Risk and Return Past and Prologue Essay Example

Risk and Return: Past and Prologue Essay CHAPTER 05 RISK AND RETURN: PAST AND PROLOGUE 1. The 1% VaR will be less than -30%. As percentile or probability ofa return declines so does the magnitude of that return. Thus, a 1 percentile probability will produce a smaller VaR than a 5 percentile probability. 2. The geometric return represents a compounding growth number and will artificially inflate the annual performance of the portfolio. 3. No. Since all items are presented in nominal figures, the input should also use nominal data. 4. Decrease. Typically, standard deviation exceeds return. Thus, an underestimation f 4% in each will artificially decrease the return per unit of risk. To return to the proper risk return relationship the portfolio will need to decrease the amount of risk free investments. 5. Using Equation 5. 6, we can calculate the mean of the HPR as: E(r) = = (0. 3 C] 0. 44) + (0. 4 0 0. 14) + [0. 3 (-0. 16)] = 0. 14 or using Equation 5. 7, we can calculate the variance as: var(r) = 02 = [0. 3 + [0. 4 + [0. 3 (-0. 16-0. 14)2] -0. 054 Taking the square root of the variance, we get SD(r) = 0 = 23. 24% = 0. 2324 or 6. We use the below equation to calculate the holding period return of each cenario: HPR = a. The holding period returns for the three scenarios are: Boom: = Normal: (43-40+ Recession: (34-40+0. 0)/40 = -0. 1375 = -13. 75% E(HPR) = = [(1/3) 0. 30] + [(1/3) 0. 10] + [(1/3) (-0. 1375)] -0. 0875 or 8. 75% var(HPR) = [(1/3) (0. 30 0. 0875)2] + [(1/3) (0. 10 0. 0875)2] + [(1/3) (-0. 1375 0. 0875)2] = 0. 031979 SD(r) = = = 0. 1788 or 17. 88% = 0. 5 017. 88% = 8. 94% 7. a. Time-weighted average returns are based on year-by-year rates of retu rn. Year Return = [(Capital gains + Dividend)/Price] 2010-2011 (110- 100 + or 14. 00% 2011-2012 (90- 110 + -0. 1455 or -14. 5% 2012-2013 (95-90+4)/90- 0. 10 or 10. 00% Arithmetic mean: [0. 14 + (-0. 1455) + 0. 10]/3 = 0. 0315 or 3. 5% Geometnc mean: = 0. 0233 or 2. 33% b. Date 111/20101/1/2011 1/1/20121/112013 Net cash Flow -300 -208 110 396 Time Net Cash flow Explanation O -300 Purchase of three shares at $100 per share 1 -208 Purchase of two shares at $110, plus dividend income on three shares held 2 110 Dividends on five shares, plus sale of one share at $90 3 396 Dividends on four shares, plus sale of four shares at $95 per share The dollar-weighted return is the internal rate of return that sets the sum of the resent value of each net cash flow to zero: 0=-$300 ++ + Dollar-weighted return = Internal rate of return = 8. . Given that A = 4 and the projected standard deviation of the market return = 20%, we can use the below equation to solve for the expected market risk premium: A = 4 † E(rM) AOM2 = 4 (0. 20)0 = 0. 16 or b. solve E(rM) 0. 09 = AOM2 = A (0. 20)0 , we can get A = 0. 09/0. 04 = 2. 25 c. Increased risk tolerance means decreased risk aversion (A), which results in a decline in risk premiums. 9. From Table 5. 4, we find that for the period 1926 2010, the mean excess return for 00 over T-bills 7. 98%. 10. We will write a custom essay sample on Risk and Return: Past and Prologue specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Risk and Return: Past and Prologue specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Risk and Return: Past and Prologue specifically for you FOR ONLY $16.38 $13.9/page Hire Writer To answer this question with the data provided in the textbook, we look up the real returns of the large stocks, small stocks, and Treasury Bonds for 1926-2010 from Table 5. 2, and the real rate of return of T-Bills in the same period from Table 5. 3: Total Real Return Geometric Average Large Stocks: 6. 43% small stocks: 8. 54% Long-Term T-Bonds: 2. 06% Total Real Return Arithmetic Average Large Stocks: 8. 00% small stocks: 13. 91% Long-Term T-Bonds: 1 . 76% T-Bills: 0. 68% (Table 5. 3) 11. a. The expected cash flow is: (0. 5 $50,000) + (0. $100,000 With a nsk remium of 10%, the required rate of return is 15%. Therefore, if the value of the portfolio is X, then, in order to earn a 15% expected return: solving x 00(1 + 0. 15) = $100,000, we get x = $86,957 b. If the portfolio is purchased at $86,957, and the expected payoff is $100,000, then the expected rate of return, E(r), is: The portfolio price is set to equate the expected return with the required rate of return. c. If the ris k premium over T-bills is now 15%, then the required return is: The value of the portfolio (X) must satisfy:x 00(1 + 0. 