The Theory Behind The Efficient Market Hypothesis Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2542 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? If an investor his money in the stock market, he wants to achieve a good return on invested capital. Nowadays, many business people are trying to market their money to beat, because they aim to achieve not only a profit. However, market efficiency the efficient market hypothesis (EMH) formulated by Eugene Fama in 1970, sat down, suggests that market at any given time, prices fully reflect all available information about a particular stock and / or. Don’t waste time! Our writers will create an original "The Theory Behind The Efficient Market Hypothesis Finance Essay" essay for you Create order Thus, according to the EMH, no investor has an advantage in predicting a return on the stock price, because no one has access to information not already available for everyone else. The influence of efficiency: non-predictability: Is (information on economic events, political and social impact on investors, because the information is not limited to research and financial news, it depends on the investor, as he perceives this information, this message is reflected in its share price. Reports for theory efficient markets are markets that all members have the same information about the prices, and they respond to this information, and no one has the ability to profit from anyone Goth Prices in the market are random and are not predictable, so that the procedure to invest money can be recognized, then you can not plan its investment and that is why he can not be successful. EMH has this hike in prices, which caused the goal to beat the market consistently causes of failure to invest in the market. In fact, it is profitable to invest in index funds for an investor to make profits. Anomalies: The challenge for the efficiency: There are some arguments have EMH in this world of investments and the market from investors such as Warren Buffet, whose strategy is to stock that is undervalued, who provides an example for followers to beat by a great deal of money. There are managers who get the better results as compared to others, and compare with others than when we try to invest in areas, then there exists renowned research analysis, so if you to hit the market and then profit, as the performance can be random. There are arguments that states that EMH are present, and here are some examples of how effects of the weekend, she recommends the purchase on Monday morning and Friday afternoon, the prices are different on weekends versus weekdays. The prices are higher in January for the start of the new year and show a higher return. Funding of studies on the psychology of investors on the prices defined so that it can be some procedures in the stock market. Investors are happy to review, which is undervalued, and they tend, the overvaluation of the market participants and the result is yours to buy, is efficient. Investors or short-term shareholder move into and out of the hottest and newest stock proposed because of the mass mentality of the trendy, through economic MIT professor Paul Krugman. The result is then on the prices in a bad shape and the market will not result in the air. The prices are not the information available on the market. Rather than be manipulated for profit-seekers to understand the prices. The EMH answer: The EMH does not dismiss the possibility of anomalies in the market, which is in the production of the highest profit. In fact, market efficiency is not required, the prices equal to fair value all the time. The prices may be overvalued or undervalued is only in random events, so they eventual ly returned to their means. As such, because the deviations from the fair price of a stock at random to investment strategies that can not be beaten in the market in accordance phenomena. Moreover, the hypothesis makes that does not do an investor who outperforms the market from this fate, but no luck. EMH supporters say this is by the laws of probability at a given time in a market with a large number of investors, some will excel, while others remain average. How does a market become more efficient? In order to become more efficient market, the investor must recognize that a market is not efficient, and propose possible. Ironically, investment strategies should take advantage of inefficiencies in fact the fuel that keeps a market efficiently. A market must be large and liquid. Information must be generally available and released in terms of accessibility and cost, and investors in more or less the same time. Transaction costs have to be cheaper than the expected profit s of the investment strategy. Investors also need sufficient resources to the advantage of inefficiency, until it disappears, as stated in the EMH, it again. Above all, an investor has to believe that she or he can surpass the market. Degree of efficiency: Accepting the EMH in its purest form can be difficult, but there are three identified classifications of the EMH, which have at or to which it can be applied to the markets to target. 1. Strong performance This is the strongest version, which states that all information is in a market, whether public or private, accounted for a share. Not even insider information could allow an investor an advantage. 2. Semi-strong efficiency This form of the EMH implies that all public information in the current share price a stocks price is calculated. Neither fundamental nor technical analysis can be used to achieve superior returns. 3. Poor performance this type of EMH asserts that all previous prices are for one shares down on todays stock price. Therefore, the technical analysis can not be used to predict and beat a market. Executive Summary: The markets are not perfect, but pretty hard! Research and the idea of market efficiency have come a long way in the past 30 years. Many of the irregularities could take the result of measurement errors and lack of time to different risks and returns and the cost of information.   Ãƒâ€šÃƒâ€š Basic idea of market efficiency is that the competition all the information in the price drive fast. This idea has its start, at least in part by the ball and in 1968 Browns discussion paper in earnings announcements. The authors found that 80% of the market was news before the announcement and the projected 3 a.m. to 6 p.m.