A Short History of the Soviet and Russian Space Program

A Short History of the Soviet and Russian Space Program The modern age of space exploration exists largely because of the actions of two countries who competed to get the first people on the Moon: the United States and the former Soviet Union. Today, space exploration efforts include more than 70 countries with research institutes and space agencies. However, only a few of them have launch capability, the three largest being NASA in the United States, Roscosmos in the Russian Federation, and the European Space Agency. Most people know of the U.S.s space history, but the Russian efforts occurred largely in secrecy for many years, even when their launches were public. Only in recent decades has the full story of the countrys space exploration been revealed through detailed books and talks by former cosmonauts.   The Age of Soviet Exploration Begins The history of Russias space efforts starts with World War II. At the end of that huge conflict, German rockets and rocket parts were captured by both the U.S. and the Soviet Union. Both countries had dabbled in rocket science before that.  Robert Goddard in the U.S. had launched that countrys first rockets. In the Soviet Union, engineer Sergei Korolev had experimented with rockets, too. However, the chance to study and improve upon Germanys designs was attractive to both countries and they entered into the Cold War of the 1950s each striving to outdo the other into space. Not only did the U.S. bring over rockets and rocket parts from Germany, but they also transported a number of German rocket scientists to help with the fledgling National Advisory Committee for Aeronautics (NACA) and its programs. The Soviets  captured rockets and German scientists, too, and eventually began experimenting with animal launches in the early 1950s, although none reached space. Yet, these were the first steps in the space race and set both countries on a headlong rush off Earth. The Soviets won the first round of that race when they put Sputnik 1 into orbit on October 4, 1957. It was a huge win for Soviet pride and propaganda and a major kick in the pants for the fledgling U.S. space effort. The Soviets followed up with the launch of the first man into space, Yuri Gagarin, in 1961. Then, they sent the first woman in space (Valentina Tereshkova, 1963) and did the first spacewalk, performed by Alexei Leonov in 1965. It looked very much like the Soviets might score the first man to the Moon, too. However, problems piled up and pushed back their lunar missions due to technical problems. Disaster in Soviet Space Disaster struck the Soviet program and gave them their first big setback. It happened in 1967 when cosmonaut Vladimir Komarov  was killed when the parachute that was supposed to settle his Soyuz 1 capsule gently on the ground failed to open. It was the first in-flight death of a man in space in history and a great embarrassment to the program. Problems continued to mount with the Soviet N1 rocket, which also set back planned lunar missions. Eventually, the U.S. beat the Soviet Union to the Moon, and the country turned its attention to sending unmanned probes to the Moon and Venus. After the Space Race In addition to its planetary probes, the Soviets got very interested in orbiting space stations, particularly after the U.S. announced (and then later canceled) its Manned Orbiting Laboratory. When the U.S. announced Skylab, the Soviets eventually built and launched the Salyut station. In 1971, a crew went to Salyut and spent two weeks working aboard the station. Unfortunately, they died during the return flight due to a pressure leak in their Soyuz 11 capsule. Eventually, the Soviets solved their Soyuz issues and the Salyut years led to a joint cooperation project with NASA on the Apollo Soyuz project. Later on, the two countries cooperated on a series of Shuttle-Mir dockings, and the building of the International Space Station (and partnerships with Japan and the European Space Agency). The Mir Years The most successful space station built by the Soviet Union flew from 1986 through 2001. It was called Mir and assembled on orbit (much as the later ISS was). It hosted a number of crew members from the Soviet Union and other countries in a show of space cooperation. The idea was to keep a long-term research outpost in low-Earth orbit, and it survived many years until its funding was cut. Mir is the only space station that was built by one countrys regime and then run by the successor to that regime. It happened when the Soviet Union dissolved in 1991 and formed the Russian Federation. Regime Change The Soviet space program faced interesting times as Union began to crumble in the late 1980s and early 1990s. Instead of the Soviet space agency, Mir and its Soviet cosmonauts (who became Russian citizens when the country changed) came under the aegis of Roscosmos, the newly formed Russian space agency. Many of the design bureaus that had dominated space and aerospace design were either shut down or reconstituted as private corporations. The Russian economy went through major crises, which affected the space program. Eventually, things stabilized and the country moved ahead with plans to participate in the International Space Station, plus resume launches of weather and communications satellites. Today, Roscosmos has weathered changes in the Russian space industrial sector and is moving ahead with new rocket designs and spacecraft. It remains part of the ISS consortium and has announced Instead of the Soviet space agency, Mir and its Soviet cosmonauts (who became Russian citizens when the country changed) came under the aegis of Roscosmos, the newly formed Russian Space Agency. It has announced interest in future lunar missions and is working on new rocket designs and satellite updates. Eventually, the Russians would like to go to Mars, as well, and continue solar system exploration.

Free sample - Brand and Customer Behavior literature review. translation missing

Brand and Customer Behavior literature review. Brand and Customer Behavior literature reviewBrand and Customer Behavior in the contemporary corporate world has received a lot of attention and debate on whether the former affects the latter. As a matter of fact, there have been so many questions seeking to establish whether brands have any effect to the customer behavior. In regard to literature by Glynn (2009, p.97), brand is a market based asset which largely shapes the behavior of a customer. Arguably, brands are advertised so that they may influence the behavior of the customers. In some cases, customers have purchased products owing to the brand. For instance, a car that is branded with a brand reflecting status and reputation may influence a customer to purchase the car brand seeking to get the prestige promised by the brand. On the other hand, brands have effect on the customer behavior (Kumar, 2008). He supports this by presenting detailed information on brand attitude which is the attitude toward a brand by a customer. This attitude is attributed to the brand trust and effect altogether. The former refers to the customer’s willingness to trust the brand to satisfy his or her needs while the latter has to do with customer’s emotional response towards a brand. This makes it possible to generate an emotion toward the customer’s preference of the brand for use (p.193). Further in this context, Wilburn (2006) has examined in detail the factors that affect as well as shape customer’s behavior. As a matter of fact, he points out to brand image as the mental picture formed by a customer towards a brand. In this case, brand has been pointed out as to provide a customer with a reason to purchase a product in place of another. Traditionally, Wilburn (2006, p.2-3) states that brand images have been in use as a method of influencing customer behavior and as well acquisition of new customers of a product. Arguably Salver (2009, p.92-93), has provided literature on the effect that brand has on the customers. In this context, brand image has been associated with an ability to bind consumers on the basis of emotion and thus customers going for the very brands. Brand images have also been cited as powerful tools for establishing loyalty of the customer to the particular brand. From this point of view, it is evident from literature that there have been an academic background regarding brand and customer behavior which has previously tried to answer the research question whether brands affect the customer/ consumer behavior.      References Glynn, MS 2009, Business-to-business brand management: theory, research and executive case study exercises, Emerald Group Publishing, Bingley. Kumar, V 2008, Managing customers for profit: strategies to increase profits and build loyalty, Wharton School Publishing, New Jersey. Salver, J 2009, Brand Management in the Hotel Industry and Its Potential for Achieving Customer Loyalty, GRIN Verlag, Norderstedt. Wilburn, M 2006, Managing the customer experience: a measurement-based approach, American Society for Qualit, Wisconsin.

