Setting Anaylsis of Scarlet Le essays

Setting Anaylsis of Scarlet Le essays Settings often hold enormous roles in shaping a story. Whether it was a horror, a romance, a science fiction or a drama, settings affect how the characters emotionally felt, acted and thought throughout a novel. The places where the story revolved around revealed weaknesses, strengths, flaws and venerability within each individual character. In the novel The Scarlet Letter, there were three major settings that had a tremendous effect on the plot and characters. The story was moulded because the isolation from the community affected Hester Prynne's feelings towards her daughter, the forest was an escape route for the non-believers of the Puritan law, and how the Puritan community influenced the townspeople's mentality. After the revelation of Hester's adulterous sin resulting in the birth of Pearl, she moved to the outskirts of town. Alienated from the harsh Puritan community, Hester raised Pearl away from the ignorant daily comments and criticism, such as people's cold, disapproving stares and pointing at the bright, fancy, scarlet letter on her chest. Pearl became her sole companion and the centre of her life. As they lived under solitude, Pearl became more like a friend rather than a daughter to Hester. The separation from the community affected Hester's intense affections for Pearl. This was best illustrated in a conversation between Hester and Pearl concerning who Pearl really was. Although, little Pearl was too young to understand her mother, Pearl said with laughter "Oh, I am your little Pearl!" (98) The joyous words shared between the two demonstrated that as long as they had each other to comfort, to love and to confide in, their lives would be complete, even if they were outcasts to the community. The community was afraid that Hester would not raise Pearl properly, therefore they planned to take Pearl away from her mother. Once Hester heard the news, she immediately went to the governor's home to beg him to r...

How to Solve Equations With Exponential Decay Functions

How to Solve Equations With Exponential Decay Functions Exponential functions tell the stories of explosive change. The two types of exponential functions are exponential growth and exponential decay. Four variables- percent change, time, the amount at the beginning of the time period, and the amount at the end of the time period- play roles in exponential functions. This article focuses on how to use an exponential decay function to find a, the amount at the beginning of the time period. Exponential Decay Exponential decay: the change that occurs when an original amount is reduced by a consistent rate over a period of time Heres an exponential decay function: y a(1-b)x y: Final amount remaining after the decay over a period of timea: The original amountx: TimeThe decay factor is (1-b).The variable, b, is percent decrease in decimal form. Purpose of Finding the Original Amount If you are reading this article, then you are probably ambitious. Six years from now, perhaps you want to pursue an undergraduate degree at Dream University. With a $120,000 price tag, Dream University evokes financial night terrors. After sleepless nights, you, Mom, and Dad meet with a financial planner. Your parents bloodshot eyes clear up when the planner reveals an investment with an 8% growth rate that can help your family reach the $120,000 target. Study hard. If you and your parents invest $75,620.36 today, then Dream University will become your reality. How to Solve for the Original Amount of an Exponential Function This function describes the exponential growth of the investment: 120,000 a(1 .08)6 120,000: Final amount remaining after 6 years.08: Yearly growth rate6: The number of years for the investment to growa: The initial amount that your family invested Hint: Thanks to the symmetric property of equality, 120,000 a(1 .08)6 is the same as a(1 .08)6 120,000. (Symmetric property of equality: If 10 5 15, then 15 10 5.) If you prefer to rewrite the equation with the constant, 120,000, on the right of the equation, then do so. a(1 .08)6 120,000 Granted, the equation doesnt look like a linear equation (6a $120,000), but its solvable. Stick with it! a(1 .08)6 120,000 Be careful: Do not solve this exponential equation by dividing 120,000 by 6. Its a tempting math no-no. 1. Use order of operations to simplify. a(1 .08)6 120,000a(1.08)6 120,000 (Parenthesis)a(1.586874323) 120,000 (Exponent) 2. Solve by dividing a(1.586874323) 120,000a(1.586874323)/(1.586874323) 120,000/(1.586874323)1a 75,620.35523a 75,620.35523 The original amount to invest is approximately $75,620.36. 3. Freeze -youre not done yet. Use order of operations to check your answer. 120,000 a(1 .08)6120,000 75,620.35523(1 .08)6120,000 75,620.35523(1.08)6 (Parenthesis)120,000 75,620.35523(1.586874323) (Exponent)120,000 120,000 (Multiplication) Answers and Explanations to the Questions Woodforest, Texas, a suburb of Houston, is determined to close the digital divide in its community. A few years ago, community leaders discovered that their citizens were computer illiterate: they did not have access to the Internet and were shut out of the information superhighway. The leaders established the World Wide Web on Wheels, a set of mobile computer stations. World Wide Web on Wheels has achieved its goal of only 100 computer illiterate citizens in Woodforest. Community leaders studied the monthly progress of the World Wide Web on Wheels. According to the data, the decline of computer illiterate citizens can be described by the following function: 100 a(1 - .12)10 1. How many people are computer illiterate 10 months after the inception of the World Wide Web on Wheels? 100 people Compare this function to the original exponential growth function: 100 a(1 - .12)10y a(1 b)x The variable, y, represents the number of computer illiterate people at the end of 10 months, so 100 people are still computer illiterate after the World Wide Web on Wheels began to work in the community. 2. Does this function represent exponential decay or exponential growth? This function represents exponential decay because a negative sign sits in front of the percent change, .12. 3. What is the monthly rate of change? 12% 4. How many people were computer illiterate 10 months ago, at the inception of the World Wide Web on Wheels? 359 people Use ​order of operations to simplify. 100 a(1 - .12)10 100 a(.88)10 (Parenthesis) 100 a(.278500976) (Exponent) Divide to solve. 100(.278500976) a(.278500976)/(.278500976) 359.0651689 1a 359.0651689 a Use order of operations to check your answer. 100 359.0651689(1 - .12)10 100 359.0651689(.88)10 (Parenthesis) 100 359.0651689(.278500976) (Exponent) 100 100 (Okay, 99.9999999†¦Its just a bit of a rounding error.) (Multiply) 5. If these trends continue, how many people will be computer illiterate 15 months after the inception of the World Wide Web on Wheels? 52 people Plug in what you know about the function. y 359.0651689(1 - .12) x y 359.0651689(1 - .12) 15 Use Order of Operations to find y. y 359.0651689(.88)15 (Parenthesis) y 359.0651689(.146973854) (Exponent) y 52.77319167 (Multiply)

