Gold Fluctuation Essay Example

Gold Fluctuation Essay It provides insurance against extreme movements that often occur like war, economic crisis, changing monetary policies and so on. Individual or institutional investor tend to invest more in gold in order to diversify their portfolio by not only holding the US dollar as a reserve but also gold as well to hedge against the falling price of US dollar, to hedge against inflation, to provide higher liquidity at the time of urgency and to provide insurance and economic security against unexpected events like the recent economic crisis. There are certain factor that influences the price f gold from time and again. Some of these factors are US dollar currency, central bank policies, inflation, US economy, demand and supply of gold and other macro economic variables. Many Asian countries like India, Russia, Sri Lanka, and China are presently making a great initiative towards buying out more gold to protect their wealth and to hedge against the falling price of US dollar. Gold is regarded as o ne of the highly traded commodity in the commodity market. Recent economic crisis that has started from the US has led to some fluctuation on the gold price. This is because the weakening of the US dollar currency and strengthening of the gold price has led the international investor to focus more on investing on the gold rather than foreign currencies especially US dollar. So, there has been an increase in the commodity market for trading of gold and other commodity in international market. Likewise, the gold investor are also increasing in Nepal with some of the commodity market already started trading the gold and other commodities. Purpose/ Objective of the Study: The purpose of the study is to make in depth analysis of the factors that influence the gold future. Since, the change in the price of the gold has major influence on other commodities and currencies so it is very important to understand the gold and its relationship with various other factors like US dollar, inflation, demand and supply, central bank policies and other macro economic variables. This study is mainly conducted to know how the gold price fluctuates irrespective of the change in the dollar value, inflation, demand and supply and central bank policies around the world. Methodology: We will write a custom essay sample on Gold Fluctuation specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Gold Fluctuation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Gold Fluctuation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We base our study on the secondary source of information available in the market, articles, journal, and webpage and research paper. This study also comprises some of the opinion from the experts in the gold futures, which are included in the part of our analysis.. Scope of the Study: Some of the major scopes of the study are listed below: †¢ This study is conducted to understand the common factors that influence the gold futures price in the world financial market. †¢ We don’t recommend basing any investment decision in the results of this study, and this study is only for the academic purpose. The study is done only for academic purpose, which is based on the secondary information from different journals, articles, research papers and web pages. So, this doesn’t include detail research on the actual market. However, some of there will be some of the practical example illustrated on the relevant topic wherever necessary. †¢ The study reflects the gold pr ice relationship with the factors that are common in overall world economy not only to those factors that are specific to the particular economy. Limitation of the Study: This project report is prepared under considerable limitations and some of those are listed below: †¢ Time constraint: Due to limited time, we have not been able to explore the other component of our study like numerical calculation and trend analysis of the factors that influences the gold future. †¢ Information source constraint: The limited information in this study does not serve as a basis for the investor for investing in the real market. We did not have enough access to more relevant and valuable articles. The investor need to have further detail analysis and research before investing in the gold future in real market. Scope constraint: We have limited the scope of our study by identifying and focusing in six factors that influences the gold price. There can be factors other those mentioned in this study that have effects on the gold price. From our preliminary web-based analysis we identified six factors that affect the gold price. Structure of the paper: The study of this paper begins with first identifying the major common factors that influence the gold price in international level. These factors are then further analyzed and elaborated with some theoretical concept, practical insight and evidences. The factors identified are as common to the world economy, however there might be other factors than those identified, which might influence the gold price and might differ from country to country. Finally, we have drawn some conclusion based on our analysis and a brief highlight on the gold future market in Nepal. Chapter II CONCEPTUAL FRAMEWORK There has been a tremendous increase in the trading of gold in the international commodity market. People are more attracted towards investing more on the gold market primarily because of the following reasons: Gold as a hedge against inflation Gold is considered as the hedge against inflation. Inflation is basically caused by the increase in the supply of currency. The value of the currency is decreased when there is monetary inflation. And we know that the price of gold increase when there is monetary inflation. So one can keep gold as reserve to safe from the inflation risk. The most consistent factor determining the price of gold is inflation-the price goes up with the rise in inflation rate. It has negative correlation with other investment portfolios like stocks bonds, bills. etc. E. g. at the end of world war II, when there was highest inflation rate, the rate of return on stocks was ighly in negative but the price of the gold was far positive. Oil, Inflation and Gold Though the price of the oil and the gold are far different, it is no doubt that the price of oil reflects to the price of gold. If oil prices rise or fall sharply, investors can expect a corresponding reaction in gold prices as well. When the oil price climbed from 325%, $2. 44 to $10. 36 in between 197 2 and 1974, gold price had rose 268% from $47. 45 to $174. 76. Gold as a hedge against declining the dollar In the international market, the price of gold is determined in the value of dollar. With the decline of the value of the dollar, the price of gold rises. The U. S. dollar is the worlds reserve currency, it is the primary medium for international transactions and the currency held as reserves by the worlds central banks. Now it has been backed by the gold, the dollar has been only the medium. Gold as a safe haven There are myriad of tensions in the world economy, anyone can erupt with little or no warning. Gold has been considered as the crisis commodity because it safeguards the other investments. Every factor that causes other investments to suffer may let the price of gold to rise. When there is any crisis specially or there is banking crisis, public begins to distrust paper assets and turns to gold for a safe haven. When all else fails, governments rescue themselves with the printing press, making their currency worth less and gold worth more. Gold has always raised the most when confidence in government is at its lowest. Gold as a store of value Warren Buffet has said about Gold: It gets dug out of the ground in Africa or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. One major reason investors look to gold as an asset class is because it will always maintain an intrinsic value. E. g. if one could purchase a set of the cloth with the value of 1 ounce of then fashion, he can also purchase the set of cloth but of modern design and fashion with the same 1 ounce of gold at this time. It means that Gold act as the storage of the wealth. Gold as a portfolio Diversifier Gold is negatively correlated with the dollar value and hence negatively correlated with all other financial market, such as stocks and bonds. So it is the most effective way of diversifying the portfolio by investing into the gold. It is the safest way of investment; it protects the wealth from total loss because there will be the intrinsic value in any time in future. But there is a chance of complete eruption of total money due to crisis in other investments. Gold is an safe part of a diversified portfolio because its price increases in response to events that erode the value of traditional paper investments like stocks and bonds. Chapter III FACTORS INFLUENCING GOLD FUTURES Present days we see that there has been a great fluctuation in the price of gold, with increase in its price. This has alerted all the gold investor either individual investor or institutional investor or country to think once again. So, as a rational investor we need to understand the basic idea behind the gold price upward and downward movement. To understand this movement in the gold price we need to understand all those common factors that influence the gold futures. So, some of these factors that influence the gold futures like US dollar currency, central bank policies, inflation, demand and supply and macro economic variables are illustrated below with some practical insight linked with the theoretical concept as well. Factors that Influence the Gold Future: 1. US dollar and gold price 2. Central bank reserve policy and gold price 3. Demand and supply of gold and its effects in the price 4. Inflation and gold price 5. Investment demand and gold price 6. Geopolitical scenario, macroeconomic changes, and gold price 1. US dollar and gold price: When we talk about gold and US dollar, it is important to reassess how gold really relates to the dollar. The fact is that gold almost never changes in value. It is the dollar that revalues in relationship to gold. For example, in 1920 a good quality mens suit could be purchased with a typical $20 gold piece. A similar quality suit today can be purchased with about the same amount of gold. There exists a reciprocal relationship between the gold price and dollar. The reason that gold and the dollar generally trend in opposite directions is that in one respect gold is just another currency. As a result, when the dollar weakens on the foreign exchange market over an extended period then the US dollar gold price will generally rise during the same period; and when the dollar strengthens over many months then US dollar gold price will usually fall. This is the real scenario which we have been observing currently in the world financial market, where the dollar is weakening and the price of gold is sky rocketing. It doesn’t mean that the percentage change in dollar has equal percentage change in gold price, but when we look over the charts of the dollar and gold and compare, it quickly becomes apparent that the two have been inversely correlated since the floating currency system came into being in the early 1970s. But to our surprise, if we see the data of gold and dollar from May through December 1993, the traditional relationships prove to have broken down. Gold has long been regarded by investors as a good protection against depreciation in a currencys value, both internally (i. e. against inflation) and externally (against other currencies). In the latter case, gold is widely considered to be a particularly effective hedge against fluctuations in the US dollar, the worlds main trading currency. The reason for the inverse relationship between gold and the US dollar is because both are seen as a global, worldwide currency. Pre 1971 the two colluded as a world gold standard whereby the US dollar and gold were pegged together. At that time one Troy ounce of gold could be swapped for US$35. Before 1971 any central bank in the world could ask America to settle its debts in gold. But post 1971 they could only ask for US dollars. When the central bank demands more gold or began to hoard more gold as a reserve than the price of the US dollar falls and vice versa. These days the value of dollar is declining due to the central banks around the world are making an initiative to hold more gold as a reserve against the dollar, which has resulted an influence in the US dollar currency. The figure below indicates the gold price and US dollar movement from 1970s to 2000s, which shows that there is inverse relationship between the trends. When US dollar is declining then ther is rise in gold price and vice versa. Although the percentage change is not same, but there still exists an inverse relationship between gold price and US dollar. [pic] Fig: Relationship between US dollar and Gold price 2. Central bank reserve policy and gold price: Since central banks typically buy US dollars to store their foreign exchange reserves but recent days there has been shift in the decision of the central bank around the world to hold more reserve of gold against the world’s sole eserve US dollar to hedge against the fall in US dollar value. So central banks around the world are investing more in gold to hedge against the falling price of US dollars from the foreign currency reserve they hold. This decision of the central banks around the world had led to increase in the price of the gold. Some of the recent example of such decision undertaken by the central bank around world can be Reserve Bank of India, Russian Central bank a nd many other central banks of Asian countries including China. The decision to further increase the gold reserve by the central bank of Asian countries including China as a hedge against the bullish trend of gold has led to further increase in the price of gold. Asian central banks hold 2. 6 trillion US dollars in foreign exchange reserves. So, most of these reserves are expected to be invested on the buying gold as an alternative reserve to US dollar, which will definitely led the price of gold to rise with the fall in US dollar. Recent steps undertaken by some of the central bank that influenced the price of gold are: Federal Reserve: The present initiative undertaken by the Federal Reserve to keep the interest rate low and increase the money supply whenever it feels necessary to improve liquidity has resulted the pressure on the dollar price and benefited the gold price against the dollar. So, such decision and actions undertaken by the Federal Reserve influence dollar value with the resulting impact on the gold price. †¢ Indian central bank: After India’s central bank—the Reserve Bank of India (RBI)—bought 200 tons of gold from the International Monetary Fund (IMF) last month has made some positive fluctuation on the price of gold. At the same time more central banks are taking various initiatives to step up their gold reserves. †¢ Russian central bank: Central bank of Russia decision to buy out 30 tons of gold from its own gold mining has also led to influence the price of the gold. †¢ China’s central bank: Central bank of china had built up its gold reserves by 454 tons since 2003 to 1,054 tones, making it the world’s sixth largest holder of the precious metal. Russian central bank has also given an initiative on buying more gold in the near future as diversifying reserves because of the fall in the dollar price. This also shows that Russia’s gold reserve probably rose by $790 million to $23. 