The strengths and limitations of duration analysis

The strengths and limitations of duration analysis As stated by the US Federal Reserve, interest rate risk impacts on a various range of stakeholders, and hence financial actors are interested in quantifying its impact. The most important practical tool to manage interest rate risk and to satisfy this main function for banks is duration analysis. In general duration Analysis is an econometric tool and in terms of Financial Economics it is defined as the mean length of time that passes until the present value is returned by a stream of fixed payments according to Macaulay (1938). Hence, Duration is a measure of the sensitivity of asset ´s prices to interest movements. My following essay defines duration according to Macaulay and presents special terms from the practice. Moreover, it considers immunization, hedging and Duration Gap Analysis as practical applications. The next part will discuss strengths and weaknesses of duration analysis. It concludes with todays importance of Duration analysis. There are two main reasons to study Duration according to Kopprasch (2006). Firstly, firms and especially financial intermediaries have tied up huge amounts of capital in fixed income instruments. These include bonds partly with optional characteristics or recent financial innovations like swaps, interest rate options or floaters. Hence, proper hedging of these instruments becomes important. Secondly, the key figure duration provides an intuitive approach to educate potential customers. This leads to a better understanding of financial instruments in general and how they behave when interest rates change. Bodie, Kane, Marcus (2006) Empirical studies and Figure 16.1 show six bond-pricing relationships: Firstly, theres an inverse relation between bond price and yield to maturity. Secondly, an increase in a bonds yield to maturity results in a smaller price change than a decrease of equal magnitude. Thirdly, long-term bonds are more sensitive than short-term bonds. Fourthly, interest rate risk, which is measured by the sensitivity of bond prices to changes in yields, is less than proportional to bond maturity. Fifthly, there is an inverse relationship between interest rate risk and bonds coupon rate, because a bond with a higher coupon rate pays a greater percentage of its present value prior to maturity. Sixthly, the yield to maturity at which the bond is currently sold is inversely related to the sensitivity of the bonds price to a change in its yield. This five observations were described Mankiel and are known as Malkiel bond-pricing relationships. The sixth property was demonstrated by Homer and Liebowitz (1972). Ingersoll, Skelton, Weil, (1978) stated that the key figure Duratio n can be interpreted as an attempt to quantify this qualitative observations through a single and numerical measure. The duration concepts has its origins in the work of Macaulay(1938), Samuelson (1945), Hicks (1939) and Redington (1952). Macaulay(1938) defined duration as the mean length of time that pass until the present value is returned by a stream of fixed payments. The proof that duration is an elasticity was provided by Hicks in 1939. This means that the price elasticity of a bond in response to an infinitesimal change in its yield to maturity is proportional to duration. But Fisher (2006) casts doubt on Hickss derivation. Nevertheless, his proof is generally acknowledged. Redington (1952) derived the duration independently and used it for portfolio immunization. The standard definition according to Macaulay is: subject to The weight is calculated by . In the special case of a zero bond, the duration equals the maturity, because no payments occur before maturity. Kopprasch (2006) mentions several different practical methods which are based on Macauleys duration and are used in practice. Effective duration is determined by the price movement to an incremental movement while holding the option adjusted spread constant. Option adjusted Spread (OAS) is a flat spread which is added to the yield curve in a pricing model and considers options like prepayments opportunities for mortgage backed securities. Hence, OAS is model dependent and incorporates volatility like variable interest rates or prepayment rates. Portfolio duration quantifies the Duration of a portfolio of different assets. It is based on the additivity of single durations. Additivity means that the duration of a portfolio is the weighted-average of the durations of the individual securities. The weights are the current market value of each security. The term Modified duration is calculated by the formula: Furthermore, the term partial durations or key rate durations is a vector of durations, where each duration is only valid for a limited maturity range. Spread duration recognizes that a change in the spread can affect the bond. This key figure was designed especially to value floaters which trade near par by definition. It often turns out that the market doesnt seem to trade the instruments with the predicted duration. Hence, empirical duration was developed to deal with these times. It is calculated by regressing price movements of the asset versus some market benchmark. The next paragraph considers two applications of duration in risk management: Hedging and immunization for a portfolio and Duration Gap Analysis. The change in an asset price due to change in interest rates can be calculated by: Fooladi (2000) describes that the realized rate of return encompass interest accumulated from reinvestment of coupon income and the capital gain or loss at the end of the planning period when the portfolio is sold. The two components impact the realized rate of return in opposite directions. Hence, in one point the two opposite effects of coupon reinvestment and capital gain or loss offset one another. When the portfolio duration equals the length of the planning period, the portfolio is immunized and the realized return will not fall below the promised rate of return. The second described application is Duration Gap Analysis which is an extension to the immunization approach, because it includes liabilities. A main function of banks is to provide maturity transformation. Hence, banks usually have short-term liabilities and long-term assets. As a consequence of this duration mismatch and shown by the third following equation, changes in interest rates have a direct effect on the banks equity value. The gap between the durations of the assets and liabilities ( is a measure of the interest rate risk of banks equity. Fooladi (2000) describes that banks may take modest bets by setting a duration gap or set the duration gap close to zero. The second equation shows how banks can adjust their duration gap by shifting weights on assets or liabilities. Bierwag