-month returns following the announcement of nearly zero. Of course, following Fama, French, Jensen and Roll 1969 dividend divided paper (FFJR), the first real event was study, the researchers found a regular market very efficiently. These papers helped to remove the generally prevailing opinion that the market prices were estimated not to be trusted completely as a means of scientific research used. The more theoretical models of Modigliani and Miller, Sharpe and Lintner (CAPM) and Black and Scholes (1973) contributed to the idea that the markets were efficient support to win. (The other models are more credibility to the event-study results.) Fama first defines the term efficient market in financial literature in 1965, maximized as a market with a large number of profit , with each trying to predict future market values and information is almost freely available. Ball in 1969 FFJR paper describes the introduction of event time as the event that even the most important breakthrough in our understanding of how stock prices react to new information may have been. Ball without support while the efficiency of the market to recognize several limitations, streamed into the day as a researcher in search of anomalies were detected. Ball shares the research into three overlapping groups Empirical Anomalies: Problems with the installation of the theory to the data price overreactions (eg Debont and Thaler 1985), excess volatility (Shiller 1981), In response to good earning potential announcements, CAPM, seasonal patterns Errors in the efficiency as a model of exchange. (This is perhaps the strongest part of the paper) The basic idea is that we have information on the funding to zero when they are in fact positive. Everyone recognizes that these costs should be included in any efficiency of search, but we do not know these costs, we assume it equal to zero. Further, even if it publish discrepancies found that the researchers, why? If this is true, no data anomalies and quirks, then why not trade on the information? Publishing ie, the usefulness of this information is not large. What we really need to know is the expected profits from production and trade on private information. Ball also makes the humorous remark that a trading strategy modeled (on past data, but with the help of modern computer and statistical methods) is similar to using a modern war, acquire technology, simulated gains in the Middle Ages. (Note: For those of you not sure about it, I suggest you to read a Connecticut Yankee in King Arthurs Court by Mark Twain). The fact that no researcher can know, abnormal profits is not surpri sing. Suppose marginal utility equals marginal cost, the marginal utility of the analyst is quite small. Ball outlines an example where the cost is for a given forecast of $ 2000. This is only a per thousand of 2 billion U.S. dollars firm. Ball also points out the obvious: certain investors (like Warren Buffet) have access to better information, and then possibly lower returns required. Ball also notes that analysts play an important role in reducing the uncertainty by reporting on what other investors are able to do and how they play on the company. Problems in Testing Efficiency as a model of the stock market This section deals with problems in assessing market efficiency Joint hypothesis problem: to study the efficiency and the model of the market Changes in risk-free interest rate and risk premiums: serial correlation can be the result of the time different prices and premiums. Changes in risk (even though the companies usually predictable seasonal or major events on Monday in December, etc.) geben. As a result, we can not say much definitive. The final section (before the conclusion) asks Is behavioral finance is the answer? Ball answered his own question with a negative. He holds that position, because (as Fama) he believes that the school has its own Behavorialist anomalies and grossly inconsistent with competitive markets. Ball concludes his paper with the words the theory of efficient markets, like all theories, an imperfect and limited view of equity markets. The issue is not resolved conclusively, while there are so many mandatory restrictions on the asset pricing models are based on empirical tests of market efficiency. Further, he says that he by the transformation of the form has advantages EMH considers lived securities markets, and [he] is still responding, how good the prices to information to what impressed thirty years ago to be expected. Theory: Innovation and growth are the only ways to company survival and prosperity. Consistently meet and exceed customer expectations requires intensive efforts to minimize process variation promoted through creative thinking. It must be remembered that creative thinking involves risk of errors, as do all methods of experimentation cry for freedom from the accepted way of things. Reverse engineering to identify redundancy Roots: On the same implementation of Six Sigma techniques that are so successful, have the potential to lead to his dismissal. The normal tendency of a newcomer to Six Sigma implementation will be the Six Sigma principles to reduce everything and anything for the variability, but adds the additional unproductive to waste because of unplanned activities. The techniques involved in the implementation are the places to look for the causes of errors. Although this is a typical range for Six Sigma with several trials and failures for many years in a company, it can throw some insight into the root of error generators. The foll owing is a partial list of areas that you must pay attention to: Project selection Statistical Process Control Assessment of the measuring system Analysis of variance using ANOVA Failure modes and effects analysis (FMEA) The need to provide documentation in the reaction with the same approach and reiterated zeal can no longer emphasized. We may not get the impression that redundancy analysis is a kind of test of Six Sigma. But the fact of the matter is that checks and balances will be treated as an integrated DMAIC phases or DMADV. Redundancy by resistance to change: Resistance to change is considered one of the most important areas of analysis for redundancy factor. A black belt does not need to construct these changes as a notional resistance, as most modern organizations have efficient ways of producing desired results with appropriate inputs. The mere suggestion of process changes were a risk, considered as contrary to their long-established paths. Second , the departments such as finance and materials management are not in a position, results of Six Sigma deployment as quickly as the other departments within the company to see how the production. Means of redundancy analysis: There are no special tools for the analysis of redundant) implementation of Six Sigma, although some practitioners recite TRIZ (Russian acronym for Theory of Inventive Problem Solving to identify