Risk Management by Investors Saudi Aramco

Question: Discuss about the case study Risk Management by Investors for Saudi Aramco. Answer: Introduction: Saudi Aramco, a state-owned oil company owned by the Kingdom of Saudi Arabia, is a fully unified worldwide petroleum and chemicals enterprise. In recent times the company is partnering with leading global companies across the world with an aim to strengthen its downstream business and to achieve competitive advantage from its operations in exploration, production and marketing (Company Website). Key highlights: Headquarter: Dhahran, Saudi Arabia Workforce: More than 65,000 workers and employees worldwide Global Presence: Saudi Arabia, China, Egypt, Japan, India, the Netherlands, the Republic of Korea, Singapore, The United States of America and the United Kingdom. Main Partners, Ventures Affiliates: Saudi Aramco Products Trading Company, Sadara Chemical Co., The Saudi Aramco Total Filtering and Petrochemicals Firm, Fujian Refining Petrochemical Company and S-OIL, South Korea Saudi Aramco, on 08th January 2016, announced and confirmed that the company was studying various plans and options to allow more public participation in its equity shares through sale of an appropriate percentage of its equity stake in its main business through listing in capital markets and through Listing or privatizing some of its downstream subsidiaries. In the present report we will be discussing about the Risk and risk analysis risk management for the various risks as identified for the probable investors of Saudi Aramcos and its downstream subsidiaries equity shares in capital markets. After having identified the various risks we will try to create a risk register containing information about various risks faced by the investors, its severity, probability of occurrences and mitigation plans if any. Then we will perform qualitative risk assessment and try to create risk assessment matrix for various risks to categorize the risks into Low, Medium or High risks and prioritize which risks need to be addressed for mitigation first. After having done all the above we will then discuss the possible risk mitigation strategies available to the investors for various risks mitigation if possible. Risks and Risk Analysis Management - Introduction Risk may be defined as the possibility of occurrence of unexpected outcome or loss (Bouchet, Clark Groslambert 2003). Risk can be bifurcated into four factors viz. probability of occurrence of an event, severity of unwanted impact, external impacts and interdependency with other influences or risks. Risks Analysis Management may be defined as the process of identification of risks, assessment of magnitude of risks, measuring impact of risks and implementation of risk mitigation techniques (Gitman, Joehnk Billingsley 2014). Risk management helps in identification of various risks specific to a project / activity / organization and responding to them in best possible ways to eliminate or mitigate the impact of such risks on project / activity / organization (Merna 2007). Qualitative Risk Identification for Risks to Investors The investors in the capital markets as well as the investors in private investing activities are prone to number of risks for their investments in the companies through the route of share markets or direct investments privately. The following may be categorized as the different risks faced by the investors for their probable investments in the Saudi Aramco or its downstream subsidiaries (Merna 2007): Country Risk: Country risk refers to the risk type which takes shape due to the inherent characteristics of a country based on its geographic and demographic features. The major business operations of the company are geographically located in Saudi Arabia and Middle East. The said geographical area of the globe is prone to unrest and civil war situations thus creating a country risk for the investors. Political Risk: Political risk refers to the risk type which is present due to the political structure and scenarios which were present in the country in the past and the scenarios which are expected to take shape in the future. Saudi Arabia is under the Kingdom Rule creating a Monarchy political situation in the country. It is generally observed that under Monarchy rule the business operations are influenced by the changing political policies of the Kingdom. Industry Risk: Industry risk refers to the risk type which is inherent in the industry in which the main business operations of the company are taking place. Some industries are more prone to risks as compared to other industries. Saudi Aramco deals in oil industry which is the worlds biggest industry but is also prone to various factors including cartels for administering the production of the limited natural resource and the prices of such products. Company Risk: Company risk refers to such risk type which is inherent due to the policies, operations, procedures and management decisions of a company itself. It is generally believed that this risk is the most prevalent in the investments and is also able to avoid this risk by having a diversified investment portfolio by the investors. Saudi Aramco since deals in oil