Raps Controversy :: essays research papers

Raps ControversyThe most popular new harmony to emerge from the 80s was knock music. It first developed in the mid 70s in New York City, and soon in other urban areas, primarily amongst Afri cigaret-American teen-agers. It became truly popular with the urban public that it soon began to spread throughout the United States and much of the world. It replaced rock music as the creative force in music of the 80s and 90s. However, as popular as it was then and it is now, the lyrics of many bump songs have caused controversy. Many believe and have charged that these lyrics hike up racism and violence and show contempt for women.Those in the mainstream have long considered rap music controversial. However its controversy escalated to a whole new take when the world was introduced to Gangsta Rap, where violent acts and suggestions are graphically portrayed (yale). The notorious rap group responsible for the introduction of gangsta rap was NWA (bomp). Gangsta rap has been criticized an d debated over for its graphic internal content, and violent imagery (yale). The lyrics in many songs contain violent and explicit lyrics that usually talk about killing someone along with sounds of gunshots in the background. Gangsta rap also talks about drug use and portrays negative attitudes toward women, especially black women. The artists refer to women as, bitches, whores and sex dispensing hoes. On the contrary there is a gracious sideffect to controversy you can use it to get a message across and most importantly it sales records, just like NWA, Ice-T, Public Enemy, and the 2 drop dead crew soon discovered early on in their time. Today most young people think that if a person is rich and famous, they can get aside with anything. They see rappers get charged with felonies and then they see that the charges get dropped. Theyve heard of celebrities running over children while drunk and get away with it without doing any time. However, not all rappers have run-ins with the law, but the ones that do are very well known. Tupac Shakur (RIP), for example, had many run-ins with the law. He was arrested for aggravated assault, and charged with shooting 2 off duty police officers in Atlanta in 1993, but the charges were later dropped (bomp). He was also accused of beating a limousine number one wood in Los Angeles and found guilty of threatening a fellow rapper with a baseball bat in Michigan (bomp).

The Lottery :: essays research papers

The LotteryShirley Jackson wrote The Lottery in 1948, not long after the second World War. The horror of the final solution was still fresh in e veryones minds. Jackson wrote this story to remind everyone that we are not so far from this world of sadistic kind-hearted sacrifice. She created a town, very much like any American town, with the gathering of the towns people to celebrate some annual event. She wanted to shine a reverberate on contemporary society, a reflection of humanity, or rather, inhumanity. One would think that she was protesting against the shallow hypocrites that rule the world.The town sets up this lottery in a very practical way, there were several things that were a part of the ritual that the town allowed to fade from practice. But the town still precept it necessary to stone a citizen to death once a year just because that was the way it was always done. Shirley Jackson wanted the world to try and find another way, to break aside from traditions and be mo re humane human beings. Once the heads of household have drawn, everyone looks at the slip of paper in their hands and at the same era everyone is praying that it is not their family. Once again the family members draw and each one is praying it is not them, at the same time they know that they are about to lose a loved one. Everyone has felt these same feelings. A friend loses her husband or child and we say a little prayer of thanks to what ever precedent each of us believes in , thank goodness it was not me. When Tessie Hutchinson realizes that her family has been chosen she says, I tell you it wasnt fair. You didnt give him time enough to choose. Everybody saw that.(233) The Lottery makes one feel guilty for desiring ones own survival.

Organizational Design At Microsoft Essay -- essays research papers

ntroductionThe ongoing case study presented by Microsoft and the scrutiny of the Justice Department and Congress serves as an excellent departure point to establish the spirit and premises of organizational theory and design since it allows for examination from both the viewpoint of the public and the economic aspects of the situation in which Microsoft finds itself. While issues of organizational structure and incarnate policies as related to costs, revenue, profit and market structure are inherent in the study of any company or organization, it is important to recognize the unusual aspects of Microsoft. Microsoft, undeniably, has a larger presence throughout the computer software industry and the users of its many products since its operating system defines, to a great degree, how work is done in the modern business organization world. With a company that has virtually always been in a "near-monopoly" situation such as Microsoft, it comes as no surprise that thither ar e many who believe the company should be split into two (or more) independent organizations. However, that has little to do with the organizational design reality that actually is the Microsoft Corporation. or so companies grew out of their perpetual search for profit and how to make that profit grow bigger apiece year and Bill Gates and Microsoft are certainly no exception to that rule. In fact, they are the personification of the rule Such a determined search for ever-increasing profits has resulted in large, vertically integrated organizations. But it is indwelling to keep in mind the fact that economic harvest does not end in profit accumulation. In the case of the computer and software industry, growth came in the form of reliance on external economies, that is, keeping apace with the technological progress of other companies in the same industry rather than each company going its own way. Microcomputer companies that remain active to this day are the ones that view computer s as open ended machines, ready to be upgraded and modify from time to time, at pace with the current technology advances. Again, Microsoft presents the definitive example of such a company.Organizational Design for the 21st CenturyAny business or business process has had to face a certain level of re-engineering or reconstruction in order to fit into the managerial revolution of the mid-nineties and the move into the 21st cent... ...loyees and grand plans for the future. For both start-up ventures and existing firms, entrepreneurship carried on in the pursuit of business opportunities spurs business expansion, technological progress, and wealth creation. The Connor Model would certainly control that fundamental fact.In order to adequately plan for the future, especially in terms of making the appropriate organization design plans for the future, Microsoft has had to broaden its collective reasonableness of information and other aspects associated with non-bureaucratic organizat ional design in order to appropriately commit to the ideas Connor advocates. Clearly, the current changes in organizational environments, are disturbing the century-long domination of the bureaucratic organization but a company such as Microsoft has not had to deal with such hidebound "traditions." However, it is also important that it not allow itself to be "married to" the unique traditions and processes it has established. Considering the past performance and accomplishments of the company, regardless of decisions made by the government, it is likely Microsoft will continue to evolve in ways that assure its success

The Portrayal of Gabriel Oak in Far from the Madding Crowd by Thomas Ha

In the novel Far from the Madding Crowd written by Thomas Hardy, I will be observing in feature the main character, Gabriel Oak, a young sheep farmer. I am going to determine how he is described as a heroic character in the world-class seven chapters. Gabriel Oak is portrayed to the reader as a heroic character in several different ways. In chapter one, there is no exercise or events. Alternatively, in the first paragraph, there is a description of Oak, which is mainly focused on his broad smile. His smile is compared using a simile, like the rays in a rudimentary sketch of the rising sun. This immediately implies that he is a cheerful, well behaved-natured character. Secondly, he is referred to with some different names. Farmer Oak illustrates his status, respect and authority. His Christian name, Gabriel has a reference towards the bible, as Gabriel was the good angel of God. Lastly, his surname, Oak, this may refer to wood as Oak is strong an d durable which may represent his strength and durability. This is stressing the plus quality of Oaks character. The reader starts to get an encouraging image of Gabriel once reading the first two paragraphs. Farmer Oaks background is rather straightforward although he has had many jobs. He is conscientious and thorough as he cares greatly on how everything is presented and what people think of him. He was firstly a shepherd and then a bailiff before becoming a farmer. His father was a shepherd, so he had grown up on a farm learning the skills required from his dad. Moreover, the robes Gabriel wore were not pretentious. I know this because on his working days he wore his clothes ... ...ently told everybody what had to be done to help and soon the fire was under control. Without Gabriels good sense and bravery the fire would have been unmanageable. Oaks courage was admired by all of the spectators and many compliments soon spread through the crowd. On ce Gabriel had tack out that Bathsheba was in need of a shepherd, he was not too modest to ask her. He did not let what happened in the past rear his decision in asking her for a job and did not seem embarrassed. This delivers his respect towards people and shows that he is a highly regarded man. All these positive qualities show that Gabriel Oak is a reputable man and is willing to help anyone, even if he does not know them. It shows that he is courageous and not a proud man. All of which portray to the reader that Gabriel Oak is a heroic character.

My Most Memorable Teachers Essay -- essays papers

My Most Memorable Teachers For some reason or another certain students are drawn to particular teachers while other students are much fond of others. In my life I have studied under three memorable teachers. Teachers with which I was able to connect, to laugh, to share my misgivings. While I whitethorn have been close with each of these teachers, it is very clear, in retrospect, that each was very unique, and represented an entirely different gradation of teacher. The teacher that stands out most in my head is my eleventh grade English teacher. She had a liberal arts background, and enjoyed the classic American writers Hemingway, Steinbeck, what have you. She was in the class of teachers who was more impressed by actions and honesty than suck-ups and homebodies. She was the kind of teacher who was proud when you informed her that you had skipped her class to go fishing at the river and play bluegrass music with your buddies. She was the kind of teacher who favorite(a) that her students wrote what they truly felt, and not what they truly felt she would like to hear. She was in the rare class of teachers who tried to prepare her students for life after school, not life for school. She was a part of a small class of note-worthy teachers.Another important figure from my eleventh grade year was my eccentric psychology teacher. She represented a class of teachers who are interesting enough to be committed to a loony bin. She fell into what I believe to be the largest class of t...

My Most Memorable Teachers Essay -- essays papers

My Most Memorable Teachers For some reason or another certain students are drawn to particular teachers piece of melody other students are more fond of others. In my life I have studied under three memorable teachers. Teachers with which I was able to connect, to laugh, to percentage my misgivings. While I may have been close with each of these teachers, it is very clear, in retrospect, that each was very unique, and represented an entirely different break of teacher. The teacher that stands out most in my head is my eleventh grade English teacher. She had a liberal arts background, and enjoyed the sectionalizationic American writers Hemingway, Steinbeck, what have you. She was in the class of teachers who was more impressed by actions and honesty than suck-ups and homebodies. She was the kind of teacher who was proud when you informed her that you had skipped her class to go fishing at the river and play bluegrass music with your buddies. She was the kind of teacher who preferred that her students wrote what they truly felt, and not what they truly felt she would like to hear. She was in the rare class of teachers who tried to prepare her students for life subsequently school, not life for school. She was a part of a small class of note-worthy teachers.Another important figure from my eleventh grade year was my eccentric psychological science teacher. She represented a class of teachers who are interesting enough to be committed to a loony bin. She fell into what I believe to be the largest class of t...