redundancies. However, just as a rule, the same tools used to implement useful, even in this case. The procedure, carried out after the instruments error generators prior to the implementation should be repeated to expose this error. Analytical and statistical tools in marked contrast pre-and post-data with extreme precision. The mindset of redundancy Analyst: It helps an in-house man for the analysis of layoffs. An experienced person with a long inside the organization has some advantages, which start with. It is important to understand that resistance to change is mainly due to the inertia and what it takes to the ice with a heavy reliance on formal mechanisms of cutting through the right display the entire image. One must be careful to fall victim to when redoing frustrations with statistical analysis to avoid facing. The only thing the redundancy analyst must keep in mind, above all, that kills any wastage of profitability. Conclusion: EMH propagandists will find that profit-seekers to use in practice, which is unusual so far, until it disappears. In cases such as the January effect (a predictable pattern) of a price movement, large transactions costs are likely to take advantage of attempting to outweigh the advantage of such a trend is increasing. In the real world, markets can not be efficiently or inefficiently. It might make sense, the markets are essentially a mixture of both to see where daily decisions and events are not always immediately in a market-expression. When all participants were to believe that the mark et is efficient, would anyone looking for extraordinary profits, which holds the power to the wheels of the market is turning. In this age of information technology (IT), but markets around the world gain greater efficiency. It allows a more effective, faster means to disseminate information, and electronic trade can be to adjust the prices to go faster on news in the market. However, while the pace at which information we receive and accelerated execution of transactions, IT reduces the time it uses the information to validate a trade. It may inadvertently result in less efficiency if the quality of the information that we no longer use, it allows us to profit-generating decisions. Literature: Article (Managerial Finance (1994 Volume 30 Issue 2 / 3)) Accounting and Finance by Peter Atrill and Eddie McLaney (fourth edition) www-resources: https://www.financeprofessor.com/ https://www.streetdirectory.com

leadership - 789 Words

Healthcare in the United States is constantly changing and becoming increasing more complex. An essential portion of the recent Institute of Medicine report, The Future of Nursing: Leading Change, Advancing Health, focuses on the significance of nurses as leaders in healthcare (2010). The terms â€Å"leader† and â€Å"manager† are sometimes used interchangeably. Those of us who have worked for, or with, someone who is one and not the other will see the error in viewing those terms as synonymous. An individual can be a great leader but not a manager. Conversely, a typical nurse can be a manager but not possess many nursing leadership skills. According to Huber (2010) leadership is defined as â€Å"the process of influencing people to accomplish goals†Ã¢â‚¬ ¦show more content†¦I realize the importance of motivating my staff to deliver their best and I’m tactful and diplomatic when dealing with potential problems; I believe a lot more can be achieved through communication than through conflict. I am nevertheless very results-driven and expect every member of my team to pull their weight and help us to achieve our common goals. The leadership style I aspire to be in the future is a transformational leader. Transformational leadership is especially well-suited to today’s fast-changing health care environment where adaptation is extremely important. This leadership style allows for instilling faith and respect, treating of employees as individuals, innovation in problem solving, transmission of values and ethical principles, and provision of challenging goals while communicating a vision for the future (Joel, 2013). Transformational leadership focuses on the interpersonal processes between leaders and followers and is encouraged by empowerment (Joel, 2003). Empowered nurses are able to believe in their own ability to create and adapt to change. When using a team approach to leadership, it is important to set boundaries, goals, accountability, and supports for team members (Joel, 2013). Transformational leadership is seen as empowering, but the nurse manager must balance the use of power in a democratic fashion to avoid theShow MoreRelatedThe Leadership Of Leadership And Leadership842 Words   |  4 Pagesideals of leadership, I met with two respected and admired school leaders: the Assistant Principal/Dean of Curriculum, and the Athletic Director. I chose these two school leaders because I wanted to gain an understanding of leadership from two diverse perspectives. I am thankful for the opportunity to hear from two different types of leaders, who ultimately share a lot of the same visions fo r my school and for leadership in general. While both subjects shared a similar definition of leadership, theirRead MoreLeadership And Leadership Of Leadership1711 Words   |  7 Pages7. Facilitative Leadership Facilitative leadership is dependent on quantities and outcomes – not a skill, though it takes much skill to master. The efficiency of a group is directly related to the effectiveness of its process. If the group is high operational, the facilitative leader uses a light hand on the procedure. 8. Laissez-faire Leadership Laissez-faire leadership gives expert to workers. According to AZ central, sections or subordinates are acceptable to work as they choose with nominal.Read MoreLeadership : Leadership And Leadership1605 Words   |  7 PagesLeadership Examined There have been many great leaders down through history. Leaders that have influenced change throughout many aspects of society. Great leaders have great influence. The effectiveness of a leader is determined by his leadership style. With so many styles to choose from, and the fact that not one style fits all situations, becoming an effective leader is a challenging task. One reflective note is that it is important to cultivate good leadership skills. One must evaluate personalRead MoreLeadership : Leadership And Leadership1225 Words   |  5 Pages with their team. Leadership is â€Å"the behavior of an individual . . . directing the activities of a group toward a shared goal† (Hemphill Coons, (1957). p. 7). †¢ Leadership is â€Å"the influential increment over and above mechanical compliance with the routine