20) = $100, OOO X = $83333 d. For a given expected cash flow, portfolios that command greater risk premiums must sell at lower prices. The extra discount in the purchase price from the expected value is to compensate the investor for bearing additional risk. 12. a. Allocating 70% of the capital in the risky portfolio P, and 30% in risk-free asset, the client has an expected return on the complete portfolio calculated by adding up the expected return of the risky proportion (y) and the expected return of the proportion (1 y) of the risk-free investment: E(rC) = y 0 E(rP) + (1 -y) 0 rf = (0. 7 0. 17) + (0. 3 0. 07) = 0. or per year The standard deviation of the portfolio equals the standard deviation of the risky fund times the fraction of the complete portfolio invested in the risky fund: DC = y OOP = 0. 7 0 0. 27 = 0. 189 or 18. 9% per year b. The investment proportions of the clients overall portfolio can be calculated by the proportion of risky portfolio in the complete portfolio times the proportion Security Investment Proportions T-Bills 30. 0% stock A stock B stockC 0. 7040% = 28. 0% c. We calculate the reward-to-variability ratio (Sharpe ratio) using Equation 5. 14. For the risky portfolio: s For the clients overall portfolio: 3. = 0. 704 a. -Y)orf 0. 17+(1 -Y) 0 0. 07 = 0. 15 or per year Solving for y, we get y = = 0. 8 Therefore, in order to achieve an expected rate of return of 1 5%, the client must invest 80% of total funds in the risky portfolio and 20% in T-bills. the proportion of risky asset in the whole portfolio times the proportion allocated in each stock. Security Stock A stock C Investment Proportions 20. 0% 0. 8 21 0. 8 0 = 26. 4% 0. 8 = 32. 0% d. The standard deviation of the complete portfolio is the standard deviation of the risky portfolio times the fraction of the portfolio invested in the risky asset: DC = y 0. 8 0. 27 = 0. 216 or 21. % per year 14. a. Standard deviation of the complete portfolio= DC = y 0 0. 27 If the client wants the standard deviation to be equ al or less than 20%, then: y = (0. 20/0. 27) = 0. 7407 = 74. 07% b. +0. 7407 0. 10 15. a. Slope of the CML = = 0. 24 See the diagram below: = 0. 1441 or 14. 41% b. Your fund allows an investor to achieve a higher expected rate of return for any given standard deviation than would a passive strategy, i. e. , a higher expected return for any given level of risk. 16. a. With 70% of his money in your funds portfolio, the client has an expected rate of eturn of 14% per year and a standard deviation of 18. % per year. If he shifts that money to the passive portfolio (which has an expected rate of return of 13% and standard deviation of 25%), his overall expected return and standard deviation would become: E(rc) = rf+ 0. 7 rn In this case, 7% and E(rM) = 13%. Therefore: E(rc) = 0. 07 + (0. 7 0. 06) = 0. 112 or 11. 2% The standard deviation of the complete portfolio using the passive portfolio would be: OC = 0. 7 00M = 0. 7 0. 25 = 0. 175 or 17. 5% Therefore, the shift entails a decline in the mean from 14% to 1 1. 2% and a decline in he standard deviation from 18. 9% to 17. 5%. Since both mean return and standard deviation fall, it is not yet clear whether the move is beneficial. The disadvantage of the shift is apparent from the fact that, if your client is willing to accept an expected return on his total portfolio of 1 1. 2%, he can achieve that return with a lower standard deviation using your fund portfolio rather than the passive portfolio. To achieve a target mean of 1 1. 2%, we first write the mean of the complete portfolio as a function of the proportions invested in your fund portfolio, y: + y (17% = + ooy Because our target is E(rC) = 1 1. %, the proportion that must be invested in your fund is determined as follows: 11. 2% = + ooy = = 0. 42 The standard deviation of the portfolio would be: oc = y 0 = 0. 42 0 = 11. 34% Thus, by using your portfolio, the same 1 1. 2% expected rate of return can be achieved with a standard deviation of only 1 1. 34% as opposed to the standard deviation of 17. 5% using the passive portfolio. b. The fee would reduce the reward-to-variability ratio, i. e. , the slope of the CAL. Clients will be indifferent between your fund and the passive portfolio if the slope of Slope of CAL with fee = Slope of CML (which requires no fee) = Setting these slopes equal and solving for f: 0. 24 = 6. 48% 6. 48% = 3. 52% per year 17. Assuming no change in tastes, that is, an unchanged risk aversion, investors perceiving higher risk will demand a higher risk premium to hold the same portfolio they held before. If we assume that the risk-free rate is unaffected, the increase in the risk premium would require a higher expected rate of return in the equity market. 