Differences In Formal And Informal Learning Techniques Education Essay

At the point when an educator goes into a class room, the person must cognize the learning capacities of his/her understudies. That is the manner by which they look for data, how they process data and how the data can go important to them. The principal segment of this investigation plates the procurement and improvement plan and contrasts in formal and casual obtaining way in thing. This examination other than remembers four securing way for Honey and Mumford hypothetical record in thing. The second bit of the investigation comprises of thought process hypothesis called Maslow ‘s Hierarchy of Needs Theory. This investigation diagrams the five degrees of requests that are physiological requests, security requests, cultural requests, regard requests and self acknowledgment requests. At the terminal there is an ominous judgment on the hypothesis and its finding on HR designs that top heading can use Maslow hypothesis to activate their employees.Table of Content4 Learning and Development Strategy 4 Contrasts in formal and casual obtaining strategies 5 Nectar and Mumford obtaining way 5 Aggressors 5 Reflectors 5 Scholars 6 Logical thinkers 7 Exercises that structure segment of the obtaining and improvement 7 Case review 7 On the occupation readiness 7 Maslow ‘s Hierarchy of Needs Theory 8 Mental requests 8 Wellbeing requests 8 Social requests 8 Regard requests 8 Self acknowledgment requests 9 Basic examination of Maslow ‘s Hierarchy of Needs Theory 9 Analysis on Maslow ‘s Hierarchy of Needs Theory 9 Conclusion of Maslow ‘s Hierarchy of Needs Theory 11 BibliographyPart ALearning and Development StrategyLearning and advancement is in a general sense coordinated towards the partnership of planning requests and calling improvement of a worker. The essential goal of the procurement and improvement conspire is that you advance a worker achievements and perception in such a way, that will help with getting his occupation done lastly to take to by and large association open introduction. Joining both larning and advancement plans, you truly make a nexus between them. That is you truly activate representative to larn those achievements which will help them in executing their occupation. Fundamental components of larning and improvement conspire are: How a researcher will larn the data? Which signifier of data information will a researcher like? How a researcher will pull noteworthiness from the got data? What will be the best learning way of the scholar?Differences in formal and casual procurement techniquesInformal acquisitionFormal acquisitionIn casual obtaining there is no conventional educator engaged with it. In formal securing you are straight guided by the instructor to larn an impossible to miss thing. In formal securing has no predefined articles and terminal results. Prior to the beginning of the proper procurement, you have a few points that plainly characterize the ground and outcome of the securing. Casual procurement does non take topographic point inside an organized situation. Or maybe it is a greater amount of self-created nature. Casual larning typically occurs with the frequence of encounters Formal obtaining takes topographic point inside a specific understanding inside an association. In casual obtaining you do n't get any affirmation or confirmation for larning that comprehension or achievement It outcomes in achievement of specific evaluation or accreditation that truly guaranteed that the beneficiary of this has taken in a particular achievement or perception. Casual obtaining may non be intentionally learned. It might go on coincidentally In formal obtaining, researcher intentionally and purposely learns a particular achievement. It ordinarily occurs through hit and test technique ; through socialization when you interface with individuals you will in general larn various things from them unknowingly. Instances of formal obtaining are medicines, work playing, lectors, reproductions etc.Honey and Mumford procurement mannerThe learning capacity of each single differs from someone else. Learning habits decide the propensities of people in footings of how they center around various sorts of data, impossible to miss methods of fathoming that data and how each single comprehends that data ( Sandra Penger and Metka TekavA?iA? , 2009 ) . Nectar and Mumford think of various four obtaining way to break down contrasts in larning assaults. The four procurement habits are: Activists Reflectors Scholars PragmatistsMilitantsMilitant researchers have short them direction. Dissident needs new encounters in their lives. Activists are increasingly adaptable and inviting. They are a greater amount of bold nature and need to look for anything new. They are prepared to take conclusions without accepting that what might be the outcomes of that assurance. They do n't wish to fix before they make any move. In light of their transient direction, they get bore simple and quickly and ever search for new things each piece right away as pleasance from one action diminishes. They are daring person who need to acknowledge demands however without accepting the potential impacts of those challenges.ReflectorsReflectors are considered as acceptable and dynamic listeners. At the point when student expansion experience as an aggressor, so there is a stage to treat those experience. They look for data from individuals both essential that with their ain endeavors and auxiliary that is from others. That is t he reason reflectors do non indict or partake or gracefully data rather they are searchers and listeners to data. They do n't quickly jump to choice. Or maybe they need to hold profound misgiving and entrance of the data and like to accept over and again. There fore reflectors are moderate assurance shaper. They oppose from taking conclusions right away before bite overing into the accumulated data. Their goal is to move up and investigate data as conceivable before coming to choice. That is these researchers center around array and careful handling of data then again of pulling choices from it.TheoristsTheorists are those researchers who are more pulled in towards speculations, rationales and rules. They will in general change the savvy data, being an activist and reflectors, into speculations and think of coherent finishing up. Their way of dissecting any data or goals work is that they go measure by measure and pull connections or rationales to hang on the huge picture. That is t he reason they are supposed to be â€Å" opposite brains † ( Frank Coffield, David Moseley, Elaine Hall and Kathryn Ecclestone, 2004 ) . They are a greater amount of fussbudget who needs subject in their lives. That is the reason they go reliably, intelligently and sanely. Scholars are a greater amount of objective nature. In this way they do non have confidence in abstraction, premonitions or instinct. They need rationales and grounds to hang on the information.PragmatistsAs scholar articulation for speculations and rationales to comprehend the data, practical people are one measure frontward. They need the handy conclusion of hypotheses to hang on the data. As the name suggests, logical thinker researchers are a greater amount of functional and sensible in nature. They can non retain any hypothetical record hypothesis or head until and except if it has commonsense affirmation. Like activist they search for contesting wok and new contemplations however it ought to be of viab le nature. These kinds of researchers need to search out the data they have learned one time they escape the learning foundation. Starting: Frank Coffield, David Moseley, Elaine Hall and Kathryn Ecclestone ( 2004 ) ‘ Learning habits and showing strategy in post-16 larning A methodical and basic reappraisal ‘ . Fig 11Activities that structure bit of the procurement and developmentCase surveyCase study is one of the exercises that structure bit of larning and advancement plot. In this technique researchers are given situation that could be speculative or existent. That situation or story incorporates the foundation, some back uping data and issue looked by an organization or any association around which the case overview rotates. Student needs to work out the occasion overview by providing potential answers for the activity. Student must be informed that occasion overview may non hold one solid arrangement. Or maybe it ‘s the things of the occurrence study that an occupation in case can be understood by numerous and various ways. Along these lines every researcher can hold distinctive answer for the occasion review. The point of convergence on using example overview as a learning apparatus is that how the researcher approaches towards the arrangement, the amount he comprehends the activity and what are the devices and methods he has used to work out the activity. Harvard occurrence surveies are generally utilized in schools and colleges to more readily work goals and assurance contriving achievements of scholars.On the occupation readiness ( OJT )On the occupation arrangement is especially appropriate for little concern. It ‘s increasingly suitable when researcher needs to larn new designing. OJT should be possible authoritatively or casually. In formal OJT, there is a conventional coach, students watches the teacher that what and how he is making. At that point after the introduction, instructor will talk the method of using orally. At that point the researcher will himself design the scholarly achievements and will procure criticism and heading at a similar clasp. This methodology will emphasize until the researcher become maestro to it. Though in casual on the occupation readiness, there is no conventional coach, the individuals who realizes the designing can become familiar with the researcher at whatever point he requires. There is no conventional example of the intellectual achievements or appropriate input of the open introduction of the researcher. Work power ‘s Wearhouse is rehearsing formal on the occupation arrangement in which they have prepared coaches and

Primark Strategy

Presentation Primark is an apparel retailer, working in Ireland, the United Kingdom, the Netherlands, Germany, Spain, Portugal and Belgium. It works a sum of 196 stores with 38 in Ireland, 138 in the UK, 14 in Spain, 2 in Germany, 1 in the Netherlands, 2 in Portugal and 1 in Belgium. While the organization's fundamental central command are situated in Ireland where it exchanges as Penneys, the chain is an auxiliary of Associated British Foods plc (ABF), and is at last constrained by the Weston family through Wittington Investments. The organization positions itself as advertising in vogue dress at serious costs. In England the name is commonly articulated/? pra? m? rk/PRY-mark. Nonetheless, in Wales, Northern Ireland, Ireland, and Scotland it is typically articulated/? pri? m? rk/PREE-mark. While the elocution on the Primark corporate video is PRY-mark the organization had a concentrated yearly publicizing effort every Christmas during the 1980s wherein the store was alluded to on a few events (all through the melody/jingle) as PREE-mark, in spite of the fact that in the Republic of Ireland this verse was named over as ‘Penneys'. Liverpool's five story 84,000 sq ft Primark was the world's biggest, yet has now been supplanted by the Primark in Bristol at 82-92 The Horsefair Bristol with 100,000 sq ft. Primark is a quickly developing, major, esteem apparel retail bunch utilizing 27,800 individuals. Primark's own brands All of the organization's product is made explicitly for the organization and as such Pri mark has its own image names: †¢Ryan's worth Socks †¢Atmosphere †womenswear/footwear †¢Butler and Webb †Premium formal menswear †¢Cedarwood State †easygoing menswear †¢Denim Co. †womenswear, easygoing men's and childrenswear †¢Early Days †babywear †¢Girl 2 Girl †youthful girlswear Opia †adornments †¢Rebel Senior †more seasoned boyswear †¢Rebel Junior †more youthful boyswear †¢Young Dimension (YD) †more established girlswear †¢Primark Beauty †Cosmetics †¢Primark Home †home things †¢Secret Possessions †unmentionables, ladies' nightwear †¢Essentials †Basic Cheaper Items †¢Beach club-Luggage, women beachwear The company’s methodology for the business Key Strategies Following the presentation of new arrangements concerning the obligations of chiefs under the Companies Act 2006, executives must act in the manner in which they consider, in accordance with some basic honesty, would be well on the way to advance the drawn out accomplishment of the Company to support its individuals in general. In this manner, the executives ought to have respect to various elements recorded in that Act. Those components incorporate having respect to the Company's representatives, the need to cultivate the Company's business associations with providers and others, the effect of the Company's procedure on the network and the earth and the attractive quality of the Company keeping up a notoriety for elevated expectations of business lead. In light of this, the organization has reaffirmed its pledge to various superseding standards.

