Anatomy, Atoms, Cells

Please define the terms anatomy and physiology. Explain the connection between anatomy and physiology within the human body; basically how do they influence one another? Then using the terminology of the anatomical landmarks/regions and directional terms, please write 2 example sentences with proper usage. For example, â€Å"the axilla region is superior to the cubital region of the body†.Anatomy is the study of internal and external structure and the physical relationship between body parts (which means cutting open). Physiology is the study of how living organisms perform their vital functions ( Another word for Greek). The connection between anatomy and physiology within the human body is that structure and function are always presented. You can not have physiology without anatomy because physiology is the study of the function of anatomical structures. Two examples: 1.) â€Å"The Abdomen is located in the Epigastria region of the body.† 2.) â€Å"The calf is inferi or to the hips.†2.Compare and contrast the two feedback mechanisms our bodies use to maintain homeostasis. What would happen if our thermoregulation (temperature control) used a positive feedback to maintain homeostasis?There are two feedback mechanisms our body uses to maintain homeostasis, they are negative feedback and positive feedback. Both feedbacks signal a response to the situation. Negative feedback however will correct the situation where positive feedback drags the process on or exaggerates the situation. If our thermoregulation used a positive feedback to maintain homeostasis our system would start to fail, malfunction or even produce a disease. This is because homeostasis would not be able to fully compensate itself correctly.3.Please define pH and briefly describe the pH scale. Do you think all of our body fluids (stomach juice or blood, as examples) are the same pH? Why or why not? How do pH changes affect protein (enzyme) function? How could this interfere with the body's physiology?pH is the negative exponent of the hydrogen ion concentration, expressed in moles per liter. The pH scale is a solution with a pH of 7 is neutral. pH above 7 is called basic or alkaline, pH below 7 is acidic. I do not think that all our body fluids are the same pH because some things have extreme acidic some are neutral and some are extremely basic. pH changes the shape and enzymes functions start to deteriorate. This is because the pH shifts out of normal limits. This could interfere with out body’s physiology by slowing down the reactions to support life. It could alter our chemical reactions to make them permanently change itself.4.The plasma membrane (cell membrane) is a dynamic component of the cell. What is the plasma membrane composed (made) of? Compare and contrast active and passive transport.Plasma membrane is composed of phospholipids, steroids, proteins and carbohydrates. Passive transport moves ions or molecules across the plasma membrane w ithout any energy expenditure by the cell. Active transport is the high energy bond in APT provides the energy needed to move ions or molecules across the membrane. Both active and passive transport can provide for the Carrier-Mediated Transport.5.What would happen to the cell and body function if there were damage to the mitochondria? Damage to the Ribosomes? Damage to the DNA? Damage to the receptors on the plasma (cell) membrane?If there were damage to the mitochondria the cell and body function would lose energy. This is because mitochondrion is a organelles that provides energy to a cell. If there were damage to the Ribosome the cell and body function would lose manufacture proteins. If there were damage to the DNA the cell and body function would not be able to collect genes or hold the information needed to synthesize thousands of proteins. If there is damage to the receptors on the plasma membrane the cell and body function would  lose the ability to bind materials togethe r or trigger the cells activity.

