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Structure Of The Derivatives Market Finance Essay - Free Essay Example

Financial market for derivatives is called derivatives market. Derivatives market is a financial instrument that provides a safety tools and effective management risk of tools in financial futures and commodity products. Derivatives market also manages the fluctuation of stock index future market, option market, interest rate and stocks. With the establishment of derivatives market, it is hope that the investors and the corporations can manage their fluctuations of the market. The example of derivatives product in Malaysia such as KLOFFE, COMMEX and MDEX. Historically, the development of derivatives market in Malaysia started in 1980, as a Kuala Lumpur Commodity Exchange (KLCE), the first futures exchange in Southeast Asia establish offering palm oil futures contract. In 1995, Kuala Lumpur Options and Financial Futures Exchange (KLOFFE) were introduced. Its operation is for launching a stock index futures contract called KLSE Index Futures. In 1996, Malaysian Monetary Exchange (MME) was set up to facilitate the trading of three months KLIBOR futures contract and Crude Palm Oil (CPO) Futures. In 1998, KLCE combined with MME and changed its name to Commodity and Monetary Exchange of Malaysia (COMMEX). Next in 1999, the combination of two exchanges, KLOFFE and COMMEX to become Malaysia Derivatives Exchange (MDEX). MDEX trades four derivatives on that time, which is crude palm oil futures contract, KLSE Composite Index futures contract, KLIBOR futures contract and the KLSE composite options contract. In 2004, MDEX is known as Bursa Malaysia Derivatives Berhad until now. The exchange provide for trading of derivatives market. Derivatives market can be divided into two, which is exchange traded derivatives and over the counter. Exchange traded transactions are standardised contracts while over the counter transactions is more complex and be adapted to meet counterparties requirements. The most common types of derivatives market are interest rate swaps, options, futures and forward rate agreement. A forward rate agreement is a contract between two parties that determine the currency of exchange rate or the rate of interest, to be paid or received on a specific date beginning at a future start date. Futures contract is exactly the same as forward contract with one exception. With a forward con tract, the buyer and seller realize gains or losses only on the settlement date. With a future contract, gains or losses are realized daily. Options contract is an agreement that gives the owner right, but not the obligation, to buy or sell (depending on the option type) some asset at a specific price for a specified time. Options can be divided into two, call options and puts option. Call option is gives the buyer (holder) the right to but (not obligation) an underlying asset. Puts option is give the buyer the right to sell an asset and they can decide whether it is profitable to sell the underlying asset accordingly. Last but not least for the type of derivatives market is interest rate swaps. Interest rate swap is an agreement between two parties that agree to exchange of interest rate cash flows. Interest rate swap is commonly used for hedging and speculating. 2.0 STRUCTURE OF THE DERIVATIVES MARKET The structures that involve in derivatives market can be divided into four types, interest rate swaps, options, futures and forward rate agreement. The most common types used in Malaysia are options contract and futures contract. As we know futures contract is an agreement between a buyer and a seller to exchange a specified amount of cash for a specific asset at a future date. Futures contract is also a forward contract with the feature that gains and losses are realized each day rather than only on the settlement date. The differences of future contract and forward contract are that futures contract traded on exchange (the Malaysia Derivatives Exchange) with standardized agreement. The contract of futures contract was negotiated on a futures exchange which act as the intermediaries between two parties. The parties that agree to buy the underlying asset in the future contract, (the buyer) is said to be long while the party that agree to sell the underlying asset in future ( the seller) is said to be short The aim of the future contract is to minimize the risk default by the party. The types of futures contract available can be divided into two groups, commodity futures and financial futures. With a financial future, the underlying goods are financial assets such as stocks, bonds, or currencies. With a commodity future, the underlying goods can be just about anything other than a financial asset. There are commodity futures contracts on a wide variety of agriculture products. Wherever there is price volatility, there may be a demand for a futures contract and new futures contracts are introduced on a fairly regular basis. In contrast, options contract is an agreement that gives the owner the right, but not the obligation, to buy or sell some asset at a specified price for a specified time. Options can be divided into two, puts and calls. The owner of call option has the right but not the obligation, to buy an underlying asset at a fixed price, called the strike price or exercise price, for a specified time. The owner of a put option has the right but not the obligation, to sell an underlying asset at a fixed price for a specified time. The act of buying or selling the underlying asset using the option contract is called exercising the option. Some options can be exercised anytime up to and including the expiration date, other options can be exercised only on the expiration date. Because the buyer of a call option has the right to buy the underlying asset by paying the strike price, the seller of a call option is obligated to deliver the asset and accept the strike price if the option is exercised. Similarly, the buyer of the put option has the right to sell underlying asset and receive the strike price. In this case, the seller of the put option must accept the asset and pay the strike price. 3.0 THE ADVANTAGES AND DISADVANTAGES OF DERIVATIVE MARKET This market is introduced in intermediaries because to help people in order to protect the value against risk of price of asset owned going in an unfavourable direction. This market can transfer of risk from the people who are not willing to take it as hedgers to the other people who are has their intention to assume it as a speculators. From this change, there are the advantages of derivative market. 