Mean Variance Optimisation in the market - Free Essay Example

Sample details Pages: 15 Words: 4485 Downloads: 9 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? Mean-variance theory was developed in the 50s and 60s by Markowitz, Tobin, Sharpe, and Lintner, among others. It is still called Modern Portfolio Theory (MPT) by some people. Mean-variance theory continues to be the main workhorse on which analytical portfolio management is based. Don’t waste time! Our writers will create an original "Mean Variance Optimisation in the market" essay for you Create order The equilibrium version of mean-variance theory is called the Capital Asset Pricing Model (CAPM). The goal of the theory is to optimally invest funds in wide variety of assets. It is a quantitative tool, allowing making investment decisions by considering the trade-off between risk and return. There are single and multi period mean variance optimisers. Single-Period MVO considers designing of portfolio for single upcoming period and maximising return considering presumed level of risk. Multi-Period MVO is a strategy, rebalancing portfolio at the end of each period. 5.1 Single Period Problem [11]Inputs: o The expected return for each asset o The standard deviation of each asset (a measure of risk) o The correlation matrix between these assets Output: o The efficient frontier, i.e. the set of portfolios with expected return greater than any other with the same or lesser risk, and lesser risk than any other with the same or greater return. 5.2 Multi-period Pro blem Input: o The full historical data set Desired output: o The Geometric Mean Frontier; i.e. the set of rebalanced portfolios with greater geometric mean return than any other with the same or lesser standard deviation, and lesser standard deviation than any other with the same or greater geometric mean return 5.3 Benefits of MV optimiser [12]Satisfaction of client objectives and constraints. It is possible to integrate client constraints and objectives in MVO, which enables individual approach to each client, dependant on his risk acceptance level. Control of portfolio risk exposure. It is possible to control risk exposure of portfolio with the help of MVO. Implementation of style objectives and market outlook. It is possible to reflect company s investment style, philosophy and market outlook in MVO. Efficient use of investment information. MVO is designed to reflect all the relevant information available for the optimisation of the portfol io. Timely portfolio changes. MVO is capable of processing large volumes of data very quickly, which is useful for large organisation, that need to incorporate this information in there portfolios in order to reflect the changes in environment. Portfolio management is the process of managing assets of a mutual fund, including choosing and monitoring appropriate investments and allocating funds accordingly. A mutual fund is an open-ended fund managed by an investment company which raises money from shareholders and invests in a group of assets. Mutual funds raise money by selling shares to the public. [1] In return for the money, shareholders receive an equity position in the fund and, in effecting each of its underlying securities. Investors often hold more shares in more than one company and there are two approaches to portfolio management. The two types are: Active Passive Maximising the expected utility of the excess return over a chosen benchmark is known as active portfolio management, whilst passive portfolio management just tracks the benchmark. The simplest example of passive management is the index fund that is designed to replicate exactly a well-defined index of common stock, such as SP 500.The fund buys each stock in the index in exactly the proportion it represents the index. If J.P. Morgan Chase represents 3% of the index, the fund places 3% of its money in J.P. Morgan Chase stock. Every portfolio manager needs to decide if s/he will approach an active or passive approach to portfolio management. Factors that needs to be considered when choosing a portfolio strategy are the following: Cost/ Fees It s much cheaper to run an indexed portfolio than an actively managed one. Every time a portfolio manager is trading on behalf of an investor and is adjusting the portfolio the investor is charged a fee, which is often a substantial amount of money, and sometimes can prove to be too costly if the returns are not high. Taxes Index funds sell stock only when companies enter or leave the index they re mirroring, which is infrequent, so shareholders rarely incur capital-tax gains tax. In contrast to active management, every time a sale has made a profit shareholders are liable for capital gains tax. State of the economy some firms may be very sensitive to the state of the economy, some not so. The index decreases during a recession, so investors need to be aware of which companies are very susceptible to the state of the economy. For example during a recession share value of Tesco may not decrease as much as share price of a manufacturing firm during a recession. The reason being is that people still need to eat and so Tesco will have sales no matter what the state of the economy. Time Horizon Investors that want to invest in the long term, go for index, and will track the market. For example the SP 500 is higher today (even with the looming depression) at 1360.54 compared to 3 years ago at 1171.36 open on 31/1/05 (FTSE charting) Source: www.ft.com Investors investing over a short time period, such as day traders will actively manage a portfolio and be selling and buying shares very quickly and following the market very closely to make as much money as possible as quickly as possible. The time horizon can coincide with the goals they are trying to achieve, be it long, medium or short term. If the investor is faced with a short term goal, then it is possible that the investor will approach an active management strategy to make the most money as quickly as possible. Having an active approach over a long period of time can prove to be costly. Attitude towards risk an investor s attitude towards risk will play a integral part in the decision of managing a portfolio passively or actively. If I was an investor and my attitude was risk loving I would actively manage a portfolio, as this involves picking stock, based on forecasts of the stock being under