Rethinking the City of Marseille Through Its Control, Occupation and Separation

Rethinking the metropolis of Marseille through itscontrol, businessandseparation Abstraction With the urban development, there are more and more physical boundaries built in metropoliss dividing urban infinites, like transit substructure: railroad and main road. these building became more seeable but less accessible for walkers. Although they are of import to maintain the metropolis operating good, they created an enclosed ambiance within the metropolis to its exterior infinite. On the other manus, boundaries besides formed by the legal boundary lines or parts, states or states are used to specify borders, separate two entities, and interrupt flows such as human migrations and ecosystems. Natural and unreal boundaries exist and will go on to make so in one manner or another. Is it possible to rethink what a boundary is, and what its possible in citations can be, and if we even need them or non? Urban development has acquired sufficient substructure to back up metropoliss, but additive substructure was ever treated as an accoutrement to metropoliss without serious consideration and ordinance of urban and spacial issues. These substructures cut the urban cloth and circulation of walkers. But they provided indispensable maps of construction to the metropolis and at the same clip individuality for people acknowledging urban infinites. The most interesting facet is that they are elements with the map of transporting and connecting, but produce division in urban forms. The thought of Boundary and Border are multidimensional elements in urban infinite – from the national graduated table like national boundary line barrier to the urban graduated table like airdrome and haven. But they are normally used in a negative meaning, because they frequently promote being linked to international places like marginalisation and exclusion and being formed as a barrier or a fencing. With this issue, my undertaking is about detecting the boundary/border status between Marseille and its haven, these boundaries non merely formed a backwoods between metropolis and haven but besides possessed more complicated effects to the metropolis. Furthermore, giving a definition of boundary and boundary line in their map and demo the chief issue with port of Marseille– the paradox of its multi-meanings of separation, connexion and control. Through different positions from immigrants, tourers and local people in Marseille, utilizing the construct of ( The Urban Lobby ) to cover with the issue of boundary and boundary line, and reconnect metropolis of Marseille and its haven. Introduction In the urban design, it ‘s about doing connexions with infinites and people, urban cloth and edifices, policy determination and building. We try to look into thoughts and theories from urban phenomena, and better the reinforced signifier of metropolis and colony to do our metropolis working more efficaciously. Human colonies, from small town to cities are mussy. Many complicated and complex spacial composing procedure like national boundary line, regional scenes and substructure built based on the human behaviour, political relations, economic forces, capitalisation and globalisation. Therefore, analyzing the significances of complexness and individuality of these building is more of import in this essay. In the instance of the Mediterranean context, the phenomenon of planetary and regional touristry and conveyance web and the building of national/regional individualities prostration within the leftover of infinites perceivably. Issues such as the regional hostility, division of national boundary line, geopolitical domination and eventually political orientation and competition in a planetary graduated table get a paradigmatic value in the context of the Mediterranean district. Most significantly, the cultural and political history of the Mediterranean necessitates a treatment that expands into a complex urban affair, so a spacial stuff that should be studied. And the merchandises of the political relations and economic system of metropolis should hold to be evaluated as elements of the complex mechanisms that formulate our metropoliss in spacial and temporal footings. Furthermore, to travel beyond it in an operative manner. Aiming to re-think the elements that regulate infinites on t he district and to step in within their organisational forms. Further, with the national provinces all around the universe are progressively unable to modulate transit of population and goods, and it can be seen that everything has become de-centered and de-territorialized in term of graduated table. Marseille, France, shows itself as a specific site of complexness research in the Mediterranean. From the position of location, economic system and societal position of Marseille. Throughout its history and territorial scene, the metropolis of Marseille expended with development of its seaport. The old port of Marseille farther formed a high denseness of metropolis centre. Furthermore, the development of economical and physical dealingss have modify the form of the port, besides the form of the metropolis. Since Marseille is located as a intersection in the Mediterranean. Its port ever treated as a gateway of pass throughing people and goods. Up to now, the port of Marseille is still one of major commercial ports in the Mediterranean for lading and riders and besides has a really important place in the universe planetary exchange. At the Social degree, couple to its location in the Mediterranean, Marseille has a really complex societal web, pulling many immigrants and made Marseille to be a widely distributed thaw pot, unlike other major Gallic metropoliss like Paris or Lyon. On the terminal of the eighteenth century about half of its population originated from elsewhere in Provence largely. And in 1960s, there was a reaching of big Numberss of people from Algeria. Many immigrants have settled and provided the metropolis of Marseille a French-African with a big market. The metropolis served as an entryway port for over a million immigrants to France. Chapter 1: thephenomenonof migration in Marseille As the largest haven of France, Marseille has ever seen as a runing pot of civilization and people. Its location makes it became a gateway to the Mediterranean, North Africa, and the Middle East. Throughout its history the metropolis of Marseille has aggregated consecutive flows of immigrants from Italy, Spain, Greece, Turkey and North Africa in 18 centuries to 19 centuries. This place of in-migration in France has been profoundly influenced by the policy of colonialism of old centuries and the tradition of using foreign labour for the procedure of industrialisation. Besides, in 1962, when the Algerian war ended, there were approximately about 150,000 people moved to Marseille. Through the sixtiess and 1970s, gauging the figure of Muslim of North Africans immigrated to Marseille at approximately two million. After the economic crisis in early 1970s, France stopped all the policy of employment for foreign labour. However, this tactics did n't diminish in in-migration. On the contrary, many original immigrants tried to settle in France and brought their households to fall in them. Therefore, reunion of family has become another most important step and issue of in-migration. Because of its topography, the whole metropolis of Marseille enclosed by the haven and mountains. Marseille did n't hold adequate infinites to construct a â€Å" banlieue † which is a suburb of a big metropolis with several independent administrative territories like Paris. Thus, many races in Marseille were forced to garner in the same country with cultural and societal struggles. Put otherwise, Marseille is a metropolis which garnering multi-cultures but discord with each race with societal and cultural tensenesss. Because Marseille is deficiency of appropriate ordinances on immigrants, the metropolis is now confronting with the serious economic and societal jobs of immigrant population that suffers from progressively high rate of unemployment and offense. Therefore, the manner of immigrants traveling to Marseille, the system of boundary line control and the manner of how immigrants integrate into Marseille will go pressing issues in the hereafter. Boundary and boundary line in Marseille Furthermore, the metropolis of Marseille had a really close relationship with ocean. With the development of haven, many substructure particularly transit system established to back up metropolis of Marseille, but this passage caused the metropolis bit by bit divided into several parts with different urban forms and maps. The port of Marseille is located near the centre of metropolis as a topographic point closed to the dehumanising atmosphere.One of the great troubles of the terrain are railway nearby the haven and in the raised part of highway.They are perceived by walkers as a boundary line, a barrier to the sea. The whole boundary country amplified by multiple walls, fencings, and the coastline isolated by port installations and international zone of ferries. These physical constructions were elements with double map of connexion and separation, even being linked to sociological and international place like marginalisation and exclusion and being built as a barrier or wall to cur tail and command specific infinites. Statement of Boundary and boundary line Boundary and boundary line are multidimensional elements in urban infinite – from the national graduated table like national boundary line barrier to the urban graduated table like airdrome and haven. One of definition of ‘boundary and border’ is about â€Å" The boundaries define a infinite of containers and topographic points ( the traditional sphere of architecture ) , while the webs established a infinite of links and flows. Walls, fencings and teguments divide waies, pipes and wire connexions. â€Å" ( William J. Mitchell ) . On the other manus, it can be look that the boundary lines are produced by human existences to procure or command urban infinites. As a unreal merchandise they are modifiable and shapeable procedures and non a general motionless construction or stuff. Ante goes farther to explicate that a fringy infinite with hapless or no colony that divides two countries from each other. This transitional infinite is reduced to a line on the map or a reinforced fencing. ( Ante,1995:432 ) Morphologically, physical and additive boundary like railroad and highway take the directional map in the metropolis and are related to lines for the countries they are spliting and linking. Kevin Lynch argues in â€Å"The Image of the City† ( Lynch,2007:78-80 ) that boundary and boundary line are one of the important stuffs of the metropolis for its whole operation. Although the map of boundary is a really important one for the position of the metropolis, I found out that boundaries ca n't be simplified to morphological lines in the urban planning. Furthermore, these physical linear boundaries have their ain characteristics formed by spacial, institutional and legal significances, and besides by societal, economic or political change, that continually separate the urban infinite once more. Therefore the purpose of this essay is three-folds. First, discoursing the types of boundary and boundary line such as additive substructure and inte rnational boundary line and analyzing the impacts of different formation of boundary in three instances: 1. physical boundary in Taipei 2. political boundary – Berlin wall 3. national boundary line between U.S and Mexico. Second, discoursing how do modern-day designers trade with the issue of boundary. Third, I will claim my place about undertaking with urban boundaries – film overing boundaries with a precise design attack – â€Å" The urban anteroom † . And so this thought will be directed against to cover with the boundaries between metropolis of Marseille and its haven. Chapter 2: definitionof physical boundaries definition I –formed byadditive substructure Linear substructure is the economic system ‘s blood supply. Roads, main road, railroad move and connect people and goods in metropoliss ; public-service corporations bring in indispensable services and take waste. But these practical linear constructions formed in uninterrupted which built on the surface of land or over-ground formed the physical boundaries visually, even commanding motion and separating activities and urban form of the metropolis. From the position of Kevin Lynch, â€Å" Edges are the additive elements non used or considered as waies by the perceiver, they are the boundaries between two stages, additive interruptions in continuity: shores, railway cuts, borders of development, walls. † ( Lynch,2007:47 ) . Although these boundaries likely non every bit opinion as waies and may be barriers with less penetrable to traverse motion, are of import for many people to added look to urban forms, moving as the surface and specifying the mass of infinites. The add itive substructure non merely created physical barriers on the land but besides affected the feeling of the metropolis with the overhead substructure. Additionally, they decreased land values like dividing the continuity of urban activities and blocks, and diminishing qualities of urban environment environing these constructions. This phenomenon made more accessary infinites like industrial mills / recycling mills / parking infinites garnering at environing of additive construction. instance I –physical boundaries in Taipei definition II –formed byterritorial/national boundary line Throughout the 20th century, The International Law define that â€Å" Boundaries of district or state are the fanciful lines on the surface of the Earth which separate the district of one province from that of another, or from unappropriated district, or from the unfastened sea. † ( Oppenheim. L, 1905. p253 ) . However these lines are non merely fanciful, people built the practical building of system or wall as a natural and sensible act of defence, limitation and security control from state to state – control of boundary line barrier and from metropolis to metropolis – airdrome and haven, which besides divided one country from that of another by national political relations or private proprietors. â€Å" Authority produces infinite through. . .cutting it up, distinguishing between packages of infinite, the usage and maltreatment of boundary lines and markers, the production of graduated tables ( from the organic structure, through the part and the state, to the Earth ) , the control of motion within and across different sorts of boundaries. † ( Pile, S. 1997. p3 ) . Although people built the boundaries ( boundary lines ) of the metropolis for defence and domination, sometimes merely was a symbolic one, these physical boundaries ( boundary lines ) sometimes were being expensive to keep, inefficient and be corrupted by administrative official. But physically, socially, politically, these boundaries ( boundary lines ) undeniably built a protected manner of crowned head rights and public security. Therefore, with the development of globalisation and flows of in-migration, the boundaries ( boundary lines ) seem to be redefined as new chance for productive public infinite. instance II –national boundary line between U.S and Mexico In the undermentioned portion of the essay I will give an illustration of the national boundary line as a multidimensional codification. It is based on the research between U.S and Mexico boundary line barrier. â€Å" The U.S – Mexico boundary line barrier appears typical in intent, map, and building among the many walls being built around the universe, spliting the Global North from the Global South and aimed chiefly at northbound flows of illegal drugs and immigrants. â€Å" ( Brown, W. 2010. p35. ) Furthermore, harmonizing to figures provided by The International Boundary, the length of boundary line is about 3,145km, cutting across a assortment of terrains, runing from the urban countries to abandon environment. But it is the most often crossed international boundary line in the universe, with about 3.5 million people of legal crossings yearly. The boundary line is a imposingly big and expensive construction with sixty-foot-high steel and concrete barrier as a significant fencing, composition of cameras, detectors, watchtowers and other sensing engineerings to keep the boundary line ‘s map. However, under this state of affairs, there were still about 0.5 million illegal i mmigrants from Mexico escaped the boundary line barrier into United States per twelvemonth. ( Government Accountability Office. 2006. p42. ) Besides, since 1990s, there were more than 150 secret resistance tunnels have been found along the boundary line between U.S and Mexico. The papers shows that runners and felons continuously transit the illegal drugs and immigrants into United States despite U.S imposts maintain reenforcing the system and building of boundary line barrier in recent old ages. ( Lichtenwald, T. and Perri, F.S. 2011. ) Furthermore, the cost of keeping and set uping fencing security was surprisingly increase to $ 60 billion over 25 old ages, this cost excludes the funded labour and wage to private-property proprietors. ( Brown, W. 2010. p37. ) The boundary line controlseemingly decreases illegal crossings efficaciously, nevertheless, this intensification of building compound the jobs about more original illegal migrators seeking to settle in the United States for good, and besides increased the cost of one-direction illegal migration to in the United States. In the other words, the boundary line is a conflicting issue on the security and economic, the state wo n't open boundary lines for free flows of labour, goods and services from another without security. But on the other manus, both the status of state are ever unequal, people in hapless status still desire to travel to the better 1. Furthermore, many employers besides tend to engage illegal labour from the other side with lower payments. These grounds caused the tendency of illegal migration will be continued despite of the reinforce of boundary line control. Therefore, it seems that we ca n't merely handle the boundary line as one simple building of control or a gate for immigrating and emigrating, but besides handle it as a ephemeral infinite or zone that has more chances to rethink the issue of migration and the phenomenon of segregation in metropoliss. Chapter 3: instance survey of covering with boundaries Case study –Rem Koolhaas Exodus, The Voluntary Prisoners of Architecture. Chapter 4: Position: unfastened boundaries –The urban anteroom The map of south haven of Marseille is about transporting immigrants, goods and wheeled ladings, and having tourers from other states. In order to guaranting the safety of state and people, the port built a series of complex fencings for security control. This boundary line formed by the economic, societal and political division. Unlike a additive boundary line edifice on the district, the port of Marseille seems like a infinite of control near the boundary line – border district, busying one side of the metropolis to its coastline. Besides, the system of usage control in haven seems like unwelcome and unfriendly for tourers and immigrants. It ‘s easy to accomplish the control of in-migration by rigorous legal ordinance. However, how do we cover with the spacial issue about immigrants in Marseille? I proposed to open the boundaries with the thought of the urban anteroom, which is cited from the map of airdromes ‘ anteroom. This battle non merely open up the chances for new signifiers of communicating and public infinites, but besides animating a series of intermediate infinite like independent parts between the metropolis of Marseille and its haven, which offer immigrants the better chances to settle, work and adapt with other races and local civilization. Decision– Mentions – Ante, U. ( 1995 ) .Grenze, in: Handworterbuch Der Raumordnung.pp. 432–436. Aureli, V.P. ( 2010 ) .The Possibility of an Absolute Architecture. Brown, W. ( 2010 ) .Walled provinces, declining sovereignty.pp. 35–42. Graham,S. and Simon, M. ( 2001 ) .Seceding urbanism: networked substructures, technological mobilities and the urban status. Lynch, K. ( 2007 ) .The Image of the City.pp. 78-80Mezzadra, S and Neilson, B. ( 2008 )Border as Method.Weizman, E. ( 2007 )Hollow Land.Sorkin, M. ( 2005 )Against The Wall: Israel ‘s Barrier to Peace.

