CAse fOr AnALYsis The New Haven Initiative Article

CAse fOr AnALYsis The New Haven Initiative - Article Example The problem solving approach adapted by Burton was successful. However, it resulted to a conflict among the employees and the management. The source of conflict was the shift of the decision-making role from the supervisors to the individual employees. Due to the shift, supervisors felt that they were losing prestige and seniority. Moreover, some employees felt that they were given responsibilities that were not theirs. This made them to rebel against the approach thus resulting to the conflict. To get workers cooperation and full management support, Burton could have taken several measures. He could not have assumed that self-management team would be appealing to everyone. Instead, he could have taken an initiative of educating the employees on the benefits they could obtain from a self-managed team. Moreover, he could have undertaken a research to identify some of the possible negative impacts of self-managed teams and possible solutions to those impacts. This could have made the management to gain confidence on the approach and thus give him their full

Technological advancements for identification Essay Example for Free

Technological advancements for identification Essay The Platypus was first described in 1799 in Shaws naturalists Miscellany along with the koala, Kangaroo, wombat and emu. The most curious was the platypus. Since its first discovery there has been much debate as to whether it is a mammal and how it should be classified. The platypus is a primitive mammal that has many features that separate it from other mammals-it lays eggs, there is an absence of true teeth and an absence of mammary glands, although it has special glands that secrete milk. It has fur like other animals, but it has a beak like the bill of a duck, webbed feet and a tail like a beaver. A dried platypus skin has been sent to England in 1798 and was considered to be fake. Up until 1884 there was uncertainty about how the platypus reproduced. In 1884 Caldwell solved the problem by capturing a female with eggs. About 1904 the scientific American reported that there are many mammals that do not possess teeth when adults. Up until 1973 there was uncertainty about the platypus being able to regulate its body temperature like other mammals. Recent research shows that it can regulate body temperature but the mechanism is underdeveloped. There are two living groups: The platypuses and the echidnas. The only Cretaceous mammal known for Australia is also a monotreme, Steropodon galmani, a platypus-like animal that might be more appropriately placed in a family of its own. Until 1971, an understanding of the history of Australias platypus was non-existent. Apart from the fact that it was a monotreme and only known from Australia, all else was mystery. Then three major discoveries were made: two molar teeth of Obdurodon insignis, a 25 million-year-old platypus from the Tirari desert; a jaw fragment with three teeth of sterepodan galmani a 110 million year old monotreme from opal deposits at Lightning  Ridge, New South Wales; and, from 15-20-million-year-old Riversleigh deposits, a complete skull as well as a nearly complete dentition of a second species of Obdurdon. In 1971, while one puzzled group of Palaeontologists stared in confusion at a strange tooth found in the late Oligocene deposits of Lake Frome Embayment. These were the first teeth of a fossil platypus to be found and were named Obdurodon insights. Naturally, these central Australian discoveries caused a great deal of delight as well as anticipation but despite many tonnes of processed matrix later, central Australia has failed to produce more than a few isolated teeth, a fragment of a lower jaw and a portion of a pelvis. Discovery of the opalised jaw of Steropodon galmani in the dinosaur rich early Cretaceous deposits of Lightning ridge was one of the most exciting moments in the history of Australian palaeontology. It was the first and so far only known Mesozoic mammal from Australia. It may also have been the largest Cretaceous mammal anywhere in the world, overlapping in size some of the smallest dinosaurs, although less than twice the size of the living platypus. It had well developed teeth whose shape indicates that even by this early date monotremes has achieved many of the distinctive dental features that distinguish them from other groups of mammals. When we first discovered Ringtail Site at Riversleigh ,one of the system C localities in Rays Amphitheatre, apart from the ringtail possum jaw and some bats, we saw little in the way of mammals. But in the lab we were delighted to find isolated molars of the first fossil platypus from riversleigh. In the 1985 expedition a whole, perfect skull, the first and only ornithorynchid skull known apart from that of the modern Platypus. It was spotted as a braincast, complete with fosslilsed blood vessels when pieces of the skull were broken away in the course of fracturing blocks of limestone. After recovery and restoration of the broken pieces and dissolution of the surrounding limestone in dilute acetic acid,  the skull that emerged took their breath away. The Riversleigh material has provided a great deal of new information about the structure, relationships and paleobiogeography of platypuses in general. At this point besides the complete skull there is a complete dentition and partial lower jaw. So far, specimens of the riversleigh Obdurodon have come from the so called aquatic sites. Discovery in 1991 and 1992 of Obdurodon like monotreme teeth in 61-63 million year old sediments in Patagonia, Southern Argentina, has shocked everyone who thought platypuses were uniquely Australian. Clearly they were once part of a Gondwanan fauna that must also have been present on Antarctica, but survives today only in Australia. Because the living platypus, the only surviving descendant of Obdurodon, has become highly specialised with loss of its functional teeth, overall reduction in body size simplification of most of its cranial anatomy, we are concerned that all the lineage is in decline. When a group looses its generalised body form and edges to far out on its evolutionary limb in terms of specialisation, that limb is in increasing danger of falling off. The fossil record of rapid decline over just the last 15% of its known history suggests a less optimistic view. This is an animal just surviving in the twilight of a long and remarkable history. To add to these concerns, todays platypuses persist only in the permanent river systems of eastern Australia, sometimes in remnant rainforests but more often in the rivers that drain the open forests of the great divide. With humans abusing their the chemistry of the waterways with fertilisers and other noxious substances and deforestation and pollution of the rivers watersheds its candle may be in imminent danger of going out.