directives of the organization† (Katz Kahn, (1978). p. 528). †¢ Leadership is â€Å"the process of influencing the activities of an organized group toward goal achievement† (Rauch Behling, (1984). p. 46). †¢ â€Å"Leadership is about articulatingRead MoreLeadership : Leadership And Leadership1476 Words   |  6 PagesLeadership Effectiveness There are many different approaches to leadership, which can be dependent upon the task at hand. Some leaders are authoritative, making all the decisions for group members and allowing no space for error or input. There are those who may opt to take the President Obama approach with a more democratic leadership role, inviting the ideas of others and encouraging open communication and staff participation. Then there are the servant leaders whom are largely respected and followedRead MoreLeadership And Leadership Theory Of Leadership1341 Words   |  6 PagesLeadership Application Jesus Cabral Brandman University The author of this paper has been in various leadership positions for over 20 years. Some positions held by the author have been team leader, Operations Manager, General Manager, and Director of Operations. The author has lead teams with various degrees of education and from many cultures. The leadership theories studied during OLCU 400 will assist this leader though experienced to become much more effective and focus on thoseRead MoreLeadership, Leadership And Leadership Development915 Words   |  4 Pagestake a leadership role in any activity. They are more valued by followers and have higher performing teams. (Cherry 2014) However, leaders are the ones that use their leadership skills to make a difference in this world, such as presidents, teachers, or even college graduates. Leadership is not something you can learn from a book, but you have to gain this skill through experiences such as holding an office, organizing an event, speaking in front of people, or participating in a leadership programRead MoreLeadership Theories Of Leadership And Leadership Essay771 Words   |  4 PagesLeadership is important because it helps followers reach a common goal. There have been several studies based on effective leadership. The definition of leadership has evolved over the years adapting to the different views of the world. Leaders have influence on their followers they are looked up to. Being a leader means there will be interaction with different behaviors and personalities. Effective leaders sometimes have to adjust their style approach by the situation they are in. Every followersRead MoreTransformational Leadership : Leadership And Leadership887 Words   |  4 PagesThe idea of leadership has transformed throughout the years to encompass varying aspects of leadership approaches, leadership types and the like. According to Summerfield (2014), C. F. Rauch and O. Behling, quote leadership as: Leadership is the process of influencing the activities of an organized group toward goal achievement. Given its broad definition, leadership is understood to have different meanings when applied to diverse situations. For example, there are different types of approaches toRead MoreOrganizational Leadership : Leadership And Leadership1568 Words   |  7 PagesConceptualizing Leadership Leadership is different in the eyes of each and every individual. What one person considers great leadership may be viewed by another as too demanding. Ultimately, time, place, situation, and people involved are considered some of the view variables for which type of leadership will be most effective. Through taking the Gallup Strengths Finder survey, I have been able to cement some of my top strengths and see how they come into play in my daily life. Learning about strengths

Promotional Feedback Survey Report Social Media Marketing

Question: Describe about the Promotional Feedback Survey Report for Social Media Marketing. Answer: Introduction This study provides a promotional feedback survey report of launching of IKEA cabinetry in order to understand the consumers response against the promotion of new product in the market. Assessment 3: Promotional feedback survey report Survey instruments: According to McDonald (2013), it can be mentioned that survey instrument is a procedure, which is essential to implement a scientific protocol in order to measure the collected data of the respondents. In case of social and the behavioural surveys, the survey instruments include a set of questions. The survey instruments consists questions, which can address the business objectives and can collect the demographic data for evaluating the weight of the survey. In this context, it can be mentioned that survey questions consist the major idea of product promotion. Therefore, in a synopsis, it can be stated that survey instruments will be able to measure the conducted campaign in case of promotion of products (Ikea.com. 2016). Analysis the feedback: According to Hollensen (2015), it can be mentioned that IKEA will aim to receive their feedback from the consumers by conducting online surveys, by maintaining feedback boxes, by conducting the usability tests. Survey questions are asked to the respondents with the help of phone interview, online interview. This will provide a greater understanding of the responses of the respondents. As a result, the management of IKEA also able to find out the consumers view regarding the service of new product (Ettouzani, Yates and Mena 2012). On the other hand, from the responses of the non users of the product, the management can identify their requirements, which can be added in their products later. Moreover, it can be identified that what price they would like to provide in case of purchasing of the goods. Conclusion This study is also very important to identify the characteristics of the survey instruments and how it works. Lastly, this study tried to collect feedback from the consumers, based on which the service of the products can be improved. References Bayne, K.S. and Cianfrone, B.A., 2013. The Effectiveness of Social Media Marketing: The Impact of Facebook Status Updates on a Campus Recreation Event.Recreational Sports Journal,37(2). Ettouzani, Y., Yates, N. and Mena, C., 2012. Examining retail on shelf availability: promotional impact and a call for research.International Journal of Physical Distribution Logistics Management,42(3), pp.213-243. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Ikea.com. (2016).AODA Customer Service Standard - IKEA. Available at: https://www.ikea.com/ms/en_CA/customer_service/ikea_services/IKEA_AODA.html [Accessed 2 Dec. 2016] McDonald, M.H., 2013. Ten barriers to marketing planning.Journal of Product Brand Management.