President Assignment Example | Topics and Well Written Essays - 250 words

President - Assignment Example The cuts and spending are provided in the succeeding section. There should be a reduction in international affairs by 15%. Spending on general government, natural resources and environment, energy, veterans’ benefits, and general science should also be reduced by 15%, 15%, 10%, 2.5% and 20% respectively. On the other hand, I propose a 20% increase in spending on military operations. Additionally, transportation, education, health, and administration of justice should each have a 5 percent increase in spending. Lastly, community and regional development should have a 2.5% increase in spending. The budget deficit will be $199 billion hence an improvement in the capacity of the country to meet its budgeting demands. An increase in spending on defense will ensure that the country’s security situation is enhanced. Terrorists especially the al Qaeda group have been targeting the country for a very long time. There will also be an improvement in infrastructure, quality of employee skills, health, distribution of national resources, and administration of justice as a result of the increased spending in the respective areas. On the other hand, the hand will experience strained relationships with developing nations as a result of reduced spending on international

Project management Assignment Example | Topics and Well Written Essays - 1500 words

Project management - Assignment Example Team functionality and consequent performance depends on various collaboration aspects that are designed to enhance the realization of the project objectives. Communication is a fundamental aspect in the undertaking of a project that engages team work. There should be a clear flow of information from the team leader to the members and vice versa. This flow is designed to maintain a consistent system through which all players in the team are kept posted to emerging issues and expected trends in the project (Gowen, 2007). Team efficacy is highly influenced by modes and means of communication within and without the team. It is important that each member contributes to the design, formulation and implementation of a communication process that is properly suited to the specific variables of the project being undertaken. Running of a project is not always at par with the expectations. However, with effective communications designs, it easier for the entire team to deal with emerging challe nges in the process. The team encompasses diverse and dynamic reasoning, knowledge and skills. Project undertakings also require that balanced collaboration be observed if the desired results are to be achieved. For this reason, the team cannot avoid discussions and decision making at both individual and team level. This requires that effective communication among all stakeholders. ... Team coordination of project phases is characterized by numerous activities. These activities call for decision making from time to time, across every stakeholder. With proper communications designs, negotiations fall into place. Negotiations encompass critical evaluation and assessment of scenarios that need to accounted for as different project activities unfold. Negotiations are designed to bring on board different views of every person involved, so that what is decided upon binds to every team participant. Negotiation in the team level aims to bring to terms all the individual duties and responsibilities, so that what is achieved reflects a team effort. Although the team is made up of a number of players, each player’s contribution counts in the overall success or failure of the team. On the same note, the different players are divided in accordance to their specialization, prior to the activities that need to be undertaken, and the duties and responsibilities that need to be met. Therefore, the team operates in functional areas that range from management and leadership, finance, operations and human resource (Bollen, 2009). The interaction of these parties must encompass proper negotiations, so that in case anything goes wrong in the process, a blame game does not emerge. In such an instance, these functional areas engage in discussions, evaluations and assessments that account for misconducts realized if any. Team performance is highly dependent on the meetings aspect. Meetings are inevitable at all decision making levels. From the time the team is being formed to the completion of the project, meetings play an essential role in uniting all