Chemistry Experiment Essay

How did your proposed procedures or flow charts at the beginning of this experiment comp atomic number 18 to the actual procedures of this lab exercise? I had to change the process I did things a little to allow adequate time for the sand and the benzoic acid crystals to dry on the paper towels, and for the waterin the paper transfuse to evaporate from the salt. 2. Discuss potential advantages or disadvantages of your proposed procedure compared to the one actually used. The advantage of my original proposed procedure was less time consuming.see moreinterpersonal chemistry matriculation notes semester 1The disadvantage compared to the one actually used would be the reliability of the information. Giving adequate drying time on an experiment in which you are weighing something is crucial. 3. How would you explain a sand recovery percentage that is higher than the original sand percentage?The sand absorbed some of the water and expanded, or some of the components in the sand is part o f another mixture and you did not extract all the components from the original sand correctly. 4. What were potential sources of error in the experiment?Several things could go wrong with this experiment. I think the hardest part and biggest source of error is extracting each substance from the mixture and weighing it by itself. You have to be careful to extract each substance correctly or you will get the wrong pack. Conclusion Weighing all the substances as one should weight the same as weighing them each separate and adding them together.

Music History: Renaissance Era

The renascence was the great age of vocal polyphony, music consisting of a deed of equally burning(prenominal) voice parts all woven together to create a complex tapestry of overlapping melodies and beautiful harmonies. In ghostly music, the primary compositional forms were the Mass and the motet, while in secular music they were the French chanson, or song (for three or four voices), and the Italian madrigal. implemental music was not, for the most part, as formalized during the Renaissance as it would later become.Instruments were used in varying combinations to accompany singers (in both religious and secular music), to can music for private entertainment and dancing, and to provide festive or ceremonial music for towns and royal courts. Principal instruments of the period included the lute, organ, and harpsichord, viols, recorders shawms (double-reed precursors of the oboe), cruhorns (also double-reed instruments), trombones and trumpets (Gangwere).Among the most important composers of the Renaissance were Guillaume Dufay, of the so-called Burgundian school, centered at the court of the dukes of Burgundy in Dijon France and Johannes Ockeghem, Jacob Obrecht, Josquin des Prez, and later, Orlando di Lasoo of the Flemish school (Pen).The MassThe unvarying structure of the mass, the constancy of the text, and the solemnity of mapping were not conducive to musical experimentation in mass composition. Flemish masses still used the cantus firmus techniques of the earlier Burgundian masters. In the hands of exceptional composers such as Giovanni da Palestrina the mass was a highly devotional and serene expression of the liturgy, perfectly suited to the austerity demanded by the Counter Reformation. Palestrinas plastic arched melodic lines, his studied use of consonance and dissonance, and his beautifully constructed harmonic sonorities became the model for generations of counterpoint teachers (Hoffman).The MotetThe earliest motet (from the French word mean ing word) often contained different texts in various languages for each voice parts. Complexities of word setting and tone painting were simply not an important aspect of the music for early motet composers. As the humanism began to exert its influence, composers grew more attentive to text setting. The single text was the motivating force for the motet. Each section of music was presented as a separate musical episode that attempted to highlight the clarity of the text as well as to convey the emotional impact of the words.This style of erogenous text representation came to be known as music reservata. Composers developed specific techniques for the musica reservata style. Second, the natural speech rhythm was matched by melodic rhythm so that the words were correctly accented. Third, syllabic treatment of text and expressive figures were used to portray the message of the text (Hoffman).The ChansonChansons were three-voice secular works in which the music most mirrored the mean ing of the French poetic text. The text, usually an expression of love, was in rondeau form with a two-line refrain (A B a A a b A B). Although they may have been performed entirely by voices, the usual presentation probably featured a solo voice on the fade (superius) line with the bottom two polyphonic lines played by instruments (Hoffman).Other musics such as chorale, anthem, psalm settings, frottola and madrigal are legacies of Renaissance period. It was only during the Renaissance that musicians begun to recognize the idiomatic potential of instruments and consequently began composing in particular genres intended for instrumental rather than choral performance (Pen).Works CitedGangwere, Blanche. Music write up During the Renaissance Period, 1520-1550 A Documented Chronology. Greenwood Publishing Group, 2004.Hoffman, Miles. The Npr Classical Music Companion An Essential Guide for Enlightened Listening. Houghton Mifflin Books, 2005.Pen, Ronald. Introduction to Music. McGraw-Hi ll Professional, 1992.