Easa Module free essay sample

Tools should be checked before use for serviceability and operators should be trained to use them to prevent damage to the aircraft and personnel. The whereabouts of all personal and company tools should be known at all times. Company Supplied Tooling Tooling should be controlled in a secure tool store which controls and records the issue of all tools. Details of who the tools are issued to and which aircraft it is being used on should be kept at all times to ensure the whereabouts of all tools are known. This is a safety precaution to ensure that there no tolling is accidently left on the aircraft at any time. Tools should be kept in a controlled storage environment in kits or shadow boards and have individual serial numbers. The store keeper should also maintain a list of all tools that require calibration and ensure that all tools are properly calibrated. If any tools are un-calibrated or unserviceable, these tools should be properly labelled and stored in a separate area before being sent for repair or calibration. The store inspector should also perform regular audits on all the tooling in his store to ensure that they are in a good condition and are serviceable. Personal Tool kits Personal tool kits should contain a full contents list so that effective tool checks can be made. All tools should be checked at the beginning and at the end of each shift and when the aircraft is released to service. This is again a safety precaution to prevent any tools from being left on the aircraft accidentally. Shadow boarding and a list or the counting of tools used can be an effective way of monitoring all the tools being used. There is also a new requirement in my company where all personal tools should be inscribed with the name of their owners. This is to create an accountability of all tools that a person owns and prevent these tools form going missing or being stolen. Any personal tools that require calibration should be calibrated and monitored to ensure serviceability. Besides that, all personnel should ensure that their tools are always clean and in a serviceable condition at all times. Company procedures All part 145 maintenance organisations should have detailed company procedures for tools control in their maintenance exposition. These procedures should state rules for daily tool checks, lost or damaged tool procedures, aircraft pre-release checks and calibration requirements. It should also have a procedure for regular audits to be conducted to ensure compliance with the above requirements. Summary Good tool control is essential in helping to preserve flight safety but it requires close monitoring, good communication and constant vigilance from all personnel. Tool control is the responsibility of everybody. 2) On a major hangar inspection, you find corrosion on a panel on an unpressurised area of the fuselage. Detail your action to return the aircraft to service. Introduction Before starting any work, ensure that the aircraft and the environment around the area affected is safe to work on. Assuming that the aircraft is in for a major check, all electrical and hydraulic power should be switched off. If the area affected is part of a flight control system, place placards in the cockpit and pull all necessary circuit breakers. Inspection First and foremost, I would determine the exact location of the corrosion. The area affected could be as vital as a main wing spar or as simple as an access panel. I would then determine the type of corrosion. There are many types of corrosion which could be as severe as intergranular corrosion or as simple as surface corrosion. I would then determine the severity of the damage by taking both of the above factors into account before making my decision to either repair, replace and just simply leaving it alone. Besides those 2 important factors, i would also take into accounts things like time constraints, spares availability and manpower constraints. With that said my final decision would depend on the procedures laid down in the aircraft maintenance manual(AMM) and structural repair manual(SRM). Safety Ensure that there is adequate manpower who are properly trained to perform the job. Ensure that all the people working around the area is aware of the job being carried out. Personnel should be wearing any personal protective equipment like mask, goggles, gloves, etc that is required by the particular job. If the task deals with any chemicals or even the corrosion itself, extra precautions should be observed. Leaving it alone If after performing my inspection and with reference to the applicable manuals, i determine that the corrosion is minor and does not require any further work, i would remove the corrosion using the recommended procedures, re-protect the area and finally certify the required paperwork once i am satisfied that the work has been done up to the required standard. Replacement If after my inspection, i determine the particular panel or component should be replaced instead of repaired, i would remove that particular panel/area based on the procedures stated in the AMM. When fitting the new panel/component, i would ensure that it is serviceable and has the proper documentation with it(EASA Form 1, correct serial number, correct part number, correct batch number, etc) Once i have replaced it, I would perform a functional check if required to verify the correct operation of the component. If everything is found satisfactory, i would issue a certificate to release to service. If a duplicate inspection was required, i would get someone approved to perform the duplicate before i issue the CRS. Repair I would refer to the SRM, CAAIP or the AC 43 for the proper procedures and guidelines. I would start off the repair by removing the corrosion either mechanically or chemically depending on the extent of the damage. Once all the corrosion has been removed, I would perform an inspection and measure the depth and diameter of the affected area. I would then cross-refer those measurements with the limitations in the SRM. If it can be repaired, i would proceed with carry out the repair after due planning to manpower requirements, tooling, work areas and time constraints. Most often than not, if the corrosion is found to be the intergranular corrosion, the part or area would require complete replacement. Once the repair has been carried out, i would re-protect the area. I would the certify the CRS once i am satisfied that the work has been carried out satisfactory. 3) Describe the problem of HRIF and discuss the design features of protection against HIRF? Introduction and problems High intensity radiated field(HIRF) is produced by high energy systems located on ground and occurs at all frequencies. It affects any electronic and digital systems on the aircraft causing affected systems to operate erratically. HIRF enters the aircraft through any apertures, then enters the systems via gaps in the line replaceable units(LRU) or by cables picking up the HIRF. Once inside the fuselage resonance of the radiated filed can cause it to increase significantly. HIRF is most likely to occur on aircraft systems that have been in a cold soar condition. Aircraft and systems can be hardened HIRF by the design features stated below ; Design Features 1) Cables – The design of wire cables incorporate metal braids and twisted pair cables ) Plugs and sockets – Different designs depending on the location of the plug and socket. Some may also incorporate shielding by using a mechanical connection of the cable braid to the metal plug/socket body. 3) Metal protected areas Aluminium Honeycomb wall floor and ceiling panels – This are normally installed around the flight deck and elec trical equipment bays. This is used to ensure that the whole area is encased in a â€Å"metal box†. This prevents the HIRF from getting through to sensitive equipments. 