An Online Degree for the Older Population Essay Example

An Online Degree for the Older Population Essay Example An Online Degree for the Older Population Essay An Online Degree for the Older Population Essay Online Degree We are living longer lives; modern medicine and our ability to care for ourselves more appropriately has extended our life spans so that we often have years ahead of us following retirement – a time that we can use to travel, spend time with loved ones, and follow those dreams that may have eluded us during the time in which we had a career and raised a family. One of the dreams that many people may have had to forgo – especially women of the older generation – is that of a college education. But now, with technology being what it is, people of all generations are able to live the dream again and earn an online degree. The Internet has insured that no longer is it necessary to drive to a campus in order to attend college classes. Instead, those who are able to find their way around a computer are able to sign up for the classes that they need to earn an online degree. By attending classes online, students are able to do their reading, complete their assignments, and turn in the work necessary to earn them credits toward a degree, including an online MBA if they so choose. For the older generation, the pursuit of an online degree means that they can achieve their dreams without forfeiting their time with their families, and without having to find their way around a college campus with students less than half their age. Rather, by taking advantage of the tools available to them, online degree candidates can make the most of their time.

Profession and Cultural Language

Profession and Cultural Language Executive summary Psychology is one among many professions that is considered to be fulfilling. The psychologists are concerned with the behavior of human beings. They are mainly interested in solving problems that are emotional and mental.Advertising We will write a custom report sample on Profession and Cultural Language specifically for you for only $16.05 $11/page Learn More Their aim is to help patients recover and live normal lives. Like in other professions psychology has its own culture and language. Culture and language are revealed in their daily practice as they solve different problems. Culture is evident in the training, teamwork, research, work and experience, ethics, communication and use of internet, working environment. Language is interactive, with frequent use of psychological concepts and based on research. To become a psychologist one trains as an undergraduate for four years. They later work under the supervision of a qualified and regi stered psychologist. Training enables learners to acquire the language used in the working environment. Experience is gained over time and the individual is considered valuable and knowledgeable. Psychologists learn to deal with different individuals from diverse background and assist them equally. Teamwork yields excellent results as the tasks to be covered are adequately and efficiently done. Effective communication skills have an impact on the quality of work. Written and verbal communication is frequently used. The emails are also used communicate both within and outside the institution. Psychologist can either be self employed or be employed in different organizations. They can work in the area of development of research or be involved with patients. Patients have behavioral problems like drug abuse, mental illness among other emotional problems. They give assistance while observing ethical guidelines provided by the psychological regulatory boards.Advertising Looking f or report on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More Psychology engages in research to generate knowledge and to find solutions for emerging problems. Concepts that are used in the profession are as result of the concepts. The findings of research are verifiable and recognized by authorities. Research influence policy making and can be effective in preventing undesirable behavior. Introduction There are many professions that one could join. Before joining students evaluate what their interest is and choose a profession from a long list. Among many professions, psychology is a widely known profession that has been practiced over many years. Many who join the profession are interested in helping people who have emotional and others with mental illnesses. Psychology is a well developed profession. It has well established and developed theories as discussed in the Occupational outlook handbook (2011, p. 1). Those who train in psychology can be employed in institutions and can be self employed. Moreover the field has the challenge of dealing with behavioral problems that have emerged in the contemporary world. Like many other professions, psychology has its own culture and language. This report will identify and discuss the culture and language within psychology. The culture and language of psychology Psychologists though different in areas of specialty have commonality in their practices and language. They observe regulations and ethics of the profession. They focus on behavior to assist patient overcome difficulties and lead healthy lives (Flinders.edu, 2010, p. 2). The America Psychology Association (2011, p. 1) indicates that research is at the core of the profession as theories are developed through research. Concepts are also developed and used as professional language to refer to specific ideas. The language used is understood amongst them and is part of their daily work. Culture withi n the field of psychology Training Training marks the beginning of a professional journey in psychology. All psychologists are trained to be competent professionals in accredited institutions. They cover units relevant to the field as the tutors mentor them. They participate in individual work, group work and work as interns in psychological institutions.Advertising We will write a custom report sample on Profession and Cultural Language specifically for you for only $16.05 $11/page Learn More They also engage in research in the relevant field. The training prepares them to be knowledgeable, efficient, effective, team workers and to rely on verifiable knowledge. Those who undergo training can choose to specialize in different areas. they can become sports psychologists, social psychologists, school psychologists, engineering psychologists, clinical psychologists, cognitive and perceptual psychologists, counseling psychologists, educational psychologists, de velopmental psychologists, evolutionary psychologists, experimental psychologists, forensic psychologists, health psychologists, industrial psychologists, rehabilitation psychologists, research psychologists and neuropsychologist (America Psychology Association 2011, p. 2). After training for four year training in an undergraduate program, the psychologist works under the supervision of qualified and practicing psychologist for two years. Thereafter they can be registered with the professional bodies (Flinders.edu, 2010, p. 4). Team work A common observation in today’s organizations is the adoption of teamwork in the working environment. Teamwork encourages the psychologist to complement each other as well as motivate each other while working. They contribute ideas and share ideas within the teams. A team leader who is a member of the team is in charge of the team. Psychologists share ideas in their team and better decisions are made. However, decisions take a very long time to be concluded and disagreements within the team can affect the efficiency of work negatively. Teamwork creates a competitive environment. Those who fail to meet the targets required and have difficulties coping are likely to be relieved from their work. Research Knowledge on used in the study of psychology is obtained from research findings. The psychologists investigate on a prevailing problem among patient to find explanations of the causes and also find solutions. What is more research can be done to generate knowledge.Advertising Looking for report on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More Besides generating information, research facilitates the psychologist to make informed decisions. Information obtained from research is trusted by the authorities and can influence change in policy. Research is also an effective tool in prediction. Policies can be adopted to prevent undesirable situations in the future from happening. Research helps identify the changes that have occurred and helps the professional deal with specific situations accurately. The information obtained clarifies doubts and differentiate facts from myths. They get