Self Awareness As An Important Attribute For Nurses

This assignment aims to identify self-awareness as an important attribute for nurses. I aim to achieve this by exploring why self-awareness is important and the impact it can have on nursing professionals. Finally there will be a conclusion with a thorough justification on why self-awareness is an important life skill for nurses. Rawlinson, (1990) defines self-awareness as a conscious process in which we consider our understanding of ourselves. Having self-awareness and the ability to reflect means you can assess your own knowledge, skills and behaviours (NCL, 2014). In order to improve the quality of care and develop skills and confidence, one must reflect on their self-awareness experiences, to reach their full potential of practise. To define reflection Duffy (2008) describes reflective practise as an active and deliberate process to critically examine practice. Through self-awareness individuals can get to know more about what they do and what limits their abilities (Ghaye and Lillyman, 2001). Thus improving the quality of care provided to service users, as nurses have the responsible for providing care to the best of their ability to patients and their families. The NMC (2006) defines competency as the combination of skills, knowledge, attitudes and abilities that underpin effective performance in the nursing profession. Self-awareness defines a student nurse as an individual who is attentive, alert and consequently improving the environment and quality of careShow MoreRelatedThe Attributes Of Leadership As A Nurse Role1460 Words   |  6 Pageschanging of health care system, leadership skill is one of the most important competencies of advanced practice nurse (APN). This skill should be taught, practiced, nurtured and enhanced during APN education more than ever before. 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(Draper et al 2013). Person centred care reminds nurses and care staff that they are caring for the service user, their families and care staff providin g the care, this allows the patient power in decision making towards their health andRead MoreConcept Analysis on Caring Essay1637 Words   |  7 Pagesanalysis framework of Walker and Avant (1983), an attempt is made to gain better understanding of the constituent properties of caring. This includes the evaluation of various definitions of caring, key attributes, antecedents, consequences, and the perception of caring from the patients and nurses point of view. Then, drawing a conclusion of the significance of caring, thereof. The Oxford Dictionary defines caring as the work or practice of looking after, as well as, displaying kindness and concernRead MoreEmotional Intelligence : Why It Can Matter More Than Iq By Daniel Goleman1489 Words   |  6 Pagesconcept of â€Å"emotional intelligence†, or EI, in a journal article in 1990 (Goleman, 2005). It was then popularized in 1995, with the book Emotional Intelligence: Why It Can Matter More Than IQ by Daniel Goleman. Goleman posited that EI is as important, if not more important, than IQ in terms of success in academics, business, and interpersonal relationships (2005). Although the phrase was new to English vernacular, the concept of EI is not a modern idea to human philosophizing. The Greek philosopher, PlatoRead MoreThe Concept Of The Care Of Terminal Patients1532 Words   |  7 Pagesaffects almost all nurses and almost all patients. Caring for rather than curing patients is becoming more necessary, but it is still a harrowing process for medical personnel to accept and facilitate. More education, exposure, and training are needed, which is why this topic was selected. The intent of this paper is to clarify the process in a concept analysis, based on Walker and Avant’s method, that explores the different uses of the concept of hospice care, studies its attributes, antecedents, andRead MoreEmotional Intelligence And The Nurse Essay1449 Words   |  6 PagesNurses are said to do the unthinkable and touch the untouchable (Canfield, Hansen, Mitchell-Autio, Thieman, 2001). Why nurses can seem to do this remains a mystery yet investigated in peer reviewed literature. Professional nurses hold values to a high standard while performing their tasks. This is done by individuals who are astute in the language that may not always be expressed with words, the language of emotion. 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Fancy Footwork Free Essays

Most countries have their own cultural traditions, and China is no exception. Street dancing is not very popular in the United States, especially in Sacramento, since people have busy life styles and urban management law enforcement. Sometimes people go to clubs dancing when they have free time or hang out with friends. We will write a custom essay sample on Fancy Footwork or any similar topic only for you Order Now However, in China, we can see a lot of ladies dancing in square or open spaces like parks or parking lots during morning time or after dinner time. People can join the street dances everywhere from big cities to small towns. Many community owners and residents oppose the square dance in the community due to their loud music, and some people think this loud music has seriously affected their lives, so residents expelled dancing ladies at the beginning. As time went by, people started to accept and adjust to the environment around them. Street dances have become one aspect of culture in China. Moreover, it is also considered a social phenomenon in China. The streets have become a colorful world at night. Why? Since there are elderly people or middle-aged people enjoy the dancing in the square. Some people dance and sing, other people are into fitness, and some naughty children follow the funny action of the dancing ladies. Even though the dancers are old, they still have vibrant vitality and graceful dance posture. They are well-behaved and rhythmic. They have neatly arranged team, and the people dressed uniform clothing wearing a blue and white T-shirt, trousers, and white gloves, really like the people’s liberation army in the military parade. My grandma couldn’t help to join the team when she saw the spectacular scenery. When I was a child, my grandma always took me to the square dance because it was her routine. Her joints are flexible and soft like snakes. Her beautiful dance leisurely soft like butterfly flying and smooth wicker twisting. Street dance in the Chinese mainland; both north and south are very common, mostly participants experienced the Cultural Revolution generations of the elderly. In China, the middle-aged and elderly women who dance at street dance have been given the title of â€Å"Guang Chang Da Ma Wu† which is street dance. Accompanied by elegant music and lightweight pace of dancers, people know where they should go for dancing, and usually they have stable places. Although sometimes rain couldn’t stop their activities, they go to indoor grounds. Many people join the street dancing because it is very cheap and avoid traffic to go far away to clubs. For