. It remains dedicated to meet up with the ever growing expectations of the customer because at National Bank, customer is always at the center. NBL has a goodwill that it provides different banking services to the people with a minimum cost and cut a very little charge on its transactions. Although it already has 100 branches to provide services to its customers, it also has the opportunity to build up more branches to make more convenient for the customers. The banking business of NBL and its other social activities have increased day by day. Sophisticate customer service scheme of the NBL more preferable to customers than other banks. Products services development offers NBL many opportunities. There is the opportunity to develop products and services such as insurance business huge investment in capital market etc. Such high value items will tend to have associated with them, high profits. There are also global marketing events that can be utilized to support the brand such as the sports other cultural activities. Threats of Organization NBL is exposed to the international nature of trade. It has to deals in different currencies and so costs and margins are not stable over long periods of time. Such an exposure could mean that NBL may be doing banking business at a loss. The new technology emerges to protecting the currency value use options for better credit rate earnings. The market for banking sector is very competitive. The model developed by NBL to be world’s local bank is now commonly used and to an extent is no longer a basis for sustainable competitive advantage. Competitors are developing alternative brands to take away the market share of NBL. The roles and regulation of the government and conventional laws of Bangladesh are also act as threats for the growth of banking business development in Bangladesh. As discussed above in weaknesses, the retail banking sector is becoming price competitive. This ultimately means that retail consumers are transacting in bank around for a better deal. So if NBL charges a comparative high price for a bank account service, or loan rate service, then the customers could go to the other bank to compare fees charges for the exactly the same services, and will take decision the cheaper of the two. Such customer’s price sensitivity is a potential external threat to HSBC. Converting Threats into Opportunities NBL has to expose its international nature of trade more efficiently. It has to recover costs and maintains margins over long periods of time. The new technology has to use to protecting the currency value use options for better credit rate earnings. NBL has to come to with other sort of criterion that’s why the competitor have to fight very long to copy that exposure. NBL has to give a better deal in the banking fees charges for the customers for the retail banking sector. Converting Weakness into Strength NBL has to focus equally to both ranges of customers either retail or corporate. It has to build up a proper strategy that’s why the corporate customers can be interested to open more of corporate account in NBL. NBL also has to give higher interest rate for various products services to gain more market share in banking business. They have to advertise their brand name more . They can sponsor their name for various social activities which will bring up NBL value more to the local customers. They can also make social awareness to the local customers. CONCLUSION Today National Bank Limited has proved the long way of continuous success. This Bank not only concentrates on business growth, but also concern about Corporate Social Responsibility. In line with that NBL foundation long ago in 1989. It has experienced successive growth in the recent past. As all the activities those are required to provide valuable services to its customers to make them satisfy, are related with the fund management system, NBL is so much careful about its fund management system. NBL always gives its highest attention in monitoring and managing the bank fund, which is consists of fund, capital, reserve, deposit, loan and advance. At present NBL is successful in effectively and efficiently managing these vital issues. In spite of that, in order to keep its success continue and reach at the pinnacle of success it, its managers, board of directors and employee must have the comprehensive and clear idea about the reserve, fund, loan, capital, deposit and liquidity regarding the smooth control of bank and continue its vital operation toward country’s economic[pic][pic][pic][pic] Page2

Vague, Vagrant, and Vagabond

Vague, Vagrant, and Vagabond Vague, Vagrant, and Vagabond Vague, Vagrant, and Vagabond By Mark Nichol The three words in the title above, and others that share a derivation alluding to a lack of certainty or direction, are defined and discussed in this post. The Latin adjective vagus literally means â€Å"wandering† and figuratively refers to uncertainty. The name of either of a pair of nerves that extend from the brain to the abdominal organs is taken directly from this term, and vague means â€Å"uncertain† or â€Å"lacking specificity†; the noun form is vagueness. Some etymological sources trace vagrant, meaning â€Å"wanderer,† to early Germanic languages as a cognate with walk. However, it might also be derived from the Old French term vagant, from vagari, the Latin verb form of vagus. The word, also used as an adjective, generally refers to an itinerant person with no home or steady (or legal) employment. A similar and related (and more colorful) term is vagabond, from the Latin gerund vagabundus, meaning â€Å"wandering.† Vagari, meanwhile, is the source of vagary, a little-used noun meaning â€Å"aimless journey† by way of the Italian word vagare (or perhaps directly from the Latin word). The plural form, vagaries, much more common, refers to unpredictability. Two other terms derived from vagari, one rare and the other obsolete, are the nouns divagate (literally, â€Å"wander apart†) and evagation, meaning â€Å"the act of wandering.† A more prominent derivation is extravagant, which means â€Å"excessive† or â€Å"extreme.† Interestingly, stray, meaning â€Å"wanderer† as a noun (as when referring to a stray animal) and â€Å"wander† as a verb (including in the sense of deviating from proper conduct), may be derived from extravagant, though it possibly stems from Latin by way of Old French as a cognate of street. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:How to Format a US Business LetterUse a Dash for Number RangesWords That Begin with Q