pri ced and market timing. The believe, is the higher the risk the higher the return. However if I were a risk averse investor I would not like to run the risk of individually picking stock and would prefer to spread the risk by investing in a well-defined Index. Both strategies have its positive and negative points and the approach taken by the investor is depended on personal preferences to risk and the situation the investor is facing. I, personally, would take the passive approach to portfolio management. The reasons behind this choice is that I am risk averse, so I would not like to run the risk of picking stock in the believe that the market has not been able to price the stock correctly and instantaneously to its true value. The costs of managing an active portfolio are high. These costs include transaction costs and taxes. So to reduce my costs of managing a portfolio I would choose a passive approach so that I am not paying out to brokers and to the government. Lastly I b elieve that the market is efficient and so this does not allow big amounts of profits to be generated as the market corrects any inefficiency. Q1b) The CAPM provides the relationship between an investments systematic risk and its expected return. The treatment of risk in the CAPM refines the notions of systematic and unsystematic risk developed by Harry. M. Markowitz [3] Unsystematic risk is the risk to an assets value caused by factors that are specific to an organisation, such as quality of management, RD, marketing effectiveness. A fundamental principle of portfolio theory is that unsystematic risk can be diversified away. Systematic risk is risk that cannot be diversified away. This risk represents the variation in an assets value caused by economic fluctuations. The market only provides a return for risk that cannot be diversified away. The CAPM assumptions can be divided into two groups. First set of assumptions are for the investors and the second is for the fi nancial market environment within which investments are bought and sold. The assumptions behind CAPM for investors are 1. Investors are rational, risk averse and utility maximisers 2. Investors perceive utility in terms of return. 3. Investors measure risk by the standard deviation of return 4. Investors have a single period investment time horizon 5. Investors have the same expectations about what the future holds. The assumptions for the financial market are perfect and that 1. there are no taxes 2. there are no transaction cost 3. investors can both lend and borrow at the risk free rate of return. As one can see these assumptions are highly restrictive and not a real representation of reality, as we live in complex world. Yet with these set of assumptions the model still gives an accurate picture, to a certain extent, of what investors experience when investing. I will go through all the assumptions in turn and explain what the result will be i f they are untrue. Firstly in reality investors may be rational but not all are risk-averse, some are risk-loving and will be high risk investors in the hope to reap in high returns. This may not be the most efficient portfolio or share and as a result the investor will not be on the Capital Market Line. Secondly if the assumption of investors perceive utility was untrue then it would not be possible to measure the efficient portfolio set. Whilst return is a dominant factor in determining utility other factors come into play. An investor will consider utility factors such as: will this investment complicate my tax calculations Would I be better off consuming this wealth instead? Could the investor gain any lifestyle benefits from this investment (ie. Art) Thirdly, not all investors understand statistics and hence do not know what standard deviation is so investors do not look at the standard deviation of return. Alternatively they can see risk in terms of the st ate of the economy, recent business conditions and trading information. As a result the CAPM should not solely rely on standard deviation of returns, as the measurement of risk is more complex and certain aspects are difficult to measure. In addition, investors rarely have a single time period of investment time horizon. All investors are different and have different time horizons of investment. For this reason this assumption makes the model static, but as we very well know the world is dynamic in which investors are free to manipulate their portfolio. One of the other assumptions of the model is that all investors are homogeneous and have the same expectations of the future. Clearly this is untrue in the real world. Not all investors share the same view; some are optimistic others are not so. As a result this would lead to different investors to hold different portfolio sets. We have seen what the results are if the assumptions of the investors are untrue. Now I will move on to discuss what the results will be if the assumptions of the financial market are untrue. The figure below describes portfolio opportunities. The assumptions under CAPM The CAPM is important as it quantifies and prices systematic risk and expresses it relative to the market portfolio. Thus CAPM provides us with the expected return of any asset or portfolio based on its risk as measured by beta, the risk premium of the market, and the risk free rate. This model is constructed in a hypothetical world based on several rigorous assumptions, but like in any economic model, these simplifications are essential in developing a workable model in a complex and diverse financial world. The assumptions of CAPM and deriving the CAPM through a simple proof, as pointed out in Elton and Gruber[1] are as follows. The first of all assumption to take is there are no transaction costs. This assumption implies frictionless markets; however in reality transaction costs play a varied part in investment decisions. If transaction costs were present, the return from any asset would be a function of whether or not the investor owned it before the decision period. Thus transaction costs play an important role in reality as in most cases as it is not instantaneous shifting one portfolio of assets to another, and also the delivery costs may dissuade an investor even though it might be an included to form an optimum portfolio. Portfolio theory is also called modern portfolio theory which was developed by Harry Markowitz