The Public Needs to Know

The Acquisition Process Competition Requirements Choconda Martin BUS 319 November 5, 2012 Professor Calvin D. Fogle Almost all DOD systems are competed at some stage in the acquisition system (we would guess that less than 10% of acquisition programs do not go through a competitive process at least once in their acquisition cycle). Generally, the sequence is: †¢ Define the requirement (determine the mismatch between operational capability–more about this below); †¢ Advertise the need for a product that can satisfy the requirement; †¢ Accept bids from potential suppliers; †¢ Review proposals and select one or more suppliers, Order the product; †¢ Monitor progress; †¢ Accept the finished product; †¢ Review project documentation and pay for the product. This cycle repeats itself one or more times during system development and one or more times during procurement (purchase of a major end item previously developed or available commercially). For l arge systems, procurement follows a highly demanding DOD-funded development process and the prime manufacturer, almost by necessity, is the developer. In such cases, the competitive steps for a given phase of the acquisition process (listed above) would not be repeated during the procurement phase.Some things that I would change would be the misconception of communication within the industry during acquisition processing. The Federal Government has an obligation to conduct procurements in the most effective, responsible and efficient manner possible. Current market information is very vital as they define the requirements, so that the contracting officers can develop the acquisition strategies, seek opportunities for small businesses, and negotiate contract terms. Industry partners are the best source for this information, so productive interactions is very important and should be encouraged.The Federal Acquisition Regulation (FAR) authorizes a broad range opportunites for vendor co mmunication, but agencies most time do not take advantage of these existing flexibilities. Some agencies may be reluctant due to fear of protests or fear binding the agency in unauthorized commitments. If we increase the awareness by training the agencies with the help of DAU (Defense Acquisition University) and agency training practitioners to conduct an awareness campaign we might be able to eliminate unnecessary barriers to engagement.Agencies should provide clear, consistent direction to their workforce and industry partners about how to engage with industry prior to award of contracts and task and delivery orders under the Federal Supply Schedule, government-wide acquisition contracts, and other indefinite delivery/indefinite quantity contracts. While agencies do not have the resources, and are not required, to meet with every vendor at every step of the acquisition process, information gathered from industry sources plays an invaluable role in the acquisition process.For this reason, agencies must develop practices that will ensure early, frequent, and constructive communication during key phases of the process. The federal government’s ability to achieve successful program outcomes, effectively and efficiently, depends upon agencies establishing effective strategies for industry engagement and supporting those strategies with senior-level commitment.References Co-Workers/Supervisor/FAR The Public Needs to Know The Acquisition Process Competition Requirements Choconda Martin BUS 319 November 5, 2012 Professor Calvin D. Fogle Almost all DOD systems are competed at some stage in the acquisition system (we would guess that less than 10% of acquisition programs do not go through a competitive process at least once in their acquisition cycle). Generally, the sequence is: †¢ Define the requirement (determine the mismatch between operational capability–more about this below); †¢ Advertise the need for a product that can satisfy the requirement; †¢ Accept bids from potential suppliers; †¢ Review proposals and select one or more suppliers, Order the product; †¢ Monitor progress; †¢ Accept the finished product; †¢ Review project documentation and pay for the product. This cycle repeats itself one or more times during system development and one or more times during procurement (purchase of a major end item previously developed or available commercially). For l arge systems, procurement follows a highly demanding DOD-funded development process and the prime manufacturer, almost by necessity, is the developer. In such cases, the competitive steps for a given phase of the acquisition process (listed above) would not be repeated during the procurement phase.Some things that I would change would be the misconception of communication within the industry during acquisition processing. The Federal Government has an obligation to conduct procurements in the most effective, responsible and efficient manner possible. Current market information is very vital as they define the requirements, so that the contracting officers can develop the acquisition strategies, seek opportunities for small businesses, and negotiate contract terms. Industry partners are the best source for this information, so productive interactions is very important and should be encouraged.The Federal Acquisition Regulation (FAR) authorizes a broad range opportunites for vendor co mmunication, but agencies most time do not take advantage of these existing flexibilities. Some agencies may be reluctant due to fear of protests or fear binding the agency in unauthorized commitments. If we increase the awareness by training the agencies with the help of DAU (Defense Acquisition University) and agency training practitioners to conduct an awareness campaign we might be able to eliminate unnecessary barriers to engagement.Agencies should provide clear, consistent direction to their workforce and industry partners about how to engage with industry prior to award of contracts and task and delivery orders under the Federal Supply Schedule, government-wide acquisition contracts, and other indefinite delivery/indefinite quantity contracts. While agencies do not have the resources, and are not required, to meet with every vendor at every step of the acquisition process, information gathered from industry sources plays an invaluable role in the acquisition process.For this reason, agencies must develop practices that will ensure early, frequent, and constructive communication during key phases of the process. The federal government’s ability to achieve successful program outcomes, effectively and efficiently, depends upon agencies establishing effective strategies for industry engagement and supporting those strategies with senior-level commitment.References Co-Workers/Supervisor/FAR