and Fooladi (2006) specify that banks use off-balance-sheet securities like interest rate futures, options and swaps to reduce adjustment time and to save costs. Despite the shown strengths, there are weaknesses in duration analysis. As one can see in Figure 16.3, Duration is only valid for small changes, because the relationship between duration and price changes is derived by a first-order Taylor series approximation. Furthermore, Mishkin/Eakins (2006) criticise that interest rate changes have to affect all rates of maturities by exactly the same amount. Generally speaking, the slope of the yield shouldnt be affected at all and the yield curve is assumed to be flat. However, the shape of the yield curve fluctuates over the business cycle and consequently this expected slope change has to be considered. The mentioned partial duration and spread duration try to handle this shortcoming. Further problems involve uncertainty over the proportion of assets and liabilities. Estimates have to consider for example prepayment of loans, customer shifts out of deposits and uncertain cash payments due to default risk according to Fooladi and Roberts (2004). As Bierwag and Kaufman (1988) showed, default alters bonds cash flows and their timing. Additionally, one has to predict the stochastic process governing interest rate movements to value options. This can create a stochastic process risk which can be quantified by approaches to to measure interest rate volatility risk. Ho (2007) states that practitioners tie duration and vega measures which specify the sensitivities to the shift in the swap curve and the volatility surface, respectively. In his approach volatility risk is measured by the value sensitivity of an option to the change in the implied volatility function at the key rate points on the curve. Ingersoll, Skelton, and Weil (1978) argue that the assumed stochastic process to develop duration models is inconsistent with equilibrium conditions. Occurring large shocks to interest rates, riskless arbitrage became possible, but on the practical side the riskless-arbitrage argument seemed hypothetical. To overcome these weaknesses, Mishkin and Eakins (2006) mentions more sophisticated approaches such as scenario analysis and value-at-risk analysis and convexity which is a second-order Taylor series approximation and can be used as a correction measure. Paroush and Prisman (1997) strengthen this assumption and show that convexity (second-order) can be more important than the duration (first order). To put it in a nutshell, with increasing complexity of securities, myriad extensions have been added to the former duration analysis founded by Macaulay to handle the occurring risks. Furthermore, different duration measures face different assumptions about slope and shape of the yield curve or the stochastic process driving interest rates. One has to take in mind how accurate these assumptions are, because as seen in the recent financial crisis failures affect the entire economy, according to my starting statement. However, duration analysis is an adaptable framework and used carefully, a tool to get a first impression of interest-rate risk. Words: 1465

Americaa Role in Iraq Essay -- Argumentative Persuasive Essays

America'a Role in Iraq As Afghan opposition groups and U.S. armed forces continue their successes in the war against the Taliban and al Qaeda, the American debate has quickly turned to the question of where the fight against terrorism should go next. In numerous public statements, President Bush has talked about a wide-ranging campaign against global terrorism. He has not committed to military operations against any other countries or terrorist organizations, but he has made it clear that the broader struggle against terrorism will be a long-lasting effort that could include the use of military force in regions beyond Afghanistan. A strong case can be made that Iraq's leader, Saddam Hussein, is so threatening to his people, his neighbors, and U.S. interests that the United States should use military force, unilaterally if necessary, to overthrow him. Proponents of such an approach, however, often underestimate the costs and risks involved. Instead of mounting a U.S. attack on Iraq as part of the current campaign, the Bush administration should take advantage of its success in Afghanistan to pressure allies and regional players to isolate Saddam's regime and to reinforce deterrence in an unambiguous way. A new "Bush Doctrine" should announce that Baghdad's support for terrorist networks, transfer of weapons of mass destruction to terrorist groups or individuals who target the United States, or the harboring of such terrorists will be considered an act of war and lead immediately to an American military intervention to overthrow the regime. Targeting Iraq There are many potential targets for a possible post-Afghanistan phase of the war—Abu Sayyaf guerrilla bases in the Philippines, for example, as well as terrorist headquarters and training camps in Somalia, Syria, and Lebanon. But none is more consequential or more prominent in the current policy debate than Saddam Hussein's regime in Iraq. Numerous outside analysts and (more privately) some senior Bush administration officials are already making the case that the next phase in the war on terrorism should be an effort to overthrow the Iraqi regime—if necessary, with U.S. military force. On November 26, President Bush himself appeared to raise the ante on the Iraq debate, stating that Saddam would "find out" what was in store for him if he failed to heed international demands to allow inspector... ...ime that would crack down on Iraqi smuggling, focus sanctions more specifically on the Baghdad leadership and weapons of mass destruction capabilities, and make civilian goods available for easier import into Iraq. Meaningful searches for Iraq's WMD capabilities would also be desirable, but only if they would be more effective than those of the late 1990s. America's allies and the regional powers need to understand that if Iraq cannot be contained with sanctions and stronger nonproliferation efforts, Washington may ultimately have to use force to achieve that goal. The U.S. administration should make it clear to the rest of the world that it cares a lot more about the well-being and future of the Iraqi population than does Saddam Hussein, and it should hold out a vision of American support for a future Iraq under a different regime. Reinforced deterrence, more vigilant nonproliferation efforts, and smarter sanctions will not make the Persian Gulf region risk-free or immediately free the Iraqi people from a brutal dictatorship. But they will serve the core goal of helping to prevent future terrorist actions like those of September 11 at a reasonable military and strategic cost.