Application of auction theory in the context of the Indian Premier Essay

Application of auction theory in the context of the Indian Premier League - Essay Example This theory is highly essential from a theoretical, empirical and economic perspective. This paper aims to discuss the main principles of the auction theory along with the considerable issues and their solutions associated to the phenomenon of auction market. For this paper, we shall consider an example of the Indian Premier League (IPL) to relate it with the relevant theoretical principles of the auction theory. Auction Theory: Auction theory is a branch of economics which takes a number of concepts into analysis that includes the risks, behaviors, challenges and activities of bidders within the auction processes. The process of auction has been used from earliest traces of economic activities. Economists have contributed in the auction theory including Vickrey (1961), Griesmer, Levitan and Shubik (1967) etc. Extension of Auction theory is referred to as theorem of revenue equivalence (see appendix 1.1). As per the contributions of different economists, there are four standard types of auctions. These bids are commonly known as the English Bid, the descending bid which also known as the Dutch bid, first sealed bid and a second seal bid. Each one is unique and possesses interesting factors, which grasp attention of the interested buyers (Besanko and Braeutigam 2000). Now we shall analyze each type of bid separately supported with relevant examples. English Bid: According to Gul and Stacchetti (1999), English bid is a type of bid that slowly goes higher. Sometimes this type of bidding appears as most simplistic, however at the same time it can create complexities for both buyers and sellers. English auction begins with a bid which is placed by an auctioneer who places the starting bid which is a given price of the product being sold. The bids are then placed one by one in an increasing order. English bid is different from other bids such as sealed bids because it is open to all bidders with no policy of hiding (Gul and Stacchetti 1999). The one who makes the highest bit wins the product. In this type of bid prices increase comparatively with small margins and the buyers intend to win the item at low price than its original value at which the product bidding started i.e. starting bid. For example, there is a likelihood of quick sale of a car during an auction as the standing bid will be lowest, which will be affordable for a sing le buyer, who will finally take the commodity home (Auctus Development, Inc, 2004). It should also be noted that the English auction can be win by the standing bidder which can only be displaced by a competitively higher bid than the standing bid (Jaiswal 2010). Furthermore, Klemperer (1997) noted that English bids or ascending bids are usually used for selling household items such as cars, appliances, furnisher and sometimes properties as well. This type of bid facilitates sellers to make great sum of money and an amazing opportunity for the buyers to win the bid (Klemperer 1997). A reserve or minimum price is charged for house hold commodities in English auction (Auctus Development, Inc 2004). Dutch Bid: According to Besanko and Braeutigam (2000), the Dutch system is entirely

Professional Project Essay Example | Topics and Well Written Essays - 1750 words

Professional Project - Essay Example An example of a language learner is a Japanese student who migrates to China to do further studies in World history. He has limited knowledge in Chinese language, but finds that all lessons are taught in this language. Undertaking Chinese language lessons will enable him sharpen his linguistic skills and make the learning process much easier. He will also converse effectively with Chinese students and make meaningful social relationships with them. Importantly, he will be able to learn about the differences in Japanese and Chinese cultures and will have an opportunity to fit himself well into the new Chinese culture (Beckett & Haley, 2000). However, he is likely to encounter various kinds of barriers including; Cognitive load Cultural load Language load Learning load This paper examines these barriers in the context of the Japanese student, issues and difficulties in teaching and learning of Chinese language, and the context and strategies available for teachers to overcome these dif ficulties in facilitating effective learning. 2. Barriers to Learning Chinese that may be encountered by the Japanese Student As mentioned, one of the barriers that this student may encounter is cognitive load. This refers to the number of concepts contained in the Chinese text or lesson. As Meyer (2000) explains, the level of cognitive load experienced by a Chinese student is determined by his or her familiarity with the content of Chinese lessons, or with the concepts being taught. The Japanese learner has limited entry knowledge about Chinese language; he will have to be introduced to new, unfamiliar concepts. Additionally, he will have little basis on which to draw conclusions or interpret linguistic clues in order to make informed guesses about the meanings of the tutor’s instructions or text. In other words, the student is likely to experience heavy cognitive load in the learning process. Another barrier that he may encounter is cultural load. According to Meyer (2000) the relationship between language and a learner’s cultural background determines the amount of effort that is needed in the learning process. Usually, the meanings and uses of words are related to their cultural and linguistic settings and often, differ in different cultural settings. The amount of cultural knowledge that is needed for a language learner to understand the meanings and uses of words, which are not explicitly explained to the learner is called cultural load. For instance, the substance water is represented by different labels in China and Japan and also exists in different scenes and settings. Though it exists in both Japanese and in Chinese languages, it has no similar meaning across both languages (Meyer, 2000). Therefore, words may exist in both cultures, but are used in different circumstances and settings. The barrier here is that the Japanese learner is likely to derive meanings and uses of such words from Japanese language and culture, even though they h ave different meanings and uses in China. The Japanese learner is also likely to come across unfamiliar words in text during tutor’s instructions. These words may contain long trail of syllables, they may have cumbersome pronunciations, or the manner in which they may be strung together to form sentences and paragraphs may be