in his famous paper Portfolio Selection in 1952. Before he developed this theory, investors had no specific measurement of risk. It is the theory that explains why the investors should choose several investments, rather than put all of their funds in just one. In his paper, he used some scientific methods and logical reasoning to demonstrate how the efficient portfolio theory works. It includes some assumptions to reinforce the theoretical model and applying the deductive and inductive reasoning to develop the theory. Also he used some mathematical ways to explain how the model works underlying the assumptions. Under these methods, it displays how the investors should select their efficient portfolio of investments. Before analyzing the portfolio theory, I should explain and illustrate some terminology which relates to the scientific and logical reasoning, including theory, model, assumption, inductive and deductive reasoning. One definition of assumption from the Oxford English Dictionary is That which is assumed or taken from the granted; a supposition, postulate . From the definition, we can see the term of assumption is a statement or a fact to consider as the truth. In other words, it is an idea to be accepted without the experimental proof as the basis of argument. Assumption is a basic condition as the part of logical analysis and comes into being before the theory formed. Moreover, the development of theoretical model is underlying the assumptions. So it is a limited statement that cannot be treated as the principle and theory. As the example I mention above, before Newton developed the Gravity Theory, he used the existence of earth gravity as the assumption and then proved it through the lots of experiment. There are lots of explanations of model in the Oxford English Dictionary. One of them relates to the topic I discuss by explaining model is A simplified or idealized description or conception of a particular system, situation, or in the mathematical terms, that is put forward as a basis for theoretical or empirical understanding, or for calculation, prediction, etc . Although model also can be seen as a system, it is not a universal idea like theory. A model is a scientific statement through some experimental proof and is only accurate in the limited situations. In addition, a model also can be seen as a part of proof in the process of inference in the theory and can be described as a mathema tical way. For instance, Helium atom model shows nucleus with two protons and two neutrons orbited by two electrons. There is no doubt that the effective argument needs the premises by logical steps to construct the valid conclusion. For a logical argument can take two shapes: Deductive and Inductive reasoning. In deductive reasoning, if the premises are true, the conclusion is impossible to be false. Although it is valid from the proof, it can also lead a false conclusion, the reason is that the premise is incorrect. So the validity of the deductive reasoning depends on the truth of the premises. For example, the sum of the angles for any triangles is 180 degree, so we can conclude that a triangle whatever the shape is, its angle must be 180 degree. In inductive reasoning, the premise with some degree of the probability supports the conclusion, but do not sure the validity of the conclusion. In fact, it is not logically valid and can never be used to provide proofs, because t he conclusion is drawing under the experience and observations. In some logical terms, it defines as from general to special . For instance, one day you see lots of people who do the presentations wearing the suits in the university. Then you conclude the people who wear the suits in university must have the presentation today. Obviously, the conclusion does not make sense. If people who have the presentation or not, it can not depend on wearing the suits. Instead, inductive reasoning need collect lots of information and evidences, in order to reach an appropriate conclusion. So the development of theory, it needs to construct propriety assumptions and using some theoretical models and logical reasoning to demonstrate them. From the definition of theory, we can conclude the modern portfolio theory is an acceptable general principle to explain the investment behavior and investors can choose the efficient portfolio base on both the expect return and variance of return. In the p aper Portfolio Selection , Markowitz also applied these logical and scientific methods to develop his theory, I will discuss below. Markowitz noted that there are two stages in the process of selecting a portfolio. The first stage starts with observation and experience and ends with beliefs about the future performances of available securities . Stage two starts with the relevant beliefs about future performances and ends with the choice of portfolio. In his paper, he considered the process of second stage. Firstly, he rejected the hypothesis that the investor does (or should) maximize discounted expected, or anticipated returns because it never implies that there is a diversified portfolio which is preferable to all non-diversified . Then he applied the reductive reasoning to explain the rejection of the hypothesis in terms of observed experience and logical reasoning. From the observed experience he referred to diversification is both observed and sensible . However the rule of behaviors does not imply the superiority of diversification . Then he concluded this hypothesis should be rejected. In other words, the argument gives a premise that any acceptable theory attempts to account for investment behaviors must not contradict observed experience. However, the hypothesis contradicts the observed experience. According to the deductive reasoning, the conclusion is the hypothesis is not an acceptable theory to explain the investment behaviors. Markowitz noted that there are two stages in the process of selecting a portfolio. The first stage starts with observation and experience and ends with beliefs about the future performances of available securities . Stage two starts with the relevant beliefs about future performances and ends with the choice of portfolio. In his paper, he considered the process of second stage. Firstly, he rejected the hypothesis that the investor does (or should) maximize discounted expected, or anticipated returns because it never