Pnl Explain

P&L Explain wedges and Swaps Tony Morris antony. emailprotected com MICS DKS Manila Contents 1. Bond Pricing basic concepts 2. P&L sensitivities of a cohere i. PV01 ii. CS01 iii. Theta iv. shoot 3. Extension to liaison site swaps 1. Bond Pricing basic concepts Lets say you fox a 4 course of study 10% annual coupon cohere, with a break ( issuance to matureness or yield to buyback) of 12%. From this information, the equipment casualty merchant ship be metric as 93. 93%. The damage is orchestrated by pricing each of the bonds hard currency flows using the yield to adulthood (YTM) as a reject rate.Why? Because the YTM is defined as the rate which, if used to throw out the bonds interchange flows, gives its price. We could limning it like this Bond Cash Flows on a Time Scale Each fixed coupon of 10% is discounted back to instantly by the yield to maturity of 12% 93. 93% = 10 + 10 + 10 + 110 (1. 12)1 (1. 12)2 (1. 12)3 (1. 12)4 All we ar doing is observing the yie ld in the grocery store and solving for the price. Alternatively, we could make water out the yield if we switch the price from the market.Bond price calculators work by iteratively solving for the yield to maturity. For a bond trading at par, the yield to maturity and coupon go forth be the same, e. g. a four year bond with a fixed coupon of 10% and a yield of 10% would be trading at 100%. Note that bond prices go down as yields go up and bond prices go up as yields go down. This inverse relationship between bond prices and yields is fairly intuitive. For our par bond preceding(prenominal), if four year market yields fall to 9% investors go out be unstrained to pay more(prenominal) than par to buy the preceding(prenominal) market coupons of 10%. This leave force its price up until it, too, yields 9%.If yields rise to, say, 11% investors will hardly be willing to pay slight than par for the bond because its coupon is below the market. For a detailed example of the bond p ricing process, watch over App suppressix 3. For now, none that the dirty price of a bond is the sum of the salute values of the immediate payment flows in the bond. The price quoted in the market, the so-called foray price or market price, is in fact not the present value of anything. It is only an accountants meeting. The market price, or clean price, is the present value less accrued interest according to the market convention. . P&L sensitivities of a bond As we saw above, the price of a bond raise be determined if we know its cash flows and the discount rate (i. e. YTM) at which to present value them. The yield diverge from which are derived the discount factors for a bond can itself be considered as the sum of two curves 1. the underlying yield curve ( usually Libor), and 2. the character reference curve i. e. the spread over the underlying curve The sensitivity of the bond price to a salmagundi in these two curves is called i. PV01, and ii. CS01 take to beively.Rel ated essay Support Positive Risk Taking For IndividualsIn terms of the example above, the discount rate of 12% might be broken down into, say, a Libor rate of 7% together with a credit spread of 5%. (Note, in the following, it is important not to confuse the discount rate, which is an annualised yield, and the discount factor, which is the result of heighten the discount rate over the maturity in question. ) In addition to the sensitivities set forth above, we can also consider the jolt on the price of the bond of a one day step-down in maturity. Such a decrease affects the price for two reasons ) assuming the yield curve isnt flat, the discount rates will alter because, in general, the discount rate for time t is not the same as that for time t-1 b) since one day has elapsed, whatever the discount rate, we will compound it based on a time breakup that is shorter by one day The names given to these two sensitivities are, respectively iii. Theta, and iv. take hold Note that, o f these four sensitivities, only the first-class honours degree two, i. e. PV01 and CS01, are market sensitivities in the sense that they correspond to sensitivities to throws in market parameters.Theta and Carry are independent of any change in the market and reflect take issueent aspects of the sensitivity to the characterization of time. i)PV01 Definition The PV01 of a bond is defined as the present value impact of a 1 radix point (0. 01%) summation (or reverse) in the yield curve. In the derivation below, we will refer to a generic discount curve. As tell earlier, this discount curve, from which are derived the discount factors for the bond pricing calculation, can itself be considered as the sum of two curves the underlying yield curve (normally Libor), and a credit curve (reflecting the risk over and above the interbank risk ncorporated in the Libor curve). The PV01 calculates the impact on the price of bumping the underlying yield curve. Calculation For simplicity, co nsider the case of a null coupon bond i. e. where thither is only one cash flow, capable to the governance value, and occurring at maturity in n years. Note, though, that the principles of the following analysis will jibely apply to a coupon stipendiary bond. We start by defining P = price or present value at present R(t) = discount rate, straight off, for maturity t FV = face value of the bond Then, from the above, we knowP = FV/(1+r(t))n Now consider the impact a 1bp bump to this curve. The discount rate becomes R(t) = R(t) + 0. 0001 The new price of the bond, Pb(t), will be Pb = FV/(1+r(t)+. 0001)n at that placefore, the sensitivity of this bond to a 1bp increase to the discount curve will be Pb P = FV/(1+r(t)+. 0001)n FV/(1+r(t))n Eqn. 1 The first term is ceaselessly smaller than the second term, indeed * if we harbour the bond (long posn), the PV01 is negative * if we have short sold the bond (short posn), the PV01 is positive We can also see that the higher the yi eld (discount rate), the smaller the PV01. This is because a move in the discount rate from, for example, 8. 00% to 8. 01% represents a smaller relative change than from 3. 00% to 3. 01%. In other words, the higher the yield, the less sensitive is the bond price to an absolute change in the yield * the semipermanent the maturity, the bigger the PV01. This is more obvious the longer the maturity, the bigger the compounding factor that is applied to the changed discount rate, therefrom the bigger the impact it will have.To extend this regularity to a coupon paying bond, we simply note that any bond can be considered as a series of individual cash flows. The PV01 of each cash flow is reason as above, by bumping the underlying yield curve at the corresponding maturity. In practice, where a portfolio contains many bonds, it would not be practical, nor provide useful information, to have a PV01 for e actually single cash flow. Therefore the cash flows across all the sights are buck eted into different maturities. The PV01 is calculated on a bucketed theme i. e. by calculating the impact of a 1bp bump to the yield curve on each bucket individually.This is an approximation but enables the trader to manage his risk position by having a feel for his overall exposure at each of a series of maturities. Typical bucketing might be o/n, 1wk, 1m, 2m, 3m, 6m, 9m, 1y, 2y, 3y, 5y, 10y, 15y, 20y, 30y. Worked example acquire we hold $10m notional of a cryptograph-coupon bond maturing in 7 years and the yield to maturity is 8%. Note that, for a zero coupon bond, the YTM is, by definition, the same as the discount rate to be applied to the (bullet) payment at maturity. We have Price, P = $10m / (1. 08)7 = $5. 834mBumping the curve by 1bp, the bumped price becomes Pb = $10m / (1. 0801)7 = $5. 831m Therefore, the PV01 is Pb P = $5. 831m $5. 835m = -$0. 004m (or -$4k) Meaning In the example above, we have calculated the PV01 of the bond to be -$4k. This means that, if the un derlying yield curve were to increase from its current level of 8% to 8. 01%, the position would reduce in value by $4k. If we assume the rate of change in value of the bond with respect to the yield is constant, then we can calculate the impact of, for example, a 5bp bump to the yield curve to be 5 x -$4k = -$20k.Note, this is only an approximation if we were to chart the bond price against its yield, we wouldnt see a straight line but a curve. This non-linear effect is called convexity. In practice, while for small changes in the yield the approximation is valid, for bigger changes, convexity cannot be ignored. For example, if the yield were to increase to 9%, the impact on the price would be -$365k, not -(8%-9%)x$4k = -$400k. Use The concept of PV01 is of indispensable day to day importance to the trader. In practice, he manages his trading portfolio by monitoring the bucketed yield curve exposure as expressed by PV01.Where he feels the PV01 is too large, he will perform a tran saction designed to either flatten or reduce the risk. Similarly, when he has a view as to future yield curve movements, he will position his PV01 exposure to take advantage of them. In this case, he is taking a trading position. ii)CS01 The basis of the CS01 calculation is identical to that of the PV01, only this time we bump the credit spread rather than the underlying yield curve. The above example was based on a generic discount rate. In practice, for any bond other than a risk free one, this rate will be combination of the yield curve together with the credit curve.At first glance therefore, we would expect that, whether we bump the yield curve or the credit spread by 1bp, the impact on the price should be similar, and described by Eqn. 1 above. What we can also say is that, bumping the yield curve, the overall discount rate will increase and therefore, as for PV01 * if we hold the bond (long posn), the CS01 is negative * if we have short sold the bond (short posn), the CS01 is positive From the same considerations as for PV01, we can see that * the higher the credit spread, the smaller the CS01 * the longer the maturity, the bigger the CS01In practice, when we look at multiple cash flows, the impact of a 1bp bump in the yield curve is not identical to a 1bp bump in the credit spread. This is because, inter alia * the curves are not the same shape and therefore interpolations will differ * bumping the credit spread affects default probability assumptions that will, in turn, impact the bond price In general though, PV01 and CS01 for a fixed coupon bond will be similar. The exception is where the bond pays a locomote rate coupon. In this case, the sensitivity to yield curve changes is close to zero so, although the PV01 will be very small, the CS01 will be normal.Worked example A worked example would follow the same steps as for PV01 above, only this time we would bump the credit spread by 1bp rather than the underlying yield curve. Theta and Carry We now look at the two sensitivities arising from the passage of time (1 day fall, to use option pricing terminology). First, lets calculate what the total impact on the value of a position would be if the only change were that one day had passed. In particular, we assume that the yield and credit curves are unchanged. Again, for simplicity, consider the case of a zero coupon bond i. . where there is only one cash flow, equal to the face value, and occurring at maturity in n years. Again, we note that the principles of the following analysis will equally apply to a coupon paying bond. Following the foregoing notation, the value (or price) today will be P(today) = FV/(1+r(t))n The value tomorrow will be P(tomorrow) = FV/(1+r(t-1))(n-1/365)Eqn. 2 There are two differences between the formula for the value today and that for tomorrow. Firstly, the discount rate has moved from r(t) to r(t-1). Here, r(t-1) is the discount rate for maturity (t-1) today.We have assumed that the discount curve d oes not move day on day, therefore the rate at which the cash flow will be discounted tomorrow is the rate corresponding to a one day shorter maturity, today. Secondly, the period over which we discount the cash flows has reduced by one day, from n to n-1/365 (we divide by 365 because n is specified in years). Theta and Carry capture these two factors. P(tomorrow) P(today) gives the full impact on the price due to the exceedingly of one day. This impact can be approximated by breaking down the above formula into its two subdivision parts i. e. he change in discount rate and the change in maturity, as explained below. iii)Theta As before, we define P = price or present value today r(t) = discount rate, today, for maturity t FV = face value of the bond In addition, we define r(t-1) = discount rate, today, for maturity t-1 (e. g. for a bond with 240 years to maturity, if the 240 day discount rate today is 8. 