New Challenges for Africa and the Islamic World Essay Example for Free

New Challenges for Africa and the Islamic World Essay * Songhai flourished during the 1400s and 1500s, with an empire stretching 1500 miles east to west. (from Gao to the Niger River) a. Timbuktu * Timbuktu became a major center for trans-Saharan trade. Large supplies of gold, ivory, and slaves were sent abroad. * Timbuktu was a major center of Islamic scholarship, in particular because of the Islamic University of Sankore. * Civil war over succession weakened the empire which was then destroyed by Moroccan forces. B. Other West African States * The small Sudanic kingdoms that formed after the fall of Songhai were parts of a closely linked commercial network. * For example, the Dyula moved goods by donkey and canoe, dominating the regional trade. * A few non-Muslim states, including those of the Guinea Coast, had a matrilineal social structure. a. The Kanem-Bornu Kingdom * The Islamic kingdom of Kanem-Bornu prospered from trans-Saharan trade and reached its height under king Idrus Aloma. a. The Hausa and the Trans-Saharan Trade * The Hausa had trade-oriented states in modern-day Chad, eastern Niger, and Nigeria where cotton cloth and leatherwork were manufactured for export. * Islam became dominant, but women continued to play vital social and political roles. b. Trade on the Guinea Coast * A few non-Muslim states, including those of the Guinea Coast and Volta River basin, had a matrilineal social structure, and prospered from mining and trading in gold to the north. c. Europeans in West Africa * Portuguese encountered such large trading centers as the one at Guinala, (Guinea Bissau), where 12,000 men and women met weekly to trade. C. Bantu Trading Cities and Kingdoms (East) * Bantu settlers and Arab immigrants formed the Swahili culture. * The Swahili city-states grew wealthy by trading in African goods to peoples from around the Indian Ocean. a. Trade on the East African Coast * Swahili city-states were parts of the great trading network generally dominated by seafaring Arabs and Indian Muslims. d. The Shona and the Ganda * The Shona exported gold and ivory through the city of Sofala to the Middle East and India. * The Ganda people established the kingdom of Buganda west of Lake Victoria and Buganda dominated the region by the 1700s. e. The Kingdom of Kongo * In the Congo River basin, the Bantu kingdom of Kongo became one of the first great African states to be visited by European explorers. * The kingdoms of Luba and Lunda resisted European power into the nineteenth century. f. The Xhosa and the Zulu * The Xhosa and Zulu were the main Bantu-speaking groups to migrate into southern Africa. D. Africa in the Hemispheric System * Sub-Saharan Africans lacked interregional connections. * Sub-Saharan African was cut off from European and Asian trade. * Marginally fertile soils, scarce exploitable minerals, and few good harbors impeded development in Sub-Saharan Africa. a. Africa the Unknown * West and East Africa supplied gold, ivory, and other commodities to the Middle East and Europe for centuries. * The remaining Amharic Christians in modern-day Ethiopia were surrounded by Muslims and essentially cut off from contact with Europe. g. The Opening of Africa * Europeans set out to penetrate â€Å"Darkest Africa† with the â€Å"light† of the West, while also looking for direct routes to Asian spices and silk. * Africans were shocked and dismayed upon first sighting Europeans. h. The Beginning of the African Slave Trade * Europeans looked for slaves after setting up in the Americas. * Slavery had a long tradition in Africa, which involved Muslim traders. * Europeans already had enslaved their own peoples, though not with a racialized reason. II. EUROPEAN IMPERIALISM AND THE TRANS-ATLANTIC SLAVE TRADE * Racism developed from early exploitative relationships forged by Portuguese and Dutch adventurers along the two coasts of Africa and in its southern reaches. A. The Portuguese and African Encounters * By the late 1400s the Portuguese had colonized the Cape Verde Islands and the nearby coastal region of Guinea-Bissau. * They also established a long relationship of cooperation with the prosperous Kongo kingdom of south central Africa and sent Catholic missionaries. a. Bartolomeu Dias and Vasco de Gama * In 1487 Bartholomeu Dias rounded the Cape of Good Hope and the Indian Ocean. Vasco da Gama established relations with East African Swahili trading cities. * In India, European goods could not compete with more valuable and finer products from India, China, Indonesia, and Persia. Da Gama had finally located the sea route to the east. * The Portuguese set up a network of trading bases around the Indian Ocean, and tried to limit the activity of their Arab, Ottoman, Persian, and Indian rivals. i. The Portuguese and the Kongo * The Christian King Alfonso I, a Portuguese ally, controlled the Kongo and attempted to emulate Portugal by expansion and modernization. * Slavery soured Portuguese-Kongolese relations. j. Queen Nzinga and African Resistance * After Alfonso’s death, the Portuguese conquered Kongo and Ndongo. Kongolese and Ndongo warriors were no match for Portuguese armies. Queen Nzinga of Ndongo strongly resisted the Portuguese. * Kongolese Christian kings appealed to the Pope to halt the slave raids. The Kongolese kings allied with the Dutch to curb Portuguese influence. Kongo endured civil wars, which led to the capture of more slaves. * Portuguese forces occupied several major Swahili trading cities. They eventually controlled several trading ports from the Persian Gulf to China. They used brutal methods to achieve their ends. k. The Decline of Portuguese Influence * Portuguese influence waned on the East Coast of Africa by the 17th century after they destroyed much of the trade by dissuading merchants to venture to the cities they nominally controlled. * In the late 1600s, Arabs from Oman pushed the Portuguese out. E. New Challenges for the Shona States and Ethiopia (East) * The Portuguese controlled the lower Zambezi Valley in order to dominate the gold trade. * They also moved up the Zambezi River and ended up controlling the largest Shona state of Monomotopa. * They also settled coastal Mozambique and mixed culturally, often through intermarriage. a. Ethiopian Civil War * The Portuguese forces assisted Ethiopians against their Muslim neighbors. * Jesuit missionaries converted Ethiopian king to Catholicism. * Attempts to change the Ethiopian Church did not succeed, and the missionaries and other Portuguese were expelled. F. South Africa and Dutch Colonization * Dutch settlers in Cape Town traded with the Khoikhoi, but then seized their land. They enslaved or killed all the Khoikhoi living near the Cape, then imposed white rule over Africans. * Slaves were imported from Madagascar, Mozambique, and Indonesia. * As the economy developed, Africans and Asians outnumbered whites. a. The Boers and â€Å"trekking† * Some Dutch settlers, or Boers, moved eastward to escape governmental control and look for new land to settle. * The Boers tried to take over Xhosa and Zulu lands. G. The Trans-Atlantic Slave Trade * Europeans enslaved Africans to fulfill their labor needs in the Americas on plantations and in mines. * Physical differences established racial basis of trans-Atlantic slavery. a. The Slave Trade Expands * West Africa was fragmented, which made it vulnerable to slave trading. The Europeans established trading forts from Senegal to Angola. * The Europeans traded cotton goods, guns, iron, rum, and tobacco for slaves. The Europeans often cooperated with local African chiefs to obtain slaves. * The exact number of enslaved Africans is uncertain, but it probably totaled 25 to 30 million individuals. The trans-Atlantic slave trade reached its peak between 1700 and 1800. l. Horrors of the Middle Passage * Slaves were branded, chained together, and packed into overcrowded slave ships. * Many slaves committed suicide before reaching the Americas, so slavers installed nets along the sides of slave ships to catch jumpers. There were also many attempted mutinies en route. * The majority of slaves were sold to plantations without regard to personal ties. m. Rationalizing the Slave Trade * Europeans justified slavery by claiming that Africans were inherently inferior. * Some Westerners argued that slavery benefited Africans by exposing them to Western culture, values, and religion. H. The Slave Trade and African Societies * Some coastal regions of West and Central Africa succumbed to chronic raiding, kidnapping, and warfare. * Some societies were particularly destabilized when huge numbers were enslaved. * Out of these patterns of human enslavement emerged the Atlantic System. a. The Impact of the Slave Trade on Africa * Some African societies prospered by selling neighboring peoples into slavery. The kings of Benin obtained firearms by trading cotton textiles, pepper, ivory, and beads, and prohibited the sale of male slaves. * States such as Dahomey prospered by cooperating with the slave traders. Coastal regions from Senegambia down to Angola suffered the most (ex. family damage.) * The trans-Atlantic slave trade created economic imbalances that hindered the evolution of local industries, though African societies arguably benefited from the introduction of peanuts and corn. n. Early Imperialism and Colonialism in Africa * Europeans practiced imperialism and colonialism in Africa. * The scramble for Africa intensified with industrialization in Europe. Western industrialization helped end the slave trade, but accelerated the need for African natural resources.

