SAT Security Protocols What to Expect on Test Day

SAT Security Protocols What to Expect on Test Day SAT / ACT Prep Online Guides and Tips The security of standardized testing materials is critical in preserving the relevance and fairness of the test as a whole. Since so many students around the world take the SAT, it can be difficult to prevent leaks, but the College Board does have many measures in place to keep confidential questions from being released to the public. In this article, I'll go over the specifics of theSAT security measures, explain the most recent breaches in test security, and review what all of this means for you. Why Is SAT Test Security a Concern? Test security is a huge concern for the administrators of standardized tests like the SAT.If anyone manages to access test questions before the exam is administered, the whole system is compromised by the students who had an unfair advantage. The invalid scores of students who cheatedwill ruin the curve, which just ends up hurting the scores of other students who didn't get a sneak peek at the test. This means that the integrity of the test is extremely important for all students.If people are able to access materials before the exam, their unfair advantage can actively hurt your scores by creating artificially high numbers of top scorers. Breaches in test security also undermine the overall validity of the SAT as a measure of academic ability, which is a huge problem for the College Board and for universities that rely on SAT scores to assess candidates. How Does the College Board Ensure SATSecurity? There are a variety of measures that the College Board implements to ensure that test questions don't fall into the wrong hands. These regulations come into play throughout the test registration and administration process. Registration Security Regulations The College Board shares scores and registration information with each student’s high school. If an investigation into a student’s scores is conducted, this information will also be shared with any colleges where he or she has been admitted.Keeping all parties in the loop ensures that it’s much more difficult for someone to take the SAT for another person or circumvent the regulations in any other way. The College Board also implements an â€Å"intended use† policy, which means they take steps to ensure that everyone who registers for the SAT is using it to apply to colleges or scholarship programs.People who are taking the SAT for other reasons can only take it on dates in October, January, and May (January will be replaced with August in the 2017-18 school year) because the College Board discloses the test form for those dates with its optionalQuestion and Answer Service. For example, everyone here at PrepScholar originally signed up for the first administration of the 2016 SAT in March. However,all of our registrations were transferred to the date in May instead because we were just taking the test to get a feel for the new exam, not to apply for anything (and also very few of us could pull off a 21 Jump Street thing).If anyone who takes the test has the opportunity to order the QAS, the test material will be out there for the public to see anyways, so there’s no real risk of compromising the integrity of the exam.All students are prohibited from discussing exam content unless it's released in the form of the QAS. Accurate depiction of me taking the SAT Test Day Security Regulations The College Board also takes measures to keep test materials secure before, during, and after the exam. If you’ve taken the SAT before, you know that you have to break a seal on the test booklet to begin, which ensures that no one can read the questions ahead of time without the College Board’s knowledge.Test materials are secured in lock boxes when they’re sent to international locations to prevent the theft of test booklets. Every student must have a valid photo ID and admission ticket to be allowed into the test center. Photo IDs are checked against your admission ticket multiple times throughout the testing process to ensure that no one can swap identities. You have to upload a photo of yourself during SAT registrationso the test coordinators can verify that you are who you say you are. As you might expect, phones and other electronic devices are banned from test centers to prevent people from documenting the content of the exam. No one is allowed to read test materials without completing an answer sheet or leave the building before the test is finished. If you do, you will be dismissed, and your scores will be canceled.These actions are red flags that the person might have registered for the exam just to get a look at the test content and share it unlawfully. Even if you've been given extra time, you’re not allowed to skip ahead to preview sections before you start them.Seeing the questions before the section starts, even if it only happens during an earlier part of the test, leads to an unfair advantage. Prepare for separation anxiety when you can't look at your phone every five seconds (I do this too - I'm not just making fun of teenagers here). Recent Breaches in SAT Test Security The College Board has experienced some issues in the past few years with people obtaining test materials ahead of time.In fact, in 2013, they brought in an independent consultant who recommended additional security measures to ensure the confidentiality of not just physical test materials but also the College Board’s servers, storage, and data.The potential for system hacking complicates the security measures the College Board has to take to ensure exam safety, meaning sometimes things slip through the cracks. Also, for international test administrations, the College Board sometimes reuses questions or entire sections that have already been given to students in the US. This greatly increases the risk that students will have prior knowledge of the material.Problems with SATsecurity are particularly prevalent in Asia, where the College Board has delayed score releases and even canceled test administrations several times after finding evidence that the material was previously released to the public. In January of 2016, test administrations were canceled in China and Macau due to evidence of leaked test materials.In May of 2013, all scores in South Korea for both the SAT and SAT Subject Tests were canceled. The latest version of the SAT, introduced in March of 2016, has experienced major issues with question leaks.Reuters reported that a disgruntled ex-College Board employee with access to the materials showed them hundreds of confidential test questions.The College Board confirmed that these were official questions and that their public circulation would have dire consequences for the integrity of the test. They even got the