FIN381assignment
- 格式:doc
- 大小:85.50 KB
- 文档页数:11
the following section assignments of model -回复The section assignments of the model refer to the specific tasks or responsibilities assigned to different parts or components of the model. These assignments help in ensuring an organized and efficient functioning of the model. In this article, we will provide a step-by-step explanation of each section assignment of the model, elaborating on their importance and how they contribute to the overall operation.1. Data collection and preprocessing:The first assignment deals with collecting relevant data for the model and preparing it for analysis. This involves identifying the sources of data, ensuring its quality and reliability, and converting it into a suitable format for further analysis. Proper data collection and preprocessing are crucial for the accuracy and effectiveness of the model.2. Feature selection and engineering:In this assignment, the focus is on selecting the most relevant features or variables for the model and engineering new features if required. Feature selection helps in reducing the dimensionality of the data and improving the model's efficiency. Feature engineering involves creating new features by combining or transformingexisting ones to capture additional information or patterns.3. Model building and training:The next assignment involves building the actual model using the selected features and training it on the prepared dataset. This step includes selecting the appropriate algorithms and techniques based on the problem at hand and the available data. The model is trained using labeled data to learn the underlying patterns and relationships.4. Model evaluation and validation:Once the model is trained, it needs to be evaluated to assess its performance and validity. This assignment involves various metrics and techniques to evaluate the model's accuracy, precision, recall, and other relevant parameters. Cross-validation techniques are often used to validate the model's generalizability and robustness.5. Model optimization and tuning:In this assignment, the focus is on improving the model's performance by optimizing its parameters and tuning the algorithms used. Different optimization techniques such as grid search or Bayesian optimization can be employed to identify the optimal set of hyperparameters for the model. This step involves experimentation and fine-tuning to achieve the best possible results.6. Model deployment and integration:The penultimate assignment deals with deploying the trained model into a production environment where it can be utilized for real-time predictions or decision-making. This step involves integrating the model with existing systems, creating relevant APIs or interfaces, and ensuring its compatibility and scalability. Continuous monitoring and maintenance are also essential to ensure the model's ongoing performance and accuracy.7. Model interpretation and communication:The final assignment focuses on interpreting and communicating the model's results and findings to stakeholders and decision-makers. This step involves translating complex technical jargon into easily understandable insights and recommendations. Visualization techniques and storytelling methods can be employed to effectively communicate the model's outcomes and implications.In conclusion, the section assignments of the model encompass a series of steps that collectively form a comprehensive approach to data analysis and modeling. Each assignment plays a crucial role in ensuring the model's accuracy, efficiency, and usability. By following these assignments in a systematic manner,organizations can harness the power of data and make informed decisions that drive growth and success.。
基于不确定,不精确知识的推理系统——UKRS
于津;刘叙华
【期刊名称】《小型微型计算机系统》
【年(卷),期】1996(017)009
【摘要】UKRS是建立在算子FUZZY逻辑的λ-Horn集上,使用λ-SLD归结推理机制作为其理论支持的一个基于不确定、不精确知识的推理系统。
在UKRS中用λ-Horn子句表示知识,因算子FUZZY逻辑对于算子是显式表示的,故可以方便的描述不确定、不精确知识,并且支持不确定、不精确推理。
【总页数】4页(P31-34)
【作者】于津;刘叙华
【作者单位】汕头大学计算机科学系;吉林大学计算机科学系
【正文语种】中文
【中图分类】TP18
【相关文献】
1.基于强相关逻辑的不精确应急时态知识表示 [J], 张贤坤;刘栋;高珊;杜磊
2.一个基于专家知识的不确定性分析推理系统 [J], 宋逢明
3.一种不精确知识表示及其推理系统 [J], 王群来
4.一个基于CLIPS的后向不确定推理系统 [J], 刘海明
5.基于故障投诉的配电网故障定位不精确推理系统 [J], 蔡建新;刘健
因版权原因,仅展示原文概要,查看原文内容请购买。
Online Gaming regulations are in emergencySubmission to the Australian Government on theRevision of Interactive Gaming Act 2001[Name of student][Student ID]For [Instructor Name]This assignment is approximately 1643 words in lengthContentsIntroduction to the Australian Council of Social Services (3)Problem Gambling (3)History of online gaming (3)Recent Developments (4)Online gaming is the major source of problem gambling (4)Problem gambling caused various social issues (5)Financial impacts from online gaming (6)Conclusion (6)References (8)Introduction to the Australian Council of Social ServicesThe Australian Council of Social Service (ACOSS) is the national-wide body of the community services and welfare sector. Founded in 1956, ACOSS aims to reduce poverty and inequality by promoting public policies and actions by government, community and private sectors towards socially and environmentally responsible. ACOSS supports non-government organizations which provides assistance to the general public and contributes to national public policy design.Problem gamblingThe term "Problem Gambling", according to the website , is …used to describe gambling behavior, which causes disruption in any important life function, whether psychological, physical, social or vocational. This term is generally accepted to include, but is not limited to "Pathological", a.k.a., "Compulsive" gambling. Compulsive Gambling is a progressive addiction characterized by increasing preoccupation with gambling, a need to bet more money more frequently, restlessness or irritability when attempting to stop gambling, "chasing" losses, and loss of control by continuing negative gambling behavior, regardless of the disruption and serious consequences of such behavior.‟ (, 2009)History of online gamingThe history of online gambling is quite short. Online gaming started in the 1990's and has become explosive ever since. Internet betting has become a multi-billion dollar industry in a very short time and its size, in fiscal sense, is still having a rapid growth. The catalyst for the rapid growth happened in 1994, when the government of the Caribbean island, Antigua Barbuda, passed the law that enables online casinos to operate from their homeland to this day - the Free Trade and Processing Zone Ac t. Australia grants the first and only online casino license to Lasseters. By the year 2000, the Federal Government of Australia put into effect the Interactive Gambling Moratorium Act, which prohibits any online casino or sportsbook formed after May of 2000 to operate domestically.Recent developmentsIn June 2010, Australian Productivity Commission (PC) has published a report to recommend that online gambling has to be legalized, regulated, and taxed. Responding to a request from the Australian government, the PC has updated their 1999 inquiry into the gambling industry and has returned a report to the federal government. The report makes a large number of recommendations. The government is under no obligation to accept their recommendations of the Productivity Commission, but is likely to take its comments very seriously. Since thepublication of the report, the issue of limiting online gaming has been the center of some heated media attention in the past few monthsOnline gaming has gained wide acceptance and popularity among gamblers for its convenience. An estimated 20 million people worldwide gamble online at internet casinos. In 2007, Americans spent $34 billion on gambling in bricks and mortar casinos, and that number does not include the amount spent at Native American casinos. In the case of Australia, the revenue from online gaming grows at an annual rate of 3.5% in the past decade despite the fact that some traditional gaming places have shown zero or negative growth rates over the same period.This submission addresses the concerns of limiting online gaming. Various researches have shown that online gaming is a catalyst to problem gaming. Problem gambling is ten times more common among those who gamble online than among those who only gamble offline, according to the research conducted by Griffiths (2007). The PC also suggested in the report that these computerized gambling machines account for 80% of problem gambling in Australia.Online gaming catalyzes problem gamblingThe medium of the internet may be more likely to contribute to problem gambling than gambling in offline environments. Problem gamblers and those at risk contribute a significant portion of Australian electronic gaming machine spending.Despite the fact that the cause of gambling problem is the individual‟s ability to control the gambling, anecdotal reports indicate that one risk factor may be a fast speed of play. In other words, the faster the wager to response time with a game, the more likely players may be to develop problems with a particular game. With the advance of technology and the spread of the Internet throughout the last decade, it becomes faster and more convenient for gamblers to access online gaming portals.Liberal online gaming has made the situation worse. Inadequate protection from the existing IGA does not help in improving problem gaming in Australia as consumption by Australians of electronic gaming machines increases.Researches have also found that a higher portion of online gamblers are classified as “problem” or “pathological” gamblers, compared to people who visit conventional land-basedcasinos. Besides, online gambling is even more addictive than ordinary live gambling, since internet in itself has an addictive effect on individuals.Problem gambling caused various social issuesA recent research study was done by the National Opinion Research Center at the University of Chicago, in collaboration with three other research bodies. Gestian et al (1999) reported that …based upon criteria developed by the American Psychiatric Association, we estimate that about 2.5 million adults are pathological gamblers and another 3 million adults should be considered problem gamblers.