New World Essay Example | Topics and Well Written Essays - 1250 words

New World - Essay Example To begin with, John Smith was an English voyager, who was also a soldier and writer by choice; As a matter of fact, he was most well-known for his part in the establishment of the so-called first eternal English colony in the New World at Jamestown, Virginia. Smiths myth has grown-up over the periods, precisely due to the widespread story of his connection with Pocahontas, who was well known as a Native American princess. Through his writing the whole world was able to know him more closely and for them the most common characteristics figure associated with him was notorious self-promoter. His writing about himself, narrating various incidents of his life also gives a clear picture about him.. Smith, whose histories deliver ample of what is recognized about Pocahontas, was part of a provisional group of some 100 men assigned the charge of developing an American cluster on behalf of the London-based Virginia Company. Way back in April 1607, three of the company boats reach the coast o f Virginia and a group volunteered ashore. â€Å"What they found, one of the actual settlers wrote in a near-swoon, were "fair meadows and goodly tall Trees, with such Fresh-waters running through the woods.† In this line, if one analyzes the movie then it is very clear that there is the number of resemblance between the movie and the story of Smith. Dargis in his review has mentioned that the director opens the movie "The New World" with pictures of moving water, skinny-dippers shot from below and the lady who soon recognized by the viewer’s as Pocahontas when she pronounces something which sounds like a prayer (sing the song of a land). Then, after a brief recognition categorization, James Horner's music gives way to tweeting birds, blustering breeze and â€Å"what might be the rumble of distant thunder or a cannon blast.

Annual Financial Report Analysis for British Airways PLC Essay

Annual Financial Report Analysis for British Airways PLC - Essay Example e years und the light of the important sections in the company’s annual report i.e., notes to the accounts, statement of accounting policies, directors’ report, operating and financial review statement, chief executive’s statement, chairman’s statement and the press releases of the company in order to illustrate the impact of any of the company policy, market and environment on the company’s financial performance during the year. At the end of the report, important factors critical to the company’s future growth and financial performance have been presented based on the analysis. British Airways is the worlds second largest international airline, carrying more than 27 million passengers, and one of the worlds longest established passenger brands. In the financial year to 31 March 2004, more than 36 million people chose to fly on flights operated by BA. An average of 51,939 staff were employed by the group worldwide in 2003-2004, 85.0 per cent of them based in the UK. Unlike some of the worlds other airlines, BA is owned entirely by private investors - with around 260,000 shareholders, including some 49 per cent of the companys own employees (British Airways Plc, accessed 6.12.2005) The main activities of British Airways Plc and its subsidiary undertakings are the operation of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail and the provision of ancillary services (1) BAs main business is the provision of scheduled passenger services, which accounted for approximately 83% of the Companys turnover during the fiscal year ended March 31, 2005 (fiscal 2005). The Company also provides other services to outside parties, such as aircraft maintenance. The Companys operations also include certain ancillary airline activities, including air cargo (British Airways, accessed 5.12.2005) British Airways Group fleet as at 31 December 2004 comprised 293 aircraft - one of the largest fleets in Europe. The

Time management Essay Example for Free

Time management Essay I would like to express my gratitude and sincere thanks to my Project Guide Prof. Shailshree Ail, SIES College of Commerce Economics for extending valuable guidance and encourage me from time to time, without which it would not have been possible to undertake and complete this project. I also wish to extend my thanks especially to our Principal Dr. Mrs. Sheela Nabar and also Coordinator of Banking Insurance, Mrs. Aarti Kalyanraman for their kind co-ordination and support. Also I would like to thank all my friends, staff and teaching faculty of S. I. E.S. , my parents and staff of Crosswords who have directly or indirectly helped me during the course of my project. Special thanks to the respondents of the survey and people who have helped me to attain the indepth knowledge about the concept of Time Management. ________________ EXECUTIVE SUMMARY People generally assume that Time Management means managing the time that people have but on the contrary it actually means managing ourselves. As one cannot mend time according its own ways instead one can mend its own ways. Time Management is a broader concept. There are various categories of time such as Biological Time which means time utilized for the biological needs of any particular person. Then there is Fractal Time or widely known as The Theory of Relatively, which in general terms means fragmentation of time according to various situations one faces in life. Time has various dimensions and it is different for different people even though the measurement of time is same. Various studies by various scientists’ states that time always remain but it is the people who pass by it as time is considered to be unconquered, unvanquished and immortal. So to manage such a big factor along with managing our own self is quite a big task. Time management is an ongoing process because every person from any corner of the world, having any amount of money or a pauper or any one for that matter manages itself and the time he has in some or the other way. So no one has created the only and perfect methodology for time management but still people has practiced time management in the past. The present study seeks to analyse the managing habits among the people of Mumbai as it is a big and busy city as it is commercial city and also financial capital of India. People here are always on the run and need to manage their time well to achieve success in their work. The urban life in Mumbai is nothing but a fast life, this study tries to learn how well people in Mumbai manage their time, what are their time stealer, how to get rid of them, how the given grid has benefited them and also to know the miscellaneous benefits that one can get by managing its time. INDEX INTRODUCTION: â€Å"Yesterday is a cancelled cheque. Tomorrow is a promissory note. Today is ready cash, use it. † This is a perfect quote to begin an introduction of time. Time is now, time was yesterday and time is also tomorrow. It’s all in our hands as to how we make the best of it. Time is unique and unrenewable. It favors no one. No one is immune to the relentless, unforgiving passage of time. â€Å"Main Samay hu, Main Akshay, Ajay aur Anant hu. † This is one filmy dialogue but when looked into closely we realize that it has a deep meaning. It means that time is Unvanquished, Unconquerable and Immortal. We say that we are running out of time. So the question arises that does time pass by or do we pass through time? The solution to this question is TIME MANAGEMENT. If you ask any one what do they mean by time management very common response is managing time successfully. This is the simplest definition of Time Management. But the skills of managing time are not easy as its definition is. Planning can be done by anyone who has some knowledge of it but when it comes to executing it people fail miserably. Managing time successfully or in fact executing it effectively is what this project is all about. TIME: Time has historically been closely related with space, the two together comprising space-time in Einsteins special relativity and general relativity. According to these theories, the concept of time depends on the spatial reference frame of the observer, and the human perception as well as the measurement by instruments such as clocks is different for observers in relative motion. The past is the set of events that can send light signals to the observer; the future is the set of events to which the observer can send light signals. Time catches up with the present and overtakes it, so Time is Unvanquished. No one can stop time or reverse it so Time is Unconquered. Time is constant, continuous and infinite process so Time is Immortal. TIME IN THE ORGANIZATION: Time in the organization is constant and irreversible. Nothing can be substituted for time. Worse, once wasted, it can never be regained. Leaders have numerous demands on their limited time. Time keeps getting away and they have trouble controlling it. No matter what their position, they cannot stop time, they cannot slow it down, nor can they speed it up. Thus, time needs to be effectively managed to be effective. On the other hand, you can become such a time fanatic convert by building time management spreadsheets, creating priority folders and lists, color coding tasks, and separating paperwork into priority piles that you start to waste more time by managing it to deeply. TIME MANAGEMENT: Time management is the organization of tasks or events by first estimating how much time a task will take to be completed, when it must be completed, and then adjusting events that would interfere with its completion so that completion is reached in the appropriate amount of time. Calendars and day planners are common examples of time management tools. TIME EQUITY: The one universal distribution of equity is time: Everybody on the planet has ownership of 24 hours per day. Everyone receive the same allotment, day in and day out. Each new day brings an automatic deposit of 24 hours into the time account. It is referred to as Time Equity. Although each day brings a new deposit, each day the entire amount must be withdrawn, with no balance carried over to tomorrow. Use it or lose it. The challenge everyone face is how and where to invest the time equity. These decisions determine success, career path, productivity, and family status. The truth is that where people are in life is a direct reflection of how well they have managed their time portfolio—how and where they spent their time. One often hear people refer to personal activities in terms of time equity: How did you spend your weekend? or During our trip we spent a lot of time doing Time equity is the essence of a full and complete life. People often take it for granted and succumb to its harsh, unforgiving consequences. One has to take responsibility for ourselves and consciously appreciate the positive impact time management can have on our lives. Anyone who expects to achieve sales success should expect to make a serious commitment to working hard and efficiently. Throughout the five principles of time management that follow I share various techniques and suggestions to help streamline your activities. Time cannot think for you, but it can certainly work for you. Like any other investment, time produces returns if invested wisely and treated with respect. Sales professionals constantly explore investment opportunities for their time, maximizing their time. METHODS OF TIME MANAGEMENT: 1. PRINCIPLE METHOD Principle #1: Maximize Your Time Spending your time wisely starts with paying attention to how you spend it. Only when you decide to take control of your time will you have the power to stop squandering it. The best starting point to a better use of time is to conduct your own time-efficiency study. Evaluate your current use of time by breaking down a typical day into hourly increments. Be objective. Include everything throughout your entire day, even the time you sleep. You may need to track a full week or two to get a clear picture of your time usage. The next step is to review