A Look At Capital Asset Pricing Model Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2905 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Compare and contrast essay Did you like this example? The Capital Asset Pricing Model (CAPM) has been invented by Sharpe (1964), and Lintner (1965) after the work of Markowitzs in 1959. Since then the model has known tremendous success, its simplicity has lured many professionals and academics as well. Despite many criticisms, the CAPM is still used in modern finance and is widely present in finance textbooks. Don’t waste time! Our writers will create an original "A Look At Capital Asset Pricing Model Finance Essay" essay for you Create order On the other hand we have the Arbitrage Pricing Theory (APT), a less restricted model when compared to the CAPM, but with its own limitations as well. The APT, invented by Ross in 1976, tries to capture the non-market influences that are responsible in making assets to move in tandem. Both models are definitely different in some aspects, and therefore their effectiveness differs. In the literature we find many studies around the two models where some even tried to compare between the two, this chapter aims at reviewing those studies that have described and tested the models as well as introducing the Stock Exchange of Mauritius. The motivation behind this study is to find out which of the models is the most appropriate to predict return in relation to the risks. Moreover little study has been done about them and no research has been carried out yet to find out which of the two is more effective. The financial environment prevailing in Mauritius is juvenile, despite rapid growth in th e industry it is still small yet well regulated when compared to other countries financial markets. There is a gap in the literature as no comparison between the two models has been made for Mauritius! introduction to the Stock Exchange of Mauritius: The Stock Exchange of Mauritius (SEM) was established in the year 1989 under the Stock Exchange Act 1988. There are two markets under the SEM namely Official List (for listed companies) and Over-the-Counter market (for unlisted companies). There are three market indices namely SEMDEX, SEMTRI, and SEM-7. The size of the SEM is rather small compared to others worldwide and the market capitalization to date is USD 1.4 billion  [1] Review of the theoretical literature: The CAPM, underpinning theory in finance among academics and practitioners in the industry, has had a history full of supportive research and contradictive findings. The theory itself was developed by, Sharpe (1964), and Lintner (1965), following the work of Markowitz on portfolio theory in 1959. Basically CAPM states an investor has the choice of exposing himself to a considerable amount of risk through a combination of lending-borrowing and a correctly composed portfolio of risky securities (Petros, 2012, p2). Moreover it is said that higher risk, which is known as the beta (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²), is associated with higher level of returns. In more technical terms we can say that the expected return on an asset above the risk-free rate is linearly related to the non-diversifiable risk (market risk) as measured by the assets beta. Despite many criticisms surrounding this theory, the CAPM is still a widely used theory because of its simplicity and is one of the most important chapter s in portfolio theory. Moreover, it is still the centrepiece of many investment and financial market courses (Choudhary and Choudhary, 2006, p2). The CAPM is an intuitive model and that is why managers still use it in justifying investments despite 30 years of critics over its assumptions and usefulness. Equation of the CAPM: a = rf + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²a (m rf ) Where: rf is the risk free rate, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²a is the beta of the security, m is the expected market return. According to the CAPM, if the market is efficient, the risk premium and the expected return on an asset will vary in direct proportion to the beta value. The beta factor or beta value designates the marginal contribution of the share to the risk of the whole market portfolio or risky securities. The assumptions underlying the CAPM:  There are many investors who are all price takers. All investors plan to invest over the same horizon. There are no taxes or transaction costs. Investors can borrow and lend at the same risk-free rate over the planned investment horizon. Investors only care about expected return and variance. All investors have the same information and beliefs about the distribution of returns. 7. The market portfolio consists of all publicly traded assets. Though the CAPM is popular, it has had many critics in the literature, indeed the very attractive feature of the model, namely its simplicity, sometimes poses problem. As such CAPM has proved to be unreliable in some cases, indeed in Greece CAPM proved to be a weak model to predict return as the findings show that higher beta is not necessarily associated with higher level of return. Nevertheless it does explain excess return and therefore it has its usefulness. (Michailidis et al, 2006). It is stated that there is a need fo r a more complicated model and the assumptions on which the theory is based are often unrealistic (Fama and French, 2004). This is because it is not conceivable to think that investors care only about the mean-variance of one-period portfolio returns, other dimensions of risks need to be considered, for example labour income and future investment opportunities that the variance miss out. Adding to this Roll (1977) mentioned that having the market portfolio at the heart of the model is theoretically and empirically elusive and the data required are sometimes difficult to obtain, thus encouraging the use of proxies and not the true market portfolios and therefore weakens the theory in a sense. Yu (2003) mentioned that from the research he has carried out, he found that the relationship between risk and return is non linear, also he found