FBI involved.Agents raided the home of the whistleblower in question, seizing computers and other potentially incriminating materials. This matter is still under investigation, and the College Board is working to switch out sections of future tests that they fear may have been compromised. The College Board treats the release of confidential test questions to the public as an extremely serious criminal matter. This makes sense because of the huge amount of time and money that went into creating questions that are now essentially useless. This is the actual whistle that was blown to call out the College Board for shoddy preparation of test materials. Just kidding, this one is far too whimsical for such purposes. It was definitely a more robust metal whistle. How the College Board Is Cracking Down on SAT Cheating In February 2017, the College Board announcedthey will begin implementing new regulations to crack down on SAT cheating in both the US and abroad.Some of these new measures include: Reducing how oftenthe SAT is administered overseas. (The SAT will now be offered four times a year overseas, in October, December, March, and May.) Reducing the number of questions that are reused formultiple tests. Providing the names of people andfirms suspected of cheating to law enforcement and federal agencies(both in the US and abroad). Preventing people from taking the SAT, SAT Subject Tests, or AP Exams if the College Board has found they were guilty of past cheating offenses. Making it easier for test takers and proctors to confidentially report suspected cheating. These new measures won't eliminate cheating completely, but they should help make it even harder to cheat on the SAT and get away with it. Reducing the number of SAT questions used on multiple exams should especially lower the number of studentswho walk into the SAT already knowing some of the questions and use that information to inflate their scores. What Does SAT SecurityMean for You? For the most part, you shouldn’t have to worry too much about this issue.However, it’s in your best interests to protect the security of the test by following protocol during the exam, not sharing confidential information, and reporting any leaks you hear about to the College Board. Leaks of test materials create unfair advantages for certain groups of students and damage the credibility of everyone’s SAT scores.Such incidents may lead the College Board to cancel the scores of a large group of students if they aren't sure who had access to the test beforehand, which is very unfair to people who played by the rules. When you arrive at the test center, make sure you have a valid photo ID and admission ticket ready to present to the test coordinator. During the test, don't peek at sections ahead of time or try to go back and fix mistakes on sections that have already passed. Don't discuss exam content during breaks or leave the building for any reason. The only electronic devices you should have are a watch (if you want) and an approved calculator. Keep your smartphone turned off and in your backpack for the duration of the test. It's best not to risk violating any of these rules because if you're caught, you may be dismissed and have your scores canceled. You should also refrain from discussing or posting about specific questions in the aftermath of a test administration.These same questions may be reused overseas or on a future SAT test date in the US.Once the questions are out there on the internet, there’s no telling who will find and take advantage of them. Conclusion To ensure security of SAT test materials, the College Board takes steps to preserve the integrity of the test questions both before and after the exam is administered. Despite these precautions, there continue to be question leaks and cheating scandals that have affected many students' scores. Test security is extremely important due to the nature of standardized tests, and it is especially critical for the SAT considering how popular it is around the world as a college admissions assessment. As you go through the process of registering for and taking the SAT, make sure you avoid sharing confidential information. This could have a huge negative impact on the validity of your scores and the scores of potentially thousands of other students. What's Next? What is SAT test day really like? Read this guide to learn exactly what to expect after you arrive at the test center. You don't want to bring anything to the SAT that might compromise your scores. This article will tell you which materials to bring and which to leave at home. Finally, if you notice any suspicious behavior during the test, it's in your best interests to speak up. Find out how you can report cheating and address other issues at your test center. Want to improve your SAT score by 160 points?We've written a guide about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Input Prices and R&D Allocations Analysis for Tablet Development Corp Research Paper

Input Prices and R&D Allocations Analysis for Tablet Development Corp - Research Paper Example However, there are major drawbacks in the existing price and R&D budget allocation strategies that have undermined the new product development cycle in the organization. In order to bring a revolution in the existing business practices of the company, it is important that a new pricing strategy is devised that is based on the strategic objectives of each product individually. Furthermore, the decisions for the allocation of funds for the Research & Development (R&D) of each product should be taken individually and on annual basis to achieve the desired objectives of the product and the company. 1.1 Aim The aim of this report is to discuss the new pricing and R&D allocation strategy for the core products X5, X6 and X7 and to reflect on the subsequent performance of each product in response. 1.2 Objectives To study the new pricing decisions and R&D budget allocations for each core product, namely: X5, X6 and X7 taken in 4 years (i.e. from 2012-2015). To analyse the subsequent performan ce and life cycles of each product due to the difference in the decisions. To review the financial performance of each product and their impact on the market factor like consumers and market saturation. To conclude with the explicit difference in performance and the rationale behind the total score achieved. 