Comparing Shakespeares Caliban to the African-American Essay -- Compa

Comparing Shakespeares Caliban to the African-AmericanCaliban, immediately introduced as poisonous slave, savage, hag-seed, is a character often likened to the African- American slave. The ease and matter-of-factness with which Prospero and Miranda dismiss him is painfully obvious even before he enters the scene (Act 1, Scene 3). Through no fault of his own, Caliban is dehumanized by the authority of his day and dismissed by the important members of his society. He looks a great deal different from the others on the island, so he is not seen as a true human being in fact, his only redemption lies in the fact that he is able to learn the language in coordinate to serve the master. The predicament in which the dispirited American found himself doubtlessly resounded in painful familiarity to Shakespeares Caliban, so it is quite understandable that writers would paint a picture of Caliban as the oppressed African- American slave. There are some(prenominal) similarities that Afri can- Americans share with Caliban. wholeness issue that bears remarkable similarities is the issue of identity. For the African- American, Alienated from the populace to which he is born and from the country of which he is a citizen, yet ring by the successful values of that world, and country, how can the Negro define himself? (Penn, p.17) Caliban, charm he was not taken from his homeland, his homeland was taken from him and ruled by people very different from him socially and physically. As a result, he was told that his appearance and way of life were unacceptable. Instead, he was forced to conform to a culture of which he could never truly be a part. One would imagine that Calibans sense of identity was severely jeopardized.Out of this idea locomote anothe... ...e for the African- American. Now is the time for the black American to rise above victim status and defenses (valid though they may be) and take their place as productive, intelligent, regard members of s ociety. Unlike Caliban, the African- American need not waste his time bemoaning his state. Yes, thither were unimaginable injustices visited upon African- Americans in this country, but the past cannot be altered. Our young black men and women cannot be taught that past-- or even present injustice is an excuse for mediocrity. The world does not owe anyone anything, and therefore the black American moldiness work hard-- maybe sometimes twice as hard-- to succeed and in the end justice and equality will prevail. In this way, the African- American is naught like Caliban. Injustice and oppression were his ruin but for the African- American, it will dumbfound strength.

Introduction to Computers by Peter Norton 6e

Seeing, Hearing, and Printing Data 1. This attribute of monitor is common on desktop figurers. It looks much like a standard television. A) cathode-ray tube B) flat-panel C) written communication D) projector 2. Monitors use various intensities of __________ colourize to generate the rainbow. A) 16 B) 16 flyerinal C) three D) four 3. The __________ helps to align the electron guns. A) pixel B) shadow affect C) resolution D) refresh 4. LCD monitors frequently have a littler __________ than CRT monitors. A) refresh rate B) viewing angle C) people of color astuteness D) price 5. The __________ monitor is similar to the LCD monitor, but has a phosphorescent film between the layers.A) Electro luminescent displays (ELD) B) Plasma displays C) Paper-white displays D) thin-film transistor 6. This condition of a monitor describes the usable portion of the screen. A) refresh rate B) resolution C) dot-pitch D) seeable area 7. To minimize eyestrain, you should adjust your monitor to a __________ degree angle. A) 5 B) 10 C) 15 D) 90 8. Newer projectors utilize __________ to achieve clearer and brighter images. A) mirrors B) thin-film transistors C) digital depress emergenceing D) cathode ray tubes 9. The most complicated part of your computers sound system is the __________.A) speaker B) microphone C) headset D) sound card 10. The __________ contains speakers and a microphone on a headband. A) speaker B) microphone C) headset D) sound card 1. Dot matrix and band printers are __________ printers. A) laser B) impact C) ink flow D) thermal 2. Which of the pursuance measures the speed of dot-matrix printers? A) ppm B) dpi C) cps D) lpm 3. Printers use __________ colors to generate the rainbow. A) 3 B) 4 C) 8 D) 16 4. In a laser printer, the __________ transfers the image to the paper. A) laser B) roller C) toner D) drum 5. Home offices often purchase __________ to solve printing and scanning take.A) all-in-one peripherals B) photocopiers C) ink- spirt printers D) scanners 6. For a collection plate user that has casual printing needs, the __________ specification is the most important specification of a printer. A) speed B) cost of use C) resolution D) paper size of it 7. The __________ printers are used to produce low-cost posters and handouts. A) dye-sublimation B) thermal-wax C) laser D) ink jet 8. The __________ printer use temperature variations to achieve different colors. A) dye-sublimation B) thermal-wax C) laser D) ink jet 9. The __________ printer sprays ink onto the page. A) laser B) dot-matrix C) non-inpact D) ink jet 10.An organization that needs to produce hundreds or thousands of pages a day, the __________ is the most logical choice. A) dot-matrix B) laser C) ink jet D) thermal-wax Processing Data 1. Chips are made up of millions of critical __________ or switches. A) etches B) transistors C) charges D) electrons 2. Computers use the __________ matter system to store data and bring about calculations. A) decimal B) hexad ecimal C) binary D) octal 3. There are __________ bits in one byte. A) 4 B) 8 C) 16 D) 32 4. The text canon originally used in personal computers. A) EBCDIC B) Extended ASCII C) Unicode D) ASCII 5.The __________ performs simple math for the mainframe. A) ALU B) DIMM C) BUS D) register 6. A(n) __________ is one instruction from a program. A) task B) process C) thread D) assignment 7. The __________ is the electronic pathway between components in the computer. A) B) C) D) CPU bus RAM register 8. A modern desktop computer will likely use __________ chips to store RAM. A) SO-DIMM B) SIMM C) DIPP D) DIMM 9. The __________ controls how often the computer executes a task. A) CPU B) bus C) clock D) RAM 10. The __________ bus is used to plug in Macintosh keyboards and mouse. A) USB B) Firewire C) SCSI D) ISA 1.The Intel __________ is primarily designed for servers. A) Pentium III B) Itanium C) Celeron D) Centrino 2. This company historically made chips for Macintosh computers. A) Intel B ) AMD C) Freescale D) Seagate 3. The newest mainframe for Macintosh computers is the 64-bit __________. A) G5 B) Pentium IV C) Athlon FX 64 D) PowerPC 4. Which of the following specification has little effect on the speed of a processor? A) cache B) system bus speed C) clock speed D) socket type 5. Multiple processor systems that are required to have an even number of processors are said to be __________ multiple processors.A) symmetric B) even C) equilibrise D) distributed 6. The UART chip controls the __________ port on the computer. A) parallel B) serial C) USB D) Ethernet 7. To add an native card to a computer, it must have an open __________. A) expansion time slot B) bay C) bus D) USB port 8. The __________ interface transmits one bit at a time. A) parallel B) SCSI C) serial D) FireWire 9. Most likely the color of the port your monitor is attached to is __________. A) green B) purple C) red D) muddy 10. The SCSI bus connects devices using a __________ cable interface. A) p lug-n-play B) daisy chain C) un-terminated D) ingrained

The Past, Present and Future

Throughout the last 50 years, gentleman has witnessed many changes that need attired and changed our lives in many ways. The emergence of applied science in our lives, for example, has caused feel sentence to become simpler by making connections easier between throng. Changes much(prenominal) as these have caused many differences between each generation. Whilst comparing the life of our generation and our parents generation we can jut out that various aspects have changed identical technology, procreation and life style.Through the last two decades weve witnessed a rise In aspects that we laden know of before. Technology Is an Issue that our generation was greatly Influenced and affected by. Through the Internet fresh ways of connections, were brought to the table making life easier for our generation. In the olden days champion had to go through acclivitous efforts In order to simply contact another person, however now due to social media, connections between people ar e Just wizard click away. The swift and easy going interactions that social media Imposed on us changed the way of life between the two generations completely.Likewise reproduction is one of the aspects that blossomed in our modern days causing dissimilarities between this generation and the aside generation. Due to the common awareness that we have been exposed to regarding the importance of education in life, education has become to a greater extent easily accessible for people of different classes of the society. Numbers of educated people in our generation has increase tremendously comparing to our parents generation. Educational institutions have now new and more technological ways of teaching.On the contrary education in the past generation was limited to the local institutions international schools and universities were few and too expensive. Also, the education order in the past generation differs from the methods were using now our parents educational transcription m ainly depended on spoon-feeding. In these days we are taught to think more critically, deeper, and outside the box. Another aspect that changed between the two generations is their lifestyles. Due to media and the globalization of media our perspective and opinions about various issues have changed.For example, because of open portrait of sex, alcohol and drugs in movies, our generation view these somehow controversial topics as mediocre, In our generation these issues are being practiced more abundantly charm in the past these issues were viewed as immorally. Also you can clearly see differences In the smallest details of our life analogous music. For Instance the past generations gustatory sensation In music was more appropriate, inspirational, motivational and positive storytelling than this generations.Songs like objet dart In the Mirror had a positive meaning behind their lyrics Im first with the man In the mirror. Im asking him to change his ways. And no message could ha ve been any clearer. If you want to make the world a better place. reside a look at yourself, and then make a change. Michael Jackson. earth in the Mirror. Race. May 1987. Bad. Michael Jackson, Quince lyrical kinds of music, like Electronic saltation Music. Artists like Michael Jackson, The Battles and Affair arent as popular as they were before.Also, words like Rave PLURAL and Damselfly are now being used contempt the fact that they werent known before. To put it in a nutshell, we can easily see the differences of our generation and our parents generation in many aspects like technology, education and lifestyle. Its natural, and as Jim Morrison said Each generation wants new symbols, new people, new names. They want to divorce themselves from their predecessors. We can easily relate that the next generations depart be even more different than our generation.

Unit 4 Per Diary Task

Unit 4 Practice Evidence get down Diary 4. 1-During my time at placement I have had to gain ground children to use resources in a safe and controlled way. For fount while on the job(p) outside in the settings back garden the children wanted to play on the slide. For children to be playing on the slide they will need to hike up from the one side where there are steps. all the same I made sure that I was close by in causa a child injures themselves.While supporting the children I also allow myself to sanction the children to hold onto the handrail allowing them to have a steady balance, preventing them from falling. Due to belongings children safe and secure I am able to acknowledge that I am suppose to be asking the children not to run to debased and ensure that I am providing positive instructions for example to take back turns on the slide allowing all the children to have a chance in playing on the slide I also supervised the children during the bodily function to make sure they were safe.It states in Tassoni. P et al Heinemann 4th stochastic variable child care and education cache level 3 that P. Tassoni, 2007, page, 218 says health and safety policy- this will give guidelines on how to keep children, parents and staff safe, for example guidelines on handing over children at the end of a session safely. However this practice shows that I am able to follow all policies and procedures such as the Health and Safety Work Act 1974 or the touch on opportunity policy.

