The foreign exchange market Essay Example for Free

The foreign exchange market Essay The analysis of this paper highlights the importance on the factors that determines the foreign exchange rates at which one country purchases the one unit of the another country’s currency. The foreign exchange market provides a link between the countries through which all countries are working under the umbrella of global trade which works more efficiently than barter. The foreign exchange market provides a hub under which one country exchanges the other country’s currency because every nation uses its own monetary unit. In this particular case, the firm is willing to make a business deal with the Japanese supplier. In order to accomplish the business deal the management of the Blades Inc has two choices one is to purchase two call options contracts and the second is to purchase one futures contract. The tendency of futures price on yen has historically tilted towards discount with respect to the existing spot rate and the firm is willing to use currency options in order to hedge payables in Japanese yen. They prefer currency option because of the uncomfortable leaving the position and also the historical volatility in the yen. But the CFO prefers the options offer over forward contracts or futures contracts due to its flexibility and wants to use the exercise price of 5 percent above the existing spot rate. In general, options on Yen required a premium of 1. 5 percent of the total transaction amount that would be paid if the option is exercised. Moreover, if the firm uses the future yen spot rate, then the decision is purely based on a cost. The optimal hedging strategy is not the lowest-cost alternative because the firm is the in the position of assessing the risk. The firm is working upon hedging because of prevailing unsure market condition. So the perfect hedge reduces the risk associated with the currency. B Answers of the Questions 1. The table shows the option choices for Blades Inc. If they are not willing to pay more than 5% (above spot rate) then the exercise price of $0. 00756 should be considered while on the respective side the premium on that particular option is 2% (more expensive) of exercise price. The option premium is higher is that respective which the firm normally willing to pay. The firm also pays a lower premium by purchasing and considering another option whose exercise price of $0. 00792 but that exercise price is 10% higher than the spot rate. This particular alternative is not feasible for the company because the firm is not willing to pay moire than 5% on the prevailing spot rate. So if the firm wants continue to use option the management of the company either prefers a higher premium than it would prefer, or a higher exercise price that limits the effectiveness of the hedge. If the firm is willing to use an option then the tradeoff is paying a premium of $1,417. 50 to limit the payables amount to $99,000 or paying a premium of $1,890 to limit the payables amount to $94,500. The preference of the option is based upon the assessment of the analyst regarding the Yen (Gerald I. White, Ashwinpaul C Sondhi, and Dov Fried ,2001). 2. Blades Inc also remains unhedged but its preference is towards hedge because of the volatile and fickle movements happen before the events. They are more desirable towards hedge because of the disruption and uncertainty associated with the yen’s future value. Since future prices are not influenced with the doubtful and uncertain events. The management of the company should prefer the futures contracts as an alternative to options. Thus, the firm is willing to purchase future contracts which enable the management to lock its future payments with any undue disruption (Steinherr, 1998). 3. In the market speculators who want to capitalize their expectation and anticipation towards the yen’s future movement, then the anticipation towards future spot rate would be equal to the futures rate. For example, if the speculator wants that Yen should appreciate they should eyeing to buy the Yen. If the Yen appreciates, the speculator buys the Yen’s future rate in two months and sells them at the prevailing sport rate at that particular time. Thus, if the market expectation and sentiments are high towards Yen then the Yen will appreciate and the all the speculators will engage in the similar action. This action enforces towards upward pressure on the future rates and downwards pressure on the expected future spot rate. This ongoing process continues until the future rate is equal to the expected future spot rate. Therefore, the expected spot rate at the point of delivery is equal to the future rate, $0. 006912 (Tsetsekos Varangis, 1997, and, van der Bijl, 1996). 4. The best possible choice at the given future spot rate is described in the question 3 but the decision is solely made on the basis of cost because acquisition of one future contract makes an impact on the actual cost of $86,400 on the delivery date. The actual cost on the delivery dates in the form of purchase of Yen my deviate from this value. It is depending upon moment of Yen between the order and delivery date. Therefore, the firm probably prefers to use future contract over the remaining unhedged time. 5. No as disclose in the case the Yen is very volatile so due to that fact the actual costs might be tilting towards lower side either the firm uses an option to hedge the yen payable or remained unhedged. By applying a future contract to hedge it also locks the price of the firm which they are willing to buy Yen at the given time frame. Moreover, firm forgoes the cost advantage that effects the depreciation of Yen at the given point of time. In that particular scenario, the firm is flexible enough to buy yen at the spot rate but this flexibility is not available with the future contracts (Hunt, Philip and Kennedy, Joanne, 2004).