1 billion, which has a great influence on the gold price. †¢ Sri Lankan’s central bank: Central bank of Sri Lanka has bought 10 tons of gold worth $375 million as part of a restructuring of IMF financial resources †¢ Mauritius Central Bank: Mauritius bought 2 tons on for $71. 7 million from IMF also has led to increase on the price of gold. The IMF executive board approved the sale of 403. 3 tons of gold in September. IMF currently holds roughly 3,000 tons of gold, is the worlds third-largest official holder of the precious metal after the US and Germany. This decision of IMF to sale the gold to different central banks has led to influence the gold price. Why do central banks hold more gold? Its influence on the gold price As we have seen from the recent examples that most of the central bank are moving their decision towards holding more gold reserve as an alternative to world’s sole reserve currency US dollar. The reason for central bank for holding more gold can be one of the following reasons: †¢ Diversification: As we have popular saying that don’t put all your eggs in one basket. So, recent days the central bank wants to minimize their risk by diversifying their reserve into gold holding. As the dollar and gold price represents the world’s reserve. So, holding the reserve in gold will minimize the risk of falling price of US dollar i. e. in simple sense to hedge against the falling price of gold. Thus, central bank makes take an initiative to hold gold as a diversification to minimize risks. †¢ Economic Security: Gold is a unique asset in that it is no one elses liability. Its status cannot therefore be undermined by inflation in a reserve currency country. Nor is there any risk of the liability being repudiated. Gold has maintained its value in terms of real purchasing power in the long run and is thus particularly suited to form part of central banks reserves. In contrast, paper currencies always lose value in the long run and often in the short term as well. Because of this the central bank holds gold. †¢ Hedge/ Insurance against uncertain events: This can be best illustrated with the present economic crisis that led to affect the international monetary system. Owning gold is thus an option against an unknown future. It provides a form of insurance against some improbable but, if it occurs, highly damaging event. Such events might include war, an unexpected surge in inflation, a generalized crisis leading to repudiation of foreign debts by major sovereign borrowers, a regression to a world of currency. In emergencies countries may need liquid resources. So, gold is liquid and is universally acceptable as a means of payment and can also serve as collateral for borrowing. Because of this the central bank holds gold. Some of the largest gold reserves holding countries of the world as of December, 2009 are listed in the table below: Rank |Country/ Organization |Gold (tonnes) | |1 |US |8,133. 5 | |2 |Germany |3,407. 6 | |3 |IMF |3,005. 3 | |4 |Italy |2,451. 8 | |5 |France |2,435. 4 | |6 |China |1,054. 0 | |7 |Switzerland |1,040. | |8 |Japan |765. 2 | |9 |Netherland |612. 5 | |10 |Russia |607. 7 | So, when then central banks of these major gold reserve holding countries make a decision to buy or sell t he gold reserve, then there arises a change and fluctuation on the price of the gold and the US dollar. 3. Demand and supply of gold and its effects in the price The price of gold has also been influenced by the demand and supply of gold in the international market. This demand and supply of gold and its influence on the gold price are discussed below: Demand of Gold The demand of the gold is extensively high in today’s market. It may be due to the less supply and its vast uses in many sectors. The demand of the gold is diverted mostly in the industries, jewelry fabrication and to some extent to the lines of credit. The extensive functionality and the physical/chemical properties of the gold are the main reason behind its increase in demand. Some of the major sectors where there is large demand of gold are: a. Jewelry demand The demand of gold in jewelry accounts about 2/3 of its demand in world. Jewelry has been the world’s largest category of the consumer goods. The demand in jewelry is driven by a combination of the affordability and desirability of consumers. It rises during the period of price stability and declines when there is price volatility. The jewelry consumption has been increasing, though there is a steadily trend of rising price. The demand of gold for jewelry is high especially in Asian countries like India, Pakistan, Sri Lanka, Nepal and others. b. Investment Demand There is no doubt that the investment in gold has been increased considerably in recent years. The trading of gold in international commodity market has been increasing drastically in recent days. It is not easily measurable of the gold demand in over the counter market. However, the increase in investment has represented the strongest growth in demand. There are wide ranges of reasons why the people seek to invest in gold. The major reasons are the positive price outlook and expectations that the demand will continue to outstrip its supply. The investment in gold can take many forms, some investor trade it in contract without physical delivery. c. Industrial demand Gold’s extensive property like resistance to corrosion, high thermal and electrical conductivity, high malleability and ductility explained why its demand has been increasing in the electronic components and human surgery. Gold is used in the medical applications due to its compatibility, resistance to bacterial colonization and corrosion. Several researches have uncovered a number of new practical uses of gold such as catalyst in fuel cells, in chemical processing and controlling pollution. The uses of gold in electronics, metal plating and coatings, cancer and heart treatment are the exciting areas of its uses. . Other forms of gold demand The central bank keeps the reserve either in dollar or gold. There is a great chance of lowering the value of dollar rate thus creating the great risk. So in order to minimize that risk the central bank has started to deposit the gold as their reserve. Similarly, the Chinese government has started to put their trade surplus in the form of gold. The chinese government has also allowed their citizens to own and keep gold with them. These scenarios has also created the scenario to increase the demand of gold. Gold is taken as the â€Å"crisis hedge†. There is a great threat from the country’s turmoil and the inflation risk, which is out of the control of anyone. So people are scared about the assets in the paper form. They started to keep gold as the reliable asset. This trend has also created the demand of gold in consumer level. Supply of the Gold a. Mine production The main source of the gold production is mining. Gold is produced almost in all continents. The global mine production is relatively stable because mining in new places just serve as the replacement of the current production. There is no significant growth in the total production. The average global production is approximately 2485 tonnes per year over the last five years. The lead time of the gold mining is relatively longer (i. e. longer than 10 years), so production is inelastic and the changes in price don’t have the quick response. b. Recycled gold There is the supply of the gold through the recycled gold compensating to the less production. This has helped to stabilize the supply and price. In between 2004 and 2008, the recycled gold has contributed an average 28% to annual supply. The gold has great recycling property; it can be molded and remolded by melting down and reuse without losing much of its physical and chemical properties. c. Central banks The supranational organizations such as International Monetary Fund (IMF) and central banks hold the stocks of gold as reserve assets. The government also holds around 10% of its official reserves as gold but the proportion varies in different countries. This source has been a net seller since 1989 contributing an average of 447 tonnes to annual supply. However the sales rom these sources are decreasing in recent years. In 2008, it was just around 246 tonnes. d. Gold Production Gold is extracted from its ore. The extracted ore is treated, processed and refined. The largest ore is the Rand refinery in Germiston, South Africa in terms of largest capacity. The largest ore in terms of output is the Johnson Mathew, USA. The gold refined is sold to the bullion dealers who trade it to the jewelry or industry or the inves tors. The bullion dealers facilitate the free flow of gold and underpin the free market mechanism. Supply/ demand in western gold market Annual   western   world   gold   supply   (a) + (c) |Annual   western   world   gold   demand   (a) + (c) |Annual   western   world   gold   | | | |deficits | Y e a r |Annual mine production (b) (metric tons) |Annual production growth rate   (%) |Annual consumer demand (b) (metric tons) |Annual consumer demand growth rate   (%) |Demand (metric tons) |Supply (metric tons) |Prod. Deficit (a) (metric tons) | |1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 |1382 1446 1698 1686 1814 1948 2145 2020 947 2089 2069 1992 |13. 8 4. 6 17. 4 (0. 7) 7. 6 7. 4 10. 1 (5. 8) (3. 6) 7. 3 (1. 0) (3. 7) |1529 1571 1786 1688 1942 2340 2478 2590 2891 2763 2700 3007 |1. 9 2. 7 13. 7 (5. 5) 15. 0 20. 5 5. 9 4. 5 11. 6 (4. 4) (2. 3) 11. 4 |1529 1571 1786 1688 1942 2340 2478 2590 2891 2763 2700 3007 |1382 1446 1698 1696 1814 1948 2145 2020 1947 2089 2069 1992 |-147 -125 -88 -2 -128- -392 -333 -570 -944 -674 -631 -1015 | | The demand of the gold is growing while the supply through mine production is flat -more or less constant production. The 10 year supply/demand data show that the gold demand exceeded to the supply in all years. In 1995 the demand exceeds the supply by 1. 5 times and the deficit is 1015 tonnes. The deficient of the gold can be observed in the US and India where the shops are completely bare of gold, Indian Banks was empty of gold and silver. US Mint has suspended coin production. 4. Inflation and the gold price: As we have already discussed that there exists the inverse relationship between the gold price and US dollar currency. So, when the inflation of the US economy goes up then the dollar becomes weaker as a general economic sense, which will ultimately led to increase in the price of the gold. This is because the central bank around the word will buy out more gold as a reserve in order to hedge against the falling value of US dollar. Thus, the inflation in the US economy has a chain reaction which will ultimately led to increase in the gold price with weakening US dollar. Some of the empirical data from the past shows how gold price responded to the inflation in the US economy. From the peak in1980 the inflation rate declined but cumulative inflation climbed steadily upward. But rather than keeping up with inflation the price of Gold fell from the peak of $850 per ounce down o under $300 in 2001. But in inflation adjusted dollars the scene is even worse. The 1980 peak in 2007 inflation adjusted dollars was over $2100 and it fell to under $346 losing a whopping 84% of its value. So even though inflation rose gold fell because the fear level was low (and possibly because governments worldwide manipulated the price). While gold prices do tell us some-thing about the inflation rate, it need not be either that inflation raises gold prices or that higher gold prices cause inflation. Some third factor, such as the money supply, may influence both. The monetary policy of central bank s to adjust their inflation rate in the economy has certain influence on the gold price. As for instance in the US economy, a monetary policy designed to bring down inflation, as in the early 1980s, might have a different impact than one promoting a stable, low-inflation environment, like that of the 1990s. Thus, we can observe that the price of gold movement and Inflation has positive relationship. It means that when the inflation increases then the price of the gold also moves upward. 5. Investment demand and gold price: Investment demand of gold is a relatively new concept which is gaining popularity among investors in later years. We have seen that traditionally demand of gold basically came from- central bank holdings and jewelry demand. But due to growing geopolitical tension, power shift, and many other reasons, investors are investing in gold as a hedge against macro economic downturn, more specifically against the inflation. People take gold as a safe heaven investment and belief in its long term store value. This changing perception of people is supported by the availability of various types of instruments through which they can invest in gold. The kinds of investment alternatives for gold are: a. Gold futures b. Shares of gold exchange traded funds c. Shares of gold mining companies As the purpose of this study is to discuss about the factors affecting the gold prices, we will not be discussing all these alternatives further. To put things in perspective, it is necessary to state that the total amount of gold derivative traded every day around the world is more than 1000 tonnes of gold. Whereas, the total value of physical gold traded every year is around 10000 tonnes. This implies that the physical gold market is less than 2% of gold derivative market (Understanding Gold; Paul Van Eden; theMiningweb. com; 2000). Gold futures contract and the gold exchange traded funds are the most popular forms of gold derivatives. In 2009 alone the investment demand for gold went up by massive 25% (Ajay Mitra; World Gold Council; Dec 2009). This sort of additional demand is putting more pressure on the price of the gold and is one of the major reasons behind the recent rise in the price of gold in 2009. Recent rise in gold price can be attributed Reasons behind rise in investment demand of gold: The reasons are very simple. First the returns on gold have left far behind the returns on other investment alternative, such as stocks and bonds. In 2009, average returns on gold investment stood between 25-35%. A close analysis of average returns from gold and SP since 1999 will show that, had anyone invested $10,000 in gold in 1999 that would have grown to $33,754 (i. e. a profit of 238%). And had that investment was made in SP then it would have incurred a loss of $3,987 (i. e. a loss of 40%). These data show that gold investments are beating stock market in terms of returns and this is switching investors from stock market to the gold investment market. Following bar diagram summarizes the average returns on gold and SP 500 from 1999 to 2008. Comparison of returns of gold and SP 500 between 1999 2008 [pic] It is clear from the above table that gold (G) have beaten SP 500 (S) in seven out of ten years. In 1999 the returns were equal and SP 500 produced higher returns only in 2000 and 2001. MEX (Mercantile Exchange Nepal) gold futures, a real life example of investment demand: Since MEX started its operation about a year ago, a significant number of Nepalese investors have traded on gold futures contracts: bought and sold. As of today MEX does not allow settlement of contract by physical exchange of gold so all the trading is settled through taking the opposite position. Here we see, nobody has purchased or sold actual gold but they have through their long positions they have added to the total demand of gold. Similar activities are observed in most of the emerging nations- India, China, Indonesia, Malaysia, and others. The impact of such activities is that they have all prov

