11 of the Most Unprofessional Email Habits

11 of the Most Unprofessional Email Habits You have a great job and your life is looking effective so far. Inconvenience is, you didn’t get the reminder that you’re expected to lead your email correspondence like an adult. Before you commit any errors that can get you named as amateurish at work, look at over this rundown of absolutely amateurish email propensities to maintain a strategic distance from no matter what. Regardless of whether you’re conveying to your chief, a customer, or your colleagues, it’s significant that you behave well. 1. RamblingYou don’t simply state what you have to state, concisely. You continue endlessly and on. You over into the point, repeat the point, express a couple of things that aren’t pertinent to the beneficiary and in this way guarantee nothing you state will truly be digested.Respect your own time-and the hour of the person(s) on the less than desirable finish of your email. Be as direct and succinct as could be expected under the circumstances. W hat's more, don’t send messages only for sending them. Ensure you have something concrete and essential to convey!2. Overlooking the AttachmentEven Gmail will caution you on the off chance that you compose â€Å"attached† anyplace in your email and neglect to, you know, join something. Continuously twofold check your messages before sending and take a stab at connecting the archive first, before drafting the body message.3. Incorrect spelling NamesHow hard is it to spell your recipient’s name effectively? It’s actually in that spot before you. In your sidebar, in your location line, in their mark, in your contacts list! Tending to Philip rather than Phillip or Megan rather than Meghan when the email address is plainly Philip@ or Meghan@ is simply humiliating. Do better.4. Faking UrgencyOnly utilize the dire capacity when the message is really earnest. Don’t be the young lady who cried â€Å"urgent!† or nobody will mind when you need to commu nicate something specific that is really urgent.5. ALL CAPSYou may think you’re being enchanting or clever or underlining a point, however you simply stable like you’re coming straight out of an adolescent talk room. On the off chance that you should accentuate in text, utilize striking or italics or underlining instead.6. Misinterpreting ToneYou can come up short in the event that you go excessively easygoing (â€Å"Hey ya’ll, So I was thinking†¦Ã¢â‚¬ ) or excessively firm (â€Å"Dear Sirs and Madams, Upon further consideration†¦Ã¢â‚¬ ). Keep it proficient, smart, and give a valiant effort to mirror the relationship you have with the recipient(s).7. Answer AllIf what you’re going to type isn’t totally essential for everybody on the chain to get, at that point please limit yourself and answer just to the individual who needs the information.8. The Inappropriate CCIf you don’t have someone’s authorization to CC them, you could get in some high temp water-say on the off chance that they don’t need somebody to have their contact data, or in the event that they feel awkward being called out and circled into a conversation. Ensure never to expect it’s alright to drag another person into a discussion. Ask first.9. Subject ShenanigansNo nos: 1. utilizing a headline that’s obscure, as â€Å"Hey† or â€Å"FYI.† Put in enough data so your beneficiary comprehends what the email will be about, generally. 2. Beginning a sentence in the headline that you finish in the body of the email. 3. Excluding a subject at all.10. Being SnideYou might be irritated at clarifying something once more, or simply occupied! Be that as it may, there’s no requirement for you to let your snideness appear in your messages, nor to be superfluously abrupt particularly when speaking with regarded associates and companions. Decide in favor of good manners. State please and bless your heart. Clos e down with a â€Å"best.† Bare minimum.11. SloppinessYou may not think you’ll be decided on anything besides the substance/value of your messages, yet you will. Make a point to accentuate, underwrite, spell check, edit, utilize right syntax. Furthermore, make a point to utilize an expert text style. No silly childish content or fruity hues. Keep it proficient and simple for your beneficiary to peruse!

An Coastal Destination Sustainable Tourism Planning Tourism Essay Essay Example

A Coastal Destination Sustainable Tourism Planning Tourism Essay Example A Coastal Destination Sustainable Tourism Planning Tourism Essay A Coastal Destination Sustainable Tourism Planning Tourism Essay This paper will investigate the supportability of South Australia touristry Plan for 2009 - 2014. This article will place and measure the substance of the touristry program is it economical. What's more, reason the great and manageable of the program. To the straightforward meaning of manageable touristry is achieving quality developing in a mode that does non devour the regular and assembled condition and jam the human advancement, history, and legacy of the neighborhood network ( David, 2006 ) . Pull offing practical touristry in the new millenary relies upon the propelled arrangement and heading, which are including the connection between neighborhood networks, the private division, and the experts being developed activity to ensure the common, assembled, and social situations in a way with the financial developing. That are what the south Australia touristry program need to make. Australia s alone regular habitat is a basic segment of its planetary touristry supplication and is viewed by touristry arranging associations as a cardinal property that separates Australia from viing touristry finishs in the planetary market. The Australian national Parkss, Marine Parkss and other secured nations are assessed to pull 80 million visitants yearly ( Tourism and Transport Forum 2004 ) . Maintainability has dynamically gotten an of import aspect of touristry improvement when all is said in done ( Bramwell, 1998 ) , yet is seen much a greater amount of import to the finishs that depend on nature as their central tourer alluring power ( Hudson and Miller 2005 ) . South Australia is an area in the southern cardinal segment of Australia. It covers probably the most waterless pieces of the landmass ; with a whole land nation of 983,482 square kilometers ( 379,725 square meters ) , it is the fourth biggest of Australia s six areas and two terrain locale. The territory comprises for the most part of waterless and semi-parched rangelands, with a few low mountain scopes. The South Australian Tourism Plan 2009-2014 maps out cardinal plans for turning the estimation of the territory s touristry division. It is inseparably connected toward the South Australian Strategic Plan characteristic of making a $ 6.3 billion touristry industry by 2014. This is intended to ensure that touristry and touristry related concerns are attainable and economical. This program distinguishes the business s cardinal intends to 2014, inside the more extensive setting of South Australia s competitory open introduction and the possible from now on of touristry, both broadly and all around. In this manner Sustainable touristry advancement ought to in add-on to providing monetary returns and a top notch understanding for visitants, other than reason at ensuring the common habitat it works in and bettering the personal satisfaction of host tenants ( Aronsson 2000 ) . In the South Australia touristry program, the program cardinal point of convergence nations and their 13 plans, which can plunge to the 4 sections, impart, create, buy and excursion to equilibrate the three just references. Blending to their closures and imprint, to be manageable it ought to be satisfy augmenting the positive and limiting the negative impacts of touristry. The ternary underside lines are fit here. It is generally acknowledged that the touristry business partitions with neighborhood tenants, authoritiess, and network the obligation to secure and keep the regular and social legacy assets of our planet, both to drag out financial frameworks and to be given healthy to future coevalss ( Wall, 1999 ) . The Triple Bottom Line has been depicted as portraying that offers thought to monetary outcomes, ecological quality and cultural value ( Gilkison, 1999, p. 2 ) . The Triple Bottom Line may other than be characterized as the arrival on capital contributing when assessed and estimated along monetary, cultural and ecological measurements ( Sauvante, 2001, p. 2 ) . Orchestrating the ternary primary concern. The first of the class is the financial maintainability, As one part of a completion monetary framework, touristry must help back up a doable monetary base ( Ritchie, 2003 ) . Improvement is financially effective and assets are overseen so they can back up future coevalss. The South Australia touristry program which is a drawn out idea of the manageable touristry. The program sketches expound stairss, however centers around the significant plans the Plan must achieve to drive the full business forward. The crowd strategy uncovered that the two specialists and industry incline toward this assault. Both are focused on including and introducing on these cardinal closures. The program boss imprint is to expand visitant outgo in South Australia touristry industry from $ 3.7 billion out of 2002 to $ 6.3 billion by 2014. To achieve the 2014 imprint requires 6 percent for every annum standard developing. The State Government and the South Australian touristry industry reason to close this spread by expanding visitant Numberss and length of remain, and all the more altogether, expanding visitant spend. This is without a doubt an intense imprint that the touristry programs are taking for. One of the reasonable of the monetary is the nearby tenant occupation security, touristry request can be amazingly regular. The endeavor of the South Australia to uplift occupation security will better monetary manageability. The travel industry is a significant in South Australia, and the program serves to reenforce the range and vitality of the business. In this program reference that Grow new and existing celebrations and occasions. This sorts of the occasions and celebration making both direct work and the roundabout work from that. Contingent upon the handiness of neighborhood work and the achievements and information assets that are required, the bringing in of outside work ought to non be unreasonable. However, one thing that can non see is obtain their occupation during the slow time of year or after the occasions. What's more the prizes, wages and advantages are non be secure. The travel industry is every now and again saw to be a low-gifted, low-salary part. While a large number of the administration occupations in touristry and heartfelt gathering might be portrayed as such. The travel industry support have numerous higher salary occupations, for example, inn executive, gifted structure laborers counselors and so on ( Ritchie, 2003 ) . A monetarily manageable touristry plan should look to deliver a wide extent of work possibilities Following the financial supportability is the sociocultural. The South Australia program are making somewhat acceptable on that. The personal satisfaction in a completion relies upon more than simply monetary prosperity. The wellbeing and verve of cultural of cultural and social frameworks and foundations assists with making a domain which inhabitant find important in their pursuit of felicity ( Ritchie, 2003 ) . These include: the justness framework, guidance framework, travel, interchanges and the region. From the guidance framework the program goes about as a motivation for understudies sing a bringing in the business. The State Government has set up the Food, Tourism and Hospitality Industry Skills Advisory Council to explicitly put work power propensities and rising achievements requests. Its general reason for existing is to pull and hold a gifted work power to help drive the great beyond of the business. This is an extraordinary beginning of the nearby instructive framework. I t got numerous advantages on that, increment the cognizance of the cultural, increment the student inclusion on the touristry business and instruct more experts for the great beyond South Australia touristry or related industry individuals. Moreover, the travel and travel other than is a part of sociocultural. By achieving and keeping transport handiness by creating available and propelled movement, which meets thorough maintainability rules is need. The South Australia is venturing out to better appropriation channels and the air course. The program making a trip to work together market with air hoses and significant touristry administrators and improve new building. Spurring individuals to go is one bit of turning touristry. Guarantee all inclusive and locally associated by means of the movement appropriation frameworks no issue on the web or conventional. On the different manus, expansion unconventionally direct inbound flights. Adelaide and South Australia is an under-adjusted completion. The reason for existing is to divert household hebdomadal spot Numberss from 70,000 to 100,000 and double global spot Numberss. Each new spot into Adelaide is another opportunity to pass on another visitant to South Australia what' s more giving increasingly possibility and pick to travel. The South Australia tenant will procure benefit on that, they will more accommodation to go to go. The program in the long run want to get accomplish a 90 percent assessment of network and business affirmation in touristry as a significant supporter of personal satisfaction in South Australia. This implies: the greater part of concerns and inhabitants view and worth touristry as a positive manufacturer of pride, flourishing and work or life balance in South Australia s metropolitan and territorial nations. At that point, political maintainability is the remainder of the ternary primary concern. Political supportability is only from time to time recognized as one of mainstays of manageability. However we feel that it is possibly basic to the adequacy of any arrangement ( Brown and Essex, 1997 ) . To do the program smooth and voyaging great, the specialists guarantees a positive approach condition to the guidelines no sweat new maintainable turn of events. Advance financial specialists by guaranting that outside arranging and arrangement obstacles to supportable touristry improvement are expelled. This will require an all-of-government assault what's more the specialists Ensure outside arranging and approach obstructions to economical touristry improvement are evacuated

Advice from my professor Dont forget to sleep.