Explanation of the Gantt Chart

Explanation of the Gantt Chart Its use a simple logic calculations to identify the critical path, it does include: A sequence of activities has a timing duration. Adding the timing durations from the start till the end (forward pass), it helps to determine the early and late start. Deduct the timing durations from the end to the start (backward pass), it help to determine the late and early finish. Deduct the early finish from the late finish, by that we found the total float. The early start for activity A is 0, while the late finish for activity R is equal to its late start. The critical path is the longest serious of activities in the diagram with no flexibility, linked to each other without interruption. In other word its the path has activities with total float equal zero.While the duration of the project determine by the earliest and late finish of the last activity in the project. Gantt chart is useful tool to project manager, in this chart there is a calendar time scale enable to determine the project duration including , not only the working days, but also holydays and weekend. If the project starts on 11 January 2010 in 5 day working week, assuming there is no holidays the earliest day the project will completed is 2 April 2010. (See end of the document). a. As activity P is a critical activity in a critical path a one day delay will create a delay in activities Q and R, which delay the project end for one day. Also it could generate an increase in project cost. The project manager should be able to predict this before its occurred, therefore he should analyses the network diagram and looking for maneuver margin. b. If activity N completed 1 day earlier, it could give other activities in the path such as O, P, Q, and R one day flexibility. However it doesnt mean that the project will finish earlier because other activity recourses were schedule and it could be not available at that time, but still there is possibility to the project to finish 1 day before than schedule. c. Activity I is not critical activity, thats mean it has a float or slack which is in this activity is 6 days. There for a delay for 2 days in this activity will not create a delay in whole project, however there a possibility to generate increase in cost than the estimated before. In the network diagram all the project activities are represented accordance with the relations that exist between them, the activities represented by nodes (boxes), these mentioned the beginning and the end of each activity The benefits for the diagram are: Obtain a schematic representation of the project. predict the required time to complete the project. distinguish between critical and non critical activity in the project, and thus determine the possible maneuver margin for each task, which can be by moving some resources from non-critical tasks and focus on critical activity, which contributes to reduce the time of the project with a fixed cost. Implementing the network diagram is summarized in these steps: know all the activities for the project their is a list of all tasks (activities) often included in the outset project based on Work Breakdown Structure Identify the relations between these tasks there are tasks that can be implemented in parallel, or may depend on the end of the other tasks (sequence), in this step is a list of all the project tasks and its relations with other tasks. Setting the network diagram after knowing the tasks, and the relations with other activities, the project activities are drawn as Node network diagram. Estimate the required time an estimate of required time to complete each activity passed on past experiences, or by using intuition and logic, the estimate may not be free of error. identifying the critical activity and critical path of the project critical activity is an activity which, if the delay occurred during the implementation, it could delay the whole project with the same amount, the critical path is the path that connects critical activities and it starts from the beginning of the project and finished at the end of the project, it is the longest path in terms of length in the network diagram. On this path there is no margin time to maneuver in the implementation of any task because of the lack of flexibility time in any task on this path. Update the network diagram on a regular basis during the implementation of the project, real-time registration is taken for each activity, and in the meantime, critical path may appear to show new activities were not taken into account.

The effect of anthropogenic ecological stressors Essay examples -- Env

Biodiversity is the variation among organisms and ecological systems at every environmental level. However, the simplest way to study these organisms is to observe the richness of the species. Species richness involves observing the number of species found within a certain patch (Ricklefs 2008). The dispersal of the species involves organisms entering and exiting patches to inhabit another patch. Dispersal may affect the distribution of the organism or the overall fitness of the population thus harming the species richness or possible increasing the richness (Ricklefs 2008). There are multiple factors that can affect the species richness of an organism, known as anthropogenic ecological stressors (Thompson and Shurin 2012). There is a wide variety of these ecological stressors ranging from pollution, climate change, and the introduction of invasive species, habitat destruction and the change in environmental conditions locally and globally (Thompson and Shurin 2012). These ecological stressors can occur individually or several may take place at one time thus interacting with one another and causing change to the resident species. Multiple ecological stressors applied can have a great impact on biodiversity and the overall ecosystem function (Christensen et al. 2006). The stressors can be predicted due to changes in the environment, yet there is no control on how forcefully they are applied and when they will occur (Christensen et al. 2006). Biodiversity in freshwater is known to be extremely vulnerable to climate. In response to the increase in temperatures due to climate change, organisms are expanding their ranges to higher latitudes and altitudes (Heino et al 2009). Therefore they are shifting their overall distributi... ...ent that is experiencing constant changes, thus relating back to the spatial insurance hypothesis. Works Cited Christensen, M.R., Graham, M.D., Vinebrooke, R.D., Findlay, D.L., Paterson, M.J., Turner, M.A. 2006. Multiple antrhopgenic stressors cause ecological surprises in boreal lakes. Global Change Biology, 12: 2316-2322. Heino, J., Virkkala, R. and Toivonen, H. 2009. Climate change and freshwater biodiversity: detected patterns, future trends and adaptations in northern regions. Biological Reviews, 84: 39-54. Ricklefs, R.E. 2008. Community Structure. Pages 376, 413 in J. Correa and S. Moran, editors. The Economy of Nature. W.H. Freeman and Company, New York, USA. Thompson, P.L. and Shurin, J.B. 2012. Regional zooplankton biodiversity provides limited buffering of pond ecosystems against climate change. Journal of Animal Ecology, 81: 251-259.

