Why People Blame Cds For Recent Financial Crisis Finance Essay - Free Essay Example

Sample details Pages: 15 Words: 4400 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? This briefing paper provides background on the derivatives markets and their role in the financial crisis, evaluates aspects of the main reform proposals and whether or not these reforms should be implemented. One of the least understood but potentially among the more damaging factors contributing to the crisis in global financial markets is an asset class known as over-the-counter (OTC) derivatives and one OTC product in particular known as credit default swaps or CDS. Indeed, even were there not multiple financial market crises underway, reforming the CDS market would still be an urgent problem. Warren Buffett famously described CDSs as weapons of financial mass destruction in Berkshire Hathaways 2002 annual report. Don’t waste time! Our writers will create an original "Why People Blame Cds For Recent Financial Crisis Finance Essay" essay for you Create order However, Buffett recently admitted that his company has sold at least 251 derivative contracts with a total face value of more than $14 billion. Buffett says he plans to continue selling CDSs because the odds strongly favor making money. The architecture of derivatives markets is now in play because of two, related policy concerns that arose from the financial crisis: systemic risk and market efficiency. Systemic risk is the danger that failing financial institutions will destabilize the financial system and thereby threaten the wider economy. When unconstrained by effective risk management or regulation, derivatives enable high concentrations of risk in individual financial institutions. Derivatives markets are efficient if trading costs are low and risk is well distributed among investors. The most important ingredient for market efficiency is competition, which in turn depends on price transparency and on relatively unencumbered access to trading by a broad set of market partic ipants. Why people blame CDS for the recent financial crisis? The financial crisis was exacerbated by derivatives markets in two basic ways. First, insurance companies such as AIG, Ambac, and MBIA used CDS to sell protection on CDOs backed by sub-prime mortgages to such an extent that they were severely impaired when those CDOs experienced large losses from mortgage defaults. This in turn contributed to the weaknesses of the banks that had bought and relied upon the protection of these credit default swaps. Second, the failures of the large investment banks Bear Stearns and Lehman Brothers were exacerbated by a run of their OTC derivatives counterparties. The flight of these derivatives counterparties, as they sought new positions with other dealers, may also have contributed to the fragility of global financial markets. In the same vein, a number of other large dealer banks had to be bailed out for reasons that included the dangers posed by the potential flights of their derivatives portfolios. The AIG Fiasco AIG, the most egregious ex ample of the first type, was bailed out in response to losses suffered by its subsidiary AIG FP, which had sold CDS protection on over $400 billion of CDOs. As AIGs losses mounted, downgrades to its credit rating were about to trigger contractual obligations for AIG to post large amounts of additional collateral on its CDS positions. AIG did not have the resources to meet these calls for more collateral. The federal government stepped in to support AIG, at a massive cost to U.S. taxpayers. Clearing would not have helped here. The AIG credit derivatives contracts were customized to the particular CDOs that they covered. Even had CDS clearing existed at the time, these AIG CDS would not have been sufficiently standard to have been cleared. Only better risk management by AIG and better regulatory supervision could have prevented this disaster. Flaws in CDS: In my view, CDS and the entire OTC derivatives market represents a form of regulatory arbitrage a retrograde and deliberate evasion of established prudential norms masquerading under the innocent guise of innovation. As in the case for the OTC market for unregistered securitizations, OTC derivatives are essentially designed to generate supernormal returns for a relatively small group of global banks which traffic in these officially sanctioned, but private gaming contracts. The practical problems with CDS contracts come from several basic flaws in the regulatory, legal and business model for these instruments, deliberate flaws that include: An archaic, bilateral clearing scheme that has only recently begun to be reformed, A deliberate lack of standardization and price transparency that advantages the CDS dealer No common central counterparty to guarantee all trades and to hold collateral, and thus no effective limit dealer leverage A schizophrenic pricing methodolog y that has little connection to the several different types of underlying market and credit risk contained in CDS contracts Are the reforms really needed? Reform is necessary to re-establish confidence in the financial system, particularly among global investors. The reform proposal is well thought out, at least in theory; it attempts to fill most of the cracks in the regulatory framework, cracks that contributed significantly to the current financial crisis. Even with the reforms implemented we would have decreased the impact of this financial meltdown. Reforms which are being implemented: BigBang protocol: On March 12, 2009, International Swaps and Derivatives Association, Inc. (ISDA), published the Credit Derivatives Determinations Committee and Auction Settlement Supplement (the Supplement) and Protocol (the Big Bang Protocol). The Supplement will introduce four broad changes into the Credit Default Swap (CDS) market that will be applied to new CDS trades and can be applied to existing CDS contracts via adherence to the Big Bang Protocol. Each of these changes is outlined in the discussion below. And these became effective from April 8 2009. The changes made by the ISDA were: Adopts the auction model as the default settlement mechanism based on the documentation used in connection with previous credit derivative auction protocols; Establishes Credit Derivatives Determinations Committees (Determinations Committees) for the purpose of making determinations with respect to credit events and succession events, for overseeing the auction process (and any modification required for a specific credit event) and for addressing other issues presented by the CDS market; Establishes a credit event backstop date and a successor event backstop date; and Modifies currency exchange rates and related provisions for physical settlement and the auction settlement process to eliminate the perceived inequity relating to foreign exchange provisions with respect to the use and amendment of a Notice of Physical Settlement during the settlement of CDS trades. 100/500 Trading style: ISDA has also announced a new Standard North American Corporate CDS contract, nicknamed SNAC. SNAC is a single-name CDS contract with a fixed coupon of 100 or 500 basis points, depending on whether the Reference Entity is considered investment grade (for which the fixed coupon is 100 basis points) or high yield (for which the coupon is 500 basis points). SNAC contracts will also trade without Restructuring as an applicable credit event. Note that adhering to the Big Bang Protocol will not convert existing CDS contracts to SNAC. The Big Bang Protocol and the new SNAC contract are separate ISDA initiatives that will take effect on the same date. Reforms which are being proposed: The three main derivative reform proposals under discussion On July 30, 2009, the chairs of the House Financial Services Committee and the House Agriculture Committee outlined their joint principles for new derivatives legislation (the Frank- Peterson principles) On August 11, 2009, the Obama administration released its proposed Over-the-Counter Derivatives Markets Act of 2009 (the Treasury plan) On June 26, 2009, the House passed the American Clean Energy and Security Act (Waxman-Markey), can be evaluated with respect to several stated policy options that are believed, in varying degrees, to reduce systematic risk and improve the efficiency of the derivatives markets. They are: Centralized clearing, Improved price transparency, Improved position transparency, Migration of over-the-counter trading to exchanges, Speculative position limits, and Improved corporate governance in the area of risk management. Centralized clearing: A move towards the centralized clearing of OTC derivatives is an important component of all of the proposed packages of reforms. A contract is cleared when a central clearing counterparty, informally known as a clearing house, legally assumes the position of buyer from the original seller, and seller to the original buyer. The original counterparties post initial performance margin with the clearing house. As the position is marked to market each day, they pay or receive variation margin in recognition of any reductions or increases in the market values of their positions. These margin payments are normally made in cash or treasury securities. Clearing insulates counterparties from each other, provided that the clearing houses are themselves well designed and capitalized. In addition to any direct reductions in counterparty risk, clearing reduces the sort of run-on-the-bank behavior that was likely to have quickened the failures of Bear Stearns and Lehman. The main concern is ho w to encourage the growth of effective central clearing. Clearing is a relatively expensive process. For each type of derivatives contract, a clearing house must set up standard terms for acceptable contracts, determine formulas for initial margins, and set up a methodology for pricing cleared derivatives for the purpose of determining variation margin payments. Proper financial controls and carefully crafted legal contracts are required. Systems for the processing of trades and collateral are needed. Because of these costs and because of the requirement for daily or even more frequent pricing, it only makes sense to clear types of derivatives that are relatively commoditized, that is, widely and heavily traded in a standard form. In July 2009, Eurex began clearing CDS contracts, partly in response to the European Commissions demand that dealers arrange for separate Europe-based clearing of Eurozone credit default swaps. In general, counterparty risk is higher when clearing is separated across clearing houses. This follows from the lost opportunity to offset the exposures that can arise when a financial institutions cleared derivatives positions have a net negative market value at one clearing house and a net positive market value at another clearing house. From this viewpoint, it is better to have a small number of central clearing counterparties, and to have joint clearing of interest-rate swaps, credit default swaps, and other derivatives. National regulators would do well to cooperate on the regulation and supervision of clearing houses. Among the issues to be resolved for the effective international supervision of clearing houses is the division of responsibility for bailouts, should a clearing house need government support. Overall, while the clearing of inter-dealer OTC derivatives positions is still quite limited, the clearing of positions between dealers and their customers is even less common. The New York Fed has asked dealers to arrange fo r more clearing of customer positions. The development of new frameworks for clearing customer-to-dealer CDS positions is in progress. In summary, the increased use of central clearing represents the most powerful way to reduce systemic risk arising from OTC derivatives markets. Some key steps that regulators should take are: (1) pressuring dealers to adopt specific numerical targets for lowering exposures (before collateral) on uncleared derivatives positions, (2) increasing regulatory capital requirements for uncleared versus cleared derivatives, (3) persuading dealers to clear a greater fraction of dealer-to-customer positions, and (4) fostering international coordination in the regulation, supervision, and failure resolution of clearing houses. It would be counterproductive, in my opinion, for regulators to reach for legal definitions of the types of derivatives that are to be cleared. Improved Price Transparency: Markets tend to be more efficient when the going price is well known by market participants. OTC derivatives markets have limited price transparency. For relatively standard types of derivatives, such as certain interest-rate swaps and credit default swaps, representative quotes are published through financial reporting services such as Markit Partners and Bloomberg, or on inter-dealer broker screens. Customers of dealers are nevertheless normally much less well informed about recent execution prices than are the dealers with whom they execute their trades, and are thus at a bargaining disadvantage to the dealers. This is not a big issue from the viewpoint of systemic risk, but it is a relevant concern with respect to market efficiency and the division of gains from trade between dealers and their customers. But on the other side from dealers point of view with more improved price transparency would reduce the incentives of dealers to make markets because the customers will be h aving the price of previously traded contract and in the end reduce market liquidity. Improved Position Transparency: A separate issue is the availability of data on the sizes of derivatives positions, which allow the monitoring of risk concentrations that can have systemic implications. There are concerns, however, about what amount and type of data is appropriate to be disclosed, and to whom. The Treasury plan and the Frank-Peterson principles call for all OTC derivative trades to be reported to qualified trade registries. The Treasury plan also calls for public disclosure of aggregate position information, and proposes that individual positions should not be disclosed. Aggregate position information Public disclosure of market-aggregated position sizes seems well warranted. Currently, for example, for each of 1,000 large corporate or sovereign borrowers, DerivServ discloses the total quantity of CDS positions that are held as protection against the default of the borrower. This open interest information assists investors in judging the degree to which investors, in aggregate, are concerned about the creditworthiness of individual borrowers, as well as the degree to which sellers of protection in the CDS market could be harmed, in aggregate, if the borrower defaults. The BIS, the Office of the Comptroller of the Currency, ISDA, and other agencies provide some aggregate market position information, although the frequency of these reports and their coarse levels of aggregation leave room from significant improvements in the information that investors can collect on OTC market risks. Regulators should push, in broad set of active OTC derivatives markets, for something akin to t he frequency (weekly) and degree of refinement of DerivServ open-interest reporting. For example, had the DerivServ Trade Information Warehouse, which now provides electronic documentation of almost all standard CDS contracts, not existed by the time of the financial crisis, the default of Lehman Brothers would probably have been accompanied by substantially greater market uncertainty, and potentially by panic as dealers and others attempted to determine the extents of their CDS exposures. In fact, the CDS positions triggered by Lehmans default were well documented and were settled in an orderly manner. All recorded sellers of protection performed on their obligations. Individual position information It is sometimes claimed that OTC derivatives pose dangerous risks because the public does not have the opportunity to see the sizes of positions held by individual investors. OTC derivatives markets are no more opaque in this respect than organized derivatives exchanges. Indeed, individual positions are almost never disclosed in any financial markets. The main exception is the SEC requirement for investors in the common shares of public corporations to disclose holdings once they exceed given thresholds, relative to the total number of outstanding shares. These equity position disclosures are not motivated by systemic risk monitoring, but are instead designed to address issues related to the potential control of U.S. corporations. Derivatives positions do not convey control. In general, the public disclosure of individual derivatives positions would reduce the incentives of investors to collect and analyze fundamental information. The efficiency with which prices are determined would decline correspondingly. Privacy concerns might also be raised. The public disclosure of individual derivatives positions should not be mandated as an approach to reducing systemic risk unless there is compelling evidence that disclosure to regulators alone is not sufficient. There is, however, a good case for mandating the public disclosure of derivatives positions (whether obtained on exchanges or over the counter) that offset the economic exposures of major holders of debt or equity in public corporations. For example, the public has an interest in discovering whether a major shareholder, who ostensibly contributes to proper corporate governance, has severely diluted its governance incentives through a derivatives position. Likewise, the major creditors of a distressed corporation are normally presumed to act in a manner that mitigates distress costs. If, however, a creditor has purchased protection against default using credit derivatives, the creditor may even have a n et incentive to accelerate the default or may have a substantially diluted interest in raising the recovery value of debt claims. In general, regulators should rationalize disclosure requirements for derivatives positions that raise substantial concerns over moral hazard in corporate governance. Migration of derivatives trading onto exchanges: Because derivatives traded on exchanges have almost immediate price transparency and are almost invariably cleared, exchanges offer obvious improvements over OTC trading for those types of derivatives that have enough volume of trade to justify the setup costs of exchange trading. Once traded on exchanges, moreover, a broader set of investors can take part in the benefits of hedging and speculation, and can further add to market efficiency and, particularly, liquidity. Dealers, however, reap substantial profits from OTC trading, and have little incentive to foster the migration of trading from the OTC market to exchanges, even after a derivative product achieves a high level of standardization and breadth of investor activity. Anyone suggesting otherwise should be embarrassed by the examples of standardized and extremely heavily traded derivatives that are available only in the OTC market, such as CDX.NA.IG default-swap index derivatives, which are based on a basket of bonds iss ued by large investment-grade North American corporations. I can think of no good reason that the public interest is best served by having such benchmark financial products available only through negotiation with dealers. There also exist electronic trading platforms that offer a degree of price transparency and breadth of access lying between the extremes represented by fully private OTC negotiation and central exchange trading. These platforms are organized by dealers, inter-dealer brokers, or specialty financial services firms such as TradeWeb or BrokerHub. On such platforms, dealers compete for orders by displaying quotes. Typically, counterparties can contact other counterparties offering quotes, and then complete the negotiation of trades in private. More extensive use of electronic trading platforms and of TRACE-like price transparency would reduce the inefficiencies associated with OTC market opaqueness. Indeed, the Treasury plan would require that all standardized der ivatives be traded on exchanges or on alternative swap execution facilities, apparently referring to trading platforms of the sort mentioned above. Forcing derivatives trading onto exchanges by regulation must nevertheless be done with caution. It is not easy to gauge the costs and benefits, case by case. Simple rules based on measured volume might encourage unintended behavior by dealers, such as using excessive customization to limit the development of liquidity. Further, even for relatively high-volume products, OTC markets are sometimes able to handle very large trade sizes more easily than exchanges, just as large blocks of equities are often handled by private negotiation despite the availability of active equity exchanges. Beneficial financial innovation could also be stifled if OTC derivatives are regulated onto exchanges before dealers can generate a sufficient return on their investment in developing new financial products. Curbing Speculative Trade: It has been proposed that speculative derivatives trading should be severely curbed, or even in the case of CDS markets outlawed. These proposals are based, at least in part, on a misconception of the role of speculation. The U.S. House of Representatives has voted in favor of Waxman-Markey, which, if passed without alteration, would prevent an investor from entering into a credit default swap unless the investor has an associated commercial business exposure to the borrower named in the CDS. (The disallowed trade has been called a naked CDS.) This measure is seriously flawed. If it is enacted, an investor that does have a commercial hedging need for CDS protection would often face difficulty finding a suitable counterparty. Apparently, the counterparty would also be legally required to have a commercial need to hedge against the default of the same borrower. The elimination of speculation through this measure is analogous to regulation against hurricane insurance. Insurers have no natural hedging motive in offering hurricane insurance. They are effectively speculators. That is, they believe that the likelihood of a hurricane is low enough relative to the insurance premium that they can generate an expected profit on each new policy, although taking the risk of a significant loss in the event of a hurricane. To the extent that insurers are prevented from speculating in this manner, those with a desire to reduce risk by purchasing insurance would lose access to counterparties willing to bear the risk, or would pay a much larger insurance premium given the resulting scarcity of risk-bearing capacity. A related measure, proposed by George Soros and included as a legislative option in the Frank-Peterson principles, would allow speculators to sell default protection but not to buy default protection. Such a rule would lead to a loss of market liquidity and a reduced quality of price discovery. Suppose, for example, that the CDS market currently offers p rotection on a named borrower at a premium that is much lower than the borrowers poor financial condition actually warrants. Under the proposed regulation, speculators would not have the incentive to discover the true financial health of the borrower, buying protection until the market price of protection rises, thereby revealing the weakness of the borrower to everyone. Outlawing the speculative use of credit default swaps to buy protection would have the unintended consequences of reducing market liquidity (because those selling protection would have less incentive to incur the costs of remaining informed and active traders) and of driving this form of speculation under the radar, through the use of less effective and transparent types of financial products. There are no specific regulatory limits on the sizes of OTC derivatives positions that may be held by a hedge fund, although dealers holding the other sides of these positions indirectly limit systemic risk to some extent t hrough their own limits on counterparty exposures and with the collateral requirements that they impose on hedge funds. Through laws that prohibit price manipulation, the SEC and the CFTC already have an adequate legal framework for pursuing anyone attempting to corner or otherwise manipulate organized securities or derivatives markets. For example, both the CFTC and the Federal Energy Regulatory Commission (FERC) charged Amaranth with market manipulation over its natural gas futures positions. The proposed Treasury plan includes several new measures designed to limit manipulation of OTC derivatives markets, mainly with respect to trading on alternative swap execution facilities. Improved corporate governance in the area of risk management: Derivatives that are not easily cleared or exchange traded are typically those customized to suit the specific business uses of investors. There should be some tolerance for financial innovation and customization. Economic efficiency is harmed if those with commercial needs for hedging are forced entirely into standard derivatives positions that are relatively poor hedges, or if derivatives markets are unable to innovate along with changes in the economy. For example, when interest-rate swaps first appeared in the 1980s, they were low-volume customized financial instruments. Had non-standard derivatives been heavily penalized at that time, a useful financial innovation could have been stifled. The AIG derivatives fiasco was extremely costly to taxpayers. The AIG credit default swaps would not have been sufficiently standard to be cleared. By their nature, the risks of customized derivatives are more difficult to monitor than those of standard derivatives. Risk management by AIGs senior management and board, and supervision by the regulator of its derivatives activities, the Office of Thrift Supervision, were inadequate. In my opinion, corporate boards and regulatory supervisors should have more effective risk management credentials or training. The quality of risk management by corporate boards might also be raised by the increased use of professional services in risk auditing, in the manner that boards currently rely on independent financial accounting auditors. Rules should be flexible to allow for and react to changes in markets: Policymakers should keep in mind that markets evolve. Markets cannot be created by government fiat, and they are distorted by government intervention.Where regulation is necessary, it should be flexible enough to allow continued market evolution and to respond to that evolution in appropriate ways. Sound regulation interacts with markets rather than insisting that markets conform to preconceived government categories and jurisdictions.While central clearing for many CDS contracts is now feasible, regulations should remain sufficiently flexible to allow new or revised credit products to trade and develop in non-cleared markets.Over time, successful products will develop sufficient volume and standardization to permit clearing or exchange trading. However, imposing such requirements on new products when they are initiated initiated would prevent useful experimentation and market evolution.Those who would disrupt derivatives market improvements by mandating a change in regulatory juri sdiction should be required to meet the high burden of proof that the regulatory disruption is both necessary and likely to improve current arrangements. The House Agriculture Committees proposal to restrict derivative clearing to CFTC-regulated clearinghouses fails both prongs of this test. Conclusion: In order to reduce systemic risk arising in derivatives markets, regulators should push for more extensive clearing through immediate pressure on dealers for numerical targets and, as soon as possible, through revisions to regulatory capital requirements. Regulatory language that defines the specific types of derivatives to be cleared would have counterproductive unintended consequences. Derivatives positions should be comprehensively disclosed to regulators, and should be disclosed to the public only after aggregation, except for cases in which the disclosure of specific individual positions would inform the public about significant moral hazards in corporate governance. In order to improve market efficiency, over-the-counter prices should be published much more systematically, for example through TRACE-like post-trade reporting systems, which should be mandated for at least all cleared derivatives. Greater competition, even within the OTC market, can be achieved with more effe ctive and widespread use of electronic trading platforms. Regulators should foster the migration of trading from over-the-counter markets to exchanges whenever warranted by sufficiently active trading. Severe curbs on speculation detract from market efficiency and increase price volatility. Speculative position limits should be adopted only where valid concerns over systemic risk or market manipulation cannot be addressed by other means. Corporate boards should be encouraged to improve their corporate governance in the area of risk management, for example from increased representation on boards of suitable specialists or by the retention of professional risk auditors. All that I am suggesting today is that we bring the CDS market fully into the light of transparency by listing most of these contracts on exchanges, that we require adequate capital and collateral for all players in both exchange and OTC markets, for end users and dealers alike; and that we force parties writing def ault protection to show that they understand the risk implications of same.