example, it is reported as being 5 RMB per month. It depends where you live. If you live in the big cities like Guangzhou, Shanghai, or Beijing, it will be about 20 RMB, which is three dollars. I still enjoyed dinner with my family while the music is open as loud as trains outside of my home. It is very convenient being next door. It seems to tell people that it is time go out dancing. When foreign tourists travel to China, they are completely impression by â€Å"Guang Chang Da Ma Wu†. They may think dancers are so ridiculous since they play loud music and occupy a lot of public places; also, they annoy many other residents. Because so many dancers like to dance very early in the morning, for example, around 6:00am, this does not allow sleeping-in on weekends. The noise also bothers some people at work when the dancers are active during working hours. Additionally, this can cause a lot of trafficproblems and displace other sports. Street dancing seems weird in other countries, but it creates a good atmosphere of helping, learning, exchange of feeling, friendship, growth of knowledge and fitness, bringing together people of different levels qualities and interests. When I look back at the life in China, I have vivid images of the street dance around my home in my head. Loud music has been coming in my ear which seems to have happened yesterday. â€Å"Guang Chang Da Ma Wu† has become significant, not only in my family, but it is a major culture of Chinese society. Street dance has become the soul of Chinese culture. It is inherited from generation to generation. How to cite Fancy Footwork, Papers

Bottom Lines and Sustainability Construction †MyAssignmenthelp.com

Question: Discuss about the Bottom Lines and Sustainability Construction. Answer: Introduction H-Young is a reputable international company that specializes in building and construction. However, the firm has often been challenged with the realization of the sustainability as part of the objectives and goals in operations. Such a scenario has been enhanced by the idea that the organization cannot institute an effective framework for measuring their degree of sustainability, which enhances the development of the triple bottom lines (TBL). The concept used in the TBL allows for the measurement of value in relation to the environmental and social dimensions. Besides, the approach aims at evaluating the outcome of investments made by the company based on performance to account for the sustainable goals[1]. The upfront has enables the widespread use of the TBL in accounting for performance at various levels. For such reasons, H-Young Company has fully incorporated the technique in managing the organization and part of its corporate strategy. For example, development of a measure to sustainability for the employee's performance and welfare of the organization has been improved through the TBL framework. The H-Young Company has a primary focus on civil and structural construction, which exposes most of their activities to social, environmental and economic challenges, site clearance, trees removal, excavation, and resource utility among others. However to assist in the realization of sustainable construction various policies have been adopted. For instance, the environmental policy influences approaches to conservation and sustainability. As well, the Global Reporting Indicator has been used in providing financial frameworks in the company. Challenges faced by H-Young Company in Sustainable Construction In the process of enhancing construction activities, the company is likely to realize various difficulties in social, environmental and financial management based on the assessment methods and rating systems in performance. For instance, under the sustainable construction and environmental policies, H-Young will be challenged by the waste reduction methods and recycling of waste materials that could be dependent on the site of construction. As well, financial constraints will be enhanced through the inappropriate energy use and establishment of alternatives in addition to fulfillment of legal formalities. Furthermore, the employees have demonstrated poor social skills in interacting with their colleagues and the surrounding community due to the poor training sessions and lack of public awareness on procedures and personal responsibilities. On the same note, the construction activities might have huge impacts on the society creating commotion in the neighborhood. Therefore, the compan y has a challenge in meeting the improving and enhancing efficiency of their objectives and targets. The triple bottom line can be referred as an accounting framework used for the incorporation of the three different performances dimensions in the company that includes, financial, environmental and social approaches. Such a provision demonstrates the significance of the technique in sustainable construction making it different from the traditional reporting framework that does not include the three variables[2]. However, the firm still has a responsibility of assigning the effective methods of measure in from the TBL to estimate the sustainability. In such regards, the dimensional factors are highlighted to enhance the measurement that is people planet and profits. More so, the triple bottom line has enabled the development and practice of sustainability by measuring the effects of the organizational activities in the in the different operations of H-Young across the world that entails the value and profits of the shareholder and its relation to the social, economic and environmenta l capital. Nevertheless, the different pose difficulty in the measurement of the 3Ps of the TBL since they do not form a common unit, like profits can be approximated in the dollar, while social capital and environmental health have no defined units[3]. In response, some individuals have suggested the monetization approach to the environmental damage and social welfare top assist in the calculation of the TBL. Such a proposition has been objected due to the challenge of quantifying the endangered species among other environmental components on philosophical grounds. Besides, calculating the TBL based on indexing has been proposed to eliminate the issue of incompatibility between the different aspects, like the comparison of the H-Young performance between nations, development projects or stations. Meanwhile, the metric involved in the calculation of the TBL should be considered in deciding on an appropriate method of calculation. Nevertheless, in deciding on the effective metrics to include in the triple bottom lines measurement, the corporate members agree that no standard principle would apply to such effect[4]. Such a consideration indicates that no technique is universally accepted in the estimation of the sustainability in the different frameworks. However, such a ruling shows the flexibility of the approach and strength as it allows the person estimating to adopt a general framework that would fit the different needs of the organization towards the environment or construction