My Family: God Blessed Our Family with Robbie Essay -- Personal Narrat

Robbie is my eight-year-old brother. He is autistic. Autism is a developmental disability that interferes with the normal development of the brain in the areas of reasoning, social interaction, and communication skills. Because of autism, Robbie has severe delays in verbal and non-verbal communication, social interactions, and even in play activities. Robbie does not do what is normal for a child of eight and he acts much younger. Things that most children do automatically have to be taught to Robbie. Robbie goes to school every day. He is in a special education program that has helped him greatly. The TEACCH (Treatment and Education of Autistic and related Communication Handicapped Children) technique is used. It is a highly structured program with a great emphasis on functional and communication skills. Despite Robbie' inability to speak, he has learned how to communicate his needs and wants to others by using a Ma... ... Tank and "Friends" series and several of the Disney videos. He loves playing with "Tickle Me Elmo" and doing puzzles. But most of all Robbie enjoys eating. Pasta and noodle soup are his favorites. He is able to get the ingredients together by himself so all Mom has to do is turn on the stove and watch it cook. Robbie is autistic but he is also a very smart, funny, and loving person. He is so special and I am so happy to have such a special brother like Robbie.

Humanistic and Psychodynamic Essay

Abraham Harold Maslow- Humanistic Approach Humanistic is the psychology study of how the human works as a whole. This studies the uniqueness of the person through their behaviour. Rather than just observing the humans behaviour, humanistic psychologists try to study the humans behaviour first person rather than just observing. Meaning they try to understand the situation and the emotional feelings the person is going through for them to have that specific type of behaviour, they try to understand the behaviour of the person by looking at it from their perspective. Humanistic is a way of thinking and is an ability to solve our own personal problems. This meaning to focus on our own perspectives, experiences, thoughts, self-image and feelings to understand an individual. People can be capable of self-development and their own self-improvement. We have our own choices on what we choose to do and how we chose to take out this option. We chose how we want to behave and whether it’s right or wrong i.e. breaking the law. An i ndividual chosen whether they want to break the law, knowing full well of the consequences. This is called free will; we have the right to choose what we want to do and how we want to behave. The court of law follows this principle because you know whether you have done right or wrong and there is no one to blame, except yourself, because you chose to behave that way. Abraham Harold Maslow was the first psychologist to create the ‘human hierarchy of needs’ which explains the different level that an individual has to move from throughout life. This hierarchy changes from one level to another and each level has its own specific needs. Most psychologist before Maslow had been concerned with the abnormal and the ill, he convinced and persuaded people to start acknowledging people’s basic needs before addressing them as having higher needs or being ill. Firstly on Maslow’s hierarchy he started with the basic needs of a person such as food, water, sleep etc. then lead to the physical needs of an individual. The highest needs of an individual are ‘self-actualization’ which is realising who you are as an individual and knowing your own moti vations. Not many people get to the self-actualization for many reasons, being that they didn’t get through the different levels of the hierarchy or because they think that they can skip the rest of the  levels, thinking that they know their own self-fulfilment etc. These hierarchies have five different levels of needs. Maslow’s level of human needs started with physiological which is basic survival, understanding the function of the living organism. Which is what an individual needs, their basic needs i.e. water, sleep, breathing and sex. Then safety which is basic need again and feeling secure. For example, freedom from danger, risks or injuries whether at employment, home or doing everyday activities. Love and belonging is the next need which is the emotional level/need. Meaning to understand what love is and what it feels like to belong, dependent on being part of a family or understanding what it is like to love through friendship or sexual relationships. Esteem is the fo urth need, which is respect and recognition. Understanding what your personal goals are in life and what you can achieve throughout life dependent on yourself respect and respect for one another. The final level is self-actualization which is what makes you who you are as an individual, realise your own potentials in life. Also, realising your own self-fulfilment and person growth from peak experiences. Everyone as an own personal desire to move up the hierarchy table towards self-actualization, although their progress is often disruptive by failing to meet the low level needs. As an example if someone doesn’t show love or feel loved then they won’t be able to succeed through the love and belonging section, if they’re brought up in an abusive home this would affect the low level safety so they would be decreasing in the levels. Only remarkable people are most likely to reach the highest level, self-actualization. Maslow’s theory was the best type of motivation for an individual, he proposed he hierar chy of needs in his paper â€Å"a theory of Human Motivation†. Hans J Eysenck and Otto Gross approach to Psychodynamic Hans is a psychologist famous for his work on intelligence and personality. Eysenck claims that Freudian theories can be falsified, also Gross claims that Freud’s theories are scientific but have been proven wrong so which he say is simply â€Å"bad science†. Psychoanalyst tends to only accept YAVIS patients for treatment, YAVIS means young, attractive, verbal, intelligent and