Statistical Analysis Results of Crime: ANOVA Test

Statistical Analysis Results of Crime: ANOVA Test THE ANALYSIS OF VARIANCE (ANOVA), STUDENTS ‘T’ TESTS AND MATRIX ALGEBRA ATUBI, A. 0. Ph.D. Introduction The ANOVA sometimes referred to as the F test (named after the statistician Sir Roland Fisher, the author of this test) is a set of procedures for testing the significance of differences among more than two independent means. This procedure determines the extent to which there are significant differences between the means of three or more samples with a single level of significance. Because this procedure and others like it focus on variances, they are referred to as the analysis of variance or ANOVA One Way Analysis of Variance The step in ANOVA can be illustrated by an example Example 5.1.1 The number of crimes committed in 4 months in various parts of a town are list below: Month Artisan quarters Slums CDB GRA January February March April 20 16 32 16 52 44 56 36 36 40 36 40 16 20 32 20 At 0.05 level of confidence, are crime frequencies related to urban morphology or month of the year? First set up a null hypothesis of equality of the means Let Ho be: â€Å"There is no significant difference between the crimes frequencies and urban morphology or month of the year. Next, find the total of the four areas as listed below then their means Total =Artesan SlumsCBDGRA 8418815288 Mean Next, calculate the Grand mean Next, calculate the sum of squares for each population. Note that in ANOVA the number of samples do not have to be same Table 4.1.1: Means and sums of squares of crimes committed In ANOVA, we determine differences between means by calculating their variability. Three types of variability are estimated: The variation within each sample result The variation between the sample results The total variation of the samples, regardless of the sample grouping to which they belong (Anyadike, 2009) Next, calculate the sums of the sum of squares for each column (i.e Variable): SSW = ∑∑(Xij X)2 = 172+236+16+144 =568 Calculate sum of square between = ? N (X —X)2 =4(21-3 2)2+4(473 2)2+4 (3832)2 + 4(2232)2 = 484 +900+144+400 =1928 Calculate the within group sum of square. MSW = SSW n-rn Where n=no of observations M=no of groups Similarly, the mean s square between will be MSb =SSb M-l Therefore MSW =SSb=568=568 n-m 16-4 12 = 47.33 The ratio between the variance estimate is known as the Snedecor’s variance ratio test or Snedecor’s F Now set up an ANOVA table: Finally, test for significance: The degrees of freedom, V are: V- numerator = M-1=4-1=3 V- denominator = n-m= 16—4=12 From the Table of the F-Distribution, critical value of F at 0.05 3 and 12 =3.49 Calculated value is 13.18 Since the calculated F of 13.58 is greater (>) 3.49, Ho is rejected. Therefore, â€Å"There is a significant difference between crime frequencies with regards to urban morphology or month of the year. THE STUDENT ‘T TEST The most powerful test for the comparison of sample means is the student ‘t’ test. It is a parametric test and is used to determine whether or not the differences between two sample means are sufficiently great as to justify a conclusion that the means of their populations also differ significantly. It is also used for small samples The student ‘t’ is expressed as: T = x1-x ­1 vS12/N1 + S22/N2 Where X1 and X2 are the means of the two sets of data; S1 and S2 their standard deviations; and N1 and N2 the number of observations. The degree of freedom, V is expressed as follows: V = N+N,-2 Degree of Freedom There is often confusion among students about the concept of â€Å"degree of freedom†. Basically, if the sum of a set of elements and the sum of all but one is of its elements are both known, then the value of the last element must also be known, i.e. it is not, unlike the others, free to vary (Ayandike, 2009). For example, if the sum of 8 elements is 30 and the values of 7 of the elements variously add up to 28, then the value ofthe final (i.e. the 8†) element must be (30-28) = 2, i.e. if is not free to adopt any other value. The degree of freedom in this case is thus (8-1) = 7, i.e. in the set of 8 element, 7 of them are free to take on any values to sum up to 28, leaving value inviolate ELEMENTS OF MATRIX ALGEBRA Introduction The matrix is a rectangular array of number arranged in rows n and columns, m i.e Each of the numbers is called an elements. The position of each element is determined by its position in the row as well as in the The size of the matrix is given by the number of rows (n) and number of column (m) for example. A matrix which has the same number of rows and columns is called