your time log and classify the activities as time-wasters, obligations, or priorities. Time-wasters are just that, activities that distract you and contribute nothing toward your goals. Eliminate them. The danger is that time-wasters are activities performed out of habit. Usually, they create a false sense of productivity but actually produce few or no results. The cure comes in the form of personal organization, the process of incorporating structure into your day. Obligations are the dutiful responsibilities of your job. They are necessary yet unimportant activities, usually performed throughout the day. They contribute indirectly to your goals. They are the administrative aspects of your job such as call reports, expense reports, quarterly forecasts, and various other required duties. Despite the challenges of limited time coupled with increased responsibilities, you can be productive by evaluating your current usage of your 24 hours and maximizing time. Obligations cannot be overlooked but be cognizant of the negative impact they have on daily productivity. As you become better organized you can streamline your activities, minimizing the time spent fulfilling obligations. You may be in a position to delegate some of your administrative duties to support people (internal customers) within your office. There are some sales entrepreneurs who have hired a part-time assistant. Maximize your time by doing what you do best, selling. Priorities are the activities that contribute significantly to your time. They are directly responsible for your results, moving you closer to your goals. Remember, companies today pay for results, not activities. They no longer pay for attendance, they expect results. As you evaluate your current use of time, the time-wasters will become clear, allowing you to rethink your activities. Make the shift from a long day filled with unproductive busyness to a shorter day focusing on priorities. As a sales entrepreneur, challenge yourself to be more proactive by prioritizing your tasks. Take control of the activities that prey on your efficiency, compromising your time. Once you complete your time-efficiency study, you will be shocked to see the time wasted reacting to other peoples demands and requests. Most of us habitually spend our days reacting instead of being proactive, unaware of the costly consequence. I suggest that up to 75% of our day is reactive. A sobering thought. Principle #2: Know What Time It Is. If you are like most salespeople, you have too much to do and not enough time to get it all done. To get ahead in todays fast-paced world, youve got to be aware of what time it is. It does not mean talking about telling time, you learned those years ago. What is talked about here is: Its not enough that youre doing a particular job right, youve got to be sure that youre doing the right activity at the right time. By the way, if you dont have a good watch, get one. The best and simplest time management tool is on your wrist. Common sense tells us that we should spend the majority of our time working on high-priority A and B accounts. Most of us dont. We waste a lot of time in the adult day care centre reacting to the demands of C accounts or even performing C activities. The first step is to take control of your entire day by knowing what time it is. Principle #3: Manage Your Time Time management is a personal process. It takes a strong commitment to change long-established habits. According to the 80/20 rule, we get 80% of our results from 20% of the things we do. This statistic supports the observation that we spend a lot of time on time-wasters and obligations. Imagine the impact on our time efficiency if we increased the 20% to 30%! What takes us from a time-starved day of routine, frustration, and stress to a productive day filled with accomplishments? Change. One definition of time management is doing fewer things in less time. Wouldnt that be great? Research suggests that effective time management strategies can free up a minimum of two hours per day. For example, time management studies show that we spend up to 70 minutes a day just looking for stuff. How many times have you said, Just a minute, I know its here somewhere. We misplace files, reports, memos, and letters, and the desks look like the movie Twister was filmed in the office. Clutter can be a huge time-waster, not to mention the embarrassment of lost or unanswered requests. Your goal isnt to have a nice neat desk, but to get organized so that you can convert wasted time into productive time. However, with a clean, orderly desk, youll improve your time working on priorities that will make you money. Your quality of work will also improve. The underlying objective of effective time management is to utilize all available resources to increase face-time; the time spent talking face-to-face with existing customers or potential customers. If youre an inside salesperson, increase talk-time. Take some time to determine how much time you actually spend with customers. Take a stop watch and clock total face-time in one entire week. On average, its only two to four hours. Shocking! This statistic serves as additional proof of the inordinate amount of time consumed by time-wasters and obligations. It is recognized that with leaner companies salespeople are often saddled with more of the administrative aspects of the job. Unfortunately they become high-priced administrators. How many times a day should you ask yourself if you are making the best use of your time. If you answered several, youre right. Only you can answer that question honestly. As the president of ME Inc. , dont compromise your time by blindly filling your day with busyness. Restructure your day to eliminate the time-wasters and minimize the time spent fulfilling obligations. Sometimes working in the office on a project or on a presentation could very well be the best use of your time. It’s doubtful that you can ever eliminate time spent in the adult day care centre, but you certainly need to minimize it. Use janitorial time to fulfil your obligations. As part of your time-efficiency study, you should determine the time of day that you are most efficient and productive. Know your peak time, the time of day you are at high energy. Not everyone has the same peak time. Some of us are morning people and others are afternoon or evening people. Pay attention to your moods and high-energy time of day to determine when youre most productive. Morning people can accomplish more simply by getting up an hour earlier each day, and night owls can carve out time for administrative activities in the evenings. Once you have identified your peak time, do your worst jobs then. They wont go away so you might as well get them done when youre feeling energized. Some authors suggest doing them first thing in the morning when youre feeling fresh. This approach works well if youre a morning person but could be disastrous if youre an afternoon person. Imagine doing your worst job at your worst time of day. Two worst dont make a right! In my case, prime time is during the late afternoon and early evening. Another suggestion in the interest of maximizing your time is to learn how to say no. Many of us are our own worst enemies. Youll never have enough time to finish your own tasks if youre always taking on more than time permits. Do not be afraid to politely refuse a request or task if your plate is already full. This includes saying no to your sales manager. When given a task, simply ask your managers, Would you like me to do this now or would you prefer I spend the time selling? Your manager may decide to delegate the task elsewhere. Its great to want to help others, but not at the expense of ME Inc. Principle #4: Use the Right Tools A professional (sales entrepreneurs included) is anyone paid to perform a task or a job at an acceptable level of proficiency while utilizing the tools of the trade to enhance efficiency and effectiveness. It is amazing to see how often salespeople conducting business with inappropriate tools. Its as though they are exempt from the requirement to be a professional. Imagine your doctor or dentist using anything but the best instruments. Your customers expect no less of you. As a sales entrepreneur, you have an obligation to invest in the best. You may have heard it before, A carpenter is only as good as his tools. The solution begins with a personal planner—a time management system that offers the convenience of portability while organizing your activities, mapping your week and, most importantly, planning your day. A good planner includes twelve months at-a-glance, 365 individual day-pages, a daily to-do list section, and an appointments section. Some planners come with a rigid set of instructions, so pick a planner that offers simplicity and the flexibility to meet your personal preferences. A planner used effectively not only buys you time, it helps you stay in balance throughout your week, including weekends. Poor time management skills result in overspending your time, running out of day before you get everything done. It is supposed to be compared it to managing a checking account. Imagine opening a checking account at your local bank then not using a check book to track the account activity. Surely you would find yourself out of balance at the end of the month, possibly overspending your available funds. Without the appropriate tool to track your time-related activities, you quickly find yourself out of balance, overdrawn on your time account. Principle #5: Be Proactive, not Reactive I would suggest that up to 75% of our day is spent reacting to the needs and requests of other people such as customers, managers, internal customers, family, and friends. We are constantly bombarded with demands on our limited time, leaving us unable to accomplish our own goals and objectives. No wonder we feel the frustration of, So much to do, so little time. We often succumb to the demands and requests of others because we think it is socially inappropriate to say no. We become victimized by others who may have a strong interest in controlling our activities or behaviour—such as a spouse or a manager. Unfortunately many people, including salespeople, are content to be regulated and manipulated rather than committing to SMART goals and living life guided by their agenda, not someone elses. No one ever accomplished a personal goal by being subservient to others. Successful sales entrepreneurs refuse to be swayed by the whims of others and are quietly effective at managing their own agendas. Employers and managers sometimes do more to demotivate rather than to motivate. Demotivation can take the form of intimidation or high-performance expectations constrained by rigid management policies and limited resources to perform the job. No wonder so many people want to take this job and shove it. A proactive strategy means developing the discipline to stay focused on your agenda, your goals, and your objectives. Part of this discipline comes in the form of qualifying the severity of a problem prior to reacting to it. For example, next time a customer informs you of a problem or a concern, resist the temptation to immediately jump into react mode, drop what you are doing, and race over to console your customer. It may not be necessary. The next time you get an irate customer (or internal customer) demanding to see you right away, follow these two steps: 1. Acknowledge the problem. Allow the customer to vent by explaining the situation and then clarify your understanding of it by paraphrasing. Be sure to take notes of your discussion for future reference. By acknowledging the concern and showing empathy, the customer will begin to feel better about it and may become somewhat flexible as to how and when you resolve the concern. A sympathetic attitude to a real or imaginary product or service failure cannot be overemphasized. A 10-minute phone call to determine the facts and the seriousness of the problem may be a valuable investment, possibly saving you hours of unnecessary running around. Work smart, not hard. 2. Suggest another time. Tell the customer that your day is full with appointments and commitments and ask if first thing tomorrow morning would be okay to get together. Your business and time are just as important and legitimate as that of your customer. You are equals. In the majority of cases, your customer will appreciate your schedule and agree to meet with you the next day. Too often we assume that we must respond immediately, but by following these steps you will save yourself valuable time. Sometimes, however, the customer may be insistent that you respond immediately, in which case you must act accordingly. As a student, there are some basic Principles of Time Management that you can apply. 