Mutual Funds

INVESTIGATING MUTUAL FUNDS IN GHANA: IT’S RISK, RETURN AND PERFORMANCE ABSTRACT Over the years, investors have been attracted to mutual funds. This study seeks to do an-depth analysis of the Ghanaian mutual fund industry between the years 2006 and 2010. An exhaustive literature review on mutual funds and portfolio diversification will be conducted. An assessment of the performance of mutual funds will be done using the Sharpe and Sortino ratios as well as the Jensen Alpha. Comparisons will be made with analogous indices to determine the attractiveness of the industry. The investment strategy of fund managers will also be analysed and recommendations made. This paper will provide investors with a broad overview of the Ghanaian mutual fund industry, its inherent risks and returns. INTRODUCTION The potential conflict between mutual fund companies and the people who invest in them is a classic example of an agency problem. Consumers would like the fund in which they invest to use its judgment to maximize risk-adjusted expected returns (Chevalier and Ellison, 1997). Measuring the performance, risk and returns of mutual funds thus becomes imperative as rational investors need such information to make investment decisions. According to an article published by All Africa on the 8th of November, 2010, figures released by Ghana’s statistical service indicated that the country’s economy stood at GH? 44 billion, 60% more than estimated earlier. Per this figure, the country was deemed to have attained middle income status. Ghana recorded at the time, the largest Per Capita Income in West Africa and ranked 21st in the continent. The Ghanaian economy’s steady growth has attracted both domestic and international investors. Among the many investment opportunities in the country available to investors is the attractive mutual fund industry which provides numerous benefits to its investors. According to the Securities and Exchange Commission, the number of mutual fund companies increased from 7 in the year 2008 to 9 in 2009. The total Net Asset Value of funds under management by mutual funds companies was GH? 95,817,222. 27 in 2009 while total fund mobilization stood at GH? 40,433,682. 0. A summary of the performance of the mutual fund industry in 2009 is shown in tables 1 and 2 in the appendix. This information provides several points of interest as to how the Ghanaian mutual fund industry has performed over the years and more importantly how it compares to other analogous mutual funds in the continent and elsewhere. This has informed the choice of enquiry and the need for research in the proposed area. M easuring the performance, risk and returns of mutual funds in the Ghanaian financial market has implications for a host of stakeholders. AIMS AND RESEARCH OBJECTIVES The general objective of this research is to assess the risks and returns associated with investing in mutual funds in Ghana. The study also aims to draw a comparison between the performance of the Ghanaian mutual funds industry and similar financial markets. To achieve the general objectives, the following specific objectives have been formulated to guide in data collection and analysis. 1. To identify what makes mutual funds attractive to investors in Ghana 2. To identify the types of mutual funds available to Ghanaian investors 3. To measure the performance of mutual funds between 2006 and 2010 4. To compare Ghanaian mutual funds performance with similar market indices 5. To make recommendations to improve the management of mutual funds LITERATURE REVIEW According to Haslem, 2009, investing in Mutual funds has with many advantages. A primary advantage is the professional management of investors’ money. Investors purchase funds because they do not have the time or the expertise to manage their own portfolio. Secondly, by owning shares in a mutual fund instead of owning individual stocks or bonds, an investor’s risk is spread out. The idea behind diversification is to invest in a large number of assets so that a loss in any particular investment is minimized by gains in others. Again, if you buy only one security at a time, the transaction fees will be relatively large. Mutual funds are able to take advantage of their buying and selling size and thereby reduce transaction costs for investors. Finally, mutual funds boost liquidity as an investor can also sell his shares at any time. International mutual funds are key contributors to the globalization of financial markets and one of the main sources of capital flows to emerging economies. Despite their importance in emerging markets, little is known about their investment allocation and strategies (Kaminsky et al. , 2001). Fund managers however have numerous strategies for stock selection, identifying underappreciated or cheap securities, seeking growth potential and following past price trends (Chan et al. , 2002). According to them, most mutual funds adopt investment styles that cluster around a broad market benchmark. Few funds take extreme positions away from the index, but those who do are more likely to favor growth stocks and past winners. Licensing requirements for operating a mutual fund in Ghana A Mutual Fund Company must be incorporated under the Companies Code 1963 (Act 197) as a public limited liability company with the sole aim of holding and managing portfolio of securities and other financial assets. An application is then made by the company to the Securities and Exchange Commission (SEC) for a license to operate the fund. Company regulation, Management agreement, Custodial agreement and a Prospectus are required by the commission for review before a license is issued (SEC, 2011). These stringent requirements help ensure a robust industry with compliant firms. Measuring mutual funds performance Considerable progress has been made in three closely related areas – the theory of portfolio selection, the theory of the pricing of capital assets under conditions of risk and the behavior of stock-market prices. Results obtained in all three areas are relevant for evaluating mutual fund performance (Sharpe, 1966). A number of measures have been used over the years for measuring the performance of mutual funds. The Sharpe ratio, Sortino ratio and Jensen Alpha are among the few distinguished ones. METHODS OF ANALYSING DATA Data to be analysed will be gathered from company websites. There are a few methodologies that I intend to use for the purposes of analyzing data collected. These will measure the performance of Ghanaian mutual funds, asses its risk, volatility and return. * Sharpe Ratio This is a ratio developed by William F. Sharpe, a Nobel laureate, for the measuring of risk-adjusted performance in 1966. It measures the amount of excess return per unit of volatility provided by a fund. It is calculated by divided the excess return of a fund by its volatility. Algebraically, we have: Sharpe Ratiop All numbers are expressed usually expressed on an annual basis, so the Sharpe ratio itself is expressed on an annual basis. The interpretation of the Sharpe ratio is straightforward: the higher the ratio the better. A high ratio means that the fund delivered a high return for its level of volatility. In contrast, a ratio of 1. 0 indicates a return on investment that is proportional to the risk taken in achieving that return. A Sharpe ratio of less than 1. 0 shows a return on investment lower than the risk taken (Lhabitant, 2006). This ratio is appropriate for measuring the performance of mutual funds in Ghana for the purposes of the study. Sortino Ratio This ratio was developed by Frank Sortino. It is an extension of the idea behind the Sharpe ratio that calls for attention to an investor’s return target or minimal accepted return (MAR). The ratio uses target semi deviation in the denominator instead of the standard deviation. This is particularly useful when the return target is of importance to the investor (Christopherson et al. , 2009). * Jensen Alpha The average return on a portfolio over and above that predicted by the capital asset pricing model (CAPM), given the portfolio's beta and the average market return. Developed by Michael C. Jensen, this measure of a portfolio's alpha value is the most widely used measure of the risk to return trade-off. It is also known as the abnormal return or the risk adjusted excess return (Russell, 2011). The skewness and kurtosis of the distribution of the data will also be analysed and discussed whiles comparing risk and return. RESEARCH STRATEGY, TIME SCALES AND RESOURCE IMPLICATIONS This research will involve the gathering and analysis of quantitative data available to the public. Literature on existing research in mutual funds assessment will be discussed. Other electronic sources of information such as online journals, articles, eBooks and databases will be accessed. Business reports and articles published in Ghanaian newspapers and journals such as the Securities and Exchange Commission Reports will also be consulted. The risk and return of a sample of mutual funds in Ghana will be calculated and discussed. A comparison will then be made with a benchmark performance in a market that has macroeconomic conditions similar to Ghana. This is justified as it enables logical submissions to be made from the comparisons. The use of financial markets indices will be employed. Conclusions will be drawn and recommendations made on how fund managers can heighten the performance of mutual funds in Ghana. Any lapses in the Ghanaian mutual funds industry will be pointed out. There will be no questionnaires involved or the gathering of primary data for the purposes of this study. Microsoft Excel and SPSS are the software packages that will be used to analyse data. No costs will be incurred for their usage as they are already in my possession. LIMITATIONS OF THE STUDY Secondary data has the limitation of not being effective in predicting the future. Time constraints may also be faced as a number of mutual funds will have to be analysed individually and compared with other indices. The later limitation will however be overcome by effective time management and committing to the developed Gantt chart. RESEARCH ETHICS In the conduct of this research, the highest ethical standards will be observed. The issue of confidentiality of information will not arise as all data to be analysed in the research is already available to the public. The sources of information will be duly referenced and acknowledged. My independence from the organisations under study will ensure accountability and objectivity of the research. Recognized and accepted methods of analyzing data will also be used to avoid fabrication and falsification. SIGNIFICANCE OF THE STUDY This study will fill the gap of knowledge about the performance of Ghanaian mutual funds. Fund managers as well as investors will benefit from the study and its recommendations. The study is significant as Ghanaian investors are increasingly being attracted to the mutual funds industry and its ability to effectively diversify their risk. GANTT CHART Week 1 25/09 | Week 2 2/10| Week 3 9/10| Week 4 16/10| Week 5 23/10| Week 6 30/10| Week 7 6/11| Week 8 13/11| Week 9 20/11| TOPIC AGREED| | | | | | | | | | AIMS & OBJECTIVES| | | | | | | | | | OPENING SECTIONS| | | | | | | | | | DRAFT OUTLINE| | | | | | | | | | LITERATURE REVIEW| | | | | | | | | | METHOD/ APPROACH| | | | | | | | | | ANALYSIS/ RESULTS| | | | | | | | | | DISCUSSIONS/ CONCLUSIONS| | | | | | | | | | REFERENCE/ ACKNOWLEDGEMENT| | | | | | | | | | BINDING| | | | | | | | | | SUBMISSION TO FACULTY| | | | | | | | | | REFERENCES 1. All Africa. Ghana: Nation Attains Middle Income Status. Online]. Retrieved from: http://allafrica. com/stories/201011081261. html (accessed 30 August, 2011) 2. Chan, L. K. C. , Chen, H-L. and Lakonishok, J. , On Mutual Fund Investment Styles. The Review of Financial Studies, Vol. 15, No. 5 (Winter, 2002), pp. 1407-1437. 3. Chevalier, J. and Ellison, G. , Risk Taking by Mutual Funds as a Response to Incentives. The Journal of Political Economy, Vol. 105, No. 6. (Dec. , 1997) pp. 1167 – 1200. 4. Christopherson, J. A. , Carino D. R. and Ferson, W. E. , Portfolio Performance Measurement and Benchmarking. McGraw-Hill (2009), USA. 5. Haslem, J. A. Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship. John Wiley and Sons (2009), New Jersey. 6. Kaminsky, G. L. , Lyons, R. K. and Schmukler, S. L. , Mutual Fund Investment in Emerging Markets: An Overview. The World Bank Economic Review, Vol. 15, No. 2 (2001), pp. 315-340 7. Lhabitant, F-S. , Handbook of Hedge Funds. John Wiley and Sons(2006), London 8. Russell. Jensen Alpha. [Online]. Retrieved from: http://www. russell. com/us/glossary/analytics/jensen_alpha. htm (accessed 20 July, 2011) 9. Securities and Exchange Commission Ghana. What are Mutual Funds? Online]. Retrieved from: http://ww. secghana. org/investor/display_mutualfunds. php (accessed 20 July, 2011) 10. Securities and Exchange Commission (2009) Annual Report, Accra Ghana. 11. Sharpe, W. F. , Mutual Fund Performance. The Journal of Business, Vol. 39, No. 1, Part 2: Supplement on Security Prices. (Jan. , 1996). Pp. 119- 138 APPENDIX TABLE 1. 0 NET ASSET VALUE OF MUTUAL FUNDS IN GHANA (2009) Source: Securities and Exchange Commission Report (2009) TABLE 2. 0 FUNDS MOBILISED BY GHANAIAN MUTUAL FUNDS (2008 AND 2009) Source: Securities and Exchange Commission Report (2009)