2 Development of Pricing and R&D Allocation Strategy 2.1 Pricing Strategy The pricing strategy is largely used as the competitive force for the companies to achieve maximum market share in a particular marketplace. For instance, Apple Inc. uses the low-pricing strategy along with its innovative product catalogue to attract largest customer share of the global marketplace. In the study conducted in 2010, Blevins, Cunningham, Ivanova, Koke and Sullivan (2010) found that Apple Inc. has adopted an international price distribution strategy to achieve competitive advantage over its competitors; mainly the Microsoft. In this regard, it has a separate price strategy for each region whic h is consolidated and central in nature. Likewise, Tablet Development Corp.’s largest competitors are Acer, Apple, Samsung and Microsoft that are involved in the production and manufacturing of tablet computers and applications. In order to enter into the established marketplace, Tablet Development Corp. has to undertake the penetration pricing strategy. A penetration pricing strategy is used when the company has to enter into an established marketplace and to attract the market in a substantial manner through low-pricing techniques. After a while, the prices of the product are gradually increased with a strong focus on the product performance that is measured through the customer base and sales volume of each year. In the year 2012, the price of product X5 was set at the lowest possible price of $180 and it was increased by $5 every year. Similarly, the price of X6 was set at $300 only and was increased by $10 each year. The price of X7 was kept at $50 and is increased by $1 0 each year (See Annex 1). 2.2 R&D Budget Allocation Strategy Wind (1990) postulated that there are four purposes of R&D investment, namely: (1) Support and enhancement of existing products and services, (2) Line extension of existing products and services, (3) Discover new products and markets, and (4) Develop new products and services and market portfolios. The first two R&D activities are integral to keep the existing product catalogue of the company operational and thriving. This is a compulsory investment which varies

Service Request - HR Systems Essay Example | Topics and Well Written Essays - 750 words

Service Request - HR Systems - Essay Example The information gathered from this group of stakeholders is highly imperative since they act as the core connection to all other members of the company (Stellman & Greene, 2008). Information gathering is a very vital stage in ensuring that the Human Resource system is a success as it acts as the focal point to capturing the right set of information expected to deliver the precise functional requirements for the system. In order to achieve this, the following set of information gathering techniques are proposed for the project. Firstly, Interviewing, a process that employs both one on one and team based data capture from the expected users of the system will provide a wide set of relevant information for the project. Secondly, the Joint Application Development method that utilizes conduction of workshops with the key stakeholders of the system will ensure that the stakeholders are willing and motivated to providing relevant information. ... the system and then testing it against the expected functionalities guarantees that all important information regarding system functionality is captured and put into proper use in the system (Stellman & Greene, 2008). Since the ability of information to satisfy its targeted users to the highest degree lies on information analysis, the following data analysis tools are proposed for the project. The Statistical Product and Service Solutions (SPSS) is a data analysis tool that is highly significant in performing a thorough analysis of statistical information gathered. Thus, the SPSS perfectly fits for this project, as it will provide well-organized information about the services to be offered by the system. In addition, the Statistical Analysis System (SAS) is further proposed since it can play an important role in aiding programmers with information retrieval from existing software, data management and quality improvement (Stellman & Greene, 2008). Thus, the above proposed data analysi s tools are very essential in making sure that the information gathered is precisely analyzed with emphasis laid on meeting the user requirements. As aforementioned, information gathering is a key determinant of the system’s success. That is, it aids in clarifying the set of both functional and non-functional requirements for the Human Resource system. When the right information as regards to the expected functionality of a system is gathered, it provides great room for the system to function as expected by its targeted users (Stellman & Greene, 2008). In this sense, the following factors act as the driving ends to ensuring that the information required for the project is successfully gathered. Planning is a very crucial factor in information gathering (Stellman & Greene, 2008). It aids

Conflict resolution Essay Example | Topics and Well Written Essays - 250 words

Conflict resolution - Essay Example A conflict is a situation of misunderstanding between two or more people. When there is a conflict, it is advisable to solve the problem peacefully and if the disagreement can not be solve and is likely to cause undesirable situation like a fight then one can run away. The complicated consequence that can arise from the action of any one in the conflict is referred to as ramification. Running away from the conflict will leave the problem unresolved and this will increase enmity. In my experience of two classmates quarreling one of them fled due to fear of being beaten by the other one. Fighting over a conflict can make one to get injuries like nose bleeding or bruises or other forms of injuries and this will make either or all of the people involved in the conflict to be punished by the school administration. The cause of a fight is failure by the two people in a conflict to agree and reconcile with each other. The fight I witnessed was between two school mates who disagreed and star ted shouting at each other and this lead to a fight. It ended with one bruising the other and the principal punished all of them.To fix a conflict is to solve a problem that causes disagreement between people and restore peace. In the School my two classmates disagreed but the class teacher called them to the office and solved the problem and they became friends again.  Competency 1 In terms of the campus culture the principal is somewhat serious and this is observed often.Competency 2 The collaboration with the surrounding community is somewhat significant to principal as often observed.Competency 3 Compliance with code of ethics is somewhat often observed by the principalCompetency 5 It is often observed that the principal perceive the importance of this leadership qualityCompetency 6 This leadership is often taken somewhat serious by the principle.Competency 7 This leadership the principal like it but often observed by the studentsThere was no place marked 1, 2 or 0 which means all the leadership skills were admired.