‟Take the state of Victoria as an example, problem gamblers in Victoria have been found to spend nearly three times the amount spent by non-problem gamblers ($A103 versus about $A36), and to make six times as many visits to automatic teller machines (ATMs) (Caraniche Pty Ltd 2005). Problem gamblers spent around six times as much as non-problem gamblers, a total of $A443 per week or over $A23,000 annually. Problem gamblers were estimated to spend about nineteen-folds of recreational gamblers on average.With the current IGA, Australia has the highest percentage of problem gamblers among major developed countries, according to a survey. Applying the same methodology used in the report published by Sproston et al (2000), approximately 2.3% of population in Australia are problem gamblers. This is significantly higher than the international average of 1.5%.Various studies have found high rates of alcoholism, depression, anti-social personality disorder, mood disorders, and other conditions in pathological gamblers, leading some researchers to suspect that problem gambling is often a symptom of an underlying condition.Financial impacts from online gamingPromotion of online gaming impacts revenue of traditional gaming. Despite a strong growth in revenue, online gambling, on the one hand, is only responsible for 4% of all national gaming. The revenue generated from online gaming is not the major portion of total gaming revenue. Moreover, there are studies concluding that total revenue from gaming industry may not be necessary increased with the introduction of more online gaming machines. According to national statistical bureau, the revenue growth of conventional gaming showed a negative trend after additional online gaming machines have been set up.Problem gamblers have highly likelihood to experience adverse consequences such as broken relationships and families and alcoholism. Although the economic costs of these consequences cannot be measured directly, there are other tangible economics costs that are usually spread around the community. Earlier studies found out problem gamblers experienced higher rates of personal bankruptcy and higher divorce rates. (Volberg 1998). For instance, according to Gestian et al, (1999) in the United States, …problem gambling costs the society approximately $5 billion per year and an additional $40 billion in lifetime costs for productivity reductions, social services, and creditor losses. However, these calculations are inadequate to capture the intra-familial costs of divorce and family disruption associated with problem and pathological gambling.‟The public does necessarily enjoy the taxation levied from online gaming. Electronic gaming machine operators are not required to be registered in Australia and therefore tax levied on conventional gaming is not applicable to online gaming. However, problem gamblers have caused additional resources from the community for its social problems. It is clear that the costs of liberal online gaming outweigh the benefits.ConclusionThis submission has presented the evidence that supports stricter regulation of online gaming, in addition to the existing IGA. Reviewing the existing IGA is not sufficient. Our recommendation is simple: impose limits in online gaming. The effects of problem gambling are well documented and the financial costs of problem gambling cannot be ignored and should be addressed seriously. Prompt actions have to be taken to promote an effective regulatory regime to address online gaming. Gaming is a vital industry in Australia and its contribution to the economy should be well perceived. The government has its obligation to promote a sustainable development for the gaming industry and balance the impacts of online gaming.ReferencesGriffiths M. et al (2009), Sociodemographic Correlates of Internet Gambling: Findings from the 2007 British Gambling Prevalence Survey, CyberPsychology & Behavior., Vol. 12, No. 2: 199-202.Young, C. (2007) Frequently Asked Questions on problem gambling, [Online], Available: /faq.html, Date accessed 22/9/10.Sproston, K. et al (2000) Results from the British Gambling Prevalence Survey, London: National Centre for Social Research.Delfabbro, P.H. & Winefield, A. H. (1999), …Poker-machine gambling: An analysis of within-session characteristic s’, British Journal of Psychology, 90, 425-439.Griffiths, M. (1999), …Gambling technologies: Prospects for problem gambling.‟Journal of Gambling Studies, 15(3), 265-283.Williams, R et al (2005), W hat Proportion of Gambling Revenue is Derived from Problemth Gamblers. presentation at the European Association for the Study of Gambling (EASG), 6 European Conference, Malmo, June 29 – July 2.Caraniche Pty Ltd, (2005). Evaluation of Electronic Gaming Machine Harm minimisation Measures in Victoria. Department of Justice, Melbourne. Print.Livingstone, C. et al (2008). The Relevance and Role of Gaming Machine Games and Game Features on the Play of Problem Gamblers.Independent Gambling Authority, South Australia. .au/pdf/0801/Final%20report.Print.Feb08.pdfGerstein, D. et al (1999). Gambling Impact and Behavior Study. Natioanl Gambling Research Center./dlib/ngis.htm。
雅思听力SECTION3得分策略雅思听力SECTION 3得分策略,今天给大家带来了雅思听力SECTION 3得分策略,希望能够帮助到大家,下面就和大家分享,来欣赏一下吧。
雅思听力SECTION 3得分策略雅思听力section3与前两个section之间的距离足以用鸿沟来形容,生活和学术隔的跨度还是大到让大部分考生的信心都受挫于此。
究竟为什么section3如此难以攻克呢?首先从最重要的内容上来讲。
Section3的内容主要以学生的课后任务讨论为主,讨论的对象有老师和学生,学生和学生,但是一定有性别上的区分。
那么我们就一定要了解课后任务都包括哪些:Quiz 小测Common test常规测试Essay小论文Thesis论文Paper论文Dissertation论文Assignment大作业Case study案例分析Individual project个人设计Group project小组设计Presentation个人演讲Lab report实验室报告Final exam期末考试1、老师vs学生其中老师和学生的讨论主要是针对学生的作业进行反馈(feedback),从以下方面展开:论文-1)准备要求-论文字数(考察多位数字)-截止日期(考察日期以及概念性时间表达,如the end of month)-调查方法(常考interview/telephone interview/questionnaire) -参考书目(考察书名,出版社,出版日期)2)研究题目-研究原因(常出现时态干扰,即曾经考虑过别的研究题目,但是由于种种原因没有进行下去,然后进行了这个题目的研究) -研究问题(常在题干上出现专有名词)-调查结果(常在结论性路标词之后出现答案,如study show, research indicate…)-尚存不足(常在转折性路标词后出现答案)-解决办法(常在对方建议性语句后出现答案,如suggest, advice, recommend, you should…)作业展示-1)项目名称2)调查过程3)实验说明4)结论老师会针对以上内容进行优缺点的逐一点评。
LESSON 4AssignmentQuestion 1Fung & Jardine Limite d. issued €1,200,000 of convertible bonds on April 1, 2008. The bonds mature on March 31, 2023, and bear an interest rate of 5.5%, paid each March 31. The bonds are convertible at the rate of 100 ordin ary shares for every €1,000 bond. RequiredT he bonds are convertible at the investor’s option. The financial instrument was issued for total proceeds of €1,489,302. The bond alone was valued at €1,230,620. No value can be separately calculated to value the option.1. Calculate the portion of the bond proceeds allocated to debt versus equity.2. What interest rate is implicit in the bond valuation?3. Prepare a table showing the interest expense and the net bond liability over the life ofthe bond.4. What would appear on the statement of financial position (indicate category),statement of income, and statement of cash flows for the year ended March 31, 2015?Do not separate the current portion of long-term debt. On the statement of cash flows, the direct method is used to disclose operating activities.5. Prepare a journal entry to reflect the following independent events:a. Conversion of the bond to ordinary shares on March 31, 2023.b. Repayment of the bond with cash on March 31, 2023, and the lapse of rights.Question 2On January 1, 20X9, Woollongong Stainless Steel Fabrication, Ltd. (WSSF) had retained earnings of €1,843,500. WSSF engaged in the following events during the fiscal year ended December 31, 20X9:a.WSSF retired a €100,000, 10-year, 6.5%, bond issue two years early by buying thebonds in the open market. When the bonds were issued eight years previously the market interest rate was 6.25%. WSSF received €101,818.50. At the end of year 8 when the bonds were retired the difference between face value and book value was €457. WSSF paid €98,750 to retire the bonds.b.On January 1, 20X9 WSSF issued €200,000 of 4%, 10-year, convertible bonds for€207,000. The market rate on the date of issuance is 4.75%. Each $10,000 bond is convertible into 50 ordinary shares on the annual interest payment date in years 4–10.The bonds are valued at €188,275; the conversion right is valued at €18,725. Interestis paid annually on December 31. The company uses the effective interest ratemethod to account for premium or discount amortization.c.Three years previously WSSF issued 80,000 rights that allowed shareholders topurchase ordinary shares in the current year at €15 per ordinary share, which was the market price when the rights were issued. Four rights were required to purchase each share. When the rights were issued WSSF received €10,000 for the rights. 64,000 of the rights were exercised. The remainder lapsed.d.WSSF issued €250,000 of 3%, five-year debentures. On maturity WSSF will issue afixed number of ordinary shares. In the current market a similar bond without theconversion feature would carry an interest rate of 4.5%. WSSF received €258,500 for the debentures.e.On December 31, 20X9 WSSF issued a 15-year €1,500,000 bond, convertible at thecompany’s option into ordinary shares. At conversion the bond will be converted into €1,500,000 of ordinary shares. WSSF received proceeds of €1,513,200.f.Employees exercised 7,100 ordinary stock options that permitted them to purchaseone share for every three options held at a price of €14.75 per share. Market value of the ordinary shares was €21.00 per share when the options were exercised. A further 4,733 stock options are outstanding and will expire in 20X0 (next year).g.At its option WSSF converted one-third of the 75,000 outstanding €10 no-parpreference shares. One no-par preference share can be converted for 3 ordinary shares.The balance in the preference share account prior to conversion was €3,600,000h.WSSF declared a dividend on the €10, no-par preference sharesi.The December 31, 20X8 statement of financial position reported 9,000 shares held intreasury, with an account balance of €189,000. Five thousand of the shares were re-sold when the market value was €22.00 per share.j.WSSF issues 150,000 rights allowing shareholders to purchase ordinary shares in three years at €25 per ordinary share. Six rights are required to purchase each share.A total of $20,000 was