Derivatives Assignment Example | Topics and Well Written Essays - 750 words

Derivatives - Assignment Example With the help of forward contracts two parties can fix the exchange rate between them for the future transactions (Federal Reserve Bank, 2010). This simple kind of agreement can eliminate exchange rate risks significantly. As the exchange rate is already decided between the two parties, transaction will take place in that rate only. With the help of future contracts also foreign exchange risks can be hedged. This derivative is also somewhat similar with forward contract. But liquidity of this contract is high as it is generally being traded on organized markets (Federal Reserve Bank, 2013). With the help of this contract parties are to buy or to sell a specific currency at a future date, at a particular rate of exchange which is fixed and agreed upon by the two parties in present. Option is also a derivative through which foreign exchange risk can be hedged. With the help of this contract interests of the buyers and sellers are taken care of significantly (Kotze, 2011). According to this contract, buyers have the right but do not have any obligation to buy or sell a particular currency at a particular exchange rate. But sellers have obligations if the buyers exercise their rights. In this way with the help of options foreign currency risks can be hedged. Derivatives are generally used for hedging against foreign exchange currency risks. There are several examples where derivatives have caused significant losses for the company. MG was significantly impacted by the usage of the derivatives. Using derivatives were integral parts of the company’s marketing and hedging programs. In 1993 the organization incurred huge losses related with the derivatives (Nihalani, 2011). The losses were over US $ 1 billion. At that point of time it was the largest derivative loss by any company. The organization was on the verge of bankruptcy. The bank was forced to seek for a rescue package of $1.9 billion from a

Philosophy Essay Example | Topics and Well Written Essays - 1000 words - 23

Philosophy - Essay Example These tactics forced the slaves to adopt survival tactics of living, reinforcing the beliefs of white people that menial labor was all the slaves were capable of – higher thought was clearly beyond the capacity of their more primitive brains. Making the situation even worse, this societal attitude was successful in convincing many of the slaves that these assumptions were correct. Proving that this was not the case, though, was Frederick Douglass. An escaped slave from Maryland, he was the first black man to appear on a presidential ticket in America. Douglass told the world his story revealing in the process how literacy changed him deeply to transform him from a masterless slave to a freethinking human being. These ideas are also revealed in his early narrative Frederick Douglass: Life of an American Slave. Although his exact birth date is unknown, Douglass believed he was born sometime in February of 1818. He died on February 20, 1895. Today’s common perception is that slavery, at least the brutal form of it, was confined mostly in the south on the big plantations yet Douglass witnessed many brutal beatings on his master’s Maryland farm where he lived for his first seven years. As a child, he was often required to endure cold and hunger because the master kept most of the slave-generated products, including food and fuel, for his own comfort and well-being. Normally a very traumatic event for a child, when 7-year-old Douglass’ mother died, he felt almost no grief. â€Å"Never having enjoyed, to any considerable extent, her soothing presence, her tender and watchful care, I received the tidings of [my mother’s] death with much the same emotions I should have probably felt at the death of a stranger† (Ch. 1). The important lesson Douglass tries to conv ey in these early chapters is how the slave is created from birth. He is separated from his family to destroy any natural human feelings of

Textual analysis Essay Example | Topics and Well Written Essays - 1250 words

Textual analysis - Essay Example This narrative is a remarkable tale, and with her discerning language and word use, Chopin provides importance to the audience with every particular expression. Even though it is presented in a quite short description on the beginning of the narrative, one apparently becomes acquainted with the life of Louise Mallard and with her as a symbol, a great deal about the status of women in the time of Chopin. The Story of an Hour is one of the most concise works of Kate Chopin, but perhaps her most revolutionary literary creation: â€Å"It was an attack on marriage, on one person’s dominance over another in ‘that blind persistence which men and women believe they have a right to impose a private will upon a fellow creature. A kind intention or a cruel intention made the act seem no less a crime.’ The demand of self-sacrifice was the crime† (Kahle 2010, 11). Louise Mallard, the major character, was suffering from a heart disease. This description is the first one given to the audience about Louise; her first name was introduced after this particular description. It provided her a particular image, a fragile, flimsy, and weak individual. Her sister informed her, in ‘veiled hints that revealed in half concealing’ (Chopin & Knights 2000, 259) of the death of her husband in a railroad accident. The mention of the ‘veiled hints’ imply that t he Victorian society did not recognize women having the ability to handle such terrible news and the cruel truth. And the response of Louise was a deviation to Victorian norms: she remained composed, yet â€Å"she wept at once† (Chopin & Knights 2000, 273) and immediately escaped to her room. Instead of anguish an unexplainable happiness flooded her because of her newly found freedom, liberated from the authority and repression of her husband. She repeatedly utters, â€Å"Free! Body and soul free!† (Chopin & Knights 2000, 260) Her sudden bliss represented

WestCiv4 Essay Example | Topics and Well Written Essays - 1000 words

WestCiv4 - Essay Example It is urging the while people, rather it is a command to the whites to take over the burden and colonize the people of other nations. The Europeans virtually looked down upon the Africans and the Asians condescendingly. They considered the non-Western culture and traditions as inferior to theirs and this European ascendancy is known as â€Å"cultural imperialism†. The Europeans had the attitude that they were destined to rule over the non-Western countries. The White men were culturally and technically advanced and always carried that air that they were superior to others. This in itself provided a motivation for the Europeans that they were destined to take care of the under privileged. This is driven by the feeling of superiority which has been confirmed by the Darwinian Theory that the â€Å"strong survive†. It promotes the idea that the white European race was superior to others. The Europeans were more advanced in culture compared to other races. The ‘surviva l of the fittest’ is the rule of the game and as believed by Kipling, the Europeans being superior were the fittest. The second motivation comes from the evolutionary theory, which believes that nature is a "kill-or-be-killed" system. It is based on the principle that if necessary, kill others to save your self. Those that cannot keep are either left behind or cut off. Even the Nazis claimed that murder of the Jews in World War II was an act of cleaning out the inferiors. To protect themselves, the superiors could even exterminate an entire race of people. It is not possible for people of two different races to survive in harmony and rather than be killed, it is better to kill them. As the others are uneducated and lack culture, they could turn savage and kill the Europeans and before they do that, the Europeans are urged to make the move. Rather than live with the â€Å"burden† it is better to kill them. Any war takes place with the motive of

Public Health in my backyard Research Paper Example | Topics and Well Written Essays - 250 words

Public Health in my backyard - Research Paper Example There is also a clean and organized produce and wet market located at the center of town. People can easily reach the grocery stores to buy the food they need. Some of the merchandise vary in cost. Some are cheap while others are relatively expensive. Regarding medical services, my community has several reachable clinics and health centers to provide medical attention to people. Unfortunately, most of these facilities are private institutions and do not accept Medicaid or Medicare. Health insurance is also not mandatory and most people choose not to have any because of the cost. For mental health and substance abuse, the people in the community need to travel several miles to reach attention. There are enough industries that provide jobs to the people in my community. Together with this benefit, however, is the problem of pollution in the water and air. The effect of the water pollution has been in the community for decades. Thus, the solution that has been recently implemented cannot yield results right away. It will take many more years before the waters in the community will be clear

He Reflective Commentary (Dissertation) Essay Example | Topics and Well Written Essays - 1000 words

He Reflective Commentary (Dissertation) - Essay Example 24). In addition were the visits to various eco-tourist destinations which are rather fragile in nature. Thus, the subject gave a lot of knowledge about the various theoretical and practical aspects of sustainable tourism development. Admittedly, I had never considered sustainable tourism as a concept that deserves appreciation. For me, it was more like the claims of the die-hard environmentalists, which are impractical in nature. So, I liked to consider sustainable tourism as a mere concept in its initial stage, which one in the tourism industry should bear in mind. This was so because from my personal experience, I had found that sustainable tourism is a word that was used by tour operators to attract the eco-friendly tourists and to reduce the investment in infrastructure; and the element of sustainability was seen only in green pamphlets and brochures. Thus, for me, sustainable tourism was rather a shallow concept that does not deserve much attention. So, when I started studying Sustainable Tourism, I wanted to see what the subject really meant in the current tourism world and how effective it could be in practical tourism. However, as a part of the studies, I got a chance to know about the impact of tourism on environment. In addition, I learnt about the fragile nature of the places which usually become tourist destinations. ... y various agencies around the world to promote sustainable tourism and the way they reduce the environmental impact of tourism, I understood the fact that sustainable tourism has grown much deeper and stronger than I anticipated. Also, I made the realisation that the future of tourism is almost totally reliant on the amount of sustainability it manages to introduce. Also, the subject gave me valuable insights about the role of various stakeholders; ranging from tourists, governments, tour operators and local population in sustainable tourism. Another important revelation for me was the importance of reflection in the subject I study. As I undertook the task of reflective writing, I learnt how useful, and in fact necessary, it is to learn through reflection in a subject like tourism management. According to Dewey (1933, p. 45), reflection is the practice of thinking for an extended period by linking the later experiences to the earlier ones. It helps one to understand what new things are added, what is lost, what remains the same, and what are interrelated. Thus, reflection in sustainable tourism development helps one look into the concept from the perspectives of all stakeholders. In addition, it helps one to understand if the various methods of sustainable tourism are useful or not. Another benefit of the study was that it helped me realise the areas where legal and governmental supports are lacking. As the subject revealed, it becomes necessary for governments to introduce better and stronger legal frameworks which support sustainable tourism by placing legal barriers on various activities of mass tourism. In fact, the subject acted as an eye opener by making me understand the fact that only sustainable tourism can ensure the survival of such sensitive and highly

The Overview of the Finance Ethics Concept Research Paper

The Overview of the Finance Ethics Concept - Research Paper Example The research paper "The Overview of the Finance Ethics Concept" discusses the concept of ethics in terms of the practice of finance as a discipline, an issue that is very indispensable in entirely all disciplines that define humanity. Several studies have always confirmed that without a proper ethical framework in place, finance comes to shambles. It is imperative that people are versed with all the relevant aspects of this field so that harmony and professionalism are realized in the field. Several ethical dilemmas will normally confront the players in the field and incase one is not well versed on how to conduct themselves; it could prove very difficult to manage such situations. However, much knowledge does exist on some of the dilemmas and the most appropriate strategies on how to tackle them. In such a case, it becomes important to learn them and get acquainted with them. The research process will involve the basic primary aspects in which case data will be sought in the field. Though the most relevant practitioners in the field will be part of the process and the data will be collected and analyzed using conventional statistical aspects. Both primary and secondary sources will be considered as sources of information. Also, it is hoped that the findings will reveal that a challenge really exists with respect to ethical conduct in the field of finance. It is further expected that people will indeed confirm that they have faced challenges regarding the concept.

