JFK STeel Mill Essay Essay Example for Free

JFK STeel Mill Essay Essay In his speech to the people of the United States of America, president Kennedy uses repetition and offers solutions with a very imperative tone to convey his opinion that steel companies are causing harm by making their prices higher. He continues to argue that in a rising industry, they are the cause of jobs being lost, and that because of them, the country will be further in debt. After catching the reader’s attention and undermining the steel corporation’s ideas, Kennedy solidifies his speech by using imperative syntax, which adds a sense of urgency to the situation. He constantly affirms the seriousness by using the word â€Å"necessary† and providing solutions to solve the problem. JFK states, â€Å"And it is necessary to stem it for our national security, if we are going to pay for out security communications abroad† (Kennedy). This quote shows that the country needs to take action over the steel industry for progress to come and for the country;s safety to be upheld. The repetition of â€Å"necessary† and his many quotes on protecting the nation reinforce his imperative tone throughout the speech, and shows the message of economic change and awareness that he pursues in this reply. Then, Kennedy uses the ethical appeal, which refers to the credibility, character and confidence of an author. There are many ways in which an author can create this appeal. During the time period in which it was written, cold war tensions were still lingering and Kennedy had just won the position as president in a very close election over an accomplished opponent. Therefore, just as this problem emerges, the nation is vulnerable and tense and has reached a turning point in history. Since he was elected president, the audience views him as an authoritative figure whose speech should be respected. Although Kennedy was young, he still faced critique on his tone and image, so it was expected of him to exhibit hope and compassion, while criticizing the steel industry. He continually opposes the actions of the steel industry in order to maintain his credibility, especially when he points out that, â€Å"The fact of the matter is that there is no justification for an increase in the steel prices. [ The Industry] was to achieve an agreement which would make unnecessary any increase in prices† (Kennedy). In stating this, JFK blatantly attacks the actions of the industry, making it plain to viewers and listeners that he was completely against this change in pricing. Also, throughout his speech, he presents and explains many quotes and statistics which prove the issues wrongfulness and prove the points he is maintaining. In doing these things, he establishes Ethical Appeal with his listeners and makes his speech much more trustworthy and agree-able. In conclusion, by establishing Ethical Appeal and pursuing an imperative tone through repetition, President John F. Kennedy created a powerful oratory protesting the rise in the prices of steel in the early 1960s. This speech was an efficient way to combat this terrible and harmful decision made by these companies, not only being able to protest the issue, but also accomplishing the unification of all Americans on a cause to end the rise in prices.

Work-integrated Learning (WIL) Project Management Plan

Work-integrated Learning (WIL) Project Management Plan Table of Contents (Jump to) Executive Summary Introduction Background of the project Intended audiences of the project Contents of the major sections of the PMP Conclusions Recommendations Executive Summary This assignment covered the project management plan of the national WIL portal project. University of Victoria in Australia is the sponsor of the national WIL portal project. The motivation of creating this portal is to make link among community, industry professionals with the higher education and vocational education sector. The students will be benefitted more by getting learning occasion from this. It is to mention that Victoria University is the leading university of thirty four Australian universities which made a consortium. The report starts with an introduction which describes the grounds of the report. The background section justify the situation and framework of the project. It also describes the addressees of the PMP. The checklist of the structure of the PMP is also discussed. Lastly, an analysis of the contents of the PMP by examining each of the key sections. The document includes the configuration that is suggested in the PMBOK moreover it also covered the module four of the class lecture materials. The total numbers of stakeholders are given on this project which creates a positive impact on project management team in communication plan. The risk management plan and risk register was also prepared in the report. There is a discrepancy in Appendix E, which contains work breakdown. The appendix E would be more appropriate if it explained as a milestone chart or project schedule. Appendix E comprises of responsibility, due date, start date and descriptions. These are the characteristics of project schedule. A Gantt chart presenting the plan of project task has not been given. To confirm good scope of management, a correct work breakdown structure should be incorporated. It is also recommended that a standard Gantt chart should be included to demonstrate the planned program of the project. It is also recommended to add full budget which shows cash flowed costs of the project and this benefits project manager to observe and maintain the costs of pro ject in control. In risk register the key assumptions should be included. Introduction The preparation of this assignment is made in line with the project management plan of the National WIL portal project. The student will be benefitted more by this National WIL portal project as it will create a web portal to link community, industry and professionals with the higher education and vocational education sector. The structured report contains a background which covers the project context, the structure of the PMP and the intended audience of the PMP. At the end it ends with a conclusion and some recommendations. Background of the project The National WIL portal project funded by Victoria University successfully applied to the variety and structural adjustment fund of the department of education, employment and workplace relations (DEEWR). The goal of the National WIL project was to make a WEB portal. This web would link among community, professionals and industry which would raise learning opportunities for the students. The major payback of this project was to offer simple communication occasion and assist the increase the growth of work-integrated learning community of practice. The portal would be assisted by the Australian Collaborative Education Network (ACEN). Intended Audience of the project Work-integrated learning (WIL) is widely measured influential in training newgraduates with the mandatory employability competencies to function efficiently in theworkatmosphere (Jackson 2014). In a short, WIL is the expansion of professional skill, the capability of students to perform in the workplace (McNamara 2011). Module four of the MGT8022 course materials describes that the PMP has various reasons and is intended to several audiences. Higher authorities in governance need the PMP for decision making purpose. In order to execute the project by the project team members. Financial sensitive data are not added in the PMP. External funding source may provide some financial support. Project consultant will get a brief description of the project from the PMP but the components of the PMP will be carefully chosen. This is to mention that all the audience does not need full PMP document. Some of the audience may need parts of the PMP. Section 2. 1, P4 of the plan document describes about the various stakeholders. In following table various stakeholders are examined and also explained the reason of the intended audience of this PMP. Key Stakeholder PMP Audience ( Y/N) Reason Victoria University Yes Accountable for planning and leading the project. Execution, monitoring, controlling and closing part of the PMP will be lead by them Judie key Yes As project manager will lead the whole project and also responsible for planning. 