How Far Is the Monarchy an Outdated Institution Essays

How Far Is the Monarchy an Outdated Institution Essays How Far Is the Monarchy an Outdated Institution Essay How Far Is the Monarchy an Outdated Institution Essay Essay Topic: History The question of as to how important the monarchy stands today in todays society is one of considerable importance of more recent times. Although recent polls suggest that around 70% of Britons want to keep the monarchy we can see a huge drop in the amount of 18- to 24-year-olds who say they do not want a monarch. This essay will try to consider both pro monarchy and pro republican arguments in analysing as to just how outdated the monarchy is as an intuition. To have a greatest understanding of the question we must first understand the what the monarchy is and the alternatives to it. A republic, unlike a monarchy is a polity in which governmental power devolves by popular election, and not by heredity. In Monarchy to Republic by Winterton (1986 p2) defines Its older meaning as simply a state or polity, or a state including a monarchical one with a mixed government or balanced constitution. But after 1649 republic was often used to describe a state without a king, or a state in which power was derived from the people, it was often treated in association with democracy or commonwealth. There are four main modern theorys as to how useful the monarchy is today these are: A celebration of shared values (Shils and Young) whereby the monarchy is thought to be a key actor in creating a nation state. The monarchy seemingly has the power to bring people together for the common good of the nation. The pinnacle of the ruling class (Karl Marx) Marx suggests that the monarchy is the is the largest symbol of the bourgeoisie and is just another institution trying to control the proletariat. An outdated irrelevance (Birnbaum) this theory is that the monarchy is insignificant in todays society and even though they may well have absolute power in it would never be used to any importance. The mainstay of an archaic state system (Nairn), this suggests that the monarchy is just the foundation of whats wrong with are state system at the moment due to conservative minds unwilling to change things. The first theory has very little evidence to support itself, in fact according to the recent Guardian/ICM poll and the Independent on Sunday MORI poll. Under half those surveyed in a recent poll considered the royal family to be important to Britain. One in three believed the royals were out of touch. Less than one in four thought they were hard working. Just one in 10 thought the royal family were good value for money. I believe this do be undeniable evidence that the monarchy does not bring people together with shared values for how can we identify with someone that has nothing in common we the people they govern. It all sounds like hypocrisy to me why are the royals held up as an example for people to follow. They must be one of the worlds most famous dysfunctional families. They are ashamed of divorcees, alcoholics and possible homosexuals in their midst. Their values are completely corrupt. Marxs theory on class war is very popular with leftist theorists. He suggests that were ever there is capitalism and the need to make money they will be institutions attempting to control others for there own personal gain. A relevant quote would be that of Keir Hardie on the 1897 Jubilee: The cheering millions would be there and cheer just as lustily if the occasion were the installation of the first President of the British Republic; the soldiers are there because they are paid for coming;the statesmen are there because Empire means trade and trade means profit.In this country loyalty to the Queen is used by the profit mongers to blind the eyes of the people; in America loyalty to the flag serves the same purpose.. Birnbaums theory is one of complacency in my eyes. I agree he is right that the monarchy is irrelevant in todays society but they still cost the taxpayer money. The taxpayer spends over à ¯Ã‚ ¿Ã‚ ½60 million per year on services related to the monarchy. This money could be spent on hospitals or schools and until recently, the Queen paid no tax whatsoever on her property or income. Everyone should have the same rights. People who didnt pay the poll tax are still being hunted down and locked up. Nairns theory on outdated state system is most relavant to todays monarchy. The theory explains as to has outdated and undemocratic the monarchical system is. The Queen can veto an Act of Parliament, intervene in policy decisions, and even dissolve the government if she wishes. And this isnt just in theory Queen Elisabeth II has even done it in practice. In 1975, she got the Governor-General to dissolve the Labor government in Australia because she found it too left-wing. The monarch can take over the government in circumstances that threaten the state such as a general strike or mass civil unrest and they could even sell the navy and get people put in prison without a jury trial. This is obviously an undemocratic and outdated system. In conclusion the execution of Charles 1st is an inspiration for all fighting to reform the undemocratic British state. After the bloodshed on 30 January 1649, until shortly after Oliver Cromwells death Britain enjoyed a successful 12 year republic, without any Monarchy or House of Lords, a true republic can be achieved. The Monarchy which, with the House of Lords, is supposed to embody our unwritten constitution stands in the way of us having proper rights separate from the state. The creation of a written constitution would help protect those rights that have been increasingly infringed in the recent. With no bill of human rights people of Britain have no statutory line of defence against these oppressive and unrepresentative measures. What is more, it is only through the creation of a social contract can we rebuild a caring civil society, which in my eyes has been lost over the recent decades. Without a shadow of doubt the monarchy is an outdated instition.