implies that there is a diversified portfolio which is preferable to all non-diversified . Then he applied the reductive reasoning to explain the rejection of the hypothesis in terms of observed experience and logical reasoning. From the observed experience he referred to diversification is both observed and sensible . However the rule of behaviors does not imply the superiority of diversification . Then he concluded this hypothesis should be rejected. In other words, the argument gives a premise that any acceptable theory attempts to account for investment behaviors must not contradict observed experience. However, the hypothesis contradicts the observed experience. According to the deductive reasoning, the conclusion is the hypothesis is not an acceptable theory to explain the investment behaviors. From the logical reasoning, the rejection of the hypothesis also can be proved. Markowitz said the hypothesis implies that the investor places all his funds in the security wit h the greatest discounted value . Then he used the mathematical way to analyze the discounted return of two or more securities and give the conclusion that there is no evidence to show a diversified portfolio preferred to all non-diversified portfolios. So we rejected the hypothesis. It is also an example of deductive reasoning. After the rejection of the hypothesis, Markowitz indicates one of variation of hypothesis that the investor should diversify and that he should maximize expected return . He argued that adjusted hypothesis depended on the assumption that there is a portfolio which gives both maximum expected return and minimum variance . From the observational evidence, the assumption is not unreasonable, because the return on securities are too inter-correlated so that this kind of portfolio is difficult to exist. Then he concluded that the portfolio with maximum expected return is not necessarily the one with minimum variance . It can be seen as the example of reductive reasoning, Due to the hypothesis is inadequate to explain the investors behaviors. Markowitz developed a new hypothesis, which is investor does (or should) consider expected return a desirable thing and variance of return an undesirable thing and used Expected Return-Variance of Return Model (E-V rule) to explain it, Under the E-V model, Markowitz used a number of assumptions to reinforce the theoretical model. Firstly, the investors consider the return on investment alternative as being represented by a probability distribution of rates of the investment outcome. Secondly, investors measure the risk using the variance of return. Also in a portfolio of shares, they calculate the risk by using the covariance computations. In addition, investors are willing to basing on decision on the two parameters the expected return and variance of return in their investment. Finally, it assumed the risk-averse behaviors; an investor will select the efficient portfolio. For a given level of risk, investors prefer maximum expected return. Similarly, for a given expected return, investors prefer minimum risk. (Richard Dobbins, Stephen Witt and John Fielding, 1994) Markowitz argued that the E-V rule is used both as a maxim to guide the investment behaviors and as a hypothesis to explain it. Also using mathematical analysis to show the investors can select the efficient portfolio from the combinations of expected return and variance. One reason of rejecting the expected return rule that is never implies the superiority of diversification. So Markowitz used the deductive logic to conclude it does not mean that the E-V rule never implies the superiority of an undiversified portfolio . He indicated the one particular undeversified portfolio would give maximum expected return and minimum variance . However, most of efficient portfolios are diversified which is underlying the E-V rule. In the end, he concluded not only does the E-V hypothesis imply diversification, it implies the right kind of diversification for the right reason . He also indicated that the adequacy of diversification is not thought by investors to depend solely on the number of different securities held , because in the real world, the same industries have the similar economic characteristics. It is likely for the same industries to performance badly at the same time. Using the point as the premise, according to the inductive reasoning, he concluded that diversification depends on the investment on the different kind of industries. Moreover, the firms in different industry have lower covariance than the firms in the same industry. In order to avoid the high covariance in the portfolio of securities, the investor should select the securities in the different industries. Portfolio theory that was established in the early 1950s has five basic assumptions, which are: Agents prefer more wealth to less. Agents are risk-averse and require a higher expected rate or return for taking on more risk. The rates of return follow a normal distribution. This means that the risk of an individual security can be measured by its standard deviation. The wealth-holder cannot affect the probability distribution of the security held. The theory considers only existing assets not new issues. (Keith Pilbean, finance financial markets, published 1998, page 130). The return of assets on a portfolio can be observed by the next expression: N Rp=SwiE(Ri) I=1 Where we can say, that Rp is the price weighted return on a portfolio of risky assets, wi is the price-weighted proportion of a portfolio spent in asset i, Ri is the return on the asset i in the portfolio and N is the amount of securities in the investors portfolio. Furthermore, the average expected return on the portfolio is shown by the following expression, where E (Ri) shows the average expected return on asset I, and the E (Rp) is the average expected return on the portfolio. N E(Rp )=SwiE(Ri) i=1 isk/standard deviation When a portfolio dominates another, it will happen because either it has the same standard deviation, or it has a lower standard deviation and the same expected rate of return as another portfolio, and this is called the dominance principle. We can read from the graph that portfolio A dominates B and B dominates C and D. But not all combinations are of interest since some of them dominate others. In this case, we can see that A dominates C and E dominates portfolio F, so