5 Cases of Excessive Commas

5 Cases of Excessive Commas 5 Cases of Excessive Commas 5 Cases of Excessive Commas By Mark Nichol The principles about commas can appear to be so entangled and opposing that authors can (nearly) be pardoned for hurling in an additional a couple. Here are a few instances of excessively liberal sending of commas. 1. â€Å"If a stellar space rock was, without a doubt, approaching, a shuttle could, in principle, be propelled to poke the space rock out of Earth’s way, changing its speed and the purpose of intersection.† This thirty-word sentence is covered with six commas one for each five words five of them showing up before the midpoint. By basically bowing the standard about organizing additions with commas a standard that promoters of open accentuation spurn routinely in any case the number is diminished by two, rendering the sentence all the more free streaming: â€Å"If an amazing space rock was in fact approaching, a rocket could, in principle, be propelled to poke the space rock out of Earth’s way, changing its speed and the purpose of intersection.† One more comma can be dispensed with by migrating the incidental expression â€Å"in theory† to a previous situation in the sentence, so the comma in the wake of approaching carries out twofold responsibility: â€Å"If an amazing space rock was undoubtedly approaching, in principle, a shuttle could be propelled to bump the space rock out of Earth’s way, changing its speed and the purpose of intersection.† 2. â€Å"The representation, ‘The world is a machine,’ started to supplant the illustration, ‘The world is a living organism.’† In this sentence, the comma going before each occasion of illustration infers that that allegory is the only one in the sentence, however anyplace. (Be that as it may, two allegories are communicated here, and endless others exist.) Metaphor, showing up in relation to the two brief citations, ought not be set off from them: â€Å"The analogy ‘The world is a machine’ started to supplant the representation ‘The world is a living organism.’† 3. â€Å"The occasion is a piece of a snappy, general wellbeing message about the significance of crisis preparedness.† Snappy and â€Å"public health† are not organize descriptors. The fact of the matter isn't that the message is appealing and general wellbeing; it’s that the general wellbeing message is snappy. Hence, no comma is fundamental: â€Å"The occasion is a piece of an infectious general wellbeing message about the significance of crisis preparedness.† On the off chance that, on the other hand, the sentence read, for instance, â€Å"The occasion is a piece of a snappy, peculiar message about the significance of crisis preparedness,† note that in light of the fact that appealing and particular are equal they are arrange descriptors a comma should isolate them. 4. â€Å"The report was finished in December, 2012.† A comma is important between a month and a year just if a date is indicated (â€Å"The report was finished on December 1, 2012†): â€Å"The report was finished in December 2012.† (a similar guideline applies when the name of a season shows up instead of the name of a month: â€Å"The report was finished in fall 2012.†) 5. â€Å"Jones went by freight car from California to New York with individual youngster craftsman, John Smith, drawing the American scene along the way.† Commas are important with this sort of connection just if the designation is gone before by an article (â€Å"Jones went by freight car from California to New York with a kindred youngster craftsman, John Smith, outlining the American scene along the way†): â€Å"Jones went by car from California to New York with individual juvenile craftsman John Smith portraying the American scene along the way.† Unfortunately, this kind of blunder has turned into a web sensation its omnipresence is confused with appropriateness and is apparently ineradicable. Need to improve your English in a short time a day? Get a membership and begin getting our composing tips and activities every day! Continue learning! Peruse the Punctuation class, check our famous posts, or pick a related post below:Because Of and Because of 8 Types of Parenthetical Phrases7 Sound Techniques for Effective Writing

The Weather Underground

The 2008 U. S. presidential political decision carried the issue of residential psychological warfare to national consideration when it was accounted for that then-applicant Barack Obama was expertly connected to William â€Å"Bill† Ayers, fellow benefactor of the Weather Underground. The Weather Underground was an activist group of the Students for a Democratic Society (SDS), a national association speaking to the New Left on school grounds. The American open had to stand up to the activities of the Weathermen, as they were known, and choose whether or not these previous psychological oppressors could be acknowledged as individuals from society.Although 60 percent of voters said that it was anything but a substantial battle issue in an ABC survey, another 37 percent felt that it was. The Weathermen are unarguably an intriguing parcel, and a subculture worth investigating. At the hour of their establishing in the mid 1960s, the SDS was a gathering that pushed peacefulness and followed the ethos of the common noncompliance. By 1969, the SDS had more than 100,000 individuals, and was a main enemy of war gathering. At its pinnacle, infighting seriously divided the gathering during their 1969 convention.In the middle of the infighting, an order that considered themselves the Weathermen took control. They got their name from a Bob Dylan verse, â€Å"You don’t need to realize a meteorologist to know what direction the breeze blows. † They were a gathering of understudies that were staying up with the latest with the upsets in third world nations, and accepted that a world insurgency was up and coming. Bernardine Dohrn, a previous pioneer and prime supporter of the Weathermen, said that â€Å"White youth must pick sides now. We should either battle on the persecuted, or be the oppressor. She accepted that the Weathermen should unite with the Black Panthers, yet an unmistakable part said that he saw the Weather Underground as a â€Å"kindergarten revolution,† and didn’t take them seriously.In that year, a few hundred Weathermen moved into houses, which they called â€Å"collectives,† in lower pay zones since they saw regular workers young people as more significant than understudies. In the interim, the special understudies as of now in the association started figuring out how to utilize weapons. Laura Whitehorn, one part who lived in a group, said that they would â€Å"eat noodles with garlic margarine consistently for a considerable length of time. This was an endeavor to solidify them and â€Å"force us to surrender our middle class extravagances. † In these assemblages, monogamy was viewed as loathsome and Weathermen accepted they were breaking restraint with bunch closeness. The mission was rapidly in progress in the aggregates, with a battle to â€Å"Bring the War Home. † The Weathermen endeavored to make savagery obvious in U. S. urban communities by breaking windows while appropria ting their flyers. One of the principal significant exhibits the Weathermen arranged was called â€Å"Days of Rage,† an uprising in Chicago where they wanted to go up against police utilizing violence.Inflated reports from the different aggregates drove administration to anticipate that changing numbers from the 1000s should the 100,000s to go to the showing. In a â€Å"hard crash with reality,† just around 150 to 250 appeared. Pioneers started to understand that they could be considered by and by responsible for the mob, yet the occasion had gotten out of their control. The horde destroyed windows while traveling through the city of Chicago. After this, the FBI started to genuinely survey the Weathermen. Wear Strickland, a FBI operator in the 47th â€Å"Weathermen† crew, began leading consistent hunts of the collectives.December of 1969 end up being a troublesome month in the United States. At a Rolling Stones show, the Hells Angels posse began an uproar. Charl es Manson’s family had become news. Vicious movies from Vietnam were everywhere. Fred Hampton, a Black Panther in Illinois, was executed while in bed during a police attack of his home. The last occasion specifically influenced Bill Ayers, as he understood that the U. S. government would execute individuals in it’s own urban communities when their capacity was compromised. The gathering started to separate once more, this time due to fear. One group felt that the greater the sprinkle, the better, while the other dreaded for their safety.The progressively extreme component started to genuinely arm themselves, with the trademark â€Å"Piece Now. † One part thought about this development, saying that â€Å"When you feel that you have directly on your side, you can do some awful things. † Arguably the main significant dark imprint in the Weather Underground’s history happened in a Greenwich Village townhouse, where individuals were building bombs and i ntending to explode them at a noncommissioned officers’ move. A short out in the wiring made the bomb detonate, slaughtering individuals Theodore Gold, Diana Oughton, and Terry Robbins.This is the point at which the FBI started to give a lot of assets to carry the association to equity. Accordingly, the pioneers really went underground and cut off all connections to their families. They met at a group in Northern California so as to reexamine their central goal. It was here that the Weathermen understood that it wasn't right to submit arbitrary brutality against customary individuals so as to punish society for the war in Vietnam. Bill Ayers specifically started to guarantee that nobody would get injured in future bombings and just picked pertinent targets.Starting with a police headquarters in New York City, the Weather Underground started bombarding different police, military and other government structures. Each time they’d bring in to demand that everybody clear th e structure. It was here that the individuals from the Weather Underground got admired, as most didn’t anticipate that them should pull off it for in excess of a couple of months. Living as criminals, they were regularly contrasted with Bonnie and Clyde or Butch Cassidy. The pioneers, at the time called the â€Å"Weather Bureau,† started making excursions to the different safe houses, offering data to individuals on a severe â€Å"need to know† principle.This mystery helped them escape the FBI’s standard law authorization methods, however the FBI rushed to adjust. They invaded the Weather Underground utilizing covert specialists. These operators were blamed for spreading â€Å"divisive stories,† and even truly assaulting individuals. A gathering called the Citizen’s Commission to Investigate the FBI broke into a FBI office in Media, PA, and took records portraying COINTELPRO, which secured a wide scope of undercover law requirement strategie s intended to isolate both the counter war development and the dark force movement.They released the data to the press. These methods were successful, and the New Left started to lose its steam. As dark force and against war assumption blurred, the left separated into different causes, including the Women’s Liberation Front and gay rights. At the point when the Vietnam War finished in 1975, the Weather Underground had completely lost its feeling of direction. To begin with, Mark Rudd handed himself over to the District Attorney in NY. Bernardine Dohrn before long followed. In the long run, the whole authority handed themselves over, however not many were indicted as a result of the FBI’s demonstrated misconduct.Works Cited Berger, Dan. Criminals of America: The Weather Underground and the Politics of Solidarity. Oakland, CA: AK, 2006. Print. Rudd, Mark. Underground: My Life with SDS and the Weathermen. New York: William Morrow, 2009. Print. Varon, Jeremy. Bringing the War Home: the Weather Underground, the Red Army Faction, and Revolutionary Violence in the Sixties and Seventies. Berkeley: University of California, 2004. Print. The Weather Underground. Dir. Sam Green and Bill Siegel. Perf. Bill Ayers, Bernardine Dohrn, Mark Rudd. The Free History Project, 2002. DVD.