3.1 ADVANTAGES The first advantage of derivative market is enable price discovery. Derivatives market has encourage large number of people with objectives of hedging, speculation, arbitrage to take part in the market and it will increase the competition. So, the large number of people are keep track of prices and trade for a little reason. The individual with more information and better judgement are inclined to participate in the market to take advantage of such situation. When the price is change in small value, it will attract some action on the part of speculators. Active participation in the market in large number of both buyers and sellers will ensures a fair price. So, the increased number of participants will make more trades, more volumes and sensitivity to smallest of price changes facilities correct as well as efficient price discovery of assets. The second advantage of derivative market is provide leveraging. In order to take position in derivatives, the buyers require very small i nitial outlay of capital so that they can take a position in the spot market. For example, Malik is a buyer and he want involve in derivative market. He believes that the price of rice shall be at price RM30/kg in 2 month from now and that a farmer has agreed to sell it at RM28/kg. So, Malik should take this advantage to buy at full amount RM28/kg today and he will realise RM30/kg in 3 months later. However, there are the other ways that the buyer should not pay at full payment. To make this happen, they should enter into such contract. Derivatives provide those exit routes by letting one enter into a contract and can neutralize their position by booking opposite position on a future date. The third advantage is facilities transfer of risk. When we involve in derivative market, we are a way from the risk because derivative instruments do not involve risk. Instead, derivative instrument redistribute risk between the various market participants. In other word, derivative can be com pared with insurance where it provide facilities that cover against over the unfavourable market movements in return for a premium and provides opportunities to those who are willing to take risks and make profits in the process. The fourth advantages of derivative market are lower transaction costs. This is because the number of participants that involve in the market that make this happen. In the derivative market, the high number of participants that take part in the market make the cost become low. The fifth advantage of derivatives market is the market is efficient. This market is said to be efficient or in other word is to be complete market when the available instruments can by itself or jointly cover against something in possible adverse outcomes. However, it is theoretical concept which is not seen in practice. But, there is greater degree of market completeness even with the presence of derivatives market. 3.2 DISADVANTAGES However, there are disadvantages of derivative market. The first disadvantage is increased need of regulation. The large number of participants that involve in derivatives market. From this involvement, there are exist speculative positions. So, it is necessary to stop these activities which speculative to prevent people from getting bankrupt. Besides that, it also to stop the chain of defaults. The second disadvantage is raises volatility. This is because there will be many speculator when there are the large number of market participants that take part in derivative market. This is due when there involve with small initial capital due to leveraging derivatives provide. When this happen, it will leads to speculation and raises volatility in the market when they are speculate the raise and down of the price in the market. The third disadvantage of derivative market is higher number of bankruptcies. This is happen due to leveraged nature of derivatives. Participants assume pos itions so that they will buy in large amount. But, some people make a buying which do not match with their financial capabilities. As a result, it eventually leads the participants to bankruptcies. 4.0 OVERVIEW OF DERIVATIVE MARKET IN MALAYSIA Derivatives are a form of security where it is derived from one or more underlying asset. Derivative is a contract between two or more parties. Its value is determined by fluctuations in the underlying asset. The most common underlying assets include stocks, bonds, commodities, currencies, interest rates and indices. Derivatives are financial instruments that are widely used to manage a participants exposure to fluctuations in the financial markets. Derivative instruments can be traded on a formal exchange or market Counter (Over-The-Counter). Futures and options are the basic products are mostly traded derivatives in formal exchanges such as Bursa Malaysia Derivatives Berhad (BMD). On September 17, 2009, Bursa Malaysia Berhad entered into a strategic partnership with the Chicago Mercantile Exchange (CME) in order to improve access to derivatives offerings globally. This includes licensing for FCPO settlement prices to position Malaysia as a global benchmark for commodity pri ces and global distribution for Bursa Malaysia through Globex electronic trading platform. CME currently holds 25 per cent equity interest in Bursa Malaysia Derivatives Berhad, while the remaining 75 percent interest held by Bursa Malaysia Berhad. Bursa Malaysia Derivatives Berhad (BMD) was established to meet the growing need for financial risk management in Malaysia. The main role of Bursa Malaysia Derivatives Berhad is to ensure market integrity and to ensure the orderly conduct of trading futures and options. Futures industry in Malaysia is governed by the Futures Industry Act 1993 FIA. FIA is a form of regulation for trading futures and options as well as the Capital Markets and Services Act 2007 (Capital Market Services Act CMSA). This regulation comes under the jurisdiction of the Securities Commission, which is authorized by the Ministry of Finance. The two organizations together responsibility for setting guidelines for the operation of Bursa Malaysia Derivatives Ber had. The Securities Commission also is the approving authority for all contracts traded in accordance with the provisions of the law and also for the licensing of participants in the market as a Futures Brokers Representative. All customers are required to place a deposit margin with Bursa Malaysia Derivatives Clearing Berhad, as a goodwill deposit before starting trading in the futures market. This deposit is known as initial margin. Typically, trading participants (Trading Participant) it is the futures broker will be a representative to collect deposits from customers and submit it to the Bursa Malaysia Derivatives Clearing Berhad.   The Bursa Malaysia Derivatives Clearing Berhad clears and manages counter party risks in relation to all contracts traded on Bursa Malaysia Derivatives Berhad. It is also regulated under the FIA 1993 and has its own business rules to govern the contractual relationship between itself with each of its Clearing Participants Below is the il lustration of the trading and clearing process: Description: https://www.apexequity.com.my/cms/img_ed/overview.jpg Bursa Malaysia Derivatives Clearing Berhad (BMDC) will secure and manage the risk of all parties involved in a trade in respect of all contracts traded on Bursa Malaysia Derivatives Berhad. BMDC also require daily settlement for all transactions, thus providing tight control over margins due to price changing. 