Heavy Smoking Assignment Example | Topics and Well Written Essays - 1250 words

Heavy Smoking - Assignment Example This chronic condition makes breathing complicated to the victims or the patients. The forms of COPD can involve either lasting coughing with mucus or damage of the lungs over a given period. Exposure to air pollution and stuffy places like bars and bus stations, especially by the older people, for long hours or years can increase the prevalence of the disease in the body. Although the disease can be diagnosed and preventable by qualified doctors, the causes, prognosis, consequential requirements and social life of the victims might be at risks if not avoided at initial stages. Exposure to harmful fumes Mr. L, a bartender, suffers from the condition because he has been exposed to this situation for 40 years. Firstly, despite Mr. L being a heavy smoker, he also works in a bar where patrons smoke at all the times exposing his health to even greater healthy risks. At age 55, the lungs cannot fight the chronic damage caused through engulfing of the respiratory organs. This is further inf luenced by the air pollution created at the bus terminus by the city buses that he commutes in on a daily basis. The difficulty experienced when he walked past the three blocks is because he used respiratory gases at high rates of breathing, which caused the dilapidated walls of the lung to become narrow. This makes the situation challenging to Mr. L to access enough energy that can enable him walk on the dusty blocks. This, therefore, results from the excess unpurified air that he inhales from the bus terminus through to the dusty blocks and finally the smoke particles consumed from the cigarettes. The combination of the different unpurified gases accumulate in the lungs causing difficulty in breathing and insufficient supply of energy and gases to the heart, which leads to fatigue prompting him to rest (Falvo, 2009). Causes, incidence, and risk factors Smoking is the primary cause of COPD to Mr. L. The further the individual smoked, the more he developed COPD. However, some indivi duals smoke for years and never acquire COPD. In exceptional cases, nonsmokers who are exposed to smoking conditions and lack a protein called alpha-1 antitrypsin can also acquire the disease. Additionally, contact to certain combination of gases or fumes in the workplace such as bars and industrial places are risky. Exposure to grave amounts of secondhand smoke and toxic waste also increased the disease. Lastly, recurrent use of cooking fire with no appropriate ventilation makes the gases to cover the room, which the cook will inhale while in that kitchen (Falvo, 2009). Signs and Symptoms COPD condition is indicated by constant cough, with or without mucus, fatigue (that occasioned Mr. L to rest near the three blocks), multiple respiratory illnesses, and shortness of breath (dyspnea) that gets terrible with mild activity or difficulty catching one's gulp of air and panting. The symptoms of COPD develop gradually; some people might not recognize that they are sick. Expectations (pro gnosis) COPD is a lasting (chronic) illness. The infection will get dreadful more rapidly if one does not quit smoking. Victims with severe COPD may be short of breath with nearly all activities and might be hospitalized more regularly. These patients ought to consult qualified doctors about breathing equipment and end-of-life care (Falvo, 2009). Treatment In order for Mr. L to remain in his career, he should adopt preventive measures such as persons with COPD have to stop smoking. This is the finest way to slow down the lung destruction. However, medication alternatives can also be applied to treat COPD, for instance, use of inhalers (bronchodilators) to unlock the airways, such as ipratropium (Atrovent) and albuterol. The patient can also

The film Gandhi Movie Review Example | Topics and Well Written Essays - 500 words

The film Gandhi - Movie Review Example One of the core precipitating factors of this film was that this film did not only promise to be a great historical venture but the movement occurred at a time where the threat of nuclear holocaust was surrounding the world. Even that did not stop Gandhi from fighting for the freedom movement and it also reminded us that humans are certainly capable of achieving the impossible through their imagination and through their civic rights.Mobilizing People for ActionThough it was initially ignored by the British rulers they soon realized that Gandhi has been able to ignite a spark among the Indians and had started a movement for liberty. The film is historically accurate in this regard as Gandhi went to hunger-strike and non-violent protests to achieve his motive but never tried to use violence to achieve his goals. There is even a scene in the film where several Gandhi followers march forward to be beaten to the ground by the British during their non-violent protest. According to Attenbor ough (1982), Gandhi did want to liberate India from the British but wanted to achieve this motive without any bloodshed and he did propel his citizens to follow the path of Satyagraha (The right path). Mohandas Gandhi stood at the epicenter of all the movement. However, there were some complexities which are implicit in this issue. Though India did liberate itself from the British it had all came at the expense of the conflict among Hindus and Muslims of India and Pakistan.

Impacts of Social Media Marketing Essay Example for Free

Impacts of Social Media Marketing Essay With the emergence of internet-based social media it has made it possible for people to communicate with thousands of other people around the world about products and the companies that provide these goods and services to them. Accordingly, the impact of consumer to consumer communications has been tremendously heightened within the marketplace. Many people would argue that social media is a hybrid element for promoting a company and its products, considering that in the traditional sense it allows companies to speak directly to their customers, while in a nontraditional sense it enables customers to talk directly to one another. The information, timing, and volume of social media-based conversations that occur between consumers are outside of a managers’ direct control. This goes against any traditional integrated marketing communications where there is a high sense of control from the manager. Thus, it is the managers’ responsibility to learn how to shape a consumers discussion in a manner that is consistent with their organizations mission statement and performance goals (Kerin, Hartley Rudelius, 2009). Traditional Marketing Traditional marketing techniques involve direct mail, trade shows, television, radio broadcasting and social events which are still very prevalent and are still heavily used by many companies around the world to market products and the services offered by their companies. Marketing through television provides companies mass exposure to a wide array of individuals with a mass message. Many businesses dont realize that television can often be one of the most cost-effective forms of advertising. The advantages of television are that it has everything needed to catch the attention of your projected audience: audio and visual. Community based television stations which are often looking for advertisers and are more willing to accommodate advertisers because of a less rigid schedule. Newspapers and classifieds are becoming increasingly popular and is a great way to target clients at a reasonable cost. The yellow pages have become a commonplace for companies who want to locate their specific business needs. Another way for businesses to market is with brochures, these are a great way of advertising a business. Depending on the type of business, brochures can be extremely useful. For a business that is in the industry of travel or tourism, brochures are a must, and there are multitudes of places where they can be displayed for customers to view. If a business is in a different type of industry it may be a little more difficult to find locations to display brochures, except to use them in mail drops, as handouts at trade shows and conventions, or for a direct mail out to potential customers. If a company is a manufacturer or supplier, it will need to provide their brochures to a distribution network. Brochures are a great way to market, but a company should make sure they are a cost-effective use of your time and investment, and if a company is going to produce brochures, they should know ahead of time how and where they will distribute them. Social Media Marketing Social media marketing represents low cost tools that are used to combine technology and social interaction with the use of words. These are typically internet based. Social media gives marketers a voice and allows them to communicate with their current customers and potential customers. Companies are able to personalize their brand and it gives them a way to spread their message in a relaxed and conversational way. Many people used to think Facebook was just for teens and young adults. Companies did not see much value for the social media site. That is all slowly changing though. Several companies are using Facebook to market their products and are seeing great success. Consider the following statistics provided between September 2008 and February 2009 the number of Facebook users between the ages of thirty five and forty four increased by 51%, user among the ages 45-54 jumped up 47 % and user ages 26-34 increased by 26 % more then half of Facebooks 140 million users are out of college. Clearly, social media is no longer just for the college student. Facebook is used as a marketing tool because it is easy to gain new clients, promote new products and services while offing deals and sales and staying in touch with your customers (Zarrella , 2009). Social media can be used to provide an identity for the products and services that a company has to offer. It can also create relationships using social media with people who might not otherwise know about a company’s products or services or what our companies represents. If a company wants new customers and retain their current ones they must establish a good relationship. Social media can be used to associate one’s self with their peers, which could be serving the same target market. It could also be used to communicate and provide an interaction with the consumers a company is looking for. Conclusion There are many advantages to using social media as a marketing tool for a company. However a company cannot just depend on social media alone to market their company, they must integrate it with other vehicles of marketing. While social media can create awareness for a company, it may not be the right form of advertising for a company. Companies must be consistent with any form of marketing that it chooses to use. The role that social media plays in the marketing of a company is to use it as a communication tool that allows a company access to those interested in their product and makes the company visible to those who do not know what services and products a particular company has to offer. It can be used as a tool to create a personality behind a company’s brand and create relationships that otherwise may never have happened. Social media cannot only create repeat-buyers for companies, but also customer loyalty. The fact that social media is so diversified and it can be used in several different ways, ways that best suit the interest and the needs of a company shows that it is a good source of marketing for any business (McAdams, Neslund Zucker, 2008). The form of marketing that a company uses really comes down to what type of audience the company is trying to attract and what they can ultimately afford to spend on adverting and marketing for the company. Any of the marketing techniques work a company just has to be consistent with the form they choose to use. Social media marketing is the way of the future and is not going to go away anytime soon. References Zarrella , D. (2009). The social media marketing book. Kerin, R. A., Hartley, S. W., Rudelius, W. (2009). Marketing. (9 ed.). McGraw-Hill/Irwin McAdams, T., Neslund, N., Zucker, K. D. (2008). Law, business, and society. (Ninth ed.). McGraw-Hill/Irwin.