18. Expected return for your fund = T-bill rate + risk premium = 6% + 10% = 16% Expected return of clients overall portfolio = (0. 16%) + (0. 4 0 6%) = 12% Standard deviation of clients overall portfolio = 0. 6 0 14% = 8. 4% 19. Reward to volatility ratio = = 0. 7143 20. Excess Return (%) a. In three out of four time frames presented, small stocks provide worse ratios than large stocks. b. Small stocks show a declining trend in risk, but the decline is not stable. 21 . For geometric real returns, we take th e geometric average return and the real geometric return data from Table 5. 2 and then calculate the inflation in each time frame using the equation: Inflation rate = (1 + Nominal rate)/(l + Real rate) 1. The VaR is not calculated, since the values used to determine the VaR in Table 5. 4 are not provided. Comparing with the excess return statistics in Table 5. 4, in three out of four time frames the arithmetic real return is larger than the excess return, and the standard deviation of the real return in each time frame is lower than that of the excess Comparing the nominal rate with the real rate of return, the real rates in all time frames and their standard deviation are lower than those of the nominal returns. Comparison The combined market index represents the Fama-French market factor (Mkt). It is better diversified than the S 500 index since it contains approximately ten times as many stocks. The total market capitalization of the additional stocks, however, is relatively small compared to the S 500. As a result, the performance of the value- weighted portfolios is expected to be quite similar, and the correlation of the excess returns very high. Even though the sample contains 84 observations, the standard deviation of the annual returns is relatively high, but the difference between the two indices is very small. When comparing the continuously compounded excess returns, e see that the difference between the two portfolios is indeed quite small, and the correlation coefficient between their returns is 0. 99. Both deviate from the normal distribution as seen from the negative skew and positive kurtosis. Accordingly, the VaR (5% percentile) of the two is smaller than what is expected from a normal distribution with the same mean and standard deviation. This is also indicated by the lower minimum excess return for the period. The serial correlation is also small and indistinguishable across the portfolios. As a result of all this, we expect the risk premium of the two portfolios to be similar, s we find from the sample. It is worth noting that the excess return of both portfolios has a small negative correlation with the risk-free rate. Since we expect the risk-free rate to be highly correlated with the rate of inflation, this suggests that equities are not a perfect hedge against inflation. More rigorous analysis of this point is important, but beyond the scope of this question. CFA 1 Answer: V(12/31/2011) = (1/1/2005) O (1 + = $100,000 (1. 05)7 = $140,710. 04 CFA2 Answer: a. and b. are true. The standard deviation is non-negative. CFA3 Answer: c. Determines most of the portfolios return and volatility over time. Answer: Investment 3. For each portfolio: Utility = E(r) Investment E(r) 0 Utility 02) 1 0. 12 2 0. 15 3 0. 21 4 0. 24 0. 30 0. 50 0. 16 0. 21 -0. 0600 -0. 3500 0. 1588 0. 1518 We choose the portfolio with the highest utility value. CFA 5 Answer: Investment 4. When an investor is risk neutral, A = O so that the portfolio with the highest utility is the portfolio with the highest expected return. CFA 6 Answer: b. Investors aversion to risk. CFA 7 Answer: = [0. 2 0 (-0. 20)] + (0. 5 0 0. 18) + (0. 3 0. 50) = 0. 20 or E(rY) = [0. 2 (-0. 15)] + (0. 5 0. 20) + (0. 0. 10) = 0. 10 or CFA8 OX2 = [0. 2 0 (-0. 0 0. 20)2] + [0. 5 0 (0. 18 0. 20)2] + [0. 3 0 (0. 50 0. 20)2] 0. 2433 = 24. 33% OY2 = [0. 2 0 (-0. 15 0. 10)2] + [0. 5 (0. 20 0. 10)2] + [0. 3 (0. 10 0. 10)2] 0. 1323= 13. 23% CFA 9 E(r) = (0. 9 0. 20) + (0. 1 00. 10) = 0. 19 or 19% CFA 10 = 0. 0592 ox = 0. 0175 = The probability is 0. 5 that the st ate of the economy is neutral. Given a neutral economy, the probability that the performance of the stock will be poor is 0. 3, and the probability of both a neutral economy and poor stock performance is: 0. 3 0. 5=0. 15 E(r) = (0. 1 00. 15) + (0. 6 0. 13) + (0. 3 0. 07) = 0. 114 or 11. 4%