5.0 MAIN ISSUE ABOUT DERIVATIVES MARKET 5.1 FIRST ISSUE Saturday October 20, 2012 BURSA NET PROFIT DOWN SLIGHTLY IN Q3 ON WEAKER SECURITIES TRADING PETALING JAYA: Bursa Malaysia Bhds net profit fell 4.1% to RM37.03mil in the third quarter ended Sept 30 from RM38.62mil recorded in the previous corresponding quarter on weaker securities trading. Revenue dipped 1% to RM106.21mil from RM107.31mil with earnings per share declined to 7.0 sen compared with 7.3 sen previously. Chief executive officer Datuk Tajuddin Atan  said: In the prevailing market conditions, Bursa has attained a stable performance for the first nine months of the year with a marginal growth in PATAMI (profit after tax and minority interest), driven by growth in stable revenue, derivatives business and Islamic market, and coupled with lower operating expenses. For the nine months ended Sept 30, its earnings showed a 0.8% increase to RM115.75mil from RM114.82mil previously. Revenue declined to RM322.68mil from RM324.47mil. The softer performance was in line with the weak securities trading regionally but cushioned by successful initial public off erings (IPOs) in our market, Tajuddin said in a statement. The results came after its counterpart, the Singapore Exchange, announced that a decline in trading volume dragged down its net profit for the first quarter ended Sept 30. Net profit fell 15% to S$74mil on revenue of S$160mil. Tajuddin said the stock exchange operator was committed to maintaining the level of performance by undertaking various initiatives that would accomplish its business objectives and strategies, notwithstanding the market conditions. Meanwhile, trading revenue of the derivatives market rose to RM40.6mil from RM38.7mil, attributable to the improved performance of total traded volume that rose to 6.95 million contracts against 6.32 million contracts in the first nine months of 2011, driven by the increase in the trading volume of crude palm oil futures. On the Islamic market front, Bursa Suq Al-Sila (BSAS) recorded a 79% rise in its average daily trading value to RM2.06bil for the period under review from RM1.15bil previously. The spike was due to the increasing use of BSAS as a commodity  murabahah  trading platform. https://biz.thestar.com.my/news/story.asp?file=/2012/10/20/business/12201103sec=business Summary of the news From the article above about the issue of derivatives market, we can conclude that the bursa saham suffered a declining net profit by 4.1% because of the weak security trading. The earning per share dropped from 7.3 cent to 7.0 cent. Meanwhile the derivatives market is rise up from RM38.7mil to RM40.6mil. this is because the increase of trading volume of the crude palm oil futures. 5.2 SECOND ISSUE Bursa Malaysia Derivatives wins award Published: 2012/09/19 Bursa Malaysia Derivatives (BMD) won the Best Technology Innovation by an Asian Exchange award and emerged runner-up  in the Asian Derivatives Exchange of the Year award category at the Futures Options World Award ceremony held in Singapore yesterday. Factors that contributed to the recognition included, easy accessibility and global connectivity of the Malaysian derivatives market, a statement by Bursa Malaysia Bhd today said. BMD had implemented several technological enhancements over the last two years, including migration to the Chicago Mercantile Exchanges GLOBEX Trading Platform, and hosting an Order Management System to move domestic futures brokers to a CME-certified broker front-end system. It also launched a new Derivatives Clearing System with multiple functionalities and capabilities with a SPAN risk-based margining system .  As part of its market development drive, Options on the FKLI was re-launched an d a new product, Options on Crude Palm Oil futures contract (OCPO) was subsequently launched in July 2012. Derivatives is becoming well accepted as a tradable and hedging product that create opportunities and we see huge potential in this market. The partnership with the Chicago Mercantile Exchange (CME) Group has indeed assisted our growth story. This award recognition, clearly validates the economic path that Malaysia has taken to globalise the derivatives market, the Chief Executive Officer of Bursa Malaysia and BMD Chairman, Datuk Tajuddin Atan said. Tajuddin said the strong support from the Ministry of Finance, Securities Commission, Bank Negara Malaysia and Trading Participants have been key to transitioning Malaysia into a regional and global marketplace. Bernama   https://www.btimes.com.my/Current_News/BTIMES/articles/20120919212211/Article/index_html#ixzz2Ce5mBzKX Summary of the news The article conclude that Bursa Malaysia Derivatives (BMD) won awards for the achievements in the year 2012. Factors that contributed to the recognition included, easy accessibility and global connectivity of the Malaysian derivatives market. BMD also had implemented several technological enhancements over the last two years, including migration to the Chicago Mercantile Exchanges GLOBEX Trading Platform, and hosting an Order Management System to move domestic futures brokers to a CME-certified broker front-end system.  It also launched a new Derivatives Clearing System with multiple functionalities and capabilities with a SPAN risk-based margining system. CEO of Bursa Malaysia and BMD chairman, Datuk Tajuddin Atan stated that the award has taken Malaysia to the globe of the derivatives market. 6.0 CONTRIBUTION TO MALAYSIA ECONOMY Economy of a certain country depends basically form the demand and supply. Derivatives market in Malaysia is largely being used in the economy in the world including Malaysia. The markets have many importance towards the economy stabilization and growth. The derivatives market introduced because to help people value against risk of price owned going to unfavourable direction and this means that this will make it secure of people in Malaysia to use the derivatives market as the financial instrument. This will lead to the growth of the economy in Malaysia. The derivatives market play a vital role both financial and non-financial institutions. In Malaysia the increasing of volume of trading derivatives market is the crude palm oil. Over the past nine months the increasing of the volume of crude palm oil make the total traded in the market is the highest. It is also true that growth of derivatives market reveal the increasing market demand for risk managing instrument in the econ omy. But the major concern is the main components of OTC derivatives are interest rates and currency swaps. Then economy basically will suffer if the derivatives is misused and if a major takes place in derivatives market. The derivatives markets provide facilities for investors who require innovative investment tools and flexible to take advantage of the opportunities of the global market, this will lead to increase number of investors in Malaysia. Offering appropriate above-average returns to investors and portfolio protection, and offers facilities for hedging activities that can produce efficient financing for the investment portfolio will make a big contribution towards the growth of economy in Malaysia. Derivatives Market never failed to contribute to the growth of Malaysia economy because it is nowadays the most growing market in Malaysia. 7.0 CHALLENGES IN THE DERIVATIVES MARKET Derivatives give an impact on the financial economy as well as the real economy in the country. It is because there is much risk in this market. The price and rate volatility have increased in recent decades. This can cause for concern for a particular firm depends on the nature of the firms operations and its financing. The price fluctuations have greatest impact on the value of the firm. Sometimes it will be obvious, but sometimes they will not be. The derivatives may result in large losses to the investors because of the use of leverage or borrowing. The investors assume positions which do not match their financial capabilities and they could lose large amounts if the price of the underlying moves against them significantly. It will curtail real economic activity, which can cause a recession. It exposes investor to counter party risk in a financial transaction. Investment losses can occur if the investors lack of research and sound investment because they are not prepared well. The risk transfer factor needs to be applied in a targeted way in order to ensure that the investor does not take unnecessary risks, especially in swaps derivatives. Different types of derivatives have different levels of counter