The Great Gatsby and the American Dream - 1401 Words

The Real American Dream Since its institution, the United States has been revered as the ultimate land of ceaseless opportunity. People all around the world immigrated to America to seek quick wealth, which was predominately seen in the new Modern era. Beginning in the late 1800s to the early 1900s, the period introduced progressive ideas into society and the arts. Accompanying these ideas was a loss of faith in the American Dream and the promise America once guaranteed, especially after World War I. One of the renowned writers, F. Scott Fitzgerald, emerged during this period and put together The Great Gatsby â€Å"embodying†¦the fluid polarities of American experience: success and failure, illusion and disillusion, dream and nightmare†,†¦show more content†¦However, Fitzgerald implies through his diction, that the mansion also is portrayed as an idea, which serves one purpose: to win Daisy back. By defining Gatsbys mansion as a colossal affair by any standard†¦or rather†¦it was a mansion inhabited by a gentleman of the name, Fitzgerald suggests that Gatsby does not own the house, but rather the house or the idea owns Gatsby, and that there is no substance in his vision(Fitzgerald 9). Also, he states that the mansion is a representation of a shortsighted American Dream: that material success†¦will bring one status and happiness†¦, and shows material gain as insignificant when compared to one’s true feelings and emotions (Morton-Mollo Online). Moreover, Fitzgerald hesitates to mentions the word home during his description adding to the purpose Gatsby intends for the mansion, rather than the realism of an actual home. 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Janoskians Free Essays

The Janoskians are a group of 5 boys that are taking the world by storm! The Janoskians = Just, Another, Name, Of, Silly, Kids, In, Another, Nation. (Skip). The boys became known to the media and public and branded as ‘The YouTube and Online Sensations’ in late March last year when their Meet Greet and Luna Park, Melbourne, had a turn up of over 6000 fans and had to be closed down. We will write a custom essay sample on Janoskians or any similar topic only for you Order Now They now have over 550K subscribers to their main YouTube channel – The Janoskians – with almost 56 million views to date on one channel alone!! They have caught the attention of Sony, MTV, are partnered with YouTube and have just signed with the likes of Keek and various other social platforms. The boys were also recently approached by the Moreland City Council Mayor, OscarYildez (Vic) and are proud to say that they have now joined forces with the ‘Bully Free Australia Foundation’ (in which they promote awareness against bullying) are anti-bullying Board Members and Ambassadors for all online social networks that they are involved with. This campaign also reaches schools, workplaces and the wider community. Involved in this campaign include the likes of Pink, Melbourne Victory Football Club, EDFL, ACG and many other high profile celebrities and businesses. The Janoskians recently released their first single being ‘Set this world on Fire’ with 3 more songs to be released in the next few months! The boys have just completed touring and performing in the ‘Summer Night’s Tour’ with Reece Mastin and The Justice Crew which was a great success and something the boys will never forget. The Janoskians look forward to now travel overseas to meet the ever growing Janoskian fan base all over the world! The boys have made 8 episodes with MTV including many ‘bonus’ and ‘bloopers’ clips added – in association with their show: www. mtv. com. au/thejanoskians. The show has now reached the UK and has attracted interest from Canada, Sweden and many other countries and no doubt will go global this year with MTV which is very exciting! On Saturday, March 16, 2013, the boys will be attending the â€Å"Ribbon Cutting Ceremony† by the Honourable Prime Minister Julia Gillard who will be officially launching the Anti Bullying Australia Foundation! How to cite Janoskians, Papers