Breakfast cereal market Global trends Essay Example for Free

Breakfast cereal market Global trends Essay Product segmentation The breakfast cereal market consists of two types of products: breakfast cereal and ready-to-eat breakfast cereals. For the year 2008, the ready-to-eat cereals dominated the market with about 88. 1% of the market share while hot cereals accounted for the remaining 11. 9% of the market. The corresponding figure for the year 2006 was 91% for ready-to-eat cereals (Marketline, 2009, p. 4). Following is the convenience market segment information for the breakfast cereal information. Fig – 1Consumer Market Segment Information (Costcutter, 2008, p.2) Following are the global market share of each of the following product segment. Fig – 2Market share by different product segments (Costcutter, 2008, p. 2) Market Value The global market for the breakfast cereal industry had a value of $ 22,209 billion which meant a growth rate percentage of 2. 9% from the last year. The compound annual growth rate for the last five years i. e. from 2004-2008 was also 2. 9%. The largest geographical market for the breakfast cereal industry is America which accounts for 63. 2% of the total market value (Marketline, 2009, p. 4). The complete market growth is mostly as a result of growth in premium products rather than the overall volume. As mentioned earlier the target market for breakfast cereal as baby boomers and children. Of this the children’s market accounts for as much as 42% f the entire ready-to-eat breakfast cereal market. The biggest selling children’s brand for ready-to-eat breakfast cereal is Coco Pops. This brand alone was responsible for as much as 43 million pounds of the total 501. 9 million pounds of sales in UK in the year 2007. This is astonishing because the market has been rife with warnings from food associations regarding salt and sugar content in breakfast cereals (Muddy Cook, 2008, p. 2). In terms of value, the industry has growth by 15. 7% between 2004 and 2008 with the figures being particularly strong for the year 2007. The figure below shows the trends for global breakfast cereal trade by value. Fig – 3Global Breakfast cereal trade, by value in US $ billions (USDA, 2005, p. 5) In addition to this, the figure below shows the increase in global export market for breakfast cereal. As can be seen an increase in the rise of both private label as well as foreign competition has hampered in the increase of US share in the exports. Fig – 4 Global export market for breakfast cereal (USDA, 2005, p. 6) United States is the third largest importer of breakfast cereal. This fact is also a cause of concern for the domestic manufacturers who contribute for the maximum market sales in the world. The import value is shown in the figure below according to which the market showed an increase of 30% over the 1998 figure. Canada and France remained the top importers followed by United States. The countries following this were United Kingdom with an import value of $126 million and Germany with an import value of $114 million. Fig – 5 Top global import markets for breakfast cereals (USDA, 2005, p. 8) The breakfast cereal market desperately needs new markets. The figure below shows the requirements for a few such markets. Fig – 6 Import demand for Breakfast cereal in select markets (USDA, 2005, p. 17) Market Volume The global market volume for the breakfast cereal industry was 3,536. 8 million Kg which was a rise of 2. 2% over the last year. The compound annual growth rate for the last five years i. e. from 2004-2008 was also 2. 2%. This figure is expected to reach a value of 3914. 1 million Kg in the year 2013 which would mean an increase in volume by about 10. 7% since 2008 (Marketline, 2009, p. 4). The figure below shows the trends for global breakfast cereal trade by volume. Fig – 7 Global Breakfast cereal trade, by volume (USDA, 2005, p. 6) Distribution The main distribution channels for the breakfast cereal industry are the supermarkets/ hypermarkets that account for 79% of the market’s value distributed. This is followed by independent retailers who account for 8. 4% of the market’s value distributed (Marketline, 2009, p. 4). Competitive environment The figure below shows the percentage share of the major breakfast cereal companies by volume for the year 2007. As can been seen from the figure, Kellogg dominates the market with 36. 4 % of the market share. Another interesting aspect is that the industry is entirely dominated by branded products with the three largest companies i. e. Kellogg, General Mills and Kraft Foods, accounting for 63. 3% of the total market value by volume (Marketline, 2009, p.4). In fact the top 20 brands in breakfast cereal market account for as much as 70% of the total sales. The household penetration of cereals is as much as 97%. Fig – 8 % share by volume of global breakfast cereal markets (Marketline, 2009, p. 4) In addition to these three companies some other popular companies of breakfast cereal are Quaker, Nabisco, Sunshine, Kashi, Health Valley, Malt-o-Meal, Mckee, Ralston, Unilever, Frito-Lay in North America, Cargill Inc. Tyson Foods, mars Inc. ConAgra foods Inc. , Weetabix and Cereal Partners (an alliance between Nestle and General Mills). Entry Deterrents The size f the breakfast cereal industry as per both the profits as well as the volume is immense as can be seen from the statistics above. The growth rate of the industry too has been fairly decent. The industry has been in existence for about 100 years, however save for the early entrants and the entry of the private-labeled brands, the industry has been relatively clutter free. In fact according to the marker share figures also it can be seen that not many companies could afford to enter the industry and make any significant impact. This is a rather unusual situation and the reason for the market deterrents can be seen from in the figure below. Fig – 9 Factors influencing the likelihood of new entrants in the Global Breakfast cereals market (Marketline, 2009, p. 3) Looking at the figure it becomes clear that the market entry is favorable for those companies who wish to diversify their operations in the breakfast cereal market. While the entry can definitely be made by an entirely new company it may encounter problems.

Quest for Paradise in Lydia Maria Child’s A Romance of the Republic Ess

Quest for Paradise in Lydia Maria Child’s A Romance of the Republic A Romance of the Republic, written by Lydia Maria Child, is an intriguing novel which reflects certain predominant 19th-century views about racism, patriarchy, and class status. One aspect of this story that is unique is the constant use of a flower motif, through which the reader is drawn into a Paradise that is fantastically created, an Eden that is not limited in its range of vision due to the wealth, class, nationality, and color of its individuals, but rather embraces the many hues and varieties of life that any beautiful and perfect garden must possess. Although one could argue that this utopia is never obtainable, Ms. Child successfully demonstrates that a society can be egalitarian, not constructed on class consciousness and struggle, but rather based on the framework of the Constitution, which states that all people are created equal, with unity for all being the ultimate goal. These beliefs in equality are demonstrated through the strategic use of class where the aristocratic faction should not have more value than their lower class counterpoints. They are also reflected in the novel’s use of racial crossing, where many varieties of people, including the pivotal octoroon sisters, Rosa and Flora, can have many potential colors and racial identities. Finally, the egalitarian beliefs are evidenced in cultural differences, where a society can only evolve into a more splendid creation when it derives sustenance from many groups and resources. The fact that this book deals with the aristocracy at all turns presents an excellent summation on the beliefs that money and prest... ...e appreciation of many cultures for the unique and various gifts they contribute to their spheres allows those individuals to branch out into other spheres and impact many new clusters of people. Just as Paradise is beautiful, so is equality. This leaves the reader with the logical progression of: 1) Flowers are beautiful: just as all people are beautiful; 2) Flowers are from many genuses and possess many hues: just as people are from many cultures and have many different colors; 3) People of many colors and cultures are beautiful. When all varieties of people are planted in the same garden and live in peaceful coexistence, they will develop their own accepting culture, which is nothing less than Paradise. Works Cited Child, Lydia Maria. A Romance of the Republic. Lexington, Kentucky: The University Press of Kentucky, 1997.