that asset return can be predicted using other factors as well. Moreover, research in the late 1970s has revealed that there are other factors which are also important. Indeed we have variables like size, various price ratios and momentum that add to the explanation of average returns provided by beta. Such problems are enough to invalidate the CAPM. (Fama and French, 2004). Therefore on this note we can already conclude that there are factors which have better prediction power, this was mentioned by Fama and French (1996) whereby it is said that accounting ratios and size of the firm can even do better than the CAPM (Petros, 2012, p2). Critics do not stop here, indeed Roll (1977) said that the market in the theory of CAPM is not about a single equity market, but rather an index of all wealth. Thus bonds, property, foreign assets, human capital and any tangibles or intangibles that increase the wealth of people should be inclusive of the market. (Petros, 2012, p7) Therefore it is found that CAPM might be very popular and surprisingly still in use, a need for a different and less restrictive model was needed in order to provide a more realistic prediction. This fact has created a need for a better model, or at least a model that can get over the limitations of CAPM, and there was invented the Arbitrage Pricing Theory (APT), a model that has more factor loadings and which has no restriction on the variables to be taken into account. The APT was developed by Ross in the year 1976 and as a multi factor model it has had quite some success. It is known to be a one-period model for which there is prevention of arbitrage over static portfolios of the assets being taken into consideration thus leading to a linear relationship between the expected return and its covariance with the factors. It can be said that the theory provides arbitrage-free pricing to existing assets. (Huberman and Wang, 2005) The APT has the feature of capturing the non-market influences which are responsible for making assets to move in tandem. Thus idiosyncratic factors that affect returns can be diversified away. Therefore under APT the i nvestors are supposed to be rewarded only for the systematic risks they are undertaking, that is risks that cannot be diversified away. Being a multifactor model, the APT has the power to include several factors that influence return, and hence it is considered to be a more precise model for evaluating expected return over given risks. The factors used under the APT are diverse, though no guidance is given in the literature to which factors to be used, statistical techniques are available to pick the right factor and plug into the model. The equation of the APT is not restricted in terms of variables all the factors that have an impact on return can be included in the model. Here is the equation for the APT: Expected Return = rf + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 (factor 1) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 (factor 2) + + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²n (factor n) Where: rf = the risk free interest rate, which is the interest rate the investor would expect to receive from a risk-free investment. ÃÆ'Ã… ½  ² = the sensitivity of the stock or security to each factor. factor = the risk premium associated with each factor. The problem with APT is that it lacks theoretical support for the factor loadings to be used. The freedom of choosing the factors to be included in the model does provide flexibility and improve accuracy. However there is the danger of picking the wrong factors or missing the right ones, therefore proper statistical methods need to be applied in order to include only all those factors that have an impact on returns. Azeez and Yonoezawa (2003) reiterated this fact by pointing out that no theoretical guidance is provided for the right economic influences that need to be plugged into the model. (Paavola, 2006, p9) Usually the statistical methods used are Principle Component Analysis and Factor Analysis, these two seems to provide the most accurate way of picking the right factors. Before comparing the two models in any country, it is important to know the differences first. Indeed there is a growing literature that tends to favour APT over CAPM because of the restrictive nature of the latter. As such, the APT being a multiple factor model allows multiple sources of systematic risks to be taken into account, performs better than the CAPM. (Paavola, 2006) However CAPM has not been retired from the financial world and is still in use, along with its other variants (example: ICAPM). The differences between the CAPM and the APT are as follows: The CAPM is more about how investors construct efficient portfolios and is derived from the mean variance analysis, whereas, as mentioned by Brealey et al. (2008), the APT assumes that equitys return depend on macroeconomic factors and partly on noise (Paavola, 2006, p3). Unlike the CAPM, the APT is less restrictive in its assumption and therefore allows for an explanatory model of asset return. For the CAPM we have only the market index whereas for APT we assume that the investor will be holding a unique portfolio with its own set of betas. With APT it is possible to make predictions using a proxy for the market, whereas with CAPM this is not possible. Nevertheless, despite the differences between the two theories, APT can still be a substitute to CAPM. As a matter of fact, both agree that there is a linear relationship between the expected return of the assets and their covariance, which is a measure of risks that investors cannot avoid, with other variables. Still the two models have a few differences, but it is the potency of the model that is most important and so far the literature has been more lenient to APT than CAPM. There is definitely a conflict between simplicity and accuracy, the use of either model will depend on the context and the availability of information. But the methodology that is typical to the two also matters, some information (such as factor loadings) need to be extracted or estimated, and the methods of estimation