Use the World Bank YPP For College Essay

Use the World Bank YPP For College EssayThe World Bank YPP Essay Sample is a resource that allows you to use the World Bank YPP for College. This resource helps you build the information you need to write a successful college essay.The information you'll get from the World Bank YPP is straight from their experiences. You can see what they did when they were trying to solve a problem and then you can do it yourself. That's an added benefit of using this resource.Review the YPP and decide which questions you need to prepare answers for. You will need to know this information before you begin writing your essay. Start by reading the World Bank YPP sample guide. Use it as a reference to plan out your essay, and then go on to the next section.An important part of the first portion of your essay will be an introduction. It will introduce the audience you are addressing and give you a sense of who you are as a writer. Review the sample.In this section, you will write a preliminary statement . Your objective in this section is to establish your topic. You want to be sure that you are able to do this well before you move on to the next part of the essay. Make sure you understand your topic and have good examples to support your statements.This part of the essay is where you are allowed to explore some solutions that you may have come up with on your own. This will provide you with an idea of how your essay will be written. This part will also help you revise and refine your ideas.The final section of the essay is a brief section that will follow the introduction. The goal is to write a conclusion that provides the readers with more information than they originally had before they began. Keep in mind that these are two different things.The final section of the essay will typically be a conclusion that will tie everything together. Don't make this last section too long because it will only bore your readers. Finish your essay by using the World Bank YPP for College.

Management Info System Essay

Management Info System Essay Management Info System Essay MGMT 393 Homework Assignment 1 One thing the text talks about is management information systems (MIS). It describes what MIS is and its purpose. The book basically breaks MIS down and talks about what it’s made of and the important resources within it. It is important for people to understand MIS in order to process and manage all information dealing with any technology tools in their organization. Another thing the book talks about is using customer relationship management (CRM) systems. Using customer relationship management systems helps organizations understand what a customer may need or want. The basic reason for this system is to help people organizations to build a lasting relationship with their customer in order to give them what they want. The book also talks about relational data base. It tells what the relational data base does and how it stores information. The software’s components of a data base management system are also discussed in the book. It basically describes each component of the database management system and how they work. There is the data warehouse and its characteristics. In the data warehouse there are four types of mining tolls. The types of tolls are described in the book. The mining tools are broken down and explained to show what each tool does. Another key part of the book is the decision support system (DSS) and the geographic system. The decision support system helps make decisions while the geographic system analyzes information. There is expert system which is also known as knowledge based systems. This system helps you come to a conclusion on decisions that have to be made. Then there is talk of the agent based technologies. The agent based technologies is a type of technology that helps do daily tasks. These agent based technologies include information agents, monitoring and surveillance agents, user agents, and data mining agents. Each agent based technology is described and the functions are explained. Another important topic in the book is e-commerce business models. The nine major e-commerce business models are broken down and described in the book. Basically theses e-commerce business models describes how each models sells it products and services. This would include selling it product and services to businesses, consumers, individuals, or even government entities. The outsourcing environment is a factor that is described. Outsourcing is the delegations of a

What Does a Rigorous High School Schedule Look Like?