a square matrix. In the example above, a and c are square matrices. A matrix with a single row is called a row vector, while a matrix of a single column is called a column vector. Example of a row vector is {3 5 7 8} example of column vector is Matrix can be added, subtracted, multiplied and inverted but cannot be divided. However, they can only be divided by a scalar (i.e an ordinary number). Addition of Matrix Matrices to be added must be of the same size as one another. That is they must have the same number of columns and row s. This is because each element of one matrix must be added to the same element of the other matrix e.g. supposing we are adding two matrix [A]  ± [B] [A] + [BI =[C] i.e you add element by element N.B:The number of columns and rows must be the same before it can be added Matrix Subtraction The same rule as addition is applied e.g to subtract [BI from [A] [A] [B] Matrix Multiplication There are two aspect of matrix multiplication namely: a.Multiplication of matrix by a scaler b.Multiplication of matrix by two matrices By Scaler Supposing we are multiplying the matrix below by 4 Multiplication by Two Matrices When two matrices are to be multiplied, the number of columns in the first matrix must be equal the number of rows in the second matrix e.g. 23 matrix can be multiplied by 32 matrix. But a 23 matrix cannot be multiplied by another 23 matrix because the number of rows there is not equal to the number of columns in the second e.g. The result will have as many rows as the first and as may columns as the second. Multiplication of a matrix by vector, example An identity or unity matrix 1, is a matrix where the diagonal consist of l’s and the rest of the elements are zero e.g.: Matrix Inversion In matrix, algebra function of division is changed to that of inversion. The inverse of the matrix is it’s reciprocal i.e. Only square matrices have inverses. A matrix that cannot be inverted is called a singular matrix. Several methods exists for finding the inverse of a matrix. They includes 1.  The classical method This is to set the matrix beside an identity matrix, and to perform all operations simultaneously in both matrices, for example, if you are to invert this matrix [A], you first place it beside an identity matrix You have Step 1 Subtract row 2 from 3, multiply row 1 Row 2(3xrow 1) Step 3 2.  By Determinants This is the more modern one. A determinant is a single number extracted from a square matrix by series of operations. It is represented by either det A or /A/ The process of obtaining a determinant from a matrix is called evaluating the determinant. Using determinant, the inverse of matrix [A] becomes /A/ = ad—bc The adjoint of a matrix is the transposed matrix of co -factors with the signs taken into consideration. The signs are alternating +, -, across and down the element of the matrix e.g. in a 22 matrix So far a 22 matrix, the inverse is the adjoint of that matrix over the determinant of the matrix. The determinant of a 33 matrix The minus for each leading element becomes Uptill i. The Solution of Simultaneous Equation The major interest in matrices (and its greatest strength) is their use in the resolution of the unknowns in simultaneous equations (Anya dike, 2009) SIMULTANEOUS EQUATIONS WITH TWO UNKNOWNS 3x+4y 10 2x +‘7y = 11 Set in matrix form 1.Using the classical method, our equation in matrix form is [A] [x] [B] The matrix of the unknown [x]=[A]=[B] For a 2 x 2 matrix the adjoint of it is Since our matrix of unknown is Check with original equation 3x+4y =10 2x +7y1l Check 3(2)+4(1)= 10 =6+4+10 2(2) +7 (1) =1 4+7=11 1. By determinant method The matrix in our example is [A] [x] [B] This 13 is called the common denominator. Then we find the numerator of x, which is the determinant of the main matrix. :. X2/A1.B/-à ·/A!13113 =1 =y Therefore,Y = 1 X=2 REFERENCES Anyadike, R.N.C (2009) Statistical methods for social and Environmental Sciences. Spectrum Books Limited Ibadan. Anyadike, R.N.C (2009): Statistical methods for social and Environmental sciences. Spectrum Books limited Ibadan. Atubi, A.O. (2010d) Road Traffic Accident variations in Lagos State, Nigeria: A Synopsis of variance Spectra. African research Review, Vol 4(2) pp. 197-218. Ethiopia. Ewhmdjakpor C, Atubi, A.O. and Odemerho F. (2006): Statistics for social investigations. Delsu Investment Nigeria, Limited, Delta State University, Abraka. Ewhrudjakpor. C, Atubi, A.O, and Odermerho F (2006). Statistics for social Investigations. Delsu Investment Nigeria, Limited. Delta State University, Abraka. Spiegel, M.R (1972): Theory and problems of statistics. McGraw-Hill, New York.