Resource Allocation Strategy for Innovation Portfolio Management

Question: Discuss about the Resource Allocation Strategy for Innovation Portfolio Management. Answer: Literature Review The authors cited clear literature reviews which are available within each section of study. Proper titles are also used to elaborate different parameters and show their effectiveness. The various sections into which the research is divided are: Theory Resource Allocation breadth Selectiveness Innovative intent Data and methods Measures Estimation Results Discussion Conclusion The centre point of the journal is the inclusion of data and analysis sheet within the study material. The results show a correlation table depicting the relationship between various factors which effects the decision of innovation portfolio management. Some examples are new product sales, size of the firm, process innovation, innovation expenditure etc. The correlation table specifies how each and every factor gets affected by the decision and shows the viability of a decision. Further, an analysis has been given for various models including NEW, NTF and NTM models. Thus, the overall picture has been described which should get affected when a business needs to invest in new portfolio. The journal shows the idea of selecting a portfolio based on the size and selectiveness of the projects and the data analysis further reinforces the conclusion drawn. The literature review as presented by the research is full of information. However, the information given in the literature review is not up to date. The researcher properly referenced the literature review but incorporates data that are dated 1985, 1997, 1981, 2002, 2000 and some older years. While carrying out the literature review, the researcher made it sure to incorporate all the aspects of innovation that the readers should know. The authors talk about the resource allocation breadth that talks about the parallelization of allocations of resources so that every organization is able to get equal amount of resources to bring in the innovation. Selectiveness is all about allocation resource when the research is going on. Resources are allocated based on the importance of the importance of the individual project. Due to selective resource allocation, there is discrimination for resources among the projects as the resource allocated will be different for each type of project. The in novation intent is related to the intention of the organization to bring in the innovation. The readers might not be knowing the various ways of resource allocation. The literature review throws light on the resource allocation strategies that will help the organization to bring in different types of innovation. Hypothesis This research tested hypothesis about what factors cumulatively derive a prudent decision for effective and objective portfolio management in an innovative environment. The theory well describes the commonly adopted methods which may lead to a complete failure of a project. The authors very well described the need for a portfolio while taking an investment decision especially which scarce and limited resources. The resource allocation breadth has been described as one of the important decisions. The importance of availability of a wide range of projects for making a portfolio has been considered. The authors considered prior research conducted on the topic and concluded that more and more availability of projects may lead to overstretching which can be effectively curbed by adopting the selective approach. This idea has been well developed and depicted as a major and centric approach. Objectives The study sought to achieve the following objectives- How new product sales are affected by the decision of innovative portfolio management. Allocation of resources to the wide range of available projects. How an approach to test the overall effect of a portfolio and non analysis of individual projects may determine the credibility of a business Is the data produced by the Community Innovation Survey (CIS) be utilized for deriving useful results for portfolio management. Is the breadth of the portfolio has greater impact than the selectiveness or a balanced approach needs to be followed. Whether the innovative intent visualized by an organization has been able to be achieved by the designed portfolio. Whether firms should invest in greater projects initially and switch to limited projects which are performing well. Research questions are not given in the article. Every article should have research questions so that the readers would be able to understand the areas that the researcher will investigate or in other words find the answers to the questions. If the researcher would have put the research questions, it would have been easier for the readers to identify the areas that the research is putting the focus on. Methodology The treatment followed a study based on factorization of the effectiveness of an innovative portfolio and its success. The journal depicts short emphasis on each and every factor namely- breadth of the projects, selectiveness and innovative intent of a business. These three factors are considered the pillars of the discussion. Further, the authors used sample method to prove their research outcome. The 2009 Mannheim Innovation Panel conducted a survey for the period 2006-2008 which was a part of the European Community Innovation Survey. A journal from the Oslo Manual has also been referred in the work. The Oslo Manual provides an annual survey of firms providing a wide range of record for check on the consistency of the projects. The sample chosen by the authors has 35,197 enterprises. The authors also analyzed the data in the light of dependent, independent variables and control variables. The research design as applied by the researcher is appropriate for the research. The researcher took into consideration both secondary data and primary data. The secondary data is described properly in the literature review. The primary data is being analyzed with the help of co-relational method. As the authors are trying to find the relation between resource allocation and innovation portfolio management, co-relational analysis seemed to the best choice by the authors. The analysis will help the authors find out the relation between the two. Findings The introductory part demonstrates the objective of the research which shows that the journal particularly discussed about the approach to be followed when a business wants to invests in some innovative intent with the potential to generate more future profits. The decision particularly relies on a number of factors which are highlighted by the authors. A brief discussion about each factor further enhances the correct objective selection for the journal. Each discussion describes how it affects the management of a portfolio of an innovative investment along with the strengths and weaknesses of utilizing that factor. The solutions and related articles and works are also cited along with the research of authors to strengthen the vision of the journal. The data referred by the authors to base their findings was authentic and well accepted. The sample taken depicts a proper survey of businesses who wants to step in the innovative market and make a mark of success in their work histories. Each and every part of the sample and other works has been mentioned with proper source citing and the authentication of the sources. A short introduction about the sources has also been given to strengthen the findings. The variable method was adopted to show that the results derived by the research are well tested and proved. The novelty of new products has been tested using three categories viz. NTM (new to market), NTF (new to firm) and NEW (new and improved products). A ratio of the investment capability of a firm to its new products has been calculated and evaluated to depict the innovation appetite of a firm and the ability of smaller firms to diversify by investing in new projects. The estimation was done on the basis of Tobit analysis method. Split sample or split variables analysis was performed to measure the changing effects breadth under various situations. A proper analysis has been done of different variables under multiple situations and correlation among them has been analyzed and reported in the journal. Thus, proper statistical tools have been used by the authors to reach the final conclusion. All the works and analysis of the authors are properly shown in the journal so that the reader can understand the pros and cons of each and every factor and understand the viability of the decision. The data analysis part of the article is presented well by the authors. The researcher has mentioned the data and the analysis of the data properly. The researcher has mainly discusses three types of allocation strategies in innovation. The authors have mentioned all the aspects of the different tables that have been based on the three factors. The readers would not face any issue to understand the data that has been set by the researchers and they would easily understand the types of analysis that has been incorporated in the article. The presentation of the data has made it easier for the readers to relate them with the discussion and the result that have been mentioned in the article. The researcher has not forgotten to relate the analysis with the result of the article. The models that are being evaluated by the author are being controlled for principle industry membership. The authors revaluated the data by rerunning the model by an augmented operationalization of breadth. The outcome of the analysis show that the result that has been concluded is consistent and hence the research can be said to be successful. The limitation of the research has been addressed in the article properly. The best part of the research is that the researcher has incorporated scope for the future research along with the limitations of the research. The readers will know that the limitation of the present research will help in understanding the areas where further they could further carry out the research. The future researcher will get to know the issues that they could face while carrying out future research. The authors have said that the authors could not evaluate the quality of information that is added in strategy. The authors could not have any control over the resources that are being fed in the strategy. The innovations will vary based on the quality of the ideas. If research is being done on single industry context then the result between the performance and portfolio resource allocation breadth might have been different. Recommendation "Additional research is needed in other statistical settings to see if consistent findings about breadth analysis, requirement of innovative intent, selectiveness and attitude are achieved." However, the journal properly analysis various aspects of an innovative market culture and how different parameter need to be drawn before taking the portfolio and investment decisions. The analysis of the factors under different other statistical scenarios may provide different results than what is derived by the authors. The strength of the journal lies in the base formation which is made up of an authenticated survey which cannot be nullified in any sense but the dynamic business era may provide changing results under different situations and during different period of time. Thus, another measurement tools and references must be followed before concluding anything. Conclusions Conclusions and implications were formulated with the knowledge that subjects for this study used breadth and selectiveness extensively for selecting a perfect innovation portfolio. In this investigation, final examination scores were independent of the method of testing. The method of testing was not a determinant of how business should particularly follow a path while investing in an innovation portfolio. Since time required was not consistent over the two replications, the methods of testing as well as other factors appear to influence the time requirements of test completion. Overall Critique This was a very in-depth research project, particularly for a journal article. For the most part, it was well written and well organized. There was a definite need for a short review of literature to develop the situation. The article did get a little complicated in the reporting of data due to the complicated statistical procedures used. Overall, it was a very interesting, significant contribution to the field of research.

Canadian Birds Essays - Geese, Branta, Canada Goose,

Canadian Birds The Branta Canadensis, better known as the Canada Goose is a magnificent bird which can be found all over North America. People from all over North America look towards the sky when the Canada Geese go honking overhead in their trademark V formation, and because they nest all over Canada and some of the United States many people have a chance to witness the birds migration to the nesting grounds and back to the wintering grounds. The Canada Goose is respected by so many of us because of it's dignity and courage and refusal to give up. Over the years the Canada Goose has picked up many slang names, some of these are: Canadian Goose, Canadian Honker, Honker, Honker Goose, Big Honker, Old Honker, Boy Goose, Bernache (French for Barnacle Goose), Big Mexican Goose, Blackee, Blacknecked Goose, Brant, French Goose, Northern Goose, Reef Goose, Ringneck, Wavy, and White-cheeked Goose (Wormer). The Canada Goose has excellent eyesight which makes it difficult to hunt because the Goose can see the hunter well before the hunter ever sees the goose (Wormer). This eyesight is essential for flying though, a Canada Goose can see three quarters of a sphere without moving its head (Wormer). The Canada Goose also has an acute sense of hearing, it's ears are positioned on the side of it's head (Wormer). They have either no sense of smell or a very poor one, but this does not impede the goose in any way (Wormer). Although there is a large variation in size all subspecies of Canada Geese look the same physically (Wormer) The male and female Canada Goose look almost exactly the same except the female can usually be recognized because it is smaller and less aggressive (Wormer). Colors also vary but, the color pattern is generally the same for all the subspecies (Godfrey). The head and neck are dark black with a large white patch on each cheek which meet under the chin, this is the Canada Goose's most easily recognized characteristic because it is unique to the Canada Goose (Wormer). The upper parts of the body as well as the wings are greyish brown, the feathers tipped with brownish white (Godfrey). The tail is black with the upper tail coverts white and the under tail coverts are white also (Godfrey). The under body is brownish grey with paler feather tips, the sides being the darkest and the lower belly is white (Godfrey). The feathers of the breast commonly called down are broad and square tipped (Godfrey). The bill and legs are dark black, and the iris of the eye is brown with a black pupil (Wormer). The Canada Goose in it's first Autumn and Winter is similar to the adults but breast feathers are narrower, softer and more rounded, the outer primaries on the other hand are less rounded than those of a mature adult (Godfrey). The Canada Goose color pattern works as a great disguise, when lying flat with the neck outstretched the Canada Goose looks like a clump of grass and dirt and difficult to distinguish as a goose even on snow or ice (Wormer). All goslings of all subspecies of the Canada Goose look identical (Breen). Goslings are bright yellow and weigh less than one pound when hatched, after two weeks they way two pounds, after one month their weight is three to four pounds and their color is a dull grey, after six weeks a color pattern can be seen and inclination to fly i.e.. running on top of the water flapping it's wings, after eight weeks they look like adult and weigh six to seven pounds and some are able to fly others begin to fly in their ninth week, further growth depends on the subspecies (Breen). There are eleven subspecies of the Canada Goose but the characteristics that separate them usually cannot be seen from a distance (Wormer). Branta Canadensis Minima, also known as the Cackling Canada Goose is the smallest of all subspecies weighing only two and a half to four pounds (Wormer). It is the darkest in color and has the highest pitch call (Wormer). Branta Canadensis Hutchinsii, also known as the Richardson Canada Goose weighs three to seven pounds and is light in color, it's call has a pitch slightly deeper than that of the Cackling Canada Goose (Wormer). Branta Canadensis taverneri, also known as Taverner's Canada Goose weighs three and a half to five pounds and is dark in color (Wormer). Branta Canadensis leucopareia, also known as the Aleutian Canada Goose

Socialism in America essays

Socialism in America essays Socialism is the public collective ownership of, or control of the means of production, distribution and exchange with the declared aim of operating for use rather than for profit; also for assuring each member of society an equal share of goods, services, and warfare benefits. Socialism in America has officially never existed. To call a plan socialistic would be potentially dangerous in a democracy, being that America is a democracy and the business of America is business. We function as a capitalistic system which could not exist if any form of real socialism were present. In 1901 Mr. Tom Johnson was elected mayor of Cleveland on the platform of equal taxation on all properties rather than the government favoring certain owners. One of his main political aims as his term went on was the city ownership and operation of the utilities such as water and power and the transit system. This objective came into controversy because the public ownership of anything can be defined as a form of socialism. If Johnson got his way, the city utilities would be bettered and the main driving force would be the efficient supply of the utilities to the people and not the pursuit of selfish profit. This would also mean that the city would own the transit system and could better it to the needs of the public as well. The prices would go down and the overall decency of the services would increase. There really was no downside to his plan except perhaps the money and control that the previous owners would loose. The real question in the matter was if this plan was a form of socialism. Many pro-progressivists did not like the idea of socialism but were all in favor of city ownership of the utilities and services. People had no problem with eliminating the corruption and saving money. To further promote the success of his plan, Johnson decided to call this communal ownership a simple extension of democracy. He pronounce ...