The Lion, The witch and the wardrobe Essay examples -- essays research

The Lion, The Witch And The Wardrobe By C.S. Lewis The four childeren, Peter, Susan, Edmund and Lucy had to stay at the home of a professor in the time of the second world war. Because there was not much to do and it rained a lot, the children decided to look around the house. They came across a room that had nothing in it, but a big wardrobe. Peter, Susan and Edmund found nothing interesting, and left the room. But Lucy opened the wardrobe, and looked inside. There were many coats in it. She left the door open, because she knew it was a foolish thing to lock oneself up in a wardrobe. She kept walking to the back, looking for the wall but she found none. Instead of feeling coats, or a wooden floor, she felt branches and snow. This confused her, as she kept walking. In the distance, she saw a light and when she reached it, it turned out to be a lamp post. She started walking around, when a starnge creature walked towards her. He was smaller than Lucy, and had the legs of a goat, a tail and held an umbrella in his hand. It was a Faun, and his name was Mr. Tumnus. Lucy introduced herself, and the Faun asked her if she was a Daughter of Eve. Lucy didn’t understand, and Mr. Tumnus asked her is she was a girl, which was true. Mr. Tumnus askedif she would like to go to is house and have some tea, and Lucy replied with a yes. They ate and drank, while Mr. Tumnus told her about all kinds of things like the White Witch, and Lucy told of her siblings. When Lucy told him she had to leave, Mr.Tumnus began to cry. Lucy tried to confort him, but he kept saying that he was a bad Faun, because he worked for the White Witch, whom made it always winter, but never Christmas. He had to take the Sons of Adam and the Daughters of Eve to her, but he couldn’t now since they became friends. He brought Lucy back to the lamp post, but they had to be quiet, for the Witch had spies everywhere, even some trees. Lucy ran through the door of the wardrobe and stumbled out and ran to her siblings, and told them she’d come ba ck. Her siblings didn’t understand what she meant, for Lucy had only been gone for a merely a second. She told them everything she’d experienced, but they did’t believe her. Edmund kept making fun of her and asked if she’d found any new worlds since then. A few days later, they decided to play hide and seek. Edmund was â€Å"it† and had to find everyone. Lucy was hiding in t... ...e healing liquid she had gotten from Father Christmas. She gave Edmund and the other creatures that needed it, a few drops of the liqiud and they all healed. Finally, when everything ended Peter, Susan, Edmund and Lucy were crowned the Kings and Queens of Narnia. Peter was known as King Peter the Magnificent the High King, Susan as Queen Susan the Gentle, Edmund as King Edmund the Just, and Lucy as Queen Lucy the Valiant. They ruled Narnia for many years, untill one day they were in the woods, and found the old lamp post, not remembering what had happened many years before that. They followed the path, and stumbled out of the wardrobe one again. They were in their own clothes again, and they’d turned back into children. They told the professor, and he said they could not go back to Narnia, at least not that way. They had to find another way. Once a King in Narnia, always a King. CHILDREN'S FICTION The Horse and His Boy (1954) The Last Battle: A Story for Children (1956) The Lion, the Witch and the Wardrobe: A Story for Children (1950) The Magician's Nephew (1955) Prince Caspian: The Return to Narnia (1951) The Voyage of the "Dawn Treader" (1952) The Silver Chair (1953)

Case study 2-2 Essay

Case Project 2-2 I would determine whether an investigation is required for this type of situation. I would make am initial assessment about the case that I will be investigating. Meanwhile, determining the type a design of approach for this particular case. I would then estimate the time of each step, when the check was issued and as the amount. I would ask Jonathan to interview the other individual who has access to the company’s accounting program. I would review the company computer as well as the accounting program and see if there are any significant documents; which would including the company checkbook and ledger, as well as contact the bank for the most current bank statement. Any type of information pertaining or related to that particular check, which was issued during that time. However, if cleared, then further investigation has to be done. I would examine that employee’s email for anything suspicious as well as surveillance cameras within that office. I would also study the suspects work habits as well. I would ask Jonathan to locate and itemized any details of the subcontractor’s job amounting to $10,750 and the facts of the check for the amount $12,750. I would try to find the facts of the $2,000 difference, if available by comparing bank statements, and the accounting program. I will inform him to be very watchful of any relevant information that may eventually be evidence in this type of criminal case, which could be employee theft or embezzlement. If this other person beside Jonathan is involved in this crime and not being an  accounting error, has taken place, I would recommend Jonathan to allow me to further my investigation with this company.

