Adaptive Market Hypothesis and Behavioural Finance

Adaptive Market Hypothesis and Behavioural Finance An Essay on the Relationship between Andrew Lo’s Adaptive Market Hypothesis and Behavioural Finance 1.0  Introduction When in 1936, Keynes compared financial markets to a beauty contest where competitors had to guess who the most popular choice would be, he did not imagined that economists would become fascinated with the contest for explaining the efficiency or inefficiency of that market. Indeed, the global financial crisis of 2008 brought to bare the bitter rivalry between traditional finance theorists and their behavioural counterpart over the realism of assumptions explaining competitive market equilibrium, rational choice theory and rational expectations. Prior to the crisis, the dominant view in mainstream economics and finance (as exemplified in the assumptions of efficient market hypothesis) had been that: individuals are broadly rational, risk averse, maximize their expected utility of wealth, and follow the tenets of subjective probability theory. Hence, the capital market is seen as perfect and generating financial returns which are unforecastable. To put it more aptly in the words of Fa ma (1970), â€Å"prices fully reflect all available information†, an idea that has come to be known as market efficiency. However, the fallout from the financial crisis saw a bourgeoning interest in behavioural economics due mainly to the failings of traditional economic theory to explain many observed market anomalies. Behavioural economists pointed out a number of basic logical mistakes in the efficiency reasoning, which they attributed to behavioural biases and cognitive limitations, which are universal to human decision-making under uncertainty. Some of the documented biases cited in Lo (2004) include overconfidence, loss aversion, overreaction, psychological accounting, herding, miscalibration of probabilities, hyperbolic discounting and regrets. Accordingly, the behaviourists opine that these biases provided evidence that markets are not only inefficient, but that its participants are often irrational. Herein lies the intellectual crux of the debate, which has continue to shape the study and practice of economics and finance. Indeed, while some economists may want to uphold their firm beliefs in market efficiency and rationality, others may as well seek alternative approaches in behavioural finance. Between these two approaches, however, there may be economists who seek for a compromise. This is where Andrew Lo classic work on the adaptive market hypothesis readily falls in. This essay proceeds as follow; section two explain the Adaptive Markets Hypothesis, its theoretical postulations and relationship with behavioural finance, section three critically examine this relationship, and section four concludes the essay. 2.0The Adaptive Markets Hypothesis (AMH) Explained Andrew Lo’s adaptive market hypothesis was based on evolutionary principles of competition, mutation, reproduction and natural selection in biology. Lo, in his 2004 seminal article on the Adaptive Market Hypothesis, suggests that â€Å"individual makes choices based on past experience and their ‘best guesses as to what might be optimal, and they learn by receiving positive or negative reinforcement from the outcomes, (and) if they receive no such reinforcement, they do not learn.† Thus, the AMH implied that investor behaviours such as overreaction, loss aversion, overconfidence, and other behavioural biases are constructed and shaped by a dynamic interplay between investors’ internal cognition and their external environment that then produces evolutionary traits, in which heuristics develop, transform, boom or die out depending on the market settings. As an example, if a market setting is stable, heuristics is likely to yield an optimal or rational choice for investors. While an unstable market environment characterized by risks and uncertainties, yield various forms of behavioural biases. In such instances, ‘rational’ decisions are always evolving as investors’ develop a new set of heuristics in reaction to a changing market environment. These views was developed further by Lo (2005), where he highlighted the main propositions of the AMH to include that: Individuals act in their own self-interest. Individuals make mistakes. Individuals learn and adapt. Competition drives adaptation and innovation. Natural selection, shapes market ecology. Evolution determines market dynamics. In this context, Andrew Lo’s AMH can be said to revolve around three main processes of heuristics development, learning, and an adaptation process of decision making, whose combined impacts on financial institutions help determine market efficiencies, and the waxing and waning of investment products, industries, and even individual and institutional fortunes (Lo, 2005). 2.1The Adaptive Market Hypothesis and Behavioural Finance The uncertainty associated with efficient market hypothesis had led behavioural finance scholars to offer a departure from fully rational behaviours in finance models to behavioural biases or heuristics amongst investors that arguably explains human decision makings under uncertainty. Indeed, most empirical literature on behavioural finance have explained well-recognised market anomalies which contrast standard finance theories. Some of these studies include Kahneman and Tversky (1979), Bernard and Thomas (1990), Benartzi and Thaler (1995), Mehra and Prescott (2008), etc. however, none of this literature was able to present a coherent alternative model that could match the dominancy of standard finance literature. Fama (1998) aptly capture this non-coherence in their arguments when he said, â€Å"a problem in developing an overall perspective on long-term return studies is that they rarely test a specific alternative to market efficiency, instead the alternative hypothesis is vague, market inefficiency.