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2.3 MODELO TADICIONAL DE ETAPAS DE DISEÑO

Certainly, let's expand on each section in detail so you can learn more from the provided text: # Summary This text aims to explain various aspects related to technology, particularly focusing on a concept known as "Tech Disruption." It explores how technology affects different sectors, outlines the conditions for tech disruption, discusses the industrial revolutions, introduces the laws of disruption, and mentions factors influencing technology choices. ## Concept of Technology **Technology** encompasses a range of elements within organizations. It includes **expertise, equipment, and procedures** used to convert inputs, such as resources or raw materials, into outputs, which can be products or services. This involves various aspects, such as **product design, production techniques, quality assurance measures, human resource development, and management systems**. In essence, technology represents the tools and knowledge used to create and deliver goods or services effectively. ## What is Tech Disruption **Tech Disruption** refers to a phenomenon where smaller companies with limited resources successfully challenge well-established incumbent businesses. This disruption is primarily driven by **technology**, which acts as the catalyst, enabler, or even the sole reason behind the change. The significance of this concept lies in the fact that entrepreneurs must make careful and thoughtful decisions when it comes to adopting and investing in technology. **Why it's Important?** These decisions are crucial because they involve significant investments and will have a substantial impact on a company's ability to create, innovate, and operate its services in a sustainable and cost-effective manner. ## Four Main Impact **Tech Disruption** has four main impacts on businesses and industries: 1. **Shifting Customer Expectations**: As technology evolves, customer expectations change. Companies must adapt to meet these evolving demands to remain competitive. 2. **Enhanced Products Through Data**: Data-driven insights improve the productivity and efficiency of assets, leading to better products and services. 3. **New Partnerships and Collaboration**: Tech disruption encourages companies to form new partnerships and collaborations, recognizing the importance of working together to stay relevant. 4. **Transformation of Operating Models**: Traditional operating models are being transformed into digital models, where technology plays a central role in how businesses operate and deliver value. ## The 11 Macro Sources of Distribution The **11 Macro Sources of Distribution** represent various factors that influence the distribution of resources and opportunities in society. These factors include: 1. **Wealth Distribution**: How wealth is distributed among individuals and entities. 2. **Education**: The availability and quality of education opportunities. 3. **Infrastructure**: The state of infrastructure, such as transportation and communication networks. 4. **Government**: Government policies and regulations that impact resource distribution. 5. **Geopolitics**: Geopolitical factors, such as international relations and conflicts. 6. **Economy**: Economic conditions and trends, including markets and financial systems. 7. **Public Health**: The state of healthcare and public health systems. 8. **Demographics**: Characteristics of the population, such as age and gender. 9. **Environment**: Environmental factors and sustainability concerns. 10. **Media and Telecommunications**: The role of media and communication technologies. 11. **Technology**: Technological advancements and their impact on society. ## When Does Tech Disruption Happen? **Tech Disruption** occurs when specific conditions are met: ### Technology Is Mature Enough - **Technology Accessibility**: Technology must be accessible to a wide range of people and organizations. - **Critical Mass**: It should have reached a critical mass where it can create significant impact. - **Affordability**: Technology must be affordable for businesses to adopt. ### Sector Is Ready For Change - **Tech Infrastructure**: The sector should have the necessary technological infrastructure in place. - **Policy Framework**: A conducive policy framework is essential to support and regulate the use of technology. - **Lack of Disruption**: If the sector is stagnant or facing issues, it becomes ripe for tech disruption. ### Sector + Technology + Timing + Product - **Mature Technology with an Unready Sector**: If technology is mature but the sector is not ready, it can lead to building the wrong product based on incorrect assumptions. - **Unmatured Technology with a Ready Sector**: Conversely, if technology is not matured but the sector is ready, it may take longer to develop the product. ## Ready for Industri 5.0? This section briefly outlines the five industrial revolutions: 1. **Industri 1.0 (1784)**: Marked by mass production assembly lines using electrical power. 2. **Industri 2.0 (1870)**: Introduced mechanization, steam, and water power. 3. **Industri 3.0 (1969)**: Characterized by automated production, computers, IT systems, and robotics. 4. **Industri 4.0 (Present)**: Involves smart factories, autonomous systems, IoT (Internet of Things), and machine learning. 5. **Industri 5.0 (Future)**: Envisions mass customization and cyber-physical cognitive systems. ## Three Laws of Disruption These laws explain the nature of disruption: 1. **Disruption Comes to All**: Disruption is a universal phenomenon; it affects all industries and businesses sooner or later. 2. **Product-Market Fit**: Disruption occurs due to changes in Product-Market Fit, which means aligning a product with its target market effectively. 3. **Methods to Change Product-Market Fit**: To address disruption, a company can change the product, the target market, or influence people's preferences regarding the product. ## The 40% Rule This rule provides a framework for evaluating the fit between a product and its market: - **Value Proposition**: The product should solve customers' problems effectively. - **Channels**: The product should be able to reach customers cost-effectively. - **Monetization**: Customers should be willing to pay for the product. ## PMF Framework: 5 Steps to Product/Market Fit The **PMF (Product/Market Fit) Framework** consists of five steps: 1. **Business Modeling**: Developing a business model that aligns with the market. 2. **Market Validation**: Confirming that there is demand for the product in the market. 3. **Customer Interviews**: Gaining insights from potential customers. 4. **Product Development and Customer Acquisition**: Creating the product and acquiring customers. 5. **Product Analytics**: Using data to determine if the product has achieved Product/Market Fit. ## Factors Determining the Choice of Technology Several factors influence the choice of technology: 1. **Government Policy**: Government regulations and policies can encourage or restrict the adoption of specific technologies. 2. **Available Resources**: The resources, both financial and human, impact the adoption of technology. 3. **Technological Capability**: The organization's technological capabilities influence the choice of technology. 4. **Existing Technological Level**: The current technological state of the industry or organization plays a role. 5. **Institutional Arrangement**: Organizational structures and arrangements affect technology choices. ## Conclusion In conclusion, the text emphasizes the critical role of technology in driving change and disruption in various industries. It highlights the need for informed decision-making when it comes to technology investments, as well as the conditions necessary for tech disruption to occur. Understanding the historical context of industrial revolutions, the laws of disruption, and the factors influencing technology choices is essential in today's fast-paced and tech-driven business environment. Embracing technology disruption is crucial for transforming business models and adapting to evolving market dynamics.