information from literature review, observations and investigations. Psychological institutions are diverse in their objectives and goals. The research is done within the organizational objective. The findings are presented inform of report. The report gives details on the investigation done, the findings and the recommendations. Implementation of the recommendations requires may have financial effect among other outcomes. In accordance with the America Psychology Association (2011, p. 1) research is vital in finding solutions to emerging problems. Individuals keep changing behavior which leads to new problems. Research generates knowledge that is used to train new professionals. Moreover the knowledge helps understand different cultures of the world. Work and Experience Lannon (2010) argues that the most experienced psychologists are valuable to their institutions. They are seen as a reservoir of knowledge. The patients prefer those with experience too. Gaining experience means that one must be practicing and at the same time take note of the new developments in the field. Psychologists work hand in hand with other professionals. They work with policy makers, the medical practitioners, school educators and courts as well as interact with a wide range of professionals. They assist people handle mental challenges and emotional experiences so that they can have healthy relationships within their environment. Their advice is highly regarded in disaster management where people are traumatized. There are many opportunities for those who train as psychologists as pointed out by the America Psychology Association (2011, p., 1). Psychologist can provide counseling in a firm, be involved in research, become educators in education institute and may also become a consultant for both individuals and society. Problems that psychologist treat are behavioral and constantly increasing. Some include adolescent rebellion, drug addiction, stress related to work and family life, disasters related trauma and other ailments that are emotional or mental in nature. The field of psychology is one of the most fulfilling professions that last as long as the psychologist is healthy and capable of working. Ethics The ethics within the psychology discipline must be followed. According to Lannon (2010) ethical issues require understanding between members of a profession such that there are well laid regulations and standards that must be followed. Ethics in psychology is requiring psychologist to be conduct themselves in the acceptable manner when handling the patients. Like in other professional bodies, psychology has its own ethics that are stipulated by the psychological regulatory boards, the state and other organizations within the profession (America Psychology Association 2011, p. 2). The significance of following the ethics is ensuring that patients receive quality services. Ethics originate from the professionals. They engage in discussions that lead to formulation of the ethics. The more experienced psychologist is the more likely they are to give contributions. Experienced psychologists give major contributions in the discussions. In some cases they vote before implementing or discarding the idea. Those who violate the ethics could receive sanction from either the state or the psychological organizations. Psychologists have to learn different personalities to be able to communicate. Psychologists deal with different people with unique problems. Listening is given important so that they clearly understand the patient. Communication and use of internet Communication between the professional and patients is important. Within the workplace there are various forms of communication. They include written, verbal and non verbal. The written form of communication is usually formal. It is used by the superiors to communicate to the employees. They give instructions and communicate changes in written memos and letters. The employees use written communication to give feedback to their superiors. The employees request for assistance and give reports inform of writing (America Psychology Association 2011, p. 2). Consistent with Lannon (2010) the world has many developments in technology which have been incorporated in the working environment. The employer and employees use the internet in communication. The emails have been used to recruit and to communicate within the organization. Psych ology is no exception. Patients can get assistance from online psychologists who offer services over the web. The internet is very rich in knowledge and can be handy in assisting professionals find facts very fast. Other institutions have used the internet to communicate with the patients. The institutions have web pages that are designed by the employees to get feedback. Working environment The Occupational outlook handbook (2011) mentions that the working environment in different institutions is diverse. The diversity is identical to the different subfields of psychology and the goals of the institutions. The psychologist adapts to the culture and the goals of the organization that they join. The psychologist gives high regard to patient. The patient is assured of confidence by the psychologist who offers to assist them. After being assured of confidentiality, patient feels liberated to talk to the psychologist. Additionally, they are not supposed to be condemning the patient if t hey confess, their role is to be understanding and have a relationship that will be effective in helping the patient recover. Language within the field of psychology Interactive language Psychologist interacts with the patients engage in a face to face conversation. They maintain good relations. Verbal conversations matter a lot as the psychologist uses a polite and friendly tone while assisting the patient. During the four year training the student of psychology learns the concepts used. They engage in literature review to understand their meaning and importance. Moreover, they can learn about the concepts during internship in a psychological institution. More concepts are learnt in the journals after the publication of an article or a book. Knowledge is cumulative and with time one adds knowledge on the concepts they know and use in conversation or in writing (America Psychology Association 2011, p. 2). Use of psychological concepts Language is one of the best ways of expressing o neself as Lannon (2010) indicates. The language an individual uses gives a lot of information about what the individual. In psychology, language use is important for both the patient and the psychologist. There are several important concepts used in everyday life of a psychologist. According to the America Psychology Association (2011, p. 1) the word psychology refers to the study of an individual’s behavior. This is different from sociology which investigates the behavior of people as a society. What an individual thinks is the concern of the psychologist. To be able to assist an individual they have to understand the individual behavior. Research Concepts used in psychology are generated from research. The concepts are used by psychologist to refer to specific ideas or conditions. The concepts are developed for easy communication within the field. They are more specific and well understood by the professional (America Psychology Association 2011, p. 1). The psychologist use s the language of the patient to communicate. The language in most cases should be simple. The psychologist explains meaning of complex words to patients when they request for explanation. While communicating, the psychologist is sensitive to different communities and diversity in the use of language. They pay attention not to use words that may be offensive in a community. Moreover they pay attention to the age and of the patient while making a conversation. For instance children require a polite conversation. Conclusion Psychology is a field whose objective is to assist individuals overcome emotional and mental problems. The professional language and culture are learnt throughout ones professional life. Research is very important and increases the knowledge and helps solve problems. It generates concepts used in the field and influences policy. The students specialize in different areas after training. Working as a psychology requires one to be good in communication teamwork and o bserve the ethics of the profession. Moreover one has to learn to work in an environment with diverse people. Reference List America Psychology Association. (2011). Career in Psychology. Web. Flinders.edu. (2010). The Psychology Profession. Web. Lannon, J. M. (2010). Technical communication 11th edition. Web. Occupational outlook handbook. (2011). Psychologist. Web.