products has inherent risks in its business operations. It deals in production of natural resources which are limited and thus creates a limit on the size a company can attain. Currency Risk: Currency risk refers to the risk type which takes shape when the home currency of the company is different from the operating currency of the company and thus forces a company to have exposure in the number of currency conversion transactions. Saudi Aramco investments have inherent currency risk as the home currency of the company is different from the operating currency of the company. The company needs to incur every expense in terms of US Dollar which is the prevalent currency in oil industry. Investment Risk: Investment risk refers to the risk type which the investors face for the possibility of not being able to recover their initial investment value due to any contingency especially in the situation of possible bankruptcy of the company. Investors of the Saudi Aramco company faces an investment risk for not being able to recover their investments due to possibility of company going bad due to such vulnerable business environment in which the company operates. Legislative Risk: Legislative risk is the risk type which is present due to the changing legislative requirements of the country in the company operates. Changing legislative requirements in the country will always have significant impact on the business operations of the company and may also outcome in rise in the action expenses for the company in-order to conform to the moving legislative necessities. Volatility Risk: Volatility risk is the type of risk which is inherent in the capital markets in which the shares of a company trades. Volatility refers to the changes in the market prices that the share of the company is able to command in the capital markets. Capital markets are often faced with the volatility in the prices of share and securities. Investors of Saudi Aramco will also face such volatility risk in their investments. Liquidity Risk: Liquidity risk refers to that risk type in which the investors are able to convert their investments into cash as and when they feel and is profitable to them. As already discussed about the business operations, political situation in the home country and the geographical presence of the company, the future investors may shy away to invest in the company thereby making the investments of the investors less liquid in the capital markets. Credit Rating Risk: Credit rating risk refers to that risk type which is due to the ratings given by different credit rating agencies to the different companies based on different parameters. There are different credit rating agencies which issues credit ratings for the different companies across the globe. There may be a possibility for the credit rating agency to downgrade the ratings of Saudi Aramco due to changing oil industry and other company specific reasons. This downgrade will result in the loss to the investors due to fall in the value of their investments in capital markets. Risk Register and the Severity of Risks Identified The below mentioned table is a Risk Register for the various risks identified for the investors for their probable investments in the Saudi Aramco or its downstream subsidiaries which describes about the probable risks, risks type, impact of Risks, impact description, probability of occurring, timeline in which the risk is expected to occur, status of responses by investors, any completed actions by investors to mitigate the risk, any planned future actions by the investors to mitigate the risk and risk status as on date (Burtonshaw-Gunn): 1. Basic Risk Information 2. Risk Assement Information 3. Risk Responce Information Risk Number Risk Description / Risk Event Statement Risk Type External /Internal Impact High / Medium / Low Impact Description Probability High / Medium / Low Timeline Near term /Mid term /Far term Status of Response No Plan / Plan Enacted / Effective Plan Enacted Finalized Actions Strategic Future Actions Risk Status Open / Closed / Moved to Issue R 1 Country risk may effect in investments to loose worth in global markets External Low Value of the investments may loose worth as the reserves in the country is no longer viable for global investors Low Far term No Plan N/A N/A Open R 2 Political risk in the country may make business operations on the company financially unfeasible External Medium Profitability of the company may take a impact due to changing political environment as the country is under kingdom rule Low Far term Plan Enacted N/A Make cartels in the industry to influence the political situation in the country Open R 3 Industry risk in the oil industry will result in low prices of the products External High Prices of the product may fall to such lows to make negative cash flows to the company Medium Mid term Effective Plan Enacted OPEC formed to administer prices of the oil industry products N/A Closed R 4 Company policies and announcements may lead to fluctuations in the prices of the shares in capital markets Internal High Profitability and prices of shares of the company may be impacted High Near term No Plan N/A N/A Open R 5 Currency of the country