† Thus, Andrew Lo’s AMH was one main attempt at providing a philosophical and theoretical foundation for behavioural finance. Indeed, one stated objective in Lo’s 2004 classic article was to reconcile understandings from efficient market hypothesis with behavioural finance and psychology. Like behavioural finance, AMH explains loss aversion, equity price premium, overreaction, momentum based trading strategies, and other heuristic driven biases by the fact that in a dynamic market environment, investors develop new sets of mental frames or heuristics to solve various economic challenges. Specifically, using Herbert Simon’s notion of bounded rationality, Lo (2004) pointed out that the presence and persistence of behavioural biases can be best understood when we appreciate the fact that cooperation, competition, market-making behaviour, general equilibrium, and disequilibrium dynamics are all adaptations designed to address certain environment challenges for the huma n species and then view these forces from the lens of evolutionary biology. Besides, Lo posits that fear and greed – which behaviourists often cite as a basis for irrational decision making are the products of evolutionary forces and adaptive behaviours that enhance the odds of survival. In this situation, emotions may be seen as an incentive system that determines investors’ behaviour and prompt them to engage in a cost-benefit analysis of various investment plans available to them. Consequently, there are no fixed rules for evaluating trading strategies as depending on market conditions, investors can engage in trade; truncate it at various points and observe the consequences of their actions. For example, where investors are timely in their investment decisions, they come back and dominate the market; if on the other hand, they are poor in market timing, they are easily eased out of the market. Hence, according to Lo supposition, market efficiency can-not be appraised in a vacuum, because is extremely context dependent and dynamic, thus resu lting in a cycle of a mental frame selection process in which investors grow, mutate and thrive or face extinction (Lo, 2004). Moreover, under the AMH, market strategies evolve to adapt to an ever changing market environment, and is driven by profit opportunities, which according to Lo, is the main source on which market participants depend for their survival. One other main aspect of behavioural finance which the AMH shed light on is the existence of arbitrage opportunities. According to Lo, arbitrage opportunities appear and disappear due to adaptive responses to a changing market environment. In this fashion, investors adapt to match new economic challenges, by developing new heuristics that are necessary to evaluating any investment strategy and which in turn depends upon its survival value. Although profitability and risk reduction values are also important factors to consider, Lo pointed out that these factors come after investors have undergone this fundamental market test. So what are the implications of the AMH for efficient markets and behavioural finance? Lo (2004) briefly outlines these implications to include that The equity risk premium are non-constant over time, but changes according to the recent path of the stock market. Risk/reward relations are nonlinear and non-stable. Arbitrage opportunities exist from time to time Investment strategy, waxes and then wane depending on the environment Adaptation and innovation are keys to survival Survival is the only objective that matters. 3.0AMH or EMH? An evaluation Fama (1998) emphasize that any alternative model to market efficiency ought to follow standard scientific rule, and should itself be potentially rejectable by empirical tests. Thus, in evaluating the relationship between AMH and behavioural finance, it is essential to consider an empirical test of how AMH differ significantly from the efficient market hypothesis (EMH), which the behaviourists seek to discard. While various tests of market efficiency had been designed over the years using standard financial models in EMH, tests of AMH are relatively few given that the hypothesis has yet to become part of the mainstream of financial economics. However, an increasing number of studies had reported results which seems consistent with the AMH. Some of these studies include Neely, et al (2009) and Kim, et al (2011). Whereas Neely, et al (2009) found some regularities in profit opportunities that appear and disappears in a foreign exchange market, Kim, et al (2011) found strong evidence tha t return predictability is driven by changing market conditions. These findings implied that testable implications of AMH can be done by testing how the level of efficiency in a market varies significantly over time. Furthermore, another possible way to conceptualise a test of the AMH may be to investigate whether investment decisions are made based on selectivity and market timing since evolutionary principle implied that natural selection shapes market ecology. In this context, Hoffman, et al (2013) found some evidence of market learning during the financial crisis. As a matter of fact, conventional econometric tests for market efficiency using formal asset pricing models such as Sharpe 1964 CAPM and Merton’s 1973 discrete time version of ICAPM would have been relevant alternative models to investigate these testable implications of AMH. Therefore, rather than see Lo’s AMH as a behavioural alternative to market efficiency, it is better regarded as another strand of efficient market hypothesis. 