Database Management System

Dinky Hire firm is a small family business that stocks general equipment such as garden tools, car maintenance tools etc. For hiring to its customers. A database system is required to simplify management of the business and to provide some financial information and maintaining stocks. Equipment's are classified under various categories.Equipment's are of different brands within each category. Brands are varies in their prices and obtained from various suppliers. The known categories are: a) Gardening Equipment d) Decorating Equipment g) Heating and Lighting b) Building Equipment e) Car Maintenance h) Miscellaneous c) Access Equipment f) Power Tools Prices of equipment offered by the various suppliers as well as the delivery time for that equipment must be kept in the DB. The firm arranges for business customers only, a 24-hour support to replace any Rosen or faulty equipment that on hire.Upon receiving a customer complain, an immediate delivery will be arranged to replace the faulty equipment provided that it is in stock. Otherwise, a refund for the full charged amount will be administered. Private customers though, in similar cases, must bring the faulty equipment(s) themselves and replace them with working ones or get a full refund if there isn't any available in stock. Business customers are given various membership categories for discount purposes. These are silver, gold and diamond memberships.Silver members get 10%; Gold members get 25% and Diamond members get 40%. Hiring equipment's for private customers are restricted to those who live within 5 miles radius from their address. This distance from the private customer address is measured on map on the wall and the information stored on the customer record the first time the hire equipment's. No such restriction exists for business customers. Requirements: The following sections specify the requirements of the system. The computer is to be used when a customer visits the company to hire equipment's.At this time the following processing is necessary for each transaction: ; If not already known (I. E. Not previously entered into the DB), the customer's details are recorded. ; The equipment to be hired, with expected return date, is recorded. ; The equipment stock as recorded in the database is updated automatically. When business customers' call for support to replace any broken or faulty equipment's on hire, a log must be made in the DB and whether replacement equipment is arranged and delivered or a full refund is given.When the equipment is returned, the following processing is required: ; The actual return date is entered. ; An invoice is printed which shows the item borrowed and calculates the total cost including VAT. The cost should be based on a rate for one day plus a rate for each additional day. The daily rate varies between weekdays and weekend days. ; The stock figures are adjusted. ; Business customer discounts will be calculated according to the membership category, whil e no discount is given to private customers. 2. 3. 4. Design and create a database to the above scenario.State any assumptions made (if any). Map the diagram in to Relational Schema and Proof your answer is normalized up to BC. Create the Database using Myself. Final report should contain: 0 Assumptions 0 Entity Relationship Diagram 0 Relational Schema 0 Proof of Normalization 0 Myself commands which you have used to create the database Assignment Background A Database Management System (DB'S) is a set of programs that enables you to store, modify, and extract information from a database, it also provides users with tools to add, delete, access, modify, and analyze data stored in one location.A group can access the data by using query and reporting tools that are part of the DB'S or by using application programs specifically written to access the data. Assignment Requirements 1 . The final document should be Professional and systematic computerized document. 2. It is essential to ha ve References (if any). 3. Assignment should be word-processed and should be spiral bound. 4. The page after the Cover page should be as the assignment marking scheme (Attachment No 001). 5. Submit the softwood of the assignment along with the bound hard copy. Written Assignment Format:To receive full credit, assignments should maintain the following format: 0 Font: Caliber, Size: apt. 0 Spacing: standard. 0 File type (for electronic submission by prior arrangement): MS Word (â€Å". Doc† only) 0 Name/headers/footers on each page. Page number on each page. Cover page/ Contains page. Rules and Regulation of the Assignment 1 . Assignments will NOT be accepted after the last date of acceptance under any circumstance. Database Management System BABCOCK UNIVERSITY ILISHAN REMO OGUN STATE PROJECT PROPOSAL IN PARTIAL FULFILLMENT OF THE COURSE SOFTWARE ENGINEERING COMPUTER SCIENCE ON HOTEL MANAGEMENT SYSTEM GROUP 8 PROJECT MEMBERS: 1. XXXXXXX 2. XXXXXXXXXXX 3. XXXXXXXXXXXX 4. XXXXXXXXXX 5. OBRUTSE ONAJITE 09/1635 6. OKOROSOBO TEMITOPE 7. OLAJIDE SEGUN 8. XXXXXXXXXX 9. XXXXXXXX 10. XXXXXXXXXX PROJECT MANAGER: MRS AYITE 1. INTRODUCTION A. BACKGROUND ‘Online Alumni System' An Alumni Management System is a system that helps in keeping the records of the past students in which that it can be sorted by the year or by their major.Alumni management system is implemented in various schools around the globe, so it can help the student to get together when there is the need to get together, maybe for a get together Dinner and so on. B. SCOPE /OVERVIEW The Online alumni system is designed to maintain the details of the past student, so when the school wants to check the year a student graduated for some unforeseen circumstances. Usin g this project, the administrator registers each past student into the directory and gives them their username and password so they can login and update their profile. The Alumni Management System provides following features. Members Directory * Online photo gallery * Comment posting facility C. STATEMENT OF PROBLEM The aim of the software is to develop a software that helps the university to keep good record of their old students, in order to refer to them when necessary, even on occasions where they want to make a year book for the graduating class or something. D. PROJECT OBJECTIVES OBJECTIVE: The central objective of this project is to provide facility for record system for the university committee. In previous system (i. e. Manual System), the student has to queue up to register his/her name in the alumni register on paper.Database Management System and DataThis was the fully time consuming, expensive etc. Through this product, he can update his database maybe when he is marrie d and he wants to change his status to married and so on. 2. SYSTEM ANALYSIS System analysis is the process of gathering and interpreting facts, diagnosing problems and using the facts to improve the system. System analysis specifies what the system should do. A system is a set of components that interact to accomplish some purpose. * Identifying the drawback of the existing system * Identify the need for conversion * Perform feasibility study * Identify hardware, software and database requirements Create a system definition that forms the foundation for subsequent work A. SYSTEM STUDY Overview of the Existing System In the existing system user can face so much problems. They have to waist so much time for the registering. This is the time consuming task. Sometimes user is very tired then they face the so much problem. Sometimes user feel the laziness, this is also failure for the existing system. B. FEASIBILITY STUDY The feasibility of a project can be ascertained in terms of techn ical factors, economic factors, or both. A feasibility study is documented with a report showing all the ramifications of the project.Technical Feasibility Technical feasibility refers to the ability of the process to take advantage of the current state of the technology in pursuing further improvement. The technical capability of the personnel as well as the capability of the available technology should be considered. Technology transfer between geographical areas and cultures needs to be analyzed to understand productivity loss (or gain) due to differences (see Cultural Feasibility). Since we are using PHP 5, Tomcat 6. 