00% and the 239 day discount rate today is 7. 96% then r(t) = 8. 00% and r (t-1) = 7. 96%) We now define Theta as FV/(1+r(t-1))n FV/(1+r(t))n We can see that, compared to the formula for the full price impact above (Eqn. ), this sensitivity reflects the change in the discount rate but ignores the reduction by 1 day of the maturity. In other words, Theta represents the price impact due purely to the change in discount rate resulting from a 1 day shorter maturity but ignores the impact on the compounding factor of the discount rate resulting from the shorter maturity. Note that the sign of Theta, in contrast to PV01 and CS01, can be both positive and negative. This is because r(t-1) can be higher or lower than r(t), depending on the shape of the yield curve.That said, in practice, given that yield curves are normally upward sloping, we would expect r(t) to be higher than r(t-1). Therefore Theta will normally be positive. In the same way, if the yield curve is flat, then Theta will be zero. iv)Carry Using the standard notation, we define Carry as FV/(1+r(t)) (n-1) FV/(1+r(t))n Comparing to the formula for the full price impact above (Eqn. 2), we see that this sensitivity reflects the change in maturity on the compounding factor to be applied to the discount rate but ignores the impact on the discount rate itself of piteous one day down the curve.In other words, Carry represents the price impact due purely to the change in discount factor resulting from a 1 day shorter compounding period but ignores the impact on the discount rate resulting from the shorter maturity. Where discount rates are positive (r(t) 0), Carry will always be positive since the first term will be larger than the second. Using the Taylor expansion, we can obtain a simplified approximate value for Carry. call back that 1/(1+x)n = 1 n. x + (1/2). n. (n-1). x2 we have Carry = FV. 1-(n-1/365). r(t)) FV. (1-n. r(t)) = FV. r(t). 1/365 Note that r(t). 1/365 would represent one days interest calculated on an aggregations basis since, in the case, the yield equals th e coupon rate. (Note, where a position is accounted for on an accruals basis, and therefore valued at par, the yield will always equal the coupon. ) In other words, this definition ties in to the intuitive idea of carry that we have from, say, a deposit where the carry would be equal to one days interest, based on its coupon.We can also see that Carry is directly proportional to the yield. We have now seen that, between them, Theta and Carry attempt to capture the two components affecting the price move arising from the passing of 1 day, all other factors being kept constant. There will be certain cross effects of the two that will not be captured when performing this decomposition. In other words, Theta + Carry will not exactly equal the full impact (as per Eqn. 2). The difference, however, will not normally be material.In general, for a long bond position, both Theta and Carry will be positive as, with the passing of one day, not only will the annualised discount rate be less (ref lecting the lower yield normally required for shorter dated instruments) but the compounding factor will be smaller (reflecting the shorter maturity). Worked example Assume we hold $10m notional of a zero-coupon bond maturing in 240 years and the yield to maturity today is 8%. Also, the yield today for the 239 day maturity is 7. 96%. Theta = $10m/(1. 0796)(240/365) $10m/(1. 08)(240/365) = $23,159 Carry = $10m/(1. 8)(239/365) $10m/(1. 08)(240/365) $20,047 Theta + Carry = $43,205 To compare, the full price impact of a 1 day decay is $10m/(1. 076)(239/365) $10m/(1. 08)(240/365) = $43,113 Summary We have now analysed the key sensitivities that explain the 1 day move in a bonds mark to market value. To state some of the main features for a long bond position PV01 / CS01 * negative * for a fixed coupon or zero coupon bond, PV01 and CS01 will be similar * the higher the yield/credit spread, the smaller the PV01/CS01 * the longer the maturity, the bigger the PV01/CS01 for a floating ra te coupon (with a Libor benchmark), PV01 will be very small but the CS01 will be normal Theta * positive * the flatter the curve, the smaller the Theta Carry * positive * proportional to the yield 3. Extension to interest rate swaps In essence, all the above applies equally to interest rate swaps (IRSs) when calculating/explaining perfunctory P&L. We start by noting that an IRS is simply the exchange of two cash flows, one fixed and one floating. Extending the analysis we made for bonds, we can say a) The PV01 of the floating rate leg will be close to zero. This is as noted for a floating rate bond.In both cases, as the yield curve changes so do the expected future cash flows but, at the same time, so will the discount rates at which they are PVd. The two effects will broadly cancel out. (The PV01 will not be exactly zero because, once the Libor fixing occurs, the next cash flow becomes fixed and therefore effectively becomes a zero coupon bond, on which there will be PV01. ) b) Th e fixed leg is similar to the fixed coupon stream on a bond and can be considered as a series of zero coupon bonds. Therefore the exact same analysis as applied to bonds above will apply to the fixed leg. An IRS that ays floating and receives fixed will have a PV01 sensitivity similar to that of a long bond position. c) IRSs are normally interbank trades where it is assumed that there is no credit risk over and above Libor. Therefore, the CS01 will be zero. d) Theta and Carry may be either positive or negative. Appendix 1 Date Conventions There are several methods for deliberation the interest payable in a period and the accrued interest for a period. A particular method applied to a transaction can affect the yield of that transaction and also the payment for a transaction. Counting the Number of DaysThe conventions used to determine the interest payments depend on two factors 1) The proceeds of old age in a period and 2) The issue forth of days in a year. The conventions are 0 executionual/360 1 cropual/365 sometimes referred as Actual/365F (seldom used now) 2 Actual/Actual 3 30/360 European sometimes referred to as ISMA method (30E/360) 4 30/360 US (30U/360) The first three methods (Actual/360, Actual/365 and Actual/Actual) calculate the number of days in a period by counting the actual number of days. For each method the number of days in a year is different. Actual/365 and Actual/Actual are similar except 1.Periods which include February 29th (leap year) count the number of days in a year as 365 under Act/365 and 366 under Act/Act 2. Semi-annual periods are assumed to have 182. 5 days under Act/365 and however many actual days under Act/Act. Eurobond markets use the 30E/360 basis. This calculation assumes every month has 30 days. This means that the thirty-first of a month is always counted as if it were the 30th of the month. For 30E/360 basis, February is also assumed to have 30 days. If the beginning or end of a period go on a weekend the coupo n is not adjusted to a good business day.This means that there are always exactly 360 days in a year for all coupons. For example a coupon from 08-November-1997 to 08-November-1998 of 5% is a coupon of 5%, even though 08-November-1998 is a Sunday. There is no adjustment to the actual coupon payment. The various European government bond markets are described below Country Accrual Coupon oftenness Austria Act/Act annual Belgium Act/Act one-year Denmark Act/Act Annual Finland Act/Act Annual France Act/Act Annual Germany Act/Act Annual Ireland Act/ActAct/Act (Earlier Issues) AnnualSemi-Annual Italy Act/Act Semi-Annual Luxembourg Act/Act AnnualNetherlands Act/Act Annual Norway Act/Act Annual or Semi-Annual Portugal Act/Act Annual Spain Act/Act Annual Sweden Act/Act Annual Switzerland Act/Act Annual United Kingdom Act/Act Semi-Annual Appendix 2 Calculating Accrued Interest Even though Eurobond coupons are not adjusted for weekends and holidays, the accrual of a coupon for any part of the year has to use the correct number of days. The difference between European and US 30/360 method is how the end of the month is treated. For US basis the 31st of a month is treated as the 1st of the next month, unless the period is from 30th or 31st of the previous month.In this case the period is counted as number of months 30/360 European 30/360 US Beginning DateEnding Date M1/D1/ Y1M2/D2/Y 2 M1/D1/Y1M2/D2/Y 2 If D1 = 31 D1 = 30 D1 = 30 If D2 = 31 D2 = 30 If D1 = 31 or 30Then D2 = 30Else D2 = 31 The difference occurs when the accrual period starts and ends at the end or beginning of a calendar month European and US 30/360 Examples Start End European US Actual 31-Jul-01 31-Oct-01 90 90 92 30-Jul-01 30-Oct-01 90 90 92 30-Jul-01 01-Nov-01 91 91 94 29-Jul-01 31-Oct-01 91 92 94 01-Aug-01 31-Oct-01 89 90 91Euro money markets 0 Day count basis actual/360 1 Settlement basis spot (two day) standard 2 Fixing period for derivatives contracts two day rate fixing convention Euro FX marke ts 3 Settlement timing spot convention, with interest accrual beginning on the second day after the deal has been struck 4 Quotation authentic for uncertain (ie 1 Euro = x foreign currency units) U. S. Conventions Product Day Count Convention USD LIBOR Act/360 USD Swap Fixed Rate in U. S. Act/Act s. a. USD Swap Fixed Rate in London Act/360 p. a. T-Bills Act/360 discount rate Government Bonds Act/Act s. a. Agency and corporal Bonds 30/360 s. a. Appendix 3 Detailed worked example of bond price calculation We can check the pricing of bonds in a more complex example by using the following German government bond (or Bund) German Government Bund (in Euros) Coupon 5. 00% Maturity 04-Feb-06 Price (Clean) 102. 2651% Yield 4. 43% We are pricing this bond on 27/July 2001. It matures on 4 Feb 2006 and has a coupon of 5%. The table below shows that the bond price (the dirty price or invoice price) is simply the sum of the present value of all of the coupons discounted at the yield to mat urity.Pricing the German Euro Denominated Bund Dates AA Days Periods Cash Flow Cashflow PV 04-Feb-01 27-Jul-01 104. 6350% 04-Feb-02 192 0. 5260 5. 00% 4. 8873% 04-Feb-03 557 1. 5260 5. 00% 4. 6800% 04-Feb-04 922 2. 5260 5. 00% 4. 4814% 04-Feb-05 1288 3. 5260 5. 00% 4. 2913% 04-Feb-06 1653 4. 5260 105. 00% 86. 2950% The market convention uses the yield to maturity as the discount rate, and discounts each cash flow back over the number of periods as calculated using the accrued interest day-count convention.In the case of Bunds, the day-count convention is the Act/Act convention. Appendix 1 contains more details of date conventions it is recommended that you read this at the end of the module. The part of a year between the settlement date (27 July 2001) and the next coupon (4 February 2002) is Day Count 192/365 (ie Actual days/Actual days) = 0. 5260 The price of the first coupon can therefore be calculated in the following way PV of First Coupon = 4. 8873% All of the other ca sh flow present values are calculated in the same manner. Adding them up gives us the price of the bond.Accrued interest is calculated from 04 February 2001 to 27 July 2001 (173 days) Accrued Interest Accrued = 5% x 0. 47397 = 2. 3699% There is more detail on Accrued interest in Appendix 2. It is recommended that you read it at the end of this module. Notice that the quoted price of the bond (the clean price) is 102. 2651% not 104. 6350% (which is the dirty price or invoice price ie the price actually paid for the bond). The dirty price is the sum of the present values of the cash flows in the bond. The price quoted in the market, the so-called clean price or market price, is in fact not the present value of anything.It is only an accountants convention. The market price, or clean price, is the present value less accrued interest according to the market convention. Practitioners find it easier to quote the clean price because it abstracts from the changing daily accrued interest ( i. e. it avoids a saw-toothed price profile). This publication is for internal use only by Deutsche Bank Global Markets employees. The material (including formulae and spreadsheets) is provided for education purposes only and should under no circumstances be used for client pricing.Examples, case studies, exercises and solutions may use simplifying assumptions that do not apply in practice, and may differ from Deutsche Bank proprietary models actually used. The publication is provided to you solely for information purposes and is not intended as an offer or solicitation for the purchase or sale of any financial instrument or product. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed.