project. Despite the ability of the other businesses or governmental agencies to estimate the environmental sustainability on the index or common units, like dollars, H-Young would break it down to the shares per earnings since the framework can keep up with the variations[5]. The triple bottom line has indicated the specific and wide range of impacts on the geographical landscape, which indicates its relevance in estimating the in frastructural projects at different levels. However, the level of engagement of the geographical scope, project type, and entity level would provide a measure to the decisions provided in the in the sustainability framework. Besides, the appropriate use of the sustainability measurement influences the triple bottom line calculations. For example, the economic measures involve the flow and bottom line of money by considering the incomes, taxes, expenditures, climatic factors and diversification factors. The economic variables will entail personal income, underemployment cost, the growth of opportunities, revenues, and distribution of the in the economic sector. As well, the environment measures have a representation of the natural resources and show the level to which the company influences its viability. For instance, concentration or sulfur dioxide, nitrogen oxides, priority pollutants, excessive nutrients, electrical consumption, fossil fuels, management of solid waste and change in land use in the surrounding region the company is established. Global Reporting Indicator (GRI) and sustainable development Through the use of the GRI mechanism, the company has ensured transparency and accountability of its activities to achieve the social, economic, and environmental objectives. As well, the accounting framework allows for open and clear communication on sustainable construction. Meanwhile, the social variable in the measurement of TBL will entail the impact of the company on the social impacts presented in the company in the community, like life quality, social capital, health, education levels[6]. Other social implications might be determined by assessing the rate of unemployment, gender composition, poverty levels, health, incomes, and literacy of the population among others at local and international level. Such considerations will enhance the development of an effective measurement to different TBL dimensions. Besides, the approach provides appropriate ways of dealing with the participation and input of the stakeholders in the company by establishing a decision matrix for the incor poration of the public preferences in decision-making and project planning. For example the use of a narrative formulation in soliciting the contribution of the shareholders in project evaluation and estimation of the components of TBL sustainability framework based on the community preferences. For example, within a certain region, the success can be measured by the number of women employed in the organization as part of female empowerment and entrepreneurial development program. Despite such influences, H-Young will have the ultimate responsibility of producing a final set of applicable measures to the project at hand. The application of the Triple bottom line by companies or businesses has motivated the development of environmental, economic and social sustainability principles in measuring the three different outcomes. However, challenges have been encountered regarding the use of the TBL in the sustainability assessment. Such a move has been driven by the fact that realizing a comprehensive and standard index for the measurement as well as the identification of the appropriate data to include in the TBL is difficult due to the presence of variation measurements. For example, the incorporation of the genuine progress indicator encompasses 25 variables in gauging the social, economic and environmental factors in the company that can be compressed into a single entity[7]. Besides, various sustainable and integrated assessment variables can be included in the study to allow for the measurement of the environmental implications to attain the goals of the firm in sustainable construction. Relationship between the TBL and sustainable development H-Young has utilized the triple bottom line as the main system in assessing profits made in the development of sustainable corporate solutions. Such a move indicates the significant relationship between the sustainability and TBL in the realization of social, environmental and economic projects. Besides, the approach shows the role of the TBL as an indicator of the company's sustainable construction by providing the best markers to enhance the quality of life. From the social sustainability approach, the triple bottom line provides a measure of the accrued profits in the business as human capital in the different regions the firms is located. The social bottom line can be enhanced through improving the fairness and benefits to labor providers in the company through the corporate community initiative[8]. As well, whenever H-Young does not seem to build positive relationships within the community, the client's foundation and worker's pool is likely to reduce simultaneously. Such a cons ideration indicates that the lesser the wage, the higher the chances of the company surviving in the region because it will afford to operate for an extended time. Nevertheless, the social bottom line shows the sustainability of the company's human capital in the long-term based on the understanding of the nature of the business operations within a particular environment[9]. Therefore, the interests in labor and corporation are interrelated despite the challenges encountered in public relations during measurements. Further, the environmental sustainability is likely to be realized when the impacts of the construction activities are less subjected to the environment or do not tamper with the natural resources available. In such a regard, the company will maintain its posterity in the region increased its success. However, to control the environmental bottom lines, the company has to demonstrate its efficiency in monitoring, management, and reports on the consumption of wastes and emissions. Through showing compliance to the environmental health guidelines, the firm will realize sustainable business models to reduce the wastes and incorporate the green policies at various levels of management. As well, to assess the environmental impact, the company will assign a sustainability committee to handle the same to enforce laws and provide solutions to the possible challenges. In such a case, assessing and reporting the environmental bottom line seems to be simplified and possible depending on the size of the business. However, the process can be time-consuming and complicated if the H-Young increases it size or measures all the sub-stations across the world, causing variations in data. As a result, technological advancement has enabled the adoption of software to improve the measurement by providing a quick and cost-effective approach to sustainability