How can Coca Cola further increase their customer base in reference to Case Study - 2

How can Coca Cola further increase their customer base in reference to marketing strategies - Case Study Example The company has a subsidiary employee basis of 30,000 people globally. 70% of its sales volume and 80% of the company profits are from outside (Adcock 23). First, we need to commend how the company has handled its branding. Looking briefly at branding since it is the focal of customer base sentiments, it is an effort to tie together, produce and have authority and control of the relevant associations so that the business performs better. Coca-cola has enormously benefited since they have successfully managed to create a brand which presents the company as being highly distinctive, very exciting and absolutely reliable with superb adverts. Even though its impossible to have full influence over a brand due to outside influences, wise use of design, advertising, marketing, service proposition and corporate culture among others can all really help in generating associations in people’s minds that benefit the company as an organization. The audiences, competitors, delivery and service aspects of branding may differ in different industry sectors but the main principle of being transparent about what you stand for always applies (Dev & Don 12). To get started on how to increase customer base in reference to marketing strategies, market research should be undertaken. This is to know what Coca-cola offers –both tangible and intangible elements. Finding out the main upcoming competitors by looking in places such as retail outlet shelves especially major supermarkets is also important. There is also need to know your customers; this is by doing a profile of your typical customers. Another great move which coca-cola is fully incorporating is increasing market share and reinforcing the existing customer base. In challenging economic conditions, Coca-cola has managed to prove that tough times can indeed be good times for

The Chrysamthemums Essay Example | Topics and Well Written Essays - 250 words

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Doing business with Japanese Research Paper Example | Topics and Well Written Essays - 7500 words

Doing business with Japanese - Research Paper Example Both the political as well as the business perspective will be discussed in this part. Moving on to the trade perspective it is necessary to consider the FDI and the FII in Japan. In this section some of the discussion will be on the structures of taxes in Japan. A section of the project will discuss about the trade barriers within the country from the perspective of export and import. In order to start a business the most important thing is to analyze the market and therefore it is necessary to analyze the Japanese market. The culture of the country along with the business etiquette cannot be ignored. The last section will summarize the whole project. Introduction The country selected for the discussion in the project is Japan. The country represents a constitutional monarchy. The Emperor does not enjoy much power. The judicial system of the country is mainly based on the civil law existing in Europe since the latter half of 19th century. The country is a member of G8 and APEC. The country also participated in East Asia Summit. It shares good relationship with United States. The country is a permanent member of the G4 nations in the Security Council. However the country is engaged in several territorial disputes with countries like Russia, South Korea and China. The country emerged as one of the developed nations within the continent of Asia. The period of 1960s to 1980s is referred as the post war economic miracle. After the asset price bubble the growth level steadily decreased and the decade after 1990s is referred as the lost decade. In order to make successful entry into the Japanese market the potential entrants will have to cut out a clear budget control policies and a diversified growth strategy for at least for half a decade. There are three secrets in successful setting up of business in the country. The entrant needs to analyze the opportunities the services or the products the entrant will be offering in the market, a sustainable strategy that the entrant will be following and ensuring the returns on the spending made. It is possible to taste success by doing business in Japan unless the strategies are not based on false assumptions. Some brands achieved great success just by making little changes in brand identity and applying some marketing techniques. The consumers of the country likes detailing and so detailed printed materials are essential while setting up the business in the country. Therefore analysis of brand equity and setting up a corporate image is important to enter the Japanese market as well. It is of utmost necessity to analyze the strategies of the already existing competitors effectively. The process of sales and the revenue model should be in line with the Japanese culture and the market. Setting up a new business is not expensive either if the cost structure is effectively determined. The Euro and the companies of US can reap the benefits of the treaty between Japan and US. Successful entry into the market will also enhance the valuation of the company as investors will perceive that a company that can taste success in the market of Japan can do so everywhere. A risk of being dodged is associated while doing business in the country. The country achieved a good score in the indicators compiled by the World Bank for the year 2008. The estimates of the governance are usually distributed with zero mean .Therefore a high score signifies a more stable