The Tenth Amendment acts as a limit on Congressional powers Essay

The Tenth Amendment acts as a limit on Congressional powers - Essay Example This research will begin with the statement that Thomas Jefferson called the Tenth Amendment â€Å"the foundation of the Constitution†. Historically, the amendment was designed to limit the powers of the federal government, a concern highlighted by the tyrannical rule of King George III of England. While the wording of the amendment is simple and seemingly precise, its historical significance--and modern interpretation and use--continues to be a source of debate regarding its true meaning and intent. This paper will attempt to clarify questions regarding its interpretation, the current actions of the states to push back federal intrusion and, finally, the role of the United States Supreme Court in deciding these important matters. Ratified in 1791, The Tenth Amendment works to limit Congressional powers and guarantee that the states have primary control over matters that directly affect their citizens; over time, however, this clarification has eroded. The amendment expressly states that â€Å"powers not delegated† to the new federal government must be left to the states to decide. While the original intent is clear, however, its interpretation has been widened beyond the expressed attempt to limit federal intrusion. The debate continues in 2010 regarding the boundaries of the amendment’s authority. More recently, we can find U.S. Supreme Court cases addressing the powers of the Tenth Amendment. In 1995, the Court ruled that Congress overstepped its power by passing the 1990 Gun-Free School Zones Act.

Compare and contrast Confucianism, Daoism, and Shinto Essay

Compare and contrast Confucianism, Daoism, and Shinto - Essay Example etween them, namely a specific understanding of human nature and the characteristics of its relationship with the divine law either through the human mind (Confucianism) or by means of mystical knowledge (Daoism and Shinto). Confucians believed that the true essence of people is humanity or â€Å"jen† (Fisher 209). Self-cultivation was understood as the development of a â€Å"humane† beginning and the suppression of wild and evil factors. By the time of the emergence of Daoism, Confucianism was the official doctrine and the basis of the state structure. The ideal of Confucianism was presented by a notion of a â€Å"noble man,† the carrier of Confucian consciousness responsible for the harmony between Heaven and human nature. His virtues were seen in self-control, justice, reverence for elders, and social responsibility. His goal was public service since in Confucian ethics person is subject to the society (210). Confucian culture is elitist, since the main area of its distribution was presented by noble people (mainly officials engaged in the administration of the state). As a result, this led to a desire to govern all possible spheres of human life. These changes were achieved by l imiting the undesirable factors, mainly through the assimilation of norms of behavior and control (first external and then internal). The main virtue of a noble man was considered a permanent control over his/her own mental sphere and preservation of self-control. In this regards, introspection was designed to detect human failings. In turn, Daoism, also condemning human passions, understands the true human nature in its close connection with the cosmic principle that embodies universal laws of nature. The supreme goal of Daoism is the detection and the actualization of the â€Å"true principles† in man and complete submission to them. Man needs should seek to merge with the divine Dao, â€Å"a mystical reality that cannot be grasped by the mind† (195). There was initially no question of

Financial Management Individual Work 1 Week 6 Essay

Financial Management Individual Work 1 Week 6 - Essay Example In this case, operating leverage reflects the intensification of the upper part of the revenue statement with the fixed costs being the costs of business procedure and that are not affected by alterations in sales. Within financial and income aspects of any business, working income is a component of business risk. For instance, with two indistinguishable firms and one firm utilizes higher operating advantage with all other things remaining constant, the firm experiences less predictable return on asset and operating income, and this results to elevated risks to the business. With an elevated business threat, the stock- and bondholder are affected (Brigham & Ehrhardt, 2010). Financial leverage involves the degree of utilization of fixed charge securities within the capital structure of a given firm. High financial leverage occurs when the capital structure of a firm is characterized by elevated debts and preferred stock. In this case, the extent of entity sales characterized by equal costs and revenue presents the breakeven point and breakeven analysis can be done with or without financial costs (Brigham & Ehrhardt, 2010). This way, the financial leverage represents the underside half of the revenue statement entails changes in EPS relative to alterations of EBIT. Financial leverage accounts for some aspect of corporation risk through debt financing. Through debt financing, a business is prone to variations in earnings prior to taxation after interests thus elevating earnings per share and the net income. Corporate risk is thus a summation of business risk and financial risk. Modigliani and Miller revealed that whether leveraged or not, firms should have equal value in the absence of taxes and other costs. Further, organizational value and weighted standard capital costs will be free of the capital structure (Brigham & Ehrhardt, 2010). Consequently, constant

