Research And Describe Risk Aversion And Risk Tolerance - 825 Words

Research And Describe Risk Aversion And Risk Tolerance (Essay Sample) Content: Risk tolerance and risk aversionInstitutional affiliationDateIntroductionRisks form part of the daily life. They can be defined as the chances of loss resulting from the uncertainties that lie upon the future happenings. They are witnessed in different areas depending on the carried activities. In the case of an investment, the risk involved is characterized by a possibility of a negative outcome that yields to losses. With the use of good rational and assessment methods, risks can be quantified and grouped to certain levels. Exploitation of the different risk levels and decision making depends on the risk tolerance level of an individual which predetermines the risk aversion factor as discussed below.Playing the gameThis would mean risking thirty thousand dollars with the hope of getting one hundred thousand dollars which is 233.33% of the amount invested. The gain would take less than five minutes to be achieved. The deal looks interesting, and someone might be temp ted to try it. The challenge in this short-term and hyper-profitable venture is figuring out a single door out of three doors that lead one to the one hundred thousand dollar fortune. It sounds more like a gamble where one is placing a bet with hope and conviction of realizing positive results. The probability of identifying the correct door is a third which indicates that the possibility of gaining from the investment is 33.33%. Therefore, the possibility of losing everything is two-thirds which indicate the uncertainty levels, that is, 66.67%.The risk factor in playing the game is significantly high which is directly proportional to the gains. In risk tolerance principle, the levels of risk tolerance are classified into three with respect to the behavior of the investors, that is, conservative, aggressive, and moderate investors (Hanna, Gutter Fan, 2001). For a conservative investor who is only willing to invest the capital where the risk levels are low irrespective of the low pe rcentage gains, he/she would opt out of the game which is often referred to as risk aversion. The conservative investor is much concerned with the process rather than the outcome. An aggressive investor geared to attain highest possible gain in the shortest period would most likely end up risking his/her capital with little thought since he/she is more interested in the outcome rather than the process (Hvide Panos, 2014). The moderate investor will weigh the two options and consider other factors before making a decision. Unlike the conservative investor, he/she is equally interested in the outcome as well as the process.Walk away the gameWalking away the game means that the potential investor prefers to remain at his/her financial position rather than making a gain or a loss thus choosing risk aversion. It is an obvious reason the person in question is not against the idea of trying a possible gain. He/she is quite certain of the levels of risks involved that if the outcome tends to the worst, he/she will end up losing everything. Probably the little money he possesses if invested otherwise in a well-calculated and assessed risk could yield to appreciable gains.This is true for a case where the risk tolerance is low as in the case with the conservative moderator. However, to realize such an outcome, the investor will be forced to take a longer period. The low tolerance levels justify his/her actions thus one is comfortable with the walk away decision which in this case is high-risk aversion levels. For an aggressive investor, walking away the deal will be faced with high negative energy. The high-risk tolerance levels of the aggressive investors reduce the chances of the risk aversion (Frijns et al., 2013). Therefore, in the wake of a walk away, the per...

What Is a Crustacean - Information on Crustaceans

Question: What Is a Crustacean? Crustaceans are animals in the Phylum Arthropoda and Subphylum Crustacea. The word crustacean comes from the Latin word crusta, which means shell. Answer: Crustaceans are a very diverse group of invertebrate animals which includes active animals such as the crabs, lobsters, shrimp, krill, copepods, amphipods and more sessile creatures like barnacles. Characteristics of Crustaceans All crustaceans have: A hard, but flexible exoskeleton or shellTwo pairs of antennaeA pair of mandibles (which are appendages used for eating)Two pairs of maxillae on their heads (additional mouth parts located after the mandibles)Two compound eyes, often on stalksSegmented bodies with appendages on each body segmentGills Crustaceans are animals in the Phylum Arthropoda, and Subphylum Crustacea. Classes, or broad groups of crustaceans, include the Branchiopoda (branchiopods), Cephalocarida (horseshoe shrimp), Malacostraca (the class that is probably most important to humans, and includes crabs, lobsters, and shrimps), Maxillopoda (which includes copepods and barnacles), Ostracoda (seed shrimp), Remipedia (remipedes, and Pentastomida (tongue worms). Crustaceans are diverse in form and live around the world in a variety of habitats - even on land. Marine crustaceans live anywhere from shallow intertidal areas to the deep sea. Crustaceans and Humans Crustaceans are some of the most important marine life to humans - crabs, lobsters and shrimp are widely fished and consumed around the world. They may also be used in other ways - crustaceans like land hermit crabs may also be used as pets, and marine crustaceans may be used in aquariums. In addition, crustaceans are very important to other marine life, with krill, shrimp, crabs and other crustaceans serving as prey for marine animals such as whales, pinnipeds, and fish.