received for the rights. The shares were trading at €25 pershare when the rights were issued.k.WSSF acquired a factory located on leased land by issuing options. The factory is appraised at €325,000. The leas e is at market rent with provision for market rateadjustments over the term of the lease. The options allow purchase of 175,000 shares at €20 each in five years. The market value of the shares was €22 on this date. The option was valued at €308,000 using the Black-Scholes option pricing model. (Justify the value used in your entry.)l.Interest payment was made on the €200,000 of 4%, 10-year, convertible bonds (described in (b) above).m.Profit before taxes was €948,214. WSSF’s tax rate is 30%.Required1. Provide the journal entries for the events listed.2. Calculate the closing balances in each of the equity accounts as of December 31,20X9.Question 3Multiple choicea)Harbour Sales and Equipment (HSE) sold equipment to Byron Bay Ventures (BBV);BBV and HSE have been doing business for more than 20 years. In payment HSE accepted a €100,000 receivable that BBV may settle by providing HSE with 35,600 BBV ordinary shares one year from today. How would this instrument be classified by BBV?1) It is a non-monetary financial asset.2) It is a non-monetary financial liability3) It is a monetary financial asset.4) It is a monetary financial liabilityb)Taylor Automotive issued no-par-value preference shares, with a cumulative €3dividend, which are redeem able for €72 per share one year after Taylor Automotive’s outstanding 15-year bond issue matures. How would the preference shares beclassified?1)As equity2)As a hybrid3)As a financial asset4) As a financial liabilityc)Ling & Wong issued €500,000 of conve rtible bonds. The bonds pay interest semi-annually at 7%. The market rate is 7.25%. Each €1,000 bond is convertible into 5 of Ling & Wong’s ordinary shares. Proceeds of the bond issue were €512,900. Which of the following would Ling & Wong record?1) A Credit to Bond Premium and a Credit to Conversion rights on ordinaryshares2) A Debit to Bond Discount and a Credit to Conversion rights on ordinaryshares3) A Credit to Bond Premium and no entry for the conversion rights on ordinaryshares4) A Debit to Bond Discount and no entry for the conversion rights on ordinarysharesd)What of the following is not a derivative?1) A forward contract2) An interest rate swap3) Preference shares4) Option contractse)Which of the following best describes a financial liability?1) Cash2) A contractual obligation to deliver a financial asset to another entity3) A contractual right to exchange financial assets or financial liabilities withanother entity under conditions that are potentially favourable to the entity4) An equity instrument of another entity。
Homework Assignment 3 SolutionProblem 11 in the textbookIn a NAK only protocol, the loss of packet x is only detected by the receiver when packet x+1 is received. That is, the receivers receives x-1 and then x+1, only when x+1 is received does the receiver realize that x was missed. If there is a long delay between the transmission of x and the transmission of x+1, then it will be a long time until x can be recovered, under a NAK only protocol.On the other hand, if data is being sent often, then recovery under a NAK-only scheme could happen quickly. Moreover, if errors are infrequent, then NAKs are only occasionally sent (when needed), and ACK are never sent – a significant reduction in feedback in the NAK-only case over the ACK-only case.Problem 14 in the textbookIn our solution, the sender will wait until it receives an ACK for a pair of messages (seqnum and seqnum+1) before moving on to the next pair of messages. Data packets have a data field and carry a two-bit sequence number. That is, the valid sequence numbers are 0, 1, 2, and 3. (Note: you should think about why a 1-bit sequence numberspace of 0, 1 only would not work in the solution below.) ACK messages carry the sequence number of the data packet they are acknowledging.The FSM for the sender and receiver are shown in Figure 2. Note that the sender state records whether (i) no ACKs have been received for the current pair, (ii) an ACK for seqnum (only) has been received, or an ACK for seqnum+1 (only) has been received. In this figure, we assume that the seqnum is initially 0, and that the sender has sent the first two data messages (to get things going). A timeline trace for the sender and receiver recovering from a lost packet is shown below:Figure 2: Sender and receiver for Problem 3.11 Sender Receivermake pair (0,1)send packet 0Packet 0 dropssend packet 1receive packet 1buffer packet 1send ACK 1receive ACK 1(timeout)resend packet 0receive packet 0deliver pair (0,1)send ACK 0receive ACK 0Problem 16 in the textbooka) Here we have a window size of N=3. Suppose the receiver has received packet k-1, and has ACKed that and all other preceeding packets. If all of these ACK's have been received by sender, then sender's window is [k, k+N-1]. Suppose next that none of the ACKs have been received at the sender. In this second case, the sender's window contains k-1 and the N packets up to and including k-1. The sender's window is thus [k-N,k-1]. By these arguments, the senders window is of size3 and begins somewhere in the range [k-N,k].b) If the receiver is waiting for packet k, then it has received (and ACKed) packet k-1 and the N-1 packets before that. If none of those N ACKs have been yet received by the sender, then ACK messages with values of [k-N,k-1] may still be propagating back.Because the sender has sent packets [k-N, k-1], it must be the case that the sender has already received an ACK for k-N-1. Once the receiver has sent an ACK for k-N-1 it will never send an ACK that is less that k-N-1. Thus the range of in-flight ACK values can range from k-N-1 to k-1.Figure 3. Sender and receiver for Problem 3.12Problem 18 in the textbookIn order to avoid the scenario of Figure 3.26, we want to avoid having the leading edge of the receiver's window (i.e., the one with the “highest” sequence number) wrap around in the sequence number space and overlap with the trailing edge (the one with the "lowest" sequence number in the sender's window). That is, the sequence number space must be large enough to fit the entire receiver window and the entire sender window without this overlap condition. So - we need to determine how large a range of sequence numbers can be covered at any given time by the receiver and sender windows (see Problem 13).Suppose that the lowest-sequence number that the receiver is waiting for is packet m. In this case, it's window is [m,m+w-1] and it has received (and ACKed) packet m-1and the w-1 packets before that, where w is the size of the window. If none of those w ACKs have been yet received by the sender, then ACK messages with values of [m-w,m-1] may still be propagating back. If no ACKs with these ACK numbers have been received by the sender, then the sender's window would be [m-w,m-1]. Thus, the lower edge of the sender's window is m-w, and the leading edge of the receivers window is m+w-1. In order for the leading edge of the receiver's window to not overlap with the trailing edge of the sender's window, the sequence number space must thus be big enough to accommodate 2w sequence numbers. That is, the sequence number space must be at least twice as large as the window size, wk2≥Problem 19 in the textbooka)True. Suppose the sender has a window size of 3 and sends packets 1, 2, 3 at 0t.At 1t)0(t2t>the sender times out 1(tt>the receiver ACKS 1, 2, 3. At 2t)1and resends 1, 2, 3. At 3t the receiver receives the duplicates and re-acknowledges 1, 2, 3. At 4t the sender receives the ACKs that the receiver sent at 1t and advances its window to 4, 5, 6. At 5t the sender receives the ACKs 1, 2, 3 the receiver sent at 2t. These ACKs are outside its window.b)True. By essentially the same scenario as in (a).c)True.d) True. Note that with a window size of 1, SR, GBN, and the alternating bit protocol are functionally equivalent. The window size of 1 precludes the possibility of out-of-order packets (within the window). A cumulative ACK is just an ordinary ACK in this situation, since it can only refer to the single packet within the window.Problem 28 in the textbookIf TCP were a stop-and-wait protocol, then the doubling of the time out interval would suffice as a congestion control mechanism. However, TCP uses pipelining (and is therefore not a stop-and-wait protocol), which allows the sender to have multiple outstanding unacknowledged segments. The doubling of the timeout interval does not prevent a TCP sender from sending a large number of first-time-transmitted packets into the network, even when the end-to-end path is highly congested. Therefore a congestion-control mechanism is needed to stem the flow of “data received from the application above” when there are signs of network congestion.Problem 38 in the textbook。