Analysis of Derivatives and the Perception of Investors

Analysis of Derivatives and the Perception of Investors Chapter 1: Introduction 1. Introduction: The stock market is characterized by volatility, which creates uncertainty in the market and makes predictions regarding future exchange rates difficult, both in the short and long term. However, it is these constant fluctuations in the stock market that make it possible for companies or individuals to take advantage of the movements in exchange rates through speculative activities. These fluctuations also pose a threat for any importer/exporter trading in the global marketplace as international businesses are naturally exposed to currency risk. This necessitates the adoption of hedging strategies to mitigate risk. The volatility in the stock market needs to be dealt with in a proper, prudent and timely manner. Otherwise, adverse currency fluctuations can inflict painful lessons on a company or individual. Later in this thesis we will investigate in detail the volatility of the stock market and the potential risk exposure faced by all market participants. People enter into the stock market for various reasons and the above mentioned potential for profit is a very important motivation. Indeed, some traders who come with the intention of making profit by taking advantage of market fluctuations engage in speculative activities in the stock market and accept the risks involved, while others attempt to protect themselves from volatility by engaging in hedging activities. Traders in this first category are commonly known as speculators, whereas the latter are known as hedgers. Speculators enter the market, in effect, by placing their â€Å"bets† on the market movements. Should their prediction come true, they make profits; if their predictions are not realized, they suffer losses. Hedgers enter the market with the intention of insuring themselves against any adverse market movements they may encounter in their business operation. Hedging involves the creation of a position that offsets an open position occurring in their business operations; so that the gain i n the business (hedge) position will offset the loss of the hedging (business) position. There are various financial instruments used for trading in the stock market. The most common are spot contracts, forward, futures, options, swaps and various money market instruments. Forward, futures, options and swaps are derivatives instruments. Commonly used instruments in the money market include (but are not limited to): Treasury bills, Eurodollar, Euro yen, Certificate of deposit (CD), Commercial paper In fact, the money market represents most of the financial instruments that have less than twelve months maturity. This margin is also known as the leverage ratio and can range from twenty to two hundred, depending on the financial institutions involved. If the given leverage ratio is twenty, the trader using a leveraged spot contract can have access to a credit line twenty times larger than his/her initial margin (collateral). Clearly, the leveraged ratio allows traders (both speculators and hedgers) to trade at a significantly lower capital requirement when compared to the spot market. The general mechanism of each of these markets (forward, futures, options, swaps and money markets) will be explained in detail in this thesis. 1.2 Research Context: The selection of the particular research approach depends on the kind of information required. Qualitative research collects, analyzes, and interprets data that cannot be meaningfully quantified, that is, summarized in the form of numbers. For this reason, qualitative research is sometimes referred to as soft research. â€Å"Quantitative Research† calls for very specific data, capable of suggesting a final course of action. A primary role of quantitative research is to test hunches or hypotheses. These suggest that qualitative approach is a soft research approach in which collected data cannot be meaningfully quantified and more importantly in this approach non-structured research is conducted. But so far as quantitative research approach is concerned, through this approach structured research is conducted with approaching larger respondents and the collected data can be meaningfully quantified. Research data can be collected either in the form of secondary or primary or both. This assumption is obviously not realistic. With the aim to close this gap between theory and practice, a new model is developed in this thesis using the assumptions that the interest rate definitely changes according to economic conditions or policies and that the exchange rate movement follows the pattern of a random walk, which is a stochastic process. Moreover, during the course of our research, we did not encounter any literature that dealt with leveraged spot contracts as both speculative and hedging instruments. It is obvious that the leveraged spot market is relatively less commonly used by financial derivatives traders, compared to traditional instruments such as forward, futures, options, swaps, and the money market. Our objective is therefore to develop a model using leveraged spot contracts as an effective financial instrument that can be used for both speculative and hedging purposes. 1.3 Research Objective: * Analysis of Derivatives and the perception of investors† 1.4 Research Questions: Illustrate how the leveraged spot market can be utilized both as a speculating as well as a hedging tool. Derive insights into how real world data will affect the optimal number of contracts that a trader should trade (or invest) at any given time. Present a Black scholes model for speculation using leveraged spot contracts based on Krugmans model of exchange rate dynamics within a target zone. Demonstrate how a trader can hedge an open position in the leveraged spot market with a simultaneous position in the forward market to generate profit. Explain how a hedger can hedge an existing business transaction exposure using options. 1.5 Research Boundary and Scope: This thesis is organized into chapters/sections. The first chapter is an introduction to the thesis. Next chapter provides a view on hedging and the volatility of the Stock market. These two parts: the first part covers a background of hedging and explores the common applications and techniques of hedging; and the second part covers the volatility of Stock market movements, providing a brief background on the economic fundamentals of exchange rate determination and dynamics, exchange rate systems, international financial markets, and government policies affecting exchange rate systems. How the leveraged spot market can be used as a speculating tool. We have adapted model of exchange rate dynamics within a target zone, we assume that the exchange rate movement follows the pattern of a random walk and we develop a model showing how the leveraged spot contract can be used as a superior financial tool when compared to forward and spot contracts under certain circumstances. However, before developing this model illustrates the mechanism of trading in the leveraged spot market with a numerical example. This describes how to eliminate the risk which arises from speculative leveraged spot transactions using a forward contract. Moreover, several numerical examples are used to illustrate how companies can utilize leveraged spot contracts as a hedging tool. We show in this chapter that the leveraged spot contract, when used in conjunction with a forward contract, can indeed derive risk free profits for its users. The effectiveness and profit generated from using leveraged spot contracts depends on the leverage ratio and the interest rate differential between the home and foreign countries. Chapter 2: Literature Review The financial world has witnessed several major catastrophes in the last dozen years. The first catastrophe was the collapse of Barings Bank in Britain in 1995. The banks collapse was a direct result of Nick Lessons aggressive trading in the futures and options markets. Between 1992 and 1995, the self proclaimed â€Å"Rogue Trader†1 accumulated losses of over  £800million. In February 1995, the 233 year-old Barings Bank was unable to meet the Singapore Mercantile Exchanges (SIMEX) margin call. The bank was declared bankrupt and was bought by the Dutch Bank, ING, for only  £1. The second catastrophe was the Asian financial crisis in 1997. Much literature had been written about the crisis as the financial world tries to understand what went wrong that led to the crisis. Some authors claimed that the crisis was triggered by the run of panic investors on those economies as well as depositor on banks which led to the burst of a bubble economy; while others blamed the crisis on the moral hazard in the Asian banking (financing) systems. We believe that the Asian financial crisis was due mainly (but not limited) to the structural imbalance in the region, caused by large current account deficits, high