The Utilization Of Prescription Drug - 1332 Words

The utilization of prescription drug has increased in recent times. The availability of these medications has resulted in the treatment of numerous infections and ailments. These drugs alleviate chronic pain, depression and anxiety, sleep apnea, and much more. For an efficient health system, the main goal is to provide quality health care to all patients. However, over the years, there have been many legal and health controversies over drugs and the effects that they have on the body. The process of prescription drug starts from a lab and ultimately sojourns with the end-user. The drugs undergo testing and are often developed to treat a specific disease before being reviewed by the Food and Drug Administration (FDA). Healthcare organizations use formulary systems in order to efficiently dispense prescription drugs. According to Steiner (2014), a formulary system is an ongoing process whereby healthcare organization establishes policies regarding the use of drugs. This system also identifies the best medically appropriate and cost-effective drugs to best serve patients. The process of this method includes a list of drugs approved by healthcare professionals. Some of the issues involved in implementing formulary systems stem from legal challenges such as anti-substituting or generic substituting laws, federal and state drug laws, and trademark laws (Steiner, 2014). In the case of anti-substituting or generic substituting, it is imperative that pharmacists are quiteShow MoreRelatedLabeling And Generic Medicine : Pricing And Market Share1346 Words   |  6 PagesAccording to the article â€Å"Originator and generic medicine: pricing and market share† the cost of pharmaceutical drugs accounts for a significant portion of the total health expenditure (Eon Van Der Brendenkamp, 2013). Pricing strategies are used to create affordable costs, while also providing quality for prescription drug management programs. As part of the goals of pricing strategies, benefit management programs use pharmaceutical benefit managers to negotiate prices, create a savings out ofRead MoreHcs/440 Group Paper1087 Words   |  5 Pageslies in the cost of prescription medications. The price for prescription medications is quickly becoming one of the largest medical expense burdens on Americans today. Many Americans are cutting expenses in other areas of their lives such as groceries and entertainment in order to obtain the pills that directly affect their health. Some people do not have prescription medication coverage in their policies and have to pay 100% out of pocket. The demand of certain drugs is causing and allowingRead MoreThe Effects Of Drug Utilization On The Medical Care Of Infants, Children And Adolescents Essay946 Words   |  4 Pageschildren and adolescents. Studies on the process of drug utilization focus on factors related to prescribing, dispensing, administering and taking of medication and its associated events. Drug utilization play a significant role in helping the health-care system to understand, interpret and improve the prescribing administration and use of medications.1 The irrational use of drugs is known to an increase in t he cost of treatment, incidence of adverse drug reactions. Markets for children s medicines tendRead MorePricing Strategies For Prescription Drugs Essay891 Words   |  4 Pagesstrategies and tools to charge employers for prescription drugs. These strategies help PBM’s turn a profit while still being able to create a fair and affordable situation to the employer. The goal for PBM’s is to remain competitive while generating a business contract between the organizations and pharmaceutical companies. The organization must be able to take an active role in their contracts to continue to provide quality and affordable prescription drug programs. â€Å"A comprehensive generics programRead MoreUse of Electronic Medical Records1800 Words   |  7 PagesMedication reconciliation is the process of comparing a patients medication orders to all of the medications that the patient has been taking. This reconciliation is done to avoid medication errors such as omissions, duplicat ions, dosing errors, or drug interactions. It should be done at every transition of care in which new medications are ordered or existing orders are rewritten. Transitions in care include changes in setting, service, practitioner, or level of care. (Barnsteiner, nd, p.1) ThereRead MorePrescription Opioid Abuse : An Increasing Epidemic With Solutions945 Words   |  4 Pages Prescription Opioid Abuse: An Increasing Epidemic with Solutions in Prescribing The rate of poisonings associated with drug overdoses has been on the rise, especially concerning those involving opioids (Paulozzie, Budnitz, Xi, 2006). The Centers for Disease Control and Prevention (CDC) does