might sometime r aise doubts over the precision of the model. Review of the empirical literature: The early empirical tests on the CAPM usually were based upon certain implications, indeed we note that expected returns on all assets are linearly related to their betas, and no other variable has marginal explanatory power. Moreover beta premium is positive implying that the expected return on market portfolio is higher than the expected return on assets whose returns are not correlated with the market return minus the risk free rate. All of these implications are hinting towards the fact that these tests were carried out using regressions. Either it was cross-section or time series regressions (Fama and French,2004). To test CAPM, either individual assets can be used, or these assets can be grouped as portfolios. This was done by Black, Jensen and Scholes (1972), they decided to group the stocks of the New York Stock Exchange (NYSE) into portfolios within a time frame of 34 years (1931 to 1965). From that the results were that high beta intercepts tend to be negative, unlike a l ow beta intercept which tend to be positive (Choudhary and Choudhary, 2006, p2). Other studies have used similar methodology, as such Choudhary and Choudhary (2006) who followed the suggested methodology of Black et al (1972) and went to fetch the closing prices of some 278 companies from the BSR 500 index and as market portfolio, the monthly closing values of the BSE Sensex Index were used to measure risk free return, the yield on 91-days treasury bills of the Government of India was taken. The study covered the period from January 1996 to December 2009, here again we have a portfolio formation process starting with the period 1996-98 that was used to estimate the beta of the individual securities and ranked them by beta and construct 1 to 20 portfolios. The beta was estimated using the monthly return, the stock monthly return was regressed against the chosen market index, and as mentioned above the 278 were grouped into portfolios of 20. This was done in order to eliminate firm -specific part of returns, thus improving the precision of the estimates of the beta and the expected rate of return of the portfolios. The conclusion was such that it voided the basic hypothesis of the theory (higher beta yield to higher returns), and the prediction that the intercept to be equal to zero and that the slope should be equal to the excess returns on the market portfolio was contradicted. However the linear structure of the CAPM as a good explanation of security returns was confirmed. Similar methodology was used by Petros (2006) and again the basic hypothesis of CAPM was inconsistent with the findings. Moreover the linear relationship between expected return and beta was again confirmed. Thus it can be found that using the CAPM to make predictions about return is not the best choice. According to Roll (1997) such time-series and cross-section regressions do not really test the CAPM, what is rather tested is whether or not a specific proxy for the market portfolio i s efficient in the set of portfolios that can be constructed from it. Adding to this, there might be problem fetching data, because the data for true market portfolio of all assets are likely beyond reach (Fama and French, 2004). Critics about CAPM do not stop here, in the literature we have Basu (1977), Banz (1981), Bhandari (1988) , Statman (1980), and Rosenberg et al (1985), who used ratios, to be more precise, they used Earnings per Share, Market Capitalization, Debt-equity ratios and Book-to-Market ratios respectively. All of these different ratios proved to perform better than the CAPM, and further reiterated by Fama and French (1992) and Fama and French (1993) that ratios perform better where regression has failed to provide reliable answers (Fama and French, 2004, p12,13). The APT on the other hand, has a particular problem, and that is the choice of factor loadings in the model. This theory was tested in several economies around the world however the method of estimat ion of the factors to be used is rather common, that is PCA and Factor Analysis. The factors that are used in the APT should have particular characteristics, as mentioned by Berry et al (1988), three properties are required namely, at the beginning of every period the factor should not be predictable to the market. Secondly it is important that each factor has its importance in the stock market, and finally, each factor should influence expected return, therefore they must have non-zero prices. Roll and Ross (1980) and Lehmann and Modest (1988) both have put more emphasis on the first property (Gagnetti, 2006) Factor analysis was first proposed by Gehr (1978) and Roll and Ross (1980) as a technique to estimate the common factors and factor loadings of security returns at the same time. Nevertheless, Chen et al (1986) instead tried macroeconomic variables to explain asset returns (Gagnetti, 2006). Groesnewold and Fraser (1997) also worked with macroeconomic variables that affec t share returns based on a general hypothesis. But Cheng (1995) did an even more interesting work by performing a factor analysis of both a sample of securities and of the most important categories of macroeconomic variable and later used canonical correlation techniques to compare the two. Testing the APT usually involves time series data to estimate factor loadings for each asset, and the regress the sample mean returns on the factor loadings using a cross-section regression. This method of finding for the required factors substitute the arbitrary and controversial method of trial and error and provides a more scientific way of picking the right factors that is required for the model according to the context it is being used. Gagnetti (2006) has used the same common methodology, as such PCA was used to find the factors required and the software SPSS 8.0 was used to determine the number of factors needed. The result was that 8 factors were selected and the testing concluded that APT is a more robust model than the CAPM, as it was a comparison between the two models.