external debt burden, and the failure of governments to stabilize their national currencies. These problems were worsen by the poor prudential regulation of 1 Nick Lesson wrote an autobiography called â€Å"Rogue Trader† detailing his role in the Barings scandal while imprisoned, the Asian financial system during the 1990s. The combination of these factors contributed to the long-term accumulation of problems in fundamentals, such as large amount of ‘over-lending and bad loans in banking systems which led to the bankruptcies of large firms/banks in the economy, and eventually destroyed the confidence of investors and triggered the panic run of both investors and depositors of the Asian financial system. As part of the efforts, governments tried ente ring the derivative markets to stabilize their currencies. The Thai Government, for instance, utilized the forward market. However, as the world witnessed the collapse of several Asian currencies during the course of the 1997 financial crisis, it was obvious that these stabilizing efforts were not successful. As the Asian countries continued their recovery efforts, Enron collapsed in 2001 as a result of imprudent use of financial derivatives. It had been reported that Enrons management engaged in questionable transactions in the options market, in an attempt to keep the true economic losses of various investments off Enrons financial statements and to try to conceal the actual financial situation of the company. The consequences of these catastrophes were devastating. They impacted not only on the governments and companies directly involved in the events, but also their stakeholders, such as shareholders, employees and ordinary citizens. Many studies examining international financia l markets have been designed to prevent the future occurrence of a similar catastrophe. Most of these studies are still attempting to learn from past mistakes through analyzing what exactly triggered such catastrophic events. Amongst those many studies, some have been undertaken to assist companies to minimize their exposure to fluctuations in the currency market, and to implement better techniques and supervision of corporate risk and management. As a result, topics such as currency exposure, hedging strategies and prudent, ethical company practices have become mainstream issues in international financial markets. This thesis is concerned with hedging techniques in relation to the risk faced by companies and individuals of currency fluctuations. We will point out the limitations and strengths of common hedging techniques and then derive a new technique for hedging. This new model aims to minimize or eliminate the limitations of existing hedging techniques. The importance of understanding the underlying economic and financial fundamentals, which were possibly responsible for the 1997 Asian financial crisis, is noted. This chapter begins with a background discussion of hedging and explores the common applications and techniques of hedging. It continues by addressing exchange rate volatility through providing a brief background of the economic fundamentals of exchange rate determination and dynamics, and government policies. Globally, operations in the foreign exchange market started in a major way after the breakdown of the Bretton Woods system in 1971, which also marked the beginning of floating exchange rate regimes in several countries. Over the years, the foreign exchange market has emerged as the largest market in the world. The decade of the 1990s witnessed a perceptible policy shift in many emerging markets towards reorientation of their financial markets in terms of new products and instruments, development of institutional and market infrastructure and realignment of regulatory structure consistent with the liberalized operational framework. The changing contours were mirrored in a rapid expansion of foreign exchange market in terms of participants, transaction volumes, decline in transaction costs and more efficient mechanisms of risk transfer. The origin of the foreign exchange market in India could be traced to the year 1978 when banks in India were permitted to undertake intra-day trade in foreign exchange. However, it was in the 1990s that the Indian foreign exchange market witnessed far reaching changes along with the shifts in the currency regime in India. The exchange rate of the rupee, that was pegged earlier was floated partially in March 1992 and fully in March 1993 following the recommendations of the Report of the High Level Committee on Balance of Payments (Chairman: Dr. C. Rangarajan). The unification of the exchange rate was instrumental in developing a market-determined exchange rate of the rupee and an important step in the progress towards current account convertibility, which was achieved in August 1994. A further impetus to the development of the foreign exchange market in India was provided with the setting up of an Expert Group on Foreign Exchange Markets in India (Chairman: Shri O.P. Sodhani), which submitted its report in June 1995. The Group made several recommendations for deepening and widening of the Indian foreign exchange market. Consequentl y, beginning from January 1996, wide-ranging reforms have been undertaken in the Indian foreign exchange market. After almost a decade, an Internal Technical Group on the Foreign Exchange Market (2005) was constituted to undertake a comprehensive review of the measures initiated by the Reserve Bank and identify areas for further liberalization or relaxation of restrictions in a medium-term framework. The momentous developments over the past few years are reflected in the enhanced risk-bearing capacity of banks along with rising foreign exchange trading volumes and finer margins. The foreign exchange market has acquired depth. The conditions in the foreign exchange market have also generally remained orderly. While it is not possible for any country to remain completely unaffected by developments in international markets, India was able to keep the spillover effect of the Asian crisis to a minimum through constant monitoring and timely action, including recourse to strong monetary measures, when necessary, to prevent emergence of self-fulfilling speculative activities. 2. Financial Derivatives Markets: With the ever increasing total notional value of derivative contracts outstanding worldwide, it is little wonder that there has been continuous interest in unlocking the â€Å"mystery† of hedging using financial derivatives. Studies have shown that in 1994, the total value of hedging was USD 18 trillion. This is more than the combined total value of shares listed on the New York Stock Exchange and the Tokyo Stock Exchange. The amount exceeded USD 55 trillion in 1996, and in 1998, the figure had already reached USD 70 trillion, which is almost four times more than in 1994. Moreover, according to Bureau of Information Statistics (2005), from 1995 to 1998, spot foreign exchange transactions increased by 15%, reaching a total of USD 600 billion-a day, while over-the-counter currency options doubled to a total outstanding daily value of USD 141 billion. According to the Central Bank Survey 2004, the average daily turnover in foreign exchange derivatives contracts rose to $1,292 bil lion in April 2004 compared to only $853 billion in April 2001 (IBS, 2005). Table 2.1 shows that outright forward and foreign exchange swaps hold the record as the most popular derivatives traded over the counter. As such figures continue to climb strongly, it is important to understand the mechanism of the foreign exchange derivatives markets, including what motivates companies to enter the market, and how corporations utilize the market as a hedging mechanism. According to an author Robert W. Kolb, â€Å"a derivative is a financial instrument based upon another more elementary financial instrument. The value of the financial derivative depends upon, or derives from the more basic instrument. The base instrument is usually an underlying asset, as cash market financial instrument, such as a bond or a share of stock†. The underlying instrument can also be based on movements of financial markets, interest rates, the market index, commodities, or a combination of these assets. F or example, consider the derivative value of oil, which indicates that the price of an oil futures contract would be derived from the market price of oil, reflecting supply and demand for the commodity. In fact, as oil prices rise, so does the associated futures contract. It is noted that in order for the derivative market to be operational, the underlying asset prices have to be sufficiently volatile. This is because derivatives are risk management tools. Hence, if there is no risk in the market, there would be no need for the existence of any risk management tool. In other words, without manageable risk, the use of derivatives would be meaningless. Derivatives commonly used as hedging instruments include the foundational