Arafat :: essays research papers

Yasser Arafat has survived any number of "defining moments" and "turning points" in his decades as a Palestinian leader. Now comes another, perhaps the final one. The horrific slaughter of more than two dozen innocent Israelis in attacks in Jerusalem and Haifa over the weekend makes it imperative that the Palestinian Authority president break the back of the terrorist groups that carry out such murders of pure hatred. Arafat's failure to do so would open the door to an all-out Israeli war on organizations such as Hamas, which claimed responsibility for the most recent attacks, and Islamic Jihad, surely with greater suffering for the Palestinian people Arafat claims to represent. Israel retaliated Monday, launching air strikes on Arafat's helicopter compound in the Gaza Strip and the West Bank city of Jenin. Israeli spokesmen also warned of greater, unspecified payback. The attack and counterattack are the latest tightening of the dreadful happenings that must and need to come to an end. Why can’t the people of both nations live in peace and agree to live within and alongside one another? I find these recent outbreaks of hatred as pure ignorance. They can’t even image agreeing with each other. In years past United States presidents have tried, but only to see more killing. I believe as a nation we need to hold a diplomatic session with both nations, and maybe this will have impact on them to see the mass destruction and economic hardships on their nations. I can’t understand, or imagine living in a world where you can’t even go to the mall for risk of some maniac that might come storming in and blow himself up, or riding the public transportation for fear of being killed by a bomb. They have been fighting since the beginning of time itself and it is time we look at this closer. Israel uses helicopters and foot soldiers, bullets and missiles in massive attacks that kill innocent Palestinians and inflame the hatred. Palestinian suicide bombers strap weapons around their waists and kill as many Israelis as they can. I don’t know about you but to strap a bomb to myself and let it explode is a different concept than to just drop the bomb, or throw a grenade. Doesn’t that do the same thing without killing yourself? Who are they trying to kill here? The thing is that Arafat must realize that the weekend attacks represent an assault on his own authority as well as on the tatters of the peace process. Israeli and Palestinian voices of peace have been reduced to whispers; the average person