Advice from my professor Dont forget to sleep. This week, I have two exams, and to say the least, Ive been doing a lot of studying for a while. Even though Im a bit nervous, Ive tried to stay calm, and pace myself, so I have more time to balance everything out and make sure I feel comfortable with what I need to know. Part of what has helped me stay calm, is the lovely weather that weve been having over here. Every time I go outside, its so pretty, and makes me relax a little bit. On Tuesday, I went to one my classes feeling a bit overwhelmed because I had just finished the lengthy study guide that we have for our test on Thursday. Thankfully, I left class feeling much better for several reasons. I felt as though my studying paid off. Secondly, my professor gave us all some good advice. He said, Dont forget to sleep on Wednesday night. If youve been doing everything you should be doing, and planning ahead, you should relax a little bit. The important thing about this is to not jinx yourself. Its still very important to study extra, even if youre feeling better about things. Still, I thought my professor had wonderful advice, because its important to get a good night of sleep whenever possible, and equally important to study well in advance. Sarah Class of 2018 I'm from Grand Rapids, Michigan. I'm majoring in Communication in the College of Liberal Arts and Sciences.

Animal Farm, 1984 Essay - 605 Words

Animal farm and 1984 Napoleon, the leader of all the animals of the Rebellion, can be compared and contrasted with Big Brother, the leader of all the people of 1984. Both Big Brother and Napoleon show the qualities of a cruel ruler. Similar to Big Brother, Napoleon is a secretive plotter who works behind the scenes rather than openly. However, unlike Napoleon, Big Brother periodically appears on the television screen. Napoleon and Big Brother both work continually to weaken their rivals, whether it is by removing Snowball or eliminate Rutherford. Both place importance on complicated ceremonies and parades to prevent their workers from thinking about their schemes. Napoleon’s control over animal farm is not as powerful as Big Brothers†¦show more content†¦At the end, one is presumably vaporized. The characters in Animal Farm and Nineteen Eighty-Four have similar and distinct characteristics, which put towards in the growth of theme. Big Brother and Napolean, unrelenting and sly, established a totalitarian group. Winston and Boxer are true followers of their leaders, they always thing the leader is right. All together these two books share many features, George Orwell is trying to show Totalitarianism/Animalism and fascism. He has set the two stories very well in the way he has compared and contrasted the characters to show different points of political aspects. Short Summary of Animal Farm Animal Farm is an allegory of the Russian Revolution, it is based on certain aspects of the Revolution. For example, revolting the government, all of the animals on the farm group together to overthrow their cruel owner because they believe they are not being treated as well as they should be. When the animals come into power after overthrowing their master the pigs consider themselves to be the dictators on the farm, snowball one of the pigs starts to plan building a windmill to give power to the farm but Napoleon is not happy that snowball is leading the animals in thought, so he starts blaspheming him, the animals are agreeing for Snowballs idea but now Napoleon is outraged. Napoleon lets out a high pitch squeal and out of nowhere a pack of dogs he raised from puppies ran after Snowball and chased him intoShow MoreRelatedGeorge Orwell s Animal Farm And 19841948 Words   |  8 Pagesuse of symbolism, metaphors, and allusions to help develop the ideals of totalitarian governments a nd their effects on society in his novels Animal Farm and 1984. Orwell uses symbolism to show various aspects of totalitarian governments in Animal Farm. The animal farm, or manor farm, is the plantation in which the animals all live and work on. Manor farm symbolizes various Human societies such as capitalists, socialists, and communists. Orwell uses this to show that there are multiple parties withinRead MoreAnimal Farm And 19841457 Words   |  6 Pagesthese books were Nineteen - Eighty -Four and Animal Farm, which were his works that most obviously portrayed his disfavor for totalitarian governments. Totalitarian governments are controlled by political authorities who have control of all aspects of society. Nineteen-Eighty-Four and Animal Farm are two different books that have different ways of expressing the same theme. For example, Animal Farm is constructed on a farm and the characters are animals and Nineteen - Eighty - Four is set in a societyRead MoreOrwell s 1984 And Animal Farm1243 Words   |  5 PagesHopelessness in 1984 and An imal Farm Hopelessness is a very strong quality present in 1984 and Animal Farm both by George Orwell. Animal Farm is a very literal allegory to the Russian revolution and warns about the dangers of a communist society. It reflects that hope can quickly be lost and people or animals can quickly become what they once fought to be free and independent from. 1984 follows a man named Winston who comes to rebel against his society but in the end is shown how futile his effortsRead MoreGeorge Orwell and Animal Farm and 19841008 Words   |  5 Pages George Orwell and Animal Farm and 1984 nbsp; George Orwell is only a pen name. The man behind the classics Animal Farm and 1984 was named Eric Arthur Blair and was born to a middle class family living in Bengal in 1903. Eric Blair got his first taste of class prejudice at a young age when his mother forced him to abandon his playmates, which were plumbers children (Crick 9). He could then play only with the other children in the family, all of whom were at least five years older or youngerRead MoreGeorge Orwells 1984 And Animal Farm1994 Words   |  8 Pages George Orwell’s 1984 and Animal Farm share a very important theme and common elements that shape the idea of an Orwellian society. Orwellian is widely described as a society in which the liberties of all are diminished due to powerful rule. Orwell conveys the theme of â€Å"Many believe that man’s actions result from his free will, the presentation/perception of what is fact, remains dominant over society s actions.† through parallel elements of rep ression of information, fear propaganda, and languageRead MoreAnimal Farm And 1984, By George Orwell1936 Words   |  8 Pagesoppressive powers, such novels include Animal Farm and 1984. He wrote Animal Farm in 1944-1945 at the tail end of the WWII, his inspiration came from the revolutions in Russia, the result of that was the USSR, which divulged the country into a totalitarian regime. This was accomplished by manipulating socialist ideas of equality among the working class to oppress its people and maintain power. This created the basis for Animal Farm where many of the animal characters have direct correlations to peopleRead MoreAnimal Farm And 1984 George Orwell Analysis889 Words   |  4 PagesGeorge Orwell used the theme of betrayal to show how the society in both â€Å"Animal Farm† and â€Å"1984† controls the people. Both books have a totalitarian government controlling everyone but in 1984 the government has people betray each other to gain power. People do as they’re told and lose the relationships such as family, friends, or intimate relationships, all of which they would have in a normal society. The government does this so each individual becomes alienated from each other and feels likeRead MoreGeorge Orwell s 1984 And Animal Farm1983 Words   |  8 PagesGeorge Orwell’s 1984 and Animal Farm shares a fundamental theme and common elements that shape the idea of an Orwellian society. Orwellian is widely described as a society in which the liberties of all are diminished due to authoritarian rule. Orwell conveys the theme of â€Å"Many believe that man’s actions result from his free will, the presentation/perception of what is fact, remains dominant over society s actions.† through parallel elements of repression of information, fear propaganda, and languageRead MoreAnimal Farm, 1984 and John F. Kennedy503 Words   |  2 Pageswant, therefore you impede your own growth. Throughout Animal Farm and 1984 bo th by George Orwell, this is seen by the use of motifs, characterization and symbolism. In Animal Farm, George Orwell uses motifs and characterization to demonstrate how conformity can take ones freedom away and stop them from expressing their own ideas. The â€Å"Beasts of England† song is a great example of a motif that’s supports John F. Kennedy’s quote. In Animal Farm, this song and many other songs/slogans act as propagandaRead MoreAnalysis Of George Orwell s 1984 And Animal Farm 1401 Words   |  6 PagesTitle/Author: 1984/ George Orwell Date of Publication/Genre: 1949/ Dystopian Fiction Biographical information about the author: George Orwell, who was originally Eric Arthur Blair was born in 1903 in British India. His two greatest novels include 1984 and Animal Farm. He is regarded as one of the greatest novelist of the 20th century. Historical information on the period of publication: During this period, the United Kingdom recognized the republic of Ireland. The United States claimed Israel as

Japan / China Response Towards Western Penetration Essay

Arianna Goff Dunnavant Per. 4 APWH 3-8-12 Japan / china response towards western penetration Although China and japan are similar when it comes to cultural independence, japan however, was interested in technological advancements influenced by the westerners causing interaction, while china stayed isolated causing a power shift, meaning Europeans were able to gain power and control over most of Asia and Africa during the nineteenth century. For 250 years, japan stayed isolated and independent without a need for industrialization. In the 1600’s, japan closed off all connection with Europe and expelled all catholic Christians from Japan because the Japanese felt there was no need for industrialization and they wanted to keep old†¦show more content†¦Plus renewed hostilities broke out against Britain and France between 1856- 1860, which further weakened China. The Boxer Rebellion (1899-1900) was a desperate attempt to oppose imperialism and drive out the foreigners, but it was eventually crushed by a multi-national force, and China made to pay even more indemnit ies. Essentially the Chinese tried to resist but the Europeans responded with superior military force and got humiliated while the Japanese, faced with the US Navy in 1853, just backed down and decided to learn from the West by copying them. Commander Mathew Perry, an officer of the highest rank in the navy of the United States sailed into Edo, japan in 1853 with a letter for the Togugawa family with four demands and requirements for the exchange of western technology, ending japans isolation. The Japanese had apparently learnt from the mistakes of the Chinese, and did not directly oppose the West. Instead, they adopted a policy of procrastination. They thereby succeeded in postponing the first of their own set of ‘unequal treaties’ until 1858. With that minor exception, Japan’s policy successfully avoided the conflicts with the West that so plagued China throughout the nineteenth century. Eager fascination with everything western after the samurai lost their ancient role in japan caused a combine foreign and Japanese trade due the U.S threatening force of action if japan didn’t do as they said. Japan surrendered and signed the treatyShow MoreRelatedAp World History Essay: Comparing and Contrasting China and Japans Responses to Western Penetration in the 19th Century658 Words   |  3 PagesJapan and China had many contrasting responses to western penetration in the nineteenth century, including economic interaction - economically China suffered and Japan prospered, Japanese agricultural productivity increased while China’s did not, and China only accepted a small amount of goods while Japan accepted a wide range of goods- and political interaction - China went to war but Japan did not, Japan adopted western learning styles but China did not, and Japan heavily increased taxes on theirRead MoreThe Reform of Japanese Imperialism1019 Words   |  4 Pagest o powerful Western Empires such as Russia, Britain and the United States. They had imposed similar legal and commercial disabilities previously in China to serve their imperialistic needs. Japan was officially integrated into the treaty port system by 1860, thus establishing it’s first step towards incorporation into the world economics. The international political environment was crucial in structure Japanese imperialism particularly in two ways. Firstly, treaty privileges in China became JapaneseRead MoreThe Revolution Of The Revolutionary Revolution1420 Words   |  6 PagesBeginning in 1839, foreign imperialists began to exploit China for economic gain. The Chinese immediately renounced imperialism. The revolution that took place in China from 1839 to the present was in part a reaction to the aggressive advancements of imperialism. A pattern arose, A power would impose it’s will on China, and China was too weak to defend itself. This angered the Chinese people and pushed them toward revolution. The leader of the revolution, Mao Tse-tung, wrote about how each altercationRead MoreThe Bi-Polar World Order Essay2174 Words   |  9 Pagesend 1960s, disruptions within the single pattern started to materialize (Ibid, p.55). The beginning of the Dà ©tente was marked with the Third World’s gradual building of political significance, but not only. In addition to that, other states like China, Japan, and from the European Community, started emerging under the blanket of the world’s duopoly. Furthermore, popular concerns on a global scale unified the masses, and further questioned the bipolarity of Cold War rhetoric. The period of thaw inRead More The Advent of Imperialism Essay2934 Words   |  12 PagesThe Advent of Imperialism We live in a world today in which the consequences of nineteenth-century Western imperialism are still being felt. By about 1914 Western civilization reached the high point of its long-standing global expansion. This expansion in this period took many forms. There was, first of all, economic expansion. Europeans invested large sums of money abroad, building railroads and ports, mines and plantations, factories and public utilities. Trade betweenRead MoreWwi And Wwi : The First World War1704 Words   |  7 PagesWorld War, The Great War, The European War, and The War of the Nations. It was fought primarily in Europe from the year 1914 to the year 1918 and lasted 4 years. There were two warring groups, the Allied Powers composed of France, Britain, Russia, Japan, Italy, and in the later years, the U.S.; and the Central Powers composed of Germany, Austria-Hungary, Bulgaria, and Turkey. It was triggered by the assassination of Archduke Franz Ferdinand of Austria by Serbian nationalists. The allies of Austria-HungaryRead MoreJapanese Militarism5701 Words   |  23 PagesJapanese Militarism The recent spat between Japan and China is the latest in a series of outbursts between the two nations. What started as a Chinese objection to Japanese interpretation of history especially with reference to the latter’s acts against China during the fourth quarter of the 19th century and the first half of the 20th century, has now snowballed into a major controversy which could threaten the fragile relationship between them. The current episode started simmering when the ChineseRead MoreJapanese Militarism5701 Words   |  23 PagesJapanese Militarism The recent spat between Japan and China is the latest in a series of outbursts between the two nations. What started as a Chinese objection to Japanese interpretation of history especially with reference to the latter’s acts against China during the fourth quarter of the 19th century and the first half of the 20th century, has now snowballed into a major controversy which could threaten the fragile relationship between them. The current episode started simmering whenRead MoreDendreon Corporation: Strategies for International Growth2979 Words   |  12 Pagesbased in Asia, Takeda, is considered, the potential for success in the Chinese market is even more promising. The drug market in developing countries, such as China, is growing exponentially when compared to its growth in developed markets and by entering the Chinese market Dendreon will strategically position itself for further penetration of other rapidly growing, under-penetrated international markets. I hope Dendreon’s senior management will consider the following presentation on why the ChineseRead MoreNestle Case Study3261 Words   |  14 Pages It has over 500 factories in over 70 countries, and sells its products in approximately 200 nations. Only 1% of sales and 3% of employees are located in its home country, Switzerland. Having reached the limits of growth and profitable penetration in most Western markets, Nestle turned its atte ntion to emerging markets in Eastern Europe, Asia, and Latin America for growth. Many of these countries are relatively poor, but the economies are growing quickly. Thus a consumer base capable of buying many