34 Partner universities Yes part of the project ACEN Yes Will support the stakeholders and others when the portal will be finished. Project Advisory Group Yes Project advisory group will monitor the project. Project Development Group Yes DEEWR Yes As a funding authority they have interest on the project benefits Table 1: Key stakeholders and the reason to be included as intended audience. Victoria University is the initiator of the project WIL. The essential steps of aprojectinclude beginning, planning, execution,monitoringandcontrolling, and closing (Abushaiba Zainuddin 2012) As a project leader the university needs to learn the execution plan of the project. Monitoring and controlling of the project is also necessary for a successful closing. The role ofprojectmanageris important toprojectaccomplishment (Ahmed et al. 2013). Judie Key is the project manager. She is in charge of planning and leading the project. She needs to execute, monitor and control the project in order to successfully accomplish the project. Thirty four partner universities made a consortium to make national WIL portal. When the portal will be finished they will also be benefitted by this project. Australian Collaborative Education Network (ACEN) will provide the national doorway for industry and community into the universities. Structure of the PMP Organisational culture and the methodology determine the formation of the PMP (MGT8022, P56). PMP should be significant to its intended audience. According to the functional area and difficulty of the project, project management diagram contents will differ (PMBOK Guide 2004). Actually there are no rigid rules as MGT8022 discussed (p56). The PMBOK described (p89) that the PMP can be either summarised or detailed and it can also be consists of one or more subsidiary plans and other mechanisms. In the traditional formation, the authority scale is realized throughout the chain of command, whereas in the project configuration, authority comes from reliability, knowledge, or being a sound decision-maker (Kerzner 2013) According to MGT8022 course outline suggested structure of PMP might include: Overview, objectives, general approach, contractual, schedule, resources personnel Evaluation methods Potential WIL Portal PMP Section Reason For Inclusion 1. Introduction Readers will realize the purpose of the document and a little explanation on it. Background and context of the project, it also includes project objectives. 2. Key Personnel Involved The influential people or organizations of the project. Basically, the people who are involved with project directly. 3. Project Benefits The payback that can be anticipated from the project. 4. Project Scope Project team will be focused and on task with project scope 5. Project Time Schedule Time Schedule tells when each activity should be done. 6. Project budget summary For accountability reason 7. Quality To ensure quality across the project 8. Project roles and responsibilities Define the roles and responsibilities of the project members 9. About the risk management plan To minimise or avoid the risk this plan is done 10. Project control To get the progress report of the plan 11. Communication plan To get a better establishment of communication Table 2: Structure of the National WIL portal project. Contents of the major sections of the PMP Customer satisfaction is the main condition for in general project achievement and  content design goals is the next (Mà ¼ller Jugdev 2012). In this PMP customer satisfaction should comes first before making contents of the PMP and contents should be design according to customer satisfaction. The content of project management differs depending upon the relevance area and difficulty of the project (Institute 2013). The elements of the main sections of the PMP would again rely on the organisational culture and methodology. The contents size depends on the particular project requirements. The contents of the national WIL portal PMP document are explored at the below table. MGT8022 course material is used as theoretical framework in the following table columns. Introduction is not supported by PMBOK. As a methodology PMBOK does not support introduction in any section. PMBOK suggests overview or executive summary of the project. The Victoria university portal project starts with introduction but it would be better if it started with executive summary or overview. Key personnel involved in the project are key stakeholders and team members (Turner 2008). The interest of the project creates a negative or positive outcome of the project. If the stakeholders are against the project they will not wilfully involve in the project. Project team members is vital for project performance, achieving information sharing is still tough (Han Hovav 2013). Team members must be trained how to work together and correspond with others effectively (Tseng Yeh 2013). Projectmanager (PM) capabilities are essential inproject accomplishment (Chipulu et al. 2013). In the Victoria university project there are many parties involved as various stakeholders, it would be a crucial task to make all of them happy. One of the disputes that one face when running aprojectis improbability. This differs fromprojecttoproject. The Risk  Management  process include identify, assess, plan, implement, and communicate (Hinde 2012). Appendix G discussed about the risk management process, here in the case of Victoria university risk assessment based on four major criteria. It is also noted that risk management will be reviewed periodically and, if necessary new things will be added to the process. The  project  schedule  is the complete duration of theprojectwork, including the project management work, in order to generate the project scope (Phillips 2010). In the WIL project start date and end date are given but it would be better if a Gantt chart was given. The project scope is no longer a unimportant assessment (Là ©ger et al. 2013). Manage through a breakdown formation, focus on outcome, balance objectives and levels of ambition and keep it easy are the four principles of scope management (Turner 2008). National WIL portal PMP described various scopes of the project but it would be better if key milestones are given in chart that would be more visible. Quality management process systems are the central part and information warehouse for making any decision regardinga course of action (Ul-Hasnain, Waqar Shahbaz 2012). Quality management process of the WIL project is discussed in appendix C elaborately. Project roles and responsibilities are discussed in appendix D with a chart. Project budget is very important because it identifies the financial resource of that project will use. project is successful when it is delivered on-time, on-budget (Ellis Berry 2013) . Project budget is discussed in the page number eight of the PMP plan as a summery but it is also noted that budget is a sensitive issue. Everybody involved in the project may not have the same interest on budget; the funding party DEEWR has the most interest on budget. Project Communication (PC) pursues regular procedures and guidebook, as Project Management conducts within restrictions of budgets and deliveries (Rajhans Shah 2012). If communication breaks down during any of the stage of project accomplishment, it generates a lot of obstacles and ruins the smooth performance of the whole project (Rajhans Shah 2012) . Appendix D also discussed about the communication plan of the project. Communication plan described the type of information to be communicated and the medium of the communication. This chart shows how all parties involved in the project will be communicated. Although project benefit is discussed in WIL portal project, it is not suggested by Project Management Institute or any authors to include in it project content. Basically, project benefit may be discussed in business case. In this particular case Department of Education, Employment and Workplace Relations (DEEWR) the funding authority of the project may have particular interest of this project benefit. Four requirements are essential for effective control of the PMP. Monitoring and reporting of the results, comparison results with the plan and forecast future results, plan and take effective action to improve the main plan – these three are discussed in WIL project plan but potential work and estimate performance are missing from the content of project (Turner 2008). One means to improve success of theseprojectsis adequatecontrol. WIL Portal