form of: 1. forward contracts 2. futures contracts 3. options contracts, 4. Swaps, which involve a combination of forward and spot contracts or two forward contracts. However, with the rapidly changing business environment, many hedgers have also given increasing attention to other more sophisticated and â€Å"exotic† derivatives which evolved from these basic contracts and often consist of a combined use of two or more foundational contracts, such as Options Futures. Global OTC Derivative Market Turnover, 1998-2007 Daily Averages in April, in billions of USD Description 1998 2001 2004 2007 Foreign Exchange Power 688 959 853 1,292 Outright forwards and foreign Exchange Swaps 643 862 786 1,152 Currency Swaps 4 10 7 21 Options 41 87 60 117 Other 1 0 0 2 Interest Rate Turnover 151 265 489 1,025 FRAs 66 74 129 233 Swaps 63 155 331 621 Options 21 36 29 171 Other 2 0 0 0 Total Derivatives Turnover 880 1,256 1,385 2,410 Memo: Turnover at April 2004 exchange rates 825 1,350 1,600 2,410 Exchange traded derivatives 1,221 1,382 2,180 4,657 Currency Contracts 17 11 10 23 Interest Rate Contracts 1,204 1,371 2,170 4,634 The 2004 survey is the sixth global survey since April 1989 of foreign exchange market activity and the fourth survey since March/April 1995 covering also the over-the-counter (OTC) derivatives market activity. The survey includes information on global foreign exchange market turnover and the final statistics on OTC derivatives market turnover and amounts outstanding. 2.4.2 Types of Players in Derivatives Markets: There are three categories of players in a functioning derivatives market: 1. Hedgers 2. Speculators 3. Arbitrageurs While each of these players use the market with varying intention, their combined and balanced influence ensure the market liquidity and volatility that allows the derivatives market to operate. It is easy yet important to differentiate the varying motives of these players. In terms of their level of risk aversion, arbitrageurs are by definition highly risk intolerant (risk averse individuals) who only trade in risk-free transactions; whereas speculators are on the other side of the spectrum (risk-seeking individuals), as they make profit by taking risk; hedgers are risk neutral individuals, as they choose their strategies by ranking the expected value of any given strategy. Based on their varying attitude towards risk these players tend to engage in the derivatives market with very different transaction patterns. More specifically, an arbitrageur who seeks risk-free profits will simultaneously take up a position in two or more markets, for instance, simultaneously buy spot and sell forward the INR, in an attempt to exploit mis-pricings due to a market that is not in equilibrium. However, such price differentials are almost non-existent in a well-functioning market, mainly because supply and demand tends to rapidly restore market equilibrium. As opposed to the arbitrageur, a speculator seeks profit by taking risk. For example, speculators who anticipate an appreciating INR will put their â€Å"bets† on the rising INR. They can do so by buying the INR at a lower value, and then selling it when the value is higher should the prediction come true. A hedger enters derivatives markets mainly with intention to insure against price volatility beyond their control. Based on this intention, it is not surprising that hedgers are mostly acting on behalf of corporations. The mechanism of hedging mainly transfers risk to others who are willing to accept the risk. Indeed, the risk is never nullified but merely transferred from one party to another. In most cases, spec ulators are those who absorb the risks transferred by hedgers. It is perhaps due to these notions that some have referred to the derivatives market as the ‘zero-sum game market, where the gain of one party is exactly equal to loss of another party. Over the last decades, the foreign exchange markets have experienced explosive growth. Indeed, according to the Central Bank Survey 2004, the average daily turnover in traditional foreign exchange markets rose to $US 1,880 billion in April 2004 compared to $US 1,200 billion in April 2001. 2.1 Option Market: Similar to futures markets, options markets provide impersonal transactions between two participants in an organized, orderly and cost-efficient open outcry auction market. Examples of these markets are the Chicago Mercantile Exchange (CME), the New York Mercantile Exchange (NYMEX) and the Australian Stock Exchange (ASX). An options contract gives the contract holder the right but not obligation to buy or sell an asset at a will be specific price and delivery date. For a currency options contract, that asset will be a currency. The contract holder is also known as the options buyer. The counterparty of a contract holder is known as the contract writer or contract seller, who is obligated to respond to the contract holder. In other words, if the contract holder chooses to exercise the contract, the writer is obligated to respond. Call Options Right and Obligations Buyer (holder) Seller (writer) Has the right to buy a futures contract at a predetermined price on or before a defined date. Grants right to buyer, so has obligation to sell futures at a predetermined price a buyers sole option. Expectation: Rising prices Expectation: Neutral or falling prices Put Options Right and Obligations Buyer (holder) Seller (writer) Has the right to sell a futures contract at a predetermined price on or before a defined date. Grants right to buyer, so has obligation to buy futures at a predetermined price a buyers sole option. Expectation: Falling prices Expectation: Neutral or rising prices The Options markets offer two styles of contracts: the American and the European. The style of an options contract dictates when it can be exercised. The American options contract gives the buyer (holder) the right to exercise the option at any time between the date of writing and the expiry date; the European options contract, on the other hand, can only be exercised on its expiration date, but not before the expiry date. In Australia, the Australian Stock Exchange (ASX) only offers standardized options contracts. Overseas options markets do offer options contracts in two forms: customized and standardized. The customized options contracts are also known as the over-the-counter (OTC) options. It is usually written by banks for US dollars against the British pound sterling, Swiss francs, Japanese yen, Canadian dollars and the euro. These customized options contracts can be tailored to suit individual needs, in terms of delivery dates, contract size and strike price. The contract size of these over-the-counter options contracts can reach $1 million or more with maturity of up to one or two years. The standardized option contracts are also known as exchange traded options (ETOs). These standardized options contracts were first introduced in the United States by the Philadelphia Stock Exchange (PHLX) in December 1982. Other markets such as the Chicago Mercantile Exchange later followed suit. Like the futures contracts, these exchange traded options are settled through a clearinghouse. The clearinghouse acts as the middleman and handles both sides of an options transaction. Acting as the counterparty of all options contracts, the clearinghouse guarantees the fulfillment of these contracts. Until this time, currency options contracts are still not available for trading through many of the Stock Exchanges. In fact, the Australian Stock Exchange only offers equity options and index options. For traders wanting to speculate or hedge using currency options contracts, th ey can utilize overseas options markets that offer currency options contracts, for example the Philadelphia Stock Exchange (PHLX). The exchange traded currency options offer standardized features such as expiration months and contract size. The following Table 2.8 consists of some of the standardized features of an exchange traded currency options contract as listed by the Philadelphia Stock Exchange (PHLX). Features of Exchange Traded Currency Option Contracts AUD GBP CAD Euro Yen Swiss Franc Contract Size 50,000 31,250 50,000 62,500 6,250,000 62,500 Position and Exercise Limits 200,000 200,000 200,000 200,000 200,000 200,000 Base Currency USD USD USD USD USD USD Underlying Currency AUD GBP CAD EUR JPY CHF Exercise Price Intervals (for 3 nearest months) 1 ¿Ã‚   1 ¿Ã‚   0.5 ¿Ã‚   1 ¿Ã‚   0.005 ¿Ã‚   0.5 ¿Ã‚   Exercise Price Intervals (for 6, 9 or 12 months) 1 ¿Ã‚   2 ¿Ã‚   0.5 ¿Ã‚   1 ¿Ã‚   0.01 ¿Ã‚   1 ¿Ã‚   Premium Quotations Cents per unit Cents per unit Cents per unit Cents per unit Hundredths of cents per unit Cents per unit Minimum Premium Change $.(00)01 per unit = $5.00 $.(00)01 per unit = $3.125 $.(00)01 per unit = $5.00 $.(00)01 per unit = $6.25 $.(00)01 per unit = $6.25 $.