Executive Summary the Microsoft Information Technology Free Essays

The Microsoft Information Technology (Microsoft IT) group needed an antivirus solution to adequately address the growing threat from the many types of Internet-borne malicious software, also known as malware. When Microsoft IT assessed its requirements for an enterprise anti-malware solution, the group realized the challenge of the ever-changing landscape of client security. Centralized management, rapid reporting, and a positive user experience for clients were some features that Microsoft IT sought in a client security solution. We will write a custom essay sample on Executive Summary the Microsoft Information Technology or any similar topic only for you Order Now A product group within Microsoft consulted with the security staff of Microsoft IT for the initial development of a new anti-malware solution, Microsoft ® Forefrontâ„ ¢ Client Security. As the new product emerged, Microsoft IT volunteered to test it, first in a lab environment, and then in an enterprise production environment. Microsoft IT developed and tested a server management group for administering the new system. Testing revealed that the server choices more than sufficed, but they required more advanced storage.For this reason, the server management group attached to a storage area network (SAN) for use by data collection and reporting services. Lab testing was successful, so Microsoft IT rolled out the solution into a production environment in a limited-participant pilot. The initial pilot was successful, and soon 10,000 participants were using the product. The ability to quickly see reports on the security status of all participating clients quickly facilitated executive queries. Moreover, a centralized console simplified client management.If a report on the console alerted Microsoft IT security staff to a misconfiguration that exposed a vulnerability or a possible malware infection, the team could easily resolve the issue. The team could quickly move through console reports and remotely correct the misconfiguration. Or, the team could initiate an anti-malware scan on the client computer without involving the end user. Microsoft IT worked with the Forefront Client Security product development team to expand the pilot to 50,000 worldwide users. Microsoft IT also integrated the management server group services used by Forefront Client Security into the existing network infrastructure wherever possible. This white paper shares architecture, design, and deployment considerations. This paper briefly discusses the advantages of advanced Forefront Client Security features. The paper also describes how Microsoft implemented the Forefront Client Security solution in its environment. This paper assumes that readers are technical decision makers and are already familiar with the following:†¢Anti-malware security technologies Microsoft server products such as Microsoft SQL Server ® 2005 database software, Microsoft Operations Manager 2005, and Microsoft Systems Management Server (SMS) 2003 †¢Windows Server ® technologies such as Windows Server Update Services (WSUS) IT groups can employ many of the principles and techniques described in this paper to manage risk in their organizations. Similarly, the design consideration s for anti-malware security infrastructure can be applied to most enterprise-scale IT environments that use How to cite Executive Summary the Microsoft Information Technology, Papers

Important to Know Target Markets

Questions: 1. Discussion: Why it is so important to know your target markets? 2. Discussion: Types of Customers Discuss the importance of discerning the different types (select only 3 types) of customers: diners, drop-in, meet-and-go, entertainment seekers, regulars and repeat customers, as well as the many sub-groups within these categories. Write one page long paper with your thoughts by describing what you would do, as a manager, to attract those customers. Answers: 1. Discussion: Why it is so important to know your target markets? Identification of target market is one of the most crucial elements of a business. A business cannot be expected to survive without knowing the perfect audience for a specific business. It is important to know the target customers as it helps in giving a clear focus to business for support. With the identification of target markets, the target audience can be managed by knowing the reason for consumption of the product. The resources can be prioritized accordingly. Targeting an audience helps in tailoring the message or pitch. In the case of homogenous products, the customers consuming the competitors' products can be analyzed. It would help in improving marketing efforts. The characteristics or experiences can be used for precision planning. If the marketing is done correctly, the sales can explode by finding the exact customers. The intelligence of customers, patience level and level of service demanded by them can be recognized. The valuable customers can be identified for buildin g a long-term relationship. The identification of a target audience is a good starting point for creating a message for conversion into marketing and sales. The marketing and sales approach may not be effective if there is not a clear line of focus. 2. Discussion: Types of Customers The customer groups fall into various segments as they have a different demographic structure, lifestyle and background. The identification of the type of customers is important as all customers have a different set of needs. A few groups are identified by analyzing the behavior and discerning the importance of following types of customers: Diners at restaurants where drinks are served There are a few diners who love to enjoy a good meal and drink in the form of an after-dinner drink, wine or cocktail and even all three. These customers seek a complete package for a unique experience. Such restaurants that provide each of the above components enhance the experience of customers. The millennial is usually the type of customers seeking for a complete experience. Food may be the primary focus for these customers, but they often want to enjoy their food with an alcoholic beverage. The restaurant excelling in business despite alcohol are exceptions. Entertainment seekers Another type of customers is entertainment seekers who look for a place to relax, chat with friends, stimulate and changing pace. Such customers visit bars, restaurants and clubs with western music and ambience. The customers visiting such places have a social life and wish to keep up the trend. Drinks are usually served at such places that help in changing pace of the customers. Meet-and-go customers The individuals looking for a place to date for an evening or a longer-term plan visit these restaurants. These restaurants are used for spending time for the singles or with someone where the environment is apt to have a conversation for an evening together. These customers usually visit coffee bars to have a leisurely conversation with their ideal ones. Single bars have dance floors and people visit their very late in the night. References Davis, Bernard, Andrew Lockwood, and Sally Stone.Food And Beverage Management. 5th ed. Oxford [England]: Butterworth-Heinemann, 2013. Print. Startups.co.uk,. "The Importance Of Identifying Your Target Customer - Startups.Co.Uk: Starting A Business Advice And Business Ideas". N.p., 2015. Web. 20 Dec. 2015. Walker, John R.Introduction To Hospitality Management. [Place of publication not identified]: Prentice hall, 2012. Print. YouTube,. "Target Market Analysis: How To Define Your Target Market And Sell More Products Easily". N.p., 2015. Web. 20 Dec. 2015.

Addressing the Issues of Childhood Obesity

Introduction Childhood obesity is a medical condition affecting young children and adolescents, whereby the person’s weight does not conform to what is deemed normal at his/her age. According to research by Hirsch, one in every five children in the United States is obese.Advertising We will write a custom research paper sample on Addressing the Issues of Childhood Obesity specifically for you for only $16.05 $11/page Learn More This population, however, grows day by day, backed by the fact that the condition is hereditary. Other causes include lack of enough exercise and a poor eating pattern. Medical conditions affecting the overweight are not common in children, though they face a higher risk of developing obesity through to their adulthood. When fully developed, obesity presents a vast number of threats to the individual, which is why medical practitioners regard it as a ticking time bomb. With the change in lifestyle brought about by new age t echnological advances, children no longer go to the park to play. This, valued so much by previous generations, was consequently replaced by video games and online gaming. Children nowadays shift from one screen to another as the order of the day. This has been made worse by the fact that parents now resort to fast foods for their daily meals, averting home cooking which is now regarded as inconvenient. If a change is to take place to review this pattern, it ought to start with the parents.Advertising Looking for research paper on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Controlling Childhood Obesity Childhood obesity can be easily contained through certain step by step remedies. â€Å"The first step is reducing time children spend on television, video, and online gaming to roughly two hours a day† (Mayo Clinic Services). Children impulsively opt for other activities when the screens have been declared off limi ts. To efficiently utilize this time that has now become available, parents should move to the second step which is involving the children in activities that keep them moving. All children develop an interest in certain fields. If for example, the child is a comic book enthusiast, walk him/her to the neighborhood comic book store or library, and back. This will ensure that the body burns off excess calories stored while increasing blood circulation. To ensure that this does not become a boring affair, parents should let the children pick their preferred tasks and maybe spice it up when need be. Variety would also be better when the children alternate in the choosing of events. Children are known to imitate almost everything their parents do, when, where and how they do it. This means doing it together to present a good example. Parents wouldn’t be helping much if they asked their children to play, and replaced them immediately they leave. After an activity-filled fun day, the whole family should congregate at the dinner table for supper. Dieticians recommend inclusion of fruit and vegetable meals with lower calorie counts. Fast-foods ought to be avoided as much as possible. During this time, the television set should be turned off. â€Å"The researchers found children who†¦eat fewer family meals are more likely to be overweight once they reach first grade† (Decision News Media).Advertising We will write a custom research paper sample on Addressing the Issues of Childhood Obesity specifically for you for only $16.05 $11/page Learn More While watching television, one does not take note of the quantity of food he/she eats. This amount is mostly on the higher side. Conclusion Charity begins at home. Many a time, the local pediatrician is not needed to keep children fit and healthy. All that has to be done is to provide the body with a little bit of everything it requires, for it’s the little things we do that add up in the end. References Decision News Media. TV’s influence on eating habits re-examined. Web. Hirsch, D. Obesity in Children. Web. Mayo Clinic Services. Childhood obesity.  Web. This research paper on Addressing the Issues of Childhood Obesity was written and submitted by user Nathaniel Ramsey to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Body Image and Sexuality Essays