Link Between Behavioral Inhibition and Social Anxiety

Link Between Behavioral Inhibition and Social Anxiety Social Anxiety Disorder Print Link Between Behavioral Inhibition and Social Anxiety By Arlin Cuncic Arlin Cuncic, MA, is the author of Therapy in Focus: What to Expect from CBT for Social Anxiety Disorder and 7 Weeks to Reduce Anxiety. Learn about our editorial policy Arlin Cuncic Updated on February 24, 2020 Social Anxiety Disorder Overview Symptoms & Diagnosis Causes Treatment Living With In Children Sandro Di Carlo Darsa / Getty Images Behavioral Inhibition characteristics are used to determine the potential for developing anxiety by examining  behaviors in children  like fear, shyness, or withdrawal in new or strange situations and environments.     While research on behavioral inhibition and its reliability for predicting anxiety later on in life is still in its infancy, studies completed to date suggest that this could be an important indicator that could enable earlier treatment.  Social anxiety can be an overwhelming mental illness with severe negative effects. Early identification and intervention are important to improve quality of life and to prevent other conditions like depression.   Onset of Social Anxiety While scientists have not identified the specific cause of anxiety disorders like social anxiety disorder (SAD), many believe that it is linked to biological, psychological, and social factors. Many people experience severe social anxiety for years without getting appropriate treatment, either because they do not seek help or because they are inaccurately diagnosed. Untreated anxiety can result in severe depression and even suicidal behaviors, so it is important to get help as early as possible. If your child is having suicidal thoughts, contact the National Suicide Prevention Lifeline at 1-800-273-8255 for support and assistance from a trained counselor. If you or your loved one are in immediate danger, call 911. For many, social anxiety begins in the teens and into young adulthood. By identifying people at an early age and giving them the opportunity for effective treatment options, the severity of social anxiety can be minimized. Behavioral Inhibition is an important aspect of childhood as it may be an early indicator of anxiety disorders and valuable for obtaining an appropriate diagnosis. Behavioral Inhibition and Social Anxiety A growing body of research indicates a connection between childhood personality styles and developing social anxiety later in life. Behavioral inhibition is a personality type that shows a tendency toward distress and nervousness in new situations. Behavioral inhibition in children includes shyness around unfamiliar people and withdrawal from new places. Early behavioral inhibition is not a guarantee of developing anxiety later on. As children grow older, many learn to respond to new situations and new people in a more rational way. However, others will continue to show anxious behaviors throughout their lives and into adulthood. Some research has started to examine how to decrease behavioral inhibition to minimize social anxiety. Caregiving strategies such as those that encourage independence, confidence, and resourcefulness in children may help overcome behavioral inhibition later on.Providing children with exposure to new social situations and activities can help them build their own social skills.Overprotective caregiving, such as giving help when it is not necessary, can increase behavioral inhibition and may reinforce anxiety in new situations. The limited research available suggests that the best way to encourage a child to be confident and not anxious is to encourage him or her to be independent and give him or her the opportunity to problem-solve for himself or herself. This may build a foundation on which the child does not need to rely on others in social situations, lessening the chances of social anxiety developing later on. Through the study of behavioral inhibition and social anxiety, therapists can intervene early  to prevent anxiety from worsening to the point of inhibiting daily activities. A Word From Verywell If your child is displaying behavioral inhibition, this is not necessarily a sign of social anxiety disorder. However, it is important to monitor your childs behavior to see if it worsens. As a parent, be sure to give your child lots of opportunities to problem solve before you jump to the rescue. As your childs confidence grows, you may notice that behavioral inhibition is lessened. If behavioral inhibition seems to grow rather than lessen over time, it may be helpful to talk with your doctor about your childs behavior. At that point, you may discuss whether an assessment for anxiety is warranted and if intervention might be appropriate. Remember that early intervention is key to managing anxiety, so dont feel discouraged if your child is given a diagnosis. It is better to identify a problem at an early age before it grows into something more unmanageable during the teen years.

Wuthering Heights By Emily Bronte - 1193 Words

Jieyi Zhang Ms. Power ENG1D7 Monday, January 12, 2015 Wuthering Heights, a novel written by Emily Brontà «, is true to its name. Wuthering, meaning a fierce wind, pertains to the wind stirring the souls of the two characters, Catherine Earnshaw and Heathcliff, and brings their emotions to extreme heights, which results in extreme behaviour and acting without thinking about the possible consequences. The main theme of this gothic romance novel is passion. The strong emotions such as love, hate, and desire that Catherine and Heathcliff feel for each other and the people around them controls their actions and makes their behaviour excessive, driving the story forward and generating action in the novel. The character depicted as most passionate is Heathcliff. His passion is dark and vengeful. Adopted into the Earnshaw family as a child, he grew up with Catherine. As they played together on the moors, unrestrained by responsibility and completely free, they developed feelings for each other. Heathcliff feels betrayed when Catherine decides to marry Edgar Linton instead of him. He had overheard Catherine’s conversation with Nelly, in which she’d said: â€Å"...did it never strike you that if Heathcliff and I married, we should be beggars?† (pg 97) Heathcliff’s feelings for Catherine is more than just love. He states, after Catherine’s death, â€Å"Be with me always - take any form - drive me mad! only do not leave me in this abyss, where I cannot find you! Oh, God! it is unutterable! I canShow MoreRelatedWuthering Heights By Emily Bronte1555 Words   |  7 Pages2015 Wuthering Heights (1847) by Emily Brontà « Introduction The novel Wuthering Heights was written in 1847 by Emily Brontà «. The plot unravels with Lockwood visiting his landlord at Wuthering Heights; as Lockwood stays the night, he starts to discover items within the home and later a fatal vision appears, which causes him great curiosity. Lockwood returns back to his residence at Thrushcross Granges and listens to the history of his landlord, Heathcliff; told by an old servant at Wuthering HeightsRead MoreWuthering Heights By Emily Bronte1521 Words   |  7 Pages  Wuthering Heights is Emily Brontà « s only novel. Written between October 1845 and June 1846, Wuthering Heights was published in 1847 under the pseudonym Ellis Bell; Brontà « died the following year, aged 30. Wuthering Heights and Anne Brontà « s Agnes Grey were accepted by publisher Thomas Newby before the success of their sister Charlotte s novel, Jane Eyre. After Emily s death, Charlotte edited the manuscript of Wuthering Heights, and arranged for the edited version to be published as a posthumousRead MoreWuthering Heights by Emily Bronte1290 Words   |  5 Pagesusually by retaliating in kind or degree† (â€Å"revenge†) however to Heathcliff it meant more than just to avenge himself he wanted to have everything he felt he rightfully deserved and more. Social class and revenge, are primary themes in the novel Wuthering Heights. Social class plays a considerable part in the lives and loves of the charters in the novel. Revenge is key element in the book, this twisted theme creates the whole plot line. â€Å"Children develop a strong interest in the world around them by theRead MoreWuthering Heights, by Emily Brontà «1865 Words   |  8 Pagesdevilish, preternatural passion that tamer beings can scarcely recognize as love.† (Duclaux) Wuthering Heights by Emily Brontà « is considered a masterpiece today, however when it was first published, it received negative criticism for its passionate nature. Critics have studied the novel from every analytical angle, yet it remains one of the most haunting love stories of all time. â€Å"Wuthering Heights is not a comfortable book; it invites admiration rather than love,† (Stoneman 1). The novel containsRead MoreWuthering Heights By Emily Bronte1936 Words   |  8 PagesWuthering Heights, a novel by Emily Bronte is one of the most admired and favorable written works in English literature. When the novel was published in the year 1847, it sold very poorly and only received a minimum amount of reviews. Although the novel does not contain any sexual relations or bloodshed, it is considered to be inappropriate due to its portrayal of an unconstrained love and cruelty. Wuthering Heights is formed on the Gothic tradition in the late 18th century, which consists of supern aturalRead MoreWuthering Heights by Emily Bronte553 Words   |  2 PagesWuthering Heights: Good vs. Evil Emily Bronte’s classical literary masterpiece, Wuthering Heights, can more or less be viewed as a struggle between conventional, civilized human behavior, as well as the wild, anarchistic side that each of us humans possess, although subtly. Bronte’s piece can be summed up by the â€Å"good vs. evil† elements that include Wuthering Heights as opposed to Thrushcross Grange, Heathcliff vs. Edgar, and much more. These elemental set points lead to the conclusion that WutheringRead MoreWuthering Heights by Emily Bronte885 Words   |  4 PagesIn â€Å"Wuthering Heights† Emily Bronte vividly present the main character, Heathcliff, as misanthropist after he suffers abuse, degradation, and loses his beloved Catherine. Heathcliff, a black, orphan gipsy child, is brought to live in upper-class society by Mr. Earnshaw’s generosity. Heathcliff is an outcast in his new society. Thus, Heathcliff’s temperament is depicted in â€Å"Wuthering Heightsâ⠂¬  as cruel, abusive, and vindictive against those who humiliated and not accepted him in society. HeathcliffRead MoreWuthering Heights By Emily Bronte1149 Words   |  5 PagesDuring it release in 1842, ‘Wuthering Heights’ by Emily Bronte was considered to be a novel of obscenity and monstrosity. The novel has the ability to adapt to a range of themes and transcend the forms of content and cultural context within the ideas of love, oppression, power and harmony. Critical readings of the text have challenged and enriched readers in a diverse array of interpretations of language and structure; forming personal meanings that have developed throughout history. England, inRead MoreWuthering Heights By Emily Bronte1208 Words   |  5 Pagesrepair, and spark one of the most largest human motivations: vengeance. If left unnoticed, the feeling will grow inside us and consume our every thought and ruin our lives. Therefore, leaving no remorse or peace for ourselves and others. Emily Bronte’s Wuthering Heights is a book about love that turns into vengeance and hatred that goes for generations. This story revolves around Heathcliff, an unmerciful vengeful man. His desire to pay back those who have done him wrong is so extreme that he finds himselfRead MoreWuthering Heights by Emily Bronte877 Words   |  4 PagesThe novel, Wuthering Heights, written by Emily Brà ¶nte, follows the stories of Catherine and Heathcliff Earnshaw. Both lived in Wuthering Heights, until Catherine went away to Thrushcross Grange and came back a changed person. The settings of Thrushcross Grange and Wuthering Heights, throughout the novel help to display the emo tions of the story, and shape the image of the people who live within them. The setting helps to describe aspects of the novel in greater depth. One of the first scenes of