PMP Section Discussion of the Section Contents 1. Introduction MGT8022 suggests an overview or executive summary which gives related information. PMBOK does not provide an introduction type section because it is a methodology 2. Key Personnel Involved The contents of the key Personnel section in WIL portal include key stakeholders, those who provide project governance and those who execute project work 3. Project Benefits PMBOK or MGT 8022 course did not mention about the project benefits. Project benefits are discussed in the business case. 4. Project Scope PMBOK and MGT8022 mention about the project scope 5. Project Time Schedule PMBOK and MGT8022 mention about the project schedule 6. project budget summary PMBOK and MGT8022 mention about the project budget summary 7. Quality PMBOK and MGT8022 mention about the project quality 8. Project roles and responsibilities PMBOK and MGT8022 does not mentioned about project roles and responsibilities 9. About the risk management plan PMBOK and MGT8022 mention about the project risk and management plan 10. Project control PMBOK and MGT8022 mention about the project control 11. Communication plan PMBOK and MGT8022 mention about the project communication plan Table 3: Contents of the National WIL project. Conclusion: This is an average report on PMP. The lecture material covered in the module and also the information suggested in the PMBOK are covered in the documents. The total number of stakeholders is given in the PMBOK. Project management team are also integrated in communications plan. The risk management plan and risk register were arranged in the PMP. There is one inconsistency in the Appendix E with work breakdown structure. It would be better if explained in milestone chart. A Gantt chart describing the schedule of the project task has not been given. Recommendations: After the analysis following recommendations are given: To confirm good capacity of the management an appropriate work breakdown structure should be added in the PMP. More in depth budget presenting the cash flowed costs of the project should be given. Project manager will be benefitted to observe the costs of the project. More standard Gantt chart should be incorporated to demonstrate the intended scheduled of the project. The main idea planned in the PMP should be added to the risk register. The reason behind is that if these assumptions are not correct then the project would be at threat All schedules must recognize the time restrictions and, if possible, should recognize those funds vital for all event Plan future work and estimate performance should be added in project control. Project benefits can be omitted from the PMP

Effect of Demographics on the Choice of Investments

Effect of Demographics on the Choice of Investments It has been observed that over the last decade the Income of the third world countries such as India, China and Indonesia has grown at a high pace. As the wealth of the people increases they will have confidence in the markets and start investing in financial products. This research paper deals with the investment decisions of all individuals across different income groups, age, gender etc. and tries to identify the affect of demographic factors on the decision making investors The study aims to find out if the demographic factors of an individual namely his age, income, gender, savings, source of income and investment experience have any effect on the patterns of investment and hence affect his risk taking ability. Advanced quantitative techniques have been used to investigate the data and judgment has been given on the basis of statistical output. The results would help the managers in the Wealth Management process in advising their clients better regarding investments that are most suitable according to their demographics and personality type. The study provides evidence that the investment choice depends on and is affected by the demographic variables. Introduction India, China and Brazil showed the highest growth in the number of HNIs in the year 2007 (The world wealth report 2008). The growth in the exposure that these markets have still remains untapped as they have only 3 percent exposure to equities. As the wealth of the people increases they will have confidence in the markets and start investing in financial products. In the 1970s and early 1980s, researchers found enough evidences that the markets are efficient and investment decisions are taken rationally. However, over a period of time there have been major challenges to the rationality assumption. Such challenges, coming from behavioral finance, continue to advance the argument that the traditional finance theorys predictive power is no match to what investors observe and experience in the markets, in reality. Behavioral finance is a new emerging science that exploits the irrational behavior of the investors. According to the behavioral economists, individuals do not function perfectly as the classical school opines. Weber (1999) makes the observation, à ¢Ã¢â€š ¬Ã…“Behavioral finance closely combines individual behavior and market phenomena and uses the knowledge taken from both psychological field and financial theoryà ¢Ã¢â€š ¬?. The key result of a behavioral finance-enhanced relationship will be a portfolio to which the advisor can comf ortably adhere while fulfilling the clients long-term goals. This result has obvious advantages which suggests that behavioral finance will continue to play an increasing role in Wealth Management The study aims to find out if the demographic factors of an individual namely his age, income, gender, savings, source of income and investment experience have any effect on the patterns of investment and hence affect his risk taking ability. Quantitative techniques shall be used to investigate the data and the decision will be given on the basis of the analysis. The results would help the people involved in the Wealth Management process in advising their clients better regarding investments that are most suitable according to their demographics and personality type. Objective The objective of this paper is to investigate how the investment choice is affected by the demographics of the investors, once we study the choice effecting variables, we will use past data and monitor what have been the returns achieved from such proportion of investments and we shall determine the ideal portfolio and mix in the portfolio. Such knowledge will be highly useful for financial advisors as it will help them to advise their clients regarding investments that are appropriate with respect to their demographic profiles. Literature review A number of studies have been conducted to study how risk tolerance varies with the individual demographics, such as, gender, age, education, income, etc. Most of these studies have, however, concentrated on exploring the gender differences in investment choice. Harlow and Keith (1990) found that women prefer low risk bets when asked to make choices in an experimental market environment, involving auctions and lotteries (Olsen and Cox, 2001). Experimental evidence suggests that women may be more risk averse towards gamble (Hershey and Schoemaker, 1980). Large-scale one-on-one attitude surveys by the Investment Company Institute and SRI International in the year 1996 and 1997 respectively, also revealed that women tend to prefer lower risk assets than men. (Olsen and Cox, 2001). Women hold less risky assets than men (Jianakoplos and Bernasek, 1998) and they also choose less risky alternatives (Powll and Ansic, 1997). Women exhibited less risk-taking behavior than men in their most recent, largest and riskiest mutual fund investment decisions (Dwyer et al., 2002). Women are more risk averse than men in gambles, investment frames with possibility of loss and gamble frame with no losses (Eckel and Grossman, 2003). Brynes and Miller (1999) have studied and investigated the relationship between risk and gender and concluded that women tend to take less risk than men (Olsen and Cox, 2001). Women are less likely to invest in riskier but high return assets than men (Mc Donald, 1997). However, the empirical investigation of gender difference in risk taking is inconclusive (Charness and Gneezy, 2004). While most research conducted prior to 1980 concluded that gender difference clearly exists, more recent research studies yield mixed results (Changanti and Parasuraman, 