How to Learn to Code

How to Learn to Code Computer programs used to be something only the programmers understood. But with the technological revolution, we can all become computer programmers from the comfort of our own home. But should we learn to code? © Shutterstock.com | lassedesignenThis guide explains what coding is and why it’s a skill that can be useful for many entrepreneurs. We’ll also provide tips on how to learn to code, whether you want to learn on your own or take a course.WHAT’S CODING AND WHY SHOULD YOU LEARN IT?If you are unfamiliar with coding, here’s a short introduction to what it is all about. Code is a language used to write computer programs, apps and websites. Without code, you wouldn’t be able to access websites or use your computer. In fact, coding isn’t limited to just your computer and mobile phone. Almost any device that uses electricity will need code to work. This includes cars, watches and microwaves.When you are coding, you are creating a set of instructions, which the device can understand. These instructions ensure the program or device runs as it should.Similar to the different languages humans speak around the world, coding can use a variety of languages as well. Some of the most popu lar coding languages include:CC++JavaPythonVisual BasicRubyAlthough a computer runs on a binary code (written in 1s and 0s), it can understand a variety of these other languages. Furthermore, many of the above coding languages share similarities and have developed by using the characteristics of different languages.Here’s a great video about picking the best programming language as a beginner: The benefits of knowing how to codeWhy should you learn how to code? Just like knowing English, as the lingua franca of the world, can help you travel around the world, understanding coding can enhance your understanding of the world of technology. As our lives become increasingly immersed with coding, the importance of understanding it becomes amplified.Coding is the future. But the ability to code doesn’t just mean you are more equipped of understanding the world around you, it can also have significant benefits for your career. Not only are many IT-related jobs requiring a certain level of coding knowledge becoming more prevalent, your actual earning potential can increase if you learn to code.The coding world is full of opportunities. Since it’s not yet a mainstream subject to study, coding can open up plenty of business opportunities. Furthermore, coding can be done from anywhere in the world. All you need is a computer and an internet connection. In terms of launching a business, this can be a huge advantage. Areas such as web design or app development can be performed miles away from the actual client.Even if you don’t want to pursue a career purely involved with coding, learning to code can provide you other transferable skills. Coding teaches you creativity. You’ll need to be able to think outside the box to create innovative programs and solve the problems you might have in your code.In other words, one of the noticeable benefits of coding is the way it improves your thinking and problem solving skills. Coding is about solving problems and the more yo u do it the better you become at looking for solutions. Apple’s founder Steve Jobs, once said in an interview, “I think everybody in this country should learn how to program a computer because it teaches you how to think”.Coding is truly an investment in the future. Whether you turn it into a career or a business, or simply enjoy the benefits of basic coding knowledge, the advantages will be clear.DO IT YOURSELF OR GET TAUGHT BY PROFESSIONALSWhen it comes to learning to code, you have two basic options: you can teach yourself to code or take place in a professional course.Before we move into looking closely at the costs associated with these different options, you should first determine whether to study alone or not.Doing it yourselfWhilst coding can seem like a complicated ‘language’, it is possible to learn to code on your own. You just have to go to Google and type in “learning to code alone” and you’ll see hundreds of results of people explaining how they managed to do it.Learning to code on your own is possible in today’s world, because people are sharing information and tips online. There are coding blogs, videos on YouTube and a number of online forums purely dedicated to coding. Moreover, there are more than enough computer-coding books available. In the following sections, we’ll highlight more options for learning on your own.The positives of learning coding on your ownJust like with any self-study, learning to code on your own has its benefits. Among the top ones is your ability to decide when to code. You won’t have schedules or deadlines to keep you busy. If you want to practice Java at 3a.m. in the morning you can do the exercises during your lunch break.For certain types of people this ability to decide the pace of studying can be highly beneficial. If you are a fast-learner, you can learn the basics in a week or if you need time to process everything, it’s OK to learn for a year. If you roll into a course, you often don†™t have the luxury of deciding.Finally, it might be easier to learn to code whilst also working, if you do it on your own. Since you can schedule the studying around your normal routine and work, you’ll have more flexibility.The downsides of learning to code on your ownBut self-study isn’t for everyone, as it can be quite difficult to master a new skill on your own. If you are not computer literate, then coding can seem puzzling.Whilst self-studying can be flexible, it does require plenty of effort. You’ll need to find all the study materials yourself, which will be more difficult as your skills advance. Browsing through forums just to find an answer can seem frustrating, especially as a teacher might be able to give a proper answer in 10 minutes.Although certain types of people feel more motivated studying alone, others can find it less motivating. When you are not obliged to study, it can seem more enjoyable to visit the cinema with friends rather than debugging your code.Ta king a professional courseIf self-study doesn’t appeal to you, you can enroll in a coding course. There are both online and offline options available, providing you enough flexibility to pick a suitable option.Whilst professional courses tend to come with a price tag, there are free alternatives. There are online sites offering free courses, but your local community groups might also provide free offline study groups. The below section will talk about these free options in more detail.You should also note computer coding courses aren’t just for the young people. It’s possible to find dedicated groups for small children as well as older learners.The positives of learning coding by taking a courseThe main benefit of taking a coding course is the level of personal information and guidance you receive. You’ll have someone to answer your code-related questions and guide you through each step of the process. You won’t need to spend hours at a forum trying to understand a problem , but can simply ask and receive instructions.You’ll also receive constant feedback on how you are doing. This feedback can be important when learning to code, as you will progress faster. Not to mention the motivating impact feedback can have on your studying speed.The fun side of learning at a course is the other students you have around you. These people will be at a similar level to you in terms of skills and you can get support and encouragement from the group.The downsides of taking a courseHowever, enrolling in a course is less flexible than studying on your own. You can’t often choose from many options of timing and this can be difficult in terms of your work and personal life. While online courses can provide bit more flexibility, they still can have specific assignment deadlines or video seminars, you might want to attend.Furthermore, professional courses tend to cost money. Although free options are available, the more you want to study the likelier it is you’ll nee d to pay. The problem is that not all courses are as effective as others. Therefore, you might end up paying for a course and come out with unsatisfactory understanding of the subject.LEARN TO CODE FOR FREEYou also have the option to choose between paid and free options. The internet has truly revolutionized the way we obtain, share and use information, providing plenty of opportunities to learn to code without paying a penny.First, you should find your way to websites, which offer free coding tools. The top ones to check out include:CodeAcademy â€" Code Academy is one of the most popular destinations for people wishing to learn to code. It has over 24 million active users and it offers a stunning array of courses and for different level of skill. Some of these free courses focus on coding languages such as:JavaScriptPHPPythonHTML + CSSedX â€" You might be familiar with the edX-website, as it has a range of courses available from business to history. The site offers students the opt ion to take courses from real universities, studying them at the same time with other online students. (The option to explore the course material outside of the course schedule is often also possible, but there will be limited availability to talk to tutors or other students). You can even choose to obtain a mark and a diploma for completing your chosen course. The coding courses tend to change, so check the website for current and upcoming programming courses. Some of the options include:How to Code â€" Systematic Program DesignHTML5 from W3CMIT Open courseware â€" The world-renowned university, Massachusetts Institute of Technology (MIT), offers some of its programming courses. In addition to being free, you can study the content at your own time. The courses available include topics such as:Introduction to Programming in JavaPractical Programming in CKhan Academy â€" Khan Academy is among the frontrunners of free online coding resources. The website offers a range of courses, whi ch come with different materials such as step-by-step video tutorials. You could study courses such as:Intro to JS: Drawing AnimationIntro to SQL: Querying and managing dataUdemy â€" Similar to edX, Udemy’s course selection ranges from programming to self-improvement. The free video courses are aimed at beginners, so they are a suitable option for new coders with no previous knowledge. Some of the free coding courses include:Learn Ruby on Rails from ScratchProgramming for Entrepreneurs â€" HTML CSSYou can also often find free resources simply by searching for materials on your chosen language online. For example, if you want to learn JavaScript, go to Google and type in “free javascript coding courses”.Aside from the above websites, you should also check out YouTube. YouTube’s introductory videos are a great additional resource for getting started and you can often find answers to some tricky issues on these videos.For example, check out YouTube channels such as Eli the Co mputer Guy and LinusTechTips. These channels are great for understanding some of the basics around computer programming and coding.The Internet also has a selection of blogs and online forums, which can help you improve your coding skills. Some of the best places to get started with coding include: DobbsCoding HorrorGirl DeveloperFinally, free tools are also available in the offline-world. Different community centers and local libraries might have a range of books available. If you are serious about coding, then language-specific books are definitely a way to gain a deeper insight into your chosen field. Some of the books you should check out include:Clean CodeCode CompleteRefactoring: Improving the Design of Existing CodeSPEND A BIT OF MONEY TO LEARN TO CODEIf you are looking to deepen your coding knowledge, you can also find paid courses and resources online. While the free courses can be a sufficient option for beginners, the in-depth courses often come with a price tag.However, if you want official recognition of finishing a course or if you are serious about becoming a software developer, for example, you should check out the following paid options.Again, websites are the best way to find paid coding courses and resources. You can find excellent courses on sites such as:Treehouse â€" The website provides coding courses suited for different needs. It’s a perfect site for business people, as you can also immerse yourself in freelancing skills and business strategies.  The site’s fee structure depends on the program you select. You can get the basic courses for $25 per month. If you want to enjoy extra talks and exclusive workshops, you should get the Pro version for $49 per month. Treehouse offers a seven-day free trial for both plans, so check it out!App Academy â€" As well as considering online courses, you could even enroll in a coding bootcamp, such as App Academy. These are two- to three-month training camps, where you’ll learn all the secrets to coding in a fast-paced and fun environment. App Academy runs a 12-week immersive program. The best part? You’ll need to pay a fee only after you’re hired. The fee is then based on a percentage of your first paycheck.Code Avengers â€" Code Avengers offers hours worth of coding material. The site’s courses teach coding in a fun way, allowing you to test your skills with games and challenges. You can start all the courses free, to check them out for 14 days. For the later levels, the cost varies depending on the course and the course level. It typically is around $40.Learn Python the Hard Way â€" The course is popular among beginners, as you can get your money back if you don’t find the materials helpful. The fee structure is based on a single payment of $29.95, which provides you access to videos, PDF-files and ePub. This allows you to study at your own pace.Please note that many of the websites mentioned under the free resources (Code Academy and Udemy, for example) also off er paid courses.Finally, if your local library doesn’t offer a wide selection of coding books, you could simply invest a bit of money to buy the good ones. As well as the above books, you should also consider buying:The Pragmatic Programmer by Andrew Hunt David ThomasClean Code / The Clean CoderThe Passionate ProgrammerFIND THE RIGHT STRATEGY BASED ON YOUR NEEDSAs the above highlights, there are a number of resources and routes available to learn to code. In order to find the perfect route for you, it’s beneficial to answer these following questions:Are you trying to learn to code because you want to become a professional programmer?Is it something you are interested in as an additional skill at work or for your business?Do you just want to code for fun?If you are serious about coding and want to turn it into a career or a business, taking a professional course can often be the better route. Furthermore, you shouldn’t be afraid to invest in the course, if this is your passion .On the other hand, if coding is just something you’d like to learn as a fun hobby or an additional skill, you might want to start by trying to learn it on your own. You can always invest more time and money later on, if you find it interesting and helpful.You also need to determine what you want to be able to code, in order to pick the right course and coding language. You can define your interest by asking yourself:Are you interested in creating an app?Do you want to code your own website?Are you looking to design a software program?Find the resources that guide you towards your goals. If you are interested in app development, pick common app languages such as HTML5 and find a course covering this language, for example.Overall, coding is definitely a skill for the future. If you want to invest in your career prospects or find a business niche in a growing industry, then the ability to code is certainly going to help you. As there are plenty of resources available, there’s noth ing to stop you from gaining this skill!