Nel Noddings Essay

Noddings went to Montclair State College in New Jersey where she received her bachelor’s degree in mathematics, and moved on to gain her master’s degree in mathematics from Rutgers University, in New Jersey as well. Noddings received a doctorate in educational philosophy from Stanford University where she presently is the Jacks Professor Emeriti of Child Education. Lastly, she received her Ph. D. in 1975 after changing from mathematics and education to a broader field of educational theory and philosophy. She also currently occupies the John W. Porter Chair in Urban Education at Eastern Michigan University. As Noddings makes clear in many of her works, schooling played a central role in her life, and her early experiences with caring teachers contributed to her life long interest in student – teacher relations. She also contributes her professional life as a result of â€Å"various accidents and awareness of opportunity† (Johnson, Reed, 2011). As Noddings states, (1997, cited in Johnson & Reed, 2011) † all of these accidents†¦ involve love, or led to love, and these loves, like bits of colored glass, are the elements from which my life has been composed. Her approach to education begins with the idea that caring is basic to human life. She believes that all people want to be cared for and that the need to be good comes out of the remembered experience of being cared for. Her approach to caring is described as a feminine approach because it is based on the voice of the mother as a nurturer. It is her belief that if women created the educational system and its disciplines, they would have organized the curriculum around the stages of life. Noddings ideally wants the home to be viewed as the primary educator. She feels this is the best form of educating because it is done non-threatening and conversational matter. Critics of Noddings would claim that making the home be viewed as the primary educator, it would force teachers to go beyond what is expected in today’s educational environment. Noddings suggests teachers to involve themselves in all of their student’s lives. She recommends three approaches for teachers to follow: dialogue, practice, and confirmation. In dialogue, the teacher is open to any opinions on any topics. In practice, Noddings would encourage the teacher to involve the class in community service activities. In confirmation, the teacher must speak only positively about a child. Noddings would rather the teacher not give an exam and semester grades, but instead have the student and the teacher work together to create positive evaluations. Nel Noddings wants students to be comfortable enough in the classroom to feel at home. She used her three approaches to create an environment of love, and prevent hate. Her approach also would require teachers to get to know all aspects of their students including their likes and dislikes, wants and needs, and ideas. In doing so, the teachers will be able to create activities that cater to each child individuality and therefore, making learning for interesting. She also wanted the students to learn core subject through experience to make the students want to keep learning. Noddings views about teaching by caring can be useful in that it forces a teacher to really get to know her students, and give them the best possible learning environment. She suggests that children will work hard for people they like and trust. She takes this approach from her own educational experiences. Noddings view about education based on caring suggests that it â€Å"speaks to the existential heart of life- †¦ that draws attention to our passions attitudes, connections, concerns, and experienced responsibilities† (Johnson & Reed, 2011). She believes this approach will eventually create adults capable of caring for themselves and the world we live in. However, the teacher is walking a fine line by doing this. The teacher could nd up becoming too involved in the student’s life, and end up causing more harm then good. She could end up interfering in the family environment instead of helping it. The basic principle to be taken from Noddings is that dialogue is of the utmost importance in a relationship. Without it, a teacher will be unable to establish a bond based on truth, and trust. All of Noddings ideas, once explained make sense and fit very well with the times we live in and the students that we teach, but there needs to be a model to help implement her ideas. As an educator that’s life and professional career was also attributed to the experiences I had in the classroom as a child both positive and negative, I understand her view about how a positive student – teacher relationship is important for the success of what the student is learning. It is my opinion that her beliefs are still an influence on todays learning. I also believe that many teachers unconsciously do practice the beliefs of Noddings. Many times are forced to be more structured in our teachings due to state testing and are unable to be more â€Å"caring† with our teachings.