Paneles Solares

Paneles Solares RESUMEN EJECUTIVO El uso de las energà ­as renovables ha venido a disminuir, el uso de los combustibles fà ³siles como fuente de obtencià ³n de energà ­a. El suministro de energà ­a a partir de fuentes diversificadas y seguras, de forma econà ³micamente admisible y ambientalmente compatible, resulta esencial para la implementacià ³n de la prà ¡ctica del desarrollo sostenible de un paà ­s. En ese sentido, este proyecto contribuye con el requerimiento de un cuidadoso equilibrio entre los aspectos sociales, econà ³micos y ambientales. Su implementacià ³n contribuye a la reduccià ³n del impacto econà ³mico que ocasionan los combustibles importados en la economà ­a nacional, asà ­ como la reduccià ³n de   emisiones de CO2 que contribuye a los gases de efecto invernadero, como consecuencia el cambio climà ¡tico y los SO2 y los NOX que originan la lluvia acida. El incremento de concentraciones atmosfà ©rica de CO2   como consecuencia del empleo de combustibles fà ³siles, tiene una contribucià ³n en el incremento del efecto invernadero natural existente en el mundo. Por ello, se hace necesaria y urgente la reduccià ³n de las emisiones de este gas, presente de forma natural en la atmà ³sfera. El desesarrollo del proyecto pretende potenciar el uso de la energà ­a solar, utilizando paneles solares de tubos de vacio como fuente de energà ­a renovable como una forma de sustituir los combustibles fà ³siles utilizados en calderas por energà ­a mà ¡s limpia y segura para el medio ambiente. Tomando en consideracià ³n el, las reducciones de las emisiones Mecanismo de Desarrollo Limpio estipulado en el protocolo de Kyoto sobre las y la sustitucià ³n de combustible importado, el proyecto se enmarca dentro de objetivos de las leyes de Incentivos a las Elegà ­as Renovables y la de Competitividad y Innovacià ³n Industrial, dentro de una estrategia de contribuir a la sostenibilidad y la competitividad del aparato productivo nacional. En ese sentido, la Escuela de la Ingenierà ­a Quà ­mica de la UASD, cuya esencia es la aplicacià ³n   de   Ingenierà ­a de Procesos para la identificacià ³n de mejoras que contribuyan a la innovacià ³n y competitividad, cumple con su obje tivo de aportar a sector productivo nacional. I. INTRODUCCIà ³N Este proyecto inicia como una alternativa para el uso de la energà ­a solar y el potencial   para reducir las emisiones de gases de efecto invernadero, por el uso de combustible fà ³sil en calderas para evaporar agua y ser utilizada posteriormente en el proceso de produccion Halka Industrial. Para realizar el proyecto se tomà ³ como opcià ³n la disponibilidad de la energà ­a solar en el paà ­s. Para su la realizacià ³n se enfocà ³ la atencià ³n sobre la investigacià ³n en las tecnologà ­as existentes para convertir la energà ­a solar en energà ­a tà ©rmica. Se llegà ³ a la conclusià ³n que la mejor opcià ³n debido a la mayor eficiencia que presentan la constituà ­an los llamados paneles solares de tubo de vacà ­o, por los que estos fueron la tecnologà ­a seleccionada para la ejecucià ³n del proyecto. 1.1-OBJETIVOS Ø Objetivo general Reducir los costos de operacià ³n de Halka Industrial y promover el uso de la energà ­a solar en los procesos industriales para la sustitucià ³n de combustibles fà ³siles importados que impactan la economà ­a nacional y contribuir a la reduccià ³n de emisiones de gases de efecto invernadero. Objetivos Especà ­ficos Presentar el presente proyecto para la obtencià ³n del titulo de Ingeniero Quà ­mico Introducir la transferencia de tecnologà ­a en la para el aprovechamiento de la radiacià ³n solar a travà ©s de paneles les solares   de tubos de vacà ­o para el calentamiento de agua usada en el proceso Halkada Industrial Oporurtunidad para aplicar a los incentivos previstos en las leyes de Incentivos a las Energias Renovables y de la Innovacià ³n y Competitividad Industrial Aplicacià ³n del Mecanismo de Desarrollo Limpio (MDL) del Protocolo de Kyto para aplicar a los bonos de carbono por la reduccià ³n de emisiones de combustibles fà ³siles. 1.2-JUSTIFICACIà ³N La energà ­a solar es sin duda la fuente de toda la vida en el planeta tierra es la responsable de todos los ciclos de la naturaleza, la responsable del clima, del movimiento del viento, del agua y del crecimiento de las plantas Y la mà ¡s econà ³mica. Las energà ­as renovables son una realidad que precisa de una constante demanda de profesionales cualificados debido al auge en la utilizacià ³n de tecnologà ­as limpias. La energà ­a solar es la energà ­a producida por el sol y que es convertida a energà ­a à ºtil por el ser humano, ya sea para calentar algo o producir electricidad (como sus principales aplicaciones). El aprovechamiento de esta energà ­a, para calentamiento de agua, con un sistema de paneles solares de tubos de vacà ­o puede reducir las emisiones de gases contaminantes grandemente. 1.3-APORTACIà ³N Reduccià ³n de los costos de operacià ³n de Halka Industrial Contribucià ³n a la reduccià ³n de gases de efecto invernadero Reduccià ³n del uso de combustible fà ³sil importado. Innovacià ³n en el uso de energà ­a de energà ­a limpia procedentes de recursos locales Econà ³micamente rentables. Incremento en la eficiencia del proceso de produccià ³n de Halka Industrial. 1.4-ANTECEDENTES Las energà ­as renovables han constituido una parte importante de la energà ­a utilizada por los humanos desde tiempos remotos, especialmente la solar, la eà ³lica y la hidrà ¡ulica. La agua y las disposiciones constructivas de los edificios para aprovechar la del sol, son buenos ejemplos de ello. Con el invento de la motores tà ©rmicos y elà ©ctricos, en una à ©poca en que el todavà ­a relativamente escaso consumo, no hacà ­a prever un agotamiento de las fuentes, ni otros problemas ambientales que mà ¡s tarde se presentaron. Hacia la dà ©cada de energà ­as limpias, y por esta razà ³n fueron llamadas energà ­as alternativas. Actualmente muchas de estas energà ­as son una realidad, no una alternativa, por lo que el nombre de alternativas ya no debe emplearse. Segà ºn la Comisià ³n Nacional de Energà ­a espaà ±ola, la venta anual de energà ­a del Rà ©gimen Especial se ha multiplicado por mà ¡s de 10% en Espaà ±a, a la vez que sus precios se han rebajado un 11%. En Espaà ±a las energà ­as renovables supusieron en el aà ±o 2005 un 5,9% del total de energà ­a primaria, un 1,2% es eà ³lica, un 1,1% hidroelà ©ctrica, un 2,9 biomasa y el 0,7% otras. La energà ­a eà ³lica es la que mà ¡s crece. II. MARCO TEà ³RICO 2.1-FUNDAMENTO DE LA ENERGà ­A SOLAR Existen dos formas principales de utilizar la energà ­a solar, una como fuente de calor para sistemas solares tà ©rmicos. La otra como fuente de electricidad para sistemas solares fotovoltaicos. En este proyecto vamos a trabajar con la energà ­a solar tà ©rmica como una fuente de calor. La energà ­a solar tà ©rmica se debe a la transformacià ³n de la energà ­a radiante solar en calor o energà ­a tà ©rmica. La energà ­a solar tà ©rmica se encarga de calentar el agua en forma   directa alcanzando temperatura que oscila entre los 40   y 50 gracias a la utilizacià ³n de paneles solares. El agua se calienta, la cual es almacenada para su posterior consumo: calentamiento de agua de usos industriales, calentamiento de agua de proceso, calefaccià ³n de espacios, calentamiento de piscinas, secaderos, refrigeracià ³n etc. La energà ­a solar tà ©rmica utiliza la energà ­a que recibimos del sol para calentar un fluido. 2.2-MECANISMO DE DESARROLLO LIMPIO(MDL) El objetivo del MDL es que las naciones industrializadas inviertan en proyectos para disminuir las emisiones en los paà ­ses en desarrollo a fin de compensar las que no lograron reducir en su propio territorio. Este mecanismo permite proyectos de reduccià ³n de emisiones entres paà ­ses industrializado y paà ­ses en desarrollo. Por medio de este mecanismo una entidad o gobierno de un paà ­s industrializado invierte en un proyecto de reduccià ³n de emisiones en un paà ­s de desarrollo. A cambio el paà ­s industrializado recibe Certificados de Reduccià ³n de Emisià ³n (CER). 2.3-BENEFICIO DE PARTICIPAR EN UN PROYECTO MDL Entre los beneficios que se le otorgan por participar en un proyecto MDL està ¡n: El MDL puede proporcionar ingresos adicionales en forma De CER al proyecto, el cual puede ser econà ³micamente viable con el uso. El MDL contribuirà ¡ al uso de energà ­as renovables en lugar del uso de las energà ­as no renovables, lo cual contribuye a la seguridad energà ©tica de un paà ­s El uso de algunas de las tecnologà ­as de reduccià ³n de emisià ³n podrà ¡ incrementar la productividad mediante el logro de ahorro de energà ­a y materias primas. Aplicacià ³n de tecnologà ­as de reduccià ³n de emisià ³n de GHGs mediante el MDL puede ser tambià ©n una medida de solucià ³n de varios asuntos de contaminacià ³n ambiental. 