Evaluating Course Quality And Faculty Teaching - 1346 Words

Evaluating Course Quality and Faculty Teaching Evaluating courses are important for ensuring that the student’s educational needs are being met. Furthermore, it ensures the education being provided aligns with the institution’s mission, goals and policy. Students, peer faculty members, and administrators all play significant roles in the evaluation process. The course I chose to evaluate is an online, undergraduate, and didactic course. Three different evaluation tools are discussed that assesses faculty teaching, student satisfaction, and course quality. Evaluation Methods Knowledge of the subject matter, clinical competence, teaching skill, interpersonal relationships with students and personal characteristics are the five qualities†¦show more content†¦(â€Å"Midterm Student Feedback,† n.d.). Survey methods are the most popular methods for evaluating MSF. The IDEA model is another evaluation resource. It also utilizes a student rating system for allowing students to evaluate instructor teaching and student satisfaction with the course. Research states that students tend to have higher exam scores, can apply the material better and are more apt to pursue the subject subsequently, when they learn from instructors with high ratings. (Benton and Cashin, 2012). Furthermore, improving student satisfaction. The IDEA survey evaluates six different factors commonly found on student rating evaluation forms. Overall, students find that course organization and planning, clarity and communication skills, teacher/student interaction and rapport, course difficulty and workload, grading and examinations, and student self-rated learning are all essential components to improving satisfaction with the instructor and course. (Benton and Cashin, 2012). Traditionally, in the live classroom setting, administrators or peer evaluators could pay a scheduled o r unscheduled visit to the classroom and began the evaluation process. The advantage was observing the instructor in real time and the interaction with students. Well, with the recent shift of live classrooms becoming more distance accessible online courses, this process is similar but executed differently. Other elements are considered when

The Affect of Developmental Factors on How a Five-Year-Old...

The Affect of Developmental Factors on how a Five-Year-Old Child Copes with Loss Loss is an unavoidable experience for all children through the different developmental stages of life. These loses may be seen through a child losing or breaking a favourite toy, or through parents being divorced, moving houses, the loss of familiar routines, schools, or friends, and also through the death of someone close to them (Corr, Charles; Balk, David. 2010). Regardless of the type of loss experienced, it will bring sadness and grief upon the child, and the way a child deals with the loss is dependant on their cognitive and psychosocial development. There are many different theorists with varying ideas on the developmental stages of life. A†¦show more content†¦The way most children respond to loss is by first encountering shock, which may be associated with numbness and denial. Secondly, they will experience a sense of yearning or protest for the object lost or the deceased. The next stages of child grief is then despair, followed by recovery where they will have an increase in their well-being, acceptance and adaptation to the loss. Yet, research suggests that if these steps of grief are not successfully completed, the child will suffer complicated grief and may regress to previous stages of development (A Developmental Psychopathology Framework of the Psychosocial Needs of Children Orphaned by HIV, 2009). During the stages of grief, a five-year-old child may be susceptible to loss of sleep, a loss of appetite, extreme tiredness and sometimes a loss of interest in life (National Cancer Institute at the National Instit utes Health, 2011). As children do not show their feelings about grief as openly as adults, they have trouble putting their feelings into words. They are also unable to feel strong emotions for long periods of time, where they can be sad one minute, and then playful the next. Therefore, it is common for children to play death games. 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The Effectiveness Of Multiple Intelligences Free Essays