Digital Subscriber Line (DSL) Term Paper Example | Topics and Well Written Essays - 2000 words

Digital Subscriber Line (DSL) - Term Paper Example In 1984, the ISDN (Integrated Services Digital Network) specification was approved and it was the main motivation behind DSL technology (Six, Online). ISDN was later reused as IDSL (ISDN Digital Subscriber Line). In 1988, ADSL was developed and its patent signed. ADSL (Asymmetric DSL) was of major significance as it allowed users to download data at speeds faster than their speed of upload.  In 1984, the ISDN (Integrated Services Digital Network) specification was approved and it was the main motivation behind DSL technology (Six, Online). ISDN was later reused as IDSL (ISDN Digital Subscriber Line). In 1988, ADSL was developed and its patent signed. ADSL (Asymmetric DSL) was of major significance as it allowed users to download data at speeds faster than their speed of upload.   ADSL then began its transition from analog to digital when the demand for increased speeds increased. The technology has already debuted in the market in the form of ISDN. ISDN refers to digital phone co nnections that have been networked to facilitate the transfer of both voice and data. Through ISDN, more data can be transmitted around the world at much higher speeds. In the transition process, Discrete Multitone was developed by John Cioffi. A DMT ADSL signal is contained into 256 frequency channels. Cioffi’s version of DSL technology was proven to be better than all its competitors hence became an industry standard (Fierce Telecom, Online).   In the 1990s, High Bit-Rate DSL (HDSL) was developed and had the same bandwidth in upload and download. It was used more frequently for data transmission between consumers and phone companies.   Ã‚   As the DSL technology progressed over the years, it was expanded into a number of technologies (Bagad, 8).

Ecconomics Assignment - To Compleate the assignment required (as Essay

Ecconomics Assignment - To Compleate the assignment required (as attachment). It requiresto compleate a table andamswer a few questions usingdiagrams where nece - Essay Example In perfect competition, equilibrium point is when P=MR=MC. Q2e) Initially the firms increased when the existing firms were earning supernormal profits i.e. when average revenue was greater than average cost. As more and more firms entered the industry the share of profit for each firm started getting less and less and may firms left the industry. Hence in the long run, there will be only enough firms in the market to break-even and a no profit, no loss situation. Q3) The profit maximizing price will be $14 and quantity will be 4 items per minute if the firm is a monopolist. This is the price and quantity because here the monopoly profit is the highest at $32. The monopoly profit is calculated by taking the difference between the TR and TC. The other approach by which we can prove that this is the profit maximizing price and quantity is MR>MC. At quantity 4 items per minute, MR is $8 and MC is $5. Beyond this point, increasing quantity will cause MR to be less than MC and the monopolist wont be maximizing profits. For instance if quantity is increased to 5 items per minute, MC will increase to $6 and MR will decrease to $4 and hence not a profit maximizing condition. Q4c) Over the range of prices between $14 and $16 on average, a 1% reduction in price increases quantity demanded by 2.14%. Since elasticity is greater than 1 at this point, it means that consumers are highly responsive to a change in price and will quickly move to substitutes. Over the range of prices between $6 and $8 on average, a 1% reduction in price increases quantity demanded by 0.46%. Since elasticity is less than 1 at this point, it means price elasticity of demand is inelastic and the consumers are more or less indifferent to changes in price and will not move to substitutes. The price elasticity of Splots at 2.68 shows that Splots has an elastic demand and that consumers are responsive to changes in price. This means that if price of Splots will rise, the quantity

Mahindra project report Essay Example for Free

Mahindra project report Essay After concrete efforts of our Management, the students of Kohinoor Management School got this esteemed opportunity to have an Industrial visit to a prestigious company like Mahindra and Mahindra Ltd. We appreciate the efforts of the management of KMS MM for executing this successful Industrial trip. Introduction to Mahindra: Mahindra Mahindra Limited is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. The company was set up in 1945 in Ludhiana as Mahindra by brothers K. C. Mahindra and J.C. Mahindra. Mahindra Mahindra is a major automobile manufacturer of tractors, utility vehicles, passenger cars, pickups, commercial vehicles; its tractors are sold on six continents. It has acquired plants in China and the United Kingdom, and has three assembly plants in the USA. MM has a global presence and its products are exported to several countries. Its global subsidiaries  include Mahindra Europe Srl. based in Italy, Mahindra USA Inc., Mahindra South Africa and Mahindra (China) Tractor Co. Ltd. MM is one of the leading tractor brands in the world by volume. It is also the largest manufacturer of tractors in India with sustained market leadership of over 25 years. It designs, develops, manufactures, and markets tractors as well as farm implements. The Journey Begins†¦. We reached the Mahindra plant at Kandivali, Mumbai. We headed to the Conference room and were briefed about the Company by a presentation on the leadership and the entire group of MM followed by the Q A Session which lasted for an hour. The honors were done none other than Mr. Shirish Tawde, the Deputy General Manager (DGM) of the Company. Accompanying him were Mr. Kishor Sonawane (Manger Business Excellence), Rajendra Sawant (Sr. Manager Business Excellence), Mr. Mahesh Dalvi (Manager Business Excellence, Sector Sustainability). With such dignitaries explaining us the world of MM, we were just as grateful. This plant mainly deals in