assessment. Similarly, economic sustainability does indicate the traditional corporate capital in the company alongside the human and environmental capital. Such a consideration suggests that the economic capital can be estimated by the implication of the company towards the economic environment[10]. However, H-Young is likely to strengthen the economy in the located region by complying with the economic policies, which will enable to survive in future. In such a regard, every company should be aware of the existing triple bottom line accounts in addition to the traditional profits to add some value in the economy. Besides, the TBL concepts will increase the understanding of the company's management to enhance its position in the economy since the corporate sustainability provides room for measuring the firm's ability. Such measures will take place considering the company's environmental implications, relationship with the surrounding community, and its significant contribution to the economy. F rom such a provision, triple bottom line enables one to visualize the business as a both as an environmental and social entity that can exhibit variations during measurement. Significance of the triple bottom line in sustainable construction The triple bottom line and the sustainable economic development have shown assistance in the understanding of the need for economic development. Such a move has created an improved state and quality of life through the increase in employment opportunities and wealth accumulation, which enables the expansion of the company, retention of employees, more recruitments, and creation of jobs for people in the community in different ways. For example, the increased development in the workforce, corporate assistance, growth of network and expansion of infrastructure among others elements that support the organizational development and influences its decisions are illustrated in the TBL. Besides, the approach adds to the recognition of the social and environmental factors that operate within the firm in three dimensions to enable the company to succeed[11]. In such a scenario, the economic developers in the organization will expand their social, environmental and economic aspects while decidi ng on investments due to the presence of the interdependent factors that contribute to the closure of the gaps in the economy. However, poor understanding and interpretation of the triple bottom line concepts may pose a challenge to the realization of the business objectives since it limits the planning, administration, and sustainability in construction. On the same note, the composition of the community and the company will increase the implementation of the TBL approaches through increased awareness and enlightenment, while inadequate capacitation, little understanding, and low social status impede the uptake of the TBL concepts. As well, considering the fact that economic development is likely to occur in highly competitive environments, the success of the TBL in ensuring sustainable construction will be ill-defined. Such a case is attributed to the fact that outcomes are affected by external factors that cannot be controlled by the company. However, the sustainability will be impeded by inadequate integration and coordination on the environmental, social and economic policies and programs in relation to the TBL principles and trade-offs in the required goals. Furthermore, the economic sustainability approaches are not essential in the professional and academic accreditation in economic developments that can be translated into the inadequate knowledge and skills to incorporate the concepts to put into practice. From such a remark, the sustainability construction requires no accreditation based on competence in the theory and practice of triple bottom line. However, to improve the well-being of the individual s, economic development should be dedicated towards the generation of jobs and creation of wealth through incomes. The conventional approaches to the triple bottom line can be challenged by examining the deleterious trends in the company or community, like increased income disparity or costly developments associated with environmental implications. In such a way, the TBL approaches have a successful economic development pattern that can serve in the controlling the sustainability framework for research and programming[12]. Therefore, TBL concepts are vital in the helping the firm advance the theory and practice of the sustainable economic development projects, like construction. In training and certification, professional organizations have shown the importance of sustainability related content in projects and programming. Such a necessity has enhanced the room for expansion of efforts based on the TBL approaches to add to the key competencies of the required in certification. As well, learning institutions have adopted mechanisms of offering economic development courses to enhance sustainability through the provision of the basic knowledge and skills as part of the curriculum development. Therefore, training and certification help the employees to develop the necessary standards for ensuring accreditation for planning and business programs through attaining the minimum qualifications for sustainable construction. In the assessment, the triple bottom line plays a significant role in attaining sustainability despite the presence of challenges of in the environment. Besides, the literature on assessment shows the implications of the sustainable development can be minimized by focusing on the negativity as opposed to the alignment of the company to realized good outcomes and preferred results. Furthermore, the extensive resources required by an organization to assist in the analysis can be terminated causing the poor performance in the project and associated activities in addition to poor integration and decision-making approaches. However, the several challenges experienced during the post assessment of impacts have been identified to enhance the data collection and analysis resources with limited ability to promote the causal attribution. Furthermore, the TBL concepts in assessing sustainable construction have been indicted reduced uptake in the company to due to the absence of the incentives t o utilize in the process. For instance, the American TBL tools used in the meeting the requirements for a research, industrial and user-friendly assessment tool for sustainable construction[13]. However, the online platform used in the design, assess and communication of the project alignments in economic development based on the significance of the economic goals, stewardship of the natural resources, while ensuring the well-being of the community. Such a consideration indicates that the user-defined information and data sets are essential in the determination of the level of investment alignment based on the sustainable outcomes. For instance, the accessibility of a location, relative wages and the proximity to natural resources based on the mode of action of the company. Nevertheless, the