string(30) " intelligences in each class\." The intent of this survey was to look into the relationship between listening comprehension and multiple intelligences linguistic communication instruction ( MILT ) . Twelve experimental categories have been conducted affecting eight pupils whose ages ranged from 7 to 9. One group worked with the MI plan and the other group worked with traditional direction. We will write a custom essay sample on The Effectiveness Of Multiple Intelligences or any similar topic only for you Order Now The Standard Listening Test, interviews, studies, and pupil self-evaluations were used to analyse the information. Analysis of informations revealed that there was a low positive relationship between listening tonss and the MI plan. Multiple intelligences linguistic communication learning encourages them to take part stuffs in conformity with learning penchants and their intelligences. These consequences provide important deductions for foreign linguistic communication instructors to avoid bettering merely one intelligence type and to cover assorted intelligences types to fulfill all mark pupils. Traditionally, our schools and civilization have focused most of their attending on lingual and logical-mathematical intelligence. However, Dr. Gardner develops new points of position for the construct of human intelligences which consist of many different aptitudes and accomplishments. Therefore, people should besides set the same consideration on persons who show gifts in the other intelligences: the creative persons, designers, instrumentalists, naturalists, interior decorators, terpsichoreans, healers, enterprisers. As a affair of a fact, many pupils who have these endowments do non make their potencies and do non have much attending in school. The MI plan introduces a peculiar linguistic communication educational construct in a manner kids can develop their linguistic communication proficiency easy, rapidly, and efficaciously. It provides the chance to larn in ways harmonious with their alone heads every bit good as ways that kids are most likely to larn. It suggests that instructors should learn their lessons in a broad assortment of ways utilizing music, art activities, kinaesthetic activities, concerted acquisition, function drama, multimedia, field trips, interior contemplation, and much more to pull as many pupils who have different gifts as possible. Fortunately, many pedagogues give attending to the theory of multiple intelligences, and 100s of schools are presently utilizing this methodological analysis to reflect on their course of study and redesign the course of study. The theory of MI assumes that people have at least seven different intelligences that human existences have in changing grades. This research used a particular MI checklist which was designed to prove pupils on seven separate intelligence dimensions. Seven techniques to learn besides helped them make up one’s mind their preferable or dominant intelligences and supported the pupils to go more confident through seven corner activities during the experimental categories. Successful experiences of the MI plan could reassign other productive effects of larning. The MI plan would be valuable that it could heighten each person ‘s possible and exultant experiences through the course of study which reflects different single intelligences and variegation of learning schemes. The purpose of this survey is to detect whether pupils practising listening through the MI plan improve more than those pupils practising with a traditional attack. So the present survey addresses the undermentioned inquiry: Are there any important differences in listening comprehension between ESL scholars utilizing the â€Å" MI plan † vs. ESL scholars utilizing traditional direction? Literature Review In 1993, Howard Gardner published a book that challenge the manner intelligence was perceived and studied until so. He criticized that intelligences had been focused excessively much on a individual factor and familial heritage, via paper-and-pen trials. He alternatively insisted that human intelligences, the ability to work out jobs, could non be evaluated precisely by traditional IQ trials. He suggested a Multiple Intelligence ( MI ) Theory, means that ; all worlds have multiple intelligences including mathematical, lingual, musical, spacial, kinaesthetic, intrapersonal, and interpersonal intelligences. The abilities vary depending on the person. The seven intelligences as suggested by Gardner ( 1993 ) are as follows: a. Linguistic intelligence, which refers to the esthesia to the spoken and written word and the ability to utilize linguistic communication to show significance, and to actuate and carry others to make specific ends. B. Mathematical intelligence, which refers to the ability to cipher, to grok maps, and to work out jobs and other complex logical systems. c. Musical intelligence, which refers to the sensitiveness to chant, tune, beat and the ability to hold a right apprehension of the signifiers of music and to make musical signifiers. d. Spatial intelligence, which refers to the sensitiveness to determine, colour, line, infinite and the ability to use ocular images accurately to make the ocular universe on paper. e. Bodily-Kinesthetic intelligence, which refers to the ability to utilize the organic structure in a skilled manner to pass on their thoughts and specific physical accomplishments such as balance, coordination and velocity for self-expression or to carry through a end. f. Interpersonal intelligence, which refers to the ability to grok other desires and motives, and interact efficaciously to tempers and state of affairss. g. Intrapersonal intelligence, which refers to the ability of self-knowledge for one ‘s feelings, emotions, and beliefs to be after and direct one ‘s life. In subsequently plants Gardner ( 1999 ) applied the Multiple Intelligence ( MI ) theory in the educational field at establishments such as Humanistic disciplines Profel, Key School, and Project Spectrum. He introduced his educational proposal that each pupil could larn more successfully when being taught with focal point on intelligence spheres through his MI schools. He suggested that people should understand the multiple intelligences of each person, develop his or her possible possibilities, and work out jobs utilizing strong intelligences. Furthermore, the MI theory contributed to the linguistic communication development of pupils, helped them to better their positive acquisition attitudes, and affected productive interaction between the instructor and pupils. Gardner ( 1993 ) suggested four important deductions in the MI theory. He suggested that all people own seven intelligences and â€Å" most people can come on their intelligences to an mean degree † ( 1993, Gardner ) . Most people normally incorporate many intelligences at one clip in complicated ways. There are assorted tracts to develop people ‘s intelligences in each class. You read "The Effectiveness Of Multiple Intelligences" in category "Essay examples" The best manner to plan course of study using MI theory is by believing about how we can interpret the stuff from one intelligence to other intelligences ( 1993, Gardner ) . The following seven stairss propose as efficient manner to plan curriculum units using MI theory. â€Å" The instructor may concentrate on a specific subject and inquire cardinal MI inquiries. Then, the instructor may see the possibilities and brainstorm thoughts and choice appropriate activities. Finally, he or she may put up a consecutive degree and implement the program † ( 1993, Gardner ) . Since all pupils have different penchants in the seven intelligences, there are no perfect schemes to fulfill all pupils at all times. Using a assortment of learning schemes can be a powerful tool to develop pupils because they have different intelligences, demands, and penchants. Lazear ( 1994 ) suggested the following some schemes by which intelligences can be taught. Verbal /Linguistic intelligence The utile schemes of lingual intelligences may include storytelling, brainstorming, tape recording, poesy, argument, diary authorship, and publication. Logical/mathematical intelligence The effectual schemes of mathematical intelligences may include computations and quantifications, categorizations, sequences, pattern games, and scientific discipline thought. Visual/spatial intelligence The valuable schemes of spacial intelligences may include visual image, mind-mapping, designs, thought sketching, and in writing symbols. Bodily/kinesthetic intelligence The helpful schemes of bodily/kinesthetic intelligences may include organic structure replies, the Classroom Theater, kinaesthetic constructs, organic structure linguistic communication, mummer, and custodies on thought. Musical intelligence The utile schemes of musical intelligences may include utilizing rhythms, vocals, chants, discographies, humming, musical constructs, and music public presentations. Interpersonal intelligence The effectual schemes of interpersonal intelligences may include equal sharing, people sculptures, concerted groups, board games, individual to individual communications, and simulations. Intrapersonal intelligence The helpful schemes of intrapersonal intelligences may include one-minute contemplation periods, concentration accomplishments, pick clip, feeling-tones minutes, and end scene Sessionss. The MI plan maximizes the efficiency of acquisition by utilizing pupils multiple intelligences harmonizing to involvement, strength, and aptitude. Many researches have investigated the relationship between linguistic communication proficiency and the MI plan. Abdulkader ( 2009 ) suggested the effectivity of the MI plan employed in developing reading accomplishments such as word acknowledgment accomplishments and reading comprehension accomplishments in 60 5th class acquisition handicapped pupils. Furthermore, the MI plan can optimise motive and heighten memory acceleration ( Suan, 2009 ) . MI activities may heighten the acquisition procedure in the employment of larning schemes based on mathematical intelligence such as analysing sentences and larning schemes based on interpersonal intelligence such as treatment. Kim ( 2008 ) investigated the positive influences of MI theory on Korean schools by in-depth and concentrate group interviews. The pupils who participated MI plan developed positive learning attitude and self-pride and expanded pupils ‘ intelligence profile. Im ( 2003 ) advocated that there was important correlativity between trial tonss and spacial, musical, interpersonal, and intrapersonal intelligence and a important difference in pupils ‘ involvement, preparedness, engagement in category and autonomous learning attitude. â€Å" There was no important difference in trial tonss between the midterm test and concluding test but there was a important difference in MI portfolio appraisal tonss between the first and the last appraisal † ( Im, 2003 ) . However, there are few researches about listening accomplishments utilizing the MI plan reverse to reading and composing accomplishments. It is important to demo the relation of Multiple Intelligences Theory and listening accomplishments for ESL scholars. Listening is a powerful accomplishment which enhances the other accomplishments in 2nd linguistic communication acquisition. â€Å" Listening and reading are secondary accomplishments, agencies to other terminals, instead than terminals in themselves † ( 1999, Nunan ) . It is natural for a native talker to hold automatic hearing accomplishments, contrary to ESL scholars. Choi ( 2000 ) suggested that listening ability and attitude would be improved through the MI Program. He proposed that the MI plan was a successful for EFL pupils to better speech production and listening accomplishments and do pupils take part dynamically in a learning process with a assurance. The participants tried to utilize many words and spoke aloud and clearly during their presentation. Their comprehension of listening improved. Saricaoglu ( 2009 ) advocated the thought that there was a important relationship between a peculiar type of intelligence and accomplishment in grammar, hearing, and reading. His consequence showed that there was a high positive relationship between listening tonss and musical intelligences. Kim ( 2002 ) found that communicative competency including hearing and talking improved by using the MI plan for 5th grade pupils. The MI direction group showed a important betterment in listening and talking tonss instead than in traditional direction group. The research is strongly needed to look into hearing accomplishments utilizing the MI plan for ESL/EFL scholars since hearing is hard and a important basic accomplishment for ESL scholars contrary to native talkers. That is the ground that the listening accomplishments consequences about MI researches in the other states such as Korea, Turkey, and Japan are more than English speech production states. Method Participants Eight pupils ( four male ) with high novice proficiency degree participated in the present survey. Participants were chosen by the research worker as holding the same native linguistic communication ( Korean ) and similar English proficiency through a diagnosing trial. The participants, whose ages ranged from 7 to 9, have been in the United States less than 6 months. Students were indiscriminately classified into two groups: one group worked with the MI plan and the other group worked with the traditional direction. Procedure The MI plan was conducted for enduring 45 proceedingss each session, two times per hebdomad, for six hebdomads. Both groups were taught with the same frequence. Over these Sessionss the pupils of one group learned from a text edition utilizing the MI plan. The pupils completed MI activities by listening to other pupils ‘ speak and by talking their thoughts. Instructional methods based on the MI theory were devised, applied, and redesigned to the mark pupils. In add-on, pupils were allowed to work together the MI activities, and the teacher gave aid and mold. The seven intelligences were employed in all Sessionss, such as brainstorming, mathematical job resolution, utilizing illustrations, doing marks, function drama, organic structure motion, vocal and chant, collaborative working, measuring ain thought, and single contemplation. During the first session ( first three hebdomads ) , pupils experienced all seven MI groups. During the 2nd session ( the following 3 hebdomads ) , pu pils were allowed to take the Multiple Intelligences activities they wanted. The other group was taught by traditional direction with a text book, such as reading aloud, making inquiries and replies, and make fulling out press releases. Teacher-centered acquisition, such as traditional mini lessons about book context was conducted. 3. Materials and informations aggregation To transport out the experiment, books were redesigned and course of study was developed by concentrating on a specific subject and cardinal MI inquiries. Besides, appropriate MI activities were set up consecutive harmonizing to pupils ‘ involvement, proficiency degree, and demand. An instructional method based on the multiple intelligences theory was devised and applied. For the traditional direction, the lesson program was implemented in progress harmonizing to pupils ‘ degree and stuffs and appraisal were developed in progress. The standard listening trial of the Korea Minister of Education was conducted for dependable informations of the pre-test and post-test. It included the content of experiment learning with a entire mark of 100. In add-on, the research employed both structured and unstructured interviews, and pupil self-evaluations. After the experiment, a study was administered and the effectivity and the learning result of the experimental method will be analyzed. Consequences The inquiry in this survey investigated the differences in listening tonss between MI direction and traditional direction. The research worker used a pre-test and post-test of listening comprehension to verify this inquiry. The tabular array 1 shows that there is small difference in station trial tonss between MILT and traditional direction. The pre-test mean of MILT was 82.0 points and the pre-test mean of traditional direction was 83.0 points. The tabular array shows that there are positive differences in post-test mean tonss between the experimental group ( M = 87.5 ) and the control group ( M = 85.0 ) in the listening trial. Table 1. pre-test and station trial consequence between MILT and Traditional Instruction Milt Traditional Direction Capable pre-test station trial subjectaˆˆ pre-test station trial A1 84 90 B1 82 84 A2 82 88 B2 84 86 A3 80 84 B3 86 88 A4 82 88 B4 80 82 amount 328 350 entire 332 338 mean 82 87.5 mean 83 85.0 The chart below shows that both groups improved their hearing tonss in the station -test. The mean of both group ‘s pretest was 82.5 and that of station trial was 86.3. However, the MI group achieved somewhat more additions in listening trial tonss, compared to the control group. Chart 1. The comparing between pretest and station trial of each group The research worker used the T-test to analyze the way of this significance. The information shows that there is a low relationship between the post-test tonss and MILT ( P lt ; .0.37 ) . The SD of both groups were similar. SD of Multiple intelligence group was 2.52 and SD of traditional direction group was 2.58. Table 2. T-test consequences for the differences in station trial tonss between experimental and control groups in the listening trial. Group Nitrogen Mean South dakota T-Test Milt 4 87.5 2.52 0.37 Traditional direction 4 85 2.58 Discussions The chief aim of the present survey was to research whether there were important differences in the listening trial between utilizing MI Program and traditional plan. Consequences indicated that there was a low positive relationship between listening tonss and the MI plan. Choi ( 2000 ) , Saricaoglu ( 2009 ) , and Kim ( 2002 ) showed a high positive relationship between an addition in listening tonss and the MI plan. Contrary to their research, using the MI plan might lend to bettering listening comprehension, but there was no high positive correlativity due to the short research period. Harmonizing to their interviews, studies, and observations of category, they participated in MI larning actively compared to the traditional categories. Besides, they reported more ennui when they were taught harmonizing to merely one intelligence type. These consequences provide important deductions for foreign linguistic communication instructors to avoid bettering merely one intelligence type of the pupils and to cover assorted intelligence types to fulfill all mark pupils. This survey ‘s inquiry was on the relationship between the MI direction and listening comprehension between ESL scholars. The consequence showed a low positive relationship. The findings including pupils ‘ interviews and a study suggested that multiple intelligences linguistic communication instruction ( MILT ) can be applied to ESL scholars ‘ English categories. MILT allows pupils to take part in bespoke survey and content to custom-make it to their involvements. This effort provides pupils with a sense of achievement, assurance, and positive acquisition attitudes. Children participated more actively and it promoted their interaction among other pupils. Ultimately, it somewhat developed their listening competency. Therefore, farther surveies should be conducted about the relationship between listening accomplishments and MI direction including long term research and more participants. Furthermore, it would be meaningful research if it finds any relationship and analysis of intelligences types and pupils ‘ success in linguistic communication accomplishments including hearing, speech production, reading, and composing. How to cite The Effectiveness Of Multiple Intelligences, Essay examples