in which the investment is valued may fluctuate in the currency markets External Low Currency fluctuation may result in variations in the value of investments High Near term No Plan N/A N/A Open R 6 Investment risk may result in the investments go bad Internal High Investments in the company may go bad due to company's bankruptcy High Mid term Plan Enacted N/A Offer management expertise in the company to successfully run the business operations Open R 7 Legislative requirements in the country may result in higher operational costs for the company External High Profitability of the company may be impacted due to changing legislative requirements in the country Low Mid term No Plan N/A N/A Open R 8 Volatility inherent in the capital markets may impact share prices External High Price of the shares may take a plunge due to volatility in the capital markets High Near term Plan Enacted N/A Try to minimize the volatility in the company's shares by actively trading in the market Open R 9 Liquidity risk may result in less buyers in future Internal Medium Stake sale will not be possible due to less buyers in the market in future Low Mid term Plan Enacted N/A Arrange an investment banker to discuss the ways in which the stake may be sold in future Open R 10 Credit rating agencies may downgrade the company Internal Low Company's value in the eyes of probable investors may fall due to adverse credit ratings Medium Mid term Effective Plan Enacted Discussions with the credit rating agencies to avoid their apprehensions about the company N/A Closed Qualitative Risk Assessment for Risks to Investors The below mentioned table is a risk Qualitative Risk Assessment Matrix for the various risks identified for the investors for their probable investments in the Saudi Aramco or its downstream subsidiaries (Anthony 2008): Probability Extremely Unlikely Very Unlikely Likely Very Likely Extremely Likely Impact Very Low Low Country Risk Credit Rating Risk Currency Risk Moderate Liquidity Risk Political Risk High Legislative Risk Industry Risk Volatility Risk Very High Investment Risk Company Risk Low Risk Medium Risk High Risk As per the risk matrix above the risks faced by the investors can be categorized into three different categories: Low Risk (Green): The following risks may be categorized as low risk category Country Risk: Very unlikely probability of occurring with low impact on investors Liquidity Risk: Extremely unlikely probability of occurring with moderate impact on investors Medium Risk (Yellow): The following risks may be categorized as medium risk category Credit Rating Risk: Likely probability of happening with low outcome on investors Currency Risk: Very likely probability of occurring with low impact on investors Political Risk: Very unlikely probability of occurring with moderate impact on investors Legislative Risk: Very unlikely probability of occurring with high impact on investors High Risk (Red): The following risks may be categorized as high risk category Industry Risk: Likely probability of occurring with high impact on investors Volatility Risk: Extremely likely probability of occurring with high impact on investors Investment Risk: Very likely probability of occurring with very high impact on investors Company Risk: Extremely likely probability of occurring with very high impact on investors As per the risk matrix above the risks faced by the investors are categorized into three different categories according to which the risks can be prioritized by the investors to be considered for mitigation if possible. As per risk matrix it is advisable to first consider the High risk types (Red) for mitigation followed by Medium risk types (Yellow) and lastly Low risk types need to be considered for mitigation if possible. Qualitative Risk Mitigation Strategies available to Investors As per Risk Register and Risk Assessment Matrix it can be observed that there are a number of risks faced by the investors of Saudi Aramco and such risks have different probabilities of occurrence and different magnitude of impact of the investors. It can also be observed that different risks have different timelines for their occurrences and different status of responses along-with different risk status post mitigation of such risk if possible. Based on risk assessment matrix it can be observed that risks are categorized as Low, Medium and High Risks and based on such categorization the following risk mitigation strategies may be adopted for the risks faced by the investors: References Anthony, L. (2008), What's Wrong with Risk Matrices?, Society for Risk Analysis, Vol. 28, Issue 2, pp. 497-512, viewed on 14 July 2016, Retrieved from https://onlinelibrary.wiley.com/doi/10.1111/j.1539-6924.2008.01030.x/full. Bouchet, M., Clark, E. Groslambert, B. (2003), Country Risk Assessment: A Guide to Global Investment Strategy, Wiley: Great Britain, Retrieved from https://books.google.co.in/books?hl=enlr=id=sKx_6770QxsCoi=fndpg=PR5dq=qualitative+risk+assessment+to+share+investorsots=xrM5NsJf25sig=JmCA39DoRrTxNSmeeBs4cGmIB84#v=onepageq=qualitative%20risk%20assessment%20to%20share%20investorsf=false. Burtonshaw-Gunn, S., Risk and Financial Management in Construction, GPM First, viewed