4.0Conclusion This essay has discussed the adaptive market hypothesis and examined its relationship with behavioural finance. We conclude that whereas the AMH offers a philosophical foundation for analysing various behavioural anomalies described by behavioural finance, its theoretical underpinning however, reflects that of the efficient market hypothesis. References Benartzi, S., and Thaler, R., (1995), â€Å"Myopic loss aversion and the equity premium puzzle†, Quarterly Journal of Economics, vol. 110: 73-92. Bernard, V., and Thomas, J., (1990), â€Å"Evidence that stock prices do not fully reflect the implications of current earnings for future earnings†, Journal of Accounting and Economics, vol. 13: 305-340. Fama, E., (1970), â€Å"Efficient Capital Markets: A Review of Theory and Empirical Work†, Journal of Finance, vol. 25(2): 383–417. Fama, E., (1998), â€Å"Market efficiency, long-term returns, and behavioral finance, Journal of Financial Economics, vol. 49(3): 283-306. Hoffman, A.I., Thomas, P., and Joost, M.E., (2013), â€Å"Individual investor perceptions and behaviour during the financial crisis†, Journal of Banking and Finance, vol. 37(1): 60-74 Kahneman, D., and Tversky, A., (1979), â€Å"Prospect theory: An analysis of decision under risk†, Econometrica, vol. 47: 263–291. Kim, J., Lim, K., and Shamsuddin, A., (2009), â€Å"Stock return predictability and adaptive markets hypothesis: Evidence from century-long U.S. data†, Unpublished. Lo, A., (2004), â€Å"The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective†, Journal of Portfolio Management, 30th Anniversary Issue; 15-29 Lo, A., (2005), â€Å"Reconciling efficient markets with behavioural finance: the adaptive markets hypothesis†, Journal of Investment Consulting, vol. 7(2): 21-44. Mehra, R., and Prescott, E., (2008), â€Å"The equity premium: ABC’s Handbook of the Equity Risk- Premium†, North Holland, Amsterdam: The Netherlands. Merton, R., (1973), â€Å"An intertemporal capital asset pricing model†, Econometrica, vol. 41: 867–887 Neely, C., Weller, P., and Ulrich, J., (2009), â€Å"The Adaptive Markets Hypothesis: Evidence from the Foreign Exchange Market† Journal of Financial and Quantitative Analysis, vol. 44(2): 467-488. Sharpe, W., (1964), â€Å"Capital asset prices: a theory of market equilibrium under conditions of risk†, Journal of Finance, vol. 19(3): 425-442

Defenders Of Art And Life Differ On Everything In Between

In Robert Browning's â€Å"Fra Lippo Lippi†, a 15th century painter discusses the illogic of his patrons who want him to paint less of the real world—in turn for more spiritually uplifting scenes.   This poem gives Browning a platform to put forward his philosophy on art, which holds equal respect for the high and the low alike.   Similarly, in â€Å"Why The Novel Matters†, D. H. Lawrence forms a postulation that there is more to life than just the label of â€Å"spirit†.   But he goes further to say that there is a difference between that which is alive, and that which is inanimate.He contends life is more important—and a well-written novel is the equivalent of life.   He puts novels on a pedestal, while everything else is lesser than the living things.   Browning's character Lippi, however, while also detesting the barrier of the word â€Å"spirit† , does not go so far as to say the material mortar of the world is somehow more imp ortant than the soul.   He merely defends its equivalence.   He does not believe his paintings are more important than living things; he believes that they share equal value.Although Lawrence is willing to include the human body in with the word â€Å"spirit†Ã¢â‚¬â€he draws a line at the fingertips, and calls everything else (except for the novel) of lesser substance; alternately, Lippi is more liberal in his view, for he does not dwell overlong on the delineation between life and immaterial things—but just on their symbiosis.   Ultimately, Lippi is more humble about his art and life in general.For Lippi, painting for his patrons is only half of a life: carousing about town is the other part.   This is why he regularly escapes for release from the dogged work.   Although the religious service is a career for him, he cannot sustain it without proper romps on the town.   Therefore, by living in worlds both saintly and debauched, Lippi is able to see through the Prior's facade, when he is asked to only paint the spirit—not the body.   The Prior says: â€Å"Your business is not to catch men with show †¦Ã‚   Your business is to paint the souls of men† (Lines 175-184).   Lippi, however, would rather include everything in his art, and therefore more accurately reflect the world—and make better use of art.   â€Å"Now is this sense, I ask?†(198) Lippi says.