0 and so on technically our project is feasible. Economic FeasibilityThis involves the feasibility of the proposed project to generate economic benefits. A benefit-cost analysis and a breakeven analysis are important aspects of evaluating the economic feasibility of new industrial projects. The tangible and intangible aspects of a project should be translated into e conomic terms to facilitate a consistent basis for evaluation. Cultural Feasibility Cultural feasibility deals with the compatibility of the proposed project with the cultural setup of the project environment. In labor-intensive projects, planned functions must be integrated with the local cultural practices and beliefs.For example, religious beliefs may influence what an individual is willing to do or not do. Social Feasibility Social feasibility addresses the influences that a proposed project may have on the social system in the project environment. The ambient social structure may be such that certain categories of workers may be in short supply or nonexistent. The effect of the Project on the social status of the project participants must be assessed to ensure compatibility. It should be recognized that workers in certain industries may have certain status symbols within the society. Scope of Feasibility AnalysisIn general terms, the elements of a feasibility analysis for a pro ject should cover the following: I. Need Analysis This indicates recognition of a need for the project. The need may affect the organization itself, another organization, the public, or the government. A preliminary study is then conducted to confirm and evaluate the need. A proposal of how the need may be satisfied is then made. Relevant questions that should be asked include: * Is the need significant enough to justify the proposed project? * Will the need still exist by the time the project is completed? * What are the alternate means of satisfying the need? What are the economic, social, environmental, and political impacts of the need? II. Process Work This is the preliminary analysis done to determine what will be required to satisfy the need. The work may be performed by a consultant who is an expert in the project field. The preliminary study often involves system models or prototypes. For technology-oriented projects, artist's conception and scaled-down models may be used f or illustrating the general characteristics of a process. A simulation of the proposed system can be carried out to predict the outcome before the actual project starts. III. Engineering & DesignThis involves a detailed technical study of the proposed project. Written quotations are obtained from suppliers and subcontractors as needed. Technology capabilities are evaluated as needed. Product design, if needed, should be done at this time. IV. Cost Estimate This involves estimating project cost to an acceptable level of accuracy. Levels of around -5% to +15% are common at this level of a project plan. Both the initial and operating costs are included in the cost estimation. Estimates of capital investment and of recurring and nonrecurring costs should also be contained in the cost estimate document.Sensitivity analysis can be carried out on the estimated cost values to see how sensitive the project plan is to the estimated cost values. V. Financial Analysis This involves an analysis of the cash flow profile of the project. The analysis should consider rates of return, inflation, sources of capital, payback periods, breakeven point, residual values, and sensitivity. This is a critical analysis since it determines whether or not and when funds will be available to the project. The project cash flow profile helps to support the economic and financial feasibility of the project. VI. Project ImpactsThis portion of the feasibility study provides an assessment of the impact on the proposed project. Environmental, social, cultural, political, and economic impacts may be some of the factors that will determine how a project is perceived by the public. The value added potential of the project should also be assessed. A value added tax may be assessed based on the price of a product and the cost of the raw material used in making the product. The tax so collected may be viewed as a contribution to government coffers. Conclusions and Recommendations The feasibility study s hould end with the overall outcome of the project analysis.This may indicate an endorsement or disapproval of the project. Recommendations on what should be done should be included in this section of the feasibility report. 3. SYSTEM DESIGN System design provides the understanding and procedural details necessary for implementing the system recommended in the system study. Emphasis is on translating the performance requirements into design specifications. The design phase is a transition from a user – oriented document (System proposal) to a documented oriented to the programmers or database personnel. A. GRAPHICAL REPRESENTATION I.Entity Relationship Diagram It is clear that the physical objects from the previous section the administrator, rooms, customer all correspond to entities in the Entity-Relationship model, and the operations to be done on those entities. Date of Birth Date of Birth SEX SEX NAME NAME Student Student Email Email Address Address IS A IS A Alumnus Alumn us IS A IS A GRADUATION YEAR GRADUATION YEAR GRADUATE STUDENT GRADUATE STUDENT POSTGRADUATE POSTGRADUATE COURSE COURSE DEGREE PROGRAMME DEGREE PROGRAMME COMPUTING TOOLS A. METHODOLOGIES B. PROGRAMMING LANGUAGES TOOLS USED FOR DEVELOPING: Language -> PHPDatabase -> My SQL Web Server -> APACHE TOMCAT 6. 0 IDE -> NETBEANS Programming language choice affects the productivity and code quality in several ways. Programmers working with high level language achieve better productivity and quality than those working with low level language, because former is more expensive in nature. We have used HTML, PHP scripting languages for the coding as we have to make the software and these languages provide great compatibility and flexibility. Overview of Programming Languages Overview of PHP The PHP technology will be used to interface HTML.The PHP technology provides a seamless connection and presents an easy to use, PHP-like programming constructs that can be scripted within HTML files. Hypertext preprocessor is a technology for developing web pages that include dynamic content. A PHP page contains standard markup language elements, such as HTML tags, just like a regular web page. A PHP page also contains special PHP elements that allow the server to insert dynamic content in the web page. ADVANTAGES OF PHP 1. PHP supports both scripting and element-based dynamic content. 2. Allows developing custom tag libraries. . PHP pages are precompiled for efficient server processing. 4. PHP pages can be used in combination with servlets that handle the business logic. 5. High Security. . 6. High Quality tool supports. 7. Write Once, Run Everywhere. 