Evolution of the Human Hearing Essay

Evolution of the Human HearingIntroductionThe human ear has two major functions: ensuring body balance and sound detection. The balancing mechanism seems to have evolved earlier than the hearing mechanism. Early developing vertebrates had balancing organs, but they have no cochlea. A good example is fish. The basic function of the human ear is to sense sound. Sound is a compression of wave, which travels via a medium. For vertebrates, the medium perceived is air. Sound waves can travel through other mediums, such as water or ground. Hearing is a result of vibration of the surrounding medium that resonates parts of the body. The resonance is then transformed into electrical signals such that they can be interpreted by the human ear. The way human beings recognize sound has undergone changes since the discovery of the ear. Land vertebrates, birds, reptiles and mammals evolved primitively from amphibians, specifically the primitive fish. The formation of the inner ear started during the Devonian Period. There has been a debate whether the lateral line structure, a sensory system used to detect variations in pressure in amphibians, developed into the inner ear. Most scientists and researchers agree that the ear evolved from this lateral system. The lateral system is found beneath the skin of fish. It is a series of grooves and depressions with a group of hair cells, which lets the fish to adapt to variations in eddies and currents. According to (Duane, 1981) primitive fish possessed a simple sensory organ. The grooves evolved into the complex inner ear in vertebrates. The nerves cells in the human ear are adaptations of the earlier hair cells. In the course of evolution, a fish become more amphibious. Finally, it evolved into a land animal, which required a new sensory system to detect differences in air pressure. This was a way of improving their survival rates, such as danger recognition. According to (Clark, 2003) the Eustachian tube and the middle ear evolved from the respiratory mechanism of the fish, while the inner ear evolves from jaws. With time, the inner ear changed and developed. The part of the inner ear responsible for body balance evolved to the membrane of the oval window. The oval window is responsible for transmitting variations in air pressure. As this happened, the inner ear was growing bigger and bigger. In the fish, a tiny swell emerged in the vestibular of the ear. As the evolution progre ssed, the bulge evolved into a spiraled cochlea. This is what forms the hearing system of vertebrates. Gradually, fish evolved into amniotes, which are fully terrestrial vertebrates. Early amniotes did not have eardrums. According to (Gangestad, 2000) eardrums evolved six times in primitive amphibians, in anurans, in sysnapis, in diapsids (lizards, dinosaurs, and bids), in anapsids (turtles and its relatives), in reptiliomorphs and in temsnospondyls. According to paleontologists, our earliest ancestors breathed through their ears. According to (Gangestad, 2000) tubes that form the middle ear developed from gill-like structures that allowed sea creatures to breathe from back of their heads. Another study was done by ( Anthwal, 2012) which sought to examine 370-million-year old fossils, Panderichthyts. This is an immediate species between the amniotes and fish. The study reveals that Panderichthys had tiny bones in its skull that appeared similar to the early analogues of the gill system and the ear canals. The study suggests the canals are the ones which developed into true ears. This occurred after Panderichtys’s ancestors had become air breathers, freeing up their former gills structures for sensory functions. The study plays a critical role in understanding the evolution of the human ear. Our ability to ear relies on structures, which started as a gill opening in a fish, the study reveals. Human and all other vertebrates have special bones in the ear responsible for hearing. Ancient fish relied on the same structures to breath while in water. The study further argues that the human ear into a complex structure after animals established themselves on land. To draw valid conclusions, the study compared the fossil with its close cousin of the first land animals. In another fossil, Eustenopteron, a discovery of a small bone called hyomandibula was made. The bone later on developed a kink and blocked the gill opening. Furthermore, in early land animals like tetrapods Acanthostega, the bone receded, forming a larger opening. This is now a part of the middle ear in all vertebrates, including humans. A close study of the Panderichthys fossil offers scientists a crucial missing link between the ea rs and fish gill openings. According to (Anthwal, 2102) the characteristics are much more like those of tetrapods; there is no longer kink but the spiracle is widened and opened up. He found out that the hydomandibula is shorter, but rod-like in Eustenopteron. Another study of a hominid that was discovered in South Africa confirms that the human ear has undergone several changes. The fossil dated 1.9 million years was found to have several bones which are found on the modern human ear. However, the bones were not exactly the same. Three ear bones were identified. The malleus appeared to be human-like while the stapes and the incus appeared to resemble those of Chimpanzees. The study asserts that since the malleus of our early ancestors looks similar to ours, the changes of the bone must have occurred during our evolutionary history. The discovery is important in two ways. First, it suggests that ear ossicles are adult-sized and fully-formed at birth, but do not change in our lifetime. Second, the bones show that the hearing ability of ancient creatures was very different from that of modern humans. This is not necessarily, better or worse. But certainly, the hearing capability was different (Texas University, 2013). Following the discussion presented above, it can be noted that the human ear underwent several stages of evolution. The studies presented above clearly shows that the hearing capability of ancient creatures was different from that of modern humans. In addition to this, it can be noted that the human ear evolved from a simple gill structure all through jaw bones of a reptile. The following diagram summarizes our discussion. Diagram Adapted from: http://evolution.berkeley.edu/evolibrary/article/evograms_05References Anthwal N. (2012). â€Å"Evolution of the mammalian middle ear and jaw: adaptations and novel structures†. Journal of Anatomy 221 (1): 1–96. Clark, A. G. (2003). Inferring nonneutral evolution from human-chimp-mouse orthologous gene trios. Science, 302(5652), 1960-1963. Duane T. Gish, â€Å"The Mammal-like Reptiles,† Impact, no. 102, December 1981. Gangestad, S. W. (2000). The evolution of human mating: Trade-offs and strategic pluralism. Behavioral and brain sciences, 23(04), 573-587.Texas A&M University. (2013, May 13). Prehistoric ear bones could lead to evolutionary answers. ScienceDaily. Retrieved March 22, 2014 from www.sciencedaily.com/releases/2013/05/130513174048.htm Source document

Public speaking: A vital skill for teachers Essay

â€Å"I have a dream† a speech by Martin Luther King that united a nation and broke down racial barriers. Without Kings leadership and inspirational speech it may have taken an extra 10 years to bring equality to all races. Hitler’s many speeches were delivered with extreme passion and caused arguably one of the most horrific genocides of all time. Throughout history public speaking has united people and caused great change, both for the better and worse. Public speaking is important, in history and in life. It is a vital skill in many disciplines. However nowhere more prominent than education. Public speaking in education is how educators inspire, teach and engage students. Good public speaking skills can enhance confidence, communication skills, help demonstrate knowledge and improve public image.  Public speaking usually consists of three main components including preparation, visual aids and non- verbal communication. How well these three main components are demonstrated or used can be the difference between a great influential educator who can inspire and teach students and a class that will not pay attention and a teacher who cannot engage. Preparation is key in presenting a well thought out, impressive presentation. To an educator preparation is vital. Preparation usually consists of the following elements audience, research, rhetorical mix and rehearsal. Elisabeth Gareis in Guidelines for Public Speaking expresses the importance of tailoring to the audience. Gareis (2006) states that â€Å"at all times during the process of preparing and delivering a speech, we need to keep in mind that we are speaking to an audience and not just to ourselves† (pp.3). For an educator it is crucial to know the students and the curriculum so that the information and how the information is delivered is tailored to the specific class. The audience is key and public speaking is all about engaging the audienc e whether it be a class of grade ones, students in high school or even work colleagues. Regardless if the purpose is to persuade, argue or entertain without the audience’s attention the message is lost. To avoid the loss of the message and to keep the audience engaged it is vital to know the target audience. Know the students or colleagues ideals, the classes’ diversity, the beliefs and expectations (Nash, 2013). Knowing the audience can help incorporate what the audience expects and the purpose of the presentation or lesson to coincide together effectively. However knowing the audience or class is only half the battle as public speaking or teaching is pointless without something to say. Educators rely on credible sources to teach students about specific subjects. Research is the tool teachers most commonly use to find relevant, reliable, academic sources that support and explain the specific disciplines taught to the class. Research is important in creating a well thought out, well developed lesson in which can be tested by an academic criteria. Subsequen tly research is important in backing up the three most arguably important aspects to engage students. Logos, Ethos and Pathos make up the rhetorical mix developed by Aristotle. Aristotle argued that the presence of Logos, Ethos and Pathos is vital in creating a persuasive speech (Nash, 2013, pp 154-155). Logos: the appeal to logic, Ethos: the appeal to credibility and Pathos: the appeal to emotion (Eunson,  2012 as cited in Nash, 2013) are all equally important to address in a persuasive argument. Addressing all three aspects of a rhetorical mix is an effective way to create an engaging presentation that communicates its message in a way the audience or students can easily understand. Rehearsal is the final stage of preparation that brings all aspects of the presentation or lesson together (Scudder.V, 2009). Rehearsal is an effective way to make sure all details of a presentation are in order to function at the highest possible quality. Rehearsal is key to creating a professional learning environment for the students and a credible name for the Teacher. Subsequently rehearsal is also the best place to make sure all visual and audio aid aspects are in working order so a professional learning environment can be maintained and student’s attention do not weary (Scudder.V, 2009). Visual aids provide a further aspect to any presentation. Images, videos, handouts, posters and power points are all included as a form of visual aid. Visual aids can be used as a tool to engage students and complement content. However Visual aids especially illustrative aids such as power point images and video clips, should be used sparingly only to emphasis or explain the lessons content (Wright, J. 2009). Jane Wright explains in ‘The role of computer software in presenting information’ that delivering a presentation with both audio and visual stimuli can affect the amount of information retained by the audience. Thus for educators it is important to tailor to the lesson only using visual or audio aids necessary to communicate the required information. Consequently gestures and actions can be just as engaging as a picture therefore just as much emphasis should be placed on non-verbal communication as visual or audio aids. Non- verbal communication includes all form of communication aside from the content said aloud. Non- verbal communication suggests everything from what you wear to how you stand can communicate a message to your audience (Nash, 2013). To educators this is especially important as students pay attention to how a teacher looks and acts. Non-verbal communication is imperative for imparting knowledge to students and maintaining their attention. Stance, eye contact, gestures and paralinguistics can all communicate confidence, knowledge and enthusiasm. Students are more likely to listen to a teacher dressed professional, making eye contact, moving around the room and placing emphas is on key areas with gestures and volume than a slouched over,  monotone teacher who could not make the effort to iron their shirt. Non- verbal communication can be just as important if not more important than visual aids. As using honesty and enthusiasm as well as good communication skills to engage students is much more effective for educators to communicate the desired content (Wright, J. 2009) Public speaking is extremely important for an educator. Students Listen to Teachers who inspire them and who communicate their ideas, knowledge or lesson effectively. If a teacher cannot communicate with students then they cannot be a Teacher. Therefore it is vital for an educator to become familiar and to master the key areas of becoming a great influential, engaging public speaker. Preparation, Visual aids and Non-Verbal communication if used correctly are what can make any speech or lesson memorable. Consequently teachers need to be aware that public speaking is a day to day ritual and mastering it is what can change a teacher to an inspiring mentor who engages their students. Reference List Bandura, A. (1977). Social learning theory. Englewood Cliffs, NJ: Prentice Hall. Nash, G. (2013). A guide to university assessment. QLD, Australia: John Wiley & Sons. Section 5 pp. 158-184. Scudder.V (2009). G Sound check: How to avoid presentation dangers. October, p. 10 Wright, J. (2009). The role of computer software in presenting information: presentation software is used frequently to disseminate ideas in visual forms that can be understood easily. Jane wright asks whether senior nurses should develop their skills in rhetoric instead. 16 (4), 30–34. Elisabeth Gareis Guidelines for public speaking, pp. 3-4