1996; and Powell and Ansic, 1997). Males and females are equally successful in taking decisions under conditions of risk (Hudgen and Fatkin, 1985). They are equally effective in the leadership role (Eagly et al., 1995) and are equally capable of processing and reacting to information (Stinerock et al., 1991). As businessmen/women, many studies have found similar level of performance for women-owned business as those which are owned by men (Kalleberg and Leicht, 1991; and Fischer et al., 1993). In an abstract lottery choice, Schubert et al. (2000) framed choices as either potential gain, or potential loss. They found that women are more risk averse than men in domain of gain, while men are more risk averse than women in the frame of loss domain. Women fund mangersà ¢Ã¢â€š ¬Ã¢â‚¬ both domestic and internationalà ¢Ã¢â€š ¬Ã¢â‚¬ hold portfolios which are marginally riskier than those of men, and their returns also outperform those of men (Bliss and Potter, 2001). Women were found to be less risk averse than men when the gambles were framed as insurance (Duda et al., 2004). Although, the impact of gender on risk taking is significantly weakened when investor knowledge of financial markets and investments is controlled in the regression equation, the greater level of risk aversion among wome n, which is frequently documented in the literature, cannot be completely, explained by knowledge disparities (Dwyer et al., 2002). In the Indian context, Gupta (www.info.gov.hk/gia/general/bandhk/1118105.html) has indicated that from the angle of investor protection, the regulation of the new issue market is important for several reasons. The number of small investors in new issue market is massive. Most of new investors make their first entry into equity investments via the new issue market. So retaining common investor confidence in primary markets is important. Madhusoodan (www.nyse.com/press/NT00545421.html) has indicated that in the Indian stock market, higher risk is not priced, hence investment in higher risk instruments is of no use. Kakati (www.investorclaims.com/html/bokermisconduct.html) has indicated that Indian IPOs are under priced in the short run and overpriced in the long run. Selling after allotment, around the listing month, is the cause of major return differences between IPOs performance in the short run and long run. Gokaran has studied the financing patterns of the corporate growth in the country. The study indicated that equity markets suffer serious inadequacies as a mechanism for raising capital. Murali (www.ssrn.com) has indicated that new issues market (NIM) focuses on decreasing information asymmetry, easy accessibility of capital by large sections of medium and small enterprises, national level participation in promoting efficient investments, and increasing a culture of investments in productive sector. In order that these goals are achieved, a substantial level of improvement in the regulatory standards in India at the voluntary and enforcement levels is warranted. The most crucial steps to achieve these goals would be to develop measures to strengthen the new issues market. To effectively and efficiently serve clients in todays competitive industry, financial planners increasingly rely on information technology. The larger the financial planning firm, the more critical the use of information technology becomes as its applications extend to areas outside financial planning such as payroll, accounting, marketing, and operations. This article proposes the establishment of a new research discipline, financial planning informatics, which focuses on the development of technology tools to support the unique needs of financial planners. We live in the information age. Information is the result of processing, manipulating, and organizing data in a way that creates new knowledge (Rahman 2006). A number of studies have been conducted to study how risk tolerance varies with the individual demographics, such as, gender, age, education, income, etc (Schooley Worden, 1996; Shaw, 1996; Xiao Noring, 1994; Watson and Naughton, 2007). Most of these studies have, however, concentrated on exploring the gender differences in investment choice. The impact of other demographic factors, such as, age, education, income, occupation and dependents on investment choice has not been investigated by many researchers. But whatever studies have been done suggest that they (other demographic factors) affect individuals investment decisions. Risk tolerance, a persons attitude towards accepting risk, is an important concept which has implications for both financial service providers and consumers. For the latter, risk tolerance is one factor which may determine the appropriate composition of assets in a portfolio which is optimal in terms of risk and return relative to the needs of the individual (Droms, 1987). In fact, the well-documented home country bias of investors may be a manifestation of risk aversion on the part of investors (see Cooper, and Kaplanis, 1994 and Simons, 1999). For fund managers, Jacobs and Levy (1996) argue that the inability to effectively determine investor risk tolerance may lead to homogeneity among investment funds. Further, Schirripa and Tecotzky (2000) argue that the standard Markowitz portfolio optimization process can be optimised by pooling groups of investors together with different attitudes to risk into a single efficient portfolio that maintains the groups average risk tolerance. Although a number of factors have been proposed and tested, a brief survey of the results reveals a distinct lack of consensus. First, it is generally thought that risk tolerance decreases with age (see Wallach and Kogan 1961; McInish 1982; Morin and Suarez 1983; and Palsson 1996) although this relationship may not necessarily be linear (see Riley and Chow 1992; Bajtelsmit and VanDerhai 1997). Intuitively this result can be explained by the fact that younger investors have a greater (expected) number of years to recover from the losses that may be incurred with risky investments. Interestingly, there is some suggestion that biological changes in enzymes due to the aging process may be responsible (see Harlow and Brown, 1990). More recent research however, reveals evidence of a positive relationship or fails to detect any impact of age on risk tolerance (see Wang and Hanna 1997; Grable and Joo 1997; Grable and Lytton 1998, Hanna, Gutter and Fan, 1998; Grable 2000, Hariharan, Chapman a nd Domian, 2000; and Gollier and Zeckhauser, 2002). A second demographic which is frequently argued to determine risk tolerance is gender and Bajtelsmit and Bernasek (1996), Palsson (1996), Jianakoplos and Bernasek (1998), Bajtelsmit, Bernasek and Jianakoplos (1999), Powell and Ansic (1997), and Grable (2000) find support for the notion that females have a lower preference for risk than males. Grable and Joo (1999) and Hanna, Gutter and Fan (1998) however, find that gender is not significant in predicting financial risk tolerance. Education is a third factor which is thought to increase a persons capacity to evaluate risks inherent to the investment process and therefore endow them with a higher financial risk tolerance (see Baker and Haslem, 1974; Haliassos and Bertaut, 1995; Sung and Hanna, 1996). Shaw (1996) derives a model which suggests an element of circularity in this argument however, as the relative risk aversion of an individual is shown to determine the rate of human capital acquisition. Income and wealth are two related factors which are hypothesised to exert a positive relationship on the preferred level of risk (see Friedman 1974; Cohn, Lewellen, Lease and Schlarbaum 1975; Blume 1978; Riley and Chow 1992; Grable and Lytton 1999; Schooley and Worden 1996; Shaw 1996; and Bernheim et al, 2001). For the latter, however, the issue is not clear cut. On the one hand, wealthy individuals can more easily afford to incur the losses resulting from a risky investment and their accumulated wealth may even be a reflection of their preferred level of risk. Alternatively, wealthy people may be more conservative with their money while people with low levels of personal wealth may view risky investments as a form of lottery ticket and be more willing to bear the risk associated with such payoffs. This argument is analogous to Bowmans (1982) proposition that troubled firms prefer and seek risk. Investigation of the investment decisions made by