Medical Field

Chiropractic surgeons perform procedures you may have heard of such as heart bypass surgery, heart valve repair/replacement and an also be involved with operative procedures to treat ailments such as lung cancer and emphysema, and chest trauma. .NET- Or tautology's, concentrates on the ear, nose and throat. .NET surgeons treat a diverse range of problems from hearing loss to tumors, thyroid disorders and even cosmetic procedures such as rhinestones (surgery on the nose). They are concerned with some of the most important sensory areas and help patients with problems hearing, smelling, tasting and speaking.General Surgery- General surgeons broadly speaking deal with the abdominal organs and the torso. Surgeons usually develop a sub-specialty of this wide ranging area of surgery, such as trauma, collaborate, upper Castro-intestinal, habitability, breast or endocrine surgery. General surgery is one of the most common specialties. Neurosurgery- Disorders that affect the nervous system, i ncluding the brain, spinal column and cord and other nerves throughout the body, are often treated surgically by neurosurgeons.They frequently operate on conditions like brain tumors and aneurysms, head injuries, severe back injuries and other spinal defects or diseases. Ophthalmology- Ophthalmologists examine, diagnose and treat medical and surgical robbers of the eye. These can include eye injuries, infections, tumors and cataracts. Oral and Monomaniacal Surgery- This specialty, sometimes known as oral and ‘Max fax' surgery, requires both a medical and a dental degree from university. MOBS focuses on the mouth, Jaws, face and neck and surgeons deal with Injuries, diseases and defects of these areas.Trauma and Orthopedic Surgery- These specialists deal with the restoration and development of bones, joints and muscles and sometimes concentrate on a particular area such as sports injuries, upper limbs, hips and knees or feet and ankles. There are more trauma and orthopedic surg eons than most other specialties. Pediatric Surgery- Infants and children can often require specialist surgical treatment, usually provided by pediatric surgeons, who deal with neonates through to teenagers and frequently treat cases such as congenital abnormalities (present at birth), trauma, cancers and urological problems.Plastic Surgery- Plastic surgeons work on all parts of the body with the primary aim of restoring function and appearance. They repair and reconstruct damaged skin and tissue. Sometimes their work can be cosmetic, or aesthetic, and performed on patients who choose to have procedures to enhance heir appearance. Urology- This specialty concentrates on the urinary tract of men and women and on the reproductive system of men. Some of the disorders and Vascular Surgery – This specialty concentrates on the vascular system (arteries and veins). The specialty evolved from general and cardiac surgery.Some of the disorders vascular surgeons deal with include deep v ein thrombosis, varicose veins and Lymphoma. Surgery is an extremely rewarding but competitive career choice. Training to become a surgeon can be a long and challenging process, and surgeons need to be very driven and passionate in order to succeed. A surgeon's time is not Just spent in the operating theatre working on anesthetized patients; they also spend a great deal of time in outpatient treatment rooms assessing and preparing patients for surgery, and on hospital wards seeing patients before and after surgical treatment.Good communication skills are essential, as surgeons must build good rapport with patients as well as work effectively with other hospital and medical staff (such as nurses, physicians and anesthetists). To become a successful surgeon, you will need to enjoy learning and be prepared to learn new skills and techniques throughout our career. You will also need to be a good teacher, and be able to share your skills with younger and less experienced surgeons as you progress throughout your career.In short; surgeons work hard, but the work most often improves, enhances or saves other people's lives, which as you can imagine is incredibly rewarding. After University Beyond your years at medical school, you can look forward to many further years of training to become a surgeon! Immediately after finishing medical school, all graduates are required to work for two years as foundation doctors, which involves ark in a hospital, and sometimes in a GAP surgery doing several different rotations, in both medicine and surgery.Most foundation doctors will have decided by the end of their foundation years which specialty they wish to pursue and at this stage will begin applying for training posts. After completion of two to three ‘core' training years, and having successfully passed the MRS. examination, surgical trainees then begin several years of working and training to acquire all the skills necessary to pass their surgical fellowship examination s (FRI.) and become a consultant in their specialty.