â€Å"Why can't a painter lift each foot in turn, †¦ Make his flesh liker and his soul more like †¦ You should not take a fellow eight years old / And make him swear to never kiss the girls.†(224-225).   Lippi rails against simplifying existence into a word or an image: â€Å"The world and life's too big to pass for a dream †¦Ã‚   The only good of grass is to make chaff†(251-257).   Lippi cannot settle for a narrow view of the order of things—while Lawrence only partly concedes that there is more to â€Å"spiri t† than just vapor.  Lawrence contests that life's ether is as vital as the shell—and by singling out, labeling—or falsely idolizing any one part of its essence, we are hindering ourselves from fully living.   For instance, Lawrence rants on the fallacy of labels: â€Å"We think of ourselves as a body with a spirit in it †¦ Mens sana in corpore sano.   The years drink up the wine, and at last throw the bottle away, the body, of course, being the bottle†(2446).   Indeed, Lippi's dead shell of a horse is Lawrence's empty bottle of spirits—and the two of them seem to agree that definitions of the â€Å"spirit† are just distractions from the truth of existence.Lawrence, however, sets aside one exception, being that the Bible itself, when read as an entire piece, achieves some spirit similar to that of the humankind: â€Å"The Bible †¦Ã‚   [It sets] the whole tree trembling with a new access of life, [it does] not just stimulate growth in one direction†(2448).   Herein lies one key difference, then, between Lippi and Lawrence, which is that Lawrence makes exception for the novel as being at the rank of a living entity—while Lippi does not go so far as to suggest that art is exclusive from the rest of the lifeless world, although he does believe it is as important as life.   After all, Lawrence says the novel can â€Å"make the whole man alive tremble.Which is more than poetry, philosophy, science, or any other book-tremulation can do†(2448).   Moreover, while he does not specifically call out painting as one of the lesser â€Å"tremulations†, it seems safe to say this is implied—since he even excludes poetry from his sacred circle of life—which, ironically, is the medium through which Browning's Lippi is experienced.   In contrast, Lippi says that life's everyday details are â€Å"better, painted—better to us †¦ Art was given for that†(300 -304).—and again, Lippi does not put art above life—only beside it.   He says: â€Å"Do you feel thankful, aye or no, / For this fair town's face, yonder river's line, †¦ What's it all about? / To be passed over, despised? or dwelt upon†(286-291).Of course, Lawrence, does distinguish the particularization of his own body, and how each part is equal to the whole—but nothing beyond himself: â€Å"Why should I imagine that there is a me which is more me than my hand is?†(2446).   But Lawrence's â€Å"me alive† theory excludes the static objects of the order of things as merely props—that are not to be confused with life or novels.Ultimately, Lippi sees no place for the soul without the bodily elements, and rhetorically argues: â€Å"What need of art at all? A skull and bones, / Two bits of stick nailed crosswise†(321).   Lawrence, however, sees the various mediums of communication as â€Å"words and thoughts and sighs and aspirations that fly from [us], they are so many tremulations in the ether†(2447).   Lawrence merely concedes that the lifeless elements are â€Å"tremulations† that may â€Å"reach another man alive† and â€Å"he may receive them into his life, and his life may take on a new color†(2447).So, while Lawrence agrees with Lippi that the baser elements are important, he goes on at length to flesh out the reasons why life and the novel are substantially more important:   â€Å"All things that are alive are amazing.   And all things that are dead are subsidiary to the living†(2447).   He builds a wall between life and the novel—and the rest of existence: â€Å"I, who am man alive, am greater than my soul†(2447).   In this way then, while Lawrence agrees with Lippi that the parts cannot be distinguished from the whole, without excluding the essence—he differs in that he goes further to impose a privileged position upon th e energy of life and novels, whereas Lippi simply thinks that art and the lesser units ought to have equal exposure in the spotlight life.So Lawrence is circular in his theory, insisting â€Å"spirit† is limiting in its language—while touting the transcending power of the novel.   Indeed, despite arguing that limitations abound under labels, and that any â€Å"particular direction ends in a cul-de-sac†(2448)–Lawrence is still making divisions: â€Å"A character in a novel has got to live, or it is nothing†¦.   We likewise, in life have got to live, or we are nothing†(2449).  Ã‚   Plus, he is proud of his specialness as an artist, in a way that Lippi is too humble ever to approach: â€Å"Being a novelist, I consider myself superior to the saint, the scientist, the philosopher, and the poet, who are all great masters of different bits of man alive, but never get the whole hog†(2448).Ultimately then, at the root of their respective p hilosophies on art and life, Lippi is more adverse to divisions of all kinds, not putting himself or his art above the world, put equal to it.   One senses that he is not likely anymore proud of himself than the subjects he paints about, while Lawrence is more proud of the novels he writes than the objects described in them.