Perhaps One Of The Most Complex Pieces To The Human Puzzle Is Our Sens

Perhaps one of the most complex pieces to the human puzzle is our sense of humor. A sense of humor not only involves intelligence and comprehension but also an array of emotions. It is not enough to just understand something humorous, but it is also necessary that an emotional and physiological response be able to occur for a person to have a sense of humor. However, though there is much involved in getting a joke, there are even more factors involved in telling a joke(Ziv 27). This is, unfortunately, an oversimplified explanation of what a sense of humor entails, as many people have their own opinion about what a sense of humor is. It is possible that we may be able to measure the level of humor a joke has. It would seem that the greater the positive reaction a joke can evoke and the larger the amount of people it effects, the funnier a joke is. Conceivably then, it can be said that though it may not be all too difficult to create a joke, creating a really good joke requires much mo re capability. Now that there is some establishment of what a sense of humor is, the next question is, can a sense of humor be taught? To a human, perhaps it can be, but whether a good sense of humor can be taught to a computer is doubtful. Where our technology lies today there is little chance of computers replicating true human emotion(Beale 45). As our world simultaneously shrinks and expands through the growing abilities and applications of computers in our everyday lives, it seems that the role of the computer has been reversed. Before we knew that the computer only understood what we programmed it to understand; however, now the majority of our society is learning more from computers than they are able to input into it. As stated, it only seems that the roles are being reversed, because somewhere far down at the beginning of the line someone is programming the computer. However, a transition is occurring among computer programmers, as they attempt to create machines that learn rather than machines that must be programmed. It has become the hope of many engineers that the mechanisms of human thought could be precisely modeled and simulated on a computer. This is known as Artificial Intelligence(Artificial 3). Artificial Intelligence, or AI, since its conception, has grown from a dozen researchers, to thousands of engineers and specialists; from programs capable of playing checkers, to systems designed to diagnose disease(Dumm 4). With all that the computer is learning now a new question arises: How long before a computer can learn to understand and execute the attributes of a good sense of humor? It is believed that the theory of AI has existed long before recorded, but was not made conceivable until the invention of the electronic computer in 1941(Dreyfus 6). Since then many scientists and engineers have been working on a way to make the computer more human. Once it was noticed that the computer could perform simple tasks such as mathematical problems an d memory recall much faster than humans the idea began that they should become more like us(Beale 2). However after almost sixty years scientists have still not been able to create AI in the sense that they had hoped. Even the Intelligence that they have given computers, which at the time was considered a triumph in reaching towards AI, is no longer considered valid(Kurzweil 14-16). This includes such simple machines as intelligent chess boards and other programs for elementary games. In the mid 1960s, however, Marvin Minsky created and interactive computer program that many believed to be Artificial Intelligence. Though Minsky was even doubtful of his achievement another scientist, Joseph Weizenbaum, quickly stepped forward with an even stronger representation of AI. This new program was called Eliza and was able to imitate a nondirective therapist. This form of AI was extremely believable to those who tested it, but Weizenbaum promptly explained the simplicity of his program. He t hen pointed out the directions and commands the program used to fake comprehension(Dreyfuss 69-72). Weizenbaum proved through his contest that both his and Minskys programs were Bibliography Bibliography Bibliography Artificial Intelligence. Online. Internet.

7 ways to avoid letting envy ruin your career growth

7 ways to avoid letting envy ruin your career growth Even though it’s ideal to always keep your eyes on your own career, we’re only human. It’s almost impossible not to look at your friends and colleagues to see where they are in their job, what they’ve done by a certain age, and how much they’re making compared to you. In fact, envy can be a very useful tool and motivator for personal and professional success, provided it comes in the appropriate doses and is put to the best possible use. But if you let it spiral out of its bounds, it can eat you alive- and even ruin your life.Here are a few tips you can follow to make sure you’re comparing yourself to others for the good of self-evaluation and motivation, rather than endless comparison that will only lead to anger or unhappiness about others’ successes.1. Check your reactions.When a close friend or colleague scores a lucky break or achieves something great, what is your reaction? Are you a seething green monster, or are you excited for them, no matter how motivated you are to accomplish great things yourself? And when something bad happens to someone, are you quietly doing a happy dance or are you truly sympathetic for their hardship? Hint: You want to feel good when good things happen to the good people in your life and bad when bad things happen to them. If your reactions are reversed, you have some work to do.2. Get off the Internet.There’s nothing worse for stoking spirals of negative emotion and envy than social media. If you can’t be trusted to use Facebook or Instagram without losing oodles of time and your own humanity, just suspend your accounts. Take a break or cut yourself off entirely- especially if you spend most of the time looking at your high school acquaintance’s successful lifestyle blog. It’s just not worth the risk to your soul.3. Only compete with yourself.If you’re comparing yourself constantly with others, restructure your focus. Instead, start comparing y our present self against your past. How much progress have you made? Enough? Too little? Are you actually killing it by this metric? Remember, you usually have no idea where anybody else began, and with what benefits. It’s no use playing a silent competition game that you can’t win.4. Become the best version of yourself.It is impossible to be authentic and yourself if you’re constantly looking outward. Instead, start caring more about your own personal development and less about how others see you, what they do, or what they are. Be original and authentic and get noticed for who you are, not who you envy.5. Focus on taking action to get what you want.You want the momentum that gets you chugging your way to the top? That requires focus, determination, and hard work- none of which you’re doing if you’re constantly in the hamster wheel of envying your co-workers and friends. You’re also compromising your ability to be an effective networker- al so a crucial piece to your success. Trust yourself enough to be able to sell your capabilities and capacities at the highest possible value, and trust everyone else to take care of themselves.6. Be empathetic.Try putting yourself in someone else’s shoes. That person whose successes have you blowing steam out of your ears is impressive and shiny on the outside, but might be harboring all sorts of hurts and challenges within. Try to see past the social media posts to the human underneath.7. Practice gratitude.Instead of coveting every little thing you don’t have, try being more grateful for what you do have: Your current job. Your current rung on the ladder. How far you’ve come. This doesn’t mean you can’t strive for more or better; it just means you shouldn’t dismiss what you’ve already earned.

Important Quotes from Night by Elie Wiesel

Important Quotes from Night by Elie Wiesel Night, by Elie Wiesel, is a work of Holocaust literature, with a decidedly autobiographical slant. Wiesel based the book- at least in part- on his own experiences during World War II. Through just a brief 116 pages, the book has received considerable acclaim, and the author won the Nobel Prize in 1986. The quotes below show the searing nature of the novel, as Wiesel tries to make sense of one of the worst human-made catastrophes in history. Night Falls Wiesels journey into Hell began with a yellow star, which the Nazis forced Jews to wear. The star was, often, a mark of death, as the Germans used it to identify Jews and send them to concentration camps.   The  yellow star? Oh well, what of it? You dont die of it.   Chapter 1 A prolonged whistle split the air. The wheels began to grind. We were on our way.   Chapter 1 The journey to the camps began with a train ride, with Jews packed into pitch-black rail cars, with no room to sit down, no bathrooms, no hope. Men to the left! Women to the right!   Chapter 3 Eight words  spoken  quietly, indifferently, without emotion. Eight short, simple words. Yet that was the moment when I parted from my mother.   Chapter 3 Upon entering the camps, men,  women, and children were usually segregated; the line to the left meant going into forced slave labor and wretched conditions- but temporary survival; the line to the right often meant a trip the gas chamber and immediate death. Do you see that chimney over there? See it? Do you see those flames? (Yes, we did see the flames.) Over there-thats where youre going to be taken. Thats your grave, over there.   Chapter 3 The flames rose 24-hours a day from the incinerators- after the Jews were killed in the gas chambers by Zyklon B, their bodies were immediately taken to incinerators to be burned into to black, charred dust. Never shall I forget that night, the first night in camp, which has turned my life into one long night.   Chapter 3 Utter Loss of Hope Wiesels quotes speak eloquently of the utter hopelessness of life in the concentration camps. A dark flame had entered into my soul and devoured it.​  Ã‚  Chapter 3 I was a body. Perhaps less than that even: a starved stomach. The stomach alone was aware of the passage of time.   Chapter 4 I was thinking of my father. He must have suffered more than I did.   Chapter 4 Whenever I dreamed of a better world, I could only imagine a universe with no bells.   Chapter 5 Ive got more faith in Hitler than in anyone else. Hes the only one whos kept his promises, all his promises, to the Jewish people.   Chapter 5 Living With Death Wiesel, of course, did survive the Holocaust  and became a journalist, but it was only 15 years after the war ended that he was able to describe how the inhumane experience in the camps turned him into a living corpse. When they withdrew, next to me were two corpses, side by side, the father and the son. I was fifteen years old.   Ã¢â‚¬â€¹Chapter 7 We were all going to die here. All limits had been passed. No one had any strength left. And again the night would be long.   Chapter 7 But I had no more tears. And, in the depths of my being, in the recesses of my weakened conscience, could I have searched it, I might perhaps have found something like-free at last!​   Chapter 8 After my fathers death, nothing could touch me any more.   Chapter 9 From the depths of the mirror, a corpse gazed back at me. The look in his eyes, as they stared into mine, has never left me.   Chapter 9

