Financial Econometrics Essay Example | Topics and Well Written Essays - 1500 words

Financial Econometrics - Essay Example ables fall into 3 general classes, namely: location statistics (eg, mean, median, mode, quantiles), dispersion statistics (eg, variance, standard deviation, range, interquartile range), and shape statistics (eg, skewness, kurtosis)†.The descriptive statistics gives the overall description of the data by providing the measures of central tendency, and the measures of dispersion. statistics. According to Petty( 2015) â€Å"A logarithmic price scale is plotted so that the prices in the scale are not positioned equidistantly; instead, the scale is plotted in such a way that two equal percent changes are plotted as the same vertical distance on the scale. The log returns basically is auto – correlated while the case is different with log prices. The log return are usually preferred in quantitative analysis as it gives a better insights in to aspects like normalization and classical statistics. Here the data stream for the 20-year period of January 1995 to December 2014 is used to calculate the log price and log return. Also a graph representation for the log price and the log returns is formulated in order to deliver a quantitative analysis of the specific data of the company. Here, histogram is used to represent the graph of the statistical data in a visual form The above analysis explains the descriptive statistics of the log prices and the log return of the data. From the log return, we can observe that the mean value of log return is 5.740008, with a standard deviation of 8.558659. The mean of log prices is 334.934 with the standard deviation of 0.024659. The skewnes of the variable log return is equal to 0.2427 which is a negative value implying that the value of the log return is negatively skewed. The value of kurtosis of the log return is equal to -1.02302 which is a negative value. This implies that the data of log return has a low distributed or low peaked about the mean. The skewnes of the variable log price is equal to -0.785038 which is a negative value

Should Constitutions be Written?

Should Constitutions be Written? Constitutions should be written. Discuss. Choose one country with a case law system and one with a civil law system and discuss the advantages of each. ANSWER 1. Introduction A constitution can be defined as a system or framework which enshrines the principles and rules by which a body is governed. In the context of states the term makes reference specifically to the national constitution of the state, which serves to define the fundamental political principles, the legal environment and modus operandi of the state and which establishes the duties and powers of the government of the state.[1] National constitutions can be classified as either codified or uncodified. Codified constitutions are those which are contained in a single document, containing the single source of the constitutional law of a state, and perhaps the most well known example is the Constitution of the United States.[2] Uncodified constitutions are those which are not contained in a single document, but consist instead of several different sources, which can be written or unwritten.. It should be noted that there are hybrid systems which seem to fall between the two classes such as the Australian Constitution[3], in which constitutional law largely derives from a single written document, but other written documents are also considered part of the constitution[4]. Probably the best example of a pure uncodified constitution is the constitution of the United Kingdom which does not rely on any single written fundamental document, but rather consists of a patchwork of written and unwritten sources. The term written constitution makes reference to a constitution which is entirely written and by definition this would include every codified constitution. Indeed, in academic writing the term written constitution is synonymous with codified constitution, and in similar fashion the term unwritten constitution is interchangeable with uncodified constitution (although as stated this is not always entirely accurate: see Australian constitution). In the modern world, codification is the norm. Most states have evolved written constitutions which stand as the supreme and overarching statements of national law. Unwritten constitutions are certainly in the minority, but it is submitted at the outset that this should not be taken as proof that a written constitution is a prerequisite to success or stability. 2. A Common Law System: England The United Kingdom is notable in that it operates under an unwritten constitution, although this term has been criticised by commentators such as Bogdanor as a â€Å"misleading platitude†[5]. In this paper we will confine ourselves to an examination of the legal system of England and Wales, within the United Kingdom, because the Scottish legal system derives from Roman Law a very different legal heritage and tradition.[6] The modern English system of law can be traced back to the Norman conquest of 1066. The Norman kings, while promising to respect local rights and customs, dispatched judges to travel around the country on circuits and these judges gradually began following each other’s decisions to preserve the consistency of the application of law in different parts of the country. This practice became formalised and is today known as the doctrine of judicial precedent. This doctrine was extremely successful in underpinning the English common law system (ie a law common to all parts of the kingdom). One advantage of this uncodified model is that it is free to grow and develop organically to suit the changing environment it must regulate something which is more difficult when one is bound by a rigid set of general principles such as that which would underpin a fully written system. As the Parliament at Westminster fully established itself and grew in power and authority over the Monarch it took its place alongside the common law. Together, the common law and Parliamentary legislation came to offer a coherent and comprehensive system of law, which has matured and refined itself over centuries of stable government. It can be argued that an unwritten system puts its faith in untrammelled democratic process and in those charged with its maintenance. There are, it is submitted, obvious risks attached to this strategy, but in simple terms England has never found the need to adopt an overlaying written constitution, because of the strength and scope of its existing system. However, this is not to say that the English ‘constitution’ is entirely unwritten. Aspects of constitutional-style law are evident in venerable statutes such as the 1215 Magna Carta,[7] the 1689 Bill of Rights[8], the 1701 Act of Settlement[9] and the 1911 and 1949 Parliament Acts.