married individuals presents a unique challenge to researchers as the investment portfolio of the couple may reflect the combined risk preferences of the couple (Bernasek and Shwiff, 2001). The available evidence suggests that single investors are more risk tolerant (Roszkowski, Snelbecker and Leimberg, 1993) although some research has failed to identify any significant relationship (McInish, 1982; Masters, 1989; and Haliassos and Bertaut, 1995). Methodology The study employs primary data collected by communicating with the respondents with the help of a structured questionnaire. Before undertaking the survey, a pilot test of the questionnaire was done with 40 respondents. Their views were incorporated in the final questionnaire and desired results were obtained. The study is based on responses obtained from the respondents belonging to a wide cross section. The total sample consisted of about 150 people, Males/Females from Salaried/ Self Employed, were split from different Age groups of Less than 35, 35-45, 45 and above. Investment Experience (Measured in the No of years) and the savings of Individuals post investment was also observed. The study employed non-probabilistic sampling method to select the respondents. The sampling method used can best be described as a mix of judgmental and convenient sampling. The questionnaire (Annexure) consists of a risk profiling exercise combined with the demographic characteristics required about the investor. Later a combination of cluster analysis along with a couple of other tests like LOGIT, PROBIT Etc will be used. DATA ANALYSIS The risk taking ability of the respondents was found by looking at the patterns and similarities that could be found and understood in the data. Techniques of Regression and Logit tests are used. Then the demographic characteristics of the people to their risk taking ability and any similar patterns are also identified. From the final questionnaire we got to know the risk profile, demographic profile, choice of investments, other habits and observations etc. Later any patterns and similarities were looked at in the data. The analysis was done using Logit tests identifying probabilities, Multi logistic regression, Man- Whitney U test and chi square. The following hypotheses were formulated to study whether the choice of Investment depends upon variables, such as, gender, age, income, educational qualification and occupation. The hypotheses are stated as follows: Ho.1: There is no significant difference between the males and females in their choice of investment avenues. Ho.2: There is no significant difference among the investors belonging to different age groups in their choice of investment avenues. Ho.3: There is no significant difference between the investors of different occupations in their choice of investment avenues. Ho.4: There is no significant difference between the investors having different investment experience in their choice of investment avenues. Ho.5: There is no significant difference between the investors having different savings post investment in their choice of investment avenues. Logit Regression Using the data, we have calculated if the respondent is a risk taking or a risk averse investor. His risk taking behavior is taken as a Dependent variable. The various independent variables include Age, Gender, No of dependents, Income; savings post investments, investment experience etc. The model studies the change in the dependent variable due to change in all these independent variables. We use ungrouped method of Logit regression as we observe that these variables are independent and are not very much correlated with each other; hence they show lesser chance of hetroscedasticity with each other. Wald statistic (test) was used to test the significance of individual logistic regression coefficients for each independent variables ( that is to test the null hypothesis in logistic regression that a particular logit coefficient is zero). It is the ratio of the unstandardised logit coefficient to its standard error. The Wald statistic and its corresponding p probability level is part of the SPSS output. The independents may be dropped from the equations when their effect is not significant by the Wald statistic. We observe that the regression equation is significant at 10% with Wald value of 2.959. It was observed that among the independent variables the Age, gender and Investment experience are considered to be significant with a Wald value of 18.571, 3.47, 3.457 respectively they are also significant as they fall in significance level of 10%. However No of dependents, the Income and savings post investment are not significant enough and they are not at a significant level too with more than 10% significance level. It is observed that the number of dependents or siblings of a person does not define his risk taking ability and capacity, same is the reason for the person being salaried or being self employed for his living. There is no pattern observed for the level of savings that person has after his investment habits. Hence it can be said that the risk taking capacity can be mainly judged by his Age, Gender and Investment experience. The logit can be converted easily into an odds ratio simply by using an exponential function. The original odds are multiplied by e to the bth power, where b is the logistic regression coefficient, when the given independent increases by one unit. The ratio of odds ratio of the independent is the ratio of the relative importance of the independent variables on the dependent variables. The value of ratio for income 1.083 . Hence a unit change in income affects the change in risk taking ability by 1.083 Further in the regression equation the variable Age is highly significant with the score of 21.443 in the equation, so is gender and investment experience. The equation has a overall statistics of 28.953 with a appropriate significance level. R Square in logistic regression R2 à ¢Ã¢â€š ¬Ã¢â‚¬Å" measures attempts to measure strength of association. For small examples, for instance, an R2 à ¢Ã¢â€š ¬Ã¢â‚¬Å" like measure might be high when the goodness of fit was unacceptable by model chi- square or some other test. Cox and Snell R square is used to in the interpretation of multiple R square based on the likelihood, but the value lesser than1 is, the better. Here the value is 0.230. Nagelkerkes R2 divides Cox and Snells R2 by its maximum in order to achieve a measure that ranges from 0 to 1. Therefore Nagelkerkes R2 which is here 0.310 will normally be higher than the Cox and Snell measure but will tend to run lower than the corresponding OLS R2 which is 133.048. Nagelkerkes R2 is the most-reported of the R-squared estimates. Conclusion The insight of how an investment choice gets affected by the demographic variables helps the financial advisors to advise their clients better. The clients, on the other hand, on being advised regarding the investments that suit their profile, will not only rate such an advice higher but will also appreciate it. This study thus, will certainly improve the mutual trust between the advisor and his client. Similar studies with diverse samples will help in understanding the investment psychology better. From the research we observe that the risk taking ability can be mainly judged by his Age, Gender and Investment experience. That is if the person falls in a specific age category, the financial planner cab be readily prepared for the desires level of risky portfolio to be offered to the client. It has been noticed from the data that mostly people with high age are risk adverse on the contrary young people like to take very high risks and invest in aggressive stocks and speculative instruments. Men have been observed to be more risk taking and aggressive than most females. And people who have experience of trading in the financial markets also determine the level of risk they like to take. It is observed that the no of dependents or siblings that a person does not define his risk taking ability and capacity initially we thought that people who have more no of siblings would like to take less risk however same has not been observed in this case, same is the case for the person being salaried or being self employed for his living. Similarly no pattern has been observed for the level of savings that person has after his investment habits and the level of risk that he like to take.