Comparison of Reliance Mutual Fund with Others

A PROJECT REPORT ON â€Å"COMPARISON OF RELIANCE MUTUAL FUND WITH OTHERS† UNDERTAKEN AT INDIA INFOLINE LTD. BARDOLI [pic] SUBMITTED BY: DIMPLE M. SHARMA (10BBA52) GUIDED BY: Mr. NAVIN H. SAPARIYA BBA PROGRAMME (Year 2012-13) [pic] VIDYABHARTI TRUST COLLEGE OF BBA & BCA, UMRAKH I DIMPLE SHARMA from Vidyabharti Trust College of BBA & BCA, Umrakh hereby declare that the project report work entitled â€Å"Comparison of Reliance Mutual Fund With Others† submitted by Ms. DIMPLE M. SHARMA Id no. 0BBA52 during December 2012 to February 2013 has been undertaken as a part of 6th Semester of BBA syllabus of Veer Narmad South Gujarat University, Surat. I declare that this report has not been submitted to any other university or institute for any other purposes. DIMPLE M. SHARMA (10BBA52) This Project work is written in accordance with the Bachelor of Business Administration course prescribed by Veer Narmad South Gujarat University for two month project work.I am greatly thankful to India Infoline Ltd. , Bardoli for giving me an opportunity to work on this project at their company. I wish to express my sincere thanks to Mr. Viral Chauhan, I/c Principal of BBA College who gave me the chance to do this project report under India Infoline Ltd. , Bardoli. I wish to express my deep sense gratitude to my guide Mr. Navin H. Sapariya; whose constant help and support at all stages of this project has enable me to complete it. I am thankful to my company guide Mr.Parag Khatri, for providing his valuable suggestion and guidance which has given final touch to the report and also for sharing his rich experience for the contents of this report without whom this project would not have been completed successfully. Last but not least, I am also grateful to my parents, colleagues whose continuous support has always boosted my moral towards working on this report. DIMPLE M. SHARMA (10BBA52)As a partial fulfillment of BBA Programmed all students are required to undergo training for 2 months with respected to this I have prepared a project report on Comparison of Reliance Mutual Fund with Others. The project is based under the assumption that, As Mutual Fund being a new investment avenue in the market people likes to get some information about Reliance Mutual Fund. I want to measure the performance of Reliance Mutual Fund Schemes compared to others. In the duration of 8 weeks, I studied various Mutual Fund Schemes of Reliance & Open – Ended Fund like Equity Fund.In order to compare the schemes of Reliance Mutual Fund & Others, I collected weekly net asset values of Reliance Mutual Fund Schemes & Open – Ended Fund Schemes for the period of 2007 to 2012. I compare schemes by calculating risk & return thereby to measure the performance of different schemes of Reliance Mutual Fund & Open – Ended Fund in equity schemes. In the Equity Fund Schemes, the years from 2009, 2010 & 2012 Reliance Mutual Fund is well performing among others. |Ch. No. |Topic | |Page No. |1. |Introduction | | | | |About Company Profile | | | | |About Topic | | | | |About Reliance Mutual Fund | | | |2. Research Methodology | | | |3. |Data Analysis and Interpretation | | | |4. |Findings | | | |5. |Conclusions | | | |6. |Recommendations | | | |7. References | | | | |Bibliography | | | CHAPTER: – 1 [pic]Introduction [pic] COMPANY PROFILE INTRODUCTION OF INDIA INFO LINE PVT. LTD. |VISION OF THE COMPANY | |â€Å"Vision is to be the most respected company in the financial services space. | | | | | | | | | |INTRODUCTION | |5 paisa is the trade name of the India Infoline Securities private limited, a wholly owned subsidiary of India Infoline ltd. paisa | |holds membership of both the leading stock exchange of India viz. the Bombay stock exchange (BSE) and National Stock Exchange and is | |also a Depository Participant with NSDL and CDSL. It has tied up with the leading banks for funds transfer facilities Viz. City Bank, | |Centurion Ba nk, ICICI Bank and UTI bank the group has a membership of a Multi Commodities Exchange (MCX), National Commodities and | |Derivative Exchange of India (NCDEX) and the Dubai Gold and Commodities Exchange (DGCX). |India Infoline Ltd was founded in 1995 by a group of professionals with impeccable educational qualification and professional | |credentials. India Infoline is listed on BSE and NSE with a market capitalization of over $ 150 million. | |The India Infoline group, comprising the holding company, the India Infoline Ltd. And its wholly owned subsidiaries offers the entire | |gamut of investment products ranging from Equities and Insurance ,Fixed deposits ,GOI bonds , Loan products and other small saving | |instruments. It also owns and operates web sites, www. indiainfoline. om and www. 5paisa. com. | | | |India Infoline is a forerunner in the field of equity research. India Infoline’s research is acknowledged by none other than Forbes as | |â€Å"The best of the webâ₠¬  and â€Å"a must read for investor in Asia†. India Infoline’s research is available not just over the internet but | |also on international wire services like Bloomberg (code: ILL), Thomson first call and internet securities where it is amongst the most| |read Indian brokers. The India Infoline group has a significance presence across the country with over 500 branches in over 300 cities | |across India.All these offices are networked and connected with the corporate office in Mumbai. The group has invested significantly | |in technology and research, the result of which are there for everyone to see. The 5 paisa trading interface is one of the most | |advanced platforms available to retail investor in India. The group has membership on BSE and NSE for equities trading. It has a SEBI | |license for Portfolio Management under which, various schemes are offered, which have been continentally beating the benchmark indices | |since inception. | |THE INDIA INFOLINE LTD. |India Infoline Ltd, being a listed entity, is regulated by SEBI (Securities and Exchange Board of India). It undertakes equities | |research which is acknowledged by none other than Forbes as Best of the web must read for investors in Asia'. Its various | |subsidiaries are in different lines of business and hence are governed by different regulators. The subsidiaries of India Infoline Ltd | |are: | |India Infoline Securities Private Ltd. |India Infoline Securities Pvt. Ltd. is a 100% subsidiary of India Infoline Ltd, which is engaged in the businesses of Equities broking | |and Portfolio Management Services. It holds memberships of both the leading stock exchanges of India viz. the Stock Exchange, Mumbai | |(BSE) and the National Stock Exchange (NSE). It offers broking services in the Cash and Derivatives segments of the NSE as well as the | |Cash segment of the BSE. | |India Infoline Commodities Private Ltd. | |India Infoline Commodities Pvt.Ltd is a 100% subsidiary of India Inf oline Ltd, which is engaged in the business of commodities | |broking. Our experience in securities broking empowered us with the requisite skills and technologies to allow us offer commodities | |broking as a contra- | |Cyclical alternative to equities broking. We enjoy memberships with the MCX and NCDEX, two leading Indian commodities exchanges, and | |recently acquired membership of DGCX. We have a multi-channel delivery model, making it among the select few to online as well as | |offline trading facilities. |India Infoline Distribution Co. Ltd. | |India Infoline. com Distribution Co Ltd is a 100% subsidiary of India Infoline Ltd. and is engaged in the business of distribution of | |Mutual Funds, IPO’s, Fixed Deposits and other small savings products. It is one of the largest ‘vendor-independent' distribution houses| |and has a wide pan-India footprint of over 232 branches coupled with a huge number of ‘feet-on-street', which helps source and service | |custom ers across the length and breadth of India.Its unique value proposition of free doorstep expert advice coupled with free pick-up| |and delivery of cheques has been met with an enthusiastic response from customers and fund houses alike. Our business has expanded to | |include the online distribution of mutual funds, wherein users can view and compare different product offerings and download | |application forms which they can later submit to the product provider. | | | | | | |India Infoline Insurance Services Ltd. | |India Infoline Insurance Services Ltd is also a 100% subsidiary of India Infoline Ltd and is a registered Corporate Agent with the | |Insurance Regulatory and Development Authority (IRDA). It is the largest Corporate Agent for ICICI Prudential Life Insurance Co Ltd, | which is India's largest private Life