Annotated Bibliography of Articles on Health Communication

Health Communication Annotated Bibliography Brezina, Corona. (2010). Organ Donation: Risks, Rewards, and Research. Rosen Pub: New York, NY. An important role of the healthcare professional will have to do with the acceptance and request for organ donations. When a patient passes away, their loved ones will be asked if the organs of the deceased can be harvested. The healthcare professional must be able to make this request with enough tact that the bereaved will not be offended. The Hippocratic Oath that doctors and nurses must take in order to become medical professionals forces them to pledge they will First Do No Harm. Cutting into healthy bodies is mutilation and the opposite of this pledge (Brezina 10). So, is the cutting into a human body in order to retrieve an organ for an unhealthy one a similar violation of this credo? In order to find new medical treatments, there is often an experimental stage wherein first lower life forms and then more advanced beings are experimented with. The thesis being that the ends will justify the means. The experimentation will yield a greater good and the suffering of one will benefit the many. This is the same working theory behind organ transplants. Although one person will suffer if the organ is retrieved from a living body, the benefits to the person needing the organ will outweigh the unhappiness. A life here has more value than a single organ and it is the harvesting of a single organ that will save an entire life. PeopleShow MoreRelatedA Annotated Bibliography On The Field Of Nursing1600 Words   |  7 PagesAn annotated bibliography is used to assess other written works of information related to the topic you are discussing. This assignment is to help students learn how to deal with one of the many communication concerns they may come across in the field of nursing. They will achieve this by researching and assessing other sources as well as evidently and logically writing about their findings. The topic of this annotated bibliography is communicating with people who have Aphasia. Aphasia is neurologicalRead MoreAnnotated Bibliography : Robotic Surgical Training808 Words   |  4 PagesRunning Head: Annotated Bibliography Annotated Bibliography DHA 8032 Dewel Jamerson Dr. Wederski Annotated Bibliography Ben-Or, S., Nifong, W., Chitwood, W. (2013). Robotic Surgical Training. The Cancer Journal, 19(2), 120-123. This article is good and interesting because it talks about what surgeons go through to become proficient in using surgical robotics. The surgeons and the nurses have to learn to use visual cues when performing these surgeries since they do not haveRead MoreInterpersonal Communications Essay1036 Words   |  5 PagesAbstract The object of this paper is to examine the effectiveness of interpersonal communication. The paper will discuss how human service professionals can help by learning the standards of clients of a different culture. This paper will demonstrate some barriers that counselors may endure when assisting clients. Emotions can influence whether a client discuss circumstances to the interviewer and recognizing nonverbal and verbal cues. The authors have established the importance of counselorsRead MoreAnnotated Bibliography1329 Words   |  6 Pagesï » ¿ Annotated Bibliography Galen College of Nursing Annotated Bibliography Mayo Clinic (2011). Personal health record: A tool for managing your health. Retrieved from http://www.mayoclinic.com/health/personal-health-record/MY00665 This source talks about how electronic health records makes it easy to gather and manage medical information in a secure location (Mayo Clinic, 2001, pg. 1). They explain what a health record is and what goes into it. The advantages and disadvantages toRead MoreTherapeutic And Non Therapeutic Communication1108 Words   |  5 Pagespaper is the result of the review of five different articles that supports the PICOT statement which was about effects of therapeutic and non-therapeutic communications, in nurse-patient relationship, on patient’s conditions in hospital. The paper contains of explanation of each article followed by the relation to the PICOT statement. This paper will discuss the importance of therapeutic techniques, in contrast of non-therapeutic techniques, in health care setting by providing different resources andRead MoreDevry Engl 147 All Discussion Questions – Graded1196 Words   |  5 PagesFurther Information And For A+ Work Contact US At SPINWO OP@GMAIL.COM DeVry ENGL 147 All Discussion Questions – Graded WEEK 1 Exploring the Course Themes (graded) The four course themes of education, technology, family, and health and wellness are topics that touch each of our lives in some way. In this discussion, practice exploring the themes as a researcher would: by creating problem statements. How do you do this? Ask and then answer the question using a sub-topic (seeRead MoreEssay about Annotated Bibliography on Information Technology768 Words   |  4 PagesAnnotated Bibliography on Information Technology Mobile Security in the Future Adesina, A. O., Agbele, K. K., Februarie, R., Abidoye, A. P., amp; Nyongesa, H. O. (2011). Ensuring the security and privacy of information in mobile health-care communication systems. South African Journal of Science, 107(9), 26-32. This research article examines the security concerns of using mobile technology systems in health care institution. Various methods of ensuring privacy and security of patient’sRead MoreHow Fast Food Affect A French Health907 Words   |  4 Pages How Fast Food Affect a French Health Over time eating has become easier than ever. United States created fast food which the main purpose was to benefit people from eating on the go and today this eating efficiently has spread all over the world. Not only U.S. joined the new eating concept, but many other countries including France. Fast food has spread all over France, and it is the second country with the largest fast food consumer. It is very surprising to see an European country as the secondRead MoreUnderstanding Nursing Practices: An Assignment1480 Words   |  6 PagesApplications (Revised Edition). George Braziller Inc. 0807604534. Everett M. Rogers: (1997). Diffusion of Innovations Theory. HYPERLINK http://www.tcw.utwente.nl/theorieenoverzicht/Theory clusters/Communication and Information http://www.tcw.utwente.nl/theorieenoverzicht/Theory clusters/Communication and Information Technology B: Drack, Manfred. (2007). On the Making of a System Theory of Life: Paul A Weiss and Ludwig von Bertalanffys Conceptual. Vol: 82 iss: 4 pg: 349 -373. The quarterly reviewRead MoreComa Recovery : Steps And Understand The Brain780 Words   |  4 PagesMadison Johnson Mrs. Phillips/ 7th period 10th Grade Honors World Literature 28 August 2016 Coma Recovery: Steps to Understand the Brain Annotated Bibliography University of California - Los Angeles. Scientists use ultrasound to jump-start a man s brain after coma: New noninvasive technique may lead to low-cost therapy for patients with severe brain injury. Science Daily. Science Daily, 24 Aug 2016. The author explains a technique called â€Å"low-intensity focused ultrasound pulsation†

Book Review Supercrunchers Free Essays

We re likely to discount discomforting evidence and focus Instead on evidence that supports our preexisting beliefs. Reason 3: Most people are overconfident while they make prediction to the future while some people tend to be undercoating and slow to change In the face of new evidence. And overconfidence becomes severe when the problems become more complicated. We will write a custom essay sample on Book Review: Supercrunchers or any similar topic only for you Order Now 2. The author suggests that equations should not be without some kind of â€Å"over ride† capability. What is the â€Å"over ride† capability? Why does the author suggest this is necessary? Do you agree or disagree with this. Answers: â€Å"Over ride† capability refers to some kind of discretionary escape hatch some way for a human to override the prediction of the formula. Just like the rejection area of hypothesis test. It is necessary because a statistical procedure cannot estimate the causal impact of rare events because there simply aren’t enough data concerning them to make a credible estimate. The rarity of the event doesn’t mean that it will not have a big impact when the event does in fact occur. It Just means that statistical formulas will not be able to future the impact. In such case, a â€Å"over ride† capability is needed. I agree with this point because it is common in the day to day life. We need to find out when does the statistic way loose effectiveness. Every method has its own drawback; we need to figure out a systematic way to â€Å"automatically’ reflect the time that a statistic method fails. 3. The author puts forward that if one concludes that equations are in fact better than experts, then one must ask the question of where experts fit Into the process of prediction. Explain the place for experts In a world where predictions are made by equations. Answers: In a word, the most Important thing that is left to human experts Is to use our minds and our intuition to guess at what variables should and should not be Included in statistical analysis. A statistical regression can tell us the weights to place upon various factors. Human By Ranchers Chem. Email: rc2405@nyu. Deed experts, however, are crucially needed to generate the hypotheses about what causes what. The regressions can test whether there Is a causal effect and estimate the size f the causal impact, but somebody needs to specify the test itself. In addition, humans are crucial not only in deciding what to test, but also in collecting and. At times, creating the data. Reason 2: Once we form a mistaken belief about something, we tend to cling to it. We are likely to discount discomforting evidence and focus instead on evidence that to change in the face of new evidence. And overconfidence becomes severe when the than experts, then one must ask the question of where experts fit into the process of reduction. Explain the place for experts in a world where predictions are made by equations. Answers: In a word, the most important thing that is left to human experts is to use our minds and our intuition to guess at what variables should and should not be included in statistical analysis. A statistical regression can tell us the weights what. The regressions can test whether there is a causal effect and estimate the size humans are crucial not only in deciding what to test, but also in collecting and, at How to cite Book Review: Supercrunchers, Papers

Sexual Assault an Example of the Topic Government and Law Essays by

Sexual Assault The idea that sexual assault is treated with less severity than other violent crimes has been drawing attention sense the 1960s. This study addresses the question of whether sexual assault offenders were treated differently than other violent offenders. The authors were also trying to discover what affect race had on the decisions made by the criminal justice system. Overall they found that minorities are generally treated less harshly for sexual assault than whites, but they also found that for other violent crimes such as murder, robbery and assault minorities faced more stringent penalties. Need essay sample on "Sexual Assault" topic? We will write a custom essay sample specifically for you Proceed The authors chose to do this research because they were concerned with the idea that sexual assault was not treated with the appropriate level of severity. Previous research had been pided into two schools of thought; the consensus theorist and the conflict theorists. The consensus theorists assumed that the law was a neutral body and that it applies to all equally. Hunt (1980) says that most people in society agree with what is and what is not a crime and further they believe that crime occurs regardless of offenders social, economic, or racial background. One of the other studies represented in this article was that of the conflict theorist R. Quinney (1970). He believed that crime is defined by the upper classes and is not agreed upon by the general population. He presented the idea that the criminal justice system protects and maintains distinctions between the class and races. His research though, found enough contradictions that it cast doubt on the validity of his study. Lotz and Hewitt (1997) attempted to break away from the two classical fields of thought. They developed five models which he used to analyze how legal and extra legal information affects the decisions of the criminal justice system. His models represented different schools of thought like the consensus and conflict theories as well as a mix of both. His models showed that there are some factors like race and age that affected how people were treated. Polk (1985) wanted to know if it was only in cases of sexual assault that minorities were treated differently or if it was that all crimes were treated harsher if the offender was black. He found that sexual assault was treated with more severity than robbery and assault but less than murder. Bullock (1961) had also found that African Americans received shorter sentences for sexual assaults than Whites, but longer sentences for murder and assault. LaFrees (1980) study showed that African Americans who attacked white people served longer sentences then those whose victims were white. When the authors set about this project they noted the lack of comparison between sexual assault cases and other violent crimes. They also were aware that the sample size used was usually too small. Many of the studies only examined one jurisdiction. Many of the other studies also only looked at sentencing outcomes as the measure of the criminal justice system. The authors decided to instead look at five different stages of the criminal processing system. They looked at 56,781 felony offenders from some of the most populated urban areas in the United States. From those felons they chose males whose race was known and who had been charged with murder, attempted murder, sexual assault, robbery and assault. This study had five dependent variables; was there pre-trial release, was the arrest charge maintained, what was the case outcome, what was the type of sentence they were given and how long they were incarcerated for. They used the National Pre-Trial Reporting Program (NPRP) to obtain the data for the felons they used. The independent variables they controlled for were the year of the arrest, the type of crime committed, how many crimes the felon had been part of in the past, whether the offender was on a pre-trial release at the time he committed the offense and what was the ethnicity and ages of the offender. They ran their data through a logistical regression to measure the outcome. Their results showed that there were biases in the criminal justice system. The results agreed with the research done by Lotzs and Hewitts (1997). One of the models presented by Lotz and Hewitt that said that class and racial status does come into the criminal justice system on multiple levels this was confirmed by the data presented here. This study found that sexual assault offenders were more likely to be White than African American and Whites were treated harsher than other minority groups. Sexual assault offenders also had a 74 percent chance of not obtaining a pre-trial release. The criminal history was also less for sexual offenders compared to murders, robbers and regular assault offenders. The age of sexual culprits was much higher than for perpetrators of other violent crimes. They found that murderers were given the longest sentences, followed by sexual offenders and robbers. Most sexual offenders were sentenced to around 7.9 years compared to 187 months for murder. Sexual offenders did serve more time than either robbers or people charged with regular assault. In terms of race Hispanics and Asians were less likely to be thrown in jail than Whites and African Americans for violent crimes. They found that African Americans and Hispanics were less likely than Whites to be found guilty for sexual assaults. Conversely Hispanics and African Americans, the minority groups, were more likely to be convicted of the other violent crimes. They found that race also played a role in whether people were granted pre-trial release. Asians and Hispanics were less likely to be detained than Whites and African Americans who had similar chances of being detained. They also noticed that those people who were convicted for sexual assault victimized people of their own race more than others. Out of the African American rapists who were incarcerated, they discovered that most had hurt white women. These results suggested to the authors that minority women are less valued than White women. Because of this they feel that changes need to take place within the system. Desensitization to ethnicity should come to the fore front of training programs within the criminal justice system. It appears that not enough care is given to making sure that victims are treated equally when it comes to punishing their offenders. Without a change in the system a message is being sent that minority victims are not worth as much as their White counterparts; this cannot continue. More research seems needed before the hypothesis that the criminal justice system is devaluing minority victims can be verified, but this study does bring to light many interesting ideas. There also should be a standard set of guidelines for what type of crimes allow pre-trial release because this study showed that many of the offenders were out on pre-trial release for similar crimes. Overall this paper presented the data necessary to give conflict theories validity and shows that investigation is needed to determine the causes of the discrepancies between the races in regards to sexual assault. References Reviewed Article: Maxwell, Christopher, Post, Lori, Robinson, Amanda, 2003. The impact of race on the adjudication of sexual assault and other violent crimes. Journal of Criminal Justice 31: 523-538. Available at Science Direct. Com. Retrieved on April 3, 2006 from www.sciencedirect.com Bullock, l. M., 1961. Significance of the racial factor in the length of prison sentence. Journal of Criminal Law Criminology, and Police Science, 52: 411-417. Hunt, A., 1980. The radical critique of law: An assessment. International Journal of the Sociology of Law, 8: 33-46. LaFree, G.D., 1980. The effect of sexual stratification by race on official reactions to rape. Social Problems, 28: 582-594. Lotz, R. and Hewitt, J.D., 1997. The influence of legally irrelevant factors on felony sentencing. Sociological Inquiry, 47: 39-48. Polk, K., 1985. Rape reform and criminal justice processing. Crime and Delinquency, 31: 191-205. Quinney, R., 1970. The social reality of crime. Boston: Little and Brown.