Discussing The Theoretical Perspective Of Socialization

Socialization has unlike perspectives for viewing the societal world. Perspective is how the world is looked at and theory consists of principles or propositions that atomic number 18 interrelated and break up explanation or an answer to a phenomenon. Sociological theories explain about the kind world where we live in. theoretical perspective of companionableization explain the ca go fors and feasible solutions to social difficultys. Structural-functionalist perspective Society is considered as a system of parts that are interconnected and work to maintain state of social equilibrium and oddment for everybody.For example, every social institution have an important function to the society, a family participates in reproducing, socializing children and nurturing them. Education provides knowledge, skills and shared beliefs to the youths. Politics governs the society and economics helps in production and consumption of goods. (Bacal, 1985 pp20-27). Structural-functionalist lay emphasis on interconnectedness of every society by looking at how different parts influence and are influenced by others.For example, number of children who do not dress well in school has increased due to the increase in number of single parents and families who are dual pull aheaders because parents are not available to supervise their children as they do their homework. Change in technology has resulted to colleges offering technical programs where many adults go to mark off new skills required in their place of work. When number of women increase in the work place, there are policies formed against discrimination in jobs and sexual harassment.There is use of functional and dysfunctional in describing effects social elements have on the society. Functional elements make contri howeverion to social stability and it is dysfunctional if there is psychological disorder to social stability. Society may have aspects that are functional and dysfunctional. For example, crime is consi dered as dysfunctional because of being involved with fear and physical violence but Durkheim consider it as functional because of creating heightened awareness of moral bonds that are shared and social cohesion.According to social pathology, when there is sickness in the society, social problems arises just the mode body of sympathetic being become ill when systems and organs are not functioning normally. When the structure and culture of society do not perform properly, society becomes ill. For example, crime, poverty and violence break families and leads to decline in religious institutions. (Baker, 1995 pp19-23). According to social disorganization, society norms are disrupted by rapid social change.When norms difference or become weak, society becomes anomie and the great unwashed may engage in drug abuse, rape and deviant behavior because of the weak and remote norms that regards their behavior. The pace of social change should be s minusculeed down and strengthen social n orms to solve the social problem. For example, when teenage use intoxicant it violates social norm in society. The media show young multitude taking alcohol which make teenagers buy it using identification cards that are fake and parents make their children drink alcohol by drinking after work.Norms should be strengthened against taking alcohol through public education. (Storer, 1977 pp30-38). Conflict perspective The society is made up of different groups which have interests that compete to get forefinger and resources. Conflict perspective looks at the group with power and is able to benefit from social arrangement. According to Karl Marx, in a society, there are stages involved in economic development. Societies change from being agricultural to industrial and become more concerned in making addition rather than meeting their basic needs.Industrialization results to quite a little who own factories and businesses and workers who earn salaries and wages. People who have the ir own means of production benefit from division of society into classes of people. Employees who earn subsistence wages do not have access to resources that wealthy owners have. Marx theory deals with social conflict due to economic inequalities and non-Marxist theory is about social conflict from competing values in social groups. In Marxists, inequalities that are inherent in capitalist system may cause social problems.A system where some people have and others do not have may benefit those who have and translate to poverty for people who do not have. Physical health and low achievement in education and crime are caused by poverty. Marxist theory of conflict focuses on alienation and powerlessness in lives of people. Societies that are industrialize have workers with little power and control of their jobs and are powerless in their lives. Specialized work requires repetitive tasks to be performed which make employees feel their lives to be purposeless because they perform tasks that are very limited. lunacy occurs in workplace and classroom where students do not have power if they find a curriculum with no meaning. Alienation leads to low achievements in education, suicide and violence. (Basch, 1999 pp35-39). According to non-Marxist, when there are opposing interests in groups, conflict may arise. For example, activists of antiabortion emphasize on life of unborn embryos small-arm pro-choice activists emphasize on women having the right to control their body and make reproductive decisions.This shows different interpretations of what make a social problem. Availability of abortion is social problem to antiabortionists while restriction of abortion is a social problem to pro-choice advocates. In order to solve problems brought about by competing values. Conflicting groups moldiness understand the views of each other and get solution to their differences through mediation. The solution should satisfy both groups and should be win-win. Power influences out come of conflicts where the group with most power influences the outcome.For example, when the congress could not increase the age of legal drinking to twenty one voluntarily in all states, it threatened to remove all the gold for federal highway from people who refused to comply. Symbolic inter motions perspective Symbolic interactions talks about how definitions and meanings from interacting with others influence human behavior. Meaning and consequences of social behavior is important and human being should define the agency instead of the objectives of the situation because consequences of the situations are the ones that make the situations become real.Social interaction shapes our identity and self concept is developed by detect interaction of other people and how people view us. (Coburn, 1998 pp22-26). Perspective of symbolic interaction has implication on research conducted by scientists. To understand behavior of soulfulness or group, social scientists looks at world fro m eyes of the individual or group. They understand how other people view reality and subjective aspects of experiences they have gone through which includes beliefs, symbols and attitudes. For a condition to become a social problem, it must be defined as a social problem.There are different stages of development of a social problem. It begins with societal recognition where social problem is born such us drunk driving. The next is social legitimating where larger community recognizes social problem which include schools and media. The other stage is mobilization for action when groups and individuals try to respond to social condition which results to development of a plan to deal with problem for example having checkpoints in highway to check drivers who drive while drunk. Explaining the role of social psychologistsSocial psychologists predict behavior and explain it. They give explanation of behavior in terms of its social forms. The components of behavior are thought, feeling wh ich is emotional and action that are observed. The study of social psychologists deals with how people think about others and social emotions of sweet each other and getting attracted to each other and being social through aggression and helping other people. Social psychologists at group direct explain behavior in terms of social and biological groups where people belong and processes that are used to mould these groups.Biological groups include sexes and species and social groups are religious, pagan and cultural groups. They classify families as social and biological group and process of cultural and biological evolution and changes in social groups. The current social situation is taken to be the cause of behavior. Individuals have hypothetical factors inferred from their behavior such as attitudes, personality traits and consciousness. Social psychologists have experiments that raise questions about measurements and ethics in researching about social psychology.Empirical dat a and theories organize data and predict behavior of people. Good theories have predictive utility and data can support or disapprove data and bring about interesting research. (Dewald, 1987 pp30-34). Social psychologists studies the formation of attitudes, how attitude is structured, changes in attitude, how attitudes function and how attitude is related to behavior. This is because, situations influence people and world(a) attitudes can not predict behavior.Due to various reasons, environment may be valued by a person on a particular twenty-four hour period and attitudes are always remembered and are at the center of our self concept since they result to behavior and general attitudes predict behavior over a tending(p) period of time. Social psychologists study how people remember, perceive and think about information of others. They assume that in social recognition, reality is complex and easy to come and world is seen as image of reality. They study attitudes involved in ev ery discipline which includes social perception.Attitudes are learned and they influence how a person thinks and takes action where there is expression of approval or disapproval of what is liked or disliked. (Merton, 1973 pp17-23). Social psychologists deals with phenomenon which is self related. They lay emphasis on cognitions. Self concept is where a person understands himself and is a cognitive component called self-schema and evaluative component called self-esteem. The center for human motivation is self-esteem and self efficacy is where an individual expects that the task performed exit be effective.Social psychologists ensure that people are able to develop self concepts through getting feedback from others and social comparison. Social psychologists studies group related phenomena and behavior people in a crowd. They study reduced self awareness caused by dangerous behavior which occurs in mobs due to dark environment or disguise. When people work as a group, productivity and performance can be affected because people work harder when in presence of others which improve the way bare(a) tasks are performed. (Fosshage, 1995 pp51-56).