Lester Ward’s Contributions to American Sociology

Lester frankfurter protect was a man of acquaintance. Sometimes dubbed as the Father of Ameri provide Sociology or the Social Darwin Lester guard was first a botanist and paleontologist. He understood the power of science. shield wrote energizing Sociology and a few otherwise works with the hopes to reinstate the importance of experimentation and the scientific method to sociology. He inspection and repaird as president of the American Sociological Society in 1906 and plant assistant geologist of the U. S. Geological Survey, a position he held for two years. born(p) to Justus and Silence on June 18, 1941, young Lester came from very humble beginnings. His p bents were very brusque and could non afford to send him to school. So, Ward taught himself at home. Even at a young age, Ward displayed exceptional knowledge. He taught himself how to speak contrary languages, Latin and Greek to name a few. His studies also included mathematics, botany, and geology. Although, he was not at the sharp level as Comte or Voltaire, he made many contributions to all things sociable and founded sociology in America.He went on to join the fight against the Rebels in 1862. He was sent home by and by the Battle of Chancellorsville after being shot leash times. While heal from his wounds, he also saw the reality of war which is legalized murder. He cognize that the real enemy was ignorance, superstition, and oppression. In college, he felt that if he was a recognized for his work in the natural sciences, then most would perceive to him in the field of sociology. He believed that the natural sciences should be the idea for social sciences.Wards style of writing was known to be superior and crystal clear. One might think this stems from his uncanny talent for language. His literature are plain and comprehensible, which is a breath of fresh air for a reader who might not comprehend wordy and difficult styles of writing. Dynamic Sociology is one of Wards well known wo rks. The reception at first was not that grand and Ward almost gave up on sociology to focus his energies on botany and geology. It eventually was praised by one of Wards toughest critics, Albion W.Small. When Dynamic Sociology was translated into Russian, it caused such a stir in the Russian government that the Czar ordered all copies to be burned in the city square of St. Petersburg in 1891. This is what George Kennan had to say about the book destroy I have tried in my humble way to serve the cause of liberty in Russia, but I have not been able to do it with ability enough to get my writings burned. You are apparent(a)ly a very dangerous man (Chugerman, 66). Pure Sociology is Wards most frequent work.The transition in Wards views of familiarity from naturalistic to an almost completely ethnical view is evident in this work. It got rave reviews overseas but, America was a bit frigorific towards it. Ward had many minor contributions to sociology, but there are three major cont ributions that have endure without the years. First was the tenseness which Ward placed upon psychic factors in inter clement relations (Chugerman, 3). Ward believed that human intelligence could guide and control wishes, desires, and feelings. Only the human mind can infer a club in which humans live.A good example would be happiness. In Dynamic Sociology, Ward explains that happiness in the popular restricted sense is the experiencing of the high emotional pleasures afforded by the gratification of social, esthetic, moral, and intellectual taste(Gerver, 7). Wards second contribution for the sociologist of today was his emphasis upon human achievement as the proper subject matter for sociology (Chugerman, 3). He did not believe that any species below man was capable of human achievement. This is proof of his different viewpoint previously mentioned.His view of human society was mainly naturalistic, still here one sees the change to a cultural view. Ward believed that desires and purposes were the foundation of culture that came about by accident at first, but could be morphed into hefty social purposes. He also states that sociology is the science of that culture. His third major contribution to sociology is his passionate affirmation of the possibility of good for you(p) social progress (Chugerman, 3). He firmly believed in and pushed for the development of sociology as a science. He believed education was the safest method in which to develop intelligent social progress.Wards definition of social progress is the improver of happiness of mankind (Chugerman, 4). Even then, some found this definition insufficient, yet it cant be denied that Ward built a bullnecked foundation for sociology with his doctrine. Telesis is the theory that through the power of mind, humans can sequestrate control of the situation and direct the evolution of human society. A telic society will develop individuals and therefore society as a whole. The higher the individual is develop, the more develop society will be. Progress depends on the achievements. Like Comte, Ward suggested that sociology should use the cientific method of the natural sciences. Wards constructed his synthetic method from Comtes idea of synthesis and believed that science has no problems that cannot be solved.The core of the synthetic method is the law of causality, the magnetic terminus which keeps the mind within the bounds of reason (Chugerman, 100). To ignore this means to go back to metaphysics, where anything is possible and things happen without a cause. Wards philosophy as the lovemaking of wisdom is the ideal behind his sociocracy. Science keeps the philosopher grounded and not to fly off into mistaken the supernatural for reality. Science alone is the base of all philosophy (Chugerman, 94). Ward also believed that philosophy is a sleeve of the scientific method. From philosophy as synthesis rises science-philosophy. Science and philosophy go hand in hand and Ward believed that only a scientist can become a true philosopher (Chugerman, 95). Ward became an advocate for womens rights. well-nigh sociologists disagreed with his theory that women were superior to men. Ward questioned how the mother of race came to be at such an inferior state and what forces has shaped them.He stated that male superiority was a fallacy and a result of tradition and prejudice (Chugerman, 380). Wards sex theories were opposed by both sexes and had a small following. One female write, Charlotte Perkins Gilman, dedicated her work, The Man-Made World, to Ward. Ward was a champion for the equality of all races and classes. He believed that this could only be achieved through universal education. He fervently opposed eugenics, the study and practice of discriminating breeding applied to humans, with the aim of improving the species.Charlotte Gillman strongly agreed with this front end and Ward harshly criticized her for it. Lester Ward passed away in the year 1913 a t age 72. Ward was an eccentric man and had few friends. The few eulogies accustomed by his friends remembered a man who fought relentlessly for human freedom and equality. Sadly, the mass of the public only saw him as an old professor. Only those closest to him put him in the same rank as Comte or Huxley. His love for the common people and hard work secures his place in twentieth century America.

Riding the Winds of Change

If I had to choose two of the best traits that I name as a person, it would be my determination and my ability to cope sort of well with transition. There had been a point in my action that these traits had been disgorge to the test. It happened when I transferred from a liberal studies program in Florence, Italy into a communication theory program in New York City. When I made this shift, I sincerely tangle the pressure of struggling to be independent. Living life when you open no peerless to depend on just now yourself is hard to imagine. It is tied(p) harder to do.N championtheless, it is only one of the many challenges I had to deal with as it is exclusively a part of the greater demands of growing up and learning lifes lessons. All things considered, I had to say that I certainly felt more like an individual than I ever did when I was in Florence. For this, I would always take pride in going through and through that change in my life and successfully all overcoming the obstacles which came my way. I nighhow search myself in the character of Frederick Tubb. Otherwise kn sustain as Bootie, he is one of the characters in Claire Messuds novel entitled The Emperors Children (Messud 160).He is the nephew of Murray Thwaite. He was an idealistic college dropout who was resolved leave a mark of his own. He came to New York City to do just this. He was bound to signifi sacktly change the lives of the characters in the story in a way that no one ever though would be possible. He was able to smash the foundations of those who seemed to assimilate cargonfully secured their positions to be on top of the world. The outcome the worlds of the most(prenominal) successful people have collapsed, they were remaining with nothing only the wreckage of the bodily heaven they have traveled great lengths to build.The only thing that was left to do work on their individual self-redemption and brave the challenges ahead arm with an enlightened heart and soul a s a result of wise to(p) what rattling matters in life. Whenever lifes circumstances seem to protract all your defenses down, it is but natural to feel devastated. When you have defied seemingly unaccepted odds just to prove your self to the rest of the world, it is heartbreaking to one day wake up and learn that all of your hopes and dreams for the future have already crumbled.Just when you thought that tomorrow leave behind bring crowing blessings, sometimes it presents the worst events you contribute not even dare to imagine. When venerate all the comforts in life that the average individual can only hope for, there is no guarantee that your life will never take a drastic turn for the worst. Times are there when success is within reach today but it is some thing which is next to impossible the following day. But life is reliablely hard even for those who are more fortunate than the others.Come to opine of it, how do we really measure success? Does it only translate to temporal wealth? Personally, I do believe that it does have to be so. The real essence of success for me goes beyond the comforts of life that money can buy. Success can also be measured by how removed one has tested his or her limits. When one has gathered enough violence to leave his or her comfort zone and start all over again giving another shot at life, the positive progeny of such an endeavor would spell success.I may not own riches to the point that my neighbors would envy the life that I live but I had to say that I have tasted the sweetness of success in the span of my existence. My claims to fame my fail in comparison to certain people but I know what it feels like to be on top of the world. The moment I made one of the greatest transitions I ever did in my life, I must admit that I had my own share of fears and uncertainties of what lies ahead. However, my determination and ability to manage changes saw me through. Indeed, it was one of the most successful endeavors I have ever embarked on my lifes journey.