Karl Marx and Friedrich Engels - 1940 Words

Now days Karl Marx is still consider one of the most significant and influential thinkers of all times. Karl Marx with the help of Engel’s, which was also a political philosopher were the fathers of communist or socialism which was almost establish successfully in Russia. They provided a complex and philosophical analysis of capitalist societies which is still influencing major changes in the societies. Marx opposed to the principles of capitalism and considers that it was an economic system control by labours who exchanged their land labour for money. Also Engels and Marx argued about the exploitation of working class and the interests of the capitalists that affect proletarian. The alienation of man is another reason for Marx to be†¦show more content†¦Also the relation of exploitation can be defined from the antipathies of capitalists and workers for their interests, which is the struggle of the working class ( karl marx). According to Marx, capitalism leads to the alienation of man, which work becomes a punishment rather than a pleasure. ‘Alienation’ was separating people into rigid categories and separates humans from one another by the indifferent to the needs of others. First Marx argues for that work becomes estranged from his product, therefore worker produce products for someone else, man is unable create and enjoy work of labour. Secondly, worker becomes estranged from the work itself, where labour becomes burden after the loss of creativity or identity. Thirdly labour in capitalist societies leads the alienation of people from other species beings, where workers isolated from other beings. In a capitalist society workers become isolated as individuals and view other workers as competitors and enemies rather than friends. As a result of the alienation, humans are turn into machines and tools for the capitalist society and their common bonds and shared concerns are demolished (J.Gin gell, A.Little and C.Winch, 2000). Moreover, Engels and Marx argued that capitalist system segregate human beings into bourgeois and proletariat. Since old times human where divided into separate classes according to Marx and Engels as freeman and slave, orShow MoreRelatedKarl Marx And Friedrich Engels1224 Words   |  5 PagesKarl Marx and Friedrich Engels were asked to write a manifesto for a group that they had recently been accepted into, a group known as the â€Å"Communist League,† a group of activists that met in London. Marx and Engels – though Engels primarily took care of editing and revising, Marx did a large amount of the writing – would write The Communist Manifesto for this group. 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Pregnancy Update, Family Adventure And Upcoming Tv Appearance

Jessa Seewald: Pregnancy update, family adventure and upcoming TV appearance Jessa and Ben are due to become proud parents around the time of their first wedding anniversary which happens to be November 1. The happy couple enjoyed an outing with Michelle Duggar, Jill Dillard and baby Israel in New York City. In a recent update of photos Jessa and Ben were spotted outside the Staten Island Ferry terminal. It was great that this little reunion in occurred in New York instead of meeting up in Arkansas, it sure looks like they all had a great time being together. The family met up in New York because that is where TLC is filming the special about child abuse, â€Å"Breaking the Silence†. TLC says that this special documentary was inspired by the†¦show more content†¦We try to make it a habit to always cover the top of our shirt with our hand when we bend over. We don’t want to play the peek-a-boo game with our neckline.† Now the attention is being drawn away from her face and drawing all the attention to her growing belly. The way Jessa has been dressing is still stylish for a girl her age. It would be hard to show off her pregnancy to adoring fans if she kept everything covered up that no one would be able to tell how far along she is at the present time. Some feel the change in style is a good thing. She is young, active, and beautiful and should be able to dress to make herself look attractive instead of frumpy and old-fashioned. Now that she is married and pregnant she’ll be creating a set of rules for her own family. Some rules may still be the same as those she grew up following, others may be totally different and a few may be eliminated altogether. Their family rules will be made by Jessa and Ben and even though Jessa’s parents can still speak their mind on the subject, give advice and share how they feel about certain garments they no longer can be in total charge of their married daughter on all aspects of her life now that sheShow MoreRelatedFundamentals of Hrm263904 Words   |  1056 Pages vi Contents Top Management Commitment 43 Effective Upward Communication 43 Determining What to Communicate 44 Allowing for Feedback 44 Information Sources 44 The Americans with Disabilities Act of 1990 62 The Civil Rights