Carton as Christ essays

Carton as Christ essays Throughout A Tale of Two Cities, Charles Dickens paints a dynamic picture of Sydney Carton. At first, Carton appears a disillusioned lost soul, lost in a drunken stupor. However, as the story progresses, Carton becomes the ultimate savior. Replaced with compassionate manners, he comes to exemplify the Christian ideal of the New Testament, as he becomes a Christ-like figure in order to repent for the crimes committed by the Evermondes. In the beginning of A Tale of Two Cities, Carton is the lost soul. He is referred to as the jackal in contrast to Darnay who is referred to as the lion. As the jackal, Carton is always a few steps behind his counterpart, and should be eaten by the lion. Both Darnay and Carton acknowledge the dynamic present between them. Darnay is fully aware of his superiority stating, You are in a bad way, you know; you really are in a bad way. You dont know the value of money, you live hard, youll knock up one of these days, and be ill and poor (Dickens 169). As most people believe, Carton feels that he himself has no purpose. He agrees with the way other people feel about him and takes no initiative. However, Carton slowly becomes a kindhearted, well-established character that the audience can empathize with. Through his love for Lucie and little Lucie, Carton cleans up his act, so to speak. After Darnay and Lucie get married, Carton is the first to visit and offer his congratulations. It is in this scene that we first notice the change in Carton. Even Darnay notices a certain rugged air of fidelity about him (Dickens 251). Moreover, when Darnay is captured, Carton fills his void. Bonding with little Lucie to the point where she needs him to tuck her in every night, Carton begins to plan his final deed. Like Christ in the New Testament, Carton is seen as a resurrection character. He s ...

What men need to know about dressing for job interviews

What men need to know about dressing for job interviews Attention men: do you know the modern rules to dress for success? Times have changed, and with them the guidelines for dressing for job interviews have too. And in today’s volatile, talent-rich job market where one wrong move can send you to the bottom of the applicant pool, the stakes for making an impeccable impression on job interviews are higher than ever before. Along with your cover letter and resume, how you handle yourself on a first interview- which includes how you dress- is a critical component of your initial impression on potential employers and hiring managers, and we all know how powerful and lasting first impressions can be.So keep reading, get ready- and go shopping if necessary- to make sure you’re absolutely ready when you’re on your next job hunt.Dress for the environmentAn important (yet often ignored) maxim when dressing for job interviews is dressing appropriately for the environment. What does this mean? Simply put, a three-piece suit may not be the best choice for every situation. An interview at a prestigious law firm and an art gallery are different animals that likely require different wardrobes. There are times when a conservative outfit is practically a requirement, and times when a little creative flair will be appreciated and well received. When you’re on an interview, potential employers will not only be looking to see that your outfit is polished and professional, they’ll also be checking to make sure it’s appropriate for the setting and reflects good judgment.Bottom line- whether in a board room, theater, campground, classroom, or somewhere in-between, part of your prep for every interview is to research your target environment and audience and to pick out an outfit that appropriately fits the situation.Fit mattersIn times past, men had plenty of leeway when it came to clothing fit and many chose to opt for loose comfort. Today, a more tailored fit is in style, so much so that in some places you’ll look positively behind the times if your outfit is too baggy or loose-fitting. A well-tailored outfit radiates positive, professional poise whereas a baggy, ill-fitting one may send a subconscious message that you’re unprepared, disorganized, or careless (regardless of whether or not it’s true).Your best bet is to make sure your clothes reflect a neatly tailored fit- this doesn’t mean you have to buy a whole new wardrobe, but it may necessitate a trip to the tailor if you find yourself drowning inside of your current outfits.Don’t be a peacockSure, you want to stand out from the applicant pool when you’re on an interview, but do it with your amazing abilities and experience- not with an overly flashy outfit. Resist the urge to peacock your way through your interviews and save the loudly colored suits and shirts and wildly creative ties for your next party or social gathering (unless you’re absolutely certain it’s the right environment for it). Instead, opt for more subtle color palettes and fits. Trust us on this one- you may stand out with a wild outfit, but likely not in the way you want to.Comfort is keyJust as important as a carefully considered and appropriate outfit is reflecting the aura that you’re confident- which means feeling comfortable in your clothes. Make sure you’ve tried on your outfit in advance of the interview day, and make sure your choice of outfit makes you feel good about how you look and your chances of landing the job. Nothing wrecks a first interview quite like a complete lack of confidence and comfort, so be prepared and consider yourself forewarned.Use these tips to plan out your outfit so that when interview day comes, you’re ready to go. Looking great leads to feeling great, which then leads to putting your best foot forward- so you’ll already have a leg up on the competition. Good luck!

Group Decision Making Process Essay Example | Topics and Well Written Essays - 500 words

Group Decision Making Process - Essay Example As there weren't any defined hierarchical structure within the group, so the individual and authoritarian decision making strategy were inapplicable in this situation. It was rather that we used the consensus decision-making model, as all every member of our group is a professional who has his own views on the problem, and who can make valuable contribution to solving it. Before making a decision we listened for all of the suggestions the members of our group had, and then we took the most valuable from all of the suggestions we heard. At the end of this stage, everything which we decided was worth attention was written down, and than we developed a strategy of actions according to all the information gathered. Thus the result we got was a result of real group work, but without the biases of the groupthink phenomenon. One of the characteristic features of group decision making process is that a good process itself doesn't guarantee the good outcome, and, on the contrary, complicated decision making process doesn't always result in a bad decision. Group decision making process is much more complicated than the individual one, due to the fact that there are several people in the group whose views have to be considered when making a decision.

Apple Store Building for the Photoshop Project Essay

Apple Store Building for the Photoshop Project - Essay Example For my Photoshop project, I decided to explain or even define what Apple is today. I think that for the past couple of years, they have significantly evolved into something much more interesting than their circumstance a decade ago when Apple is merely all about the "mac". For this purpose, I used three photographs: a photo of the Apple Store in New York; a photo of Steve Jobs; and, a photo of myself. I have edited these three materials in order to be integrated into one seamless poster of an important artifact of the twenty-first century.As previously mentioned, Apple has undergone a significant transformation, significantly changing its focus since the 1990s. For years, the organization has been steadfast and determined to uphold its core value as represented in the "mac" computer, including its own operating system. In this period, Apple has built a cult following, who were rapidly consuming each release of the "mac" hardware and the OSX platform. In the past years, however, Apple has diversified into several other products, particularly in mobile devices. Because of this, it has achieved a significant amount of mainstream success. It has perfected a unique formula for its products, which is composed of a tightly controlled ecosystem and extremely beautiful and user-friendly interfaces for its devices. I would like to capture this essence, first and foremost. In order to do this, I selected the Apple Store in New York. This particular image impressed me because it has several elements, which I think is representative of this aspect of the Apple brand. If one looks at the image, the Apple Store, resplendent in glass and steel is surrounded by buildings, dimmed by the night setting. Two of these building were prominently shown flanking the Apple glass box. On the left is a classically designed building, while on the right, stood a modernist concrete structure. For me, the tableaux can tell us two things if one follows the photographic principles especially tha t about semiotic codes. First is that Apple is not afraid to be different as demonstrated in the way the store was uniquely designed. It celebrated its uniqueness that is why it leads to innovation. Secondly, Apple is becoming more open to the idea of mass culture and it is starting to go mainstream. But, this is being done, on its own terms.

Physics and the Speed of Sound :: physics sound

The Speed of "Sound": is actually the speed of transmission of a small disturbance through a medium. The speed of sound (a) is equal to the square root of the ratio of specific heats (g) times the gas constant (R) times the absolute temperature (T). a = sqrt [g * R * T] Sonic Boom Sound generated by airflow has been around and reasearched for a long time. The increased use of fluid machines and engines has led to an increasing level of noise generation, and hence to an increasing interest in this area of research. A sonic boom is a loud noise caused by an aircraft travelling faster than the speed of sound which is mach one.. The sound propagates along the figure which is called the mach cone. The boom is due to a combination of volume and lift. While the boom due to volume can be virtually eliminated (Busemann, 1935), the boom due to lift can only be minimized. The minimum sonic boom generally does not correspond to the best aircraft. There is among others: sonic boom minimization at given drag; minimization at given volume, etc. (Seebass, 1998). Because the shock energy is nearly conserved as the shock radiates, its strength decays only slightly with the distance from the aircraft. Minimization is not straightforward, because it is constrained by structural, aerodynamic and design parameters, and not least by the variation of the thermo-dynamic properties of the atmosphere. The Speed of Sound, source: Air & Space/Smithsonian. The speed of sound varies with temperature. At sea level Mach 1 is around 742 mph. It decreases with altitude until it reaches about 661 mph at 36,000 feet, then remains at that speed in a band of steady temperature up to 60,000 feet. Because of the variation, it is possible for an airplane flying supersonic at high altitude to be slower than a subsonic flight at sea level.