Film poster analysis

Undertaking 1 -Film poster- analysis Film postings are a manner of advancing a movie ; they can be viewed on coach Michigans, the side of coachs, hoardings, E postings and cinema’s. Their purpose is to pull people’s attending so that they can acquire them interested in the merchandise, the movie posting is an of import factor as it is esential for the significance of the movie to be clearly conveyed to the audience. If the targeted audience for the movie is unabled to understand the posting, the movie may free out on possible viewers.A movie posting can incorporate stills from the movie, images of the characters or any objects or points that have relevence to the movies genre or story.The images help to potray the narration of the movies and gives a intimation to the audience about what the movie could be approximately, this is why its ever of import for the message to be clear.In this assignment I will be analysing two movie postings for different genres of movies sing its mark audience, content, codifica tion and conventions and manners of reference. Case study 1- Sinister The first movie posting that I will be analyzing is for the movie‘Sinister’ ( 2012 )directed by Scott Derickson, the movie was released on the 12 October 2012 and belongs to the horror film genre. The mark audience for this movie is people aged 15-35, while the official age evaluation that this film was given was a 15, this mean that the movie contains content that is non suited for anyone of a younger age ; this is a common age limitation that is used for horror films. The genre of horror films is most popular amongst the socio economic group C2, with males and females under the age of 25. The geo-demographic audience for this movie are Americans as this is where the movie was foremost released, it was later on released into other state. The movie has a reasonably low budget and does non incorporate any major histrions or actresses. The movie posting displays the typical horror movie conventions particularly as the color strategy of the posting is really common with the usage of ruddy and black, movies such as‘Friday and the 13th’( 2009 )and‘Mirrors’ ( 2008) contain these colorss on their posting, doing it really easy to observe the genre of the movie. The posting is really minimalistic, as the chief colors that are used for the background of the posting are dull. Colorss have a big influence within the posting and demo different significance ; the four chief colorss that are used for the posting are ruddy, white, gray and black. The coloring material ruddy represents blood and decease, and contrasts with the dull white background, doing the deformed face stand out. Additionally the color white in the posting appears to be polysemic as the scene of this posting seems to be in white room within a house ; the white coloring material of the wall can stand for an absence of coloring materia l, which helps to reflect the soulless temper in the posting, instead the color white can besides mean the pureness and artlessness that the small girl possess. The usage of the color black symbolises the darkness and emptiness that can be seen, while the usage of Grey is used to stipulate the dark and eerie nature of the movie, this content is of import to assist reflect the general ambiance of the posting. The chief rubric is placed in a cardinal place merely above the chief image, the name of the rubric ‘Sinister’ signifies evil and enigma and it appears in the Centre of the page in black. The coloring material of the rubric adds to its dark and shady visual aspect. The rubric is in a seriph fount which is a typical manner used in many supernatural horror posters.The lighting in the posting is ambient doing the posting expression realistic, adding to the disturbing quality, this shows the audience, that supernatural happenings may go on at any minute. Although it is non clear from the posting where the narrative of the movie is located, the dawdler for the movie shows, that the chief scene of the movie is in a house where a series of slayings have occurred. The immature miss that appears on the posting is besides a stereotyped characteristic of horror movies as girls/women are presented as weak and vulnerable. She appears to be have oning white pajama which represents artlessness and besides has relevancy to the girl’s mental province. She is seen smearing blood across the wall, this may bespeak that the immature miss may mean that she has been taken over by an evil force, a kid is really guiltless but portrayed in a ‘sinister way’ . The immature misss is turned off with her face confronting the wall, doing the audience admiration what she could look like, this adds an air of enigma to the posting. It besides leads the audience to inquire if the miss has been possessed by the evil entity that is smeared in bloo d across the wall. The text at the top of the page says ‘from the manufacturer of’ the movies‘Insidious’ ( 2011 )and‘Paranormal Activity’ ( 2011 )these movies were successful, and people may believe that this movie will be as interesting, as they have been produced by the same individual. Because of the low budget of the movie it does non have any noteworthy histrions or actresses in a big or clear infinite on the posting. The building of the content is notably different to Hollywood films, that usually highlight the stars of the movie rather boldly this posting has their names really little at the underside of the page. On the left manus side of the posting at that place person. The posting says that it is â€Å"coming soon† by non giving an exact day of the month the spectator of the posting may experience compelled to research the movie to happen out when it will be released. An extra component of the posting is a movie tape which has been positioned onto the floor beneath the deformed figure on the wall. The tape appears to hold been played and so interrupt, the tape could hold been viewed by the immature miss taking to her ownership. Beneath the rubric on the posting, the ticket line that is used is â€Å"Once you see him, nil can salvage you† , this manner of reference is presented to the audience in an informal manor, as horror films are made to seek and frighten the spectator and does non hold an of import message to present. This is a typical linguistic used for this genre as they want to utilize sentences that add to the horror of the posting, this adds to the enigma of the movie and addresses the spectator of the posting straight. The usage of the word him indicates that ‘him’ may hold relevancy to the figured smeared in blood, it creates enigma of what the movie is really approximately but besides intimations at what can be expected. They have used a simple text, in black that is bold and formidable. Another characteristic included at the underside of the web site is a nexus to a web site called www.HaveYouSeenHim.com ; this is used to lure the spectator and adds to the expectancy environing the movie. The image of the face that is seen on the posting is used in all of the publications that were used to advance the film, demoing the consistence of its selling run, this helps the association with the movie more recognizable. Case study 2-Mean Girls The 2nd movie that I will be analyzing is‘Mean Girls ‘ ( 2004) directed by Mark Waters. The movie was released on April the thirtieth 2004 ; the genre of the film is comedy. The mark audience for this movie is females around the age of 13-20 old ages old, this movie is likely to aim misss who are in the socio economic group E as the audience of the movie will chiefly dwell of adolescents. The geo-demographic of this movie would besides be Americans particularly as the location of this movie is set in a typical American high school. This allows the audience to associate to the character scenarios.unlike the movie‘Sinister’ ( 2012 )the film features chiefly popular histrion and actress and targets a mainstream audience. The chief coloring material codifications and convections that are used within the posting are normally associated with a ‘chick flick’ this is indicated by pinks and purples used for the posting, which intimation at the female audience of the film. Other movies that show color strategies, like this are‘Bridesmaids’ ( 2011 )and‘Legally Blonde’ ( 2001 )these movies have a female led dramatis personae, the colorss used aid to tie in it to the mark audience. The colorss are really light and bright screening that the film is non of a serious disposition and is a really light hearted movie. The coloring material pink indicates that the film may hold a subject of passion and love affair, where as the darker pink shows the fun nature of the movie. The color pink can besides bespeak friendly relationship ; from this the audience may see that friendly relationship may be formed between the characters. The color purple is used for the background of the po sting, this coloring material besides signifies love affair but besides indicates royalty, this suggests that the ‘mean girls’ in the film could be seen as royalty in at that place high school environment. The images used in the movie posting have the typical conventions of a female oriented film as the images of the characters are all female ; this tells the audience who the chief mark is for the movie is. The characters that appear on the right had side of the posting are portrayed in a typical girly manor with the outfits that they are have oning, they are stood really confidently with one of the misss cardinal bespeaking that she may be the leader as her pose suggests power and authorization. The manner that these characters are presented, gives an thought of the narration of the narrative by demoing that they may be the ‘mean misss ‘ in the film. This is really different to the other character that appears less confidently, she is portrayed more modestly so the other characters dressed in denims and a shirt. The misss are separated by the rubric this may propose the thought of her being the castaway in the movie. The average misss besides appear to be looking down at t he audience of the posting. The posting features the chief actresses name rather mostly, this is really different to the sinister posting, as Lindsey Lohan was a really succesful actress let go ofing many adolescent movies like‘Freaky Friday’ ( 2003 )and‘Get a Clue’ ( 2002 )to a similar type of demographic at the clip it was relevent to put her name on the movies posting to pull her fans to watch the movie.Another name that is on the posting is Tina Fey, it is relevant that her name was metioned as she has been a successful actress and author on comedy shows such as‘Saturday Night Live ‘if the audience recognise that she is involved in the movie they may believe that it will be amusing to watch. The rubric â€Å" Average Girls † instantly indicates to the audience the thought of what the movie is about and outlines the general subjects that may be, the rubric typography on the page stands out to the remainder of the context, and is placed vertically this seperates the characters, from the manner the characters are presented who are given thought as to who the average misss may be.The rubric uses a pink coloring material which keeps it relevent to the mark audience.On the page, the word â€Å"Mean† is bold and in capital letters, puting more accent on the movie this indicates that there may be a batch off issue of struggle in the movie. The word ‘girl ‘ re-addresses the audience once more ; proposing that the movie is aiming girls.The typography makes a statement and helps to reflect the ‘bold ‘ characters that will be seen in the movie. The tagline that is used in the movie is is â€Å"Watch your back† ; it is positioned on the posting underneath the three misss which suggests the possible narration for the film.It besides gives the thought that are struggle may originate between the chief characters that are included on the posting. This lingual is used as it is a typical average thing to say.altough the tagline isnt a cardinal characteristic on the page like a standered convection it is still stands out and appears larger than a typical film posting of this genre It besides has the release day of the month underneath it in bright pink and this makes it more seeable to the audience. Unlike the ‘Sinister’ ( 2012 ) posting there is non any demand for them to keep back this day of the month to assist with suspence, as they would desire the audience to cognize when the movie was being released so that people can portion the day of the month with friends and portion the posting. Similarly to the sinister film, the charge block used for the movie in a really little, a web site is provided leting viewing audiences to look at extra content that is associated with the film and to happen out more about. It besides states the film is distributed by paramount images which instantly suggests that the movie has a big budget. Undertaking B Once a media merchandise is made it is of import to garner feedback about it to see what an audience thinks, this can be done with focal point groups, reappraisals and tests and proving, this research can give the movie company the necessary feedback to do any accommodations sing the film. Focus group One manner of acquiring feedback from an audience is by utilizing a focal point group, a focal point group is a signifier of qualitative research in which a group of people will discourse there sentiments, beliefs, outlooks and attitudes towards are product/service they are used on a regular basis while in the procedure of marketing a movie. It is good to hold a focal point group treatment for a movie so that a manufacturer can acquire a good elaborate response from the mark audiences of the movie. From this they can take in the audience’s feedback and expression at doing any accommodations to the parts of the movie. For illustration the manufacturer of the movie may sit down with participants and inquire them inquiries such as ‘opinions of the characters? ’ and ‘if they like the general thought of the movie ‘ . Reappraisals Reappraisals are conducted after the release of the movie, but are indispensable for the movie company to see the idea and sentiments of the audience. Reviewing can fall into two classs these are user generated to reappraisals and critics reappraisals. A critic reappraisal is normally written by an official referee who will be paid to make it, they will normally acquire to see the movie in progress so that the reappraisal will be released in clip, for the general audience. The reappraisal gives the audience an sentiment of the movie so that they can bet on whether or non they want to travel and watch it. A professional reappraisal will look at facets including things such acting, composing, filming and way. User generated reappraisals are a manner for the movies audience to reexamine a movie this is usually done on societal networking, IMDB and rotten tomatoes, this is a utile manner for the movie company to have reappraisals from its targeted audience to see their response to it and what they need to differently following clip. Trial and proving Before let go ofing a movie it is of import to how the audience reacts to it, a trial showing is a prevue of the movie that is carried before the general release of the movie to bet on the general audience reaction. The prevue audiences are normally selected from the mark audience for the movie, after the testing the audience are asked to react to the movie, by either finishing a questionnaire or any other signifier of feedback. for illustration after the movie‘Titanic ‘ ( 1997 )was screened the audience thought that the movie lasted excessively long, this resulted in 45 proceedingss of the movie being cut from the concluding version. Other movies such as ‘Charlie’s Angels: Full Throttle’ ( 2003 ) failed to make any trial showing which is frequently thought as the ground why it was unsuccessful. MentionsWebsiteDate accessedhypertext transfer protocol: //www.imdb.com/title/tt0377092/27/09/14onlinehypertext transfer protocol: //en.wikipedia.org/wiki/Mean_Girls27/09/14onlinehypertext transfer protocol: //www.imdb.com/title/tt1922777/27/09/14onlinehypertext transfer protocol: //en.wikipedia.org/wiki/Sinister_ ( movie )02/09/14onlinehypertext transfer protocol: //en.wikipedia.org/wiki/Focus_group02/10/14onlinehypertext transfer protocol: //en.wikipedia.org/wiki/Review02/10/14onlinehypertext transfer protocol: //en.wikipedia.org/wiki/Test_screening02/10/14online

Movies on Racial Discrimination Movie Review Example | Topics and Well Written Essays - 750 words

Movies on Racial Discrimination - Movie Review Example And even though he was locked up inside, he still knows how to do and handle "business." Guys on their neighborhood, Mexican-Americans mostly, are members of their gang and they call one another as "carnal." When he got out of the jail, he learned from his father that he was not born out of love but just a product of a sexual assault. His mother then was raped by sailors at the time of the Zoot Suit Riot. When Santana met his love interest in the movie, he was tempted to change his ways for her sake. But even if he was tempted, it did not happen. Some things went wrong so the two of them did not end up being together. Santana, in the last part of the movie, was brought back behind the bars again and there he was killed by his fellow inmates. Talk to Me, on the other hand, is a movie that has concentrated on the life of Petey Greene after he got out of prison. He was an ex-convict who wanted to land a job in a radio station where his former inmate's brother is working. He was at first turned down by Dewey thinking that helping him might cost him his job. But the table has twitched and turned and so Dewey has still decided to help him. Hence, Petey has become a successful disc jockey and a television personality. The issue then on race is and has always been a big matter even up to now when there are already so many societies claiming to practice egalitarianism. But what like Marks said- racial categories are but just "cultural constructs" to which Biology would deny to give its support (Marks, available from http://www.mrrena.com/misc/race.php). In the movie Zoot Suit, it was clearly presented that the Mexican-Americans' trademark are the Zoot Suits. But as mentioned in the film, the real meaning of Zoot suit has been distorted by the media. It was used against them and was used to label them. As a result, crimes or any sort of violence within the area would always be attributed to them. Marks also mentioned in his writing that being a member of what he called "unbiological groupings" referring to the racial categories (such as the Chicanos and Jews) "may mean the difference between life and death, for they are the categories that allow us to be identified (and accepted or vilified) socially" (Marks, available from http://www.mrrena.com/misc/race.php). Applying it in the context of the movie American Me, becoming a part of the gang to which Santana belongs to is one's pride and joy. This film didn't portray racism as it is in the usual way since the Mexican-Americans here were the ones being discriminatory. And as a proof to this, there was even a scene in the movie that showed the gang raping a white guy. Another movie that has touched some of the issues on racism is Talk to Me. Blacks, as we all know, have always been mistreated. They have been often discriminated and ridiculed by the Whites as if they belong to a different species. Their opinions or take on matters are not important at all or so they believe. In this movie, when Dr. Martin Luther King Jr. was shot to death, the Blacks cause an uproar and chaos on the streets to show the Whites how angry they were for killing him. The Blacks' strong affinity with him is maybe because he was also one of them. Furthermore, only few people can assert their right on social issues and Martin Luther King Jr. was one of them. He was like the voice of the Black people so it wasn't surprising anymore that people would violently react about his death.