Act of 1991 63 The Family and Medical Leave Act of 1993 63 Uniformed Services Employment and Reemployment Rights Act of 1994 64 Relevant Executive Orders 64 vii WORKPLACE ISSUES: HRM Certification 44 Is a Career in HRM for Me? 45 ETHICAL ISSUES IN HRM: Purposely DistortingRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesespecially like to thank Kim Norbuta, Claudia Fernandes, Kelly Warsak, and Judy Leale of Prentice Hall; and Sharon Anderson of BookMasters for her expert assistance with this edition. Finally, and most importantly, we express appreciation to our families for their ongoing patience and support, which is reflected in their willingness to share their time with this competing â€Å"labor of love† and to forgive our own gaps between common sense and common practice. David A. Whetten Kim S. Cameron PREFACE Read MoreContemporary Issues in Management Accounting211377 Words   |  846 Pagespossibilities for previously unimagined volumes of data processing (e.g. Dearden 1966, 1967). Throughout the 1970s and early 1980s, there was noticeable change in the performance measurement debate, with much discussion concerning the necessity to update traditional accounting measurements to take into consideration the eVects of inXation (e.g. Weston 1974; Revsine 1981). In the 1980s, as inXation receded, the performance measurement 2 AHRENS AND CHAPMAN debate shifted towards the role of

The Tragedy Of Queen Mary - 1968 Words

In a country already unstable, the news of Queen Mary’s actions during her reign shook the rickety balance between chaos and peace. Thirty years after King Henry VIII broke away from the Catholic Church, installed a new religion into English culture, and citizens lived in a country where Catholicism was outlawed, the Marian Era began. The Marian Era lasted from 1553-1558, and will forever be remembered as a dark and dangerous time. If one was asked who they knew from the English monarchy during the 16th Century, many will answer â€Å"Bloody Mary†. Everyone knows about the dreaded Queen â€Å"Bloody† Mary, but hardly anyone really knows why. Sparking the question: Why was Queen Mary one of the most hated queens in English history? The lasting hate from Queen Mary’s reign was due in part by her attempts to revive Catholicism in a Protestant England, killing a mass of English citizens, and her overall failures as a queen. Much to the protest of many of England’s Protestant citizens, one of Mary’s main goals as queen was to restore Catholicism as England’s primary, and only, religion. Even though Kings Henry VIII and Edward both outlawed Catholicism in England, Mary still practiced in secret. Thirty years prior, when King Henry VIII renounced the Catholic Church, he created his own; therefore creating a brand new religion: Protestantism. As a result, Catholicism was made illegal and considered heretics if found attending Mass or accepting Communion (Royal Household 1). Mary’s firstShow MoreRelatedMary Stuart: Victim of Evil Political Conspiracies 1656 Words   |  7 PagesEngland that even the birth of his only surviving legitimate child, Mary, could not raise him up. He died at the age of 30 and Mary Stuart was unconsciously put to the Scottish throne. On 9 September 1543, at Stirling Castle, 9-month-old Mary officially became Queen of Scots or Mary I of Scotland. 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Navigating theRead More Shakespeares Hamlet Essay: Who is Gertrude?1691 Words   |  7 Pagesquestions about her, the queen, wife of Claudius and former wife of his deceased brother, King Hamlet.    Back in 1883 Samuel Taylor Coleridge in Lectures and Notes on Shakspere and Other English Poets comments on what he interprets as a problem or inconsistency in the presentation of the character Gertrude in Shakespeare’s tragedy, Hamlet:      Ã‚  Ã‚  Ã‚   Ham. A bloody deed;- almost as bad, good mother,   Ã‚  Ã‚  Ã‚   As kill a king, and marry with his brother.   Ã‚  Ã‚  Ã‚   Queen. As kill a king? Read MoreThe Character of Gertrude in Shakespeare’s Hamlet Essay1558 Words   |  7 Pages    The character of Gertrude in Shakespeare’s tragedy, Hamlet, is not a woman for emulation by others. She is too human, and not very intelligent. Let’s consider her in this essay.    Mary Bradford-Whiting, in her article â€Å"Mothers in Shakespeare† compares the mother of Juliet to the mother of Hamlet:    Juliet has a mother, to whose heart of stone she appeals in vain:    . . . O, sweet my mother, cast me not away! [Romeo and Juliet, III.v.198]    Hamlet has a motherRead MorePercy Bysshe Shelley A Tragic Flaw Essay1707 Words   |  7 Pages(Means). Queen Mab was one of his first major works written in 1813 and it expressed his hate for political tyranny and Christianity (Columbia Electronic Encyclopedia). He expresses how he feels about those who have power when he says â€Å"Power, like a desolating pestilence, Pollutes whate er it touches†(Queen Mab).He then published two more writings and they were called A Vindication of Natural Diet and Refutation