our attention focuses only in the thick black part of the efficiency frontier. The portfolios that dominates the others portfolios is the so-called efficiency frontier. Furthermore, all dominated portfolios are called inefficient portfolios and the portfolio that for a given level of risk offers the highest possible return is called efficient portfolio. A technique, which is known as quadratic programming, and comes from the Markowitz method, can give us the mathemat ical solution for the portfolio efficiency frontier. The basic ingredient in this technique is to calculate a reachable target rate of return X% and then find a set of weights wi, which attains this target with the minimum of variance, which is illustrated next: N N N s p=Sw i s i +S S wi wj sij I=1 I=1 I=1 i =j Then by using the diversification, the risk can be reduced until the minimum risk of a given return is reached. This can be achieved by minimizing the correlation among the rates of return on two or more securities. However, this method has a major problem, which has to do with the amount of covariances that have to be calculated. In N securities the formula that is used is (N N)/2 and we think of 500 securities then the covariances goes over the number of 120.000. but even in N securities the risk of every combination will be less than the weighted average of the securities that make up the portfolio. The MVO Scenarios Commodities Scenario -1 Bonds and Equity Scenario (2) Commodities Scenario -3 Forex Scenario -4 Minerals Scenario -5 Security scenario 6 Securities Forex Scenario 7 Insurance Scenario 8 Mutual Funds Scenario -9 Real Estate Scenario -10 Elton and Gruber Modern portfolio Theory and Investment Analysis p285 l CAPM Empirical Problems and the Distribution of Returns p. 1 l Eugene F. Fama and Kenneth R. French, The Capital Asset Pricing Model: Theory and Evidence l Cheol S. Eun The Benchmark Beta, CAPM, and Pricing Anomalies Oxford Economics Papers 46(1994) ________________________________________ [1] Elton and Gruber Modern portfolio Theory and Investment Analysis p285 [2] CAPM empirical problems and the distribution of returns p. 1 [3] Elton, Gruber, Das and Hlavka, 1993 [4] Eugene F. Fama and Kenneth R. French, The Capital Asset Pricing Model: Theory and Evidence

Inquiring Minds Want to Know - 1021 Words

Case Assignment 2 Liberty University BUSI 600 Abstract This paper defines Penton Media’s sampling plan and research design for their study on if their reader service cards are still successful in getting buyer’s attentions. There are five questions that develop the sampling plan and Penton Media’s answers to these questions are described in this paper along with the strengths and weaknesses of their decisions. Their research design is also explained in the eight categories given. Finally, the strengths and weaknesses of their research design are given. Case Assignment 2 Penton Media has designed a research study to determine if the reader†¦show more content†¦For data gathering, a communication study was used in the form of a survey. Ex post facto extent of control was used since Penton Media can’t change the results and have to report the results they receive. The purpose was chosen as a reporting study as they are compiling data and providing a summary of the survey results. This study’s time frame is cross-sectional with a survey being sent out once for the formal results. The topical scope is statistical because it wants to compare characteristics and draw conclusions. Field conditions were used in this study because there is no change in the surveyor’s environment. Finally, the participant’s perceptions are not changed and they are aware of the research being conducted. Strengths The strength of this study is in the ex post facto design where Penton Media has to report from the survey results. There is no way that Penton Media can change or modify the results so this makes the research more reliable and dependable. Another strength is that the participant’s environment and perceptions aren’t changed or affected. This makes for more honest and trustworthy results. Weaknesses A communication study is great for the research question that Penton Media is trying to answer. However, they could also get more data from their advertisers. Since many companies keep a record of how a customer finds out about their company, it would be worthwhile to also getShow MoreRelatedInquiring Minds Want to Know 1 2 Essay869 Words   |  4 Pagestheir data results and information being inaccurate since all of the participants that responded didn’t have their answers considered for the research. References Cooper, D., Schindler, P. (2001).  Business Research Methods: Cases: Inquiring Minds Want to Know - - Now!.Read MoreInquiring Minds Want to Know--Now! Question Seven Eight Essay820 Words   |  4 PagesCase Study Assignment Four: Inquiring Minds Want to Know--Now! Question Seven: Assume you are compiling your research report. How would you present the statistical information within this case to the Industry Week decision maker, the manager who must decide whether or not to continue to publish reader service cards? In the provided case study, Penton Media has performed a research study to determine consumer and industry interest in reader service cards, included in Penton publications (CooperRead MoreWhy Teens Smoke Before The Legal Age Of 18 Years Old1622 Words   |  7 PagesThere are many things, people don’t understand. One inquiring question is why teens smoke. There can be wishful thinking on the causes that maybe known to the teens themselves outside of the situation(s) that may start the causes. The most common and possible causes are Pressure amongst their peers, smoking availability, to promotion through industry advertisement, to the main causes of family situations, and possible negative influences. These are some of the possible reasons that cause teens toRead MoreSocrates Definition Of The Good Life Is Being Able To Fulfill1041 Words   |  5 PagesSocrates definition of the good life is being able to fulfill the â€Å"inner life† by inquiring and expanding the mi nd to the greatest extent possible. Socrates would agree with the good life being more important than life itself. If today’s society was asked the question regarding which one is more important, my guess will be that not many will even be able to differentiate. It will be a