AK/ADMS 4503 3.0 Derivative SecuritiesFall 2008Assignment #1 SolutionsInstructions:(1) This assignment is to be done individually . You must sign and submit the standard cover page supplied as the last page of this assignment.(2) This assignment is due on October 19, 2008.(3) The work can be typed or handwritten. If it is handwritten and too difficultto read due to messiness and poor handwriting, it will receive zero credit.(4) You must show your work to receive full credit.(5) This assignment contains 5 questions and carries a total of 30 points .Question 1 (6 marks)The NASDAQ-100 futures trade at the CME, and each contract is on $100 times the index. The NASDAQ-100 spot is 1,670 points, and is expected to pay a dividend yield of 1% per annum continuously compounded. The risk-free rate is 2% per annum continuously compounded.(a) What is the theoretical 1-year futures price? (2 marks)(b) The 1-year futures price is 1,701 points. Show that there is an arbitrage and show how to benefit from it? Show all details. (4 marks)Solution(a) The theoretical 1-year futures price given by:()()78.686,11%)1%2(exp 670,1)(exp 0=×−×=×−×=T T F T q r S F(b) Since the market overprices the contract, there is an arbitrage that consists in shorting the 1-year futures contract, borrow the money at the risk-free rate to buy the index today. By doing this, you lock in a net profit of $1,421.62. Here are the details:Today, you must: - Short one 1-year contract to sell the index at 1,701 in 1 year - Borrow exactly exp(-1%) x 1,670 = 1,653.38 , at the risk-free rate 2% for1 year (to buy 0.99005 units of the index)In 1 year:- The dividend yield paid on your holdings will make you having exactly 1unit of index- You deliver the index for 1,701 according to your short contract- You pay back your loan at 1,653.38 x exp(2%) = 1,686.78 - Your profit is then (1,701 – 1,686.78) = 14.2162Your net dollar profit is $100 x 14.2162 = $1,421.62Question 2 (6 marks)Consider a coupon-bearing bond selling at $950 and paying coupons in 5 months and 11 months from today. The risk-free interest is 2% per annum continuously compounded. The face value of the bond is $1,000.(a) If the 1-year forward contract on this bond is selling at a fair price of $949.05, what is the coupon rate? (2 marks)(b) What is the theoretical 6-month forward price? (1 mark)(c) The 6-month forward contract is selling at $955 in the market. Is there any arbitrage opportunity? If yes, show how to benefit from it. Show all details.(3 marks)Solution(a) We know that %)2exp()950($05.949$×−=I where:())12/11%2exp()12/5%2exp(×−+×−×=Coupon ISolving for the coupon, we find that the coupon is $10, which means that the coupon rate 2% APR semi-annually compounded.(b) Given that the coupon is $10, the theoretical price for the 6-month contract must be:()[]53.949$)5.0%2exp(12/5%2exp 10$950$0=×××−−=F(c) Since the contract is overpriced by the market, an arbitrageur can lock in a profit by borrowing/buying the bond and taking a short 6-month forward.Here are the details of the strategy:Today- Borrow a total amount of $950 to buy the bond:o Borrow $9.92 at 2% today to be reimbursed at $10 in 5 months (thisis exactly the coupon that you would receive in 5 months)o Borrow ($950 - $9.92 = $940.08) at 2% today to be reimbursed at$949.53 in 6 months-Short one forward contract today to sell the bond at $955 in 6 monthsIn 5 months-Receive the coupon of $10 and pay back the small part of the loanIn 6 months-Deliver the bond at $955-Pay back the large part of the loan at $949.53-The net profit is $5.47Question 3 (6 marks)Consider a Canadian company that is planning to buy some equipment from aBritish manufacturer in Oct 1, 2009 (that is in one year). The cost of this machinery is GBP 10 million. You have been asked to analyze the consequencesof entering into a futures contract to reduce the company’s exposure to foreign exchange risk. The current quotes are available from the market:Spot CAD/GBP 1.90Canadian TBill Rate 2%UK TBill Rate 3%(a) What is the theoretical 1-year (October 2009 contract) forward CAD/GBP?(2 marks)(b) Based on the following scenarios for the spot exchange rate one year fromnow, CAD/GBP = 1.7 or 2.1, explain why the company should hedge itscurrency risk exposure. Explain which strategy may be appropriate for thecompany and what will be the total cost (for the equipment) in CAD in oneyear. (2 marks)(c) Assume now that you enter into the strategy proposed in (b) and that aftersix months, i.e. April 1, 2009, the management of the company decides tobuy immediately the equipment from the British manufacturer and to closeout the forward position. Assume that on April 1, 2009, the spot CAD/GBP= 1.95, the forward (with six months remaining to the maturity) rateCAD/GBP = 1.93, what is the effective total cost in CAD for theequipment? (2 marks)Solution(a) The 1-year forward contract is given by:()()8811.11%)3%2(exp 90.1)(exp 000=×−×=×−×=F T r r S F f(b) CAD/GBP 1.70 2.10Cost CAD 17 million CAD 21 millionThis shows that the company has a considerable exchange rate risk exposure. If the exchange rate moves from 1.9 to 1.95 over one year, the company makes a loss of CAD 500,000! The company will face a loss if the exchange rate CAD/GBP increases dramatically since it will have to buy GBP 10 million.To hedge against any dramatic increase, the firm must take a long position in the 1-year forward to buy GBP at CAD 1.8811. The total cost will be CAD 18.811 million (= GBP 10 million x 1.8811) whatever the spot exchange rate will be in one year.(c) The company decides to buy the machinery after six months for GBP 10 million at CAD/GBP = 1.95, that is a cost of CAD 19.5 million. On the other hand, the company makes a net profit of CAD 0.4841 million on the forward position, (1.93 – 1.8811) x exp(-2% x 0.5) x 10 = 0.4841. Therefore, the effective total cost is 19.5 – 0.4841 = CAD 19.0159 million, or equivalently a CAD/GBP of 1.9016.Question 4 (6 marks)The Aluminum sells at $1.20 per pound and it has a convenience yield y = 2%, and a storage cost of 1% (per annum continuously compounded). The risk-free interest rate is 4% per annum continuously compounded. An investor takes a short position in a 1-year futures contract on Aluminum today. Assume that each contract is on 44,000 pounds.(a) What is the 1-year futures price per pound? (2 marks)(b) Suppose that the investor closes out her position 9 months from now and makes a total profit of $2,200. What is the spot price of Aluminum 9 months from now if there is no arbitrage? (4 marks)Solution(a) The theoretical 1-year futures price is $1.20 x exp(4% + 1% - 2%) = $1.2365(b) If the investor makes a $2,200 total profit on her short position in 9 months, or a $0.05 (= 2,200 / 44,000) profit per pound, this means that the futures price 9 months from now is $1.1865 and that the contract has 3 months remaining. The spot price in 9 months is then given by:S = 1.1865 x exp(-3% x 0.25) = $1.1777Question 5 (6 marks)A portfolio manager has sold short a portfolio of stocks worth $100 million for three months. The beta of the portfolio is 2. The manager would like to use the CME futures contract on the S&P 500 index to hedge the portfolio over the next three months. The index is currently 1,200 points, and each contract is on $250 times the index. The S&P 500 dividend yield is 1% and the risk-free rate is 2%.(a) How many long or short positions should the manager take? (4 marks)(b) What would be the net gain/loss in three months in the following scenarios? (2 marks)Scenario Portfolio value In 3 months S&P 500 Futures In 3 months 1 $110 million 12602 $90 million 1140Solution(a) First, we need to calculate the theoretical S&P 500 futures price today:1200 x exp[(2%-1%) x .25] = 1203.Since the manager is short selling the portfolio, any rise in the stock market would cause big losses. The manager should then take long S&P 500 futures contracts, exactly 665 contracts:6651203250$000,000,100$2*=××==F P N β(b) The net gain/loss for each scenario is given by the gain/loss on the shortposition on the portfolio added to the gain/loss on the futures position.Scenario 1: (100 – 110) million + 665 x 250 x (1260 – 1203) = –$523,750 Scenario 2: (100 – 90) million + 665 x 250 x (1140 – 1203) = –$473,750Atkinson Faculty of Liberal and Professional StudiesYORK UNIVERSITYToronto, OntarioADMS 4503 3.0Derivative SecuritiesTahaniProfessor NabilSections A and BAssignment #1Due Date: October 19, 2008Personal Work StatementI, the undersigned:•warrant that the work submitted herein is my work and not the work of others •acknowledge that I have read and understood the Senate Policy on Academic Honesty•acknowledge that it is a breach of the University Regulations to give and receive unauthorized assistance on a graded piece of workName (typed or printed) York Student # Signature。
Software Architectural Design DocumentTeam VICTORYVERSION 4.030/10/2014CONTENT1.0 Introduction (4)1.1 Team and client information (5)1.1.1Team members and roles: (5)1.1.2 Client and supervisor information: (5)1.2 Scope (6)1.3 Definitions (6)1.4 Acronyms (6)1.5 User Characteristics (6)1.6 Development Methodology (7)2.0 Hardware, Software Requirements & Staff assignments: (8)2.1 Hardware Requirements (8)2.2 Software Requirements (8)2.3 Development Environment and Languages (8)2.3.1 Application Development Tools (8)2.3.2 Video Development Tools (9)2.3.3 Sound Development Tools (9)3.0 Architectural Style (9)3.1 Functional Requirements (9)3.2 Non-Functional Requirements (9)3.3 Application Constraints (10)3.4 Static Aspects (10)3.5 Dynamic Aspects (10)3.6 System Context (10)3.8 Application Event Flow (11)3.9 Database (12)3.10 E-R Diagram (13)3.10 Data flow diagrams (14)4.0 Use Cases (16)4.1 Main Menu (16)4.2 Sign Up (16)4.4 Help (17)4.5 Tips (17)4.6 Game (18)4.7 Right or Wrong (18)4.8 Feedback (19)4.9 Results(Lecture Only) (20)5.0 Preliminary Game Treatment (20)5.1 Title Page (20)5.2 Executive Summary (20)5.3 Overview (21)5.3.1 Concept (21)5.3.2 Game Type (21)5.4 Relevance (21)5.5 Game play Highlights (21)5.6 Technology Highlights (22)5.7 Art and Audio Highlights (22)5.8 Hardware (22)6.0 Development Team (22)6.1 Team Member Roles (22)6.2 Descriptions of Roles (23)6.3 Team communication structure (24)7.0 Budget (24)8.0 Schedule (24)9.0 Competition (25)10.0 Background story (25)11.0 Objective (25)12.0 Character (26)13.0 Storyboards (26)14.0 Mock-ups (28)15.0 Game Audio (31)15.2 Menu page sound effect (31)15.3 Game page sound effect (31)16.0 Prototype (32)17.0 Declaration (38)Change History1.0 IntroductionThe purpose of this project is to design an interesting educational game for commercial law. The whole process of the project, the mentor will provide ongoing guidance, and feedback. It is a quiz game based on commercial law information. Thegame was designed around the concept of single computer game. Everyone needs personal devices to download the software and connect the online database to upgrade the database of game, but the online multiplayer mode has not been included in our project.The Quiz-Law-game (tentative) will be the software name as a contained educational quiz, our aim is to allow students to play the game at the same time, learn more about the commercial law and assistant the educational activities. In our game that will be distinguished by different question type of the game, allowing the player at the time, options and content restrictions to answer questions, but in the game there is a virtual prize and achievement system to encourage students to play.Academics will benefit from this project, because they can make more