Augmented Reality Applications. Challenges and Future Trends

Augmented Reality Applications. Challenges and Future Trends Augmented Reality (AR) Abstract Augmented reality presents a mix of real world information and additional computer generated information to a user. Such a mix of information is usually presented by superimposing two distinct sets of images on to a monitor or a head mounted display which enables a viewer to observe a mix of the real world and computer generated text or images. Even though the visual sense is not the only sense which can be used to present and perceive computer altered reality, visual presentations are the most used in augmented reality systems. The additional presentations that are generated by a computer can substantially assist users in a number of ways including provision of textual information about what is being viewed, presentation of hidden information or images associated with a visual scene as well as the results of planned alterations to reality such as the presentation of the results of a construction or a demolition of physical structures. Augmented reality may be considered as being a b ranch of virtual reality research, but unlike virtual reality, in which everything that is presented to a user is generated by a computer, augmented reality only presents an alteration to the reality that is being sensed. There are very many interesting applications of augmented reality which are proving to be useful to human users. From assisting surgeons to perform delicate surgery, helping archaeologists collect excavation data to assisting rescuers after a natural disaster or aiding soldiers in urban combat, augmented reality systems are achieving even greater success as technological advances on a broad front enable even more sophisticated systems to be designed. Miniaturisation and the design of rugged, low power consumption components have resulted in portability. This essay presents a discussion of the potential and the problems of augmented reality systems. Contents (Jump to) 1. Introduction 2. A Description of the Operation of an Augmented Reality System 3. The User Benefits of an Augmented Reality System 4. Portable Augmented Reality Systems in Wearable Computers 5. The Outdoor Use of an Augmented Reality System 6. The Potential Sources of Error in an Augmented Reality System 7. Conclusion References / Bibliography List of Figures The Generation of Visual Augmented Reality using Head Mounted Displays, Cameras and Diverters for the Mixing of Real and Virtual Spaces Managing Multiple Spaces for Generation of Augmented Reality Sources of Error in Augmented Reality Systems 1. Introduction Augmented reality refers to the utilisation of computers to modify reality, usually in order to provide additional assistance when a human user is interacting with the real environment. The real world around humans provides a wealth of information which the human user must absorb and process through their senses. The most useful and informative of all human senses is the sense of vision and a huge amount of information about the ambiance is required to be sensed as well as processed by the human visual system. Computers are useful because they can provide an overlay of information to assist with the human processing of the information which they perceive through their senses, mostly the visual sense. [1] As an example, a human who is walking around an urban area can be provided additional information through a head mounted display which superimposes textual information about identification of buildings and other important landmarks so that the human is provided additional guidance ab out identification of buildings and landmarks or other useful information about what they are viewing. [2] Obviously, the computer too has to sense the environment in order to provide any additional information and this is done through a camera that captures the same view as the human. The camera provides images which are identified by a computer and virtual scenes are created in the virtual world generated by a computer. The computer program then generates additional assistive information that is presented to the human user in order to assist them in their interactions with their environment. Augmented reality software program is required to process information which a computer senses through sensors and the real space is transformed into a virtual space within the computer, with computer software identifying, recognising and transforming the external inputs from the real world in order to transform these inputs into assistive outputs for the user of an augmented reality system. Au gmented reality can, therefore, be considered to be a variation of virtual reality which completely immerses a user inside a synthetic environment. Augmented reality makes it possible for a human user to view the world with virtual objects that are generated by a computer and then superimposed or merged with it. The characteristics of virtual reality systems include a combination of the real and the virtual, interactions in real time and registration in 3 – D. [3] Augmented reality has proven itself to be useful in a wide variety of applications. From assisting surgeons to perform delicate surgery to assisting soldiers in battlefield or helping with education as well as assisting archaeologists gather field data on a site, virtual reality has proven to be of great benefit to humans in a very wide range of applications. [4] However, virtual reality technology is still evolving and with advances in computer science, even greater sophistication is likely to be possible in a large number of applications. Advances in wearable computing, software, miniaturisation, display technologies as well as sensors and radio networking have had a profound impact on the application of augmented reality. [5] Augmented reality systems are now far less bulky, portable and can be worn by a human user who may want to be assisted in a variety of ways in order to perform a task. Systems making use of augmented reality are now often used outdoors in harsh weather condit ions. Despite the possibilities, virtual reality implementations do have some limitations as well as difficulties with implementation. Registration errors or problems associated with sensing or bandwidth of the display devices can cause deterioration in the performance of augmented reality systems. Objects in the real and the virtual world have to be aligned correctly in relation to each other otherwise the illusion which is created as a result of the two worlds coming together will not be comfortable for humans. Sensing devices which provide data inputs for the augmented reality computer have to be able to track the field of vision of a user. Sensing errors, mechanical alignments, incorrect viewing parameters such as field of view or tracker –to- eye position or orientation as well as optical distortion in the display system are some of the problems which can affect the performance of an augmented reality system. [6] In this essay, an attempt has been made to discuss various aspects of augmented reality systems, including perspectives associated with their construction, portability, user benefits for those using augmented reality, outdoor use of augmented reality systems and the problem of errors in such systems. It is hoped that the readers will benefit from such a discussion and gain a broader understanding of the current state of augmented reality. The next few sections of this essay discuss the previously mentioned issues. 2. A Description of the Operation of an Augmented Reality System Augmented reality systems usually add to the information that is received from the real world. In augmented reality vision systems, objects from the virtual world generated by a computer can be added to the scene from the real world. However, augmented reality systems can also remove sensations from the real world and as an example; it is possible to remove a table which a human using the augmented reality system may be viewing as a result of the computer painting it over. Although augmented reality usually refers to a computer modifying the real information that is presented to the human vision system, vision is not the only sense which a computer can interfere with. A system in which multi – sensory input is provided may turn on a heat lamp when a user approaches a spot in the virtual environment that is exposed to the sun or the smell of roses may be directed to a user when they approach a rose garden in mixed environment. A computer can also direct that a fan be switched o n in order to provide a flow of air to a user when they approach a spot in the virtual environment that is exposed to wind. [7] Thus, augmented reality involves modification of reality that is presented to a user by a computer which also senses reality and which has created a virtual model based on what has been sensed. Examples of the application of augmented reality include superimposition of internal information over external surfaces or the augmentation of viewed environment with informational labels. [8] When thinking about augmented reality, it is appropriate to think about the physical space, the virtual space and the measured space. The concept of physical and virtual space should be clear, however the concept of measured space refers to the representation of the physical space inside a computer and the manner in which sensory data is used to present the real space to a user. The generation of augmented and virtual spaces require the joining together or overlapping of the space maps associated with the physical and the virtual spaces, with the interaction being managed by computers and people using their sensory capabilities. Virtual space does not necessarily represent the physical space and this space is a model of the physical space that is created the real world and its views as perceived by sensors. Virtual space contains inputs from the physical space which are incorporated into the electronic space by the computer. The generation of augmented reality involves superimposing electronic generated space on to the real objects and space. The virtual space inside a computer must correspond to the real space which has to be mapped into the computer using some sort of a global reference such as a global positioning system. [9] Relative measurements of objects in physical space are transferred to the computer so that the electronic space may be generated, even though it may not be known where the physical space is with regard to the rest of the universe. Thus, a car’s interior dimensions are relative to each other, although it may not be known where the car is in the universe. A close mapping may exist between the physical and the virtual space if the electronic space is required to be a close representation of the physical space. It may be required to represent different parameters from the real space into a virtual space, such as the variation of light intensity or temperature. Some event in the physical space may also be required to generate a trigger and some how alter the electronic virtual space. Different types of sensors may be used to provide information about the physical space such as the dimensions of the physical space being measured by ultrasound or sonar. Sensor inputs are required to be fed into a computer, processed and then used to present a reflection in the electronic space. Triggers from the physical space are also measured by sensors and as an example; the presence of a human object in an area of the physical space may be registered by a capacitive sensor which will transmit this information into the computer. The computer that is being used may then take some action to process this trigger and generate some outputs or variations in the electronic space. Virtual spaces that are generated inside a computer after some processing of the data related to physical spaces are translated and made available in the real world by projection involving video, audio, tactile or hepatic devices or even by using the sense of smell. The virtual world of the computer is projected at some point or location in the physical world which is known as the point of projection. Device such as a screen, a virtual reality goggle or PDA etc are used for such projections. Projections of the virtual world into the real world through devices present users with an illusion of occupying some part of the physical space such as the space behind a projection screen or in front of a holographic plate. In purely virtual reality environments, the sensing of an object from the physical space may have an impact on the projection of the virtual space into the physical space, however, the object that is being sensed will not be a part of the virtual space. In mixed or augmented spaces, however, the sensed object will be incorporated into the virtual space and hence the link between the object that is being sensed and the projection is important. Location in space is usually measured in terms of some sort of coordinates which could be Euclidean coordinates such as polar, spherical or ordinance grid coordinates or alternatively, the location may be relative to a zone with objects being detected as being in a zone such as a room or a part of a room. Information about position may also be relational with some object being detected as being close to another object. The level of accuracy with which measurements in the physical space need to be made and information in the virtual space need to be displayed will vary for different applications, but the requirements related to accuracy will determine the amount of data that needs to be exchanged between the physical and virtual spaces. [10] As an example, head mounted displays and cameras that are mounted on these displays can be used to present computer modified reality to a user. The cameras sense reality and feed a video signal to a computer which is then modified by the computer according to the programmed algorithms for the generation of virtual space involving identification of objects, addition of data to images, image manipulation or object cancellation etc. The desired additions or modifications to the human view of reality are then projected on to the human eye through head mounted monitors or optical diversion and mixing of the real and virtual space. This is illustrated in the diagrams below. The Generation of Visual Augmented Reality using Head Mounted Displays, Cameras and Diverters for the Mixing of Real and Virtual Spaces [11] [12] Managing Multiple Spaces for Generation of Augmented Reality [13] Apart from optical see – through augmented reality displays, it is also possible to generate augmented reality using monitors and video see-through displays. Optical see-through displays in which the real world images are mixed with the virtual reality images that are generated by a computer using optical mixing are different from video see-through displays which project images that are desired to be seen by a human user on to the eye using a video display without any optical mixing from the real world. [14] The next section of this essay takes a look at the user benefits of an augmented reality system. 