Online Job Portal

| ONLINE JOB PORTAL Project Duration: Two Months | | | | team membersShivanjali garg kejung kimsing arushi meenaclass teachermrs. uma sharmab. sC (hons) computer science (4th semester)| | ARSD CollegeUniversity of Delhi2012-2013 Academic Year| | 1. Introduction 2. 1 Purpose 2. 2 Scope 2. 3 Functional Requirements 2. 4 Definitions, Acronyms and Abbreviations 2. 5 Objective 2. 6 References 2. 7 Technologies to be used 2. 8 Overview 2. Overall Description 3. 9 Product Functions 3. 10 User Characteristics 3. 1 Constraints 3. 12 Process Model 3. 13 Architectural Design 3. 14. 1 Data Flow Diagram (DFD) 3. 14. 2 Data Dictionary 3. 14. 3 Entity-Relationship Diagram (ERD) 3. 14. 4 Sequence Diagram 3. 14 Use case Model Survey 3. 15 Timeline Chart(Gantt Chart) 3. Estimation 4. 16 Problem Based Estimation (Function Point Metrics) 4. Risk Table and RMMM plan 5. Structure design Methodology 6. Testing Software Requirements Specification 1. 0 Introduction â€Å"Online Job portal† is a web-ba sed application, which helps end user to finding a job with searching criteria like preferred location, job type, work profile and packages.One can post his/her details on this portal with all relative information. There are many respective facilities given to end user. This application provides logins to the end user and Employer type. End user can Create, edit and delete information by using his/her user ID and password. Whereas Employer can search the profiles. Application takes care of all the security issues so that only the authorize logins and even only the computers can access the relevant information. There are three primary users in this application: 1. Job Seekers 2. Employer and 3. AdministratorThe system administrator will have the ability to clean, clear and maintain the database and the whole system management issue. I. Administrator 1. Verify users account given them right to access the right 2. Block a user 3. Create categories on job 4. Create subcategories on the type of job II. Employers 1. Create vacancies for job seekers 2. Search candidates based on their profiles 3. Can schedule an interview with technical professionals 4. Can select interviewers 5. Can send email to selected candidates III. Jobseekers 1. Create an account with a complete profile 2. Search for jobs with different categories 3.Edit/update the profile 4. Apply online for jobs 1. 1 Purpose Computerized Online Job Search System is developed to facilitate the General Administrative system to manage the various information of the Job Seeker and Job Provider and the processes involved in a Placement company. So that, the organization can access accurate information quickly and easily as and when required, thereby improving its operational efficiency and effectiveness. In today’s competitive environment, where everybody is on the top, the Information plays very crucial roles. As far as information is accessed and processed, it can give good result.Today internet is a fas t way of transferring Data and Information over wide area, hence we have used internet as a way for exchanging information. Computerized Systems helps to fulfill these goals. Computerization of the official works will help in doing lot of manual work quickly. It will help in easy storage and access of all information, in short period of time. This way convenience will prevail both for the Job Seeker and the Job Provider. The development of this new website contains the following activities, which try to automate the entire process keeping in the view of database integration approach. This Site Can provide the recruitment information sending option for the Job providers * This website can provide the mail alert and mobile alert facility for the jobseekers * Administrator can control both job provider’s and as well as jobseeker’s Information 1. 2 Scope The scope of the Online Job Portal includes the following key points: 1. It should contain all the information about Com panies and Vacancies which is in this site. 2. It should contain all the information of Job seeker such as * Personal Details * Professional Details * Educational Detail etc. 3.It should process and evaluate job registered by companies. 4. It should contain information related to Job expiry and registration. 5. It should have administrator for scheduling administrative work of site. 1. 3 Functional Requirements †¢ The System should enable Project Managers to submit their job requirements to the HR for posting. †¢ System should incorporate an approval cycle where the HR validates the submitted job posting before posting to the portal †¢ On Approval, the job posting is assigned to an Internal Sourcing Team, who will receive a notification of the new job posting. System should enable Internal Sourcing Team to recommend applicants for associated jobs to the Project Manager †¢ System should enable employees to view and apply different jobs, allow discussions about job s etc. †¢ System should enable Project Managers to View their Job Postings, Applicant details and their profiles for a particular Job Posting, Recommended Applicant details and their profiles for a particular Job Posting Comments or Activities on different postings etc.. †¢ On successful selection, system should enable project Managers to close the job posting and the status of the job should reflect as â€Å"Hired† across the shared communities, dis-allowing employees to further apply for the job. 1. 4 Definitions, Acronyms, and Abbreviations: * HTML (Hyper Text Markup Language): It is used to create static web pages. * JSP (Java Server Pages): It is used to create dynamic web content. * J2EE (Java 2 Enterprise Edition): It is a programming platform, belonging to the Java platform, which is used for developing and running distributed java applications.WASCE (Web Sphere Application Server Community Edition): It is an application server that runs and supports the J2E E and the web service applications. * WSAD (Web Sphere Studio Application Developer): It is a designer toolkit which is designed to develop more complex projects by providing a complete dynamic web service. * DB2 (IBM Database 2): It is a database management system that provides a flexible and efficient database platform to raise a strong â€Å"on demand† business applications. * HTTP (Hyper Text Transfer Protocol): It is a transaction oriented client/ server protocol between a web browser and a web server. . 