[10] More recently the United Kingdom has adopted quasi-constitutional law in piecemeal fashion by means of the European Communities Act 1972, which provides the legal framework necessary for the country’s membership of the European Union, and the Human Rights Act 1998, which imports the rights and freedoms enshrined in the European Convention of Human Rights into UK law, conferring those rights on citizens of the United Kingdom. This means that the English system achieves an effect equivalent to that which is delivered by a written constitution without the formality of the latter model and therefore some of the advantages of written systems are to some extent rendered nugatory. That sai d, the principle that stands at the very heart of the English legal system and overrides all other provisions and considerations cannot be found set out in any of these documents. The highest rule of UK law, which has the potential to override any principle of a constitutional or quasi-constitutional nature, is the Doctrine of Parliamentary Sovereignty. This unwritten rule declares that the Parliament of the United Kingdom enjoys full and unchallengeable sovereignty in all its actions. In practice, this means that the Parliament of the day (namely the House of Lords the House of Commons, and the Monarch acting together)[11] has supreme authority over all aspects of English governance and all other institutions of the state, including the courts and other executive bodies. This ensures that the situation in England differs with that which prevails in many states operating under codified or written constitutions, where supreme courts are often empowered to strike down legislation deemed to be unconstitutional in nature.[12] The Constitution of the United States’ is one example of such a system and the so-called â€Å"checks and balances† it employs to safeguard the integrity of the constitution and the governance of the state are much cherished.. In the English system, given that Parliamentary supremacy is unquestioned, although complex procedures for judicial review are in place, by which courts can review and challenge laws considered defective in some way, the final word is left to Parliament itself. In the Introduction to the Study of the Law of the Constitution (1885)[13] Dicey : â€Å"Parliament has the right to make or unmake any law whatever; and further, that no person or body is recognised by the law of England as having a right to override or set aside the legislation of Parliament.† This is the most important law of the English legal system and it is this rule above all which explains the country’s lack of a written constitution. As a direct consequence of the application of this principle the UK Parliament has the power to make, amend and revoke law on any issue at any time. No Parliament has the power to bind a successor Parliament to its will, meaning that no Parliament could enact a so-called constitutional law which could not later be repealed or amended by some future Parliament as easily as any other piece of legislation. Moreover, the only body with the ultimate power to vary a law brought into force by the UK Parliament is Parliament itself. This gives the English system considerable flexibility and adaptability, and this is clearly and advantage. However, given that the system relies exclusively on the integrity of Parliament, its success is predicated on a fluctuating democratic mechanism. To date, the United Kingdom has enjoyed good and stable government and its citizens have not expressed any cogent desire for the protection of a written constitution.. However, that is not to say that at some point in the future the â€Å"checks and balances† and clarity typically provided by a written constitution might prove useful. 3. A Civil Law System: France The French legal system is a good example of a civil law system operating under a written constitution. The current Constitution of France, which is known as the Constitution of the Fifth Republic, was adopted in 1958.[14] It has been amended on various occasions, most recently in 2003. The French model is particularly interesting as it was used as a template for the foundation treaties of the European Economic Community, which has now evolved to become the European Union, which itself is now seeking to establish its own written constitution.[15] National legal systems characterised as Civilian are those which see their origins in the model of governance adopted in ancient Rome by the Emperor Justinian (sometimes known as Roman law systems). Civil law systems are systematic (based on an organised code of conceived principle) and inductive (where a specific ruling is induced from a general first-principle) as opposed to Common law systems which are empirical (based on a bank of actual cases) and deductive (where a general principle is deduced from a specific instance or series of instances). As to which system is to be preferred, both give rise to a variety of advantages and disadvantages and both have the potential to provide a state with a fair and effective system of government. Codified or written systems are always of the Civil school, given that a code of law is a prerequisite of that legal tradition, and consequently common law or case law systems are far better suited to an uncodified or unwritten constitutional