Beximco Pharmaceuticals Ltd

BEXIMCO PHARMACEUTICAL COMPANY LTD Here is the management report, which you asked me to prepare.. In the process of formulating this project report I selected a PHARMACEUTICAL company,â€Å"BEXIMCO PHARMACEUTICALS† which produces world class live saving medicines in our country. I gained knowledge about managing the product & the structure from online articles and reports.Along with it, I employed the management concepts developed throughout the course to construct an effective management project to demonstrate the mentioned firm’s entire management strategies in Bangladesh. This plan is formulated with the idea of managing the all managerial activities of a large firm like BEXIMCO PHARMACEUTICALS LIMITED. A special note of acknowledgement is to our course instructor Mr Shahid Hossain for letting me do this project on Beximco Pharmaceuticals .He was very generous and productive toward mewhile conducting the course and he was the person who has guided methroughout prepar ing the report. The way he taught was really interesting and effective. All of these activities have been conducted within a very short time and we think it became possible only for  his dynamism. Taking the course with him was a great fortune for me. Finally, I would like to thank myr family and friends whose support I needed to complete my project. TABLE OF CONTENTSCONTENTS PAGE NO Mission Statement 1 Executive Summary 2-3 Organogram 4 Organizational Chart 5 Situation Analysis 6-16 Swot Analysis 17-20 Matrix of Swot Analysis 21 Objectives 22 Management Issues 23 Conclusion 24 Appendix 25 BIBLIOGRAPHY 1. Company Website : http://www. beximcopharmaceuticals. com 2. Books : Kotler Philip (2010), Principles of Marketing (12th edition). Prentice Hall, New Jersey, USA. * Kritner Robert (2009). Management (11th edition). Houghton Mifflin Harcount Publishing Company. (Boston – New York). * H. Donelly (2008), Fundamental Management (10th edition). Mcgraw, Hill Irwin * William J. Nickels (2009) Understanding Business (9th edition) Mcgraw, Hill Irwin. 3. Newspaper * The Ittefaq * The Independent. * Finanacial Express 4. Personal Interview Mr. Hashem Awal Chowdhury, Senior Executive Officer,Planning 5. ANNUAL REPORT OF BPL 2011 Ltd, BPL Annual Report 2011 6. Advertisement Shantinagar billboard DOHS, Mohakhali billboard 7. Magazines Indian Times Magazine MISSION STATEMENTBeximco Pharmaceuticals Ltd (BPL) is a leading manufacturer of pharmaceutical formulations and Active Pharmaceutical Ingredients (APIs) in Bangladesh. With decades of contract manufacturing experience with global MNCs, skilled manpower and proven formulation capabilities, the company has been building a visible and growing presence across the continents offering high quality generics at the most affordable cost. The company is committed to enhancing human health and well- being by providing contemporary and affordable medicines, manufactured in full compliance with global standards. The compan y continually strive to improve their core capabilities Strengthening research and development capabilities, creating partnerships and building presence across the globe.To address the unmet medical needs of patients and to deliver outstanding results for our shareholders. Our vision is to be one of the most trusted, admired and successful pharmaceutical companies in the region with a focus on. EXECUTIVE SUMMARY Beximco Pharmaceuticals Ltd. belongs to Beximco Group, the largest private sector business conglomerate in Bangladesh. It was incorporated in the late 70s, Beximco Pharma began as a distributor, importing products from global MNCs like Bayer, Germany and Upjohn Inc. , USA and selling them in the local market, which were later manufactured and distributed under licensing arrangements. The Company introduced its own branded generic products in 1983.Since then, the journey continued, and today, Beximco Pharma is a leading manufacturer and exporter of pharmaceuticals in the coun try, winning National Export Trophy (Gold), a record four times. Beximco Pharma’s manufacturing facilities have been accredited by major Global regulatory bodies and it has expanded its geographic footprint across four continents. Having a broad portfolio of more than 500 products and a dedicated team of around 2,700 employees, Beximco Pharma is committed to provide access to medicines which are affordable and manufactured in strict compliance with global standards. During the year 2011 we have successfully registered 48 products in overseas markets.In 2011, we introduced 40 new generics in 55 presentations, five of which were launched for the first time in Bangladesh. The 55 new products include the sectors given below: * Analgesic * Anti-effective * Cardiovascular * CNS * Endocrine & Met Disorders * GI System * IV Fluid * Muscular Skeletal * Ophthalmic * Respiratory * Skin * Vitamins and Minerals * Others We maintained our record of uninterrupted growth, achieving a 21. 6% increase in sales to Tk. 7,890. 24 million (2010: Tk. 6,490. 85 million). In 2011 we significantly enhanced our prescription share in sales of the formulation products and maintained, as expected, growth in all our key therapeutic segments. Sales of our Active Pharmaceutical Ingredients (APIs) also recorded a significant 37. % growth to reach Tk. 486. 91 million (2010: Tk. 355. 24 million). However, its impact on the overall profitability of the company is currently low because of a low gross margin predominantly due to the high cost of import of intermediate materials to manufacture these APIs. In 2011 export sales grew by 18. 1% to Tk. 390. 32 million (2010: Tk. 330. 54 million). Along with sales growth, Beximco Pharma also achieved a marked growth in profit in 2011. Our pre-tax profit increased 23. 2% to Tk. 1,677. 85 million (2010: Tk. 1,361. 53 million). Gross margin as percentage of sales however, slightly declined to 48% as against 48. 9% for the prior period.As the company c ontinue to evolve into a stronger company, their strategy for growth is to build a strong and diverse product portfolio; to expand our geographic reach; and to develop and leverage our generic drug capabilities. All these will drive them to build a future for our employees, to create value for shareholders and to focus on the reason for being in this business – to enhance the health and wellbeing of people. They are confident that their Company will continue to deliver strong financial results and achieve sustained growth in the coming days. Organogram Organisational Chart * Member’s name| * Designation| BOARD of DIRECTORS| |A S F Rahman| Chairman| Salman F Rahman | Vice Chairman| Nazmul Hassan MP| MD| Iqbal Ahmed| Director| Md. Abul Qasem| Director| Osman Kaiser Chowdhury| Director| A B Siddiqur Rahman| Director| Ad. Ahsanul Karim| Director| Dr. Abdul Alam Khan| Independent Director| | | Management Committee| | Nazmul Hassan MP| MD| Osman Kaiser Chowdhury| Director| R abbur Reza| Chief Operating officer| Ali Newaz| Chief financial officer| Afsar uddin Ahmed| Director, commercial| Lutfur Rahman| Director, manufacturing| Zakaria Seraj Chowdhury| Director, international marketing| A R M Zahidur Rahman| Executive Director, production| Shamim Momtaz| Executive Director, manufacturing| Md.Tahir Siddiqui| Executive Director, Quality| Jamal Ahmed Chowdhury| Executive Director, Finance and Accounting| | | Executive Committee| | Osman Kaiser Chowdhury| Director| Nazmul Hassan MP| MD| Rabbur Reza| Chief Operating officer| Ali Nawaz| Chief financial officer| Afsar Uddin Ahmed| Director, commercial| SITUATION ANALYSIS Situation analysis is a method managers use to analyze both the internal and external environments of an organization in order to understand the firm’s own capabilities, customers and business environment. INTERNAL FACTORS: Refers to the environment inside the organization within which a manager works. LEVELS OF MANAGEMENT: Strategic leve l:The Board of Directors A S F Rahman Chairman Salman F Rahman Vice Chairman Nazmul Hassan MP Managing Director Iqbal Ahme Director Mohammad Abul Qasem Director Osman Kaiser Chowdhury Director Abu Bakar Siddiqur Rahman Director Advocate Ahsanul Karim Director Dr. Abdul Alim Khan Independent Director The strategic level must make sure the technical level operates within the bounds of the society.Thus the strategic level determines the long range objectives and directions for the organization- in other words, how the organization interacts with its environment. (Textbook) Technical level: Middle floor managers, Branch Managers, Factory Managers work like a connector and works in the middle. At this level, the managerial task is twofold: 1. Managing the operations functions. 1. Serving as a liaison between those who produce the product or service and those who use output. In other words, for the operations level to do its work, managers at the technical level must make sure they have t he correct materials and see that the output gets used or sold. (Textbook) Operational level:Rabbur Reza Chief Operating Officer Ali Nawaz Chief Financial Officer Afsar Uddin Ahmed Director, Commercial Lutfur Rahman Director, Manufacturing Zakaria Seraj Chowdhury Director, International Marketing A R M Zahidur Rahman Executive Director, Production Shamim Momtaz Executive Director, Manufacturing Mohd. Tahir Siddique Executive Director, Quality Jamal Ahmed Choudhury Executive Director, Accounts & Finance. In any organisations, the operations level focuses on effectively performing whatever the organization produces or does.In Beximco pharmaceuticals, the operations fuction is at the core of their business. The managerial task here is to develop the best allocation of resources that produces the desired output. (Textbook). Research & development R&D is the key to success for any pharmaceutical company. We have given it top priority and have made substantial investment in upgrading our generic drug capabilities as we firmly believe R&D plays the most important role in spurring innovation and helps a company go up the value chain. Our research and development activities are closely focused on market needs and driven by technological progress in order to create product differentiation.Our team comprising top class formulation scientists with extensive experience of working in leading pharmaceutical companies in the world continuously strives to integrate the advanced technological changes to create competitive edge and match international standards. There has been a series of positive developments in the year and our team successfully introduced 40 new generic formulations in 55 different presentations and expanded our dosage delivery portfolio with technology driven products like prefilled syringes, total parenteral nutrition, dry powder inhalers, etc. Beximco Pharma’s well defined organizational structure, policy guidelines and internal controls ensure effi ciency of operations, and compliance with applicable regulations. The Company continuously upgrades these systems in line with the best practices in the industry.Other initiatives to keep our team updated with the recent advances in analytical methodology, platform technology, and regulatory affairs include frequent in-house and overseas workshops and training programs. The benefits we derive as a result of these initiatives will only increase in the coming years. Beximco Pharma’s R&D team works meticulously towards creating generic formulations that are comparable to innovators’ formulations. Their dedication can be witnessed in their successful development of challenging formulations such as multi-layer tablets, sustained release formulations, dispersible tablets, melt-in mouth tablets, and chewable vitamins; to name just a few.To add to that, Beximco Pharma was the pioneering local generic company to produce anti-retroviral drugs and to proactively launch CFC œfree metered dose inhaler formulation. In addition, we are also developing a number of APIs to ensure availability of raw materials across the range of therapeutic classes. Our capability to produce hi-tech, specialized niche products as well as drug delivery systems has been our core strength to transform BPL into an innovation-driven generic drug company. Human Resource We recognize it is our people’s unwavering values that molded us into who we are today. It is their tireless contributions that have propelled us to greater heights over the years. They are indeed our greatest assets in the way they create meaningful difference.Every product, every experience, and every breakthrough we ever presented for the betterment of human health and well-being have been made possible by our people. We are prouder than ever of the collective intentions and determination we have witnessed time and time again. The shared vision and values, reflected in our leadership and execution, help us attract the very best. Currently, the Company employs almost 2,700 people including around 400 white-collar professionals such as Pharmacists, MBAs, Doctors, Chemists, Engineers, Microbiologists etc. In 2011, we welcomed into the Beximco Pharma family highly experienced expatriates in key positions to deliver a fresh take on strategic direction as we steadily progress towards our aspirations of becoming a global pharmaceutical company.We are strong advocates of the notion that learning never really ends simply with the completion of formal education. One of the best perks of being a part of the Beximco Pharma family is that the people undergo continuous training and development programs to further develop their skills. In 2011 alone, over 30 such workshops and training, covering various departments, were conducted. Within Beximco Pharma, we support employees interested in reaching out to others. In 2011, we launched our very own internal Knowledge Center as a platform for continu ous learning and interconnectivity; an initiative that is stills quite a novel concept in Bangladesh.However, we know that competence alone is not enough; it is them intricate threads of connectivity, binding us as one family, which makes our organizational culture truly coveted and one of a kind. We have also undertaken a major corporate branding initiative as a reflection of our rejuvenated drive and aspirations. Financial Position We maintained our record of uninterrupted growth, achieving a 21. 6% increase in sales to Tk. 7,890. 24 million (2010: Tk. 6,490. 85 million). In 2011 we significantly enhanced our prescription share in sales of the formulation products and maintained, as expected, growth in all our key therapeutic segments. Sales of our Active Pharmaceutical Ingredients (APIs) also recorded a significant 37. % growth to reach Tk. 486. 91 million (2010: Tk. 355. 24 million). However, its impact on the overall profitability of the company is currently low because of a lo w gross margin predominantly due to the high cost of import of intermediate materials to manufacture these APIs. In 2011 export sales grew by 18. 1% to Tk. 390. 32 million (2010: Tk. 330. 54 million). Along with sales growth, Beximco Pharma also achieved a marked growth in profit in 2011. Our pre-tax profit increased 23. 2% to Tk. 1,677. 85 million (2010: Tk. 1,361. 53 million). Gross margin as percentage of sales however, slightly declined to 48% as against 48. 9% for the prior period.This was due principally to depreciation in the value of the Taka against the Dollar and the high level of domestic inflation. However, with our constant drive to contain costs and effective profit optimization strategies, the negative impact of rising cost on profit has been kept to the practicable minimum. The Board of Directors has recommended 21% stock dividend for approval of the shareholders for the year ended 31 December, 2011. Technological Advancement Beximco Pharma has always been a pioneer in adopting innovative technologies. This brings both sophistication and the potential to sustain growth to our business. Over the past couple of years we have made considerable nvestments in facilities and processes to improve productivity, drive growth and achieve excellence in operations. Situated near Dhaka, the capital city of Bangladesh, our manufacturing site extends over an area of 23 acres. The site houses manufacturing facilities for producing various drug formulae in different strengths and delivery systems such as capsules, tablets, intravenous fluids, metered dose inhalers, ophthalmic drops, injectables and nebulizer solutions. The site has its own utility infrastructure to ensure adequate generation and distribution of electricity with an installed capacity of 10 MW, in addition to water purifying and liquid nitrogen generation facilities.The bulk drug unit for producing paracetamol is also located within this site. The Company’s penicillin API and formulation u nits are situated at Kaliakoir, a few kms from the main site. The company has diversified into innovative delivery systems such as dry powder inhalers, total parenteral nutrition, prefilled syringes and lyophilized products. * Oral Solid Dosage * Metered Dose Inhaler * Intravenous Fluid * Inject able, Ophthalmic and Nebulizer * Liquid, Cream and Ointment Val EXTERNAL FACTORS These are the forces that act on the organization from outside. DIRECT FORCESThese are the forces that have direct and immediate influence on the organization. CUSTOMERSWe offer our customers a comprehensive and high-quality product portfolio encompassing all major therapeutic categories, available in various dosage forms including tablets, capsules, syrup, suspension, sterile eye drops, injectables, nasal sprays, creams, ointments, suppositories, IV fluids, metered dose inhalers, dry powder inhalers, prefilled syringes etc. Over the years, we have nurtured and developed a special bondage with the medical commun ity. We stand by healthcare providers and appreciate their valiant services to the community at large. COMPETITOTORS Square Pharma Reneta GlaxoSmith Klein’ ACI Limited Eskayef Bangladesh Limited The ACME Laboratories Limited EDCL Aristropharma Limited Orion Pharmaceuticals limited Indirect Forces * Political Analysis: Political analysis creates a great impact on business growth.The Beximco Pharmaceuticals is an established company, it gets many positive support of Bangladesh government, which enables it to advance its product. In addition it suffers many political unexpected conditions, like- political instability, and high risk investment, high rate of tax, high barriers of rules and regulation and so on. Because of strikes, obstruction and any other political issues, it noses a lot. But now they adopt with rules of exporting, producing, importing and so on. They use BCP (Business Continuation Plan) to fight against any critical political issues. [ Documentary,Newspaper] * E conomic Analysis: In economy, the biggest threat for â€Å" Beximco Pharmaceuticals† would be economic recession.During the recession, the Beximco’s growth will be adversely affected. Because of the high interest rate, inflation rate and economic downturn it’s growth is not just affected by the local economy but also in the international economy. * * Social Analysis:†Beximco Pharmaceuticals â€Å" has performed many social activities, to improve the company image. To reach the goal, the group implements the local job creation program as well as health and education program Corporate Social Responsibility: Our vision is to make significant contribution to humanity by improving health. This vision guides our Company’s operations, including its commitment to corporate responsibility.We work together with non-profit organizations who work to improve people's lives through research, information, and advocacy. As the Company writes its success story as a n emerging leader in the pharmaceutical industry, we also realize that responsibility towards all our stakeholders increases in tandem. We remain committed to being a good corporate citizen. Prevention is the best cure and the first step is to create awareness. Every year, we launch campaigns touching on different forms of heath impediments ranging from asthma, diabetes, hypertension and many more. Campaign activities include rallies in addition to organizing and sponsoring scientific seminars and conferences for various associations and societies in medical disciplines. ANNUAL REPORT CultureCulture is a very complex environmental influence, encompassing knowledge, beliefs, values, laws, morals, customs and other habits and capabilities an individual acquires as a member of society. As BEXIMCO is a global MNC, management must adapt its managerial practices to the specific and unique aspects of culture. Most of the time they follow formal ways to control the employees, and get their full potentiality. They also follow the profit oriented by doing more customer service and social responsibilities. SWOT ANALYSIS: Strength: Diversification The strength of Beximco Pharmaceuticals Ltd. lies in its diversified products and dosage forms.BPL has been producing solid products like tablets and capsules and liquid products like syrup, suspension and solution, as well as semisolid products like cream and ointment. It is   the pioneer company to manufacture and market nasal sprays, inhalation aerosols and suppositories in Bangladesh. In 2001, Beximco Pharmaceuticals Ltd. stepped into a new path–bringing SmallVolume Parenteral(SVP) or injectable dosage form. Arixon is it’s first small volume injectable product It is a preparation of Ceftriaxone, which is considered as a breakthrough antibiotic in the history of medicine, . In 2002, Arixon is predicted to be one of our leading brands interms of sales revenue.The company has lot of diversified products like, Na pa: Neoceptin R: Neofloxin: Tycil : Aristovit M etc. Achivement of National Export Trophy First export market operation with finished pharmaceutical products1994-95 : Achievement of National Export Trophy (Gold) as the first pharmaceutical company of the country. R ; D B P L is a company that is continuously searching for the next treatment advancements. BPL’s portfolio features a range of high-quality, effective products. This product portfolio, combined with the steady stream of promising new products in development, is one of the many reasons BPL is among the nation's leading pharmaceutical companies. We have introduced 26 new products in 2001.Around 70 new products are in our development pipeline. They will obviously enrich our portfolio to employment of the employees so that they can cope with the rapidly changing business environment. Innovation is a major priority that we want to promote. Accordingly, training programs are regularly undertaken for the staff to seek opp ortunities for skills improvement. Weakness: Too many departments There are too many departments under the supervision of the gm which can cause low productivity due to large span of supervision. Diseconomy of scale: If the company exceeds the optimum size there would be diseconomies of sale. Availability of substitutes Availability of very close substitute goods.For example: medicine produced by other pharmaceutical companies Opportunities: Adding new products BPL always tried to add new products of different therapeutic classes in its portfolio and these products are highly appreciated by the health professionals. Most important of them are Triocim, Arixon, Prosan, Recox, Atova etc. Introduction of these new products enriched it’s product portfolio and is contributing to enhance it’s sales. Apart from all these, we have intensified and consolidated our marketing efforts another overseas markets, like Myanmar, Kenya, Yemen and Vietnam. To capitalize immense opportunit ies in these overseas markets, we are bringing in more new and exciting brands in these markets.Last year, BP donated one ‘Medical Information K i o s k’ to the Myanmar Medical Association of Mandalay which gained enormous attention and acceptance in the minds of the medical community of Mayanmar. In Kenya, number of salespeople has been increased to best exploit its huge market potentials. All these efforts are already bringing in desired results. Entering into new horizons and establishing new overseas markets will remain our top most priority in 2002 also. Russia, Ukraine, Sri Lanka, Cambodia, Nepal will be on the list. We are confident that our process of globalization will continue with a more and more accelerated speed in the coming days. TechnologyTechnology carries the promise of tomorrow. The benefits of technology belong to all of us benefits that create new opportunities and open doors toa better life. For example, the new inhaler plant of BPL has been design in a way to ensure highest-possible quality at every stage of manufacturing and quality control. World-class facilities are being employed in each and every step including mixing, filling, testing, labeling, batch printing and other procedures to ensure manufacturing of world class products. Threats: Supply cost effective materiaals BPL has a commitment to the society to supply world class Active Pharmaceutical Ingredients (APIs).Therefore, BPL is not only engaged in formulations but also in fine chemicals business with a view to supplying cost effective quality materials to other local companies as well as for captive consumption. Competition Beximco Pharmaceuticals Ltd. has been preparing itself for the post-WTO open market competition. It has all the courage to compete with world leaders in pharmaceuticals business when the tariff and non-tariff barriers will be withdrawn The new USFDA standard plant is planned to be operational in early 2003. Once completed, this will be one of the finest facilities available anywhere in the globe. OBJECTIVES Increase rate of purchase by existing customers by 10 percent by the year end. Strategy Such a strategy may involve devising a marketing plan to encourage customers to purchase more of a product.Tactics used to carry out the strategy could include price reductions, advertising stressing the many benefits of the product, packaging the product in different sized packages or making the product available at more locations. Design additional features into product that will induce new uses by existing buyers Strategy This strategy include much more than simply getting the product to the new market. Before considering sales techniques such as packaging and promotion. Company often find they must establish a foothold. MANAGEMENT ISSUES Centralization Centralization refers to the location of decision making authority in the hierarchy of the organization.The upper level managers in the organization make all the significant dec ision and managers at all levels can command their subordinates to undertake legitimate work related activities. The idea of centralization can be difficult to grasp in a particular organization for several reasons. People in the in an organization can have different decision making authority. Moreover, all decisions are not of equal importance in organization. Thus subjectively they do not have authority but objectively they have authority. Matrix Organization The matrix organization structure attempts to maximize the strengths and minimize the weakness of both functional and product bases.Matrix organization structure achieved the desired balance by superimposing or overlaying a horizontal structure of authority, influence and communication on the vertical structure. Matrix organization facilitates the utilization of highly specialized staff and equipment. CONCLUSION This is Beximco Pharmaceutical’s firm as a whole. I have discussed the mission, executive summary, organizat ional structure, situation analysis, swot analysis, objectives and management issues of the company. I have also given some important data regarding this company. I hope you can have the clear picture of Beximco Pharmaceuticals company at a glance. APPENDIX Appendix are given after this page