very controversial discussion with a lot of bias opinions. David Hume is one of the philosophers who would disagreeRead MoreIs Higher Education Necessary?1193 Words   |  5 Pagesstruggles and financial conflicts of applying and attending can be stressful within itself. People are constantly on the job, even without a college education. Is higher education necessary? Is it worth the stress? Fee or Flee When stress comes to mind, we often go straight to politics and financial burdens. Although a college degree can be efficient for a wanted job, that job might not provide enough to pay off those loans that were collected while attending college. This situation is often whatRead MoreThe Death Of A Blind Patient887 Words   |  4 Pageshave a sit in order to know more about him. The friendly old man agreed, smiling and introduced himself as Pat. I looked at his walking stick, unblinking eyes and finally asked, â€Å"If you don’t mind me asking, are you errr.... blind?† I was a third year medical student, who was only taught basic history taking and physical examination according to systems, but I do not know what to expect from a blind patient. The old man laughed, a bit amused and said, â€Å"No offence taken, but mind if I describe you?†Read MoreRefining Solution Paper719 Words   |  3 Pagessatisfied, a person must invest time and determination to identify the best opportunity before handing over his or her hard-earned cash. You haven’t divulged the particulars of your situation or budget, but there are some general guidelines to keep in mind. In this paper, the individual will discuss the original issues, initial solution, and the critical examination of the best solution. Also do an evaluation of the argument and revise the argument to come up with a better solution to the problem (UniversityRead MoreHow Sheryl Has Created And Ethical Dilemma For Herself806 Words   |  4 Pagesposition which means she plays a vital role in the organization s. Every director knows and understands that they should always plan ahead. If Sheryl waited for Jo to quit her job she would be leaving the organization vulnerable and possibly caused chaos in the organization, which means that they would not be as productive as before Jo quit. Sheryl has to plan ahead to keep the organization best interest in mind, she cannot be concerned about a persons feeling or action at the present moment, sheRead MoreGold Mining By Saudi Arabia783 Words   |  4 Pagestorturer is regulating the entire scene, fuming an exchange again and again,†Didnt they caution you not to, DID THEY NOT? You chased for gold to look for joy, now taste agony and misery by the very thing you wanted.† Those words are going through his mind, constantly, while seeing the shade of his skin turning dark. Immediately, he begins yelling with distress â€Å"It wouldnt have resulted in these present circumstances on the off chance that we villagers had an occupation to have the capacity to nourishRead MoreMedical Advice Essay855 Words   |  4 Pageswho didnt use drugs. In doing so they found more relief than when they worked with m edical doctors. Unfortunately, insurance usually doesnt cover this â€Å"alternative† care. Its still worth inquiring because when youre referred by your doctor coverage becomes much more likely. With this information in mind, here are the nondrug therapies for back pain listed in the order of how well they performed and their cost. Of course, your results will vary somewhat based on the number of treatments you receive

Primary or Secondary Research Free Essays

Should I use Primary or Secondary Research in my Dissertation? our site – CUSTOM ASSIGNMENT WRITING – DISSERTATION EXAMPLES So, you are starting to think about your dissertation, and you’ve grasped the basics including the difference between primary and secondary research. However, understanding what the differences are won’t necessarily help you to decide whether you should go for a secondary-data based, literature-review style dissertation, or get to grips with primary research. This guide is designed to help you decide what’s best for you. We will write a custom essay sample on Primary or Secondary Research or any similar topic only for you Order Now Overview of the Differences Just to remind you, there are clear differences between primary and secondary research. Primary research means research which is carried out for the purposes of your study. Secondary research is information that already exists. Many people chose to do an extended literature review, and this is the main type of secondary study. Secondary data can include journal articles, textbooks, online sources, company and industry data and other types of information. However, you might also decide to carry out new analysis on existing data, for example SPSS analysis on a large dataset collected by other researchers. This is another form of secondary research. Primary or Secondary Research: How to Decide Your tutor, professors or department might have a preference for the type of dissertation you do. In some subjects you might be strongly advised to do a primary study; in others it might not be practical (English language or Philosophy, for example). To some extent, whether you chose primary or secondary research will also depend on your research question. If the area is under-investigated, adding to the body of existing information by a small-scale study might make sense. Also listen to what your tutor suggests. He or she might feel that a primary study would be worthwhile. You might feel negatively about primary research, imagining that it will involve more work, or be more difficult, but you can access a great deal of help along the way, either from your tutor or online, and the experience will be valuable for you in your future career. If you are particularly interested in exploring theory you might want to consider secondary research . You might feel strongly that one or other model is better than another, feel that a new model needs to be developed, or want to review a large amount of existing research in the field. You might want to look at the usefulness of existing theories for understanding particular circumstances or behaviour patterns, for instance, or review the existing studies in a particular field. It is easy to assume that secondary research studies are easier, but this is not the case. You will need to evaluate the importance