Risk Manahement Essay Example | Topics and Well Written Essays - 1500 words

Risk Manahement - Essay Example These strategies are forward contracts, futures contracts, swaps, call options, collars etc. All these strategies have significant strengths and weaknesses, which needs to be efficiently balanced by firms. This paper illuminates the impact of commodity price risk on the firms as well the significance of hedging such risk. It also analyzes different hedging strategies used by companies and their strengths and weaknesses. Hedging constitutes one of the most important financial decisions of any firm. It refers to different ways through which a company can minimize its exposure to various kinds of risks. Fuel represents a crucial cost in the total airline expenditure and thus fuel price risk has a great impact on the earnings and cash flows of airlines. Any drastic increase in oil prices can adversely affect cash flows. Effective hedging strategies are imperative for airlines to minimize the variability of cash flows due to volatility in oil price (Carter, Rogers. and Simkins, 2003). This is why almost firms use various hedging strategies to protect their cash flow from variations resulting out of oil price fluctuations. Froot, Scharfstein and Stein propound that "if a firm does not hedge, there will be some variability in the cash flows generated by assets in place." (1993, p. 1630) A non-hedging airline is also likely to be greatly vulnerable to any change in fuel market price. Because of effectiveness of hedging in commodity price risk manageme... that "for a given level of debt, hedging can reduce the probability that a firm will find itself in a situation where it is unable to repay that debt." (1993, p. 1632) This is one of the greatest benefits of using hedging strategies to manage commodity price risk. These strategies assure management that even if the commodity price moves in the unfavourable direction, it will not have a great impact of firm's earnings and cash flows. Forward contracts are the most common hedging strategies used by firms. Southwest airlines managed its exposure to oil price risk in the year 2005 with the help of forward contracts and successfully enhanced its earnings. On the contrary, in the same year other airlines like Delta and United Airlines faced great difficulties. However, there is high credit risk involved in hedging strategy using forward contracts. Froot, Scharfstein and Stein elaborate that "because they are not settled until maturity, forwards can involve substantially more credit risk than futures." (1993, p. 1649) Forwards have a distinctive feature as compared to the futures contract that they cannot be settled before maturity date. Hence, on one hand forwards strategy helps firms to considerably minimize their exposure to commodity price risk, it also leads to significant credit risk. Futures contract is another most commonly used strategy that firms can use to hedge against the commodity price risk. Veld-Merkoulova and de Roon (2003) illuminate a 'nave' strategy which relies on short term futures contracts for the purpose of hedging long term position in the spot market when the size of both the positions are the same. Under this hedging strategy, the futures contract is closed on the same date as that of the spot contract if futures contract has a maturity date

Quantitative Research Theory Essay Example for Free

Quantitative Research Theory Essay The purpose of the quantitative method is used when measuring the incidence of multiple views and opinions in a singular chosen sample and how it may be used in nursing practice. The quantitative method is often followed by the qualitative method, used to observe further findings. Its objective is to appraise data and conclude results from sample populations of interest. Quantitative methods highlight the importance on objective measures and numerical analysis of data gathered through questionnaires, surveys, and/or surveys. This method of researching focuses on collecting numerical information and generalizing the data across groups of individuals. Quantitative research is an objective, formal, rigorous, systematic process for creating numerical data in regards to the world. The quantitative method of conducting research is often used to describe new situations, events, or concepts and determine the effectiveness of treatments in the world. There are four types of quantitative research methods such as: descriptive research, correlation research, quasi-experimental research, and experimental research. Quantitative research is necessary in developing knowledge vital for evidence-based nursing practices. Conducting quantitative research requires rigor and control. Rigorous research provides credibility and worth. When collecting data disciplined techniques much like on-street interviews, online questionnaires, or telephone interviews should be used. Sampling sizes typically occur when using larger numbers of cases representing populations of interest, randomly selected respondents. Findings of statistical data are conclusive and definitive typically