Reading Passage: The Anatomy of a Kill Chain In the lexicon of modern warfare, the term "kill chain" describes the end-to-end process of a military attack, from the initial identification of a target to its eventual destruction and the subsequent evaluation of the strike's effectiveness. Conceptually, the kill chain is a structural model used to understand and optimize the speed and precision of military operations. The fundamental principle of this model is that an attack functions as a sequence of interdependent stages; if any single link in the chain is broken, the entire operation fails. For strategic planners, this creates a dual objective: to accelerate one's own kill chain while simultaneously finding ways to disrupt the adversary's. Strategic Concept: The Kinetic Model (F2T2EA) The traditional military kill chain is often summarized by the acronym F2T2EA, representing a continuous cycle of find, fix, track, target, engage, and assess. The kinetic kill chain begins with Find, the reconnaissance phase where intelligence assets identify a potential target within a theater of operations. Once found, the process moves to Fix, which involves pinning down the target's specific location and ensuring it can be distinguished from friendly forces or non-combatants. Track follows, maintaining a persistent watch on the target's movements to prevent its escape. In the Target phase, commanders select the appropriate weapon system and verify the legality and strategic value of the strike. Engage is the kinetic moment—the actual deployment of ordnance against the objective. Finally, Assess involves battle damage assessment (BDA) to determine if the desired effects were achieved or if further engagement is required. This model emphasizes "compressing the sensor-to-shooter timeline," meaning the faster a military can move through these steps, the more lethal it becomes. The Evolution: The Cyber Kill Chain® As warfare expanded into the digital domain, Lockheed Martin adapted the kinetic model into the Cyber Kill Chain. This framework assists defenders in identifying and stopping Advanced Persistent Threats (APTs). Unlike a physical missile, a cyberattack often unfolds over weeks or months, but the sequential logic remains the same. The model consists of seven distinct stages: Stage Description of Attacker Activity 1. Reconnaissance The harvesting of information. Attackers research targets via social media, public records, and technical scanning to find vulnerabilities. 2. Weaponization Coupling a remote access trojan with an exploit into a deliverable payload (e.g., a malicious PDF or Microsoft Office document). 3. Delivery Transmission of the weapon to the target environment. Common vectors include email attachments, malicious websites, or USB drives. 4. Exploitation The weapon triggers. The code executes on the victim's system, typically by taking advantage of a software or operating system vulnerability. 5. Installation The attacker installs a persistent backdoor or malware on the victim's system, allowing them to maintain access even after a reboot. 6. Command & Control (C2) The compromised system opens a communication channel back to the attacker's server, allowing the intruder to give manual instructions. 7. Actions on Objective The final stage where the attacker achieves their goal, such as data exfiltration, encryption for ransom, or destruction of critical infrastructure. Strategic Implications for Defense The strategic value of the Cyber Kill Chain lies in its ability to provide a roadmap for "proactive defense." By understanding the sequence, security professionals can implement controls at every stage. For instance, robust email filtering can break the chain at the Delivery stage, while endpoint detection can stop the Installation phase. Crucially, the earlier a defender breaks the chain, the lower the cost of mitigation and the lower the risk of damage. If an attacker is stopped during Reconnaissance, they have gained nothing. If they are stopped during Actions on Objective, the damage may already be catastrophic. In both kinetic and cyber environments, the goal is the same: to create a "defensive depth" that makes the cost of a successful attack prohibitively high for the adversary.