Pros and Cons Erp

Akhilesh Nair Deepesh Chatterjee Mithun Vishnu Nikhil Kumar OPEN SOURCE ERP PROS and CONS Contents Introduction3 Commercial and outspoken fount ERP Softw ar6 distribute artificial lake ERP Solution Pros8 Open Source ERP Solution Cons10 Open Source ERP Success Story11 Comp either Overview11 Issue At Hand11 The Solution11 Results12 The fag end Line12 Top Open Source ERP Applications to Look Out for13 ?Goodness of Open Source ERP Packages13 ?Open Source ERP Packages13 ?Java-Based Open Source Finance Apps13 ?La examination Developments13 ?GnuCash The Ultimate Free Open Source Accounting Softwargon14Introduction Open bloodline ERP is an enterprise re exculpateding planning (ERP) bundle trunk whose antecedent legislationis made publicly avail up to(p). The exculpated line mystify allows companies to access the ERP dodges statute and customize it victimisation their confess IT department instead of paying extra for v fetch uper customization serve and licensing, as is typic ally the case with unkindly start programs. Open get-go ERP locoweed be crossly attractive to mid observe to mid-sized businesses (SMBs) that want to upgrade or customize their ERP systems without paying large licensing and conduct fees.Open cite brings an alternative which addresses many of the key problems of both custom and commercial enterprise softwargon package. It begins by offering the drug drug user a secretely available canon base as a starting point. The user screw try it for free to see if it meets his carrys. T present is no risk of upfront licensing fees for software that whitethorn non work. If no modifications are admitd, spread out source software drop be implemented with the same rapid time-to-market as commercial packages.If customizations are required, the user has a head start with an existing code base. Furtherto a greater extent, he can leverage the expertise of both in-house and idle source community developers. An free-spokened source project brings with it the domain k want a shotledge and business requirements of many contri hardlying organizations, significantly reducing the specification risk typical of custom software. Open source communities similarly offer user-developers collaborative overhaul in developing and debugging of his software. The net result is better software in little time.Longer term, open air source offers the user the swear of custom software and the external resources previously available simply with commercial software. With the source code in hand, the user can decide on hereafter support and upgrades. There is no one to discontinue the software for him. At the same time, because the software shares the common roots with open source, he can scram support and upgrades from the open source community or purchase professional-quality support from a range of vendors in the community.Thus, the risks of becoming stranded due to the loss of vendor support or key employees are significa ntly reduced with open source. Selection of ERP system Ease/SpeedofImplementation There exist a sentiment that implementation takes too long. It is hard to state whether proprietary or open source ERP systems are faster and easier to implement. On one hand, open source sources are, in general, believed to be less user-friendly. On the other hand, ERP vendors (or their partners) implement proprietary ERPs, so in that location is no clear need for them to make ERP systems easy to install.However, it can be stated that if the ERP system is easier to implement then it would be possible for the ERP vendor to sell more licenses, since it can be assumed that there is a omit ofimplementing consultants. Moreover, ease and speed of implementation does not depend only on the graphical user interface and number of settings one needs to lease from butmainly on the amount of required customizations. Further development does not depend only programmers speed of writing code but in worry mann er on requirements collection, their summary and correct to a lower placestanding PriceUnless the union has the capabilities to implement an open source ERP system and program all the necessary customizations, open source ERP is not really for free. Consultants for open source ERP systems whitethorn charge significantly more than e. g. consultants for MS EPR systems, since there are rather only a hardly a(prenominal) of them. On the other hand, an open source ERP system can be a perfect solution for a starting company, which has no launch business functioninges the company can adapt to the system, i. e. it does not require customization, so consultants need to be hired only to install the system.Another advantage is that an open source ERP system can be adjusted directly to the intended business processes in case at least one of the employees has a good information processing system science background VendorSupport Though this criterion seems to be more important for propriet ary ERP systems, since it is customers of proprietary ERP systems, who are locked in with the vendors but on the other hand, they entertain credential that the support exists. In the open source world, this criterion can be interpreted as having a large overflowing community, which could support the organization implementing a contingent open source ERP system.Reliability Vendors providing proprietary ERP systems try to achieve as high reliability as possible but community using an open source ERP system might be able to find errors faster, since it is larger in numbers and apiece of them tries to make consciousness of code. While in proprietary ERP system vendor organization, it is always the same people looking into the code, so it is much harder for them to spot a mistake, especially in the code, which was written by them. EaseofUse It is unclear whether proprietary or open source ERP systems are easier to use.On one hand, ERP system vendors try to achieve free-enterprise( a) advantage providing ERP systems that are easier to use. On the other hand, open source solutions are, in general, believed to be less user-friendly 51, 52. But the community of users (with programming skills) is likely to qualifying the system to the level that is more-or-less acceptable for near of the users. Customization Proprietary ERP systems are lots programmed in vendor-specific languages. Companies can be sure that vendors (or their partners) pull up stakes customize and set up their ERP systems.But it in any case means that they are locked to the vendor (or its partners). Since open source ERP systems are programmed in widely known programming languages, there is a greater syndicate of potential programmers, who can do it. Openness of code is not a domain of OSS ERPs anymore. E. g. MS Dynamics AX allows users to change a significant region of the code. Integration Customers are often searching for means of integration of their systems/data. Many proprietary ERP s ystems inherently allow for usage of data warehouses.It is possible that there less proprietary than open source ERP systems, which allow for communication to other systems through API. On the other hand, this communication can be solved even by less quantity means (through customization). OrganizationalFit Existing ERP systems try to focus on business processes, however it can be suggested that they do not explicitly describe the business processes that are supported. Besides that, ERP systems are not easily adjustable to changes in business processes. Unfortunately, it seems that this is a problem of both open source and proprietary ERP systems.Flexibility Flexibility is required because of rapidly changing environment, which is likely to lead to new business precedents, which need to be supported without disturbing the end-users and on-going business. This requires an ERP system to have a robust architecture, which would allow for these requirements. Many existing proprietary ERP systems arose from MRP systems through small iterations. So systems, which were created more recently and do not anticipate this burden, are more likely to be more flexible, which could be the case ith open source ERP systems. Training First, it can be said that the amount of readiness required depends on the ERP systemshow self-explanatory it is and how many functions it offers. Secondly, users ofproprietary ERP systems are more-or-less dependent on the vendor or partners related to the specific ERP system. Onthe other hand, users of open source ERPsystems may have a hard time to find a consultancy company offering training for a particular system. LatestTechnologiesThere is no reason why proprietary ERP systems should be better in using latest technology but it is virtuallyly vendors of proprietary ERP systems, who take away that their competitive advance (over other (regardless whether open source or proprietary) ERP systems) is usage of latest technology. Proprietary v endors may promote them more but similar solutions may existin the open source world. OpenERP is a full suite of business software, including the following modules Accounting Record your operations in a few clicks and fill out all your financial activities in one place.Application Builder The OpenERP industry builder lets you customize every module of OpenERP directly from the web interface without any development required. CRM Track leads and opportunities customized your gross revenue cycle, controls statistics and forecasts and marketing campaign automation to improve your sales performance. Human Resources The module is for personnel information heed, leave, time tracking, attendance expenses, payroll, semestrial evaluations and recruitment. InvoicingCreate and supervise your entire supplier and customer invoices.ManufacturingPlan and control your supply chain through different applications in the Manufacturing module. MarketingMarketing campaigns can help you automate email and email sending, qualify leads and encourage customers to contact the right department. Point of SaleThe OpenERP touch screen point of sale allows you to manage your shop sales. Its fully web-based so you dont need to install or deploy any software. Project Management Keep track and manage your projects using tasks for mindless term project execution or plan phases for long term planning.PurchaseCreate and track your purchase orders, manage your suppliers info, control your products reception process and prepare suppliers invoices. Warehouse ManagementAn inventory management system to easily manage complex needs tracking stocks of suppliers/customers, full traceability, accounting links, and more. OpenERP supports multi-warehouse management based on hierarchical location structure. Because OpenERP is open source and backed by a large community, you can take advantage of more than 700 OpenERP modules on theOpenERP Apps website.These applications extend functionality of the ERP s oftware and provide more business apps for things like manufacturing, localization, project management and more. The other benefit to users is that you do not need to use all the business apps. You can choose only the modules that you need for your business from the suite (e. g. just CRM or CRM and invoicing). This keeps your OpenERP tidy and less overwhelming if you do not need all the business apps. You can add additional modules (at no cost) as you need them. ArchitectureCompiere and ERP5 are two of the top notch open source ERP systems that are widely accredited and implemented. The architecture of an Open Source ERP can be explained using the structured architectural aspiration of compere and a comparison with ERP5. ERP5 offers powerful ERP solution for small businesses. ERP5 was originally developed as apparel pains solution for an organization with more than 300 employees on 5 internationally distributed sites. The special requirements of the apparel industry are mass cust omization of products and hence the need for handling unstructured and multimedia data.Mass customization means that many variants of a product are possible. The original modules are now generalized as business templates. It has the exact features that include customer relationship management (CRM), production management (MRP), supply chain management (SCM), product design management (PDM), accounting, human resources and e-commerce. For the small businesses, ERP5 has an Express edition which integrates ERP, CRM and KM funtionality. ERP5 uses the open source Python based ZOPE (Z Object Publishing Environment) application server and content management framework as its foundation.The web based Zope Management Interface is used as IDE for developing ERP5 modules. The application server also supports multiple languages, provides a security model, object persistence, and remote object access trough HTTP, XML-RPC and SOAP. ERP5 uses, extends or provides 5 important Zope components Page Te mplates implement the web user interface and presentation logic. Workflows are used for the development of various types of decision workflows ERP5Form49 is used for web form development.XMLObjects add synchronization capabilities and autonomous activity (timed, pre- and postcondition triggers) to ERP5- Zope objects. The synchronization of distributed sites is carried out through XML exportation and import and also supports unreliable communication channels, which are allowed to fail. The duplication of makeuping data to a relational database allows simple SQL querying. Compiere is uniquely designed to avoid the duplication of information and the need for synchronization. The design of Compiere allows customization of the application do easily.Modules in compiere include CRM, Quote to Cash, Requisition-to-Pay, Partner Relations Management, Warehouse, Supply Chain Management, Performance Analysis, Double-entry Book-keeping, Work-flow-Management and Web Store. Compieres architecture uses a fat Java Client (Java Webstart). The accounting engine is on the application server (JBOSS J2EE container). Thin Web clients are used for web interpose and some CRM functionality. There is also a beta thin client serving all forms, but it needs further work to be identical to the fat client.The used application server supports clustering. No cluster installation is documented. Emails can be sent and files can be attached to documents. Compiere has a constitutive(a) reporting engine. A Sourceforge side project provides Jasper Report77 integration. CSV export and import of data is provided by the commercially available migration tool. Other interfaces can be developed in Java using the briefly (Javadoc) documented APIs (application programming interfaces). The database abstraction layer is SQL-centric which was initially developed for Oracle.Commercial and Open Source ERP Software Pricing almost open source software is freely distributed with no up-front licensing fees. F urther savings come from ease of deployment, training and integration. Companies that implement open source ERP solutions often report a 50% savings over proprietary systems. With free systematicopen source ERP training methodology like SOSE Site you can own your software for no cost. Commercial ERP is an expensive package and suitable only for doubleger corporations.The prices do vary significantly but according to the size of the company and volume of business. In any cases they have been found to be extremely costly irrespective of the quantum in which they are purchased. These packages are not subject to flexibleness and molding. Their usage modalities are rarely liberal and cause troubles when they are modified. Hence the deployments also turn out to be costly and inconvenient due to the procedures involved, in the future. Another major allegation against the package is that they consist of lot ofhidden costs.Flexibility When you compare commercial and open source ERP, commer cial systems are not flexible in nature. They let business with no other choice but to change their way of business. However when it comes to open source ERP everything was decided by the code . Therefore companies can do the necessary modifications in code and without much support from the vendor. Another advantage of open source is that it does not interfere with the fifty-fifty schedule of the company during the implementation stage. This is a major difference between commercial and open source ERP applications.You should use business software for your needs, you should not change the way of your business to fit into software needs. Duration- When you study commercial and open source ERP,The time allotted for implementing open source ERP is very less when compared with commercial ERP. The innumerable number of complexions in commercial ERP calls for longer time span. It consumes a lot of time not only during implementation but in every stage of ERP process due to the nature of w ork involved. With use of SITEERP implementation methodologyyou can reduce time required for open source ERP to the minimum.Dependence When it comes to the question of relying on the vendor the open source ERP owners enjoys a considerable edge than the commercial ERP. Since open source are license free users having full freedom for taking care of needs by themselves. The productivity is also high in open source ERP systems and the failure rates are very low. Results Success rate of open source ERP are substantially more compare to proprietary ERP softwares. Readopen source ERP supremacy storiesfor more details. Training Lots of training is required for using commercial ERP.It calls for lots of investments in terms of time and money. If they dont give the necessary impetus the results entrust be poor. Similarly validity of training sessions designed and handled exclusively by the ERP vendor is also debatable. On the other hand Open Source ERP does not require much training. The results are also bound to be effective because the user experiences to learn through the process of self training. The company need not spend much on training and makes a minimal utilization of the resources. This