activities should ensure that they comply with the certification of the green construction, engagement of the community and creation of jobs from the available information. In such regards, the TBL tools will be implemented based on the investment approaches and future versions on unknown locations, which are subject to review due to the demonstration of various factors inhibiting the sustainable construction. Therefore, from the assessment, the effective tool for project evaluation will depend on the productiveness of the of the TBL tools to assess the sustainable economic development projects. For incentives, the economic developer will come up with an effective strategy of reviewing the triple bottom line to increase the level of interaction between the economic development professionals revealing their concerns towards the project. Such a consideration will enhance the formulation of a reward system to enhance the responsibility of the workers and the community with respect to the development agendas. However, the challenge in the approach could be the realization of development incentives to promote the performance of the TBL objectives in the company. Besides, professional standards will be implemented to assist the developers in accounting and designing the appropriate sustainable development incentives without tampering with the project activities. Besides, on a research basis, the TBL concepts will be demonstrated increased opportunities for the development of productive research on the sustainable construction. For instance, the integration and extension approaches portrayed in the assessment surveys are key in the realization of the company's objectives. However, the absence of uniformity in the in the formulation of the sustainability questions creates a challenge in the analysis of the three TBL dimensions as well as the lack of critical questions on the major topic precludes the understanding on the significant sustainability issues. On the other, the demonstration of efforts in the coordination of the goals helps in improving the understanding of the differences between the three groups, while enabling the opportunity for changes in attitudes, priorities, and actions with time. Conclusion Consequently, the research demonstrates the importance of understating the Triple Bottom Lines in the realization of sustainable construction through the provision of standards and analyses on the concepts towards economic development. However, the TBL approaches are likely to influence the mechanism of dealing with the challenges encountered in the achievement of sustainability, like professional development, training, and accreditation programs among others that must be integrated and implemented in sustainable construction. In such a consideration, the TBL is significant in the achievement of a sustainable economic development process in the organization. References Alcamo, J., Bennett, E.M. Millennium Ecosystem Assessment(Program). (2003).Ecosystems and human well-being: A framework for assessment. Washington, DC: Island Press. Ammons, D., Morgan, J. (2011). State-of-the-art measures in economic development.PM Magazine,93(5), 6-10. Arena, P., Adams, J. A., Noyes, K., Rhody, S., Noonan, M.(2008).Construction grants program impact assessment report.Volume IReport on investigation and results. Retrieved fromhttps://www.inbia.org/docs/default-source/resourcesrelated-links/download-construction-grants-program-impact-assess-ment-report.pdf?sfvrsn=2 Arndt, H. W. (1987).Economic development: The history of an idea. Chicago, IL: University of Chicago Press. Bartik, T. (2005).Solving the problems of economic development incentives.Growth and Change,36, 139-166. Bartik, T. (2011).Investing in kids: Early childhood programs and local economic development. Kalamazoo, MI: W. E. UpjohnInstitute for Employment Research. Benner, C., Pastor, M. (2014), Brother, can you spare some time?Sustaining prosperity and social inclusion in America's metropolitan regions.Urban Studies,52, 1339-1356. Bennett, M. J., Giloth, R. P. (2007).Economic development in American cities: The pursuit of an equity agenda. Albany: State University of New York Press. Bentivegna, V., Curwell, S., Deakin, M., Lombardi, P., Mitchell, G., Nijkamp, P. (2002). A vision and methodology for integrated sustainable urban development: BEQUEST.building research Information,30(2), 83-94. Cashmore, M., William, R., Morgan, R., Cobb, D., Bond, A.(2004). The interminable issue of effectiveness: Substantivepurposes, outcomes and research challenges in the advancement of environmental impact assessment theory.impact assessment and Project Appraisal,22, 295-310. Conroy, M. (2006). Moving the middle ahead: Challenges and opportunities of sustainability in Indiana, Kentucky, and Ohio.Journal of Planning Education and Research,26, 18-27. Costanza, R., de Groot, R., Sutton, P., van der Ploeg, S., Anderson, S., Kubiszewski, I., Farber, S., Turner, R. K. (2014).Changes in the global value of ecosystem services.global environmental Change,26, 152-158. Grodach, C. (2011). Barriers to sustainable economic development: The Dallas-Fort-Worth Experience.Cities,28, 300-309. Haanaes, K., Reeves, M., von StrengVelken, I., Audretsch, M., Kiron, D., Kruschwitz, N. (2012).Sustainability nears a tipping point. Retrieved from https://c4168694.r94.cf2.rackcdn.com/MIT-SMR-BCG-Sustainability-Nears-a-Tipping-Point-Winter-2012.pdf

What Solutions Are Possible to the Free Rider Problem, Both Inside and Outside of Government free essay sample

Outline of the Chapter †¢ Bond pricing and sensitivity of bond pricing to interest rate changes †¢ Duration analysis – What is duration? – What determines duration? †¢ Convexity †¢ Passive bond management – Immunization †¢ Active bond management 16-2 Interest Rate Risk †¢ There is an inverse relationship between interest rates (yields) and price of the bonds. †¢ The changes in interest rates cause capital gains or losses. †¢ This makes fixed-income investments risky. 16-3 Interest Rate Risk (Continued) 16-4 Interest Rate Risk (Continued) What factors affect the sensitivity of the bonds to interest rate fluctuations? †¢ Malkiel’s (1962) bond-pricing relationships – Bond prices and yields are inversely related. – An increase in a bond’s YTM results in a smaller price change than a decrease in yield of equal magnitude. – Prices of long-term bonds tend to be more sensitive to interest rat e changes than prices of short-term bonds. 16-5 Interest Rate Risk (Continued) – The sensitivity of bond prices to changes in yields increases at a decreasing rate as maturity increases. We will write a custom essay sample on What Solutions Are Possible to the Free Rider Problem, Both Inside and Outside of Government or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page – Interest rate risk is inversely related to the bond’s coupon rate. Homer and Liebowitz’s (1972) bond-pricing relationship – The sensitivity of a bond’s price to change in its yield is inversely related to the YTM at which the bond currently is selling. 