features in the game, and may be used for educational purposes in the future. How to find a creative way of education is now very popular social argument, everyone wants their children to get the most success with the least expense, I hope this game will be both educational and entertainment combine to enhance learning efficiency for users. This is a great opportunity, which will give all of our team members a driving force and motivation to go beyond the requirements of the project to build a fantastic product.1.1 Team and client information1.1.2 Client and supervisor information:1.2 ScopeCustomer (Eric Holm) has asked the project team (Team Victory) to develop a program in the form of a game in which students will face the laws of the game regarding legal business procedures. The attempt will be a very unique and interesting experience, preparatory work is currently underway in this project, and this team will be careful to understand customer needs and produce high-quality programs in order to achieve the best user body experience. The project could be transferred to the field of information technology.1.3 DefinitionsLaw game: Design and development of an educational game about commercial law; • Game database created, maintained and updated;• Create a full-featured menu system, complete graphics and sound;• Create an animated game interface;1.4 Acronyms∙SRS - Software Requirements Specification∙SADD - Software Architecture Design Document∙SPMP - Software Project Management Plan1.5 User CharacteristicsBecause this game is the face of college students study business law courses, it does not need to be too detailed functional description, but at the same time mustalso improve the game play and fun, but this game must be developed in learning more innovative features.The game reference to a standard structure of the game, it is not only convenient to use because they are intuitive, user awareness and extremely easy to use and understand advantages.From the user perspective, the product needs to have the functions and features: Explore student engagement through the development;As an effective teaching aids;Could be developed around one of the discrete areas of this course delivery including bankruptcy, agency or insurance;The client will provide a scenario which will form the basis of the script for the story and questions to be presented to students.Because this game as a teaching purposes only, and is based on open source platform game, so do not have much of a restriction, but only for individual customers and the development does not involve economic profit.1.6 Development MethodologyOur project works according to both waterfall model and rapid prototyping model. Here's we job steps:Step 1: Create the SPMPStep 2: Create the SRSStep 3: Programming the projectStep 4: Testing the programStep 5: Review and update the SPMPStep 6: Review and update the SRSStep 7: Update the programStep 8: Testing the program2.0 Hardware, Software Requirements & Staff assignments:2.1 Hardware Requirements6 Notebook Computers2 Removable Hard Disk1 Printer2.2 Software RequirementsIn order to complete the website it is necessary that team members have access to the following software:Microsoft Office SuiteWordProjectAdobe Flash CS6Adobe Dreamweaver CCDropboxWechat (communication in the group)PencilGIMPInternet BrowsersPocket Internet ExplorerMicrosoft Internet Explorer 6.0Mozilla Firefox 1.0.32.3 Development Environment and Languages2.3.1 Application Development ToolsThis them project of the Low game only allow the students and lecturers login, and all of them will login by their own student number and password. For security, the student number and password will type-in the database in advance. Meanwhile, in order to avoid some hostile attack, game will locked the account if the password type-in wrong within five times.2.3.2 Video Development ToolsThe project team has selected Flash as the tool for Video development. s a multimedia and software platform used for creating vector graphics, animation, games and rich Internet applications.2.3.3 Sound Development ToolsThe project team has selected FL Studio (Frootie Loops) as the tool for sound development. FL Studio FL Studio features a graphical user interface based on a pattern-based music sequencer and is, the second most used digital audio workstation worldwide.3.0 Architectural Style3.1 Functional Requirements∙Be able to login the account.∙Be able to click the options for each question.∙Be able to summary the marks.∙Hangman system be able to change according to player‟s behaviour.∙The right answer could be disappear blow the question while student click the right answer.∙Lecture could check the information about student∙Be able to show all question one by one.∙Be able operate in some mobile devices. (optional)∙Be able to obtain the corresponding cumulative virtual prizes∙Be able to unlock other difficulty.3.2 Non-Functional Requirements∙No more anomalies, errors and other problem in system.∙Allow multiplayer online.∙System will stop if database have something wrong (For protect user data and information).∙Application should be a scalable application.∙Simple and easy to understand.∙Easily add new topics in games.∙Easily to update and maintain the database and website.∙Game‟s responds should within 2 seconds or less than 2 seconds.∙Should have clear product description.∙Simple interface in this game.∙Game should be designed for user, and try to satisfy the user‟s requirements.∙Design for game role.∙Game Character Voices and characters background design.∙Optimized game (Based on feedback to make the game better).∙Create custom sound effects and music to compliment the game results and improve the game interesting.3.3 Application Constraints∙Only could operate in webpage. But it could operate in computer and some mobile devices.∙Application may not run on devices with low amounts of memory or CPU power.∙The mobile devices are requires a touch screen, will not work without one.∙Need connect with internet for download data from database.∙Need user account for login3.4 Static Aspects∙Menu layouts.∙Environmental objects.∙Background picture.3.5 Dynamic Aspects∙Login interface (the textbox for type in User ID and password) and register interface (the textbox for type in User ID, password and email).∙Question interface. (The text which show the questions and the option).∙Hangman‟s cartoon.∙The sound for interfaces.∙The colour for question.∙The result of game.3.6 System ContextThe final produce is consist of two parts. The first part is concern about the database. The Second part is concern about the web site. The second part is including thelogin function, game function and so on. A high level context diagram for the produce is shown below.Figure 1: context diagram3.8 Application Event FlowAn event state diagram for the game in its current form is attached below. This will be subject to change as new features are added.Figure 2: event flow chart3.9 DatabaseDatabase SchemaThis database schema is the database structure described in an organized table which supported by the database management system. In the database schema table all entities and keys are included in and the primary keys are in Bold and foreign keys are in italic.3.10 E-R DiagramFigure 3: E-R Diagram3.10 Data flow diagramsFigure 4: DFD (1)Figure 5: DFD (2)4.0 Use CasesOur team has invested a lot of time in analyzing the scenarios that user application with present to users. A range of scenarios has been clearly outlined below by the event state diagram above.4.1 Main MenuFigure 6: main menu1. User starts the application.2. Wait for the website to load and the main menu to appear.4.2 Sign UpFigure 7: sign up1. User starts the application.2. Wait for the website to load and the main menu to appear.3. Select “Sign up”, input information of user (include ID, Password, Gender, andName, Etc.) and submit it4.3 Login AccountFigure 8: login1. User starts the application.2. Wait for the website to load and the main menu to appear.3. Select “Start”, input User‟s ID and Password.4.4 HelpFigure 9: help1. User starts the application.2. Wait for the website to load and the main menu to appear.3. Select “Help”, open an animation of how the game progresses.4.5 TipsFigure 10: tips1. User starts the application.2. Wait for the website to load and the main menu to appear.3. Select “Tips”, Open Tips page. The page includes knowledge of the recentstudy.4.6 GameFigure 11: game1. User starts the application.2. Wait for the website to load and the main menu to appear.3. Select “Start”, input User‟s ID and Password.4. Usergets information from the cartoon, select the correct option.4.7 Right or WrongFigure 12: right or wrong (1)1. User starts the application.2. Wait for the website to load and the main menu to appear.3. Select “Start”, input User‟s ID and Password.4. User get information from the cartoon, select the correct option.er choice Right one, it will conversion to "Right" interface, which appearsfireworks animation and subtitles "Congratulations" and the option to"Continue" in interface until finish game.Figure 13: right or wrong (2)1. User starts the application.2. Wait for the website to load and the main menu to appear.3. Select “Start”, input User‟s ID and Password.4. User get information from the cartoon, select the correct option.er choice Right one in the first time ,it will conversion to "Wrong" interface,which appears scaffold and a Matchstick Men animation and subtitles "Youare wrong!!" and the option to "Continue" in interface; in the second time, itwill conversion to "Wrong" interface, which appears scaffold with Hemp rope and a Matchstick Men animation and subtitles "You are wrong!!" and theoption to "Continue" in interface; in the third time,it will conversion to"Wrong" interface, which appears hangman with Matchstick Men animation and subtitles "You are dead!!" and the option to "Continue" in interface, and it will direct conversion feedback interface.4.8 FeedbackFigure 14: feedback1. User starts the application.2. Wait for the website to load and the main menu to appear.3. Select “Start”, input User‟s ID and Password.4. Usergets information from the cartoon, select the correct option.5. User finish the Select game, conversion