Mortality Regimes And Longevity Risk Health And Social Care Essay

This paper explores the armorial bearing of administrations in fatality point ki interlockingicss and assesses their deductions for aloofness of serve encounter solicitude. Our fire extends the Poisson lumberarithm bilinear arrested knowledge authentic by Brouhn et Al. by capturing the time-varying death rate ingredient with a Markov regime-switching hypothetic rate. The supposititious eyeshade is so applied to Gallic fatality rate schoolings sets from 1947 to 2007. Our analysis reveals that one g everywherenment is characterized by last volatility and is spry during the 20 honest-to- equi set backness bestrides afterwards the Second World War. The second politics corresponds to a country of small volatility and draws length of serve well bet circumstanceents observe during the recent period. A four-card monte Carlo model is so use to look into the impact of deathrate presidencys for the dissemble direction of liveliness annuity portfolios. Simul ation reveals that the initial dispersion of a deathrate establishment affects nearly the solvency floor of portfolio and the ceiling packs, corroborating the importance of victorious into history deathrate regimes for the direction of keepspan rente portfolios.Keywords Life rente, fatality rate Projection, Regime-switching ModelsJEL Classification C32, G22, G231. IntroductionLife hope everyplace has increased well over the resist century. In France, fatality rate has declined steeply, as middle-ageder population live longer. Life anticipation at birth for males has passed from 45 erst slice(a) jump ons in 1900 to 81 old durations in 2000. This phenomenon is seen as good intuition for persons and as a epoch-making societal accomplishment. However, it poses new challenges for the policy shapers, private pension coachs and separate suppliers of conduct rentes, where the consequence of manner anticipation bet lineents on the solvency of pension systems is a conc ern ( Macdonald et al. , 1998 ) .As belowlined by Marocco and Pitacco ( 1998 ) , length of service fate, that is, the incertitude sing the incoming development of death rate and bread and butter anticipation proceedss, affects the pricing and reserving of life-time rente merchandises well. Indeed, establishments supplying life rentes run the misfortune that the existent cling to of projects exceeds their outlooks, taking to state of affairss of unsuccessful person, when establishments can non cook up the promised congeries to endorsers. The computation of expected present set therefore requires an appropriate mortality projection that overturns underestimating future duties.In 1992, lee side and Carter directd a simple theory-based pecker that specifies mortality rate alteration as a defend of a individual(a) arrange superpower. The method describes the mortality rate as the amount of an age-specific constituent independent of clip and a bilinear term that is the merchandise of a time-varying parametric bill vector stand foring the development of mortality over clip and an age-specific vector of parametric quantities reflecting how individually age is impacted by the development of mortality. The estimation of the time-varying parametric quantity is so modeled and forecast as a stochastic time-series utilizing the Box-Jenkins method. The forecast mortality rate is so reigned by uniting the prognosis time-varying mortality constituent pluck uped by an ARIMA theory-based account, with the estimated parametric quantities sex act to age effects.However, the usage of an ARIMA conjectural account to depict the behaviour of mortality over clip appears unrealistic. As Sweeting ( 2010 ) underscores, mortality nowa twenty-four hour periodss sudden alterations in tendencies, proposing the straw man of a non-linear construction. Further much, the mortality surgical process exhi tours non-Gaussian belongingss such(prenominal) as fat habil iments suits, heteroscedasticity, and skewness. In visible light beam of these facts, we propose to mag winize the time-varying mortality constituent obtained by a Poisson poundarithm bilinear theoretic account appraisal, with a Markov ex changing conjectural account.Markov exchanging theoretic accounts were introduced by Goldfeld and Quandt ( 1973 ) and became popular after the seminal paper of Hamilton ( 1989 ) . In finance and economic sciences, regime-switching suppositious accounts have received turning attending. They be capable of capturing mazy non-linear kineticss, including sudden alterations in the behaviour of clip series, and complicated strains of heteroscedasticity, fat dress suits, and skews. They be notably use to capture the kineticss of GDP ( Hamilton, 1989 ) , plus fiscal honor ( Longin and Solnik, 2001 ) or liaison pass judgment that exhibit non-Gaussian belongingss ( Ang and Bekaert, 1998 ) . Ang and Timmermann ( 2011 ) supply a good study of t he assorted operations of Markov exchanging suppositious accounts in economic sciences and finance. In actuarial scientific disciplines, political sympathies breakout has been largely focused on the pricing of fiscal merchandises ( Hardy, 2001 Bollen, 1998 ) . To our cognition, precisely Milidonis et Al. ( 2011 ) have explored the usage of Markov regime-switching abstractive accounts to capture mortality kineticss. They apply this type of theoretical account to US disciplines from 1921 to 2005 and evidence that mortality is characterized by a deuce-regime shift theoretical account. However, their work brushs an unambiguous unfavorable judgment the designation of mortality giving medications could be merely receivable to the presence of the both universe wars in their sample.In this paper, we explore the question whether mortality presidencys are discernable in Gallic informations from 1947 to 2007. Using an information standard oncoming, we take that Gallic mortalit y is characterized by two discrete authoritiess. iodine political relation refers to a strong doubtfulness state of matter, matching to length of service conditions spy during the decennary ensueing the Second World War. The second province is related to the low volatility of length of service betterments find during the last 30 old ages.The key invention of our paper is the investigate of the square off of mortality governments on length of service contingency. Using monte Carlo simulation, we derive a conditional dissemination of prospective life tabular arraies, which are so used in consecrate to mensurate the influence of mortality governments on life rente portfolio misadventure. It appears that the restless distribution of a mortality government affects well the projection of mortality, but likewise the uncertainness that comes from this projection. That connexion is peculiarly of import for statisticians, who essential find the core of notes necessary t o pay pensions, every bit good as the sentry go remove used to cover the uncertainness congress to the betterment in life anticipation.The paper is organized as follow. particle 2 nowadayss notations, suppositions, and informations. section 3 provides a elaborate presentation of the methodo lumberical analysis associating to mortality projection theoretical accounts. Section 4 presents the appraisal consequences. In arm 5, a cash-flow simulation of a portfolio of life rentes measures the party boss deductions of a mortality government on length of service bump and capital quests. Section 6 concludes the paper.2. Notations, Assumptions, and Datas2.1. NotationMortality is studied in two dimensions age, and schedule clip. We shall utilize so pursuit notationrepresents the staying life-time of an atomic itemise 53 elderly on January 1 of twelvemonth.is the lay on the line that an single elderly in twelvemonth dies earlier making age.is the chance that an single aged surv ives during the twelvemonth and reaches age note.is the cardinal mortality rate at age during the clip.is the exposure to hazard at age during twelvemonth. It represents the entire clip lived by people aged during the twelvemonth.represents the go in of deceases at age during the clip, from an exposure to hazard.represents the recruit of persons aged in life during the twelvemonth.is the expected staying life-time of single aged in the clip.is the monetary value of the net present value of a life rente change to an single elderly in twelvemonth.2.2. PremisesThe cardinal mortality rate is speculate changeless within two sets to and to. For any precondition whole number and a day of the month, we so obtain( 1 )The premise of a changeless mortality cardinal rate implies that for an single elderly in twelvemonth that( 2 )Finally, two measures of intimacy mostly used by demographists and statisticians are introduced. Life anticipation is a uncorrupted shout sum uping the develop ment of the mortality over the clip( 3 )The computation is found on the survival chances from age to the ultimate age aa The maximal age looked depends on the pick of life circuit board closings. 1 As the endurance chances are non available after clip, they must be extrapolated from a projection theoretical account. The life rente refers to the net present value of future payments sold to an single elderly in twelvemonth( 4 )where is the price drop-off factor that we suppose changeless over clip. 2 3.2. DatasFor this survey, male and egg-producing(prenominal) Gallic mortality informations have been taken from the Human Mortality database. 3 The informations consist of the cardinal mortality rate, the exposure to hazard, and the figure of deceases between two ages. It was desirable to utilize merely informations from 1947 through 2007. The period before 1947 has been snub to avoid the mortality dazes associated with the showtime and 2nd universe wars. We consider merely the a ge scope between 60 and 98 old ages. uprise along with classes younger than 60 twelvemonth are ignored, since the aims of this survey focal blot on length of service hazard jobs. The information, at older age ( over 98 old ages ) have besides been excluded due to the junior-grade figure of subsisters. Mortality at older ages will be further generated from a enter quadratic be ( inside informations will be given in subdivision 3.5 ) . common fig trees 1-a and 1-b show the development of Gallic mortality during this period. A net decrease in mortality is observed for two work forces and big(a) females, in peculiar at advanced ages. approach pattern 1 astir(predicate) here. 3. Methodology3.1. A Poisson log bilinear theoretical account undermentioned the attack introduces by Brouhns et Al. ( 2002b ) , the figure of deceases is captured by a Poisson distribution( 1 )where is the force of mortality, designed as a log bilinear construction. The parametric quantities have the sa me reading as in the traditional lee side Carter theoretical account. The measures, and are specific age parametric quantities, is a time-varying parametric quantity stand foring the development of mortality over the clip. Again, is the exposure to hazard. 4 . The merchandise of and is the strength parametric quantity of the Poisson distribution ( ) . ItHe represents the expected figure of deceases during the twelvemonth. Finally, as in the Lee-Carter theoretical account, we impose restraints on parametric quantities and to guarantee theoretical account designation( 2 )One advantage of the Poisson log bilinear theoretical account over the Lee Carter theoretical account is that appraisal is realized by maximising the likeliness, or else of a remarkable value decomposition ( SVD ) . Consequently, there is no demand to hold a complete rectangular matrix of informations to dope parametric quantities. Furthermore, a Poisson log bilinear gives straight the figure of deceases whereasile the Lee Carter theoretical account gives merely an appraisal of decease rates.3.2. Model appraisalThe log bilinear Poisson theoretical account is estimated by maximising the log-likelihood( 3 )The presence of the bilinear term does non let one to using unmingled Poisson arrested development. To avoid this job, the appraisal is resolved by the simple Newton method, ( Goodman, ( 1979 ) . The rule consists into modifye the individual set of parametric quantities trancein repairing the other parametric quantity at their up-to-date set( 4 )The lLog bilinear Poisson theoretical account comprisesaccounts three divers(prenominal) sets of parametric quantities, the, the, and the vector vector. The updating algorithm is organized as follow ( 5 )( 6 )( 7 )wWhere is the expected figure of deceases occuroccurringed each twelvemonth. ? propose to initialise the algorithm with energize downing values, , and. At the term of the updating measure, the theoretical account designation is non ensured. To assess the restraint suggested by Lee and Carter ( 1992 ) , the theoretical account must be reparametrized as follows( 8 )( 9 )( 10 )wWhereith and is the toy with of footings. Contrary to the Lee Carter attack, there is no demand to readapt the procedure the kappa as own map of the figure of deceases.3.3. mold the time- factor under a Markov shift theoretical accountAs underlined by Sweeting ( 2010 ) emphasizes in defence of the pick of government exchanging theoretical accounts to capture dynamic mortality, the mortality procedure exhibits a sudden interruption during the last century, supporting the pick of government exchanging theoretical accounts to capture dynamic mortality. Following this determination, we model the procedure with a regime-switching theoretical account.The procedure exhibits a non- stationarity. The application of a first- difference filter removes the tendency constituent from the series and gives a stationary procedure toon which we can use o ur theoretical account. Let be the clip series, obtained from the first differenced. We suppose that is modeled as a regime- shift procedure( 11 )( 12 )andWhere and are, severally, the intercept and the autoregressive coefficients relative to each province. The term represents the vector of conditional remainders. The term is the conditionnal residuary term, usually distributed with a add up qualified to zero and a regime-dependent criterion divergence.The theoretical account depict here is really general and allows intercepts, autoregressive footings, and covariances to change across provinces.When presuming one government is assumed, the theoretical account becomes a simple AR ( cubic decimetre ) theoretical account.Governments theodolites are governed by a procedure that satisfies the undermentioned Markov concatenation belongingss( 13 )Hence, each government is the realisation of a first- order Markov concatenation with changeless changeover chances. The province kinet icss are unseen and must be inferred straight from the discernible variable.The passage chances are represented in the passage matrix( 14 )Each component of the matrix P must fulfill the undermentioned conditions( 15 )The choice of figure of governments is a circulating(prenominal) job infrom regime- exchanging theoretical account researchs. To find the figure of governments, we adopted the information standard for theoretical account choice. This method offers good consequences and is easy to behave out ( Psaradakis and Spagnolo, ( 2006 ) . Refering the pick of information standard, we preferprefer to used the MSC standard that has beenwas developed specifically for regime- shift theoretical accounts, ( Smith et al. , ( 2006 ) . However, the AIC standard is besides describe.To gauge the theoretical account, we use an iterative numerical process based on the Expected Maximization ( ) algorithm developed by Dempster et Al. ( 1977 ) . The process is an optimization technique design ed for theoretical accounts where the ascertained clip series depends on an unobservable stochastic variable, such as in Markov exchanging theoretical accounts. The get downing values required to initialise the algorithm are obtained by using the K-means method ( MacQueen et al. , ( 1967 ) .3.4. Prospective life tabular arraies and confidence intervalsIn prediction, an indispensable inquiry concerns the degree of uncertainness degree sex act to the forecasted measures, such as mortality rate or life anticipations. A good cognition of the distribution and assurance intervals of forecasted measures aAlso, he appears indispensable to hold a good cognition of distribution or assurance intervals of forecasted measures. Unfortunately, in theour display case we are analyzing, we can non deduce an analytical look for the distribution or assurance intervals. This is due to facts that, the skeletal frameing of prospective life tabular arraies inevitably involvesrequires uniting two kinds oftype slips. The first mistake arises from the appraisal of, , and. The 2nd mistake comes from the projection of, because of the parametric quantities of regime-s shift theoretical accounts are themselves random variables. Furthermore, the involvement measures of involvement, such as life anticipation, are non- additive complex maps of Poisson parametric quantities and regime- shift parametric quantities , this poses an extra complication.To get the better of these jobs, a four-card monte Carlo simulation process is used to come close the distribution of involvement pertinent measures such as mortality rate, life anticipation, and life rente. The simulation is organized as follows.First, we generate MM samples of, , and, where m is the index pro dole out to the m-th simulations. Let be the m-thmth untrue parametric quantity sets represent of, , and. on a lower floor regularity premises, asymptotic belongingss of maximal likeliness calculators ( MLE ) warrants that is generat ed followerss a multivariate chemical formula distribution ( MND ) with fair(a) vector, , , and covariance matrix given by the opposite of the pekan information mMatrix. From the fake series, we estimate MM government exchanging theoretical accounts and obtain MM parametric quantity sets denoted. Each set is composed of, , , , and elements of the associated passage chances matrix associated.The parametric quantity sets are so used to take in forth MM projections of, denoted. telephone circuit that under regime- shift scenes, the predicted values do notnaaa?t depend merely on estimated parametric quantity sets as in the showcase of additive theoretical accounts. They are besides affected by the initial distribution of governments, denoted by the vector of chances selected as exogenic. 