party risk. The derivatives give the challenge to those who are not familiar with speculative markets. It trade directly and only on uncertainty. It becomes relevant for volatility in the financial markets and is not in direct correlation with the fundamental value of the assets that are being traded in the derivatives market. An investor who cannot adapt with uncertainty in investment will tend to take different type of investment structure. Some derivative contracts involve foreign currency that is associated with transactions in the underlying item. The firm must exchange foreign currency for domestic currency to realize the domestic value of its foreign-denominated in a foreign currency. They face a risk of changes in the exchange rate betwe en the foreign and domestic currency as they negotiate contracts with set prices and delivery dates in the face of a volatile foreign exchange market with exchange rates constantly fluctuating. The time decay of an options contract can affect the investors because they have to pay a fee for the trade for which is never transacted. But it also can affect the buyer where he will lose that fee which secured the option to buy if he chooses not to complete the transaction. So the challenges that happened in the derivatives market in some ways weakens the basis of asset price. Financial stability as observed with the role of derivatives is effectively based on price changes as derivatives have little relation to the principal asset prices and only work on the price changes for these assets. 8.0 CONCLUSION The derivatives market gives benefits to the investors and the overall economy of a country. They can create a new business, and any employment opportunities from the profit they gained from the derivatives market. A derivative products value depends upon and is derived from an underlying instrument, such as commodity prices, exchange rates, interest rates, indices and share prices. It instruments can be traded in an organized exchange or over-the-counter (OTC). The exchange traded transactions are standardized contracts whereas the over the counter transactions are tailored to investors requirements. The derivative gives benefits such as (i) Provide facilities to investors who need an investment tool that is innovative and flexible and can take the opportunities of global markets; (ii) Offers above-average returns and portfolio protection to investors, and (iii) Offer facilities for hedging activities that can produce an efficient financing for the investment portfolio. T he derivatives market contains the instruments that are very complex such as futures, and options contracts. The investors need to have a good knowledge and understanding in order to success in trading futures and options. It is because the derivatives work on price changes, or volatility of the asset prices. This market transfer risks from one party to another party.

Traditional and Cyber Terrorism Essay - 552 Words

Basically traditional terrorism and cyber terrorism have same aims, and share same values like disorganization of state government, causing huge economic and political damage and loss, destabilization that will provoke change of government. But there is still difference in some aspects. In contrast with traditional terrorist who uses bombs or other weapons for achieving his or her goals, cyber terrorist uses modern informational technologies for the same purpose. First of all these are computer programs and viruses, viruses that demolish network and stored information so called â€Å"logical bombs†, â€Å"Trojan† programs, program sniffers and other kinds of informational weapon. One of the best examples of cyber terrorism is murder committed in†¦show more content†¦Also it is an easy way to communicate between each other by using coded words, even an operation can be planned this way, and what is most important identity of terrorist is left anonymous, it is the most safe method. There also should be made distinction between cyber terrorists and hackers who are often using computer viruses like Trojan horse and network worms not only for damage but to become known in public. And it really affects many people. These people are called Trill Seekers or â€Å"cyberjoyriders† they just want to become notoriously popular, and such activities like site attacks with worms and other destructive viruses increases their reputation, they demonstrate the deficiencies of the concrete systems of the corporations. The reason why are these people intermingled with terrorists is because of high attention of media , who are exaggerating news about their activities, also law enforcement bodies are sharing medias attitude towards hackers, and are making everyone believe in the danger of hackers activities for nation. Despite the fact that they are not considered as terrorists these people may be dangerous to the safety of the state, because of what the destiction be tween them is becoming less vivid. Despite their differences as said Assistant Secretary for Intelligence at DHS John Gordon on RSA conference in San Francisco it doesn’t matter they are all terrorist, because result is all cases isShow MoreRelatedInternational Terrorism And The Security Of The United Kingdom1665 Words   |  7 Pagesinternational terrorism represents the greatest threat to the security of the United Kingdom. It will begin by defining, within the context of this essay, what is meant by the concepts of national security, terrorism and international terrorism, and how international terrorism threatens our nation through both direct and indirect means. 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All of the stories we hear and those annoying emails that warn of a multitude of viruses can lull us into complacencyRead MoreThe Dangers Of Terrorism And Terrorism1593 Words   |  7 Pagesthe Word Trade Center in New York City on that fateful September day in 2001, a great emphasis by government, the media, and the general public has been placed on the phenomenon of terrorism and other forms of ideological extremism and what measures can be taken to mitigate, deter, and disrupt the threat of terrorism. While the days of physical terrorist attacks and actions within the continental United States are by no means behind us, t here has been an incredible shift towards the realm of cyberspaceRead MoreAmerica And Its Homeland Security Online Essay1587 Words   |  7 Pagesprovided by the states and federal government. These tasks get more difficult as new technology introduces itself. Cybersecurity is one of the most popular security sectors in today’s world. There is not only cyberbullying going on in the world. Terrorism can be planned and sent from person to person over the internet. People’s identities are being stole to help carry out these terrorist acts and this is just the being of it. The United States created the Department of Homeland Security as a resultRead MoreEssay on Cyber Crime and National Security1000 Words   |  4 PagesEssay on Cyber Crime And National Security When we talk about national security, we talk about the security of over one billion people and sovereignty of a country that is culturally rich, politically stable, socially compact and economically emerging. The worst victim of terrorism and naxalism India and its national security has been threatened recently by cyber crime. They concept of cyber crime is not radically different from the concept of conventional crime. Cyber crime is the latest and

Leonardo Da Vinci - 2789 Words