descriptive in its nature. Things to keep in mind when utilizing the quantitative method and reporting the results of a study. An explanation of the statistical treatment and data collected as relevant results are produced coinciding to the research issue under investigation. Chronologically log all unanticipated events that take place during the data collecting stage. Provide an explanation of the techniques used to gather and present v alid and credible data information. Select a sufficient  statistical procedure; provide an account for the selected use and references for such. Describe assumptions for all research procedures and the efforts taken to ensure that they haven’t been violated. If using presumed statistics, descriptive statistics should be provided, confidence intervals, and sample sizes for each variable to include the value of test statistics, the direction, the significance level, and the degrees of freedom. When avoiding the use of inferring causality in particular non-randomized designs or without additional experimentation. The use of tables to provide exact value uses figures conveying global effects. In quantitative research, the objective is to determine the connection between two things, the independent and dependent variable in populations. Its designs are either descriptive or experimental. The descriptive design subjects are typically measured once, whereas experimental subjects are measured before and after treatment. The descriptive study creates associations only between variables. The experimental design, however, establi shes causality. The main characteristics are to classify features, construct statistical models, and count them in an attempt to detail what has occurred and what is observed. The research deals in logic and the objective, numbers, focusing on logic, unchanging static data and detailed, convergent reasoning as oppose to divergent reasoning. Once data has been collected in the quantitative research method, decisions must be made on how the use of information gathered can be altered to offer recommendations. Individuals compare primary focuses on basic quantitative and qualitative methodologies; qualitative methodologies investigate categories and themes of collected input, while quantitative methodologies confirm validity and reliability of the gathered statistics. The objective of this form of research is to populate gaps with knowledge. This nature of knowing is referenced often as ontology versus epistemology. Ontology is in regards to the world’s existence and in what form. Epistemology is simply described as how you know what you know. In ontological quantitative methods, an altered reality occurs in which it can be measured and appreciated to a certain degree of efficiency. In epistemology quantitative research, the process is done through objective observations and measurements. Methodology research is subjective to various ethical implications. Aside from the element of deception that is included, individuals involved in a controlled group may  have a disadvantage when the outcome of treatment or interventions is unclear or believed to be underlying to existing regimens. There are ethical considerations dependent on the form of study. In example, if a study is done on evaluating the effectiveness of an epinephrine auto-injector. It would be unethical to withhold or deny interventions for individuals within the controlled group. The ethics of methodology research demands careful assessments of the benefits and risks that may occur and that information is gathered and delivered to participants during the process of gathering informed consent. A generalized guideline is viewed as â€Å"the degree of risk to be taken by those participating in the research should never exceed the potential humanitarian benefits of the knowledge to be gained†. In conclusion, the quantitative method measures the incidence of multiple views and opinions in a singular chosen sample. The quantitative method is sometimes followed by the qualitative research, which is used to observe further findings. The method of researching focuses on collecting numerical information and generalizing the data across groups of individuals. Reference Babbie, Earl R (2010). The Practice of Social Research. Retrieved from:http://libguides.usc.edu/content.php?pid=83009sid=615867 Glesne, C. (2006). Becoming qualitative researchers: An introduction (3rd ed.). Retrieved from:http://www.nursingcenter.com/lnc/journalarticle?Article_ID=737387 Polit, D.F., Hungler, B.P. (1999) Nursing Research: Principles and Methods (6th ed).Philadelphia: J.B. Lippincott. Snap Surveys (2014). Qualitative vs Quantitative Research. Retrieved from:http://www.snapsurveys.com/qualitative-quantitative-research/

Female Innocence and Violence in Literature