Pros and Cons of No Child Left Behind Act Essay

On January 8, 2002, President Bush signed into law the No Child Left Behind Act of 2001 (NCLB). This law represents his education reform plan and contains changes to the Elementary and Secondary Education Act (ESEA) since it was enacted in 1965. It is asking America’s schools to describe their success in terms of what each student accomplishes. The act contains the President’s four basic education reform principles: stronger accountability for results, especially in reading, increased flexibility and local control, expanded options for parents, and teacher and staff quality. Schools will be held responsible for improving the academic performance of all students, and there will be real consequences for districts and schools that fail to make progress. Within twelve years, all students must perform at a proficient level under their state standards. But, states will set their own standards for each grade–so each state will say how well children should be reading at the end of third grade. Interested parents, families, and taxpayers can look to their state for detailed information about its academic standards. No Child Left Behind combines and simplifies programs, so that schools can get and use federal funding. Schools and teachers will get a boost for more than $4 billion in 2002 that allows schools to promote teacher quality through training and recruitment. Parents with a child enrolled in a school identified as in need of improvement will be able to transfer their child to a better performing public school or public charter school. No Child Left Behind gives districts new flexibility and freedom with Federal funds so children with disabilities can be better served. States will receive the freedom to target up to 50 percent of federal non-Title I dollars under the Act to programs that will have the most positive impact on the students they serve, including students with disabilities. Students will be assessed and assessments must provide for adaptations and accommodations for students with disabilities as defined in the Individuals with Disabilities Education Act (IDEA). Though, there must be a separate measurable annual objectives â€Å"adequate yearly progress† (AYP) for continuous and substantial improvement for the achievement of groups of students, including students with disabilities The purpose of the No Child Left Behind Act is to ensure that all children have a fair, equal, and significant opportunity to obtain a high-quality education and reach, at a minimum, proficiency on challenging State academic achievement standards and state academic assessments. President Bush states, â€Å"every school — every public school in America is a place of high expectations and a place of achievement.† So far, five states have taken the lead in assimilating the requirements of the Act into their current accountability systems and have received approval for their proposed accountability plans from the Department of Education. The states receiving approval are: Colorado, Indiana, Massachusetts, New York, and Ohio. When asking regular education and special education teachers about the No Child Left Behind Act, I realized many did not know much about it. I approached the principal at the school I work at and asked her about it but I received very little information. It was apparent that not many people knew what this act was about; they just knew that it exists. Luckily Anita the assistant to the Director of Special Education returned my phone call and had some more information for me. To Anita this challenges the educational system. As for students with disabilities, it makes the teachers be more responsive and assess special education students. It tries to bring up these students to state standards. She said that it may not be very realistic for students who are mentally retarded and have Learning Disabilities. She states that these students may not even be at the 50th percentile. â€Å"It’s a struggle to get these students to a hire level. Finally, the last thing she said was that thi s act is pushing for kids not to be exempted from testing.