Leonardo da Vinci was born in 1452 in Vinci, Tuscany, during a time called the Renaissance. His creations of art and advancements in science not only surpassed those of his time, but have contributed to the fundamentals of modern day technology and are arguably the greatest in history. Many of da Vincis paintings remain today as proof of his pioneered techniques, brilliance, and talent. The American Heritage ® Dictionary of the English Language defines renaissance man as [a] man who has broad intellectual interests and is accomplished in areas of both the arts and the sciences. This is a term still used today, and its derivation is obvious. Many people in the Fourteenth to Sixteenth Centuries were skillful artists and scientists,†¦show more content†¦The influence of the Italian Renaissance affected northern Europe at the beginning of the Fifteenth Century, called the Northern Renaissance. This renewal of cultural activity was marked by an acute interest in human being s and by the use of natural detail in paintings. An interest in ancient art and a knowledge of linear perspective did not develop in the north until the Sixteenth Century; and even then, not all artists used the discoveries that were made in Italy. Another statement from James Snyder is that one of the most important of Fifteenth Century Netherlandish painters was Jan van Eyck, who painted the remarkable Ghent Altarpiece. It contains hundreds of figures, as well as a variety of vegetation so carefully rendered that more than thirty plant species can be identified. Other outstanding artists of the period were Rogier van der Weyden, who focused on emotional drama in his religious paintings; Hans Memling, who created delicate, graceful figures against ethereal backgrounds; and Hugo van der Goes, who painted a superb altarpiece with a wealth of precise details for the Italian Portinari family. Characteristic of all these artists was the use of symbols, or iconography (57). Three other artists from this period, as described by the book Who and When? The Renaissance: Artists and Writers, are Pieter Brueghel, Albrecht Durer, and Hieronymus Bosch. Brueghal is famous for his lively, colorful, and humorous paintings of ordinary people going about theirShow MoreRelatedLeonardo Da Vinci1629 Words   |  7 PagesHistory 101 | Leonardo Da Vinci | Renaissance Pioneer | | Luis Quelhas | 11/13/2012 | | Leonardo Da Vinci was born on April 15, 1452. His father was a wealthy notary, named  Piero Fruosino di Antonio da Vinci. His mother Caterina was a sixteen year old peasant girl. Leonardo had no surname when born and took the name Da Vinci meaning from Vinci, the small town in Florence where he was born. Throughout his life Leonardo faced many hardships. From 1457 he lived in the household ofRead MoreLeonardo Da Vinci1137 Words   |  4 PagesLeonardo Da Vinci: The Renaissance man Leonardo Da Vinci was a successful man in more areas than artwork. From the time he was a boy, he began studying the arts as well as the ideas of science, medicine, machinery, and much more. Da Vinci’s history is reflected in his paintings and inventions that have been able to change the world of then and now. Leonardo’s artistic vision led him down a prosperous path of life that has made him one of the most innovative individuals the world has seen. With theRead MoreLeonardo Da Vinci2094 Words   |  9 Pagesthe Rocks). These two altarpieces are being showcased in particular in this exhibition because they share a location in the same Milanese church, the San Francesco Grande, and most importantly the same artist (although this has been debated), Leonardo Da Vinci, painted both versions of the altarpiece. Further, another reason why they are being portrayed in this exhibition is due to the debates over their authenticity, even though they are 15 years apart in concept ion. Additionally, the two pieces shareRead More Leonardo Da Vinci Essay823 Words   |  4 PagesLeonardo Da Vinci A Renaissance man in Renaissance times, Leonardo Da Vinci frequently defied a simple description. As a scientist, inventor, artist, and so much more, Leonardo Da Vinci’s works continue to impact our lives even now. Born on April 15th, 1452 in Anchiano (now a part of Italy), Leonardo came into a world on the brink of change. The Italian renaissance was sweeping through the peninsula during Da Vinci’s lifetime and he would soon come to be one of its foremost figures. WhileRead More Leonardo da vinci Essay923 Words   |  4 Pages Leonardo Da Vinci nbsp;nbsp;nbsp;nbsp;nbsp; nbsp;nbsp;nbsp;nbsp;nbsp;Leonardo Da Vinci was a man of many worlds. He was a great influence inhis time. Leonardo was known as many things. He was known as a sculptor, architect, writer, musician,philosopher, engineer, and scientist. But most of all he was known for his impressive paintings that influenced the world. nbsp;nbsp;nbsp;nbsp;nbsp;Leonardo was born in Anchiano, Italy on April 15, 1452, to Piero Da Vinci, a prominent publicRead MoreEssay leonardo da vinci637 Words   |  3 Pages Leonardo da Vinci Da Vinci was born April 15, 1452, and died May 2, 1519. He would wear pink to make his complexion look fresher. Leonardo never attended public school. He was raised by his single father (http://www.yesnet.yk.ca/schools/projects/renaissance/davinci.html). In the mid-1460s the family settled in Florence, where Leonardo was given the best education that Florence, the intellectual and artistic center of Italy, could offer. In Verrocchios Baptism of Christ (http://wwwRead MoreLeonardo Da Vinci Essay1547 Words   |  7 PagesWhere and when was Leonardo Da Vinci born? Where there any persons or events in his early life which you believe helped shape this individuals legacy? Leonardo Da Vinci was born on April 15th 1452 in Vinci, near Florence Italy. His father, Piero Da Vinci, was a notary, and mother Caterina was a peasant girl. Soon after his birth Piero Da Vinci took custody of Leonardo because his mother left and married another man in a nearby town. At the age of 15 his father got him an apprenticeship with a renownedRead MoreLeonardo Da Vinci : An Artist965 Words   |  4 Pages Leonardo da Vinci was born in Vinci, Italy, in the year 1452. Born into the Renaissance era, da Vinci was a possessor of a curious mind and keen intellect. He not only built his occupation as an artist, but also as a mathematician, inventor, writer, draftsman, and engineer. Although he received no formal education, da Vin ci was able to understand the engineering behind many of his designs, some of which included the tank and crossbow (on a larger scale). As an artist, some of his ideal works includedRead MoreThe Importance Of Leonardo Da Vinci1506 Words   |  7 PagesThe importance of Leonardo Da Vinci The art of the history about Leonardo da Vinci, his inventions, his drawings as an artist and his influence in the world. Leonardo’s Family and kind of time line from his adoption and his younger age. â€Å"In the fifteenth century in Italy Leonardo da Vinci born on April 15, 1452. He was the son of Piero, notary from the village of Vinci, near Florence. Marriage to a woman called Albiera di Giovanni. As a child Leonardo keep in his room a collection of things thatRead MoreLeonardo Da Vinci Essay1995 Words   |  8 Pagesand revolutionized the modern world as Leonardo da Vinci has. His works in Arts, Science, Engineering and many others has influenced many people in their respective fields. His works in Engineering such as the designing of a machine that can fly has gone on to influence the Wright brothers who invented the airplane. His research in Anatomy and other biological works has made pathways for surgeons, doctors, and many scientists in their research. Leonardo Da Vincis paintings are considered to be the