arrangement. In very general terms the advantages of written systems of law such as the French system are those of certainty, consistency, clarity and stability, while its main disadvantage is rigidity. Unwritten case law systems benefit from being more fluid and adaptable and assuming this flexibility is not abused an uncodified model can be extremely successful. The main disadvantages of case law systems are that it is more difficult to predict the law’s response to new situations, and that the fundamental guiding principles of the legal system are harder to identify. The preamble of the French constitution refers to the 1789 Declaration of the Rights of Man and of the Citizen. As such it establishes the identity of the French state as a democratic secular republic which derives its sovereignty from the people of France. This gives the French constitution a clear mandate and provides it with a strong foundation, something which is lacking in unwritten, uncodified systems such as the English. This may be construed as an advantage, given law is an amorphous concept which can benefit from grounding in any context, but unless the authority of law is subject to challenge the advantage is theoretical only and the people of England appear satisfied to adhere to the law without such conceptual underpinning.. A written constitution such as the French offers a â€Å"one-stop shop† for provisions relating to the election of the President of France and the French Parliament.. It also sets down mechanisms for the appointment and selection of the Government of France, and specifically details the powers of each of these bodies and the relations between them. The French constitution also guaranteed the autonomy and authority of the judiciary and establishes the Constitutional Council, the High Court of Justice, and an Economic and Social Council. This is a clearly useful, and probably stands as an advantage over the English system, where such matters are dealt with in piecemeal fashion and without the simplicity and some might say methodological strength of an written system. When dispute arises in the French system there is therefore one and one only sovereign authority to turn to for guidance and this may prove beneficial in its resolution. In rebuttal, those defending the unwritten En glish system can point to many states which operate under a written constitution which suffer considerably more administrative difficulties and enjoy significantly less stability than it does. The maxim â€Å"if it isn’t broke, don’t fix it† appears to suit the English experience and explains the reluctance or at least ambivalence of English government and people in this context. The French constitution also provides for a politically strong President and this could be seen as another advantage, although again it is hard to argue that the British Prime Minister is prejudiced by the fact that his role is not similarly enshrined.. The French constitution also permits the ratification of international treaties such as those necessary for membership of the United Nations and European Union.. However, this is not necessarily an advantage. It is submitted that in modern times the trend has been towards greater and deeper international association. It could be argued that national written constitutions have the potential to frustrate international integration given that the international association may also wish to establish a sovereign constitution and that there will inevitably be conflict between the two sets of laws. There are tensions, for example, between the French constitution and the constitution which has been proposed for the European Union, and even with existing provisions of EU law. It can thus be contended that the English unwritten system is more adaptable to assimilation with an international body incorporating its own constitutional framework. Moreover written constitutions can be bypassed something done by French President Charles de Gaulle in highly controversial circumstances in 1962,[16] and this can leave a new law in a state of limbo. 4. Concluding Comments In summary, it is submitted that perhaps the most obvious advantage of a codified or written constitution is that it provides coherent, comprehensive and certain body of rules.. Being contained in a single document a codified constitution is accessible to all and can, if well crafted, establish an equitable and effective system of governance and rights. Written constitutions also promote consistency and concrete points of reference for law which can be applied to shape a legal system’s response to changing conditions within a state. That said however, written constitutions which become entrenched may suffer from rigidity and it is flexibility that perhaps stands as the greatest advantage of the unwritten, uncodified system operated in the United Kingdom. It is true that constitutional courts may offer a wide range of interpretations of constitutional principles under a written system, but it is not possible to lend a codified system that flexibility and adaptability enjoyed by an unwritten one. The title to this work asserts that â€Å"constitutions should be written†. It has been shown that this is not necessarily the case, given that states can function successfully and for long periods of time without the foundations of a codified or written constitutional framework. A good example is that of the United Kingdom itself, which is one of the most stable and successful democracies in the world, and which has grown to become such without being underpinned by a written constitutional document. While it has been suggested that the United Kingdom adopts a written constitution there appears to be no urgent pressure or compelling need to make the change. Therefore, while it is acknowledged that most states around the world have adopted a codified constitution this commentator contends that the statement under review should be subject to the caveat that states do not require to make reference to such a system of law as a prerequisite to effective government or a robust and e quitable