Can you make a multiple choice of test questions regarding this information given which is Curriculum from Different Points of View There are many definitions of curriculum. Because of this, the concept of curriculum is sometimes characterized as fragmentary, elusive and confusing. However, the numerous definitions indicate dynamism that connotes diverse interpretations of what curriculum is all about. The definitions are influenced by models of thought, pedagogies, political as well as cultural experiences. Let us study some of these definitions. 1. Traditional Points of View of Curriculum In early years of the 20th century, the traditional concepts held of the “curriculum is that it is a body of subjects or subject matter prepaid by the teachers for the student’s to learn”. It was synonymous to the “course of study” and “syllabus” Robert M. Hutchins views curriculum as “permanent studies” where the rules of grammar, reading, rhetoric and logic and mathematics for basic education are emphasized. Basic education should emphasize the 3 Rs and college education should be grounded on liberal education. On the other, Arthur Bestor as an essentialist, believes that the mission of the school should be intellectual training, hence curriculum should focus on the fundamental intellectual disciplines of grammar, literature and writing. It should also include mathematics, science, history and foreign language. The definition leads us to the view of Joseph Schwab that discipline is the sole source of curriculum. Thus in our education system, curriculum is divided into chunks of knowledge we call subject areas in basic education such as English, Mathematics, Science, Social Studies and others. In college, discipline may include humanities, sciences, language and many more. To Phoenix, curriculum should consist entirely of knowledge which comes from various disciplines. Academic discipline became the view of what curriculum is after the cold war and the race to space. Joseph Schwab, a leading curriculum theorist coined the term discipline as a ruling doctrine for curriculum development. Curriculum should consist only of knowledge which comes from disciplines which is the sole source. Thus curriculum can be viewed as a field of study. It is made up of its foundations (philosophical, historical, psychological and social foundations); domains of knowledge as well as its research theories and principles. Curriculum is taken as scholarly and theoretical. It is concerned with broad historical, philosophical and social issues and academics. Most of the traditional ideas view curriculum as written documents or a plan of action in accomplishing goals. 2. Progressive Points of View of Curriculum On the other hand, to a progressivist, a listing of school subjects, syllabi, course of study, and a list of courses or specific discipline do not make a curriculum. These can only be called curriculum if the written materials are actualized by the learner. Broadly speaking, curriculum is defined as the total learning experiences of the individual. This definition is anchored on John Dewey’s definition of experience and education. He believed that reflective thinking is a means that unifies curricular elements. Thought is not derived from action but tested by application. Caswell and Campbell viewed curriculum as “all experiences children have under the guidance of teachers”. This definition is shared by Smith, Stanley and Shores when they defined “curriculum as a sequence of potential experiences set up in the schools for the purpose of disciplining children and youth in group ways of thinking and acting”. Marsh and Willis on the other hand view curriculum as all the “experiences in the classroom which are planned and enacted by the teacher, and also learned by the students”. Points of View on Curriculum Development From the various definitions and concepts presented, it is clear that curriculum is a dynamic process. Development connotes changes which are systematic. A change for the better means any alteration, modification or improvement of existing condition. To produce positive changes, development should be purposeful, planned and progressive. This is how curriculum evolves. Let us look at the two models of curriculum development and concepts of Ralph Tyler and Hilda Taba. Ralph Tyler Model: Four Basic Principles. This is also popularly known as Tyler’s Rationale. He posited four fundamental questions or principles in examining any curriculum in schools. These four fundamental principles are as follows: 1. What educational purposes should the school seek to attain? 2. What educational experiences can be provided that are likely to attain these purposes? 3. How can these educational experiences be effectively organized? 4. How can we determine whether these purposes are being attained or not? In summary, Tyler’s Model show that in curriculum development, the following considerations should be made: (1) Purpose of the school, (2) Educational experiences related to the purposes, (3) Organization of the experiences, and (4) Evaluation of the experiences. On the other hand, Hilda Taba improved on Tyler’s Rationale by making a linear model. She believed that teachers who teach or implement the curriculum should participate in developing it. Her advocacy was commonly called the grassroots approach. She presented seven major steps to her model where teachers could have a major input. These steps are as follows: 1. Diagnosis of learner’s needs and expectations of the larger society. 2. Formulation of learning objectives. 3. Selection of learning content. 4. Organization of learning content. 5. Selection of learning experiences. 6. Organization of learning activities. 7. Determination of what to evaluate and the means of doing it. Thus as you look into curriculum models, the three interacting processes in curriculum development are planning, implementing and evaluating. Types of Curriculum Operating in Schools From the various concepts given, Allan Glatthorn(2000) describes seven types of curriculum operating in the schools. These are (1) Recommended curriculum- proposed by scholars and professional organizations. (2) Written Curriculum- appears in school, district, division or country documents. (3) Taught Curriculum- what teacher’s implement or deliver in the classrooms and schools. (4) Supported Curriculum- resources-textbooks, computers, audio- visual materials which support and help in the implementation of the curriculum. (5) Assessed Curriculum- that which is tested and evaluated. (6) Learned Curriculum- which the students actually learn and what is measured and (7) Hidden Curriculum- the unintended curriculum. 1. Recommended Curriculum- Most of the school curricula are recommended. The curriculum may come from a national agency like the Department of Education, Commission on Higher Education (CHED), Department of Science and Technology (DOST) or any professional organization who has stake in education. For example the Philippine Association for Teacher Education (PAFTE) or the Biology Teacher Association (BIOTA) may recommend a curriculum to be implemented in the elementary or secondary education. 2. Written Curriculum- This includes documents, course of study or syllabi handed down to the schools, districts, division, departments or colleges for implementation. Most of the written curricula are made by curriculum experts with participation of teachers. These were pilot-tested or tried out in sample schools or population. Example of this is the Basic Education Curriculum (BEC). Another example is the written lesson plan of each classroom teacher made up of objectives and planned activities of the teacher. 3. Taught Curriculum- The different planned activities which are put into action in the classroom compose the taught curriculum. These are varied activities that are implemented in order to arrive at the objectives or purposes of the written curriculum. These are used by the learners with the guidance of teachers. Taught curriculum varies according to the learning styles of students and the teaching styles of teachers. 4. Supported Curriculum- In order to have a successful teaching, other than the teacher, there must be materials which should support or help in the implementation of a written curriculum. These refer to the support curriculum that includes material resources such as textbooks, computers, audio-visual materials, laboratory equipment, playgrounds, zoos and other facilities. Support curriculum should enable each learner to achieve real and lifelong learning. 5. Assessed Curriculum- This refers to a tested or evaluated curriculum. At the duration and end of the teaching episodes, series of evaluations are being done by the teachers to determine the extent of teaching or to tell if the students are progressing. This refers to the assessed curriculum. Assessment tools like pencil-and-paper tests, authentic instruments like portfolio are being utilized. 6. Learned Curriculum- This refers the learning outcomes achieved by the students. Learning outcomes are indicated by the results of the tests and changes in behavior which can either be cognitive, affective or psychomotor. 7. Hidden Curriculum- This is the unintended curriculum which is not deliberately planned but may modify behavior or influenced learning outcomes. There are lots of hidden curricula that transpire in the schools. Peer influence, school environment, physical condition, teacher-learner interaction, mood of the teachers and many other factors made up the hidden curriculum.