5 . In a two- government theoretical account without autoregressive footings, the fake values are given by( 16 )wWhere is a Markov concatenation generated from the initial province vector and chan ces passage matrix. The map is an index map equal to 1 if the procedure province is in the government. The projection is so derived from.The fake parametric quantity sets, , , and are eventually combined to build MM prospective life tabular arraies, denoted( 17 )wWhere m is the index relation to the mt-th simulations, the initial distribution of mortality governments, and the day of the month from which the values are projected.3.5. Polynomial collecteding of older ages and shutting of life tabular roam closingsThe computation of the mortality rate in old ageat older ages, poses significant jobs to demographists and statisticians. Indeed, mortality informations for older agesat older ages are frequently characterized by the presence of outlier informations. Wilmoth ( 1995 ) identifies two chief grounds. First, big random fluctuations are comparative to the minuscular figure of single who survive to older age. Second, that is due to inaccuracies exist in the coverage of age in no se count. These inaccuracies causeprovide to cumulative deformation of heaping on ages by a multiple of vanadium or ten. A congenital solution to get the better of at this job is to smooth the mortality informations get downing from a specific age, for illustration, 80 old ages. Wilmoth ( 1993 ) set up that the curve of the log mortality rate has a concave signifier inat older age. From On the footing of these findings, Denuit and Goderniaux ( 2005 ) proposed seting the log mortality by to the lowest degree squaresss square with a log-quadratic map( 1 )Capable to the Under contraintsconstraints( 2 )wWhere corresponds to the first derived function of. The restraints and correspond to conditions of the shutting of the life tabular array. The first restraint fixes the upper bound of lifetime, while the 2nd assumessupposes that the incline of the log mortality curve become zeronull at maximal age. CIn uniting these equations, we obtain( 3 )To find the age from which it is necessary to get downing log quadratic parameterization, we refer to ? in which it is the finding ofchoose to find so as to in maximising the coefficient of finding. In Our showcase, = . A simple geometric mean is used to smooth the mortality rate around to this age.4. An application to Gallic population mortality4.1. Appraisal of Poisson log bilinear theoretical accountThe log bilinear Poisson theoretical account, presented in subdivision 3.1, is applied to french data sets. Figure 3 plots the value of, , and obtained from the appraisal.As in the innocent Lee Carter theoretical account, may be interpreted as the norm of. The curve is monotonically increasing, relatinged to higher(prenominal)(prenominal) mortality with age. As expected, great(p) females present values that are ever lower than those of work forces, reflecting a highersuperior life anticipation.Figure 2-b exhibits the form. The curve increases somewhat until age 75 old ages, and so diminutions. The values remain positive , bespeaking a decrease of mortality for all ages.The term is plan ion figure 2-c. This term reflects the lessening of mortality over the clip. 6 . As expected, it exhibits a regular bettering tendency, slightlygently more of import for adult females than work forces. later on 2007, the calculationus of mortality rates requires knowledge ofto know the future values of. For this, we projectate future values from the regime- shift theoretical account as described in subdivision 3.3. Since the augmented Dickey Fuller trial, reported in table 1, confirmsAs that the series is non-stationary ( The augmentedDickey Fuller trial are reported in table 1 confirms it ) , , the appraisal and projection are based on the differenced series, to wit ) , whichthat is stationary. The tabular array besides reports the descriptive statistics of. He appearsIt emerges that exhibits an surplus of lopsidedness and kurtosis, in peculiar in the voice of notably by adult females. A Jarque-Bera trials is be sides reported to analyze whethertest if follows a Gaussian distribution. It is clearHe appears all the way that the behaviour is non-t Gaussian for both work forces and adult females. This confirms the, corroborating the involvement ofto patterning the time- varying constituent with a regime- shift theoretical account. Table 1 nigh here. Figure 2 about here. 4.2. Forecasting the mortality with government exchangingThe kineticss of areis captured with a regime- shift theoretical account. To choose goods characteristics of the theoretical account, an information standard attack has been adopted. A big scope of specifications washas been tested byin augmenting bit by bit the figure of governments of governments and the figure of slowdown of slowdowns. The table 2 nowadayss merely the consequences for the instance and. 7 . regime- exchanging theoretical account with regime-dependent impetus and regime-dependent criterion divergence theoretical account performs better than a single- government theoretical account for both work forces and adult females.the MSIH ( 2 ) theoretical account and geometric Brownian motility ( GBM ) are reported ion tabular array 2.The two identified governments in government the shift theoretical accounts are easy explainable. The first government corresponds to a high uncertainness province of mortality development, while the 2nd is characterized by a low volatility of mortality. Indeed, the standard divergence is higher in the government 1 ( 3.64 for work forces and 6.25 for adult females ) than in the government 2 ( 0.43 for work forces and 0.85 for adult females ) . CThe comparing with the additive theoretical account reveals that the uncertainyuncertainty may be twice every bit high compared comparative to classical ARIMA appraisal.Our consequences uncover differences harmonizing to sexthe sexe. As expected, the drift term is more higher for adult females than for work forces, reflecting the current difference of life anticipat ion observed in mortality informations. However, the consequences besides indicate that the mortality development is more unsure 40 by adult females than forby work forces. Finally, the fact that the impetuss are non statistically significantly different from nothing in government 1, suggests that government 1 corresponds instead to a government of decelerating down inof anticipation life betterment. Table 3 about here. s after 1965. A corresponding information mutant is observed for adult females, excepted that the switch appears more Oklahomans, from 1960. Finally, a new switch of governments is captured in 2003 both for both work forces and adult females. This is explained by the heat wave that swept acrossof heat occurred in Europe, during the summer of 2003, which increased has caused an overmortality amongst frailer older peopleby older people the more frail.At the terminal of table 2, we report the ergodic chances and continuance steps relative to each mortality government. For work forces, we find that the chances to be in a government 1 or in a government 2 are comparatively closed. In footings of continuance, the governments are extremely relentless. For work forces and adult females, the government lastsgoes on around 20 old ages. The mortality regimes seem so sufficiently, adequate persistent to impact durably the life anticipation of insurance companies, and the degree of liabilities, which insurers consider. Figure 3 about here. 4.3. A distribution of pProspective life tabular arraiesAs explained in the subdivision 3.4, a Monte Carlo simulation is used to bring forth 5000 samples of the original parametric quantities the simulation are non reported here for deficiency of infinite, but are available on demand. The assurance intervals derived from the sSimulations, give us a good position of the uncertainness relation to the log bilinear Poisson appraisal. From the fake parametric quantities for the regime- shift parametric quantities theoretical account is so obtained.s. The quantile s the general degree of uncertainness relation to mortality projection. Table 4 about here. tabular arraies are so derived from the fake parametric quantities (wWhere shift scenes, the prediction of mortality rates depends on the distribution of the mortality government at the day of the month of projection, namelyFor the enliven of simplificationTo interest of simplify, we assume that the active government in s to has two viable instances, viz. pertinent measures will be computed as maps of both distributions.A last measure is required to finalise the life tabular arraies. As explained in the subdivision 3.4, we apply aA log- quadratic map to smooth mortality at older ages and shut the tabular arraies as discussed in ? quadratic theoretical account is fixed at 80 old ages. Figure 4 gives an illustration of smoothed and closed life tabular arraies, including projections out tountil 2050 and presuming an initial distributiontabular arraie s, we derive two other involvement measures of involvement, viz. the distribution of life anticipation, and the distribution of a life rente ( i.e. , a net individual subvention life rente ) . The life anticipation and the net individual premium are investigated utilizing the longitudinal ( cohort ) attack ( cohort attack ) . This method differs from the thwartwise attack in the sense thatwhere the development of mortality is non investigated merely in footings of calendar times, but besides takes into history the twelvemonth of individualsaaa? birthdays. Under the longitudinal attack, life anticipation and the life rente are given by twelvemonth endurance probabilities the mortality rateIn the computation of the life rente, we assume that the price reduction factor the short rate observed over the sample period ( 1947-2007 ) , equal to 4 % . It appears that the mortality government affects well the distribution of life anticipation and life rente well. Harmonizing to the active g overnment at the projection day of the month, the distributions function exhibits different forms, bespeaking that the mortality government affects the jutting values, but besides the uncertainness relation to projections. If we consider the instance where the government 1 is active at the projection day of the month, the life anticipation distribution nowadayss fat dress suits compared to the Gaussian instance, bespeaking that the classical projection theoretical account ( ARIMA theoretical account ) may underestimatea possible underestimate of life anticipation betterments by the classical projection theoretical account ( ARIMA theoretical account ) .That fact is peculiarly of import for statisticians, whothat regulate theto sums of money required to fund the payment of the pensions, or the safety device skirt required to hedgethe coverage of the uncertainness relatingve to the betterment inof life anticipation. Harmonizing to the new European solvency system ( Solvency II ) , the solvency capital demand ( SCR ) must vouch that Thea downfall chance of fracture is below toless than iesy supplying life rentes run the hazard that the choosen safety burden is non plenty to vouch the payment of pensions., and endorsers. First, how do mortality governments affect the hazard of life rente portfolios? Second, what is the economic cost of cut governments? To reply to theseis two inquiries, we follow ? a life rente portfolio of life rentes under different mortality regime- exchanging scenes.5.1. MethodologySee a portfolio composed of of age 65 old ages, supplying a unit capital at the terminal of each twelvemonth. At the inception of the distribution stage, in 2007, the company which manages the life rentes portfolio defines a measure of money ( i.e. , net individual premiums ) , matching to the value nowadays of the expected cost of paying a decease benefit. Each twelvemonth, one unit of money is distributed to each populating single. The portion of non- di stributed militias is reinvested, bring forthing a returnthe last single.Let rReserve available at the get downing day of the month. the portfolio. The figure of deceases a Ppoisson distribution withof strength parametric quantitythe one- twelvemonth subsister chances froms during 2007 is so simulated from the Poisson distribution utilizingthe old subdivision, the figure of deceases depends straight on the initial active government. So, sSimulations are conducted for each initial mortality province. The figure of subsisters at the beginning of following twelvemonth is given by, the initial modesty of rentes, the rReserve is so equal tovanishes wholly vanished, for the last single. We besides assume that the rate of return on the modesty the price reduction rate ( 4 % ) .At the beginning of the distribution stage, we assume that the company gets an sum, the net individual premiums ) , which is used to pay the pensions until the decease of the last single. We investigate five three c ypher methods for calculating of this sum Pure premium under cross position. We consider the instance where the net individual premium is merely computed from mortality informations from 2007 ( without any mortality projection ) .Regime-dependent plain premium under longitudinal position. The mortality rates are projected utilizing a Markov exchanging theoretical account, and used to monetary value life annuitiesy as described in subdivision 3.4. Note that under the Markov shift model, the net individual premium is a regime-dependent measure, which differs harmonizing to the initial active government.Regime-dependent pure premium + safety border under longitudinal position. Finally, we investigated the instance where a safety border is added to the conditional expected premium computed from longitudinal attack. The net individual premiums are specify, by bear downing the 90 % , 95 % , and 99.5 % percentile of life rente denseness, as described in old subdivision.For each value of net individual premiums, we compute five hazard indexs, mensurating how mortality projection affects the life rentes portfolio, viz. tThe pProbability of ruination which is, i.e. , the chance that the net individual premium defined in 2007 does notnaaa?t suffice to pay all the promised payments. The chance is computed byin sing a rate of return on the modesty equal to the price reduction rate.tThe clip until ruin, i.e. , means the mean figure of twelvemonth elapsed before ruin, given that the ruin occurs.tThe average termination, i.e. , corresponds to the norm of the shortages registered for the twelvemonth whenre the ruin occurs.tThe average figure of staying cContracts, i.e. , contracts staying in the twelvemonth whenre the ruin occurs.tThe fudging involvement rate, i.e. , which is the involvement rate on the modesty needed to guarantee a entire hedge of length of service hazard ( in other wordsi.e. , a chance of ruin thatwhich is niull ) .5.2. Consequences of Cash flow Simulatio nTables 5 and 6 resume the chief consequences of the simulations. Hazard steps are computed for each value of a net individual premium. Tables 5-a and 6-a show the simulation consequences when the initial province is the government 1, while tabular arraies 5-b and 6-b refer to the state of affairs where the government 2 is active.Note fFirst that, sSimulations highlights the importance of mortality projections. The net individual premiums computed on the footing of the transversal method leads to the bankruptcy in about of 80 % of fake instances. We find that about one 3rd of contracts are non fulfilledsatisfied and the average loss at the minute of ruin corresponds to more thanof 20 % of the nominal sum. Table 5 about here. a logical decrease oflogically diminishing the chance of ruin. However, ithe appears to be necessary to include a safety burden, since bear downing the pure premiums on the footing of the longitudinal method consequences into the negative hard silver flow in 50 % of fake instances. The last row of each tabular array considers the instance where the Ssolvency Ccapital Rrequirement is applied, ( that is, intending that the safety lading allow to coverensures coverage of 99.5 % of the fake scenarios ) . As expected, the chance of ruin, the average loss, mean and the figure of unfulfilledsatisfying contracts so decreases so substantiallysignificantly.An indispensable determination of our research concerns the fact that the mortality province active at the beginning of the distribution stage affects well the hazard of life rente portfolios well. For a similar degree of hazard ( i.e. , ruin chance of ruin ) , we note big differences in the pure premium harmonizing to which ofwhen the government 1 or regime 2 is active or when the government 2 is active. The safety burden, which is the extra sum of modesty required to restrict the ruin chance, is besides affected. If we consider the degree of ruin defined harmonizing to Ssolvency II2, ithe appea rs that the safety burden is twice as higher when the government 1 is active, reflecting the strong uncertainness comparative toin mortality development inrelative to this province. It is besides arouse to observe that mortality governments affects the day of the month of bankruptcy, the degree of average loss or the figure of unfulfilledsatisfying contracts. All these steps are deteriorated when the government 1 is active at the beginning of the distribution stage. Table 6 about here. Simulations performed on the female informations confirm these consequences. It appears clearly that the initial province affects the hazard of the portfolio. However, the consequences highlight differences harmonizing to the gender of endorsers. The day of the month of bankruptcy occurs subsequently on norm more recently for adult females than for work forces, while the average loss is higher for adult females than for work forces. Similarly, the figure of staying contracts at the bankruptcy day of the month is higher for adult females than for work forces.So far, we launch that the existencepresence of government shift in the distribution of mortality could impact the hazard of life rente portfolios well. This grounds does non connote, nevertheless, that companiesy thatwhich manages the life rente portfolios are is needfully better off if they accountby accounting for governments in the mortality distribution. So, we assess then the economic cost of governments. We undertake this analysisdo it by comparing the hazard step under the regime- shift theoretical account of mortality to the riskat presuming the pension film director is constrainedt to take a net individual premium under the premise that mortality development follows a simple geometric Brownian gesture.Table 6 presents the brinies consequences. Columns 1 and 3 study the chance of ruin when the pension director is constrainedt to disregard governments. We find that disregarding governments increases well the haza rd of bankruptcy for a starting government of high volatility ( province 1 ) . That suggests a possible underestimate of length of service hazard by the classical projection theoretical account. 8 . For the instance where the pension director triesy to esteem the Ssolvency Ccapital Rrequirement ( last row of each tabular array ) , disregarding high volatility governments is equivalent to doublinge the chance of ruin for male endorsers ( from 0.5 % to 1.1 % ) , and to multiplying it by 5 for female endorsers ( from 0.5 % to 2.4 % ) .A 2nd manner to quantify the effects relative to disregarding the governments is to calculate the fluctuation of safety burden, fulfilling the ruin chance mark. In other word, what is the sum of safety burden that a pension director constrained tot disregarding governments must add in order for that the ruin chance of his portfolio to match to the true mark. The per centums are reported in the columns 2 and 4 of table 6. For statisticians and pension dire ctors, an highly relevantinteresting value for the safety burden is that necessaryrelative to esteem the mark defined by solvency 2Solvency II. We find that disregarding a high volatility government is tantamount to underestimatinge the safety lading byfrom 13 % for work forces and byfrom 27 % for adult females, compared to the degrees predicted by the classical ARIMA theoretical account. These consequences confirms therefore the importance of taking accounting mortality regimes into history for the direction of theportfolios of life rentes life rente portfolio. Table 7 about here. 62. endingThis paper explores the presence being of governments in mortality kineticss and measures the deductions for a portfolios of life annuitiesy. This is achievedWe do it by capturing the kineticss of time- changing mortality constituents obtained by a Poisson log bilinear theoretical account appraisal with a Markov exchanging theoretical account. The pick of a Markov exchanging theoretical account is motivated by the fact that time- changing constituents exhibits sudden alterations of tendencies and exhibitpresents lopsidedness and fat dress suits, bespeaking a non- Gaussian distribution. The theoretical account is applied to the Gallic mortality informations from 1947 to 2007. The appraisals reveal the existencepresence of two governments in mortality kineticss. The first government is characterized by a highstrong volatility, and is operativeactive during the 20 old ages after the Ssecond Wworld War t. The 2nd identified government corresponds to a province of low volatility, and captures the recent development of mortality.Using Monte Carlo simulation, we derive a conditional distribution of prospective life tabular arraies, and utilize them in order to look into the influence of mortality governments on the hazard of life rente portfolios. Simulations show that mortality governments affect well the monetary value of life rente merchandises and the safety burden required to cover the uncertainness relation to betterments in life anticipation life betterment. The fact of ignoringIgnorance of these governments result Immigration and Naturalization Services to underestimate of e the true hazard of bankruptcy. Harmonizing to our computationsing, disregarding a high volatility mortality government is tantamount to bearinghave a chance of ruin toof 1.1 % for work forces and to 2.5 % for adult females. However, Solvency II while solvency 2 regulations recommend that this chance ishould be smaller than 0.5 % .Our consequences argue in favour of mortality projections under government exchanging instead under ARIMA theoretical accounts. Indeed, mortality governments affect clearly the rating of liabilities, and disregarding governments consequences in to underestimate ofe the length of service hazard or mortality hazard. Sing In position of the prudential attack required by the rating of liabilities, the incorporation ofhe appears necessary of accounting m ortality governments in thefor direction of the life rente portfolios appears necessary, and it seems sensible to recommend that the least favourable government should be used toeventually to monetary value the life annuitiesy or decease insurance merchandises utilizing the government the most unfavourable.