5 Objective: This project is aimed at developing a web site for Online Job Portal. It is of great importance to the unemployed people. This site allocates the right job information for suitable persons. All the jobseekers as well as job providers’ information are stored in the database. 1. 6 References * BOOKS * R. S. Pressman, Software Engineering: A Practitioner’s Approach * P. Jalote, An Integrated Approach to Software Engineering 1. 7 Technologies to be used * J2EE: (Servlet, JSP, JAXP, Java Beans) Application architecture. * JAVA: Application architecture. WASCE: (Web Sphere Application Server Community Edition) Web Server * DB2: IBM Database. * Ajax: Asynchronous Java Script and XML. * XML: Extension Markup Language. * Web 2. 0: RSS Feed 2. 0. * Localization: 3 Languages – Hindi, Kannada, and English 1. 8 Overview The SRS will include two sections, namely: * Overall Description: This section will describe major components of the system, interconnections, and external interfaces. * Specific Requirements: This section will describe the functions of actors, their roles in the system and the constraints faced by the system. 2. 0 Overall descriptionThe Online Job Portal System is a package to be used by agencies to improve the efficiency of business. The Online Job Portal System to be developed benefits greatly the members. The system provides jobs catalogue and information to members and helps them decide on the jobs to apply . The Admin can keep the jobs catalogue updated all the time so that the members (Job seekers and the agencies) get the updated information all the time. The main users are users: Admin, Members who are the Job seekers and the agencies. 2. 1 Product Function I. Job Employer Job Employer section, which is further sub-divided into – Call for an interview date ? Call for an interview time Call for an asking Job Seeker want to go for an interview? Call for an asking Job Seeker about feedback of interview facing? Check the status true if selecting in the job. II. Job Administrator Job Administration section, which is further sub-divided into four subsections: Check the status true if call back from the company. Also check the status false if Job Seeker is rejected. Viewing members. Emailing Register New Administrator Add Country Add State Add City Edit/Delete Recruiter Edit/Delete Job Seeker View Reports III. Employee Section * Registration Resume upload in the speci fied format * Upload Video/ Audio Resumes – giving an extra edge to the deserving candidates * References/Video References * Option of Video Interviews * Advance search by keywords, location, job title, skill, industry, company, profile * Interest list for Jobs and the option of posting resumes to the entire list in one go * Option of tracking pervious applications * Directory Services like – â€Å"Best places to work† * Creative Resume writing service (paid service). * Option of having Personal Web Page (Profile Builder) – The professional details could be filled through simple designed form.Upload images, scanned salary slips, academic records, experience certificate, passport copy etc. , with a link and it could be accessed online from anywhere with feature of differential access. * Option of taking Industry endorsed tests for better employability and put them on the personal web page along with the resume * Confidentiality feature to define privacy le vel e. g. block current employer from accessing profile. * Access to Customer care * Spell Check facility for the resume * Interview Scheduler – an alert through the email or mobile phone. 2. 2 User CharacteristicsThe user should be familiar with the internet. The user should have knowledge of the area for which he has to file the complaint. 2. 3 Constraints: * GUI is only in English. * Login and password is used for identification of user and there is no facility for guest. * This system is working for multiple servers. * There is no maintainability of back up so availability will get affected * Limited to HTTP/HTTPS. 2. 4 Process Model SPIRAL MODEL SPIRAL MODEL was defined by Barry Boehm in his 1988 article, â€Å"A spiral Model of Software Development and Enhancement. This model was not the first model o discuss iterative development, but it was the first model to explain why the iteration models. As originally envisioned, the iterations were typically 6 months to 2 years long. Each phase starts with a design goal and ends with a client reviewing the progress thus far. Analysis and engineering efforts are applied at each phase of the project, with an eye toward the end goal of the project. It is an evolutionary software process model that couples the iterative nature of prototyping with the controlled and systematic aspects of the waterfall method. Fig 1. 0 Spiral Model Reasons for using this model in our project: Estimates (i. e. budget, schedule etc. ) become more realistic as work progresses, because important issues discovered earlier. * It is more able to cope with the changes that are software development generally entails. * Software engineers can get their hands in and start working on the core of a project earlier. * It’s a realistic approach to the development of large scale system and software. Architectural Design 12 Data Flow Diagram Level-0 Level – 1 2. 13 Data Dictionary Job Provider Reg-info = User name + Passwords + Em ail ID + Mobile No Login = User name + Passwords Submit = Job id + Job infoView and Post = Job vacancies + update jobs Job seeker Reg-info = User name + Passwords + Email ID + Mobile No Login info = User name + Passwords Receive = notification Update info = Upload resume Apply for a job = Job id + apply for job Receive = interview call letter Admin Login = User name + Passwords Check report = Complain id 2. 