3. The User Benefits of an Augmented Reality System Augmented reality systems attempt to present a world which consists of a combination of computer generated imagery or other sensory inputs and real world perceptions that are available to a human user. Thus, augmented reality systems can present an enhanced view of the world to the users and the enhancements provide additional information which can be of benefit to the user in a variety of ways. The additional information which can be superimposed on the perception of a user can take a variety of forms depending on the application or the intended use of the augmented reality application. As an example, an augmented reality system may be designed to superimpose a pipeline system which has been designed for an industrial setting, or the system may assist a surgeon by superimposing internal imagery of a patient’s diseased organs on the image of their exterior anatomy, assisting the surgeon to perform surgery. All augmented reality systems assist humans to perform a task by enabli ng the human user to visualise, readily access additional information or to superimpose objects that are not visible on to real views. Augmented reality systems can enhance human understanding of what they are able to perceive and thus humans are assisted in solving problems which may be difficult if they were not provided any additional pieces of information. However, the applications of augmented reality are very broad and this technology has proven to be useful in very many applications. Thus, augmented reality may be used for entertainment or gaming, providing additional input on views of sporting events as well as assisting humans in more serious endeavours such as the battlefield, archaeology or architecture or urban design etc. Objects that are superimposed on real world views using augmented reality may be required to be presented in correct perspective depth as well as being accurately positioned with respect to other real or virtual objects and this can assist in human use rs being able to perform delicate work due to the additional understanding that they are able to acquire as a result of using augmented reality systems. Miniaturisation of computing elements and advances in wireless as well as general technological advances on a broad front have made it possible for augmented reality systems to be miniaturised and to be made wearable or portable, adding to their general usefulness both indoors and outdoors. Thus, augmented reality systems are able to assist, entertain, inform or aid humans by enhancing their perceptions in a wide variety of applications. [15] [16] [17] [18] The next section of this essay presents a brief discussion on portable augmented reality systems in wearable computers. This topic is important because portable and wearable systems have added considerably to the utility of augmented reality systems. 4. Portable Augmented Reality Systems in Wearable Computers Portability is required if an augmented reality user has to change their position in the world. Unlike virtual reality, augmented reality users cannot change their position by changing their location in the computer generated virtual world and have to be able to move around in the physical world. Portability is essential for a wide variety of augmented reality applications because users may be required to roam around in large areas. However, such requirement means that the augmented reality equipment has to be self contained as well as portable and that it should be possible to track users outdoors. The requirements for being able to track a user means that markers or communication relays will have to be utilised, especially if the computational requirements associated with augmented reality cannot be fully catered for on the portable end of the equipment and signals have to be relayed to a desktop, mainframe or networked computer. Because augmented reality does not replace the real world as virtual reality does, therefore, the resolution requirements associated with display devices or sensors are generally less stringent then those for virtual reality applications. Full colour displays are usually required for virtual reality applications, but monochrome displays may be sufficient for augmented reality. Requirements associated with rendering are also not a problem with augmented reality applications because images are only required to add to the real world visual inputs. However, tracking and sensing requirements for augmented reality applications are far more stringent then those for virtual reality applications because objects in the virtual space have to be correctly aligned with objects in the real world. As a result of the requirement to accurately track a user’s head and objects in the surrounding area, a large volume of tracking data is likely to be generated which must be processed in real time. If a portable or wearable computer is incapable of catering to these processing requirements, then reliable communications links must carry the tracking or associated data to remote computers. Thus, trackers or sensors are required to have a longer range, greater input variety and bandwidth as well as better accuracy. [19] [20] [21] Advances in portable augmented reality systems have been made possible as a result of faster, more rugged and better computing devices which consume low power. Wearable computers are required to be comfortable, safe and adjustable for an individual’s personal preferences. The user interfaces for such systems have to be user friendly as well as being capable of operating correctly in a harsh and noisy environment. Gesture and hand motion based interfaces have shown a promise in wearable computing, but such systems are required to be able to interface with a user in a reliable manner. Software for augmented reality substantially increases in complexity with complex applications. Short range wireless communication technologies such as Bluetooth have made it possible for sensors to be readily placed on all parts of the human body. Thus, it may be concluded that portable augmented reality systems are required and useful but their widespread use and acceptance will depend on the rel iability, ruggedness, comfort as well as computing power which can be packed into such systems. However, technological advances on a broad front have resulted in many portable augmented reality systems being developed including systems for military, field archaeology or navigational assistance to name a few. [22] [23] The human factors requirements associated with wearable computing demand that aspects related to safety, ergonomics, anthropometry and ease of use or usability be considered in the design of portable or wearable augmented reality systems. Human users should be able to comprehend information that is being presented to them without any perceptual interference. The design of the wearable system should be based on ergonomic studies with good visually coupled display design. The user interface design should promote reliability in interactions with the system and usability for the human user. The augmented reality system is required to minimise the cognitive load on the human user and not add to the problems. It should be possible to indulge in team collaboration through the wearable augmented reality system. [24] The design of usable interfaces for human interactions is of the greatest importance in the design of wearable augmented reality system design. There are many usability guidelines which should be considered for designs and the quality of the design for usability can also be used to evaluate an augmented reality system. The design of a user interface should take into consideration factors including the level of user experience, support for interactions with other users, number and location of users, ease of calibration, support for body centred interactions, reduced relative latency and provide the user with a tracking system that is accurate to a small faction of a degree in orientation and a few millimetres in position. The overall system processing delay should be minimised and there should be a level of consistency in the visual or sensory cues that are presented to the user. It is desirable that the errors which affect the performance of an augmented reality system and which are discussed in section 6 are minimised. The considerations associated with a good design of a wearable augmented reality system are too numerous to be tabulated here, but a detailed discussion about these issues is presented in Gabbard, Joseph. L. â€Å"Researching Usability Design and Evaluation Guidelines for Augmented Reality (AR) Systems†. Virginia Tech. 2001. [25] In the next section of this essay, a discussion is presented about the outdoor use of an augmented reality system. 5. The Outdoor Use of an Augmented Reality System Augmented reality systems are increasingly being used outdoors. Whereas, it is obvious that the use of augmented reality is gaining greater acceptance because there is a need for applications to assist humans with various activities outdoors, it is also important to understand that the outdoor use of augmented reality presents some technical challenges. Examples of the outdoor use of augmented reality include assistance with rescue operations after a natural disaster such as an earthquake or assisting with military operations in urban environment. [26] [27] Both of the previously mentioned applications require the augmented reality equipment to operate in a harsh environment in which any existing communications infrastructure is likely to have been obliterated or in danger of being destroyed. The military application can assist soldiers in identifying buildings, getting a feel for their interior and to be informed about potential threats such as the location of snipers from battlefie ld intelligence network, with such information being conveniently displayed on their field of vision. However, communication links are important because sophisticated computations on data cannot be performed on portable augmented reality units. Disaster relief can be aided by augmented reality as a result of rescuers being provided with on the spot information about buildings, terrain and the likely results of any planned rescue operations such as the likely impact of clearing a path through rubble. Although the additional information that is presented by outdoor augmented reality systems is likely to be of great benefit, it has to be realised that the generation of such information is only possible after extensive digital surveys of the areas for which augmented reality is being used are available. The likely design of such augmented reality systems will also mean that not all computation or data storage is capable of being performed on the portable units which are provided to the field users. The need to establish and maintain communication links as well as sophisticated computer equipment with which portable units are connected through communication links as well as the requirements to collect detailed data such as airborne laser scanning data under conditions of war or immediately after a natural disaster are some of the difficulties associated with the previously outdoor augmented reality applications. The equipment has to be extremely rugged and reliable as well as capable of being worn over long periods. In the military applications, the communication system which consists of fixed transmitters can be vulnerable and there is a requirement to maintain the large bandwidth communication links between the portable units and a central computer so that the augmented reality system can superimpose virtual scenes on real world information with accuracy as well as reliability. It will be undesirable to have augmented reality system malfunctions in situations whi ch require that users concentrate on other critical tasks rather then fixing any idiosyncrasies associated with the augmented reality equipment. Generally speaking, it is difficult for the existing tracking technology to track a user with sufficient accuracy when a portable augmented reality system is being used outdoors. [28] The next section of the essay presents a discussion about errors in augmented reality systems. 6. The Potential Sources of Error in an Augmented Reality System An important problem which has been observed in augmented reality systems is that objects which have been generated by the computer in a virtual environment for superimposition on to the view of the real environment do not remain correctly aligned or locked onto the real world objects. The degree of misalignment can vary as the user changes their field of view and thus, with a changing field of vision due to a user moving their head, objects that are being viewed through the augmented reality displays can appear to swim as a user moves their head. [29] The errors which create problems in augmented reality systems can be broadly classified as static or dynamic errors. Static errors refer to those sources of error which can cause problems with the presentation of augmented reality when the user and the objects within the environment are completely still. Dynamic errors do not have an impact until there is a movement of the viewpoint or the objects. Some of the sources of error which ca n have an impact on the visual performance of augmented reality systems are as follows: [30] Static Errors Optical distortion caused by distortions or imperfections in the camera and lens systems especially in objects which are away from the optical axis. Errors in the tracking and sensing system which result a distorted output from such systems. Mechanical misalignments that exist within the components of the augmented reality system such as combiners, optics or monitors due to factors such as not having a sufficiently rigid mechanical frame. Incorrect viewing parameters due to a lack of calibration that has an impact on how the reported head or camera locations are translated into viewing matrices which are used by scene generators for drawing images that are required to be superimposed on to the real world inputs. Dynamic Errors End –to- end system delays cause problems because each component in the augmented reality system require some time to produce an output for a given input. Any change in the position or orientation of a user will take some time before being processed and registered on the augmented reality picture that is presented to a viewer. Delays associated with the tracking subsystem, communication links and scene generation as well as time delays that are associated with frame buffers will prevent an immediate updating of the augmented reality picture that is presented to the viewer. A certain level of delay or lag is acceptable and these delays will not cause a serious deterioration in the augmented reality presentation. Typi