1. Identify Best Time for Studying: Everyone has high and low periods of attention and concentration. Are you a morning person or a night person. Use your power times to study; use the down times for routines such as laundry and errands. 2. Study Difficult Subjects First: When you are fresh, you can process information more quickly and save time as a result. 3. Use Distributed Learning and Practice: Study in shorter time blocks with short breaks between. This keeps you from getting fatigued and wasting time. This type of studying is efficient because while you are taking a break, the brain is still processing the information. 4. Make Sure the Surroundings are Conducive to Studying: This will allow you to reduce distractions which can waste time. If there are times in the residence halls or your apartment when you know there will be noise and commotion, use that time for mindless tasks. 5. Make Room for Entertainment and Relaxation: College is more than studying. You need to have a social life, yet, you need to have a balance in your life. 6. Make Sure you Have Time to Sleep and Eat Properly: Sleep is often an activity (or lack of activity) that students use as their time management bank. When they need a few extra hours for studying or socializing, they withdraw a few hours of sleep. Doing this makes the time they spend studying less effective because they will need a couple hours of clock time to get an hour of productive time. This is not a good way to manage yourself in relation to time. 7. Try to Combine Activities: Use the Twofer concept. If you are spending time at the laundromat, bring your psychology notes to study. If you are waiting in line for tickets to any concert, bring your biology flashcards to memorize. 2. FIRST THING FIRST (Method by Virginia Tech Division of student Affairs) 1. Each night write on a 35 card the 6 most important tasks you have to do tomorrow. 2. Number them in the order of importance. 3. First thing in the morning look at the task listed as most important and start working on it until it is finished. Then tackle item 2 the same way, item 3 and so forth until your work or school day are completed. 4. Don’t be worried if you only complete 2 or 3 items. You’ve completed the most important tasks and any other method wouldn’t have given you more time to work on the rest of the list. 5. Each night write a new 35 card for the next day. 3. TIME GRID URGENT IMPORTANT NOT URGENT IMPORATNT Crises Pressing problems Dead-line driven projects, meetings, preparations Preparation Prevention Planning Relationship building True recreation empowerment URGENT UNIMPORTANT interruptions, phone calls, mails, reports, meetings many proximate, pressing matters many popular activity NOT URGENT UNIMPORTANT trivia, busy work some phone calls, time wasters, time stealers excessive television. 4. REMEMBERING, SETTING PRIORITIES AND MOTIVATION METHOD: Remembering Three keys to time management are: remembering, setting priorities, and motivation. Its easy to fall into the trap of thinking I wont forget that. But the important thing is not just to remember it, but to remember it at the right time a time when you can take the first step in doing it. Your thoughts are valuable. Write them down, whether theyre ideas on how to save the world or reminders to wash the frying pan. Then figure out some way for the messages to get to you at a time when you can do the things. Use calendars and lists. I have lists of things that can be done at home, lists of things that can be done when the stores are open, lists of things to do before going to work in the morning, etc. By looking at the appropriate list, I can forget about everything else and concentrate on the work appropriate for that moment. Setting Priorities If you write a list of things to do this evening, it probably contains way more things than you can actually accomplish. Thats fine. The list is valuable. By looking over it, you can choose the most important things and do them first. The rest can be transferred to other lists. Some people say they dont need to spend time planning. That may be true. If you have a list of things to do that are all about equally important, and if youre sure that the most important things are on the list, then you dont need to spend any time comparing them. Just start doing one of them, it doesnt matter which one. But for most people most of the time, some of the things are more important than others, so its worthwhile taking a few minutes to read over the list and choose the most important to do first. Its good to have a pen handy all the time to write down ideas. That way you can catch thoughts about important things that you might have forgotten to add to your lists. Motivation Youve set goals, written lists, chosen priorities, and identified whats important to do right now, but you dont feel like doing it. Here are some ideas to help with motivation. In the book Feeling Good, David Burns points out that its not necessary to feel like doing something in order to do it. You can just start. Usually, once youve started, you begin feeling more motivated to continue doing it. I started feeling more in control when I started giving myself permission to cross things off lists. Deciding not to do something and putting an X next to it gives a feeling of relief, almost as satisfying as checking it off as done. Sometimes I graph the total number of check marks per day. This feels good and gives me motivation to finish lots of things on my to-do lists. Plan rewards and celebrations for yourself, such as special snacks after getting certain things done. Just taking a few seconds to admire the finished work such as a tidy table or pile of clean laundry, is an excellent reward. Smile and tell yourself what a good job you did. Even if youre in a hurry, you can plan rewards that take a few seconds, like standing up and stretching, looking out the window for 10 seconds, or tossing a pen in the air and catching it. If you plan them as rewards, they feel like rewards, and give you time to congratulate yourself on getting something done. MYTHS OF TIME MANAGEMENT Myth #1: Theres too much to do; I cant handle it all. This cant be the real reason why I have a messy house. After all, other people manage. Its encouraging to hear that there are others who also have trouble with the little things in life. That means that it isnt just that there are too many things for one person to handle: rather, its possible, theoretically at least, for me to organize my time in a way that gets it all done. Myth #2: Theres plenty of time; I can do that later. This is the exact opposite of myth #1. Yet both myths contribute to procrastinating. Rather than switch from one myth to the other, I need a consistent, realistic view of how much my time is worth and how much of it there is. Myth #3: Im busier than usual right now, so it makes sense to shift some tasks off to another time. Occasionally its really true, of course. But usually, Im about equally busy all the time, really. My time is worth the same all the time, with a few exceptions like if Im trying to be on time for a job interview or something. It SEEMS that Im unusually busy at any given moment, because at that moment, Im AWARE of the things impinging one my time right then. A person can only be aware of so many things at once. The detail of the moment seems complex; the future seems simple, free and clear. But really life is always that complex. I may think, This is an unusually busy day because I have library books due. It seems reasonable; I know I only have books due on a small percentage of all days. But really, there are so many other aspects to life: dentist appointments, parties, holiday celebrations, bike repairs, etc that taking all into consideration, the other days are really just as busy. I also tend to think Ill have plenty of time later the same day, too. And of course I dont. Myth #4: Re-scheduling something to a later time is procrastinating. No, re-scheduling is taking control and responding to new information about priorities and time available. Its only procrastinating if you dont schedule it at all, or if you re-schedule for the wrong reasons which will become apparent when you find yourself re-scheduling the same thing more than about 3 times. In that case, stop and think about whether you really want to do the thing. If its important, go ahead and start. Myth #5: This little task is not important. Example: I cut open a package of food and leave the little bit of plastic I cut off on the kitchen counter. Question: Shall I put the bit of plastic in the garbage right now? It seems that doing so is not important. The plastic isnt doing any harm where it is. It wont hurt me if I leave it there. I can always put it in the garbage later. But actually it is important to put it in the garbage. I ask myself, Is it important not to have it sitting there on the counter all year? Yes. I dont want it there that long. OK, then I have to put it in the garbage now or some time in the next few days. Next question: Is my time more valuable now than it will be, say, tomorrow? I seem in a hurry now, but I will tomorrow, too. (See myth #3. ) Really its best to put it in the garbage right now. Its important enough to be worth the few seconds of my time. The myth really means, Its not important to do it RIGHT NOW. However, it is important. Either its important or it isnt. When its done doesnt affect that. Its important to wash the dishes before eating on them again; therefore its important to wash the dishes. If its important, its probably worth doing now. BEATING PROCRASTINATION Manage Your Time. Get It All Done. If you’ve found yourself putting off important tasks over and over again, you’re not alone. In fact, many people procrastinate to some degree – but some are so chronically affected by procrastination that it stops them achieving things theyre capable of and disrupts their careers. The key to controlling and ultimately combating this destructive habit is to recognize when you start procrastinating, understand why it happens (even to the best of us), and take active steps to better manage your time and outcomes. Why do we Procrastinate? In a nutshell, you procrastinate when you put off things that you should be focusing on right now, usually in favour of doing something that is more enjoyable or that you’re more comfortable doing. Procrastinators work as many hours in the day as other people (and often work longer hours) but they invest their time in the wrong tasks. Sometimes this is simply because they dont understand the difference between urgent tasks and important tasks, and jump straight into getting on with urgent tasks that arent actually important. They may feel that theyre doing the right thing by reacting fast. Or they may not even think about their approach and simply be driven by the person whose demands are loudest. Either way, by doing this, they have little or no time left for the important tasks, despite the unpleasant outcomes this may bring about. Another common cause of procrastination is feeling overwhelmed by the task. You may not know where to begin. Or you may doubt that you have the skills or resources you think you need. So you seek comfort in doing tasks you know youre capable of completing. Unfortunately, the big task isnt going to go away – truly important tasks rarely do. Other causes of procrastin.