Launching a BPA-free Product Line With Event Marketing Assignment

Launching a BPA-free Product Line With Event Marketing - Assignment Example Bisphenol-A is a toxic material that had been found in polycarbonate feeding bottles of babies. The product launch showcases safe feeding bottles and other feeding products which are safe to use for infants and toddlers. The report also describes how stakeholders were involved in the event and which marketing communication strategies were included in the marketing communication mix. Nuby, considered the world’s number 1 infant care feeding and teething company has come up with a new line of products which are Bisphenol A- (BPA) free. BPA is a toxic substance found in polycarbonate plastic which is used in baby bottles (Klotter, 2006). It is an endocrine disrupter which is a toxic substance that interferes with hormonal functions regulating reproduction, normal cell growth, among others. Grossman (2007) reports that chronic and continued exposure to Bisphenol A may lead to diseases related to the reproductive system such as prostate cancer, breast cancer, cystic ovaries, and en dometriosis. Polycarbonate bottles used as babies can have long term consequences in children. To prevent exposure to this health risk, Nuby has created baby bottles, cups and toys that are Bisphenol-A free. These are relatively more expensive than the regular polycarbonate ones, but considering the safety of children from the fatal risks, they are definitely worth it. Main Findings Nuby has approached Parents’ Magazine which advertises its products, to launch its new line of BPA-free products. These are feeding bottles, sippers, cups and bowls for infants and toddlers which are not made of polycarbonate material and which are free from the toxic substance, Bisphenol-A. Nuby has created such â€Å"products to eliminate any risk or doubt and offer parents the safest option† (Nuby website, 2013). Parents Magazine invited HealthyChildren.org to co-organize the event launch since this organization has the â€Å"only parenting website supported by 60,000 pediatricians comm itted to the attainment of optimal physical, mental, and social health and well-being for all infants, children, adolescents, and young adults† (HealthyChildren.org.). Having doctors speak about Bisphenol A is a responsible act in promoting health issues concerning parents and their children. Both organizations, Parents’ Magazine and HealthyChildren.org will add credibility to the endorsement of the new line of Nuby products. Both organizations are opinion leaders and opinion formers that can greatly influence the preferences of consumers. Event marketing is presented as a way to build brand equity (Keller, 2009). Band equity is the â€Å"added value† which a given brand provides a certain product (Farquhar, 1989). In the case of Nuby products, being BPA-free is the brand equity. Promoting its use is an ethical thing to do instead of just letting people continue with their old habits of purchasing polycarbonate products to use with their children. Baines et al (2 011) contend that marketing communication methods are used to spread information about an organization’s products and services while engaging a target audience. The marketing communication format should have specific objectives as to the desired responses of the audience. Planning the product launch of Nuby’s new line of BPA-free feeding bottles is guided by the planning framework of De Pelsmacker (2010) Analysis of Exhibition Process Wohfeil and Whelan (2006) describe event marketing as interactive communication of brand values by engaging consumers in a marketing event resulting in their emotional attachment to the brand. Zarantonello & Schmitt (2013) compare event marketing to be more direct, and highly interactive than the distant, one-way