Power in Shakespeares Macbeth :: GCSE English Literature Coursework

Power in Macbeth There are many different types of power that a person may have. Some of the time, however, the person in that power is not the best person to be in that power. This is especially true in William Shakespeare's Macbeth. Throughout the course of the play, the Three Witches and Lady Macbeth are the people with the most power over Macbeth's life. The more power that a person has, the more corrupt they become. Many different people in Macbeth have power, and there are different ways to be powerful, Usually, men are the ones who are outward and aggressive about it, and women are more subdued about it. Lady Macbeth has a great deal of power over Macbeth the power which she holds over him, is the fact that she possesses more of the "manly" quality than Macbeth himself does. Because of this, Macbeth is ashamed of himself. As a result of Macbeth's shame, he attempts to do everything in his power to prove himself to Lady Macbeth. He is attempting to prove himself to Lady Macbeth, because she obv iously has her doubts, "When you durst do it, then you were a man,/ And, to be more than what you were, you would/ Be so much more the man." (1,7,54-56). As a result of Lady Macbeth's doubts and mocking, Macbeth finally murders Duncan in a final attempt to prove himself to Lady Macbeth. Although Lady Macbeth was successful at convincing Macbeth to murder Duncan, the Three Witches were the people who made it all possible. The Three Witches hold the ultimate power. If the Three Witches had indeed not informed Macbeth about what was to be, then be would not have repeated the Three Witch's prophecies to Lady Macbeth, "All hail, Macbeth! Hail to thee, thane of Glamis!/ All hail, Macbeth!/ hail to thee, thane of/ Cawdor!/ All hail, Macbeth! that shalt be king hereafter." (1,3,50-53). In turn, if Lady Macbeth had not been informed about the prophecies, she would have never expected Macbeth to murder Duncan in a desperate attempt to fulfill the prophecies. On the other hand, the Three Witch es not only gave Lady Macbeth the opportunity to alter Macbeth into the tyrant which he now is the Three Witches also led Macbeth to his downfall soon after Macbeth came into power. How the Three Witches accomplished this, was they made Macbeth feel over-confident, "Be lion- mettled, proud, and take no care/ Who chafes, who frets, or where conspirers are:/ Macbeth shall never vanquish'd be until/ Great Birnam wood to high Dunsinane hill/ Shall come against him.

3 ways HR professionals support line managers and their staff Essay

Recruitment: The process of selection and appointment of suitable candidates for jobs in an organisation, in a short span and cost effectively manner. The process includes analyzing the requirements of a job, attracting employees to that job, screening and selecting candidates, hiring and integrating the new employee to the company. It is a critical activity not only for the HR function but also for the line managers and various departments involved. The most important responsibility of the HR function is to find the right people for the right position. Defining targets and approaching the target with a view to hire does this. An HR professional’s ability to attract new talent that fits the needs of a company, they are trained to be proficient when organising orientation manuals, pre-employment screens and other steps prior to employment of a new hire. Thus the organisation gains the best talents on board be it internally or externally which maximizes the overall growth. â€Å"The key for us, number one, has always been hiring very smart people.† – Bill Gates, 1993 Training and Development: Learning and development strategy articulates workforce capabilities, skills or competencies required and how these can be developed, to ensure the run of a successful organization. The HR function helps in developing the mindset and skills to support the business in its evolution. They ensure that all the employees leave every session with a tangible skill they can  put in place immediately when they return to their desk. This gives a competitive advantage and adapt to economic circumstances. These are achieved by conducting seminars, boot camps, master classes and incorporating social media into content to understanding audience behaviours. The HR team ensures that these are designed and delivered by experts inside business or respected external figures. As key element of an organisation’s learning strategy they will target the long–term development of those identified as exceptionally high-performing individuals, who are critical to long-term business success. Hence this will widen employee’s knowledge and helps drives high performance level for a long-term successful business. â€Å"Education is the most powerful weapon which you can use to change the world.† – Nelson Mandela, 2007 Employee Engagement: Employee engagement is a workplace approach designed to ensure that employees are committed to their organization’s goals and values, motivated to contribute to organizational success, and are able to simultaneously enhance their own sense of well-being. The HR function makes sure that the employees have an engagement with the organization and engagement with their manager, which automatically increases the competency and results in high performance. They are able to analyze the key drivers of engagement and plan activities or initiatives that will have the greatest impact of engaging the employees. The HR team engages the employees by arranging fitness activities, cultural events, mentoring activities, book clubs, family activities, charity run, volunteering activities, visits to other departments, company lunch, etc. This gives an opportunity to a good needed break from their routine, which is essential for employees. Thus this leads to increased productivity, increased quality, greater innovation and better customer service. â€Å"On what high-performing companies should be striving to create: A great place for great people to do great work.† – Marilyn Carlson, former CEO of Carlson Companies, 2014 The following report tells, as to how HR professionals support line managers and staff Communication: Organizational communication refers to the forms and channels of communication among employees of organizations. Studies have found a strong relationship between the levels of communication in an organization and job performance and satisfaction. Organizational communication takes place upward, downward and horizontally. The HR function helps to bridge the gap between the management and direct employees or vice versa. The HR department has the responsibility to encourage management at all levels to communicate with employees regarding all matters of concern, including various company actions such as layoffs, promotions and important subject matters such as benefits, company policies and employment stability. Excellent communication between HR personnel and the company’s employees keeps them constantly well informed. Employees need to be listened at all times so that it will not demotivate them. Hence communication done with the help of HR function has been shown to be linked to good company’s success. â€Å"The art of communication is the language of leadership† – James Humes, 2011 Performance Management: Performance Management encourages the continuous improvement of business processes and of individuals’ skills, behaviour and contributions. This evaluation system is an invaluable tool for all business. An annual performance review places all employees on an equal field and allows the managers to see which employees are creating the most value for the organization. HR function plays an important role, by ensuring that the  process is far, accurate and managed appropriately. It motivates employees and helps in the development of the organization in the right direction. The goals and tasks of managers and employees should be aligned with the business strategy. HR function helps in setting departmental and individual performance targets, evaluates the whole process to improve effectiveness and also encourage business heads to award the right employee. This is like a key delivery mechanism associated with the management behaviours instrumental in driving performance, such as listening, coaching, communicating and creating relationships based on trust and respect. By giving such support, the line managers and organization will be definitely benefited. â€Å"A process, which contributes to the effective management of individuals and teams in order to achieve high levels of organizational performance.† – Armstrong M. and Baron A. (2004), Managing Performance: Performance Management in action, Institute of Personnel and Development. Job Analysis: Detailed examination of the task, that makes up an employee role also what the job requires in terms of aptitudes, attitudes, knowledge and skills of an employee. It is the first step in a thorough understanding of the job and forms the basis of job description. Job analysis is important primarily because of its influence on organisational structure and also the interrelatedness of it and job design. Without detailed information gained from job analysis, structuring an organisation and understanding where potential duplicity occurs in roles and functions will be difficult. Job analysis is used to: Establish and document competencies required for a job. Identify the job-relatedness of the tasks and competencies needed to successfully perform the job Provide a source of legal defensibility of assessment and selection procedures. It allows departments to identify paths of job progression for employees interested in improving their opportunities for career advancement. Thus line managers and heads are encouraged to consult with HR function for guidance at every step in the job analysis process. â€Å"The entrepreneur builds an enterprise; the technician builds a job† – Michael E. Gerber, (2001), The E-Myth Revisited: Why most small business don’t work and what to do about it, Harper Business Hence the HR function would be grateful, if it is still retained in the organisation. As mentioned the above functions and roles will improvise the growth of the company.