not mince words regarding the status of opioid utilization in the United States: ?The United States is in the midst of an opioid overdose epidemic? (CDC, 2016). Opioids are now the most common cause of prescriptionRead MoreThe Impact Of Prescription Drugs On The Health Sector1486 Words   |  6 Pagessubstantial piece of the U.S market in the health sector is run by the prescription drugs and, therefore, making the U.S the global largest market of pharmaceuticals accounting for more than a third of the world’s expenditure on drugs. It is estimated that in 2014 slightly over $300 billion were spent on prescription drugs which accounts for roughly 10 cents of every dollar in the U.S healthcare market. The U.S expenditure on prescription drugs has been growing at an annual rate of 11% for the last 27 yearsRead MoreComplementary And Alternative Medicine ( Cam )1694 Words   |  7 Pageslonger â€Å"the answer† to pain relief. Complementary and Alternative Medicine (CAM) has been around for centuries, relieving fatigue, stress, and pain naturally. Alternative medicine is any practice that is advanced as having the mending impacts of prescription, yet does not start from proof accumulated utilizing the exploratory strategy, is not some portion of biomedicine, or is repudiated by investigative confirmation or set up science. It comprises of an extensive variety of medicinal services practicesRead MoreCase Study : The La Fontaine Dealership1169 Words   |  5 Pageshospitalization (including surgery), maternity and newborn care, mental health and substance use disorder services, including behavioral health treatment (including counseling and psychotherapy), prescription drugs, rehabilitativ e and habilitative services and devices, laboratory services, preventive and wellness services and chronic disease management pediatric services, including oral and vision care† (Texas Government, 2015, para. 4). Inpatient ServicesRead MoreAgonists Essay781 Words   |  4 PagesAgonists are drugs with affinity for a receptor that cause a specific response. (Colbert, 2016, pg26) Beta2 adrenergic receptor agonists are a class of medications that cause muscle unwinding. It causes smooth muscle widening of bronchial entries, vasodilatation in muscle and liver, unwinding of uterine muscle and release of insulin. Inhaled salmeterol and formoterol, known as long†acting beta2†agonists (LABAs), are widely used to manage the symptoms of COPD, so it is important to understand their

Explain clearly about Economic Environment of Starbucks Coffee

Question: Identify one specific organisation that you believe has been significantly affected by changes in the business environment since 2006. Explain clearly what the effects have been. Make sure you support your comments with referenced evidence drawn from appropriate sources these would include (but should not be restricted to) the ONS, the BBC (including the UK economy site), the Economist, Sky, one of the quality newspaper sites. You may of course also use company specific websites if that is appropriate. Answer: Introduction The UK recovery since 2009 has been relatively slows; and hence faster than most of the G7 economies (Starbucks Coffee Company 2016). Over the last couple of years most of the Britain citizens are affected by less extent of UK economy. In every articles and newspaper, people are use to see the practical impact of declination of economic conditions on many aspect of multi-national companies in UK like Starbucks Coffee. According to the report of Economic Freedom (UK), the regional ranking of UK in terms of economic environment is forth with an overall change of 0.6% (Cowling et al. 2015). But in the decade of 2003 to 2013, the economic rate of UK results a gradual decline of 3.2% of GDP and government borrowing of 3% (Heo and Ye 2016). The researcher has identified some of the prevailing economic environment business conditions in UK with the help of an instance of Starbucks Coffee. Economic Environment of a business The economic environment of a business implies several economic factors like inflation, rate of increase in interest rates, employment, productivity and etc. The economic environment of UK resulting from 2003 to 2013 financial crisis that created a phenomenal deal and fear among various multi national companies in UK. In the year 2010, the economical rate of UK results declination of GDP and increase a rate of inflation values (Bateman et al. 2014). According to the report of UK Economic Outlook, the current GDP growth of UK is 2.2% with second fastest growth rate in G7 and only 0.5% rate of inflation (Tredgett and Coad 2013). The four primary economic activity resources in the business market lies with the concept of Land, Labor, Capital and Enterprise. The main purpose of economic activity is to satisfy human wants and to produce