Introduction to Hedging Instruments: Forwards, Futures, Options, and Swaps Hedging instruments are financial tools used by businesses and investors to mitigate risk. These instruments help protect against adverse price movements in assets such as commodities, currencies, interest rates, or securities. The four main hedging instruments are forwards, futures, options, and swaps. 1. Forwards A forward contract is a customised agreement between two parties to buy or sell an asset at a predetermined price on a specified future date. Key Characteristics: Over-the-counter (OTC): Traded directly between parties, not on an exchange. Customisation: Can be tailored to suit the needs of the parties involved. Settlement: Occurs at the end of the contract, which may involve physical delivery or cash settlement. Risk: Forwards carry counter-party risk, as there is a possibility one party may default. Example: A company that needs to import raw materials in six months may enter into a forward contract to lock in the current price, avoiding the risk of price increases. 2. Futures A futures contract is similar to a forward, but it is standardised and traded on an exchange. This standardisation eliminates counter-party risk. Key Characteristics: Standardised: Contract size, expiration, and other terms are fixed by the exchange. Mark-to-market: Gains and losses are settled daily. Liquidity: Futures are highly liquid because they are traded on exchanges. Regulation: As they are traded on formal exchanges, they are more regulated than forwards. Example: A wheat farmer may sell futures contracts to hedge against a possible decline in wheat prices before harvest. 3. Options Options provide the right, but not the obligation, to buy or sell an asset at a specified price on or before a certain date. There are two types of options: call options and put options. Call Option: Gives the holder the right to buy an asset at a predetermined price. Put Option: Gives the holder the right to sell an asset at a predetermined price. Key Characteristics: Premium: The buyer pays a premium upfront to obtain the option. Limited Risk: The maximum loss is limited to the premium paid. Flexibility: Options can be used for speculative or hedging purposes. Example: An investor holding stocks may buy a put option to protect against potential declines in the stock's price. 4. Swaps A swap is a contract in which two parties agree to exchange cash flows or liabilities over a specific period. The most common types are interest rate swaps and currency swaps. Key Characteristics: Customizable: Like forwards, swaps are often tailored to meet the needs of the parties involved. Counterparty Risk: Swaps are typically OTC instruments, exposing parties to default risk. Common Uses: Used to manage interest rate risk or currency risk. Example: A company with a variablerate loan may enter into an interest rate swap to exchange its variable payments for fixedrate payments, thus locking in stable costs. Hedging instruments are essential for managing financial risk in volatile markets. Each instrument serves different purposes, with varying levels of complexity, risk, and customization. Whether through forwards, futures, options, or swaps, businesses can better plan for the future by reducing exposure to uncertain price fluctuations. Hedging Strategies for Market Risk, Credit Risk, and Currency Risk 1. Hedging Strategies for Market Risk Market risk (also known as systematic risk) arises from fluctuations in asset prices, such as stocks, bonds, commodities, and interest rates, due to economic factors or market volatility. Key Hedging Instruments for Market Risk: Derivatives (Options, Futures, and Forwards): These instruments allow investors to hedge against unfavorable price movements in stocks, commodities, or interest rates. Example: An investor holding a large stock portfolio might buy a put option to protect against a potential market downturn. If the market declines, the put option increases in value, offsetting losses in the portfolio. Short Selling: Investors can sell borrowed assets with the expectation of buying them back at a lower price, profiting from the decline. Example: A fund manager expecting a market decline may short sell stocks to hedge a portfolio against losses. Common Hedging Strategies: Portfolio Diversification: Reducing market risk by spreading investments across various asset classes (stocks, bonds, commodities) and sectors. Using Index Futures: Large portfolios can be hedged using index futures that track the performance of the overall market. If the market declines, profits from the short position in the futures contract will offset losses in the portfolio. Risk Parity: Allocating assets based on the level of risk rather than the dollar amount invested, balancing risk exposure across asset classes. 2. Hedging Strategies for Credit Risk Credit risk refers to the possibility that a borrower will default on a debt obligation. This is especially important for banks, lenders, and institutions dealing with bonds and loans. Key Hedging Instruments for Credit Risk: Credit Default Swaps (CDS): A financial derivative where the buyer of a CDS pays a premium to the seller in exchange for protection against a default on a loan or bond. Example: A bank holding corporate bonds can buy a CDS to ensure they are compensated if the issuing company defaults. Collateralised Debt Obligations (CDOs): These instruments pool together various debt instruments and allow risk to be distributed among multiple investors. Credit Insurance: Companies may use insurance to protect against the risk of a customer defaulting on payments. Common Hedging Strategies: Diversification of Loan Portfolio: Spreading out credit exposures across various industries, geographies, and borrower profiles reduces the overall risk of default. Tightening Lending Standards: Limiting exposure to highrisk borrowers by implementing stringent credit assessments. AssetBacked Securities: Banks can sell loans or bonds packaged as assetbacked securities to reduce their exposure to credit risk. 3. Hedging Strategies for Currency Risk Currency risk (or exchange rate risk) arises from fluctuations in foreign exchange rates, which can affect companies involved in international trade or with investments in foreign countries. Key Hedging Instruments for Currency Risk: Forward Contracts: A firm agrees to exchange a specified amount of currency at a predetermined exchange rate on a future date. Example: A U.S. exporter expecting payment in euros might enter into a forward contract to sell euros and lock in a favorable exchange rate. Currency Options: These give the right, but not the obligation, to buy or sell currency at a specific price. Example: A U.S.based company buying goods from Japan might buy a call option on the yen to hedge against the risk of yen appreciation. Currency Swaps: Two parties exchange interest payments and principal in different