4) EMI Filters – By incorporating built in filters, filter pins and over voltage protection systems. ) Conductive coatings – Electrically conducting window coatings(electric heater film elements) on the flight deck windscreens are used. 6) Good bonding and static wicks – Ensure that the aircraft is properly bonded and is at the required levels of potential and not any more. Summary All wiring, plugs, sockets and screening on the aircraft should be inspected as laid down the maintenance schedule and AMM. The inspection would normally include checks for damage, deterioration, contamination, signs of burning, open circuits, correct assembly, correct torque of plugs/sockets, locking, chafing, corrosion, broken strands, broken screening and etc. There may also be times where the inspections require bonding testing using specialized test equipment. 4) Describe how you would replace an electronics card and the precautions you would take? Introduction An electronics card is normally electro static discharge sensitive(ESDS). This means that any electrical static discharge it comes in contact with could damage it. With that said, special precautions have to be taken when handling this cards. Safety To prevent static discharge from building up, any personnel replacing the card should wear a wrist strap which is a conductive lead connected to the aircraft structure. The resistance of this strap should be greater than 1 MEGAOHM. This is to ensure proper grounding of the personnel. Any ESDS cards when fitted or removed should be placed in a sealed #M series anti-static bag to protect it. This bad should be properly labelled using an ESDS warning label. Replacement I will first refer to the applicable maintenance manual for the correct procedures for removal. I will then remove power from the aircraft to isolate the system. This will of course include pulling the required circuit breakers and placarding the cockpit if required. It is essential that the power is turned off when removing an ESDS component. I will then wear my wrist strap, connect it to the airframe and check its resistance. If its above 1 MEGAOHMS, i will proceed by gaining access to the card and remove it using the extractors if necessary. Before attempting to remove it, i will ensure that all the card connections have been undone. Once i have removed the card, i will place it in an anti-static bag and seal it. If the bag doesn’t have any means for sealing it, i will use a 100 percent cotton twine to seal it. I will then attach a yellow ESDS label to the bag. I will then proceed with the replacement of the new card immediately. Once the replacement is done, i will close the unit, remove my wrist strap and power up the aircraft and system which the card belonged to. If the card replacement requires a functional test, i will proceed with conducting it. Certification Once satisfied with the replacement, i would proceed with certifying the CRS. The will include all the details of the replacement (part number, serial number, batch number, etc). Besides that, i would also attach the FAA 8130-3 or EASA form 1 together with the CRS. ) There is 2inches of wet snow on the aircraft and light snow is falling, the temperature is -2 Celsius, what are your considerations before releasing the aircraft for departure? Frost, ice or snow deposits can seriously affect the aerodynamic performance and controllability of an aircraft Safety I will ensure that the aircraft and the surrounding environment is safe to work on and that all safety personal protective equipment like goggles, gloves, non-slip safety boots and etc are worn. The conditions indicate that it is snowing heavily and there is a high probability of ice formation. There are 2 main ways of removing snow which are mechanically(by using brushes) or chemically(by using a special fluid commonly known as Freeze Point Depressant(FPD) . Mechanical method Safety –I will ensure that no damage is caused to the aircraft during the whole process. Extra precautions has to be taken into consideration because the brushes used might cause damage to the vortex generators, aerials and even the electrical probes. Besides that, i would ensure that there are no scratches on the aircraft skin. The mechanical method is considered the old way of doing this. It has the disadvantage of being time consuming and there is an added risk of damage to the aircraft. Chemical method Safety – I will ensure that the chemicals used are in accordance to the approved specifications required. All openings/intakes or anything that could be damaged by the fluid will be covered or blanked. The fluids used are both de-icing and anti-icing fluids which means it will remove the wet snow and then it will further protect the surface from snow building up again. When using this method, the choice of fluid is very important. I will only make the choice after taking into considerations the ambient conditions. The choice made will be in accordance to the manufacturer guidelines. This method of removal should only be done by personnel who are properly trained and equipped. After removal After removal, i will perform an inspection to ascertain the level of remaining ice if any, any damage that might have been caused by the process, any sign of reforming ice, the freedom of movement of all control surfaces and finally perform a re-lubrication of any components if necessary. Once i am satisfied, the whole procedure should be noted in the technical log which would include details of the estimated holdover time and type of fluid that i used. I will then certify it as an approved signatory An important consideration that needs to be taken into account is the holdover time. The aircraft will only be able to remain on serviceable to takeoff if it takes off within the holdover time. If the holdover time has been exceeded, the whole process will have to be repeated. The holdover time will depend on the ambient conditions, type of fluid used and concentration level. 6) Micrometers and dial test indicators are used as precision equipment. Discuss the use of these equipment, their limitations and state the precautions to be taken when using them? Introduction The ability of the human eye to accurately read the graduations of a scale is limited. The need for precision instrument as small as ten-thousands of an inch has necessitated the development of equipment which are capable of this function. Both the micrometers and dial test indicators are an example of instruments which perform this function. Safety Both this instruments require routine calibration. Ensure before usage that the instrument calibration date is current. Micrometers The micrometer is a device used to make small measurements. This nstrument is used to measure the thickness of sheet metal, the out of roundness of cylindrical objects and etc. The English micrometer for example is designed to accurately measure to one-thousand of an inch. . The basic micrometer is used on a number of different devices like the micrometer calliper, inside micrometer and depth gauges. The most commonly used is the micrometer calliper. The basic parts of a micrometer calliper inclu de a frame which resembles a C-clamp, an anvil, a spindle, a sleeve and a timble. Micrometers are designed for a range of measurement of 1 inch. The size of the frame determines if the micrometer will measure form 0 to 1 inch, 1 to 2 inch or another range. Limitation It can measure up to 0. 