Body Image and Sexuality Essays Body Image and Sexuality Paper Body Image and Sexuality Paper The first step in understanding the relationship between body image and sexuality is to understand the meaning of each. Body image is how one sees one’s own body. Despite the simple definition, there lies a complexity in the practical meaning of the word. Body satisfaction (or dissatisfaction) is influenced heavily by one’s culture: the norm of the ideal body. In the US, the ideal female body is low in fat yet curvaceous. However, in China, Ghana and Greece (Myth of Dionysius; Semiotic, 2006), the big bellies, fatness and heaviness in women are desired and related to happiness and abundance. Thus, the definition of body image is dependent on how one’s perception is influenced by his culture and surroundings. Sexuality Sexuality has a more academic definition, i. e. , the quality or state of being sexual (Sexuality, 2006). Unambiguously, it is one’s level of interest in sex. Sexuality is in most part a biological phenomenon, the interest of the female specie to the male as the opposite specie. However, there are aspects in the modern relationship that accept the fact of homosexuality. In this paper, we limit our research into the heterosexual aspect of sexuality. Two researches are being presented to show the scientific investigation conducted by professionals on the topic at hand. Research No. 1 McKay, A. of the Canadian Journal of Human Sexuality (2000) discusses a survey conducted by Ackard, D. M. , Kearney-Cooke, A. , Peterson, C. B. on the effect of body image and self-image on womens sexual behaviors. In March 1997, Ackard, et. al, conducted a survey entitled Does Your Body Image Affect Your Love Life? featured in Shape magazine. The response of 3,627 women age ranging from 14 to 74 years old, completed college and weighing an average of 145 lbs, was a 66. 4% satisfaction with their overall self. In spite of this, 60. 2% of them were dissatisfied with their appearance and a while 80. 5% reported some degree of satisfaction with their ability to form and maintain relationships with others. (Mckay, 2000, p. 124) The survey resulted in a direct correlation between body image and sexuality, i. e. , those satisfied with their body image, responded as having higher frequency of sex and achieving orgasm, than those that are dissatisfied with their body image. Furthermore, the intimacy and adventure level of those the ones satisfied with their body image were higher than those that were dissatisfied: greater comfort undressing in front of their partner, greater comfort having sex with the lights on, greater comfort trying new sexual activities, and greater confidence in their ability to give their partner sexual pleasure. (Mckay, 2000, p. 124) In spite of the above, Mckay (2000, p. 124) noted that Ackard, et. al, (2000) concluded that overall satisfaction is the more significant influencing factor to the respondents’ sexuality, more than body image itself. This is evidenced by the fact that the overall self-satisfaction and ability to form and maintain relations with others resulted with a higher percentage than the satisfaction of the respondents with their own appearance, which is body image. The Ackard, et. al survey however has a limited respondent base, i. e. the respondents are readers of the fitness magazine and thus maybe highly focused on body image vs. the average woman. A wider subject base is considered in the next experiment and presents a more analytical assessment of the relationship between body image and sexuality. Research No. 2 In 1998, Wiederman, M. W. and Hurst, S. R. , conducted a study with 192 young women aged 18 to 21, 89. 6% were White, 7. 8% were Black, and 2. 6% were Latina, all psychology students of Ball State University, Indiana. In this experiment, specific measures were assessed relating to body image and sexuality as follows: (1) relationship status, dating (casually or exclusively) or committed; (2) Sexual experience, actual intercourse or oral stimulation; (3) Sexual esteem or the tendency to evaluate oneself positively as a sexual partner; (5) Attitudinal acceptance of casual sex using; (6) Actual attractiveness measured by a male and a female research assistant; (7) Body mass index (BMI); (8) Body dissatisfaction; (9) Self-rated bodily attractiveness; (10) Appearance orientation on habits related to one’s appearance; and (11) Social avoidance. (Wiederman Hurst, 1998) The results were interesting. Those that are in a relationship (some level of commitment with the opposite sex) were relatively smaller, objectively more attractive, and perceived themselves as having more attractive bodies. Furthermore, slightly more women who are not committed were dissatisfied with their body image. Similarly, those without any form of sexual experience were bigger and objectively less attractive. They also had limited or no initiative to perform oral sex to a male partner. For sexual esteem, those that scored high in self-rated bodily attractiveness had higher sexual esteem and are not intimidated in social activities highlighting one’s appearance. However, for both measures, there is a higher body image dissatisfaction rate on those with high sexual experience and sexual esteem. Thus, the authors concluded that the results of the current study are not definitive. (Wiederman Hurst, 1998) Relationship The simple answer for the question at hand is no: one’s body image is not a definitive factor to determine one’s sexuality. Humans have the power to overcome unpleasant, objectively unacceptable body image to achieve a positive overall self-satisfaction. By doing so, as evidenced in the two experiments, one’s level of sexuality is heightened as well. References Body image. (n. d. ). The American Heritage ® Dictionary of the English Language, Fourth Edition. Retrieved November 13, 2006, from Answers. com Web site: answers. com/topic/body-image Body image. (n. d. ). Wikipedia. Retrieved November 13, 2006, from Answers. com Web site: answers. com/topic/body-image Henderson, K. A. , Hodges, S. , Kivel, B. D. (2002). Context and Dialogue in Research on Women and Leisure. Journal of Leisure Research, 34(3), 253+. Retrieved November 14, 2006, from Questia database: questia. com/PM. qst? a=od=5000812878 Mckay, A. (2000). Effect of Body Image and Self-Image on Womens Sexual Behaviors. The Canadian Journal of Human Sexuality, 9(2), 124. Retrieved November 14, 2006, from Questia database: questia. com/PM. qst? a=od=5001808421 Semiotics of Ideal Beauty. (n. d. ). Wikipedia. Retrieved November 13, 2006, from Answers. com Web site: http://en. wikipedia. org/wiki/Semiotics_of_Ideal_Beauty Sexuality. (n. d. ). Gale Encyclopedia of Cancer. Retrieved November 13, 2006, from Answers. com Web site: answers. com/topic/sexuality Sexuality. (n. d. ). The American Heritage ® Dictionary of the English Language, Fourth Edition. Retrieved November 13, 2006, from Answers. com Web site: answers. com/topic/sexuality Wiederman, M. W. , Hurst, S. R. (1998). Body Size, Physical Attractiveness, and Body Image among Young Adult Women: Relationships to Sexual Experience and Sexual Esteem. The Journal of Sex Research, 35(3), 272+. Retrieved November 14, 2006, from Questia database: questia. com/PM. qst? a=od=5001369622

1. Interest Groups2. Political Party3. Bureaucratic Agency (Gov Essay - 1

1. Interest Groups2. Political Party3. Bureaucratic Agency (Gov. Agency) - Essay Example All the relevant and necessary information concerning this group are available in their main webpage (www.girlsnotbrides.org). As per the detailed website, some of the objectives of this group include mobilizing all the required financial and policy support to fight child marriages, enabling coordination and learning between groups working to halt early child marriages, and, importantly, creating global awareness of the damage that early child marriages portend to the individual, the community and the world at large. The group seeks to amplify the cries of girls often forced with or coerced into early marriage. The administrative and financial management of the group is the function of the Board of Trustees, whose members are equally legally responsible for the decisions and actions of the board. Aside from finance and administration, this board also safeguards the culture of the group and protects its good name. The Advisory Committee advises the Board of Trustees on the policies and strategies of the group. The Executive Director (currently Lakshmi Sundaram0 serves to ensure the group delivers on its stra tegies and draws ever closer to eliminating child marriage. Members of the group are called to exceptional commitment to good governance, accountability and transparency in the group’s goals of eradicating child marriage, work actively with other members, governments and relevant players on all levels towards realizing said goals, and contributing in any way in the group’s activities (Girls Not Brides, 1). The Girls Not Brides group received funding from donors such as the Ford Foundation, IKEA, Nike, Open Society, Skoll, the Dvaid & Lucile Packard Foundation, Kendeda, Sabanci, NoVo, Human Dignity Foundation, amongst other well-wishers (Girls Not Brides, 1). This site can be critical to one interested in politics in order that they may develop better comprehension and enlightened engagement in political processes by enabling one to know how such groups

To compare the quality of health care in U.K and Saudi Arabia Essay

To compare the quality of health care in U.K and Saudi Arabia - Essay Example is that it has to ensure that EU citizens obtain equal treatment in a host State. Thus while in case of U.K., one must both refer to the guidelines of WHO as well as E.U., Saudi Arabia needs to follow the guidelines of WHO only. In some countries health care for their respective citizens are regulated statutorily and some others it is only voluntary. Thus before going into the prevailing conditions in U.K. and Saudi Arabia, guidelines of the WHO and the E.U. must be examined. Standards of quality of general health care must be seen before going into the disease-specific health care quality standards. Some definitions relating to quality of health care need to be mentioned. They represent performance indicators or are used to describe performance measurement of health care industry. Rather than quality indicators, financial indicators have only played so far crucial role to describe performance. Financial indicators such as length of stay, average cost per discharge are no longer sufficient to understand quality of health care delivery of an organisation. In fact, Florence Nightingale set the tone for tracking healthcare outcomes. Later Earnest A. Codman, a surgeon from Boston, in early 1900s opined that physicians instead of just measuring what they did, should track results of their performance over a period. His thinking was ahead of his time and he called it the â€Å"end-result idea† saying that there should be some feedback system on what happened to the patients one year after receiving their treatment, though it was not welcomed by the profession and his colleagues at Massachusetts General Hospital criticised him for his outlandish idea.1 In his two volume classic Explorations in Quality Assessment and Monitoring (1980,1982), Donabedian, another physician proposed three key issues in the health care delivery. They are Structures, Processes and Outcomes. Structures are the tools, resources and organisational components. Processes are