Dilemma of investment in mutual funds in pakistan - Free Essay Example

Sample details Pages: 30 Words: 9035 Downloads: 7 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Chapter 1 Introduction 1.1 Introduction 1.2 Purpose of the Study Don’t waste time! Our writers will create an original "Dilemma of investment in mutual funds in pakistan" essay for you Create order 1.3 Research Objective 1.4 Research Methodology 1.5 Data Sources 1.INTRODUCTION 1.1 Introduction Mutual funds can play a significant role in the growth of an economy of any country. Mutual funds are a preferred investment destination for any individual/ organization as the fund houses offer not only the expertise in managing funds but also a host of other services. Not too many years ago, mutual funds were simply broad-based investment instruments created to simplify the details involved in investing in separate securities. Mutual funds also provided a greater measure of safety through broad diversification and the kind of top notch professional management that is generally out of reach for the small shareholder. Today, however, mutual funds are well specialized and present almost limitless diversity. The types of mutual fund portfolios available run the range from conservative to aggressive, from stocks to bonds, from domestic to international portfolios, from taxable to tax-free, and from virtually no-risk money market funds to high-risk options funds (Jacobs, 2001). If we come across at mutual fund market of a developed country, we can see that their investment in the mutual fund industry is higher as compared to their bank deposit base, which shows the potential of growth of mutual funds industry in Pakistan. This comparison with other countrys Asset Management Companies (mutual funds) indicates that Pakistans Asset Management companies are not playing the role that it should play. This gives rise to many questions in ones mind. For instance Why are the Pakistans Asset Management Companies not doing well and Why Pakistans Asset Management Companies are not that much competent? The reason is that mutual funds industry in Pakistan is still in its immature stage and investment options are limited to only equity, government security funds, fixed income and money market Funds. With the maturity in the industry and by the passage of time, the investors may have the options to diversify investments into commodities, real estate and other avenues. Today, the greatest challenge faced by the Asset Management Companies is the lack of awareness about the Mutual Fund products by general public. Lack of awareness by the individuals for mutual funds is a dilemma. The reason is that people dont think out of the box. They dont go for any other avenue to keep or save money except banks and on the other hand banks invest in different avenues such as mutual funds, TFCs, stocks, Government bonds, treasury bills etc. So the question arise that why do the individuals always invest their money in banks; why do they dont want to invest other than a bank like in mutual funds. Investing in mutual funds can give them better returns as compared to the banks. The reason is that the individuals are unaware of the better returns, benefits and security they can get by investing in mutual funds. So far, mutual funds have failed in bringing awareness to the individuals. Due to unawareness individuals hesitate in investing in mutual funds. Individuals should be given awareness about the functions that mutual funds perform. Mutual funds process can be better understood in a form of a cycle which i s presented below: In 2008 before recession the Asset Management Companies were doing well, they were building individuals confidence for investing in mutual funds by making individuals aware of Mutual Funds and its benefits along with the higher profitability margins it offers. But recession and the regulators for Asset Management Companies took them to the initial stage again where people were not much confident about investing in mutual funds because giving ones hard earned money into someone elses hands requires utmost faith and a sense of trust. 1.2 Purpose of the Study To highlight those points which are creating negative impact on investor this creates ambiguity when the investor wants to invest in mutual funds. To identify the causes due to which the current market of mutual funds is not growing. To illustrate the basic distinctiveness in operating styles, management and research resources between ASSET MANAGEMENT COMPANIES other Investment Companies. To highlight peoples preference of the Asset Management Company while investing in mutual funds. 1.3 Research Objectives The paper in detail contains the theoretical framework supporting the research objectives. The secondary data is useful in explaining the research objectives and the primary data is also importance as it gives the picture to explain the dilemma in the mutual funds industry. 1.4 Research Methodology The secondary and primary source of data was used in this research, visits of different websites specially the website of MUFAP helped in a great manner to streamline of research work, however few individuals whom we met and ask difference sort of questions for the research gave us valuable information about the past and present situation. The different sources of by which we gathered the data are listed below, 1.5 Data Sources The desired data is collected from the following sources: Karachi Stock Exchange Asset management companies Annual Reports Asset Management Banks Security Exchange Commission of Pakistan State Bank of Pakistan Chapter 2 LITERATURE REVIEW 2.1 Introduction 2.2 Mutual Funds Industry 2.3 Why mutual Funds? 2.LITERATURE REVIEW 2.1 Introduction Chapter 2 focuses on the theoretical approach of mutual funds industries. In the literature review a comprehensive discussion will be performed on the working of mutual fund industries, the types and categories of mutual fund industries and the dilemma that mutual fund industries are facing. The chapter also studies that how investing in mutual funds is better or more beneficial than investing in any other avenue, the factors that differentiate mutual fund industries with other financial Intermediaries and the mutual funds cycle. 2.2 Mutual Funds Industry The mutual funds industry is a secure and better way of investing money. The conventional style of saving money is by keeping them in banks. However, the diminishing bank rates are even lower than that of the rate of inflation and so it may not be a very good choice. The next option could be putting the money in the market but this requires a great deal of knowledge. Investing money through mutual funds is trouble-free and good for small ventures. A mutual fund is a financial institution that allows a group of investors to pool their money together with a predetermined investment objective. The mutual funds have specialized fund managers who are responsible for investing the pooled money into specific kind of securities (usually equity or fixed income securities). The manager uses the money to buy bonds, stocks or other securities according to specific investment objectives that have been established for the fund. In return for putting money into the fund, one can receive either units or shares that represents proportionate share of the pool of fund assets. In return for administering the fund and managing its investment portfolio, the fund manager charges fees based on the value of the funds assets. In simple words, a mutual fund is a pool of money that is managed on behalf of investors by a professional money manager. It includes a group of well qualified people who can guide and invest the money of the unit holders appropriately. When one invests in a mutual fund, he / she is buying shares (or portions) of the mutual fund and becomes a shareholder of the fund. Since mutual fund is a pool of money, different investors invest in it at a time and the total amount collected by all the investors by the mutual fund manager is then invested in different avenues. Be it a money market, stock market, financial institutions, government securities, banks or / and other avenues. The fund manager may invest in more one than avenue at a time which depends on the category defined. Before investing the gathered amount by the investors, the mutual fund manager has to consider and calculate all the important facts and figures that could create more and more profit for the investors who have invested in the mutual fund. After the fund manager has invested, he/ she gets returns which are then distributed to the investors according to their shares in the mutual fund. It is therefore essential to look out for the best mutual fund to obtain maximum returns. The flow chart below describes broadly the working of a mutual fund: Mutual fund provides numerous advantages to its users. One of a great benefit of mutual funds compared to stocks is their major characteristic of diversification. This means that mutual funds invest in many different stocks and in this way balance the risk you may encounter. Additionally, the fund managers may decide to invest in companies from different sizes and industries. This is done in order to balance the downturns in a particular investment with the upturn in another. The basic duty of the management of any firm and the company is to maximize the business and the wealth of the shareholders as well as the sustainability of the owners of the company. The management of the mutual funds is charging the management fee for this purpose. The growth of the mutual funds which we have examined here is based on the determinants which are affecting the growth of the mutual funds and is dependent on the negative and the positive impacts of these determinants. We worked through two models for investigation of this relationship of growth. The two models are comprised of fixed effect model and the cross section model. Most of the results are drawn by these models provided same results except for some factors. Mutual funds are one of the best investments ever created because they are very cost efficient and very easy to invest in (one doesnt have to figure out which stocks or bonds to buy). 2.3 Why mutual Funds? Mutual funds are used as a gauge to operate economy effectively and efficiently, they help central banks in implementing their monetary policies, organizations to go through financing attained through mutual funds and banks to mobilize the investment or the cash. Mutual funds have become essential for the growth of an economy as it is a source of money mobilization in the country. Mutual funds mobilizes money in a country in such a manner that it deals with almost every available investment options. Mutual funds help in regulating money through investments in stock market i-e via purchasing shares they are rolling the money to the companies. By investing in debts (long term financing), Term Finance Certificates / Sukuk they are mobilizing cash and enhancing the company. Moreover a growing company can raise its countrys economy with the help of mutual funds. Along with the investments in money markets, mutual funds invest in banks and government bonds also. Another rationale to invest in mutual funds is that its conservative nature offers a hedge against loss and allows the investor to climb into other vehicles that may be more risky. That way a retired investor can try to make some money in mutual funds without putting at risk their future. Also by being part of a mutual fund portfolio, the senior citizens have a chance to view how the various stocks that make up the mutual funds are performing and can select to invest in mutual funds that starts out performing the others to produce profits. For the senior citizens and retired investors, mutual funds can offer a hedge against inflation and it can direct the retired investors to the best stock picks and most importantly, it can protect the retired investors from losing their savings. Chapter 3 mutual funds 3.1 What is Mutual Funds? 3.2 Types of Mutual Funds 3.3 Categories of Mutual Funds 3.4 How Mutual Fund Works 3.5 Partners in a Mutual Fund 3. MUTUAL FUNDS 3.1 What is Mutual Fund? A mutual fund is basically a collective investment that pools money from many investors to buy bonds, stocks, short-term money market instruments or other securities and is managed professionally. Mutual funds serve as a connecting bridge of a financial intermediary that allows a group of investors to pool their money together with a predetermined investment objective. The mutual funds have a fund manager who is responsible for investing the gathered money into specific securities (stocks or bonds). When an individual invests in a mutual fund, he or she is likely to buying units or portions of the mutual fund and thus on investing becomes a shareholder or unit holder of the fund. Mutual funds are considered as one of the best available investments as compared to other investments. They are very cost efficient and convenient; individuals can easily invest in. Thus by pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification, by minimizing risk maximizing returns. A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. By pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification. Mutual funds have a large amount of funds so it is easy for the investors to invest in different stocks or bonds. 3.2 Types of Mutual Funds Open Ended Closed Ended Open-end Mutual Fund Open ended mutual funds possess following characteristics: Open ended fund is a fund which issues or redeems its shares at net asset value (NAV). It does not have a fixed fund size. Investors can get back their investment at any time by selling the units back to the fund. These are no fixed number of units. Open end funds are type of mutual fund that does not have restrictions on the amount of shares the fund will issue. If demand is high enough, the fund will continue to issue shares no matter how many investors there are. Open-end funds also buy back shares when investors wish to sell. It should be noted that when a funds manager(s) determine that a funds total assets have become too large to effectively execute its stated objective, the fund will be closed to new investors and in extreme cases, be closed to new investment by existing fund investors. In simple terms, open end funds mean that the fund does not have a set number of shares. Instead, the fund will issue new shares to an investor based upon the current net asset value and redeem the shares when the investor decides to sell. Open-end funds always reflect the net asset value of the funds underlying investments because shares are created and destroyed as necessary. Close-end Mutual Fund Following are the characteristics of close ended mutual funds: Close end fund is a fund whose shares are traded at prices other than the NAV It has a fixed fund size. Investors can sell their shares to any buyer through an exchange where the share is listed other then the issuing company. These are fixed number of units / shares. A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange. Unlike regular stocks, closed-end fund stock represents an interest in a specialized portfolio of securities that is actively managed by an investment advisor and which typically concentrates on a specific industry, geographic market, or sector. The stock prices of a closed-end fund fluctuate according to market forces (supply and demand) as well as the changing values of the securities in the funds holdings. 3.3 Categories of Mutual Funds Following are the broad categories of funds that are further sub categorized and tailored according to the requirements of the investors Stock Fund / Equity Fund / Capital Market Fund Hybrid Funds / Multi Asset Fund / Balanced Fund Fixed Income Fund / Money Market Fund Islamic Fund A. Stock Funds Investment Objective The primary objective of this fund is to invest in stocks through different stock exchanges while controlling risk. The aim of the fund is to provide individuals and institutional investors with a well diversified portfolio of equity stocks covering all major sectors. The objective is to maximize income and capital gains by prudently employing its investment management expertise. Investment Policy The fund follows a growth strategy by investing in large cap companies. This entails looking for companies with a track record of growing sales and earnings and the potential for more of the same. In drawing the investment plan Research plays a vital role, as it identifies the stocks which have potential for capital gains, development of particular industry and its impact on the particular stock, timings of investments and divestments depending upon industry trend and expected results. Asset Allocation The portfolio generally has the following asset allocation but it can change from time to time or as the investment strategy molds it. B. Hybrid Fund Investment Objective The main objective of this fund is to participate in a diversified portfolio of securities representing investments in capital and money markets. The main investment objective is to maximize capital appreciation and income. Investment Policy Consistent with the investment objective the fund primarily invests in large capital equity securities, along with debt securities and other money market instruments such as Government Bonds, TFCs, Islamic Bonds, Reverse-Repo etc. Asset Allocation The portfolio generally has the following asset allocation but it can change from time to time or as the investment strategy molds it. C. Fixed Income Funds Investment Objective These funds seek to provide its unit holders with attractive income from a well diversified portfolio of low risk assets while maintaining liquidity. Investment Policy In line with the investment objective the fund invests in a diversified portfolio of Government Securities, Investment Grade Term Finance Certificates, Rated Corporate Debt, Certificates of Investment and other long and short term money market instruments. Asset Allocation The weightages of the investment mix of the portfolio are managed in a manner that reduces the risk of loss in market value of the investments as the result of any major upward movement in lending rates. During periods where the Management Company is of the view that there is economic uncertainty, the weightages of the portfolio are increased in the short-term debt securities, debt securities with short remaining life, money market instruments and short maturity repurchase arrangements including spread transactions. The funds typically comprise of 60 % fixed income instruments. D. Islamic Fund Investment Objective These fund aims at achieving high level rate of capital gains and current income in line with Shariah principals along with providing liquidity to the investors. Investment Policy These funds primarily invest in Shariah compliant investment instruments whereby 60% investments are made in listed securities. Specifically; Shares, TFCs, Participation term certificates, Musharika, Murabaha, and other asset backed securities. The funds also keep cash in riba free deposit schemes with Islamic banks and other financial institution with the objective to maintain sufficient liquidity. Equity investment broadly meets the following criteria and any additional requirements as advised by the Shariah advisors: (These criteria change subject to change in investment policies and shariah advisors) The basic business of the investee company should be halal. The total debt of the investee company should not exceed 45% of its total assets. Long term assets of the investee company as a percentage of current assets may not exceed 10% Mutual funds with different investment objectives provide a variety of investment risk and return opportunities to the investors. Therefore, it is important for fund investors to thoroughly understand and identify the investing style employed by the funds that they choose to use to build their portfolios. Mutual funds can also be categorized as the following: The three included categories in the mutual funds are lower risk and return, moderate risk and return and high risk and return. Further sub categories include money market funds, income funds, balanced funds,equity funds and aggressive allocation stock funds. 