of the material you look at, compare and contrast the theories put forward, arrange the material in a logical way, and critique and analyse it in much more detail. If you decide to do a primary research study, you will also need to decide whether to collect qualitative or quantitative data. You might also decide to use a mixture of both types of data. Qualitative studies are useful for finding out why people behave as they do, what they think about issues, and how they feel in depth and emotionally. Quantitative studies are appropriate to questions of number, amount, and for dealing with measurable phenomena. Bibliography PlymouthUniversity (2013) ‘Writing a Dissertation’ [online] (cited 4th March 2013) available from http://www.learningdevelopment.plymouth.ac.uk/LDstudyguides%5Cpdf/Writingadissertation.pdf University of Birmingham (2013) ‘Research Methodologies’ [online] (cited 4th March 2013) available from http://www.socscidiss.bham.ac.uk/methodologies.html University of Reading ‘Researching your Dissertation’, [online] (cited 4th March 2013) available from http://www.reading.ac.uk/internal/studyadvice/Studyresources/Essays/sta-researchingdissertation.aspx How to cite Primary or Secondary Research, Essays

Essay Technology and Staffing

Question: Discuss about the Essayfor Technology and Staffing. Answer: There have been three web based articles chosen for assessing the role of technology in the staffing function. These three papers show how the technology has affected our daily lives as well as the human resources functions. These articles show how the use of internet has grown for the staffing purpose. The use of technology has led to various benefits like the lessening of costs for recruitments, ability to attract huge number of potential candidates and most importantly, making the process of recruitment to be faster. As per these three articles, it is clear that the technology is not to be treated as a substitute for the personal contributions in staffing; there are a lot of regions where technology can make the business work more economically maintaining the expenses to be competitive. By the use of technology, human resource department can get more of free time to focus on building relations and making fresh opportunities. The probability is more that businesses have to invest in numerous special ways to achieve its goals. Though, the suitable technology is non-negotiable for a staffing organization to be successful. The managers need help with staffing then they need the processed data and technology helps in converting the data into useful information. Manually going over the resumes is still a widespread procedure; however it can be a huge wastage of time for a rising staff in the business (Truss et al. 2002). A few of them in a week can be managed, however as a business expands, it is difficult to manually sort the resumes. By use of technology for screening and ranking of the applications, the human resources department can use up extra time bringing round the most suitable applicants and making more efficient matches for the business partners. As the business grows, there is a continuous entry of fresh short-term workers.Joining, training, filing- work, screening and investigating can use a huge amount of time and assets.By standardization of these procedures and their translation into online forms and automatic communication, the business can ease up the extensive managerial workload. There has been stress laid on the involvement of the internet because the technology can be useful in assessment of demands and the gaps among the supply of staffs. The developments in market, expansion of businesses and the rising competition have made businesses to reconsider the ways in which the staffs can be used in the best possible manner. The information and communication technology provides with several possibilities to develop the ways of managing information within the firms and so it can help in making better utilization of employees' understanding. One of such technological alternatives is application of intranet as in-house information structure of a business, which is as per the Internet protocols (Turk and Jaklic, 1998). It allows the business to get comparatively low-priced and easy storage, arrangements, processing, recording and giving out of information among the business members. All of the mentioned tasks are vital for excellent information management. Also, the technological advancements keep the data secure for other outer elements. It is important that no other person or staff member comes to know about the confidential information of others, so the technology makes it possible that all the details are kept secured and transferred in a secure manner. The internet makes internal and external communicat ion also easier, quicker and secured. The automation of work has been possible with the technological advancements and thus lead to reduction in efforts of staffs (Marchand et al 2001). Making the vital choice of which applicant is most appropriate for whichever given job is a continuous test for recruiters. Therefore, it will be great to have precise insight into which candidate is probably to become the most excellent fit. By application of the superior logical skills of modern technology for the applicant selection procedure, recruiters would be capable of making priceless forecasts to inform their choice. For instance, the past data might disclose who out of a set of candidates is probably to stay in the post for the best ever period. By simulation of the real-world circumstances, technology could permit recruiters to further precisely evaluate applicants performance with respect to particular situations. This means that the technology needs to be judiciously utilized so that the necessary information can be attained by getting relevant information for the staffing process. References Truss, C., Gratton, L., Hope-Hailey, V., Stiles, P., Zaleska, J. (2002). Paying the piper: choice and constraint in changing HR functional roles. Human ResourceManagement Journal, 12(2), 39-63. Turk, T., Jaklic J. (1998). Internet, intranet in ekstranet. Dnevi Slovenske Informatike, Ljubljana: Slovensko drutvo Informatika, pp. 133-141. Marchand A. Donald, Kettinger J. William, Rollins D. John (2001). Information orientation:the new business performance metric. Oxford University Press Inc., Ne w York.