16-6 Interest Rate Risk (Continued) †¢ Why and how different bond characteristics affect interest rate sensitivity? 16-7 Interest Rate Risk (Continued) †¢ Duration – Macaulay’s duration: the weighted average of the times to each coupon or principal payment made by the bond. †¢ Weight applied to each payment is the present value of the payment divided by the bond price. wt D CFt /(1 y ) t , Bondprice T T wt t 1 1 t * wt t 1 16-8 Interest Rate Risk (Continued) †¢ Example: 16-9 Interest Rate Risk (Continued) – Duration is shorter than maturity for all bonds except zero coupon bonds. – Duration is equal to maturity for zero coupon bonds. †¢ Why duration is important? – Simple summary statistic of the effective average maturity of the portfolio. – Tool for immunizing portfolios from interest rate risk. – Measure of the interest rate sensitivity of a portfolio. 16-10 Interest Rate Risk (Continued) – The long-term bonds are more sensitive to interest rate movements than are short-term bonds. – By using duration we can quantify this relation. P P D (1 y ) 1 y 16-11 Interest Rate Risk (Continued) – Modified Duration: †¢ Measure of the bond’s exposure to changes in interest rates. †¢ The percentage change in bond prices is just the product of modified duration and the change in the bond’s yield to maturity. †¢ Note that the equations are only approximately valid for large changes in the bond’s yield. D* P P (1 D /(1 D* y) y) y y 16-12 Interest Rate Risk (Continued) †¢ What determines Duration? – The duration of a zero-coupon bond equals its time to maturity. – Holding maturity constant, a bond’s duration is higher when the coupon rate is lower. Holding the coupon rate constant, a bond’s duration generally increases with its time to maturity. †¢ For zero-coupon bonds the maturity=the duration †¢ For coupon bonds duration increases by less than a year with a year’s increase in maturity. 16-13 Interest Rate Risk (Continued) – Ho lding other factors constant, the duration of a coupon bond is higher when the bond’s yield to maturity is lower. †¢ At lower yields the more distant payments made by the bond have relatively greater present values and account for a greater share of the bond’s total value. The duration of a level perpetuity is equal to: (1+y) / y †¢ The PV-weighted CFs early on in the life of the perpetuity dominate the computation of duration. 16-14 Interest Rate Risk (Continued) 16-15 Convexity †¢ By employing the duration concept we can analyse the impact of interest rate changes on bond prices. – The percentage change in the value of a bond approximately equals the product of modified duration times the change in the bond’s yield. – However if this formula were exactly correct then the graph of the percentage change in bond prices as a function of the change in ts yield would be a straight line, with a slope D*. 16-16 Convexity (Continued) †¢ The duration rule is a good approximation for small changes in bond yields. †¢ The duration approximation always understates the value of the bond. †¢ It underestimates the increase in price when yields fall. †¢ It overestimates the decline in prices when yields rise. †¢Due to the curvature of the true price-yield relationshipconvexity 16-17 Convexity (Continued) †¢ Convexity is the rate of change of the slope of the price-yield curve, expressed as a fraction of the bond price. Higher convexity refers to higher curvature in the price-yield relationship. – The convexity of noncallable bonds are usually positive. – The slope of the cuve that shows the price-yield relation increases at higher yields. Convexity 1 P (1 y ) 2 n t 1 CFt (t 2 t ) (1 y )t 16-18 Convexity (Continued) †¢ We can improve the duration approximation for bond price changes by taking into account for convexity. †¢ The new equation becomes: P P D y 1 [Convexity ( y ) 2 ] 2 †¢ The convexity becomes more important when potential interest rate changes are larger. 16-19 Convexity (Continued) †¢ Why convexity is important? †¢ In the figure bond A is more convex than bond B. †¢The price increases are more in A when interest rates fall. †¢The price decreases are less in A when interest rates rise. 16-20 †¢ Callable Bonds Convexity (Continued) – When interest rates are high the curve is convex. The price-yield curve lies above the tangency line estimated by the duration approximation. – When interest rates are low the curve is negative convex (concave). The priceyield curve lies beolw the tangency line. 16-21 Convexity (Continued) In the region of negative convexity the price-yield curve exhibits an unattractive asymmetry. †¢ Increase in interest rates causes a larger price decline than the price gain due to the decrease in interest rates. †¢ Bondholders are compensated with lower prices and higher yields. – Effective Duration Effectiveduration P/P r 16-22 Convexity (Continued) †¢ Macaulayâ₠¬â„¢s Duration – The weighted average of the time until receipt of each bond payment. †¢ Modified Duration – Macaulay’s duration divided by (1+y). – Percentage change in bond price per change in yield. †¢ Effective Duration Percentage change in bond price per change in market interest rates. 16-23 Convexity (Continued) †¢ Mortgage-Backed securities – In a sense similar to callable bonds-subject to negative convexity. – If mortgage rates decrease then homeowners may decide to take a new loan at lower rate and pay the principal for the first mortgage. – Thus there is a ceiling for the bond price written on these mortgage loans as in callable bonds. 16-24 Passive Bond Management †¢ Passive managers take bond prices as fairly set and try to control only the risk of their fixed-income portfolio. Indexing Strategy – Attempts to replicate the performance of a given bond index. – A bond-index portfolio will h ave the same risk-reward profile as the bond market index to which it is tied. †¢ Immunization Strategy – Designed to shield the overall financial status of the institution from exposure to interest rate fluctuations. – Try to establish a zero-risk profile, in which interest rate movements have no impact on the value of the firm. 16-25 Passive Bond Management (Continued) †¢ Bond-Index Funds – Form a portfolio that mirrors the composition of an index that measures the broad market. The major bond indexes in USA are Lehman Aggregate Bond Index, Salomon Smith Barney Broad Investment Grade (BIG) Index, and Merill Lynch U. S. Broad Market Index. – They are market-value weighted indexes of total return. They include government, corporate, mortgage backed, and Yankee bonds with maturity over a year. 16-26 Passive Bond Management (Continued) – They are not easy to replicate however: †¢ There are more than 5000 securities. †¢ Rebalancing problems †¢ Immunization – Banks and pension funds in general try to protect their portfolios from interest rate risk altogether. Banks try to protect the current net worth (net market value) of the firm against interest rate fluctuations. – Pension funds try to protect the future value of their portfolios since they have an obligation to make payments after several years. 