Female Innocence and Violence in Literature ‘For maximum literary effect, sensationalism and violence have to be juxtaposed with female innocence and vulnerability’. Discuss with reference to the ‘Tale of Two Cities’ by Charles Dickens and ‘The Woman in White’ by Wilkie Collins. The title quote is probably too fixed. Generally, there can be no such prescriptive methods for writing literature, however, there is certainly evidence to show that when contradicting qualities or concepts are presented in close proximity, the intensity of the situation is heightened. Milton used this technique in Paradise Lost – assembling a clear-cut universe comprised entirely of polar opposites and without ambivalence or moral middle ground. Hence in Milton, every physical or mental property is in effect generated and defined by the absence of its opposite counterpart. So darkness is the complete absence of light, and evil is the complete absence of good etc. Dickens’ and Collins’ use of juxtaposition in their novels is more reticent than Milton though with a similar intent and evident immediately in the opening passage of a ‘Tale of Two Cities’: â€Å"It was the best of times it was the worst of times†¦ in short, the period was so far lik e the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only.† The quote is also an admission on behalf the nature of the novel itself and it is with this ‘superlative degree of comparison’ that we will be made to receive much of the events that unfold, and discover in the process that no such fixed model can properly express human nature which is too often ambiguous or prone to change. Both authors were aware that their novels were to be published as serialisations and so there was a very real need to maintain the reader’s interest between chapters. It is perhaps with this concern in mind that the authors penned their mild heroes into lurid depictions of violence and human brutality since the jarring of good and evil makes for shocking subject matter and invariably what is shocking is also powerful. With Dickens’ novel as with Collins’ the real dramatic tension is created by placing feminine champions of goodness and temperance within a masculine context of immorality and violence. As well as the perceived distinction between innocence and guilt, frailty and brutality, patience and impulsion, there is also a subtle contrast between an inner world and an outer one. A world of the soul, which is implicit and inherently good, and a world of the physical or the body which is explicit and outwardly evil. In both novels, the language separates in a s imilar way – outwardly graphic and sensational, yet with a subtle and often more powerful subtext. The texts of both novels are founded in conflict and perpetuate a sense of tension so it serves us well to do close readings of a short passage as much as an overview of the whole. We shall take first this passage from Wilkie Collins’ ‘The Woman in White’: â€Å"The boat-house was large enough to hold us all, but Sir Percival remained outside trimming the last new stick with his pocket-axe. We three women found plenty of room on the large seat. Laura took her work and Madame Fosco began her cigarettes. I, as usual had nothing to do. My hands always were and always will be as awkard as a man’s. The Count good humouredly took a stool many sizes too small for him, and balanced himself on it with his back against the side of the shed, which creaked and groaned under his weight. He put the pagoda cage on his lap, and let out the mice to crawl over him as usual. They are pretty innocent-looking little creatures, but the sight of them creeping about a man’s body is for some reason not pleasant to me. It excites a strange responsive creeping in my own nerves and suggests hideous ideas of men dying in prison with the crawling creatures of the dungeon preying on them undisturbed.† Marian’s narration begins as ‘matter of fact’ and becomes imagined and complex. From the start of the passage to the end her attention is drawn from objects and characters far away from her, closer in to those surrounding her, then to her own self and identity, and finally the introspective and private thoughts of her own mind. The first sentence raises the idea of a separate world of violence lying outside Marian’s own. She highlights Sir Percival’s decision to remain ‘outside’ despite the boat-house being ‘large enough to hold us all’ so she could be implying an obstinacy in his actions or perhaps more likely, she may be perplexed by his behaviour. The very action of trimming a stick with a pocket axe carries various connotations with violence and masculine sexuality. It is of course an arbitrary occupation of his time and serves as a meaningless and almost sinister method of disconnection between himself and the others an d hence a source of confusion. Marian’s next comment ‘We three women’, at once it unites the women together as a concept or a quality of femininity and further separates them from the singular identity of Sir Percival. Marian’s language is deeply characterised by ideas of containment. The ladies sit inside and they are easily accommodated: ‘we three women found plenty of room on the large seat’. This statement contrasts directly with her comment about the Count a little later, who ‘took a stool many sizes too small for him, and balanced himself on it with his back against the side of the shed, which creaked and