of Deism. (Means) Then, Shelley became acquaintances with William Godwin and Mary WollstonecraftRead MoreA Comparison of the Great Gatsby and the Virgin Suicides1553 Words   |  7 Pagesused when daylight began to fade. The beginning of the play was announced by the hoisting of a flag and the blowing of a trumpet. There were playbills, those for tragedy being printed in red. Often after a serious piece a short farce was also given; and at the close of the play the actors, on their knees, recited an address to the king or queen. The price of entrance varied with the theater, the play, and the actors; but it was roughly a penny to sixpence for the pit, up to half a crown for a box. ARead MoreReligious Conflict Between Two Christian Sects, Catholicism And The New Reformation1427 Words   |  6 Pagesthe country s spiritual head† (Clunie). Because of this shift in power, religion became a battleground. Religion in Elizabethan England became conflicted between Catholicism and Reformation religions, such as Protestantism. Clunie states, â€Å"With Queen Elizabeth on the throne, the pendulum swung back toward Protestantism. In efforts to quell sectarian violence, Elizabeth was lenient toward practicing Catholics, however specific laws, such as fining those who did not attend church, kept the Church

Lu Theology 201 Quiz 5 Study Guid Free Essays

QUIZ 5 STUDY GUIDE Towns: Chapter IV What is foretelling? prophesying, predicting future events p 182 What is forthtelling? a preacher to people Why is it essential that Christ was born of a virgin? he would no be able to save himself because he would not be a sinless savior p 185; to have parents without a sin nature What was Christ’s threefold office? prophet, priest, king p 180 What is the incarnation? â€Å"the word became flesh and dwelt among us† p 191; god took on human flesh p 191 What does the act of the kenosis as stated in Philippians 2 mean? ade himself of no reputation; emptied himself; veiling his glory, accepting the limitations of human nature; voluntarily giving up the independent use of his comparative attributes p 191 â€Å"christ surrendered no attribute of deity but that he did voluntarily restrict their independent use in keeping with his purpose of living among men and their limitations p 192 What is hypostatic union? jesus is both god and man, the union of two distinct natures in one person, jesus christ the god man p 197-198 What does â€Å"temptability† mean? enerally understood as the enticement of a person to commit sin by offering some seeming enticement p 208 to have an appeal What does â€Å"impeccability† mean? christ could not and did not sin p 209 What is vicarious suffering? suffering endured by one person in the stead of another p 215 What is a vicar? a substitute, one who takes the place of the other and acts in his stead p 215 What does â€Å"redemption† mean? to be freed p 220 to buy back p 219 What does â€Å"propitiation† mean? the turning away of wrath by an offering p 220 How is every person a sinner on three counts? guilty of personal sin, imputed sin, sin nature p 224 What is the difference between judicial guilt and personal guilt? judicial: non experiential condition of the sinner who stands guilty before god (born in sin, has sin nature, personally commits sin); personal: experiential, how a sinner feels convicted of sins p 225 What theory taught that Christ did not really die on the cross but that the soldiers just thought he did? swoon theory p 233 Know the 12 proofs of the resurrection. p 236 What is the biblical definition of death? separation of a person’s body and spirit p 239 True or False Christ was not God when he was on earth. false Without the shedding of blood, there is no payment for sins. We will write a custom essay sample on Lu Theology 201 Quiz 5 Study Guid or any similar topic only for you Order Now true The law is a unit; to break one is to break all. true Man is not reconciled to God through the blood of Christ; rather, the blood is a metaphor for the moral and noble life we should live. False The disciples were surprised at Christ’s resurrection. True At the resurrection, Christ’s body and spirit were reunited. True How to cite Lu Theology 201 Quiz 5 Study Guid, Essay examples

Issues and Problems in Previous IT Projects-Samples for Students