Derivatives in Financial Market: Portfolio Management

Derivatives in Financial Market: Portfolio Management Derivative Structures in the Market and Their Place in Corporate Portfolio Management Abstract Derivatives are financial instruments that do not hold independent value, but where instead the value of the instrument is based on the underlying value of a given asset, which can range from financial assets such as stocks, bonds and market indexes to commodity assets such as oil, gold or wheat, to more obscure or exotic assets such as weather or other exotic assets. The four main categories of derivative include forwards, futures, options and swaps, each of which is used for a different risk control technique and each of which has its own unique structure, risk, and potential for return. Derivatives are commonly used in financial firms to balance portfolios and reduce risk by spreading it across the market, or in order to mitigate potential risk by limiting it (for example, placing a ceiling or floor on currency exchanges or purchases). This paper explores the use of derivatives in the financial market, including their use in portfolio management. Following a thorough definition of the derivative, the paper explores the use of derivatives in portfolio management and other banking activities, and offers a substantive risk assessment that addresses the potential difficulties that the use of these instruments may pose as well as a description of the benefits of using derivatives. The paper also explores ways in which actual financial institutions use derivatives through examination of public reports and other available information, in order to determine what current practice is in the use of these reports. The report concludes with recommendations for portfolio managers within financial institutions regarding the use of these instruments for risk management as well as the potential dangers of their use. The study is intended to provide an overview guide to this material and an analysis of existing research that can be used for further research and understanding of the subject material. Chapter 1 Introduction to the Research Project The use of derivatives in corporate risk management has come under scrutiny recently in the news, following reports of credit risk derivatives being used improperly by some firms and banks during the mortgage lending collapse of 2007-2008. However, while these instruments may be misused, they also hold an important role in both financial and non-financial firms in hedging risk and balancing corporate portfolios and investments. Derivatives can be used in a number of different applications. These applications include balancing risk across a number of different investors, gaining access to foreign currency or reducing currency exchange risk exposure, and reallocating loan risk across lending portfolios within or among banks. While these instruments clearly have benefits in terms of balancing, spreading and reducing risk to the individual investor, corporation or bank, there are still considerable risks that must be considered. For example, credit risk derivatives were at fault for revenue losses because they were improperly calculated to be less risky than they actually were. Conversely, a currency option, one type of derivative that reduces the potential for risk in currency exchange rates, could end up being a poor rate if the market does not change in the expected manner. These are just a few of the risks that can be encountered within the use of derivatives in financial and non-financial firms. This paper presents an overview of the types of derivatives available, the risk involved in using the derivative, and other important factors that must be considered in its use. Research Aims The main aim of this research is to explore and identify the derivative structures in the financial market and examine different corporate responses to the changes in the market and uses of these derivatives. The research also examines the impact posed by changes in the market on the corporate portfolio strategy. By first providing an overview of the different types of derivative structures available, and then analyzing corporations in order to identify how they use these structures, the research paper analyzes corporate portfolio diversification as a strategy and explores the potential for derivatives in financial markets. Research Objectives The main research objectives of this project include: Definition of the structure and application of derivatives Definition of the risk posed by application of derivatives in a competitive market Description of the common usage and potential impact of derivatives on the financial institution Examination of the impact of market changes in the corporate portfolio within the financial institution Identification of the limitations and risks of derivatives as used in the corporate portfolio Identification of appropriate risk management and portfolio management strategies Importance of the paper Sustained changes in the financial and competitive environment of industries, increasing globalization and increasing complexity of financial markets has led to an unprecedented period of currency and interest rate volatility worldwide. In order to counter this increase in risk, innovative foreign exchange risk and interest rate risk hedging techniques have developed at a rapid pace. Although these derivatives are intended to assist in risk management and risk minimization, particularly in terms of uncertain cash flows and currency exchange rates, their use has been uncertain, as instruments grow increasingly exotic. This paper will provide a guide to derivatives and their use in the financial market, as well as provide a clear understanding of the risks involved in the use of derivatives and their appropriate application to risk management, as well as discussion of how the risk of the derivatives themselves may be handled. This information can be used by investment risk managers and others in order to guide policies regarding the use of these instruments and allow for an increased understanding of the underlying issues involving these instruments. Methodology overview The methodology that will be used is that of desk research and meta analysis. This method will assemble information from a large number of sources, including primarily secondary research, and organize and analyze it in such a way as to create an understanding of the research material in the general case. This information will be able to be used for description of the operation and formulation of derivatives in a number of markets. Data collection The main data collection technique used in this discussion will be secondary research or desk research. This method was chosen both because of the limited time available to perform the survey and because of the amount of information already available on the subject matter. Secondary information will include primarily a literature review, which will provide background and theoretical information that can be used in order to form an overall picture of the theory and practice of using derivatives and derivative structures. Other secondary data will be used to examine the issues at hand for analysis, including materials such as company reports, journal articles and time series, and previously conducted surveys that address the subject matter. However, it should be noted that derivatives are not ordinarily considered reportable assets, and so may leave little trace on company reports and discussions. As such, generalized information from sources such as the Bank for International Settlements will be used as much as possible rather than specific firm information. Data analysis Following the collection of data using the method described above, the data will be analyzed using a number of techniques. Analysis methods are intended to be both quantitative and qualitative, in accordance with the data available for analysis. Quantitative analysis will be exploratory and descriptive, using data summaries in such methods as charts, tables, and descriptive statistics. Qualitative analysis techniques that will be used will include categorization, development and analysis of relationships, and descriptive techniques. This data analysis will be used in order to create an overall view of the data that can be used in order to explore the research questions. Organization of the paper The table below presents the organization of the remainder of the paper in terms of chapter numbers and contents. Chapter Contents Chapter 2 Literature review and context review Chapter 3 Methodology overview Chapter 4 Presentation of results of analysis, discussion of results and examination of risk and risk mitigation strategies for firms using derivatives Chapter 5 Conclusions and recommendations for further study Table 1 Organization of the paper Summary This chapter has presented an overview of the aims and objectives of the paper as well as the methods that will be used to explore the research objectives. It will provide a guide to the remainder of the paper. The next chapter, the Literature Review, provides insight into the structure and definition of derivatives as well as providing insight into their use in financial markets. Chapter 2 Review of the Literature In order to provide background and theoretical information for the discussion in the following chapters, this chapter presents an overview of the current state of affairs concerning derivatives and their use in the financial firm. This includes a description of the definition of derivative, the varying types of derivatives and what their uses and significance are, and a description of their current use in the banking context in order to examine the overall importance of derivatives in portfolio management. This chapter will also provide an overview of the concepts of portfolio management in order to examine issues involved in the use of derivatives. Definition of derivatives Although there are a number of different definitions of derivatives, the basic principle of the derivative is that it is not, in and of itself, an asset or investment; instead, it is a financial instrument that is based on the value of an underlying asset or instrument (Hunt Kennedy, 2004, p. 1). As such, it should be clear that as a derivative has no independent financial value, it should not be considered to be an investment per se; if the firm wishes to make an investment in the underlying asset, it is more appropriate to do so