Multi-Channel Retailing Speech or Presentation Example | Topics and Well Written Essays - 1000 words

Multi-Channel Retailing - Speech or Presentation Example The global retail operations of Costco can be primarily classified into four major segments such as: Discount and Variety Retail – Warehouse Clubs and Superstores 2. Grocery Retail 3. Gasoline Retailers and, 4. Online Retailing Source: (Costco Wholesale Corporation, 2012) Advantages Offered by Costco’s Each Distribution Channel The distribution facilities offered by Costco incorporate a large number of potential buyers from different demographic backgrounds that are segregated based on family or business, income-level, age and gender. According to the present revolutionary transformations in the retail format, customers are highly focused on purchasing goods through online or catalog shopping. Therefore, the distribution process of Costco highly utilizes the benefits provided by the online format in order to provide adequate support to each group of customers. The company, in this regard, is highly focused on targeting the customers within the age group of 18 to 45 year s who generally prefer to purchase goods through online retailing format (Costco Wholesale Corporation, 2012). In relation to the similar retailers such as Wal-Mart, the organization has been identified as one of the major competitor for Costco. However, the organization is more competent than its competitors regardless catalogue/online shopping or store retail operations. Differentiating Buying Process of the Customers In relation to the distribution process of products, the operational process of Costco incorporates an effective strategy that ensures to provide various advantages to the organization. Therefore, the major advantageous factors that Costco avail from its exceptional distribution channels including brick and mortar store and catalogue or e-commerce format are depicted hereunder: The ‘shopping in person’ customers of Costco generally tend to purchase their preferred products through a modest online or catalogue format. In this context, the steps of online or catalogue shopping have been discussed hereunder. Identifying Needs: Identifying needs of the products is the initial step where the in-person customers tend to recognize merchandise(s) in accordance with their taste and preference. Searching and Obtaining Information: In this step, the in person customers are focused on searching information about the online store or catalogue regarding the availability, buying terms and condition, payment option and shipping facility among others. Evaluating and Selecting Retailers/Channels: After obtaining information about online/catalogue, the customers evaluate and select appropriate retailer or distribution channel. Visiting Online Shopping Website/ Catalogue: Visiting online shopping website/catalogue is the final step customers wherein the in person customers purchase their preferred or desired products via complying each term and condition of the retailer. In the due course of time, after a consumer starts to continuously visit an onlin e website for purchase his/her loyalty towards the retailer increases. Source: (Costco Wholesale Corporation, 2012) Retail Strategy: Focusing on Retail-Mix Elements Location: Location can be considered as one of the primary elements for any retail organization to efficiently perform its various distributional activities. In the context of the

TV shows and commercials' problems and effect to children Lab Report

TV shows and commercials' problems and effect to children - Lab Report Example This "TV shows and commercials' problems and effect to children" essay outlines ten different TV shows, analyzes their impact on kids and values they teach to them. SpongeBob SquarePants: this is one of the American television shows that are popular in the modern television series. It is largely watched amongst the children population. It is also interesting to adults due to its enthusiastic plot. It presents some unique set up in regard to life far from the terrestrial environment. The fact that it is presented in form of cartoons makes it entertaining for the children. However, there are various gaffes associated with the language used, situations as well as the language that is used in the presentations. There are particular innuendos that tend to be above the understanding of the young viewers. In the presentations, the advertisements are usually targeted at the children, such as t-shirts, boxer-shorts and other commodities that are suitable for children such as delicious foods. The show is valuable to the children since it promotes courageousness and the desire to explore life under the water. Sesame Street: this is a TV show that significantly impacts on the lives of children in regard to their learning capability. Its entertainment aspect makes it attractive to children, which has made its theme a success amongst them. The puppets and animations are stimulating, coupled with talented actors who make the show very interesting. The aspect of familiarizing with letters and words is usually helpful in regard to improvement of learning.