currencies to hedge against exchange rate fluctuations. Common Hedging Strategies: Natural Hedging: Companies can offset currency risk by balancing foreign revenue with costs in the same currency. For example, if a company generates revenue in euros, it can also incur expenses in euros, reducing exposure to exchange rate fluctuations. Multi-Currency Invoicing: Firms can invoice in their home currency, shifting the currency risk to the buyer. Currency Diversification: Holding a diversified basket of currencies can reduce exposure to large fluctuations in any one currency. Effective hedging strategies are crucial for managing various types of risks in financial markets. Market risk can be managed using instruments like futures and options, while credit risk can be mitigated through diversification and credit derivatives. Currency risk, often faced by multinational firms, can be hedged using forward contracts, options, or swaps. Each strategy helps firms and investors protect their portfolios, ensure financial stability, and reduce the impact of adverse movements in the financial markets. Portfolio Risk Management Techniques: Diversification, Asset Allocation, and Risk Budgeting Managing risk is a fundamental aspect of portfolio management. Investors use various techniques to control and reduce the risks inherent in investing. Three key techniques used in portfolio risk management are diversification, asset allocation, and risk budgeting. Each of these techniques helps in mitigating potential losses while aiming to achieve the desired return. 1. Diversification Diversification is a risk management strategy that involves spreading investments across different assets, sectors, or geographic regions to reduce exposure to any single risk. The idea is that different assets perform differently under various market conditions, so losses in one investment can be offset by gains in others. Key Benefits of Diversification: Reduction of Unsystematic Risk: Unsystematic risk, which is unique to a specific company or industry, can be reduced by holding a variety of investments that respond differently to market conditions. Improved Stability: A diversified portfolio is less volatile, as the negative performance of one asset can be balanced by the positive performance of others. Methods of Diversification: Across Asset Classes: Investing in a mix of asset classes such as stocks, bonds, commodities, and real estate. Example: A portfolio with 60% equities, 30% bonds, and 10% commodities is more diversified than one solely consisting of stocks. Within Asset Classes: Diversifying within a single asset class (e.g., holding stocks from different sectors like technology, healthcare, and energy). Geographic Diversification: Investing in assets across various countries or regions to mitigate country-specific risks. Example: Holding U.S. stocks along with emerging market equities can reduce risks related to a downturn in one country's economy. 2. Asset Allocation Asset allocation refers to the process of dividing investments among different asset classes (such as stocks, bonds, and cash) to align with an investor's risk tolerance, time horizon, and financial goals. Asset allocation plays a crucial role in portfolio risk management by determining the overall risk-return profile of the portfolio. Key Elements of Asset Allocation: Strategic Asset Allocation: A longterm approach that involves setting target allocations for different asset classes based on financial goals and risk tolerance. Example: A young investor with a longterm horizon might allocate 70% to stocks, 20% to bonds, and 10% to cash. Tactical Asset Allocation: A more active approach that involves adjusting the asset mix in response to short-term market conditions. Example: If the investor expects an economic downturn, they might temporarily reduce exposure to equities and increase exposure to bonds. Types of Asset Allocation Models: Conservative: Focuses on preserving capital with a larger allocation to bonds and cash (e.g., 20% stocks, 80% bonds). Balanced: A moderate risk approach with an equal focus on growth and income (e.g., 50% stocks, 50% bonds). Aggressive: Targets higher returns by investing predominantly in equities, accepting higher risk (e.g., 80% stocks, 20% bonds). Example of Asset Allocation: A 40 year old investor with moderate risk tolerance may allocate their portfolio as follows: 50% equities, 40% bonds, and 10% in alternative investments such as real estate or commodities. The equities provide growth potential, while the bonds and alternative assets offer stability and income. 3. Risk Budgeting Risk budgeting is a method of allocating risk across different components of a portfolio, rather than focusing solely on returns. The goal is to optimise the portfolio’s risk-return profile by distributing risk in a way that aligns with the investor’s objectives and risk tolerance. Key Concepts of Risk Budgeting: Risk Contribution: Each asset class or investment in the portfolio contributes a certain amount of risk (measured by metrics such as volatility or Value at Risk). Risk budgeting ensures that no single asset class dominates the overall risk of the portfolio. Example: A portfolio may contain 60% stocks and 40% bonds, but if the stocks are highly volatile, they may contribute 90% of the portfolio's risk. Target Risk: Investors set a maximum acceptable level of risk (e.g., a portfolio volatility of 10%) and allocate investments so that the total risk remains within this target. Techniques in Risk Budgeting: Risk Parity: Allocates risk evenly across asset classes, rather than allocating capital based solely on return expectations. Example: In a risk-parity portfolio, both bonds and stocks might be balanced in such a way that they contribute equally to the overall portfolio risk, even though the dollar investment in bonds may be larger due to their lower volatility. Value at Risk (VaR): This technique measures the potential loss in a portfolio over a specific time period, under normal market conditions, at a given confidence level. The risk budget ensures that the potential loss stays within acceptable limits. Example of Risk Budgeting: An investor targets an overall portfolio risk of 8% volatility. After analyzing the risk contribution of each asset class, they determine that equities, which currently make up 60% of the portfolio, contribute 70% of the risk. To adhere to the risk budget, the investor may reduce their equity exposure and increase their allocation to bonds or other less volatile assets. Diversification, asset allocation, and risk budgeting are complementary techniques used in portfolio risk management. Diversification reduces unsystematic risk by spreading investments across various assets. Asset allocation ensures that investments align with an investor's goals and risk tolerance. Risk budgeting focuses on managing the contribution of risk from each asset class to create a balanced and efficient portfolio. Together, these strategies help investors achieve a balance between risk and return, ensuring longterm portfolio stability. Risk Mitigation Through Insurance, Securitisation, and Other Financial Engineering Techniques Risk mitigation is a core objective in financial management, and various strategies can be employed to reduce or manage risks. Three major approaches are insurance, securitisation, and financial engineering techniques. Each of these methods helps firms and individuals transfer, reduce, or eliminate certain financial risks. 