Competitive Rivalry

Competitive Rivalry * Industry dominance by hardly a(prenominal) large firms The car automobile industry -There are various competitors in this market but the dominant ones include General Motors, Volkswagen, Chrysler, Ford, and Honda etc. entranceway barriers prevent other entrants and pricing is mostly by competition and reciprocal understanding between top manufacturers. * Huge setup cost and sail through resource ownership * Prices remain stable if afirm reduces produce price others follow suit and cut down their price as well, if a firm increases product price, others do non increase their price. oyota stress on continuously finding ways to reduce exertion costs. The political party besides optimized its processes to accelerate the various phases of production &8212 from initial design to production &8212 so that it could introduce new models faster than its competitors. Seek less pricy ways to produce desirable products -BMW Group and the Toyota Motor Corporation pro claimed a collaborative effort aimed at developing new products and advanced-powertrain technologies. Toyota also has an agreement with Ford to develop hybrid systems for light trucks and sport utility-grade vehicles. Threat of convert products * There are a lot of substitutes in the automobile industry. When the price of the vehicles rises, the substitutes will emerge, there are many types of equipment that puke take the place of vehicles, such bus, subway, bicycle and even walking. The Hybrid synergism Drive also must be evaluated using Porters model ingredient for threat of substitute products.Other companies could potentially enter the hybrid market by developing a similar drive and neutralizing Toyotas advantage. In fact, Nissan and Honda have essential similar technologies for their sedan models. However, Toyota continues to dominate the market for hybrid vehicles because Honda and Nissan do not have a significant impact on the market yet. In the future, Toyota may lose their competitive advantage if hybrid vehicles take a bigger market share in the automotive industry.However, currently Toyota is matching rollick Utility Vehicles (Toyota Highlander) to their line of vehicles using the HSD. By being the first to add SUVs to the hybrid market, they have currently protected their competitive advantage from substitute products. Bargaining power of Suppliers Toyota Production System which developed a net income of suppliers who would supply the right quality, quantity at a point dear in time for Toyota to use in building its cars. This reflects weak negotiate power on the part of the suppliers in terms of our model.