The Three Crusades :: essays research papers

The Three Crusades   Ã‚  Ã‚  Ã‚  Ã‚  There were three Crusades and they all took different routes from western Europe to Palestine. THE FIRST CRUSADE - The first crusade began in A.D. 1095. Pope Urban II mounted a platform outside the church at Clermont, France. The crowd shouted â€Å"Deus vult!† in response to the pope’s plea. Knights and peasants alike vowed to join the expedition to the Holy Land. For knights, the Crusade was a welcome chance to employ their fighting skills. For peasants, the Crusade meant freedom from feudal bonds while on the Crusade. All were promised immediate salvation in heaven if they were killed freeing the Holy Land from non-Christians. Adventure and the possibility of wealth were other reasons to join the Crusade. The First Crusade heightened already existing hatred of non-Christians and marked the onset of a long period of Christian persecution of the Jews. During the First Crusade, which began in A.D. 1096, three armies of Crusader knights and volunteers traveled separately from western Europe to the eastern Mediterranean. On the way, many of them killed Jews and sometimes massacred entire Jewish communities. The three armies finally met in Constantinople in A.D. 1097. From there the Crusaders made their way to Jerusalem, enduring the hardships of desert travel as well as quarrels among their leaders. In June A.D. 1099, the Crusaders finally reached the city. After the siege of almost two months Jerusalem fell. Crusaders swarmed into the city and killed most of its Muslim and Jewish inhabitants. The success of the First Crusade reinforced the authority of the Church and strengthened the self-confidence of western Europeans. The religious zeal of the Crusaders soon cooled, however, and many knights returned home. Those who stayed set up feudal states in Syria and Palestine. Contact between the Crusaders and the relatively more sophisticated civilizations of the Byzantines and the Muslims would continue for the next 100 years and become major factor in ending the cultural isolation of western Europe. THE SECOND CRUSADE - Less than 50 years after the First Crusade, the Seljuks conquered part of the Crusader states in Palestine. Pope Eugenius IV called for a Second Crusade to regain the territory. Eloquent sermons by the monk Bernard of Clairvaux persuaded King Louis VII of France and Holy Roman Emperor Conrad III to lead armies to Palestine. The Second Crusade, which lasted from A.D. 1147 to A.D. 1149, was unsuccessful. Louis VII and Conrad III quarreled constantly and were ineffective militarily. They were easily defeated by the Seljuks. THE THIRD CRUSADE - A diplomatic and forceful leader named Saladin united the Muslim forces and then captured Jerusalem in A.D. 1187.