1. Insurance as a Risk Mitigation Tool Insurance is a traditional risk transfer method that protects against financial losses by shifting the risk to an insurance company in exchange for premium payments. It is widely used to mitigate various forms of risk, such as operational, liability, and property risks. Key Aspects of Insurance for Risk Mitigation: Risk Transfer: The insurer takes on the risk in exchange for a premium, thus protecting the insured party from unexpected financial losses. Indemnity: In the event of a loss, the insurance policy compensates the insured based on the terms of the contract. Customisable Coverage: Insurance policies can be tailored to address specific risks, such as property damage, business interruption, liability, or cyber risks. Types of Insurance for Businesses: Property and Casualty Insurance: Covers physical assets like buildings, machinery, and inventory from risks like fire, theft, or natural disasters. Liability Insurance: Protects businesses against legal liabilities arising from accidents, negligence, or professional errors. Business Interruption Insurance: Compensates for lost income if a business has to halt operations due to unforeseen events. Credit Insurance: Shields companies from losses due to the nonpayment of trade receivables. 2. Securitisation as a Risk Mitigation Technique Securitisation is a financial engineering process that involves pooling various financial assets (such as loans, mortgages, or receivables) and converting them into marketable securities. This process allows firms to transfer risk to investors, thereby reducing their exposure. Key Elements of Securitisation: Risk Transfer: By securitising assets, companies can transfer the risk of default or nonpayment to investors who purchase the securities. Liquidity Creation: Securitisation converts illiquid assets (like mortgages or loans) into liquid, tradeable securities, improving cash flow for the originating firm. Diversification of Risk: Pooling assets with different risk profiles reduces the impact of individual defaults, spreading the risk across multiple investors. Common Forms of Securitisation: MortgageBacked Securities (MBS): Pools of mortgages are bundled and sold as securities to investors, transferring the risk of mortgage defaults. Example: A bank that issues home loans can bundle those loans into MBS and sell them to investors, transferring the credit risk of potential defaults. Asset-Backed Securities (ABS): Similar to MBS, but backed by other types of assets like credit card receivables, auto loans, or student loans. Collateralised Debt Obligations (CDOs): Structured financial products that pool different types of debt, such as loans and bonds, and sell them as securities with varying risk levels. Example: A bank may issue a portfolio of auto loans and then pool these loans into an assetbacked security (ABS). The ABS is sold to investors, who take on the risk of loan defaults. By securitising the loans, the bank reduces its exposure to credit risk and generates immediate cash flow. 3. Financial Engineering Techniques for Risk Mitigation Financial engineering involves the use of complex financial instruments, derivatives, and structured products to manage or mitigate financial risks. These techniques allow firms to hedge against specific risks, optimize capital structure, and improve financial stability. Common Financial Engineering Techniques: Derivatives: Financial instruments like futures, forwards, options, and swaps are used to hedge against price fluctuations, interest rate changes, or currency movements. Example: A company with significant foreign exchange exposure may use currency forwards or options to hedge against exchange rate fluctuations, ensuring predictable cash flows. Options and Futures: Options: Provides the right (but not the obligation) to buy or sell an asset at a predetermined price, allowing firms to hedge against unfavorable price movements. Example: An airline company can buy options on jet fuel to hedge against rising fuel prices. Futures: Standardized contracts to buy or sell an asset at a set price on a future date, commonly used to hedge commodities or financial assets. Example: A wheat producer may use futures contracts to lock in a favorable price for its crop, hedging against a potential price drop. Swaps: These involve the exchange of cash flows between two parties, often used to manage interest rate risk or currency risk. Interest Rate Swaps: Firms can exchange floatingrate interest payments for fixedrate payments to hedge against rising interest rates. Currency Swaps: Used to hedge exchange rate risk in crossborder transactions by exchanging principal and interest payments in different currencies. Example: A company with a variablerate loan may enter into an interest rate swap to exchange its variable payments for fixedrate payments, locking in stable costs. Structured Products: These are customised financial instruments designed to achieve specific riskreturn objectives. They often combine derivatives with other securities to create tailored risk exposures. Example: A structured note that combines a bond with an embedded option, offering downside protection while allowing for potential upside linked to the performance of an equity index. Credit Derivatives: Tools like credit default swaps (CDS) allow investors to transfer credit risk to other parties. Example: A bondholder worried about a company’s potential default may purchase a CDS, which pays out in case of a default event. Example: A company may issue a bond with an embedded call option, allowing it to repurchase the bond if interest rates decline. This financial engineering tool enables the company to mitigate the risk of rising interest rates, reducing future borrowing costs. Risk mitigation through insurance, securitisation, and financial engineering offers businesses a variety of tools to manage and transfer risks. Insurance allows for the direct transfer of risk to an insurer, while securitisation helps companies offload risk by packaging and selling assets as securities. Financial engineering techniques, including derivatives, swaps, and structured products, provide sophisticated ways to hedge market, interest rate, and currency risks. Each approach helps organizations improve financial stability, enhance liquidity, and manage potential losses in a volatile market environment.