goods and services. Overview of Starbucks Coffee Starbucks Coffee is the chain of Coffeehouse that serves a variety of Coffee and Non-Coffee beverages across worldwide with a featured food of Cakes and pastries. The company operated a licensed store of more than 17000 stores worldwide (Starbucks Coffee Company 2016). The company operated its products in more than 50 countries. The company main competitors are McDonalds, Dunkin Donuts and Caribou. Besides this, the company also took part in various social and environmental responsibilities with a manufacturing concept of recyclable and reusable cups (Mahobia and Jain 2015). Figure 1: Starbucks Coffee (Source: Starbucks.co.uk, 2016) In the mid year 2003-2013, the country suffers a declination of projected growth of 7.23% which results many global companies to lease its company shares for the GDP growth (Liu 2015). Various companies in UK including Starbucks Coffee suffer a great impact of economic conditions of business. The company growth rate results a decline of 2.3%, company sale declines to 9% simultaneously (Bowen and Sisson 2013). Not only, the companies but also several individuals and banks are affected by economic conditions because this results cuts in interest rate and rise of inflation of various services. Starbucks Coffee in relation with Economic Environment According to the report, Starbucks economic earnings have dropped 21% too far, $151 million to $110 million with a revenue rose to 12% (Tredgett and Coad 2013). In the economic environment, Starbucks is at its weakest in its company history. In the year 2010, the economic rate of UK was very poor which results Starbucks to cut down many jobs and stores; incurs a heavy loss in a economy growth. The economic impact of Starbucks is directly proportional to revenues, gross value added and employment. During the mid period of 2003 to 2012, the economic environment business conditions of UK was very worst which results Starbucks like companies to rely upon international suppliers (Lee 2013). Figure 2: Starbucks Coffee Economic Environment (Source: Jang and Jung 2013, pp-35) The expenditure of Starbucks gradually increases to 63% in 2011/12. Construction costs rises to 13% which results declinations of infrastructural area (Cowling et al. 2015). Starbucks is affected by the change of Business Environment The change of business environment in UK has been occurred since 2003 (Latif et al. 2014). It affects Land, Labor, Capital and Enterprise of an economy. After a huge economic recession occurred in the year 2003-2013, UK is recovering from a significant breakdown. The recession results UK to decline its GDP growth to 0.5% but in the year 2009; UK makes a fluent changes to 5.2% respectively (Cowling et al. 2015). Many researcher and analysts believe that the International Events such as Olympic helps in getting income influx. The table below has been created by the researcher itself; which highlights UK GDP growth, inflation rate and import and export percentage worldwide. Categories 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Gross Domestic Product (GDP) 2315 2246 2350 2430 2480 2550 2660 2784 2892 3012 Inflation (in %) -0.8 -5.2 1.7 1.1 0.1 1.3 1.9 1.7 2 2.2 Export (in %) 466.9 356.4 410 478 476 478 520 - - - Import (in %) 640 480 560 638 650 645 720 - - - Figure 3: Starbucks Coffee Business Environment Strategy (Source: Bateman et al. 2014, pp-280) Political and Economical changes affects Starbucks The political and economical changes affecting Starbucks includes inflation, high rise of interest rates, price discrimination and unemployment. In the year 2010, Starbucks had to close its two outlets globally which led many employees to flush down many jobs (Wetherly and Otter 2014). Rise of inflation led Starbucks consumers to switch off the company products by incurring other foreign brands products. High rate of interests affects many individuals and company customers. Market changes affects Starbucks Emerging Marketing Gaining Power: Over the last few years UK has been suffering from constant economic issue. As UK invests and trade among themselves; the economic rate declines to 3.5% in the year 2008 (Cowling et al. 2015). The bargaining power of many UK companies tends to decline 2% simultaneously. Starbucks faces a loss of $1 million in the year 2006 (Yu 2013). Technological Changes affects Starbucks As technology is emerging day-by-day, many companies adopt the advance and innovative technology to manipulate with market segmentation. In the period of recession (2011), Starbucks adopts a system of digital networks to make its online offerings expand. Additionally, as the company faces a substitute loss of 2.3% globally; the need of digital networks estimates a flop strategy; which led company to incur a premium loss (Smith and Waters 2015). The