directly. Instead, derivatives are used to gain potential access to cash flows, risk, currency exchanges or other valuable items or to distribute risks across a number of different users, markets, or geographic areas rather than assigning all risk to a single portfolio or individual (Hunt Kennedy, 2004, p. 3). Derivatives may be based on the value of a wide range of underlying instruments, including stocks, bonds, indexes, exchange rates, interest rates or the prices of commodity such as wheat, oil or livestock (Hunt Kennedy, 2004). More exotic underlying instruments include credit risks of packaged assets and even long-range weather forecasts; however, these exotic underlying instruments fall outside the scope of this discussion and will not be examined in-depth. Underlying concepts There are a number of underlying concepts that must be understood if the idea of the derivative is to be fully described. The first such idea is that of replication. In brief, replication is the portfolio of assets (trading strategy that will pay out an identical amount to the payout of the derivative in any potential trading circumstance (Hunt Kennedy, 2004, p. 3). In other words, the balance of the portfolio, on which option pricing theory is based, is dependent on its ability to mirror the price of the option that it is compared against. The second important underlying idea is that of arbitrage. Hunt and Kennedy (2004, p. 3) defined arbitrage as a trading strategy that generates profit from nothing with no risk involved. Arbitrage opportunities are assumed not to exist in the trading of derivatives; although it is clear that some random arbitrage opportunities might exist, they cannot be counted upon in a trading strategy and should not be considered for the purposes of this analysis. The underlying security is defined as the security involved in an option or other derivative transaction (Chorafas, 2008, p. 36). In other words, the underlying security (or underlying asset) is the security or asset from which the derivative derives its value, like a commodity such as oil, gold or wheat. These underlying securities rarely actually change hands (although it may occasionally occur). As Chorafas noted, while the underlying security may be based in an asset or liability, it cannot be considered to be an asset or liability itself, but is instead intended only to hedge risks from other market areas. Chorafas demonstrated that the relationship between the underlying security and the derivative is likely to be nonlinear; that is, the price of the derivative will not depend immediately on the price of the underlying security, but will instead be offset by other factors. The figure below demonstrates this nonlinear relationship. Figure 1 Nonlinear relationship between the value of derivatives and underlying instruments (Chorafas, 2008) The idea of notional principle amount, or face amount, is the amount of money on which the trade is based; however, this money is never actually intended to change hands, it only provides a basis for such characteristics of the derivative as interest rate calculation or other bases for engaging in the trade (Chorafas, 2008, p. 36). This may be specified not only in currency, but also in any other relevant measurement, such as shares, kilos, gallons, bushels, or whatever the natural means of measuring the underlying asset might be. Types of derivatives There are a wide range of types of derivatives, and custom derivatives are often assembled in order to meet the requirements of the parties involved in the trade that do not easily coincide with the definition of any standard type. However, the four major categories of derivatives include options, forwards, futures and swaps. Each of these types has a different structure and different uses within the market, and each is traded differently within the market. The description, structure and main uses of each of these types of derivatives are described in detail below. Options An option is an instrument that gives the buyer the opportunity (but not the requirement) to purchase a given instrument at a specific time for a specific price (Chorafas, 2008, p. 39). An option may be a call option (guaranteeing the buyer the right to buy the underlying good at the set price) or a put option (guaranteeing the owner the right to sell the underlying good at the strike price) (Kolb, 2003, p. 4). The buyer of an option may decide to exercise it (in which case they take delivery of the underlying) or to not exercise it (in which case it expires); if the buyer does exercise the option (decide to take delivery) the seller must give it to them for the agreed-upon price. The price at which the buyer may exercise the option is the strike price, while the price paid to the seller for the option is known as the premium (Chorafas, 2008, p. 40). The expiration date is the date by which the option must be exercised is the expiration date. The type of option will determine whether the option can be exercised only on that date, at any time prior to that date, or at certain specific times prior to the expiration date. American options can be exercised at any point up to the expiration date, while European options allow exercise only on the expiration date (Kolb, 2003, p. 507). A Bermuda option has set intermediate dates between the purchase and the expiration date at which it may be exercised (Kolb, 2003). There are also a number of exotic options that provide more customized payment, delivery and exercise agreements that may rely on the price of the underlying asset; for example, a barrier options exercise depends on the value of the underlying asset reaching a price specified in the contract, while an Asian option depends on the average price of the underlying security (Kolb, 2003). A so-called plain vanilla option, however, depends only on the current price of the underlying and other characteristics of the option such as exercise price and time until expiration (Kolb, 2003, p. 577). Caps, floors and collars are particular characteristics of a given option, which are intended to limit exposure to upside and downside risk (Smith Walter, 2003, p. 84). A cap, commonly used in an interest rate swap as well as other options, fixes the upper rate of exchange, while a floor similarly fixes the lower rate of exchange; as can be envisioned, a collar fixes both the upper and lower rates of exchange in order to reduce the potential for risk. Options are extremely popular derivatives that are used in both financial and nonfinancial firms for portfolio balance. Forwards A forward, or more properly a forward contract or option, is structured in much the same way as an option; however, rather than the exercise of the instrument being optional at the expiration date, exercise is mandatory at that time (Kolb, 2003). A basic definition of a forward was given by Kolb, who remarked, A forward contract always involves a contract initiated at one time; performance in accordance with the terms of the contract occurs at a subsequent time. Furthermore, the type of forward contracting to be considered here always involves an exchange of one asset for another. The price at which the exchange is set at the time of the initial contracting. Actual payment and delivery of the good occurs later (Kolb, 2003, p. 2). Forward contracts are commonly used in currency exchange operations and other transactions in which the individuals involved wish to reduce uncertainty; for example, in a currency exchange forward, the seller ensures the present value of the trade, as does the buyer. Although the currency exchange rates may fluctuate over the time between the contract and the expiration date, the risk for each party will be reduced because they will be able to protect themselves from changes in the currency exchange (Kolb, 2003). As such, forwards are commonly used for securing access to foreign currency or other underlying assets that an individual will need in the future at a risk-controlled price. In effect, the use of forwards removes uncertainty from the future business climate, therefore reducing risk. Forwards may also be used in order to create a position in the weaker currency when performing interest rate hedging (Smith Walter, 2003, p. 43). In effect, the investor attempts to determine when a weak currency is going to undergo a currency collapse (such as the 1997-1998 Asian market collapse, which began with a weakened currency in Thailand), and then purchases interest rate forwards in this currency, then waits for the interest rate in the country to drop as monetary policy shifts to propping up the currency rather than attempting to slow growth. However, this strategy is not without risk because there is always the potential that the currency may not depreciate or, if it does, that the requisite interest rate drop will not occur, or will not be sufficient to make the investment worthwhile. Futures Futures are an even more specialized form of the option. Futures contracts, which always trade on organized exchanges rather than in over the counter transactions, are a type of forward contract with highly standardized and specified contract terms futures contracts are highly standardized with a specified quantity of a good, and with a specified delivery date and delivery mechanism (Kolb, 2003, p. 3). According to Kolb, performance on a futures contract is also guaranteed with by a clearing house, or a financial institution that guarantees the integrity of the market, and are protected by margin, or security payments posted by traders as a good-faith indication of willingness to trade (Kolb, 2003, p. 3). Futures, unlike other forms of derivatives, trade in a regulated market and as such may not be as complex to handle as other forms of derivatives such as forwards. Futures are most commonly used for trade in commodities, and are often used by nonfinancial institutions rather than financial institutions. Swaps Unlike the other forms of derivatives, a swap is not just a specialized form of option, but is instead a different type of instrument. A swap is an over-the-counter instrument involving the exchange of one stream of payment liability for another (Smith Walter, 2003, p. 75). According to Smith and Walter, this derivative has only developed since the 1980s, with an increasing use of derivatives by non-financial corporations in order to reduce risk and reduce cost of listing on stock and bond markets. Swaps, as contingent values, are also not listed on financial reports, which allow