is another way of reducing the level of dependence on the ERP vendor.You can get freeonline ERP trainingwith SOSE. Security On comparing commercial and open source ERP applications, Commercial ERP systems are less secure. They are by and large given up to the traps and pitfalls of hackers. Even though open source ERP makes everything transparent and available in the public domain it bring into the notice of user whenever something goes wrong. Visibility Few end users change the underlying code of an open source application. But when the need arises, open source provides access to the code to make changes to suit each distributors unique business needs.Open source customers enjoy a refreshing level of transparency from their vendors around activities such as bug repor ting and fastness and road map planning. Longevity Virtually any ERP solution will work well when initially deployed, but time is the true test of every ERP solution and vendor. Unforeseen opportunities will likely drive changes to a business objectives and necessitate changes to its ERP solution. Independently, a vendors commitment to supporting a solution could change over time. An open source solution with a flexible foundation addresses todays needs and safeguards the solutions future.Because the user has the source code, a solution can never be bought or merged out of existence, meaning the investment lasts as long as needed. Independent services forERP implementation supportis also available for free with open source ERP. Conclusion Functionality is the top consideration when reviewing ERP solutions, but it should be closely linked with evaluating open source and proprietary options. The demonstrable benefits of open source products reach deep into a companys infrastructur e. You can evaluate andselect business ERP softwarewhich give functionality you need.The differences betweencommercial and open source ERPshow the Edge enjoyed by open source ERP players. And item-by-item free ERP trainer likes SOSE Will help open source ERP to reach people. Open Source ERP Solution Pros * Negligible Investment and Maintenance exists Open source ERP solutions hold a big pro in the fact that there are no huge un-front licensing fees, pre-sales cost associated with them, thus, the initial cost of an Open Source ERP solution is usually distant less than a comparable proprietary program. Theres minimal dependency on the ERP vendor in most cases.In a study done by Meta Group, where it surveyed 63 companies including small, medium and large enterprises in a range of industries it was found that the average cost of implementation of ERP was $15 jillion, with the highest as $300 million and lowest as $400,000. Commercial ERP also has pre-sales cost associated with th em. * Widely customizable Open Source ERP solutions are highly customizable allowing for companies to mold them to meet specific business process requirements. It is possible because it comes with two fluctuations of code the compiled version and the un-compiled version.There are a few reasons to do customizations, which are functionality needed for core competencies, your front or back use systems require the customizations, you want more or less fields, or you have regulatory requirements that require the customization. So, if you need customizations, then by all means you moldiness have them with a clear eye on the whos who of the support of customizations and financials needed. But, commercial ERP does not provide an easy and inexpensive customization of the ERP software to fit the business model changes whatsoever. Flexibility Open source ERP gives lots of freedom like free redistribution, freedom to access and modify the source code and freedom for the end user to use it f or any purpose they wish to. GPL licensing of Open Source Software enables developer community to rapidly contribute to the software development and enhance features. * Total Cost of Ownership TCO of Open Source ERP solution may be less given the option of virtually free operating systems (Linux)and databases (MySQL) and potentially lower aliment fees. Independent Integrations Open Source ERP solutions typically have a wide range of integration formats so that they are employable well with other software components. * Ease of Training Open source ERP packages come with complete licenses, comprehensive documentation and user manuals, helping the users to learn and understand their usage. No special trainings or consultants may be hired. * Ease with implementation The implementation can also be carried out separately without disturbing the regular operation of the business.Also, with open source ERP, the customers can do any sort of experimentations even while in production witho ut losing the base or 100% availability. * Shorter implementation timings -The open source ERP packages require considerably shorter implementation time, which is another big positive aspect whereas in case of commercial ERPs , even six months are considered to be short stage for implementation * Reduced or no Dependency on ERP Vendor As the open source ERP packages have proper documentation and user manuals, there is no or reduced dependency on ERP vendor to come and fix the issue.A good programmer can handle the issue in considerably less time. * High Accuracy and Quality The productivity and accuracy is high in the case of open source ERP systems. Also, the failure rates are often discovered to be on the lower side in comparison to commercial ERP packages. All open software has strong user community which is also very responsive and very knowledgeable. * Open source testing The open source users in the process of development are able to thoroughly test and 99% of the bugs are reported and highly secure.Except a very few, most of the commercial ERP systems are tested to a decent extent, but still are many security flaws, traps, pitfalls and loop holes, which can be easily harnessed by the hackers. * Handling security With the ever evolving nature of technology, security has become a problem of the past. And, there are many open source security applications on the market today which can be easily used with open-source ERP, which include Nessus, Snort, Nagios, SpamAssassin, ClamAV, Open SSL, OpenSSH, Nmap, Ossec HIDS, and Wireshark.Open Source ERP Solution Cons * Risk of over-customization Delivering customized codes could prove troublesome for some organizations just in case you get into over-done customization and you cant get out of it. Too many customizations can be a definite issue. * Difficulty in finding implementation and support resources Open Source ERP solutions also calls for the best and finest programmers of open sourceERP solutions on the code. This may be difficult and may cause higher support costs at times. Compatibility Issues with Proprietary Packages somewhat of the open source ERP packages are incompatible with the proprietary products of certain corporations like Microsoft, Oracle, or IBM etc (sometime due to variation in platform used for implementation). * Lack of sacred Support from a Specific Vendor Despite all of the benefits of open source ERP packages, the fear of the failure of open source ERP package during crucial stages of a project is considerable driving forces for commercial ERPs where vendors provide dedicate support in lieu of big bucks on licensing costs. Unstructured approach to issue issue There are no proper defined product roadmaps and time line as most of the enhancements and bug fixes are done by freelancers and independent consulting companies and developers based on their requirements. * Devoid of feature- richness Proprietary software are feature-lade and have more features t hat are not found in the case of open source ERP packages mostly and may be cited helpful by commercial ERP vendors as a tool of ease and productivity. Open Source ERP Success StoryOpen source ERP has had its own share of successful implementations. There is no better argument for the use of an ERP solution than a testimonial by and organization which has used the system and reaped benefits from what the software has to offer. Let us take a look at a successful implementation that happened at a Danish pharmaceutical wet named pharma Nord. The implementation was done by a firm by the name Compiere Company Overview Denmark-based Pharma Nord is one of Europes largest manufacturers of preventive dietary supplements and herbal remedies.The 500-person company, founded in 1981, develops, manufactures and markets scientifically well-founded dietary supplements, herbal remedies and medical drugs with optimal bio-availability. Pharma Nords products are available in 50 countries throughout E urope, Asia and North America. Issue At Hand Due to market success with its initial line of dietary supplements, Pharma Nord was continually expanding its product line and markets served. egression in the regulated pharmaceutical industry, however, requires precise inventory management to address business and regulatory complexity.Pharma Nords ERP solution requirements extended well beyond the standard set of distribution and accounting functionality that performs at a global scale. They viewed the selection of an ERP solution as having a 15-20 year life. For a solution to succeed for more than 15 geezerhood, product licensing, ease of customization and confidence in the vendor were as important as out-of-the-box functionality The Solution Pharma Nord uses Compiere to manage its sales orders, invoicing, cash collections, buying and accounting for its sales subsidiaries and also to manage receipts and shipments in its warehouses.Pharma Nord liked what they saw in the earliest versi ons of Compiere in 2001. Using knowledge gained at a Compiere training class, Jacob Pedersen, Compiere Project Manager, completed an initial Compiere deployment in early 2002 focused on a single subsidiary. We did it on the basis that we would probably find things that need to change along the way. And we have. Its been with us, its been upgraded and weve changed kinda a few things. Weve been able to migrate to new versions of Compiere all the way from 2002 and now were here at 2008. I find that rather impressive. Before selecting an ERP solution, Pharma Nord assessed a number of offerings, notably Compiere and Navision. Midway through the evaluation, Navision was acquired by Microsoft. A few months later, the Linux version of Navision was discontinued. These events were eyeopening for Pharma Nords information technology and executive teams. The result was an even stronger requirement for the kind of open source licensing offered by Compiere to ensure Pharma Nords long-term ERP su ccess. Services from the Compiere Partner Network and Compiere helped Pharma Nord succeed.For example, the 2001 version of Compiere lacked support for tracking lot/batch numbers and expiry datesessential functionality for the pharmaceutical industry. Pharma Nords sponsorship accelerated the development of this general use functionality. We wrote the specification of exactly what the software should be able to do and it was developed by the Compiere team. Pedersen Results Seven years after initial deployment, Pharma Nord is still going strong with Compiere. Their database has grown over the years as theyve added business partners, products and transactions.Having transaction history available for analysis and reporting is a nice benefit from using a single product continuously over time. Whats great about Compiere is that everything is stored at the most detailed level, explained Pedersen. So whenever you need to do reporting, you have a number of dimensions to work with. You can c ombine each product, different sizes, and different countries. All of those will be dimensions. Since you can report and group on these dimensions, you can get the answer youre looking for by grouping and merging these data afterwards. With its sales and distribution operations productive with Compiere, Pedersen is looking toward the future Pharma Nord is also a manufacturing company. We manufacture all of our products ourselves. We know that Compiere is also working on manufacturing capabilities. The Bottom Line Several unbelievably productive, efficient and highly secure open source ERP packages are not yet well recognized in the market, most of the customers are still prepared to shell out big bucks on custom commercial ERP packages.This might be due to the credibility that the big ERP producing organizations like SAP and Oracle. In times that are proving increasely tough for organizations the world over organizations are taking measures to tighten their operations and keeping s tock of each and every penny that is spent open source ERP packages provide a very robust and cost effective alternative for midsize companies who might not have a big budget allocated to cover their IT requirements. Even the large corporations can cut maintenance costs by making use of these brilliant packages.However, lack of support from a particular vendor is something that the open source ERP packages badly lack, and compatibility issues with other custom third party apps are one of their biggest turn-offs. Open source ERP scores higher than commercial ERP on many aspects. Yet, commercial ERP still have major share in ERP markets. This is because open source products are kind of new and people are a bit conservative about choosing ERP software, because if implemented ERP software does not work, then there is serious business trouble.The prime(prenominal) adopters of open source ERP were in Latin America, Europe, and Asian countries because of economic reasons. Now, open sourc e ERP is gaining universality even in US markets and one day, it will be able to challenge the domination of commercial ERP in ERP markets of USA Top Open Source ERP Applications to Look Out for The finance applications, especially the custom ERPs, can be extremely costly and burn big holes in the pockets of business owners, and as such the demand for open source apps in the field of finance has been increasing dramatically.So, let us take a look at the top open source finance applications * Goodness of Open Source ERP Packages Not only do the open source finance packages come totally free of cost, but they are also not dependant on a particular platform. However, the proprietary programs work well on only specific platforms, as theyre designed only for specific needs. As such, even after paying a lot of money on licenses, the proprietary financial packages dont allow you to work with all platforms and require additional licenses based upon the number of machines on which, the soft ware is used.On the contrary, the open source packages can be used on as many systems as needed, and they work well on all open source platforms like FreeBSD, UNIX, Linux, Solaris etc. * Open Source ERP Packages To cater to the needs of small business owners, countless open source finance packages were developed, such as Adempiere (an ERP Business Suite), GnuCash (a double-entry book-keeping system), ERP5 (a Zope/Python based ERP solution), and the likes of them.Turning the focus towards other popular open source ERP (Enterprise Resource Planning) packages, Compiere, an ERP solution that automates processes like accounting, managing sales orders, inventory, and supply chain is also quite popular, while packages like Grisbi, a single-entry and KMyMoney a double-entry book-keeping program, have also gained significant levels of popularity. * FriFinans is yet another impressive open source finance application that offers facilities like taking orders, generating invoices, ordering pro ducts and doing a lot more.It is still under final stages of development, and isnt tested completely yet, but even at this stage it looks quite promising. * Java-Based Open Source Finance Apps jFin, JGnash (double-entry book-keeping), JQuantLib (Quantitative Finance API framework), and JStock (stock market software) are some of the popular Java-based open source finance packages that have become extremely popular these days. * Latest DevelopmentsLooking at the latest developments,n21 eBusiness Suite, a web-based ERP/CRM package is quite a powerful open source finance package that has emerged in the market, whileMifos Microfinance universe management software, Openbravo, and OpenERP have also been recently developed and gained high popularity soon enough. TurboCASHis a popular double-entry book-keeping for Windows environment, whileGnuCashis a treat for Linux/Unix/FreeBSD lovers.HomeBankis an open source application for personal use, andMarketceterais an open source trading platform for those whore interested in stock trading, but dont want to spend any money on using paid tools. NoteAll Linux financial tools are not necessarily free there are some proprietary packages that require licenses, and dont come under the GNU/GPL free distribution license, but majority of Linux/UNIX based finance packages are totally free for personal and commercial usage. GnuCash The Ultimate Free Open Source Accounting Software Primarily coded in C,GnuCashis a free open source accounting software, and happens to be a part of the GNU Project. It runs on platforms such as OpenBSD, Solaris, UNIX, Linux, Mac OS X, FreeBSD, and the likes of them. Looking at the features of GnuCash, youll discover that the package allows you to perform double-entry bookkeeping, maintenance of Stock/Mutual Fund Portfolios, Scheduled Transactions, and mortgage and Loan Repayment Druid.It also offers support to HBCI and Multi-Currency Transaction Handling. GnuCash also comes with Transaction-Import Matchin g Support, OFX, QIF Import facilities, Small Business Accounting Features and even Multi-User SQL Support, making it an extensive open source finance application. Whats more, GnuCash can also export data to TXF format and can be used in tandem with the tax preparation programs with great ease. You can virtually perform all kinds of finance related tasks with the help of GnuCash.