16-27 Passive Bond Management (Continued) – Interest rate exposure of the assets and the liabilites should match so the value of assets will follow the value of liabilities whether rates rise or fall. – Duration-matched assets and liabilities let the asset potfolio meet firm’s obligations despite interest rate movements. 16-28 Passive Bond Management (Continued) – What if interest rates change and the duration of the assets and liabilites do not match? †¢ If interest rates increase the fund (asset) the firm has will suffer a capital loss which can affect its ability to meet the firm’s obligations (liabilities). †¢ But the reinvestment rate for the coupon payments will increase so the reinvested coupons will grow at a faster rate. †¢ There will be two offsetting types of interest rate risk: price risk and reinvestment rate risk. – If the durations match, the price risk and reinvestment risk will cancel out each other. 6-29 Passive Bond Management (Continued) †¢ The solid red curve shows the accumulated value of bonds if interest rates remain at 8%. †¢ If interest rates increase at time=t* then the initial impact is capital loss but this loss is offset later by the faster growth rate of reinvested funds. †¢ At the duration time two effects cancel out each ot her. 16-30 Passive Bond Management (Continued) †¢ Graph of the PV of the bond and the zero-coupon obligation as a function of interest rate. †¢ For small changes in interest rates the changes in assets and liabilities are same. For greater changes the curves diverge. †¢ Why? †¢ Convexity †¢The asset and liability are not duration-matched across different interest rates. 16-31 Passive Bond Management (Continued) †¢ Rebalancing immunized portfolios: – As the duration of the assets and liabilities may change because of interest rate fluctuations the portfolio managers have to rebalance their portfolios to match the durations. – Also duration changes with the passage of time. †¢ As time passes the duration of the assets and liabilities will change at different rates. 16-32 Passive Bond Management (Continued) Cash Flow Matching – Buying a zero coupon bond that provides a payment in an amount exactly sufficient to cover the projected cash outlay. †¢ Dedication Strategy – Cash flow matching on a multiperiod basis. – The manager selects either zero-coupon or coupon bonds that provide total cash flows in each period that matches the series of obligations. – Advantage: It is once-and-for-all approach and eliminates the interest rate risk. 16-33 Passive Bond Management (Continued) †¢ Problems of Immunization – In the general duration formula the weights are computed by discounting CFs with the same YTM. If YTM differs than for each CF a present value has to be calculated by using appropriate rate. – Immunization only makes sense for nominal liabilities. †¢ If your future obligation depends on the future inflation you can not immunize it by buying an asset with fixed-income (not indexed). 16-34 Active Bond Management †¢ Finding mispriced securities, especially underpriced ones †¢ Forecasting interest rates – If the decline in interest rates are anticipated the managers will increase the duration of their asset portfolios. – Homer and Liebowitz (1972) characterize portfolio rebalancing activities. 16-35 Active Bond Management (Continued) †¢ Substitution swap – It is an exchange of one bond for another with equal coupon, maturity, quality, call features, sinking fund provisions, and so on. – Motivated by a belief that the market has temporarily mispriced two bonds. †¢ Intermarket spread swap – It is an exchange of bonds when an investor believes that the yield spread between two sectors of the bond market is temporarily out of line. 16-36 Active Bond Management (Continued) †¢ Rate anticipated swap – The investors swap shorter duration bonds with the longer duration ones since they believe that interest rates will decrease. Pure yield pickup swap – The investors swap longer-term bonds with the shorter-term bond when yield curve is upward sloping. 16-37 Active Bond Management (Continued) †¢ Horizon Analysis – Form of interest rate forecasting – The analyst selects a particular holding period and predicts the yield cur ve at end of period – Given a bond’s time to maturity at the end of the holding period its yield can be read from the predicted yield curve and the end-of-period price can be calculated. – The total return over the period is computed as adding the capital gain and coupon income for the holding period. 16-38 Active Bond Management (Continued) †¢ Contingent Immunization – Mixed passive and active strategy. – You have to calculate the funds required to lock in via immunization. – This value is trigger point. – If and when the actual portfolio value dips to the trigger point, active management will cease. 16-39 Active Bond Management (Continued) †¢ Panel A: the portfolio falls in value and hits the trigger at time t* then the immunization strategy pursued and portfolio rises to planned terminal value. †¢ Panel B: the portfolio never reaches the trigger point and is worth more than the planned terminal value. 16-40

Admissions Guide - Admissions Guide to Private Schools

Admissions Guide - Admissions Guide to Private Schools If youre applying to private school, you might be wondering if you have all the important information and know all the steps that you need to take. Well, this admissions guide offers some important tips and reminders to help you apply to private school. However, its important to note that even this guide isnt a guarantee for admission to the school to your choice; there are no tricks or secrets to getting your child into a private school. Just a lot of steps and the art of finding the school that meets your needs and where your child will succeed most. Start Your Search Early   It doesnt matter whether you are trying to find a place in kindergarten,  ninth grade in a college prep school or even a postgraduate year at a boarding school, its important that you start the process a year to 18 months or more in advance. While this isnt recommended because it truly takes that long to apply, but there are a number of things to consider before you even sit down to complete the application. And, if your goal is to get admittance at some of the best private schools in the country, you need to make sure that you are ready and have a strong background.   