Pnl Explain

P&L Explain – Bonds and Swaps Tony Morris antony. [email  protected] com MICS – DKS Manila Contents 1. Bond Pricing – basic concepts 2. P&L sensitivities of a bond i. PV01 ii. CS01 iii. Theta iv. Carry 3. Extension to interest rate swaps 1. Bond Pricing – basic concepts Let’s say you have a 4 year 10% annual coupon bond, with a yield (‘yield to maturity’ or ‘yield to redemption’) of 12%. From this information, the price can be calculated as 93. 93%. The price is calculated by pricing each of the bond’s cash flows using the yield to maturity (YTM) as a discount rate.Why? Because the YTM is defined as the rate which, if used to discount the bond’s cash flows, gives its price. We could picture it like this: Bond Cash Flows on a Time Scale Each fixed coupon of 10% is discounted back to today by the yield to maturity of 12%: 93. 93% = 10 + 10 + 10 + 110 (1. 12)1 (1. 12)2 (1. 12)3 (1. 12)4 All we are doing is obse rving the yield in the market and solving for the price. Alternatively, we could work out the yield if we have the price from the market.Bond price calculators work by iteratively solving for the yield to maturity. For a bond trading at par, the yield to maturity and coupon will be the same, e. g. a four year bond with a fixed coupon of 10% and a yield of 10% would be trading at 100%. Note that bond prices go down as yields go up and bond prices go up as yields go down. This inverse relationship between bond prices and yields is fairly intuitive. For our par bond above, if four year market yields fall to 9% investors will be willing to pay more than par to buy the above market coupons of 10%. This will force its price up until it, too, yields 9%.If yields rise to, say, 11% investors will only be willing to pay less than par for the bond because its coupon is below the market. For a detailed example of the bond pricing process, see Appendix 3. For now, note that the dirty price of a bond is the sum of the present values of the cash flows in the bond. The price quoted in the market, the so-called â€Å"clean† price or market price, is in fact not the present value of anything. It is only an accountants’ convention. The market price, or clean price, is the present value less accrued interest according to the market convention. . P&L sensitivities of a bond As we saw above, the price of a bond can be determined if we know its cash flows and the discount rate (i. e. YTM) at which to present value them. The yield curve from which are derived the discount factors for a bond can itself be considered as the sum of two curves: 1. the â€Å"underlying† yield curve (normally Libor), and 2. the â€Å"credit† curve i. e. the spread over the underlying curve The sensitivity of the bond price to a change in these two curves is called: i. PV01, and ii. CS01 respectively. Related essay: â€Å"Support Positive Risk Taking For Individuals†In terms of the example above, the discount rate of 12% might be broken down into, say, a Libor rate of 7% together with a credit spread of 5%. (Note, in the following, it is important not to confuse the discount rate, which is an annualised yield, and the discount factor, which is the result of compounding the discount rate over the maturity in question. ) In addition to the sensitivities described above, we can also consider the impact on the price of the bond of a one day reduction in maturity. Such a reduction affects the price for two reasons: ) assuming the yield curve isn’t flat, the discount rates will alter because, in general, the discount rate for time â€Å"t† is not the same as that for time â€Å"t-1† b) since one day has elapsed, whatever the discount rate, we will compound it based on a time interval that is shorter by one day The names given to these two sensitivities are, r espectively: iii. Theta, and iv. Carry Note that, of these four sensitivities, only the first two, i. e. PV01 and CS01, are â€Å"market sensitivities† in the sense that they correspond to sensitivities to changes in market parameters.Theta and Carry are independent of any change in the market and reflect different aspects of the sensitivity to the passage of time. i)PV01 Definition The PV01 of a bond is defined as the present value impact of a 1 basis point (0. 01%) increase (or â€Å"bump†) in the yield curve. In the derivation below, we will refer to a generic â€Å"discount curve†. As noted earlier, this discount curve, from which are derived the discount factors for the bond pricing calculation, can itself be considered as the sum of two curves: the â€Å"underlying† yield curve (normally Libor), and a credit curve (reflecting the risk over and above the interbank risk ncorporated in the Libor curve). The PV01 calculates the impact on the price of bu mping the underlying yield curve. Calculation For simplicity, consider the case of a zero coupon bond i. e. where there is only one cash flow, equal to the face value, and occurring at maturity in n years. Note, though, that the principles of the following analysis will equally apply to a coupon paying bond. We start by defining: P = price or present value today R(t) = discount rate, today, for maturity t FV = face value of the bond Then, from the above, we know:P = FV/(1+r(t))^n Now consider the impact a 1bp bump to this curve. The discount rate becomes: R(t) = R(t) + 0. 0001 The new price of the bond, Pb(t), will be: Pb = FV/(1+[r(t)+. 0001])^n Therefore, the sensitivity of this bond to a 1bp increase to the discount curve will be: Pb – P = FV/(1+[r(t)+. 0001])^n – FV/(1+r(t))^n Eqn. 1 The first term is always smaller than the second term, therefore: * if we hold the bond (long posn), the PV01 is negative * if we have short sold the bond (short posn), the PV01 is pos itive We can also see that: the higher the yield (discount rate), the smaller the PV01. This is because a move in the discount rate from, for example, 8. 00% to 8. 01% represents a smaller relative change than from 3. 00% to 3. 01%. In other words, the higher the yield, the less sensitive is the bond price to an absolute change in the yield * the longer the maturity, the bigger the PV01. This is more obvious – the longer the maturity, the bigger the compounding factor that is applied to the changed discount rate, therefore the bigger the impact it will have.To extend this method to a coupon paying bond, we simply note that any bond can be considered as a series of individual cash flows. The PV01 of each cash flow is calculated as above, by bumping the underlying yield curve at the corresponding maturity. In practice, where a portfolio contains many bonds, it would not be practical, nor provide useful information, to have a PV01 for every single cash flow. Therefore the cash f lows across all the positions are bucketed into different maturities. The PV01 is calculated on a bucketed basis i. e. by calculating the impact of a 1bp bump to the yield curve on each bucket individually.This is an approximation but enables the trader to manage his risk position by having a feel for his overall exposure at each of a series of maturities. Typical bucketing might be: o/n, 1wk, 1m, 2m, 3m, 6m, 9m, 1y, 2y, 3y, 5y, 10y, 15y, 20y, 30y. Worked example: Assume we hold $10m notional of a zero-coupon bond maturing in 7 years and the yield to maturity is 8%. Note that, for a zero coupon bond, the YTM is, by definition, the same as the discount rate to be applied to the (bullet) payment at maturity. We have: Price, P = $10m / (1. 08)^7 = $5. 834mBumping the curve by 1bp, the â€Å"bumped price† becomes: Pb = $10m / (1. 0801)^7 = $5. 831m Therefore, the PV01 is: Pb – P = $5. 831m – $5. 835m = -$0. 004m (or -$4k) Meaning In the example above, we have calcul ated the PV01 of the bond to be -$4k. This means that, if the underlying yield curve were to increase from its current level of 8% to 8. 