8. PHP is vender Neutral Overview of Java Script Java script is a general purpose, prototype based, object oriented scripting language developed jointly by sun and Netscape and is meant for the WWW. Java script borrows most of its syntax from java but also inherits from awk and perl, with some indirect influence from self in its object prot otype system.Java Script is almost as easy to learn as HTML and it can be included directly in HTML documents. Java Script was developed independently of java. Java script is a high level scripting language that does not depend on or expose particular machine representations or operating system services. FEATURES OF JAVA SCRIPT Java script is embedded into HTML documents and is executed with in them. Java script is browser dependent. JavaScript is an interpreted language that can be interpreted by the browser at run time. Java script is loosely typed language. Java script is an object-based language.Java script is an Event-Driven language and supports event handlers to specify the functionality of a button. The Struts framework provides the flexibility to develop the much less coupled applications. It generalizes and strictly implements MVC-model View Controller Architecture. That is the basic need of our architecture. Overview of Apache Tomcat Apache Tomcat is a servlet container d eveloped by the Apache Software Foundation (ASF). Tomcat implements the Java Servlet and the Java Server Pages (JSP) specifications from Sun Microsystems, and provides a â€Å"pure Java† HTTP web server environment for Java code to run.Tomcat should not be confused with the Apache web server, which is a C implementation of an HTTP web server; these two web servers are not bundled together. Apache Tomcat includes tools for configuration and management, but can also be configured by editing XML configuration files. Overview of MySQL MySQL is a multithreaded, multi-user SQL database management system (DBMS) which has, according to MySQL AB, more than 10 million installations. MySQL is owned and sponsored by a single for-profit firm, the Swedish company MySQL AB, which holds the copyright to most codebase. Libraries for ccessing MySQL databases are available in all major programming languages with language-specific APIs. In addition, an ODBC interface called MyODBC allows additio nal programming languages that support the ODBC interface to communicate with a MySQL database, such as ASP or ColdFusion. The MySQL server and official libraries are mostly implemented in ANSI C. C. PLATFORM I. HARDWARE SPECIFICATIONS Processor: Pentium III or higher RAM: 128 MB or More Hard Disk: 20 GB or More Modem: 56KBPS / LAN Card II. SOFTWARE SPECIFICATIONS Operating System: Windows XP, VISTA 7. Web Server: ApacheFront End: JSP Back End: MySQL Scripts: JavaScript Language: JAVA III. User Interface Requirements The user of the proposed system requires that the developed software should be user friendly, have security access, and ensure the privacy of the administrator and produce results in timely manner. The users are not frequently exposed to the on-line hotel management, so the system interface to the user must be simple and understandable. The web pages must be user-friendly and must be in an easy-to-use style. The user must be able to easily switch among various I/O scree ns.The product is well designed so that it can be used easily by layman and also the users who are novices to the system. The system should be designed in such a way that only authorized users should be allowed to login to the system. The user interface should be as interactive as possible. A user-friendly interface must be provided so that the user can easily interact with the system and comprehend things in a quicker and easier way. The system must provide reliable and up-to-date information. The application should be efficient so that the user does not spend much time in training.Consistency will increase the confidence of the user in the reliability of the application. The user must be limited with a small set of operations to achieve the result. The application should be visually and conceptually clear. The interface should accommodate user mistakes easily and fast. It should minimize the errors and should handle them peacefully. IV. Database Requirements The database should be designed in such a way that it enhances the efficient storage, retrieval and manipulation of all the information associated. For instance all general information regarding an item attribute should be stored in a particular table.The concerned users should have the facility to query to the database and supply the basic information easily. Security mechanisms should be provided so that no confidential details should be accessible to unauthorized persons. The database should be organized in such a way that it helps in preparing various essential summaries needed for users. V. Functional Requirements The various functional requirements of the system can be summarized as: 1. A home page that is user friendly and ambiguous. 2. Administrator Login Facility 3. Links to other related sites. 4.Ability of Administrator to perform any tasks which you can see in my snapshots (below) and in my running project. 5. A login page for alumnus to create a new user if not registered VI. Non-Functional Requirements Non-functional requirements define the system properties and constraints that arise through user needs, because of the budgeted constraints or organizational policies, or because of the need for interoperability with other software or due to the external factors such as safety regulations privacy registrations and so on. VII. Other Requirements and ConstraintsPerformance Requirements * The database should be centralized and secure. * The system should be user friendly and easily accessible * The system must be reliable. Design Requirements The main objectives of input design are: * Controlling the amount of input * Keeping the process simple, avoiding errors. * The best thing in the input design is to achieve all the objectives mentioned in the simplest manner possible. The main objectives of output design are: * Identifying the specific outputs. * Creating reports for displaying and storing information. 4. MILESTONES A.TIMELINES I. DISTRIBUTION OF TASKS AND SUBTASKS II . TEAM MEMBERS RESPONSIBILITIES Each project member has been given a role to perform which will make the project work go smoothly. | | | | | | | | | | | | III. PROPOSED TIMEFRAME FOR EACH TASK AS ASSIGNED B. DEADLINES FOR EACH TASK AND MODULES C. PROPOSED DUE DATE 5. POSSIBLE TEST CASES AND PLANS 6. LIMITATIONS The Hotel Management System can be used for any organization that may require detailed information at one time or the other. This application covers a relatively large scope more than is highlighted in this project work.There is always room for improvement depending on the intending area of application. For the purpose of this project, however, we will use Arzu Hotels as a set case. The limitations of this project are: * Unavailability of sufficient time due to tight academic schedule. * Lack of internet connection to perform necessary research Despite these limitations, we will be able to design a functional Hotel Management System. 7. CONCLUSION From a proper analysis of po sitive points and constraints on the component, it can be safely concluded that the product is a highly efficient GUI based component.This application is working properly and meeting to all user requirements. This component can be easily plugged in many other systems. 