on 14 July 2016, Retrieved from https://www.gpmfirst.com/books/risk-and-financial-management-construction. National Research Council, The Owners Role in Project Risk Management Risk Mitigation, Committee for Oversight and Assessment of U.S. Department of Energy Project Management, The National Academies Press: USA, Retrieved from https://www.nap.edu/read/11183/chapter/7. Courbage, C. (2016), The Geneva Papers: 40 Years at the Cutting Edge of Research in Insurance Economics, Macmillan Publishers Limited: UK, Retrieved from https://books.google.co.in/books?id=HugdCwAAQBAJpg=PT68lpg=PT68dq=qualitative+risk+assessment+by+share+investorssource=blots=gb4Ycm3dCSsig=cuHbcxcgEeOuxz-OktLJ102e3tUhl=ensa=Xved=0ahUKEwivo5Wdn_DNAhVMtY8KHbYKDQ04ChDoAQhMMAg#v=onepageq=qualitative%20risk%20assessment%20by%20share%20investorsf=false. FAO, Qualitative risk characterization in risk assessment, viewed on 14 July 2016, Retrieved from https://www.fao.org/3/a-i1134e/i1134e03.pdf. Financial Stability Report (2014), Risk Assessment, eiopa.europa.eu, viewed on 14 July 2016, Retrieved from https://eiopa.europa.eu/Publications/Reports/5.Risk_assessment.pdf. Gitman, L., Joehnk, M. Billingsley, R. (2014), PFIN, South-Western Cengage Learning: USA, Retrieved from https://books.google.co.in/books?id=rCALWobRny4Cpg=PA270lpg=PA270dq=qualitative+risk+assessment+by+share+investorssource=blots=ooqpNk2Comsig=ISQ71h3MHDHcsqKrHBMgO2blKFMhl=ensa=Xved=0ahUKEwiv0IiQn_DNAhUUSY8KHTOQDm0Q6AEISDAG#v=onepageq=qualitative%20risk%20assessment%20by%20share%20investorsf=false. McDonald, M., Ward, K. Smith, B. (2007), Marketing Due Diligence: Reconnecting Strategy to Share Price, Elsevier: The Netherlands, Retrieved from https://books.google.co.in/books?id=v99bAwAAQBAJpg=PA39lpg=PA39dq=qualitative+risk+assessment+by+share+investorssource=blots=GDMxidAe2tsig=Hz7UCx1bXeyPHrytc1BIB0g8y1ohl=ensa=Xved=0ahUKEwivo5Wdn_DNAhVMtY8KHbYKDQ04ChDoAQg4MAQ#v=onepageq=qualitative%20risk%20assessment%20by%20share%20investorsf=false. Merna, A. (2007), Risk Management Study Guide, Manchester Business School, Accounting and Finance Division Setten, L. (2009), The Law of Institutional Investment Management, Oxford: India, Retrieved from https://books.google.co.in/books?id=-7jn5H9URjUCpg=PA155lpg=PA155dq=qualitative+risk+assessment+by+share+investorssource=blots=tS9jnzIWJQsig=t0Ibas0tXB4QrbUh4hOZULNtgiUhl=ensa=Xved=0ahUKEwivo5Wdn_DNAhVMtY8KHbYKDQ04ChDoAQhJMAc#v=onepageq=qualitative%20risk%20assessment%20by%20share%20investorsf=false. Saudi Aramco, Statement by Saudi Aramco 08 January 2016, viewed on 14 July 2016, Retrieved from https://www.saudiaramco.com/en/home/news-media/news/statement-by-saudi-aramco.html. Saudi Aramco, Company Website, viewed on 14 July 2016, Retrieved from https://www.saudiaramco.com/en/home.html.

Sample Essay of a Balanced Diet

Sample Essay of a Balanced DietWhen you are writing your sample essay of a balanced diet, make sure that you put a lot of attention on the term 'balanced'. To be honest, it is very hard to understand what a balanced diet really means. So this article will explain to you the true meaning of a balanced diet.Balanced diet is basically that which has one single food for every meal. In other words, you will have breakfast, lunch and dinner in the same meal. For example, you might eat three portions of turkey for breakfast, three portions of cheese for lunch and three portions of potatoes for dinner. That is why, it is also called the no breakfast, no lunch, no dinner diet.If you are not familiar with such types of diet, it is important that you look up how to properly prepare food according to this type of diet. There are several healthy foods that you can enjoy by eating like fruit, vegetables, lean meat, low fat dairy products, fish, eggs, nuts, dried fruits and so on. Make sure you eat them on a daily basis or not at all.The most popular kind of diet that a lot of people are actually interested in is the Pescatarian diet. This kind of diet is about consuming only raw fish and shellfish. As the name suggests, it is the diet where you don't eat any meat, poultry, pork, eggs, dairy products or other types of food.When you write your sample essay of a balanced diet, make sure that you are truly interested in the whole concept of healthy food. Don't be the type of person who is just eating a piece of cheese and a piece of bread once in a while. Your aim should be to eat as many servings of vegetables, fruits, fish, beans, legumes, grains, nuts and tofu as possible every day. eating So to sum it up, eating organic and healthy food will make you lose weight more quickly than eating junk food. You also need to have a healthy lifestyle, healthy eating habits and if you still have time, you can even go out and join a gym and take regular exercises. All these healthy eating habits will surely help you become healthier and develop a great body and a beautiful face.One thing that you should keep in mind when writing your essay is that it should be simple, easy to understand and should be something that you can actually follow. Some people might be confused when they read your essay and you will just end up confusing them more. So try to make it simple and easy to understand.