We at frequently use the term â€Å"rigorous† to describe course loads and course schedules. That’s because rigorous studies in high school are something that admissions committees look for specifically during the application process. They want to know that applicants are capable of difficult, college-level work.    It’s not surprising then that we often hear from students asking, â€Å"How can I make sure my course load is challenging or rigorous enough?† If you’re wondering how to assess if your classes are up to snuff and how to choose a course load that’s challenging without being overwhelming, this post is for you. Rigorous is a vague term, but it can be more helpful to think of your course load as it compares to the course loads of other students at your high school. Admissions committees understand that not all high schools offer a full suite of challenging course options. While some have dozens of AP classes or an IB program to choose from, others have only college placement or honors tracks available. Luckily, you don’t need to worry too much about how many options are available at your high school, since this is out of your control. Instead, you need to focus on choosing the most challenging options available to you. You can think of a rigorous course load as the one that represents the most challenging track available at your high school. To learn more about how your classes will impact your college applications, check out our post Should I Take AP/IB/Honors Classes? . Being the most challenging track available, a rigorous course load can sometimes be a little overwhelming, especially at first. You should start by easing into a challenging course load. During ninth grade, select classes that are rigorous enough to challenge you, but not enough so as to overwhelm you. Think of 9th grade as a time to test the waters and see what you’re capable of. Remember, it is always easier and looks better to add another class or transfer to a more challenging section than it is to drop a class or move down to a less challenging one.    In addition, balance your course selections with reasonable extracurricular commitments. Focusing on two or three extracurriculars is ultimately enough, especially if you stick with them consistently and work your way up to leadership positions or increased responsibility. Dropping an extracurricular after 9th or 10th grade is no big deal if doing so means that you can keep your grades up and take on more challenging classes. Our Early Advising Program helps students in 9th and 10th grade discover their passions and build strong academic and extracurricular profiles to succeed in high school. Admissions committees generally want to see well-rounded students insofar as having completed four years of coursework in each core subject area. This includes English, history, math, science, and usually a foreign language. In fact, many colleges require that applicants have completed four years of coursework in each of these subject areas just to meet application prerequisites. In these core subject areas, you should strive to take the most challenging courses that you’re capable of doing well in, and your primary focus in studying and achieving should be in these core subject areas. Taking any additional classes is not necessary, but it does represent an opportunity.    Beyond the core subject areas, any elective classes that you take should reflect your interests. This is an opportunity to reinforce any potential career choices or college majors. Rather than worrying about taking especially challenging electives, think of them as a chance to explore and demonstrate your interests. Taking electives shows intellectual curiosity and might even allow you to discover a new interest. The balance between better grades and harder classes is always a delicate one. We hear from many students wanting to know if they should take a harder class and get a B, or an easier one and get an A. While there’s no universal answer that will impress every admissions committee, it’s important to know that admissions committees aren’t interested in easy A’s. In fact, a 4.0 GPA in regular college-placement classes may actually be a deterrent to some admissions committees who are looking for students who want to challenge themselves. In general, a good rule of thumb is that if you think you can achieve a B or higher in it, take the more difficult class. Admissions committees will appreciate that you have worked hard for that B, rather than pursuing a less rigorous track. Planning a rigorous track starts in 9th grade. To get off on the right foot, you should make a four-year plan. The simplest way to do this is by using backward design. Start with 12th grade—what classes do you need to be taking in 12th grade in order to get into the types of colleges you hope to attend? These classes are generally the highest level courses available at your school. They might be AP or IB classes if your school offers them, or they could simply be honors level classes if that’s all your school has available. Work backwards from 12th grade to ensure that your prerequisites are met each year. It is much easier to work backwards incrementally from your final 12th grade goal than it is to start with your ninth grade classes and try to imagine where they’ll take you. It’s a good idea to meet with a guidance counselor as you create your four-year plan. You’ll want to ensure that you’re meeting all graduation requirements and that it represents a course schedule that is rigorous as compared to others available at your school. Your guidance counselor will be able to lend some insight into which paths are commonly taken by students with the same goals as you. In addition, remember that the classes you enroll in aren’t the only way to impress admissions committees. You can also highlight your academic chops through options like independent studies, summer college courses, or online coursework. To learn more about these options, check out our post What To Do If Your High School Doesn’t Offer AP Classes . Lastly, if you’re looking for more personalized guidance through high school, consider the benefits of ’s Mentorship Program , which pairs each student 1:1 with a mentor from a top college who can help you develop the skills you’ll need for becoming a successful college student.