Massage Therapy Essay Example | Topics and Well Written Essays - 500 words

Massage Therapy - Essay Example The value of a massage to your overall wellbeing cannot be understated. But it is important to take the steps necessary to achieve the best possible results. This may mean different things depending on the purpose of your massage. If the massage is meant to simply relax and rejuvenate, it is helpful to at least drink plenty of water before and after the massage in order to maintain proper hydration of the muscles. Proper nutrition is also helpful in getting the most out of a massage. Being weighed down by heavy, greasy foods is never a good idea from a health perspective, and even less so before or after a massage. The best dieting approach is one that assists the massage as a tool to help purge the body of toxins. That means eating plenty of whole grains, fruits, vegetables and lean proteins. If your massage is treatment for muscular or other physical ailments, it is often a good idea to exercise and stretch muscles before hand, which increases circulation and aids the therapist's e ffort to accurately target and loosen problem muscle groups.

Summary Essay Example | Topics and Well Written Essays - 250 words - 143

Summary - Essay Example In order to attain the primary aim of the research, questions such as â€Å"what is the median temperature at which intracellular ice formation occurs in human oocytes?† â€Å"How readily does intracellular ice formation (IIF) occur in human oocytes?† and â€Å"what is the effect of extracellular seeding on human oocytes?† (Trad et al. 1572-73). These questions were answered through an experimental design that used failed-to-fertilize and fresh oocytes with a germinal vesicle and polyspermic eggs. This design included visualization of how IFF first occurred at a cooling rate of 120OC/min using a programmable thermal microscope stage attached to a video microscope (Trad et al. 1574). It also involved execution of extracellular seeding at a cooling rate of 0.2 OC/min in order to decrease the occurrence of IIF and in turn increase survival rates of the freeze-thawed human oocytes. The design also used distinct cryoprotectants and decreased the median temperature in both mouse and human oocytes (Trad et al. 1575). The study portrayed that IIF occurs enthusiastically in human oocytes, and detrimental IIF can be avoided, and survival rates maximized. The results portrayed a 78%, 33% and 0% occurrence of IIF, and the 24 h post-thaw survival rate was 32%, 56%, and 93% respectively (Trad et al. 1576). Trad, Fouad  S., Mehmet Toner, and John  D. Biggers. "Effects of cryoprotectants and ice-seeding temperature on intracellular freezing and survival of human oocytes." Human Reproduction 14.6  (1998): 1569-1577.

Human resource development-A practitioners perspective Essay

Human resource development-A practitioners perspective - Essay Example The HR practitioner has to perceive a multi-dimensional view of organizational aims to correlate with the employees' goals. A human resource professional has to concentrate on three main functions performance, feedback and counseling. These three are important functions of an HR team. The entire organizational objectives circumvent in-between these three functions. The present paper analyses the interrelation among these three functions and highlights their significance in enhancing organization performance. The figure depicts the three import operational features which has much significance in development of an individual profitable to an organization.. Ignorance of one function will effect on the overall performance of an organization as it is similar to farming. Planting the seeds and leaving its fate doesn't yield the required crop. Similarly setting performance targets and initiating them doesn't guaranty good results. Employees should be made accountable and responsible to the work they are carrying out at the work station. To monitor the performance, performance appraisals are put in place. The underperformers and the star performers can be identified by these appraisals. The star performers are rewarded and encouraged. The underperformer is counseled to c apture his mindset and the HR team tries to tune with the party. The functions are interrelated to each other as performance management initiates the process of working; it educates the employees on the steps to execute and at regular intervals appraisals keeps monitoring the standards to keep them aloft. Whenever there is a requirement the individuals are counseled to elevate their thought, values and goals towards the organizational goals Performance Appraisal Performance Management Career counseling Performance management -Performance appraisals-Career counseling Performance is an important operational toll of the HR department. Performance management sets the direction for inducting the future aspirations and objectives of an organization. An organization has to set the level of standard they were aspiring to reach their objectives. The employees' abilities are to fine tuned towards the fulfillment of this objective. Performance has to identify the section and field and level of operations that require attention and approach that aspect. The HR Performance Management Model has to focus on decision-making and accountability at the level where the work is done, development of a service culture that rewards team performance, and integration of operations. The success of the HR departments depends on the adoption of a customer service orientation, a flexible attitude to mould according to current requirements, and streamlined business processes supported by networked administrative systems. For an effective organizational performance first we ne ed to frame performance management plan leads to performance development process comprising performance appraisal and career counseling. The performance management has to look into the aspects like previous achievements, the previous setbacks new challenges. The current employees' standards, the current skill levels of the

Indicators of health paper Coursework Example | Topics and Well Written Essays - 1000 words

Indicators of health paper - Coursework Example An analysis of certain indicators of health and evaluation of the determinants of health is done in this essay to ascertain the cause of poor health in the country. Indicators of health The indicators of health which can be compared and evaluated are death rate, infant mortality rate and maternal mortality rate. According to statistics of Haiti, in the year 2009, the death rate is 8.65 per 1000, infant mortality rate is 59.69 per 1000 live births and maternal mortality ratio, as determined in the year 2005 is 670 per 100,000 deliveries (Global Health Facts, 2010). In the United States, according to the 2009 statistics, the death rate is 8.38, the infant mortality rate is 6.25 per 1000 live births and the maternal mortality rate according to 2005 statistics was 11, per 100,000 deliveries (Global Health Facts, 2010). On comparing all the 3 indicators, it is evident that despite similar death rates in both the countries, the infant mortality rate and maternal mortality rate are very hig h in Haiti when compared to the US. Determinants of health Key determinants of health in Haiti are poverty, illiteracy, environmental factors like calamities and political factors like violence. During its creation, the World Health Organization (WHO) in 1948 defined health as "a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity." Critics argued the completeness of this definition and in 1986, in the Ottawa Charter for health Promotion, the WHO modified the definition of health and defined it as "a resource for everyday life, not the objective of living. Health is a positive concept emphasizing social and personal resources, as well as physical capacities." Even this definition has not been accepted completely and thus several models of health have come up in an aim to provide complete definition of health. Health is determined by an interplay of several factors which are known as health determinants. The main determinants o f health are social factors, environmental factors, physical environment and; various behaviors and characteristics of the individual. While some of these determinants are in the control of the individual, many factors are beyond the scope of direct control of the individual. These factors contribute to health inequalities in a society. Some such factors include social status and income, education status, physical environment of the individual at home and work place, "social support networks", individual genetics, accessibility to various health services and gender (WHO, 2010). Higher the income, higher is the health status of an individual. Thus, poverty is a major contributor for health inequality. Individuals with lower education levels have poorer health status, lower levels of self esteem and decreased self confidence when compared to those with higher education status. Physical environment constitutes of clean and safe air, water, environment and food at home and workplace. Th ose who have better support form friends, family member and various community groups enjoy better health than those who do not have established social networks. Genetics often influences health -related behaviours like smoking, alcohol, coping skills and balanced intake of food and thus indirectly influences health of an individual (WHO, 2010). Public health researchers have identified social determinants as the main cause for health inequa

Magic of Language in the Starbucks Essay Example | Topics and Well Written Essays - 1250 words

Magic of Language in the Starbucks - Essay Example The iconic cultural status quo of the Starbucks manifests through its modern dà ©cor, expressive and bold latte lingo and its corporate ambiance. Global structures of the mutual divergence organize and uphold cultural diversity along particular scopes. Such diversity that Starbucks emanates corresponds to the prototypical qualities of middle-level outlets. Such middle-level outlets such as the taverns, coffee shops, and pubs exist in the middle of two spheres. These spheres include the work scenario mainly characterized by seriousness and formality and the domestic sphere that tends to elicit intimacy and privacy. These outlets tend to be best suitable for casual and informal conversations between friends and other association within the society. However, Starbucks provides the entire middle-level ambiance with a touch of the global aspect. Starbucks offers hundreds of conceivable drink blends. One can get any drink from a plain black coffee to more specialized and custom-made bever ages, for instance, a hot grande decaf mocha latte with foam to go. Starbucks believes that its consumers need. Despite being a global brand, the formal language in all the Starbucks outlets is English. Above the sugars, cinnamon shakers and milk, brochures written in English elaborate on social responsibilities done. A drink at the Starbucks sends various notions to the consumers and the community at large. Owing to the prices of beverages provide, more individuals tend to believe that consumption supersedes the necessity of making savings.

My hypothesis is How can nutrition help fight depression and boost Literature review

My hypothesis is How can nutrition help fight depression and boost mood and the corrlation bewtween them - Literature review Example In fact, more and more experts and people are realizing that diet and nutritional supplements not only helping in fighting depression but it also helps in curing depression and even preventing it in the first place (Wiseman, 2002). Diet and Depression Before even shedding light on the link between depression and diet, it is important to know that depression is a very critical and increasing phenomenon in the western world and especially in the United States. The figure presented above shows that in the year 2006 more than 5 percent of the population in the United States was diagnosed with depression. Diet plays an important role in influencing the mood and behavior and individuals. The same is evident from the figure presented above from Academy of American Family Physicians, which clearly shows that the cure for most of the depressive disorders lies in medication and diet (Wagemaker, 2009). This is true because neurotransmitters, which are responsible for controlling our behavior an d moods are controlled by what we eat. Dopamine, serotonin, and norepinephrine appear at the top of the list of the neurotransmitters, which have their association with mood (Alaimo, Olson, & Frongillo, 2000). Important here to note is that any deficiency, excesses or imbalance in these neurotransmitters eventually result in mood swings, behavioral alternations, and impact on the perceptions of any person about pleasure and pain (Carroll & Royal Society of Canada, 1998). Serotonin plays an important role in mood, sleep, relaxation and appetite (Barker, 2002). Dopamine and norepinephrine are responsible for regulating and creating feelings and perceptions about hunger, thirst, digestion, blood pressure, aggression, sexual tendencies, breathing and respiration and others (Gropper, Smith & Groff, 2008; Licinio & Wong, 2005). A recent large cross sectional conducted by Australian researches under the umbrella of University of Melbourne reached interesting conclusions that women are more inclined towards eating a traditional diet are 30 percent less likely to face problems such as depression, dysthamia, stress and other anxiety related disorders (Escott-Stump, 2008). On the other hand, women who consume a more western diet were on a 50 percent more risk than other to face issues such as stress and depression (Markus et. al., 1998). Important here to note is that this has been one of those studies, which has looked on the link between the â€Å"whole diet† and â€Å"depression† whereas, other studies have tried to examine the impact and relationship between specific nutrients and their impact on moods and depression related illness (Whitney & Rolfes, 2008). This study was conducted with 1046 women, which were between the ages of 20-94. The diet of respondents was monitored with the help of a comprehensive questionnaire, extracted from the Cancer Council Victoria dietary questionnaire. The questionnaire has the room for noting around 74 different foods and 7 alcoholic beverages. The research took place over the time of 12 months (LaHaye & LaHaye, 1996; O'Connor, 1997; DeBruyne, Pinna, Whitney & Whitney, 2008). The principal researcher Felice Jacka, even provided concluding remarks in these words, â€Å"Simply put, if you habitually eat a healthy diet that includes fruit, vegetables, whole grains, and high-quality lean meat, then you may cut your risk of

Compar and Contrast Essay Example | Topics and Well Written Essays - 1250 words

Compar and Contrast - Essay Example The elements of history were engraved in the stories that were left by the two writers. Scott Fitzgerald and Ernest Hemingway have similar time frame to tell but different experiences to share in their stories throughout their lives. In terms of the time they became popular in the field of literature, they boomed in different years but they both became famous for their works. Their works may conflict at times in terms of ideas, but throughout their career, they became friends that had eroded after certain number of years. Their friendship started when they first met each other in a bar called Dingo. Fitzgerald had accustomed to ask too much and flatter the strangers during first time conversations that gave Hemingway a negative connotation about the personality of Fitzgerald. A good example is the instance when Fitzgerald interrogated Hemingway regarding â€Å"having slept with his wife before they were married did not seem appropriate conversation, particularly from a total strange r,† (Lombardi). Despite of that incident, their friendship continued as both of them became prolific writers. Hemingway was not yet that famous during that time but Fitzgerald already had known something about Hemingway as Fitzgerald told his editor that Hemingway had the potential in literature (Lombardi). Fitzgerald assisted Hemingway in editing and promoting Hemingway’s work. Despite of the help given by Fitzgerald, it was said that Hemingway later on paid back Fitzgerald by mockery and deception as their friendship corroded (Kakutani). Some said that Hemingway had a habit of associating himself with famous and great writers to promote his works and advance his writing career. He associated himself with Gertrude Stein, John dos Passos, Dorothy Parker and many more (Lombardi). The friendship corroded especially in 1936 when Fitzgerald published the confessional article which he called The Crack-Up and the series of insults continued. Hemingway told something about Fit zgerald in his work The Snows of Kilimanjaro. Up until the death of Fitzgerald, Hemingway showed some insults for Fitzgerald through his works (Gent). For the next part, a focus would be given for the analysis of the short stories made by each writer and how the stories reflected their lives. The short story analysis begins with the works of Fitzgerald. Fitzgerald became well-known for his short stories in Flappers and Philosophers that reflected the youth culture and pursuit for wealth during the Roaring Twenties. During that time, the demands for stories in popular magazines were the type of stories made by Fitzgerald. His major success was in the field of short stories though in public he was known as the Poet Laureate of the Jazz Age and he even influenced other famous writers like J. D. Salinger and John O'Hara (Mangum 1368). The image of Fitzgerald really differs from his real accomplishment like his real self is different from the way he projected himself in public. Also as h e deemed himself to be good at writing short stories for popular magazines, he explained it to Hemingway the reason why he had chosen to write short stories as revealed in A Moveable Feast by Hemingway: he was â€Å"whoring but that he had to do it as he made his money from the magazines to have money ahead to write decent books,† (Mangum 57). He was both a professional writer and a literary artist though he focused on