Currency Risk Management in Indian Banks

Currency Risk Management in Indian Banks EXECUTIVE SUMMARY The objective of the project is to study the attitude of Indian corporates towards currency risk management and the problems faced by the companies dealing with their currency exposure which occur as a result of exports or imports or both. The study has also included the problems faced by the banks, the authorised dealers of foreign exchange in India, in managing their forex (foreign exchange) market operation as it has large implication on the corporate currency exposure. Indian corporates have an attitude of staying away from the currency market. Companies consider hedging as unwanted cost centres. Periods of exchange rate stability bred complacency. Importers are confident that the Central banks shall intervene to halt any rupee decline where a exporters are of the view that rupee has always been over rated and that there is no way that it shall appreciate from the present value. These reason keep them away from hedging their exposures. Companies which are involved in hedging, go the conservative and orthodox way to hedge their exposure. Not a single company surveyed, take financial derivatives other than forward contracts as tool for hedging their exposure. This is mainly because of lack of awareness and experience. Many of the companies feel that the importance of currency risk management will increase, in coming years but very few of them are making themselves ready to face the situation. Banks that act as facilitators are also suffering from acute problems. Public sector banks, which control 75% of Indian forex market, have always been under staffed and governed by bureaucratic rules. The market for derivatives other than forward contracts is very shallow. Many of the banks reason it out to be as a result of corporate reluctance and lack of information and technology. Most of the banks in public sector do not merge the forex and money operation and they do not treat their forex operation as a separate profit centre. This bred inefficiency in their working which has affected the corporate sector. The corporates have been recommended to look strategically into their exposure and take prudent decision in hedging. This decision should be backed by professional treasurers, an efficient back office and good forecasting techniques. They have been asked to go in for various other derivatives that are flexible and cost effective. The banking sector has been recommended to recruit specialised personnel for the job with latest technology to deal in the market. They should start providing variety of other derivatives to the industry. They should also merge their money market and forex operation and treat is as a separate profit centre. These all measures will definitely make the forex market deep and vibrant, which will make the work easier for corporates in dealing with the currency exposure. 1. INTRODUCTION â€Å"We have to sleep with one eye open† Managing director of an Indian company with investments in Indonesia. This was in reference to the Indonesian rupiah crash which followed the nearly 100 percent, Thai currency plunge after the bahts free float last July with the Indonesian currency in downward spiral and interest rates shooting northwards, Indian companies with investment in South-east Asia are in the midst of the maelstrom and are desperately scrambling to get a grip of this unprecedented situation even as they wonder: what next? If only they could have got the wind of the disaster things would have been bit different for them. The spate of Southeast Asian currency plunge has sent warning signals to the developing economies to set their level in order to face crisis. Companies have to set their house in order and give a micro as well as macro look at the currency exposure which they are facing. With increase in volume of business in external sector, companies should make themselves tuned to the dynamics of foreign exchange (currency) market. 1.1 Currency RISK MANAGEMENT An asset or a liability or an expected future cash flow stream (whether certain or not) is said to be afflicted with currency risk when currency movement changes (for better or for worse) the home currency value. There is always a possibility of the exchange rate changing between the home and foreign currencies, interest rate differentials widening and inflationary effects amounting, to an adverse reaction for the expected cash flows . The concept of currency risk also emanates when an investor is planning to diversity his portfolio internationally to improve the risk- return trade off by taking advantage of the relative correlation among risks on assets of different countries. This involves investing in a variety of currencies whose relative values may fluctuate , it involves taking currency risks. The foreign exchange market is psychological in nature. A large number of transactions are speculative in nature which depends upon expectations of a large number of participants. People tend to hitch their expectations to one fundamental. For example, they might look at the money supply in the USA. The logic is that an increase in money supply will result in : Þ An increase in inflation Þ FED squeezing money Þ Interest rate rising Þ Dollar becoming more attractive for holding. But this event of money supply could also lead to a different series of outcomes an shown by the following logic. According to fisherman equation, Nominal rate = Real rate + Inflation rate. An increase in inflation would mean the interest rates would be higher. Higher interest rates on bond and equity prices would make them less lucrative and thus lead to a bearish effect. There would be a selling pressure on the dollar and hence the exchange rates would tend to move against the dollar. Dealings in foreign exchange market is said to be around $ 1000 billion each day. Out of this sizeable chunk of more than 75% is on speculative basis. And this speculation has been pointed out as major cause of the south Asian turmoil. Since the mid 1970s a potent mix of fast-interlocking market and a revolution in information technology has increased the speed, frequency and magnitude of price changes in the financial markets, which, in turn have multiplied both opportunity and risk for the CFO. Not, surprisingly, in the developed markets, much innovative energy has been devoted to devising instruments and mechanisms that enable CFO to survive this turbulence. While creative financial engineering has opened the floodgates for a deluge of products, two broad classes of risk management have evolved. The first deploys a natural hedge to manage exposure to risk. Typically, this means explicitly factoring in risk perceptions when choosing the components of the financing mix. Or, to neutralise exposures in a particular market, a natural hedge could involve taking a counter position in another market. The second class of tools however creates a synthetic hedge by utilising specific financial instruments. Notably, derivatives. 1.2 Problems in Indian foreign exchange market Our foreign exchange market suffers from several constraints. i) There are a lot of ceilings on open positions and gaps and hence there is a virtual absence of market making and position trading. ii) There is prohibition of initiating transactions in the cross currency in the overseas market. iii) Besides the forward contracts, there is no free access to the other products like futures, swaps, etc. The market lacks the required liquidity and depth for the derivatives to be economically viable. 2. Literature review 2.1 THE NATURE OF EXPOSURE AND RISK The value of a firms assets, liabilities and operating income vary continually in response to changes in economic and financial variables such as exchange rates, interest rates, inflation rates, relative prices and so forth. The impact of every financial decision on the value of the firm is uncertain and various options can be evaluated in terms of their risk return characteristics. The nature of uncertainty can be illustrated by a number of commonly encountered situations. An appreciation of the value of a foreign currency (or equivalently, a depreciation of the domestic currency)., increases the domestic currency value of a firms assets and liabilities denominated in the foreign currency receivable and payables, bank deposits and loans etc. It will also change domestic currency cash flows from exports and imports. An increase in interest rates reduces the market value of a portfolio of fixed rate bonds and may increase the cash outflow on account of interest payments. Acceleration in the rate of inflation may increase the value of unsold stocks, the revenue from future sales as well as the future costs of production. Thus the firm is â€Å"exposed† to uncertain changes in a number of variables in its environment. Let us begin with the definition of foreign exchange exposure. Foreign exchange (Currency) exposure is the sensitivity of the real value of a firms assets, liabilities or operating income, expressed in its functional currency, to unanticipated changes in exchange rates. Note the following important points about this definition. Values of assets, liabilities or operating income are to be denominated in the functional currency of the firm. This is the primary currency of the firm and in which its financial statements are published. For most firms it is the domestic currency of their country. Exposure is defined with respect to the real values i.e. values adjusted for inflation. While theoretically this is the correct way of assessing exposure, in practice due to the difficulty of dealing with an uncertain inflation rate this adjustment is often ignored i.e. exposure is estimated with reference to changes in nominal values. The definition stresses that only unanticipated changes in exchange rates are to be considered. The reason is that markets will have already made an allowance for anticipated changes in exchange rates. For instance, an exporter invoicing a foreign buyer in the buyer currency into the price. A lender will adjust the rate of interest charged on the loan to incorporate an allowance for the expected depreciation. From an operational point of view, the question is how do we separate a given change in exchange rate into its anticipated and unanticipated components since only the actual change is observable? One possible answer is to use the forward exchange rate as the exchange rate expected by the â€Å"market† to rule at the time the forward contract matures. Thus suppose that the price of a pound sterling in terms of rupees for immediate delivery (the called spot rate) is Rs. 60.000 while the one months forward rate is Rs. 60.20. We can say that the anticipated depreciation of th e rupee is 20 paise per pound in one month. If a month later, the spot rate turns out to be Rs. 60.30 there has been an unanticipated depreciation of 10 paise per pound. In contrast to exposure which is a measure of the response of value to exchange rate changes, foreign exchange risk is defined as. The variance of the real domestic currency value of assets, liabilities or operating income attribute to unanticipated changes in exchange rates. In other words, risk is a measure of the extent of variability in the values of assets etc. due to unanticipated changes in exchanges rates. 2.2 Classification of Foreign Exchange Exposure and Risk Three types of foreign exchange exposure and risk can be distinguished depending upon the nature of the exposed item and the purpose of exposure estimation. These are as follows. Transaction Exposure: This is a measure of the sensitivity of the home currency value of assets and liabilities which are denominated in foreign currency, to unanticipated changes in exchange rates, when the assets or liabilities are liquidated. Transaction exposure can arise in three ways: * A currency has to be converted in order to make or received payment for good s and services. * A currency has to be converted to repay a loan or make an interest payment (or, conversely, receive a repayment or an interest payments) or. * A currency has to be converted to make a dividend payment. Suppose a firm receives an export order. It fixes a price, manufactures the product, makes the shipment and gives 90 days credit to the buyer who will pay in his currency. A company has acquired a foreign currency receivable, which will be liquidated before the next balance sheet date. The exposure affects cash flows during the current accounting period. If the foreign currency has appreciated between the day the receivable was booked on the day the payment was received, the company makes exchange gain which may have tax implications. In a similar fashion, interest payments and principal repayments due during the accounting period create transaction exposure. Transaction risk can be defined as a measure of uncertainty y in the value of assets and liabilities when they are liquidated. Translation Exposure: Also called accounting Exposure is the exposure on assets and liabilities appearing in the balance sheet but yet to be liquidated. Translation risk is the related measure of variability. The key difference between transaction and translation exposure is that the former involves actual movement of cash while the latter has no direct effect on cash flows. (This is true only if there are no tax effects arising out of translation gains and losses). Translation exposure arises when a parent multinational company is required to consolidate a foreign subsidiarys statements from its functional currency into the parents home currency. Thus suppose an Indian company has a U.K subsidiary. At the beginning of the parents financial year the subsidiary has real estate, inventories and cash valued at pound 1,000,000, pound 200,000 pound 150,000 respectively. The spot rate is Rs. 60 per pound sterling. By the close of the financial year, these have changed to pound 1,200,000, pound 205000 and pound 160,000 respectively. However during the year, there has been a drastic depreciation of the pound to Rs. 56. If the parent is required to translate the subsidiarys balance sheet from pound sterling into rupees at the current exchange rate, it has â€Å"suffered† a translation loss. Note that no cash movement is involved since the subsidiary is not to be liquidated. Also note that there must have been a translation gain on the subsidiarys liabilities. There is broad agreement among theorists that translation losses and gains are only notional accounting losses and gains. The actual numbers will differ according to the accounting practices followed and depending upon the tax laws, there may or may not be tax implications and therefore real gains or losses. Accountants and corporate treasurers however do not fully accept this view. They argue that even though no cash losses or gains are involved, translation does affect the published financial statements and hence may affect market valuation of the parent companys stock. Whether investors indeed suffer from â€Å"translation illusion† is an empirical question. Some evidence from studies of the valuation of American multinationals seems to indicate that investors are quite aware of the notional character of these losses and gains and discount them in valuing the stock. for Indian multinational, translation exposure is a relatively less important consideration since the law doe s not require translation and consolidation of foreign subsidiaries financial statement s with those of the parent companies. Operating Exposure: Unanticipated exchange rate changes not only affect assets and liabilities but also have significant impact on future cash flows from operations. Operating Exposure is a measure of the sensitivity of future cash flow and profits of a firm to unanticipated exchange rate changes. Consider a firm that is involved in producing goods for export and or import substitutes. It may also import a part of its raw materials, components etc. A change in exchange rate (s) gives rise to a number of concerns for such a firm. 1. What will be the effect on sales volume if prices are maintained? If prices are changed? Should prices be changed? For instance, a firm exporting to a foreign market might benefit from reducing its foreign currency price to the foreign customers following an appreciation of the foreign currency. A firm that produces import substitutes may contemplate an increase in it domestic currency price to its domestic customers without hurting its sales. 