11 ER Diagram C-name URL Address Contacts Home Type of Sector Contact Us Sign Up 1 M Visit Job portal Company Login 1 1 1 Visit D -Resume Post M N M N Qualification M Search Job seeker Job Location Name Category Contact Address Criteria Exp DOB Position Job id Salary 2. 5. Sequence Diagram 2. 5 Use case Model Survey Approve the vacancy Administrator Login Put the vacancy on website Download the CV Send the reply to jobseeker Search for job Register Apply the job Upload resume Employer Check their qualification Job seeker 1. ADMINISTRATOR: * Name of use case:- ADMINSTRATOR * Descr iptions:-To manage the user accounts and maintain the database and user accounts. * Pre-conditions:- administrator user name and password. * Normal flow of events:- ?new login, password, details of the user location id, roles, permissions a granted. ?save details. ?manage the permissions of other users. Alternative flow of events:-if login is wrong then message appears. * Post conditions:-Management of user accounts and permissions. 2. REGISTRATION * Name of usecase:-CREATE the account * Descriptions:-the user can create a new account in the site. * Pre-conditions:- ?not a member of the site. ?invalid username and password. * Normal flow of events:- ?enter the details and submit. ?login the site. ?logout the site. * Alternative flow of events:- ?invalid username. ?invalid password. * Post conditions:- User can use the valuable resources in the site and view the various Job Opportunities. 3.JOB SEEKER * Name of usecase:-Job Seeker * Descriptions:-Job seeker can register & login to th e website and can upload his resume and can search for a desired job followed by applying for it * Pre-conditions:- ?Must have prepared his resume. ?Must have all the required job details. ?Must be eligible to apply for a job ?Must have registered for a job ?Must have prepared his resume * Normal flow of events:- ?enter the details and submit. ?login the site. ?upload a resume ?search for a job ?apply for a job ?check his application status ?can access to customer care * Alternative flow of events:- invalid username. ?invalid password. ?not eligible for the job ?not job is available for which the seeker is eligible ?no vacancies in any company ?have already applied for all the vacancies * Post conditions:- user can wait for the companies to give him a call for the interviews and can regularly check his mails for the alerts(if any)send by he administrator 4. JOB PROVIDER * Name of use case:-Job Provider * Descriptions:-Job Provider can register & login to the website and can add the vacancies update and delete them. * Pre-conditions:- ?Must have some vacancies for chances of vacancies in the future ?Must be eligible to register his company registration ?Must have registered to the site * Normal flow of events:- ?enter the details and submit. ?login the site. ?add the vacancies ?update the vacancies ?delete the vacancies ?check who all have register their vacancy and can contact to them personally * Alternative flow of events:- ?invalid username. ?invalid password. ?not eligible for registering ?no vacancies in the company ?no user registered for the vacancy * Post conditions:- Provider can take the note of the seekers who he wants to call for an interview and can contact with them through mails or calls. . 17 Timeline Chart(Gantt Chart) Work Tasks| 1st Week| 2nd Week| 3rd Week| 4th Week| 5th Week| 1. Communication Meet with team in-charge Identify needs and project constraints Establish product statement Milestone: Product statement defined2. Planning Technical task Risk analysis Source requirement Design and product analysis Project time schedule Milestone: Completion of planning3. Modeling Deciding model Analysis used model Milestone: Model selected4. Construction Code generation Testing Milestone: Completed construction5.Deployment Review the project Delivered to the customer Feedback based on evaluation Milestone: Project completed| | | | | | | | | | | | | | | | | | | | | | | | | | 3. 2 Computing Function Points Information Domain Value| Count| | Weighting FactorsSimple Average Complex| | | External Inputs| 8| x| 3| 4| 6| =| 24| External outputs| 5| x| 4| 5| 7| =| 20| External Inquiries| 3| x| 3| 4| 6| =| 09| Internal Logical Files| 6| x| 7| 10| 15| =| 42| External Interface Files| 0| x| 5| 7| 10| =| 0| Count Total| 95| To compute function points (FP), the following relationship is used: FP = count total x [0. 5 + 0. 01 x ? (Fi)] = 95x{0. 65+0. 01Ãâ€"46} = 105. 45 Where count total is the sume of all FP entries obtained from the Fi ( i = 1 to 14) are value adjustment factors (VAF) based on responses to the following. 1. Data communication 2. Distributed processing 3. Performance objectives 4. Operation configuration load 5. Transaction rate 6. On-line data entry 7. End user efficiency 8. On-line update 9. Complex processing logic 10. Re-usability 11. Installation ease 12. Operational ease 13. Multiple sites 14. Desier to facilitate change 4. 2. 2 Empirical model based estimation (COCOMO II model) No. f screens in the project: 14 No. of reports: 5 No. of 3GL components: 1 Developer’s experience/capability: Very Low % reuse: 70 Taking the values from the given tables: Thus Object Points= [14X1 + 5X2 ] =24 NOP= (object points) X [(100-%reuse)/100] =24 X 0. 30=7. 2 PROD=4 Thus Estimated effort=NOP/PROD=7. 2/4=1. 