Jealousy and Isolation in Beowulf free essay sample

When one has been excluded from a group for a long time, it can often lead to feelings of contempt, and a need for revenge. This is the case with the monster, Grendel, in Beowulf, by John Gardner. Grendel feels excluded from humans in general, because he cannot understand them. He feels as though he does not belong to a community, because he has been living alone with his mother for such a long time. Overall, it is the combination of many different types of exclusions that pushes Grendel to become such a cruel, hideous beast with a hardened heart and a thirst to kill. Grendel is where most of the description of this monster is located. It is said that Grendel swam across a lake of fire snakes to reach human civilization. Here, he observes human civilization from up close, and he does not understand what he sees. He feels very different from those living in that society. We will write a custom essay sample on Jealousy and Isolation in Beowulf or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In addition, Hrothgar becomes king and is given power and riches. He even builds a giant meadhall called Hart. Grendel is drawn in, discovers the Shaper, and becomes more curious. However, after a visit to the dragon, also an outsider, Grendel’s mind is changed because the dragon makes all these things sound so undesirable. Talking to the dragon was the turning point for Grendel, and soon after, he becomes filled with rage and starts raiding Hart and harming the people inside. â€Å"His misery leaped / The seas, was told and sung in all / Men’s ears: how Grendel’s hatred began, / How the monster relished his savage war / On the Danes†¦Ã¢â‚¬  (lines 64-68). This proves that it was Grendel’s original longing to belong that made him this way. It is very likely that Grendel would not have become such a horrible monster if it had not been for his feelings of jealousy. It is always hard to feel different and not accepted, and that is exactly how Grendel feels. Throughout the rest of the story, Grendel takes out his anger and wrath on seemingly innocent people, but there may be more to the story than what appears on the surface. These peope could have helped and included him, instead of letting him watch from the outside looking in. Jealousy drives people to do crazy things, and in Grendel’s case, jealousy of power, money, and acceptance are what make him change into a terrifying, cold-blooded killer that needs to be stopped, eventually, by Beowulf.

Book review on The things they carried

Book review on The things they carried The Things They Carried- Book ReviewIn The Things They Carried, author Tim O'Brien conveys his experience and feelings about the Vietnam War through a collection of stories. Each narrative is comprised with vivid description telling us about one of the soldiers of the Alpha Company in Vietnam. One of the significant concepts in this novel is the importance of certain objects or feelings carried and used by the soldiers to survive the war. Several of these things are intangible, including guilt and fear, while others are specific physical objects, including matches, morphine, M-16 rifles, and MM's candy. Tim O'Brian releases his fear, sadness, and anger felt due to the war, and illustrates to us the power ordinary objects may have on one, solely through sentimental valueTim O'Brien was born on October 1, 1946 in Worthington, Minnesota. After graduating in 1968 from McAlester College in St. Paul with a degree in Political Science, O'Brien was drafted into the army.If I Die in a Combat Zone, Box Me Up and Ship Me H...His college years, however, were spent trying to ignore the Vietnam War or railing against it he attended peace vigils and war protests, and aspired to join the State Department. This was a horrid, confused, and traumatic period for Tim O'Brian. While serving at the South Vietnamese village of My Lai, he was wounded and returned home with Purple Heart, a Bronze Star for Valor, and a Combat Infantry Badge. After his return, O'Brien entered a Ph. D. program in Government at Harvard University. During the time he spent at Harvard, O' Brien spent two summers working as a reporter for the Washington Post. In 1975, O'Brien published his first novel, Northern Lights. Since then, he has published quite a few fictional novels based on the Vietnam war including, If I Die in a Combat Zone, Box Me Up and...