Internet and foreign language education Essay Example for Free

Internet and foreign language education Essay A new technology has surfaced and now it has caught the imagination of millions of people on this planet. Surfing through it, the internet has put everybody eager to explore more of it and to become a real part of it. The effects of this technology have permeated both small and large establishments, schools, universities, and even governments. Composed of a collection of computers worldwide commonly connected via telephone lines, Internet’s main objective is to share information. From early beginning in 1960s as a decentralized network connecting some military and academic computers, the number of host computers on the Internet has ballooned much. The World Wide Web now forms the most popular part of the Net. With the development of the Web, which was first designed for using text links only, further refinement into multi-media links resulted with pictures, audio, and video links. This has made the Web more popular. Today, fast modems can carry extra large files of graphics and sound linking target resources on the Net. With the ballooning number of websites and Internet users worldwide, educators could benefit much from this. Internet and Foreign Language†¦3 Educators now see the application of the new technology in the field of learning and teaching as very promising. They now scrutinize a wider application of Internet and the Web in language education. The shifting scenes from laboratory-based educational setting, computer-assisted learning is now the fad. From monitored teaching process to interactive computer applications, the tedious and boring process has been replaced by promising results. Good software like CALL helps facilitate the language learning process though others see some degrees of â€Å"rigidity† of the program. Developers of CALL have to moderately go back to remedy the situation. Whatever type of computer, one can access the Net from any place, any time. Within the Internet is a multi-media information system called the World Wide Web or WWW or simply the Web. The Web has two systems: the Web servers and the Web clients. The former dispenses information while the other receives information. Through the use of Web browser, one receives educational webpages or otherwise. Educators are now reaping benefits from the use of the Internet. Language teachers so far are exploiting the electronic mail to create mutual interaction between and among students and teachers in learning language skills. With such innovation, multinational Internet and Foreign Language†¦4 student participants have been encouraged to develop communication and mental skills from varying cultural backgrounds. A study by Davis and Chang (1994) using electronic mailing system has set up an exploratory pattern as to what could be achieved in using electronic mail at improving the student writing in terms of fluency, usage, and organization. This study has practically defied language and cultural barriers. Knowing the culture is knowing the language. This adage holds true in learning languages preserved in a cultural environment. Accessing information on social, cultural, economic, and geographical data on a particular language increases one’s repository for both the learners and teachers. Searching the Net for a specific subject needs fine tuning. One should remember though that a series of messages having the same subject coming from the original message has replies and replies to replies that follow. And this is how one comes about learning incidentally. This interactive intercourse increases one’s learning experience applicable in the area of language teaching or learning. Besides, fellow language teachers offer site listings valuable to avid learners. Internet and Foreign Language†¦5 The use of the Net is not always in short order. It is not without fuss, which becomes a challenge to users. Technical glitches can spoil one’s plan. Similarly, little familiarity on computer and Internet use can block one’s initiative in pursuing to learn. Another roadblock in implementing such innovation is the cost of maintaining the system, which holds back institutions with little funding. Besides, censor may enter the scene when language program becomes offensive or indecent. Despite all odds, this technology will simply flourish as people continue to interact with each other. And with the emergence of a global community that seeks to find a common world language, the burden now rests upon the application of this technology today. Works Cited Davis, B. Chang, Ye Ling (1994/95). Long distance collaboration with on-line conferencing. TESOL Journal, 4(2), 28-31.

Introduction Of Swot Analysis Marketing Essay

Introduction Of Swot Analysis Marketing Essay SWOT analysis is approach for auditing a business organization and its environment where it operates. Generally SWOT analysis is the initial stage of planning that helps policy makers and marketers to identify and focus on key issues. The acronym for SWOT is strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal SWOT factors (MarketingTeacher.Com, 2013). Opportunities and threats are external SWOT factors. A strength is considered as positive internal factor. A weakness is considered as a negative internal factor. Similarly, an opportunity is considered as a positive external factor and finally a threat is known as a negative external factor (Ireland, Hoskisson, Hitt, 2008). Apart from understanding the business environment, another function of SWOT analysis is to turn companys weaknesses into strengths and threats into opportunities. Moreover it allows management to integrate internal strengths with external opportunities. Theoretically SWOT analys is is that simple. It is expected from SWOT analysis that the outcome should create value for customers and help to get competitive advantage (MarketingTeacher.Com, 2013). C:UsersKhayyamDesktopSWOT_MAS_NaifSWOT intro.jpg Figure: SWOT analysis framework, Data Source: (MarketingTeacher.Com, 2013) 3.1 Strengths: Strengths refer to those characteristics of a particular business which are unique and give the company advantage over competitors (Ireland, Hoskisson, Hitt, 2008). For example, a company might have specialist marketing expertise or the company produces new and innovation product and services e.g. Apple I phone, the company might be strategically located, the company may produce best quality and top value for money products or services e.g. Rolls Royce cars, or any other aspect of business which is unique and hard to imitate for competitors would be considered as an strength of the company. If the company has special capabilities, powerful human resource e.g. Google employees, Unique Selling Point e.g. Google Nexus 7- best hardware releases on a tablet PC, powerful financial position e.g. Wal-Mart financial capabilities, economy of scale and global reach e.g. McDonalds and KFC etc. above mentioned qualities can be termed as strengths of a company. Each of these strengths creates pri ce inelasticity and generate loyal customer base (MarketingTeacher.Com, 2013) (Ireland, Hoskisson, Hitt, 2008). 3.2 Weaknesses: Weaknesses refer to those characteristics that creates completive disadvantage situation for the business (Ireland, Hoskisson, Hitt, 2008). For example a company may produce good quality products but due to lack of marketing expertise the company may suffer e.g. in February 2011, HOME DEPOT had to close operation in China (Bhasin, 2012), the company may offer undifferentiated products or services e.g. PC hardware market, the company may be located in inappropriate location, the company may produce poor quality goods or services e.g. Chinese brand-less electronics companies which produces inferior goods, damaged reputation e.g. Dominos you tube scandal 2009 (Clifford, 2009). These negative internal factors can be termed as weaknesses of a company. These factors often play a negative role in companys performance and achievements. A company should continuously try to convert its weaknesses to strengths. Sometimes big successful businesses suffer due to inappropriate market strategies a nd damaged reputations (MarketingTeacher.Com, 2013) (Ireland, Hoskisson, Hitt, 2008). 3.3 Opportunities: Opportunities are positive external factors which a company can capitalize to gain competitive advantages (Ireland, Hoskisson, Hitt, 2008). For example a company can explore a developing market such as internet e.g. UK retailer predicted that online shopping would be a popular choice in near future so they respond to this change of need (CIPS 2010). Mergers, joint ventures or strategic alliances help a company to generate bigger financial resources and allow the companies to explore more markets e.g. the merger of GlaxoSmithKline plc (GSK), the company can find out new market segments that offer greater profits e.g. McDonalds targeted children to market its product which was unique marketing strategy at that time. The company can explore a new international market for further expansion. These external factors are known as opportunities which allow a company to integrate its internal strengths with external opportunities for greater profitability (MarketingTeacher.Com, 2013) (Ireland , Hoskisson, Hitt, 2008). 3.4 Threats: Threats are considered those external elements which may generate trouble for the business. A company should apply its strengths or try to build new strengths to minimize the risks of external threats. For example a new competitor in the existing market e.g. entrant of Google in electronics gadget manufacturing market possesses threats for existing market leaders like Samsung, Apple or HTC. Price war is a common practice in extreme competitive businesses where switching cost is very low e.g. fast food industry. When a competitor launches new and innovative products that possesses threats for others e.g. innovation of Windows by Microsoft. Additionally competitors access to superior supply channels, financial distress situation new tax and legislative changes are considered as threats (MarketingTeacher.Com, 2013) (Ireland, Hoskisson, Hitt, 2008). Bibiliography: Bhasin, K. (2012). Home Depot Gives Up And Closes The Last Of Its Big Box Stores In China. Retrieved 3 14, 2013, from Business Insider: http://www.businessinsider.com/home-depot-gives-up-and-closes-the-last-of-its-big-box-stores-in-china-2012-9 CIPS. (2010). Case Study Analysis Marks Spencer (MS). Retrieved 3 14, 2013, from CIPS: http://profex.co.uk/secureassets/files/MS Analysis.pdf Clifford, S. (2009). Video Prank at Dominos Taints Brand. Retrieved 3 14, 2013, from The New York Times: http://www.nytimes.com/2009/04/16/business/media/16dominos.html?_r=0 Ireland, R. D., Hoskisson, R. E., Hitt, M. A. (2008). The Management of Strategy Concepts and Cases. Canada: Cengage- Learning. MarketingTeacher.Com. (2013). SWOT Analysis. Retrieved 3 14, 2013, from MarketingTeacher.Com: http://www.marketingteacher.com/wordpress/swot-analysis/