Predictive Business Analytics Samples †MyAssignmenthelp.com

Questions: 1.Why is predictive analytics analysis the next logical step in any business analytics (BA) process? 2.Why would one use logic-driven models to aid in developing data-driven models? 3.How are neural networks helpful in determining both associations and classification tasks required in some BA analyses? 4.Why is establishing clusters important in BA? 5.Why is establishing associations important in BA 6.How can F-tests from the ANOVA be useful in BA? Answers: 1. Business analytics are very essential in logical predictive analytics of an organisation because they give them a competitive advantage. Some of the reasons why predictive analytics analysis is essential are that it aids in discovering fraud. Combinations of multiple analytics methods are in a capacity of improving pattern detectionand prevention of criminal activities.It is a common threat in the world today that cyber security is increasing becoming a threat to security. It is therefore a toll order for behavioural analytics to examine any possibility of fraud in our networks in order to prevent certain attacks from cyber-crimes(Jones, 2008). Another important aspect of predictive analytics is that it helps in boosting marketing campaigns. It can be used to determine customer responses or purchases. Additionally, predictive analytics play a role in promoting cross-sell opportunities. The analysis will therefore, help businesses draw, retain and increase their customers(Min). Carrying out a predictive analytics will also help in improving operations. A lot of organizations companies use predictive models to manage their resources and estimate their inventories. For instance, an Airline business can use predictive analytics to determine the suitable ticket prices(Shmueli, 2013). Predictive analytics also help assessing of risk factor thus helping the organization in coming up with means of mitigation foreseeable risk. Credit scores carried out during the analysis process can be used to assess the buyers probability of default for purchased items. This credits score will therefore be used to determine whether a certain customer can be given items on credit or not. A credit score is a figure is produced by a predictive model that analyses all data relevant to an individuals credit worthy. Other risk that predictive analytics is able to foresee include matters of insurance claims and settlement(Min). 2. Logic driven models would be the best in developing data-driven models because they shows steps taken to reach a particular destination. Logic driven models are suitable in developing data-driven models because they clearly demonstrate exactly how every activity will produce the expected changes. The logic driven models provide the opportunity for organization to have a rough idea of the chosen initiatives and how far the plan can be in place .It is a sort of a road map that demonstrates what factors affect what matters and in what sequence. It is worth noting that based on these logic driven roadmaps on can stop and make an assessment of whether there is progress or not and what changes need to be made for efficient results(Kolovic, 2016). The logic model also has the ability to demonstrate the rationale behind an initiative's plan. It therefore elaborates why certain the program has to work, reasons why it will succeed and causes as to why other attempts have not yielded the best results. The program theory or the rationale facet of the logic model allows the user to have a bigger picture based on various important aspects. The logic model therefore makes the program planners assumption categorical through identifying the problem or opportunity and demonstrating how intervention activities will address it (Rajagapol, 2012). 3. Neural networks are vital because they offer many advantages to the organization. These include the use of traditional methods of statistic to improve accuracy levels, an integrated tactic to a large array of predictive analytics problems. Additionally, neutral networks require less statistical conventions and can manage difficult predictive analytics tasks in an automated way thus saving the time the time of analysts and programmers (Jones, 2008). Neural networks also helpful because they are keeping able of replacing all of these methods used in predictive analytics and give forecasts that are accurate or even better than those gotten from using other statistical methods. 4. Creating clusters in business analytics are important because they allow the development of innovation through comprehensive knowledge flows and spillovers. This in the end strengthens entrepreneurship though advancing new enterprise formation and kick off survival thus enhancing p income levels, productivity and employment growth in organizations. Additionally, innovation that came about because of the clusters really influences local and capital region economic performance(Provost, 2013). Organization cluster is also important to keep because it will allow them to know what they do excellently, their best areas of specialty, what they do perfect than others and what job opportunities and cluster progress the region ultimately provides to the community.(Shmueli, 2013). 5. Additionally, cluster creation is important in this age of unprecedented global competition for jobs and economic investment. Jones (2008) suggest that implementation of an operational cluster strategy that might involve education, workforce training, using advanced technology in companies to increase the performance level and investing back into the community makes them to be more successful. 6. Enova test can be used in carrying out the null hypothesis in ANOVA I since always there is no difference in means. The F test can along these lines be utilized when giving comparison to statistical models that have been settled to an informational collection in order to locate the model that best fits a specific populace from which the information were investigated. The real F-tests basically emerge when the models have been fitted to the information by utilizing the least squares (Shmueli, 2013). Moreover, the F-test in one-route analysis of difference is can be utilized to set up to whether the normal estimations of a specific quantitative variable inside a few pre-characterized group are not quite the same as each other. The ANOVA F-test can be used to assess whether any of the programmers in an organization are on superior, average or inferior, to the others compared to the null hypothesis that all of the implemented programmers yield a similar mean response(Provost, 2013). References Hai, J. (2011, November). Industry Clusters: Importance of Place still Relevant to Business Success. Area Development. Havenport, T. e. (2012). The Complete Guide to Business Analytics (Collection). Jones, E. (2008). Neural Networks' Role in Predictive Analytics. Kolovic, Z. e. (2016). The impact of clustering on the business performance of Croatian SMHEs. ?https://dx.doi.org/10.1080/1331677X.2016.1204101. Min, H. (n.d.). Global Business Analytics Models: Concepts and Applications in Predictive analytics. Provost, F. e. (2013). Data Science for Business: What You Need to Know about Data Mining and Data analytic thinking. Rajagapol, B. e. (n.d.). Business Analytics and Cyber Security Management in Organizations. 2016. Shmueli, G. (2013). Data Mining for Business Analytics: Concepts, Techniques, and Applications with XLminer.