01%, the position would reduce in value by $4k. If we assume the rate of change in value of the bond with respect to the yield is constant, then we can calculate the impact of, for example, a 5bp bump to the yield curve to be 5 x -$4k = -$20k.Note, this is only an approximation; if we were to graph the bond price against its yield, we wouldn’t see a straight line but a curve. This non-linear effect is called convexity. In practice, while for small changes in the yield the approximation is valid, for bigger changes, convexity cannot be ignored. For example, if the yield were to increase to 9%, the impact on the price would be -$365k, not -(8%-9%)x$4k = -$400k. Use The concept of PV01 is of vital day to day importance to the trader. In practice, he manages his trading portfolio by monitoring the bucketed yield curve exposure as expressed by PV 01.Where he feels the PV01 is too large, he will perform a transaction designed to either flatten or reduce the risk. Similarly, when he has a view as to future yield curve movements, he will position his PV01 exposure to take advantage of them. In this case, he is taking a trading position. ii)CS01 The basis of the CS01 calculation is identical to that of the PV01, only this time we bump the credit spread rather than the underlying yield curve. The above example was based on a generic discount rate. In practice, for any bond other than a risk free one, this rate will be combination of the yield curve together with the credit curve.At first glance therefore, we would expect that, whether we bump the yield curve or the credit spread by 1bp, the impact on the price should be similar, and described by Eqn. 1 above. What we can also say is that, bumping the yield curve, the overall discount rate will increase and therefore, as for PV01: * if we hold the bond (long posn), the CS01 is neg ative * if we have short sold the bond (short posn), the CS01 is positive From the same considerations as for PV01, we can see that: * the higher the credit spread, the smaller the CS01 * the longer the maturity, the bigger the CS01In practice, when we look at multiple cash flows, the impact of a 1bp bump in the yield curve is not identical to a 1bp bump in the credit spread. This is because, inter alia: * the curves are not the same shape and therefore interpolations will differ * bumping the credit spread affects default probability assumptions that will, in turn, impact the bond price In general though, PV01 and CS01 for a fixed coupon bond will be similar. The exception is where the bond pays a floating rate coupon. In this case, the sensitivity to yield curve changes is close to zero so, although the PV01 will be very small, the CS01 will be â€Å"normal†.Worked example: A worked example would follow the same steps as for PV01 above, only this time we would bump the cred it spread by 1bp rather than the underlying yield curve. Theta and Carry We now look at the two sensitivities arising from the passage of time (â€Å"1 day decay†, to use option pricing terminology). First, let’s calculate what the total impact on the value of a position would be if the only change were that one day had passed. In particular, we assume that the yield and credit curves are unchanged. Again, for simplicity, consider the case of a zero coupon bond i. . where there is only one cash flow, equal to the face value, and occurring at maturity in n years. Again, we note that the principles of the following analysis will equally apply to a coupon paying bond. Following the previous notation, the value (or price) today will be: P(today) = FV/(1+r(t))^n The value tomorrow will be: P(tomorrow) = FV/(1+r(t-1))^(n-1/365)Eqn. 2 There are two differences between the formula for the value today and that for tomorrow. Firstly, the discount rate has moved from r(t) to r(t- 1). Here, r(t-1) is the discount rate for maturity (t-1) today.We have assumed that the discount curve does not move day on day, therefore the rate at which the cash flow will be discounted tomorrow is the rate corresponding to a one day shorter maturity, today. Secondly, the period over which we discount the cash flows has reduced by one day, from n to n-1/365 (we divide by 365 because n is specified in years). Theta and Carry capture these two factors. P(tomorrow) – P(today) gives the full impact on the price due to the passing of one day. This impact can be approximated by breaking down the above formula into its two component parts i. e. he change in discount rate and the change in maturity, as explained below. iii)Theta As before, we define: P = price or present value today r(t) = discount rate, today, for maturity t FV = face value of the bond In addition, we define: r(t-1) = discount rate, today, for maturity t-1 (e. g. for a bond with 240 days to maturity, if the 240 day discount rate today is 8. 00% and the 239 day discount rate today is 7. 96% then: r(t) = 8. 00% and r(t-1) = 7. 96%) We now define Theta as: FV/(1+r(t-1))^n – FV/(1+r(t))^n We can see that, compared to the formula for the full price impact above (Eqn. ), this sensitivity reflects the change in the discount rate but ignores the reduction by 1 day of the maturity. In other words, Theta represents the price impact due purely to the change in discount rate resulting from a 1 day shorter maturity but ignores the impact on the compounding factor of the discount rate resulting from the shorter maturity. Note that the sign of Theta, in contrast to PV01 and CS01, can be both positive and negative. This is because r(t-1) can be higher or lower than r(t), depending on the shape of the yield curve.That said, in practice, given that yield curves are normally upward sloping, we would expect r(t) to be higher than r(t-1). Therefore Theta will normally be positive. In the same way, if th e yield curve is flat, then Theta will be zero. iv)Carry Using the standard notation, we define Carry as: FV/(1+r(t))^(n-1) – FV/(1+r(t))^n Comparing to the formula for the full price impact above (Eqn. 2), we see that this sensitivity reflects the change in maturity on the compounding factor to be applied to the discount rate but ignores the impact on the discount rate itself of moving one day down the curve.In other words, Carry represents the price impact due purely to the change in discount factor resulting from a 1 day shorter compounding period but ignores the impact on the discount rate resulting from the shorter maturity. Where discount rates are positive (r(t) > 0), Carry will always be positive since the first term will be larger than the second. Using the Taylor expansion, we can obtain a simplified approximate value for Carry. Remembering that: 1/(1+x)^n = 1 – n. x + (1/2). n. (n-1). x^2 – †¦ we have: Carry = FV. 1-(n-1/365). r(t)) – FV. (1-n. r(t)) = FV. r(t). 1/365 Note that r(t). 1/365 would represent one day’s â€Å"interest† calculated on an accruals basis since, in the case, the yield equals the coupon rate. (Note, where a position is accounted for on an accruals basis, and therefore valued at par, the yield will always equal the coupon. ) In other words, this definition ties in to the intuitive idea of carry that we have from, say, a deposit where the carry would be equal to one day’s interest, based on its coupon.We can also see that Carry is directly proportional to the yield. We have now seen that, between them, Theta and Carry attempt to capture the two components affecting the price move arising from the passing of 1 day, all other factors being kept constant. There will be certain â€Å"cross† effects of the two that will not be captured when performing this decomposition. In other words, Theta + Carry will not exactly equal the full impact (as per Eqn. 2). The difference, ho wever, will not normally be material.In general, for a long bond position, both Theta and Carry will be positive as, with the passing of one day, not only will the annualised discount rate be less (reflecting the lower yield normally required for shorter dated instruments) but the compounding factor will be smaller (reflecting the shorter maturity). Worked example: Assume we hold $10m notional of a zero-coupon bond maturing in 240 days and the yield to maturity today is 8%. Also, the yield today for the 239 day maturity is 7. 96%. Theta = $10m/(1. 0796)^(240/365) – $10m/(1. 08)^(240/365) = $23,159 Carry = $10m/(1. 8)^(239/365) – $10m/(1. 08)^(240/365) $20,047 Theta + Carry = $43,205 To compare, the full price impact of a 1 day â€Å"decay† is: $10m/(1. 076)^(239/365) – $10m/(1. 