Envisioning America & What Caused the Pueblo Revolt Essay - 3

Envisioning America & What Caused the Pueblo Revolt - Essay Example The Spanish and English colonists were similar in the sense that they viewed themselves as someone who is superior whereas the Pueblo people and the American Indians were inferior people which made them a victim of the colonists’ superiority complex. Considering the English colonization, the English colonists viewed the native tribes they had encountered in North America as a group of people with well-established economic activities and relations related to agriculture and hunting. With regards to North America, the English people viewed the country as a nation that has a lot of natural resources that could contribute to the economic success of the English people. In fact, it was in North America where the Europeans found new foods including potatoes, tomatoes, and squash (Mancall, 1995, p. 5). Using religion as a strategy to colonize the Pueblos, the Spanish colonists viewed the Pueblos as a group of people who is weak and can be easily forced to follow the Spanish religion. On the contrary, the American Indians and Pueblos viewed the English and Spanish colonists as abusive and dangerous intruders. Frontiers of inclusion means that the act of intermixing and dealings between the races is allowed whereas the frontiers of exclusion means that settling took place in such as way that people are not allowed to intermix with other race and culture (Hutchison, 2003). Upon reading the books written by Mancall and Weber, it is safe to conclude that the â€Å"frontiers of inclusion† and â€Å"frontiers of exclusion† play a part in the ways that the English and the Spanish conducted their settlements in a foreign land. In the case of the English people, they use of frontiers of exclusion when settling in another country or territory. This is the main reason why the group of English people who colonized North America viewed their native tribe Indians as a group of individuals not equal to their own people but of a lower race (Hutchison, 2003, Mancall,

WK4 assignment Essay Example | Topics and Well Written Essays - 1000 words

WK4 assignment - Essay Example The article explores all of the above mentioned technologies in great detail wherein the author takes care to cover all the possible dangers that these high-end technologies may be attached to. The style of writing is argumentative wherein at first it seems that the writer is dead against the rise of scientific advancement beyond what it is today because of his foresight that , the very technology that humans invent may be the primary reasons for human extinction in the coming centuries; however, as one diligently reads through the entire work, it becomes relatively clear that the article also embraces a certain extent of muted optimism, wherein the writer balances out his arguments with greater trust and hope based on ethical principles. This article is not merely based on the personal thoughts and arguments of the writer alone, the entire context takes into account ideas, words and thoughts of other well known scientists and researchers related to scientific fields and presents a f ew excerpts from books written by eminent authors on similar context. The article is a well thought out piece where each and every argument that has been neatly presented holds great value. Bill Joy has reasons to fear the power that man is now creating and his strong pessimism against the developing technologies is not without base. He first discusses about the robotic technology. In his article he presents an excerpt (the New Luddite Challenge) from a book written by Theodore Kaczynski which surfaces the fact that humans will create machines to make their tasks easier and to completely enable them to work independently sans human supervision, the robots will be enabled with the power to think and make decisions. The idea being that you should be able to give the robot a goal, a mission, and the robot should be able to take actions based on the mission and whatever information becomes available (Gupta, 2010), and the results of these actions are believed to be better than those of humans. Joy fears that humans would ultimately become so dependent on these machines that the very existence of human form will become questionable without the life support of robots. The case may reach such an extreme that exterminating the machines would just mean suicide for the human race. Reading Han Morovec’s book Robot: Mere Machine to Transcendent Mind, Joy’s pessimism is enhanced because this book too believes in the fact that the human race would fade as a repercussion to vigorous competition among robotic industries. In fact even Darwin’s principle of survival holds true here. In the eyes of Bill Joy, the advancement in the field of genetic engineering is another major reason for his pessimistic attitude. The immense power that a genetic engineer beholds in manipulating microorganisms and using them to alter the DNA makeup of anything that catches his fancy may fall in the wrong hands. Good things in the wrong hands can never be good, because the powe r maybe exploited to only cause harm and his fears are not completely untrue because emerging bio-terror is a major concern today. â€Å"It will soon be possible to synthesize the genome for smallpox; preventing access to samples will then no longer be a protection† (Caplan & Magnus, 2002) and once again a bio-terror maybe initiated and the case maybe the same with all other diseases. His third and last pessimistic view is about nanotechnology, the science of manipulating atoms, the basic constituent of life which when used in a controlled manner could solve all major problems ailing humans ranging from curing diseases to low cost of technologies. But, obviously something this powerful can be used as a destructive weapon too.