Plan Your Private School Search From the moment you ask yourself how you get your child into private school until the much-awaited acceptance letter arrives, there is a lot that you need  to do. Plan your work and work your plan. A great tool is the Private School Spreadsheet, which is designed to help you keep track of the schools youre interested in, who you need to contact at each school, and the status of your interview and application. Once you have your spreadsheet ready to use and you begin the process, you can use this  timeline  to stay on track with dates and deadlines. Keep in mind though, that every schools deadlines may vary slightly, so make sure youre aware of all the different deadlines. Decide if Youre Using a Consultant While most families are able to navigate the private school search themselves, some opt to engage the assistance of an educational consultant. Its important that you find a reputable one, and the best place to determine that is by referencing the IECA website. If you decide to contract with one, make sure that you communicate regularly with your consultant. Your consultant can advise you on ensuring that you choose the right fit school for your child, and can work with you to apply to both reach schools and  safe schools. Visits and Interviews Visiting schools is critical. You have to see the schools, get a feel for them and make sure they meet your requirements. Part of the visit will be the admissions interview. While the admissions staff will want to interview your child, they may also want to meet with you. Remember: the school does not have to accept your child. So put your best foot forward. Take some time to prepare a list of questions to ask, too, because the interview is also an opportunity for you to assess if the school is right for your child.    Testing Standardized admissions tests are required by most schools. The SSAT and ISEE are the most common tests. Prepare for these thoroughly. Make sure your child gets lots of practice. Make sure she understands the test, and how it works. Your child will also have to submit a writing sample or essay. Want a great SSAT prep tool? Check out this Guide to the SSAT ebook.   Applications Pay attention to the applications deadlines which are typically mid-January, though some schools have rolling admissions with no specific deadlines. Most applications are for an entire school year though from time to time a school will accept an applicant in the middle of an academic year.    Many schools have online applications. Several schools have a common application which saves you lots of time as you only complete one application which is sent to several schools you designate. Dont forget to complete your Parents Financial Statement(PFS) and submit it as well. Part of the applications process is getting teacher references completed and submitted, so make sure to give your teachers plenty of time to complete those. You will also have to complete a Parent Statement or Questionnaire. Your child will have his own Candidate Statement to fill out as well. Give yourself plenty of time to get these tasks done. Acceptances Acceptances are generally sent in mid-March. If your child is wait-listed, dont panic. A place might just open up. Article edited by  Stacy Jagodowski:  If you have more questions or need more information about getting into a private school, tweet me or share your comment on Facebook.

Word Families to Support Decoding Skills in Children with Disabilities

Word Families to Support Decoding Skills in Children with Disabilities Spelling with word families and rhyming words helps young children connections in both reading and writing. Seeing the relationships between these words helps students with disabilities predict new words by using known word patterns.   It supports their future success in literacy. Word families help support word recognition and generalizing decoding skills.   The following word families include word cards that you can reproduce and use in:    Word Sorts Print the pdfs for a couple of the word families:   start with the same rather than different vowel sounds, so the children will recognize them.   You can either create a two column page with the family at the top and then have the children do the sort individually, or you can print them and have students sort them in small groups on a piece of chart paper.   Learning centers: Print the word family cards on card stock, and put them in resealable sandwich or quart bags with a sorting template.   Have students at the learning center sort them.    Additive activities:   Continue to add word families: Have students take turns pulling cards in the sort and placing them on the chart paper.   Or add magnetic strips on the back of the cards and have groups of students sort the words on to a magnetic white board. Sort Games:    Sort War:   Print two word families on card stock.   Assign each child a word family.   When they snap the cards the one who puts on on the top gets to keep the pair.    Sort hearts.   Run several word families and shuffle them together.   Deal the cards to groups of three or four, 5 or 6 to each.   Leave the remainder in a stack.   Students can create sets to lay down when they have three words in a word family.   Play till all the cards are laid down.   All word families. ack back, black, crack, pack, quack, rack, sack, snack, stack, tack, track, whack. ad ad, dad, fad, glad, grad, had, lad, mad, pad, rad, sad, tad. ail fail, hail, jail, mail, nail, pail, rail, sail, snail, tail. ain brain, chain, drain, gain, grain, main, pain, plain rain, stain, strain, train. ake bake, cake, flake, make, rake, take. ale bale, male, pale, scale, tale, whale. all ball, call, fall, hall, mall, small, tall, wall. am am, ham, jam, slam, spam, yam. ame blame, came, flame, frame, game, lame, name, same, tame. an an, ban, can, fan, man, pan, plan, ran, tan, van. ank bank, blank, crank, drank, plan, sank, spank, tank, thank, yank. ap cap, clap, flap, gap, lap, map, nap, rap, sap, slap, scrap, tap. ar are, bar, char, car, far, jar, par, scar, cigar, guitar. ash ash, bash, cash, crash, dash, flash, gash, hash, mash, rash, sash, slash, smash, splash, trash. at at, bat, brat, cat, fat, hat, mat, pat, rat, sat, spat, tat, that, vat. aw claw, draw, flaw, jaw, law, paw, straw, thaw. ay away, bay, clay, day, gay, gray, hay, lay, may, okay, pay, play, way, spray, stay, tray, way. o generalize decoding skills.

Why Extrinsic Essay Example | Topics and Well Written Essays - 250 words

Why Extrinsic - Essay Example The failure of organization to provide perceived equity for employees results in a lot of resentment (especially when there is secrecy and people overestimate each other’s pay) and resulting inefficiencies. The failure of extrinsic rewards is even more obvious in executive positions as incentive systems had very weak or negative correlations to corporate profits as at higher incomes, prospect of more money fails to be a motivator. Locke’s (1960) research suggests a reason for such results – incentives actually discourage risk-taking and people perform easier tasks to complete as much work as possible. Employees look at short-term benefits (monetary rewards) rather than long-term organizational interests. Another research proved that in the long-term, even the removal of a financial incentive system that has been long in place could not drive down productivity. Merit pay has also failed as a motivator of performance as few managers feel that higher pay would make them work harder. Therefore, intrinsic rewards such as training and goal-setting is a much stronger motivator of performance. To treat workers with respect and appreciation is what motivates them to stay at an organization and higher pay has failed to reduce employee turnover in the