Thou Shall Not Kill :: essays research papers

) Capital punishment is the killing of a killer. The act of capital punishment is wrong and useless and I have few reasons why. When a murderer is executed or shot by lethal injection it costs almost twice as much as a criminal sitting in jail for 20 years. Another reason this is a very bad concept is because capital punishment encourages murder. Lastly no matter how sick and demented these wretched beasts are, they still don't deserve to be denied their right to live. Capital punishment is not a smart idea for the prisons who put it into effect. The execution of a prisoner too much money, which is unnecessary to spend. If we keep killing all of these felons, we'll quickly run out of money, simply because of this wasteful act. The money that is going towards the execution and the supplies are coming from your tax money. The more people the government continues to kill, the less money will go towards things we really want and need. The authorities are encouraging murders because of capital punishment. In just about every society world-wide murdering is wrong and should have strict punishment if done. Yet this law is clear to all Americans; capital punishment is contradicting it. The government says killing is only justified under certain circumstances, in which some convicted felons fall under. This is sending a message to the public that if it's under certain situations killing an individual is perfectly all right. In conclusion, capital punishment is overly expensive, encourages murder, and is simply wrong. This act of murder effects everyone for the worse. It should end, right now.

The Chocolate War by Robert Cormier :: The Chocolate War

The Chocolate War by Robert Cormier   Ã‚  Ã‚  Ã‚  Ã‚  The Chocolate War by Robert Cormier was a book that we read in class, it was about good and evil. It is about how the to forces battle for superiority over one another. The book tells how one of the sides over powers the other to claim its spot on top. The people are like pawns to two of the characters, Archie and Brother Leon because they use the people to get what they want from them, and will stop at nothing to get it. Both of characters will stop at nothing to have what they want, which is to have the power over the school.   Ã‚  Ã‚  Ã‚  Ã‚  The good characters even though few in number are willing to go the distance (especially for Jerry). Jerry is the main character of the story. He has a struggle with in himself to do the right thing. He mess with the wrong people in the school and they make him pay for it, because no one can mess with the Vigils and get away with it. He was to refuse to take chocolates for ten days. However he still refuses to take the chocolates after the ten days. Brother Jacques is another one of the good guys because he sees that Brother Leon is truely an evil man and abuses his power the power that he has over the kids. He saves Jerry at the of the story from the boxing match. Goober is a good person with a big heart, but is not to smart to get out when in to deep helping Jerry to get out. All that he wanted to do was to play football and to run.   Ã‚  Ã‚  Ã‚  Ã‚  There is more of a power struggle among the evil side for them to want to work together. Archie is the Vigils’ Assigner giver. Archie has a struggle with Brother Leon and Carter. First a struggle with Leon because both are trying to carrie the power of the school. Second with Carter both trying to control the Vigils. Carter the president of the Vigils puts Archie on probation tries to stab him in the back at the boxing match using the black box. He smashes Jerry in practice every day just because he can do the. Brother Leon is a sadistic teacher because of the things that he does to the kid in his class, like when he put Bailey in front of the class and smacked him on the cheek with a pointer.

Do you think that Mary Tudor deserved her title “Bloody Mary”?

History has not been kind to Mary Tudor. Compared to what followed, her reign seems like a brief but misguided attempt to hold back England's inevitable transformation to Protestantism. Compared to what came before, her regime looks like the regressive episode of a hysterical woman. Considered on its own terms, however, the regime appears much more complex, leading contributors to this volume of essays to reach far different conclusions about her reign: reestablishing traditional religion in England was an enormous undertaking that required rebuilding the Marian Church from the bottom up.Moreover, given more time it might have succeeded. Finally, as these essays continually remind us, concepts differentiating Catholicism from Protestantism — ideas taken for granted today — were still being sorted out during this period. David Loades's introduction begins the volume by surveying the disturbance in religion during Mary's lifetime. He links the spread of humanism and class ical scholarship to a substantial portion of this disturbance because it created an educated populace capable of raising questions about religious practices for which the traditional Church had no answers.Mary herself received a first-rate humanistic education and contemporaries even considered her well-educated. Loades suggests that, instead of unquestioningly embracing the tenants of the traditional Catholic faith, Mary was a â€Å"conservative humanist with an extremely insular point of view† (18). Nevertheless, her humanistic training did not extend to her devotion to the sacrament of the altar and her uncritical acceptance of the doctrine of transubstantiation. Ultimately, her uncompromising position on the latter would cause the downfall of many.After this introduction, the first section of the volume, entitled â€Å"The Process,† explores obstacles confronting the restoration of Catholicism in England, beginning with David Loades's examination of the degraded st ate of the episcopacy upon Mary's accession, and her administration's attempts to restore it. Next, Claire Cross discusses Marian efforts to enact Catholic reforms in those strongholds of Protestant dissent, the English universities. The queen's decision to restore a community of monks at Westminster is the subject of a study by C.S. Knighton, who includes a detailed appendix identifying members of this community.In the section's last essay, Ralph Houlbrooke argues that swift acquiescence by one of Norwich's leading evangelical ministers, and the diligence of clergy and Church courts in upholding the Marian restoration, helped Norwich avoid large-scale persecution. Essays in the volume's second section, â€Å"Cardinal Pole,† focus on his role in reestablishing the legitimacy of the restored Church. Thomas F.Mayer begins with an analysis of various court documents, and concludes that even though Paul IV had apparently revoked Pole's legatine office, the matter remained unsettl ed, and Pole probably continued to function in that capacity until the end of Mary's reign. In the following chapter, Pole's 1557 St. Andrew's Day sermon provides evidence for Eamon Duffy's defense of the cardinal's record — not only as an outspoken advocate for the importance of preaching, but also as a hard-nosed realist confronting an entire population of apostatized Londoners.In the final essay of this section, John Edwards reveals that, unlike English documents, records from the Spanish and Roman Inquisitions indicate greater Spanish involvement in the restoration of English Catholicism than has been previously recognized. The subject of the final section of this book, â€Å"The Culture,† undertakes issues regarding the Marian Church and its people. Lucy Wooding's essay considers how the multiple layers of symbolism found in the Mass provided a wide focal point for popular piety in the restored Church.In his essay on the theological works of Thomas Watson, William Wizeman, S. J. , discusses Marian efforts to reeducate worshipers who, after a generation of religious turmoil, were unfamiliar with even the basic tenets of Catholicism. In the following chapter, Gary G. Gibbs reconsiders the eyewitness evidence provided by one Henry Machyn, Merchant Taylor of London, concluding that the Marian regime had indeed connected with enough loyal subjects to provide the queen with an effective base of power

Different Types of Human Communication