A Study on Roman Ampitheatres

A Study on Roman Ampitheatres Roman amphitheatres If one were to ask any person what first comes to mind when they think of Roman civilisation, most people would instantly respond with the Colosseum in Rome, or the Gladiatorial games. The Colosseum in Rome was a symbol of the power and wealth that Rome possessed at the height of her glory, and even today, the amphitheatre dominates the surrounding area, and draws the eye like nothing else. Roman amphitheatres became synonymous with the spread of roman culture throughout the empire, and as such are an excellent case for understanding the spread of roman engineering practices as well as colonization of new territories.[1] A roman amphitheatre is a large freestanding structure, often oval or circular, which was built by Romans, primarily for the purpose of entertainment.[2] Amphitheatres housed a variety of spectacles, such as gladiatorial games, or executions of prisoners. The roman ruling elite understood that in order to keep the populace happy and complacent, they needed to be provided with nourishment for both the body and for the mind. As such, those who belonged the roman ruling class, the equestrians, would often fund spectacles for roman citizens of lower classes to attend, and be entertained by.[3] The history: Some of the earliest Roman amphitheatres date to the republic period, however, the majority of the most well-known were built during the imperial period.[4] The word amphitheatre comes from the latin â€Å"amphitheatrum† meaning theatre in the round, which differentiates amphitheatres from traditional greek theatres, which were most often semi-circular.[5] The Roman amphitheatre as an architectural phenomenon is believed to have roots in the Greek theatre traditions, indeed, the two are quite similar to one another in multiple respects.[6] There has been some debate over how Roman amphitheatres came to be invented, with some scholars suggesting that they first appeared in the area of Campania, which was well-known for its displays of funeral games, and later for its gladiatorial schools.[7] Interestingly, it is possible that the Romans borrowed the idea of gladiatorial combat from the Campanians, and adapted it for Roman ideals. One should note, however, that it has also been suggested by certain scholars that the Roman style of stone amphitheatres originated in Rome’s Forum Romanum, where a temporary wooden structure may have been built to provide a setting for gladiatorial games.[8] This wooden structure took the shape of the forum, which happened to be oblong.[9] This idea of a wooden amphitheatre comes from Pliny, who stated that Gaius Scribonius Curio constructed two wooden theatres which were moved together to become an amphitheatre to house the gladiatorial combats for the funeral games of his father.[10] Additionally, there are also records which show that after the destruction of Rome’s first stone amphitheatre, Nero built a new one of wood.[11] Later, when the Romans began to build more permanent versions of this original structure, they kept the same basic shape, though it was changed to be more round, which would provide more equidistant views of the spectacles below. The first permanent amphitheatre is believed to be the one built at Pompeii, and is a very simple construction compared to later amphitheatres.[12] The first stone amphitheatre in Rome was built by Statilius Taurus, an associate of Augustus. Unfortunately, this amphitheatre was eventually destroyed, and, in AD57, Nero built a new, wooden, amphitheatre. This construction was incredibly short-lived, and was eventually destroyed as well.[13] Though Rome’s Flavian amphitheatre was built rather late, most colonies had their own amphitheatres at least one hundred and fifty years before the Flavian amphitheatre was constructed.[14] Archaeological evidence suggests that the roman stone amphitheatres built outside of Rome were largely constructed for those roman citizens who helped to colonize the area, and to help the spread of the idea of Romaness.[15] It has been suggested that the amphitheatre at Pompeii may have been constructed specifically for the purpose of entertaining Sulla’s military colonists who were stationed there.[16] The Colosseum is today the most widely known and recognised of the roman amphitheatres, and even at the height of Rome’s power it was no different. The Flavian amphitheatre, as the name suggests, was the centre-piece of the Flavian dynasty. In AD 69, Rome fought a short, but brutal civil war, with the end result of Vespasian and his sons, Titus and Domitian, in control of Rome. The two initial goals of any new regime in Rome were often the same: first, to establish legitimacy and authority, and secondly, to discredit their predecessors. The Flavians were able to do both in one fell swoop, with the construction of the amphitheatre.