practice of employees working outside is hurting the job market. Additionally, a concept of active packaging in the year 2011 led company to hit the market share and results many stakeholders to withdraw the monetary values invested in technological sector (Starbucks Coffee Company 2016). Global Changes affects Starbucks Global Warming: Starbucks has noticed that the climate has been frequently changed in the year 2010 in UK because of extremes rise in sea and water levels. This constant change makes the Starbucks to work even harder for creating its traditional farming resources. In the year 2008, Starbucks sees scarcity of water as a sustainability threat. This unusable threat caused Starbucks to initiate and restore UK watershed by eliminating water to National Forest System. This led Starbucks to drive more water and energy to 50% (Cowling et al. 2015). Explanation of Starbucks Effects with the help of ONS The issue that Starbucks has faced is very rational. It depends on the country economy market segmentation. The effects include political, economical, market, technological and global issue of Starbucks. The detailed of those prevailing effects with the help of ONS is explained by the researcher. Figure 4: ONS System of Starbucks Coffee (Source: Bowen and Sisson 2013, pp-110) In the year 2003, the growth of GDP in second, third and fourth remain same; whereas in 2004, it gradually declines with a very low percentage. In 2004, the mid of quarter one has seen an immense performance of 3,70,000 (in $million) which was overall good. Suddenly, in the year of 2008 and 2009 the growth rate of GDP is declining simulaneously with reference to quarter one. In the consequetive year of 2010, 2011, 2012 and 2013, Starbucks economic growth rate remains constant with normal sales value. In the overall ONS graph sheet the highest rate of Starbucks reaches to 3,70,000 (in $million) and lowest rate of Starbucks eliminates to 3,00,000 (in $million). This enhances Starbucks performance of growth rate in economic environment of UK business. Conclusion This study investigates the political, economical, technological and global impact of Starbucks in UK. The company also impacted its economy through its procurement. The company apprenticeship, GDP growth and innovation help to enhance the supply chain management side of labor market outcomes. The economical condition of UK is increasing at a substantial rate after 2012. The current GDP growth of UK is 2.2% with second fastest growth rate in G7 and only 0.5% rate of inflation. This emerges a gradual success to UK economy with its rise in GDP growth level and control of inflation rates. Many companies are utilizing and manipulating its resources by adopting and maintaining advanced system in technological sector. The companies like Starbuck raise its labor power, revenue and sales from last five years globally and worldwide after recession period in UK. References Bateman, I.J., Harwood, A.R., Abson, D.J., Andrews, B., Crowe, A., Dugdale, S., Fezzi, C., Foden, J., Hadley, D., Haines-Young, R. and Hulme, M., 2014. Economic analysis for the UK national ecosystem assessment: synthesis and scenario valuation of changes in ecosystem services.Environmental and Resource Economics,57(2), pp.273-297. Bowen, S.A. and Sisson, D.C., 2013, March. Starbucks, Reputation Management, and Authenticity: A Case Study of Starbucks United Kingdom Tax Crisis # SpreadTheCheer Campaign. In16TH INTERNATIONAL PUBLIC RELATIONS RESEARCH CONFERENCE(p. 110). Cowling, M., Liu, W., Ledger, A. and Zhang, N., 2015. What really happens to small and medium-sized enterprises in a global economic recession? UK evidence on sales and job dynamics.International Small Business Journal,33(5), pp.488-513. Heo, U. and Ye, M., 2016. Defense Spending and Economic Growth around the Globe: The Direct and Indirect Link.International Interactions, (just-accepted). Jang, Y.J. and Jung, E.C., 2013. Studies on the Design Marketing Strategies in the Experiential Economy through the Case Study of the Starbucks Company. InDesign, User Experience, and Usability. Web, Mobile, and Product Design(pp. 30-36). Springer Berlin Heidelberg. Kim, E., 2013.The role of social media in crisis communication-A case study of Starbucks(Doctoral dissertation, Texas State University-San Marcos). Latif, M., Gulzar, H., Bukhari, S.R. and Sameen, S.N., 2014. Starbucks sustained during economic crisis.International Journal of Accounting and Financial Reporting,4(1), p.307. Lawton Smith, H. and Waters, R., 2015. Regional synergies in Triple Helix regions: The case of local economic development policies in Oxfordshire, UK.Industry and Higher Education,29(1), pp.25-35. Lee, Y.C., 2013, July. The strategy of mission statement to build staff working value-A case study of Starbucks. InService Systems and Service Management (ICSSSM), 2013 10th International Conference on(pp. 487-489). IEEE. Liu, C.L., 2015. Internet Marketing Strategies and Customer Loyalty: A Case Study of Starbucks Coffee. Mahobia, H. and Jain, T.K., 2015. Starbucks: Adapting in the Indian Market.Indian Journal of Marketing,45(8), pp.37-47. Starbucks Coffee Company. (2016). Starbucks coffee shops Starbucks.co.uk [online] Available at: https://www.starbucks.co.uk/ [Accessed 29 Mar. 2016]. Tredgett, E. and Coad, A., 2013. The Shaky Start of the UK Small Business Research Initiative (SBRI) in Comparison to the US Small Business Innovation Research Programme (SBIR).Available at SSRN 2205156. Wetherly, P. and Otter, D., 2014.The business environment: themes and issues in a globalizing world. Oxford University Press. Yu, J., 2013. Promotion mix and consumer engagement on social networking sites: A cross-cultural case study of Starbucks Posts on Facebook (USA) and Kaixin (China).Quarterly Journal of Chinese Studies,2(1), p.1.

Spiral Model free essay sample

The spiral model combines the idea of iterative development (prototyping) with the systematic, controlled aspects of the waterfall model. It allows for incremental releases of the product, or incremental refinement through each time around the spiral. The spiral model also explicitly includes risk management within software development. Identifying major risks, both technical and managerial, and determining how to lessen the risk helps keep the software development process under control.The spiral model is based on continuous refinement of key products for requirements definition and analysis, system and software design, and implementation (the code). At each iteration around the cycle, the products are extensions of an earlier product. This model uses many of the same phases as the waterfall model, in essentially the same order, separated by planning, risk assessment, and the building of prototypes and simulations. Documents are produced when they are required, and the content reflects the information necessary at that point in the process. We will write a custom essay sample on Spiral Model or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page All documents will not be created at the beginning of the process, nor all at the end (hopefully). Like the product they define, the documents are works in progress. The idea is to have a continuous stream of products produced and available for user review. The spiral lifecycle model allows for elements of the product to be added in when they become available or known. This assures that there is no conflict with previous requirements and design. This method is consistent with approaches that have multiple software builds and releases and allows for making an orderly transition to a maintenance activity.Another positive aspect is that the spiral model forces early user involvement in the system development effort. For projects with heavy user interfacing, such as user application programs or instrument interface applications, such involvement is helpful. Starting at the center, each turn around the spiral goes through several task regions. ?Determine the objectives, alternatives, and constraints on the new iteration. ?Evaluate alternatives and identify and resolve risk issues. ?Develop and verify the product for this iteration. ?Plan the next iteration.Note that the requirements activity takes place in multiple sections and in multiple iterations, just as planning and risk analysis occur in multiple places. Final design, implementation, integration, and test occur in iteration 4. The spiral can be repeated multiple times for multiple builds. Using this method of development, some functionality can be delivered to the user faster than the waterfall method. The spiral method also helps manage risk and uncertainty by allowing multiple decision points and by explicitly admitting that all of anything cannot be known before the subsequent activity starts.WATERFALLS CYCLE The waterfall model is a sequential design process, often used in software development processes, in which progress is seen as flowing steadily downwards (like a waterfall) through the phases of Conception, Initiation, Analysis, Design, Construction, Testing,Production/Implementation and Maintenance. The unmodified waterfall model. Progress flows from the top to the bottom, like a waterfall. The waterfall development model originates in the manufacturing andconstruction industries: highly structured physical environments in which after-the-fact changes are prohibitively costly, if not impossible.Since no formal software development methodologies existed at the time, this hardware-oriented model was simply adapted for software development. The first known presentation describing use of similar phases in software engineering was held by Herbert D. Benington at