Management Objectives for a Semi-natural Woodland

Management Objectives for a Semi-natural Woodland Niamh Fitzpatrick An effective and long term successful management plan of Derrybeg woodland is critical to conserve and protect the biodiversity of the site. To do this, the first and most important step is the implementation of a bassline study. This bassline study will provide information on the flora and fauna that is present on the site, allowing you to devise an appropriate management plan. The first management objective of Derrybeg Wood is to manage the mixed broadleaf woodlands which includes, oak-ash-hazel and wet willow-alder-ash. The management of these woodlands is imperative as they are natural or semi natural woodlands of high ecological importance. Throughout the management its vital that one firstly maintains and if possible restores the woodlands natural ecological diversity. The main technique for the management of these woodlands is coppicing. However, as Derrybeg Wood has not been actively managed for several decades, firstly it would be necessary for the standards to be thinned out. This will allow more light for the understory. By thinning the broadleaf species, it removes the less desirable or trees that are not as healthy as well as giving the remaining trees more space to develop (Betts Ellis, 2009). Thinning allows light onto the woodland floor, thus encouraging an understorey of small plants, shrubs and trees to grow. This generally occurs naturally in many woodlands i.e. as weaker trees die, thus this step is not causing any negative impacts on the surrounding flora and fauna and is simply working with nature (Betts Ellis, 2009). In terms of coppicing these broadleaved woodlands, all the multi-stemmed broadleaved trees and shrubs that occur together will be cut down to ground level. The size of the coppice coupes will need to be proportional to the woodland area (Betts Ellis, 2009). For this woodland, coupes of 1-2 ha would be suitable. For optimum coppice growth to be achieved, their density will be kept between 30% and 50% of the canopy. It is preferable to maintain coupes that are irregular and elongated in shape compared to those that are square or regular in shape because they create richer edge habitats (Betts Ellis, 2009). Coppicing works extremely well for the woodland on a whole. It creates ideal conditions for many different species. The influx of light is optimal for some wild flowers in the first few years after cutting. Also as the coppice grows and becomes denser, excellent conditions are created for nesting birds which are present on site (Betts Ellis, 2009) This is a long-term management objective that needs to be monitored and carried out over several years. According to a study by (Betts Ellis, 2009) the stools are expected shoot and in 5 to 20 years they will produce a crop of poles that will need to be cut again. As Red Deer are present in this woodland the advantage of the richer edge habitats may be lost unless they are kept out for the saplings to be able to regenerate. Deer can cause major problems as they are tall and the coppice takes a lot longer to grow beyond the reach of the Red Deers mouth (Betts Ellis, 2009). In order to prevent the deer from entering this site, a deer fence is the most effective form of protection. In terms of natural barriers, brash is an excellent and effective alternative. Objective two: The second objective is to remove the rhododendron that is present in approximately half of the woodland. From the bassline study, we found that the level of infestation varies throughout this woodland i.e. near the pools in the centre of the woodland and under the birch and oak, there is heavy infestation as well as near the eastern half of the woodland, within the conifer stands. These heavily infested areas are priority and will be cleared first. The bushes that are largest and most mature need to be removed first, therefore removal will begin in the middle and work outwards rather than starting on the edges with the youngest bushes. Its important to remove these bushes first because they have the highest yield of seeds, thus causing the biggest threat to the eradication of this area. Once these major seed sources have been tackled, the minor seed sources will become a priority. (Edwards, 2006) The technique chosen to remove the invasive will depend on many factors such as; the height in which its growing, the level of invasion and the accessibility to the area. for this site the removal of the invasive will be broken up into three different steps; The initial removal of the invasive the stumps will be cut therefore leaving no live shoots or branches. This will occur from September to March and the cut material will be removed to a suitable area to be burned. Only a small number of burning sites will occur as it creates more areas of bare ground, thus providing more areas for the seeds to thrive. (Kent Wildlife Trust, 2017) Controlling the stems and roots young bushes, residual seedlings and any regrowth will be treated using a foliar spray that contains an adjuvant to enhance the performance of the herbicide. This is necessary to remove the waxy layer that is present on the surface of the leaf (Kent Wildlife Trust, 2017). This will occur from May to October, preferably when the weather is dry. Mature bushes will then be treated using a stem injection treatment, i.e. cutting the main stem to allow a hole to be drilled enabling the use of the herbicide. (Edwards, 2006) Follow up treatments Its critical that these treatments are carried out thoroughly ensuring all ground is covered before moving on to a new site. If not, the invasive will re-establish. The rhododendron must be monitored and re surveyed at the end of every growing season to identify if there is any re-growth (Edwards, 2006). From this any follow up treatments can be established. Herbicides dont transport within the phloem of the plant, thus its necessary to repeat this process to ensure that the invasive is dead and cannot re-grow. (Betts Ellis, 2009) Its extremely difficult to achieve the complete elimination of rhododendron and it is a very time consuming process, however if its controlled until the surrounding trees close canopy then shading will halt its development (Betts Ellis, 2009). Additionally, as much of the rhododendron invasion occurs within the conifer stands, the dense evergreen crowns of these conifer species have a heavy shade, thus preventing the Rhododendron regenerating within the stand (Betts Ellis, 2009). In a report from the forestry commission (Edwards, 2006), it was recommended that the management plan should occur over a seven-year period, therefore these steps including the follow up treatments will take place over seven years to ensure the complete eradication of the invasion of rhododendron in this woodland. (Edwards, 2006) Objective three: The third objective for Derrybeg wood is the development of rides or glades. A ride is a linear open space within a wood that is formed for the need of access (Stephens, 2005). Rides generally have a hard-surfaced track which make up some of the width and they are usually made up of several zones. A path or track becomes a ride when it is wide enough for there to be an opening in the canopy, allowing sunlight to reach the ground (Stephens, 2005). The first step in this objective is to survey all potential rides to establish which rides to open or create. This step is critical to choose the ones with greatest potential. All archeological features i.e. wood banks will be carefully considered to prevent damage in the process of creating or widening a ride (Stephens, 2005). The depth of the ride will be equal to or greater than the height of the adjacent canopy. Rides that are less than this width quickly lose any benefit gained in the early years (Stephens, 2005). The rides will have a wavy edge as this has a greater wildlife benefit. The wavy edge maximises the woodland edge, thus increasing the habitat diversity. In areas where wood mice and red squirrel are present pinch points will need to be included at no more than 100-metre intervals (Stephens, 2005). This is important as they are arboreal mammals which generally dont like to travel along the ground. Thus, they require aerial runways to cross open spaces. Rides that are w ider can also cause disturbances to the population and subsequent decline if links across them are not provided. The rides will be opened out to ensure maximum sunlight. It will run on the east-west line rather than the north-south line because east-west lines are in the sunlight for longer (Stephens, 2005). They warm up earlier in the year and cool down later and warmth combined with sunlight will promote the greatest wildlife benefit. The sunny ride edges will rapidly develop grasses and several plants that may be scarce or not found elsewhere in the wood e.g. violets (Stephens, 2005). Shrubs may grow on ride edges and this is a great food source for many butterflies and other insects which are present in the wood. Many flowers and butterflies present favour open-space environments at the woodland edge and therefore should thrive from this being extended (Betts Ellis, 2009). The careful management of open habitats is significant as it introduces greater habitat diversity. It enco urages a larger range of species as many prefer the edge of habitats for feeding due to the higher level of herbs and the larger invertebrate population (Betts Ellis, 2009). Once the rides have been identified and created, its important that they are maintained and managed appropriately for the following 20 years by doing the following; Mowing the area where the greatest amount of sunlight occurs every year. Cutting a herb or shrub zone once every three to five years. Cutting a transition zone between the herb / shrub zone to the high forest on an eight to twenty-year coppice rotation. Controlling the presence of deer, as this is required over an extensive area, culling is the most practical method as opposed to fencing. (Stephens, 2005) Objective Four: The management of the wildlife present in Derrybeg Wood is another significant objective. Many species present in the wood are protected or threatened per the IUCN red lists for example the red squirrel and the lesser horseshoe bat. These species are protected under the Wildlife (Amendment) Act 2000. In addition, the lesser horseshoe bat is also protected under the EU Habitats Directive. Given the conservation importance of these species its important to follow guidelines in relation to their management and the overall management of the wood. The red squirrel Sciurus vulgaris, is a significant species present in this woodland, and it is critical that they are managed effectively to prevent their decline. As grey squirrels are not present in this woodland, food supply is one of the most important factors affecting the red squirrels population density. The management of the conifer species is important to provide a continuous food supply for the red squirrel. Generally, conifer species are of variable quality in terms of being a food source (Red Squirrels Northern England, 2017). The amount of seed produced depends on factors such as the age of the trees, thus conifers should be managed depending on the state of the woodland (Red Squirrels Northern England, 2017). The management of the conifer species in this wood will include; Sustaining a permanent proportion of the forest that is made up of stands of seed bearing age. This is important because conifer species dont generally produce cones every year. Many species can take up to seven years between cycles and some species dont start to cone until they are 15-20 years old. (Red Squirrels Northern England, 2017). Maintaining a significant amount of a variety of species, i.e. not just Sitka spruce. This is important to ensure diversity of species. (Red Squirrels Northern England, 2017) Ensuring a constant tree canopy that is not disturbed. To do this, the structure of the conifers will need to consist of stands of trees that are of a similar age. This will also help to reduce forest vulnerability to wind throw. (Red Squirrels Northern England, 2017) The lesser horseshoe bat, Rhinolophus hipposideros is also protected under the Wildlife (Amendment) Act 2000. As this species has such specific requirements i.e. needing dense vegetation to forage and linear sites to travel, it is given added legislative protection under the Habitats Directive (McAney, 2017). To protect this species, the woodland will firstly be surveyed to identify trees that contain roosts. This survey will be carried out in both summer and winter. This will be repeated every 5 to 10 years after this initial survey to evaluate any changes in the population (Foresty Commission , 2005). After surveying, a natural reserve will be created to provide security and permanency for the species. The careful management of the rest of the woodland is vital and will enhance the feeding areas of the bat species as well as other species present in the wood. The natural reserve will be monitored and reviewed every 5 years. (Foresty Commission , 2005) Objective Five: The final management objective that will occur in this woodland is the control of bracken encroachment. From the bassline study, a substantial amount of bracken was identified in the north-eastern part of the woodland. The presence of bracken is a sign of soil disturbance and will require a long-term management plan. Although bracken can be significant where it is mixed with other vegetation as well as providing an important larval food plant for some species of butterfly, its removal encourages primary habitats to re-establish which is of greater importance for wildlife. The complete eradication of bracken is not necessary nor desirable for this site, therefore the objective is to control the spread of bracken on a long-term basis for numerous reasons e.g. to protect other valuable habitats and vegetation (Farrell, 1999). Firstly, the presence of bracken should be identified and mapped by surveying its distribution between the months of July and October as this is when it is most visible. Then its vital to identify the target specific areas that need to be controlled and tackle the target areas first, i.e. those that are increasing rapidly. Initially the bracken will be controlled chemically, using a herbicide. The most common herbicide used is asulox which is favoured over roundup as it is specific towards certain plants e.g. ferns (Farrell, 1999). The site will be sprayed using a portable knapsack sprayer from the middle of July to August where weather is not too windy or wet, and a dye will be used to identify the fronds that have been treated. Spraying doesnt have any direct effects on the surrounding animals or to human health, however it will affect the taste of the bracken, thus all grazing animals will be fenced off for at least two weeks (Farrell, 1999). This treatment is expected to remove 98% of the bracken present in the area, however the other 2% will re-establish on the land over the following five years if an appropriate follow up plan is not prepared. This site will require a ten-year management plant which involves the continuous monitoring and treatment of the site. Initial spraying needs to be followed by cutting every 2-3 years for the foreseeable future (Farrell, 1999). Its important that a period of at least two years is left in between spraying. This is to allow buds that are dormant on the remaining bracken rhizomes to develop (Roberts MacDonald, 2017). Bracken encroachment can also be controlled by sowing heather cuttings, as the regeneration of heather is an excellent way to keep the encroachment of bracken under control. There will also be a period where animals cannot graze allowing new vegetation to grow from regeneration (Roberts MacDonald, 2017) References Betts, A. Ellis, J., 2009. So, you own a woodland?, Bristol: Forestry Commission National Office . Edwards, C., 2006. Managing and controlling invasive rhododendron, Edinburgh: Forestry Commission. Farrell, F., 1999. Bracken Management. [Online] Available at: http://www.esatclear.ie/~fionafarrell/html/technical_writing.html[Accessed 10 March 2017]. Forest Service , 2009. Forestry and Otter Guidelines, s.l.: Department of Agriculture, Fisheries and Food . Foresty Commission , 2005. Woodland Management for Bats , s.l.: Forestry Commission for England and Wales . Kent Wildlife Trust, 2017. Woodland management control of rhododendron and cherry laurel. [Online] Available at: http://www.kentwildlifetrust.org.uk/sites/default/files/kwt_land_mgt_advice_sheet_9_-_woodland_management_-_control_of_rhododendron.pdf[Accessed 10 March 2017]. McAney, D. K., 2017. Vincent Wildlife lesser horseshoe bat (RHINOLOPHUS HIPPOSIDEROS). [Online] Available at: http://www.mammals-in-ireland.ie/species/lesser-horseshoe-bat[Accessed 27 February 2017]. Red Squirrels Northern England, 2017. Habitat Management in Red Squirrel Reserves and Buffer Zones in Northern England. [Online] Available at: http://rsne.org.uk/sites/default/files/Habitat%20Management.pdf[Accessed 27 February 2017]. Roberts, J. MacDonald, A., 2017. Bracken Control. [Online] Available at: http://www.snh.org.uk/publications/on-line/advisorynotes/24/24.htm[Accessed 10 March 2017]. Stephens, P., 2005. Managing woodland open space for wildlife, s.l.: Forestry Commission England.