manufacturing of Tractors and Farm Equipments. The plant is one of the oldest manufacturing plants in the production of tractors in India. After decades in leading the tractor sector MM have diversified into the roots of farming and have positioned themselves in the Farm Sector. After being briefed through the introduction of MM plant, we were about to explore the India’s most Prestigious Companies. We were divided into 2 groups of 15 people so as to have individual attention . We visited 3 units of the plant right from examination of engine parts, assembling of engine and main manufacturing of tractors. They manufacture 2,00,000 tractors annually. The FES contributes 35% market share. Hands on approach to Production (where theory meets practical): Each Group was taken separately and explained functioning of the plant. A lot of theory is learnt is class regarding how the manufacturing units focus on Total Productivity, Total Quality, Zero Defect, etc†¦but by far this was the  first hands on experience on how does a Manufacturing unit or plant works. Here we are explained about how the assembly line manufacturing process works. This section of the plant deals with the installation of the main engine of the tractor. In this picture we are introduced to how the stations work in co-ordination to get optimum results. In the pictures below, the students are taken through a complete channel of stations on the assembly station and the supervisor explaining each of this complicated process. The lag or lead time is calculated and each one at every station tries to improve on it so as to reduce the time effect in assembling each engine. The units where tractors are manufactured in assembly lines follow Total Quality Management (TQM) and Total Productivity Management (TPM). Every sub-unit contributes to the production. They avoid material handling losses with pulleys and fork-lifts. All these techniques add value to the production. Indeed there is no surprise they improve their quality and reduce time with ever unit of production of tractor. Here, we are shown how the final tractors are put in place Students Opinion: Kohinoor Management School gave us the Golden Opportunity to visit the Mahindra and Mahindra plant at Kandivali. It was a great experience to know the organization internally. They are successful enough to balance between Business Excellence and Individual Dignity. Their main focus on farm tech prosperity is what like me a lot, as agriculture is the base of the Indian Economy. -Pratibha Shinde. Visit to the M M was an eye-opener. The journey unfolded various aspect of the tractor division. Starting from the nuts and bolts, the engine, to the massive structure which forms the backbone of the Indian farms and agricultural sector. The gains or the take away from the visit were splendid. The use of Japanese technology in the assembly line, the step by step process layout, the plan B; the vision of always staying ahead were the insights. Lots of management mantras were demonstrated and inculcated. A great learning and an honour to see the invasion of the GREAT INDIAN TRACTOR DIVISION. -Yogendra Joshi. It was my first Industrial visit to any manufacturing plant and enjoyed every bit of it. To be a part of such an esteemed organization and having a look through all their process was an intriguing experience after all. -Shraddha Salunke On behalf of all the Management and the students we take this opportunity to thank the entire team of Mahindra and Mahindra for providing us with the practical information and well as wonderful hospitality. We take moment to offer our greetings to the entire Mahindra and Mahindra team.

The Public Education System :: Educational Learning Essays

The Public Education System Throughout my experience in the public school system, I have heard the line, â€Å"What do I need to know this for anyway?† about 1,057 times. It is not uncommon to hear students complain about the worth of their education. Regardless, there seems to be a unanimous agreement that the youth needs education to succeed in life. What is education anyway and what does schooling accomplish? In his book, â€Å"A Time to Learn† George Wood provides a definition of education as â€Å"making wise citizens and good neighbors who can think deeply and intelligently about issues of self and society, take care for and respect others, take care of their family needs, and contribute to the welfare of others† (Glickman 48). Is school necessary for developing this type of educated citizen? If not, how is it we measure success and how is school important in attaining that? The purpose of the public school system is to assure every child the natural right to an education. Currently, every state in the nation has laws requiring attendance in school (grades K-12). There are also requirements on what subjects the students must learn. Standardized testing measures every student’s ability in these required subjects and assesses all tests equally. These high-stakes tests are used to determine the student’s achievement and their progression to the next level of schooling. Statistics show that students from underprivileged families have lower test scores and are more likely to drop out then white, middle class students. When I think about it, I recall a line from a rap song about a southern black child’s education in the public school system, â€Å"I’m making 300 on my SAT’s and I am equal†. So then, why are these students, who are equal, performing so poorly in our public schools? To reach a conclusion we must examine the curriculum and standards, and their purpose. The movement toward standardization is mainly concerned with the school district’s responsibility to generate students that are proficient in basic reading, writing and math skills. These skills being the most essential for business transactions, political and professional relations and most every aspect of life in today’s society. The students are assessed indiscriminately by tests structured around what the students are expected to know. The problem is that a student’s test score varies day-to-day.