society. The fact that a constitution is unwritten does not necessarily undermine the integrity of a national legal system, as the relative success of the United Kingdom and such countries as New Zealand and Israel testifies. There are, has been noted, risks attached to an unwritten system which puts its faith exclusively in the democratic process. However, in closing it is worth noting that there are also risks attached to written systems bound to overarching constitutions, because those constitutions can be abused or manipulated in a way that can deliver excessive power and authority. A constitution is, after all, only as good as the words that comprise it. Ironically, the elliptical doctrinal patchwork of an unwritten system can frustrate the intentions of nascent dictatorial ambition. In conclusion it is undeniably true that the great majority of states have chosen the certainty and clarity of a written system, but that is by no means the only way to run a country well. THE END WORD COUNT : 2808 (excluding footnotes) BIBLIOGRAPHY A. Bradley and K. Ewing, Constitutional and Administrative Law, (2003) Longman Wikipedia (various sources): http://en.wikipedia.org/wiki/Constitution_of_the_United_States JF McEldowney, Public Law, (2002) Sweet Maxwell P. Spink and N. Busby et al, Scots Law, (2003) LexisNexis Albert Dicey, Introduction to the Study of the Law of the Constitution (1885): http://www..constitution.org/cmt/avd/law_con.htm. 1 Footnotes [1] For an insightful overview see: A. Bradley and K. Ewing, Constitutional and Administrative Law, 13th ed., (2003) Longman, chapter 1. [2] See: http://en.wikipedia..org/wiki/Constitution_of_the_United_States. [3] See: http://en.wikipedia..org/wiki/Constitution_of_Australia. [4] In the Constitution of Australia, most fundamental political principles and regulations regarding the relationship between branches of government, and regarding the government and the individual are codified in a single document, the Constitution of the Commonwealth of Australia. However, the existence of statutes with constitutional significance, namely the Statute of Westminster, as adopted by the Commonwealth in the Statute of Westminster Adoption Act 1942, and the Australia Act 1986 means that Australias constitution is not incorporated in a single constitutional document. [5] See: http://news.bbc.co.uk/1/hi/uk_politics/talking_politics/88136.stm. [6] See P. Spink and N. Busby et al, Scots Law, (2003) LexisNexis, chapter 1. [7] See: http://www.bl.uk/treasures/magnacarta/translation.html [8] See: http://en.wikipedia.org/wiki/English_Bill_of_Rights. [9] See: http://en.wikipedia.org/wiki/Act_of_Settlement. [10] See: http://en.wikipedia..org/wiki/Parliament_Acts. [11] Although the participation of the Crown is essentially ceremonial and formal only. [12] See: http://www.archives.gov/national-archives-experience/charters/constitution..html. [13] Albert Dicey, Introduction to the Study of the Law of the Constitution (1885): http://www.constitution.org/cmt/avd/law_con.htm. [14] Which replaced that of the Fourth Republic dating from October 27, 1946. [15] Ironically this plan has been frustrated by a negative referendum vote in France itself. [16] See: http://en.wikipedia.org/wiki/Constitution_of_France.

Revenge and Vengeance in Shakespeares Hamlet - Typical Revenge Tragedy :: GCSE Coursework Shakespeare Hamlet

Hamlet as a Typical Revenge Tragedy   Ã‚  Ã‚  Ã‚  Ã‚   Shakespeare’s Hamlet very closely follows the dramatic conventions of revenge in Elizabethan theater. All revenge tragedies originally stemmed from the Greeks, who wrote and performed the first plays. After the Greeks came Seneca who was very influential to all Elizabethan tragedy writers. Seneca who was Roman, basically set all of the ideas and the norms for all revenge play writers in the Renaissance era including William Shakespeare. The two most famous English revenge tragedies written in the Elizabethan era were Hamlet, written by Shakespeare and The Spanish Tragedy, written by Thomas Kyd. These two plays used mostly all of the Elizabethan conventions for revenge tragedies in their plays. Hamlet especially incorporated all revenge conventions in one way or another, which truly made Hamlet a typical revenge play. "Shakespeare's Hamlet is one of many heroes of the Elizabethan and Jacobean stage who finds himself grievously wronged by a powerful figure, with no recourse to the law, and with a crime against his family to avenge."         Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Seneca was among the greatest authors of classical tragedies and   there was not one educated Elizabethan who was unaware of him or his plays. There were certain stylistic and different strategically thought out devices that Elizabethan playwrights including Shakespeare learned and used from Seneca's great tragedies. The five act structure, the appearance of some kind of ghost, the one line exchanges known as stichomythia, and Seneca's use of long rhetorical speeches were all later used in tragedies by Elizabethan playwrights. Some of Seneca's ideas were originally taken from the Greeks when the Romans conquered Greece, and with it they took home many Greek theatrical ideas. Some of Seneca's stories that originated from the Greeks like Agamemnon and Thyestes which dealt with bloody family histories and revenge captivated the Elizabethans. Seneca's stories weren't really written for performance purposes, so if English playwrights liked his ideas, they ha d to figure out a way to make the story theatrically workable, relevant and exciting to the Elizabethan audience who were very demanding. Seneca's influence formed part of a developing tradition of tragedies whose plots hinge on political power, forbidden sexuality, family honor and private revenge. "There was no author who exercised a wider or deeper influence upon the Elizabethan mind or upon the Elizabethan form of tragedy than did Seneca." For the dramatists of Renaissance Italy, France and England, classical tragedy meant only the ten Latin plays of Seneca and not Euripides, Aeschylus and Sophocles.