2.4-BONOS DE CARBONO Los bonos de carbono son un mecanismo internacional de descontaminacià ³n para reducir las emisiones contaminantes al medio ambiente; es uno de los tres mecanismos propuestos en el Protocolo de Kioto para la reduccià ³n de emisiones causantes del calentamiento global o efecto invernadero (GEI o gases de efecto invernadero). El sistema ofrece incentivos econà ³micos para que empresas privadas contribuyan a la mejora de la calidad ambiental y se consiga regular la emisià ³n generada por sus procesos productivos, considerando el derecho a emitir CO2 como un bien canjeable y con un precio establecido en el mercado. La transaccià ³n de los bonos de carbono —un bono de carbono representa el derecho a emitir una tonelada de dià ³xido de carbono— permite mitigar la generacià ³n de gases invernadero, beneficiando a las empresas que no emiten o disminuyen la emisià ³n y haciendo pagar a las que emiten mà ¡s de lo permitido. Las reducciones de emisiones de GEI se miden en toneladas de CO2 equivalente, y se traducen en Certificados de Emisiones Reducidas (CER). Un CER equivale a una tonelada de CO2 que se deja de emitir a la atmà ³sfera, y puede ser vendido en el mercado de carbono a paà ­ses Anexo I (industrializados, de acuerdo a la nomenclatura del protocolo de Kyoto). Los tipos de proyecto que pueden aplicar a una certificacià ³n son, por ejemplo, generacià ³n de energà ­a renovable, mejoramiento de eficiencia energà ©tica de procesos, forestacià ³n, limpieza de lagos y rà ­os, etc. En un esfuerzo por reducir las emisiones que provocan el Protocolo de Kyoto. Para cumplir se està ¡n financiando proyectos de captura o abatimiento de estos gases en paà ­ses en và ­as de desarrollo, acreditando tales disminuciones y considerà ¡ndolas como si hubiesen sido hechas en su territorio. Sin embargo, los crà ­ticos del sistema de venta de bonos o permisos de emisià ³n, argumentan que la implementacià ³n de estos mecanismos tendientes a reducir las emisiones de CO2 no tendrà ¡ el efecto deseado de reducir la concentracià ³n de CO2 en la atmà ³sfera, como tampoco de reducir o retardar la subida de la temperatura. Segà ºn el estudio de Wigley, 2050, o reducirà ¡ la temperatura predicha para ese aà ±o en 0,06 ºC, o sino retrasarà ¡ la fecha en que deberà ­a cumplirse el aumento dicho en 16 aà ±os. 2.5-IMPACTO AMBIENTAL Se entiende como el efecto que produce una determinada accià ³n humana sobre el medio ambiente en sus distintos aspectos. El concepto puede extenderse, con poca utilidad, a los efectos de un fenà ³meno natural catastrà ³fico. Tà ©cnicamente, es la alteracià ³n de la accià ³n antrà ³pica o a eventos naturales. Las acciones humanas, motivadas por la consecucià ³n de diversos fines, provocan efectos colaterales sobre el medio natural o social. Mientras los efectos perseguidos suelen ser positivos, al menos para quienes promueven la actuacià ³n, los efectos secundarios pueden ser positivos y, mà ¡s a menudo, negativos. La Declaracià ³n de Impacto ambiental (DIA) es la comunicacià ³n previa, que las leyes ambientales exigen bajo ciertos supuestos, de las consecuencias ambientales predichas por la evaluacià ³n. 2.6-PROTOCOLO DE KIOTO El Protocolo de Kioto sobre el cambio climà ¡tico[] es un acuerdo internacional que tiene por objetivo reducir las emisiones de seis gases provocadores del azufre (SF6), en un porcentaje aproximado de un 5%, dentro del periodo que va desde el aà ±o 2008 al 2012, en comparacià ³n a las emisiones al aà ±o 1990. Por ejemplo, si la contaminacià ³n de estos gases en el aà ±o 1990 alcanzaba el 100%, al tà ©rmino del aà ±o 2012 deberà ¡ ser del 95%. Es preciso seà ±alar que esto no significa que cada paà ­s deba reducir sus emisiones de gases regulados en un 5%, sino que este es un porcentaje a nivel global y, por el contrario, cada paà ­s obligado por Kioto tiene sus propios porcentajes de emisià ³n que debe disminuir. El protocolo de Kioto sobre el cambio climà ¡tico es un acuerdo internacional por objetivo reducir   las emisiones de seis gases provocadores del calentamiento global: Dià ³xido de carbono (CO2), gas metano (CH4) y oxido nitroso (N20), ademà ¡s de tres gases fluorados: Hidrofluorocarbonos (HFC), Per III. FUENTES DE ENERGà ­A 3.1-ENERGà ­A ALTERNA 3.1.1-CONCEPTO APLICADOS A LAS FUENTES DE ENERGà ­A Una energà ­as o fuentes energà ©ticas actuales, ya sea por su menor efecto contaminante, o fundamentalmente por su posibilidad de renovacià ³n. El consumo de energà ­a es uno de los grandes medidores del progreso y bienestar de una sociedad. El concepto de crisis energà ©tica aparece cuando las fuentes de energà ­a de las que se abastece la sociedad se agotan. Un modelo econà ³mico como el actual, cuyo funcionamiento depende de un continuo crecimiento, exige tambià ©n una demanda igualmente creciente de energà ­a. Puesto que las fuentes de energà ­a fà ³sil y nuclear son finitas, es inevitable que en un determinado momento la demanda no pueda ser abastecida y todo el sistema colapse, salvo que se descubran y desarrollen otros nuevos mà ©todos para obtener energà ­a: à ©stas serà ­an las energà ­as alternativas. En conjunto con lo anterior se tiene tambià ©n que el abuso de las energà ­as convencionales actuales hoy dà ­a tales como el capa de ozono. La discusià ³n energà ­a alternativa/convencional no es una mera clasificacià ³n de las fuentes de energà ­a, sino que representa un cambio que necesariamente tendrà ¡ que producirse durante este siglo. Es importante reseà ±ar que las energà ­as alternativas, aun siendo renovables, tambià ©n son finitas, y como cualquier otro recurso natural tendrà ¡n un là ­mite mà ¡ximo de explotacià ³n. Por tanto, incluso aunque podamos realizar la transicià ³n a estas nuevas energà ­as de forma suave y gradual, tampoco van a permitir continuar con el modelo econà ³mico actual basado en el crecimiento perpetuo. Es por ello por lo que surge el concepto del Desarrollo sostenible. 3.1.2 DESARROLLO SOSTENIBLE El desarrollo sostenible se basa en las siguientes premisas: El uso de fuentes de energà ­a renovable, ya que las fuentes siglo XXI. El uso de fuentes limpias, abandonando los procesos de fisià ³n nuclear. La explotacià ³n extensiva de las fuentes de energà ­a, proponià ©ndose como alternativa el fomento del autoconsumo, que evite en la medida de lo posible la construccià ³n de grandes infraestructuras de generacià ³n y distribucià ³n de energà ­a elà ©ctrica. La disminucià ³n de la demanda energà ©tica, mediante la mejora del rendimiento de los dispositivos elà ©ctricos (là ¡mparas, etc.) Reducir o eliminar el consumo energà ©tico innecesario. No se trata sà ³lo de consumir mà ¡s eficientemente, sino de consumir menos, es decir, desarrollar una conciencia y una cultura del ahorro energà ©tico y condena del despilfarro. La produccià ³n de energà ­as limpias, alternativas y renovables no es por tanto una cultura o un intento de mejorar el medio ambiente, sino una necesidad a la que el ser humano se va a ver abocado, independientemente de nuestra opinià ³n, gustos o creencias. 3.1.3-CLASIFICACIà ³N Las fuentes renovables de energà ­a pueden dividirse en dos categorà ­as: contaminantes. No contaminantes : El Sol: energà ­a solar. El viento: energà ­a eà ³lica. Los rà ­os y corrientes de agua dulce: energà ­a hidrà ¡ulica. Los mares y ocà ©anos: energà ­a mareomotriz. El calor de la Tierra: energà ­a geotà ©rmica. Las olas: energà ­a mareomotriz. La llegada de masas de agua dulce a masas de agua salada : energà ­a azul. Las contaminantes : Se obtienen a partir de la materia orgà ¡nica o transesterificacià ³n y de los residuos urbanos. Las energà ­as de fuentes renovables contaminantes tienen el mismo problema que la energà ­a producida por combustibles fà ³siles: en la combustià ³n emiten fotosà ­ntesis. En realidad no es equivalente la cantidad absorbida previamente con la emitida en la combustià ³n, porque en los procesos de siembra, recoleccià ³n, tratamiento y transformacià ³n, tambià ©n se consume energà ­a, con sus correspondientes emisiones. Ademà ¡s, se puede atrapar gran parte de las emisiones de CO2 para alimentar cultivos de microcarbà ³n activado. Tambià ©n se puede obtener energà ­a a partir de los gas natural y de dià ³xido de carbono. 3.2- DIVISIà ³N DE LAS FUENTES DE ENERGà ­A Las fuentes de energà ­a se pueden dividir en dos grandes subgrupos: permanentes (renovables) y temporales (no renovables). 3.2.1-NO RENOVABLES Los combustibles fà ³siles son recursos no renovables: no podemos reponer lo que gastamos. En algà ºn momento, se acabarà ¡n, y tal vez sea necesario disponer de millones de aà ±os de evolucià ³n similar para contar nuevamente con ellos. Son aquellas cuyas reservas son limitadas y se agotan con el uso. Las principales son la carbà ³n). 3.2.2-ENERGà ­A Fà ³SIL Los plancton marino acumuladas en el fondo del mar. En ambos casos la materia orgà ¡nica se descompuso parcialmente por falta de oxà ­geno y accià ³n de la temperatura, la presià ³n y determinadas bacterias de forma que quedaron almacenadas molà ©culas con enlaces de alta energà ­a. La energà ­a mà ¡s utilizada en el mundo es la energà ­a fà ³sil. Si se considera todo lo que està ¡ en juego, es de suma importancia medir con exactitud las reservas de combustibles fà ³siles del planeta. Se distinguen las reservas identificadas aunque no està ©n explotadas, y las reservas probables, que se podrà ­an descubrir con las tecnologà ­as futuras. Segà ºn los cà ¡lculos, el planeta puede suministrar energà ­a durante 40 aà ±os mà ¡s (si sà ³lo se utiliza el petrà ³leo) y mà ¡s de 200 (si se sigue utilizando el carbà ³n). Hay alternativas actualmente en estudio: la energà ­a fusià ³n nuclear. 3.2.3-ENERGà ­A NUCLEAR El nà ºcleo atà ³mico de elementos pesados como el reactor nuclear. Una consecuencia de la actividad de produccià ³n de este tipo de energà ­a, son los radiactividad. 3.2.2-RENOVABLES O VERDES El sol, origen de las energà ­as renovables. Actualmente, està ¡n cobrando mayor importancia a causa del agravamiento del balanza comercial que esa adquisicià ³n representa. 3.2.2.1-POLà ©MICAS Existe cierta polà ©mica sobre la inclusià ³n de la energà ­a hidrà ¡ulica (a gran escala) como energà ­as verdes, por los impactos medioambientales negativos que producen, aunque se trate de energà ­as renovables. El estatus de desechos nucleares cuya eliminacià ³n no està ¡ aà ºn resuelta. Segà ºn la definicià ³n actual de desecho no se trata de una energà ­a limpia. 3.2.2.2-ENERGà ­A HIDRà ¡ULICA La energà ­a potencial acumulada en los saltos de agua puede ser transformada en energà ­a elà ©ctrica. Las centrales hidroelà ©ctricas aprovechan la energà ­a de los rà ­os para poner en funcionamiento unas turbinas que mueven un generador elà ©ctrico. 