001 inch for a micrometer calliper, 0. 0001 inch for a vernier micrometer Precautions during usage As this is a precision instrument, it should be handled with care or the accuracy will be destroyed. Always keep the micrometer clean and in its required casing. Occasionally, put a drop of light oil on the screw threads and then wipe it with an oily cloth to prevent tarnish and rust. When taking a measurement, use very light pressure. This can be done by setting the micrometer to an oversize dimension and then use the ratchet stop to clamp the spindle against the subject. This will prevent over tightening the object will lead to an inaccurate reading and also damage to the micrometer itself. Dial Test Indicator (DTI) Dial test indicators are precision instruments used to determine the amount of movement existing between certain engine and airframe parts. These indicators are also used to measure alignments of shafts and to check the smoothness of a surface. The DTI are not used for measuring the actual size but to indicate small differences in size. It is graduated in thousands of an inch. Limitations – It can measure up to 0. 001 inch Precaution during usage – Same as the micrometer, this is also regarded as a precision instrument and should be used with care. When not in use it should always be stored in its required casing. 7) Describe how you would make a hole in metal, composite and wood. Discuss in the context of aircraft maintenance. State the precautions to be taken and include any limits or tolerance that the usage of these tools can achieve? Introduction As a maintenance technician, i am often faced with the task of making accurately sized holes in all types of different materials. The tool normally used for drilling such holes is the spiral or twist drill. There are many different types of drills available so i generally have to use different drills, drill speeds, cutting agents and pressure when dealing with different materials. There are two main types of drill machines that can used which are the stationary type (pillar) and the portable type(pneumatic, electric and etc) . The selection of a drill machine should be suited to the job requirement(size, speed, range and configuration) Safety When drilling, personal protection equipment like glasses, goggles or face shields must be used to protect the eyes. The chuck key should always be removed before starting drilling to prevent serious injury. When drilling through structure, always give warning to any personnel working on the opposite side. Always only use a sharp drill with the correct point angle. Never use a drill that is bent. Do not wear any loose clothing or id tags which have the risk of becoming entangled with the drill. General drilling procedure I would first select the correct speed of the drill machine. I would then select the correct type of drill and install it in the chuck. I would then clamp the work piece. I would ensure that i am wearing my eye protection before starting the drilling process. I would then start the drill and press the drill into the work piece using the recommended feed range. I would see the formation of curling chips (swaft). Once the hole has been cut, i would stop the machine and remove the work piece. Metal Drilling Safety – If drilling magnesium or titanium alloys, always ensure that there is fire extinguisher next to you. Metal drills are made of carbon steel, high carbon steel and steel alloys. They are normally made up of three main parts (shank, body and flutes). When drilling soft material like lead and very soft aluminium, the cutting should be 90 degrees. For very hard material like stainless steel, the cutting angle is 150 degrees. The most common drill cutting angle used for normal materials is 118 degrees. The tolerance of a drill diameter for the hole diameter as stated in the SRM of a Boeing 737 is as follows, 1/16 inch to 1/8 inch is +0. 0000 to -0. 0005 inch, 1/8 inch to ? nch is +0. 0000 to -0. 0007inch and above ? is +0. 0000 to -0. 0010 inch. Wood drilling There are three types of wood bit normally used in aviation maintenance. They include the auger bit, the forstner bit and the flat wood boring bit. The tolerance of a drill diameter for the hole diameter is wood is pretty bad. Composite drilling Safety – Do not use cutting coolant when drilling holes into bonded honeycomb or f oam core structures. The coolant may seep into and remain in the structure after the drilling. Drilling holes in composite materials prevents different problems from hose encountered in drilling metal. Composites are more difficult to drill and are more susceptible to failures. Delamination, fracture, breakout and separation are the most common type of failure that might happen. To reduce the possibility of damage, the composite should also be backed by a wood block. Carbide and diamond drill bits are normally used to drill on all types of composites. An exception to this is aramid fibre where only a brad point and c-shaped cutting edge should be used to reduce the amount of fuzz produced. The best cutting angle for composites is 135 degrees. 8) There is water contamination in the fuel tank. How would you carry out a water fuel contamination test and what are the other tests you could carry out? Introduction The different types of fuel contamination are water contamination which can cause problems through freezing or gelling of fuel in filters, solid particle contamination which causes blockages and microbial contamination which can cause corrosion. All of this are a risk to flight safety which is why fuel contamination checks are necessary. Safety The aircraft should be in a safe condition for maintenance in accordance with the appropriate maintenance manual. The aircraft should be correctly bonded and the person taking the fuel sample should be qualified and properly trained to do so. The person taking the sample should be aware of all fire and health and safety risks and turn off all portable electronic devices. Samples should be taken and tested with the appropriate maintenance manual and all necessary personal protective equipment like goggles should be worn. Fuel samples taken should be stored in a clean clear glass jars for a minimum of 7 days. There should be clearly labelled and when disposed of, they should be disposed of in accordance with the maintenance facilities company procedures. Taking the sample The maintenance manual will explain where to take the sample from and how to check it for contamination. Fuel samples are normally taken from the fuel sumps. Water contamination may be detected by using a visual assessment or chemical water detector (litmus paper or water finding paste). The colour of AVGAS is blue, red or green while jet A-1 fuel is un-dyed and can vary in appearance between the colour of clear water to straw yellow. A visual assessment can’t be used for turbine fuels. Turbine fuels should only be tested using a chemical water detector. The chemical water detector will normally change colour to indicate the presence of water. If a sample is found to contain water, the water contamination test should be repeated to reaffirm the finding. If water contamination is confirmed to be found, refer to the appropriate maintenance manual for the next course of action. The