8. APPENDIX I. Programming Programming is not only a creative activity but also an intellectually rigorous discipline. It is the part where the design is actually translated into the machine readable form which is called program. II. Programming Principles The main activity of coding phase is to translate design into code. If we translate the structure of the design properly, we will have structured programs. A structured program doesn’t just â€Å"happen†.It is the end product of series of efforts that try to understand the problem and develop a structured, understandable solution plan. It is all impossible to write a good structured program based on unstructured poor design . The coding phase affects bo th testing and maintenance , profoundly the time spent in coding is small percentage of the total software cost, while testing and maintenance consume the major percentage . The goal of coding phase is not to simplify the job of the tester and maintainer. III. Programming style A well written program is more easily read and understood both by the author and by others who work that program.A good Programming style is characterized by the following: * Simplicity * Readability * Good documentation * Changeability * Predictability * Good Structure IV. Selection of Coding Language All the programs coded should be based on a standard which can tend to the needs of all readers, i. e. it should provide degree of predictability in programs of a common type. There are many aspects to what the programs must do so to enable the different users to comfortably work on it. For example the program should: * Be corrective of the solution * Have maximum speed of execution * Be comprehensive and east to maintain Database Management System BABCOCK UNIVERSITY ILISHAN REMO OGUN STATE PROJECT PROPOSAL IN PARTIAL FULFILLMENT OF THE COURSE SOFTWARE ENGINEERING COMPUTER SCIENCE ON HOTEL MANAGEMENT SYSTEM GROUP 8 PROJECT MEMBERS: 1. XXXXXXX 2. XXXXXXXXXXX 3. XXXXXXXXXXXX 4. XXXXXXXXXX 5. OBRUTSE ONAJITE 09/1635 6. OKOROSOBO TEMITOPE 7. OLAJIDE SEGUN 8. XXXXXXXXXX 9. XXXXXXXX 10. XXXXXXXXXX PROJECT MANAGER: MRS AYITE 1. INTRODUCTION A. BACKGROUND ‘Online Alumni System' An Alumni Management System is a system that helps in keeping the records of the past students in which that it can be sorted by the year or by their major.Alumni management system is implemented in various schools around the globe, so it can help the student to get together when there is the need to get together, maybe for a get together Dinner and so on. B. SCOPE /OVERVIEW The Online alumni system is designed to maintain the details of the past student, so when the school wants to check the year a student graduated for some unforeseen circumstances. Usin g this project, the administrator registers each past student into the directory and gives them their username and password so they can login and update their profile. The Alumni Management System provides following features. Members Directory * Online photo gallery * Comment posting facility C. STATEMENT OF PROBLEM The aim of the software is to develop a software that helps the university to keep good record of their old students, in order to refer to them when necessary, even on occasions where they want to make a year book for the graduating class or something. D. PROJECT OBJECTIVES OBJECTIVE: The central objective of this project is to provide facility for record system for the university committee. In previous system (i. e. Manual System), the student has to queue up to register his/her name in the alumni register on paper.Database Management System and DataThis was the fully time consuming, expensive etc. Through this product, he can update his database maybe when he is marrie d and he wants to change his status to married and so on. 2. SYSTEM ANALYSIS System analysis is the process of gathering and interpreting facts, diagnosing problems and using the facts to improve the system. System analysis specifies what the system should do. A system is a set of components that interact to accomplish some purpose. * Identifying the drawback of the existing system * Identify the need for conversion * Perform feasibility study * Identify hardware, software and database requirements Create a system definition that forms the foundation for subsequent work A. SYSTEM STUDY Overview of the Existing System In the existing system user can face so much problems. They have to waist so much time for the registering. This is the time consuming task. Sometimes user is very tired then they face the so much problem. Sometimes user feel the laziness, this is also failure for the existing system. B. FEASIBILITY STUDY The feasibility of a project can be ascertained in terms of techn ical factors, economic factors, or both. A feasibility study is documented with a report showing all the ramifications of the project.Technical Feasibility Technical feasibility refers to the ability of the process to take advantage of the current state of the technology in pursuing further improvement. The technical capability of the personnel as well as the capability of the available technology should be considered. Technology transfer between geographical areas and cultures needs to be analyzed to understand productivity loss (or gain) due to differences (see Cultural Feasibility). Since we are using PHP 5, Tomcat 6. 0 and so on technically our project is feasible. Economic FeasibilityThis involves the feasibility of the proposed project to generate economic benefits. A benefit-cost analysis and a breakeven analysis are important aspects of evaluating the economic feasibility of new industrial projects. The tangible and intangible aspects of a project should be translated into e conomic terms to facilitate a consistent basis for evaluation. Cultural Feasibility Cultural feasibility deals with the compatibility of the proposed project with the cultural setup of the project environment. In labor-intensive projects, planned functions must be integrated with the local cultural practices and beliefs.For example, religious beliefs may influence what an individual is willing to do or not do. Social Feasibility Social feasibility addresses the influences that a proposed project may have on the social system in the project environment. The ambient social structure may be such that certain categories of workers may be in short supply or nonexistent. The effect of the Project on the social status of the project participants must be assessed to ensure compatibility. It should be recognized that workers in certain industries may have certain status symbols within the society. Scope of Feasibility AnalysisIn general terms, the elements of a feasibility analysis for a pro ject should cover the following: I. Need Analysis This indicates recognition of a need for the project. The need may affect the organization itself, another organization, the public, or the government. A preliminary study is then conducted to confirm and evaluate the need. A proposal of how the need may be satisfied is then made. Relevant questions that should be asked include: * Is the need significant enough to justify the proposed project? * Will the need still exist by the time the project is completed? * What are the alternate means of satisfying the need? What are the economic, social, environmental, and political impacts of the need? II. Process Work This is the preliminary analysis done to determine what will be required to satisfy the need. The work may be performed by a consultant who is an expert in the project field. The preliminary study often involves system models or prototypes. For technology-oriented projects, artist's conception and scaled-down models may be used f or illustrating the general characteristics of a process. A simulation of the proposed system can be carried out to predict the outcome before the actual project starts. III. Engineering & DesignThis involves a