Different Types of Human Communication Most animals communicate with each other in some way. Dogs bark at those they perceive as a threat in order to communicate their hostility and in some cases the threat that they will attack if provoked; bees have a pouch in which they carry the scent of their hive so as to identify themselves as members of the community. However, it is only in humans that communication breaks off into different types of communication: verbal and non-verbal, and formal and informal. Verbal communication is just what one would expect from the name: communication using words, and in some cases written characters. There are subcategories for verbal communication, depending on who is at the receiving end of the communication. The main division is between interpersonal communication, in which one person speaks directly to another person, and public or group speaking, in which one person speaks to a large group. From here, the intention of the person speaking breaks it down into still further categories depending on whether they are trying to persuade the listener or listeners to think or act in a certain way, to convey information in the clearest manner possible, or even to entertain. However, in many cases, the intentions of the speaker will overlap: speakers may want to persuade, inform, and entertain their audiences all at the same time. Sometimes, they may even be unaware of what their true intentions are themselves. Non-verbal communication is the type that is more similar to what the dogs and bees mentioned above do. Non-verbal communication includes all the information we convey to others, whether consciously or subconsciously, without actually using any words. Probably the most ubiquitous example of non verbal communication is that of facial expressions. For example, when a person rolls their eyes at someone, they are expressing skepticism about what the speaker said. They are not using any words to convey this message, but using their understanding of the non-verbal cues they can send that message without having to explicitly say, â€Å"I really find what you are saying unbelievable†. Not all facial expressions are so calculated though: there are those like smiles that come naturally when someone is happy, and indicate this to others. Beyond these more explicit examples, there are more subtle instances of non-verbal communication. For example, clothing: just as the male peacock uses a vibrant display of his colorful feathers to signal to a potential mate that he is a desirable choice, people use clothing in order to send messages about themselves (whether they are true or not). In this vein, a man going to a job interview will usually wear a suit and tie in order to convey the idea that he is a very professional person. Unlike facial expressions, this kind of non-verbal communication is more like verbal communication because it is arbitrary – there is no intrinsic reason why a suit and tie should convey the idea of professionalism any more than a Japanese kimono would. It is simply that it has become a cultural norm that a suit and tie is what a professional person wears, and as such it becomes a symbol and a means of non-verbal communication. Formal communication is more strongly associated with large and small group speaking. It is more rule bound, and is more centered on the speaker getting some kind of result. For example, speaking to a board room full of business executives in order to convince them to accept a marketing strategy is an example of formal communication: what is said and how it is said is rule-bound to what is considered appropriate for the setting, and it is directed toward the specific end of getting the executives to accept the ad campaign. Furthermore, their are instances of symbolic non-verbal communication, such as the wearing of business attire in order to appear professional. Informal communication is associated with interpersonal communication. While it is still rule bound by the social norms of the those communicating, there is much more room for the speaker to be free in what he or she says. Informal communication is also much less tied to specific ends: in many cases, it takes place simply for the speaker to express what they think and feel about anything in particular, and the speaking is undertaken as an end it itself. It is a much more emotionally involved form of communication, in large part because there is less emphasis on symbolic non-verbal communication and more emphasis on saying what one really feels. Although these various types of communication are very different, they are all indispensable tools for communicating with and understanding others. In order to be able to look at others and truly appreciate what they are trying to convey and whether what they are saying has any value, one needs to have a thorough understanding of all types. Informal Communication If formal communication is viewed like dressing for a black tie affair, informal communication is like dressing casually and wearing slippers around the house. Much informal communication occurs on a person-to-person basis, in a face-to-face manner, without ceremony or fanfare. Other ways to communicate in an informal manner may include texting, post-it notes, an informal drop in visit to another person, or a quick and spontaneous meeting. Informal communication includes all the various methods of relaying information or messages between people. It often is called â€Å"the grapevine† as messages weave back and forth and around people. There are none of the trappings of formal messages, such as company letterhead, planned meetings or specific introductions of guests. Everyone is relaxed and casual, eager to chat about many things, as there is no specific agenda to follow. This type of communication frequently is oral, and works easily for small groups. The scope of the conversation may be broader than a formal presentation, and include topics that are diverse in nature, free flowing and loose rather than scripted carefully. Unfortunately, informal communication is subject to creating rumors and misinformation due to its loose nature and lack of substantiating evidence. This is the type of interaction that occurs in the workplace as banter between employees, or idle chatting. It is seen as blog entries on the Internet. At colleges, students are encouraged to drop by their professors’ offices as needed, informally. Other informal web communication is seen in diaries, personal email letters, instant messaging, emoticons, online chat rooms and cyberspace bulletin boards. Informal communication also may take a non-verbal form as facial expressions, sign language, or manner of dress. In spoken language, the informal communicative style incorporates the use of the second and first voices. This is in contrast to the use of the third person voice in formal communications. One of the visible signs of informal communication is its natural and easy style, as opposed to being formally regimented. There may be the use of colloquialisms and local slang in the course of speech. It is unconventional and without rules, which is just the opposite of formal. Informal communication is used to help put people at ease. This can be seen in an interview situation where an interviewer such as a paralegal needs to make a little small talk to help get clients to relax, feel welcome and open up verbally. The use of informal language is far more prevalent in society than the use of formal language. Formal Communication Formal communication can be considered as communication efforts that are â€Å"dressed up† to fit customary rules and ceremony For example, in a written letter, the formal communication style will demand that the layout of the piece of written communication follow a specific format that includes the date, header, salutation, body of the letter, close, signature lines and any indicators of enclosures all placed neatly upon company letterhead or personal stationery. By contrast, an informal piece of written communication can be as simple as a jotted note to a friend on a torn slip of paper Formal communications are mostly written, although they may now also include formal presentations that are on computer disk, video tape or DVDs, MP3 presentations and other similar electronic reproductions of written communications. Other forms of formal communications include newsletters, legal advisories, invitations, awards, and letters of congratulations. Non-written formal communication devices are in-person communications in the forms of departmental meetings, telephone calls, conferences and special interviews. Some publications that are devoted to a special purpose, such as a company’s annual