next course of action would normally include draining all the fuel in the fuel tank until the contamination has been eliminated. The fuel filters might also require inspection for any signs of contamination. Further investigation may also include removal of fuel tank access panels and fuel tank entry. Other test Microbial growth test – This test would normally include the same procedure as above for getting a fuel sample. The fuel sample would then be tested using approved test kits like FUELSTAT and MicrobMonitor 2 or even sent to the laboratory. Certification Any work carried out must be inspected and certified by an appropriately licensed engineer with the appropriate aircraft type approval. The certifying engineer must issue a certificate to release to service and enter a maintenance statement in the technical log. 9) You notice there is no hydraulic indicated on the LH system. Detail your action Assumptions As there is no hydraulic indication on the LH system, i would assume that the aircraft is already powered up and the hydraulic pumps have been turned on. Before consulting the manuals and gathering further information, i would carry out some simple troubleshooting. First, i would look at the circuit breaker panel to determine if any of the circuit breakers has been pulled. If that doesn’t work, i would carry out a bite test from the cockpit. If both of those don’t work, i would proceed with the next step. Gathering information I would refer to the technical log to determine if the defect is a known defect or it is new. If it is already written in the technical log, i would refer to the deferred defect log to see if any rectification or troubleshooting has been done. If it is not a known defect, i would refer again to the technical log to see if the aircraft has a history of this defect and what were the rectifications that had been carried out. If the aircraft has a system like EICAS or ECAM, i would refer to the synoptic pages or maintenance pages to determine if the pumps or other components are working. If the aircraft has a central maintenance computer like the Boeing 777, i would access the maintenance access terminal to interrogate the system and determine what the possible problem is. I would then consult the aircraft maintenance manual and troubleshooting manual for the rectification procedures. Safety Turn off the hydraulic power before carrying out any troubleshooting or rectification work. Isolate all electrical power from the aircraft and pull any necessary circuit breakers. If electrical or hydraulic power is needed for the troubleshooting process, take all necessary safety precautions like informing all the people working around the aircraft and ensure that you get clearance from the personnel on ground before switching it on. Wear any personal protective equipment if required. Troubleshooting With reference to the aircraft maintenance manual and troubleshooting manual, the possible causes could be as follows; 1) Indicator inoperative ) Sensor inoperative 3) Wiring defective or short circuit 4) Hydraulic pump inoperative Rectification If any of the components needed replacement, i would first remove the component in accordance with the aircraft maintenance manual. The removed component would be properly labelled and placed in quarantine. The new component received should have an EASA Form 1 or FAA 8130-3. I would ensure that it complies with the generic requirements for acceptance of new parts and bogus parts as stated in CAP 747. I would also ensure that it is serviceable and in good condition. Certification and documentation I would get someone to perform a duplicate inspection if necessary before signing the CRS. I would also make a maintenance statement in the technical log and clear it to allow the aircraft into the service. 10) Describe the inspection insitu of a brake unit. What would be your actions if you find a brake unit worn to limits? Introduction The aircraft brakes are one of the most critical components on the aircraft. Its failure could has a devastating impact of the aircraft and the safety of its passengers. With that in mind, the inspection of the brake unit is normally done in-situ on every aircraft during a transit check. Safety Always install the landing gear down lock pins and steering system bypass pin is to prevent injury to any personnel working on the landing gear due to sudden retraction. Ensure that there are chocks on the tires. If hydraulic power is required, ensure that all personnel are informed and clear of the flight controls surfaces, thrust reverser and landing gear. This is to prevent any injury to personnel because this components can move suddenly when hydraulic power is applied. Inspection The inspection of a brake is divided into a few parts. First i would examine the brake unit for wear. This has to be done with the brakes set. Once the brakes have been applied, i would check the wear indicator pins. As long as the wear indicator pins are within the limitations of the aircraft maintenance manual, the brake is still considered serviceable. To get a fully accurate reading of this, the brakes should be cold. Besides that i would also ensure that there are no wear indicator pins missing. Second, i would inspect the brake unit for any leaks. Special attention should be paid to the brake pistons, brake housing ports, inlet and drain ports and bleed ports. This should be done with the brakes released and the brake set. If any leaks are found, cross refer the limitations in the aircraft maintenance manual with the leak rate that is found. Finally i will do a general visual inspection of the brake unit for any signs of cracks, broken parts, distortions, parts that show a large amount of wear and any other damage which is visible. Replacement Safety – Ensure that the required circuit breakers are pulled out and the cockpit is properly placarded to ensure no one accidentally operates the brakes or switches on the hydraulic system when the replacement task is be carried out. This can cause serious injury to personnel. If the brake unit is still hot, ensure that the unit is adequately cooled down before any personnel starts working on it. This again can cause serious injury to the personnel. If the brake unit requires replacement, i would order a replacement brake unit with reference to the Illustrated parts catalog(IPC). I would pay particular attention to the aircraft effectivity and the modification status of the unit when ordering the new unit. I would then remove the old brake unit in accordance with the aircraft maintenance manual. The removed unit would be properly labelled using an unserviceable label and placed in quarantine. The new brake unit should have an EASA form 1/FAA 8130-3. I would ensure that the unit received is the correct unit by cross-checking the part number, serial number, modification status and etc with the one that i ordered. I would also ensure that it complies with the generic requirements for acceptance of new parts and bogus parts as stated in CAP 747 and that the unit is serviceable and in a good condition. The installation task for a new brake unit requires it to be tightened to a certain torque limit. As a safety precaution, i would ensure that the torque wrenches used are in good condition and calibrated. Certification and documentation I as an approved personnel will certify the certificate to release to service once i am satisfied with the replacement. I would also make a maintenance statement in the technical log to allow the aircraft into service.