A Woman’s Place Is In The House Essay

A woman’s place is in the house The place of woman was considered to be in the house almost since the beginning of time. Back then, women used to be the only ones responsible for the household and for the bringing up of their children. They lacked of sufficient education, as most of them never finished school and only a minority went to the university. And even if they did acquire a higher education, they scarcely had the same opportunities as men because they were considered inferior. Therefore, they were usually forced to bow their heads and accept the situation the way it was because they didn’t know how to defend themselves and clarify the truth. All this took place up to 1880,when women started to rebel and to demand the equality of rights between men and women. They began fighting for their right to vote, to have the same educational opportunities as men and to be judged by their knowledge and their education and not by their sex. It took them years to accomplish their goals but they finally made it. The emancipation of woman was and still is a fact. However, there still exists a considerable amount of people that believes that a woman’s place is exclusively in the house. This, assuming that the woman is a mother and therefore responsible before the members of her family. But are all women going to marry or be relegated to a life of inaction during their youth or while they remain single? Certainly not. Moreover, a schooled and scientific woman can understand her duties a lot better and is capable of completing them. A mother should know science in order to inspire her children in great deeds and noble sentiments, making them feel superior to the other objects in the universe, teaching them from the cradle to become familiar with the great scenes of nature. And nothing more ideal and sublime than the scientific mother, who goes to spend an evening at the astronomical observatory with her children by the hand to show them Jupiter, Venus, preparing in that way their tender hearts for the most legitimate aspirations that could occupy men’s minds. In addition, a working woman provides financial aid and consequently a larger amount of money can be spent in order to satisfy less essential needs, which will please the members of her family. But there are times when scientific women become indifferent and are not capable of giving tenderness because they are too preoccupied with themselves and become demanding, despotic and vain and do not know how to make a happy home. For them, there are no responsibilities to carry out, only whims to satisfy. Thus, women should find the golden section between the responsibilities before their family and their job in order to be happy and please their family at the same time. Besides, there’s enough time and competence for cooking and mending and a great soul such as that of women, equal to their mates, born to embrace all the beauty that exists in creation of divine origin and end, should not be wasted all on seeing if the plates are clean and the rocking cradle.