Medical Costs in the United States Research Paper

Medical Costs in the United States - Research Paper Example Healthcare costs are on the rise and there seems to be no way for these costs to stop without reform measures. The Problem with Healthcare Spending One problem with healthcare spending is that it is growing faster than the economy and everyone is affected by this change. Whether people use private insurance, Medicare or Medicaid, they will be affected in some way as healthcare costs continue to grow. (Myerson, Nelson, Simpson, and Topoleski (2007). This has put healthcare as a much talked about issue and it is both a social issue and an economic one. According to Healthcare Problems.org, in 2007 about 50 million Americans went without health insurance and about 25 million were considered underinsured. Between 2001 and 2005 health insurance premiums increased by 30% but people’s income only rose about three percent. Today, healthcare expenditures have increased to $2 trillion a year. Over the past four years, the number of people who are now underinsured has reached 60% which m eans that 25 million people are struggling to pay their healthcare bills (â€Å"Healthcare Statistics, â€Å" 2011). The highest rate of underinsured (31%) is in those Americans who make less than $20,000 a year. After doing an informal survey of people I know, many Americans agree that there should be some type of healthcare reform, but most people are not sure how this reform would take place and who would fund it. Employer Based Insurance When people look for a job one of the benefits they look for is health insurance. Many people feel that if the employer offers insurance they will be able to afford to have insurance. Unfortunately, employer supplied healthcare is also suffering because of the rising costs of healthcare. According to a report by Singhal, Stueland, and Ungerman (2011) the Affordable Healthcare Act has created more cost problems for employers and many have limited this benefit for their employees or stopped providing it all together. According to their report, b y 2014, employers will have to make drastic changes in the way they do healthcare. One of these drastic changes is that about 30% of employers will â€Å"probably† stop offering insurance to their employees after 2014 because of the expense. Singhal, Stueland and Ungerman (20010 surveyed employers and predict that if employers stop offering insurance, they may increase their revenues by at least 30%; this makes this option very attractive to employers who are struggling to provide healthcare. Singhal, Stueland, and Ungerman (2011) also state that because of the way that reform is stated, employers are able to limit their social obligation to their employees to offer insurance. The way in which the reform act is written, states that all employees must have some type of insurance, but they do not stipulate that employers have to provide it. The Act states that if the employer does not offer insurance, the individual can apply for â€Å"income-indexed premium and out-of-pocket cost-sharing subsidies† (Singhal, Stueland, and Ungerman, 2011, p.2). The law specifically states that employers with 50 or more employees must offer health insurance to all full time employees or face a fine of $2,000. They also must provide reasonable coverage to all their employees on a similar level. In other words,

The Health Insurance Portability and Accountability Act Essay Example for Free

The Health Insurance Portability and Accountability Act Essay The Health Insurance Portability and Accountability Act or HIPAA got enacted in the year 1996 by U. S Congress. The first title of HIPAA offers protection to the workers as well as the families when they decide to change their jobs or incase they lose jobs. The second title of HIPAA which is also known as Administrative Simplification does require for establishments of the national standards of electronic care transactions, employers, the plans of health insurance and the national providers. This paper hence gives limelight to what HIPAA is all about and the people who ought to comply with the standards of HIPAA. HIPPA which was enacted in the year 1996 does require the HHS secretary to publicize all the standards for electronic exchange, security of the health information as well as privacy. The new standards are integral and are developed in order to offer protection to the integrity, confidentiality as well as the availability of the health information (Department of health Human services, n. d). In the past there were no any standards that offered uniform and comprehensive protection of the health information. The new HIPAA’S security standards will offer correct access of health information by the health providers, health plans, clearinghouses offering the appropriate safety measures against dissemination and misuse. The Electronic Signature Standard will offer a reliable way to assure there is message integrity, non repudiation and authentication. The covered entities ought to comply with the standards of HIPAA. The covered entities comprise of Health plans, health providers who do transmit any health information through electronic form and the Health Care Clearinghouses (Department of Health Human Services, n. d). The health plans include group or individual plans that offer or pay costs of the medical care which are covered in the entities. They comprise of vision, dental, vision, drug insurers, health organizations and maintenance, Medicaid, Medicare as well as the long term insurers (HIP, 2008). They also include the church and government sponsored health plans, employer groups and others. Every health provider who does transmit the health information electronically is also covered by this entity. The healthcare clearing houses are those entities that do process some of the nonstandard information that they do receive from other entities to a standard. The main benefits of HIPAA regulations to the healthcare organizations are the fact that the standardization of the electronic data will improve the transfer of information between the provider and the payer. Also HIPAA is beneficial as the codification of standards of the electronic data will trigger the medical providers to effectually move their medical services to the internet(Bureau for Medical Services, 2008). HIPAA will also offer the healthcare organizations with a prospect to simplify as well as streamline their infrastructure and operations offering important savings potential. With the implementation of the standards of HIPAA the administrative needs might decrease. The standards of HIPAA do not apply to the employers, casualty, life, disability and workers insurers as well as other health information users. The major goal of HIPAA’s privacy rule is to make sure that the individual’s information on health is protected and there is flow of the health information that is required to offer as well as promote quality healthcare in order to offer protection to the well being of the public. The privacy rule offers protection to people seeking healing and care and given the fact that the marketplace for healthcare is quite diverse, this rule is hence designed in a comprehensive and flexible way to cover disclosures and uses that ought to be addressed.