08)^(240/365) = $43,113 Summary We have now analysed the key sensitivities that explain the 1 day move in a bond’s mark to market value. To summarise some of the main featur es; for a long bond position: PV01 / CS01: * negative * for a fixed coupon or zero coupon bond, PV01 and CS01 will be similar * the higher the yield/credit spread, the smaller the PV01/CS01 * the longer the maturity, the bigger the PV01/CS01 for a floating rate coupon (with a Libor benchmark), PV01 will be very small but the CS01 will be â€Å"normal† Theta * positive * the flatter the curve, the smaller the Theta Carry * positive * proportional to the yield 3. Extension to interest rate swaps In essence, all the above applies equally to interest rate swaps (IRSs) when calculating/explaining daily P&L. We start by noting that an IRS is simply the exchange of two cash flows, one fixed and one floating. Extending the analysis we made for bonds, we can say: a) The PV01 of the floating rate leg will be close to zero. This is as noted for a floating rate bond.In both cases, as the yield curve changes so do the expected future cash flows but, at the same time, so will the discount rates at which they are PV’d. The two effects will broadly cancel out. (The PV01 will not be exactly zero because, once the Libor fixing occurs, the next cash flow becomes fixed and therefore effectively becomes a zero coupon bond, on which there will be PV01. ) b) The fixed leg is similar to the fixed coupon stream on a bond and can be considered as a series of zero coupon bonds. Therefore the exact same analysis as applied to bonds above will apply to the fixed leg. An IRS that ays floating and receives fixed will have a PV01 sensitivity similar to that of a long bond position. c) IRSs are normally interbank trades where it is assumed that there is no credit risk over and above Libor. Therefore, the CS01 will be zero. d) Theta and Carry may be either positive or negative. Appendix 1 : Date Conventions There are several methods for computing the interest payable in a period and the accrued interest for a period. A particular method applied to a transaction can affect the yie ld of that transaction and also the payment for a transaction. Counting the Number of DaysThe conventions used to determine the interest payments depend on two factors: 1) The number of days in a period and 2) The number of days in a year. The conventions are: 0 Actual/360 1 Actual/365 : sometimes referred as Actual/365F (seldom used now) 2 Actual/Actual 3 30/360 European: sometimes referred to as ISMA method (30E/360) 4 30/360 US (30U/360) The first three methods (Actual/360, Actual/365 and Actual/Actual) calculate the number of days in a period by counting the actual number of days. For each method the number of days in a year is different. Actual/365 and Actual/Actual are similar except: 1.Periods which include February 29th (leap year) count the number of days in a year as 365 under Act/365 and 366 under Act/Act; 2. Semi-annual periods are assumed to have 182. 5 days under Act/365 and however many actual days under Act/Act. Eurobond markets use the 30E/360 basis. This calculatio n assumes every month has 30 days. This means that the 31st of a month is always counted as if it were the 30th of the month. For 30E/360 basis, February is also assumed to have 30 days. If the beginning or end of a period falls on a weekend the coupon is not adjusted to a good business day.This means that there are always exactly 360 days in a year for all coupons. For example a coupon from 08-November-1997 to 08-November-1998 of 5% is a coupon of 5%, even though 08-November-1998 is a Sunday. There is no adjustment to the actual coupon payment. The various European government bond markets are described below: Country| Accrual| Coupon Frequency| Austria| Act/Act| Annual| Belgium| Act/Act| Annual| Denmark| Act/Act| Annual| Finland| Act/Act| Annual| France| Act/Act| Annual| Germany| Act/Act| Annual| Ireland| Act/ActAct/Act (Earlier Issues)| AnnualSemi-Annual| Italy| Act/Act| Semi-Annual| Luxembourg| Act/Act| Annual|Netherlands| Act/Act| Annual| Norway| Act/Act| Annual or Semi-Annual| Portugal| Act/Act| Annual| Spain| Act/Act| Annual| Sweden| Act/Act| Annual| Switzerland| Act/Act| Annual| United Kingdom| Act/Act | Semi-Annual| Appendix 2 : Calculating Accrued Interest Even though Eurobond coupons are not adjusted for weekends and holidays, the accrual of a coupon for any part of the year has to use the correct number of days. The difference between European and US 30/360 method is how the end of the month is treated. For US basis the 31st of a month is treated as the 1st of the next month, unless the period is from 30th or 31st of the previous month.In this case the period is counted as number of months: | 30/360 European| 30/360 US| Beginning DateEnding Date| M1/D1/ Y1M2/D2/Y 2| M1/D1/Y1M2/D2/Y 2| If D1 = 31| D1 = 30| D1 = 30| If D2 = 31| D2 = 30| If D1 = 31 or 30Then: D2 = 30Else: D2 = 31| The difference occurs when the accrual period starts and ends at the end or beginning of a calendar month: European and US 30/360 Examples Start| End| European| US| Actual| 3 1-Jul-01| 31-Oct-01| 90| 90| 92| 30-Jul-01| 30-Oct-01| 90| 90| 92| 30-Jul-01| 01-Nov-01| 91| 91| 94| 29-Jul-01| 31-Oct-01| 91| 92| 94| 01-Aug-01| 31-Oct-01| 89| 90| 91|Euro money markets: 0 Day count basis: actual/360 1 Settlement basis: spot (two day) standard 2 Fixing period for derivatives contracts: two day rate fixing convention Euro FX markets 3 Settlement timing: spot convention, with interest accrual beginning on the second day after the deal has been struck 4 Quotation: ‘Certain for uncertain’ (ie 1 Euro = x foreign currency units) U. S. Conventions Product| Day Count Convention| USD LIBOR| Act/360| USD Swap Fixed Rate in U. S. | Act/Act s. a. | USD Swap Fixed Rate in London| Act/360 p. a. | T-Bills| Act/360 discount rate| Government Bonds| Act/Act s. a. |Agency and Corporate Bonds| 30/360 s. a. | Appendix 3 : Detailed worked example of bond price calculation We can check the pricing of bonds in a more complicated example by using the following German governmen t bond (or Bund) : German Government Bund (in Euros) Coupon:| 5. 00%| Maturity:| 04-Feb-06| Price (Clean):| 102. 2651%| Yield:| 4. 43%| We are pricing this bond on 27/July 2001. It matures on 4 Feb 2006 and has a coupon of 5%. The table below shows that the bond price (the ‘dirty price’ or invoice price) is simply the sum of the present value of all of the coupons discounted at the yield to maturity.Pricing the German Euro Denominated Bund Dates| AA Days| Periods| Cash Flow| Cashflow PV| 04-Feb-01| | | | | 27-Jul-01| | | | 104. 6350%| 04-Feb-02| 192| 0. 5260| 5. 00%| 4. 8873%| 04-Feb-03| 557| 1. 5260| 5. 00%| 4. 6800%| 04-Feb-04| 922| 2. 5260| 5. 00%| 4. 4814%| 04-Feb-05| 1288| 3. 5260| 5. 00%| 4. 2913%| 04-Feb-06| 1653| 4. 5260| 105. 00%| 86. 2950%| The market convention uses the yield to maturity as the discount rate, and discounts each cash flow back over the number of periods as calculated using the accrued interest day-count convention.In the case of Bunds, the day -count convention is the Act/Act convention. Appendix 1 contains more details of date conventions – it is recommended that you read this at the end of the module. The part of a year between the settlement date (27 July 2001) and the next coupon (4 February 2002) is: Day Count 192/365 (ie Actual days/Actual days) = 0. 5260 The price of the first coupon can therefore be calculated in the following way: PV of First Coupon = 4. 8873% All of the other cash flow present values are calculated in the same manner. Adding them up gives us the price of the bond.Accrued interest is calculated from 04 February 2001 to 27 July 2001 (173 days) : Accrued Interest Accrued = 5% x 0. 47397 = 2. 3699% There is more detail on Accrued interest in Appendix 2. It is recommended that you read it at the end of this module. Notice that the quoted price of the bond (the ‘clean price’) is 102. 2651% not 104. 6350% (which is the ‘dirty price’ or invoice price – ie the pric e actually paid for the bond). The dirty price is the sum of the present values of the cash flows in the bond. The price quoted in the market, the so-called â€Å"clean† price or market price, is in fact not the present value of anything.It is only an accountants’ convention. The market price, or clean price, is the present value less accrued interest according to the market convention. Practitioners find it easier to quote the clean price because it abstracts from the changing daily accrued interest (i. e. it avoids a â€Å"saw-toothed† price profile). This publication is for internal use only by Deutsche Bank Global Markets employees. The material (including formulae and spreadsheets) is provided for education purposes only and should under no circumstances be used for client pricing.Examples, case studies, exercises and solutions may use simplifying assumptions that do not apply in practice, and may differ from Deutsche Bank proprietary models actually used. The publication is provided to you solely for information purposes and is not intended as an offer or solicitation for the purchase or sale of any financial instrument or product. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed.