firms to manoeuvre their full investment in a given position if desired (Smith Walter, 2003, p. 76). Common swaps include interest rate swaps and currency exchange swaps. Currency swaps allow firms to exchange their exposure to currency risk (for example, by limiting the amount paid in interest from one position to another) by exchanging currency rates from one to the other. Historical currency swap rates demonstrate the overall growth in currency swaps. The table below demonstrates the growth in currency rate swaps over the top ten traded currencies in 2000. As can be seen, the Euro almost immediately became prominent, with rapidly increasing amounts of currency swaps overtaking the currency as it was instituted. The use of currency swaps is extremely common in financial and non-financial firms that require protection from currency risk. For example, those with operations in multiple countries (Smith Walter, 2003). Currency Notional Amount Traded Per Year (Historical Figures) 1998 1999 2000 Australian dollar 206 365 387 Canadian dollar 594 647 623 Danish Kroner 28 37 40 Euro 4,667 5,981 Hong Kong dollar 89 321 450 Japanese yen 5,319 4,236 4,254 New Zealand dollar 10 6 3 Norwegian Kroner 48 127 103 Pound Sterling 2,512 2,242 2,391 Swiss franc 419 459 456 Table 2 Historical trades in currency swaps, 1998-1999 (Smith Walter, 2003) Interest rate swaps allow for firms to exchange interest rates on funds, often in exchange for future value of a payment stream. As noted by Smith and Walter, these instruments are advantageous because they allow for the transfer of potential immediate interest risk, as well as offering individuals access to funds at lower interest rates. In addition to an immediate swap, a pair of traders may engage in what is called a forward swap, in which payments at some time in the future are fixed rather than immediately exchanging hands (Smith Walter, 2003, p. 83). These derivatives are not commonly used in the financial world, but may take place for example in order to fix interest rates through the duration of a long-term building project or perform similar interest rate fixation. Credit derivatives Of particular current concern is the credit derivative, which protect the lender against loan default in much the same way as a loan guarantee. According to Smith and Walter (85), the major types of credit derivatives include total return swaps (in which the potential returns from a risky underlying loan instrument are exchanged for a lower, but less risky, guaranteed return); credit default swaps (in which an upfront fee is exchanged for coverage in the case of a default on the underlying loan instrument); and the credit linked note (in which the buyer makes a series of payments to the seller, which are returned if there are no credit difficulties during the lifetime of the loan) (Smith Walter, 2003, p. 86). Banks have commonly used these derivatives in the recent past in order to limit their exposure to consumer debt; however, as the recent subprime mortgage crisis in the United States has shown, reckless use of credit derivatives may not be appropriate. Many hedge funds (estimated by Douglas to be a tenth of the total market) specialize in credit derivatives, following a number of different strategies for engaging in credit derivatives trading and arbitrage. The authors noted that of the participants in the credit derivative markets, the majority of funds that specialized in credit derivatives worked in emerging debt markets and convertible arbitrage opportunities, rather than in less risk, but less rewarding, areas such as distressed debt and high yield debt (Douglas, 2007). The risks of credit derivative instruments will be explored more fully in Chapter 3, Data and Analysis. Derivative trading Derivatives are traded in one of two ways. Over the counter derivatives (OTC derivatives) are derivatives that are traded directly between private parties, rather than being traded through an exchange (Smith Walter, 2003). Some of the most commonly traded derivative structures that are traded over the counter include swaps (which are usually custom-packaged in order to meet the needs of both parties involved in the trade) and exotic options and other custom-packaged derivative products (Smith Walter, 2003). These instruments are best traded over the counter because of their custom nature; the OTC sale format allows for customization of the package in order to meet the needs of the purchaser in terms of portfolio balance and risk adjustment (Chorafas, 2008, p. 58). However, this flexibility comes with a cost in risk undertaking, as there is no open market value of the instrument in order to ensure that the buyer does not overpay (Chorafas, 2008, p. 59). Although precise figures on the trade of OTC derivative instruments are difficult to obtain due to the private and non-reported nature of the trades, evidence points to a very large market for these instruments. According to the Bank for International Settlements, the estimated international trade in OTC derivatives as of December 2007 was approximately 596,004 billion US dollars (Bank for International Settlements, 2007). The second form of derivative trading is exchange-traded derivative trading, in which derivatives are listed on exchange for buyers and sellers in much the same fashion as stock or bond markets (Chorafas, 2008). The potential for overpricing that exists in OTC derivatives is not present in exchange-traded derivatives, because the existence of the open market results in the establishment of a fair market value for the derivative (Chorafas, 2008, p. 60). However, many types of derivatives are traded in derivative exchanges; most commonly, interest rate swaps and commodity forwards and futures are available on derivative exchanges (Chorafas, 2008, p. 75). While customization of derivative packages is not possible, for some purposes the use of a traded derivative is entirely sufficient to meet the needs of the portfolio management problem, and should be considered as lower cost than creating a customized over the counter derivative sale. According to the Bank for International Settlements, the exchange trading activity in derivatives during the 2nd quarter of 2008 (March to June) totalled 600,465 billion US dollars, which represented a total trade volume of 2,397 million contracts in total (Bank for International Settlements, 2008). Portfolio management The main use of derivativ Louis Isadore Kahn | Architect Biography Louis Isadore Kahn | Architect Biography Louis Kahn was one of the most renowned personalities of the 20th century Architecture. The impact that he made with some of his works was so remarkable that he was rightly compared with Corbusier and Mies Van Der Rohe. Louis Kahns work made huge impact specifically on the younger generation who were more willing to try out the non-traditional way of designing buildings. Louis Kahn truly believed that all architects should thrive for unparalleled excellence which would help them make an ever-lasting impact on the society, as seen by the works of Greeks and Eygpt. Keeping this goal in mind, Louis Kahn devoted his entire career in seeking perfection and pursing excellence. Louis Kahns best works are located in India, US and Bangladesh and incidentally they were produced in last two decades of his career. His works represent precise integration and assembly of structure, a silent admiration for materials and lights, a dedication to classical geometry, and a great deal of concern for human values. Louis Kahn was considered a enigmatic thinker or more like a philosopher who wanted to bring out change in the field of Architecture. BACKGROUND Born in 1901 in Estonia, Russia, Louis Isadore Kahn is considered to be one of the most influential architects of the second half of the twentieth century throughout the world. Louis Kahn migrated to the U.S. along with his family in his early years (in 1905). After completing his graduation from the University of Pennsylvania in 1924, Louis Kahn started his career as a draughtsman and later worked as head designer in several other firms in Philadelphia. He also worked in the offices of Philadelphias leading architects, Paul Cret (1929-1930) and Zantzinger, Borie and Medary (1930-1932). In the latter half of 1930s Louis Kahn served as a private consultant to the Philadelphia and The United States Housing Authority. His knowledge in modern architecture expanded when Kahn worked with European emigres Alfred Kastner and Oskar Stonorov. In the early 1940s Louis Isadore Kahn associated with Stonorov and George Howe, with whom Louis Isadore Kahn designed several wartime housing projects. K ahn was not only an American architect, but was also an educator and philosopher. Until 1947, Kahn had worked with a series of partners, after which, Kahn set up his independent/private practice. It was during this year, that Kahn also began with his influential teaching career atÂÂ  Yale University as Chief Critic in Architectural Design and Professor of Architecture (1947-1957) and then at the University of Pennsylvania as Cret Professor of Architecture (1957-1974). SIGNIFICANT ELEMENTS OF DESIGN Kahn wanted to redefine the bases of architecture through a re-examination of structure, form, space, and light; since his earlier work abstained from the international style modernism. Earlier works of Kahn had a traditional international style of architecture. However somewhere in the middle of his career, Kahn turned his back on this traditional approach and pursued innovation by redefining the use of structure, light, form and space. Louis Kahn described his quest for meaningful form as a search for beginnings, a spiritual resource from which modern man could draw inspiration. It is widely believed that Louis Kahn, who was then a Resident Architect at the American Academy in Rome, was extremely impressed by the astonishing architectural feats of Greeks, Egyptians and the Romans and this triggered the change in his approach of designing the buildings. Other experts believe Kahn was also influenced by the part of Philadelphia where he grew up. There were many factory buildings with large windows. These brick structures were very solid. This industrial design is apparent in several of Kahns early works. The impact of this European experience can been seen in Louis Kahns latter works. The work undertaken by him in last two decades of his life demonstrated a sincere desire to create a sense of place, showcased the true side of structure, and