(00)01 per unit = $6.25 Expiration Months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months Exercise Style American and European American and European American and European American and European American and European American and European 2.2 Future and Forward: 2.2.1 Forward: In 1982, a study had been conducted based on the random sampling of the Fortune 500 companies. In that study, it had been found that the extensive adoption of forward contracts amongst Fortune 500 companies that were involved in currency hedging, it is by far the most commonly adopted hedging instruments. This popularity is perhaps due to the long history of usage, dating back to the early days of civilization and the trading of crop producers. Forward contracts were the first financial derivatives derived from those early â€Å"buy now but pay and deliver later† agreements. In contemporary business world, forward contracts are commonly known as over-the-counter transactions between two or more parties where both buyer and seller enter into an agreement for future delivery of specified amount of currency at an exchange rate agreed today. They are generally privately negotiated between two parties, not necessarily having standardized contract size and maturity. Both parties in the forward contracts are obligated to perform according to the terms and conditions as negotiated in the contracts even if the parties circumstances have changed. In other words, once a forward contract has been negotiated, both parties have to wait for the delivery date to realize the profit or loss on their positions. Nothing happens between the contracting date and delivery date. Indeed, a forward contract cannot be resold or marked to market (where all potential profits and losses are immediately realized), because there is no secondary market for a forward contract. Although, technically, the forward contract can be re-negotiated with the original counterparty, it is usually practically too costly to proceed with. In fact, the counterparty is not obliged to proceed with the renegotiation. Forward contracts have one obvious limitation: they lack flexibility, and therefore do not allow companies to react in a timely manner to favorable market movements. This disadvantage is wide ly acknowledged and often criticism by authors and hedgers. So, why are forward contracts still the most popular hedging instrument? We believe this is mainly because forward contracts allow the hedging of large volumes of transactions with extremely low costs. Indeed, the parties involved in negotiating a forward contract are typically companies that are exposed to currency risk and their nominated banks. The nominated bank typically charges a service fee, of less than 1% of the face value of the hedge amount, for acting as the counter-party in the transaction. So it is the nominal service fee that is the low cost. 2.2.2 Futures Markets: Futures contracts are the first descendant of forward contracts. Futures contracts were derived, based on the fundamental of forward contracts, but with standardized quality, quantity, time (maturity), as well as place for delivery. Like other financial derivatives, futures contracts were initially designed for commodity trading, but as commercial trading continually evolved, the initial de

Graduation Speech: Building County High School :: Graduation Speech, Commencement Address

When I first began school in this district at County Junior High in seventh grade, I had no idea that I, along with my classmates, would have the privilege of building the New High School. Of course I don't mean the physical, brick-by-brick building; I mean the building of High School's spirit, the tradition of pride and achievement that permeates every brick, every part of our school. I had no idea what impact we would have in both the academic and athletic realms. Our group activities have fought for and won honors that can be envied by every other school. Whose football team broke another school's six year winning streak? Whose debate team is now known nationally as one of the best affiliate teams in the country? Whose band marched for President Clinton's inauguration? Yes, it was County High School's teams that accomplished these and other noteworthy feats. But I believe it was we, the first class to spend four years at County, who played a large part in these accomplishments. We came here as eager freshmen, bringing our energy and ideas to this school. I remember all the - glitches and gremlins that plagued us, how History class was as hot as Death Valley and English class colder than Siberia. But we survived. Sophomore year saw the graduation of County High School's first class. And last year, we said goodbye to the class of '11. Many of us had role models amongst them, yet more of us had friends. But as last year drew to a close, we realized that this year would be our year. It was our turn to lead Neda, it was our turn to shine. And shine we did, with a brilliance enriched by our four years of experience in this school. I cannot attempt to list the awards and honors earned by our class, but I can try to express the immense pride I feel when I realize that I belong to County High's class of 2012.

Explain the personal attributes valued by employers of IT personnel

I am working in careers advice for IT personnel. I have been asked to produce a small booklet on valued employee attributes and communication barriers. I will write a report explaining the personal attributes valued by employers. Attitudes Determination Determination is very important in the workplace as it shows that they are able to get on and complete the work without getting distracted. Determination is also great when facing problems as the employee will be determined to finish the task and will try everything to overcome any problems that may prevent them from their end goal. Whilst on my internship at BP I was very determined to finish the work and I didn’t allow anything to distract me from completing the work. This allowed me to complete more work in the time frame I was given which was very useful to my team. Independence Independence is also a very important soft skill to have in the workplace. Employees will be expected to complete tasks on their own without any help from others. Employees need to think for themselves and not rely on other people to tell them what they have to do next. At BP I showed independence by making meetings with people I needed specific information rather than waiting for someone to come to me. Also when I was given tasks, I would work on it alone and if I got to problems I would try to overcome them on my own. Planning skills Planning is important in the workplace it involves thinking ahead to decide what you need to do to achieve a goal within a given timescale. It’s important in planning that goals are established, strategies and objectives are decided to be successful. By planning tasks can be done in the time given. Whilst at BP I showed planning skills by looking at the tasks I had and then planning how I was going to compete the tasks. Such as drawing diagrams or writing down the formulas and where I was going to use them in my excel sheets. Time management To make the best use of your time, you need to manage it effectively. To do this you have to take control on your time and plan when you are going to complete things by; using a diary would help. Also you need to make sure that time is protected from interruptions and make sure you are strict on time making sure vital tasks are done before doing less important things. Being good at time management will be useful because it will mean that tasks will be done for the deadline and the employee will never be late for meetings or for work which means that work can be done when it’s needed. On my internship I showed time management skills by planning my tasks for specific times and making sure I had it done by the deadline. Also making sure if I had meetings in another building I left enough time to get there to make sure I wasn’t late. Specific Attributes Job For some jobs technical knowledge will be needed. for instance in my job at BP I needed to have knowledge on IT programs such as Microsoft, PowerPoint, Excel, Outlook and also needed to have knowledge on SharePoint which is used for online storage. An employee might demonstrate technical skills by taking and passing academic or vocational qualifications, or you might have a certificate to prove that you have a special skill; such as ICT Qualifications. Health and safety If an employee is unwell then they should stay off work until they are recovered. Coming into work sick will then make everyone else sick and in order to prevent this they need to get better at home. The Health and Safety at Work Act requires all employees to ‘take reasonable care of themselves and others who could be affected by what they do’. This Act also states that if you are an employee who has ‘been injured at work, seen a dangerous occurrence, or your doctor has certified that you have a work-related reportable disease, you must inform your employer’.