Alternative Investments Essay

Executive Summary: The purpose of the report is to do an in-depth investigation, study and analysis on alternative investments. From the various alternative investments, our team of analyst chose commodities, variable annuities and hedge funds as our subject of interest for the study. Each financial product has its own aims as to cater to the different investment goals to meet the needs of investors. Thus, just by looking at the basis on expensiveness and tax-efficiency, and then from selecting the better one is unwise. We have to look at the overall picture and considering other indispensable factors like risks, liquidity, asset allocation which are equally important. Therefore, our basis of evaluation comprises of various important factors so as to make  a robust analysis. Firstly, commodities are a highly demanded investment which is traded using options and futures contract.. Moreover, they are also an element of diversification that investors can lower their vulnerability to market volatility. Despite its high volatility in its prices, it managed to gain a higher return as compared to stocks and bonds. As commodities have a low correlation with bonds and stocks, it is able to reduce unsystematic risk through diversification. Its high correlation with rate of inflation thus looks favorable in times of crisis and these enable investors to control its asset allocation decision. By using the 60/40 tax treatment, it has shown that it is indeed an efficient method in lowering taxes. Its high commodity market liquidity thus seem promising to investors as it correlates well with it market trading especially in corn, gold and precious metals futures. Moreover, it is advisable for them to allocate 5% to 10% of their investment to commodities so as for better diversification to eliminate unsystematic risk. As it has no or few substitute, it is advised that investor should take note of any unexpected risk involved. Variable annuities on the other hand are tax-deferred with a withdrawal date only after the age of 59 ½. The performance of its sub-accounts affects many aspect of variable annuity. This is so as the performance of varied underlying investments in the sub-account results in non-uniform distribution in its returns. Furthermore, variable annuity is relatively volatile as it returns tend to varies as accordance to the returns of its underlying investments. Thus, granted with a choice of an asset for the underlying investments, investors will choose an underlying asset that is non-correlated to their portfolio holdings. Variable annuity also incurs reasonable costs. However, the main benefit of investing in variable annuity is that it is highly tax-efficient as it is a tax-deferred vehicle. This reduces the tax burden on investors and at the same time creates an opportunity for them to invest in tax-inefficient vehicles before the withdrawal date as no tax is imposed before the date. The downside to investing in variable annuity is that it has liquidity risks. However, it can reduce unsystematic risk significantly due to the investment options for  its sub-account and this important aspect of it also provide investors with the ability to allocate their assets. The primary aim of most hedge funds is to reduce volatility and risk while attempting to preserve capital and deliver positive returns under all market conditions which brings investors an indispensable option to invest in hedge fund. With a low standard deviation of almost zero, hedge funds are highly of an advantage as it does not fluctuate widely within periods. However, volatility is not the only indicator of risk affecting the fund. For hedge funds, the skewness variations are not uniform across styles. While hedge funds offer potential for returns that are not highly correlated with other markets, their unique properties would also mean that they involve a high degree of risk. Its fees are regular thus investors should follow accordingly. Hedge Funds exploit different ways to minimize capital gains and income taxes for investors. With the Tax Exemption for Singapore Resident Funds, it places investment in Hedge Fund at an advantage. Putting their trust in the fund manager’s ability to meet the fund’s objectives, it is then recommended for investors to choose the right fund manager to manage their investments. From the in-depth analysis on alternative investments, we realized that there is no a perfect product to solely invest in. Each alternative assets has its advantages and disadvantages, thus we have to invest in varieties of asset classes but diversified it. There is also the need for proper asset allocation management and the use of investment strategies. Introduction: The continual search to reap higher risk-adjusted returns has led to a number of highly alternative assets to be considered for financial investment purpose. Thus, the growth of alternative investments market is outstanding. According to the 2010 Alternative Investment Survey of U.S Institutions and Financial Advisor, 36% of the institutional investors that are surveyed have $1-10 Billion in asset under management and 29% with greater than $11 Billion in asset under management. In this report, our team of financial analyst has chose to do an in depth analysis on commodities, variable  annuities and hedge funds. Through this report, we are going analyze the aforementioned alternative assets through various important factors namely its returns, risks, costs, other competitive advantages and disadvantages. At the end of this report, we hope to achieve an in-depth evaluation on the attractiveness of each subject of interest and make sound recommendations. Introduction to Commodities: Commodities are raw materials used for producing secondary goods which are transacted in volumes and classified into energy, metals, grains and livestock. Manufacturers in the commodities market purchase commodities needed on a â€Å"spot market† while speculators purchase and sell commodities using options and futures contracts. Commodity markets are real demand and supply markets. Thus with the increasing world population, there is now higher demand than supply for commodities, making commodities a viable investment for both the present and the future. Expected Returns: During inflation, commodities total returns will soar. When making an investment in commodities one can expect returns that are capital return. Commodities have been providing its investors with relatively high returns, exhibiting negative correlations with equities and bonds as well as hedge against risks. Based on the Commodity Price Index for the past year, expected returns were at 0.85%, volatility were at 0.0641 which is considered to be relatively low, while the return-risk was 0.1319. Volatility: Volatility in commodities’ prices fluctuated recently with their highs and lows due to the â€Å"interference† of the commodities market like political disputes and natural disasters. In 1973 to 2007, based on the S&P 500 Index, MSCI Index and Lehman Brothers Bond Index, it has an annualized return of 10.9% and 24.5% annual standard deviation, volatility. Although stocks performed better than commodity, commodities’ volatility was in the peak compares among stocks and bonds. Historical risk return on commodity had remained positive of about 5% during the years. T-statistic, outlining the level of confidence that the risk return is different from 0 shows a  figure of 2.84 which shows that it is higher than stocks and bonds. Distribution