successful. This is because YAVIS patients are more likely to recover rather than mentally unstable patients. When the criticism of frauds approach happened was because Gross and Freud were in a disagreement on the  subjects of repression, sublimation and perversion. The meaning of repression is to control and resist what you would want. Sublimation is doing things in an acceptable and respectful manner and perversion is far from normal for example being abnormal. They disagreed on Freud’s theory because they believe that the patients should be capable of feelings and having their freedom also they shouldn’t be forced to do something that they do not want to do. Both psychologists argued that Freud got too involved and attached with his patients because Freud was there 7 days a week. Sigmund Freud, Psychodynamic Approach to Psychology Freud was the founder of psychodynamic approach to psychology; this is because he created a new approach to understanding how the human works and the human individual personality. Freud’ theory was the conscious and unconscious mind, he believed that behaviour and personality derives from the constant and unique interaction of conflicting psychological forces that operate at three different levels of awareness. The three different levels are conscious mind, preconscious mind and unconscious mind. Conscious mind includes everything that we are aware, every single moment. Preconscious mind represents ordinary memory. Unconscious mind reservoirs our feelings, thoughts, urge and memories that are outside out conscious awareness. The theory of the conscious and unconscious mind is done to show our feelings, motives and decisions which are actually influenced by previous/past experiences, which are stored in the pre-conscious and instincts from the unconscious. Freud later made a structural model of the mind which was called ID, EGO and SUPEREGO. The ID, EGO and SUPEREGO link to the conscious, pre-conscious and unconscious mind. ID is the unconscious, EGO is the conscious and SUPEREGO is the pre-conscious and unconscious mind. Although these are not physical areas within the brain they’re the process of important mental functions. Explanation of each stage is; ID is driven by pleasure principles which strive us for immediate needs and desires, meaning that the person would be wanting things. Although the ID will try to resolve the tension created by pleasure. EGO and SUPEREGO, EGO is something that is developed through ID in the early stages of life, EGO is the component of your personality that deals with reality whereas SUPEREGO is developed a little later as it controls your guilt. For example, if someone wanted a  new pair of shoes ID would kick in because the desire to have them shoes would rise, whereas EGO would have to face reality and realise that you might not have the money to get the shoes then SUPEREGO controls the guilt so then you would start regretting buying the shoes if for instants a family relatives birthday was coming up and now you don’t have the money. EGO works on a reality principle meaning that it wants to please the ID but in a socially and realistic way, which some people deem as unacceptable. The reality principle contemplates the positive and negatives of an action depending on what it decides, it will either act upon the decision or completely abandon it. SUPEREGO is the basic rules and standards for good behaviour. The behaviours included would be those approved by parents and those in authority. The SUPEREGO goal is to improve and civilize our behaviour; it tries to supress all the unacceptable urges that come from the ID. Fraud’ theory claims that the key to a healthy personality is a balance between the ID, EGO and SUPEREGO. Carl Ransom Rogers, Self-Actualization Again, the humanistic approach is how we look at an individual as a whole observing their behaviour and personality. Rogers was a psychotherapist, which is someone who treats people with mental disorders through psychology rather than medical means. After years of work, Rogers compiled the Self-actualization theory which is the realisation of fulfilment of one’s talents and potentials. Rogers says that people have two basic needs which are positive regard and self-worth. Positive regard is a sense of acceptance from other people and self-worth is feeling adequate. Our feelings of self-worth are important both to psychological health and we can achieve goals and ambitions in life to achieve self-actualization. Rogers’s theory is that the individual is responsible for their own happiness and should not look towards others for it. He believed that a person is born with the desire to be and achieve the best they possibly can. Rogers’s overall theory is about feeling good and mentally healthy therefore meaning a person is cable of resolving their own problems without looking towards others. His therapy was ineffective to those who were unconfident, unhappy and had a lack of self-esteem. So he studied on clients opposite to this, clients who were confident, happy and have a high level of self-esteem. His theory was known as ‘Rogerian Counselling’ which was only effective on healthy minded  people which means it did not work on mental and physically damaged clients this only increased emotional problems such as depression, also the theory was more successful on children and young people. The theory key was communication, if the client wasn’t fully communicating with Rogers it would not work, this proved the therapy ineffective to people with phobias. In conclusion Rogers theory of self-actualization teaches people to become self-sufficient upon their own actions rather than seeking it from other people. This proved that people naturally desire to be accepted regardless of what they do, however the majority of people will only accept them dependent on whether or not they want to. Rogers self-actualization tries to help people understand their full potential and what they can achieve, also seek happiness for themselves without looking towards others for it. His theory helps people become more happier about themselves rather than looking for acceptance and happiness from others.