Human Factors and Cyber Policy Essay

Introduction Human factors can influence policy choices for both domestic and international cybersecurity issues. What will be discussed in this paper is how human factors can affect four selected cybersecurity issues. The four-cybersecurity issues selected are zero-day exploits, meta-data collected and used by private and public sectors, vulnerability assessments for mobile devices in the BYOD environment, and threats to copy right and ownership of intellectual property. This paper will go into details on important security issues, recommended policy controls, and how or why human factors can influence each of the recommended policy controls for each of the four selected topics mentioned. Copyright, threats and ownership of  intellectual property Important Security Issues With the proliferation of 3-D Printers and the availability of copyrighted materials posted online, there is an additional facet to the current debate surrounding copyright and ownership of intellectual property. Piracy of digital media such as music and videos has been a long-standing issue since the 1990’s with Napster and similar peer-to-peer file sharing programs. There are six ways that intellectual property theft harms U.S. and global consumers and economies. Online piracy harms content as well as the trademark owners through lost sales and brand recognition through increased costs to protect intellectual property instead of investing in research and development (Growth of Internet Piracy, 2011). Secondly, the consumers are harmed when they receive lower quality, inauthentic products that may cause physical harm in the case of downloading and creating a 3-D printed model (Growth of Internet Piracy, 2011). Arguably the most prominent case against piracy, copyright infringement harms economies through lost tax revenues, higher costs of law enforcements and additional harm caused by the government’s usage of counterfeit products (Growth of Internet Piracy, 2011). This leads to the fourth issue, global economies lose their ability to partner with countries that have weaker intellectual property enforcement (Growth of Internet Piracy, 2011). Online copyright infringement reduces innovation due to the decrease of incentives to create and disseminate ideas – harming the First Amendment (Growth of Internet Piracy, 2011). Finally, supporting online piracy has been linked to supporting international crime syndicates posing a risk to U.S. national security (Growth of Internet Piracy, 2011). Recommended Policy Controls There is no set of policy controls that would be a one-size fits all when it comes to ownership of intellectual property concerning digital media or 3-D printing. The issue with copyright infringement concerning home 3-D printing boils down to the law. If a personal user directly prints a copyrighted 3-D model from a file-sharing site, then that user has committed a crime. The copyright owner should be compensated; a simple analogy is paying iTunes to be able to play a song from an artist. However, if the user is inspired to  create a very similar model than the copyright owner is not subject to compensation because a style cannot be copyrighted (Thompson, 2013). The first 3-D DMCA’s language is indicative of that; user Artur83 was hit with the first-ever DMCA surrounding 3-D printing after creating a Penrose triangle after being inspired by Dr. Ulrich Schwantz (Rideout, 2011). The argument was that Artur83 created an independent file after viewing a photo of the completed product – he did not modify an existing file – and that the complaint was unclear if Dr. Schwantz was trying to say the Penrose triangle, a concept published in 1958, was his intellectual property (Rideout, 2011). Ultimately, Dr. Schwantz dropped the DMCA, but it still serves as a precedence for the debate between original and similarity. If corporations are to crack down on copyright infringements, be it blatantly copying direct design or limiting creativity and inhibiting innovation, then they will need to lobby Congress to change laws. With respect to 3-D printing, however, the current laws are good enough. While the 3-D files are CAD files, categorized as pictorial, graphic, and scultptural works that can be protected by copyright, they are excluded from copyright if the file has an intrinsic utilitarian function other than portraying either appearance or conveying infor mation (Rideout, 2011). While each file can be independently reviewed to assess if an original file is copyrighted, it would be an arduous task that would not be fiscally responsible for a company to pursue every similar design. Additionally, current patent laws are applicable to complete and assembled products; creating replacement parts is currently legal and allowable (Thompson, 2012). If any of this is to change, then corporations will need to lobby. As for combating software piracy, a decent alternative to the growing use of software piracy is the use of open source software (OSS). Open source software completely eliminates the issue of software piracy by giving the end user free access to the software source code and the ability to install unlimited copies of the application without fear of copyright infringement. The reasons for using open source software as an alternative to piracy are numerous. Arguably the most important reason, OSS benefits the economy by reducing the rising costs of software development, global competition, and technological diffusion (OSS-Piracy, 2009, p. 168). By using OSS, end users can access larger and community supported market shares across a wide diversity of product ranges and  services. Due to lower levels of intellectual property laws in developing countries they tend to result in higher prices and limited availability (OSS-Piracy, 2009, p. 168). As it stands, the current weak laws will ultimately result in encouraging piracy. By using OSS, countries can access a rich ecosystem of different products that have growing market share and a diverse set of service and support. How/Why Human Factors Influence Policy The Internet has become a central actor in the world economy by delivering products and eliminating inefficient middlemen. In 2011, as much as 6 per-cent of the U.S. gross national product was generated by industries supported by intellectual property laws; nearly 24 per-cent of all Internet traffic is infringing on these intellectual properties (History of the Internet Piracy Debate, 2011). Software piracy is more rampant outside of the U.S. In countries with developing economies – third-world countries to be exact – demand for software is supplied by piracy instead of publishers due to legitimate publishers being unable to compete with counterfeit operations at cut-throat prices (Traphagan & Griffith, 1998). The issue with piracy is that it inhibits and prevents local developers from being paid for their property, stymieing growth and additional job opportunities (Traphagan & Griffith, 1998). Human factors that affect piracy include: Knowledge and fear of consequences; access; attitude towards piracy; and social norms (Nill, Schibrowsky & Peltier, 2010). With more negative attitudes, general knowledge and fear of consequences of piracy tend to reduce piracy, with greater access to content leads to increased piracy (Nill, Schibrowsky & Peltier, 2010). While a more economically developed nation will lose more money to piracy, strong legal protection for intellectual property as well as enforcement of the laws will reduce piracy (Traphagan & Griffith, 1998). As for developed nations who cannot enforce laws as well, the culture must see that software piracy is the same as stealing a car (Traphagan & Griffith, 1998). Ultimately, regardless of socio-economic status, all people must view piracy and copyright infringement in the same light: it is stealing and harmful to the global economy. Introduction Today, the world’s economy along with international security greatly depends on a secured Internet. Our society greatly depends on computer networks. Computer networks can be seen as the nerve system to critical infrastructures and also enterprise information systems in which our society has become increasingly dependent upon. Hackers are discovering new types of vulnerabilities in computer systems almost everyday, which could affect a nations critical infrastructure, military satellites, and more. One of the biggest threats seen today is known as the zero-day attack or exploit. Zero-Day Attack A zero-day attack according to Seltzer is â€Å"a virus or other exploit that takes advantage of a newly discovered hole in a program or operating system before the software developer has made a fix available or before they’re even aware the hole exists.