The Great Gatsby Essay Example for Free

The Great Gatsby Essay Throughout the novel The Great Gatsby there are several symbolic meanings of colours that Fitzgerald has incorporated. Specific colours in the novel contrast several different meanings and representations. Yellow is one colour in the book that Fitzgerald has incorporated for many reasons. The main representation of the colour yellow in the book is death. Death contrasted in yellow has been a main factor during the novel as in the end, basically the only yellow thing that has not been a part of death was Daisy. For example, George Wilson’s home in the valley of ashes is made of yellow brick and is the place where George and Myrtle live. Their house represents death in multiple ways as it was right outside of their house where tom and Daisy hit Myrtle and killed her. It was also the place where tom had told George that it was Gatsby’s car that had struck Myrtle, which resulted in him shooting Gatsby. Also, Gatsby’s yellow car is symbolic of death as it hits Myrtle when she runs out into the road. Lastly, nearing the end of the novel when Gatsby is in his pool, and quote the chauffeur asked him if he needed help, but he shook his head and in a moment disappeared among the yellowing trees. The yellowing trees represent death because the colour was a sign of alert which Gatsby did not realise. Also, because just as the Chauffeur disappeared â€Å"among the yellowing trees†, so did Gatsby’s life when shortly after getting in the pool, he was shot by George and killed. Yellow today represents caution just like a street light which turns yellow, which indicates caution to slow down. In the novel Fitzgerald is indicating that money and wealth cannot solve your problems. Throughout the novel Tom, Daisy and Gatsby get themselves into a lot of issues and think that their money can resolve their problems as evident from the previous examples, it cannot. Another symbolic colour that Fitzgerald has incorporated is the colour gold. Gold represents wealth. Throughout the novel wealth has been represented in several different ways. As Gatsby lives in west egg, he represents new wealth, and as tom and daisy live in east egg, they represent old wealth. Gatsby wants to be rich with old wealth so he can win the affection of his true love, so he buys a yellow car. But daisy did not want to give up the life and money that tom had, Gatsby did not have old wealth. Jordan and Daisy are represented by gold throughout the novel as quote Jordan’s slender golden arm resting in mine and high in the white palace the king`s daughter, the golden girl. The golden girl is of course Daisy. New money, which Gatsby has, represents more of the colour yellow which is why Daisy will not get back together with him. Gatsby tries to show daisy that he represents wealth several times during the novel by his appearance when quote Gatsby in a white flannel suit, silver shirt, and gold-colored tie hurried in. Also, Gatsby`s parties where quote turkeys bewitched to a dark gold. Gatsbys effort to impress daisy throughout the novel represents his love for her but daisy only cares about money and realised that tom is more wealthy. Throughout the novel, there have been many symbolic representations of the colour blue as well. The colour blue represents loyalty, patience, love, and the sky. For example, as blue represents loyalty, ironically tom is the opposite if loyal. For example, tom takes his blue car to the Valley of ashes to go have affairs with myrtle, as well he is a racist. Also, although blue can represent love, it can also represent sadness and unhappiness as seen through the relationship of tom and Daisy. As Daisy is â€Å"the Golden Girl† she sets her relationship with tom based on money instead of love, which proves to us that their relationship is undoubtedly blue. I also believe that blue is symbolic of patience and dreams because the blue lake is the separation between Gatsby’s house and Daisy’s house and one day he dreams of reuniting with her. As well Gatsby’s blue garden represents patience because every Saturday when Gatsby holds his elegant parties, he hopes that one day daisy will come to one, and just like nick and Jordan first met Gatsby in his backyard which is located by the blue garden, he hopes that he will find Daisy there as well. Finally, the eyes of Doctor T. J. Eckleburg. Eckleburg’s eyes represent the sky, as they are the colour of the sky, as well the connection between the eyes and god only exists only in George Wilson’s mind. I feel that blue today represents unending possibilities, which is what Fitzgerald had incorporated throughout this novel as the reader was never sure of what was going to happen between tom and daisy, Gatsby and daisy, as there could have been the possibility that Gatsby and daisy would get married.