Panama Canal Construction Problems

Panama Canal Construction Problems The canal of Panama is 77km long and it facilitates shipping in region by connecting the Pacific Ocean and Atlantic Ocean. This waterway has been a vital route for trade in international maritime. The US canal project commenced in 1904 and completed in 1914. Since its completion, it has witnessed an increase of traffic from approximately 1000 ships per year to 14,702 ships per year in 2008. This was one of the most complex and huge engineering project ever carried out. Its completion had a huge effect on navigation between the two water bodies since it aided to eliminate treacherous and long route through the Cape Horn and Drake Passage. The idea of a canal in the neighborhood of Panama was embarked from early 16th century. The primary effort to build a canal started in 1880 under French headship, although it was deserted after 21,900 workers were reported to have died. Many deaths were caused by landslides and diseases specifically yellow fever and malaria. The US started another at tempt to construct the same canal that resulted to 5,600 additional deaths although managed to open the canal in 1914. After completion, United States government took over authority of the canal and neighboring Zone of Canal. The control of Panama was placed under transition by the 1977 Torrijos-Carter Treaties and starting from 1979 until 1999, the water way was under joint control of Panama and US. However, starting from 31st December 1999, the management of the waterway was passed to Waterway Authority of Panama. Panama Canal construction raised several issues that resulted to change of the initial design. French Construction Issues The French government was inspired after it successfully completed the Suez Canal construction in 1869. This gave them confidence to pursue the project of same magnitude which was to join Pacific and Atlantic Ocean. The La Societe Internationale du Canal Interoceanique Company was established in 1876 to oversee the project and after two years from its creation it acquired a concession from the Government of Columbia, which at that time had the control of land, to construct a canal passing through Isthmus. The leader of the project was a Frenchman, Ferdinand de Lesseps, who oversaw the building of Suez waterway. Ferdinand managed to gain enthusiastic leadership accumulated from success of Suez Canal project. This kind of leadership allowed him to convince ordinary citizens and speculators to invest in the project to raise about US $400 million. Exceptionally, Ferdinand was not an engineer by profession although he succeeded in the previous scheme. The building of Panama water way was very distinct compared to Suez Canal that was simply digging a ditch in a level desert of sand, which represented few problems. The Central America terrain runs to a low spot at Panama, while still elevated to the altitudes of 110 meters from level of sea at the lowest areas. Lesseps suggestion of sea level canal would need enormous digging presenting a challenge as a result of differentiated rock hardness. French was faced with another challenge presented by rivers passing across the canal because their flows would increase substantially in wet seasons. The water would interfere with canal because it would raise a very serious danger to shipping. Therefore, the rivers cutting right across the canal course needed to be redirected. Another grave challenge that faced the French project was diseases in tropics, specifically yellow fever and malaria. This was aggravated even further by the lack of skills on how diseases spread and any prevention measure was futile. The legs of hospital beds used by French workers were put into containers full of water to prevent insects from infesting the bed, little did they tha t the tins provided suitable environment for mosquitoes breeding. The Panama project as proposed by Lesseps was dogged by deficiency of engineering professionalism from its initial stages. The meeting in Paris of international engineering congress in May 1879 comprised of 136 members with merely 42 professions in engineering and the rest comprising of non-professions. The building of the canal by French started in 1882 and a huge manpower was prepared in 1888. The labor force comprised of approximately 20,000 workers where 90% of them were afro-Caribbean men originating from West Indies. The status of project and well-paid French engineers fascinated professionals from French engineering schools but massive losses of workers from diseases lowered their attraction. In early 1885, it became apparent to many that a canal of sea level was impossible and that a raised ditch with locks was the only feasible solution. Nevertheless, Lesseps did not readily buy the idea until late 1887 when the design of lock canal was accepted. At the time of adopting the plan, the project was dogged with a lot of challenges such as mudslides, floods, death tolls, engineering problem and financial crisis. Additionally, the company was declared bankrupt in 1889 forcing it to abandon the project in 1889. Until the collapse of the project, money amounting US $ 234,795,000 had be used and project was only 40% done. The project was entirely abandoned in 1893 as a result of inadequate skills and other difficulties. U.S Construction US showed a huge interest in constructing the waterway through Isthmus and in 1902, the US government embarked on the project of Panama waterway. The then US president, Roosevelt Theodore, decided to purchase the excavation and machineries from French at a cost of US $ 40 million and the job was commenced in 1904. The head of Engineering between 1905 to 1907, John Stevens, opposed the plan of French to build a sea level canal. Fortunately, President Theodore bought the idea of chief engineer to built waterway with locks and dams. Engineer John Stevens managed to lay down infrastructures in panama that were vital for completion of the project. He improved the transport technology by restructuring Panama Railway and developing a way of collecting soil from the digging via rail. Additionally, he put in place good shelters for workers and encouraged funding to improve sanitation. He also gave attention to programmes of controlling mosquitoes in order to remove yellow fever and malaria fr om the region. The building of a raised waterway with locks started to be feasible after the considerable redesigning of the infrastructure and effective diseases control programmes were put in place. The US government saw the need to replace the deteriorating machineries of French with equipment designed for massive jobs to hasten the speed of construction. The Ellicott Dredges Company in US developed the cutter dredges utilized in building Panama waterway. The initial equipment to be build by the company was 900 HP steam engine with dredge of 20 inches. The completion of constructing Panama Canal was finished in 1914, much early than it was projected. The waterway was officially opened on August of the same year of completion. Panama Canal Technology The technology that was employed to construct Panama waterway by French was sea level design. This is because they had successfully employed the same technology in construction of Suez Canal. Unfortunately, the technique did not work in the Panama Canal project. With the development of technology in field of engineering, the United States ignored the design of French and continued with the design based on a huge lake raised with one and two lock combination on the side of pacific and three locks at the Atlantic side at Gatun. The technology employed in design of sea level suffered severely from the huge volume of digging needed and from flooding that would have happened on the Charges River. This river was usually frequented by flooding that would have put the waterway into peril and affect traffic flow. The engineering technology allowed US to built dam close to the Chagres River mouth in order to mitigate impacts of flood and reduce excavation. The locks were controlled by highly d esigned electro-mechanical control system that are still functioning since 1914.The issue of diseases that had cropped in French project was tackled by US through technological improvement in the field of science. A Doctor from Cuba, Dr. Reed Walter, had been able to discover that mosquito was the vector that transmitted malaria. In addition, technology saw US in the replacement of old ineffective equipments with machineries that were designed to handle huge work like the big hydraulic crusher. Conclusion French government embarked on the attempt of constructing Panama Canal in 1982 after gaining motivation from successful completion of Suez Canal. The French head of project was not an engineer by profession and he employed the design that was used to build Suez Canal although Panama terrain was different. A sea level design utilized by French was faced with high elevations and rivers passing across the canal. Workers during French project perished from floods and diseases because of lack of skills to deal with those challenges. Owing to lack of enough skills and other difficulties, the project was entirely abandoned in 1893. In 1902, the Government of US embarked on the construction of Panama Canal. Learning from failure of French, US opted to use different design that employed locks and dams. There was a considerable redesigning of the infrastructure and effective diseases control programmes. The engineering technology enabled US to built dam close to the Chagres River mouth in orde r to mitigate impacts of flood and reduce excavation. The technology that was used in1914 to operate locks is still in use today.