Microbiology Research Paper

Microbiology Research Paper Food borne Incident Relating to Escherichia coli Efficient and effective supervision of contamination of food and inspection of food borne diseases in UK needs a harmonized multidisciplinary method with fervent contribution of stakeholders from every aspect of the society together with the public health quarter. To make easy communication and organization of this process, a coordinating body is required to be instituted with strong contribution of applicable stakeholders. However, appropriate observation data from every stage in the food manufacture chain including the supervision of human disease must be constantly collected and examined to assess trends and causal source of food borne disease (FBD). The incidence of the food borne disease in UK requires health organizations and Health departments in UK of a dedicated multidisciplinary inspection unit that involves the microbiological and epidemiological proficiency from every sector will assist and enhance the success of consistent data analysis and criticism. The main purpose of this supervision is to enhance the management and control of food borne disease outbreak and provide a management framework for professionals that will help them control further spread of the disease. Ingestion of microbial contaminated foods is very harmful; outbreak management team should be vigilant in dealing with an outbreak especially the type that concern food borne. Rees G and Pond (1995) explained that medical and nursing staffs are required to use the aide-memoir made available for checking health implications and functions. In addition, the essence of this paper is reflected in the roles and responsibilities of public bodies involved in maintaining health care services and public health. Controlling and managing FBD outbreak is critical to ensure that: the minimum number of primary cases of infected people is reduced. This can be achieved through prompt reporting and response to infected foods; the number of secondary cases of infected individual is reduced through proper identification of FBD infected persons and taking appropriate measures to prevent further spread of the disease; causal organisms and continuous hazards are eliminated or minimize the risk of infection; Food Borne Disease (FBD) Outbreak Definition Pathogenic microbes normally penetrate food chain at any position from livestock through on-site production, feed, parking plant, or at slaughterhouses in the UK (Hald et al, 2004). In addition, this bacteria enter food chain during food retailing, processing, manufacturing, as well as via food preparation and catering. However, since several potential routes for spreading pathogens during production, remote actions such as sanitization of animal feed is normally performed to guarantee consumer protection. To effectively control and manage the crisis of food-borne disease, certain procedures should be well thought-out at the various levels of production. This requires a harmonized inspection and response attempt from every key stakeholder responsible for food safety. Food industries are accountable for the quality and the security measures of the food they produce for consumers, together with relevant stakeholder in food safety. Production may be supervised through process control pr ograms, certification programs, or HACCP (Hazard Analysis Critical Control Points) based control programs (Noordhuizen and Dufour 2007). These control functions create data that comprises of significant input to national supervision programs. In addition, in an epidemic analysis, extra sampling is normally required to investigate human infection rate to the extent of infectivity in the food manufacture chain. Close teamwork between the public and private sector is very critical in this aspect. Disease Reporting as a Good Management and Control Practice To effectively manage and control food safety, it is very important for health departments in the UK to have adequate information on the existing situation and development as it concerns the infection and spread of FBD outbreak in the food manufacture chain. This information requires frequent update so that proper responses can be organized. Activities involved in such a system are gathered under the inspection and supervisory terms (Ressom et al, 2004). Inspection involves the presentation and investigation of regular practices aimed at identifying changes in the surroundings or health position of populations. While supervision involves the continuing methodical collection, analysis, collation, and interpretation of data with the distribution of information to every department involved to enable the implementation of directed actions (Schwimmer and Schwimmer 2009). Supervision refers to a particular addition of monitoring where collected information is developed and decisions are ta ken concerning standards and values associated to disease condition. The major aims of supervision include examining trends in prevalent disease, outbreak discovery, analyzing program performance, assessing interventions, and evaluating progress towards a programmed control purpose (Wegener et al, 2003). However, supervision is not just a practical evaluation of the present situation, but a foundation for providing qualified reaction to producers, indicating effective control factors during production, tracing back contaminated food to its source, and initiating planned action. In addition, different levels of concentration and management in supervision systems. Supervision can be disjointed or incorporated, universal or sentinel, dynamic or reactive permanent or irregular, in most cases, the strength of supervision is an invention of social impact, convenient access to epidemiological information, as well as financial parameters. Identification of Causative Organism of Foodborne Disease (FBD) From laboratory tests, various microorganisms cause food borne disease (FBD). The bacteria called S. Enteritidis cause the salmonenela infections, and it is considered the major cause of the food borne disease (FBD). The S. Typhimurium is considered to be the most dreaded bacteria that infect people with food borne disease (FBD). According to Rees G and Pond (1995) reported that, S. Typhimurium and other salmonella species are major causes of food borne disease. The Campylobacter group in recent times has become the most frequently identified cause of the gastroenteritis. The ability to identify the source and cause of the outbreak depends on the causal organism. The Enterohaemorrhagic Escherichia coli, which is a major public health significance, is the focus of this research paper. This can be contacted from contaminated drinking water, and contaminated swimming pools. Outbreak Identification of Food Borne Disease (FBD) Waterborne disease (FBD) outbreak could be identified or diagnosed through laboratory service, testing, collection of manufactured food: Laboratory diagnosis; FBD outbreaks can be confirmed through laboratory testing and confirming the particular causal organism responsible for the outbreak by health laboratories in the UK. Detecting the causal organism clinically from manufactured food or infected persons with similar symptoms. Performing tests, tests are performed through public health laboratories (PHL), industrial manufactured food including infected patients with food borne disease outbreak symptoms. These tests are performed to test for food borne bacteria such as S. Typhimurium, Escherichia coli, and other parasitic agents that causes food borne infection. Most commercial laboratories test for bacteria that produce toxins such as E.coli. There is always a repeated testing performed in cases of serious food borne disease outbreaks. Specimen collection; in cases of food borne disease outbreaks, samples of manufactured food are normally collected and delivered to public health laboratories for testing. Protocols regarding the proper collection of these samples must be strictly observed. In most cases, consultation with the necessary Ecology Department in the UK is an essential step for proper rules on sample collections. Information based on sample labeling food samples, kits for sample collection, and proper handling of samples are available with this department. The Zoonosis centre; where periodic meetings are organized to check the prevalence of the organism in humans and management programs on food-borne disease outbreak and corresponded to appropriate stakeholders. FBD Outbreak Management Team Food borne disease outbreak is the responsibility of doctors, public health authorities, as well as recreational facilities heads and swimming pools that involve in the management and control of this outbreak. Local health authorities; public health authorities in the UK play critical role in managing food borne disease (FBD). They are normally responsible for treating infected people as well as giving infected and non-infected people good health tips that will manage and control the FBD outbreak. Managers of recreational and public facilities; they are charged with the responsibility of reporting infected and contaminated food and the number of people infected through their facilities to appropriate heads in the UK. Authorities of public recreational areas; responsible for reporting infected outbreaks of FBD and suspected infected persons. Doctors and laboratory personnel; these set of people help perform test, treatment and provide measures that will prevent further spread of the FBD outbreak. Government officials and legislative heads; the UK government will help make laws that restrain infected public places and sharing ingested food materials. Food Borne Disease (FBD) Management Functions/Responsibilities The integration of supervision activities is aimed at promoting optimization and cost effectively managing, utilizing, and inspection of data. The major roles and responsibilities is to optimize the understanding of the supervision system that prevent further spread of the FBD outbreak. Some of these roles and responsibilities include: well-outlined activities and information of infected individuals; food