Types And Causes Of Liquidity Risk Finance Essay

Types And Causes Of Liquidity Risk Finance Essay In  finance,  liquidity risk  is the risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss (or make the required profit). OR Liquidity risk is the current and prospective risk to earnings or capital arising from a banks inability to meet its obligations when they come due without incurring unacceptable losses. Liquidity risk includes the inability to manage unplanned decreases or changes in funding sources. Liquidity risk also arises from the failure to recognize or address changes in market conditions that affect the ability to liquidate assets quickly and with minimal loss in value. 2.1-Types of Liquidity risk: Asset liquidity   Due to the lack of liquidity in market an asset can not be sold it is basically subset of market risk. This can be done by: Widening bid/offer spread Making explicit liquidity reserves Lengthening holding period for Vary calculations Funding liquidity   Risk that liability: Cannot be met when they fall due Can only be met at an uneconomic price Can be name-specific or systemic 2.2- Causes of Liquidity Risk: There are many causes of liquidity risk liquidity risk actually arises when the one party wants to trading an asset cannot do it because in the market no one wants to trade that asset .The persons who are about to hold or currently hold the asset and want to trade that asset then liquidity risk become partial important to them as it affects their ability to do business. From drop of price to zero is very different from that appearance of liquidity risk. In the case when the assets price drop to zero then market said that asset is valueless. On the other hand when one party found that the other party is not interested in buying and selling of an asset then it become a big problem for the participant of a market to find the other interested party. So we can say that in the emerging markets or low volume markets the risk of liquidity is higher. Due to uncertain liquidity the liquidity risk is known as a financial risk. When the credit rating falls the institution may lose its liquidity, in this way rapid unexpected cash outflows, or as a result of this happening the counterparties may avoid the business of buying and selling with or borrowing the loan to the institutions. A firm is also exposed to liquidity risk if markets on which it depends are subject to loss of liquidity. The firm is also seen to the risk of liquidity when the markets in they depend are under the liquidity loss. Liquidity risks tend to compound other risks. If a trading organization has a position in an illiquid asset, its limited ability to liquidate that position at short notice will compound its market risk. Let us suppose a firm has a cash flows offsetting on a given day of with two different counter parties. If the counter party do not make the payment and become a payment defaults. In this way firm will have to make the cash from some other sources in order to make payment. Credit risk is the risk arises due to the liquidity. A position can be hedged against market risk but still entail liquidity risk. This is true in the above credit risk example-the two payments are offsetting, so they entail credit risk but not market risk. Another example is the 1993  Metallgesellschaft  debacle. Futures contracts were used to hedge an Over-the-counter finance OTC obligation. It is debatable whether the hedge was effective from a market risk standpoint, but it was the liquidity crisis caused by staggering margin calls on the futures that forced Metallgesellschaft to unwind the positions. As compared to the risks like market, credit and other risks the liquidity risk is also has to be managed. It is impossible to isolate the liquidity risk because it has the tendency to compound the other risks overall the most simple circumstances. Liquidity risk does not exit in the comprehensive metrics. In order to assessed the liquidity risk the certain techniques of asset liability management can be applied on a day by day basis. A simple test is conducted for the liquidity risk in ordered to see the net cash flows. Any day which shows a sizeable negative cash flow is of concern. Analyses such as these cannot easily take into account contingent cash flows, such as cash flows from derivatives or mortgage-backed securities. If an organizations cash flows are largely contingent, liquidity risk may be assessed using some form of scenario analysis. A general approach using scenario analysis might entail the following high-level steps: Construct multiple scenarios for market movements and defaults over a given period of time Assess day-to-day cash flows under each scenario. Because  balance sheets  differ so significantly from one organization to the next, there is little standardization in how such analyses are implemented. Regulators are primarily concerned about systemic and implications of liquidity risk. 2.3- Liquidity gap The liquidity gap is the net liquid assets of a firm. As a static measure of liquidity risk it gives no indication of how the gap would change with an increase in the firms marginal funding cost. 2.4- Liquidity risk elasticity: Culp denotes the change of net of assets over funded liabilities that occur when the liquidity premium on the banks marginal funding cost rises by a small amount as the liquidity risk elasticity. For banks this would be measured as a spread over libor, for nonfinancial the LRE would be measured as a spread over commercial paper rates. Problems with the use of liquidity risk elasticity are that it assumes parallel changes in funding spread across all maturities and that it is only accurate for small changes in funding spreads. 