Return on Investment for Emergency Obstetric Care Training

Return on Investment for Emergency Obstetric Care Training Social Return on Investment for Emergency Obstetric Care Training in Kenya Dedication â€Å"To philanthropy and all those contributing to making the world a better place† List of tables Table 1‑1: Summary table of social impact assessment methods Table 2‑1: WHO emergency obstetric care signal functions.. Table 3‑1: Krlev et al. 12-point quality assessment framework Table 3‑2: Sources of retrieved SROI studies. Table 3‑3: Criterion quality scores of health SROI studies across the 5 dimensions Table 3‑4: Health interventions that have been measured with SROI Table 3‑5: Summary table describing application of the SROI methodology in Health Table 3‑6: Summary of duration of health SROI analysis. Table 4‑1: Outputs of the current phase of the Making it Happen programme Table 4‑2: Content of the LSS-EOC NC. Table 4‑3: Distribution of Kenyan population across age groups. Table 4‑4: Kenyan Key development indicators.. Table 4‑5: EmONC indicators in Kenya compared to UN standards. Table 5‑1: Description of SROI principles. Table 5‑2: MiH outcome and output data indicators relevant for SROI analysis Table 6‑1: Stakeholder analysis of the EmONC training component of the Making it Happen programme Table 6‑2: Primary and secondary data required from the included stakeholders List of figures Figure 1‑1: Types of Social Return on Investment Studies Figure 2‑1: Annotation of the logic model (version 1). Figure 2‑2: Annotation of the logic model (version 2). Figure 2‑3: DFID 3Es + CE framework for Value for Money.. Figure 3‑1: Schematic representation of the conceptual framework underpinning the review Figure 3‑2: PRISMA flow diagram summarising the search process. Figure 3‑3: Mean quality scores of health SROI studies since 2005. Figure 3‑4: Number of public health SROI articles published since 2005. Figure 3‑5: Number of health SROI studies published by year, showing countries where the methodology was applied Figure 3‑6: Distribution of countries conducting SROI studies Figure 4‑1: Map of Kenya showing the eight provinces and the surrounding countries Figure 5‑1: SROI process map Figure 5‑2: Methods to be used within the SROI data collection stages.. Figure 6‑1: Analysis of stakeholders related to EmONC training in Kenya List of appendices Appendix 1: Search strategy Appendix 2: Systematic review results Appendix 3: Ethics Appendix 4: Materials relating to Making it Happen Appendix 5: Questionnaires Abbreviations ACAFIAtkisson Compass Assessment for Investors AIDSAcquired Immune Deficiency Syndrome BACOBest Available Charitable Option BEmOCBasic Emergency Obstetric Care BEmONCBasic Emergency Obstetric and Newborn Care BoP Base of Pyramid BScBalanced Scorecard BVABlended Value Accounting CAQDAS CEmOCComprehensive Emergency Obstetric Care CEmONCComprehensive Emergency Obstetric and Newborn Care CBACost Benefit Analysis CEACost-Effectiveness Analysis CMA Cost-Minimization Analysis CMNHCentre for Maternal Newborn Health CRTCluster Randomised Trials CSOCivil Society Organisation CUACost-Utility Analysis DALYs Disability-Adjusted Life Years DFIDDepartment for International Development DHDepartment of Health DHS Demographic and Health Survey EEEconomic Evaluation EmOC Emergency Obstetric Care EmONCEmergency Obstetric and Newborn Care EOC NCEssential Obstetric Care and Newborn Care FGFocus Group FGDFocus Group Discussion GRIGlobal Reporting Initiative HCPHealth Care Providers HEFCEHigher Education Funding Council for England ICPIntegrated Care and Prevention IDIIn-Depth Interview KHSSIP Kenya Health Sector Strategic and Investment Plan KIIKey Informant Interview KPIKey Person Interview LADSILabour and Delivery Satisfaction Index LATHLiverpool Associates in Tropical Health LEMLocal Economic Multiplier LMICsLow and Middle Income Countries LSS-EOCNCLife Saving Skills – Essential Obstetric Care and Newborn Care LSTMLiverpool School of Tropical Medicine MARPMost At Risk Population MDG-ScanMillennium Development Goal Scan MICSMultiple Indicator Cluster Survey MIFMeasuring Impact Framework MiHMaking It Happen MMRMaternal Mortality Ratio MNHMaternal and Newborn Health MOHMinistry of Health MOMSMinistry of Medical Services MOPHSMinistry of Public Health and Sanitation MSCMost Significant Change nefNew Economics Foundation NGOsNon-Governmental Organisations OASISOn-going assessment of Social Impacts OVCOrphan and Vulnerable Children PLHIVPeople Living with Human Immuno-deficiency Virus PLHWAPeople Living With AIDS PSIAPoverty and Social Impact Analysis PTOPerson Trade-Off QALYsQuality-Adjusted Life Years QIQuality Improvement RCOGRoyal College of Obstetricians and Gynaecologists RCTRandomised Controlled Trials REDFRoberts Enterprise Development Fund RFRoberts Foundation ROIReturn on Investment SAASocial Accounting and Auditing SBASkilled Birth Attendant SCStakeholder Consultation SCBASocial Costs-Benefits Analysis SDRSocial Discount Rate SIASocial Impact Assessment SIAASocial Impact Analysts Association SRASocial Return Assessment SRHSexual and Reproductive Health SROISocial Return on Investment SSQSix Simple Questions STDsSexually Transmitted Infections SVAStakeholder Value Added TBLTriple Bottom Line ToCTheory of Change TSOThird Sector Organisation UKUnited Kingdom UNUnited Nations UNICEFUnited Nations Children’ Fund VfMValue for Money WBWorld Bank WHOWorld Health Organization 1 Introduction 1.1 Purpose of the chapter This chapter introduces the social return on investment methodology – its definition, history as well as strengths and weaknesses of its application. It then proceeds to identify examples of previous applications of the method, explores any previous intersection of the methodology with the maternal and newborn health field and provides the rationale for the study. Finally, the objectives of this research and an overview of the thesis are provided. 1.2 What is Social Return on Investment? The first definition of Social Return on Investment (SROI) is â€Å"a simple financial assessment of socio-economic value. SROI compares a project’s net benefits to the investment required to generate those benefits over a certain period of time† (Emerson and Cabaj, 2000). Over time, this definition has been modified. In the most recent SROI methodology guidance, SROI is defined as â€Å"a framework for measuring and accounting for the much broader concept of value. It seeks to reduce inequality and environmental degradation and improve wellbeing by incorporating social, environmental and economic costs and benefits† (Nicholls et al., 2012). This definition is most commonly referred to in the literature, when authors define SROI, probably because it is stated within the SROI guidance. New Economics Foundation (nef) also defines SROI as â€Å"an analytic tool for measuring and accounting for a much broader concept of value, taking into account social, economic and environmental factors† (nef, 2014). SROI measures change from the perspective of stakeholders that experience or contribute to a particular activity, intervention, project, programme or policy. â€Å"It tells the story of how change is being created by measuring social, environmental and economic outcomes and uses monetary values to represent them† (Nicholls et al., 2012). Data collection and subsequent analyses allow calculation of a benefits-to-costs ratio. For example, a ratio of 4:1 indicates that an investment of  £1 delivers  £4 of social value. There are two types of SROI (Nicholls et al., 2012) [Figure 1-1]: Evaluative SROI: This retrospectively measures outcomes that have already happened. Forecast SROI: This estimates how much social impact will be generated if the activities to be conducted meet their intended outcomes. Figure 1.1: Types of Social Return on Investment Studies 1.3 History of SROI A review of the development of the SROI methodology would aid understanding of the initial considerations of those who developed the tool and the capabilities and potentials of the tool. This understanding is critical for this research as it provides a foundation upon which the application of the SROI framework in the maternal and newborn health (MNH) area can be better understood. Roberts Foundation (RF) developed the initial SROI framework in 1996, presented in a report titled New Social Entrepreneurs: The Success, Challenge and Lessons of Non-profit Enterprise Creation (REDF, 1996). The purpose of the first SROI report by REDF was to demonstrate the blend of financial, social and environmental value that all the social enterprises within REDF’s funding portfolio were producing compared to the total investment the organisation was making. This first SROI did not attempt to account for all benefits accrued from a programme, but estimated the cost savings or revenue contributions that are attributed to the programme. The framework utilised a modified discounted cash flow analysis for this calculation to demonstrate impact (Emerson and Cabaj, 2000; Emerson et al., 2000). In 1997, the RF, under its new initiative Roberts Foundation Enterprise Development Fund (REDF) updated the framework so to have the capacity to account for total organisational social return on investment and adjusted to be able to account for actual performance that could be continuously updated. REDF recognised more limitations in the methodology (Emerson et al., 2000), but has since not produced any further SROI reports or guidelines. However, the concepts that underpinned the development of this initial framework have been built upon in the subsequent development of the methodology over the past two decades (Tuan, 2008). Guidelines for SROI application have been produced in year 2000 (Emerson and Cabaj, 2000), 2004 (Lingane and Olsen, 2004) and 2006 (Scholten et al., 2006). In 2008, the United Kingdom (UK) Office of the Third Sector (Now referred to as Office for Civil Society (Civil Society Media, 2010)), which is responsible for charities, social enterprises and voluntary org anisations in the Cabinet Office (UK Government, 2014) launched the Measuring Social Value project (Arvidson et al., 2010) and this led to the development of an updated guideline in 2009 (Nicholls et al., 2009) and the production of another revision three years later (Nicholls et al., 2012). These revisions have over the years integrated the initial REDF SROI methodology, which was essentially a social impact measurement tool with principles and processes normally used in economic evaluations and financial return on investment to build a framework that captures social, economic and environmental impacts of interventions (Rotheroe and Richards, 2007). This concept of capturing the broader impacts is widely referred to as the â€Å"triple bottom line† (Norman and MacDonald, 2004), which is in itself encapsulated within the â€Å"blended value accounting† theory (Emerson, 2003). Furthermore, through this evolution, a more detailed stakeholder analysis is now included, shorter time frames are used for estimations and a process to adjusts the results for outcomes that may be attributable to different organisations has been incorporated into the calculation of the SROI ratio (Tuan, 2008). Discussions on how best to structure the methodology are on-going and networks such as the European SROI Network (ESROIN), formed in 2004, the SROI Network (international), formed in 2008 and subsequently affiliated networks formed in Sweden, Canada and Australia, are constantly leading and shaping this process (SROIN, 2014a). The methodology is gradually gaining interest in Africa and Asia too. The drive to develop the methodology has come from within and without the third sector, as third sector organisations (TSOs), such as not for profit organisations, charities and voluntary organisations, are increasingly getting involved in delivering public services and are viewed as development partners who need to show ‘value for money’ (Netten et al., 2010). On one hand, TSOs are pushing to become better in being accountable and demonstrating the value of their activities to donors. On the other hand, the focus of funding organisations has shifted from â€Å"output† to â€Å"outcome† and â€Å"impact† and from â€Å"generous giving† to â€Å"accountable giving†, through which they can demonstrate that evidence-based decisions have informed their choice of funded interventions, projects or programmes (Leat, 2006). 1.4 Application of the SROI methodology The application of the SROI framework can vary from measurement of the impact and social value generated by a project to a programme or indeed to an entire organisation (Millar and Hall, 2013). A rapid search of academic databases does not retrieve substantial amounts of research work that have used the SROI methodology, however the methodology is very popular within the third sector and has been widely embraced by the Office of the Civil Society, donors, commissioners and the public sector (Ainsworth, 2010; Heady, 2010). Its wider practice-based use but limited application within academia restricts its development and could potentially be the reason for its minimal uptake (Arvidson et al., 2010; Ebrahim and Rangan, 2010). Since its first use by REDF in 1996 (Emerson and Cabaj, 2000), the SROI methodology has been broadly applied to many organisations and within many industries. Examples of its use across different sectors include agriculture, where it was used to account for impact of care farming (Leck, 2013); environmental, where it was used to account for impact of a natural regeneration project (Weston and Hong, 2012); energy, where it was used to account for impact of energy efficiency of homes in Germany (Kuckshinrichs et al., 2010); social, where it was used to account for impact of providing training and employment for blind people (Sital-Singh, 2011), transport, where it was used to account for impact of a co-ordinated shared transport service which provides access to workplace, training and childcare in rural Scotland, where no alternative transport is available. (Wright et al., 2009) and indeed health, where amongst other examples, has been used to account for impact of a community-based pa ediatric asthma programme and provision of highly nutritious breakfast for school children in Sydney, Australia (Bhaumik et al., 2013; Varua and Stenberg, 2009). As regards its application in health [described in detail in Chapter 2: systematic review of SROI application in health], It is worth noting that in 2009, the UK Department of Health (DoH), with the support of the Cabinet Office, commissioned an action research project on which five health focused social enterprises were supported to conduct SROI analysis (Department of Health, 2010). This research demonstrated the relevance of the SROI methodology to the health sector and proved that there were additional benefits of using the methodology (Millar and Hall, 2013). However, to the best of our knowledge, though relevant and appropriate, there is no reported evidence of the application of the SROI methodology in the field of maternal and newborn health. 1.5 Difference between SROI and other related methodologies As mentioned above, the SROI methodology has evolved from a combination of social impact assessment tools and economic evaluation tools. It is therefore important to understand how SROI differs from these existing tools and identify what innovative approach it actually offers. When compared to other social impact measurement tools, there are subtle differences. There are several tools that have been previously or are currently being used in measuring and accounting for social impact (Acumen Fund, 2007; Brest and Harvey, 2008; Brest et al., 2009; Centre for High Impact Philanthropy, 2008; Clark et al., 2004; Emerson et al., 2000; Maas and Liket, 2011; Maas, 2008; Maughan, 2012; Nicholls et al., 2012; Owen and Swift, 2001; Schaltegger et al., 2004). Table 1‑1: Summary table of social impact assessment methods Method Primary application to Date Process Outcome Impact Monetisation Non Profit For Profit Government Acumen Scorecard à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Atkinsson Compass Assessment for Investors (ACAFI) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Balanced Scorecard (BSc) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Benefit-Cost Analysis à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Best Available Charitable Option (BACO) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Base of Pyramid (BoP) Impact Assessment Framework à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Cost per Impact à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Expected Return à ¯Ã¢â‚¬Å¡Ã… ¸ Global Reporting Initiative à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Local Economic Multiplier (LEM) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Measuring Impact Framework (MIF) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Millennium Development Goal Scan (MDG-Scan) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Most Significant Change à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Ongoing Assessment of Social Impact (OASIS) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Poverty and Social Impact Analysis à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Social Accounting and Auditing (SAA) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Social Costs-Benefits Analysis (SCBA) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Social Return Assessment (SRA) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Social Return on Investment (SROI) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Stakeholder Value Added (SVA) à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ Theories of Change à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ à ¯Ã¢â‚¬Å¡Ã… ¸ [Table 1-1] shows the key characteristics of these different social impact measurement tools described in the literature, identifying the tools that monitor efficiency and effectiveness of outputs, indicators or variables (process); tools that relate outputs and outcomes and to substantiate incremental outcomes above what would have occurred if the intervention was not implemented (impact) and tools that monetize outcomes and/or impact by transforming them to monetary value (monetization). Finally the table details the sector(s) in which the method has thus far been applied – non-profit (third sector), for profit (commercial) or public sector (government). Of these tools, SROI appears to have gained wide acclaim because of its involvement of all stakeholders, who independently define the value they have experienced because of the intervention. In addition, SROI monetises costs and benefits and also ticks all the boxes of the logical framework, as it accounts for processes, outcomes and impact (Arvidson et al., 2010; Nicholls et al., 2012). The other similar methodologies to SROI are Economic Evaluation (EE) tools. These compare two or more alternative interventions in terms of their costs and benefits (Drummond et al., 1997). Economists have distinguished four types of economic evaluation: Cost-minimization analysis (CMA), Cost-effectiveness analysis (CEA), Cost benefit analysis (CBA) and Cost-utility analysis (CUA). While the definition of cost remains the same, the manner of accounting for the benefits differs across the types (Drummond et al., 2005). These different types of EE are described below: Cost-minimization analysis (CMA): In which, there is proven evidence that equivalent effectiveness of the comparators in question. Thus the more cost-effective option would be the cheaper one (since both options have similar outcome). Cost-effectiveness analysis (CEA): Effectiveness is measured in ‘natural units’ such as life years gained. Cost benefit analysis (CBA): Costs and benefits are monetised, with the cost-effective option being the one that results in a lower monetised ratio. Cost-utility analysis (CUA): Outcome is measured in Quality-adjusted life years (QALYs) or Disability-adjusted life years (DALYs), which is a composite metric of both length and quality of life. When compared to the SROI methodology, whereas a large focus of economic evaluation tools is on the microeconomic evaluation of the impact of any intervention, SROI accounts for not just economic value, but social and environmental impacts. It has been described as an extension of the cost-benefit analysis that incorporates broader socio-economic outcomes (Westall, 2011). In addition, SROI focuses on stakeholders, uses financial proxies, is more of a management tool, is more likely conducted by organisations themselves, while CBAs are usually conducted by external agents and the most up to date guidance does not recommend comparing estimated SROI ratios, unlike CBAs that are designed to be comparable. However, these differences appear to be largely based on â€Å"the style of each approach, rather than the true substance† (Arvidson et al., 2010). 1.6 Strengths and limitations of the SROI methodology 1.6.1 Strengths of the SROI methodology Practitioners and previous authors have identified some of the key strengths of the SROI methodology. Firstly, the fact that the SROI process generates a singular ratio that captures the broader impact (positive and negative) of an intervention is perceived as a key strength (Millar and Hall, 2013). One other strength is its meaningful engagement of stakeholders and its representation of their benefits in ways that are unique to the stakeholders themselves (Millar and Hall, 2013). More so, the fact that this benefits experience or impact experience is being explained from the perspective of the stakeholder is a unique characteristic of SROI, and this important stakeholder view is often neglected in conventional impact evaluation tools (Rauscher et al., 2012). In addition, the method provides a platform for social enterprises to leverage and/or effectively communicate their impact. This ultimately promotes better communication amongst all partners, whether they are beneficiaries, funders or implementers (Mdee et al., 2008). The SROI process also strengthens accountability and transparency systems of social enterprises (Arvidson et al., 2010). Finally, the SROI process is a very useful auditing tool to aid management decisions and service improvement (Social Ventures Australia (SVA) Consulting, 2012). 1.6.2 Limitations of the SROI methodology However, there are limitations of the methodology, just as there are of other impact evaluation methodologies (Arvidson et al., 2010). Some methodological limitations that have been raised include the difficulty of attaching financial values to â€Å"soft outcomes† that require subjective evaluation to generate â€Å"financial proxies† (Lingane and Olsen, 2004) such as self-esteem or confidence (Bertotti et al., 2011). Albeit still in developmental stage, is the Wiki Values, Outcomes and Indicators for Stakeholders (VOIS) database of the SROI Network is an attempt are to standardise such outcomes by recommending indicators and values of such outcomes that can be used to account for them (Rauscher et al., 2012). An example of a health related outcome on WikiVOIS is â€Å"change in incidence of abortion†. Contributors to the database have suggested that â€Å"cost of medical termination of pregnancy† can be used to value this outcome in Canada (The Global Value Exchange, 2013). In addition, the methodology needs an estimation of â€Å"what would have happened anyway† to calculate the value that can be attributed to the specific organisation, programme or intervention, however, this counterfactual data is seldom available (Cordery, 2013; Heady, 2010). Furthermore, the lack of comparability of SROI ratios across different organisations and/or interventions is perceived as a limitation (Ryan and Lyne, 2008). On practical grounds, SROI methodology is adjudged to be cost-intensive and requires the expertise and know-how of professionals and in some cases training, some of which small organisations cannot afford (Wood and Leighton, 2010). 1.7 Rationale for the study Though applicable and relevant, to the best of our knowledge, there is no documented application of the SROI methodology in the area of maternal and newborn health. For most MNH interventions, the key beneficiaries are the women and their families. There is currently no tool that captures the perspectives of all these stakeholders on impact of any intervention in one summary figure. This underscores the need to explore the use of primary data that will include inputs of those benefiting from MNH interventions, as this may potentially be useful in identifying the most complete estimate of the impact of these interventions. To buttress this, some authors have pointed out that this complete evaluation of MNH interventions needs to include identification of the most culturally appropriate intervention for each local setting and peculiar issues unique to the setting. Those who are the major beneficiaries of the intervention are better positioned to identify these culturally appropriate in terventions. Thus the call for culturally sensitive impact evaluations, which attempt to identify specific causes of problems, rather than basing decisions on â€Å"superficial† indicators such as maternal mortality rate, which is only quantitative and does not capture softer outcomes that also demonstrate impact of an intervention (McPake and Koblinsky, 2009; Pradhan, 2008). Secondly, data used as maternal health indicators are usually generated from relatively credible sources such as the Demographics and Health Survey (DHS), Multiple Indicator Cluster Survey (MICS) and World Development Indicators, but the problem of lack of uniformity in the process by which the indicators were generated remains (Pradhan, 2008). This is complicated by the fact that a large number of developing countries, that receive aid, do not have accurate or complete secondary data to base impact evaluation on (WHO,