of returns [Refer to Appendix]: From the bell-shaped curve, we can surmise that the distribution of returns on commodities is widely distributed and tends to be close to a normal distribution as investors are concern about their real returns as they want to outperform inflation. As compared to stocks and bonds, the returns in commodities are positively skewed. Since returns for commodities investment is right skewed, it means that the amount of returns will be higher than stocks and bonds which are negatively skewed. Returns distribution is very wide as the returns show a greater than 3 excess kurtosis. However, this also means higher risk for investors due to the wide distribution of returns. Correlation with other asset classes: [Refer to Appendix]: From the table, it shows that Standard & Poor’s 500 and the company are closely related in contrast to the other asset classes. GSCI and 1 month T-bills with a correlation value of -0.003, proves that they are independent of one another. It is revealed that commodities futures are negatively correlated to returns of stocks and bonds with coefficients of -0.42 and -0.25 respectively. Therefore, by allocating funds to those assets of negative correlations, it provides the benefits of diversification when facing a stand-alone risk asset class. Fees, Trading and other expenses: There are many fees and expenses that are implied in commodities trading. When trading commodities, investors incur management and brokerage fees, service tax and a possible loss of investments. When a futures contract is purchased, an initial down payment on the total futures price (initial margin) is to be made. The margin requirement is basically a small percentage of the total purchasing price for a commodity. This margin requirement usually adds up to be less than 10%. Liquidity: Commodity market liquidity often correlates well with commodity market  trading profits. Investors can benefit in high commodity market liquidity. It is easier to enter and exit trades. With the high trading volume and liquidity, the statistics of predictive ability of time honored tools like Candlestick patterns formulates tend to be more precise. Commodities that offer good commodity market liquidity include trading in Corn and Gold futures. Each of these trades at high volume and high liquidity. However, they are driven by different factors. Gold and other precious metals perform well when investors are worried about inflation or when there is the threat of economic or political disruption. Corn is determined by supply and demand. Location: The location of where the commodity is produced is not an important factor that an investor should consider as there are similar products that will be sold regardless of where it has been produced. Hence investors’ consideration of location is not required when making an investment. Tax Efficiency: In commodities, it is quite tax-efficient as they follow the 60/40 tax treatment whereby 60% of the gain is taxed as long-term gains and 40% are taxed as short-term gains. Long-term capital gains are capped at 15% which is favorable for high income investors, meaning that 60% of gains will be taxed at 15% while 40% of gains will be taxed at 35% which both equals to 23% for commodities. Thus, it will help investor to save money in tax. Ability to eliminate or significantly reduce unsystematic risk: Investing in commodities does not reduce unsystematic risks. Firstly natural disaster and bad weather may affect a various types of commodities. Another risk is geopolitical risk. This risk occur as world’s natural resources are located in various continents and the jurisdiction over these commodities lies with sovereign governments, international companies, and many other entities. Thus, international disagreements over the control of natural resources are quite commonplace. Negotiations on the extractions are pretty tense as disagreements may easily rise over licensing agreements, tax structures, environmental concerns, employment of indigenous workers, access to technology, and many other complex issues. Ability to control the asset allocation decision: Investors are able to control asset allocation decision in commodities. This is so as commodities are not professionally managed unless you have the intentions to. Thus, investors who wish for professional money managers who specialize in commodity trading to handle their investments, they may turn to ETFs or mutual funds. With that, commodities traders are able to free decisions on the allocation of their assets. It is advisable for investor to allocate more of his investments to other types of investments and allocates 5 to 10% of his investments into commodities due to its volatility. Substitute? Any alternatives that achieve the same objective in a more efficient –less expensive and/or more tax efficient- manner: Commodities have few/no substitutes as they are generic goods that we utilize in our everyday lives. It’s suggested for any investor to take into consideration the unexpected risk such as natural disasters and bad weather. If they allocate most of their investment in commodities and when an adverse event strikes, they would be caught in a difficult position. Commodities have the best advantage against inflation. During inflation, prices of commodities have the tendency to rise. Therefore, as an investor in commodities, you would be able to gain much from the increment of value. Introduction to Variable Annuities: Variable annuities are tax-deferred investment vehicle that comes with a minimal insurance contract so they can qualify for their tax-deferred status. Variable annuities can be immediate or deferred. Once you reach 59 ½, you can begin withdrawing the funds without any penalty. Expected Returns: Variable annuity has no expected rate of returns as its return is based on the marketplace performance. Its fees will be subtracted from the returns. By diversifying assets, a portfolio may have a higher return potential with a lower level of risk than the portfolio’s components would achieve separately. Volatility: The standard deviation indicates the tendency of the returns to rise or fall drastically in a short period of time. Since the return on investment in a variable annuity is directly tied to the performance of sub-accounts that make up investors’ annuity, the fund would exhibit a high standard deviation as each year’s return of the fund may differ from its mean return. This in turn makes variable annuity riskier as it is volatile. Distribution of returns: Return on investment in a variable annuity is directly tied to the performance of sub-accounts that make up investor’s annuity. If the underlying investments are in stock and bonds for example, there’s potential for a greater return. However, this will be coupled with a higher risk of loss including loss of capital which involves the funding options. It means that payments and earnings are not guaranteed. Thus the skewness variations are not uniform as returns varies depending on the instruments it consists of in the underlying investments. Correlation with other asset classes: Variable annuity offers a range of investments options for the sub-accounts. Investors will have to choose a specific one of his interest. Thus, entitle with the benefit of deciding the underlying investments, it enable investors to pick an asset that is low correlated or non-correlated with other assets classes of his portfolio. Thus, variable annuity offers balance and diversification to investors. Fees: Firstly, there is the surrender charge. It is a type of sales charge that will be issued to the customer when they withdraw money from a variable annuity within a certain period (which may vary from six to ten years) after the purchase. It is to pay the financial professional as a commission for the sale of the variable annuity. It decreases gradually over the surrender period, usually 1% less each year. Next, it is the mortality and expense risk charge which is 1.25% per year. It compensates insurance company for insurance risks. Its profit is to pay the insurer’s initial cost of sale of  the variable annuity. Next up is the administrative fees which are charges for record-keeping and other administrative expenses and is charged 0.15%. Trading and other expenses: Underlying Fund Expenses are fees that will be charged indirectly and they are imposed by mutual funds which are the underlying investment options in the variable annuity. Fees and Charges for other features are other miscellaneous fees charged in special features offered in some variable annuities. Such features include stepped-up death benefit and long-term care insurance. Liquidity: Variable annuity has liquidity risk in it whereby the proceeds from the variable annuity may be unavailable at the time of withdrawal or it will be available but at a significantly lowered value. These are attributable to two factors. Firstly, because annuities are designed as retirement vehicles, getting out early can mean taking a loss. Many variable annuities assess surrender charges for withdrawals within a specified period, which can be as long as 6 to 8 years. Furthermore, any withdrawals before an investor reaches the age of 59 ‘/2 are subject to a 10% tax penalty by the IRS (Internal Revenue Service) in addition to any gain being taxed as ordinary income. Secondly, if the holder is in a need for cash and must liquidate his variable annuity, there is a possibility that on the date of liquidation, its account balance is lower than what it was previously simply due to market fluctuations. Location: Annuities are a commonplace in the current world but actually it existed way back during the Roman times. It was then introduced in Europe and the United Kingdom. It made its mark in America in 18th century but was only fully aware of in the 1930s where the Great Depression caused Americans to â€Å"save for a rainy day†. Variable annuities were first created in America in 1952. Today, variable annuities is popular than ever with sales estimated to be USD40.2 billion and are offered in many countries due to its applicability for retirement purposes. Singapore is not excluded in the variable annuities  market as well. Manulife Singapore launched the first variable annuity, Secure Retirement Plus (US$), in 2007 and later introduced Secure Retirement Plus(S$) in 2008. Tax Efficiency: Variable Annuities are tax-deferred. It can help investors save more while reducing their overall tax burden. This provides investors with good opportunity to invest in tax-inefficient vehicles such as bonds and types of equities. However, there will be a taxable amount of 10% IRS penalty with withdrawal before reaching the age of 59 ½ years. This means that investors pay no taxes on the income and investment gains from their annuity until the withdrawal date. They may also transfer their money from one investment option to another within a variable annuity without paying tax at the time of the transfer. At their withdrawal of variable annuity, they will be taxed on the earnings at ordinary income tax rates rather than lower capital gains rates. Ability to eliminate or significantly reduce unsystematic risk: By diversifying, investing in variable annuity does reduce unsystematic risk. Investors are able to make payment purchase and allocate it to various asset classes such as small-company stocks, international government bonds and fixed annuities. Unsystematic risk decreases as the number of stocks in a portfolio increases. It could help to protect the investors against sustained losses in a single stock or sector of the market. Ability to control the asset allocation decision: Variable Annuity has an accumulation phase whereby the investor makes purchase payments in which they can allocate it to a number of investment options. Moreover, it is a flexible investment that allows investors to move their money into more stable accounts such as fixed account to preserve their gains. It also allows investors to have play in the strong stock market. Substitute? Any alternatives that achieve the same objective in a more efficient –less expensive and/or more tax efficient- manner: Exchange  Traded Note (ETN) is an alternative that can achieve the same objective of a variable annuity in a less expensive and more tax efficient way. A variable annuity can cost up to 4% a year in its fees, while ETN only charge 1% fees. Both ETN and variable annuities are tax efficient and there is no negative tax consequence till the ETN is sold. However, while an annuity is passed through death to its beneficiaries, its entire gain will be taxed. The ETN under the current estate tax laws, will be receiving a step up in basis, this makes it more tax efficient than the variable annuity. However, investors of ETN have to assume credit risk as it is an unsecured debt. Thus, we have to look at other equally important factors before deciding the better alternative as just using cost-effectiveness and tax-efficiency does not equate to a robust eva luation. Introduction to Hedge Fund: Hedge fund is a fund that can take both long and short positions through the use of arbitrage, buying and selling undervalued securities, trading options or bonds, and investing in any opportunity in any market where it foresees impressive gains at reduced risk. Its strategies vary enormously especially today with volatility and anticipation of corrections in overheated stock markets whereby many hedge against downturns in the markets. Main aim of most hedge funds is to reduce volatility and risk while trying to preserve capital and deliver positive returns under all market conditions. Expected Returns: Most hedge funds’ goal is to earn a positive return despite how the overall stock market is performing. It is refer to as an absolute return. Absolute return gains and losses of a hedge fund can be measured relative only to the assets in the fund itself and investors do not compare returns to market benchmarks. With the absolute return goal, hedge fund managers often use aggressive investment techniques like short selling and leveraging. Volatility: Standard deviation reports a fund’s volatility which indicates the tendency of the returns to rise or fall drastically in a short period of time. It measures this risk by measuring the degree to which the fund fluctuates in  relation to its mean return, the average return of a fund over a period of time. Since hedge fund seeks absolute returns independent of market movements; the standard deviation for this fund would then be zero as the fund’s return does not differ within periods. Hence it shows that hedge funds are highly at an advantage since the fund with the lower standard deviation would be more optimal as it is maximizing the return received for the amount of risk acquired. Distribution of Returns: By knowing which way data is skewed, one can better estimate whether a data future point will be more or less than the mean. For hedge funds, the skewness variations are not uniform across styles. For instance, when the number