Soviet Avant-Garde and Socialist Realism Essay Example | Topics and Well Written Essays - 1000 words

Soviet Avant-Garde and Socialist Realism - Essay Example This essay discusses that man with a Camera is a movie about its own production; it predicts the postmodern inclinations of what is nowadays meta-cinema. Vertov’s movies introduced a novel world of films to commemorate the brave universe of industrialized Soviet truth. The work concludes in Man With a Movie Camera which induces the sensory shower of the urban existence. It utilized strategies of visual comparison and associative montage so complex that they do not have names to date. There was a Whitman-esque documented-portrayal of the Soviet individuals, a self-impulsive dissertation on cinematic symbolism. It is devised to demolish habitual film watching by unveiling the ways in which the camera and movie editor create authenticity. Vertov’s masterwork had the extraordinary implication of emphasizing the spectator to recognize with the filmmaking procedure. Vertov’s ideology was that the camera was an innovation that assisted humans to investigate novel realms of the visual universe. The design that would best explore cinema’s potentialities would merge documentary as well as cinematographic ploys. These include stop-motion animatronics and intense low and high camera viewpoints. Additionally, there are speedy and often aggressive editing methodologies. A man with a Camera is not just a film; it is also a declaration, a policy, documented in celluloid. There are things and pictures in Vertov’s movies that are intended to be read. Nevertheless, marking those instants and interpreting those images might not be straightforward. Salt of the Earth was a part of surfacing females’ series. On its production, the film was in 16mm with faulty scenes and inaudible tracks. The film has forecasts in the montage series with the editing juxtaposing Ramon’s being crushed with Esperanza’s child delivery. In the last sequence, the camera and screenplay highlight the coalescence of the varying quandaries, forming a unite d class identity. Moreover, firearms in the movie serve a factual purpose and become symbols for a rudimentary machismo, and also for the influence of the ruling category. In the concluding frames, the camera visually generates the image of harmony recapitulated by Ramon’s spoken statement. The film utilizes linear features and also fails to utilize the camera and editing functions innovatively (Salt of the Earth, p.1). In the Ideology of Modernism, Lukacs dashes his critique to the bourgeois notion of modernism which has alienated man and community and offered emphasis to the structure rather than content. He utilizes three conceptions in this essay. They include Russian formalism, existentialism as well as scholars who introduce stream of consciousness method. These three presumptions have separated art from the community; they present a negative elucidation of art and the humankind. This Russian

General concept of Human Rights Essay Example | Topics and Well Written Essays - 3500 words

General concept of Human Rights - Essay Example Both the European Convention on Human Rights and the Human Rights Act 1998 have as subjects human rights and fundamental freedoms. Human rights and freedoms are necessary and basic components of man's existence. It is not therefore an overstatement if one says that if he cannot have liberty, he will better have death. Life without freedom or life without human rights is not life at all. History is full of tales against suppression of human rights and fundamental freedoms. Hence, we have the story of the Israelites fleeing in exodus in the belief of savoring freedom in the end. We have the Tiananmen Square. We have the demolition of the Apartheid. Slavery has become a thing of the past. Servitude must always be voluntary. The concept of forced labor had long vanished in all civilized countries. Article 1 of the United Nations Universal Declaration of Human Rights very correctly stresses the affirmation that all human beings are born free. All the people of the world are equal in dignity and rights. Endowed with reason and conscience, men should act towards one and the other as brothers. Before putting forward the arguments and discussions which respectively pertain to the two commandment pillars of human rights and fundamental freedoms, it is logical, necessary and highly advisable that the underlying premises are first laid down. This methodology will lead all and sundry to have a better understanding of the basic fundamentals that gave rise to these historical enactments. In 1950,1 through the initiatives of the Council of Europe, the Convention for the Protection of Human Rights and Fundamental Freedoms was adopted with the end in view of giving protection to human rights and fundamental freedoms in Europe. It is also called the European Convention on Human Rights, referred to here as the Convention for brevity. The United Kingdom is a member state. As a necessary element and complement in order to establish the enforcement mechanisms of the Convention, the European Commission on Human Rights was created in 1954. This evolved into the European Court of Human Rights beginning 1959. The latter was put in place as a permanent tribunal on November 1, 1998 with full-fledged judges. It has its building and offices at Strasbourg, France.2 The Convention is effective in all states or territories which are members thereof or signatories thereto. The Convention therefore has a multi-national coverage or jurisdiction over those sovereignties and the individual citizens or residents thereof as far as concerning human rights and fundamental freedoms. States who are members of or signatories to the Convention have to go in line with the policies that it develops and promotes. In the case of the protocol on the death penalty, for instance, each member or signatory state has to abolish the capital punishment.3 Upon the other hand, the Human Rights Act 1998 is a law passed by the United Kingdom (UK) legislature in 1998. What is it about The prefatory of this legislation says, among others, that it is an act to give further effect to the rights and freedoms set forth in the Convention. Is not the Human Rights Act 1998 (or Act for short) a duplication of the Convention or an encroachment upon the latter Definitely, it

Pre-Self Assessment Survey Essay Example | Topics and Well Written Essays - 1500 words

Pre-Self Assessment Survey - Essay Example Basic assessment is the horsepower towards self-assessment and scrutiny (Ersegovac 2008). In the journey towards literacy, one ought to sit down and start contemplating on their abilities, their respective faults notwithstanding. Thus, after assessing, one is prone to mapping the means forward. This exercise is engaging and one ought, to be honest, and ready to begin problem solving and rectification whenever it deems necessary in the course of the activity. Create a culture. Information Literacy This is the ability of an individual to point out when there is a need for specific information/intelligence, procure it, evaluate it and further utilize it for solving the quandary/problem at hand. Information intelligence/literacy is an upper hand resource and a major advantage/competency to those individuals who possess it, since; the information literacy expertise is used to, effectively, enhance intelligent levity in a particular society (Bothma, et al 2008). At contemporary times in a society that is overtly informational, one ought to possess the literacy to uphold competency and hoist his/her socio-economic banner. This extends that these individuals brighten up in terms of information literacy; therefore, obtaining an added advantage/upper hand in the procurement of the intelligence they require solving their issues. Over recent times, the idea of information Literacy has been incorporated into the society in the practitioner fields to enhance rapid solutions to student’s dilemmas. It has been applied in the libraries and high education agencies in proper management, since; it has been reiterated and perceived to be extremely beneficial and foolproof to minor challenges in the management of academic agencies that are extremely fragile to minor blunders (Brine 2009). Over time, it has been dubbed as the way to socio-culture-economic affluence in a civilized and organized society of the modern world. Pre-Self Assessment Survey In my entire learning proces s in this institution, I have had numerous experiences regarding and resulting from my failures and abilities.  

Personal Statement Example | Topics and Well Written Essays - 500 words - 50

Personal Statement Example During his tenure, he gained a vast experience in management and decided to launch his corporation that specialized in home appliances where he was the director. As a teenager, I worked with him in the corporation and incessantly acquired expertise and proficiency in management of security systems. For a duration of circa 2 years, starting 1st January 2008 to 6th November 2010, I was a system security officer for all branches of the establishment where I learned a lot from regular exchanges with customers. The aim of my job is to protect information from hackers and theft. I believe that the security of information is of vital prominence in the contemporary tech-savvy society. My desire to partake CIS is further bolstered by my ability to effectively undertake simple tasks such as word processing as well as fairly multifaceted tasks including administration of Linux web servers. Given a chance, I would use my interest and the skill that I will acquire from the course to contribute towards the betterment of our society and plummet or completely eliminate the huge number of hacking cases that have frustrated the effective functioning of businesses. Although I am currently enrolled in my University, I would like to transfer to this University and use my government’s scholarship to complete CIS. My decision is informed by the indisputable fact that the University’s reputation, academic staff, research facilities, prospects of its graduates landing a job are above par. What’s more, the University’s study plan is compatible with specialization in CIS, a factor that will empower me to develop personal skills, serve society, and reconnoiter other aspects of the specialty. As an international student, I can communicate fluently within and without the study environment. Thus, I will be able to cooperate with groups in accomplishing my personal goals and the University’s goals. Moreover, my aptitude to communicate will be

Do Modern Finance And Government Intervention Crash The Financial Research Paper

Do Modern Finance And Government Intervention Crash The Financial System - Research Paper Example This crisis resulted in severe issues including threat of total failure of large financial institutions, evictions, foreclosures, stock market downturns, housing market meltdowns, job terminations, and prolonged unemployment. Evidently, the 2008 global financial crisis significantly reduced the growth rate of countries worldwide and many western economies including US suffered huge net losses. A large number of business organizations went out of the business and thus many investors lost their money. Investigation reports indicate that it was the US housing bubble that led to the damage of financial institutions worldwide. Even though the US Federal government has pumped a huge volume of money into the market, the US economy has not yet completely recovered from the impacts of the crisis. This research paper will critically analyze the crash of the global financial system by referring to the book ‘Alchemists of loss: How modern finance and government intervention crashed the fin ancial system’ written by Dowd and Hutchinson. The paper will particularly evaluate whether the elements of modern finance and government intervention have played a role in crashing the financial system. An Overview of Modern Finance Emergence of floating currencies was a major event led to the development of modern finance. In 1971, Richard Nixon, the 37th president of the United States, suspended the dollar’s convertibility into gold in order to resolve financial difficulties associated with a huge trade deficit and Vietnam War. This policy brought an end to the Bretton Woods system of fixed exchange rates whereby capital flow from one country to another had been limited by exchange regulations. Since investing abroad was an expensive task under the Bretton Woods system, pension funds had kept their money home. According to Caldentey and Vernengo (2010), the policy amendment made the currencies floatable and entirely changed the way financial markets operate; and this change also created the need of currency hedging and resulted in the introduction of futures in financial markets. The floating exchange rates played a crucial role in the development of liberalized markets, which eliminated credit controls and promoted the entry of new lenders. Another effect of the new exchange rate system was the abolition of capital controls and this process led to a sharp appreciation of the dollar and pound. Institutions like insurance companies and pensions funds could freely move money without cross border limitations. In 1975, America introduced a financial reform to eliminate the distinction between brokers and jobbers and thereby to slash commissions. This reform gradually led a long term decline of broking revenues and widely restructured the industry. The increased need for capital forced investment banks either to make money on the stock market or to combine with commercial banks. The broadening of banking businesses resulted in more complex banking transactions and firms started to engage in more risky business ventures. In order to mitigate the growing level of business uncertainty, new forms of exchange rate risk reduction mechanisms such as options and swaps were introduced. In the w ords of Ryder, â€Å"futures, options, and swaps all have the same characteristic: a small position can lead to a much larger exposure† (cited in The Economist). In order to take advantages of the changes in global business environment resulting from globalization, creditors began to lend huge amounts of money to entrepreneurs and other