Mrs. Kr

How long are the Florida Keys? Ans:106 Miles 2. Name the ten keys highlighted at this site. Ans:Key Largo, Islamorada, Long Key, Key West, Marathon, Big Pine, Tavernier, Grassy Key, Bahia Honda, Little Torch Key 3. Which key is known as the diving capital of the world? Ans:Key Largo is known as the driving capital of the world 4. Briefly describe the John Pennekamp Coral Reef State Park in Key Largo. Ans: John Pennekamp Coral Reef State Park is a spectacular underwater park. There is a nature trail inside the park.In the parks visitors center you are introduced to the underwater beauty of sea life 5. Describe parasailing. Explain what determines how high a rider can go. In one sentence, explain if and why you would like to try it. Ans:Parasailing involves the use of a parachute and a boat. The elevation of the rider is controlled by the speed of the boat and the amount of cable. I wouldn’t try parasailing because I’m scared of heights 6. What are the three sections of t he Florida Keys? Ans:Upper Keys, Middle Keys, and Lower Keys 7. Identify the key whose name means â€Å"purple isle. † Ans:Islamorada 8.List the key known as the sport fishing capital of the world. Ans:Islamorada 9. What part of Florida is known as the backcountry? Ans:Florida Bay 10. Name the largest U. S. park east of the Rocky Mountains. When and why was this park established? Ans:Everglades National Park is the largest U. S. park east of the Rocky Mountain. It was established in 1947† to preserve the primitive conditions† of certain wetlands extending from the Florida mainland 11. List some activities available in Everglades National Park. Ans:Ranger-led walks and talks. Boat tours. Hiking, biking and canoe trails. Back country camping and fishing 2. What was Tavernier Key used for in the eighteenth century? Ans:Wrecker used it as their base during the day, but at night they searched its reef for valuable goods from ships that had urn aground and sank13. Which key is both smaller and less developed than its neighbors, and what is its best asset? Ans:Long Key is the smaller and less developed than its neighbors. Its best asset is that it offers seclusion and ready access to activities on neighboring keys. 14. Name the first and second longest bridges in the Florida Keys. Ans:The longest bridge is the 7-mile bridge; Long Key bridge is second 5. How did Marathon get its name? Ans: Helping to build the tracks for a railroad in the middle of the keys, a worker commented that the job was a marathon 16. How many bridges connect the Florida Keys? Ans:42 17. Which bridge appeared in the movie True Lies? Ans:7 mile bridge 18. What is a botel? Ans:a floating motel room with dockage for a guest’s boat 19. In addition to Marathon, which other key has a commercial airport? Ans:Key West 20. What are the tiny, white-tailed deer on Big Pine Key called? Ans:Key Deer 21. What attraction does Looe Key National Marine Sanctuary have for tourists?Ans:P eople think it is the most spectacular coral reef in the Lower Keys. People enjoy snorkeling, skin diving, fishing, and boating. 22. What two corals does the article about the sanctuary mention? Ans:elkorn coral and massive star coral 23. How did Little Torch Key get its name? Ans:It was named after the torchwood tree 24. Which key is known in Spanish as Cayo Hueso? What does the name mean, and how did the key get this name? Ans:Key West is known in Spanish as Cayo Hueso, Which means â€Å" island of bones† Spanish explorers gave the key this name because they found the skeletal remains of Indians there 25. How far is Key West from Cuba?Ans:90 miles 26. What role did Key West serve before Fidel Castro came to power? Ans:it was a stopping for travelers between the United States and Cuba 27. What are some attractions of Duval Street? Ans:Sloppy Joes, Dival Street extends into art distract 28. Briefly describe the Hemingway Days Festival. Ans:The festival is in honor of Ernest H ernigway, who once lived in Key West. It includes a Hemingway look-alike contest 29. What happens during Sunset Fest? Ans:Every night people watch the sunset while being entertained by musicians and carnival acts 30. How do the locals refer to the Florida Keys and Key West? Ans:Paradise

Analysis of short stories by Thomas Hardy Essay

Thomas Hardy was born in 1840 and died in his late eighties. As a child Thomas Hardy spent most of his time in a small village near the edge of a wild moor land, which he called Egdon Heath in his stories. Hardy’s early years were spent at home in front of a warm fire with his grandmother and parents telling him stories about the neighbourhood that they had lived in for generations. Hardy’s â€Å"Wessex tales† and many other stories were all based on what he had seen through out his life and named his surroundings with what he wanted such as the nearest town, Dorchester, was changed to Casterbridge. Thomas Hardy created â€Å"Wessex†, and his short stories, like â€Å"Wessex Tales†. Wessex is based on a real worldly environment, an area in the South West of England that in real life includes counties such as Dorset, Somerset, Oxfordshire and Devon. In the days before televisions and films and in countries where many could not read, people still loved stories. Instead of seeing or reading them they heard them. People told each other stories and gossiped about what is happening around the neighbourhood, which was very small at the time. Since â€Å"The Superstitious mans story† is written in an anecdotal style it connects with how people used to gossip. At the beginning of â€Å"The Superstitious mans story† the words, â€Å"as you may know† are used giving readers an instant clue that this story is anecdotal. By using this anecdotal style Hardy immediately captures the reader’s attention by making them feel part the story. Hardy takes particular care to establish this style and uses dialect words to add authenticity such as, â€Å"he came near ‘ee;† and â€Å"who told me o’t,†. The text is written in the 3rd person, which gives the sense of a speaking voice with the narrator telling a past event to someone else about ‘William Privett’. â€Å"The Superstitious mans story† is set around l891, which was when it was written. Hardy creates suspense by the description of William Privett as a person who gave you â€Å"the chills† if he stood behind you, â€Å"anywhere behind your back†¦. close by tour elbow†. The general structure of â€Å"The Superstitious mans story† is episodical, and each one begrudges a totally different storyline than the next. The point of writing the story in episodes is to hold back certain information and, in turn increase tension and drama and keep us wondering what is going to happen next. In all of his stories the writer puts ‘little hints’ forward to make us vary of what is going to happen next and try and make us understand the true horror of the story. He uses them to suggest that something rather conspicuous is going to happen. Such hints as â€Å"William was in good health, to al in appearance†. The writer could have just said â€Å"William is in good health† but by adding â€Å"to all appearance† it makes us think more of what is going to happen. The Ending of â€Å"The Superstitious mans story† is predictable as you instantly expect that William Privett goes into the church on midsummer’s eve and does not come out again, he is going to die. According to superstitions anyone who goes to church on midsummer’s eve and not come out again is alleged to die in the near future. However what is not predictable is the anti-climax that the writer adds on to the story for effect. He states that William Privett is seen again, after he is dead at the spring where his son had died. This was rather unusual or strange in the context of the story because we did not know about his son dying and also did not expect William Privett to be seen again. Another of Thomas Hardy’s stories titled â€Å"The Withered Arm† is great in description as he uses this innate gift to express someone or something in the deepest form which could actually help the reader picture the person or object clearly. First of all, we can see clearly that marriages could only happen between people of the same class and that it could only be between social equals and this is one of the aspects of that the society judged a person on. Farmer Lodge was of a high class so married Gertrude, a beautiful young lady, also of high class. By doing this Farmer Lodge left Rhoda, who is of lower class. The reason why Rhoda sends her son to spy on Farmer Lodge’s new wife is to see if she is of equal society and is more beautiful, which was also looked on by society – the appearance of a person. Rhoda presumes Farmer Lodge married Gertrude because she is beautiful and well off. This can be proven by the quote, â€Å"And if she seems like a woman who has ever worked for a living, or one that has been well off, and never done anything, and shows marks of a lady on her, as I expect she do†. Another major point of society was their superstitions, and the effects they had on people’s character. Superstition is first introduces in â€Å"The Withered Arm†, is through the dream Rhoda Brook has, and how society made certain people victims of their superstitions making them victims of societies beliefs. This is proven by the quote, â€Å"she knew that she had slyly called a witch since her fall†. This is written when Rhoda Brook wonders if she did have powers after she had a dream of Gertrude where she hurts her and she finds out that she really is and begins to question. The impact of society can be seen when Gertrude finds out that her husband likes her less because of her withered arm and because of that, she longs and craves for a solution and tries many cures, which turns her into a superstitious person as she is willing to believe in any cure just to get her husbands attention and love back once more. In this story we see Farmer Lodge’s clothes as, â€Å"big great golden seals hung like a lord† while Gertrude wore a, â€Å"White bonnet and a silver coloured gown† showing Hardy’s descriptive talents, which makes one understand that the way they dressed, was with so much sophistication and this clearly showed their position in the neighbourhood. â€Å"The Withered Arm† tends to be based on unfairness in society as people are said to be hung for minor things such as, â€Å"horse stealing†, â€Å"arson† and â€Å"burglary†, and sometimes not for the genuine reason of committing a crime, but so that an example would be set for other people so as to not to make the same mistake. This is shown when Thomas Hardy writes, â€Å"they are obliged to make an example of him, there have been so much destruction of property lately†. Nevertheless, â€Å"The Distracted Preacher†, another of Thomas Hardy’s collection is tragic as it based on how pious people were in Victorian times about religion. â€Å"The Distracted Preacher† is set in a town called Nether-Moynton, which was recreated by Hardy from a place near Dorchester called Owre Moyne (Owermoigne). Again society shows how people reacted towards appearance. The minister was good looking so it caused people to say, â€Å"Why didn’t we know of this before he came, that might have gived him a warmer welcome! † With â€Å"To Please His Wife† Being bases on how a class in society and being well dressed can give you some powers over women and marriage. Overall I think that Thomas Hardy recreated his life time by using multiple storylines as â€Å"The Superstitious Mans Story† is based on superstition, and â€Å"The Withered Arm† based on how beauty and appearance affects status in society. â€Å"The Distracted Preacher† is based on, to some extent, religion and â€Å"To Please His Wife† is about authority and jealousy affecting true love. All of these ‘life-like’ events are events that take place in someone’s life, and some how these collections of stories are like a deeply evolved and highly detailed diary of Thomas Hardy’s life.