Symposium on advanced programming methods for digital computers on 29 June 1956. This presentation was about the development of software for SAGE. In 1983 the paper was republished with a foreword by Benington pointing out that the process was not in fact performed in strict top-down, but depended on a prototype.The first formal description of the waterfall model is often cited as a 1970 article by Winston W. Royce, though Royce did not use the term waterfall in this article. Royce presented this model as an example of a flawed, non-working model (Royce 1970). This, in fact, is how the term is generally used in writing about software development—to describe a critical view of a commonly used software practice. In Royces original waterfall model, the following phases are followed in order: 1. Requirements specification 2. Design 3. Construction (AKA implementation or coding) 4. Integration 5. Testing and debugging (AKA Validation) 6. Installation 7. Maintenance SDLC Systems Development Life Cycle (SDLC) is a process used by a systems analyst to develop an information system, including requirements,validation, training, and user (stakeholder) ownership. Any SDLC should result in a high quality system that meets or exceeds customer expectations, reaches completion within time and cost estimates, works effectively and efficiently in the current and planned Information Technology infrastructure, and is inexpensive to maintain and cost-effective to enhance.Computer systems are complex and often (especially with the recent rise of Service-Oriented Architecture) link multiple traditional systems potentially supplied by different software vendors. To manage this level of complexity, a number of SDLC models or methodologies have been created, such as waterfall; spiral; Agile software development; rapid prototyping; incremental; and synchronize and stabilize. SDLC models can be described along a spectrum of agile to iterative to sequential. Agile methodologies, such as XP and Scrum, focus on lightweight processes which allow for rapid changes along the development cycle.

How to explain career gaps in your resume to an employer

How to explain career gaps in your resume to an employer It’s easy to picture your career as one long, unbroken path, from the start of adulthood to the day you retire. You know what’s not so easy? Reality. Life can get in the way of even the best-planned career paths, causing gaps and disruption in your employment history. Maybe you took time off for personal health reasons or to take care of a child or family member. Maybe you got laid off, and it took longer than expected to find a new gig. Maybe, at one point, you decided to go backpacking through Lithuania for a year. Whatever the cause, you’re not alone. And a gap isn’t a dealbreaker- we promise. So let’s look at ways to approach breaks in your work history as you’re looking for a new job. 5 rules to explaining a resume gap1. Be honestLying on a resume is always going to be a huge no-no. (And in these days of easily Googleable personal info, it’s a fast way to self-sabotage.) If you’re trying to spin a work gap, don’t put dates on your resume that don’t exist.What you can do is format your resume so that brief gaps aren’t so glaringly obvious. For example, instead of saying that you worked at X company from March 2014 to February 2018, you can use just the years (2014–2018).2. Be selectiveYour resume doesn’t necessarily need to include every single job you’ve ever held, especially if you’ve already been working for a long time. It’s acceptable to omit jobs (especially far-back ones or jobs that are not super-relevant to the job for which you’re applying now) and focus on the most relevant.3. Be a format rebelThere’s no hard-and-fast rule that your resume needs to follow the oh-so-traditional format of header, opening line/objective, then work experience. Instead, if you’re trying to spin an employment gap, consider using a skills-based resume format, which puts the Skills section front and center before your work history.Remembe r: your resume is a professional narrative, and you control that. If you want to make the story your skills and qualifications rather than the amount of time spent in other jobs, you can make that the focus.4. Be productive during your time awayIf you’re anticipating an upcoming break or you’re still in one as you start to think about what comes next, make sure you’re using your time to stay current on any necessary skills or certifications you’ll need. Keeping your toe in the water can make for a much easier narrative to sell when you’re ready to get back to the full-time grind.5. Be prepared to talk about itHowever you decide to frame the gap in your resume, it may come up in the interview. This shouldn’t be a â€Å"hide your shame† situation. People understand that life