STEM CELL DEPATE Essay Example | Topics and Well Written Essays - 1750 words

STEM CELL DEPATE - Essay Example These exceptional cells originate from blastocyst inner cell mass that is a young embryo about five or four years old (Holland et all, 2001). These cells are pluripotent making them unique. Thus, it is easy to characterize these cells differently into any o f the germ layers existing in the body of humans like mesoderm, ectoderm, and endoderm. The endoderm comprises of lungs, intestines, and stomach. The mesoderm is mostly the bone, muscle, and blood. This leaves ectoderm with nervous system and the skin. These cells can repair any human body part, making the embryonic stem cells special. Another element of these cells is that they are able, in any circumstances, to replicate themselves for an indefinite period. The fact these cells can produce themselves in unlimited numbers, and have characteristics of becoming any types of 220 cells, it easy to use in medicine for medical research and regenerative therapy (Holland et all, 2001). Damaged or lost tissues due to injury or disease are easy to for replacement or repair by new tissues developed from administered embryonic cells. Once there is administration of stem cells into the patient body, they move to the damaged place, multiply and engraft, replace the destroyed cells, and restore the functions of the body in the area. Embryonic stem cells can treat diseases such as genetic diseases, juvenile diabetes, blindness, spinal cord injuries and cancer. The technology can also deal with different conditions. The technology can treat major diseases; therefore, it is necessary to use it. What is the ethical challenge about using and harvesting stem cells? The major controversial issue of this research is the state of human embryo. The embryo dies when its inner cell mass is taken. This is because inner mass cell is responsible for formation of the three human body germ layers. Without these cells, the embryo will not develop. People opposing the use of

Chemical and Physical Properties Essay Example for Free

Chemical and Physical Properties Essay Observe the solubility in hot water. c. Tear off approximately 1/2-cm pieces of both red and blue litmus paper. d. Allow the solution to cool, and using the glass stirring rod, transfer a drop of the solution onto a piece of litmus paper. Record the results. Clean the stirring rod. 5. Third test tube: a. Add a few pipet drops of HCl (hydrochloric acid) to the sample and stir. NOTE: Use the test tube holderclamp as some reactions are exothermic, i. e. the test tube may get very hot. Record any apparent reaction or solubility. Clean the stirring rod. 6. Fourth test tube: Add a few pipet drops of NaOH (sodium hydroxide) to the sample. Stir. Record any apparent reaction or solubility. Clean the stirring rod. 7. Thoroughly clean and dry all 4 test tubes. Repeat Steps 2 though 6 with the next substance. Experimental Results Substance: Zn Color: Grey Odor: None Effect of Heat: decreases content curled in with lighter color Solub. Or Reaction w/cold H20: No reaction observed / not soluble Solub. Or Reaction w/ hot H20: Prolonged boiling from retained heat/ non soluble Litmus test: None observed Dilute HCI: positive reaction resulting in the formation of gas, carbonation, and darkened Dilute NaOH: creates foggy substance and blackens solid Substance: Cu Color: Copper Odor: None noted Effect of Heat: Turned black Solub. Or Reaction w/cold H20: not soluble Solub. Or Reaction w/ hot H20: not soluble Litmus test: None observed Dilute HCI: tarnished not observed Dilute NaOH: none observed Substance: Mg Color: Silver Odor: None observed Effect of Heat: increases in dullness Solub. Or Reaction w/cold H20: no reaction observed/ non soluble Solub. Or Reaction w/ hot H20: increased heat / non soluble Litmus test: no change Dilute HCI: rapid boiling and heat Dilute NaOH: liquid is cloudy Substance: MgO Color: White Odor: None observed Effect of Heat: none observed Solub. Or Reaction w/cold H20: Soluble Solub. Or Reaction w/ hot H20: Soluble Litmus test: Red paper turned blue / blue no reaction Dilute HCI: Carbonated Soluble Dilute NaOH: Dense Soluble Substance: CuC03 Color: Green Odor: pungent Effect of Heat: turned black Solub. Or Reaction w/cold H20: slightly murky, but does not appear soluble Solub. Or Reaction w/ hot H20: slightly murky, but none soluble Litmus test: changes blue to red showing slight acidity Dilute HCI: carbonation and soluble Dilute NaOH: turns blue w/ slight soluble Substance: Cu(NO3)2 Color: Blue crystals Odor: slight odor Effect of Heat: melted and turned green Solub. Or Reaction w/cold H20: turned water blue and is soluble Solub. Or Reaction w/ hot H20: no change observed from the cool water and is soluble Litmus test: blue litmus turned to red for acid Dilute HCI: turned green Dilute NaOH: soluble formed Substance: NaCl Color: white crystals Odor: none observed Effect of Heat: none noted Solub. Or Reaction w/cold H20: becomes slightly soluble Solub. Or Reaction w/ hot H20: fully soluble Litmus test: red turns to blue indicating that it’s basic Dilute HCI: none observed Dilute NaOH: none observed QUESTIONS: A Did you observe any chemical changes in this experiment? Chemical changes are observed during the experiment B What evidence did you use to decide that something was a chemical change? Indications of chemical changes were preceded by the burning, rusting, ermenting, and decomposing of the substances. As a result, a new substance will have its own unique physical properties C Give at least two examples of chemical changes you observed. Adding colorless sodium hydroxide to blue copper(II) nitrate produces a light blue precipitate Zinc diluted with Hydrogen Chloride is positive for a chemical reaction resulting in the formation of gas, carbonation, and darkened D Classify the following p roperties of sodium metal as physical or chemical: Silver metallic color – physical Turns gray in air – chemical Melts at 98oC physical Reacts explosively with chlorine chemical E Classify the following changes as physical or chemical: Water freezes at OoC – physcical change Baking soda when combined with vinegar produces bubbles:- chemical change Mothballs gradually disappear at room temperature – physical change Ice cubes in a freezer get smaller with time – physical change Baking soda loses mass as it is heated – physical chemical Tarnishing of silver – chemical change F How would you show that dissolving table salt is a physical change? A physical change will not change the composition of a substance. When adding water to a salt, the ions of table salt are hydrated with water molecules which reduced the strong electrostatic forces of the ions. To return salt to the original state, simply remove the hydrated water molecules by boiling the table salt. Conclusions: In a chemical change one or more new substances are formed. The new substance has its own unique identity which is different from the original. It has properties that are different than those of the starting material; in addition, the original materials is not able to be reproduced by physical means.