3.2.2.3-BIOMASA La formacià ³n de biomasa a partir de la energà ­a solar se lleva a cabo por el proceso denominado fotosà ­ntesis vegetal que a su vez es desencadenante de la cadena biolà ³gica. Mediante la fotosà ­ntesis las plantas que contienen clorofila, transforman el dià ³xido de carbono y el agua de productos minerales sin valor energà ©tico, en materiales orgà ¡nicos con alto contenido energà ©tico y a su vez sirven de alimento a otros seres vivos. La biomasa mediante estos procesos almacena a corto plazo la energà ­a solar en forma de carbono. La energà ­a almacenada en el proceso fotosintà ©tico puede ser posteriormente transformada en energà ­a tà ©rmica, elà ©ctrica o carburantes de origen vegetal, liberando de nuevo el dià ³xido de carbono almacenado. 3.2.2.4-ENERGà ­A SOLAR Figura 3. Concentradores Solares Estos temperatura en el receptor. Figura 4. Paneles solares Los energà ­a elà ©ctrica. La energà ­a solar es una fuente de vida y origen de la mayorà ­a de las demà ¡s formas de energà ­a en la Tierra. Cada aà ±o la radiacià ³n solar aporta a la Tierra la energà ­a equivalente a varios miles de veces la cantidad de energà ­a que consume la humanidad. Recogiendo de forma adecuada la paneles solares. Mediante centrales tà ©rmicas solares se utiliza la energà ­a tà ©rmica de los colectores solares para generar electricidad. Se distinguen dos componentes en la radiacià ³n solar: la radiacià ³n directa y la radiacià ³n difusa. La radiacià ³n directa es la que llega directamente del foco solar, sin refracciones intermedias. La difusa es la emitida por la bà ³veda celeste diurna gracias a los mà ºltiples fenà ³menos de reflexià ³n y refraccià ³n solar en la atmà ³sfera, en las nubes, y el resto de elementos atmosfà ©ricos y terrestres. La radiacià ³n directa puede reflejarse y concentrarse para su utilizacià ³n, mientras que no es posible concentrar la luz difusa que proviene de todas direcciones. Sin embargo, tanto la radiacià ³n directa como la radiacià ³n difusa son aprovechables. Se puede diferenciar entre receptores activos y pasivos en que los primeros utilizan mecanismos para orientar el sistema receptor hacia el Sol -llamados seguidores- y captar mejor la radiacià ³n directa. Una importante ventaja de la energà ­a solar es que permite la generacià ³n de energà ­a en el mismo lugar de consumo mediante la integracià ³n arquitectà ³nica. Asà ­, podemos dar lugar a sistemas de generacià ³n distribuida en los que se eliminen casi por completo las pà ©rdidas relacionadas con el transporte -que en la actualidad suponen aproximadamente el 40% del total- y la dependencia energà ©tica. Las diferentes tecnologà ­as fotovoltaicas se adaptan para sacar el mà ¡ximo rendimiento posible de la energà ­a que recibimos del sol. De esta forma por ejemplo los sistemas de concentracià ³n solar fotovoltaica (CPV por sus siglas en inglà ©s) utiliza la radiacià ³n directa con receptores activos para maximizar la produccià ³n de energà ­a y conseguir asà ­ un coste menor por kW/h producido. Esta tecnologà ­a resulta muy eficiente para lugares de alta radiacià ³n solar, pero actualmente no puede competir en precio en localizaciones de baja radiacià ³n solar como Centro Europa, donde tecnologà ­as como la Capa Fina (Thin Film) està ¡n consiguiendo reducir tambià ©n el precio de la tecnologà ­a fotovoltaica tradicional. 3.2.2.5-ENERGà ­A Eà ³LICA La energà ­a eà ³lica es la energà ­a obtenida de la fuerza del viento, es decir, mediante la utilizacià ³n de la energà ­a cinà ©tica generada por las corrientes de aire. El tà ©rmino eà ³lico viene del latà ­n Aeolicus (griego antiguo / Aiolos), perteneciente o relativo a à ©olo, dios de los vientos en la mitologà ­a griega y, por tanto, perteneciente o relativo al viento. La energà ­a eà ³lica ha sido aprovechada desde la antigà ¼edad para mover los barcos impulsados por velas o hacer funcionar la maquinaria de molinos al mover sus aspas. Es un tipo de energà ­a verde. La energà ­a del viento està ¡ relacionada con el movimiento de las masas de aire que desplazan de à ¡reas de alta presià ³n atmosfà ©rica hacia à ¡reas adyacentes de baja presià ³n, con velocidades proporcionales (gradiente de presià ³n). Por lo que puede decirse que la energà ­a eà ³lica es una forma no-directa de energà ­a solar, las diferentes temperaturas y presiones en la atmà ³sfera, provocadas por la absorcià ³n de la radiacià ³n solar, son las que ponen al viento en movimiento. El aerogenerador es un generador de corriente elà ©ctrica a partir de la energà ­a cinà ©tica del viento, es una energà ­a limpia y tambià ©n la menos costosa de producir, lo que explica el fuerte entusiasmo por esta tecnologà ­a. 3.2.2.6-ENERGà ­A GEOTà ©RMICA La energà ­a geotà ©rmica es aquella energà ­a que puede ser obtenida por el hombre mediante el aprovechamiento del calor del interior de la Tierra. Parte del calor interno de la Tierra (5.000 ºC) llega a la corteza terrestre. En algunas zonas del planeta, cerca de la superficie, las aguas subterrà ¡neas pueden alcanzar temperaturas de ebullicià ³n, y, por tanto, servir para accionar turbinas elà ©ctricas o para calentar. El calor del interior de la Tierra se debe a varios factores, entre los que destacan el gradiente geotà ©rmico y el calor radiogà ©nico. Geotà ©rmico viene del griego geo, Tierra; y de thermos, calor; literalmente calor de la Tierra. 3.2.2.7-ENERGà ­A MAREOMOTRIZ Figura 5. Central elà ©ctrica mareomotriz en el estuario del Francia . La energà ­a mareomotriz se debe a las energà ­a elà ©ctrica, una forma energà ©tica mà ¡s à ºtil y aprovechable. La energà ­a mareomotriz tiene la cualidad de ser renovable en tanto que la fuente de impacto ambiental de instalar los dispositivos para su proceso han impedido una proliferacià ³n notable de este tipo de energà ­a. Otras formas de extraer energà ­a del mar son la gradiente tà ©rmico oceà ¡nico, que marca una diferencia de temperaturas entre la superficie y las aguas profundas del ocà ©ano. IV- APLICACIONES DE LA ENERGà ­A SOLAR 4.1 TECNOLOGà ­A Y USOS Clasificacià ³n por tecnologà ­as y su correspondiente uso mà ¡s general: Energà ­a solar pasiva : Aprovecha el calor del sol sin necesidad de mecanismos o sistemas mecà ¡nicos. Energà ­a solar tà ©rmica : Para producir agua caliente . Energà ­a solar fotovoltaica : Para producir electricidad mediante placas de semiconductores que se alteran con la radiacià ³n solar. Energà ­a solar termoelà ©ctrica : Para producir electricidad con un ciclo termodinà ¡mico convencional a partir de un fluido calentado a alta temperatura (aceite tà ©rmico) Energà ­a solar hà ­brida : Combina la energà ­a solar con otra energà ­a. Segà ºn la energà ­a con la que se combine es una hibridacià ³n: [3] Fà ³sil . Energà ­a eà ³lico solar : Funciona con el aire calentado por el sol, que sube por una chimenea donde està ¡n los generadores. La instalacià ³n de centrales de energà ­a solar en la zonas marcadas en el mapa podrà ­a proveer algo mà ¡s que la energà ­a actualmente consumida en el mundo (asumiendo una eficiencia de conversià ³n energà ©tica del 8%), incluyendo la proveniente de 1993 (tres aà ±os, calculada sobre la base de 24 horas por dà ­a y considerando la nubosidad observada mediante satà ©lites). Otros usos de la energà ­a solar y ejemplos mà ¡s prà ¡cticos de sus aplicaciones: Huerta solar Potabilizacià ³n de agua Cocina solar Destilacià ³n. Evaporacià ³n. Fotosà ­ntesis. Secado. Arquitectura sostenible. Cubierta Solar. Acondicionamiento y ahorro de energà ­a en edificaciones. Calentamiento de agua. Calefaccià ³n domà ©stica. Iluminacià ³n. Refrigeracià ³n. Aire acondicionado. Energà ­a para pequeà ±os electrodomà ©sticos. 4 .2- ENERGIA SOLAR FOTOVOLTAICA Figura 8. Celda solar Se denomina energà ­a solar fotovoltaica a una forma de obtencià ³n de energà ­a elà ©ctrica a travà ©s de paneles fotovoltaicos. Los paneles, mà ³dulos o colectores fotovoltaicos està ¡n formados por diferencia de potencial en sus extremos. El acoplamiento en serie de varios de estos fotodiodos permite la obtencià ³n de voltajes mayores en configuraciones muy sencillas y aptas para alimentar pequeà ±os dispositivos electrà ³nicos. A mayor escala, la red elà ©ctrica, operacià ³n sujeta a subvenciones para una mayor viabilidad. El proceso, simplificado, serà ­a el siguiente: Se genera la energà ­a a bajas tensiones (380-800 V) y en corriente continua. Se transforma con un inversor en corriente alterna. Mediante un centro de transformacià ³n se eleva a Media tensià ³n (15 à ³ 25 kV) y se inyecta en las redes de transporte de la compaà ±Ãƒ ­a. En entornos aislados, donde se requiere poca econà ³micamente viable. Para comprender la importancia de esta posibilidad, conviene tener en cuenta que aproximadamente una cuarta parte de la poblacià ³n mundial no tiene acceso a la energà ­a elà ©ctrica. 4 .3- CENTROS DE INVESTIGACIà ³N SOBRE LA ENERGà ­A SOLAR Alemania. Universidad Polità ©cnica de Madrid CIEMAT) Alemania. Estados Unidos.Petes.com V. DESCRIPCIà ³N   Y DISEà ±O   DEL PROYECTO V . DESCRIPCIà ³N   Y DISEà ±O DEL PROYECTO La empresa Halka Industrial se dedica a la produccià ³n de cosmà ©ticos como son tratamientos, desodorantes, acondicionadores, entre otros. En algunos de estos procesos se adiciona agua a 25oC como materia prima base y esta se eleva   a una temperatura de 80oC, ya que es a la cual todas las materias primas son fundidas y pueden ser mezcladas. Para mejorar la eficiencia energà ©tica del proceso, se propuso calentar el agua destinada para el producto antes de ser adicionada, y asà ­ disminuir el tiempo de produccià ³n. En esta etapa se realizaron varios escenarios de temperatura y equipos, donde surgieron los tiempos estimados de produccià ³n resultantes de adicionar el agua mà ¡s caliente. Tabla 1. Resultados de   diferentes escenarios   Caldera de 10 HP Escenario 1 Tanque Capacidad Kg Cp agua Camb. Temp. Kcal   Total Kcal/h Tiempo (h) 2 2500 1 kcal/kg oC 25 a 80 oC 137500 84000 1:58 min 7 1500 25 a 80 oC 82500 1:08 min Juntos 3:16 min Escenario 2 Tanque Capacidad Kg Cp agua Camb. Temp. Kcal   Total Kcal/h Tiempo (h) 2 2500 1 kcal/kg oC 30 a 80 oC 125000 84000 1:49 min 7 1500