groaned under his weight’ – a sentence which trails on for longer, more involved and awkward. The Count and Sir Percival, by their cumbersome inflexibility, rebel against and test the physical world. Their presence is more palpable and harder to contain unlike the women who are compliant, slight and ensconced by the physical world. This whole image is a dilution of the revolutionary world as emasculated, savage and violent – the container and oppressor of feminine goodness. As we have seen the direction of Marian’s thought is inward but her language and the use of symbolism give an added suggestion of moving from an open, free space, to a confined, interior space. Initially Marian uses words like ‘outside’ and phrases such as ‘plenty of room’ but her train of thought finishes in reflection on ‘Pagoda Cages’, on ‘prison’ and ‘the dungeon’. Herein lies the horror for Marian. Her language is the language of oppression and confinement: ‘My hands always were and always will be as awkward as a mans.’ Her use of the phrase ‘always were and always will be’ excludes all sense of hope and the awkwardness of the repetition is emblematic of her bitterness and resent of the awkwardness of her situation. Her use of the word awkward itself is interesting, used as much no doubt as the implied opposite of delicate or relaxed and the whole image of a woman being burdened wit h the tools of man’s violence towards the world is a powerful one. The shift in Marian’s observation of mice running freely over the Count’s person, to an imagined picture of rats crawling over a morbid prisoner is a much more tangible instance of frailty and innocence played against sensational horror. The real power of the text here lies in the compression of a quaint image into a one which repulses. But further it suggests there is a macabre bent in Marian or an inclination of thought towards something deeper and darker than her reality. Can it be that she relates with both images – the ‘pretty-innocent looking creatures (my italics)’, how she and women seem to be, or should aspire to become, and ‘men dying in prison with the crawling creatures of the dungeon preying on them undisturbed’, how she and other really feel? We will turn now to the following passage from the last chapter of Dickens’ ‘A Tale of Two Cities’: ‘The second tumbril empties and moves on: the third comes up. Crash! – And the knitting-women, never faltering or pausing in their work, count two. The supposed Evremonde descends, and the seamstress is lifted out next after him. He has not relinquished her patient hand in getting out, but still holds it as he promised. He gently places her with her back to the crashing engine that constantly whirs up and falls, and she looks into his face and thanks him. â€Å"But for you dear stranger, I should not be so composed, for I am naturally a poor little thing, faint of heart; nor should I have been able to raise my thoughts to Him who was put to death, that we might have hope and comfort here to-day. I think you were sent to me by Heaven†Ã¢â‚¬ ¦ The two stand in the fast-thinning throng of victims, but they speak as if they were alone. Eye to eye, voice to voice, hand to hand, heart to heart, these two children of the Universal Mother, else so wide apart and differing, have come together on the dark highway, to repair home together, and to rest in her bosom.’ Dickens’ tale is related in the third person and there is consequently less room for personal introspection, the like we saw in Marian’s narration (although Dicken’s does dispense with this convention to allow a voice to Carton’s final thoughts in the last lines). However, Dickens’ presents a more sensational description of the world outside his characters. The opening of the passage here imparts a sense of horror by the alarming regularity and routine of the public execution. The relentless killing punctuated consistently by the knitting women as they count towards the heroes’ death. Throughout this passage, Dickens offsets the outside world of motion and with the interior capsule of calm between Carton and the tragic seamstress. The language of impending doom – ‘empties and moves on’, ‘never faltering or pausing’, ‘the crashing engine that constantly whirs up and falls’, and the ‘fast-thin ning throng of victims’, is juxtaposed with language of stillness, timelessness and peace – ‘not relinquished’ ‘her patient hand’, ‘still holds’, ‘so composed’ ‘stand alone’. Evident in this passage is a contradiction between the real world of horror and the machinery of violence, and the seamstress’ admission of her own vulnerability – ‘I am naturally a poor little thing, faint of heart’. But where in previous parts of the novel this opposition was played out with the effect of crushing feminine innocence and creating suspense and horror as a consequence, at this point the woman finds strength in her company. In fact the arrangement of her statement reinforces this idea. ‘But for you dear stranger’, and ‘my thoughts to Him’ surround her admission ‘I am naturally a poor little thing’ – she takes comfort between these objects. They su rround