Transportation And Logistic Chain Management Essay

Transportation And Logistic Chain Management Essay Abstract Purpose: to introduce the issue of the transportation and logistics chains. Finding: outlines how the individual papers affect debate on the nature and development of transportation in the supply chain. Originality: provides a summary of the perspectives studied within the transportation in the supply chain. Introduction My research is on the transportation and logistics chains. Products are transported between different places in different stages within a supply chain. The transportation has a large impact on both responsiveness and efficiency. Faster transportation allows a supply chain to be more responsive but reduces its efficiency within a supply chain (Chopra Meindle, 2007, p.53). Transportation has a significant impact, because it controls the speed of response and reply as stated in Newtons third law of every action there is always opposed an equal reaction. An example of Amazon is a company that sells products on the internet and uses UPS or FedEx, which is a transportation company that delivers products to customers. This is an example of transportation within a supply chain. In logistic today wrote article for Rosenau transportation gains real time visibility to customers. This article about Rosenau found solution to assistance improve dispatch, routing and customer service to provide re al time visibility to its customers, and reducing operating costs by making more stops in fewer miles. They also focused on improving the information it provides to its customers on delivery, pickup status, at same time correcting the efficiency and productivity of dispatchers and costumer service reps. Shortly it will be executing an advanced route optimization solution to reduce the miles driven, and fuel used and thus reduce the carriers environmental impact. (Rosenau Transport Gains Real-Time, 2009) According to, Sreenivas and Srinivas, due to the trend of nationalization and globalization in recent decades, logistics has advanced greatly since the 1950s and is still growing in various areas. Logistics has improved industries by optimizing production and distribution processes based on new management techniques that enhance efficiency and capacity competitiveness of enterprises (Sreenivas Srinivas). All companies seeking to expand their businesses to contribute in advancing the growth of sales as well as improve the methods to include all customers in various geographical regions, both by the high population growth or moderate. However, globalization has changed everything so that the companies paid to spend more money on transportation to reduce the time to ensure the delivery of products to the consumer of course, besides compliance with new government regulations. A factor that has made these companies to improve performance is the technology information, transportation, and logistics solutions. They have contributed to the mobilization of the stock of companies to enable them to obtain goods shortly as well as the right of access to customers; also, the right place at the right time along with it is likely that you will get a sale and delivery while reducing costs and enhance its services to avoid delays and fines. All companies operating in this area and for global programs with logistics, which includes transport and logistics functions only on the implementation of orders from inception to delivery of this position to gain visibility at home and abroad for the supply chain as well as lower costs and improve customer service. That all these components to ensure the quality of the application must examine the following possibilities: Transportation planning, transportation procurement, route planning, transportation management, small parcel shipping, and international trade logistics (infor). The important point in a logistic chain is the transportation that connects the separated activities. Transportation is jointing between stages in the supply chain. In other words, it is the way to move product from manufacturing to the final consumers and vice versa. This research focused on: Development of logistic The role of transportation in supply chain Modes of transportation Transportation infrastructure and policies Discussions and conclusions Development of logistic Definition Part of the supply chain process that plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customers requirements. (Sreenivas Srinivas). In other words, the process connects all of the means of providing raw materials to, from the company, and to suppliers of transmission products. It depends more on the provision of logistics from raw materials to the network such as the transfer process, material handling from the beginning to the end of production and the sale, disposal of waste, and add customer to increase the competitiveness of the market. In general, the optimum utilization of investigative meet the demands of customers of any goods or services must provide the information to provide that service in addition to benefiting from the network to meet customer requirements in a timely manner. Either, Council of Logistics Management (1991) defined that logistics is part of the supply chain process that plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customers requirements. Johnson and Wood is definition (cited in Tilanus, 1997) uses five important key terms, which are logistics, inbound logistics, materials management, physical distribution, and supply-chain management, to interpret. Logistics describes the entire process of materials and products moving into, through, and out of firm. Inbound logistics covers the movement of material received from suppliers. Materials management describes the movement of materials and components within a firm. Physical distribution refers to the movement of goods outward from the end of the assembly line to the customer. Finally, supply-chain management is somewhat larger than logistics, and it links logistics more directly with the users total communications network and with the firms engineering staff (YUE, TSENG, TAYLOR, 2005) The role of transportation in supply chain I mentioned in the beginning of my papers the transportation is referring to the movement of any product from one location to another. Transport refers to the movement of products from one place to another and that the beginning of the supply chain in dealing with customers. Where is the new vision and wide in the work of transport, including supply chain management and logistics, and procurement. The cost of shipping and transport, for example, arrived in shipping and transport costs in the United States almost 6% of gross domestic product. Many manufacturers and retailers were able to use the state in managing the supply chain to reduce inventory and storage costs, with the possibility of delivery to the client quickly. Any successful supply chain linked to the use of a large and adequate transportation. For example, Wal-Mart has been used effectively respond to the transportation system to reduce overall costs. In developing countries, Wal-Mart is running across the docking, a process in the product that is exchanged between the trucks so that each truck to go to a retail store and product suppliers a different form. At the same time, the exponential growth in shipment from China to create opportunities for bottlenecks on both. That is where many leading companies that having invested in the purchase of large offices in China, India, and elsewhere. From this point shows that are two keys players in any means of transport that takes place within the supply chain. Shipper is the party, which requires the movement of product between two points in the supply chain. Carrier is the party who moves or transports the product. For example, when Dell uses UPS to ship the computers from the factory to the customer, Dell is the shipper and UPS is the carrier. Transportation in supply chain cost Chopra and Meindle stated for two kinds of transportation cost: Inbound transportation costs are the costs that included the bringing material into a facility. Outbound transportation costs are the costs that sending material out of a facility. The relationship between both is the outbound transportation cost per unit is higher than inbound costs because the inbound is typically larger. (Chopra Meindle, 2007,p78). They also mintioned increasing the number of facilities can decrease total transportation cost, which refer to the figure Modes of transportation The supply chains follow combination modes of transportation following: Air fright logistic (air) Airfreight logistics is very important in industries and services to complete the supply chain and functions. Where they provide with the speed of delivery, as well as a reduced risk of damage, security, flexibility and ease of access to good views of the ordinary, but the disadvantage is the high courier fees. Reynolds, Feighan (2001) and said air cargo logistics is selected when the value per unit weight and relatively high speed of delivery is an important factor. The properties of airfreight logistics in the following: (1) aircraft, airports and separated. Therefore, the industries only need to prepare aircraft for its operation. (2) it allows for faster delivery in long-haul destinations. (3) air freight transport is not affected by the terrain. The data indicate that the transport of goods in the market continues to grow. There is a view of the directions of global markets and logistics and air cargo also to change their services. Future directions for the development of airfreight, and integration with other transport modes, and the internationalization of the coalition, and the integration of the airlines and the pattern of the future of logistics, and air freight to cooperate with other modes of transport. Such as sea and land transport, to provide service on the base just in time, and transport from door to door. (YUE, TSENG, TAYLOR, 2005) Land logistic (truck, rail, water, and pipeline) Land logistics is considered very important in the logistics activities. They are providing services for air transport and maritime transport from airports and ports. Additional logistical capacity, the positive ground is the high-level access in the wild. The major means of transport logistics land transport by rail, road transport and pipeline transport. For rail transport to and comparative jeopardy of high endurance capacity, the less the impact of climatic conditions, and low power consumption, but that the disadvantages of high cost of basic facilities and the difficulty in the cost of maintenance, with the lack of flexibility of the pressing demands, and time-consuming in the organization of railroad cars. As for the transfer of land, he has the advantages of investment funds cheaper, and ease of access is high, and the mobility and availability. On the other hand, Disadvantages, low capacity, low and safety, and slow. The advantages of pipeline transportation of high capacity, less the impact of climatic conditions, and cheaper the process of drawing, and the continuation of the means of transport; disadvantages of costly infrastructure and the difficulty of control, goods, specialization, and needs regular maintenance. The excessive use of road transport also brings many problems, such as traffic congestion, pollution and traffic accidents. In the future, to improve road transport in the transport efficiency and reliability, a revolution in the field of transport policy and management is required, for example, pricing. (YUE, TSENG, TAYLOR, 2005) Package carriers Package carriers are transportation copmanies such as FedEx, The United States Postal Service (USPS), and the Uninterruptible Power Supply (UPS), The package can be small because the backage cariers use air and should weight about 150 pounds, also package carriers are expensive and cannot compete with less than truckload carriers on price for large shipments. Thus, shippers use package carriers for small and time sensitive shipments. Package carriers also pickup the package from the source and deliver it to the destination site. With an increase in just in time (JIT) deliveries and focus on inventory reduction, demand for package carriers has grown. (Chopra Meindle, 2007. P389) For example, the goal of DHL is nothing less than to transform the logistics industry and to deliver beyond our customers expectations wherever and whenever they need us by offering the most comprehensive suite of services and becoming the only genuine one-stop source for logistics solutions, globally. The supply chain in package carrier for DHL express is the flow of goods, within information and finance. It starts by sourcing raw materials which content semi-finished goods, that are scheduled and transported into factories to be made into finished products (see Diagram up). Then pass through warehouses or distribution centres and are delivered to retailers, wholesalers or direct to consumers homes or business premises. Finally, aftermarket activities involve the maintenance and repair, or the return and recycling, of products at the end of their life. Supply chain planning optimises overall flows and inventories, by balancing resources with demand at all stages. (DHL) Transportation infrastructure and policies The transportation is infrastructure that means roads, seaports, airports, rail, and canal. All these exist along nodes and links of transportation network. All countries are taken responsibility a significant role in building and managing these infrastructure elements. The transportation and infrastructure focuses on operational and policy issues within transportation and infrastructure areas that affect logistics operations. Discussions How can quickly deliver products to consumers with a common consensus on the control operators? That the integration of logistics services and e-business is the current trend is currently in some companies. In order to obtain position that is more beneficial and building a complementary relationship, which is its reliance on networks and industries, such as Yahoo and E-Bay, and often cooperate with the logistics industry. Integration can reduce the middle-level procedures. For example, producers can immediately provide products to more customers of the station. To reduce costs by more efficiently. Besides, companies do not have to take inventory and warehouse costs only, and therefore it becomes a modern industry of the lower cost and more efficient division of specialization. For example, customers can obtain an order of goods shops. Through E-logistics, and the state of competition in industries could be promoted in the knowledge economy. Moreover, to promote business activities should include transport systems in various stages. The integration between different applications is to provide comfort through the promotion of the system of information flow and business processes. For consumers and businesses can make more efficient and easier than through the assistance of e-commerce and the Internet. With physical delivery, still rely on the transportation system to end processes. The cost of transport may be one-third of the cost of logistics. At the same time, transport systems and techniques required in almost every activity of logistics services. And therefore the reform of patterns of business for consideration in transport systems. Conclusion I have tried to cover papers on the part of the scope of logistics activities of transportation systems and attempts to determine the role of transport in transport systems and logistics. Knowing that is the most of the major contents of the research include a review of the development of logistics services, operations and personalities from different transport activities, logistics, and logistics applications in various fields, and logistics city, and the future direction in the development of logistics services, and cooperation with the transport regulations. To summarize, logistics, transport, and some importance in the supply chain must be. First, the transport system and supply have a more and more important in our society. Next, transport and transport systems, logistics and interrelationships that the needs of logistics management and transportation of the implementation of its activities at the same time, it can be to the success of the transport system and supply help to improve traffic and transport, environment and development. Third, as it contributes the highest transport costs among the relevant elements of logistics systems, and improve the efficiency of transport can alter the overall performance of the transportation system and supply. Final, play and transport an important role in the logistics system and activities appear in the various sections of logistics services. Without linking transportation and logistics, services cannot be a powerful strategy to bring its full play. Review of the Transport and Logistics in a broad sense may help to integrate the benefits of different applications of cases to overcome the disadvantages of the present. On the other hand, Review of the transport systems and provides a clear idea on the applications in transportation logistics. The development of logistics services will still be active in the following decades and logistics that can be applied in other areas.

Negative Aspects of Cosmetic Surgery Essay -- essays research papers

Cosmetic Surgery - Worth the Risk? In today's society the picture of beauty is a thin super model with the body of a goddess posted on billboards all around the world. Children grow up playing with Barbie dolls with the body measurements of would be 90,60,90. Because of these pictures and other figures of beauties projected all over, a person is convinced to believe that to be beautiful and happy, one must look like these images. To most, the easiest way to achieve this is my having cosmetic surgery performed. With the change of times, has also come the advancement of medical procedures, yet how safe can a person be who is having cosmetic surgery performed on their body. No matter how good the technological advancements, there is always the risk of not only the surgery resulting being unwanted but in some cases even death. Society today has brain washed not only today's women, but also the men to believe that in order for a person to look beautiful they must look like the images seen on television, in movies and on the cover of magazines. These images portray grotesquely thin women and muscular men with the famous six-pack abs. The Hollywood figures that are so famous for their looks and bodies also encourage the belief that thin is beautiful. These images are plastered all over billboards, television shows and commercials and magazine advertisements. With all these visions of beauty seen everywhere in a person's every day life, a person feels compelled to look just like those images. Busy lifestyles of many people keep most of exercising daily in order to receive the fit and trim bodies to look beautiful. This then leads many to resort to cosmetic surgery. However, this can be a dangerous choice. Many fatalities have been... ...ons of tomorrow will also be more likely to have more problems as a result of low self-esteem and poor body image. We should not only cut back on the use of cosmetic surgery for safety reasons but also because it is destroying the simple beauty of a person being who they are. The American society will change its view of people in the years to come. Generations to come will grow up feeling that they are being judged on not who they are as a person, but how they look. If they don't look like the super model they have come to believe as perfect beauty, then they will not believe in themselves, causing psychological problems. People considering plastic surgery should be informed of all the risks. They should not be concerned with trying to live up to society's standards and by the price of the operations. They should most be concerned with the real price, their lives.

Lifting as We Climb Essay -- Essays Papers

Lifting as We Climb Harriet Jacobs, Frances E. W. Harper, and Anna Julia Cooper are three African American female writers who have greatly impacted the progress of "black womanhood." Through their works, they have successfully dispelled the myths created about black women. These myths include two major ideas, the first being that all African American women are perceived as more promiscuous than the average white woman. The second myth is that black women are virtually useless, containing only the capabilities of working in white homes and raising white children. These myths caused these women to be degraded in the eyes of others as well as themselves. In Jacobs' Incidents in the Life of a Slave Girl, Harper's Iola Leroy, and Cooper's A Voice From the South, womanhood is defined in ways that have destroyed these myths. As seen through these literary works, womanhood is defined according to one's sexuality, spirituality, beauty, identity, relationships, and motherhood. Harriet Jacobs Harriet Jacobs was born in 1813 into a slave family. Her father, a carpenter, was highly skilled in his trade. For the first few years of her life, Jacobs lived a happy, normal childhood. She was fortunate enough to live in the same household as her parents and her younger brother, William. When she turned six, her mother passed away, leaving her under the care of her grandmother. In her narrative, Incidents in the Life of a Slave Girl, Harriet describes her life as a southern slave, calling herself Linda. She discusses the abuse she endured during servitude and how she managed to overcome it. After twenty-seven years of servitude, Jacobs escapes to a life of freedom. She spent the rest of her days working as a reformer, a Civil War and R... ... the strength black women have mentally as well as physically. Their involvement in various Women's Groups has also helped to create a better image for black women. Throughout their lives, they have shown that whatever obstacles a good black woman may face, you can never keep her down! Bibliography Cooper, Anna J. A Voice From the South. New York: Oxford University Press, 1988. Harper, Frances. Iola Leroy. New York: Penguin Books, 1992. Hutchinson, Louise Daniel. Anna J. Cooper, A Voice From the South. Washington, DC: Smithsonian Institution Press, 1981. Jacobs, Harriet. "Incidents in the Life of a Slave Girl." The Classic Slave Narratives. Ed. Henry Louis Gates, Jr. New York: Penguin Books, 1987. 333-513. Pellow, David W. H. "Anna Julia Cooper." Notable Black American Women. Ed. Jessie Carney Smith. Detroit: Gale Research Inc., 1992. P. 218-224.

Culture and Change in The House on Mango Street Essay

The House on Mango Street presents a strong cultural background. Cisnero allows Esperanza to reveal her Mexican background in My Name. Esperanza introduces herself, explaining the meaning of her name and how she inherited it from her grandmother. She shows her love for her culture when she points out how her name sounds better when said in Spanish. She also complains about her disdain for how it sound when said in English. However, Esperanza also writes about how she wishes to change her name into something that would represent her better. Changing her name would also mean letting go of a part of her that greatly spoke of her ethnicity and background. It is not only her name that Esperanza wishes to change but the direction of her life as well. She speaks about how her grandmother used to be a wild woman, like a horse – free and independent. But after some time, her grandmother was forced to marry and to live a life she had not chosen for herself. This is not what Esperanza wants. She does not want to relinquish herself to the customs of her culture of getting married and adopting the female roles of a wife and mother. The main character’s negative feelings for the way she is growing up and where she is doing so are not only seen in her desire to change her name but in the way she speaks of her house as well. Although the family’s house in Mango Street is a better change from their old one, Esperanza is still disappointed with it. She does not see it as a house that she can show off to her friends or that she, herself, can take pride in. Esperanza’s parents continuously assure her and her siblings that the house is only temporary but Esperanza know that it is not. She keeps thinking of the house that she wants, a spacious house with many bathrooms. Esperanza’s disappointment with their house is also indicative of her disappointment with their neighborhood. The house, for her, is the epitome of the destitute neighborhood they live in. Esperanza constantly writes about wanting to leave the house and escape the limitations of the neighborhood. It is clear here that Esperanza not only wants to change her name but the house and neighborhood she lives in as well. This can also be construed as a turning away from the culture she has grown up in. Change, in Esperanza’s case, can still be made, however, without detracting from the culture and ethnic backgrounds on which her life has been founded. This is what Esperanza learns near the end of the stories. She realizes that even though the environment and the circumstances are not ideal, she still belongs in Mango Street, in her culture and background. Even though she still wants to improve her situation, she knows she can not do it without coming to terms with her background. Acceptance of who one is and where one comes from is essential when trying to move on into a brighter future. Change does not necessitate throwing away the past. In fact, change requires the use of the foundations of the past. Taking one’s culture and background and shaping it to be more appropriate for the uses of the present allows change to take place without disregarding heritage. How far can this â€Å"shaping† go, however, without subtracting too much from the quality of the culture? There is no exact answer but one truth should be acknowledged: culture is ingrained, instilled in an individual no matter how great the change. Especially in individuals like Esperanza who grew up in the thick of the customs and traditions of their culture, even changing their name or their residence would not hide their culture. Esperanza was correct, however, in realizing that change could only be done by accepting the past and building from it.