8 person-months RISK MANAGEMENT Risks| Category| Probability| Impact| Size estimate may be significantly low| PS| 60%| 2| Large number of users than planned| PS| 30%| 3| Less use than planned| PS| 70% | 2| End users resist system| BU| 40%| 3| Delivery deadline will be tightened| BU| 50%| 2|Customer will change requirements| PS| 80%| 2| Lack of training on tools | DE| 80%| 3| Staff inexperienced| ST| 60%| 2| Poor standard of work| ST| 40%| 1| Poor feedback| BU| 30%| 2| Incomplete requirements| PS| 30%| 2| Risk | Consequence | Action | Size estimate may be significantly low. | Inefficient resource allocation for the software resulting in delivery delays. | Close look at requirement collection process. | Less reuse than planned. | Development time will increase. | Develop efficient SRS. | Customer will change requirements. | Might lead to start of development from scratch. Choose an efficient model that can cope with sudden changes in requirements. | Staff Inexperienced. | Might lead to development of incomplete software. Completed project may receive poor reviews. | Choose the project team efficiently with proper mix of experiences | Poor standard of work. | Will result in a poor q uality project. Some elements may need to be redone. Completed project may receive poor reviews. | Carry out a thorough procurement process looking at issues of experience and quality as well as cost. Include appropriate contingency. | Delivery Deadline may be tightened. Delay in deployment. | Deadline should be carefully calculated keeping all areas in mind. | Poor public response to the software. | Wastage of development efforts with financial losses. | Conduct a survey to get information about market trends. | Requirements are incomplete. | Incomplete software. May get rejected by the customer. | Requirements should be carefully understood and documented. | Lack of training on tools. | Inefficient software product with chances of defects. | Developers should be well trained and comfortable with the development tools. | | | | End users resist system. Redevelopment of the product from scratch. | End users terms and conditions should be mentioned in the SRS. | Larger number of users than planned. | Database will need to be expanded. | Database should be big enough to cope with the worst case situations. | | | | 5. Design 7. 1 Structured Design Methodology Get username & password notifications apply confirmation validate joblist userid resume name&pwd System Database Main Print confirmation Login Apply Notifications Check passwords Check username Get passwords Get username validation login input Send resume Select company pply select view notifications Print Validate Username & password 6. Testing (White Box) 8. 1 Pseudo code 1. If(name==s. name && pwd==s. pwd) 2. then display notifications 3. else re-enter name and password 4. print â€Å"enter valid job category† 5. read j_c 6. if(j_c==s. jc[]) 7. then display job list 8. else print † no such category† 9. display â€Å"select valid job_id† 10. i=1,n=5; 11. do while(i

A Large Part Of The Storyline - Free Essay Example

Sample details Pages: 2 Words: 565 Downloads: 9 Date added: 2019/04/12 Category Literature Essay Level High school Tags: Frankenstein Essay Did you like this example? Decisions that you make can change the outcome of your life. Negative or positive, the product is something that the person who made the decision must combat. In the story Frankenstein by Mary Shelley, a rather spontaneous decision is made by Victor to create the creature. It was the impact of the creation of the creature that set the stage, and the tone for the rest of the book. A large part of the storyline is the description of the creatures solidarity and sorrow. Because of this, Shelley took her readers on an expedition where she presented a lesson to her readers teaching them how detachment can be the precursor for catastrophe. The creature in the story was brought into the world by mending many different body parts together, due to this he could not be active in society because of his appearance and the fact that he is uniquely one of a kind. Don’t waste time! Our writers will create an original "A Large Part Of The Storyline" essay for you Create order Many people would assume that because of the horrid appearance of Frankenstein, that he is a savage beast that has no feelings and no desire to have relationships with human beings. Despite this common opinion, he is actually the complete opposite to feelingless. Frankenstein learned how to express his feelings through utilizing language. He learned from listening to cottagers speaking with one another and using that to his advantage in order to learn to be precise with his language. The isolation and loneliness of the creature pushed him to commit violent acts towards people. This is one of the main factors that lead to the death of William. Because Frankenstein is so articulate, he is able to tell Victor that he desires a companion to keep himself company and he believes that they can move off to a faraway island together and live off of the land away from humans that would surely shun them for their appearance. In fact, nearly every human in the story was disgusted with the creatures spooky appearance. Near the end, it is obvious that Frankensteins life lacks meaning without the ones that he loves, and he can never really be happy without sharing his life with a companion. This is very similar to the predicament that Captain Walden was enduring in the beginning of the book. Captain Walden when he stated that he desired someone to speak with that would understand his overall mission. He found this type of fulfillment when he met with Victor. Two prominent themes that Shelley puts to use in this particular body of literature are nature and nurture. The nature in the story is within the monsters DNA and how his nature drives him to violence. However on the other hand, the monster was raised by the people in his environment to behave in many ways as well. There is a constant tipping of the scale where Frankenstein is attempting to balance his actions between the way that he was raised among people, language, and science against his instincts that drive him to commit acts of violence, isolate himself, and other animalistic characteristics. In conclusion, Mary Shelleys book named Frankenstein is a tragic novel where one persons mistake lead to the death of the ones that he loved. Nature punishes Victor for attempting to artificially create life and change the flow of how nature would naturally create life. The nature was stronger than the nurture of society in that fact.