Popular Methods for Pricing American Options

Popular Methods for Pricing American Options Chapter 1 Introduction American options are financial derivatives, an instrument whose value is derived from an underlying asset, usually a stock. Black and Scholes (1973) described an option as: a security giving the right to buy or sell an asset, subject to certain conditions, within a specified period of time. The main question of this dissertation is how American options can be valued. The option value is only known with certainty when the option is exercised, either at maturity or not. When the owner decides to exercise the option or it is the option maturity time, it is possible to determine the price of the option as the strike will be exchanged by the asset in the case that the conditions are favourable for the owner of the option. When the one buys the option, she does not know what will be the future price of the underlying asset, and assuming it follows a random process it is hard to put a price on such contract without knowing what will be the price change. This non linear feature of the option makes calculating the price to pay for such contracts a challenging process and has been the focus of a large number of financial studies and publications. This dissertation deals with the most popular methods for pricing American options and their implementation in MatLab ®, including a graphic user interface. The methods studied include the Black and Scholes (1973) European option pricing as the starting point, followed by the Barone Adesi and Whaley (1987) analytical approximation. Then the binomial and trinomial lattice methods presented in Cox, Ross and Rubinstein (1979) are considered also as the Finite difference approximations models AAA. The most sophisticated method is the Least Squares Monte Carlo simulation presented in Longstaff and Schwartz (2001). The analysis of the different option pricing methods in this dissertation follow most of the assumptions made by Black and Scholes (1973), the short term interest rate and the dividend are assumed to be known and constant, the underlying stock follows a log normal distributed geometric Brownian motion, the markets are frictionless and finally it exists the possibility of forming a riskless portfolio, consisting of the option and underlying stock. The dissertation is organised as follows: a brief literature survey is provided in the next Chapter. The analytical approximation method and the numerical methods used are described on Chapter 3 and their implementation in Matlab environment is given in chapter 4. Numerical results are given in Chapter 5. The conclusion and future developments are presented in Chapter 6. Chapter 2 provides a survey of some of the most relevant publications in American Option Pricing, with focus on analytical approximations, lattice and finite difference methods, more precisely, binomial and trinomial trees, explicit, implicit and Crank Nicolson Scheme, and also on Monte Carlo Simulation. Chapter 3 provides a description of the methods used, their advantages, disadvantages and limitations. Here the required equations will be derived and the solution for the pricing of American options will be provided. Chapter 4 focus on the algorithms used and their implementation on the MatLab environment, also as the procedures for the development of the GUI for easier user interface. On Chapter 5 results and their comparison are shown for the different methods used, with the required figures to support the numerical answers. In the final chapter the dissertation is concluded and a summary of the findings is provided, also as with further work on this subject. Chapter 2 Literature Survey Black and Scholes (1973) and Merton (1973) developed the first analytical closed form solution for the pricing of European type options and certain types of American options, such as American call options on non dividend paying stocks. The option pricing model developed by Black and Scholes and extended by Merton gives rise to partial differential equations governing the value of an option Schwartz (1976). Black and Scholes (1973) develop their model on the basis of the no arbitrage theory, If options are correctly priced in the market, it should not be possible to make sure profits by creating portfolios of long and short positions in options and their underlying stocks Black and Scholes (1973). The Black and Scholes (1973) model valued European options on non dividend paying stocks, and with a number of quite restrictive assumptions, constant and known interest rates, the markets are frictionless with no transaction costs and penalties for short selling. The Black and Scholes (1973) model also assumes that the underlying stocks follow a random walk. Due to all this assumptions the pricing model Black and Scholes (1973) proposed was of easy use, and there is only the need to input the required values on the proposed pricing equation. The model they have proposed does not take into consideration early exercise of the option so it is inaccurate for pricing American Options. One of the most popular analytical approximation models that starts from the Black and Scholes (1973) model and adjusts it to consider the scenario of early exercise strategies is the work by Baron Adesi and Whaley (1987) which was based on the paper by MacMillan (1986). Baron Adesi and Whaley (1987) consider that the Black and Scholes (1973) partial differential equation must apply to the early exercise premium as this is just the difference between the American and the European option prices, which are also priced by the same partial differential equation. After some transformation they end with an easily solvable through an interactive process second order differential equation. When closed form solutions, like the Black and Scholes (1973) valuation model cannot be derived, numerical methods must be developed. These are computational methods where the values for the underlying assets are modelled up to maturity and the price of the options is derived from them. In the case of American options this is a complex process, as the modelled price changes may have to be adjusted to include dividend payments and the derivation of the option price must also include the possibility of early exercise. Cox, Ross and Rubinstein (1979) developed a simple discrete time lattice model to deal with the complexity of option valuation, as they considered the methods of Black and Scholes (1973) quite advanced and have tended to obscure the underlying economics Cos, Ross and Rubinstein (1979). The use of lattice models such as the one by Cox, Ross and Rubinstein (1979) is the simplicity of its application. The most significant drawback of the Cox, Ross and Rubinstein (1979) model, is to increase its accuracy the number of time intervals must increase, in order to approach a continuous time model, which will significantly increase the computational time, needed for processing the entire tree in order to derive the option value. Others such as Hull and White (1988), (1993) and Trigeorgis (1991) have extended the model of Cox, Ross and Rubinstein (1979). Hull and White (1988) present a study of the use of lattice models for underlying assets with known dividends instead of known divided yields. They also consider the use of a control variate to price a option numerically, by a the lattice model, using the price of a similar option calculated analytically. While Trigeorgis (1991) proposes a log transformed variation of binomial option pricing designed to overcome problems of consistency, stability and efficiency encountered in the Cox, Ross and Rubinstein (1979) focusing on the pricing of exotic options. Hull and White (1993) also present an application of binomial and trinomial procedures for exotic path dependent options, where they developed a model faster than Monte Carlo simulation and faster than other numerical methods. Usually the analytical procedures are applicable to simple payoffs of the American Options, but in the cases where this is not possible numerical solutions must be developed. Geske and Shastri (1985) give a detailed comparison of the lattice methods to the different numerical methods, finite difference methods and other simulation methods. The model proposed by Brennan and Schwartz (1978) for valuing options was the first approach that used the finite difference method. This approach was used due to the fact that most of the times an analytical solution for the option pricing problem does not exist. The finite difference method uses the heat equation derived from the Black and Sholes PDE to obtain an approximation of the option price. Courtadon (1998) goes further to reduce the approximation error of the Brennan and Schwartz (1978) model but only applies his findings only to simple option pay offs. Geske and Shastri (1985) give a good description of the finite difference method: The finite difference technique analyze the partial differential equation () by using discrete estimates of the changes in the options value for small changes in time or the underlying stock price to form equations as approximations to the continuous partial derivatives. Usually the approximations is done using forward, backward or central difference theorem, which respectively result in the explicit, implicit and Crank Nicolson schemes, the procedure used in this study will be shown further in the paper. In this case as with most of the methods for pricing options, the most significant drawback is the duality between accuracy and processing time. In order to increase accuracy the time and stock change steps must be smaller, increasing their number and the number of computations to make, this issue also affects the stability and convergence of the methods. Another approach used for solving the option pricing problem, especially for path dependent American options is the use of simulation. This means that the option price is derived from a simulated underlying asset price, usually using a Monte Carlo simulation method. Boyle (1977) and Schwartz (1977) pioneered the use of Monte Carlo simulation which is nowadays used to price complex options contracts. The Monte Carlo simulation method is very powerful in terms of its flexibility to generate the returns of the underlying asset of the options, by changing the random variables used to generate the process a new returns distribution may be easily obtained, Boyle (1977). Boyle (1977) introduces the Monte Carlo technique for pricing European option where there is a dividend payment, but Schwartz (1977) was the true pioneer, pricing American options, with the underlying asset paying discrete dividends, and also deriving an optimal strategy for early exercise of the option, which is the crucial point for pricing American type options. Schwartz (1997) focused on a particular type of contract, warrants, so in fairness his first model is not exactly on an American type option. Tilley (1993) was one of the first to fully focus on the pricing of American option using a Monte Carlo simulation method as he mentioned that simulation methods were reserved for exotic options or other complex debt products. His findings are only applied to American options on non dividend paying stocks, but he develops an important part of the model which is the optimal early exercise option. Carriere (1996) presents a development of the Monte Carlo simulation method presented by Tilley (1993). The paper by Carriere (1996) presents a model where the optima early exercise strategy is based on conditional expectations of Markov processes by carrying a nonparametric regression on the simulated underlying asset return paths. Brodie and Glasserman (1997) extended the previous studies by considering an upper and lower converging bounds of the option price. These estimated bounds are calculated using a high and a low bias, which Combining the two estimators yields a confidence interval for the true price. Brodie and Glasserman (1997) One of the most important papers, and probably one of the most used ones, is the paper by Longstaff Schwartz (2001). Their Least Squares Monte Carlo (LSM) valuation model is very simple and straight forward which combined with the accuracy of the method made it famous. Their greatest advance can be described as: The key to this approach is the use of least squares to estimate the conditional expected payoff to the option holder from continuation Longstaff Schwartz (2001). They applied their model to a series of exotic path dependent American options with great success. Chapter 3 Pricing American Options Methods 3.1 Asset Prices Models The Black and Scholes (1973) and Merton(1973) pricing methods which are the basis for most of this paper assume that the stock returns follow a Geometric Brownian motions, with the stock prices log normally distributed. The stock returns can be represented by the following stochastic differential equation, (3.1.1) Where St is the asset price at time t, is the assets expected return, is the assets instantaneous volatility and Wt is a Wiener process. 3.2 Analytical Approximation by Barone Adesi and Whaley (1987) Barone Adesi and Whaley (1987) developed a method to approximate analytically and easily the price of American options. They considered that the American and European option pricing equation is represented by the partial differential equation (3.2.1) developed by Black and Scholes (1987) and Merton (1987), (3.2.1) Barone Adesi and Whaley (1987) assumed that if this is true, then the early exercise premium of the American option, which is the price difference between the American and the European call option prices (3.2.2), can be represented by the same partial differential equation (3.2.3). (3.2.2) (3.2.3) The above equation after some transformation, shown on Barone Adesi and Whaley (1987) paper, and applying an approximation of a term tending to zero, yields the following quadratic equation, (3.2.4) Where (3.2.5), (3.2.6) and (3.2.7). Equation (3.2.4) is a second order ordinary differential equation with two linearly independent solutions of the form . They can be found by substituting (3.2.8) into equation (3.2.4) Barone Adesi and Whaley (1987), (3.2.9) With a general solution of the form, (3.2.10) When the American option boundary conditions are applied to the above solution and considering , then must be equal to 0 as when the asset price tends to zero so does the option price, resulting in the following American call option pricing equation, Barone Adesi and Whaley (1987), (3.2.11) From (3.2.9) we have the value for so the only value missing is . This can be calculated interactively considering another boundary condition of American call options. We know that in early exercise the payoff will never be higher than S X, so from a critical underlying asset value the option payoff curve must be tangent to the S X curve, which means that below the critical asset value the pricing equation is represented by (3.2.11), Barone Adesi and Whaley (1987). The algorithm presented by Barone Adesi and Whaley (1987) for the above pricing problem is presented further in the paper in the section dedicated to the implementation of the American option pricing models. 3.3 Lattice Methods Cox, Ross and Rubinstein (1979) proposed a model where the underlying asset would go up or down from one time step to the next by a certain proportional amount and with a certain probability until maturity. Due to the up and down characteristic of the asset price model these type of models are characterised by a binomial tree or, in the cases of the existence of a third possible movement, they are characterised by a trinomial tree, therefore named as Binomial or Trinomial models The price of the option would be recursively derived from maturity, due to the boundary condition as has been referenced before that the price of the option is only known with certainty at maturity. This means that the price of the option is calculated at maturity and recursively at each node up to the initial value, by discounting backwards at the risk free rate and respective probabilities. Due to the characteristic of American options, the model has to check if it is optimal to exercise the option at each node or if it has the advantage to continue to the next one, for example on the case of dividend payments. In the case that it is optimal to exercise the option at a certain node, its price will be equal to the intrinsic value at that same node. Every node will be checked for the optimality of exercising the option or not, until we have reached the initial point where we want to price the option. 3.3.1 Binomial Tree Model The model starts being built for a American option of a non dividend paying stock and after that the scenario of dividend payments and optimal early exercise strategy is considered. As referenced before the stock goes up and down by a certain amount form one period to the next, if u is the up movement and d the down movement, then they can be calculated as, (3.3.1.1) and (3.3.1.2) as in Cox, Ross and Rubinstein (1979). In no arbitrage conditions it is possible to calculate the probability of the up and down movements, with the up being defined as, (3.3.1.3) where from the definition of probability and the down movement as (3.3.1.4). The tree formed using these specifications from Cox, Ross and Rubinstein (1979), can have the following graphical representation The option is price is calculated from the asset price binomial tree. The maturity boundary condition for an American option, is that the payoff is equal to , we already have S at each maturity node from the asset price model, so we can calculate backwards the price of the option as the expectation of the future payoff of the option. At each node we calculate the expectation of the future payoffs, where the price of the option will be a compound of expectations. These can be represented by the multi period case for a call as in Cox, Ross and Rubinstein (1979), The option prices are calculated as the expectation of the options future payoffs using their respective weighted risk neutral probabilities of an up movement and a down movement and then discounted at the risk free rate r. The Binomial value is found for each node, starting at the final time step, and working backwards to the