LOS MODELOS DEMOGRÁFICOS: LA TRANSICIÓN DEMOCRÁFICA. Para explicar la evolución de la población a lo largo de la historia, los geógrafos han recurrido a diversos modelos. El más aceptado es el modelo de la transición demográfica. Este modelo demográfico diferencia varias etapas: 1. Etapa inicial o preindustrial. Se caracteriza por una natalidad y una mortalidad muy elevadas, que limitan notablemente el crecimiento de la población. Además, la esperanza de vida es baja, en torno a 30 años, y la mortalidad infantil muy alta, por lo que es necesario tener un gran número de hijos. Es el período de las pestes, hambrunas y guerras, una etapa que caracterizó a toda la humanidad hasta finales del siglo xvi o principios del xvi. 2. Etapa de transición: Se caracteriza por el desequilibrio entre natalidad y mortalidad, lo que provoca un rápido crecimiento de la población. La esperanza de vida aumenta también de forma considerable. Se suele dividir en tres momentos diferenciados: * Fase inicial: desaparece la mortalidad catastrófica y la mortalidad infantil disminuye por mejoras en alimentación, higiene, avances médicos, etc. Las tasas de natalidad se mantienen elevadas. * Fase intermedia: la mortalidad desciende rápidamente y la natalidad sigue siendo alta, lo que origina un excedente de nacimientos sobre los fallecimientos. En esta fase se produce la verdadera explosión demográfica. * Fase final: la mortalidad desciende a un ritmo más lento, mientras que la natalidad cae rápidamente, lo que se traduce en un crecimiento reducido. 3. Etapa moderna. En esta etapa, la natalidad y la mortalidad permanecen en equilibrio generando un crecimiento muy bajo, como en la etapa preindustrial. La natalidad se mantiene baja debido al continuo incremento del nivel de vida, a la extensión de la educación y a las transformaciones económicas y sociales que han tenido lugar. La mortalidad, por su parte, también se mantiene baja. Tan solo en algunos países industrializados, con una elevada esperanza de vida, esta repunta debido al envejecimiento de su población. 4. Regresión demográfica. El progresivo envejecimiento de la población lleva a una cuarta etapa de «regresión demográfica», de la que solo se puede salir aumentando los efectivos de la población joven inmigrante.

Panimula Natuklasan mo na ba kung paanong ginawa o nilikha ng Diyos ang daigdig? Ayon sa Genesis 1:1 “Nang pasimula ay nilikha ng Diyos ang langit at lupa.” Napakapalad natin dahil isa rin tayo sa nilikha Niya. Nakasama pa tayo sa isang paraiso na ngayo’y ating ginagalawan. Sa modyul na ito malalaman mo kung anong mga bagay pa ang nilikha ng Diyos na may kinalaman sa ating tinitirhan, ang mundo o daigdig? Mga dapat tandaan at layunin Handa ka na bang tuklasin ang ating daigdig? Kung handa ka na ihanda mo na ang iyong mapa o globo kung mayroon man. Ang Layunin mo sa modyul na ito ay ang mga sumusunod: • Nailalarawan ang daigdig bilang planeta ng solar system • Nailalarawan ang daigdig sa mga tao • Natatalakay at napapahalagahan : a. Bahaging Lupa b. Bahaging Tubig c. Bahaging Hangin • Natatalakay ang katangian ng globo bilang modelo ng mundo at ang mapa bilang patag na representasyon ng mundo • Naipapakita ang pakikiisa sa pag-aalaga at pagliligtas sa daigdig Pangunahing Pagsusulit Panuto: Isulat kung tama o mali. _________1. Ang daigdig ay planeta ng mga tao. _________2. Ang mapa ang sinasabing modelo ng mundo. _________3. Binubuo ng tatlong panlabas na bahagi ang ating daigdig. _________4. Pangatlo sa pinakamalapit sa araw ang ating mundo. _________5. Ang ating daigdig ay binubuo ng 75% na bahaging tubig at 25% na bahaging lupa. Nilalaman Noong unang panahon may iba’t ibang paniniwala ang mga tao sa daigdig. Inakala ng mga unang tao na ang mundo ay isang malawak na kapatagan at ang dulo ay walang hanggan. Sinasabi na ang daigdig ay isang hugis pabilog na batong lumulutang sa kalawakan. Bahagi ito ng tinatawag na solar system – isang kaayusan ng mga bagay na planetaryo sa kalawakan na ang nakapangunguna ay ang araw. Ang daigdig ay isang planeta na may tunay na hugis