3.4 How Mutual Fund Works The below mentioned diagram is clearly shown the process that how a mutual fund works. A. Net Asset Value The Net Asset Value is a term used to describe the value of an entitys assets less the value of its liabilities. The term is commonly used in relation to collective investment schemes. It may also be used as a synonym for the book value of a firm. For mutual funds, net asset value is the total value of the funds portfolio less liabilities. The NAV is usually calculated on a daily basis. B. Sale Redemption Sale With reference to mutual fund industry sale is said to be executed when a unit or number of units are sold to an investor by a mutual fund on a specific price. Sale Price It is the price at which an open-end mutual fund sells its shares or units to the investor. In most cases, the sale price is the net asset value per share but they might have a sales load incorporated which is explained in the next two paragraphs. Redemption With reference to mutual fund industry redemption is said to be executed when a unit or number of units bought back from an investor on their instructions and the investor is paid back his money at the rates of the prevailing unit price by a mutual fund. Redemption Price It is the price at which an open-end mutual fund buys backs its shares or units from the owners. In most cases, the redemption price is the net asset value per share but they might have a back end load incorporated which is explained in the next two paragraphs. Management Fees The management fee for the fund is usually the advisory fee charged for the management of a funds investments. However, as many fund companies include administrative fees in the advisory fee component, when attempting to compare the total management expenses of different funds, it is helpful to define management fee as equal to the contractual advisory fee + the contractual administrator fee. This helps when comparing management fee components across multiple funds. Contractual advisory fees may be structured as flat-rate fees, i.e., a single fee charged to the fund, regardless of the asset size of the fund. However, many funds have contractual fees which include breakpoints, so that as the value of a funds assets increases, the advisory fee paid decreases. 3.5 Partners in a Mutual Fund Investment Management / Asset Management Investment management is the professional management of various securities (shares, bonds etc) assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes e.g. mutual funds). The term asset management is often used to refer to the investment management of collective investments. Investment managers who specialize in advisory or discretionary management on behalf of (normally wealthy) private investors may often refer to their services as wealth management or portfolio management. Investment management services include financial analysis, asset selection, stock selection, plan implementation and ongoing monitoring of investments. Coming under the remit of financial services many of the worlds largest companies are at least in part investment managers and employ millions of staff and create billions in revenue. Investors An investor is any party that makes an investment. The term has taken on a specific meaning in finance to describe the particular types of people and companies that regularly purchase equity or debt securities for financial gain in exchange for funding an expanding company. The term is also applied to parties who purchase real estate, currency, commodity derivatives, personal property, or other assets. The term implies that a party purchases and holds assets in hope of achieving capital gain, not as a profession or for short-term income. Trustee Trustee is a legal firm or group of people who hold the property or investments on behalf of the mutual fund. A trust can be set up either to benefit particular persons, or for any charitable purposes. In all cases, the trustee may be a person or company, whether or not they are a prospective beneficiary Registrar A registrar is an official keeper of records. In case of a mutual fund they are the ones who keep the record of the Sale and Redemption of units, total units issued or outstanding with the information regarding the Unit Holder, dividend distribution etc. Distributor It is a firm or an individual who is licensed by the Asset Management Company to sell units on behalf of the fund. Custodian / Depository It refers to an institution which safeguards and manages flow of the financial assets of a Mutual Fund. In finance, a custodian bank, or simply custodian, refers to a financial institution responsible for safeguarding a firms or individuals financial assets. The role of a custodian is as follows: to hold in safekeeping assets such as equities and bonds, arrange settlement of any purchases and sales of such securities, collect information on and income from such assets (dividends in the case of equities and interest in the case of bonds), provide information on the underlying companies and their annual general meetings, manage cash transactions, perform foreign exchange transactions where required and provide regular reporting on all their activities to their clients. Custodian banks are often referred to as global custodians if they hold assets for their clients in multiple jurisdictions around the world, using their own local branches or other local custodian banks in each market to hold accounts for their underlying clients. Assets held in such a manner are typically owned by pension funds. Chapter 4 Research Findings 4.1 Choice of Investment in Mutual Fund 4.2 Comparison of Pakistan with Asia. 4.3 Delimma of Investing in Mutual Funds 4.1 Choices for Investing in Mutual Funds For the following four categories; Stock Fund / Equity Fund / Capital Market Fund Hybrid Funds / Multi Asset Fund / Balanced Fund Fixed Income Fund / Money Market Fund Islamic Fund Listed are the available choices for Investing in Mutual Funds as of March 31st 2011. AKD Investment Management Ltd AKD Income Fund AKD Index Tracker Fund AKD Opportunity Fund AKD Alfalah GHP Inv. Management. Ltd. Alfalah GHP Income Multiplier Fund Alfalah GHP Value Fund Alfalah GHP Islamic Fund Alfalah GHP Stock Fund Alfalah GHP Capital Protected Fund Alfalah GHP Cash Fund Alfalah GHP Capital Protected Fund II Al Falah GHP AMZ Asset Management AMZ Plus Income Fund AMZ Plus Stock Fund AMZ Askari Investment Management Ltd. Askari Income Fund Askari Asset Allocation Fund Askari Islamic Income Fund Askari Islamic Asset Allocation Fund Askari Soverign Cash Fund Askari Atlas Asset Management Ltd. Atlas Income Fund Atlas Islamic Income Fund Atlas Islamic Fund Atlas Stock Market Fund Atlas Money Market Fund Atlas Crosby Asset Management Crosby Dragon Fund Crosby Pheonix Fund Crosby Dawood Capital Management Dawood Money Market Fund Dawood Islamic Fund Dawood Faysal Asset Management Faysal Balanced Growth Fund Faysal Income Growth Fund Faysal Asset Allocation Fund Faysal Savings Growth Fund Faysal Money Market Fund Faysal Islamic Savings Growth Fund Faysal Habib Asset Management First Habib Income Fund First Habib Cash Fund First Habib Stock Fund Habib HBL Asset Management HBL Income Fund HBL Multi Asset Fund HBL Stock Fund HBL Money Market Fund HBL IGI Funds Limited IGI Income Fund IGI Stock Fund IGI Money Market Fund IGI Aggressive Income Fund IGI Islamic Income Fund IGI KASB Fund Limited KASB Liquid Fund KASB Islamic Income Fund KASB Balanced Fund KASB Cash Fund KASB Capital Protected Gold Fund KASB Stock Market Fund KASB MCB Asset Management MCB Dynamic Cash Fund MCB Dynamic Allocation Fund MCB Dynamic Stock Fund MCB Cash Management Optimizer Fund MCB Sarmaya Mahfooz Fund 1 MCB Al-Meezan Asset Management Ltd. Meezan Islamic Fund Meezan Islamic Income Fund Meezan Capital Protected Fund I Meezan Cash Fund Meezan Soverign Fund Al Meezan National Fullerton Asset Management NAFA Cash Fund NAFA Income Fund NAFA Stock Fund NAFA Multi Asset NAFA Islamic Multi Asset fund NAFA Islamic Income fund NAFA Government Securities liquid Fund NAFA Asset Allocation Fund NAFA Riba Free Savings Fund NAFA Savings Plus Fund NAFA National Investment Trust NIT Stock Fund NIT (GBF) NIT (IF) NIT Arif Habib Investments Pak Intl Element Islamic Fund Pakistan Capital Market Fund MetroBank sovereign Fund Pakistan Income Encashment Fund Pakistan Income Fund Pakistan Stock Market Fund Pakistan Capital Protected Fund Arif Habib 15 Index Fund Pakistan Strategic Allocation Fund Pakistan Premier Fund Pakistan Cash Management Fund Arif Habib Noman Abid Investment Reliance Income Fund Noman Abid UBL Fund Managers Ltd. United Composite Islamic Fund United Growth Income Fund United Money Market Fund United Stock Advantage Fund United Islamic Income Fund UBL Capital Protected Fund ii UBL Islamic Savings Fund UBL Savings Income Fund UBL Liquidity Plus Fund UBL JS ABAMCO Limited Unit Trust of Pakistan UTP A 30+ Fund UTP Aggressive Asset Allocation Fund UTP Fund of funds JS Income Fund JS Aggressive Income Fund UTP Islamic Fund UTP- Large Capital Fund UTP Capital Protected Fund UTP Capital Protected Fund II UTP Capital Protected Fund III JS Principal Secure Fund 1 JS Principal Secure Fund II JS Cash Fund UTP Capital Protected Fund IV JS PAK OMAN Investment Management Pak Oman Advantage Plus Fund Pak Oman Advantage Stock Fund Pak Oman Advantage Islamic Income Fund Pak Oman Advantage Islamic Fund Pak Oman BMA Asset Management BMA Chundrigar Road Saving Fund BMA Empress Cash Fund BMA ABL Asset Management ABL Income Fund ABL Stock Fund ABL Cash Fund ABL Islamic Cash Fund ABL Lakson Investments Lakson Income Fund Lakson Money Market Fund Lakson Equity Fund Lakson PICIC Asset Management PICIC Income Fund PICIC Cash Fund PICIC 4.2 Comparison of Pakistan AMCs with Asia AMCs. As far as choices are concerned these are more than enough for a developing country or developed country if it is working good. Total 25 AMCs offering 125 funds have the size of _______ billion which is 5% of the economy. Raising a question what are the hurdles for the mutual fund industry that the growth rate is as low as it can be. If we compare our mutual fund industry with in ASIA we found at the initial stage the pace was moving parallel. As it is clearly seen from the above graph that at initial stage Pakistani and Asia AMCs were moving parallel but after the recession Pakistans AMCs couldnt recover. Although the rest of the countries AMCs are not on that position where they should be but far better then Pakistans AMCs and giving their best for the economic growth. The below mentioned graph simply showing the performance of Pakistans AMCs from inception till now which shows a clear decline after the recession. And up till now there is no clear forecasting for recovering the AMCs. Pakistan AMCs. The below mentioned graph 4 (a) is showing the performance of Pakistans Asset Management Companies from inception till now which shows a clear decline after the recession. And up till now there is no clear forecasting for recovering the Asset Management Companies. Graph 4 (a) Description of the graph (a). The graph represents the performance of Pakistans mutual funds from the year 2006 to 2010. In the mid of the year 2006 mutual fund size was Rs. 160 billion (6 %) which increased to Rs.179 billion till the end of the year remaining to the 6 % of bank deposits. In the year 2007, significant increase in the size of mutual funds has been seen i-e Rs.302 billion. 3% of bank deposits increased in one year i-e from 6 % in 2006 to 9 % in the mid of 2007. Mutual fund size further increased till the end of the year 2007, in June 2007 it was 9 % (Rs.302 billion) and in December it expanded to 10 % (Rs.368 billion). Moving on, the year 2008 seems to be the most appalling year for Pakistan mutual fund industry because mutual fund size decreased to its lowest level comparatively. In June 2008, mutual fund size was Rs.336 billion (9 %) which decreased terribly to Rs.180 billion and 5 % of bank deposits. After the decline of mutual funds in the year 2008, the Pakistan mutual funds industry couldnt r ecover in the next years. Although a minor increase in the mutual fund size in rupees in billion has been observed from the year 2008 to 2009 and 2010, it couldnt affect the percentage of bank deposits. The below mentioned graph is showing the performance of Asian countries AMCs from inception till now which shows that after recession, they do suffer from recession but somehow they managed to maintain. 4.3 The Performance The performance of the Pakistan AMCs with the respective categories and with the periods is listed and explains below. The Returns the comparisions with the benchmark for the different categories for latest periods are listed below:For Stock Funds: Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Mar-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Dec-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 30-Jun-10 11561.50 -19.30% 11809.54 -3.90% -3.90% For hybrid Fund: Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Mar-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Dec-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 30-Jun-10 11561.50 -19.30% 11809.54 -3.90% -3.90% For Islamic Fund: Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Mar-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Dec-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 30-Jun-10 11561.50 -19.30% 11809.54 -3.90% -3.90% For Fixed income Fund: Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Mar-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Dec-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 30-Jun-10 11561.50 -19.30% 11809.54 -3.90% -3.90% 3. LITERATURE SURVEY Financial systems in a modern economy transfer resources over space, time and sectors. The flow of funds in a financial system occurs through financial systems and financial intermediaries. The major functions of this system are to transfer resources, manage risk, subdivide and pool funds and clear transactions. Institutions that provide financial services and products are called Financial Intermediaries. Financial institutions differ from other businesses because their assets are largely financial, rather than plants and equipments. The most important financial intermediary is Banks. They borrow and lend money to different households, corporate, and to those who need funds. Other important financial intermediaries are Insurance Companies and Mutual Funds that Pool and Subdivide securities. These financial systems allowed investments to be devoted to their most productive uses rather than being bottled up where they are least needed. Mutual funds in this regard help the economy to continuously rotate money in and out of the systems to make it remain hydrant. The mutual funds not only pools but subdivides the funds based on the need of individual saver or investor. The current and past environment of Pakistani Financial markets have always supported the Mutual fund industry due to their ability to pool and diversify investments that helps the money rotates to complete the fund transfers in and out of economy. The current scenario is a clear indication of the rising income levels as the money flow in the industry have shown a sharp increase in last three to four years. This rise have not only mobilized the money rotation but have also helped economy to develop at a much desired pace to beat inflation and help country fight out the phases of past recession that have somehow dampened the economic growth and prosperity. Previously the banks are the only options that an investor could opt from where he could save money and earn interest on it, now with the advent of Mutual funds the investment options have not only widened but have also increased the competition in the market as funds helps individuals take exposure in stock and money markets separately and collectively making them earn a higher risk adjusted return. This successful emergence of funds has let banks divest into Asset Management business making competition tough between banks and private groups. There is no denying that mutual funds these days are becoming more attractive and popular vehicles of securities investments among the general public world-wide. This trend is highly pronounced in the developed securities market of the United States of America and Europe. However, the developing economies including Pakistan are no exception to this global trend. It has been witnessed that