detailed technical study of the proposed project. Written quotations are obtained from suppliers and subcontractors as needed. Technology capabilities are evaluated as needed. Product design, if needed, should be done at this time. IV. Cost Estimate This involves estimating project cost to an acceptable level of accuracy. Levels of around -5% to +15% are common at this level of a project plan. Both the initial and operating costs are included in the cost estimation. Estimates of capital investment and of recurring and nonrecurring costs should also be contained in the cost estimate document.Sensitivity analysis can be carried out on the estimated cost values to see how sensitive the project plan is to the estimated cost values. V. Financial Analysis This involves an analysis of the cash flow profile of the project. The analysis should consider rates of return, inflation, sources of capital, payback periods, breakeven point, residual values, and sensitivity. This is a critical analysis since it determines whether or not and when funds will be available to the project. The project cash flow profile helps to support the economic and financial feasibility of the project. VI. Project ImpactsThis portion of the feasibility study provides an assessment of the impact on the proposed project. Environmental, social, cultural, political, and economic impacts may be some of the factors that will determine how a project is perceived by the public. The value added potential of the project should also be assessed. A value added tax may be assessed based on the price of a product and the cost of the raw material used in making the product. The tax so collected may be viewed as a contribution to government coffers. Conclusions and Recommendations The feasibility study s hould end with the overall outcome of the project analysis.This may indicate an endorsement or disapproval of the project. Recommendations on what should be done should be included in this section of the feasibility report. 3. SYSTEM DESIGN System design provides the understanding and procedural details necessary for implementing the system recommended in the system study. Emphasis is on translating the performance requirements into design specifications. The design phase is a transition from a user – oriented document (System proposal) to a documented oriented to the programmers or database personnel. A. GRAPHICAL REPRESENTATION I.Entity Relationship Diagram It is clear that the physical objects from the previous section the administrator, rooms, customer all correspond to entities in the Entity-Relationship model, and the operations to be done on those entities. Date of Birth Date of Birth SEX SEX NAME NAME Student Student Email Email Address Address IS A IS A Alumnus Alumn us IS A IS A GRADUATION YEAR GRADUATION YEAR GRADUATE STUDENT GRADUATE STUDENT POSTGRADUATE POSTGRADUATE COURSE COURSE DEGREE PROGRAMME DEGREE PROGRAMME COMPUTING TOOLS A. METHODOLOGIES B. PROGRAMMING LANGUAGES TOOLS USED FOR DEVELOPING: Language -> PHPDatabase -> My SQL Web Server -> APACHE TOMCAT 6. 0 IDE -> NETBEANS Programming language choice affects the productivity and code quality in several ways. Programmers working with high level language achieve better productivity and quality than those working with low level language, because former is more expensive in nature. We have used HTML, PHP scripting languages for the coding as we have to make the software and these languages provide great compatibility and flexibility. Overview of Programming Languages Overview of PHP The PHP technology will be used to interface HTML.The PHP technology provides a seamless connection and presents an easy to use, PHP-like programming constructs that can be scripted within HTML files. Hypertext preprocessor is a technology for developing web pages that include dynamic content. A PHP page contains standard markup language elements, such as HTML tags, just like a regular web page. A PHP page also contains special PHP elements that allow the server to insert dynamic content in the web page. ADVANTAGES OF PHP 1. PHP supports both scripting and element-based dynamic content. 2. Allows developing custom tag libraries. . PHP pages are precompiled for efficient server processing. 4. PHP pages can be used in combination with servlets that handle the business logic. 5. High Security. . 6. High Quality tool supports. 7. Write Once, Run Everywhere. 8. PHP is vender Neutral Overview of Java Script Java script is a general purpose, prototype based, object oriented scripting language developed jointly by sun and Netscape and is meant for the WWW. Java script borrows most of its syntax from java but also inherits from awk and perl, with some indirect influence from self in its object prot otype system.Java Script is almost as easy to learn as HTML and it can be included directly in HTML documents. Java Script was developed independently of java. Java script is a high level scripting language that does not depend on or expose particular machine representations or operating system services. FEATURES OF JAVA SCRIPT Java script is embedded into HTML documents and is executed with in them. Java script is browser dependent. JavaScript is an interpreted language that can be interpreted by the browser at run time. Java script is loosely typed language. Java script is an object-based language.Java script is an Event-Driven language and supports event handlers to specify the functionality of a button. The Struts framework provides the flexibility to develop the much less coupled applications. It generalizes and strictly implements MVC-model View Controller Architecture. That is the basic need of our architecture. Overview of Apache Tomcat Apache Tomcat is a servlet container d eveloped by the Apache Software Foundation (ASF). Tomcat implements the Java Servlet and the Java Server Pages (JSP) specifications from Sun Microsystems, and provides a â€Å"pure Java† HTTP web server environment for Java code to run.Tomcat should not be confused with the Apache web server, which is a C implementation of an HTTP web server; these two web servers are not bundled together. Apache Tomcat includes tools for configuration and management, but can also be configured by editing XML configuration files. Overview of MySQL MySQL is a multithreaded, multi-user SQL database management system (DBMS) which has, according to MySQL AB, more than 10 million installations. MySQL is owned and sponsored by a single for-profit firm, the Swedish company MySQL AB, which holds the copyright to most codebase. Libraries for ccessing MySQL databases are available in all major programming languages with language-specific APIs. In addition, an ODBC interface called MyODBC allows additio nal programming languages that support the ODBC interface to communicate with a MySQL database, such as ASP or ColdFusion. The MySQL server and official libraries are mostly implemented in ANSI C. C. PLATFORM I. HARDWARE SPECIFICATIONS Processor: Pentium III or higher RAM: 128 MB or More Hard Disk: 20 GB or More Modem: 56KBPS / LAN Card II. SOFTWARE SPECIFICATIONS Operating System: Windows XP, VISTA 7. Web Server: ApacheFront End: JSP Back End: MySQL Scripts: JavaScript Language: JAVA III. User Interface Requirements The user of the proposed system requires that the developed software should be user friendly, have security access, and ensure the privacy of the administrator and produce results in timely manner. The users are not frequently exposed to the on-line hotel management, so the system interface to the user must be simple and understandable. The web pages must be user-friendly and must be in an easy-to-use style. The user must be able to easily switch