Short Selling Essays

Short Selling Essays Short Selling Essay Short Selling Essay Short selling Short selling is a practice of selling a borrowed security that the seller does not necessarily own. Short sellers are generally betting that the price of security will go down, and  assume that they will be able to lock of short selling Short seller borrows the security for a given fee and sells it short on the market for Rs 40000. If tomorrow the price of security drops to Rs 38000, short seller could buy it back in order to return the security and lock a profit of 2000 (the price difference between 40000 and 38000), less the borrowing fee. Islamic Point of View Short selling is prohibited (Haram) from the Shariah perspective. Shariah scholars found several reasons behind which, short selling is considered haram, and the reasons are as follows:- 1- selling something you doesn’t own:-In Islamic transactions; to sell something you must first have the ownership of what is being sold or the subject of the sale. Therefore in order to sell a security, the security must be owned by the seller and not borrowed which is the case in short selling. 2- Riba:-Short selling is associated with the conventional borrowing and lending system of securities which includes a series of interest-based charges for services, and interested payments on borrowed securities. And as we all know, charging interest on services and borrowed securities is considered as Riba. 3- Speculation: Since short sellers are watching out for fluctuations in the markets, to sell the share at a higher price and buy it back at a lower price and pocket the difference. Speculation has been perceived negatively due to its resemblance with gambling. 4- Gharar/ Ghobun :- there is uncertainty in the contract and the buyer is also deceived. 5- unjust deeds Hamish Jiddiya Token money, down payment  by a party  intending to purchase certain goods who wishes to confirm the intention to do so by paying an amount to the seller as token money or down payment to secure the goods. Hamish Jiddiya is a collateral given for a promise to purchase. If the buyer is not proceeding to purchase, the seller can demand compensation for the actual damage, if the collateral is higher, the buyer receives an amount back, if the actual damage is higher, the the seller can demand additional compensation above the collateral. Arba’un The term Arba’un means an amount of money that the customer as purchase orderer pays to the Bank after concluding the Murabahah sale, with the provision that if the sale is completed during a prescribed period, the amount will be counted as part of the price. If the customer fails to execute the Murabahah sale, then the Bank may retain the whole amount. Waqf A Wakf is an unconditional and permanent dedication of property with implied detention in the ownership of God in such a manner, that the property of the owner may be extinguished and its profits may revert to or be applied for the benefit of mankind except for purposes prohibited by Islam. Examples of Waqf Land Buildings: one or more persons provide Cash as waqf to purchase land and buildings, e. g. a small shopping complex. Once the complex is purchased, the property may be classified as a waqf property and waqf rules apply. The property may not be sold (except to replace), be gifted, or inherited. The property remains intact and may not be spent. The rental income that is produced by the complex may be used for any shariah compliant purpose. Valid contract The remedy of specific performance presupposes the existence of a valid contract between the parties to the controversy. The terms of the contract must be definite and certain. This is significant because equity cannot be expected to enforce either an invalid contract or one that is so vague in its terms that equity cannot determine exactly what it must order each party to perform. It would be unjust for a court to compel the performance of a contract according to ambiguous terms interpreted by the court, since the court might erroneously order what the parties never intended or contemplated. Example A homeowner (who is over the age of 18 and of sound mind) signed a contract with the appliance store to buy a refrigerator. The homeowner pays for the refrigerator and the appliance store presents the refrigerator for the homeowner to take home. Void contract A void contract is not a contract and has no effect in a court of law and cannot be enforced in a court of law. Most commonly, a void contract will be missing one or all of the essential elements needed for a valid contract. Neither party needs to take action to terminate it, since it was never a contract to begin with. Example A contract that was between an illegal drug dealer and an illegal drug supplier to purchase a specified amount of drugs for a specified amount. Either one of the parties could void the contract since there is no lawful objective and hence missing one of the elements of a valid contract. Voidable Contracts A voidable contract is a contract, which may appear to be valid, and has all of the necessary elements to be enforceable, but has some type of flaw, which could cause one or both of the parties to void the contract. The contract is legally binding, but could become void. If there is an injured party involved, the injured party or the defrauded must take action, otherwise the contract is considered valid. Example A contract entered into with a minor could be voidable. Bai Tawliyah Bai Tawliyah Is a sale and buy-back agreement, is a type of Islamic finance that is a banking activity that is congruent with Shariah, which are the principles of Islamic law. Bai Tawliyah is a part of Islamic finance, such as a Muslim mortgage, where there is transaction of buying and selling between the customer and the financial institution. The financial institution, or the financier, will purchase an asset from a customer and the price that they pay for the asset will be disbursed by the terms that the financial institution lays out. Because of this the asset that is purchased is one that the payments are deferred and the price paid will be done so in installments. The second sale in this type of Islamic finance is done so in order to make the customer obliged to the financial institution. Commutative contracts Commutative contracts are those in which what is done, given, or promised by one party is considered same as the other or in consideration of what is done, given or promised by the other. A contract of sale is an example of a commutative contract. Put in a simple form, commutative contracts are contracts where the contracting parties give and receive something similar or an equivalent. An Example is a sale at less than two thirds of the value. Non-Commutative contract A non-compensatory contract in which a property is donated by one party to another against no consideration. The donor transfers ownership of the property to the done free of any commitment or obligation. Refrences ukessays. com/essays/economics/short-selling. php http://jazaa. rg/knowledge-center/islamic-finance-terminology/h/hamish-jiddiyah/ almustafatrust. org/content/Donate/Islamic/types/waqf. htm http://legal-dictionary. thefreedictionary. com/Valid+Contract trainagents. com/DesktopModules/EngageCampus/CourseContent. aspx? ModuleType=StudentMyCourses;CrsPageType=Topic;CourseRecordID=107;LessonRecordID=1372;TopicRecordID=24861;Demo=True http://definitions. uslegal. com/c/commutative-contracts/ http://majdbakir. com/islamic-finance/n/noncommutative-contract . html