The laws of England, Wales, Northern Ireland and Scotland Essay Example

The laws of England, Wales, Northern Ireland and Scotland Essay The laws of England, Wales, Northern Ireland and Scotland when carrying out research are similar but they do vary. For this reason, as both Masson (2004) and Aldersons (2004) papers refer more to laws passed mainly in England and Wales, these will be the laws I will discuss in detail. It should also be noted that what is legal and ethical in research is being continually reviewed and updated. This essay will examine the statement made by Masson (2004) that everything that is legal is not necessarily ethical by showing that ethical requirements go further than what is legally required. It will discuss specific areas of research such as consent, confidentiality and the responsibility held by researchers towards the children and young people involved in their research. I will use examples from research papers by Thorne (2004), Sutton (2004) and Aldgate and Bradley (2004) to illustrate how what is legal is not always necessarily sufficient to fulfil ethical requirements.One important iss ue to consider before beginning research is consent, which is one area where it is without a doubt that all that is legal is certainly not ethical. In order to conduct research with children and young people, it is a legal requirement to gain signed consent, normally through gatekeepers, such as parents, or educational bodies, which have responsibility for childrens welfare until children or young people are of an age or deemed mature enough to give consent themselves. Whether or not the young person is mature enough is based upon the extent to which the child understands all aspects of the research. In Gillick v W Norfolk and Wisbech AHA (1985) in Masson (2004) a child who demonstrated sufficient understanding was permitted to consent to medical treatment against her parents wishes. One further point to consider is that researchers also need to be aware that legally, a gatekeepers role is to allow access for the research to happen, not to give consent for the children to participat e this must be gained from a parent or legal guardian.There are other issues, which may arise when trying to obtain consent, such as the fact that parental responsibility is not automatically given to fathers unless they are married to the childs mother, or where the childs birth is jointly registered. Furthermore, if parents are separated, consent from only one parent is necessary. However to comply only with these requirements would be unethical as ethical guidelines require researchers to consider both parents and in situations where parents are not in agreement, then researchers must comply with the wishes of the parent who provides the day-to-day responsibility for the child. In such cases if the parent who is against the research being carried out is the parent who does not have day-today responsibility, they can legally prevent the research from taking place by going to court. Additionally, when gaining consent, methodological issues have to be considered such as how to esta blish the marital status of the parent, as it would be unethical and possibly offensive to ask this outright. This example shows that what is legal would not be ethical as there are greater requirements to be met ethically.In addition to gaining legal consent, ethical guidelines state that researchers must also get informed consent; Masson (2004) highlights four areas, which a child must understand before doing so. Firstly, the child needs to be able to differentiate between his/her involvement with the researcher and the involvement they have with other adults, such as teachers. The child must also be made aware that the researcher has no power issues or hold over them and Masson suggested that they interact in some rapport building activities in order to establish this. This is an important part of the research (although time consuming) as it will encourage the child to relax and in turn will obviously benefit the research. Secondly, the child must be aware that the data collected in order that the researcher can understand the particular topic being researched better and thirdly, that no one will make decisions about the child based upon the information which they share with the researcher. The final point Masson made was that the child must also understand that the researcher cannot take action that would alter the childs life in any way due to their involvement in the research. It is important that as far as possible, informed consent be given from the participants themselves and without it; the validity of their research may be called into question.One research paper where the legal requirements of research with children and young people were clearly adhered to but where it was obvious that ethical requirements went much further was Aldgate and Bradleys (2004). Legal consent was gained from both parent and social workers but Aldgate and Bradleys took the necessary ethical step obtaining informed consent from the children themselves.This was not the case in Suttons (2004) paper, where although he gained legal consent we can surmise that he failed to get informed consent from the children from the fact he states in the commentary that he asked the teachers not to tell the children why he was present in their class.Similarly, although Thorne (2004) gained legal consent from the school she failed to gain informed consent from the children themselves, which is clear from the fact that during her research, one child asked her if she was recording bad behaviour to report them. These examples show that although both the researchers followed legal requirements, this was not necessarily ethical as they failed to gain informed consent from the children themselves.In Focus clip 4 (EK310 FOCUS II clip 4 The strange situation), Ainsworth studied the attachment bond between a mother and her child during an episode where the mother leaves the child with a stranger and then on her own in a room. Although legal consent would be gained before the mot her and child entered into the experiment, informed consent of the child can obviously not be gained due to the age and lack of competency in the child. In this case, ethically researchers should always make sure to acknowledge signs of assent in the child and halt procedures immediately.One other important legal aspect surrounding research is that of confidentiality, which applies to adults and to children who are mature enough to give consent themselves. However for those children who are too young or lacking in maturity, parents or other gatekeepers legally have the right to the information that has been gained from the child.Carrying out these legal requirements alone is unsatisfactory, as ethical requirements stipulate that researchers must go further by protecting the confidentiality of all participants, even small children. An example of this was evident in Aldgate and Bradleys (2004) paper, where the researchers made the participants aware that information given to them woul d be kept in confidence although they also made it clear that the children were free to discuss anything should they wish to do so with their parents or other gatekeeper. In Audio band 3, (06:28) Masson states that when carrying out individual interviews, for example with family members, it is useful to have separate interviewers so that researchers are honestly unable to repeat information they have received should they be