college info Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Though, as of this point in my life, I do not yet know what career I would like to pursue, or even what general field I would like to study or work in. I do have certain goals that I know I shall work to attain. These goals are fairly common among most people. Such as the goal of financial security, and financial ability to support a family; the goal of continuous intellectual and physical competitiveness; as well as a goal of general well being, and happiness. In America, many people with these goals go to a college or university in order to achieve them. Their path has been proven to be effective, and so I too have chosen to go to college.   Ã‚  Ã‚  Ã‚  Ã‚  I have learned that unfortunately colleges vary to great degrees, and that some will not satisfy me in achieving my goals. Because I must choose one college above another, I have compiled a set of requirements that I would like the college that I attend to fufill. My primary requirement for a college is that it have a broad program base, so that I may best discover and choose a career path that I would enjoy following. As well as a schools course selection, their actual facilities and physical resources are also important to me (such as library, computer rooms, workout facilities and other buildings). Ideally I would like to go to a medium or large sized college, because they generally best fufill this requirement, as well as they often have many career resources and connections. However a well equipped smaller college may also appeal to me. In regards of location, I would like to stay in the Northeast. I enjoy the cooler climate, and winter sports, and I would al so like to be within six hours of home. Not to mention (actually I am mentioning, but whatever) the fact that my girlfriend is probably going to attend a SUNY school, and I would like to have the opportunity to continue our relationship.Though these requirements are rather broad, they are certainly not concrete. The college that I go to may indeed fufill all of these requirements, or may very well fufill none. As of right now these are only ideas of what I am looking for in a college, however a very different college may just find me, and I am very open to that possibility.   Ã‚  Ã‚  Ã‚  Ã‚  One school that I have been seriously considering is Alfred University of upstate New York. The re... ... band shirts and plays his guitar all the time. Despite this striking difference between him and the average rich white polo loving guy, who only dates snobbish supermodel girls who are noted for being extremely prevalent in the school, my brother has found many good friends, and is basically friendly with everyone. I know this because I went to visit him for a long weekend, and saw how he unites his three floor dorm of jocks-1st floor(his floor), hot girls-2nd floor and the more nerdy or individual guys on the 3rd floor. This situation was probably mostly because of the unique person that my brother is, but it shows that the divisions that are prevalent in the school between the â€Å"cool kids† and the â€Å"individuals† can be overcome. I do believe that if I were to attend I would in fact be able to make friends in both categories, and have an all around good time. Oh yeah, and here is a list for the outline: In conclusion, I would like to go to an academically challenging and fulfilling school, which will aid me in selecting and succeeding in a future career. At the same time I want to have a good time in college, which is what many people believe the most important aspect of college.

The Art of Hybrid Writing Essay -- poetry, short stories

â€Å"From a very early age†¦I knew that when I grew up I should be a writer.†- George Orwell in ‘Why I Write’ (1965) As a writer, I am aware that there are different types ‘voices’ when it comes to their personal writing. During the course of this module I’ve learned a lot about my personal ‘voice’ and it has helped enhance my writing skills. For example, there will be times where I will have to force myself to write, even when I don’t have the motivation to; because sometimes I can get a great story or poem out of it. Other things that I have learned during this module are: old habits aren’t always the best and I should save my energy on keeping them around, and at times imitating the works of other writers can help teach new techniques I would not have learned in any other way. When I first started writing, I would write mostly poetry and sometimes short stories. I would usually take days to write a good poem, and weeks for a good story. Sometimes I would get so busy that I would put it off for a while and I wouldn’t get back to it for a month or so. Although ever since I started this course I had to use the time that was given to me, especially the rest of the week till the next class. As Dorothea Brande said in her book ‘Becoming a Writer’ in Chapter Six: â€Å"Decide for yourself when you will take the time for writing; for you are going to write in it.† I would usually write my stories at night, around 7:30-8pm since I that would be around the time I would have the sudden urge to write. When I wrote the first draft of ‘Good Deed’, I had started writing it around 8pm as I had planned that morning I would. While I was writing it, I thought it would take me a little less than an hour to write since I had the idea of what I wanted ... ...orothea Brande said in chapter ten in her book ‘Becoming a Writer’ â€Å" They [the words] are yours to use only when you have made them your own by full acquaintance and acceptance.† Even so, this semester has really thought me so many things in the period of twelve weeks. From learning what truly is my voice in writing, to kicking away old habits that would only do damage, and in the end, imitating can also help me improve certain aspects of my writing. This whole semester has been quite the rollercoaster in terms of this module, I learned so much and I will continue to keep learning from these lessons as I keep going forth my journey in university. Works Cited Brande, Dorothea, and John Gardner. Becoming a Writer. New York: J.P. Tarcher, 1981. Print.Orwell, George. Decline of the English Murder, and Other Essays. Harmondsworth, Eng.: Penguin, 1965. Print. The Art of Hybrid Writing Essay -- poetry, short stories â€Å"From a very early age†¦I knew that when I grew up I should be a writer.†- George Orwell in ‘Why I Write’ (1965) As a writer, I am aware that there are different types ‘voices’ when it comes to their personal writing. During the course of this module I’ve learned a lot about my personal ‘voice’ and it has helped enhance my writing skills. For example, there will be times where I will have to force myself to write, even when I don’t have the motivation to; because sometimes I can get a great story or poem out of it. Other things that I have learned during this module are: old habits aren’t always the best and I should save my energy on keeping them around, and at times imitating the works of other writers can help teach new techniques I would not have learned in any other way. When I first started writing, I would write mostly poetry and sometimes short stories. I would usually take days to write a good poem, and weeks for a good story. Sometimes I would get so busy that I would put it off for a while and I wouldn’t get back to it for a month or so. Although ever since I started this course I had to use the time that was given to me, especially the rest of the week till the next class. As Dorothea Brande said in her book ‘Becoming a Writer’ in Chapter Six: â€Å"Decide for yourself when you will take the time for writing; for you are going to write in it.† I would usually write my stories at night, around 7:30-8pm since I that would be around the time I would have the sudden urge to write. When I wrote the first draft of ‘Good Deed’, I had started writing it around 8pm as I had planned that morning I would. While I was writing it, I thought it would take me a little less than an hour to write since I had the idea of what I wanted ... ...orothea Brande said in chapter ten in her book ‘Becoming a Writer’ â€Å" They [the words] are yours to use only when you have made them your own by full acquaintance and acceptance.† Even so, this semester has really thought me so many things in the period of twelve weeks. From learning what truly is my voice in writing, to kicking away old habits that would only do damage, and in the end, imitating can also help me improve certain aspects of my writing. This whole semester has been quite the rollercoaster in terms of this module, I learned so much and I will continue to keep learning from these lessons as I keep going forth my journey in university. Works Cited Brande, Dorothea, and John Gardner. Becoming a Writer. New York: J.P. Tarcher, 1981. Print.Orwell, George. Decline of the English Murder, and Other Essays. Harmondsworth, Eng.: Penguin, 1965. Print.

True Lies in Brice’s Ways with Words Essay example -- Ways with Words

True Lies in Brice’s Ways with Words  Ã‚  Ã‚   In Ways with Words by Shirley Brice Heath we read about the author’s ethnographic study in the South during desegregation. The purpose of Heath’s study is to examine the ways people from different communities in the textile region raise their children. The way the children are raised according to Heath, affects the language development and the way these children learn to read and write in the school setting. In my paper I want to examine the way the church relates to the cultural differences in Roadville and Trackton. Cultural differences have ultimately created two separate learning styles. Reading Heath’s study creates curiosity as to how one book, the Bible, can be translated by two cultures in such differing ways that, â€Å"In short, for Roadville, Trackton’s stories would be lies; for Trackton, Roadville stories would not even count as stories† (Heath, 189). Heath says, â€Å"For both Roadville and Trackton, the church is a key institution helping to provide occasion and rationale for their approaches to being parents and to enabling their young to use language† (147). Both groups engage in regular religious activity, the Trackton people meeting every other week for group services, and the Roadville groups meeting at church on Sundays. Both groups meet in mixed age group settings, as well. And both groups believe the Bible is the Word of God. Yet differences exist. Trackton groups do not necessarily meet in a building. â€Å"Preachers, men of music, and the best playsong performers claim they cannot stick to written text. Seemingly thoughts which were once shaped into words on paper become recomposed in each time and space.† (233) Trackton preachers and song leaders feel stifled by the wr... ...ducation makes them unskilled at helping their children do well in school. Heath studied their struggles and identified significant ways to teach these children. As the study closes, we realize that to improve the education of the Roadville and Trackton communities, we would need to change the home environment, the religious traditions, and the culture of the communities to match that of the townspeople. To change the school to meet the needs of the students would not create a long lasting improvement. I for one find difficulty in judging one community as being better than another since each has its own value. Homogeneity seems to be an evil, but one that education in America both supports and at times seems to demand. Perhaps someday we will find a solution. Work Cited: Heath, Shirley Brice. Ways with Words. Cambridge, UK: Cambridge University Press, 1983.