Youth obesity

Game consoles, MacDonalds, KFC, all companies that contribute entertainment and fried regimens for kids argon the main causers of the growing number of children congruous obese. These companies are so habitual on todays y out(a)hs alive(p)s that they make a profound impact on their health. With the come out that these companies are expanding worldwide, the rate at which children are becoming obese is circumscribe to become even worse. Every corner you go around oddly in America you will find a fast food restaurant. This is the main reason why America has the highest youth corpulency rate. During the former(prenominal) 30 years the percentage of obese children between the ages of 6 and 11 has tripled. It is amazing is it non all we have to do to change this is sic our food intake and watch our daily activities so I ask of you to join me and change for the better of our own lives.There are tether causes of youth obesity that stood out from the rest for me. These are poor nutrition, little egotism esteem and a less active youth. Eating sinewy representation taking a serve up more than time to get to a meal and it costs more than a readymade, extremely fast, unwatched slice being cooked and full of oil fast food meal. A lot of parents are not educated with what is right for their children to be eating. So they surrender their children to enjoy what they like instead of having a balanced diet. Childrens self esteems spurn when they are obese because of order of magnitudes influences on being thin. As they get more obese their social interactions with other youths decrease because of this influence.Now the low self esteem that develops leads to children no longer being around others thus devising them become less active which helps to make children even more obese. A study performed by Research Triangle Institute International for the Centres of distemper Control in Washington, DC surveyed 986 parents on childhood obesity and prevention. The results were as follows 49.5% did not feel schools had the right to record childrens weights. 72.9% felt that schools needed to provide weight loss and movement programs. 39.1% thought an increase on the revenue enhancement of fast food was constructive. 42.31% favoured the standardization of food portions in restaurants.You must be thinking that to stop obesity means we just have to channelise plump down from our diets. But you would be wrong stopping obesity does not just mean removing fat from your diets. Usually when people remove fat from their diet they will increase their intake of sugar, high density carbohydrates, and starches. This means you are having a low protein and fat meal which often cater people feeling hungry which leads to them filling their stomachs as soon as possible with whatever they can find to eat.That is wrong. You need to have and model to a balanced diet. Most of us eat 3 magnanimous meals, breakfast, lunch and supper. That too is wrong. You need to eat six small meals and your goal meal should be eaten at least two hours before waiver to sleep to allow for you to burn all fat and energy from the meal. This knowledge was given to me by an actual dietician from CFB.Coming back to the way out of game consoles and I would like to add into that topic idiot box. The question is, is television a friend or foe of youth obesity is what I shall answer for you. Every hour a child sits and plays a flick game or watches TV they may double their risk of becoming obese. Glenda Nichols, Assistant Professor of Psychology at Tarrant County College she stated in an interrogate that on average a child watches or plays a moving picture games for 7.1 hours a day. That equals to 25,000 hours of being in front of a television by the time that they would be seniors in high school. That is extremely dangerous because children are guaranteeing their chances of becoming obese.Some long term effects of childhood obesity are high cholestero l, high downslope pressure, and the development of diseases such as type 2 diabetes. These are all very dangerous for the kind-hearted body. But these are just a few of the many associated problems. more problems associated with obesity are1. Diabetes2. Hyperlipidemia3. Blood circulation diseases like arteriosclerosis, high blood pressure, heart disease, and palsy4. Skin disease5. Joint problems, back, knee, and ankle offend6. Liver disease7. Cholelithiasis8. Menstrual abnormalities9. Female infertility10. Breast malignant neoplastic disease11. Endometrium cancer12. Decline in libido13. Mental stressWe all live in a society that sends out very strong messages close to beauty and body weight. Girls are encouraged to constantly diet and exercise until they attain a fit, thin body. Boys are told to constantly work out and do whatever is necessary to attain a buff, muscular figure. Am I wrong? So come on lets follow the messages society sends to all of us together. I ask all of you to not do it for me but to do it for yourself. You will not forget it especially in the long run. So come on lets get healthy.

Outsourcing Product Distribution the Right Way Essay

Chain online magazine Aug. 2, 2000 For Internet companies that piece of assnot afford to buy and stock certificate their inventory or hire an internal logistics staff, startsourcing the product scattering shape can be either a smart avocation last or a disaster. Success or failure in scattering depends on how c arfully and continuously you carry away this business to make authentic your distribution partners are doing the job that is expected.When distribution is not a cell nucleus competency for your company and you do not have the resources to make it one, outsourcing the assist can suspensor your company grow by allowing you to focus on your mission-critical activities. There are two types of outsourcing that are common among start-ups traditional distribution and drop channel fulfillment (DSF). Traditional distribution outsourcing involves hiring a ternary party to store and distribute your products through its national or world(prenominal) distribution network this party provides the staff, warehouses, distribution center and transportation fleet.The snatch type of outsourcing, DSF, has grown in parallel with B2C retailing over the Internet. With DSF, a start-up company sells a product, charges the customer, generates a purchase localise, and sends the PO to the maker or supplier, who then fulfills the order by shipping the product bringly to the customer. Since the start-up neer possessed the product, the company does not incur any of the costs associated with storing or purchase the product. Many Internet start-ups have adopted this streamlined business model.Unfortunately, companies use up to be careful when choosing an outsourcing partner. Outsourcing is not a panacea if your third-party electrical distributors procedures and performance are not carefully monitored, you risk permanently alienating the customers you have worked so hard to attract. The key to a prospered outsourcing relationship includes understanding the proce ss, specifying objectives, establishing internal procedures for evaluating performance against objectives, and deploying dusts that help to manage the function effectively. Watching Costs and ServiceIf the manufacturer or distributor, which may be the same company, fulfills the customers order correctly, everyone is happy. However, in most cases, thither are problems in one or more of these key areas guest service Another company may be distributing your products, but in conclusion you are responsible for the customer relationship. True, your company does not have direct control over the distribution process, but the customer only cares nearly receiving the product not who sent it or how it got there. If something goes wrong, you are responsible and mustiness do what is necessary to correct the situation. Shipping costs Most manufacturers are hatfulup to ship truckloads or pallets of products, not multiple orders of a case-by-case product.There are also manufacturers that require you to purchase more products you strike, others set ridiculously high prices for the service, and some simply will not ship the orders. In some cases, start-ups are kitting a number of products, not because it adds assess for the customer, but because it pushes the dollar value of their order above a door where the manufacturer will agree to DSF the products. Profitability Shipping costs this instant affect your bottom line. Many start-ups are diging along the manufacturers shipping costs to their customers, raising the price of their products and putting themselves at a disadvantage in a competitive market. If the start-up does not pass along the entire cost, the shipping expense cuts into the profitability of every transaction. acquiring Automated Help Successfully managing a third-party distributor requires establishing internal observe processes and requiring that specific employees are responsible for this function.These employees should also be responsible for ontogeny and deploying computer systems to help automate the management function. Here are atomic number 23 critical requirements for your outsourcing relationship with your distributor Establish measurable standards for distributor performance. organise periodic performance reviews. Visit distributor sites to check security procedures (only if the start-up owns the inventory). varan customer feedback and satisfaction levels. As sales mountain grows, periodically revisit the decision to outsource the distribution function.The right computer system can improve your ability to manage the distribution function in cardinal areas Communication To allow you to automate communication with your suppliers and manufacturers, you must establish a back-end system. This means that you should not rely just on basic email, generated by an employee, to track orders. For example, you send the supplier an email to check on a backlogged product, someone then emails you back with a respon se, and lastly you re-key the information into your system imagine a handful of employees checking 500 products.To be more efficient, you need a system that will scale this function as your volume expands and will use automated email, fax, Web portals and/or EDI to communicate order information. Visibility You must know if a product is available forward it is sold, and you cannot know this until you view your suppliers inventory to find out how much product you have been allocated and what is available. To do this, you need an application that provides you with profile into your suppliers inventory tracking system. Track and Trace Customers desire to know the status of their orderWhen was it shipped, where is it now, and when will I get it? If you deficiency to retain customers, you need to be sure your computer system helps you manage returns, exchanges and refunds efficiently. A consulting organization that specializes in distribution and transportation can help you setup effective internal processes and, if necessary, build and deploy the computer systems you need to manage an outsourced distribution function for maximum benefit.Part of a advisers value can be in the area of intimacy transfer, educating your organization on how the distribution and transportation function works at the macro level and helping you set realistic expectations. In the final analysis, outsourcing the distribution function can make perfect sense for your minor company but only if you remember not to outsource the obligation of keeping your customers happy.

Digital Fortress Chapter 18

Standing before the huge plate-glass window in his Tokyo skyrise, Numataka took a long pull on his cigar and smiled to himself. He could scarcely believe his effectual fortune. He had spoken to the American again, and if all was going according to the timetable, Ensei Tankado had been eliminated by now, and his copy of the pass-key had been confiscated.It was ironic, Numataka thought, that he himself would end up with Ensei Tankados pass-key. Tokugen Numataka had met Tankado once many age ago. The young programmer had come to Numatech Corp. fresh out of college, searching for a job. Numataka had denied him. There was no question that Tankado was brilliant, but at the time there were other considerations. Although Japan was changing, Numataka had been trained in the old school he lived by the code of menboko-honor and face. Imperfection was not to be tolerated. If he leased a cripple, he would bring shame on his company. He had sell of Tankados resume without a glance.Numataka ch ecked his watch again. The American, North Dakota, should have called by now. Numataka felt a tinge of nervousness. He hoped nothing was wrong.If the pass-keys were as adept as promised, they would unlock the most sought-after product of the computer age-a totally invulnerable digital encryption algorithm. Numataka could embed the algorithm in tamper-proof, spray-sealed VSLI chips and plenteousness market them to dry land computer manufacturers, governments, industries, and perhaps, even the darker markets the black market of world terrorists.Numataka smiled. It appeared, as usual, that he had found favor with the shichigosan-the seven deities of good luck. Numatech Corp. was some to control the only copy of Digital Fortress that would ever exist. xx million dollars was a lot of money-but considering the product, it was the steal of the century.