Ways To Develop An Optimal Trading Strategy Finance Essay - Free Essay Example

Sample details Pages: 15 Words: 4649 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The main objective of the dissertation is to develop an optimal trading strategy also considering the execution cost of each trading step, using stochastic dynamic programming. More explicitly, the following problem is proposed and solved: Given a fixed block of shares to be executed within a fixed finite number of periods, and given price dynamics that capture price impact, i.e., the execution price of an individual trade as a function of the share traded and other state variables, find the optimal sequence of trades (as a function of the state variables) that will minimize the expected cost of executing within periods. There has been a tremendous interest and consequent growth in terms of equity trading, partly due to the advent of a large number of mutual and pension funds. In these situations, the impact of trading costs has been assuming increasing importance. Trading costs or execution costs are costs that are associated with the execution of investment s trategies which include commissions, bid/ask spreads, opportunity costs of waiting, and price impact from trading. There has been studies where although the performance certain funds have been showed to perform very well compared to market, but actual performance was significantly different (Perold (1988)). The difference arose due to the inclusion of the execution costs. This shortfall is surprisingly large and underscores the importance of execution-cost control, particularly for institutional investors whose trades often comprise a large fraction of the average daily volume of many stocks. So the problem of developing an optimal trading strategy, considering the execution costs also comes in to perspective. There are various methods to do this. Here dynamic programming is used to derive an optimal trading strategy considering the execution costs. The use of dynamic programming though not new in financial economics, is novel here by the fact that the trading steps is takes time and the present steps affects the price and thus the costs in the future. Dynamic Programming Dynamic programming is a method for solving complex problems by breaking them down into simpler sub problems. It is applicable to problems exhibiting the properties of overlapping sub problems which are only slightly smaller and optimal substructure. When applicable, the method takes far less time than the usual methods. The key idea behind dynamic programming is quite simple. In general, to solve a given problem, we need to solve different parts of the problem (sub problems), then combine the solutions of the sub problems to reach an overall solution. Often, many of these sub problems are really the same. The dynamic programming approach seeks to solve each sub problem only once, thus reducing the number of computations. This is especially useful when the number of repeating sub problems is exponentially large. Top-down dynamic programming simply means storing the results of c ertain calculations, which are later used again since the completed calculation is a sub-problem of a larger calculation. Bottom-up dynamic programming involves formulating a complex calculation as a recursive series of simpler calculations. History The term dynamic programming was originally used in the 1940s by Richard Bellman to describe the process of solving problems where one needs to find the best decisions one after another. By 1953, he refined this to the modern meaning, referring specifically to nesting smaller decision problems inside larger decisions, and the field was thereafter recognized by the IEEE as a systems analysis and engineering topic. Bellmans contribution is remembered in the name of the Bellman equation, a central result of dynamic programming which restates an optimization problem in recursive form. The word dynamic was chosen by Bellman to capture the time-varying aspect of the problems, and also because it sounded impressive. The word programmin g referred to the use of the method to find an optimal program, in the sense of a military schedule for training or logistics. This usage is the same as that in the phrases linear programming and mathematical programming, a synonym for optimization. Overview Dynamic programming is both a mathematical optimization method and a computer programming method. In both contexts it refers to simplifying a complicated problem by breaking it down into simpler subproblems in a recursive manner. While some decision problems cannot be taken apart this way, decisions that span several points in time do often break apart recursively; Bellman called this the Principle of Optimality. Likewise, in computer science, a problem which can be broken down recursively is said to have optimal substructure. If subproblems can be nested recursively inside larger problems, so that dynamic programming methods are applicable, then there is a relation between the value of the larger problem and the values of the subproblems.[5] In the optimization literature this relationship is called the Bellman equation. Dynamic programming in mathematical optimization In terms of mathematical optimization, dynamic programming usually refers to simplifying a decision by breaking it down into a sequence of decision steps over time. This is done by defining a sequence of value functions V1 , V2 , Vn , with an argument y representing the state of the system at times i from 1 to n. The definition of Vn(y) is the value obtained in state y at the last time n. The values Vi at earlier times i=n-1,n-2,,2,1 can be found by working backwards, using a recursive relationship called the Bellman equation. For i=2,n, Vi -1 at any state y is calculated from Vi by maximizing a simple function (usually the sum) of the gain from decision i-1 and the function Vi at the new state of the system if this decision is made. Since Vi has already been calculated for the needed states, the above operation yields Vi -1 for those states. Finally, V1 at the initial state of the system is the value of the optimal solution. The optimal values of the decision variables can be recovered, one by one, by tracking back the calculations already performed. Bellman`s Principle of Optimality The principle that an optimal sequence of decisions in a multistage decision process problem has the property that whatever the initial state and decisions are, the remaining decisions must constitute an optimal policy with regard to the state resulting from the first decisions. Literature review The tremendous growth in equity trading over the past 20 years, fuelled largely by the burgeoning assets of institutional investors such as mutual and pension funds has created a renewed interest in the measurement and management of trading costs. Such costs often called execution costs because they are associated with the execution of investment strategies include commissions, bid/ask spreads, opportunity costs of wa iting, and price impact from trading (see Loeb, 1983 and Wagner, 1993 for further discussion), and they can have a substantial impact on investment performance. For example, Perold (1988) observes that a hypothetical or paper portfolio constructed according to the Value Line rankings outperforms the market by almost 20% per year during the period from 1965 to 1986, whereas the actual portfolio the Value Line Fund outperformed the market by only 2.5% per year, the difference arising from execution costs. This implementation shortfall is surprisingly large and underscores the importance of execution-cost control, particularly for institutional investors whose trades often comprise a large fraction of the average daily volume of many stocks. There has also been considerable interest from the regulatory perspective in defining best execution, especially in the wake of recent concerns about NASDAQ trading practices, the impact of tick size on trading costs, and the economic consequenc es of market fragmentation. Indeed, Macey and O`Hara (1996) observe that . . . while the obligation to give customers the benefits of best-execution of orders is one of the most well-established principles of securities law, and despite the fact that the concept of best execution is continually referred to in cases, treatises, law review articles, exchange rules, and administrative proceedings, no clear definition of best execution exists. Bertsimas and Lo (1998) tries to provide one clear definition of best execution, based on the minimization of the expected cost of execution using stochastic dynamic programming. While dynamic optimization is certainly not new to financial economics, the use of dynamic programming in defining best execution is novel. In particular, this approach explicitly recognizes the fact that trading takes time, and that the very act of trading affects not only current prices but also price dynamics which, in turn, affects future trading costs. Therefore, defining and controlling execution costs are fundamentally dynamic problems, not static ones, a fact recognized implicitly by Perold (1988) and most professional portfolio managers, and developed explicitly here. Indeed, recent studies by Chan and Lakonishok (1995) and Keim and Madhavan (1995a,b,c) show that because the typical institutional investors trades are so large, they are almost always broken up into smaller trades executed over the course of several days. Chan and Lakonishok call such sequences packages, and using a sample of 1.2 million transactions of 37 large investment management firms during the period from July 1986 to December 1988, they show that only 20% of the market value of these packages is completed within a day and that over 53% are spread over four trading days or more. For this reason, best execution cannot be defined as a single number or in the context of a single trade, it is a strategy that unfolds over the course of several days and which ought to adapt to changing market conditions. Dynamic optimization provides a compelling economic rationale for trading in packages: properly parcelled packages minimize the expected costs of execution over a fixed time horizon. In particular, we propose and solve the following problem in this paper: given a fixed block SM of shares to be executed within a fixed finite number of periods, and given price dynamics that capture price impact, i.e., the execution price of an individual trade as a function of the shares traded and other state variables, find the optimal sequence of trades (as a function of the state variables) that will minimize the expected cost of executing within periods. Using stochastic dynamic programming, we obtain explicit closed-form expressions for these optimal trading strategies, which we call best-execution strategies, for various specifications of price dynamics. We show that best execution strategies can sometimes be expressed as a linear combination of a naiv e (and not uncommon) strategy breaking up shares evenly into a package of trades each of size and a correction factor that adjusts each trade size up or down according to additional information, e.g., stock-specific private information, opportunity costs, changing market conditions, etc. In the absence of such information, we derive conditions under which the naÃÆ'ƒÂ ¯ve strategy is optimal: an arithmetic random walk for prices with linear price. We also show by construction that apart from these rather restrictive and empirically implausible conditions, the naive strategy is not optimal in general. We also obtain the expected cost of best execution-the optimal-value function which is given recursively by the Bellman equation as a by-product of the optimization process, which may serve as a useful benchmark for pricing principal-bid and negotiated-block transactions. The typical broker/dealer engaging in such transactions will not willingly hold large positions for long, and will seek to trade out of these positions as quickly and as cost-effectively as possible, i.e., he will seek best-execution strategies for his holdings. Of course, risk aversion, adverse selection, and inventory and opportunity costs may change the objective function to be minimized, in which case our benchmark may only be a lower bound on the fair market price of a block transaction. Nevertheless, even in these cases the problem of best execution is still a dynamic optimization problem and our approach is still applicable (although closed form expressions for best-execution strategies may not be available). Moreover, one can show that the basic approach described in the coming sections can be extended in several important ways: (1) Specifying more general price-impact functions and deriving numerical solutions (Section 4) (2) Trading a portfolio of stocks simultaneously (3) Imposing constraints such as no-sales or, in the portfolio case, a maximum amount of money in vested. These results comprise a systematic and quantitative approach to defining and controlling execution costs, measuring the liquidity of large-block transactions, and rationalizing within an economic paradigm the kind of informal trading practices that characterize many institutional equity investors. The model Consider an investor seeking to acquire a large block of S shares of some stock over a fixed time interval [0, 1]. Since it is well-known that the short term demand curves for even the most actively traded equities are not perfectly elastic, a market order at date 0 for the entire block is clearly not an optimal trading strategy.5 A more effective strategy would be to break into smaller purchases distributed throughout the interval [0, 1], but how should such purchases be parcelled out? The answer depends, of course, on the degree to which a purchase affects the market price, i.e., the price impact and the dynamics of future market prices. Given a particular price-impact function and a specification for the price dynamics, e.g., a random walk, a dynamic optimal trading strategy that minimizes the expected total cost of acquiring SM in [0, 1] may be obtained by stochastic dynamic programming. Defining best execution To illustrate this approach, suppose that at time 0 the investor begins his program to acquire shares, and this program must be completed by time. With little loss in generality, let time be measured in discrete intervals of unit length. Since the length of a period is arbitrary, it can be set to accommodate even the finest trading-decision interval that is of practical relevance. For example, if the decision to acquire is made at the start of the day and the acquisition must be completed by the day`s end, setting 13 yields 30 minute intervals from the 9:30 am market open to the 4:00 pm market close. If the acquisition is part of an end-of-quarter portfolio rebalancing, the trading horizon may be extended to three or fo ur days, in which case increases proportionally. Although all of our results are qualitatively independent of both the time horizon and the number of trading periods (with the exception of numerical examples, of course), for concreteness the length of each period should be regarded as some fraction of a single day and related parameters should be calibrated accordingly. Denote by St be the number of shares acquired in period t at price Pt, where t=1, 2 ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ T. Then the investor`s objective of minimizing execution costs may be expressed as: subject to the constraint: One may also wish to impose a no-sales constraint, i.e., St ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ¥ 0 (after all, it is difficult to justify selling stocks as part of a buy-program), but for expositional convenience these constraints may be ignored for now. To complete the statement of the problem, we must specify the law of motion for Pt. This includes two distinct components: the dyn amics of Pt in the absence of our trade (the trades of others may be causing prices to fluctuate), and the impact that our trade of St shares has on the execution price Pt. For simplicity, suppose that the former component is given by an arithmetic random walk, and the latter component is simply a linear function of trade size so that a purchase of St shares may be executed at the prevailing price Pt-1 plus an impact premium of ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸St, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸0. Then the law of motion for Pt may be expressed as: where et is assumed to be a zero-mean independently and identically distributed (IID) random shock, i.e., white noise. One can observe that the two components, price impact and price dynamics can be separated. A nonlinear price impact function can easily be incorporated into the random walk specification, and non-random-walk dynamics can be combined with a linear price impact function. However, these two components interact in important ways. For example, the abo ve equation implies that price impact has a permanent effect on the price level because of the random-walk specification of the price dynamics. It is this interaction between price impact and price dynamics that makes execution-cost control a dynamic optimization problem. This interaction also explains the difficulties in developing a clear economic definition of best execution: such a definition requires the specification of price dynamics a well as price impact, and these vary from one stock to another, and may well vary over time. Despite the fact that the equation has some implausible empirical implications independent price increments, positive probability of negative prices, percentage price impact that decreases with price, permanent price impact, etc. It provides a concrete illustration of the more general and considerably more complex analysis. In later sections one can see that the equation is precisely the dynamics necessary to render the naive strategy of dividing int o trades each of size , the optimal one. The investor`s problem is now well-posed: find the sequence of trades {St} that minimizes the expected execution costs , subject to the constraint , and given a linear price-impact function incorporated into the law of motion for Pt. This is a classical optimal control problem which can be solved by stochastic dynamic programming, and we define the best-execution strategy as its solution. The Bellman equation The basic ingredients for any dynamic programming problem are the state of the environment at time t, the control variable, the randomness, the cost function, and the law of motion. In our context, the state at time t=1.2 ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ T consists of the price Pt-1 realized at the previous period, and Wt , the number of shares that remain to be purchased. The state variables summarize all the information the investor requires in each period t to make his decision regarding the control. The control variable at t ime t is the number of shares St purchased. The randomness is characterized by the random variable et. an additional state equation which measures the remaining number of shares to be traded is given as: where the boundary condition WT+1=0 is equivalent to the constraint that must be executed by period T. The dynamic programming algorithm is based on the observation that a solution or optimal control {S*1 , S*2, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦, S*T} must also be optimal for the remaining program at every intermediate date t. That is, for every t, for every t, 0tT. The sequence {S*t , S*t+1, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦, S*T} must still be optimal for the remaining program . This important property is summarized by the Bellman equation, which relates the optimal value of the objective function in period t to its optimal value in period t+1: By starting at the end (time T) and applying the Bellman equation and the law of motion for Pt, and Wt recursively, the optimal con trol can be derived as functions of the state variables that characterize the information that the investor must have to make his decision in each period. In particular, the optimal-value function VT(.), as a function of the two state variables PT-1 and WT, is given by Since this is the last period and WT+1 must be set to 0, there is no choice but to execute the entire remaining order WT, hence the optimal trade size S*T is simply WT. Substituting the law of motion into PTWT yields VT as a function of PT-1 and WT. In the next-to-last period T-1, the Bellman equation is less trivial: This may be cast as an explicit function of ST-1 which can be minimized by taking its derivative with respect to ST-1 and solving for its zero. This yields Continuing in this fashion, the optimal trades S*T-k and the optimal-value function VT-k(PT-k-1,WT-k) may be obtained recursively as: until we reach the beginning of the program and find: The best execution strategy Substitutin g the initial conditional W1= , then yields the optimal trade size S*1 as an explicit function of , and the expected best-execution cost V1 as an explicit function of , P0, and the price-impact parameter ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸: By forward substitution we find that S*1 =S*2 =2 ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ =S*T = The best-execution strategy is simply to divide the total order into T equal waves and trade them at regular intervals. This remarkably simple trading strategy comes from the fact that the price impact ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸St does not depend on either the prevailing price Pt-1 or the size of the unexecuted order Wt, hence the price-impact function is the same in each period and independent from one period to the next. But since each period`s execution cost PtSt is a convex (quadratic) function of St, the sum of these single-period execution costs will be minimized at the point where the marginal execution costs are equated across all periods. There is no advantage to s hifting trades to one period or another they all offer the same trade-offs to the objective function hence the trade sizes should be set equal across all periods. Note that in this case the optimal controls MS*t N are all non-negative hence the non-negativity constraints could have been imposed trivially. The optimal-value function at time 1, V1 (P0, W1), gives the expected cost of the best-execution strategy and we see that this cost is the sum of two terms: the no-impact cost P0 and the cumulative price impact ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸2(1+(1/T))/2. Observe that while the impact term is a decreasing function of T having more time to acquire can never increase the expected cost à  the cumulative price impact does not vanish as T increases without bound. This seems counterintuitive since one might expect price impact to become negligible if there is no time limit on completing the purchase. However, observe that the law of motion for Pt implies that the price impact ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸ St of an individual trade has a permanent effect on Pt, hence even infinitesimally small trades will have an impact on next period`s price, and the limiting sum of all these infinitesimal trades multiplied by infinitesimally increased prices is finite and non-zero: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸2/2. These results underscore the importance of the law of motion`s specification in determining the total expected cost of executing SM. Of course, equation of Pt empirically implausible for a number of reasons. However, it serves a useful purpose in demonstrating the basic approach to best execution, as well as in rationalizing the rather common practice of parcelling a large trade into smaller pieces of equal size and submitting them at regular intervals over some fixed time span. This naive strategy is indeed optimal if the price-impact function and price dynamics of In the next section we present a closed-form solution for the best-execution strategy under a more complex price-impact function, one which depends both on the trade size and a serially-correlated state variable that proxies for information such as proprietary research or market conditions. With information, the best-execution strategy differs in important ways from the naive strategy S*t =. In particular, the best-execution strategy becomes a nontrivial function of the information variable and can sometimes exhibit counterintuitive trading patterns. Linear price impact with information Suppose that the price-impact function is linear in St as in Eq. (2.3), but now let Xt denote a serially-correlated state variable which also affects the execution price Pt linearly, hence where et and ÃÆ'Ã… ½Ãƒâ€šÃ‚ ·t are independent white noise processes with mean 0 and variances ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2e and ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2ÃÆ'Ã… ½Ãƒâ€šÃ‚ · , respectively. The presence of Xt in the law of motion for Pt captures the potential impact of changing market conditions or of private information about the security. Fo r example, Xt might be the return on the BSE index, a common component in the prices of most equities. Broad market movements affect all securities to some degree, and c measures the sensitivity of this particular security to such market movements. Alternatively, Xt might represent some private information about the security, and ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³ the importance of that information for Pt. In particular, Xt may denote the output of an alpha model which incorporates stock-specific analysis to yield an excess return not yet impounded into market prices. In either case, the impact of Xt on the execution price, and the time series properties of Xt have important implications for the best-execution strategy. Having specified the linear price-impact function with information, the best-execution strategy and optimal-value function can be obtained by dynamic programming as before, and is given by For k=0,1,2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦T-1 where And Since it is assumed ÃƒÆ 'Ã… ½Ãƒâ€šÃ‚ ¸0, ak is positive, and ck and dk are negative for all k0. The sign of bk can vary, but is positive for all k0 if h, c, and o are all positive. In contrast to the case of a linear price-impact function with no information, the best-execution strategy varies over time as a linear function of the remaining shares WT-k and the information variable XT-k. In particular, the first term of the equation is simply the naive strategy of dividing the remaining shares WT-k at time T-k evenly over the remaining k+1 periods. The second term of the equation is an adjustment that arises from the presence of serially correlated information XT-k. Observe that this term vanishes if ÃÆ' Ãƒâ€šÃ‚ =0. When ÃÆ' Ãƒâ€šÃ‚ 0 this implies that XT-k is unpredictable, and while XT-k still has an impact on the current execution price, observing XT-k tells us nothing about expected future execution prices hence it can no longer affect the best-execution strategy. If ÃÆ' Ãƒâ€šÃ‚ 0 a nd it is assumed, without loss of generality, that ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³0, then ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´x,k in the equation is also positive, implying that positive realizations of XT-k increases the number of shares purchased at T-k, ceteris paribus. This may seem counterintuitive at first because a positive XT-k necessarily increases the execution price PT-k by ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³XT-k, so why trade more? The answer may be found in the fact that XT-k is positively serially correlated, hence XT-k0 implies that future realizations are likely to be positive which, in turn, implies additional expected increases in future execution prices. Therefore, although a positive XT-k makes it more costly to purchase shares in period T-k, this additional cost is more than offset by the sequence of expected future price increases that arise from positively serially-correlated information. Alternatively, if ÃÆ' Ãƒâ€šÃ‚ 0 so that XT-k exhibits reversals, the equation shows that a positive realization of XT-k decreases the number of shares purchased, ceteris paribus: it is more expensive to trade in period T-k and XT-k is likely to reverse next period making it less expensive to trade then, hence it is optimal to trade less now. The impact of an increase in XT-k on expected best-execution costs may be measured explicitly by the derivative of the optimal-value function VT-k with respect to XT-k: Suppose ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³ and ÃÆ' Ãƒâ€šÃ‚  are positive so that bk is positive. Since ck is always negative, the impact of an increase in XT-k on the expected best-execution cost depends on whether bkWT outweighs 2ckXT-k. For empirically plausible parameter values, the first term will generally dominate the second, hence increases in XT-k will typically increase the expected best-execution cost, a sensible implication given that an increase in XT-k increases current and all future expected prices. It is also not surprising that VT-k is an increasing function of WT-k for empir ically plausible parameter values the larger is the unexecuted portion of the initial block, the higher the expected best-execution cost. In the next section, a numerical example is provided to illustrate the behaviour of the best-execution strategy under several simulated scenarios. A numerical example Tables 1 provides illustrative numerical examples of the best-execution strategies under the linear price-impact function with information for three simulated realizations of the information variable Xt and pricing shocks et. The goal is to minimize the expected execution costs of a 100,000-share purchase over T=20 periods for a stock currently trading at P=$50, given the following parameter values: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸=5X10-5 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³=5.0 ÃÆ' Ãƒâ€šÃ‚ =0.50 ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ=(0.125)2 ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2ÃÆ'Ã… ½Ãƒâ€šÃ‚ ·=0.001 To develop some intuition for these parameters, observe that the no-impact cost of acquiring is 100 ,000XP0=$5M, and the expected full-impact cost is 100,000XE[P0 +ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸ + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³X1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ1] = 100,000X$55 = $5.5 million since E[Xt]=0, hence ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸ is calibrated to yield an impact of $500,000 on a 100,000-share block purchase. It also follows that Hence the standard deviation of the information component is approximately 18 cents (per period). Finally, the standard deviation of et is calibrated to be 12.5 cents or one tick (per period) Don’t waste time! 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