Ender’s Game Good vs Evil

Ender’s Game – Good vs. Evil Writing In an epic saga capturing the struggle between two brothers, Ender’s Game by Orson Scott Card, Ender and Peter are constantly at each other’s throats. Ender is the better of the two brothers as throughout the book he displays noble deeds and a strong mindset. Thus being said, Peter is the lesser of the two who throughout the book is doing something of malcontent, whether it is threatening to kill, killing, or fighting.Peter the older, power hungry brother is the evil to Ender’s good. From the beginning of the book, Anderson and Graff are, â€Å"Afraid of what (Peter) will do to (Ender). † (Card, 9). Later in the book, around the same time as when Ender is in Flight Commander school, Valentine is disgusted with Peter when she finds a squirrel’s dead carcass, â€Å"half – skinned, spiked by its little hands and feet with twigs†¦ She pictured Peter trapping it, staking it†¦how long ha d it taken the squirrel to die?And all the while Peter sat nearby, leaning against the tree where perhaps the squirrel had nested, playing with his desk while the squirrel’s life seeped away† (Card, 123) Peter is a ruthless killer who even tosses the idea of, â€Å" â€Å"whether to kill (Valentine) or what. † † (Card, 124) What other 12 year old child would commit such cruel acts? An evil one, one who skins animals to watch them die, one who threatens to kill it’s own sister, and one who torments all nearest to him, while acting under a blanket of innocence to hide his misgivings.Peter is a demon of a child with a lust for evil and wrong things to commit and threaten with. Ender the good to Peter’s evil, is the â€Å"better† of the two brothers. Ender does not want to, â€Å" (hurt) people again, just to save (himself). † (Card, 115) Ender does not have the same lust to kill or eradicate as Peter. For instance, Graff had to tri ck, â€Å" â€Å"(Ender) into (Commanding human forces to exterminate the buggers)†¦Ã¢â‚¬Å"It had to be a trick or (Ender) couldn’t have done it†¦(They) had to have a commander with so much empathy that he would think like the buggers, understand them and anticipate them. † (Scott Card, 298) Ender had to be tricked into doing something that was against his morals for the greater good of his society, for the greater good of human existence. Even if that meant going against his personality, morality, and even his own human nature. With that the reader can promptly assume that Ender is the face on a TV ad trying to sell good. He is understanding, kind, but also will defend himself if provoked with an attack. Not to attack for the sake of attacking or attack for bloodlust, but simply as a reaction instilled in humans through the ages by the name of fight or flight.After the comprehension and understanding of Ender’s Game the reader finds that there are tw o polar opposite characters, Peter and Ender, who differ from each other more and more throughout the book, Peter the evil, and Ender the good. Peter the cold, heartless, killer and Ender his brother, who is, nothing like him at all. Kind, compassionate and understanding are all choice words when describing Ender. There is an old saying that reads, â€Å" Where there is good, there is also bad, and where there is bad, good will always triumph for it is fate. † (Anonymous)

Lakota woman

Mary Crow Dog was a Native American who wrote the book Lakota Woman as her autobiography.   She was a half-blood Sioux Indian.   She was born on the year 1953 and lives at the Rosebud Sioux Indian Reservation located in the state of South Dakota.   Her given name was Mary Brave Bird.   She became Mary Crow Dog after marrying Leonard Crow Dog, a medicine man and a spiritual leader of AIM or American Indians Movement who is also responsible in reviving the ancient Indian culture and ceremonies including the sacred but outlawed Ghost Dance.   To date, Mary Crow Dog has already one daughter named Jennifer and three sons including her first child Pedro and the two from her husband, which they named June Bug and Anwah.   Lakota Woman was one of the two books authored by Mary Crow Dog. The book Lakota Woman started in a light manner where Mary begins to teach the readers some facts, which are not commonly known by many of us.   Ethnically speaking and as taught by Mary, Sioux was divided into two parts: the eastern and the western.   Eastern Sioux was called Dakota, and the Western Sioux was the Lakota.   It was almost the same except that Dakota people cannot pronounce the letter â€Å"L†. Technically, Lakota was a formation of a seven tribes in Western Sioux also known as seven Sacred Campfires.   One of the tribes was the Brule Tribe or Sicangu in a Lakotan language, which is also known as Burned Thighs, and which Mary described as great warriors as they were during their times.   In this tribe Mary Brave Bird belongs. It was in 1870 and 1880 when the Brule Tribe along with other Sioux were forced to put in a reservation camp and trying to create new people living in an Americanized way including living without horses and hunting which Indians are born to live with. Lakota Woman was merely a full-blown and a first-hand account of Mary’s life.   She collectively told everything she has experienced.   She said that it was really hard and difficult to survive in any reservation camp, especially growing women like her.   She lived fatherless in a one-room cabin inside the Rosebud Reservation.   There she stated stories of some Indian women close to her whom she known was undergone maltreatment and injustice practices such as making them infertile against their will, beaten by their husbands or any men, brutality from American authorities, and the worse scenario of being murdered. Mary’s experiences in a Catholic boarding school were more of a distressing one rather than making happy memories.   At her young age, she found out that being an Indian female is only a third-class human being.   Inside the boarding school, teachers and nuns were trying these Indian girls to be Americanized, got whipped and beaten whenever found any disobedience practices in accordance to their upright monastery standard, which includes practicing their native customs, values and language. Her adolescence was even worse especially when she decided to step out of the boarding school.   She confessed her life was even more miserable as she got hooked into drinking and smoking, used drugs, victimized by poverty, racism and cruelness of the outside world.   Mary was 14 then when she got raped.   Age 17 when Mary finally had the best decision of joining the American Indian Movement where she participated right away in the 71-day long Wounded Knee standoff at South Dakota.   Then she married Leonard Crow Dog. When her husband was arrested, Mary Crow Dog began empowering herself and made herself vigilant in her own way knowing that most Americans were trying to kill their old native traditions, religion and the ancient Indian heritage as a whole.   Her active involvement in the AIM was getting stronger and stronger as she learned to be a public figure, delivering public speeches, informing the public about the mission and vision of their movement.   While helping Leonard endure his prison life, she eventually established a new strength as she traveled to gain support for their advocacy of fighting for the rights of American Indians. Although the Lakota woman was originally wrote as an autobiography book having personal accounts of Mary, it has to be consider one of the essential pieces of history volumes because it noted numerous historical facts and events that are important in American Indian history.   For those who have scant knowledge about it, especially in this modern generation, reading Lakota Women would be a great help.   Our interests in Indian stories should not just stop by having a fascination with it because there is more in reality, which contains the good and bad sides of it that we have to know and understand well. R E F E R E N C E S Dog, Mary C. Lak â€Å"Lakota woman† In 1953 at the Rosebud Indian Reservation in South Dakota, one of the most controversial American Indian authors was born. Mary Brave Bird (Sioux Indian name) which will be Mary Crow Dog in the future and to be an active activist against racial discrimination by the American whites was the writer of the two famous books, Ohitika Woman and the Lakota Woman.Lakota Woman which had contributed to the Indian’s historical struggle against racial discrimination is the autobiography of Mary Crow Dog. Here she described in full details her stressful story as an Indian girl who defined herself as half-breed. Her father has the blood of an American white while her mother is a full-blooded Sioux woman. Unfortunately, Mary was looked down upon by whites and full blooded-Indians alike because whites despised the Indians and vice versa. In effect, she grew up without friends and a loner.Born by a Catholic mother, Mary was persuaded to be a believer of this faith. She grew up in an indecent n eighborhood where men are jobless, drunk and worthless. Women are even treated like slaves by their husbands. Having the blood of a white American, she was brought to a Catholic boarding school to Americanize her but Mary described her school environment comparative to prisons of the Nazi concentration camps.She escaped from her school when she cannot bear the harsh treatment and the grave discrimination against her. Being outside the campus she joined small groups of outsiders and found solace with their company. She learned how to live the hard way but ultimately also learn how to blend with the drifters and smoke marijuana. She also became an alcoholic and was involved with many troubles.Meeting a guy at the young age of 16, married and got pregnant eventually did not change her confused life. Mary was in constant motion and nowhere to go. She learned to live in the ghetto and had to be tough with the harsh environment.Mary believed and felt that she was more of an Indian rather than partly an American because she was always treated as one. She became a member of a movement called the American Indian Movement (AIM) where he met her future husband, Leonard Crow Dog. Leonard was an Indian activist and a medicine man of many villages. He is constantly on public speaking against racial discrimination of American Indians and spoke of their rights and speaking of injustices.   AIM, however, was founded in 1968 with the goal of fighting the white’s discriminatory justice and social system. Their movement was inspired from the revolutions of blacks against whites’ racism.Eventually, Mary’s amazement with Leonard’s eloquence got Mary’s interest and the two fell in love and finally married. But Leonard was 12 years older than Mary and marrying him was not easy. The family of Leonard does not agree with the relationship because she was not a pure Indian by blood. Her family does not accept Leonard either because he is not a Christi an. As they both fought for their love, eventually their love lead to marriage.One of the highlights of this book was the killing of one of the leaders of AIM by a white man in 1973. The murderer was not properly investigated and was quickly released without the proper trial. The American Justice system obviously was one-sided for the whites as in this case. The American Indians were outraged and riots were formed outside the court which led to destruction of properties, looting, and more fighting with the police. The struggle led to their grouping at the Wounded Knee. Wounded Knee was symbolical to the Sioux Indians as this is where in 1890, 300 Indian men, women and children were massacred by authorities fighting for their rights of their ancestral land.Mary participated in spite of being pregnant. She said she was ready to face any consequence if there would be an attack against them. Although the FBI and the federal government tried to stop their protest, their pleas for fair tr ial had not been heard. Riots again broke out which resulted in the killing of two Indians and several people injured including a white man.That same year, Leonard together with three of their members thought of bringing their case to Washington to personally state their grievance. But during Leonard’s absence, Mary’s uncle was murdered. Together with her son Pedro, she went to attend her uncle’s funeral. But on the way to her visit, the police snatched her, put her in prison and took her baby away. Leonard was outraged when he discovered about his wife’s events. He immediately went back from his meeting in Washington with an agreement in his hand and bailed out Mary out of prison.One of the uneventful things that Mary encountered was when she and her husband attended a ceremony for Indian rites in Washington. After the rite and about to go home, they found out that their gas tank was punctured and leaking. Two white men who obviously are the culprit were still there and even laughing at them.Confronting them, they began to attack Leonard, pulling his long hair and pushing him over. The commotion attracted a number of Indians and approached to help. Incidentally, some white men with their baseball bats appeared from nowhere and attacked all the Indians. Mary run to the police car parked nearby but instead of helping them they left and did not intervene. Later, they learned that one of the popular pastimes of these whites was to beat up Indians roaming in their area.Leonard was a decent man and popularly known as a medicine man with no interest in politics. But to the white community, he was an activist, a rebel and a dangerous person especially after his stint at the Wounded Knee. The federal government knew that he has a great influence over all the Indians in the reservation areas and would listen to him. Eventually, a criminal plot was staged against him and the white’s influence in the federal court has led to his arrest. He was jailed with a 200,000 US dollar fine.Mary had no option but to earn this money through public speaking on behalf of her husband’s imprisonment and the need to raise the money. Although money has been raised and he was freed, their house was burned down afterwards and attacks against AIM members resulted in many killings. Until now, their cases have never been investigated (Wolf).Work Cited:Wolf, Dan. â€Å"Lakota Woman.† 2006. http://ericstoller.com/blog/2006/03/30/lakota-woman/.