School Construction: Wrong Decision :: Personal Narrative Argumentative Papers

School Construction: Wrong Decision My only ‘normal’ year of high school was my freshman year. I don’t know if any part of high school is normal, but the last three years for me were miserable. Those years were full of construction. Greeneville High School was built in 1950 and was in serious need of help. The town had to make a decision on what they wanted. They weren’t sure whether to build a brand new school in a new location or remodel and expand right where it is. They chose to rebuild and expand. That meant my last years there would be one big headache. I’m not saying the decision to leave the school in its existing location was wrong, but I do believe that no one really took into consideration the hassle it would cause. At the beginning of freshman year, the school system sent out surveys asking the parents what they thought of fixing up the school. Everyone in my town knew that something needed to be done years ago. I was surprised the building hadn’t collapsed already. You sat in class and looked outside through the cracks in the walls. Most of the town wanted to build a new school at a new site. It would help ease the overcrowding and parking conditions. They could build on at another location with no problem, as it became needed. That dream was shot down when the announcement came that the school would remain where it is. What happened? The two men that would pour money into the new school got to decide where the school went. (the men are not being named so no one is offended that may know them) They were afraid if the school moved from its existing site, the downtown area would lose money. These two men got to decide everything without considering the repercussion s. So with this decision, my high school years were forever changed.

The Impact of Societal and Economic Changes upon the Family Essay

  Ã‚  Ã‚  Ã‚  Ã‚  Family and society have come across many changes during our history. Every change that occurred has affected what many people would call the "Benchmark Family" (Scanzoni #7). This is considered the perfect family or the norm. The Family would consist of the husband that is the breadwinner and the wife who is responsible for raising the children, and taking care of the home (Scanzoni #4). Society has changed dramatically from the 19th century. These changes in turn have affected Family. Many factors through the years have been responsible for these changes. Feminism is a tremendous factor that is still having its effect on family and society today. Another factor is employment. Women in the workplace have changed family structure over the years. Sex is also a factor that changed family and society in many ways. I will explore these factors and show what effect they have on family.   Ã‚  Ã‚  Ã‚  Ã‚  Feminism impacted family in a tremendous way. In the "Jacksonian Era" the notion was that men had divine right to rule over women (Scanzoni #104). People believed that men had certain characteristics that enabled them to be better outside the home, for the purpose of supporting his family. Women were believed to be fragile and over sensitive for the harsh workplace (Scanzoni #104). Society also had certain rules that had to be followed by the public to keep society stable. These rules were mainly developed through the bible and religious institutions. During the 19th century religion was an important part of peoples lives. Religion basically dictated to the people what was right and wrong. Religion was very influential during this period. A person believed, what the church said about how they should live was what god wanted and dictated in the Bible (Scanzoni #103). For many years people lived their lives the way the church wanted them too.   Ã‚  Ã‚  Ã‚  Ã‚  Then the start of Feminism occurred, women began to say "God sees the genders as equals" according to the Bible (Scanzoni#107). Women started to raise questions about different issues in regards to equal treatment. This is when family change started. Men were happy with societies take on women. Men did not want any change to occur. Men felt everything was the way it was suppose to be. Women started to become more involved in other aspects of life besides homemaking. Women wanted what was initialed to them, which was equal... ...out the working family than it does today.   Ã‚  Ã‚  Ã‚  Ã‚  The 1950s seem to have less life threatening diseases. For one thing AIDS was not an issue. I know there were diseases but not to an epidemic levels as AIDS. Cancer was not as wide spread as today. It also seems to me people had more respect for the land. People did not litter, and appreciated where they lived more than today. People were also friendlier to each other. People just got along better with their neighbors.   Ã‚  Ã‚  Ã‚  Ã‚  Some may say that the 1950s were more strict and oppressed than today. It was, but it kept society stable and crime down. There has to be some sort of rules, whether they are societal rules or law. This is what keeps a stable environment. Of course you can never please everybody, and it is of opinion what is the best time in our history. I just feel that things were less problematic during the 1950s era. Works Cited: Scanzoni, John Contemporary Families and Relationships: Reinventing Responsibility New York: McGraw Hill, 1995 P# 4, 7, 102, 103, 104, 107, 111, 114, 120, 123, 130, 132, 139 Skolnick, Arlene, Jerome H. Skolnick Family In Transition: Ten Edition New York: Addison , 1999 P# 21, 44, 51