borne disease outbreak management and control worksheet can help in collecting necessary information required for effective control management. They include; Demographics, including address, name, age, telephone number, sex, and other relevant factors such as residence, occupation, ward, classroom, cell block and so forth;symptoms such as diarrhea, nausea, abdominal cramps, fever, jaundice, respiratory irritation, hospitalization status and medical care received, and systemic illness (Ruoff, 1990);time and date of symptom occurrence and for how long symptom lasted;food consumption history for a period of at least 72 hours before illness occurred. Food consumption history, shared meals for a period of at least 72 hours before illness began is also necessary information. This is necessary because some causal agents have longer incubation periods, necessitating the information regarding longer period of food history;travel including food consumption, locations, and recreational exposures;addresses, names, phone numbers, and other information that will assist in locating anybody who might be involved in the outbreak including sick people, hea lthy people, and organizers of group activities; Identifying additional cases, if indicated, such methods like calling other potentially exposed individuals, sending provider alerts, releasing a media alert, and requesting specimens from laboratories. Confirming the existence of an outbreak, local health jurisdictions must ensure that several relevant questions concerning management and control measures. Develop an environmental field management and control based on the epidemiologic case data: here the objective of the combined environmental and epidemiologic outbreak management and control measures is to identify the causal organism, the food source, mode of transmission, and the source of contamination. This will also consider the possible infectious agent based on symptoms and incubation period. Possible modes of transmission for that particular agent to focus on the exact environmental management and control procedure or method. Implementing immediate, appropriate mismanagement and control measures based on the possible FBD causal organism. Consider testing for the presence of the disease with an epidemiologic study (cohort or case control). Managing and controlling further spread: patients with abdominal cramps should be restricted from sharing and eating contaminated foods. Infected persons should be well instructed and advice on effective and proper hand washing and proper food handling practices and preservation methods (Lewis, 2002). More particularly, follow-up of issues and causes of these infections. Remarks and Recommendations The identification of transformation of food borne diseases (FBD) prototypes and differences in the infection of food production chain are an unconditional requirement for the effective management and control, together with constant improvement in the safety and quality of food. These processes helps in preventing further spread of the disease and it is cost proficient. Managing and controlling food borne disease (FBD) supervision at various public level provides a comprehensive and appropriate synopsis of the public and veterinary health position of the society. The incorporation of food borne disease (FBD) outbreaks investigation is aimed at colleting all activities responsible to perform many functions via related process, structures, and personnel. The framework of a conventional supervision program in a particular aspect may serve the same structural purpose for intensifying other inspection activities. It is however recommended that, both infected and non-infected persons shoul d follow certain practices to prevent further spread of the disease. These processes include: Avoid eating contaminated food. Only food tested and recommended by appropriate food control agencies and veterinary authorities should be consumes. People should observe appropriate food handling practices to avoid outbreak re-occurrence. Waterborne Disease (WBD) Outbreak Relating to Cyanobacteria Toxins Waterborne Outbreak Definition A waterborne disease (WBD) outbreak is an occurrence whereby several epidemiologically connected persons experience the same illness after exposure to the same source of water and the epidemiological evidence identifies the water as the possible cause of the illness. This occurrence happened in Washington, United States were most population was affected. However, the implicated water in a waterborne disease (WBD) outbreak could possibly be recreational water, drinking water, water meant for agricultural purposes, as well as unknown water. The path of this water can be through ingestion, intranasal, inhalation, or contact. Chemicals, microbes, or toxins could be the agent connected to the water borne disease (WBD) outbreak. Normally, water is tested to determine the contamination level and identify the etiologic agent. Disease Reporting as a Good Management and Control Practice A. Purpose of reporting and surveillance: reporting suspicious or symptoms of disease is one good way of managing and controlling the WBD, these purposes include: to prevent transmission from one infected person to the other; to identify and correct sources of exposure for waterborne disease (WBD) outbreaks; to prevent further exposures to infected water and avoid spreading infections; to expand existing comprehension of the mode of transmission of these disease, causal agent, and the effect on the community of the infections by the identified WBD causal agent (Herceg et al, 2006); to identify new WBD causal hazards, agents, and issues in the water safety system; B. Legal reporting requirements for effective outbreak management and control. Legal jurisdictions will assist and help control WBD outbreak especially when it involves the public. Infections should be reported to Washington State Department of Health (DOH) Office of the Communicable Disease Epidemiology (CDE). These rules require that certain heads of health care, public recreational parks, and pools warn immediately and appropriately the public to prevent further spread of the infection. These include health care providers; WBD outbreak should be appropriately reported to local health care authorities, this will help manage and control further infection; hospitals; outbreaks should be immediately and promptly reported to local head authorities for effective management and control (Keene et al, 2006); laboratories; tests indicating suspicious causal agent should be reported to CDE and health centers for effective management and control; local health authorities; outbreaks should be promptly reported to (DOH) for public media notification of the public. This will help manage and control infection to a great extent; Identification of Causative Organism of WBD Outbreak The causal organism of waterborne disease (WBD) outbreaks ranges from bacterial such as Shigella, also known as shiga toxin-producing E. coli, Campylobacter, Salmonella, cholera, typhoid, and other Vibro species that causes gastrointestinal symptoms. The Virus group includes hepatitis A virus and norovirus (Lane and Baker, 2003). The poliovirus causes gastrointestinal symptoms. The parasites group includes Cryptosporidium and Giardia causing gastrointestinal symptoms, invasive amoeba such as Naeglaria that causes meningitis, Schistosoma that causes schistosomiasis. The noninfectious agents, which is the major point of study includes cynobacteria (blue green algae) toxins, nitrates, copper, and other different chemicals that contaminates water. In most cases, the symptoms depend on the causal agent. Waterborne disease (WBD) causal organism may also cause gastrointestinal, less commonly respiratory, or systemic or skin infection. Symptoms of this illness or infection may include vomiti ng, abdominal cramps, diarrhea, bloody diarrhea, irritated eyes, hives, sore throat, rashes, systemic illness, pneumonia (Lewis et al, 2002). However, the causal organism of waterborne disease discussed in this research is the Cyanobacterial toxins. WBD Outbreak Identification Waterborne disease (WBD) outbreak could be identified or diagnosed through laboratory service, testing, collection of specimen. Laboratory diagnosis; WBD outbreaks can be confirmed through laboratory diagnosis and confirming the particular etiologic agent in an outbreak. This should be reported to the Washington State Department of Health (DOH) Office of the Communicable Disease Epidemiology (CDE). Performing tests, tests are performed through public health laboratories (PHL), clinical specimens from patients with waterborne disease outbreak symptoms. These tests are performed to test for waterborne bacteria, norovirus, and parasitic agents to confirm any of these causal agents. Most commercial laboratories test for bacterias that produce toxins such as E.coli and hepatitis A (Ruoff, 1990). There is always a repeated testing performed in cases of serious waterborne disease outbreaks. Specimen collection; in cases of waterborne disease outbreaks, sample specimens are normally collected and delivered to public health laboratories for testing. Protocols regarding the proper collection of these samples must be strictly observed (van den Hoek et al, 1995). In most cases, consultation with the necessary Ecology Department is a necessary for proper rules on sample collections. Information based on sample labeling, kits for sample collection, and proper handling of samples are available with this department. In recent years, the United States health Department on Communicable Diseases received reports of WBD outbreaks that involved hundreds of infected people. According to Hathaway (2005), the department took the case up, performed several surveillance, and discovered that it was the cyanobacteria toxin, which was the major cause of this WBD outbreak. Sources of this infection were drinking water, recreational and public lakes, swimming pools and other public recreational areas. This organism was transferred from one person to another through ingestion of this water, eating infected animals, and unauthorized