Skydive Chicago Is One of the United States

a Advantage * chute cabbage is one of the United States postmortem skydive resorts, serving skydivers ranging in skills from premier(prenominal) date bug outers to internationally competitive freefly teams. * Jumpmasters film their school-age childs skips. * Students use the feedback these videos put forward to identify mistakes. * ( schoolchild)They oft simulate their videos onto a personal magnetic register for future reference. * Jumpmasters whitethorn also copy well-executed pupil skydives to the zeals tape library. Dis expediency yet in lucre-Each educatee in skydive Chicagos development syllabus pips a serial publication of progressive didactics jumps under the direct supervision of a United State Parachute link Jumper. * Limited -The fostering program gears sepa strayly jump toward teaching one or two new skills. * Protection of advantage All scholarly persons argon given doorway to the drop zones study room and are encouraged to train video clips in preparation for their attached training jump. This step saves jumpmasters, who are paid per jump, considerable time.Jumpmasters also use these videos to measure their training methods effectiveness. non a good rule to measure.. knowledge system chute Chicagos development system, a set of interrelated components, with a neatenly defined boundary, on the job(p) together to achieve a ordinary set of objectives (INF 620 24), stands several hits the skydiving bookman and the company its. jump Chicagos culture system helper the skydiving student by allowing the check of his or jump independently, in a pliable interruption and audience free environment.Skydive Chicagos study system enhances the company itself by change the jumpmasters to have more time in their paid capacity, proffer examples of ideal jumps, and allows students to severally hone his or her newly acquired skills. Skydive Chicagos culture system allows the supervising jumpmaster, a United State Parachute friendship Jumper, to record each of the progressive training jumps of each training program student. The attribute allows the students to use the feedback of the pull up stakesd videos to identify mistakes and independently break of errors.This component of Skydive Chicagos information system allows the student to take on at his own pace to annunciation an identifying issue. This element lets the student progress at a comfortable pace and discipline on the following(a) flaw later he or she is comfortable with the antecedent issue. Also, by providing the recorded jumps Skydive Chicagos information system allows students to freshen up and work on their issues in an interruption-free environment. Students often copy their videos onto a personal tape for future reference because students tail also review these tapes away from Skydive Chicago.Having their own copy the jump grants the student the flexibility to review the tapes as they aspiration including b ut non limited to home, work, or however the library. With the ability review the tapes in a distraction free muddle at their own discretion would assist in the student perspirer change magnitude his skill quicker. By having the ability to review the tapes of their jumps with an audience would assist the student perspirers in subduing his or her insecurities and working on jump issue they are embarrassed of in public.For example, if the jumper had an extreme case of anxiety, he or she can work on relaxing and controlling their breathing for the future(a) jump. Skydive Chicagos information system the company itself by alter the jumpmasters to have more time for jumps. The jumpmasters are only paid for the jumps the students perform. By having to provide less instruction to a student, the jumpmaster has more time to participate in jumps therefore the jumpmaster is working for free when he or she provides instructions and guidance to the student jumper they are working for free .Given that providing instructions and lectures typically consume more time thusly performing an activity the earnings rate of the jumper masters are strike when they are not jumping. Having the Jumpmasters provide tapes well-executed student skydives to the facilitys tape library provides examples of ideal jumps to student and assist as tool to provide a ocular effect for a student that does not understand the finding of an issue by a jumpmaster.Also by providing all students access to the drop zones training room and are encouraged to charm video clips in preparation for their next training jump. This function also the jumper master to delegate the partial self-possession of the ensuring the student is prepared for their next jump to the actual student without leaving the student without anytime of direction. both , provide examples of ideal jumps, and allows students to separately hone his or her newly acquired skills. student in the perform a series of under the direct supe rvision of Skydive ChicagosSkydive Chicagos information system the company itself by enabling the jumpmasters to have more time for jumps, provide examples of ideal jumps, and allows students to separately hone his or her newly acquired skills. * Jumpmasters may also copy well-executed student skydives to the facilitys tape library. allowing independent reviewing, interruption-free environment, audience free development. extraordinary challenges to performing any type of turn is the potential lack of an immediate audience, as it is often noted that communication cannot even occur without an audience. ery important to be clear on your instructors expectations situation Determine a location that lead allow for an ideal be both inviting and free of distractions support Place the camera, ideally Remember that you always want yourself to be fully within the carcass of the shot, crocked enough that your facial expressions and any visuals you qualification use can be substantially identified and comprehended but not so close that you overpower the frame (i. e. you are the only thing in it). Also, it is best if you can have person film you so that they can make sure that these conditions exist du Leave time at beginning and end.INF 620. McGraw-Hill Create. . a. How can this information system improvement the skydiving student? b. How can this information system benefit Skydive Chicago? c. Draw an data Systems standard (Figure 1. 19). Fill in your draw with the information about people, hardware, software, and other resources from this exercise. Be sure that you prepare your teaching Systems Model in a software activity or tool that can be integrated fully into your MS countersign document and delivered to the instructor.Clearly drawn illustrations that are scanned and submitted in . pdf are acceptable along with an MS Word document explaining and supporting split a and b. Be sure to try your files clearly. Document all sources. a. How can this info rmation system benefit the skydiving student? b. How can this information system benefit Skydive Chicago? c. Draw an Information Systems Model (Figure 1. 19). Fill in your diagram with the information about people, hardware, software, and other resources from this exercise.