demonstrated the successful application of Platonic geometry principles. Louis Kahn must be credited for re-introducing various concepts which most of the modern architects had deserted like centralized spaces, using extensive geometric principles and demonstrating solid mural strength. Kahns buildings are admired for outstanding use of geometric shapes and implementing platonic geometry principles which creates magnificent experience for the users. Louis Kahn is credited in re-defining modern architecture in more than one ways. For e.g. Kahn was known to appreciate the appearance and feel of different materials that he used in his work. Kahn is also known to have used brick and concrete extensively and his innovative usage of these materials demonstrated his talent to the world. Kahn realised the importance of sunlight and was highly impressed by its usage in Egyptians and Greek works. Hence Kahns works demonstrates wide-scale implementation of sunlight through different kinds of interesting windows and openings. Egyptian works also inspired Kahn to use extensive geometric shapes and hence we find many of his buildings taking shape of squares, circles or triangles. Louis Kahns vision on how an architect can make difference to his design can be seen from the masters own words. A building is like a human, an architect has the opportunity of creating life. The way the knuckles and joints come together make each hand interesting and beautiful. In a building these details should not be put in a mitten and hidden. Space is architectural when the evidence of how it is made is seen and comprehended. EXAMPLES OF PROJECTS WHERE ELEMENTS OF LOUIS KAHN DESIGN WERE IMPLEMENTED All these elements of design philosophy can be seen in all the works of Louis Kahn starting from his first mature work the addition to the Yale University Art Gallery (New Haven, Connecticut, 1951-1953). This is considered to be Kahns first architectural masterpiece where one can see that much prominence has been give to the structural innovations demonstrated by hollow tetrahedral concrete ceiling and floor slab system, which was a mater-piece, a fantastic design of placing the mechanical and electrical systems. Kahns magnificent artistic sense can be seen from the design of the triangle-shaped staircase which sits in a rounded concrete shell, defining the servant space to be distinguished from the served spaces of the building. Richards Medical Research Building at the University of Pennsylvania (1957-1965) and the Salk Institute for Biological Studies (LaJolla, California, 1959-1965) demonstrated magnificent use of spaces and is the primarily responsible for the origin of the phr ase served and servant spaces. Kahn applied his principles to create masterpieces, which made a great deal of sense to the usage of space and light. His buildings, like the Yale Art Gallery extension (1951-53) or the Trenton Boathouse in New Jersey (1954-59) or even the Richards Medical Towers in Philadelphia (1957-62), create astonishing effects with the change in light, all possible due to the intelligent use of space and light. As a result, the user gets an entirely different experience of working in the building during different times of a day. By constructing Salk Institute in La Jolla, California (1959-67), Kahn created another masterpiece which had extraordinarily inspiring sequence of buildings. Richards Medical Towers This building demonstrates many key elements of Louis Kahns architecture. All these elements have been used before by other architects but not all at the same time. Through this structure, Kahn demonstrates the application of servant and served spaces, overcomes the problem of in sufficient lighting and more importantly integrates form, material, and process. As stated by Romaldo Giurgola and Jaimini Mehta, Richards Medical Towers represents a significant turning point in contemporary architecture. Salk Institute in La Jolla This particular building emphasizes the principle, Keep it simple and strong. Through this building, Kahn has achieved astonishing use of space, may it be the space available for Laboratories where research is conducted, or may it be the office space where ideas arise. This institute shows a wonderful collaboration of mind and action. The buildings beautiful concrete surfaces ensure precise detailing and magnificent experience. The structure is created in such a way that it takes care of the need to enclose specific spaces and does not rely on a general envelope to cover such specific space. Paul Heyer, described the central court of the building in a very artistic way. The central court, as a typical Kahn-like space of shimmering blue water, a band pointing toward the ocean epitomizing what human endeavour can accomplish at one scale with geometric clarity and authoritative but modest deliberation, to give to the scale less sweep of the ocean, here the Pa cific, a poignant gesture. Louis Kahn was known for his ability to create epic architectural structures that showcased human scale. He predominantly used brick and bare concrete as his building materials and he used highly refined surfaces like travertine marble for reinforcing the textures. (http://www.answers.com/topic/louis-kahn) Beyond its functional role, Louis Isadore Kahn believed architecture must also evoke the feeling and symbolism of timeless human values. Louis I. Kahn attempted to explain the relationship between the rational and romantic dichotomy in his form-design thesis, a theory of composition articulated in 1959. In his personal philosophy, form is conceived as formless and unmeasurable, a spiritual power common to all mankind. It transcends individual thoughts, feelings, and conventions. (http://architect.architecture.sk/louis-isadore-kahn-architect/louis-isadore-kahn-architect.php) Integral to Kahns notion of timeless form in the making of significant architectural spaces is the role of natural light. Louis Isadore Kahn described structure as the giver of light. For several projects located in hot sunny climates, such as the U.S. Consulate in Luanda, Angola (1959-1962). the meeting houses of the Salk institute, the Indian Institute of Management (Ahmadabad, India, 1962-1974), and the National Capital at Dhaka, Louis Isadore Kahn developed visually dynamic sunscreens. Great walls with variously shaped openings shield inner rooms from the harsh light. The evocation of a wall in ruins suggests an ancient part Louis Isadore Kahn s handling of light is a central theme in two unrealized synagogue projects, Mikveh Israel (Philadelphia Pennsylvania, 1961-1972) and Hurva (Jerusalem Israel, 1967-1974) as well as in one of his greatest works the Kimbell Art Museum (Fort Worth, Texas. 1966-1972). In the art museum, light enters through narrow slits in the concrete cycloid vaults and is diffused through the gallery interiors, which are rich with travertine and oak. Kimbell Art Museum This Louis Kahns masterpiece in Fort Worth is a beautiful demonstration of outmost perfection which can be compared only to the works done by the Greeks. Kahn used all the tools and available resources with such flawlessness, that it produced a building which had all the components working in a sychronized way and the system as a whole worked perfectly. It is difficult to find any building that does not utilize the materials properly and this one is no exception. INSPIRATION FOR OTHER ARCHITECTS Louis Kahns philosophy and extraordinary work has had influence on quite a number of contemporary architects. Tadao Ando, in his early twenties, took intiative and travelled throughout Japan, Europe, Africa and the United States for his architectural studies. He never took any formal training in the field of architecture. He would study architecture by observing the actual buildings and reading books of renowned architects such as Le Corbusier, Mies Van der Roher, Louis Kahn, etc. After he had gathered enough knowledge through his journey across different countries, he started his own practice. When asked about defining his style of architecture, Tadao had once said that, To me, walls are the most basic elements of architecture, and in all my works, light is an important factor. The Benetton Communications Research Center (Italy) and the Naoshima contemporary art museum, (Japan) showed that Tadoa Ando was truly inspired and has learned a lot from the works of Louis Kahn. Renzo Piano (born in 1937) completed his graduation in architecture in 1964 after which he worked in his family business. From 1965-1970, Renzo Piano worked in the offices of Louis Kahn (Philadelphia) and ZS. Makowski (London). Along with Renzo Piano, another famous architect who was greatly influenced by Louis Kahn was Richard Rogers. Renzo Piano met Richard Rogers at the Expo70 in Osaka and both immediately realized that they had common interests. One of the most famous projects of Renzo Piano Richard Roger is that of Georges Pompidou Centre in Paris. The building was designed in such a way, as if it were turned inside-out, with the services visible on the exteriors of the building making the inside of the building light and airy. Thus, this building can be said to be made on the similar basic concept which Kahn had applied years earlier in the Arts Centre where because of his theory of served and servant spaces, huge services ducts rose up through the building. Hence, it can be s afely concluded that Renzo Piano and Richard Roger were both influenced by Louis Kahn. Architect Norman Foster is another famous personality influenced by Louis Kahn. Foster happened to study masters in architecture in America at a time when Louis Kahn was designing the extension at the Yale University. Getting influenced by Kahns designs and philosophy, the two architects have also ended up designing the worlds most exciting buildings. For example, Norman Fosters Hongkong and Shanghai Bank project demonstrates Louis Kahns influence on Norman Foster. Another architect inspired by Kahn is James Stirling. Stirling was known for his experimental approach, which meant that he was not committed to one particular style. Also, this approach meant that Stirling was ready to try out new ideas and that definitely reflected Louis Kahns quality of designing. Stirlings earlier projects for Oxbridge stressed more importance to the concept than to the artistic and utilitarian needs. Due to this experimental approach and rigid adherence to concept, Stirling was often criticized for not following architectural principles.