to Feedback interface, fill in thecompletion of this game to get experience.4.9 Results(Lecture Only)Figure 15: results1. User starts the application.2. Wait for the website to load and the main menu to appear.3. Select “Start”, input Lecture‟s ID and Password.4. Appears table on the results page.5.0 Preliminary Game Treatment5.1 Title PageHangman Challenge5.2 Executive Summary●Each correct answer to the questions of game, until winning the game, but theopportunities are limited, wrong answer will lead to the end of the game●Players linked with the hangman, hangman death will lead to the end of thegame●Very simple controls to ensure that the game runs normally even users withpoor input●Applies to students studying commercial law●Each button normal use, and can connect to the different game functionaccurately5.3 Overview5.3.1 ConceptHangman Challenge is a flash based quiz game, players will need to answer the questions correctly in order to ensure hangman survival until winning the game. The game has a number of issues and scenarios; the correct answer requires adequate knowledge of commercial law.5.3.2 Game TypeHangman Challenge is a challenging quiz, because the wrong answer will lead to the death of a game character, stimulating and interesting is that we want to express two main elements. Games connect to the database and randomly connect different problems and scenarios, as the game players will learn a lot of knowledge about commercial law.5.4 Relevance●The overall appearance of the game includes the environment, question andcartoon will give users an incentive to enter the quiz challenges players tointeract with the main issues and hangman, wrong answer will lead hangman death●The game allows players to find the right answers through different channels,because in the process of finding answers will learn a lot of knowledge ofcommercial law.●Questions and scenarios designed to stimulate the thinking of each user, sothat they are played in unsafe virtual environment, maximize their playersinterested in business law●The control system is very easy, because the player only needs to open thegame and check the answers by the mouse, to ensure that each player cannormally play●Throughout the design and appearance of the presentation simple and fun,allowing the player to play with minimal pressure5.5 Game play Highlights●Hangman is a game we used to play as a child; it is easy to attract customers.●All the questions are different; winning the game requires adequateknowledge of commercial law.●Very easy to operate, the game focusing on high user experience.●Q & A mode using challenge to ensure that the game stimulating andinteresting.●Simple interface designed to ensure that suitable for most students5.6 Technology HighlightsThe games will be developed in the Eclipse integrated development environment (IDE), and the game interface and cartoon character design will be based on other open-source resource development, where the database is one of the difficulties.5.7 Art and Audio Highlights●The entire game in a concise and interesting theme. This cartoon appearance,will be used for the character as well as the environment and its objects withgood results. This look and design that will fit a variety of students, so thegame to maximize meet customer needs.●The game will through music switch and Hangman death animation effects tocreate tension and inspire.●The game contains music tracks and sound effects are derived from the open-source site, and through this team carefully selected to ensure the best sound experience5.8 HardwareThis game is based on flash website development, so the user only need a computer or laptop with access to the Internet and can load the flash, which can achieve the best user experience.6.0 Development TeamEach team member has their own roles and responsibilities during this group work that will be related on what skill they are good at. Each team member should happy with their personal roles and have confident to deal with the individual works by every time. Also we need some backup team members just in case some has unfortunate incidents.6.1 Team Member Roles6.2 Descriptions of Roles6.3 Team communication structureFigure 16: team communication structure7.0 BudgetNo budget to develop this game cause of all game element bases on open source 8.0 ScheduleThe gradual development and improvement of the game through Project 1 and 2 during two semesters of study9.0 CompetitionThe game does not exist the competition with other programming, because this game is only provided in academic support, does not need to consider the market and other business factors.10.0 Background storyThe game is not for initial setup outside of the internal story, as the purpose of the game is through the process of answer questions learning commercial law, and to improve the quality of teaching subjects. When the user clicks on START, then user can then enter the game world, and began a series of exciting and interesting question and playing the appropriate sound effects and music as same time.…Who Wants to Be a Millionaire?Participants need to correctly answer 15 consecutive Article 4 election of a multiple-choice, if all the correct answers will be able to get a huge amount of money, usually 1 million in local currency. For example the British version of "Millionaire", the maximum bonus is one million pounds. This game show is by British director David Briggs conceived in 1995, and then after years of discussion and revision, in 1998 premiered in the UK. After the broadcast popular, television stations around the world are making the right purchase and broadcast next.11.0 ObjectiveHangman players are able to learn a wealth of knowledge in commercial law while answering a series of question. Whether what time and where user will be able to review the knowledge about these subjects in commercial law.12.0 CharacterFigure 17: characterHangman is a carry on the linkage with the players cartoon characters, ideas source of our childhood Hangman game, customers expressed satisfaction with this concept, as shown, the player has two opportunities (two hearts) to answer questions when reached twice the number of errors , hangman will be hanged, and the game will become to end.13.0 StoryboardsGame interfaceLogin pageFigure 18: storyboard (1)This is the login page of the game Hangman Challenge, students can use their student ID and password to login the game and do the hangman challenge.Also the lecturer is able to use the stuff ID and password to login and search for result by using this page.Menu pageFigure 19: storyboard (2)This is the menu interface of the game. It's the law game Hangman Challenge menu, it contains game start option, load option, help option and quit. This is the look after the students …login; they are able to play Hangman Challenge by clicking the game start button and use the load button to load the latest game. What about the help option is it contains the common FAQs.In-game interfaceFigure 20: storyboard (3)This is the actual game page which contains a flash of a hangman and the questions. The man on the top left will be hanged to death if the answer was wrong while if the answer was correct the man will be set free.14.0 Mock-upsThe menu pageFigure 21: mock-up (1) The login pageFigure 22: mock-up (2) The game pageFigure 23: mock-up (3) The staff pageFigure 24: mock-up (4)15.0 Game AudioIn Hangman Challenge there will be a couple of sound effects within the game. The sound effects will not be a lot because it will distract student from doing the hangman challenge. The students will expect some relatively soft music while doing the challenge.The sound effect this project uses is from the website . Inside this website there are different rages of sound effects and they are free.The truth is we don‟t know exactly if all sounds in the website are licensed, in this case, we are preparing to buy some authorized music from iTunes.During the game there will be a couple of background music which is soft. When the answer was wrong and the man is hanging to death the sound effect will be negative; when the answer was right the man is released the sound effect will be lively and positive.15.1 Login page sound effectA soft music during the login process15.2 Menu page sound effectIn the menu page there will be the same background music as the login pageThere will be bling bling sound when the mouse is moving through those options 15.3 Game page sound effectThe man struggling sound when the answer was wrongThe man will woo hoo when he was releasedSound effect when mouse moving through the next question option16.0 PrototypeFigure 25: Original loginFigure 26: student loginFigure 27: start menu pageFigure 28: normal game- playFigure 29: question answered correctFigure 30: question answered wrongFigure 31: load the latest gameFigure 32: Help pageFigure 33: lecturer login originalFigure 34: lecturer login with passwordFigure 35: lecturer result search17.0 DeclarationAll members of Team Victory and project Client declare that:We have read the contract and understand the obligations, expectations and requirements of our listed.Personal information we provide is complete and correct to the stage, and may change as a result of amendments. In the case of the newly revised, a new declaration will be signed. We understand that this contract is legally binding; the consequences of personal income by not fulfil their obligations.Client Signature:Eric HolmDate:Team Signature:WeiYouZhikunShaJiahuaOuJinZou,ZhiyongLiYuehuiWangDate:。