2. Since a part of the inputs are imported, material costs will increase following a depreciation of the home currency. 3. Labour costs may also increase if cost of living increases and wages have to be raised. 4. Interest costs on working capital may rise if in response to depreciation the authorities resort to monetary tightening. In general, an exchange rate change will affect both future revenues as well as operating costs and hence the operating income. As we will see later, the net effect depends upon the complex interaction of exchange rate changes, relative inflation rates at home and abroad, price elasticities of export and import demand and supply and so forth. Operating exposure and the related risk are extremely difficult to analyse, estimate and hedge against. 2.3 THE INDIAN FOREX MARKET Indian foreign exchange market as compared with their American and European counterparts is till in its infants. The post liberalisation period has witnessed many exchange controls been lifted and introduction of few â€Å"hedging† tools like cross currency option, Range forwards, currency swaps etc. which provide a degree of flexibility to corporates in using the forex markets effectively. The Rupee has been made fully convertible on current account accepting the article VIII status laid down by IMF. This step has seen increased volume of trade in the Indian forex market. Tarapore committee has put the proposal for capital account convertibility. It proposes to deregulate the foreign exchange by year 2002 in three phases. 2.4 PRESENT STATUS Exchange control in India is administered by the Reserve Bank of India, which is empowered by the Foreign exchange regulation Act. The figure shows the players involved in the foreign exchange market from administrative point of view. Foreign Exchange Regulation Act, 1973 Govt. of India Reserve Bank of India Foreign Exchange Dealers Association of India Authorised Dealers Authorised Money Changers Full Fledged Restricted Administration of Foreign Exchange in India. The foreign exchange market in India functions with a three-tier structure which includes (1) Reserve Bank of India, at the apex level, (ii) authorised dealers/money changers conducting foreign exchange trading activities, and (iii) customers which include exporters/importer, corporates and other foreign exchange earners like NRIs etc. The market is highly influenced by State Bank of India and Reserve Bank of India because of their Sheer Size. The RBI constantly intervenes to keep the rupee from appreciating and is responsible for highly liquid spot market as it is a last resort buyer of dollars. The forward market in India is fairly liquid and quotes are easily available up to six months. The RBI prohibits any international speculative access to rupee. 2.5 SIZE AND DEPTH OF THE MARKET The daily turnover in the Indian Foreign exchange market is over US $400 million that is dominated by dealings in dollars. The foreign exchange reserve of $30 million provides the market with enough liquidity. 2.6 INDIAN EXCHANGE CONTROLS Exchange Controls refer to the regulation, restrictions, guidelines that a country issues with respect to foreign exchange transactions. In the absence of any exchange control one would expect to do anything with the foreign exchange reserves that the company has-convert to any other currency, speculate, buy or sell option, freely export foreign exchange etc. etc. In India, forward contract is the single largest product which the companies employ as a tool to manage their foreign exchange risks, though the cost has changed over the period of time. Before LERMS (liberalised exchange rate management system) importers rushed to book forward contracts expecting a devaluation of Re against US$. The cost was as high as 18% in Feb.92. The cost of the forward premium came down sharply reflecting a more stable foreign exchange markets. The Indian exchange market do not provide frequent quotations for ore than 6 months so for any long term forward cover rollover of the contract after every 6 months is needed. Rollover means cancellation of the old contract and re-booking of 6-month forward contract. Under this, care should be taken to cancel the old contract and re-book the next at the time when the cost of rebooking is least i.e. forward dollar is relatively cheap. Further, in December 1994, RBI has allowed the corporates to bet on the third currency movement even if one does not have an underlying transaction exposure in the â€Å"third currency†. This means that a corporate with an underlying exposure in Dollar-Re can bet on the Dm-Dollar rate and book a forward contract for Dm against Re and on the maturity may change Dm to Dollar at the spot rate. This has been allowed as Indian Re has been pegged with US$ and there has not been many fluctuations on which the companies could speculate. There can be other ways to take advantage of this RBI circular. Consider an importer with $ payable after 6 months. He may buy $ forward against Yen (third currency) and after 6 months may buy Yen against Rupee at the spot rate. This position may be taken if the company expects Yen to depreciate against the Dollar within these 6 months. Nevertheless the speculative attempts to earn profits may also backfire to give losses if the exchange rate moves in the opposite direction. RBI has also made it obligatory upon the banks, which extend the third currency cover, to maintain â€Å"initial† and â€Å"variation† margins before offering such a facility. This has been done to avoid any default risk. Another peculiar feature of ‘The Indian Exchange Control is that the â€Å"hedging† can be put through in case of transaction and translation exposures only. Economic exposures cannot be hedged. Cross Currency option was introduced on 1st Jan. 1994, under which companies could enter option contract for hedging non-dollar exposure against dollar. As for now Rupee option does not exist in India. Essar Gujarat has been one of the innovative corporates who discovered this new concept and has benefited considerably by writing option in Dm- Dollar in Jan 1994. Indian Exchange controls do not allow cancellation of cross currency options in parts and once the option is cancelled it cannot be re-booked, unlike forwards. In the overseas markets minimum lot traded is $ 3m whereas Indian corporate by for lesser amount, this increases the premium paid by them for the option. Recently, ANZ Grindlay has offered to arrange a loan of $ 50m to Ranbaxy by making effective use of call and put options to defend both the parties against unfavourable movements in exchange rates. Cross currency forward cover for importers who have taken $ loan for their imports but receive goods invoiced in say a Dm. They can enter forward cover for the delivery of Dm against the currency of loan i.e. -$. This is the cross currency forward cover. Some of the foreign Exchange controls are that export of foreign currency is not permitted, unless it has special RBI permission. â€Å"Exchange controls also they list the permitted currencyâ€Å" and a method of payment as approved by RBI for translation across the countries. It also contains guidelines relating to â€Å" Foreign currency assets† covering permission as for repatriation of capital profits dividends etc. Exchange controls also allow FC to be retained up 50% (in case of EOU EPZ units) and 25% (in case of ordinary exporters with banks in Indian and also abroad under EEFC a/c and FCA a/c. Exchange controls also state under-invoicing and over-invoicing of exports as a crime attracting penal provisions. Further, all sale proceeds in FC should come into the country within 180 days. RBI permission is required for any extension beyond 180 days. In case of failure to get RBIs nod, the tax and other export incentives are not provided to the exporters. Further, exchange controls give details and guidelines for different accounts for NRI and foreign investors such as Ordinary Non- Resident Rupee a/c, Non-Resident External; Rupee a/c FCNR (B) a/c etc. Introduction of complex hedging tools like futures, options is still a long way to go, Recently, the government lifted the ban on futures, option trading in equity (stocks) after 40 years, This could be regarded as a step ahead to come closer to introduction of more complex tools in the currency markets in India. In the near future Standard Chartered plans to introduce rupee-based derivatives in India subject to the clearance and approval by exchange controls, with many companies now making use of different tools effectively, the Indian foreign exchange markets are moving ahead towards more relaxations and towards making the foreign exchange markets more vibrant and versatile, IDBI is one of the most active user of financial derivatives in Indian market. It made considerable savings over the last two year by using the entire range of products available in Indian forex markets. 2.7 FINANCIAL DERIVATIVES USED IN INDIAN MARKET A derivative instrument is commonly defined as one whose price is derived from an underlying quantity that could be an interest or an exchange rate (in this case exchange rate) we refer to derivatives of money and foreign exchange market prices as â€Å"financial derivatives†. The history of using financial derivatives to hedge foreign exchange exposures by corporates in India is fairly recent. Early 90s witnessed few foreign currency call options written by some Indian corporates. The limited use and general lack of interest in the available instruments can be explained by the fact that dependence on external sources of funding was very limited and the external sector wasnt really developed. But after liberalisation and current account convertibility, the whole scenario has changed. Risk management has under gone a paradigm shift, new financial derivatives have been allowed in the market to provide for exposures arising out of increased business activity in the external sector. We shall discuss the various hedging tools is operative. 2.7.1 FORWARD CONTRACTS The Definition: A forward contract is simply an agreement to buy or sell foreign exchange at a stipulated rate at a specified time in the future. It is a contract calling for settlement beyond the spot date. The time frame can vary from a few days to many years. Instrument: A forward contract locks you to a particular exchange rate, thereby insulating the CFO from exchange rate fluctuations. In India, the forward contract has been the most popular instrument employed by corporates to cover their exposures, and thereby, offset a known future cash outflow. Forward contracts are usually available only for periods up to 12 months. Forward premiums are governed purely by demand and supply, which provide corporates with arbitrage opportunities. The premiums in this market are quoted till the last working day of the month. Internationally, the forward premiums or discounts reflect the prevailing interest rate differentials. Arbitrage opportunities are therefore limited. As a rule, a currency with a higher interest rate trades at a discount to a currency with a lower interest state. Since there is a forward market available for longer periods, the forward cover for foreign exchange exposures can stretch up to five years. The premiums or discounts are quoted on a month-to-month basis. That is, from the spot date to exactly one month, or two months, or even a year. AN EXAMPLE.A corporate has to make a payment of US $I million on March 31, 1998. They can book a forward contract today, and fix the exchange rate at which he will make the payment. Assuming that the dollar-rupee spot rate is Rs 36.40, and the forward premium on the dollar for delivery on March31. 1998, is Rs 0.30 the effective exchange rate for the remittance becomes Rs 36.70 (36,40+30). The Regulations: In March 1992, in order to provide operational freedom to corporates, the unrestricted booking and cancellation of forward contracts, for all genuine exposures, whether trade-related or not, was permitted. In January 1997, the RBI allowed the banks to quote rupee forward premiums for more than six months. This has resulted in the development of a local forward market for up to one year. However, as the link between the local money market and the foreign exchange markets is not strong, and as prices and determined by demand and supply, activity in the long -term forward market has been limited. 2.7.2 FORWARD TO FORWARD CONTRACTS The Definition: A forward -to-forward contract is a swap transaction that involves the simultaneous sale and purchase of one currency for another, where both transactions are forward contracts. It allows the company to take advantage of the forward premium without locking on to the spot rate. The Instrument: A forward-to-forward contract is a perfect tool for corporates that want to take advantage of the opposite movements in the spot and the forward markets. By locking in the forward premium at a high or low level now, CFOs can defer locking on to the spot rate to the future when they consider the spot rate to be moving in their favour. However, a forward-to forward contract can have serious cash-flow implications for a corporate. Before booking a forward-to forward contract a CFO should carefully examine his cash flow position bearing in mind the immediate loss that he would make if the spot rate did not move in his favour. The Example. An exporter believes that forward premiums are high, and will move down before the end of December 1997. Also he expects the spot rate to depreciate in the next few months. Then, the optimal strategy would be to lock in the high forward premium now, and defer the spot rate to a future date. So, he opts for a forward-to forward contract for end December. 1997, to end March of 1998. Paying a premium of say a Rs 0.64 By entering into such a contract the exporter has the opportunity to lock on to the spot rate any time till December 31, 1997. Alternatively, if the three-month premium between end-December and end-March moves below the Rs 0.64 level he can cancel the contract and book his profits. Forward -to-forward contracts The SCenario Company A is due to receive the payment for goods exported three months earlier. Currently, three-month forward premiums are high, but Company A expects the sport rate to depreciate further. The Instrument The forward-to-forward pay-off matrix DS>EF DS>EF Lack in the Current Premium By Purchasing A Forward-To-Forward Contact EF>SF Better Than Simple Forward, But Worse Than Uncovered Strategy Optimal Strategy Choose The Spot Rate Within A Stipulated Time-Period, Thus Determining Effective Forward Rate SF>EF Worst Strategy Better than Uncovered Strategy, At the end of the months, Convert Export Proceeds to Rupee at the Effective Forward Rate SF : Simple Forward Rate EF: Forward-to-Forwar