Chronic Hair Pulling Essay -- Trichotillomania

It has been two months since Makahla Rivers has pulled out her hair. In fact, that’s the longest she’s gone without pulling out her hair since she was 12 years old, she said. Rivers, a 19-year-old from Harrisville, Rhode Island who works in a local restaurant, has struggled with the impulse control disorder known as trichotillomania, the urge to pull out one’s own hair. Trichotillomania, often referred to as trich or TTM, was first documented by the French dermatologist, Francois Henri Hallopeau over 100 years ago and derives from the Greek words, â€Å"trich† (hair), â€Å"tillo† (to pull) and â€Å"mania† (impulse). While extensive medical research on this disorder has only been conducted within the past twenty years, it is estimated that around 1.5% of males and 3.5% of females in the U.S. struggle with chronic hair pulling, according to the Trichotillomania Learning Center Web site. It is believed that the majority of hair pulling starts during childhood or around adolescence. Hair is most commonly pulled from the scalp, eyebrows, eyelashes, pubic area and other areas such as the arms, legs or face. It is also common to start pulling in one area and then move onto other areas. Rivers said she started pulling around the age of 12 but it did not become an issue until she pulled out all of the hair from the top of her head at 15. â€Å"I was at an exercise convention with my mom,† she said.â€Å"We were staying at a hotel and we had done four exercise classes and I was tired but my mom was still rearing to go. So, I was like, ‘Oh, I’m just going to sit in the room and relax and take a nap.’ I was in the room, I was watching T.V., I was really tired and it’s almost like I was in a state of hypnosis. I didn’t notice I was [pulling out my... ... have the whole world know about this disorder so they can do research about it,† she said. â€Å"There are a lot of other people out there that have this disorder that are going through the same thing that I went trough that probably don’t even know they have this disorder.† Rivers is currently taking time off from college to enjoy life and take everything into perspective. While she said she can return to college at any time and handle the stress that comes with it, she is content where she is right now and doesn’t â€Å"want to mess this up.† â€Å"I’ve pretty much come to terms with it. I wouldn’t change it. I really would not change it,† she said. â€Å"All the years of suffering—it has made me a stronger person. It has made me who I am and I can’t regret that.† Sources Cited Trichotillomania Learning Center. 2015 http://www.trich.org/treatment/resources-articles.html

Doc Holliday :: essays research papers

Few gunmen in history have been as notorious as the late John"Doc" Holliday. Part of the reason Doc has enjoyed such a famedhistory is because of the overall descent man he was, that is when hewasn’t gambling, drinking, and gunslinging. When Doc died he mighthave had a handkerchief, a pocket knife, a deck of poker cards, a flaskhalf full of whiskey, and a small essay entitled "My Friend DocHolliday" by Wyatt Earp. The most important item Doc would have had on him when he diedwas a handkerchief. Doc most likely had a handkerchief because of thesevere case of tuberculosis he had, which led to his untimely demise. Doc contracted this disease while traveling the west, staying up long hours, drinking, smoking, and gambling most of the time he was awake. This handkerchief would have helped Doc wipe up any blood, and ordead lung tissue he might have coughed up on his last day of life. Doc was not only a very sick man, he was also a very cultured man. Being cultured might have provoked Doc to wear a handkerchief as a fashion accessory, because rumor has it that although Doc was a mans man, he still liked to look as good as possible no matter where he went. This handkerchief in his eyes may have shown people his intelligent, well educated side. This educated side is a side of Doc that few people know about today. Usually when someone hears the name Doc Holliday, they think about fighting, drinking, and gambling, all of these are true of Doc, but these people had barely scratched the surface. As a young man Doc attended Valdosta institute where he became knowledgeable of the Greek, Latin, and French languages. Amazingly Doc’s favorite subject was rhetoric, his teachers claimed that Doc had a way with words unsurpassed by anyone in his class. All of these factors may have contributed to Doc having a handkerchief with him on his final day of life. A second item which might have been found in Doc Hollidays pocket on the day he died is a small pocket knife. Doc might have had a pocket knife first of all because he was a dentist by trade. Being adentist may seem like it has nothing to do with having a pocket knife,but being a dentist by trade helped Doc develop amazing skills with cutlery. Doc was famous mostly for his gunrunnig, but could rarely be found without a pocket knife.

Look Before You Leap

Startled, Tom awoke to the ringing of his alarm, the day he had been waiting for had finally arrived. Sitting up, Tom tugged at his curly black hair and wiped the sleep out of his eyes. A feeling of excitement rushed through his body as he remembered that today was the day he was going to do the most exhilarating but equally terrifying thing he had ever dreamt of. Tom had turned eighteen the previous day and receiving a gift of skydiving had been something he had longed for. Growing up, Tom had always loved sports. His athletic frame had made him excel in all activities, however, he craved the trilling experience of extreme sports. Although anxious his parents had agreed this would be the perfect gift. After saying goodbye to his apprehensive parents, Tom headed off to the skydiving centre. He felt numb and uneasy as he drove the forty five minute drive to the skydiving centre anticipating the trill that lay ahead. Feeling the adrenaline kicking in, he saw the sign that read â€Å"Skydiving Centre†. Tom was led down a long winding road and finally arrived at the centre. Walking towards the vast white building, Tom could feel his heart pounding like the beating of a base drum. A tall stern looking man introduced himself as Allan, my instructor for the day. They proceeded to the training centre and initially went through a series of safety instructions. Through a haze of nerves and excitement, Tom listened as Allan enthusiastically explained and demonstrated every aspect of the jump. Several hours later Tom was deemed competent to take to the skies. Once fitted with his clothing and parachute, Tom followed Allan out to the vast runway where the small plane was awaiting him. His eyes lit up, and a serene smile spread across his face. Sitting in the back of the plane, a calm and composed Tom became anxious as he awaited take off. The roaring engines echoed in his ears and the plane shuddered uncontrollably as the plane left the security of the tarmac. Butterflies danced menacingly in Tom's stomach as he tried to listen vigilantly to Allan's instructions. Cautiously Tom peered out of the small window as cars and people turned into tiny pin heads and fields looked like a patch work quilt. â€Å"We have reached the required height† explained Allan, â€Å"are you ready to look before you leap†? As Allan opened the sliding door on the side of the plane the angry wind roared in with incredible force. Allan's voice became muffled as fear took over. Tom had told himself not to look before he leapt but he became fixated on the terrifying open space beneath him. He felt rooted to the spot as if bolts had been driven through his feet and unable to take that final step towards the edge of the plane. With Allan's support and words of encouragement Tom somehow found the courage to make that electrifying leap into the unknown. Adrenaline rushed through his body as free fall reached terminal velocity with the skin on his face pulling back so tight it felt as though it was going to tear. A feeling of euphoria gripped Tom as he was free falling through the sky at 125mph. Then at 5,000 feet, with the ground rapidly coming to meet him, he pulled his parachute cord hard and fast. Silence filled the sky as Tom's parachute opened and he experienced the breathtaking descent, free as a bird. The ground was fast approaching and Tom began to remember how he had been taught to land. Quicker than expected, Tom felt his feet running along the ground, all the fear and apprehension had disappeared. Tom had experienced a stimulating sensation that was difficult to explain to anyone who hadn't skydived. This had been a once in a lifetime experience where Tom's dreams had certainly become a reality. This unique and lasting experience was one he would never forget.