Facts that have contributed to urban violence in Brazil Research Paper

Facts that have contributed to urban violence in Brazil - Research Paper Example According to Graham, â€Å"In 2012, 94 police officers have been killed in the city — twice as many as in all of 2011.† Graham also states that â€Å"Between July and September, on-duty police officers killed 119 people in the metropolitan area.† These killings are related to crime and the statistics portray a gloomy picture about the real crime stories obtaining in the Latin American cities. The main problem is that the rate of poverty is high in urban areas that are neglected by the government. Apparently, the organized crime groups as well as the poorly paid members of the police force stay in these areas. The poor police officers living in such areas end up being targets of organized crime groups though they are also suffering and living in abject poverty like anyone else living in the area. The poor urban areas in Brazil are home to thousands of immigrants and the situation has been compounded by the proliferation of gangs who deal in drugs (Graham). It is q uite difficult for the police officers to execute their duties since they are even scared of exposing their identity for fear of being victimized or even killed by the members of the organized crime gangs. Unfortunately, some police officers have become members of the crime gang syndicates as they try to supplement their meager earnings as well as to solicit for protection from the terror gangs so that they are not attacked as well as their families. On the other hand, it can be noted that Roberto Bricano Leon, Andres Villavecas & Alberto Concha Eastman posit to the effect that Brazil reports the highest rates of homicide as a result of the fact that it has a high proportion of urban population and high rate of poverty. The researchers also note that â€Å"the factors related to violence include social inequalities, lack of employment opportunities, urban segregation, a culture of masculinity, local drug markets, and the availability of firearms and widespread use of alcohol.† This situation is compounded by inefficient judicial system especially in Brazil given that it fosters impunity. People can wantonly commit heinous crimes like murder but they can still get away with it. At least, if there were effective judicial systems in this country, the situation was likely to be under control. The study also notes that the majority of young males aged between 15 and 24 years especially in Brazil are the most perpetrators of violence and they are also the prime targets. The main cause of this undesirable trend is related to high unemployment rates which significantly contribute to high levels of poverty. Unfortunately, the government is doing very little in order to address the socio-economic factors that lead to crime such as unemployment. Most people resort to drug abuse and this causes them to indulge in serious crimes that have often resulted in loss of life. Murray Joseph, Daniel Ricardo de Castro & Khan Tulio state that â€Å"between 1980 and 2010 ther e were 1 million homicides in Brazil. Dramatic increases in homicide rates followed rises in inequality, more young men in the population, greater availability of firearms, and increased drug use.† The most important aspect portrayed the authors of this study is that Brazil has the fifth largest population in the world: 197 million people according to the (World Bank 2012b). Apparently, 30% of whom are under age 18 as reported by Unicef 2012. With a gross national income of about (US$ 11,500 per capita in 2011,World Bank 2012b), Brazil continues to have one of the highest rates of inequality in the world. Reaserach has also shown that about 10.9% of the nation's population live in poor conditions of less than $2 per day and the youths are most impacted. Research

Effects of Music Therapy Research Paper Example | Topics and Well Written Essays - 2000 words