Reflective Essay Essay

The aim of this rise is to prove an catch of my perception of rumination and how reflective practice impacts on the clinical environment and the encyclopaedism process. The essay is based on my practice and training in the cardiac ward during my Foundation degree in Health and Social C ar. I obligate selected 5 extracts from my thoughtful Journal concerning a patient experiencing shortness of breath which led to a cardiac come. In order to be able to use this pip for my reflective process the patient impart be referred to as Jane for the maintaining of confidentiality according to the Nursery and midwifery Council (NMC, 2008).I cast off chosen to discuss on the case of Jane as the situation I was confronted with at the time make me reflect on issues of decision and the importance of communication and interper word of honoral skills in the relationship with the patient. I will be using the What? Model of Structured Reflection (Driscoll, 2007) a framework that uses three sim ple questions as guidance in reflective practice, namely What? So what? Now what? I pitch chosen this mould as I retrieve is a practical solution that shag be applied by wellness care professionals in a rapid and efficient manner. It stimulates an in depth meaningful reflective process that leads to an actual plan for future actions. check to Johns (2013) reflection weed be viewed as a window through and through which a practitioner can see himself in the context of his practice and have a clear view of his/her experience, organism able to make an analysis between what should be wear upone and the actual practice.Searching for a darksomeer understanding of the decisions and actions interpreted in ones activity can generate evolution of each professional and the development of his/her work practice (Benner, 2001). The process of reflection can be developed on two levels depending on its complexity and the details it comprises. Therefore reflection can be made in a deep and me aningful manner that considers totally aspects of the situation or in a superficial manner that leads to solving problems based on factors such as usance or work pressure (Lowe et.al, 2007). Another downfall of reflection can be the focusing on the negative aspects of the way a situation has been managed or else of concentrating on the potential for development based on a critical evaluation (Bradbury-Jones, et.al, 2009). When trying to improve knowledge from practice, there are several models of reflection aimed at directing individual reflection.Among them, the Gibbsmodel of reflection (1988, cited in Callara, 2008) has stages that include the description of the situation, stepings experienced during the situation, an evaluation regarding the positive and negative aspects, an analysis process followed by a conclusion which should include what could have been through with(p) in the situation and an action plan for future actions if a similar situation occurs (Gibbs, 1988, cite d in Callara, 2008). Johns model of reflection (2013) on the other side focuses on questions regarding the intention of the action taken, the reason that was at the base of action, the practical and affective consequences on the patient, the patients family, the practitioner and his/her work colleagues. Johns (2013) also highlights the importance of influencing internal and external factors in the decisional process and the possible alternative solutions that could have been found. The reflection process suggested by Johns (2013) ends with a learning phase that aims at understanding the effects of the experience and how it reflects on practice. Although there are numerous reflective frameworks, none of them should be used as a rigid tool which asks questions that need to be answered.They are all intended to offer a certain structure of the reflective process and take the practitioner towards deeper understanding (Lowe et.al, 2007). I have chosen Driscolls model as I believe it is a practical tool that allows free view and rapid understanding of the situation. Coward (2011) states that following a rigid model of reflection limits the thinking process and undermines the reflective process. Throughout my reflective process I have chosen to discuss also on the subject of decision making as the Code of Professional Conduct (NMC, 2008) underlines the fact that nursing practitioners are responsible for their decisions. During a working twenty-four hour period in a hospital there are numerous clinical decisions that need to be made and as Dowie (1993, cited in Raynor, 2005) states, the decisional process is manly a choice between several alternatives. According to Burns and Bulman (2000) through reflection we can have a clear understanding of the reasons that lie behind our decision. This is what I have learned during my training and through my clinical experience, that only thinking about the actions I take in opposite situations helps me evaluate my work and un derstand what further knowledge I need in order to become a professional.Writing a journal that detail my thoughts and worries on specific situations I was confrontedwith in the cardiac ward helped me learn and develop my skills, as Moon (2004) stated. Jane was a 60 year old lady diagnosed with valvular shopping centre disease. She has been submitted in the hospital several times before as she experienced shortness of breath and released from the hospital when her condition stabilised. On that day I was helping the maintain observing the patients, taking vital signs and recording blood results. Her observations on that day were within normal limits, but even so she complained about shortness of breath. Her preserve had just visited half an hour before and the breathing problems appeared after he left. The nurse asked her if she received any unsettling news show from her husband because her state changed suddenly after he left. She told us that one of her sons was in town for a short period of time, came to visit not knowing she was in the hospital and left worried back home as he had to be back at work in the same day. The nurse told Jane that her son will be fine and probably will come back to visit very soon. However, I could see that Jane was feeling anxious and had a dread(a) look in her eyes.She repeated several times that she couldnt breathe and the nurse told her that she will be exquisitely if she tried to calm down and relax. The nurse didnt seem to worry too much as the patients observations were within limits. Jane saw the fact that I was gazing at her while wonder if this is more than the observations capability show. She took my hand and asked me not leave, because she needed someone by her side. At first I told her I would be there for as grand as she wishes, but then I was called to help other nurses because they needed me in the ward. I assured her that I will come back. Unfortunately, the day passed very quickly and time came for me to go home. Before I left, I asked the nurse who was attending Jane about her condition and she said she was still upset about the news her husband have her, but that her medical conditions was within limits. When I returned the next day I was informed by the nurse that Jane suffered a cardiac arrest over the night and although cardiac procedures were made nothing could be done and she was pronounced dead. My first thought after I heard the news was that probably, considering her heart condition nothing could have been done. However, after I read the journal and the notes I made in it about this case and applied the Driscoll model I began questioning about my actions and think about what I should be doing if a similar situations occurs.Reflecting on the incident made me wonderwhether I acted accordingly with the NMC (2008) which states that I am accountable for my actions and omissions even if I follow the advice of other professionals. This is what bechanceed in this situation as well, as I felt and thought that there skill be more than unsettling news that could be disturbing Jane. Even so, it is well-known the fact that stress influences the medical condition of patients with heart diseases and this could have been a contact that her condition might get worse (Meterko, et al, 2010). According to Basford (2003) anxiety and fear of the patient can be reduced if he/she receives the affective support of a nurse. I felt I didnt do enough for Jane, as the least I could have done was to be there and talk to her and by chance her breathing would have come to a regular level. Basford (2003) highlights the importance of communication and interpersonal skills of nursing practitioners in their relationship with the patient. Being warm and appearing involuntary to listen and talk to the patients can sometimes make a big difference in someones medical condition. I believe that the deprivation of communication with the patient was the biggest mistake I made in this case. I feel know that if I stayed by her side and tried to comfort her she would have become more relaxed and perhaps wouldnt have triggered the cardiac arrest. I think that at that time assuring her that it will all be alright and that feeling better was the most important thing for her and her son as well was the best thing to do.This was a point where the decision I made was not according to NMC (2008) as the relationship between me and the patient was broken because of lack of communication. This situation made me think about my communication skills and how important they are in my profession. Being assertive and saying whats on my mind if I have a suspicion that more than what meets the eye might happen is what learned I should do in the future. Moreover, I think I still have to work on my empathy and compassion as I believe this would improve also the quality of the observations I make during the time I spend with patients. Reflecting on the action I took made me understand that guidelines cannot prepare me for all types of situations that can be met in the ward. They are very useful s guidance for the majority of cases, but most of the times it is the individuals certificate of indebtedness to act as he thinks its appropriate at the given time (Scott and Spouse, 2013).This assertion becomes more relevant especially when it comes to dealing with interpersonal issues that dontcome across as essential tasks in dealing with patients. Focusing on the regular work practices and tasks most of the times takes our mind international from the interpersonal aspect and the fact that we are actually the ones that patients look at for compassion and relief (Rolf et.al, 2001). There are situations, as the case of Jane when listening and being by the patients side can bring more benefit than measuring their blood pressure or taking vital signs. outcomeReflection can vary from deep and meaningful to superficial inquiry. As I stated above the care for patients can b e improved through reflective practice that leads to a plan of action for future situations. The case of Jane helped me understand the importance of communication and compassion in the relationship with the patient. Also, although I might not be the one most experienced in situation, I should have the courage to speak my mind and raise certain issues if I feel they could make a difference in the patients condition. Driscolls model of reflection made me understand the situation I was in, identify my learning needs and find ways through which I can improve my performance and patient care. I also believe that reflection also helps health care professionals become motivated and empowered by the feeling that they actually have a word to say in the care of the patient and that they can influence important situations and outcomes for their patients.ReferencesBenner, P., 2001. From Novice to expert Excellence and Power in Clinical nursing Practice. London Prentice Hall Basford, L., 2003. T heory and Practice of care for An Integrated Approach to Caring Practice. Nelson Thrones Bradbury-Jones, C. et.al, 2009. A new way of reflecting in nursing the Peshkin Approach. Journal of advanced Nursing, 65 (11), pp.2485-2493 online Available at http//www.onlinelibrary.wiley.com Accessed the 15th of February 2014 Callara, L.E., 2008. Nursing Education Challenges in the 21st Century. Nova Publishers Coward, M., 2011. Does the use of reflective models restrict critical thinking and therefore learning in nurse education? What have we done? Nurse Education Today, 31(8), pp.883-886 online Available at http//www.nurseeducationtoday.com Accessed the 12th ofFebruary 2014. Driscoll, J., 2007. Practising Clinical Supervision A Reflective Approach for Healthcare Professionals. Elsevier Health Sciences Johns, C., 2013. Becoming a Reflective Practitioner Oxford Blackwell Science Ltd Lowe, M., Rappolt, S., Jaglal, S. and Macdonald, G., 2007. The Role of Reflection in Implementing Learning fro m Continuing Education into Practice. Journal of Continuing Education in the Health Professions, 27(3), pp.143-148 online Available at http//www.onlinelibrary.wiley.com Accessed the 18th of February 2014 Meterko, M. et al, 2010. Job Satisfaction of Primary Care Team Members and Quality of Care. American Journal of Medical Quality, 26(18), pp.8-9 online Available at http//ajm.sagepub.com Accessed the 15th of February 2014 Moon, J., 2004. Reflection in learning and professional development, theory and practice. Oxon Routledge Falmer Nursing and midwifery Council (NMC), 2008. The code standards of conduct, performance and ethics for nurses and midwives. London Nursing and Midwifery Council Raynor, M.D.,et.al, 2005. Decision Making in Midwifery Practice. Elsevier Health Sciences Scott, I. and Spouse, J., 2013. Practice based learning in nursing, health, and social care Mentorship, facilitation and supervision. Chichester Wiley-Blackwell . Rolf, G., Freshwater, D. and Jasper M. (2001) Cr itical reflection for nursing and the helping professions a users guide. Basingstoke Palgrave Macmillan