Contents1.Introduction------------------------------------------------------------------------12.The commercial activities of investment bankers-----------------------------1●The definition of the investment bank-----------------------------------------------------1 ●The nature of these activities---------------------------------------------------------------3●For example of the investment bankers activities in China----------------------------42.The activities which contributed to the global financial crisis--------------63.The investment bank generates income from the activities------------------7●Example of the income from the activities-----------------------------------------------84.The link between the activities and the global financial crisis--------------95.Conclusion-------------------------------------------------------------------------96.Reference--------------------------------------------------------------------------111.IntroductionThis article we will set out the commercial activities of the investment bank and how the investment bank to operate and develop.With the economy and technology fast spread and growth , the economic globalization is driven by the rapid development of the global economy, so as to continuously develop the investment bank has become a market of fresh blood into the economy. The non-bank financial institutions and commercial banks for the investment banks that is a corresponding rank of financial condition, mainly participate in securities issuance, underwriting, trading, corporate restructuring, mergers and acquisitions, investment analysis, risk investment, project financing and other services activities, and is the capital market the main financial intermediaries.2.The commercial activities of investment bankers1)The definition of the investment bankSecurities and investment banking company shares to certain institutional development stage of the product, is mainly activity in developed securities markets and mature financial environment, to be the role of the modern social and economic development in the communication between the supply and demand of funds, securities market structure, and promote mergers and acquisitions,to promote industrial concentration and the formation of scale economy, an important role in optimizing the allocation of resources and so on. Due to the rapid development of the investment banking business, the definition of investment banks is also very difficult. Investment banks are American and continental European title, in Japan called the British commercial bank refers to the securities company. The definition of international investment bank, have four kinds: the first kind: any financial institution engaged in Wall Street, financial services can be called investment bank. Second: the capital market operations, only some or all of the investment banking financial institutions. Third: to engage in securities underwriting and mergers and acquisitions investment bank called financial institutions. Four: the only financial institutions the underwriting of securities in the primary market and two secondary market trading of securities referred to as investment banks. Investment Bank is a commercial bank with a corresponding concept is to adapt to the modern financial industry, an industry that the formation of modern economic development. It is distinguished from other relevant industries notable feature is,First of all, it belongs to the financial services industry, which is thedifference between the general opinion, signed intermediary services; Second, it is primarily to serve the capital market, which is a sign of the difference between commercial banks; and third, it is a knowledge-intensive industries, which is the difference between other specialized financial services organizations logo.2)The nature of these activitiesModern Investment Bank has exceeded the securities issuance and underwriting, securities trading brokerage traditional business framework, private equity and other securities, mergers and acquisitions, project finance, venture capital, corporate finance, investment advisory, asset and fund management, asset securitization, financial innovation has become an overall investment bank's core business.The main functions of investment banks in the capital market as an intermediary to help people who have idle funds to find suitable investment opportunities, while helping people in need of capital to find money to make money and investment opportunities can be combined to create more wealth. Investment banking is an agency itself, but there are massive in its internal division of labor. Upstream investment banking business is investment business, its main customer base is in need of capital companies, institutions and countries. At this stage, the investment bank's mission is to help those in need of capital and financing customers to design appropriate solutions to specific business customers, the factory, the company formed an abstract concept, which is the formation of a security. Midstream investment banks are capital markets business, responsible for upstream and downstream convergence work. Downstream Investment Bank is sales department, responsible for stocks, bonds, and the need to sell have idle funds investment opportunity.There are two basic types of investment bank, the first one is full service,and the second one is boutique.Full service undertake all investment banking activities.Boutique investment banks may focus on a subset of these activities.They may also choose to specialize in industry sectors where they have specific expertise.And the investment banks activities can be categorized as financial advisory and underwriting, trading , market-making, arbitrage and broking, asset securitization, fund management.1)Financial advisory and underwritingFinancial advisory and underwriting tens to form an important component of an investment bank’sbusiness.There are several components of this business:including buy and sell-side mandates for capital raising transactions, M&A (mergers and acquisition)advisory mandates. Leveraged buy-outs.There are four common types of capital raising transactions that investment banks specialize in including: private equity transactions are where a privately-held company issues shares to raise equity. private placements of corporate bonds are a non-public issue of corporate bonds. venture capital transactions are investments made in a project/company where there is a reasonably high risk,usually a new business that is often not yet cash flow positive.and initial public offerings are where a privately-held company goes public, issuing stock for the first time to the public on a public stock exchange, This stock may be equity(shares)or debt(corporate bonds)..The figure of the nature activities of the investment banks3)For example of the investment bankers activities in ChinaOur investment banking business from the issuance and trading of securities to meet the needs of growing up. From our practice, the investment banking business was originally done by commercial banks, commercial banks, not only the main issuers of financial instruments, the amount of financial assets is in charge of the largest financial institutions. In the late eighties, with the opening up of China's securities market circulation, the securities business of the original commercial banks gradually separated, each region has set up a large number of securities companies, securitiescompanies formed a stock market-based agency system. In the ensuing ten years, gradually become the main body of the brokerage investment banking. However, in addition to professional securities companies, as well as a large number of relatively broad scope of business trust and investment companies, financial investment companies, equity trading and brokerage, asset management companies, financial advisory companies engaged in investment banking in other businesses.Our investment banks can be divided into three types: the first is national, the second is local, and the third is a private nature. National investment bank is divided into two categories: one is based on the banking system as the background of securities firms; the second is directly under the State Council, or wagons background Trust and Investment Corporation. Regional investment banks are mainly two provinces specialized securities companies and trust companies. Both types rely on national investment banking franchise in the securities business occupies a dominant position in the investment banking industry in our country. The third category of private investment bank mainly some investment management companies, financial consultants and asset management companies, most of them are from the past to provide management consulting and investment advisory services for clients developed, and have some capital strength In mergers and acquisitions, project finance and financial innovation is very flexible, is becoming China's investment banking sector has a backbone.Our modern investment banking business from the development up to now only a short period of time less than fifteen years, there are still too small, such as, the narrow scope of business, the lack of high-quality professionals, excessive competition and other such problems. However, China's investment banking industry is facing the biggest market demand, with the rapid development of China's economic reform and deepening social and economic life of the investment and financing needs will become increasingly strong, state-owned enterprises operating in the conversion mechanisms and private enterprises to seek future development, also will increasingly rely on the role of the capital market, which will provide long-term development of the investment banking industry has laid a solid foundation.Investment bank also plays such roles in the trading market,securities brokers,securities market maker, securities deals.For the securities broker specializing in the trading of securities agents to obtain commission income of financial services organization,brokers is a price taker, no inventory risk.Securities market maker refers to the use of market makers engaged in securities trading on their own account ,to maintain price stability and the securities market liquidity through continuous trading quotes and get the profit from the difference between the sale of financial services organizations in the offer. Market makers do to him for the city’s securities market participants to determine a pricing system, he is creator of the price. Securities deals refers to profit for the purpose of using their own capital at your own risk, self-trading securities institutions.types of self-service operation, speculative business focus on speculators seek changes in the price level from securities profit .arbitrage business cash in profits from arbitrage trader expects the value of the dislocation in the relevant.risk arbitrage business activities involving mergers and acquisitions activity in the stock market or corporate bank and other forms of restructuring activities.2.The activities which contributed to the global financial crisisFor example Historically, all or most of the financial indicators related to the impact of the world financial crisis, for example, the financial crisis is also known as the financial crisis (such as a country or several countries and regions: the short-term interest rates, monetary assets, securities, real estate, land (price ), the number of business bankruptcy and the collapse of financial institutions) cycle than some. "The first is strong, the global economic crisis and a super short (1857). 