na oblate spheroid. Pangatlo sa pinakamalapit sa araw, na may layong 148,800,000 kilometro. Ang globo ang modelo ng mundo o daigdig samantalang ang mapa ay ang patag na representasyon ng mundo. Isang kartograper ang gumawa ng mapa. Makikita rito ang lawak ng isang lugar, direksyon mula sa iba’t ibang lugar, hugis ng lugar sa mundo at ang iskala mula sa lahat ng punto ng mapa. Ano ba ang iskala? Ito’y tawag sa paraan ng pagpapakita ng tunay na sukat ng mga lugar sa mapa na tinutumbasan ng mas maliit na sukat. ( Larawan ng Globo) Malinaw na makikita sa globo ang mga anyong tubig at anyong lupa, gayundin ang mga bahaging mabundok at bahaging patag. Binubuo ang mundo ng 75% na katubigan at 25% na kalupaan. Ang ating daigdig ay binubuo ng tatlong panlabas na bahagi: ang bahaging lupa, ang bahaging tubig at bahaging atmospera o hangin. Ang Bahaging Lupa ( Larawan) Ang bahaging lupa ay ang solidong bahagi na binubuo ng bato at lupa. Binubuo ito ng halos isang – kapat (1/4) o dalawampu’t limang porsyento ng mundo ay binubuo ng kalupaan. Ang malawak na lupa o malalaking tipak ng lupa ay tinatawag na kontinente o lupalop. Mayroon pitong kontinente ang ating mundo. Ang asya ang pinakamalaki na sinusundan ng Aprika, Hilagang Amerika, Timog Amerika, Europa, Antarctica at Australya. Mapapansin mo na maraming mga bansa ang nakapaloob sa bawat kontinente at karamihan sa mga ito ay magkakadikit. Pansinin mo ang kontinenteng Timog at Hilagang Amerika at ang mga kontinenteng Europa, Aprika, at Asya. Itanong mo sa iyong pasiliteytor kung saan ang sakop nito o hangganan ng bawat isa. Ang Bahaging Tubig ( Larawan ng tubig) Nakikita mo ba ang mga bahagi ng tubig sa globo o mapa? Mapapansin mo ang kulay asul sa mapa at globo na nagpapakita na ang mga ito ay binubuo ng bahagi ng tubig. Tinatayang tatlong kapat (3/4) o pitumpu’t limang porsiyento ng panlabas na bahagi ng mundo ay katubigan. Ang ating daigdig ay binubuo ng malalaking bahagi ng katubigan nan tinatawag na karagatan. Mayroon apat na karagatan ang daigdig. Ito ay ang karagatang Pasipiko, ang pinakamalaking karagatan, sinusundan ng Atlantiko, Indian at Artiko. Maari mo rin tingnan sa globo o mapa ang mga karagatang nabanggit at kung saan bansa at kontinente ito malapit. Ang Bahaging Atmospera o Hangin ( Larawan ) Naranasan mo na bang magpalipad ng saranggola? Ano ba ang dahilan kung bakit ito tumataas? Marahil alam mo na ang dahilan? TAMA! Ito’y dahil sa hangin na nagpapalipad at nagpapataas sa saranggola para ito’y tumayog. Ang bahaging bumabalot sa mundo ay ang atmospera. Samantala ang nakakapasong init ng araw o ultra violet rays ay pinipigilan ng mga makakapal na gas o ulap sa atmospera ng mundo ay tinatawag na ozone layer. Sinasala nito ang nakapipinsalang matinding sikat ng araw na pumapasok sa daigdig. Unti- unti na rin itong nabubutas dahil sa mga kemikal na CFC’s ( Chloroflouro Carbons), sprays, usok na galing sa pabrika at sasakyan. Ngayong alam na natin ang kahalagahan ng hangin sa ating kapaligiran pumunta naman tayo sa . . . ( Larawan ng sapin ng hangin) ANG ANIM NA SAPIN NG HANGIN: A. TROPOSPERA Dito nabubuo ang lagay ng panahon sa mundo. Kung ikaw ay nagpapalipad ng saranggola, sa tropospera ito lumilipad at ang hangin na iyong hinihinga ay nasa tropospera. B. ISTRATOSPERA Dito sa sapin na ito matatagpuan ang ozone layer. At karamihan sa mga eroplano ay dito nagpapalipad dahil hindi gaanong mapanganib dito. C. MESOSPERA Dito sa sapin na ito mayroon pinakamalakas na hangin. At karamihan sa mga batong bumabagsak sa kalawakan ay madali agad nag- aapoy at nasusunog kapag ito’y dumaan na sa hanging mesospera. D. TERMOSPERA Ang sapin ng hangin na sobrang lapit sa ultraviolet rays ng araw, sobrang init at umaabot ang init sa kabuuang 600 C. E. EKSOSPERA Ang pinakamalayong sapin sa ating himpapawid. Ito ang sapin na kung saan ay mahirap ng maabot. F. IONOSPERA Kung paano nagkakaroon ng signal ang iyong cellphone at malinaw ang naririnig ninyo sa radyo at sa telebisyon, Ionospera ang dahilan.

Modulo 1,2,3

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