2.5- Measures of Asset Liquidity: Following are the measures of asset liquidity. 2.5.1. Bid-offer spread: The  bid-offer spread  is used by market participants as an asset liquidity measure. To compare different products the ratio of the spread to the products mid price can be used. The smaller the ratio the more liquid the asset is. This spread is comprised of operational costs, administrative and processing costs as well as the compensation required for the possibility of trading with a more informed trader. 2.5.2. Market depth: Hachmeister refers to  market depth  as the amount of an asset that can be bought and sold at various bid-ask spreads.  Slippage  is related to the concept of market depth. Knight and Satchell mention a flow trader needs to consider the effect of executing a large order on the market and to adjust the bid-ask spread accordingly. They calculate the liquidity cost as the difference of the execution price and the initial execution price. 2.5.3. Immediacy: Immediacy refers to the time needed to successfully trade a certain amount of an asset at a prescribed cost. 2.5.4. Resilience: Hachmeister identifies the fourth dimension of liquidity as the speed with which prices return to former levels after a large transaction. Unlike the other measures resilience can only be determined over a period of time. 2.6- Managing Liquidity Risk 2.6.1-Liquidity-adjusted value at risk: Liquidity-adjusted VAR incorporates exogenous liquidity risk into  Value at Risk. It can be defined at VAR + ELC (Exogenous Liquidity Cost). The ELC is the worst expected half-spread at a particular confidence level. Another adjustment is to consider VAR over the period of time needed to liquidate the portfolio. VAR can be calculated over this time period. The  BIS  mentions a number of institutions are exploring the use of liquidity adjusted-VAR, in which the holding periods in the risk assessment are adjusted by the length of time required to unwind positions.   2.6.2-Liquidity at risk: Greenspan (1999) discusses management of foreign exchange reserves. The Liquidity at risk measure is suggested. A countrys liquidity position under a range of possible outcomes for relevant financial variables (exchange rates, commodity prices, credit spreads, etc.) is considered. It might be possible to express a standard in terms of the probabilities of different outcomes. For example, an acceptable debt structure could have an average maturity averaged over estimated distributions for relevant financial variables in excess of a certain limit. In addition, countries could be expected to hold sufficient liquid reserves to ensure that they could avoid new borrowing for one year with certain ex ante probability, such as 95 percent of the time. 2.6.3-Scenario analysis-based contingency plans: The FDIC discuss liquidity risk management and write Contingency funding plans should incorporate events that could rapidly affect an institutions liquidity, including a sudden inability to securitize assets, tightening of collateral requirements or other restrictive terms associated with secured borrowings, or the loss of a large depositor or counterparty.Greenspans liquidity at risk concept is an example of scenario based liquidity risk management. 2.6.4-Diversification of liquidity providers: If several liquidity providers are on call then if any of those providers increases its costs of supplying liquidity, the impact of this is reduced. The American Academy of Actuaries wrote While a company is in good financial shape, it may wish to establish durable, ever-green (i.e., always available) liquidity lines of credit. The credit issuer should have an appropriately high credit rating to increase the chances that the resources will be there when needed.   2.6.5-Derivatives: The five derivatives that are discuss by bhaduri,meissner yon created specifically for hedging liquidity risk. Withdrawal option: A put of the illiquid underlying at the market price. Bermudan-style return put option: Right to put the option at a specified strike. Return swap: Swap the underlings return for LIBOR paid periodically. Return swaption: Option to enter into the return swap. Liquidity option: Knock-in barrier option, where the barrier is liquidity metric. other Funding sources are abundant and provide a competitive cost advantage. Funding is widely diversified. There is little or no reliance on wholesale funding sources or credit-sensitive funds providers. Market alternatives exceed demand for liquidity, with no adverse changes expected. Capacity to augment liquidity through asset sales and/or securitization is strong and the Bank has an established record in accessing these markets. The volume of wholesale liabilities with embedded options is low. The Bank is not vulnerable to funding difficulties should a material adverse change occur in market perception. Support provided by the parent company is strong. Earnings and capital exposure from the liquidity risk profile is negligible. -Quantity of Liquidity Risk Indicators: In order to assess the quantity of liquidity risk the following indicator should be used. Every characteristic is not necessary to be demonstrated. 