† This is a very dangerous type of attack because the attack occurs first before it is even detected. In a sense, the zero-day attack is unpreventable since the virus or exploit occurs when there is no existing patch around to correct the attack. A zero-day attack takes a significant amount of time and money from well-trained cyber-criminals in order for the attack to be successful because it is a targeted attack that finds security vulnerabilities. One of the greatest zero-day exploit computer worms is known as Stuxnet. Stuxnet Stuxnet is a computer worm that was able to disrupt Iranian nuclear enrichment in 2010. Stuxnet was the first instance of a cyber attack that was able to cause physical damages across international boundaries and was considered to be a new type of warfare with the capabilities of threatening even the strongest of military powers. According to Symantec, which is an American security corporation, Stuxnet is one of the most complex threats that were analyzed. The purpose of Stuxnet was to target industrial control systems or similar systems that is used in gas pipelines and power plants and to reprogram the industrial control systems. This zero-day exploit was discovered in July of 2010 but did exist at least one year prior to its discovery. Stuxnet was ultimately sabotage Iran’s nuclear systems. Policy Controls One of the most effective ways to prevent a zero-day attack is to try and find any vulnerability before someone else does. Government agencies and public organizations are willing to hire and post rewards to individuals that are capable of finding exploits within a program or operating system. It takes skilled hackers to perform a zero-day exploit. They must have the time and resources to find a vulnerability that has no existing patch or fix for it. As mentioned before, one way to prevent a zero-day exploit is to find the vulnerability before the cybercriminals do. Organizations will hire ethical hackers to find vulnerabilities within their systems. One example is Google. Google has a reward system if somebody could find a exploit within Google Chrome. The company Google sponsors up to $1 million worth of rewards to those that can find exploits in Google Chrome. The United States government is willing to pay up to six figures for exclusive use of attacks to those who can create atta cks in vulnerable systems. Other countries such as China and Russia are willing to pay rewards to gain exclusive use of system attacks to people who come up with these attacks. A second policy to put in place to help prevent a zero-day exploit is to have both the private sector and public sector work together with limited restrictions when it comes to communication and information sharing. One of the main concerns about a zero-day exploit is an attack on a nations critical infrastructure. A critical infrastructure can be defined as â€Å"systems and assets, physical or virtual, so vital to the United States that the incapacity or destruction of such systems and assets would have a debilitating impact on security, national economic security, nation public health and safety, or any combination of those matters† (Moteff, 2014, p. 2). Critical infrastructures are important for a nation’s health, wealth, and security. One of the problems between private and public sectors is communication. The public sector at times is unwilling to share information with the private sector in fear of handing out classified information and the private sector is unwilling to share information with the public sector in fear that the public sector competitions can gain information that can be used against them. A proposed strategy for this action by the Commission was to have the private sector and the appropriate government agencies have greater cooperation and communication by â€Å"Setting a top level policy-making office in the White House† establishing a council what would include  corporate executives, state and local government officials (Moteff, 2014, p. 3). A third method which can also be seen as one of the top methods is the greatly expand research and development in technologies. This can be achieved by expanding education so that new technologies can be developed that would allow for greater detection of intrusions thus limiting the amount of zero-day exploits. Military and Economic Advantages of Zero-day Exploit A zero-day exploit is considered a very dangerous cyber attack since the attack targets holes in programs or operating systems before a software fix is available or even when developers are even aware a hole even exists in that program or operating system. Since the world today is heavily reliant on the Internet along with computer networks, a zero-day exploit on the military can be very devastating. If a zero-day attack occurred on a nations critical infrastructure such as water systems, transportation, and communications, it could leave that nation defenseless and vulnerable to attacks that can destroy a nation along with its citizens. The zero-day attack known as Stuxnet was able to disrupt Iran’s nuclear enrichment and was the first ever recorded cyber attack to cause physical damages. Zero-day exploits can be seen as a new type of cyber attack that could ultimately be used for cyber warfare. Any zero-day attack on a nation’s critical infrastructure will cause mass havoc, which could even lead to human casualties. Meta-Data collected and used by the Private sector and Public sector Important Security Issues Met-Data collection is a major issue to all private and public sectors. The methods and approaches that are used to collection information is not 100% secure. There are always leaks and breakage points among any transmission of data that is traveling from one location to another. The way these vulnerability issue take place is by hackers being able to gain access to sensitive information and with this information their able to monitor and analyze the data that appears to be data that really in the consumer eyes is not a major concern nor precaution that needs any further action to take place. There are tools that can be used to successfully complete an attack of Meta-Data, and this tool works by gathering the data and by using a  document that has been created. According to Vulnerabilities/Threats (2009) â€Å"For example, Word Document metadata can be viewed within the Properties menu option in Microsoft Word, or by enabling the viewing of previous edits with the â€Å"Track Cha nges† option.† It has been reported that Adobe Acrobat can detect and display the metadata attack in PDF form. Some methods that are executed to collect data at a high level pace is called CeWL and MetaGooFil, which were designed to retrieved metadata information that may be available through the internet. The way these tools operate for instance CeWL works by developing a word list that uses brute-forcing for passwords involving websites. This tool can also extract any author, or email addresses that can be discovered from Microsoft Office files. CeWL is a file that can process files that may already be generated. MetaGooFil functions by using Google search engine to randomly lookup certain types of files. Once the downloading process has been conducted the metadata has already been place in HTML report the reveals the information that was retrieved. Another issue that involves metadata is that a great deal of organizations overlook this matter and it poses a lack of security and their defenses are vulnerable to serious attacks. Since organizations fail to take the seriousness of metadata attacks, and how their connected with Spear-phishing and Social Engineering and the relationship between one another. Spear-phishing can focus and target email addresses of individuals who works on certain documents. Having a vulnerable version of the Microsoft Office suites can be targeted for an attacker to create a file and send it to a client with the intent to steal information. Social Engineering is already having knowledge of individual names and using them to conduct phone call schemes and appear to be more believable than what they really are. Recommended Policy Controls Policies that could be administered as far as how the information is obtain by public or private sectors. Having policies in place that are firm and strict that involves need to know bases. Access to certain information needs to be minimize if a particular individual has no purpose or reason for obtaining or viewing certain information. Also policies can be changed in the way information is handle to better ensure the safety of sensitive data. On the job training and security awareness session that can educate people  of the severity of being victims to metadata attacks. Having Mechanisms in place would be a great approach to handling policy controls. There are mechanism that convey Metadata into Diffserv DSCP. According to Atarashi, R., Miyake, S., Baker, F., (2002) â€Å"The data and application need to be identified to the network, in order to gain service from the network appropriate to it.† The application gains access to the information that becomes available in its te rms, including owner, format, and etc. In this situation the network is worried about the type of service the applications are looking for. In this situation having a translator already in place with API. QoS is highly desirable in the controlling metadata and internet applications. According to metadata is going to important for not only structuring and discovery digital resource but also communication interaction. The lingo that is used in the industry of security is (threat, vulnerability, risk, control). Policy controls are implemented to reduce the possibilities of risk and one exactly happen. Having multiple security layers will be an ideal action to have in place for policy controls. According to Harris (1976) â€Å"The rule of thumb is the more sensitive the asset, the more layers of protection that must be put into place.