Paper on Tech Mahindra

A STUDY ON STRATEGIC ANALYSIS OF TECH MAHINDRA PROJECT DONE AS PART OF THE â€Å"STRATEGY FORMULATION AND IMPLEMENTATION† COURSE Submitted to : Brig (Dr) Rajkumar Programme Director and senior professor SMS, JNTUK. Submitted by D. Subba Raju Roll No: 11021E0118 Sl. No| Particulars| Page No| 1. | About industry| 3| 2. | Company details| 3| 3. | Vision| 5| 4. | Mission| 5| 5. | Objectives| 5| 6. | Products| 5| 7. | Competitors| 6| 8. | Core competency| 6| 9. | Michael porters 5 force model| 7| 10. | Swot analysis| 7| 11. | Conclusion| 8| 12. | Bibliography| 9| Table of contents: About industry:The  Information technology  industry in  India  has gained a  brand identity  as a  knowledge economy  due to its IT and ITES sector. The IT–ITES industry has two major components:  IT Services and  business process outsourcing  (BPO). The growth in the  service sector  in India has been led by the IT–ITES sector, contributing substantially to incre ase in  GDP, employment, and exports. The sector has increased its contribution to India's GDP from 1. 2% in FY1998 to 7. 5% in FY2012. According to  NASSCOM, the IT–BPO sector in India aggregated revenues of  US$100 billion in FY2012, where export and domestic revenue stood at  US$69. billion and  US$31. 7 billion respectively, growing by over 9%. The major cities that account for about nearly 90% of this sectors exports are  Bangalore,  Chennai,  Delhi,  Mumbai,  Hyderabad,  Pune,  Kolkata  and  Coimbatore. Export dominate the IT–ITES industry, and constitute about 77% of the total industry revenue. Though the IT–ITES sector is export driven, the domestic market is also significant with a robust revenue growth. [1]  The industry’s share of total Indian exports (merchandise plus services) increased from less than 4% in FY1998 to about 25% in FY2012.According to  Gartner, the â€Å"Top Five Indian IT Services Providersâ₠¬  are  Tata Consultancy Services,  Infosys,  Cognizant,  Wipro  and  HCL Company details: Tech Mahindra Limited (BSE:  532755, NSE:  TECHM) is an Indian provider of networking technology solutions and business process outsourcing (BPO) services to the global telecommunications industry. Headquartered at Pune, India. It is a joint venture between the Mahindra Group and BT Group plc, UK with M;M (Mahindra and Mahindra) holding 44% and BT holding 39% of the equity.On 23 May 2012, Tech Mahindra reported a 3% increase in its revenue for the year ended March 31, to $1. 15 Billion . Its activities spread across a broad spectrum, including Business Support Systems (BSS), Operations Support Systems (OSS), Network Design ; Engineering, Next Generation Networks, Mobility Solutions, Security consulting and Testing. The â€Å"solutions portfolio† includes Consulting, Application Development ; Management, Network Services, Solution Integration, Product Engineering, Infras tructure Managed Services, Remote Infrastructure Management and BSG (comprises BPO, Services and Consulting).Tech Mahindra is ranked #6 in India's software services firms behind Tata Consultancy Services, Wipro, Infosys, HCL Technologies and Satyam Computer Services and overall #161 in Fortune India 500 list for 2011. Tech Mahindra has implemented more than 15 Greenfield Operations globally and has over 128 active customer engagements mostly in the Telecom sector. The company has been involved in about 8 transformation programs of incumbent telecom operators. With an array of service offerings for TSPs, TEMs and ISVs, Tech Mahindra serves: Key Executives: S. No| Name| Designation| | 1| Anand G Mahindra| Chairman| | | | | | | 2| CP Gurnani| Managing Director| | | | | | | | 3| Anil Khatri| Company Secretary| | | | | | | | 4| Bharat N Doshi| Non Executive Director| | | | | | | | 5| Ulhas N Yargop| Non Executive Director| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Milestones * 1986 – Incorporation in India * 1987 – Commencement of Business * 1993 – Incorporation of MBT International Inc. , the first overseas subsidiary * 1994 – Awarded the ISO 9009 certification by BVQI * 1995 – Established the UK branch office 2001 – Incorporated MBT GmbH, Germany incorporated. Re-certified to ISO 9001:1994 by BVQI * 2002 – Assessed at Level 2 of SEI CMM by KPMG. Incorporated MBT Software Technologies Pte. Limited, Singapore * 2005 – Merged MBT with Axes Technologies (India) Private Limited, including its US and Singapore subsidiaries. Assessed at Level 3 of SEI CMMI by KPMG * 2006 – Name changed to Tech Mahindra Limited. Assessed at Level 4 of SEI People-CMM (P-CMM) by QAI India. Raised Rs46. 5 million ($1 million) from a hugely successful IPO to build a new facility in Pune, to house about 9,000 staff .Formed a JV with Motorola Inc. under the name CanvasM. * 2007 – Acquired iPolicy Networks Private Limited. Launched the Tech M Foundation to address the needs of the underprivileged in our society. * 2009 – Tech M wins bid for fraud-hit Satyam Computer Services at Rs 58. 90 per share outdoing Larsen & Toubro, the other player in the fray, which bid at Rs 45. 90. Rebrands the company to Mahindra Satyam. * 2010 – Tech Mahindra expands footprint in Latin America Awards * It was  Asia’s Best Performing Companies 2008 at Business Week award. Tech Mahindra received Growth Excellence Award 2008 by Frost & Sullivan. * It was acknowledged as 6th largest Software Services Company in  India  by NASSCOM in 2008. * The company is recognized as winner of the 2011 Microsoft Communications Sector Partner of the Year Award. * The company is declared as winner of 2010 and 2011 AT&T Supplier Award for outstanding performance & service to AT&T and its affiliates Tech Mahindra Offices Tech Mahindra has offices in more than 30 countries. India: Kolkata, Pune, Noida, Chennai, Bangalore, Mumbai, Gurgaon, Chandigarh, Hyderabad.Tech Mahindra has its BPO presence in Kolkata, Chennai, Chandigarh, Pune, and Noida. It also has overseas office locations in Belfast and Newcastle. Tech Mahindra has operations in more than 30 countries with 17 sales offices and 13 delivery centers. Assessed at SEI CMMi Level 5, Tech Mahindra employs over 42,000 workers. Acquisition of Satyam Computer Services Ltd. After the Satyam scandal of 2008-09, Tech Mahindra bid for Satyam Computer Services, and emerged as a top bidder with an offer of Rs 59 a share for a 31 per cent stake in the company, beating a strong rival Larsen & Toubro.After evaluating the bids, the government-appointed board of Satyam Computer announced on 13 April 2009: â€Å"its Board of Directors has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited as the high est bidder to acquire a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board. † Through a subsidiary, it has emerged victorious in Satyam sell-off, a company probably two times its size in number of people. Merger with Mahindra Satyam Tech Mahindra will be merged with Mahindra Satyam in next half of 2012 to build a 2. -billion $ IT Company in India. Tech Mahindra announced its merger with Mahindra Satyam on March 21,2012,after the board of two companies gave the approval. The two firms have received the go-ahead for merger from the Bombay Stock Exchange and the National Stock Exchange. Vision: To be the leading global software solutions provider to the telecom industry. Mission: To be the global leader in outsourcing services to the telecom industry, building on our technologies, competencies and customer interests, and creating value for our shareholders and customers. Objectives: Business Continuity and Disaster Recovery * Business centu ry assessment services * Business Continuity Assessment Services * Business Continuity Lifecycle Consulting and Implementation * Business Environment Analysis * Business Recovery Strategy Design and Plan Development * IT Disaster Recovery Training, Failover Testing and Exercising * Business Continuity Plan Training, Testing and Exercising * IT Disaster Recovery Strategy Design and Plan Development * IT Environment Analysis * IT Disaster Recovery Strategy Design and Plan Development | | | Products: * Telecom Equipment Manufacturers, Independent Software Vendors, * Communications Service Providers Competitors: TCS, Infosys,Wipro,HCL Tech, Mahindra Satyam, etc. , | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Core competency: * Managed Services * Application Management Services. * Infrastructure Management Services * Revenue Management Services * Mobile Virtual Network Enabler Services Shift from high to lowMedium Very High Low Threats of substitutes: Other offshore locations such as eastern Europe, the Philippines and china, are emerging and are posing threat to Infosys because of their cost-advantage. * Price quoted for projects is a major differentiator, the quality of products being same. Bargaining power of supplier: * Du e to slowdown, the job-cuts, the layoffs and bleak IT outlook. * Availability of vast talent pool – fresher and experienced. Bargaining power of customers: * Large number of IT companies vying for IT projects. * Huge decline in IT expenditure. Barriers to entry * Low capital requirements. * Large value chain * MNCs are ramping up capacity and employee strength.Rivalry among Firms: * Commoditized offerings * Low-cost, little differentiation positioning. * High industry growth Michael porters 5 force model: Swot analysis: Strengths: †¢ Tech Mahindra, while not the first name in the TVS arena, claims an impressive roster of telecom operator customers and Tech Mahindra’s integration with sister company, Mahindra Satyam, matches Tech Mahindra’s telecom industry expertise with Satyam’s established enterprise IT expertise serving vertical industries in BSS and BPO †¢ Tech Mahindra boasts a full range of telecom network optimization service †¢ It h as been assessed and awarded a CMMI Level 5 (v1. ) and System Security processes SSECMM Level 3 rating. †¢ Tech Mahindra is a large, global operation and the ? fth largest software exporter in India. Weaknesses: †¢ Despite Tech Mahindra’s ability to serve customers from an â€Å"art to part† perspective †¢ Whereas rival IT giants, such as IBM, HP, etc. , often partner alongside network equipment providers in services engagements, Tech Mahindra is less of a partner with equipment vendors and more of a direct competitor and threat in areas such as network optimizations, and increasingly software design and integrations. While the lines of competition between Tech Mahindra and traditional telecom network vendors are still relatively distinct, this line will continue to blur over time as concepts such as OSS/BSS integrations, network optimizations, and BPOs within vertical markets take on an increasing importance †¢ Despite Tech Mahindra’s overt focus on the telecom industry, it is not the only market that the company deals with. Going forward, as it is integrated with Mahindra Satyam, the telecom focus runs the risk of being obscured within a larger set of businesses. While Tech Mahindra’s revenue stream seems well balanced based upon the geographic distribution of 50% Europe, 30% North America and 20% ROW, its revenue based upon clients tells a different story Opportunities: †¢ Tech Mahindra needs to consider being more vocal about its success with telecom operator engagements. †¢ Further on the traction demonstration front, Tech Mahindra should detail any and all success that it is having with telecom network optimization projects – particularly on an end–to-end basis. Tech Mahindra should take care to highlight instances where it cooperates with traditional network infrastructure players – in outsourced R&D for example †¢ As soon as possible, Tech Mahindra should publicize inst ances of how its integration with Mahindra Satyam has resulted in a broadening of telecom-focused engagements in vertical markets. †¢ Tech Mahindra should make it a strategic imperative to broaden the key customer base to reduce the revenue reliance on these key customers. Threats: IBM should play up its informal partnership with Asia/Info to send the message that while it has broad and deep †¢ Smaller, yet still important, pure plays like WiPro need to respond to Mahindra’s integration of its telecom and enterprise practice so as to let the market know where they stand with respect to Mahindra’s new value proposition. †¢ Network integrators such as Alcatel-Lucent, Ericsson and NSN need to provide as much evidence as possible that will demonstrate their strengths in areas such as OSS integration and business transformation services. Network equipment vendors such as Alcatel-Lucent, Ericsson, NSN, etc. need to also play up the value that developing teleco m products brings to the professional services arena. †¢ Telecom network vendors need to be careful when tackling vertical market network opportunities. Share Value of Tech Mahindra at NSE Conclusion: Through the analysis, Tech Mahindra is a global leading company in IT sector. It has been maintaining certain strategies to be leader in the IT industry. Its revenue in 2011 is at INR 1,261. 5 crore Bibliography: Techmahindra. com