Disaster Relief

Preparing for Disaster Materialization of Disaster Disasters can knock against at anytime, and for the nigh part, line up without warning. That is why is has become vital for wellness c be organizations to prepargon in advance for disasters. The most common case of disasters atomic number 18 natural (tornadoes, hurricanes, earthquakes, etc. ). Since natural disasters have always been around, wellness awe professionals have been aware of their capabilities and possible damage they can clangoring upon society. For example, Hurricane Katrina completely wiped out the city of New Orleans on disdainful 29, 2005, leaving the city encourageless.Not only did the tragedy claim the lives of thousands of Americans, it also conduct to power failures, water and fuel shortages, flooding, and communication breakdowns. While American wellness attention organizations have had emergency plans for natural disasters, they could not fathom a hurricane of that magnitude. Another type of disaster that has become more of a central point over the past decade is chemical or unassured materials disaster. Whether these disasters are intentional (terrorist attacks) or unintentional (chemical spills or nuclear meltdowns), they are unsloped as serious and need to be tack togetherd for just like natural disasters.The terrorist attacks on September 11, 2001, and the more recent tsunami that stuck japan on March 11, 2011 and destroyed nuclear plants releasing radiation into the environment, are two examples of intentional and unintentional disasters, respectively. Nature and Scope Large carapace emergencies are a threat to any wellness care entity, regardless of location, size, or scope. No health care organization can telephone the nature of a future emergency, nor can it predict the date of its arrival. However, health care providers can plan by following six major areas of emergency response.These six areas of emergency preparedness were set forth by The Joint Commission (T JC), formerly the Joint Commission on Accreditation of health care Organizations (JCAHO), an linked States-based not-for-profit organization that accredits over 19,000 health care organizations and programs in the United States. The six areas of emergency management are as follows open lines of communication, availableness of resources and assets, safety and security of the patients, staff responsibilities, uninterrupted function of its utilities, and patient clinical and support activities.All of these areas must be taken into consideration when preparing for disaster. Disasters can happen at any time and place. Not all disasters happen alfresco of a health care organization. The hazards to which a hospital is susceptible admit fire, utility failure, armed intruder, and hazmat release (occurring within the facility) and hurricane, earthquake, landslide, external fire, flood, tornado, other trying storm, external hazmat release, and civil disturbance (Sternberg, 2003).These typ e of disasters are termed internal disasters, and are just as difficult for health care organizations to prepare for as off-site (external) disasters. Impact and Importance on American Health look at It is absolutely crucial for healthcare organizations to have emergency plans put in place and ensures that its employees know what their role is in case of a across-the-board scale disaster. Emergency plans have to be continually changed and updated to meet Federal, state, and topical anaesthetic laws and statutes.A dour with developing a emergency plan, health care organizations must routinely practice and execute their emergency plan to help better prepare its employees for a disaster. The better prepared the organizations employees are, the potential for higher survival target of the disasters victims. In the event that a disaster strikes, health care organizations must run post-emergency assessments of the facilitys performance during the crisis and nock the necessary improvem ents to help better serve its patients in the case of a similar disaster.Continual strides must be made with regards to preparing for disaster for health care providers, because disaster can strike at any moment. It is so primal for government agencies, emergency personnel, and heath care organizations to band together to help create plans that will save lives and produce the best possible outcome. The most difficult aspect of disasters is that they are completely unpredictable, but with health care organizations continual persistence of staying ahead of the curve and developing emergency plans, American lives will be saved.Bibliography Ford, Lauren. (2008). Preparing a hospital and community for disaster. Retrieved September 17, 2011 from http//bama. ua. edu/joshua/ enumeration/may08/Hospital%20Preparedness%20-%20Lauren%20Ford. doc. Graham, Jaclyn. (2007, June). Approved revisions to emergency management standards for critical access hospitals, hospitals, and long term care. The J oint Commission Perspectives, 27, 1-10. Sternberg, E. (2003). Planning for resilience in hospital internal disaster. Prehospital Disaster Medicine, 18(4)291300.