† These layers should be merge and unifies as one but can be view as if you’re making a cake to put thing into perspective of how the multiple layers compensate one another. In this cake your have 1. Physical security 2. Virus scanners and Patch management 3. Rule-based access control and Account management 4. Secure architecture, Demilitarized zones (DMZ), Firewalls, 5. Virtual private networks (VPN) 6. Policies and proce dures. These six functions will definitely help control, minimize, and monitor any potential threats that metadata may pose. How/Why Human Factors Influence Policy The way human factors can influence the effectiveness of the recommended policy controls is by enforcing them on a daily bases. Understanding the threat and its capabilities and how an attack can cripple an organization. These policy controls can be successful as long as the people who are standing behind them believe in them and also having a strong foundation just in case one layer of security collapse another one is in place as support. Routinely awareness training is another way to ensure the effectiveness of policy controls that are in place for unexpected  occurrences. There’s an old saying (account for variable changes) meaning that there should always be plans for the unknown. A good human factors that will play a major role is a person with good morals and organizations. Not having these traits pose a lack of effectiveness when it comes to handling policy control. Individuals who value integrity will be a great asset to have in regards to honoring the standards and policies that are in place. Vulnerability assessments for Mobile Devices in the BYOD environment Important Security Issues In the 21st century cyber security is currently number one threat that will affect individuals all the way to corporate companies. Understanding the critical security issues dealing with vulnerability assessment of mobile devices in a BYOD environment. By bring BYOD into the work environment with increase access to web application cloud computing and software as a service (SaaS) offering, means the employees, business partners and customers are increasingly accessing information using web browsers on devices that are not managed by an organization opens the door to critical security and HIPPA violations if security issues aren’t addressed correctly. In an article from a network security magazine stated the â€Å" Harris survey determined the 47% of employees use personal desktop computers to access or store company information, while 41% do this with personal laptops, 24% with smart phones and 10% with tablets. However, with less than half of these devices being protected by basic security measures, some organizations may begin to worry that the security challenges associated with BYOD far outweigh the benefits.† (1) The challenges that come along with BYOD are the corporate Data being delivered to the devices not managed by the IT department, that have security applications for data leakage, Data theft and regulatory compliance which leaves the enterprise with fewer controls and visibility. Knowing that â€Å"key-loggers, malware and cyber–attacks have greatly increased the potential of unauthorized access to, and information theft from endpoints† the D in BYOD doesn’t stop at smart phones. The SANS institute has explained that handheld devices combined with laptops and removable storage (e.g. USB keys) introduce specific threats to corporate or an organization’s assets and that a security policy can establish rules for the proper use of handheld devices w ithin intranets (2) Employees can access  information from home from their personal computers and tablets which can be infected with malware or key-loggers which gives people access to your companies at work for future cyber-attacks. Corporate companies can start losing visibility into data access when â€Å"BYOD re bypassing inbound filters normally applied to standard corporate devices. They’re vulnerable to malware-a fast growing risk, particularly in regards to android devices†.(3) The security issues with bringing android devices into the BYOD other than Apple device is the Google Play store and fragmentation of devices an OS version. Google Play (formerly called the Android Market) has a higher percentage of apps that contain malware, or social engineering to connect to malware, than any other app store by another magnitude. (4) The store is not policed well leaving these factors continually creating friction or resistances towards greater adoption of Android devices in the enterpr ise environment. Recommended Policy Controls Understanding the changing environment with BYOD entering into the enterprise area, there should be some checks and balances with recommended policy controls. To protect users in the enterprise some good policies are needed to be implemented would be requiring all devices to be encrypted to protect intellectual property, and to â€Å"restrict the downloading of specific applications known to contain malware, and insufficient security protocols or other vulnerabilities. Combining some of these with a robust VPN solution, that any enterprises and their employees can enjoy the convenience, productivity and cost–savings of BYOD without placing critical data at risk†(5). Standing on the organization security policy should be categorized as followed starting with general policies– that and for security policies for enterprise-level use on mobile devices that restrict access to the hardware software, and management wireless network interfaces to text policy violations when they occur. Data communication and storage are highly recommended to be encrypted data communication and data storage be properly wiping the device before reissuing. Another policy control is dealing with user and devices, authentication before allowing access to the organizations resources. Applications need restriction from installing and updating application that is used to synchronization services, then verifying the digital signature on applications. In order for a BYOD program  to work in an enterprises environment is to start off with a mobile device management (MDM) to the intent I to fully optimize functionally and security of mobile equipment in the enterprises environment to simultaneously securing the corporate network. How/Why Human Factors Influence Policy In order for BYOD programs to work correctly the human factors need to be taken into perspective. When an enterprise owns their devices they can dictate the use and configuration. Having employees bring their own BYOD into the enterprise their device is configured to their own needs and priorities that are wildly different from the enterprise standard configuration. As a network grows and technology enhances individuals rely on the BYOD the network access policy will be at odds with their employees at accessing information, that they’ll look for ways to get around the system which in turns makes bad productivity. If we keep in mind that with growing consumerization of IT and rapid pace of new and developing technologies, many employees of companies are nearly as technically savvy as their IT department. The lowly employee of finding tools that enhances their job better than what the company issues, but uses the alternative programs under the radar. A big look at the human resource (HR) is having the concern of having proper legal framework in place and constructed to take into concentration on occasions when staff leave the company and take their own devices with them could have confidential information that holds the companies intellectual property that another company can use or a hacker take advantage of for future cyber attack. Conclusion As time goes on the human factors does have a great influences in policies that are created by organizations to deal with international cyber-security issues. The four cyber security issues that were presented in the paper from zero-day exploits, meta-data collected and used by private and public escorts, vulnerability assessments for mobile devices in the BYOD environment, and threats to copy right and ownership of intellectual property was identify that each topic was influence by human factors that developed rules and policies to decrease the rises of cyber security incidents that accuser around the world. As we consume more electronic devices their will be more adjustment to topics that were presented, with  new security issues which will bring new recommended control policies to balance the international cyber security threat at hand. Work Cited 1. Bill Morrow, BYOD security challenges: control and protect your most sensitive data, Network Security, Volume 2012, Issue 12, December 2012, Pages 5-8, ISSN 1353-4858, http://dx.doi.org/10.1016/S1353-4858(12)70111-3. 2. SANS Institute (2008) Security Policy for the use of handheld devices in corporate environments. Retrieved from http://www.sans.org/reading-room/whitepapers/pda/security-policy-handheld-devices-corporate-environments-32823?show=security-policy-handheld-devices-corporate-environments-32823&cat=pda 3. Pacific, Lisa. â€Å".† BYOD security strategies: Balancing BYOD risks and rewards. N.p., 28 Jan. 2013. Web. 24 Apr. 2014. . 4. †A clear-eyed guide to Android’s actual security risks.† InfoWorld. N.p., n.d. Web. 27 Apr. 2014. . 5. Graf, O. P. (2013, April 12). The Physical Security of Cyber Security. Retrieved from http://vpnhaus.ncp-e.com/2013/04/12/vpns-and-common-sense-policies-make-byod-safer/ 6. Growth of Internet Piracy. Congressional Dig est, 90(9), 258-288. 7. History of the Internet Piracy Debate. (2011). Congressional Digest, 90(9), 258-288. 8. NILL, A., SCHIBROWSKY, J., & PELTIER, J. W. (2010). Factors That Influence Software Piracy: A View from Germany.Communications Of The ACM, 53(6), 131-134. doi:10.1145/1743546.1743581 8. OSS-Piracy. (2009). Alleviating piracy through open source strategy: An exploratory study of business software ï ¬ rms in China. Retrieved 4/18/2014 from http://infojustice.org/download/gcongress/open_business_models/yang%20article.pdf. 9. Rideout, B. (2011). Printing the Impossible Triangle: The Copyright Implications of Three-Dimensional Printing, Journal of Business, Entrepreneurship & Law. available at http://digitalcommons.pepperdine.edu/jbel/vol5/iss1/610. Thompson, C (2012) 3-D printing’s forthcoming legal morass. Wired.co.uk. Obtained from: http://www.wired.co.uk/news/archive/2012-05/31/3-D-printing-copyright11. Traphagan, M., & Griffith, A. (1998). Software Piracy and Global Competitiveness: Report on Global Software Piracy. International Review Of Law, Computers & Technology,12(3), 431-451. doi:10.1080/13600869855298 12. Vulnerabilities/Threats (2009). Tech Insight: How Attackers Use Your Metadata Against You. Retrieved from: http://www.darkreading.com/vulnerabilities—threats/tech-insight-how-attackers-use-your-metadata-against-you/d/d-id/1130395? 13. Atarashi, R., Miyake, S., Baker, F., (2002). Policy Control Nework Architecture using Metadata. Pro. Int. Conf. on Dublin Core and Metadata for e-Communities. Retreived from: http://www.bncf.net/dc2002/program/ft/poster1.pdf14. Harris, S., (1976). CISSP exam guide. ISBN 978-0-07-178174-9