How Much Does It Cost to Hire a Book Publicist

How Much Does It Cost to Hire a Book Publicist How much does a book publicist cost? The short answer is fees vary mainly according to the services offered and the size of the firm you hire, but for the most part it is a commitment that will likely run you thousands, not hundreds, of dollars. If you were to hire one of the big New York-based firms, you would be talking six figures, and you would be getting a lot more than just a publicist – it would be a more holistic PR campaign that includes marketing, messaging, and more. Then there are specific book- and author-related firms that have offices in major urban areas that probably  will charge a significant project fee to start. Any services like event and media booking in tour cities, social media outreach, etc. are billed additionally. On a book- There are companies who offer individual a la carte options for campaigns for less than what it would cost to do a full campaign, including: = Sending your book out to a specific list of reviewers. = Sending a press release out to select radio, TV, print, and online producers/editors. = Radio tours with a guaranteed number of interviews scheduled. = Blog tours with a commitment on the number of reviews that will be posted. = Individual market campaigns, such as a firm that specializes in booking Los Angeles media and events. To minimize your costs, you may only ask for a mailing or a blog tour. Some of the businesses that handle these jobs are online-based and you may never actually speak to a person. This is how they keep their prices in the hundreds - If you hire a boutique public relations firm, you will likely either pay a project fee or a monthly retainer. It will depend on what you need and how much you want the company to do for you. The costs related to the kind of relationship with a client that includes individual attention, phone meetings, flexibility, and what I consider to be a long term, quality connection between the client and the firm will definitely run several thousands of dollars. The main considerations are: = What kinds of services do you need? = What kind of relationship do you want to have with the company you are working with? = How much work can you do on your own? What financial resources are reasonably at your disposal? = Can the company you want to work with negotiate with you to give you the best array of services at a price that is mutually agreeable? = Can you purchase specific services from the same company that will give you the best of both worlds: a more personalized campaign and lower costs? Public relations is an actual skill that takes a lot of time. Although it is sometimes very hard to measure results, rest assured the time and labor is being spent.   I think the most important quality your representative should have is a commitment to you and your work.   This person or company is going to help you gain exposure and will actually introduce your book to the world in interesting ways. So when you are looking for a publicist know that the old adage rings true– â€Å"you get what you pay for†Ã¢â‚¬â€œand if you are looking for someone who is going to work hard on your behalf, it isn’t going to be cheap.