report, are formal communications. There is a non-verbal component to formal communication as well. The style and manners of the presenter dictate the formalness of a meeting, and this can be immediately seen at the time of introduction of a speaker. Some elements of non-verbal formal communication include maintaining a certain distance from others, standing above the crowd, speaking in formal tones and using formal means of address to others, such as â€Å"Mister† or â€Å"Doctor† when calling upon others. Colloquialisms, which are freely used in informal communication, are not present in formal communications. Proper English or another language is spoken. Formal communications will follow a chain of command in the flow of the communication, either upwards to or down from managers. The use of formal communication is more prevalent in highly technical areas where a message must be exact and specific, leaving no room for misinterpretation. The written communication is carefully thought out, and planned for a certain effect or result. It often is written in a third person non-personal voice of â€Å"he, she, it, and they† rather than â€Å"I† or â€Å"you† voices. Grammar, spelling and layout are important for written communications, and for spoken communications there is an emphasis placed on the quality of the speech voice and pronunciation. Some formal communications are congratulatory, others can be advisory or informational. Legal papers follow a tightly formatted layout that is customary within the professional and widely used by others. Likewise, scientific research papers have a customary format to follow. Any written communication that is expected to adhere to particular rules can be considered to be formal communication, and the actual tone of the piece may range from friendly to threatening. It can be more demanding and imply expectations to the receiver that should create desired results. Communication through Body Language Communication is how human beings interact with the world that surrounds them. There are many forms of communication, some being more effective at conveying the intent or feelings of the individual expressing than others. Many people have a hard time with communication, and can find it difficult to tell others what they think or to give them bad news. Sometimes, they can’t find the right words to express the things they want to say. There are also those people who are not to be believed due to a history of dishonesty or embellishing the truth. One form of communication, however, is always honest and can always be counted on. Body language is a form of communication that is performed subconsciously. It occurs almost constantly, and will almost always give the correct impression that a person has of someone else, the environment, or the situation at hand. Body language makes it easy to know if someone is nervous, scared, interested, or focused, among many other feelings that could be happening. Learning to read body language can be as simple as paying attention to your own body when feeling specific emotions. For example, if you are able to notice the unconscious things that your body does when you are nervous, then it should be simple for you to be able to see when another person is nervous in a certain situation. Often, reading the body language of another person will tell you more than having an actual conversation would, especially if the conversation has the potential to be uncomfortable or is something that no one wants to acknowledge. On the lighter side of body language communication, it can be a very helpful tool in determining how interested another person is in you. When single people meet for the first time, reading the signs of body language can help you to determine if this person has any interest in you beyond friendship. If on a date, the person leans towards you when you are speaking or has their arms at their sides with the front of their body facing towards you, that is a sign that signifies a true interest in the things you are saying. If, on the other hand, they have their arms crossed, are leaning back in their chair with their back turned towards you, and are avoiding contact, they probably are not interested. These are some good physical indicators that you could be wasting your time. Nonverbal Communication Nonverbal communication is any kind of communication not involving words. When the term is used, most people think of facial expressions and gestures, but while these are important elements of nonverbal communication, they are not the only ones. Nonverbal communication can include vocal sounds that are not words such as grunts, sighs, and whimpers. Even when actual words are being used, there are nonverbal sound elements such as voice tone, pacing of speech and so forth. Nonverbal communication can be incorporated in a person’s dress. In our society, a person wearing a police uniform is already communicating an important message before they say a word. Another example is a man’s business suit, which is perceived by some as communicating an air of efficiency and professionalism. While each of these cues conveys a message, so does its absence. In some settings, failing to express a nonverbal cue also communicates meaning. A policeman out of uniform is called â€Å"plainclothes† and is seen as deliberately trying to conceal his role. To some, this may make him seem smart or efficient, while others may consider him sneaky or untrustworthy. In the same way, a businessman who does not wear a suit is conveying an air of casualness which some would consider slightly less professional. In the modern world, â€Å"dressing down† implies a relaxation of professional standards that is much more than just a change of clothes. Many cues are based on learned cultural standards, but there are some elements of nonverbal communication that are universal. Paul Eckman’s landmark research on facial expressions in the 1960? s found that the expressions for emotions such as anger, fear, sadness and surprise are the same across all cultural barriers. The setting where communication takes place also lends a meaning to words apart from their literal definition, and constitutes nonverbal communication. For instance, the word â€Å"tradition† means one thing when it is spoken in City Hall, and quite another when it is spoken in a church. The sign of a cross takes on great cultural meaning when used in a religious context, but on a road sign it just means that an intersection is coming up. Some nonverbal communication accompanies words and modifies their meanings. For instance, our speed of speaking and the pauses we place between our words form a nonverbal element to our speech. A slight pause before a word can imply uncertainty or be interpreted as a request for confirmation from the listener, whereas a lack of pauses can be taken as a sign of confidence or the encouragement of a fast reply from the listener. If someone asks you a question in a hurried manner, you will probably get the feeling that they want a similarly quick reply. The use of personal space constitutes a form of nonverbal communication. If someone leans toward their listener as they speak, it implies that they are communicating something personal or secret. Depending on the social nuances of the situation, this may be taken as a sign of friendship or an unwanted invasion of space. The use of touching as an element of communication is called haptic communication, and its meanings are very culture-dependent. In American society, a handshake, a pat on the shoulder or a â€Å"high five† have certain definite meanings understood by practically everybody. In other societies, these might be enigmatic acts or an embarrassing invasion of personal space. The use of the eyes as an element of nonverbal communication is an area of study in itself, and is called â€Å"oculesics. † Researchers have divided eye movements into separate elements such as the number and length of eye contacts, blink rate, dilation of the pupils and so forth. Here again, the interpretation of these cues is highly dependent on the culture of the participants. A prolonged stare may establish a bond of trust, or destroy it. It may elicit a reply from the person being stared at, or it may make them become uncommunicative from embarrassment. This is how most of our communication takes place. When we consider the amount of nonverbal communication that passes between us and compare it with the mere words we say, it is obvious that the nonverbal part is by far the largest.