2.7.1-Low: The sources of funding are abundant and provide a advantage of competitive cost. Funding is generally expanded. There is little or no reliance on wholesale funding sources or other credit-sensitive funds providers. On the sources of wholesale funding or others providers of credit sensitive fund in it there is no trust. The demand for liquidity goes above by the market alternatives and there are no any expected changes. Capacity to augment liquidity through asset sales and/or securitization is strong and the Bank has an established record in accessing these markets. The wholesale liabilities have a low volume with fixed options. The Bank is not weak to funding difficulties should a material adverse change occur in market perception. The parent company provides the support which is strong. Earnings and capital exposure from the liquidity risk profile is negligible. 2.7.2-Moderate The funding sources which are sufficient are available that provides a liquidity which is cost effective. Funding is generally expanded, by a few providers that may share their common objectives and their economic influences, but no significant concentrations. The wholesale funding is clear and it has a modest reliance. The market alternatives that is available in order to meet the demand for liquidity on reasonable terms. The Bank possesses the potential capacity to expand liquidity through asset sales and/or securitization. The bank has a modest experience in order to access these markets Some wholesale funds contain embedded options, but potential impact is not significant. The Bank is not excessively vulnerable to funding difficulties should a material. the adequate support is provided by the parent company. Earnings or capital exposure from the liquidity risk profile is manageable. 2.7.3-High: Funding sources and liability structures suggest current or potential difficulty in maintaining long-term and cost-effective liquidity. Borrowing sources may be concentrated in a few providers or providers with common investment objectives or economic influences. A significant reliance on wholesale funds is evident. Liquidity needs are increasing, but sources of market alternatives at reasonable terms, costs, and tenors are declining. The Bank exhibits little capacity or potential to augment liquidity through asset sales or securitization. A lack of experience accessing these markets or unfavorable reputation may make this option questionable. Material volumes of wholesale funds contain embedded options. The potential impact is significant. The Banks liquidity profile makes it vulnerable to funding difficulties should a material adverse change occur. Parent company provides a little or unknown support. Potential exposure to loss of earnings or capital due to high liability costs or unplanned asset reduction may be substantial. Liquidity risk management Achieving best practice Managing liquidity risk is often about applied common sense, like operational risk it requires a firm-wide approach and this places a high demand on the right processes and procedures. Any management information system used to mitigate liquidity risk should be: Accurate The best way of encouraging accuracy is to keep reporting simple. Communicative Report and information should speak plainly. Regular Timely reporting allows managers to judge changes in the market and their organizations liquidity profile. Comprehensive Must reflect your organizational reality, such as different entities, jurisdictions and regulations. Realistic Scenario must be rigorous if risk is to be identified in real situations. 2.8-Quality of Liquidity Risk Management The following indicators, as appropriate, should be used when assessing the quality of liquidity risk management. 2.8.1-Strong The polices are approved by the board and communicate guidelines effectively for the liquidity risk management and responsibilities are designated. The liquidity risk management process is effective in identifying, measuring, monitoring, and controlling liquidity risk. The process of liquidity risk management is effective for identifying liquidity risk, for measuring, monitoring, and controlling the liquidity risk. A sound culture reflects that has proven Liquidity risk is fully understood by the management in all the aspects. Management anticipates and responds well to changing market conditions. The contingency funding plan is well-developed, effective and useful. The plan incorporates reasonable assumptions, scenarios, and crisis management planning, and is tailored to the needs of the institution. Management information systems focus on significant issues and produce timely, accurate, complete, and meaningful information to enable effective management of liquidity. Internal audit is comprehensive and effective. The scope and frequency are reasonable. 