access to restricted areas. WBD Outbreak Management Team Management team responsible for the effective control and prevention of further spread of the WBD outbreak included; Local health authorities: Washington State Department of Health (DOH) Office of the Communicable Disease Epidemiology (CDE) constitute the management and control team. Public health workers; responsible for treating infected people as well as giving infected and non-infected people good health tips that will manage and control the outbreak. Managers of recreational and public facilities; these people are responsible for reporting infected water and the number of people infected through their facilities to appropriate heads (Kvenberg et al, 1995). Authorities of public lakes and swimming pools; responsible for reporting infected outbreaks and suspected infected persons. Doctors and laboratory personnel; these set f people help perform test, treatment and provide measures that will prevent further spread of the outbreak. Government officials and legislative heads; these people help make laws that restrain infected public places. Outbreak Management Functions Waterborne disease (WBD) outbreaks can be identified through notifying conditions reporting, isolation of bacterial sub-typing as well as molecular analysis in the laboratory. The Washington State Department of Health (DOH) Office of the Communicable Disease Epidemiology (CDE) and other management team ensure that this WBD outbreak is managed effectively to avoid further spread of the outbreak. Other methods of detecting the WBD outbreaks include syndrome surveillance systems, and consumer complaints. In most cases, investigation depends on the causal sources: building water system, drinking water, natural water, treated recreational water, and so forth. Outbreak management normally involves the following steps: 1. Detail activities and information of affected individuals; waterborne disease management and control worksheet can help in collecting necessary information required for effective control management. They include; Demographics, including address, name, age, telephone number, sex, and other relevant factors such as residence, occupation, ward, classroom, cell block and so forth (Henessey et al, 1996); symptoms such as diarrhea, nausea, bloody diarrhea, abdominal cramps, fever, muscle ache, jaundice, rashes, respiratory irritation, hospitalization status and medical care received, and systemic illness; time and date of symptom occurrence and for how long symptom lasted; water consumption history and common activities for a period of at least 72 hours before illness occurred. Food and drink consumption history, shared meals for a period of at least 72 hours before illness began is also necessary information. This is necessary because some causal agents have longer incubation periods, necessitating the information regarding longer period of food history (Herceg et al, 2006); travel including water consumption, locations, and recreational water exposures. Pertinent details for travel including cruise ships or motels name, dates, and room. Information on the use of pools, hot tubs, spas, as well as other water recreational sites; addresses, names, phone numbers, and other information that will assist in locating anybody who might be involved in the outbreak including sick people, healthy people, and organizers of group activities; 2. Identifying additional cases, if indicated, such methods like calling other potentially exposed individuals, sending provider alerts, releasing a media alert, and requesting specimens from laboratories. 3. Confirming the existence of an outbreak, local health jurisdictions must ensure that several relevant questions concerning management and control measures are asked. Questions such as: Are there people from various households with similar illness due to exposure to the same water or recreational facilities? Are illness symptoms and signs together with the incubation period and duration of symptom consistent with an illness because of reported exposure? Is every illness consistent and similar to a WBD causal agent? Is the number of illnesses more than what is expected in this group of people and in the entire population? Are there reports of possibly related problems from similar sources? Are there common exposures such as personal or occupational contact or food, apart from water that could explain transmission? Does certain demographic information such as ethnicity, age and so forth, indicate a common source? 4. Develop a hypothesis about the Causal Agent of the disease and suggest appropriate clinical laboratory testing if indicated. This will include: referring affected individuals for appropriate medical testing and evaluation if symptoms are severe, and if bloody diarrhea is reported, or if the person is vulnerable to complications due to age or disability; collect fresh specimens for laboratory testing as soon as possible after the diseases is noticed; collect samples from many people as possible. The criteria for confirming an outbreak is caused by a particular organism, and suggest whether infected persons should be isolated from the unaffected population; 5. Develop an environmental field management and control based on the epidemiologic case data: Here the objective of the combined environmental and epidemiologic outbreak management and control measures is to identify the causal and infecting agents, the water source, mode of transmission, and the source of contamination. This will also consider the possible infectious agent based on symptoms and incubation period. Possible modes of transmission for that particular agent to focus on the exact environmental management and control procedure or method (Guzewich and Morse, 2008). Apart from identifying the infectious causes of this particular disease, certain information are also important such as: Possible normal situations or practices just before the outbreak started that could possibly contaminate the water, possible power outages, other equipment failure, as well as water back-ups. if there is any unusual weather issues just before the outbreak due to heavy rains, and floods. Were there any water reaction staff ill during the incubation period of the suspect WBD agent, when did they get ill, which water sources they worked with? Do all the staff involved with water source have body contact with the water or ingest the water they worked with? 6. Implementing immediate, appropriate mismanagement and control measures based on the possible WBD source. Kvenberg et al (1995) said that, this usually depends on the circumstances to initiate immediate management and control measures such as posting warnings at lakes, boiling of water order, recalling a commercial product like bottled water, closing a facility, or issuing a press release to warn and restrain citizens who may from contacting the disease. 7. Consider testing for the presence of the disease with an epidemiologic study (cohort or case control). This control and management approach is critical as it does the following: Determine the initial interviews and the amount of infected persons will support the idea of epidemiologic study that compares various groups made up of infected people and non-infected individuals. Get a complete list of possible people that may likely share exposure. This list can be gotten from an event organizer or a reserved list meant for that purpose. Obtain necessary information about particular water source. Develop questionnaire to many people include infected persons, and non-infected persons as soon as possible after the case report (McCall et al, 1996). One very important thing to remember here is that, people’s memories become less reliable after some time. after finalizing a case definition, the data should be analyzed to obtain certain information that include: (a) demographic profile; the amount of cases by age group and sex; (b) symptom profile; the percentage of cases that have vomiting, bloody diarrhea, diarrhea, abdominal cramps, fever, respiratory symptoms, jaundice, other symptoms, and rashes; (c) epidemic curve; determines the number of cases by time of the begging of the infection or symptoms; (d) event attack rate; the number of cases divided by the total people exposed. Event attack rate can only be calculated if the total number of attendants is known; (e) median incubation period; the total time taken for 50% of the infected people to the WBD causal agent. The men incubation period can only be calculated if the time of exposure is known; (f) water specific attack rate; the percentage of people infected with specific exposure; (g) relative risk; the percentage of people infected with the source after a particular exposure; 8. Managing and controlling further spread: patients with diarrhea should be restricted from swimming in public areas. Infected persons should be well instructed and advice on effective and proper hand washing and proper food handling practices. More particularly, follow-up of issues and causes of these infections. Recommendations and Practices Certain preventive guidelines for infected and non-infected persons for preventing and managing further infections of the disease. These guidelines should include: Appropriate use of safe drinking water sources as well as water for recreation purposes. If the source of any water cannot be ascertained, boil the water should before use. The water should be chemically treated before used for drinking, rinsing uncooked foods, or brushing of teeth. Wash hands after and before eating, using the toilet, or changing a childs diapers. During an outbreak, some jurisdictions restrict children with diapers from recreation facilities. In most cases, a more restrained and aggressive media is used to achieve this purpose through campaigns by pool and local park managers, day care institutions, as well as other normal areas of public work. This will help reduce and effectively manage and control the infection (Lippy and Erb, 2006). Children vomiting and infected with diarrhea should avoid public places and recreational areas to as a way of controlling this infection.