Deepwater Horizon Oil Spill

The Deepwater Horizon Oil Spill was a man-made disaster which had devastating effects on its surrounding environment, in particular the natural environment around the Deepwater Horizon Oil Rig. Recovery efforts made by the local governments utilized Information Communications Technology (ICT) such as remote sensors and satellite imagery to track and monitor the magnitude of the oil spill. Further detail on how recovery efforts used ICT's to track and monitor the oil spill as well as its uses in the prevention of future oil spills, including the positives and negatives of the use of ICT will be discussed. Referring to sources such as the scholarly journal ‘Tracking Oil Slicks and Predicting their Trajectories Using Remote Sensors and Models', the magazine article ‘Satellite use Growing to Monitor Facilities and Map Spills' and the national commission report ‘Deep Water: The Gulf Oil Disaster and the Future of Offshore Drilling National Commission'. The focus reading ‘Organisations Aiming to Reduce Risk – Worth Broader Exposure' will be used as a comparison and reference to what other industries have done to prevent disasters in their industry from occurring again. Background. Recovery efforts during the Deep Water Oil Spill used Information Communication Technologies (ICT) such as remote sensor technology and satellite imagery technology. Such technology were used in order to monitor the magnitude of the oil spill giving recovery efforts visual data that they could work with as well as a method of being able to obtain the trajectories of the oil spill in order to prevent further spread of the oil in the water. Use of ICT's to assist in Recovery. The use of ICT's such as remote sensor technology and satellite imagery was effectively used by the petroleum industry in previous years prior to the Deepwater Horizon Oil Spill for exploration purposes. In the event of the oil spill recovery effort teams utilized this same remote sensor technology in order to determine how much oil was spilled, where it reached the shore, and which beaches might be hit next (Pope 2010). This technology allowed recovery teams to effectively survey the spread of oil a lot faster than if it were done through surveillance aircraft such as drones, satellite technology. In the event of the oil spill BP and the federal government utilized two types of satellites. SAR imagery satellites in order to cover large areas and determine the scope of the damage caused. Once the scope of the damage was determined, high-resolution satellites were used to make thorough assessments of the damage. Although satellite imagery we're predominantly used as methods of surveying the wreckage and spill, aircraft drones also played important roles in that they allowed recovery teams to monitor the wreckage from different angles and views. Use of ICT's in the prevention of disasters. Information Communications Technology has multiple uses in that it was able to explore and locate possible petroleum production locations through remote operated vehicles (ROV) attached with thermal imaging cameras and sensors, as well as survey the structural damage of the BP Deepwater Horizon oil rig through the use of satellite imagery and drone aircraft. It now has the task of surveying and monitoring oil rigs on a frequent weekly or even daily basis. The oil production industry using satellites similarly to how they were used in the in recovery efforts through, obtaining a wide view of the area through SAR satellite imagery and using high-resolution imagery in order to gain a detailed perspective of specific locations and aspects of oil rigs. The National Commission recommended improvements be made by the petroleum production industry as well as the national government in order to effectively plan for a large scale containment plan if another event like this we're to happen again, including coordinating with other government bodies and obtaining relevant information in regards to response measures. Measures taken into account include things like and sufficient amount of technical experts on the within the staff of the oil rigs in order to develop and approve response plans as well as providing mandatory funding to the petroleum production industry for research and development as well as incentives to the industry to perform research and development. Â   Similarly in the nuclear tragedy of Chernobyl the government funded the Institute of Nuclear Power Operations (IPNO) programs to perform evaluations, training, assistance and peer reviews by experts. The uses of ICT such as computer programs and hardware are now used to analyse nuclear structures, making it easy to monitor and spot redundancies within the structure and prevent structural failure of the plants. Positives and Negatives of the uses of ICTs The use of ICT's during recovery efforts as well as use in the monitoring of oil rigging sites and prevention of structural failure. The use of ICT's over other methods such as aircraft surveillance has positive benefits which far out weight the negatives. Such satellite imagery can allow recovery teams to effectively and quickly survey the a large portion of the damage site through SAR satellites and gain detailed views of specific areas such as leaks, slicks and seeps through high-resolution satellites. With the use of satellites in combined with aircraft surveillance to gain views from different angles to view specific areas of the structure effectively allow recovery teams to survey and gather information in order to develop an effective containment and recovery plan. The use of ROVs also is a benefit as it allows recovery teams to survey the structure underwater and effectively gather information from places that would be too dangerous for humans to do to. Although ICT's do have their benefits, they also come with negatives as in that SAR satellites capture large views of the affected areas, this comes at a price of decreased resolution making it difficult to view smaller aspects of the image such as leaks in the oil pipe structure. This requires the use of high resolution imaging satellites which are rather costly and cannot be frequently called up due to its high cost. Conclusion The use of information communications technology in the petroleum production industry has had multiple uses before, during and after the Deepwater Horizon Oil spill. Before the disaster of the oil spill the industry used ICTs for exploration and location of possible drilling sites. With the use of satellite technology during the recovery efforts to survey the area and effectively develop a containment plan for preventing the oil from spreading and affecting the nearby beaches. Also in future prevention of possible oil spills through satellite monitoring of oil rigs and tankers. Along with the use of ICTs come the benefits which include allowing recovery teams to quickly and safely gather information which would have been difficult with old technology, but there were also costs in that it would cost large amounts of money in order to use high-end technology such as high-resolution satellites in order to gain clearer images of specific areas. Along with the uses of ICTs to help prevent future oil spills are the recommendations of the oil spill commission which recommended funding for research and development of oil spill prevention similarly to how the government funded the development of the INPO in the nuclear energy industry for training of nuclear engineers and evaluation of nuclear structures.