1857 economic crisis, a crisis in world history, particularly the general characteristics required capital. Crisis is the first time in the United States, than the crisis in the UK. Because a lot of investment in building railways in the United Kingdom, the United States has led to speculation failed British Rail is not small. After the economic crisis, 1850 1847 The most important function is to greatly improve the world trade expansion cycle began in the 1850s compared to the average annual growth rate in the first 20 years of growth in world trade increased by 2 times. Machinery Industrial Revolution, the emerging countries and involving international cargo transport, and found defects gold in California and Australia, the development of new rapid industrial development, promoting market economic crisis. World, we can see that fully reflects his bass drum, because many factors affect certaininvestment business activities of investment banks, the relationship between some of the major capital market speculation between mental function is to determine the supply and demand, but there are many investors still momentum, psychological price is high the water rose and the ship, in order to increase investment in the development of people's voices. Therefore, a large number of career, it will blind you can not see the protagonist. Lead to economic bubble capital markets have become more and more serious. Unavoidable. Because of the economic crisis and the crisis, US banks, finance companies and industrial enterprises go bankrupt. Only in 1857, there are nearly 5,000 bankruptcy. Surplus food production, food prices and the decline in exports, coupled with intense competition in the industry in the UK, leading to the deepening economic crisis in the United States. In turn, the British economic crisis in the US. British banks, railways, USA, bankrupt enterprises, but also remember the values held by British investors.Hayek said other well-known economist, debt sustainability over the promotion of investment cycle. Originated in Ireland and Spain are the real estate bubble. Debt also contributed to the existing asset prices off: In the past few decades, the UK real estate market is the best example. Wang in the cycle, the main leverage seems to be potential problem. In fact, Americans are at once instead of letting them increase their wealth around a stagnant or declining real wages when.3.The investment bank generates income from the activitiesInvestment banks generally through securities sales and trading, securities underwriting and brokerage, corporate finance, mergers and acquisitions advisory services, asset management, venture capital, real estate brokers, insurance and mortgage business. Own stock trading securities, transaction costs or make economic agents such as earned, are investment banking revenue sources. Investment banking is broadly divided into three: the traditional investment banking, investment management business and brokerage trading business. Including traditional investment banking and underwriting of equity or debt financing (public offering or private placement), financial advisers and investment bank financing (self) etc; investment management business includes direct investment (self-employed), private equity fund investments and asset management ( Valet), etc; trading business including stocks, bonds, futures, foreign exchange, commodities and other derivatives trading (brokerage and proprietary).From the business development of the global investment bank changes, the investment bankingrevenues from traditional underwriting and brokerage business income mainly gradually changed to other operating income and other transaction-based class. In 1975, the proportion of global investment banking underwriting income and commission income to total income was 13.3% and 49.9%; to 1996, the proportion of underwriting income and commission income to total revenues were 9.0% and 15.4%; to the financial crisis before 2007, the ratio of underwriting income and commission income to total revenues were 5.6% and 11.5%, derivatives trading and other income rose to 63.6%. The financial crisis, a significant decline associated with derivatives trading revenue, after the relevant regulatory tighter and a series of major events leading to further declines in the transaction, many international investment banks have sold or closed related businesses.1)Example of the income from the activities●Contact JPMorgan Investment merchant model. Companies and banks, including JPMorganinvestment, banking, credit cards, retail banking, cash and influence, asset management and other departments. By the end of 2012, total assets of $ 2,359,141,000,000 income, when developing $ 9.7031 trillion, $ 2,128,400,000,000 net utility. From a business perspective, in recent years, high-return investment bank JP Morgan and spread the risk of banking business operations and help a voice soft. In general, the improvement of the global production of hybrid robust enterprise. JP Morgan investment model in the commercial sense contact: First, help to improve customer loyalty, hybrid synergy. Silver Certificates of integrated financial services to best meet the expansion needs of comprehensive customer service, reducing the investment businessman links; transaction costs and information costs extend and improve customer loyalty, help customer value mining. Second, the structural balance of the business helps to reduce business risk, volatility, you can better run balanced growth and healthy development goals.●Lazard (Lazard) specialized investment banking model. Lazard is a veteran investment bankfocused on the significant increase in mergers and acquisitions core investment banking and investment management business in recent years 165. 2012 annual financial advisers Lazard $ 10.5 billion of the total turnover, including mergers and acquisitions and restructuring of part of the revenue of 75,6 advisers% and 17.4%. By the end of 2012, Lazard Asset Management total of $ 167 billion, and asset management company turnover of $ 880 million, accounting for 44,8% of total revenue. Specialized investment bank Lazard independent benchmark model:First, focus on the benefits of the activity is more prominent; the second is the advantage of the business model, capital-light low-risk business; the third is the acquisition of complementary economic relations and debt restructuring cycle smoothing effect on firm performance. In 2009, revenue Lazard M & A 8.15 hundred million fell to $ 526 million US dollars last year, but operating income of $ 119 million restructuring, but so far, last year to $ 377 M, making less than 20% of total revenue decline.4.The link between the activities and the global financial crisisFall 1857, the United States broke the currency crisis, the banking system paralyzed, the currency crisis in the United States peaked in mid-October, New York, 63 banks have stopped paying for 62, more than 60% discount rate, the market price of the stock market fell 20-50 %, more than 80% in many railroad company's stock fell. US economic crisis quickly spread to the UK and continental Europe, triggering a wave of bankruptcy burst after burst. Summarizes the operational activities of some investment banks, contact the global financial crisis should be complementary to each other, due to securities trading, stock trading and a range of business activities and to promote the development of financial markets, but also risks, and excessive investment and trading error will trigger a global financial crisis, as well as a series of financial crises erupted in the capital market activity has been on the verge of collapse. However, this effect will only affect a small part of the cause of the financial crisis. Therefore, the investment banking activities will lead to financial crisis, but it is not inevitable.So there is so clear we can see that the activities of the investment bank as the all of financial industry the most important role ,it related so much economic activity and may become the potential the fuse to the global financial crisis.5.ConclusionResearch on the General said we know the indispensable role played by investment banks in the financial markets, whether it is economic development, or in the form of innovative financial products and promote investment banks played a very important role. Where some of the main business of investment banking, securities trading activities plays a securities broker, securities market makers, securities dealers roles. As the global economy continues to develop, driven by economic globalization, economic activity in the financial markets, capital investment banks will diversify development. Thus become a focal contributor to global economic development. But it alsobears some risks. The outbreak of the global financial crisis has sparked a lot of thinking. Economic activity with investment banks also complement each other. Overall, both the development or crisis, the role of investment banks is indispensable.Reference:∙DePamphilis, Donald. Mergers, Acquisitions, and Other Restructuring Activities. New York: Elsevier, Academic Press. 2008: 740.∙Cartwright, Susan; Schoenberg, Richard. Thirty Years of Mergers and Acquisitions Research: Recent Advances and Future Opportunities. British Journal of Management. 2006, 17∙Harwood, I. A. Confidentiality constraints within mergers and acquisitions: gaining insights through a 'bubble' metaphor. British Journal of Management. 2006, 17 (4): 347–359.。