Question: Write a review on the issues and problems in previous IT projects. Answer: Introduction There are various IT projects that have failed in the past, nevertheless the project that would be discussed in this report would be the U.K. National Health Service system. This system would be discussed in this report and the reasons for its failure. This particular IT project failure is being considered for study as it may be on the top of the list for IT project failures with the most loss of revenue till date and this money belonged to the UK taxpayers money (Connolly, 2018). The purpose of this report is to analyze the Chaos report of the aforesaid IT project failure. Main body The U.K. National Health Service system was aimed at connecting the health data of all the citizens across UK into one system (Guest et al., 2015). This was a top-down project as the project was initiated for political reasons (Kerzner Kerzner, 2017). This was indeed a project that was highly influenced by the political parties and therefore by probability such a project is bound to fail. The abandoned project was estimated to have costed around ten billion pounds of the tax payers money. This project was therefore at the pinnacle of IT project failure as it involved such high losses. The aim of implementing such a system definitely deserved high praise. However, the plan was more theoretical in nature and practical consideration and ideas were not implemented before rolling out the plan for developing such a massive system (Meredith et al., 2016). A successful ICT project must involve the views and opinions of its key stakeholders especially the people who are going to use the syst em. The future users of the healthcare system had raised their concerns about the accessibility criteria of the system and the reasons that would not prove beneficial for the system. However, the political parties and the project planners did not take those opinions into consideration and instead went ahead with their planning as usual. The procurement process was very hasty and that time it was termed as efficient. Future contracts awarding procedures were supposed to be awarded using the same procurement technique as a reference model. However, such a fast and efficient technique was not appropriate for the procurement purposes. The contract terms that seemed viable were accepted up front without any investigation into the matter as to the requirement of the terms. Lack of negotiation has hasted the procurement process nevertheless at the cost of bad procurement strategies. This resulted in extremely poor contract generating process. The service providers did not get paid until th ey delivered the items. This had in turn created a lot of disarray among the vendors. The project demanded a lot of last minute changes to procurement and even addition to existing purchase orders. Large scale service providers can absorb such risks and mitigate them by making a good margin in the process. However, the small service providers could not always handle the enormous risks that entailed the project and would therefore in a matter of time would just get removed from the process eventually. Different regional service providers were thus appointed for the same reason. Contracts got terminated in the course of the project and the remaining service providers had to compensate for the empty slot. Finally, it was about the accountability decision of the project director that led to the dismissal of the system that showed the excellent predicative skills that an ICT manager must possess to determine the success and failure of a project even before it is completed (Saad, Dong Wa n, 2015). Findings The findings suggest that the project failed primarily because it was a large-scale project. Every project consists of some particular steps that must be completed to ensure its success. This project was no exception. The opinions of the users were not taken into consideration as a top-down approach was used. Therefore, the system was not approached with usability and accessibility of the system. The procurement method was hasty and it instead had adverse effect on the whole in the long term as the terms of procurement were harshly implemented. The rapid changes to the project requirement also contributed to cost overrun and therefore project failure. Conclusion Therefore, it can be concluded that the U.K. National Health Service system was a failure due to not one but several reasons. The huge size of the project with lack of realistic approach to it were the primary reasons behind the failure. The project faced cost overrun due to unregulated technical changes and that in turn resulted in the dismissal of the project. The fundamental structure of every ICT project remains the same and must be handled accordingly Reference List Connolly, B. (2018). Top 10 enterprise IT disasters. www.cio.com.au. Retrieved 30 March 2018, from https://www.cio.com.au/article/542245/top_10_enterprise_it_disasters/?pp=2 Guest, J. F., Ayoub, N., McIlwraith, T., Uchegbu, I., Gerrish, A., Weidlich, D., ... Vowden, P. (2015). Health economic burden that wounds impose on the National Health Service in the UK. BMJ open, 5(12), e009283. Kerzner, H., Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Meredith, J. R., Shafer, S. M., Mantel Jr, S. J., Sutton, M. M. (2016). Project management in practice. Wiley Global Education. Saad, R. G., Dong, H., Wan, H. (2015). Factors of project manager success. Interdisciplinary Journal of Information, Knowledge, and Management, 10, 63-80. Syal, R. (2018). Abandoned NHS IT system has cost 10bn so far. www.theguardian.com. Retrieved 30 March 2018, from https://www.theguardian.com/society/2013/sep/18/nhs-records-system-10bn.