of funds increases, the skewness drops systemically and is negative for Fixed Income Arbitrage, Convertible Arbitrage and Event Driven Strategies while it increases slightly. The Kurtosis tends to be concentrated in the -0.5 to +0.5 range. Changes in kurtosis tend to less predictable and differ widely over time and across investment styles. However, diversification within some hedge fund strategies may appear highly attractive in mean or variance terms, but this is much less so when skewness and kurtosis are taken into account as assessing hedge funds based on return and volatility criteria maybe misleading because of the potential underestimation of return volatilities. Correlation with other asset classes: Correlation is interlinked with diversification. Investors aim for a sound portfolio which is achievable through applying diversification. However, traditional assets classes like bonds and stocks are increasingly linked. Hedge funds which performances often highly dependent on the qualities of individual investment decisions or strategies, as opposed to being highly correlated to an overall market, diversify risk thus bringing about high returns. Instead of achieving returns from market activities, hedge funds use unique investing strategies to exploit market inefficiencies that the markets have not perceived. This further intensified diversification which put them at a better stead than traditional asset classes. Fees: Hedge fund consists of 3 kinds of fees. Sales Charge. It is a one-time charge, generally 5% and it’s the front-end load or commission that is charged on the investment amount. Management fee. It varies around 2% and it is charged on an annual basis and imputed into the Net Asset Value of the fund. Performance fee. It varies around 10-20% above the benchmark and it is charged on an annual basis and imputed into the Net Asset Value of the fund. The benchmark can be simply the zero return line or a benchmark like the London Interbank Offered Rate. Performance fees are charged on a high water mark which means investors are only charged for excess returns with reference to the previous high. If investment drop in value, the manager must bring it back above the previous greatest value before they can receive performance fees. Trading and other expenses: Apart from the above fees, investors also need to pay expenses such as the accounting and tax preparation expenses, auditing expenses, costs and expenses of entering into and utilizing credit facilities and structured notes, swaps or derivative instruments. Liquidity: There are two forms of liquidity constraints that are impose on investors which are liquidity dates and lock-up. Liquidity dates refer to pre-specified times of the year when an investor is allowed to redeem shares. Hedge funds typically have quarterly liquidity dates. Moreover, it is often required that investors give advanced notice of the desired to redeem: these redemption notices are often required 30 days in advance of actual redemption. Lockup refers to the initial amount of time an investor is required to keep his or her money in the fund before redeem shares. Lockup therefore represents a commitment to keep initial investment in a fund for a period of time. For Singapore registered hedge fund, MAS guidelines stipulate one regular dealing day per quarter. Redemption of funds usually requires a notice period and it states that redemption proceeds must be paid to the end investor within 95 days from the dealing day the redemption request is accepted. Location: Funds with a regional presence outperform those without one. Risk-adjusted return difference between nearby and distant hedge fund portfolio is about 4% and is significant. A fund’s geographical proximity to the companies in which it invests the closer it is to its investments the greater the chances that the hedge fund will earn high returns. They are better able to take advantage of local information via short selling and the use of derivatives. Direct way for hedge fund to take advantage of local knowledge is to invest in stocks and bonds in their region. Moreover, Singapore is perceived as having a high level of transparency and reliability in business, economic and regulatory affairs. It boasts a stable political structure, well-established judicial system and forward-looking financial authority thus bringing an advantage to investors locally. Tax efficiency: Tax consideration can be a benefit of alternative investments, particularly hedge funds which exploit different ways to minimize capital gains and income taxes for investor. Investors might be worried of being charged at a higher rate for tax. Singapore has in place a tax incentive scheme which exempts offshore funds from tax. Broadly speaking, a qualifying fund will be granted tax exemption provided it is not 100% owned by Singapore investors. There is also Tax Exemption for Singapore Resident Funds. It requires pre-approval from the authorities and although it is aligned to the offshore fund exemption scheme, some additional conditions have been imposed. Ability to eliminate or significantly reduce unsystematic risk: To diversify from stock-specific risk known as non-systematic risk one can invest in a range of stocks with different characteristic. Most investors of such practice regard it as unwise not to diversify into non-systematic risk. However, killing two birds with one stone is a more attractive opportunity to be seized. Thus, we turn to hedge fund. The main idea behind diversifying your non-systematic risk into assets like hedge funds is that any investment with a positive expected return, low volatility and low correlation to the rest of portfolio, will have a great chance of reducing the overall  portfolio volatility which is an additional advantage as compared to diversifying through stocks and bonds. Thus, hedge fund is an indispensable option. Ability to control asset allocation decision: Hedge fund manager has total trading authority over the fund. They are not required to provide investors with information about the underlying holdings of the hedge funds. Thus, there’s a lack of transparency when investing in hedge funds. Investors are putting their complete trust in the manager’s ability to meet the fund’s objectives. As such, investors lose control over their asset allocation. Thus, it is essential to choose the right fund manager to manage their investments. Substitute? Any alternatives that achieve the same objective in a more efficient –less expensive and/or more tax efficient- manner: The primary objective of hedge funds is to reduce volatility and risk while attempting to preserve capital and deliver positive returns under all market conditions. The emphasis here is positive returns under all market conditions and thus this explains fully utilization of specialized and carefully selected investment strategies to achieve that primary goal. There are alternatives which are less expensive and more tax-efficient such as ETFs and ETNs. Both offer similar advantages which are lower fees, lower investment minimums and greater tax efficiency. However, both products have different investments goals. ETFs mirror the indexes they track by holding diversified collection of securities, such as stocks or bonds but traded like stock on an exchange while ETN is an unsecured debt typically issued by an investment bank that mirror index like ETF. Thus, from the way they operate, we are able to conclude that their investment aims just show differences with that of hedge funds.