her and protect her from the brutality of the outside world. In this closing chapter of the novel, when finally the fragility of female innocence collides with the horror and mechanics of the revolution, Dickens actually draws a crucial separation between the two concepts. United in love, the protagonists fall away from the physical world – the guillotine a machine which by designs cuts people in two: ‘The two stand in the fast thinning throng of victims, but they speak as if they were alone’. In this final point of the novel – the characters break free from their context. In fact, Dickens uses different paragraphs to describe the human moments and the fall of the tumbril blade as though the outside influences have no control over the characters. ‘Eye to eye, voice to voice, hand to hand, heart to heart,’ where the novel has been an exploration of pairs of opposites, the best of times, and the worst of times, it champions as it denouement pairs of equals and connection rather than argument. The passage u nites two concepts into one, so ‘The two stand’ become in transformation ‘they speak’. Though they are ‘two children’, they are born of one ‘Universal Mother’, and though ‘so wide apart’ they have ‘come together’. What is important here, is that Dickens has chosen to create a different literary effect at the end of his novel from that outlined in the title, by a confrontation of equals rather than opposites. It may show that the collision of brutality and compassion work to create shock and suspense during reading but it is with one motivation that a reader continues through these moments and that is to reach a fitting harmony.

Sapir-Worf Hypothesis: Linguistic Determinism and Linguistic Relativit

Sapir-Worf Hypothesis: Linguistic Determinism and Linguistic Relativity The romantic idealism of the late eighteenth century, as encountered in the views of Johann Herder (1744-1803) and Wilhelm von Humboldt (I 762-1835), placed great value on the diversity of the world’s languages and cultures. The tradition was taken up by the American linguist and anthropologist Edward Sapir (1884-1939) and his pupil Benjamin Lee Whorf (1897-1941), and resulted in a view about the relation between language and thought which was widely influential in the middle decades of this century. The â€Å"Sapir-Whorf hypothesis,† as it came to be called, combines two principles. The first is known as linguistic determinism: it states that language determines the way we think. The second follows from this, and is known as linguistic relativity: it states that the distinctions encoded in one language are not found in any other language. In a much- quoted paragraph, Whorf propounds the view as follows: We dissect nature along lines laid down by our native languages. The categories and types that we isolate from the world of phenomena we do not find there because they stare every observer in the face; on the contrary, the world is presented in a kaleidoscopic flux of impressions which has to be organized by our minds--and this means largely by the linguistic systems in our minds. We cut nature up, organize it into concepts, and ascribe significances as we do, largely because we are parties to an agreement to organize it in this way-an agreement that holds throughout our speech community and is codified in the patterns of our language. The agreement is, of course, an implicit and unstated one, but its terms are absolutely obligatory; we cannot talk at all ... ...version of the Sapir-Whorf hypothesis is generally accepted. Language may not determine the way we think, but it does influence the way we perceive and remember, and it affects the ease with which we perform mental tasks. Several experiments have shown that people recall things more easily if the things correspond to readily available words or phrases. And people certainly find it easier to make a conceptual distinction if it neatly corresponds to words available in their language. Some salvation for the Sapir-Whorf hypothesis can therefore be found in these studies, which are carried out within the developing field of psycholinguistics. Works Cited: Crystal, David. "Language and Thought." in Language: Readings in Language and Culture, Sixth Edition. Clark, Virgina P., Eschholtz, Pual A., Rosa, Alfred F., editors. St. Matin's Press. New York. 1998. p. 631-32 Sapir-Worf Hypothesis: Linguistic Determinism and Linguistic Relativit Sapir-Worf Hypothesis: Linguistic Determinism and Linguistic Relativity The romantic idealism of the late eighteenth century, as encountered in the views of Johann Herder (1744-1803) and Wilhelm von Humboldt (I 762-1835), placed great value on the diversity of the world’s languages and cultures. The tradition was taken up by the American linguist and anthropologist Edward Sapir (1884-1939) and his pupil Benjamin Lee Whorf (1897-1941), and resulted in a view about the relation between language and thought which was widely influential in the middle decades of this century. The â€Å"Sapir-Whorf hypothesis,† as it came to be called, combines two principles. The first is known as linguistic determinism: it states that language determines the way we think. The second follows from this, and is known as linguistic relativity: it states that the distinctions encoded in one language are not found in any other language. In a much- quoted paragraph, Whorf propounds the view as follows: We dissect nature along lines laid down by our native languages. The categories and types that we isolate from the world of phenomena we do not find there because they stare every observer in the face; on the contrary, the world is presented in a kaleidoscopic flux of impressions which has to be organized by our minds--and this means largely by the linguistic systems in our minds. We cut nature up, organize it into concepts, and ascribe significances as we do, largely because we are parties to an agreement to organize it in this way-an agreement that holds throughout our speech community and is codified in the patterns of our language. The agreement is, of course, an implicit and unstated one, but its terms are absolutely obligatory; we cannot talk at all ... ...version of the Sapir-Whorf hypothesis is generally accepted. Language may not determine the way we think, but it does influence the way we perceive and remember, and it affects the ease with which we perform mental tasks. Several experiments have shown that people recall things more easily if the things correspond to readily available words or phrases. And people certainly find it easier to make a conceptual distinction if it neatly corresponds to words available in their language. Some salvation for the Sapir-Whorf hypothesis can therefore be found in these studies, which are carried out within the developing field of psycholinguistics. Works Cited: Crystal, David. "Language and Thought." in Language: Readings in Language and Culture, Sixth Edition. Clark, Virgina P., Eschholtz, Pual A., Rosa, Alfred F., editors. St. Matin's Press. New York. 1998. p. 631-32

Motivated by applications Essay

Until the last century, mathematics was always motivated by applications (Kline, 1973: iv); it took humanity an enormous time span to reach the abstraction capacity necessary to become interested in ‘pure’ mathematics. It follows that children take some time to reach the necessary mental maturity to deal with the formalism and type of thinking involved in abstracts and mathematics. It is interesting to note that in many countries, 21 (the end of this 7-year period) is the age for a young person to become legally responsible. It is a recognition, that only at this age are all human capacities fully available, and the individual is able to control and be totally responsible for his or her actions (Steiner, 1982; Talbot, 1995 and Bronfenbrenner, 1995). In conclusion, this paper supported my aim to prove that the extensive implementation of computers in pre-high school education is having a detrimental effect on the development of children. The first argument I presented to support my aim is that computer technology is ecological and like all technology may have long reaching effects on children’s emotional, psychological, spiritual, moral and social sensibilities. Fostering a mechanical, rational view of social relationships. Secondly, I argued that a computer is a tool, and to be effective it is necessary children understand what it is and how it works. Just as a child’s physical development is stunted when muscles are not exercised, the development of disciplined thinking is stunted when the computer relieves the child of the responsibility for planning and organizing his/her thoughts before expressing them. It should be kept in mind that tools designed to aid the mature mind may hinder the maturation of the developing mind. Thirdly, I supported my aim by arguing that computers work with an extremely restricted class of children’s thoughts. It was demonstrated that early computer use and an emphasis on computer like thinking, is leading children’s development to be dominated by the rigid, logical, algorithmic thinking, that is characteristic of computer interaction. This accelerated, but isolated intellectual development, brings a child’s mental abilities to an adult level long before they have grown strong enough to restrain it and give it humane direction. The fourth argument presented to support my aim was, that how computers are used in education is detrimental to children’s development. Children need time for active, physical play; hands-on lessons of all kinds, especially in the arts; and direct experience of the natural world. The prevalent emphasis on technology is diverting us from the urgent social and liberal educational needs of children. A proper education requires attention to students from good teachers and active parents. It requires commitment to developmentally appropriate education and attention to the full range of children’s needs; physical, emotional, and social, as well as cognitive. Finally and most importantly I demonstrated that developmental stages in children are not compatible with computer use. Combining Steiner, Bloom and Krathwohl developmental concepts with the fact that computers are