Free Essays on The Bostonians

The Bostonians by Henry James illustrates the Boston reformers throughout the women’s suffrage movement. James portrays the mercurial nature of the through his political satire. This is especially seen in Olive Chancellor, an obsessive women who has dedicated her life to the women’s suffrage movement and her sister Ms Luna, a pretty, yet shallow and manipulative woman. Their desire to control the unattainable is similar while the tactics the use to control are different. James shows the relationship between the sisters as one filled with distaste and jealousy. Although Ms Luna and Olive Chancellor differ on physical attributes and personalities, they both share a common emotion: jealousy, which is a reaction from their desire to control others. Ms Luna and Olive Chancellor differ on many counts including physical appearance. Ms Luna, â€Å"was sufficiently pretty; her hair was in clusters of curls, like bunches of grapes; her tight bodice seemed to crack her with vivacity†¦little of she might partake in the nature of her sister. (3-4)† James describes Luna as notably pretty, yet in his mocking nature, makes her appear as if she tries to hard, because she has no real quality to capture a man. While Luna concerns herself with fashions, and physical appearance, her sister Olive Chancellor is quite different. One of the first times that Olive appears in the book, she is portrayed as a very plain women, whose looks differed from her sisters greatly. James describes Olive as, â€Å"habited in a plain dark dress, without any ornaments, and her smooth, colorless hair was confined as carefully as that of her sister was encouraged to stray.(7)† James uses the imagery of Olive and Luna’s looks to give the audience an idea of their char! acter, and perhaps a foreshadow on their personalities later to come. Later on in the novel, James shows Luna as frivolous, and self-involved, she is much concerned with own benefits, not others happine... Free Essays on The Bostonians Free Essays on The Bostonians The Bostonians by Henry James illustrates the Boston reformers throughout the women’s suffrage movement. James portrays the mercurial nature of the through his political satire. This is especially seen in Olive Chancellor, an obsessive women who has dedicated her life to the women’s suffrage movement and her sister Ms Luna, a pretty, yet shallow and manipulative woman. Their desire to control the unattainable is similar while the tactics the use to control are different. James shows the relationship between the sisters as one filled with distaste and jealousy. Although Ms Luna and Olive Chancellor differ on physical attributes and personalities, they both share a common emotion: jealousy, which is a reaction from their desire to control others. Ms Luna and Olive Chancellor differ on many counts including physical appearance. Ms Luna, â€Å"was sufficiently pretty; her hair was in clusters of curls, like bunches of grapes; her tight bodice seemed to crack her with vivacity†¦little of she might partake in the nature of her sister. (3-4)† James describes Luna as notably pretty, yet in his mocking nature, makes her appear as if she tries to hard, because she has no real quality to capture a man. While Luna concerns herself with fashions, and physical appearance, her sister Olive Chancellor is quite different. One of the first times that Olive appears in the book, she is portrayed as a very plain women, whose looks differed from her sisters greatly. James describes Olive as, â€Å"habited in a plain dark dress, without any ornaments, and her smooth, colorless hair was confined as carefully as that of her sister was encouraged to stray.(7)† James uses the imagery of Olive and Luna’s looks to give the audience an idea of their char! acter, and perhaps a foreshadow on their personalities later to come. Later on in the novel, James shows Luna as frivolous, and self-involved, she is much concerned with own benefits, not others happine...

How the Grinch Stole Christmas Essays - Dr. Seuss, Whoville

How the Grinch Stole Christmas Essays - Dr. Seuss, Whoville Ms. Hoogewerf Writing College Success 20 October 2015 How the Grinch Stole Christmas A lot of popular books throughout the years have been transformed into movies and a lot of movies have been turned into books. The main question relating to these types of transformation is simply; which one is better? When we ask this question we take into consideration which content was put into the book and movie and how any specific details or concepts have changed in any way. Are these changes for the good or for the worst? What does it take to make a book into something that will result in a great movie? When Dr. Seuss How the Grinch Stole Christmas book was turned into the hit movie directed by Ron Howard, changes were certainly visible. The movie had much more events, more characters, and was targeted toward a whole different target audience. In the book, very few characters were noted. The characters mentioned were the Grinch, the main Who little child by the name of Cindy Lou Who, and the Grinchs dog Max. Although with such few characters compared to the movie, this was all the book needed to still deliver the books main storyline. The movie on the other hand had many more characters, including the Grinch, Cindy Lou Who, Max, The Whoville Mayor, Martha May, Cindy Lou Whos parents, and much more. Because of the movie having many more characters, this caused a whole lot more of character development in the story and caused a lot of extra details that werent technically critical to the storys plot but certainly added more understanding of what the characters and where they lived was really like. In the book, only a sparse number of events were mentioned. The main events in the book were that the Grinch hated Christmas, he came up with an idea to destroy it, he followed out with the plan, and the aftermath that followed. The movie however, adds a ton more of events that add a whole lot more of entertainment to the story and also connects the reader more to the story while reading. For example, when the Grinch burned down the Whoville Christmas tree or when the movie flashes back to the Grinchs childhood as a little boy and tells the viewers how he originally gets to hating Christmas at such a young early age. Events like these, while not being necessarily needed for understanding the story altogether, are added to the movie to stretch the movies length, (which is quite needed due to the movie being based off such a short and to the point book). And are also added to give the reader information on how the Grinch turned out to be the way he is and shows what else he does to the Whos in spite of being angry towards them and what they stand for. Small details such as the story taking place in a snowflake were mentioned in the movie, when the book on the other hand did not. Inside a snowflake like the one on your sleeve, there happened a story you must see to believe. (Movie) While the book being aimed toward a younger audience, the movie is aimed toward more of a family audience consisting of all ages. The book is written so short and basic with basic vocabulary so that younger readers can comprehend the book. Every Who down in Whoville, the tall and the small, Was singing! Without any presents at all! He HADN'T stopped Christmas from coming! IT CAME! Somehow or other, it came just the same! (Book) The book doesnt have any extra details that would drive the reader away from the storyline and cause them to be distracted. The movie however adds a whole new concept of humor into the story which not only entertains the kids who watch the movie, but the kids parents who attend to watch it with them. The movie also adds so much more details into the storyline that causes not only younger viewers to be entertained and intrigued by the plot, but older people to understand whats happening and not be entirely bored with what theyre seeing. How the Grinch Stole Christmas the book and movie

Animal testing should not be banned Research Paper

Animal testing should not be banned - Research Paper Example Since the Roman Church had burned dissecting of human beings, researchers opted to go the animal way as they provided the best alternatives to human being and indeed, animal testing should not be forbidden considering that animal testing is beneficial for science field. One of the primary reasons of performing animal experiment is that animal testing is beneficial for science field. Scientists and doctors argue that every achievement in medical field in 20th century has relied on the use of animals in some way. Thus, scientists have prior knowledge and experience of using animal testing in carrying out experiments for many years (â€Å"National Academics Press† 12.) First, animal testing plays an essential role in developing the surgical field. According to Cooke (18), toxicologists have the responsibility of determining the level of exposure that is either safe or harmful to human health, animals as well as to the environment. Certain reasons make it necessary to use animals in scientific research and testing. By the fact that the composition of all organisms is chemical, introduction of a substance into the animal interacts in various parts of the body and effects of one process could bring unexpected consequences in others. It is important to understand the relationship between dosages given to a person and those administered to different organs and body tissues. Studies conducted on a whole animal are very important for ensuring proper use of beneficial chemicals to avoid causing harmful effects to receiving organs. Laboratory tools such as tests and computers cannot make a duplicate of the phenomena and thus the only sure method of testing is the use of animals. A study on chemical interaction with living organisms normally helps scientists to unveil some of the most fascinating mysteries of living organisms functioning. There is a dynamic relationship between plants, environment, and animals. According to McCally (1), the physiological processes al low living systems process chemicals that are in constant balance with the world. Scarce information relating to these fundamental processes is available. When disturbed by increasing levels of one substance, the measure of available toxic level becomes credible (Connel, et al. 102). Toxicologists in understanding chemical toxicity of substances have developed critical knowledge. The knowledge is important in protecting human beings, animals as well as the environment from both artificial and natural exposures. Animal testing is an important procedure in ensuring drug`s safety and efficiency. All chemicals, whether harmful or otherwise, have harmful effects to people if administered in wrong proportions. Any small amount of a useful or harmful substance when administered hardly causes a detectable significance in the body of a human. According to Cooke (18), toxicologists have the responsibility of determining the level of exposure that is either safe or harmful to human health, ani mals as well as to the environment. It is important to understand the relationship between dosages given to a person and those administered to different organs and body tissues. Studies conducted on a whole animal are very important for ensuring proper use of beneficial chemicals to avoid causing harmful effects to receiving organs. The process of making medicines, beauty products, foodstuffs, and chemicals for use in the environment requires mixing of different kinds of chemicals in

Review a movie Essay Example | Topics and Well Written Essays - 750 words

Review a movie - Essay Example Film Unforgiven (1992); shows the era when old Wild West was changing into modern west. Opening of the movie clearly shows the main theme behind the movie. Era of Wild West falling and rising of a new era; that is rising of modern west. This film hides brutal realities of Wild West that were present through all the area of Wild West. Robbery, violence and bounty hunting were normal attributes of the Wild West. Also sheriff which goes cruel or brutal in the movie shows non judicial murders done by sheriff department to keep law and order of the village or society they are responsible for. There is a great amount of violence present in the movie. Also hero of movie is person which is acting as a villain throughout the movie. Concepts of dignity, self respect, life and death are narrated continuously in the movie again and again by narrators (Milan). L.A confidential was a movie released in 1997. This movie devises ways to analyze movies. L.A confidential is based on the concept that movies itself are the major cause of the spreading violence and other crimes including sexual assault most of the females face in city of Los Angles. Generally concepts like freedom of doing everything any time is one of the major causes addressed my L.A confidential as their main subject. Justice system is the next subjected targeted by the makers. Movie introduces three cops with three different personalities and characters. Youngest one is the newly breed of the department and is loyal to law and its applications. Other one is a criminal having a police badge doing crimes under the supervision of his captain. According to the makers behind L.A confidential the concept of liberty that is greatly propagated by movies is totally wrong and opposite to idea itself. There should be controlled liberty for proper balance and progress of a society regardi ng justice system. If this balance disturbed there will be no