Analyzing Search Engines :: essays research papers

<div style="sub-title">1. Formulate five criteria for the evaluation of search engines To effectively evaluate three different search engines from the perspective of an advanced web user, the following criteria were established: 1. Relevance and accuracy of search results 2. Search speed 3. Advanced search options 4. Other services 5. Site design and layout More information about these criteria and how they were used is available below. 2. Test three search engines against your criteria For this evaluation, the following three search engines were tested: 1. AltaVista - http://www.altavista.com/ 2. Google - http://www.google.com/ 3. DirectHit - http://www.directhit.com/ <div style="sub-title">3. Explain your methodology The criteria outlined in Part 1 were reached by considering the things that would be important to an advanced user. Of course, factors like Relevance and Speed are critical to such a user (particularly in a work environment). The search options criteria is particularly important to advanced users who are after a specific page and do not want to waste time 'wading' through results from a 'standard' search. The other criteria are important to most users and mean that the search engines are more usable and useful. The search results from the three test search engines (Part 2) were evaluate according the criteria, explained it more detail below. Criteria 1 - Relevance and Accuracy of Results This criterion was to evaluate the usefulness of a particular search engine according to the accuracy of its results. I defined the relevance, according to personal standards, after browsing the pages in the results, for three separate search terms. The Relevance Percentage is calculated by counting the number of relevant pages that appear in the first 20 search 'hits' and then multiplying by 20 (for a percentage). Criteria 2 - Search Speed This criterion was to evaluate which of the test search engines returns results quicker. However, it is important to note that the speed test is both a test of the Internet connection to the remote machine, as well as the time taken by the search engine to perform the search. Furthermore, tests of Internet speeds are very variable based on time of day, other internet traffic etc and are therefore of only limited accuracy. For this reason, no 'hard numbers' were calculated (ie timed searches). Instead, I rated each search engine based on 5 searches per engine at the same time, same day. The possible Speed Ratings are as follows: Excellent, Good, Poor Criteria 3 - Search Options This criteria was to evaluate the search engines advanced search options.