asked.Legal and ethical issues overlap to an extent regarding confidentiality for example when issues of abuse come to light. Today, in the United Kingdom, there is no legal requirement to report abuse, although many local authorities have child protection procedures and professional codes of conduct, which require their employees to do so. Furthermore, if employees fail to report abuse, they run the risk of disciplinary action or having their employment terminated. Ethically, when researchers are seeking informed consent, they must inform participants that confi dentiality has limits in areas such as these. This is one area where all that is legal is ethical when issues of abuse are brought to court; researchers are required legally as well as ethically to divulge this information.One other important aspect of confidentiality where all that is legal is also ethical is that of anonymity. Legally, researchers are required by the Data protection Act to protect the anonymity and identity of the participants. When discussing matters of bullying with teachers, Sutton (2004) was careful to keep confidentiality by raising these issues in general terms without mentioning the children by name. The legal requirements for this aspect of confidentiality also fulfil ethical requirements sufficiently as researchers have an ethical duty to protect the anonymity of their participants, which is important in childrens cases should the school wish to read the post-research report. This can be overcome by using pseudonyms as was seen in Takeis (2001) research w ith young babies and changing place names which Aldgate and Bradley (2004) did in order to protect the identity of the four councils in their research.The final area I shall consider is the researchers responsibility towards the children and young people involved in the research. There are three concepts, which Alderson (2004), highlights as being important for researchers to consider when carrying out research with children respect, rights, and achieving the best outcomes. It is only right that researchers should respect the time children have spent taking part in their research, and in Audio band 3, (15:50) Masson suggested one way to do this to pay them some money. In order for this not to become an incentive however, this should be offered after the research. This raises ethical issues such as the fact there could be a risk that young people might spend this money on alcohol or drugs, and this could be encouraging them to break the law. One useful suggestion made by Alderson (a udio band 3) was to give vouchers as a token of appreciation to overcome this.As well as having the right to be respected, children also have the right to protection. This means that researchers are held accountable for any physical injuries, which the child might sustain in the course of the research. Children also have the right to be protected from harm, and legal checks are in place for this such as the Criminal Bureau Register (CRB) in order to gain access to schools and such likes which researchers should fulfil before carrying out research. In this respect all that is legal is ethical as researchers also have an ethical duty to protect their participants.Due to the nature of their research, Aldgate and Bradley (2004) had to have a Criminal Records Bureau (CRB) check in order to gain access to the children. The ethical requirements in this situation are similar as researchers are also expected to protect participants from harm, which involves amongst other things, taking care when choosing the location and insisting that participants be chaperoned during the process. In audio band 3, (20:02) Olsen suggested interviewing children in a neutral place such as McDonalds where they may feel more free to say what they want, and in addition to protecting the children, it also offers protection for the researcher from accusations of abuse.The above issues should be carefully considered whilst trying to ascertain whether carrying out the research outweighs any harm children might come to either during or as a result of the research this is known as Aldersons (2004) best outcome.These requirements did not seem to be met in Ainsworths research The strange situation shown on Focus clip 4 (EK310 FOCUS II) where the child appears to become distressed, whereupon the researcher should have been legally and ethically bound to stop the experiment. Although of course, the point of this experiment was to examine the distress level itself it must be considered that causing d istress, even for a short period of time, whether the child will remember it or not is unethical. Furthermore, it is likely that similar information could be gained from examining children left in childcare establishments from a young age perhaps whilst mothers were returning to work. One further point with regards to the Strange Situation which shows that all that is legal is not necessarily ethical is that the researcher treated the child as an object, rather than a subject or participant. This shows how the strange situation, although legal was certainly by no means ethical.One other area where the researcher has responsibility is with regards to issues of abuse. Although legally, there is nothing to prevent them from counselling a child, ethically this would be unacceptable. Researchers must be aware that their role is limited to that of researcher and keep in mind that children have the right to the best possible care, which means directing children to professional agencies equ ipped to deal with issues such as this.These issues were considered by Sutton (2004) who was aware of limits in his role of researcher and did not attempt to counsel any children, but rather directed any upset children to a third party who had specific training. However, one dubious aspect revealed in his paper was where he shared his concern that some of the children may have been experiencing repercussions as a result of the research and although not legally he was not required to half the research, ethically he would have been required to do so.By examining issues such as consent, confidentiality and the researchers responsibility towards participants, this essay has shown that all that is legal is not always necessarily ethical as ethics often make further demands of researchers. When conducting research, legally consent has to be gained from one parent only, which is insufficient to fulfil ethical requirements. Furthermore, the ethics that govern researchers state that not only must consent be obtained from the parent, but researchers must extend this and where possible obtain informed consent from the children themselves. However this is not always possible, so researchers must be alert to signs of assent and halt the procedure immediately, which highlights that to simply comply with legal requirements would not be good ethical practice.I also looked at the researchers responsibility towards the child, which again demonstrates that legal requirements do not fulfill what is necessarily ethical. It is not illegal for researchers to counsel distressed children, but it is certainly unethical, as ethically researchers must recognize that their role has limits and that the child has the right to the best possible care. It can be said therefore in conclusion that there are certain situations where all that is legal is not necessarily ethical but one should take into consideration that both laws and ethics in the UK are continually being reviewed and are changin g.