2.8.2-Satisfactory Polices are approved by the Board which communicate adequately guidance for liquidity risk management and responsibilities are assigned. There may be a minor weakness present. The liquidity risk management process is generally effective in identifying, measuring, monitoring, and controlling liquidity. There may be minor weaknesses given the complexity of the risks undertaken, but these are easily corrected. .the key aspects of liquidity risk are reasonably understands by the management. Management adequately responds to changes in market conditions when changes occur in the market conditions the management respond adequately. The plan of contingency funding is adequate. The plan is current, reasonably addresses most relevant issues, and contains an adequate level of detail including multiple scenario analysis. The plan may require minor refinement. Management information systems adequately capture concentrations and rollover risk, and are timely, accurate, and complete. Recommendations are minor and do not impact effectiveness. Internal audit is reasonable. Any weaknesses are minor and do not impair effectiveness or reliance on audit findings. 2.8.3-Weak The Board has approved policies which are insufficient or incomplete. In one or more material respects the policy is incomplete .the process of liquidity risk management is useless in identifying, monitoring and controlling the liquidity risk This may be true in one or more material respects, given the complexity of the risks undertaken. The liquidity risk does not fully understand by the management. In the conditions when the market changes the management does not take any timely or suitable actions and do not participate. . The contingency funding plan is inadequate or nonexistent. The plan may not consider cost-effectiveness or availability of funds in a non-investment grade or CAMEL 3 environment. The information systems of management are deficient. The plan may be there but they do not adopted by the institutions, it is not reasonable, or they are not implemented as it should be. The information which is material may be a incomplete or lacking. Due to one or more material deficiencies the internal auditor coverage is missing or useless. 2.9-Common problems and misconceptions: Liquidity  risk  is one of the least understood and most underestimated risks that financial markets participants are exposed to. Reasons for this include: à ¢Ã¢â€š ¬Ã‚ ¢ Under normal market conditions,  liquidity  problems are not observed à ¢Ã¢â€š ¬Ã‚ ¢ Liquidity  risk  does not lend itself to readily usable measures à ¢Ã¢â€š ¬Ã‚ ¢ Despite specific BIS recommendations,  liquidity  risk  management  is left out of capital adequacy calculations due to a lack of control and regulation à ¢Ã¢â€š ¬Ã‚ ¢ Liquidity  management is often confused with liquidity  risk  management à ¢Ã¢â€š ¬Ã‚ ¢ Market and credit  risk  management  focus on assets, while  liquidity  risk can stem from liabilities as well Liquidity  risk  is also different in nature to market and credit  risk  and needs to be thought of differently; à ¢Ã¢â€š ¬Ã‚ ¢ Normal markets analyses (expected or going-concern situations) are insufficient; liquidity  risk  can only be understood with scenario-based stress testing à ¢Ã¢â€š ¬Ã‚ ¢ Historical measures of  liquidity  are irrelevant; prospective views are essential à ¢Ã¢â€š ¬Ã‚ ¢ Liquidity  risk  cannot be readily hedged, and can only be militated against through rigorous monitoring and controls à ¢Ã¢â€š ¬Ã‚ ¢ The pricing of many instruments does not properly charge for  liquidity .

Aerodynamics of Golf Balls :: physics sport sports golf

Introduction to Aerodynamics Aerodynamics is the study of the motion of fluids in the gas state and bodies in motion relative to the fluid/air. In other words the study of aerodynamics is the study of fluid dynamics specifically relating to air or the gas state of matter. When an object travels through fluid/air there are two types of flow characteristics that happen, laminar and turbulent. Laminar flow is a smooth steady flow over a smooth surface and it has little disturbance. Intuition would lead to the belief that this type of air flow would be desirable. It would make sense to assume that this smooth undisturbed air would create the least amount of resistive force due to friction. The golf ball seemingly defies this theory by traveling farther with its disruptive surface texture that creates the second flow characteristic, turbulent flow. Turbulent flow is flow that is disturbed and creates whirlpool like features. The turbulent air actually lessens the difference in velocity of the air layer that is extremely close to the ball compared to the rest of the air and so lessens the friction acting on the ball. Drag is a major contributor to how an object travels through fluid/air. Drag is caused by the disrupted air immediately behind an object moving through fluid/air. It acts perpendicular to and in the opposite direction of travel of the object and impedes the motion of the object. It would make sense that if the drag is minimized the object will travel farther. Lift or curve in the motion of an object through air is a phenomena that is noticeable in a ball traveling through fluid/air. This change in direction is due to the effect that spin has on the object in motion. This can be explained by Bernoulli's Principle. Bernoulli, a 1700's physicist and mathematician, showed that the speed of an object through liquid/air changes the pressure of the air. The velocity of a spinning ball relative to the air is different from one side to the other creating a low pressure on one side and a high pressure on the other. This causes the ball to move in the direction of the lower pressure. The golf ball is typically hit with an undercut causing a reverse rotation and therefore a lifting action on the ball. The History of Golf Balls The golf ball has changed dramatically through the years. Smooth hardwood balls were used between the 1400 and 1700's.