among various I/O scree ns.The product is well designed so that it can be used easily by layman and also the users who are novices to the system. The system should be designed in such a way that only authorized users should be allowed to login to the system. The user interface should be as interactive as possible. A user-friendly interface must be provided so that the user can easily interact with the system and comprehend things in a quicker and easier way. The system must provide reliable and up-to-date information. The application should be efficient so that the user does not spend much time in training.Consistency will increase the confidence of the user in the reliability of the application. The user must be limited with a small set of operations to achieve the result. The application should be visually and conceptually clear. The interface should accommodate user mistakes easily and fast. It should minimize the errors and should handle them peacefully. IV. Database Requirements The database should be designed in such a way that it enhances the efficient storage, retrieval and manipulation of all the information associated. For instance all general information regarding an item attribute should be stored in a particular table.The concerned users should have the facility to query to the database and supply the basic information easily. Security mechanisms should be provided so that no confidential details should be accessible to unauthorized persons. The database should be organized in such a way that it helps in preparing various essential summaries needed for users. V. Functional Requirements The various functional requirements of the system can be summarized as: 1. A home page that is user friendly and ambiguous. 2. Administrator Login Facility 3. Links to other related sites. 4.Ability of Administrator to perform any tasks which you can see in my snapshots (below) and in my running project. 5. A login page for alumnus to create a new user if not registered VI. Non-Functional Requirements Non-functional requirements define the system properties and constraints that arise through user needs, because of the budgeted constraints or organizational policies, or because of the need for interoperability with other software or due to the external factors such as safety regulations privacy registrations and so on. VII. Other Requirements and ConstraintsPerformance Requirements * The database should be centralized and secure. * The system should be user friendly and easily accessible * The system must be reliable. Design Requirements The main objectives of input design are: * Controlling the amount of input * Keeping the process simple, avoiding errors. * The best thing in the input design is to achieve all the objectives mentioned in the simplest manner possible. The main objectives of output design are: * Identifying the specific outputs. * Creating reports for displaying and storing information. 4. MILESTONES A.TIMELINES I. DISTRIBUTION OF TASKS AND SUBTASKS II . TEAM MEMBERS RESPONSIBILITIES Each project member has been given a role to perform which will make the project work go smoothly. | | | | | | | | | | | | III. PROPOSED TIMEFRAME FOR EACH TASK AS ASSIGNED B. DEADLINES FOR EACH TASK AND MODULES C. PROPOSED DUE DATE 5. POSSIBLE TEST CASES AND PLANS 6. LIMITATIONS The Hotel Management System can be used for any organization that may require detailed information at one time or the other. This application covers a relatively large scope more than is highlighted in this project work.There is always room for improvement depending on the intending area of application. For the purpose of this project, however, we will use Arzu Hotels as a set case. The limitations of this project are: * Unavailability of sufficient time due to tight academic schedule. * Lack of internet connection to perform necessary research Despite these limitations, we will be able to design a functional Hotel Management System. 7. CONCLUSION From a proper analysis of po sitive points and constraints on the component, it can be safely concluded that the product is a highly efficient GUI based component.This application is working properly and meeting to all user requirements. This component can be easily plugged in many other systems. 8. APPENDIX I. Programming Programming is not only a creative activity but also an intellectually rigorous discipline. It is the part where the design is actually translated into the machine readable form which is called program. II. Programming Principles The main activity of coding phase is to translate design into code. If we translate the structure of the design properly, we will have structured programs. A structured program doesn’t just â€Å"happen†.It is the end product of series of efforts that try to understand the problem and develop a structured, understandable solution plan. It is all impossible to write a good structured program based on unstructured poor design . The coding phase affects bo th testing and maintenance , profoundly the time spent in coding is small percentage of the total software cost, while testing and maintenance consume the major percentage . The goal of coding phase is not to simplify the job of the tester and maintainer. III. Programming style A well written program is more easily read and understood both by the author and by others who work that program.A good Programming style is characterized by the following: * Simplicity * Readability * Good documentation * Changeability * Predictability * Good Structure IV. Selection of Coding Language All the programs coded should be based on a standard which can tend to the needs of all readers, i. e. it should provide degree of predictability in programs of a common type. There are many aspects to what the programs must do so to enable the different users to comfortably work on it. For example the program should: * Be corrective of the solution * Have maximum speed of execution * Be comprehensive and east to maintain

Green Energy - 929 Words

In the environment there are many concerns on how to make this a better place to live. One of the biggest issues is our energy and power sources. Green energy is a term used for sources of power and energy that are environmentally friendly. Basically this includes anything that is renewable energy. Renewable energy is considered energy that is constantly being replaced such as wood, vegetable matter, and trash. Green energy s main focus is to use sources that can cut down on pollution. Some of these sources of power and energy are Biomass energy, geothermal energy, hydropower, nuclear energy, solar energy, wind energy and tidal energy. People hope that these will help use more natural sources to produce energy. In several countries you†¦show more content†¦Next time you get on your computer you can set up your computer to where the sleep mode is on and also the hibernate comes on after thirty minutes. Another thing is taking control of the temperature. During the winter you can set your thermostat at 68 degrees or less during the day and 55 degrees at night before you go to sleep. During the summer you can set it at 78 degrees or more. Also you can set your thermostat on your water heater between 120 and 130 degrees. The only drawback with this one is you can take really long hot showers. So with all these information you can decide if you are for or against green energy. I believe we should start doing something about our environment before we are too late. I personally am for green energy. You don t necessarily have to go out get green energy as your electricity source but doing little can always help our universe. 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