It Is Better for Children to Grow Up in the Countryside Than in a Big City Essay Example For Students

It Is Better for Children to Grow Up in the Countryside Than in a Big City Essay I was born in a small, quiet and peaceful village. Like other children in the village, I hope that one day I will live in a big city. Because I think that it is better for children to grow up in a big city than in the countryside. There are many advantages when living in a big city. Firstly, the infrastructure in big city is much better than in the countryside, so the life there is more convenient. There are many highways and long, big bridges, which make transportation easier. With so may transport means such as taxi, family car, bus, cycle t is very easy for you to go anywhere at any time. Along busy streets are tall, beautiful buildings. They are hotels, restaurants, embassies, hospitals, schools, private village big schools, big hospitals equipped with modern facilities make the study and treating disease more effective. Living in big cities, children have good opportunities to learn in good schools and examine in good hospitals. In entertainment centre, there are many games to d evelop children body including physical games and intellectual ones. Children can play there after hard periods in class. In big cities, telecommunications are also completed. Children can access with new technology easily. Its wonderful to live in big city. Thats reason why I wanted to stay in my uncles house in Hanoi, capital of Vietnam, when I visited her at the children age. Secondly, big cities are not only economic cen ters but also social, cultural ones of a country. People here are active, polite, and intelligent They are always busy with their work. Its good for children to get acquainted with people like them. Children can learn more from life in big cities than in the countryside. The life is hard and difficult, so its good to adapt to it when you are children. The life in city helps children to have beautiful dream and have chance to make these dreams come true. Although there are also disadvantages in big cities such as social evils, environmental pollution, and noise living in big cities is still dream of many people. It is better for children to grow up in big cities and have weekends in the countryside enjoying fresh air than live in the countryside and rarely come to city. In brief, children can develop comprehensively when living in big city.

The Glass Castle by Jeannette Walls Essay Example For Students

The Glass Castle by Jeannette Walls Essay In life we as people are faced with challenges and adversities regardless of racial background, social status, or religious lifestyle. Some people are faced with more hardships than others, and how people deal with their issues can differ depending on the people they surround around them. Merriam Webster describes adversity as a state, condition, or instance of serious or continued difficulty or adverse fortune (Merriam). This is apparent when you compare and contrast the memoir The Glass Castle by Jeannette Walls, verses the documentary Inocente which follows a girl name Inocente. As where the racial backgrounds, family settings, and locations of the protagonist differ, there is a clear relation between the two stories. We will write a custom essay on The Glass Castle by Jeannette Walls specifically for you for only $16.38 $13.9/page Order now As where there are many differences in the story, one of the most major differences is how both of the protagonist handle their hardships. Both The Glass Castle and Inocente follows the lives of two young girls who are both growing up in a life of poverty, and they are both surviving homelessness with their families. Both of the protagonist are victims of homelessness, selfish parents, and massive shame. Though there is a clear difference of how the protagonist are forced to deal with their situations, and there are clearly different perspectives from each protagonist. In The Glass Castle as where Jeannette Walls family is struck with poverty, there seems to be a certain type of normality in her lifestyle. From reading the book it can be theorized that Jeannettes father could be suffering from a psychological disorder, but unlike Inocentes father Jeannette is not facing traumatizing abuse from her father. In fact both of Jeannettes parents seem to showcase and express love for their children in a somewhat. .g, and appears to be very focused on her craft. Therefore when she was given the opportunity to showcase her work she did so with excitement and positivity, and witnessed like Jeannette Walls did, success through her passion. As Harriet Tubman stated once, â€Å"Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world (Tubman). † Works Cited Inocente. Dir. Sean Fine. Perf. Inocente Izucar. Cinema Guild, 2012. DVD. Tubman, Harriet . Passion Quotes. BrainyQuote. Xplore, n.d. Web. 24 Nov. 2013. html>. Walls, Jeannette. The Glass Castle: A Memoir. New York: Scribner, 2005. Print. adversity. Merriam-Webster. Merriam-Webster, n.d. Web. 24 Nov. 2013. .

Sphere Book review essays

Sphere Book review essays Michael Crichton was born in Chicago, in 1942. After graduating from the Harvard Medical School, Crichton embarked on a career as a writer and filmmaker. Called "the father of the techno-thriller," his novels include The Andromeda Strain, Sphere, The Jurassic Park and Prey. Many of his books have been made into films, including the phenomenally successful Jurassic Park. Crichton has directed six films, and is also the creator of the hit television series E.R. Always interested in computers, he once ran a software company- FilmTrack. Overall Michael Crichton has proved that he is both a dynamic person and an equally dynamic writer. In the Pacific at the bottom of the ocean is discovered a massive spacecraft- a spacecraft entombed for at least 300 years... To the scene are rushed a team of scientists to unearth and reveal the spacecrafts hidden past. They arrive at the depths of the pacific and enter the mysterious spacecraft with apprehension, dread and anticipation... What they discover is that the spacecraft was American and it had been transported back in time through a black hole and had ended up in the ocean. The Situation just looks like a case of Physics gone wrong Until they find an ominous and seemingly Alien Built Impenetrable Silver Sphere on board As they investigate, their computers start to receive strange coded messages from an unknown intelligence Whatever the entity is, it doesnt seem to like them very much... The team of scientists consisting of the astute and intelligent Psychologist Dr. Norman Johnson, the critical and sarcastic mathematician Harold Adams, the excited and ever-optimistic Astrophysicist Theodore Fielding, and finally the paranoid biologist Elizabeth Halpern then proceed to do everything they can to figure out how to open the ...