Lost Time Is Never Found Again

It was Ben Franklin who said: â€Å"lost time is never found again. † Mr. Benjamin Franklin  also said: â€Å"Remember that time is money. † Each of us has exactly 24 hours per day. Neither more nor less minute. Those of us that maintain a full time job know very well that we trade our time weekly in exchange for money. Some of us earn more money for less time and of course the opposite is true. Nowadays there are two categories of people. People from the first group work hard in order to make enough for a living, to satisfy their basic needs.While the others consider money as a way to win more power and better social position, sometimes – even friends. They say â€Å"Money makes the world go round† and time represents only money for them. In my opinion, there cannot exist any statement that is undoubtedly true. And in this way, we are not able to say whether time is money or not. Some people will always believe that time is only money but nothing else; others will defend the opposite thesis.All of us should realize that the material world around us makes time money. I confess that all of us should be realists. No one can lead normal life without enough money. People constantly work in order to earn. And they need time. It is mainly money for them. Their credo is â€Å"Don’t lose time, make money! † Certainly, interests, requests, opinions of other people can and should be considered by you at definition of how you spend yours of time. But nevertheless, the final decision always for you.

Unit 1 D2

Amy Holihan CACHE Level 3 Unit 1 D2 â€Å"Multi Agency working brings together practitioners from different sectors and professions to provide an integrated way of working to support children, young people and families. † (www. education. gov. uk 18. 10. 2021) Multi Agency Teams are made up of professionals who are brought into the childcare setting for a variety of different reasons.They ensure that all children, young people and families who need additional support have exactly the right professionals they need in order to support them. A Multi Agency Team could involve anyone who’s voluntary or job puts them in contact with children, young people or families. Other professionals who may work as part of a Multi-Agency Team are social workers, educational psychologists, health visitors and paediatric dieticians.They help children and young people who may be suffering from special needs, learning in difficulties or behavioural difficulties they assess these children and give them individual support and together with their families. The Multi Agency Team approach has many benefits such as there is better support for the parents and easier to meet every child and families individual needs and to address them more appropriately and children seeing professionals around then working together as a team.Communication between different services and confidentiality is crucial when working in a multi-agency team to ensure that all children and families get the support they need and their rights are never breached. â€Å"The CAF should be offered to children who have additional needs to those being met by universal services unless a child is presenting a need it is unlikely the CAF will be offered. The practitioner assesses needs by using the CAF. † (www. education. gov. uk 18. 10. 2012) The common Assessment Framework is to be used by all professionals who are in contact with children young people and their families.It is used to help practitioners i dentify a child’s need and offer them extra support before it reaches crisis point and to ensure important needs of children are not overlooked. Information is also shared between other practitioners so that parents only have to tell one professional information about their child. Parents also get to see the assessment information and get to voice their views and opinions with practitioners. Families play a big part when developing an action plan for meeting all children’s additional needs and consent must also be given by the parents.