Aqr Delta Strategy Essay

DANIEL BERGSTRESSER LAUREN COHEN RANDOLPH COHEN CHRISTOPHER MALLOYAQRs DELTA dodgingIn the spend of 2011, the principals at AQR hood direction met in their Greenwich, CT, transferice to mold how best to trade their tonicborn DELTA dodge. After launching in the late summer of 2008, the DELTA outline had compilight-emitting diode an excellent track interpret, exactly David Kabiller, a Founding Principal and the Head of Client Strategies at AQR, was frustrated that the storehouse had non grown immediate in light of its exceptional proceeding. In Kabillers experience, the combination of a solid track record plus an innovative merchandise usually led to explosive growth in as hard-boileds under foc development (AUM), but that had non been the subject so removed with DELTA. The DELTA scheme was a point of intersection that claimed investors picture show to a basket of nine major drift all everywhere memory strategies.The DELTA dodge was innovative in deuce st yles. First, in terms of its structure, AQR enforced the central strategies using a well-defined enthronization process, with the goal of delivering pictorial matter to a well- modify portfolio of flurry gillyf get strategies. Second, in terms of its compensations, the new DELTA schema aerated inter gradati nonwithstanding lower fees 1 pct centering fees plus 10 pct of transaction over a cash vault (or, alternately, a management fee of 2 portion except). This fee structure was low relative to the industriousness, where 2 per centum management fees plus 20 percent of performance, a great circularize with no hurdle, was standard. These features, small-arm distinct relative to otherwise(a) related mis see gun profligate rejoinder products, had yet to depend abley resonate with investors, and Kabiller needed to decide on a to a greater extent sound merchandise d knifelike underweight handn the cock-a-hoop bite of competitors introduction this space.AQR AQR was established in 1998 and head hindquartersed in Greenwich, CT. The primeing Principals of the sign included falling offord Asness, David Kabiller, Robert Krail, and John Liew, who had all worked together at Goldman Sachs As round focusing before leaving to gelt AQR. Asness, Krail, and Liew had all metin the Finance PhD program at the University of Chicago, where Asness dissertation had focused on momentum investiture. AQRs over 200 employees managed $24.0 Billion in as even ups. A spectacular amount of these assets were invested in turn off gunstock strategies.Professors Daniel Bergstresser (HBS), Lauren Cohen (HBS), Randolph Cohen (MIT), and Christopher Malloy (HBS) prepared this case. HBS cases are developed altogether as the basis for class discussion. Cases are not think to serve as endorsements, root words of primary info, or illustrations of effective or ineffective management. Copy right 2011, 2012 President and Fellows of Harvard College. To dress copie s or request permission to reproduce materials, chaffer 1-800-5457685, write Harvard duty schoolhouse Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu/educators. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School.212-038AQRs DELTA dodge overreach currencyVoor- en nadelen shelve stock certificateWhile open-end mutual m integritytary resource had to register with the SEC, calculate and publish daily solve asset values (NAVs), and provide investors with daily liquid stateity, wangle capital were not automatically regulated by the SEC and enjoyed as often measures flexibility as they could negotiate with their clients with look on to liquidity. In exchange for this light-touch regulation, fake specie were restricted in their trade only tall net worth and institutional investors could nowadays invest in these bills. Neverthe slight, academic work had by the l ate 1990s established that border cash offered a stake depiction that was slight match with broad market big businessmanes than most mutual pecuniary resource, and authorisationly offered high jeopardize-adjusted growths.The performance of the sidestep caudex attention during the 2001-2002 recession wasparticularly good adjoin 1 shows that while stock market indices (S&P and NASDAQ) brutal dramatically during this period, broad circumvent utmostm animal indices (e.g., DJCS_ block and HFRI_FW, which were intentional to track the general performance of the evade gillyflower manufacture) rose. In response to the perception that parry bullion truly offered outperformance, institutional bills flowed into fake bills during the late 1990s and 2000s, and the size of the industry grew rapidly. depict 2 charts the growth in the number of silver and total AUM (assets under management) in the dip shop industry since 1997. With this growth in assets and motorc oachs, questions began to surface n earlyish the role of fake bills in a portfolio and whether there were other ways to confiscate those matters without universe candid to some of the negatives of fake livestock investing.Alternatives to fudge livestocksAlthough some investors were attracted to the possibility of obtaining high returns and/or low covariance with other enthrvirtuosoments in their portfolio, many good-tempered lay out beat entrepots themselves to be unappealing. Among the reasons for their aversion were a) illiquidity, b) minimum investment requirements, c) high fees, d) the difficulty of distinguishing the right duck blood manager, e) the in efficacy to gain assenting to high quality monetary shops, and f) the lack of established benchmarks in the industry. Most hedge computer memorys only allowed redemptions on certain dates often at the end of from each cardinal quarter. Additionally many lines had an initial lockup that is, investor s could not redeem from the monetary investment trust for a set period later investing the period was often single year though some funds had no lockup and others had locked up investors for as prospicient as five long time.Most funds additionalively had a minimum investment size of at least $1 million. In addition, many investors found the fees charged by hedge funds, which often amounted to 2% of assets under management (some funds even charged the overflowing speak to of their operations to their funds, amounting to more than 2% management fees) plus an additional 20% of sugar generated by the fund, to be excessive and hoped to obtain confusable pull aheads at a lower cost. Some investors in addition found the melodic theme of selecting a portfolio from the many thousands of purchasable hedge funds to be an intimidating task, particularly inclined the lack of transparency (both as to investment process and holdings) that was common among hedge fund managers. And of course even ifan investor could identify a set of funds that make up an attractive portfolio, the managers of those funds efficacy not accept an investment at that season or from that investor. Finally, in contrast to the mutual fund industry, there was a lack of established benchmarks for hedge funds, qualification it difficult to assess skill versus great ingest and idiosyncratic versus dogmatic returns. While hedge fund indices existed, these were just peer groups, not true benchmarks, and were unilateral by a number of things, including style shed and survivorship bias. In response to these criticisms, alternative products were presently introduced into the marketplace.2AQRs DELTA strategy212-038 capital of escape bullion (FOFs) unrivaled popular alternative to direct hedge fund investing was the funds of hedge funds (FOFs) structure. FOFs aimed to take investors money and allocate it among a select group of hedge funds some time among a small number (even in the whizz digits in some cases), and sometimes among hundreds of funds.onerous= burdensome/ loaded down(p)This approach solved a number of the issues go about hedge fund investors, especially those with modest capital. FOFs had little onerous liquidity rules than various(prenominal) hedge funds, and FOFs were less potential to encounter liquidity problems than several(prenominal) funds since they could obtain liquidity from a number of underlying funds. Still, FOFs were ultimately subject to the underlying liquidity (both with respect to liquidity terms and underlying holdings) of the funds they were investing in. In addition, a single minimum investment bought a portfolio of many funds, and an experienced and hope in full respectable financial professional, or team of such professionals, selected the funds, and chose apportionments among them that (presumably) produced a well-optimized portfolio. Finally, FOF managersclaimed that their experience and connections provided acces s to hard-to-enter funds. Thus FOFs presented an appealing package, and indeed close to half of all money invested in hedge funds came with FOFs. However, many investors were put off by FOF fees, which historically included an additional bottom of fees often as high as half the level of hedge fund fees themselves (thus making total fees paid about 1.5 times high than for direct investing).Multi-dodge pedigreesAnother approach to obtaining an alternative-investment portfolio while avoiding some of the argufys of one-strategy-at-a-time creation was to invest in multi-strategy hedge funds. Such offerings were often made by large hedge fund firms that offered a variety of individual strategies. Investors might have the option to invest in a multi-strategy fund that allocated assets across the different silos in spite of appearance the firm. One major payoff of multi-strategy funds over FOFs was fees multi-strategy funds typically did not charge an additional fee layer over and a bove the hedge fund fee (as FOFs did). Further, multi-strategy funds only charged performance fees when the total investment was in the money whereas, in the case of FOFs and direct single strategy investments, an investor could be subject to performance fees even if the net, immix performance wasnt positive.A second potence advantage of multi-strategy funds was in portfolio construction. Not only was the allocation among strategies performed by professionals, those professionals likely had a high level of insight and visibility into the opportunities available to the individual silo managers. Multi-strategy funds generally offered as good or discover liquidity than individual-strategy funds, and of course there was no trouble gaining access to the underlying managers. Multi-strategy funds appeared to offer strong diversification, although in the famous case of the hedge fund Amaranth, investors thought they were investing in a diversified portfolio of strategies. However, extreme losses in one of the portfolios silos led to the loss of approximately 75% of total portfolio value. Consequently many investors entangle they were not truly diversified if they had a large allocation to a multi-strategy fund, but this could be potentially apologise through the right amount of transparency into the positions andrisks of the portfolio, or, of course, through diversification among several different multi-strategy funds, thereby minimizing single firm risk.silos= opslagplaatsen3212-038AQRs DELTA dodgingOne potential concern with multi-strategy funds from the investors sign of view was the question of portfolio manager quality. Although it was possible that a single firm could gather under one roof the very best managers in a variety of specialties, some investors found this implausible. deflect fund retortStarting in 2006, a number of investment management firms too introduced hedge fund reverberation products. These strategies, implemented using liquid instrum ents, purported to give investors a top-down exposure to the broad risk exposures of the hedge fund industry. These products could be viewed as an try to provide hedge fund beta, or the systematic part of hedge fund performance. The rationale for these products originated from studies of hedge fund returns that highlighted the idea that the line among of import and beta, was potentially fluid. The alternative systematic exposures of hedge funds could be viewed as a kind of exotic beta. If hedge fund returns could be approximated with dynamically traded portfolios of liquid assets, accordingly investors attracted to hedge fund returns, but potentially looking for a liquid or low-fee alternative to actual hedge funds could invest in a hedge fund reappearance product that attempted to mimic hedge fund returns using liquid assets.These top-down approaches aimed to use statistical methods to fashion a portfolio of liquid assets that had kindred performance to hedge funds as a cla ss. One top-down approach was to use linear regressions, or optimizations, to progress a portfolio that had high correlativitys to historical hedge fund returns. An example of thisapproach consisted of three steps. First one would obtain a longsighted-run time serial of returns on a diversified portfolio of hedge funds (e.g., the HFRI monthly hedge fund indices were commonly used). and then one would obtain returns on a large number of liquid investments-these could be indexes of stocks (e.g., S&P 500, MSCI EAFE, MSCI Emerging, Russell 2000, etc.), deposits (e.g., US 10-year government bonds), currencies (e.g., EUR-USD Spot Exchange Rate), etc. () Finally, one would use a standard statistical optimizer, or linear regression, to find the portfolio of liquid investments (either long or laconic and at weights implied by the statistical analysis) that most closely reprised the statistical characteristics of the hedge fund portfolio. butt 3 presents the monthly returns from a s et of indices that were commonly used for hedge fund replication purposes.1 Specifically, the goal was to create a portfolio that historically moved as close to one for one with the hedge fund portfolio, so that it had high correlation with the hedge fund portfolio, and yet also matched other statistical moments, such as volatility, skewness, and kurtosis. Historically, and ideally on a send on-looking basis as well, this portfolio would follow through a role in the diversified portfolio similar to the role that hedge funds would play. introduce 4 p jams the recent return performance of a few commonly used hedge fund indices (e.g., DJCS_ parry, HFRI_FW, and HFRX_Global), which represent composite indices of individual hedge funds and were knowing to track the overall return performance of the industry as well as a fund-ofhedge funds (FOF) index (HFRI_FOF) knowing to track the overall return performance of funds of hedge funds. bear witness 5 presents the return performance of four popular hedge fund replication index products, produced by Merrill Lynch, Goldman Sachs, JP Morgan, and faith Suisse. Exhibit 6 presents the return performance of the overall hedge fund indices alongside the performance of these hedge fund replication products.1 This is an excerpt of the data. The full data series is in the Spreadsheet Supplement to the case.4AQRs DELTA dodging212-038AQRs approachFor years, the principals at AQR had been working on understanding the underlying constitution of hedge fund returns and exploring the possibility of creationness able to capture them in a transparent, liquid and cost effective way. Thus, they were initially intrigued by the introduction of these hedge fund replication products, but very soon came to the conclusion that an entirely different approach to delivering exposure to the systematic risk factors of the hedge fund industry was needed. Whereas AQRs competitors focused on the top-down products draw above, AQR focused on crea ting a tramp-up approach that sought to deliver significant risk-adjusted returns instead of scarcely replicating an index by capturing classical, liquid hedge fund strategies that were uncorrelated with traditional markets, implementing them at low cost, and then bundling these strategies into a wellconstructed single portfolio focusing on portfolio construction, risk management and trading.Origins of AQRs approachThe idea of direct, simplified implementation of core hedge fund strategies was hinted at by the pioneering work into amalgamation merchandise of Mark Mitchell and Todd Pulvino. Mitchell and Pulvino were both former academics (at Harvard Business School and the Kellogg School of perplexity, respectively) who subsequently teamed up with AQR in 2001. A simple spinal fusion merchandise strategy, for example, worked as follows after the announcement by unfaltering A of a desire to acquire household B, the union arb made a purchase of the target loyal B shares while shorting the acquirer Firm As shares (if the acquisition was to be made in cash, the arbitrageur merely purchased Firm B shares without shorting Firm A).Typically upon the announcement of the merger, the price of the target shares would not rise all the way to the price that would be appropriate if the merger were sure to be completed. When Mitchell and Pulvino analyze the merger arbitrage industry, they found that merger arbitrage strategies did deliver substantial risk-adjusted returns. Specifically, the expect returns of putting merger arbitrageinvestments into place was high, and while the risk was high than one might naturally have evaluate because mergers tended to break up exactly at times of market stress, and therefore the merger arbitrage strategy had more beta, or market exposure, than might be presumed nevertheless they found that even accounting for this risk, the performance of a nave merger arbitrage strategy that invested in each deal was substantial.Mitchell a nd Pulvino also looked at the performance of actual merger arbitrage funds. A merger arbitrage fund would be expected to add alpha by correctly identifying which mergers were more or less likely to achieve apogee than the market anticipated. So, for example, if the market pricing of a deal was such that the expected return would be postal code if the merger was 90% likely to be completed, the merger arbitrageurs job was to try to encounter out whether in fact the merger was advantageously more than 90% likely to go through, considerably less than 90%, or about 90%, and then invest only in those deals that were substantially more than 90% likely to go through. What Mitchell and Pulvino found was that merger arbitrage funds made money, but that they did not show an capacity to forecast which mergers would close over and above the markets ability. That is, the outperformance that merger arbitrageurs were generating was no greater than the outperformance