Powell Speaks the Truth essays

Powell Speaks the Truth essays On Wednesday, February 05, 2003 U.S. Secretary of State Colin Powell presented evidence against Iraq conserving Recorded conversations, satellite images, also drawings and diagrams said to illustrate Iraq mobile biological labs. One intercept, Powell talked about was between a colonel and brigadier general of Iraq's elite Republican Guard. This recording discuss hiding a vehicle before UN inspectors arrived to search a site. Powell said it indicated the Iraq officials knew inspectors were coming and what they would be looking for. In the U.S. translation, one official is heard to say, "We have this modified vehicle. What do we say if one of them sees it?" The other official says, "I'll come to see you in the morning. I'm worried. You all have something left." The other official then says, "We evacuated everything. We don't have anything left." Powell called the recordings "part and parcel of a policy of evasion and deception that goes back 12 years." Powell also showed satellite photos that indicated the presence of "active chemical munitions bunkers" that had been disguised. Those were followed with photos he said illustrated the facilities had been "sanitized" before UN inspectors arrived. Al-Saadi said inspectors had the same satellite imagery and performed tests to detect evidence of weapons and found nothing. Iraq President Saddam Hussein is hiding mobile biological weapons laboratories from inspectors in violation of Security Council. Which hopes to convince a world audience next week of the existence of the secret facilities as proof of Iraqs obstinacy. In conclusion the United States of America is in pursuit of war. Colin Powell is irritated with Sadism Husseins and his regime do all they possible can to ensure that the inspectors succeed in finding absolutely nothing. There is not much time before this hits home. ...

Dissimilation and Haplology in Phonetics

Dissimilation and Haplology in Phonetics Dissimilation is a general term in phonetics and historical linguistics  for the process by which two neighboring sounds become less alike. Contrast with assimilation.  According to Patrick Bye, the term dissimilation entered the field [of phonology] in the 19th century from rhetoric, where it had been in use to describe the variation in style required for good public speaking (The Blackwell Companion to Phonology, 2011). Dissimilation and Haphology As discussed below, one type of dissimilation is  haplology- a sound change  involving the loss of a syllable when its  next to a phonetically identical (or similar) syllable.  Perhaps the best known example is the reduction of  Anglaland  in Old English to England in Modern English. Haplology is sometimes called  syllabic syncope.  (The counterpart of  haplology  in writing is  haplography- the accidental omission of a letter that should be repeated, such as mispell for misspell.) The Phonetics of English ElisionLanguage ChangePronunciationSegment and SuprasegmentalSound ChangeWhat Is the Correct Pronunciation of February?Word Boundaries Examples of Dissimilation [An] example of dissimilation is the substandard pronunciation of chimney as chimley, with the second of two nasals changed to an [l]. The ultimate dissimilation is the complete loss of one sound because of its proximity to another similar sound. A frequent example in present-day standard English is the omission of one of two [r] sounds from words like cate(r)pillar, Cante(r)bury, rese(r)voir, terrest(r)ial, southe(r)ner, barbitu(r)ate, gove(r)nor, and su(r)prised.(John Algeo and Thomas Pyles, The Origins and Development of the English Language, 5th ed. Thomson, 2005) Dissimilation of Liquid Consonants ​Consider [an] example of dissimilation of liquid consonants that took place when the suffix -al attached to some Latin nouns to make adjectives. The regular suffixation process gives us pairs like the following: orbit/orbital, person/personal, culture/cultural, electric/electrical. However, when an /l/ precedes the ending anywhere in the root, the ending is changed from -al to -ar as a result of dissimilation: single/singular, module/modular, luna/lunar. (Kristin Denham and Anne Lobeck, Linguistics for Everyone. Wadsworth, 2010) Assimilation v. Dissimilation ​Assimilation is far more common than dissimilation; assimilation is usually regular, general throughout the language, though sometimes it can be sporadic. Dissimilation is much rarer and is usually not regular (is sporadic), though dissimilation can be regular. Dissimilation often happens at a distance (is non-adjacent) . . .. (Lyle Campbell, Historical Linguistics: An Introduction. MIT Press, 2004) Causes and Effects of Haphology ​We say that assimilation and dissimilation are changes that result in an increase or decrease, respectively, in the degree of phonetic similarity between two segments. It is tempting to think that such changes in the one segment are somehow caused by the phonetics of the other, and for generations that is actually how the matter has usually been presented. . . . But this is a confusion of cause and effect. It is true that the effect of the change is a net increase/decrease of similarity between two segments, but it is begging the question (to say the least) to assume that the degree of similarity is also somehow the cause of the change. The fact is that very little is known of the actual mechanisms of these changes, commonplace as they are. (Andrew L. Sihler, Language History: An Introduction. John Benjamins, 2000) Haplology Haplology  . . . is the name given to the change in which a repeated sequence of sounds is simplified to a single occurrence. For example, if the word  haplology  were to undergo haplology (were to be haplologized), it would reduce the sequence  lolo  to  lo,  haplology  Ã‚  haplogy. Some real examples are: (1) Some varieties of English reduce   library  to libry [laibri] and   probably  to probly [prÉ”bli].(2)   pacifism  pacificism (contrast with   mysticism  mysticism, where the repeated sequence is not reduced and does not end up as   mystism).(3) English   humbly  was   humblely  in Chaucers time, pronounced with three syllables, but has been reduced to two syllables (only one   l) in modern standard English.  (Lyle Campbell,   Historical Linguistics: An Introduction, 2nd ed. MIT Press, 2004) The Haphology Effect The  haplology  effect can often be heard in the casual  pronunciation  of each of these words: February, probably, regularly, and similarly.  The words  library  and  necessary, especially as spoken in Southern England, are often heard by foreigners as  libry  and  nessary. But when they repeat the words as such, they do not sound right, since there should be a lengthened  r  and  s, respectively, in those words. It shows that foreigners notice the beginning stages of  haplology  in those words, when there is as yet no complete haplology. (Yuen Ren Chao,  Language and Symbolic Systems. Cambridge University Press, 1968)

A new health drink based out of fresh juices Assignment

A new health drink based out of fresh juices - Assignment Example However, Fruit-shots allows consumers to get a healthy bottle of juice in the most convenient manner. The new trend towards healthy is responsible for the rapid growth of the beverage industry but other factors also influence consumer demand. Consumer purchasing power is among the factors that influence consumer demand in the beverages market. The recent global financial crisis eroded consumer purchasing power and a significant number of consumers reduced spending on consumer products. Fruit-shots offer consumers the opportunity to consume healthy meals at the most affordable prices. Research statistics reveal a growing demand for fresh juice from low income as well as middle income households. Another factor that influences the demand and supply of fresh juice is seasonal changes. There is a high demand for fresh juice during summer because of the warm weather conditions. The emergence of fruit and vegetable diseases has a negative impact on consumer attitudes towards the consumption of Fruit-shots. Finally, the low shelf life of fresh juice influences the quantity of Fruit-shots t hat consumers will be willing to purchase from retail outlets. The operational purposes and overall goals of this marketing project are three-fold. First of all, this marketing project aims at assessing Fruit-shots’ current situations. Secondly, the marketing project identifies the company’s current market share and brand performance. Finally, the project summarizes the company’s decisions. The genesis of the marketing project involves an analysis of the company’s market size and brand profitability. The analysis yields information on the company’s market reach and performance of individual brands. Fruit-shots will prepare a line graph chart, which reveals that the company has recorded consistent growth in the last six quarters. The company has recorded gradual and consistent increase in market size since its inception in the