mutual funds though form a comparatively small segment of the securities market in developing countries; they have been still increasingly gaining the public attention and have grown phenomenally over the last few years. To deliberate further on mutual funds industry, both global and local, it is essential in the first instance to have a look at the overall global situation regarding financial markets and the position occupied by mutual funds. These days, financial markets are in the process of momentous change prompted and catalyzed by the imperatives of globalization and the huge strides taking place in information technology, in particular the internet with its remarkable flexibility and endless, unfolding possibilities. And one can visualize that within a few years, not decades, neither capital markets nor banking will be the same as these are today. The fact of the matter is that financial services are getting disinter-mediated, commoditized and globalize. Stock exchanges, as structured today, perhaps even stockbrokers, may well become dispensable and redundant very soon unless they adjust substantially to changing realities and are able to provide real services as well as liquidity to market pa rticipants. Banks, too, will not be able to escape being disinter-mediated by specialized and commoditized and, perhaps, global provision of the type of services that one recognizes as banking. It is also clear that today, the three operational forces dominating the global financial system are: first an increasing focus towards meeting client needs instead of product sales; second, an increasing emphasis on the alignment of operations to manage and mitigate risk; and finally, reliance on emerging, broad-based intra-industry utilities for trade processing, settlement, funds transfer etc. Based on these three drivers, the intellectual ferment in global financial circles is overwhelmingly about advisory services and client-specific or designer financial products, in line with what is called client DNA. The talk is also about sales of risk and risk-reward packages as opposed to products, and about the importance of scale as well as the out-sourcing of back-end functionalities to seek cost savings. This year cross border flows are likely to be around 5-6 trillion dollars of which well over a trillion would pertain to investments in mutual funds. Obviously, it will be necessary to make the required and pertinent adjustments in operational modalities and approach to take account of global developments and it would, therefore, make sense for all concerned to forge and strengthen linkages with international asset managers as well as investment banks. As to the question how mutual funds will fit into this emerging paradigm for the global financial system, it is important, in the first place, to acknowledge the undoubted importance of mutual funds. This is obvious from the industrys aggregate, world size of $ 21 trillion as against the worlds financial assets that at present total around $ 120 trillion. Four years ago the industrys size was about one-third less i.e. $ 14 trillion. The hallmark of the industry has been innovation, its ability to utilize and leverage off information technology, and the professional acumen displayed by its managers. It appears that the evolving scenario of the world financial system that is characterized by disintermediation, commoditization, client-specific advisory services, and an emphasis on both risk management as well as economies of scale actually provides ample scope for mutual funds to flourish. The industry continues to innovate and develop products of differing risk-reward profiles which are constructed to capture value in a variety of ways. In many developing countries, including several middle-income countries in Asia and the Pacific, the mutual funds industry has displayed considerable progress in recent years. Although Pakistan had an early start with the setting up of NIT in 1962 and subsequently the ICP mutual funds, for almost 40 years, until 2002, the progress made was lackadaisical at best. In fact, the industry suffered both as a consequence of poor management as well as Government intervention and the distortions thus induced. During the past five years, prompted by positive changes in Government policy and regulation, as also measures to privatize and allow new entrants, the industry has witnessed major improvements and enhancement. The aggregate size of the local funds industry that was Rs. 25 billion in 2002 has now grown to Rs. 190 billion, i.e. over $3 billion, which is spread over some 61 funds that are managed by 34 asset management companies. Rs. 145 billion are in open-end funds and the rest is in closed-end funds. The total assets under management are, however, only 2% of GDP or 5.8% of bank deposits or 6-7% of market capitalization. By way of comparison I might mention that Indias mutual fund industry is 6% of GDP, 13.4% of bank deposits, and around 10-12% of market cap, whereas in the United States mutual funds are about 70% of GDP, over 150% of bank deposits, and about 20-25% of market cap. Also, it is noteworthy that the industry in Pakistan has come out with a fairly wide range of mutual fund products. In fact, the mutual funds industry of Pakistan deserves to be applauded and saluted for its excellent achievements. There are, however, several challenges to overcome! Both absolute and relative size of the industry remains rather small by international standards, its management is fragmented, its funding mostly comes from institutions and not from retail investors, its IT endowment is weak, its human capital is poor, and it has to contend with a shallow pool of invest-able assets. The question now is what should be done to enhance the mutual funds industry in Pakistan in order that it clearly plays its role of underpinning the financial markets and serves as an effective channel for mobilizing resources and allocating them to productive uses. This is not a perfect world, never has been, nor will it be! There will always be constraints and issues which will need to be addressed. If mutual fund managers are competent, they will know how to deal with difficulties and make progress but if they are not, they wont. To say, for instance, that by once again permitting institutions to invest in National Savings instruments has posed inordinate difficulties for mutual funds is not very convincing since the returns on NSS instruments have been drastically slashed over the years, and in any case, mutual funds must target retail investors, not institutions, if they are to play their proper role. Actually, with banking spreads being 7-10% and mutual fund fees being 1 to 2%, mutual fund managers have a lot of room to maneuver. Nonetheless, it is sincerely believed that policy makers and regulators in Pakistan will take the responsibility to adopt a progressive and enlightened view of mutual funds and will take such measures as are necessary so as to enhance the effectiveness of the industry as an important pillar of the financial system. To compare the basic management styles of the two groups following factors were analyzed that marks the characteristics of both major groups active in the market. Strong Management team that involves good professionals having experiences of managing funds and their appropriate qualifications have helped hem manage funds more efficiently. Standard Hierarchal Organization structure where the Audit and Risk Committee have to report to the Audit and Risk Board. This minimized the fraud risk and makes organization working effective. Mutual funds core concept is to minimize the Risk involved in Investments and most of the Banks managed AMC have strong Risk management department. Banks capacity to channelize their account holders to invest in their funds have given them an extra edge over others, as the investors feel secure to carry their confidence from one business to another. The other major factor engaged in its success is strong support from their parent organizations, starting from the seed capital, providing them the expertise required and fulfilling their funding requirements. The last factor that have helped them grow their networks are strong distribution and marketing channels, as bank branches are used as distribution centers for sales an collection points for redemptions and transfers. Private house expertise of stock market and their vast experience in this field have helped them give high returns on the stock funds making them more famous than other parties involved in the business. The time span that this group enjoyed at the start of the 90s helped them built confidence and launch new funds strengthening their market share before new entrants could stable themselves. Their major disability to expand at an enormous rate is their weak distribution network as only few institutions facilitate them in promoting sales and fulfilling other clients request. The general pay levels prevailing in this group is slightly lower than the other groups as they do not have a strong parental support to help them in fulfill their funding requirements and manage them in time of crises. The general reputation of this group among investors is not that equally high as of other group, as their alleged issues are being frequently highlighted in newspapers denting their reputation even harder. Chapter 4 Hypotheses Testing 4.1 Hypothesis 4.2 Testing of Hypothesis 4.HYPOTHESIS TESTING 4.1 Hypothesis Ho: Banks Managed Funds give higher returns on income funds as compared to Income fund managed by other private groups. Ha: Banks Managed Funds do not give higher returns on income funds as compared to Money market Funds managed by other private groups. Ho: Private groups manage Stock funds better than Banks AMC could. Ha: Private groups do not manage Stock funds better than Banks AMC could. 4.2 Testing of Hypothesis HYPOTHESIS NO. 1: Statement of Hypothesis Ho: Banks Managed Funds give higher returns on income funds as compared to Income fund managed by other private groups. Ha: Banks Managed Funds do not give higher returns on income funds as compared to Income fund managed by other private groups. Data Collected The data is primarily collected through the websites and fund managers report of the selected funds. The data available for the current financial year has been accounted and used as a sample for calculation. FactorsThrough which Hypothesis Result would be driven The result of the aforementioned hypothesis is represented through four most appropriate statistical tools used in the industry to evaluate the performance of income funds. These four methods are described below: a. Annualized Returns Annualized return calculates the fund return of a particular period being calculated on 365-day basis. This represents an annual return if the fund continues to perform in the same manner. Formula used: A.R= {(P1-PO)/PO}*365/ No. of Days of period selected Here, P1 = Last day NAV of the selected month. PO = Last day NAV of the previous month. b. Risk Adjusted Returns This ratio calculates the risk adjusted return by dividing the average return for the period with the standard deviation of the return for the same period. The higher the risk adjusted return the better is the funds performance. c. Asset Allocation The asset allocation of the fund represents its risk appetite and management concern over the consistent return. Fund invested in different asset classes having different assigned rating offer different return based on their assigned rating. The higher amount of fund invested in Junk Bonds do give higher returns but at times it causes funds return to decline in case of default of issuer. Similarly the investment in spread transactions also causes funds return to move adversely based mark to market basis. RESULT: Based on the weighted average annualized returns following results were obtained: Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Bank group 9.76% 9.80% 8.76% 8.76% 8.72% 8.99% 9.41% 9.10% 9.42% Private group 10.22% 10.83% 8.27% 8.96% 8.71% 9.20% 9.04% 8.86% 8.86% Difference -0.46% -1.03% 0.49% -0.20% 0.01% -0.21% 0.37% 0.24% 0.56% The Bank group as well as private houses has competed almost neck to neck but the variance in the returns of Private houses income fund have been more as compared to Bank group managed Income funds. To compare the variance in returns RISK ADJUSTED RETURN was calculated based on the same data that is used to calculate the annualized returns. Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Bank group 6.66 5.43 4.44 3.07 3.64 4.93 5.05 2.76 3.53 Private group 1.95 2.57 3.30 1.57 3.89 2.23 3.79 2.89 1.51 Difference 4.70 2.86 1.14 1.50 (0.25) 2.70 1.26 (0.13) 2.01 Based on the above results we could say that Banks group managed Income funds gives a higher risk adjusted return as compared to private houses managed Income funds. The asset allocation pattern of both the groups remained pretty much constant, private houses invested more in secured instruments having good credit ratings whereas, private houses funds invested more in Spread transaction and Money Market lending that usually carries a greater amount of risk as compared to investment in CFS and other rated instruments. Graphical Representation of Weighted Average Annualized Returns of Both Groups HYPOTHESIS 2: Statement of Hypothesis Ho: Private groups manage Stock funds better than Banks AMC could. Ha: Private groups do not manage Stock funds better than Banks AMC could. Data Collected The data is primarily collected through the websites and fund managers report of the selected funds. The data available for the current financial year has been accounted and used as a sample for calculation. Result of Hypothesis The result of the aforementioned hypothesis is represented through two most appropriate statistical tools used in the industry to evaluate the performance of stock funds. These two methods are described below: 1. Cumulative Return Cumulative return shows the average increase in the Net Asset Value of the fund for a given period. It is calculated by using formula: Cumulative Return = {(P1-PO)/PO} Here, P1 = Last day NAV of the selected month PO = Last day NAV of the previous month. 2. Comparison with Benchmark Measure of our performance as compared with funds benchmark. Through this measure the funds consistency in return is measured. RESULT: The weighted average cumulative returns of both the groups are shown below: Jul -08 Aug -08 Sep -08 Oct -08 Nov -08 Dec -08 Jan -09 Feb -09 Mar -09 Apr -09 BANK GROUP 0.95% -8.95% 9.22% 8.56% -1.03% -2.32% -0.72% 6.07% 2.00% 0.34% PRIVATE GROUP 0.45% -9.52% 10.84% 8.00% -1.59% -3.23% -0.93% 6.99% 1.71% 0.60% The Bank group managed funds over the tested period have shown a better performance as compared with private houses managed funds. The Private group Stock funds have shown an aggressive attitude as their deviation has been more than the Bank managed Stock funds. The general trend found with the Bank managed funds are their aggressive equity allocation in sectors that are highly affected by the macro economic conditions Like Banking sector. The Beta of these sectors has always remained above the average Betas of average performing stocks. Stock Funds Comparison with Benchmark Bank group performance: Jul -08 Aug -08 Sep -08 Oct -08 Nov -08 Dec -08 Jan -09 Feb -09 Mar -09 Apr -09 BANK GROUP 0.95% -8.95% 9.22% 8.56% -1.03% -2.32% -0.72% 6.07% 2.00% 0.34% KSE -30 -2.21% -10.35% 8.62% 6.83% -3.08% -0.23% -0.13% 10.01% 0.39% -1.51% DIFFERENCE 3.16% 1.40% 0.60% 1.73% 2.05% -2.09% -0.59% -3.94% 1.61% 1.85% Private houses group performance: Jul -08 Aug -08 Sep -08 Oct -08 Nov -08 Dec -08 Jan -09 Feb -09 Mar -09 Apr -09 PRIVATE GROUP 0.45% -9.52% 10.84% 8.00% -1.59% -3.23% -0.93% 6.99% 1.71% 0.60% KSE -30 -2.21% -10.35% 8.62% 6.83% -3.08% -0.23% -0.13% 10.01% 0.39% -1.51% DIFFERENCE 2.66% 0.83% 2.22% 1.17% 1.49% -3.00% -0.80% -3.03% 1.33% 2.11% From the above tables and graphs it could be concluded that private houses do outperform the bench mark (i.e. KSE-30) but as compared with the Private houses managed Stock funds they do not match their out performance. Based on the above facts and figures we could conclude that our Null hypothesis is rejected and PRIVATE HOUSES STOCK FUNDS DO NOT OFFER BETTER RETURNS AS COMPARED WITH BANKS GROUP MANGED STOCK FUNDS. Chapter 5 conclusion and recommendation 5.1 Conclusion 5.2 Recommendation 5.CONCULSION AND RECOMMENDATION 5.1 Conclusion Based on the above hypothesis we could conclude that Banks group manages mutual funds in a more efficient manner giving superior risk adjusted return as compared with private houses managed mutual funds. The working style and adoption of international best practices (like Audit and Risk Committee Board) has been far most applicable on the Banks managed Asset Management limited (AMC). 5.2 Recommendation The most vital problem spotted is of ignorance. Investors should be made aware of the benefits. Nobody will invest until and unless he is fully convinced. Investors should be made to realize that ignorance is no longer bliss and what they are losing by not investing. Mutual funds offer a lot of benefit which no other single option could offer. But most of the people are not even aware of what actually a mutual fund is? They only see it as just another investment option. So the advisors should try to change their mindsets. The advisors should target for more and more young investors. Young investors as well as persons at the height of their career would like to go for advisors due to lack of expertise and time. Mutual Fund Company needs to give the training of the Individual Financial Advisors about the Fund/Scheme and its objective, because they are the main source to influence the investors. Before making any investment Financial Advisors should first enquire about the risk tolerance of the investors/customers, their need and time (how long they want to invest). By considering these three things they can take the customers into consideration. Younger people aged under 35 will be a key new customer group into the future, so making greater efforts with younger customers who show some interest in investing should pay off. Customers with graduate level education are easier to sell to and there is a large untapped market there. To succeed however, advisors must provide sound advice and high quality.