that would be generated by a simple strategy that bought every target and shorted every bidder, particularly net of fees.5212-038AQRs DELTA StrategyThis opened the door to a potential strategy for the replication of merger arbitrage simply put down in every merger arbitrage deal that met a set of basic screens (e.g., size and liquidity). The benefit to investors would be a potentially more diversified portfolio of merger deals than would be obtained from a fund manager who only selected a subset of the deals, and also potentially far lower fees, because there was no need to sacrifice an analystto determine which mergers were more or less likely to succeed. With this as a template, one could slow imagine a whole roster of potential hedge fund strategies that could be captured in a systematic way (e.g., long value stocks and short growth stocks, convertible arbitrage, carry trades, trend sideline trades and trades exploiting other wellknown empirical asset pricing anomalies). Since the early work into merge r arbitrage, AQR had spent years researching these other classical hedge fund strategies that could be captured from the bottomup.bottom-up versus Top-DownAQR preferred their bottom-up approach for a variety of reasons. First, they felt that many hedge fund strategies earned returns for bearing a liquidity risk premium, which you could not earn by trading solely in liquid instruments as in the hedge fund replication methods. For example, in order to capture the returns from a convertible bond that traded at a discount to fair value because of a liquidity risk premium, you needed to own the convertible bond, not simply liquid assets that were correlated with the convertible bond. Second, since top-down methods aimed to maximize correlations with recent past hedge fund performance, these approaches were necessarily backwardlooking and based on what hedge funds were doing in the past. By contrast, if you ran the actual strategies, one could respond to market opportunities immediately. Finally and peradventure most importantly, AQR felt that the hedge fund indices upon which most top-down replication strategies were based had a variety of biases (e.g., survivorship bias), had too much exposure to traditional markets (i.e., equity and credit beta) and also tended to reflect the weights of the most popular strategies. Since these popular strategies were crowd with many trades, the expected returns on these strategies going forward were potentially lower. In short, while they shared the august goals of top-down replication products (i.e., attempting to provide liquid, transparent exposure to hedge fund strategies at a lower fee), AQR felt that the approach had fundamental flaws or, as Cliff Asness put it in a speech in October 2007 on hedge fund replication, Not Everything That endure Be Done Should Be Done.AQRs DELTA StrategyIn late 2007, AQR decided to focus their years of research on capturing the classical hedge fund strategies in a systematic way from the bo ttom up by creating our own product that would stress to deliver these strategies in a risk-balanced and efficiently implemented way. AQR viewed their DELTA product as superior to the newly-introduced replication products that were being marketed as offering hedge fund beta. In fact, AQR module bristled at comparisons between the animated hedge fund replication products and their DELTA product. To ensure that AQR was fetching a broad approach and to avoid being insular, they formed an external advisory committee made up of some very seasoned hedge fund investors to help guide the development of the product. The DELTA create was an acronym that reflected the products characteristics Dynamic, Economically Intuitive, Liquid, Transparent and Alternative. The portfolio was designed to be uncorrelated with the overall stock market, and would be diversified across nine broad strategy classes a Fixed Income Relative Value strategy, a Managed Futures strategy, a Global Macro strategy,in sular = bekrompen6AQRs DELTA Strategy212-038an Emerging Markets strategy, a large/ gyp equity strategy, a Dedicated Short Bias strategy, an Equity Market Neutral strategy, a Convertible Arbitrage strategy, and an Event Driven strategy. exertionAQR decided to go ahead with the creation of the DELTA strategy in the late summer of 2008. By October 1, 2008, the portfolio was fully invested and had begun to compile a track record. At the time, the staff at AQR had worried that this might be the clear up possible time to be launching a product designed to capture classical hedge fund strategies. Nonetheless, the DELTAportfolio performed well in the fourth quarter of 2008 immediately after its launch, an impressive feat given the turbulence in the market. Exhibit 7 charts the monthly performance of the DELTA strategy since inception. Exhibit 8 shows the raw monthly returns of the DELTA strategy, compared to the raw monthly returns of stock market indices (S&P and NASDAQ) and broad hedge fund indices (e.g., DJCS_Hedge and HFRI_FW, which were designed to track the overall performance of the hedge fund industry). Exhibit 8 also presents the beta of the DELTA strategy with respect to these various market and hedge fund indices, while Exhibit 9 graphs the cumulative return performance of the DELTA strategy relative to these indices.Marketing DELTAAlthough DELTA was off to a great start, Kabiller felt like it was underperforming its potential. By the summer of 2011, despite its excellent performance, growth in DELTAs AUM had been modest. After giving it a lot of thought, Kabiller identified three primary altercates AQR faced in convincing investors to allocate capital to DELTA. First, many of his institutional clients had grown very comfortable selecting a set of hedge funds and paying them both management and performance fees. Exhibit 10 presents the recent yearly returns of some of the largest U.S. hedge funds, many of whom had delivered stellar returns over time. Kabi ller was convinced that one of DELTAs major assets was its ability to deliver hedge fund returns with a importantly lower fee structure. But many of his institutional clients had difficulty assessing just how large an advantage this provided DELTA. For instance, if a client selected the two percent management fee with no performance fee structure, how much high could they expect their after-fee returns to be?Given that performance fees were typically only paid on returns in excess of a cash hurdle, was a twenty percent performance fee really that costly to fund investors? Related considerations applied to investors that invested primarily through investment trusts of Hedge parentages. These investment vehicles typically added a layer of fees on top of the after-fee performance of their hedge fund investments typically a one percent management fee and a ten percent performance fee. Due to DELTAs multi-strategy investment approach, its after-fee performance should perhaps be benchm arked against those of fund-of-funds alternatives.Conveying to such investors the fee advantage of DELTA in simple terms for instance, how much better their competitors pre-fee returns needed to be than those of DELTA to offset the fee differential would go a long way in convincing them that DELTA was the superior approach. A second challenge in marketing DELTA was the emergence of the so-called hedge fund replication strategies. These strategies were almost the polar opposite word of the fund-of-funds they had modest fees and, because they replicated hedge fund returns using passing liquid indices, they faced little in the way of liquidity risk. institutional investors interested in low-fee exposure to hedge fund returns found these products attractive, and Kabiller found it dispute to convey the advantages of the DELTA approach. His inclination was to focus on two key limitations of hedge fund replication. First, he felt they relied heavily on the historical relationship be tween hedge fund returns and major stock and bond market indices. To the extent that the relationship was not stable, 7212-038AQRs DELTA Strategyor to the extent that a large fraction of hedge fund movements could not be captured by an appropriate combination of these indices, the replication approach would be special(a) in its ability to truly deliver in real time the actual returns being earned by the norm hedge fund investor. Second, even if the strategy could replicate a large fraction of the monthly fluctuations in performance of the average hedge fund, Kabiller felt it was likely that a top-down approach would be limited in replicating the actual edge, or alpha, of the average hedge fund. Even if much of the risks to which hedge funds were exposed could be found in broad stock and bond market indices, it was unlikely that any of the informational or liquidity edges they feature would appear in the returns of these indices. A final challenge Kabiller faced in the marketing o f DELTA was its track record. Although it had outpaced the broad HFRI index since its inception in the fall of 2008, the track record was still a fairly limited one. Moreover, since the central appeal of the product was its ability to match average hedge fund returnswith modest fees, the outperformance ironically posed something of a challenge for DELTA. Kabiller felt it would be critical to understand its source before determining whether it was an aberration or whether they possessed a sustainable edge relative to the index of hedge funds. As Kabiller looked out beyond his infinity pool and into the calm waters of the Long Island Sound, he worried that without a proper grasp of these issues, many rough sales meetings lay ahead for him and his DELTA team.8AQRs DELTA Strategy212-038Exhibit 1 accumulative relapse surgical process of Hedge memory Indices versus ancestry Market Indices, since 1996. cumulative reappearance executing of Hedge line Indices Versus Stock Market Indic es 500450four hundred 350 300 250 200 150 coke 50 0 199601 199609 199705 199801 199809 199905 200001 200009 200105 200201 200209 200305 200401 200409 200505 200601 200609 200705 200801 200809 200905 20 degree centigrade1 20 one C9 201105 NASDAQ S&P_Index DJCS_Hedge HFRI_FW commencement Bloomberg.9212-038AQRs DELTA StrategyExhibit 2 Total proceeds of Hedge investment firms and Total AUM (Assets Under Management)for the Hedge Fund Industry, since 1997.Growth in Hedge Fund Industry (1997-2010)12,000 $2,500.0010,000Number of Hedge Funds8,000 $1,500.00 6,000 $1,000.00 4,000 $500.00Hedge Fund AUM (in Billions $)$2,000.00Number of Hedge Funds Hedge Fund AUM2,0001997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010$- writer Created by casewriters using data from Hedge Fund Research, www.hedgefundresearch.com, accessed August 2011.10212-038-11-Exhibit 3 Excerpt of Monthly recollects on Indices ordinarily Used for Hedge Fund replication (1996-2011). The full data series is contained in the Spreadsheet Supplement to the case MSCI EM 7.6% -0.6% 1.1% 5.2% 0.1% 0.9% -6.2% 2.6% 1.4% -1.4% 1.7% 1.0% -2.1% -1.4% 4.3% 0.8% -1.6% -1.9% -0.9%-7.3% -7.4% 9.1% -3.8% 0.0% 7.4% 3.9% 7.0% 6.2% -2.5% 0.5% 15.0% -0.5% 0.5% 10.9% -0.2% 1.0% 4.5% -8.7% -4.3% -8.8% -11.4% -5.4% -7.0% -1.3% -1.2% -3.5% -2.0% -2.5% -3.7% -1.1% -1.7% -2.0% 0.4% 0.1% 0.2% 0.4% -0.1% 0.0% 0.0% 0.0% 0.1% -2.8% 2.0% 2.4% 2.6% 0.0% 3.0% -0.1% 0.5% 1.6% 2.4% -0.3% 5.4% 2.4% 3.4% 0.2% -0.1% -0.4% 0.0% 0.0% 1.6% 2.7% -0.7% 3.3% 5.7% 2.8% -2.0% 1.3% 2.0% 0.8% 4.0% -0.7% 4.0% 2.4% 7.6% -2.0% 0.8% 0.0% 2.8% -2.1% 4.6% -1.2% 3.7% -1.7% 5.6% 2.8% 0.9% 1.2% 2.2% 2.9% 0.9% 4.1% 0.4% 0.0% -0.7% -0.2% 1.1% 1.7% -0.9% -0.8% 0.6% -1.2% 1.4% 0.0% 1.0% 0.3% 0.0% 1.0% -4.9% 0.9% -4.2% -8.8% 5.7% 0.4% -4.4% 2.1% 0.8% 0.4% 0.4% 1.5% 0.0% -0.5% -0.3% -1.0% -1.4% 3.5% -1.2% 5.3% 3.9% 1.5% 2.6% 0.0% 0.2% -1.7% -0.6% 4.5% -1.4% -1.0% 2.8% 3.0% 1.8% 0.9% 1.0% -0.5% -0.2% -3.6% -1.1% -3.7% -0.3% 3.7% -0.2% 3.4 % 0.9% 0.4% 5.1% MSCI EAFE RUSSELL 2000 S&P 500 US TREAS 2YR US TREAS 10YR CURRENCYHFRIHFRI FOFHFRI FW1/31/19961.1%2.7%2.9%2/29/1996 3/29/19962.8% 1.9%-0.6% 1.0%1.2% 1.5%4/30/1996 5/31/19965.3% 3.7%3.1% 1.5%4.0% 3.1%6/28/1996 7/31/1996 8/30/1996-0.7% -2.9% 2.6%0.4% -1.9% 1.5%0.2% -2.1% 2.3%9/30/1996 10/31/19962.2% 1.6%1.2% 1.6%2.1% 1.0%11/29/1996 12/31/1996 1.7% 0.8%2.3% 0.7% 2.1% 1.3% 1/31/2011 2/28/20110.4% 1.3%0.1% 0.8%0.4% 1.2%3/31/2011 4/29/20110.5% 1.3%-0.1% 1.2%0.1% 1.5%5/31/2011 6/30/2011 7/29/2011-1.3% -1.3% -0.3%-1.1% -1.3% 0.4%-1.2% -1.2% 0.2%8/31/2011 9/30/2011-4.9% -6.0%-2.6% -2.8%-3.2% -3.9%10/31/2011 11/30/2011 12/30/20114.9% -2.0% -0.9%1.1% -1.0% -0.4%2.7% -1.3% -0.4%1/31/20123.8%1.9%2.6%Source Thomson Reuters Datastream.212-038AQRs DELTA StrategyExhibit 4Cumulative Return exploit of Overall Hedge Fund Indices, since June 2007.Recent Performance of Hedge Fund Indices120 110 100 DJCS_Hedge 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200 812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 HFRI_FW HFRX_Global HFRI_FOFSource Bloomberg.12AQRs DELTA Strategy212-038Exhibit 5Cumulative Return Performance of Hedge Fund Replication Indices, since June 2007.Recent Performance of Hedge Fund Replication Products130 120110100 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 ML GS JPM CSSource Bloomberg.13212-038AQRs DELTA StrategyExhibit 6 Comparison of Cumulative Return Performance of Overall Hedge Fund Indices versus Hedge Fund Replication Indices, since June 2007.Comparison of Recent Performance of Hedge Fund Indices Versus Hedge Fund Replication Products 130 120 110 100 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 DJCS_Hedge HFRI_FW HFRX_Global HFRI_FOF ML GS JPM CSSource Bloomberg.14AQRs DELTA Strategy212-038Exhibit 7Monthly Return Performance of AQR DELTA strategy, Since Inception.AQR DELTA Return Performance5.00%4.00%3.00% 2.00% 1.00% 0.00% -1.00% -2.00% -3.00% -4.00%Source Company documents.15212-038AQRs DELTA StrategyExhibit 8 Monthly Return Performance (and genus Beta) of AQR DELTA strategy compared to Market Indices (S&P, NASDAQ) and Hedge Fund Indices (DJCS_Hedge, HFRI_FW), since October 2008.Date 200810 200811 200812 200901 200902 200903 200904 200905 200906 200907 200908 200909 200910 200911 200912 201001 201002 201003 201004 201005 201006 201007 201008 201009 201010 201011 201012 201101 201102 201103 201104 201105 AverageDELTA 1.22% 1.72% 4.05% 2.79% -0.10% 2.32% 3.09% -0.35% 1.78% 1.93% 4.48% 2.70% -0.31% 0.96% 0.55% -0.66% -0.27% 2.23% 2.18% -3.37% 1.39% 1.62% 2.02% 3.33% 2.47% 1.03% 1.93% -0.41% -0.45% 0.92% 2.31% -0.84% 1.32%NASDAQ -17.73% -10.77% 2.70% -6 .38% -6.68% 10.94% 12.35% 3.32% 3.42% 7.82% 1.54% 5.64% -3.64% 4.86% 5.81% -5.37% 4.23% 7.14% 2.64% -8.29% -6.55% 6.90%-6.24% 12.04% 5.86% -0.37% 6.19% 1.78% 3.04% -0.04% 3.32% -1.33% 1.19% 0.09 0.25 0.28S&P_Index -16.94% -7.48% 0.78% -8.57% -10.99% 8.54% 9.39% 5.31% 0.02% 7.41% 3.36% 3.57% -1.98% 5.74% 1.78% -3.70% 2.85% 5.88% 1.48% -8.20% -5.39% 6.88% -4.74% 8.76% 3.69% -0.23% 6.53% 2.26% 3.20% -0.10% 2.85% -1.35% 0.64% 0.09 0.28 0.32DJCS_Hedge -6.30% -4.15% -0.03% 1.09% -0.88% 0.65% 1.68% 4.06% 0.43% 2.54% 1.53% 3.04% 0.13% 2.11% 0.88% 0.17% 0.68% 2.22% 1.24% -2.76% -0.84% 1.59% 0.23% 3.43% 1.92% -0.18% 2.90% 0.69% 1.38% 0.12% 1.80% -0.96% 0.64% 0.25HFRI_FW -6.84% -2.67% 0.15% -0.09% -1.21% 1.66% 3.60% 5.15% 0.25% 2.50% 1.30% 2.79% -0.20% 1.52% 1.28% -0.76% 0.66% 2.49% 1.19% -2.89% -0.95% 1.61% -0.13% 3.48% 2.14% 0.19% 2.95% 0.41% 1.23% 0.06% 1.45% -1.18% 0.66% 0.25DELTAs Beta with DJCS_Hedges Beta with HFRI_FWs Beta with Source Company documents.16AQRs DELTA Strategy212-038Exhib it 9 Cumulative Return Performance of AQR DELTA Strategy versus Market Indices (S&P and NASDAQ) and Hedge Fund Indices (DJCS_Hedge and HFRI_FW), since October 2008Cumulative Return Performance of DELTA versus Market and Hedge Fund Indices 180160 140 120 100 80 60 4020 0DELTA NASDAQ S&P_Index DJCS_Hedge HFRI_FWSourceBloomberg and company documents.17212-038-18-Exhibit 10Annual Returns of Largest Hedge Funds (%)Fund Name Winton Futures USD Cls B Millennium International Ltd Transtrend DTP intensify Risk (USD) The Genesis Emerging Mkts Invt Com A font Diversified Programme Aurora Offshore Fund Ltd. Permal Macro Holdings Ltd USD A Canyon Value realization Cayman Ltd A Permal Fixed Income Holdings NV USD A secure Alpha Fund PCC Diversified Caxton Global Investments Ltd GAM U.S. Institutional Trading K4D-10V Portfolio K4D-15V Portfolio Orbis Optimal (US$) Fund GAM Trading II USD Open Double Black Diamond Ltd (Carlson) GoldenTree spicy Yield Master Fund Ltd Bay imaginativeness Partn ers Offshore Fund Ltd GAM U.S. Institutional DiversityFirm Name Winton uppercase Management Millennium Intl. Management Transtrend BV Genesis Investment Management Aspect Capital Aurora Investment Management Permal Asset Management Canyon Capital Advisors Permal Asset Management pecuniary Risk Management Caxton Associates GAM Sterling Management whole wheat flour Capital Management Graham Capital Management Orbis Investment Management GAM Sterling Management Carlson Capital Goldentree Asset Management GMT Capital corporation GAM Sterling ManagementSize ($Bil) 9.89 8.84 8.38 6.70 5.71 5.56 5.35 5.21 4.51 4.47 4.40 3.57 3.543.54 3.43 3.09 2.98 2.65 2.45 2.432001 7.11 15.26 26.36 4.62 15.79 9.82 14.66 12.69 11.50 9.33 31.41 16.34 6.45 39.31 29.01 14.78 11.94 18.30 29.32 9.562002 18.34 9.61 26.26 -1.77 19.19 1.31 8.03 5.21 10.47 6.36 26.44 10.69 18.76 43.71 12.15 10.55 2.12 6.24 0.03 4.952003 27.75 10.89 8.48 61.98 20.59 13.58 12.56 21.87 17.59 8.07 8.09 14.74 8.46 21.60 10.84 14.49 7.62 31.42 23.24 14.602004 22.63 14.68 12.82 31.53 -7.72 8.15 4.86 13.56 9.37 4.06 9.97 3.55 5.56 -0.43 2.25 3.84 4.70 9.89 27.97 6.142005 9.73 11.31 5.99 37.86 12.01 9.47 10.65 8.35 7.69 7.00 8.03 4.98 -7.52 -16.97 8.60 4.80 5.08 13.35 30.95 10.482006 17.83 16.43 12.04 30.22 12.84 10.95 9.48 14.08 10.48 8.94 13.17 8.68 5.02 6.64 4.95 7.44 21.12 13.21 21.65 16.742007 17.97 10.99 22.38 31.68 8.18 13.14 8.90 7.52 8.42 16.33 1.06 9.48 11.62 16.57 6.98 7.93 15.96 4.60 19.84 7.762008 20.99 -3.04 29.38 -49.30 25.42 -21.69 -5.16 -28.36 -18.40 -23.02 12.96 7.57 21.82 35.67 -2.49 5.78 -12.40 -38.60 -20.88 -13.962009 -4.63 16.28 -11.27 90.44 -11.24 21.26 9.83 55.20 27.32 10.51 5.83 8.32 1.41 3.11 9.92 6.55 28.34 69.94 56.60 6.782010 14.46 13.22 14.89 25.06 15.36 7.31 6.38 13.46 10.40 5.36 11.42 7.80 2.46 4.58 -3.93 5.97 9.30 23.61 15.90 -1.142011 6.29 8.39 -8.65 -15.29 4.51 -6.01 -3.27 -4.66 -5.28 -2.06 -2.40-2.32 -4.11 -2.67 -4.19 -2.79Source Morningstar Hedge Fund Database, accessed January 2012.