Effects of Music Therapy - Research Paper Example Multiple effects to a patient result from music playback during surgery in the operating room, as it helps him to calm down and yield to the application of anesthesia just before the commencement of surgery. In this case, music tends t calm down normally tense and nervous patients when the use of anesthesia fails. It also works in terms of providing a positive atmosphere for the patient to think positively about the forthcoming surgery and the likely outcomes (Nilsson n.d.). Furthermore, on calming down a patient, it allows the patient to relax by acting as a form of distraction from the fear of undergoing surgery, pain and anxiety. This way, playing music in the operating room helps patients cope with pain and the accompanying feeling of being in a strange environment. These concept works together with the earlier concept of a positive environment. This is because the application of music cuts back on the focus towards other likely events and feelings and directs them to music and i ts impact. This is rather than focusing on pain, fear and frustration, but more on the healing process and a positive outcome. In addition, the issue of experience, for the patient, comes up in regard to the use of music in surgery. This concerns patient satisfaction during surgery due to anxiety and its interaction with anesthesia. In this case, music eliminates, by a large percentage, any discomfort caused by induction of anesthesia and recovery of the patient during an operation as it. Moreover, since anxiety works adversely on patients during and after an operation, applying music during and before an operation, improves the rate of recovery in a patient and decreases, substantially, the occurrence of pain and delayed recovery after surgery (Arslan et al. 2007). Still on patient experience during surgery, music plays a key role towards improving it, as hearing ability during surgery and under general anesthesia remains active. In this regard, a patient remains conscious of the a udio on goings in the operating room environment thus, the use of music drowns out all other sounds (Nilsson, n.d.). This way, the patient is only able to concentrate on music and its positive impact such elation in mood, elimination of anxiety and induction of relaxation. In addition, music and interactions with regional anesthesia work towards the good of the patient in relation to dosage. This is because application of music during surgery lowers the need for sedatives to quell pain and induce sleep. In addition, studies show that playing music in the operating room during surgery displays substantial impact on the consumption of opioid analgesics, in that the dose rate decreases dramatically (Iblher et al. 2011). Music also lowers the amount of cortisol levels in the blood meaning that, in surgery, it reduces the amount of stress in a patient. This occurs by brightening up the patient and soothing offering a pleasurable auditory stimulus. Playing music prior to surgery yield eve n better result as compared to during and after surgery, thus preference in music playback is before. However, the music used determines the effects in that to lower stress; sedative music is preferred as it has a slow tempo and smooth tempo, thus the effectiveness in lowering anxiety and stress (Arslan et al. 2007). In addition, music plays a crucial role in surgery by influencing the nervous system through entraining body rhythms to decrease the activity

Camping Technology :: Camps Camping Technological Papers

Camping Technology Could something designed to make life easier end up ruining everything we have worked to preserve? Technology can sometimes be quite controversial. In my major, I have found that it can be almost more of a frustration than a blessing. In most industries, technological advancements are viewed as a positive step towards efficiency and economic growth. This is not always the case, however. In the camping industry, for example, the constant â€Å"improvements† are often a source of frustration to many die-hard campers. When people go on vacation they generally have a common goal, which includes relaxation, adventure, and escape from the stress of their everyday life. They often want to spend quality time with their family without distractions. Camping is an exciting and affordable way to get all of those things. For a relatively low price you can pitch a tent at a State Park and â€Å"get back to nature†-- at least that’s how it used to be. Unfortunately times are rapidly changing, and camping, as it was intended, seems to be a thing of the past. To illustrate my point, I would like to paint a picture of the typical State Park camping experience. Pretend you are a vacationing middle class businessman from down state wanting to take his family on a camping excursion â€Å"up north† over his two week summer vacation. In order to spend a night in one of Michigan’s beautiful State Parks, there is a simple procedure that everyone must go through. First, you must dial a toll-free number, 1-800-44-PARKS, (or use the internet to make a reservation at http://www.midnrreservations.com ) up to 6 months in advance to your pre-planned date of arrival. Spontaneity is overrated anyway. After you dial the number you have to type in the first four letters of the park that you wish to visit. At this point you will be connected with an operator in Maryland who will help you pick out a site number that will suit your needs from a park she’s never seen before in a state she has never been in. This is called privatization, whi ch is an issue for a different essay, which I will avoid complaining about in this paper. So, this operator takes your credit card information and charges you $20.00 per night, plus a $2.00 reservation fee. She will then spend 10 minutes reading you a list of rules and regulations for camping in a State Park.