Smile and Smiling Specific Purpose Essay Example

Smile and Smiling Specific Purpose Essay Example Smile and Smiling Specific Purpose Essay Smile and Smiling Specific Purpose Essay Preparation Outline: Informative Speech on Smiling Specific Purpose: to inform my speech class about the many things Your Smile can do. Thesis: After listening to my speech, my audience should be informed about how â€Å"Your Smile† can do many things; have an effect on you and others around you, and how it has an effect on your brain. Introduction I. Smiling is something most people enjoy. I’m a happy and very positive person, so I smile a lot. It turns out that when I smile, the world smiles back. In my research about smiling I referred to sources such as cbsnews. com, science. owstuffworks. com, bizzikid. co. uk II. Smiling can affect the way you feel. It feels good to smile and be smiled at. People like to be surrounded by others who are positive and make them feel good. III. A smile is a great way to start any conversation, and makes others more receptive to you. It adds to what you have to offer. Transition: Let’s start with how a smile can affect you and o thers around you. Body I. A smile can affect you and others around you. A. It lifts our mood as well as the moods of those around us. B. It can make us appear more attractive to others. C. It can be contagious. D. Make you look younger E. Help you build rapport F. Helps reassure the other person of your sincerity. Transition: Now that we have talked about how your smile can affect you and others around you, let’s move on to how your smile affects your brain. II. How Your Smile Affects Your Brain A. Each time you smile at a person, their brain coaxes them to return the favor. B. Facial changes involved in smiling have direct effects on certain brain activities associated with happiness. Smiling triggers your feel good chemicals in your brain. C. Just the simple act of smiling releases endorphins from the brain into the blood. In conclusion, today we have discussed how your smile can affect you and others around you. We also talked about how a smile affects your brain. Conclusion I. Smiling is a way to promote happiness within yourself and others. Smiling is a very important part of connecting and getting to know someone. II. Choosing to smile can make a difference in everything you do that day. A smile can brighten your mood, improve your outlook, and lead you to make positive choices. So when you smile not only will you make yourself feel better, you will also attract positive energy into your life. References Makes you look younger. Freeman, D. W. (2011, November 10). Smiling makes people look younger, study shows. . Retrieved from cbsnews. com/8301-504763_162-57322365-10391704/smiling-makes-people-look-younger-study-shows/ How your smile affects your brain. science. howstuffworks. com Layton, J. (n. d. ). Retrieved from http://science. howstuffworks. com/life/smilinghappy1. htm Feel good chemicals. Bizzikid . (n. d. ). Retrieved from bizzikid. co. uk/healthwellbeingsmiling. html

Insect Behavior, Communication and Learning

Insect Behavior, Communication and Learning Most insect behavior is genetically programmed, or innate. A caterpillar with no prior experience or instruction can still spin a silken cocoon. But can an insect change its behavior as a result of its experiences? In other words, can insects learn? Insects Use Memories to Change Their Behavior You wont see one graduating from Harvard anytime soon, but indeed, most insects can learn. Smart insects will change their behaviors to reflect their associations with and memories of environmental stimuli. For the simple insect nervous system, learning to ignore repetitive and meaningless stimuli is a fairly easy task. Blow air on a cockroachs rear end, and it will flee. If you continue to blow air on the cockroach over and over, it will eventually conclude that the sudden breeze is no cause for concern, and stay put. This learning, called habituation, helps insects save energy by training them to ignore what is harmless. Otherwise, the poor cockroach would spend all its time running away from the wind. Insects Learn From Their Earliest Experiences Imprinting occurs during a brief period of sensitivity to certain stimuli. Youve probably heard stories of baby ducks falling in line behind a human caretaker, or of nesting sea turtles that return to the beach where they hatched years earlier. Some insects also learn this way. Upon emerging from their pupal cases, ants notice and retain the scent of their colony. Other insects imprint on their first food plant, showing a clear preference for that plant for the remainder of their lives. Insects Can Be Trained   Like Pavlovs dogs, insects can also learn through classical conditioning. An insect exposed repeatedly to two unrelated stimuli will soon associate one with the other. Wasps can be given food rewards each time they detect a certain scent. Once a wasp associates food with the smell, it will continue to go to that scent. Some scientists believe trained wasps may replace bomb and drug sniffing dogs in the near future. Honeybees Memorize Flight Routes and Communicate with Dance Routines A honeybee demonstrates its ability to learn each time it leaves its colony to forage. The bee must memorize patterns of landmarks within its environment to guide it back to the colony. Often, she is following the instructions of a fellow worker, as taught to her through the waggle dance. This memorization of details and events is a form of latent learning.

American History Questions Essay Example | Topics and Well Written Essays - 500 words

American History Questions - Essay Example He explains that the wealthy have failed to employ the poor immigrants living in the slums a feature that enhances the problems the slum dwellers face. In Aftershocks on the other hand, Reich argues that the large inequality gap between the wealthy and the middle class stoked the credit bubble thus leading to the crisis. Reich begins his book by countering the arguments by Timothy F. Geithner, the Treasury secretary at the time that the middle class was buying too much while saving too little. Reich believes that the middle class did not make adequate amounts of money and was instead employing a number of survival techniques none of which could sustain the economic growth. The difference in the book lies in their structures with Aftershocks is a book while Riis’ is a publication of photojournalism. I disagree with Mrs. Rodgers assessment that the era of the FDR a welfare state that continues to plague the country. I believe that President Franklin D. Roosevelt employed every feature including the welfare programs to help the economy and in deed, he did. He for example authorized the utilization of about $5 million in relief programs that sought to create employment for the public. The president understood the importance of employment in enhancing the economic growth. The public assistance relief program helped cushion the public from the adverse effects of the great depression. The Works progress Administration did not only see the development of mega infrastructure at a time the country was facing the worst economic crisis but also provided the citizenry with adequate income capable of sustaining their lives thus overcome the crisis. The country has consistently employed similar strategies including the systematic bailouts in 2007 and 2008 financial crisis that helped keep th e largest corporations operational. Inequality for all has been a factual indictment for the economic condition in the United