50 Out of This World Space Activities

50 Out of This World Space Activities Send your elementary school class over the moon with these  space activities. Here is a list of space-related resources to help blast your students imaginations into outer space: Space Activities The Smithsonian Education site provides a general introduction to the universe.View the atmosphere through Google Earth.NASA offers teachers grades K-6 a variety of space-related activities.View astronomy photographs and browse interactive activities at the HubbleSite.View a space grocery list and have students create their own version.Learn how to construct a space station.Get active and learn how to train like an astronaut.Create a space shuttle scavenger hunt.Write a biography about a former astronomer.Research about extraterrestrial intelligence and have students debate whether other life forms even exist.Read the Top 10 Reasons for Going into Space and have students write a top 10 essay about what they learned about space.Learn about space-related events coming up on the space calendar.View the shuttle countdown site where you can learn how the countdown operates and view live coverage.Get a 3D look of the solar system.Create a timeline of space firsts.Build an air-powered bottl e rocket. Build an edible space shuttle out of peanut butter, celery, and bread.Give an astronomy and/or space quiz.Watch NASA TV.Learn about NASA Acronyms.Read nonfiction space books about NASA space exploration, and the history.Browse pictures of animals in space.Watch age appropriate movies about space.Compare women astronauts with men astronauts.Learn how astronauts go to the bathroom in space (students will sure get a kick out of this one).Watch Apollo videos and have students create a KWL chart.Have students complete an activity book about space.Build a bubbled power rocket.Build a moon habitat.Make moon cookies.Launch a rocket from a spinning planet.Make asteroids students can eat.Place space toys and materials in your learning center for hands-on fun.Go on a field trip to a place like the US Space and Rocket Center.Write a letter to a space scientist asking him space-related questions.Compare Yuri Gagarins space mission with that of Alan Shepard.View the first photograph from space.Vie w a timeline of the first mission to space. View an interactive expedition of the first mission to space.View an interactive recreation of the Apollo space shuttle.Explore a journey into space with this Scholastic interactive game.View solar system trading cards.Make a comet with dry ice, garbage bags, hammer, gloves, ice-cream sticks, sand or dirt, ammonia, and corn syrup.Have students design and build their own spaceship.Print out this space quiz and test your students knowledge.Brainstorm what living on the moon would be like. Have students design and build their own colony.Find out when a spacecraft will be flying over your city.Find out what it took to have a man be able to walk on the moon.Learn about gravity and the fundamentalists of physics.A kids website dedicated to teaching students about the wonders of space. Additional Space Resources For further information on space choose a few of these kid-friendly websites to visit: Astronomy for Kids:  Learn about the moon, planets, asteroids, and comets through interactive games and activities.Space Kids:  View videos, experiments, projects, and more.NASA Kids Club:  Space-related fun and games for kids.ESA Kids:  Interactive site to learn about the universe and life in space.Cosmos 4 Kids:  Astronomy basics and science of the stars.

Risk Management and financial derivatives Essay

Risk Management and financial derivatives - Essay Example In this regard, pharmaceutical firms are relatively more volatile than most companies in other industries ("Risk Management in the Pharmaceuticals Industry" 2005). This paper discusses the major business risks that have significant impact on pharmaceutical companies, specifically AstraZeneca. Moreover, it explains how the company utilises derivative financial instruments such as interest rate swaps and forward foreign contracts to minimise its exposure to financial risks brought about by fluctuations in the interest rate and exchange rate. This paper also presents alternative strategies that the firm can adopt in order to hedge against these risks. Based on their annual reports, AstraZeneca and other multinational pharmaceutical companies including GlaxoSmithKline and Merck have identified risk factors affecting their operations. These are summarised as follows: Most pharmaceutical companies have recognised that the pharmaceutical companies throughout the world have become highly competitive ("Risk Management in the Pharmaceuticals Industry" 2005). AstraZeneca cited that industry consolidation have resulted in the establishment of few but very large and formidable companies which are able to match, if not exceed, the firm's resources allocated for research and development as well as marketing. This threatens the company's competitive edge, thus, directly impacting its bottomline ("AstraZeneca Annual Report" 2004). Similarly, GlaxoSmithKline explained that product innovations and advent of technological advances which competitors may adopt could adversely affect the firm's operating results ("GlaxoSmithKline Annual Report" 2001). These factors have facilitated the emergence of new global players, particularly in the markets of China and India, which are playing increasingly significant roles in the business models of industry players ("China and India: Risk and Returns in Asia's Blockbuster Pharma Markets" 2005). Apart form these, AstraZeneca also mentioned that risk relative to competition is aggravated by the loss or expiration of patents, marketing exclusivity and trademarks. The company noted that once patent protection or other types of marketing exclusivity for a certain product have expired, lower priced generic copy products may be legally manufactured. The introduction of generic products generally leads to substantial loss of sales for the pharmaceutical companies' proprietary products ("GlaxoSmithKline Annual Report" 2001). The competition from generic medicines exerts downward pressure on profit margins and results in decreasing revenues. This is evidenced by the study conducted by Deloitte which asserts that the very large number of drugs coming off patent in the next three to five years equates to billions of dollars in current in potential sales. However, it is estimated that the pharmaceutical giants could lose about $35 billion to $50 billion in product sales during the said time frame due to competition from generic brands. (Rhodes & Mulder 2004) Regulatory Approvals and Price Controls Pharmaceutical companies are also facing increasing pressures from regulatory bodies in various countries. In