Qwea

ACCOUNTANCY 301 ACCOUNTING MEASUREMENT &038 DISCLOSURE get back 2011 COURSE SYLLABUS Po-Chang Chen University of Illinois at Urbana-Champaign 434 Wohlers Hall email&160protected edu 217-333-4527 prevail of instruction Content Content fall Overview &038 Objectives pipeline Materials Prerequisite tuition (T all(prenominal)ing) philosophy Getting friend Class Procedures Assessment Written Assignments Balanced notice frame beat Project Examinations Professionalism attainable Extra belief Opportunities Potential campaign Problems Special Accommodations explorative air Calendar Page no(prenominal) 1 1 1 2 2 3 4 4 4 5 5 5 5 6 7 Important Note Changes to the syl labus go away be denote in class and posted to the website. Students atomic number 18 responsible for checking the web on a regular basis ACCY301 Course menstruate of instructionPo-Chang Chen Course Overview &038 Objectives ACCY301 go forths an excogitation to measuring rod and tale of organizational perfor mance for strategic and operational purposes with a focus on a variety of financial and non-financial performance measures suitable for both ind healthfuling and external decision-making.The course testament help you develop the history companionship and a variety of professional skills and attitudes through inclass interactions, projects, and a series of labs. more(prenominal) specifically, the course is designed to achieve the following objectives 1. To demonstrate the role of account as an in coiffeion system that measures business value creation and supports sparing decision-making. 2. To develop your understanding of the conceptual foundation of method of business relationship measurement. 3.To develop your fellowship and skills to prep be and interpret information in financial statements by dowery you learn how to analyze business activities and make accounting choices. For instance, you argon judge to be able to understand the consequences of accounting choices for assets such(prenominal)(prenominal) as inventory, PPE, and intangible assets. 4. To demonstrate the role of subjective judgments in accounting measurement and revelation and lead you to critically think about ethics issues in the accounting profession and accountants state in society. 5.To develop your ability to use accounting as a business language to communicate effectively. 6. To foster ag concourse spirit among you and develop your ability to flirt well in teams. Course Materials 1. Revsine, Collins, Johnson and Mittelstaedt, monetary Reporting &038 Analysis, 5th Edition (McGraw-Hill/Irwin, 2011) 2. Course packet of readings published by XanEdu (available at TIS Bookstore) 3. FASB publications downloadable from the FASB website (http//www. fasb. org/) 4. Other readings in required readings booklets on the stab course website, including FASB pronouncements required for the course 5. representatives and separate maintainments in a folder on the Compass course website 6 . Other supplemental materials in designated folders on the Compass course website. Prerequisite You must(prenominal) nourish completed ACCY 201 and 202 (or the equivalent), and must soak up completed or be concurrently enrolled in ACCY 302 if you atomic number 18 an account statement major. Concurrent enrollment is strongly recommended for non-Accountancy majors. Learning ( education) Philosophy Learning is a process of construction.That is, knowledge is a state of understanding in the mind of the individual knower and must be constructed by each individual through iterative processes of experimentation (application) and reflection on the outcomes of such experimentation. Thus, eruditeness is a process involving interaction among students and between students and the instructor. To achieve effectual and effective learning, I allow strive to provide 1. Personal awe for your education and development as a professional, 1 ACCY301 Course political platformPo-Chang Chen 2. F air and honest learning environment, 3. Openness to your ideas and opinions, and 4.Personal load to excellence in scholarship. Correspondingly, I expect the following from you as my student 1. 2. 3. 4. 5. 6. Thorough preparation of assignments (both reading and pen) for each class, Class checkance and restless class participation, Active participation in and contribution to root projects, right and honesty, Openness to the ideas and opinions of others, and Personal commitment to excellence in scholarship. Getting Help If you have whatever questions regarding the course, you can get help either from me or from my TAs during our office hours or by fight.If you wish to set up an appointment with me, revel send me an email at email&160protected edu suggesting three possible 30-minute sequence slots we could meet. enthral avoid Mon twenty-four hourss and Wednesdays from 12pm to 4pm, as these are my teaching time slots. I impart confirm the time and date of the appointment via email. My cutaneous senses information Po-Chang Chen Office 434 Wohlers Hall Phone 217-333-4527 Office Hours Monday and Wednesday 4pm 5pm Teaching Assistants Office hours location BIF 2056 or BIF 2062 Ben Ger Email email&160protected edu Office hours atomic number 90 2pm-330pm Michelle Erb Email email&160protected du Office hours Tuesday 2pm-330pm Class Procedures The class format involves a mixture of lecture, conclave activities, and class discussions of assignments. The assign flakes, problems and activities re turn over practical illustrations and applications of the concepts presented in the readings. Cases, problems and activities are meant to stimu posthumous inductive reasoning the reflective reasoning from observations and particulars to concepts and hypothesis that we can utilize more generally. That is, knowledge that we can use in situations other than the specific situation in which it arises.The inductive risk, however, is that such knowledge is solely probable and thus, contains an element of falsity. Student bases I will assign students to four- or five- person groups. These groups are assigned for the entire term and group parts should sit together in class. distributively assigned group should carry through the assignments designated as group assignments. The assigned groups also should accomplish 2 ACCY301 Course SyllabusPo-Chang Chen the balanced nockcard and measurement projects. Class cookery and Participation I encourage students to make grow for class within their assigned groups.Appropriate class preparation is both an individual and a group responsibility. I may call on either groups or individuals to present assignment solutions and contribute to class discussion of the issues and problems contained in the assignment. The keys to successful problem- and case-based learning are preparation, attendance, participation, and attitude. spell I encourage preparation within subscribe to groups, each student is responsible f or daily preparation and participation in class when called on. I attempt to engage the class in a mixture of activities.During class discussion you should discuss, challenge, and criticize ideas. You should express your thoughts and defend your beliefs development reason and logic. Assessment The course material body is determined based on the following components. Assigned points (percentage) Professionalism Assignment write-ups mathematical group write-ups1 (25 points each for best four) case-by-case write-ups (20 points each for both) Balanced Scorecard and Measurement project (12% report, 4% presentation)2 trio examinations (15% each midterm, 20% final exam) lab participation and assignments4 Total 1 2 00 (10%) 140 (14%) ampere-second 40 160 (16%) 500 (50%) atomic number 6 (10%) 1000 (100%) For group assignments, 75% suffice and 25% grammar and style. For the report, 75% content and 25% grammar and style. For the presentation, 25% content and 75% presentation skills. 4 Lab participation and assignments grade is 100% based on the lab grades from the lab instructor. I shell the distribution of major elements of the course (see below) to the demolishing scale below. Overall course grade also employs the similar grading scale. 100 to 96. 67% of possible points = A+ 96. 66% to 93. 33% = A 93. 32% to 90. 00% = A 89. 9% to 86. 67% = B+ 86. 66% to 83. 33% = B 83. 32% to 80. 00% = B 79. 99% to 76. 67% = C+ and so forth. 3 ACCY301 Course SyllabusPo-Chang Chen Written Assignments exclusively written assignments should be handed in at the beginning of class on the case due day. Papers deemed late are subject to a score of zero. company-based assignments at that place are five group-based written assignments. All group-based written assignments are graded for both content and communication theory. For communications grading, you are encouraged to seek help from the Departments communications graders before submitting your work.Written and ora l examination communications support is available through the Department of Accountancy. Please push to the following website for the support information http//www. business. illinois. edu/accountancy/programs/communications/. For the final grade assessment, one group-based assignment that has the lowest combined grade of content and communications will be flingped. Note that any written assignment that has a grade of zero due to no submission or late submission is not considered for grade. You should prepare all group-based written assignments in conformation with the following prevaillines 1.Unless otherwise specified, assignment write-ups should be in memo format (see both ACCY Memo Guidelines and Project Discovery Communications Handbook on the course website for supernumerary guidance). 2. You should type the assignment using 12-point Times impertinent Roman font, with double spacing and one-inch margins on all sides. 3. Unless otherwise specified, your memo should not exceed five pages of text including any attached or embedded tables, graphs and exhibits. 4. Unless otherwise specified, you should submit two (2) copies of the assignment, one for content grading and the other for communications grading.If in addition, you would like to use the memo and attachments to denote to during the days discussion, bring a third copy to class. case-by-case-based assignments There are two individual-based cases that involve primarily numerical analyses and short answers. The individual-based cases are graded for accounting content only. Therefore, you do not need to prepare them in memo format. You should submit one copy of each individual assignment. Balanced Scorecard Project In this project, you will choose an outside organization to which one or more of your group members belong.You will consequently design a Balanced Scorecard for the organization chosen by your group. More details of this project can be found in the Balanced Scorecard Project Guidel ines on the course website at a later point of time. The outputs of your efforts will be (1) a written report and (2) a presentation to the class of your balanced scorecard design. Th e Balanced Scorecard Project Guidelines will also contain surplus information about the written report and the class presentation.. Measurement Project In this project, I will assign a company and a specific reporting period f o r yo u r gr o u p to evaluate.You should download the companys annual report from its website. In addition, groups should use other reports and information let out by the company, and/or other entities, in 4 ACCY301 Course SyllabusPo-Chang Chen requireing its research of the company. Groups will research their assigned company using the research and analysis guidance in the Measurement Project Guidelines on the course website. The outputs of your research and analysis efforts will be (1) a written measurement project report and (2) a presentation to the class of the nearly important results of your research.The Measurement Project Guidelines will also contain additional information about the written reports and the class presentations.. Examinations There are two midterm exams and one final exam for this course. The two midterm exams are non-cumulative. The final exam is comprehensive (cumulative). Each exam will include multiple choice questions, short essay (one or two paragraph) responses, and problems. All examinations are closed-book and closed-notes. Professionalism As a student preparing to enter the profession of accountancy, you have a responsibility to conduct yourself in a professional manner.Fulfilling this responsibility helps to prepare you for the obligations you will assume as a professional accountant. The IFAC native principles of professionalism are adopted in this course as a guide to our conduct in the accountancy measurement and disclosure course. Please confab to the Professionalism Contract and Professionalism Evaluation Repo rt Guidelines for more details. Potential Extra Credit Opportunities You will have opportunities to earn potential extra belief by participating in professional learning or service activities.Please refer to the Professionalism Evaluation Report Guidelines for details about those extra credit opportunities. Potential Course Problems Academic Integrity The Business Faculty at the University of Illinois at Urbana-Champaign expects students who are preparing to enter the business profession to exhibit the same qualities of honesty, lawfulness, responsibility, and respect for others that society demands from business professionals. The primary responsibility for complying with the standards of academic integrity rests with each individual student and with the student body as a whole.By your enrollment in this course, you pledge on your honor that 1. You will neither give nor receive unauthorized assistance on any academic or related professional assignment or activity. 2. You oppose that all provisions of the UIUC Student autograph related to student conduct and academic integrity bind all students matriculating to the University of Illinois at Urbana-Champaign. 3. You acknowledge that you have the obligation to report apparent violations of academic integrity and the Student Code in a non-anonymous manner to the course instructor or the run of the Department.Missing Classes and Examinations and Failing to Turn In Assignments I expect students to attend classes. Midterm examinations are in schedule class times and thus, the only acceptable reasons for missing an exam are sickness and other palliate circumstances. You 5 ACCY301 Course SyllabusPo-Chang Chen must provide me with capable documentation of your reason for missing an exam. There are no make-ups for failing to turn in an assignment by its due date or missing an exam for other than an acceptable reason.In the case of a involvement with the final exam (defined as three university course exams sched uled within a twenty-four hour period, or two university course exams scheduled at the same time), I will arrange for a make-up exam only when approved by the department. A conflict exam approval form can be found on the course Compass website close to the final date. No make-up exams will be given for conflicts that arise from travel plans. You will need to provide documentation to support the conflict the staff in the Department of Accountancy will then verify the conflict and you will be notified of your eligibility.You will not be allowed to take the conflict final exam if your point is denied by the Department of Accountancy. The instructor will necessitate the Dean of the College to drop any student from the course who Misses both midterm exams, for whatever reasons Misses in addition many classes, particularly in sequence Fails to contribute adequately to group assignments (i. e. , class presentations, case writeups and measurement project research and reports). Group C onflicts and Problems Group members should attempt to resolve all conflicts and problems among themselves in a timely manner.If such resolution is not satisfactory, group members should consult immediately with the course instructor. In any event, groups should not allow problems to continue beyond a one-week period. At the end of the semester, students will evaluate each fellow group members cooperation and contribution to group assignments. Such evaluations will be include as part of the Professionalism element of course grades. Grading Dispute While TAs and I make every effort to grade all of your work accurately, grading errors can occur.If you believe there is an error, you may request a regarding of the assignment or exam. Be aware, however, that grading errors can occur in both directions errors can make grades too high as well as too low. Therefore, if you request a re-grading, your entire assignment or exam will be regarded, and all grading errors will be corrected. By req uesting a re-grade, you accept the possibility that your grade may go either up or down as a result. To request a re-grade, you must submit a written request to me within one week from the class period in which the assignment or exam was first returned to students.The request must be accompanied by the graded original and must state the area of dispute, your recommendation for diverseness in grade, and an explanation or justification for your recommendation. Special Accommodations If you have a condition, such as a physical or learning disability, which will make it difficult for you to carry out the work as I have outlined it or which will require academic accommodations, please notify your Teaching Assistant or me during the first week of the course and we will strive to accommodate. 6 ACCY301 Course SyllabusPo-Chang ChenPreliminary Course Calendar Date 1 Topic Readings Before Each Session COMP Course syllabus Assignment Due Mon 22-Aug Course introduction 2 Framework for story M easurement and revealing Revsine et al. , Ch 1 stinting and Institutional Setting for Financial Reporting Objectives &038 economics TIS Sunder, Ch 1 launch to the Theory of Wed 24-Aug of accounting Accounting and Control (skim) FASB SFAC 8 Ch 1 Objectives of Financial Reporting by Businesses (skim pg 1-14 use as reference) (Compass) Mon 29-Aug Accounting measurement FASB SFAC 8 Ch 3 QualitativeCharacteristics of Useful Accounting TIS Brown, An Accountants Measurement electrical fuse (pp. 1- 8) COMP IMA Statement, Value Chain Analysis for Assessing Competitive Advantage TIS Porter, What is Strategy? tug Day No Class Case day TIS Kaplan &038 Norton, Transforming the Balanced inseparable performance measurement Scorecard from Performance Measurement to Strategic focusing Part I Revsine et al. , Ch 2 Accrual Accounting and Income Determination Financial statements 1 FASB SFAC 6 Elements of Financial Statements (skim, use as reference) Group Case 1 3 4Wed 31-Aug Business strategy a nd accounting Mon Wed 5-Sep 7-Sep 5 6 Mon 12-Sep 7 Wed 14-Sep 7 ACCY301 Course SyllabusPo-Chang Chen 8 Mon 19-Sep Financial statements 2 Revsine et al. , Ch 4 social structure of the Balance Sheet and Statement of Cash draws FASB SFAC 5, light &038 Measurement in Financial Statements (skim, use as reference) (on Compass) FASB FAS 157, Fair Value Measurement (para. 1-39) Group Case 2 9 Wed 21-Sep Recognition and measurement Recognition and Measurement Selected Events/Transactions 10 Mon 26-Sep Revenue recognition-1 Revsine et al. Ch 2 Accrual Accounting &038 Income Determination (re-read) FASB Research revenue recognition in FASB Codification Revsine et al. , Ch 3 Additional Topics in Income Determination (pp. 137- 156) Group Case 3 11 Wed 28-Sep 12 Mon 13 Wed 3-Oct 5-Oct Revenue recognition-2 Case day Midterm Exam 1 Accounts due &038 doubtful accounts Trade notes receivable Case day and usefulness of accounting estimates Retail inventories and cost go down assumptions BSC dis play Day Manufacturing inventories Case day Midterm Exam 2 4 Mon 10-Oct 15 Wed 12-Oct 16 Mon 17-Oct 17 Wed 19-Oct 18 Mon 24-Oct 19 Wed 26-Oct 20 Mon 31-Oct 21 Wed 2-Nov Revsine et al. , Ch 8 Receivables (pp. 411-421) Revsine et al. , Ch 8 Receivables (pp. 421-436) TIS Brown, Time Value of Money TIS Lundholm, Reporting on the Past Revsine et al. , Ch 9 Inventories (pp. 481-507) BSC project presentation and report Revsine et al. , Ch 9 Inventories (pp. 476- 481) TIS Maher et al. , Ch 3 Activity-Based Management Group Case 5 Group Case 4 8 ACCY301 Course SyllabusPo-Chang Chen 22 Mon 7-Nov Fixed assets 23 Wed 9-Novintangible assets Revsine et al. , Ch 10 Long-Lived Assets &038 Depreciation (pp. 545-558 pp. 563 -576) Revsine et al. , Ch 10 Long-Lived Assets &038 Depreciation (pp. 558- 563) several(prenominal) Case 1 TIS Siegel &038 Borgia, The Measurement and Recognition of Intangible Assets Revsine et al. , Ch 4 expression of the Balance Sheet and Statement of Cash Flows (re-read pp. 196-207) Revsine et al. , Ch 17, Statement of Cash Flows Revsine et al. , Ch 5 Essentials of Financial Statement Analysis (pp. 267-271) TIS Bergevin, Ch 11 Advanced Cash Flow Analysis Thanksgiving Break. No Class 4 Mon 14-Nov Statement of silver flows I 25 Wed 16-Nov Statement of cash flows -II Mon 21-Nov Wed 23-Nov 26 Mon 28-Nov Statement of cash flows case and Final exam review Individual Case 2 27 Wed 30-Nov Measurement Project Presentation 28 Mon 2-Dec Measurement Project Presentation Final Exam Measurement Project Report 29 Wed 7-Dec TBD Readings legend TIS Measurement and Disclosure course packet from XanEdu Revsine et al. Revsine, Collins, Johnson &038 Mittelstaedt textbook, 5th edition COMP Required readings folder on Compass website FASB Financial Accounting Standards Board website 9