throws challenges that require us to make choices or adjustments. Whatever caused the break in your resume, it happened. It’s okay to own that. But do keep in mind that potential employers aren’t allowed to make hiring decisions based on your personal or family status, so you’re not obligated to give details. It’s okay to keep it general.Like with your resume, this is your chance to make the narrative what you want it to be, and emphasize the positive aspects. Emphasize what you learned from the experience, and what makes you ready to pick back up with this new job.If you were fired or laid off: â€Å"I wasn’t expecting things to shake out that way, but it gave me a chance to dig deep into my career goals, build new skills, and refocus my energies.†If you chose to take time off to travel or similar: â€Å"I’d reached a point where I needed to take a breather and re-evaluate my career path. It helped me build my skills and taught me so much about working with people from different cultures and perspectives. And now I’m back with more energy and focus than ever.†If you had health issues: â€Å"I was going through a tough time, and decided to take the time to concentrate on getting better. I’m a stronger person for devoting that time to my recovery, and I’m ready to take on what comes next.†If you were taking care of family: â€Å"I decided to prioritize my family for the past two years. Now I’m in a position to pick up my career and focus on my professional goals. Plus, after juggling this care and other responsibilities, my time management and organizational skills are stronger than ever!†Explaining gaps in your employment history may not be your ideal situation, but it shouldn’t be a source of despair, either. Be positive and make sure you’re emphasizing all the things that make you a great candidate, and you’ll be ready.

Advantages and Disadvantages of Service Contracts and Production Essay

Advantages and Disadvantages of Service Contracts and Production Sharing Contracts - Essay Example In many countries where oil and gas are being produced, made abrupt and unilateral changes in the already executed agreements. This unilateral change at the end of oil and gas producing countries hit hard the investors. This would definitely shake the confidence of the investors who invested a lot of money in oil and gas projects. The governments of Venezuela and Bolivia have gone to the extent of breaking the contracts or termination of licenses at their own sweet will. This move can be branded as â€Å"resource nationalization†. To lessen the negative impact on the profitability of the investing companies, the sovereign governments of Canada, UK and the USA have proposed compensation in terms of further extension of their contracts on soft terms to address this issue1. To safeguard the interest of the investor companies came from abroad, the effective legislation is necessary to mitigate the risks associated with it. However, the legislation in this respect varies from count ry to country. This does not only effectively take care of the interest of the host countries but the interest of the investors those who are in the run. ... On the other hand, the state in return will receive royalty payments, income tax and other liveable taxes on the oil and gas producing companies. Contrary to that as per PSC the government will be the owner of all oils and gas productions, and the IOC will act as technical and financial services provider to take care of oil exploration and the development of oil wells / gas fields. Alternatively production will be shared between IOCs and the State in line with the provisions of PSC3. In the developing dominions, PSC system is an effective tool to access oil and gas exploration as well as development of oil wells. As per Johnston view, this access dependable on the political system of that country. As far as functional and financial considerations, the PSC system is more or less at par with concessionary system. The only difference between the two is the management control and its effective implementation4. Upstream Oil & Gas Agreements Overview Upstream agreements in fact create and establish legal business entity and working relationship between the sovereign government and the individual who owns land of exploration for oil and gas. The agreement is a legal document where rights and obligations of the stakeholders are clearly defined, leaving no ambiguity5. In the developed countries like USA, Canada and the UK where two forms of agreements are in existence. One is for the execution of individual land owner for exploration of oil and gas, the other one between the host government and the investor. The agreement executed between the host country and the investment company is called â€Å"Concession Agreement and the Production Sharing Contract† 6. In other words the