[17] Emperor Nero before them had appropriated public land for the construction of his personal pleasure palace, â€Å"the Golden House†or Domus Aurea, making the already unpopular emperor despised among the populace.[18] With the civil war which led to the Flavians acceding to power, Nero was overthrown, and nearly all traces of his reign were obliterated. In AD 106 his opulent palace followed suit by means of a fire, freeing the once-public land to be used again. The Flavians took this opportunity, and constructed a venue which could be used and enjoyed by the Roman populace, the largest stone amphitheatre in the Roman Empire.[19] Indeed, the Flavian amphitheatre was designed to impress. The Flavian amphitheatre was a spectacular feat of Roman engineering. The seating area or cavea of the amphitheatre featured five different levels of seating which were specific to different classes of the population. In order for spectators to end up in the correct seating tier, they needed to traverse multiple flights of increasingly narrow steps, with the senators and members of the equestrian class climbing either no, or very few steps, while women and slaves climbing the most, to reach the highest tier of seating.[20] The manner in which the staircases and corridors were constructed is an interesting one in that the corridors and staircases closest to the bottom of the amphitheatre are wide and spacious, but the closer to the top, the narrower the passages become. It has been postulated that this was an intentional design on the part of the architects, not only to allow the best support for the structure, but also as an inherent form of crowd control.[21] The wider passageways at the bottom allowed the members of the upper echelons of society to exit the amphitheatre in an expedient and prompt manner, while those of the lower classes were filtered through the narrow passageways, thereby taking a longer time to leave the amphitheatre, allowing the elites to pass unimpeded by those who were less important than they. The amphitheatre also made excellent use of the most modern innovations underground, in the two stories of corridors that formed the substructure of the building.[22] This maze of chambers and passageways contained an assortment of lifts and pulleys which would allow animals for fights, or gladiators, to enter the pit seemingly from thin air, adding a layer of mystery and showmanship to the spectacle, to further excite the audience.[23] There were also spaces in the substructure which housed cages for the animals, as well as measures for safety. Additionally, there were spaces for the gladiators, and also areas for the animals to run and exercise.[24] In his â€Å"On the Spectacles,† Martial states that the structure surpasses earlier wonders of antiquity. While the Colosseum may be one of the best known amphitheatres, there were a great deal of others which were of similar importance. One such amphitheatre is the amphitheatre at Pompeii, which is currently the oldest surviving amphitheatre in the world.[25] Amphitheatres were synonymous with the spread of the Roman Empire and culture, and this trend continued at Pompeii.[26] While Pompeii already had a greek-style theatre, once she became a Roman colony in 80BC, several wealthy local elites, Quinctius Valgus and Marcius Porcius funded the building of a new Roman Amphitheatre.[27] This early amphitheatre was quite simple compared to the highly-engineered flavian amphitheatre, and featured a hollow oval arena, which was encircled by earthen banks for seating.[28] As the amphitheatre at Pompeii was the first of its kind, the term amphitheatrum was not used when it was first built, and instead, the dedicatory inscription reads spectaculum, meaning spectacle.[29] The amphitheatres of Rome were, and still are, often viewed as the symbol for the expansion of the roman culture and empire, and by examining them we can begin to comprehend the fantastic innovations that roman engineers were able to create. From the earliest amphitheatre at Pompeii, to the largest at Rome, we can see the brilliance, as well as the wealth and power, of ancient Rome. Works Cited Bomgardner, D. (2002). The Story of the Roman Amphitheatre. New York: Routledge. Coleman, K. M. (2003). Euergetism in its Place, Where was the Amphitheatre in Augustan Rome? London: Routledge. Holleran, C. (2003). The Development of Public Entertainment Venues in Rome and Italy. London: Routledge. Kyle, D. G. (2007). Sport and Spectacle in the Ancient World. Malden, MA: Blackwell Publishing. Mueller, T. (2011). Unearthing the Colosseums secrets: a German archaeologist has deciphered the great stadiums complex stagecraft. Its underground labyrinth has just opened to visitors. Smithsonian, 26+. Welch, K. E. (1994). Amphitheatres in the Roman Republic: An archaeology of the Roman spectacle. New York. 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