mathematical tools, forcing a purely abstract and mathematical type of thinking as well as use of symbolic formal language. Applying these concepts and properties of computers to proper educational goals we may surmise that they are unsuitable for extensive use by children in any form before approximately age 15, or high school. Convincing arguments have been presented to prove the extensive implementation of computers in pre-high school education is having a detrimental effect on the development of children. Bibliography: Bloom, B. and D. Krathwohl. Taxonomy of Educational Objectives: Handbook 1: The Cognitive Domain. New York: McKay, 1956. Bronfenbrenner, U. Developmental Ecology Through Time and Space: A Future Perspective in Examining Lives in Context: Perspectives on the Ecology of Human Development, (Moen, Elder and Luscher [Ed.]). Washington: American Psychology Association, 1995. Bowers, C. A. The Cultural Dimensions of Educational Computing – Understanding the Non-neutrality of Technology. New York: Teachers College Press, 1988 Coon, D. Essentials of Psychology: Exploration and Application (8th edition). USA: Wadsworth/Thomson Learning, 1999 Craig, G. , M. Kermis and N. Digdon. Children Today (2nd edition). Toronto: Prentice Hall. 2001 Kline, M. Why Johnny Can’t Add – the Failure of New Math. New York: St. Martin’s, 1973.

Consumption Journal Essay

In consumer behavior, it is vital that upon completion of the course students have acquired a sound understanding of how consumers search for, purchase, and use products and services. Furthermore, students should also be exposed to the social and psychological influences on these behaviors. Finally, to have garnered the most benefit, students should understand how to integrate the theoretical concepts into their real world experiences. To achieve these broad objectives, a large amount of information must be presented by the instructor and then processed by the students. The purpose of this paper is to describe the use of consumption journals. This exercise enables students to not only observe and record their own consumption habits, but also to explore the social and psychological factors which may be influencing their and others’ purchase decisions. Furthermore the greatest benefit is that they enjoy the learning process. Exercise Overview This exercise is designed to be an incremental three part assignment. The first part requires students to maintain a personal consumption journal. In the second part, each student is told to construct a portrait of themselves as a consumer by developing a list of ten products or services typically purchased. The third portion of the assignment is an advertisement evaluation. This requires students to select two products from their ten product list and locate advertisements or promotions for them. For each advertisement selected, students are required to identify four to six consumer behavior concepts used in the ad, to describe the demographic and psychographic segments to which the ad was targeted and to explain the reasoning for their conclusions. Finally, students are asked to assess whether or not they are representative of these segments. Consumption Journal Each student is responsible for maintaining a consumption journal which describes the products and services which they purchase. Descriptions include what products and services are purchased, where the items are purchased, why the items are purchased, and what feelings are associated with the purchase. Students are required to complete a minimum of two entries each week. Students are asked to submit the preceding weeks’ entries with the new entries, allowing the instructor to view the weekly progress and making the students more aware of the patterns present in their consumption behavior. Part 1: Consumption Journal You are responsible for maintaining a consumption journal which describes the products and services which you purchase/used. Descriptions should include what products and services are purchased/used, where the items are purchased/used, why the items are purchased/used, and what feelings/thoughts/actions were associated with the purchase. You must bring your consumption journals to every class. Dos and Don’ts 1. Do describe the consumption activity and your own thoughts, feelings and actions in some detail, but you do not have to detail every tiny bit. I would consider the sample below as fairly detailed. Do not make it much more detailed unless you have to. 2. Do limit it to consumption activity that can be described in public. 3. Do focus on more important consumption activities. If there aren’t any, then drop down to the more mundane activities. 4. Try to get at least 15 entries during the month (obviously many of them would be ordinary activities, but if you have two activities for the same product—as below—that counts as two activities. 5. Don’t limit yourself only to purchases†¦.consumption is defined broadly as pre-purchase, purchase, and post-purchase situations in which you experience feelings, thoughts and actions in regards to achieving satisfaction or reducing dissatisfaction.