Insurance Company. | |India Infoline Investment Services Ltd. | |India Infoline Investment Service Ltd is also a 100% subsidiary of India Infoline Ltd. It has an NBF C license from the Reserve Bank of | |India (RBI) and offers margin-funding facility to the broking customers. | |India Infoline Insurance Broker Ltd. | |India Infoline Insurance Brokers Ltd. is a 100% subsidiary of India Infoline Ltd and is a newly formed subsidiary which will carry out | |the business of Insurance broking. We have applied to IRDA for the insurance broking license and the clearance for the same is awaited. | | | | | | | | | | | | | | | | |OPERATIONS | |This is where the 5paisa subsidiary of the India Infoline group, comes in. They operate their functions through their domain knowledge | |and database on in depth research of complex paradigms of commodity kinetics, offers their customers a unique insight into behavioral | |patterns of these markets. Their customers are ideally positioned to make informed investment decisions with a high probability of | |success | |India Infoline commodities private ltd. offers the investors the opportunity to participate in this market by facilitating trading in | |commodities futures.They are the members of Multi commodity Exchange of India (MCX) and National Commodity Exchange of India | |(NCDEX). Their main function is to provide the investor with the complete range of commodities for trading, in both the morning as well | |as evening sessions. | |Trading can be online, over the phone or at their branches. Highly qualified, well trained relationship managers are available at their| |investor points across the country, to help the investor make the best of commodities trading! | |Besides all the above functions, they also leverage their skills in research, investments in cutting edge technology and understanding | |of investor’s requirements to ensure that their needs are taken care of.Thus, they perform the function of adding value to the | |investor’s money. | | | | | | | HISTORY & MILESTONES |Year | | |2011 |Launched IIFL Mutual Fund. | |2010 |Received in-principle approval fo r membership of the Singapore Stock Exchange | | |Received membership of the Colombo Stock Exchange. | | | |2009 |Acquired registration for Housing Finance | | |SEBI in-principle approval for Mutual Fund | | |Obtained Venture Capital license | | | | |2008 |Launched IIFL Wealth | | |Transitioned to insurance broking model | |2007 |Commenced institutional equities business under IIFL | |Formed Singapore subsidiary, IIFL (Asia) Pte Ltd | | | | |2006 |Acquired membership of DGCX | | |Commenced the lending business | | | | |2005 |Maiden IPO and listed on NSE, BSE | | | | |2004 |Acquired commodities broking license | | |Launched Portfolio Management Service | | | | |2003 |Launched proprietary trading platform Trader Terminal for retail customers | | | | |2000 |Launched online trading through www. 5paisa. com Started distribution of life insurance and mutual fund | | | | |1999 |Launched www. indiainfoline. om | | | | |1997 |Launched research products of leading Indian compani es, key sectors and the economy Client included | | |leading FIIs, banks and companies. | | | | |1995 |Commenced operations as an Equity Research firm | | | | PRODUCT & SERVICES Equities our core offering, gives us a leading market share in both retail and institutional segments.Over a million retail customers rely on our research, as do leading FIIs and MFs that invest billions. IIFL has rapidly emerged as one of the premier institutional equities houses in India with a team of over 25 research analysts, a full-fledged sales and trading team coupled with an experienced investment banking team. Private Wealth Management services cater to over 2500 families who have trusted us with close to Rs 25,000 crores ($ 5bn) of assets for advice. Investment Banking services are for corporates looking to raise capital. Our forte is Equity Capital Markets, where we have executed several marquee transactions. |IIFL’s investment banking division was launched in 2006.The business leverage s upon its strength of research and placement | |capabilities of the institutional and retail sales teams. Our experienced investment banking team possesses the skill-set to | |manage all kinds of investment banking transactions. Our close interaction with investors as well as corporates helps us | |understand and offer tailor-made solutions to fulfill requirements. | | | |IIFL Mutual Fund made an impressive beginning in FY12, with lowest charge Nifty ETF. Other products include Fixed Maturity | |Plans. | | | | | | | | | | | | | | Credit & Finance focuses on secured mortgages and consumer loans. Our high quality loan book of over Rs. 6,200 crores ($ 1. 2bn) is backed by strong capital adequacy of approximately 20%. IIFL offers a wide array of secured loan products. Currently, secured loans (mortgage loans, margin funding, loans against shares) comprise 94% of the loan book. The Company has discontinued its unsecured products. It has robust credit processes and collections mec hanism resulting in overall NPAs of less than 1%.The Company has deployed proprietary loan-processing software to enable stringent credit checks while ensuring fast application processing. Recently the company has also launched Loans against Gold. Life Insurance, Pension and other Financial Products, on open architecture complete our product suite to help customers build a balanced portfolio. IIFL entered the insurance distribution business in 2000 as ICICI Prudential Life Insurance Co. Ltd’s corporate agent. Later, it became an Insurance broker in October 2008 in line with its strategy to have an ‘open architecture’ model. The Company now distributes products of major insurance companies through its subsidiary India Infoline Insurance Brokers Ltd.Customers can choose from a wide bouquet of products from several insurance companies including Max New York Life Insurance, MetLife, Reliance Life Insurance, Bajaj Allianz Life, Birla Sunlife, Life Insurance Corporatio n, Kotak Life Insurance and others. |Commodities | |IIFL offers commodities trading to its customers vide its membership of the MCX and the NCDEX. Our domain knowledge and data | |based on in depth research of complex paradigms of commodity kinetics, offers our customers a unique insight into behavioral | |patterns of these markets. Our customers are ideally positioned to make informed investment decisions with a high probability of| |success. | IIFL (India Info Line Ltd) – Corporate Structure [pic] [pic] ABOUT THE TOPIC COMPARISON OF RELIANCE MUTUAL FUND WITH OTHERS† What are Mutual Funds? |A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus | |collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned | |through these investments and the capital appreciation realized are shared by its unit holders in proportion to the number of | |uni ts owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest | |in a diversified, professionally managed basket of securities at a relatively low cost.The flow chart below describes broadly | |the working of a mutual fund: | |[pic] | | Mutual Fund Operation Flow Chart | | | | | | | | | | | |ORGANIZATION OF A MUTUAL FUND | |There are many entities involved and the diagram below illustrates the organizational set up of a mutual fund: | | [pic] | | Organization of a Mutual Fund | | | |ADVANTAGES OF MUTUAL FUNDS | |The advantages of investing in a Mutual Fund are: | |Professional Management | |Diversification | |Convenient Administration | |ReturnPotential | |Low Costs | |Liquidity | |Transparency | |Flexibility | |Choice of schemes | |Tax benefits | |Well regulated | | | | | | | | | |TYPES OF MUTUAL FUND SCHEMES | |Wide varieties of Mutual Fund Schemes exist to cater to the needs such as financial position, r isk tolerance and return | |expectations etc. The table below gives an overview into the existing types of schemes in the Industry. | | | TYPES OF MUTUAL FUND SCHEMES BY STRUCTURE †¢ Open – Ended Schemes †¢ Close – Ended Schemes †¢ Interval Schemes BY INVESTMENT OBJECTIVE †¢ Growth Schemes †¢ Income Schemes †¢ Balanced Schemes †¢ Money Market Schemes OTHER SCHEMES †¢ Tax Saving Schemes †¢ Special Schemes – Index Schemes – Sector Specific Schemes | | | | | | | | | | | | | |FREQUENTLY USED TERMS | |   | |Net Asset Value (NAV) | | | |Net Asset Value is the market value of the assets of the scheme minus its liabilities. The per unit NAV is the net asset value of | |the scheme divided by the number of units outstanding on the Valuation Date. |   | |Sale Price | | | |Is the price you pay when you invest in a scheme? Also called Offer Price. It may include a sales load. | |   | |Repurchase Price | | | |Is the price at which units under open-ended schemes are repurchased by the Mutual Fund? Such prices are NAV related. |   | |Redemption Price | | | |Is the price at which close-ended schemes redeem their units on maturity. Such prices are NAV related. | |   | |Sales Load | | | |Is a charge collected by a scheme when it sells the units?Also called, ‘Front-end’ load. Schemes that do not charge a load are | |called ‘No Load’ schemes. | |   | | | | | High Risk, High Return Many investors purchase a particular stock with the intention of making a big profit over a short period of time. However, this action is not investing, but a pure gambling. The reason for this is that you are never guaranteed that you will get the high returns you hope for over such a short period of time.There may be times in which stocks have put a record on short-term growth, but these occurrences are very rare. On average stocks have returned from 10% to 12%. However, thi s doesn't mean that all stocks return at these rates. The stock market is characterized by the trade-off between risk and return. The higher the risk the investor is willing and able to take, the higher the potential rewards from the investment. Therefore, if a particular investment offers you high returns, it is an indication that it will come with a high risk burden. As part of the selection process, you should determine the risk level of the stock as well as your risk tolerance. If you are looking for high returns you should be able to meet high potential losses as well.Many investors prefer young technology-oriented companies over blue chip companies, because the first provide higher returns than the latter. However, the latter provides its shareholders with regular dividends to compensate for the modest growth. So, the next time you are offered a stock that is expected to triple in value over a short time period, think carefully whether to invest in it, because the chances of i t failing to reach this level of return is extremely high. Risk : Return (finance) the financial term for profit or loss derived from an investment. Return is the benefit distributed to the owner. A person making an investment expects to get some return from the investment in the future. But as the future is uncertain, so is the future expected return.It is the uncertainty associated with the returns from an investment that introduces risk in to an investment. Standard Deviation: For the more technically-minded, Standard Deviation is â€Å"the basic statistical measure of the dispersion of a population of data observations around a mean†. In trading language it’s an indication of price fluctuation; it measures how far the closing price is from the average closing price over a set period. The greater the difference between the closing prices and the average price, the higher the standard deviation will be. The closer the closing prices are to the average price, the lowe r the standard deviation . he relative rate at which the price of security moves up and down. Risk is found by calculating the annualized standard deviation or daily changes in the price. Risk = standard deviation of closing price [for n periods] / average closing price [for n periods] [pic] The variance and standard deviation measure the extent of variability of possible returns from the expected return. Several other measures such as a range, semi-variance and mean absolute deviation have been used to indicate measure risk but standard deviation has been the most popularly accepted measure. The standard deviation or variance however provides a measurement of total risk associated with security.Total risk comprises of two components namely systematic risk and unsystematic risk. Variance: The variance of a random variable is a measure of its statistical dispersion, indicating how far from the expected value the variance is the average of squared deviation about the arithmetic mean f or a set of numbers It describes how far values lie from the mean. In particular, the variance is one of the moments of a distribution. [pic] Risk and Beta: As far as an investor is concerned, the systematic risk is no very important as it can be reduced or eliminated through diversification. It is an irrelevant risk. The risk that is relevant in decision making is the systematic risk because it is undiversifiable.Hence the investor seeks to measure the systematic risk of security. Systematic risk is the variability in security returns caused by changes in the economy or the market. All securities are affected by such changes to some extent, but some securities exhibit greater variability in response to market changes. Such securities are said to have higher systematic risk. A higher variability would indicate higher systematic risk and vice versa. The systematic risk of security is measured by a statistical measure called â€Å"Beta† the input data required for the calculati on for beta are the historical data of returns of the individual security as well as the returns of a representative stock market index.For the calculation of beta, the return of individual security is taken as dependent variable, and the return of the market index is taken as the independent variable. Beta is a score that measures a market stock’ volatility or risk against the rest of the market. It is calculating using regression analysis. â€Å"The Beta of an asset, ? , is a measure of the variability of that asset relative to the variability of the market as a whole . Beta is an index of the systematic risk of an asset†. Risk also implies return. Stocks with a high beta should have a higher return than the market. If you are accepting more risk you should accept more reward as beta measures the Risk of a securities return relative to the market the larger the beta, the security is more risky. A beta of 1. indicates a security of average risk a stock with beta great er than 1. 0 has above average risk. Its returns would be more risky than the market returns. A stock with less than 1. 0 would have below average risk. A security can have betas that are positive, negative or zero. It is a historical measure of systematic risk of systematic risk. In using this beta for investment decision making, the investor is assuming that the relationship between the security variability and market variability will continue to remain the same in future also. Investor can find the best use of beta ratio in short term decision making, where price volatility is important. Beta shows sensitivity of Stock market with that of index. If positive than moves with market. And if beta is negative it has inverse relationship. † Correlation: The correlation is one of the most useful statistics. A correlation is single number that describes degree of relationship between two variables. Correlation is a statistical technique that can show weather that how strongly pairs of variables are related. For example height and weight are related taller people tend to be heavier than shorter people. The relationship isn’t perfect. People of the same height vary in weight and you can think of two people. You know where the shorter one is heavier than the other taller one.Correlation can tell you just how much of the variation in people’s weight is elated to their heights. Compute the correlation value, the formula for correlation are: [pic] Covariance: Intuitively, covariance is the measure of how much two variables vary together. That is to say, the covariance becomes more positive for each pair of values which differ from their mean in the same direction, and becomes more negative with each pair of values which differ from their mean in opposite directions. In this way, the more often they differ in the same direction, the more positive the covariance, and the more often they differ in opposite directions, the more negative the covariance.The covariance between two real-valued random variables X and Y, with expected values E(X) = ? and E(Y) = ? is defined as: [pic] [pic] About Reliance Mutual Fund Reliance Mutual Fund (RMF) has been established as a trust under the Indian Trusts Act, 1882 with Reliance Capital Limited (RCL), as the Settler/Sponsor and Reliance Capital Trustee Co. Limited (RCTCL), as the Trustee. RMF has been registered with the Securities & Exchange Board of India (SEBI) vide registration number MF/022/95/1 dated June 30, 1995. The name of Reliance Capital Mutual Fund was changed to Reliance Mutual Fund effective 11th March 2004 vide SEBI's letter no. IMD/PSP/4958/2004 date 11th March 2004.Reliance Mutual Fund was formed to launch various schemes under which units are issued to the Public with a view to contribute to the capital market and to provide investors the opportunities to make investments in diversified securities. The main objectives of the Reliance Mutual Fund are: †¢ To carry on the act ivity of a Mutual Fund as may be permitted at law and formulate and devise various collective Schemes of savings and investments for people in India and abroad and also ensure liquidity of investments for the Unit holders; †¢ To deploy Funds thus raised so as to help the Unit holders earn reasonable returns on their savings and †¢ To take such steps as may be necessary from time to time to realise the effects without any limitation.Our Schemes Equity The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes normally invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences. The investors must indicate the option in the application form. The mutual funds also allow the investors to change the options at a later date. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time. Diversified Large Cap |Diversified Theme Based | |Diversified Multi Cap |Sector | |Diversified Mid Cap & Small Cap |Tax Saver | |Index |Arbitrage | |Banking |Balanced | DebtThe aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short run and vice versa. However, long term investors may not bother about these fluctuations. Ultra Short Term |Money Market Funds (Liquid Funds) | |Short Term Funds |Long Term Funds | |Monthly Income Plans | | Gold Gold is seen as a symbol of security and a sign of prosperity. Indian consumers consider gold jewellery as an investment and are well aware of gold’s benefits as a store of value. Gold is also recognized as a form of money in India, a tradable liquid asset. It is one of the foundation assets for Indian households and a means to accumulate wealth from a long term perspective. Gold investment has been in the culture of Indian tradition and has been on rise amongst the modern investors as well due to the financial uncertainty and inflationary pressures. Gold Exchange Traded Fund |Gold Savings Fund | [pic]Chapter – 2 research methodology RESEARCH METHODOLOGY Problem Statement: â€Å"Comparison of Reliance Mutual Fund with others. † Scope of Study: The scope of the project is mainly concentrated on the different categories of the mutual funds such as equity schemes, debt fun ds, balanced funds and equity linked savings schemes etc. Research Objectives: Primary Objective: †¢ To know the best scheme of Mutual Fund by different parameters. Secondary Objectives: †¢ Understanding the attitude & behavior of the distributors towards Reliance Mutual Fund (RMF). Understanding the competition for the schemes provided by different Mutual Funds Company. †¢ Finding out ways & means to improve on the services by RMF. †¢ To evaluate investment performance of selected mutual funds in terms of risk and return. †¢ Also to analyze the performance of mutual fund schemes on the basis of various parameters. Importance of The Study: This study provides the good comparison to Reliance Mutual Fund for improving in their services and takes a sound decision regarding it. Reference Period: Reference period is 1st January 2007 to 30th December 2012. Research Design: I have selected Descriptive Research Design. Data Collection: Collect data with the help of distributor (INDIA INFOLINE) and Internet.Sample Size 5 schemes of Reliance Mutual Fund & 5 schemes of Open – Ended Funds. Plan for Data Analysis: By stepwise like: †¢ Checking †¢ Editing †¢ Tabulating through Table, Charts & Graphs. LIMITATION OF STUDY: †¢ Data is collected from secondary sources which may not be as reliable as primary data so sometimes it may be lead wrong prediction about future. †¢ Data giving a prediction of market condition but other factors also affect to it so perfect suggestion may not be predicted. DIRECTION FOR FURTHER RESEARCH: The study is held for direct Company and research department head. [pic]Chapter: – 3 Data Analysis & Interpretations DATA INTERPRETATIONThe study is based on the weekly scheme returns of Mutual Fund as well as the weekly return of NIFTY INDEX. The series of scheme returns computed from weekly scheme prices of the nifty index for the period of 5 years from 1st Jan 2007 to 31st Dec 2012 and tak e top 5 Open – Ended Schemes to measure risk and return. Risk is measured by standard deviation, beta, etc. Performance of Reliance Banking Fund & Other: [pic] |Funds Name | Beta |Standard Deviation |Correlation |Covariance |Return | |ICICI Prudential Discovery Fund- |1. 03% |4. 7% |0. 86 |0. 0018 |110. 8% | |Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 77% |3. 9% |0. 93 |0. 0014 |82. 92% | |ICICI Prudential Discovery |1. 03% |4. 7% |0. 86 |0. 0018 |110. 8% | |Fund- Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 77% |3. 9% |0. 93 |0. 0014 |82. 92% | |ICICI Prudential Discovery Fund- |1. 03% |4. 7% |0. 86 |0. 0018 |110. 8% | |Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 77% |3. 9% |0. 93 |0. 0014 |82. 92% | |ICICI Prudential Discovery Fund-|1. 03% |4. 7% |0. 6 |0. 0018 |110. 78% | |Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 77% |3. 9% |0. 93 |0. 0014 |82. 2% | |ICICI Prudential Discovery Fund-|1. 03% |4. 7% |0. 86 |0. 0018 |110. 78% | |Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 7% | |ICICI Prudential Discovery Fund- Growth |1. 03% | |Reliance Banking Fund- Growth |0. 98% | |Reliance Diversified Power Sector Fund- Growth |0. 90% | |Reliance Equity Opportunities Fund- Growth |0. 86% | |UTI Pharma & Health Care Fund- Growth |0. 78% | Standard Deviation: Here, are the top 5 schemes that has moderate & low deviation which is somewhat good. Funds Name |Standard Deviation | |Reliance MIP (Monthly Income Plan) Fund- Growth |3. 10% | |Reliance Pharma Fund- Growth |3. 30 % | |Reliance Equity Opportunities Fund- Growth |3. 50% | |SBI Magnum Balanced Fund- Growth |3. 80% | |TATA Balanced Fund- Growth |3. 90% | Correlation:Here, are the top 5 schemes whose Correlation is High & Highly Moderate. |Funds Name |Correlation | |SBI Magnum Balanced Fund- Growth |0. 95 | |TATA Balanced Fund- Growth |0. 93 | |Reliance Equity Opportunities Fund- Growth |0. 92 | |Reliance Diversified Power Sector Fund- Growth |0. 91 | |ICICI Prudential Discovery Fund- Growth |0. 6 | Covariance: Here, are top 5 schemes who has moderate to low variation compared to others. |Funds Name |Covariance | |Reliance MIP (Monthly Income Plan) Fund- Growth |0. 0004 | |Reliance Pharma Fund- Growth |0. 0008 | |Reliance Equity Opportunities Fund- Growth |0. 0011 | |ICICI Prudential FMCG Fund- Growth |0. 012 | |SBI Magnum Balanced Fund- Growth |0. 0013 | [pic] Chapter: – 5 Conclusions Conclusion Every investor wants to maximize his returns at the lowest possible risk or he tries to minim ize his risk keeping his returns equivalent, both gives him higher profits. In evaluating mutual funds, investors usually consider only the past returns generated by the fund without considering the risk associated with it. From the project, I conclude that, After analysis of all the schemes of reliance mutual fund & open – ended funds, there are 5 schemes that as high risk involved but there is also high return accumulated with it. These schemes are Reliance Banking Fund,Reliance Diversified Power Sector Fund, Reliance Equity Opportunities Fund, ICICI Prudential Discovery Fund & UTI Pharma & Health Care Fund. Theory says that risk and return go hand in hand. And we can see that in these 5 schemes. Considering all the factors, the best scheme is Reliance Pharma Fund & Reliance MIP (Monthly Income Plan) Fund compare to all other schemes. [pic] CHAPTER – Recommendation †¢ After analyze the Risk and Return of all the schemes of Reliance Mutual Fund & Open – En ded Funds, I recommend that the Reliance Pharma Fund & Reliance MIP (Monthly Income Plan) Fund for the low risk takers and Reliance Banking Fund & ICICI Prudential Discovery Fund for the high risk takers.These schemes gives the highest return but there is also high risk compare to other schemes included in Reliance Mutual Fund & Open – Ended Funds. Those people invest in this schemes who believes that â€Å"High Risk, High Gain†. †¢ I also recommend that the SBI Magnum Balanced Fund and TATA Balanced Fund schemes are providing less return & having high risk so; there is highest risk to invest in these two schemes. [pic] Chapter: – 7 Bibliography ? www. mutualfundsindia. com/rankfund. rpt. asp ? http://www. personalfn. com/tools-and-resources/mutual-funds/nav-history. aspx ? http://www. indiainfoline. com/Aboutus/ ? http://www. reliancemutual. com/NAV/NAVDownload. aspx [pic] ———————– DECLARATION ACKNOWL EDGEMENT EXECUTIVE SUMMARY TABLE OF CONTENTS

Colonialism in Two Narratives essays

Colonialism in Two Narratives essays Capture and life with the Indians changed Mary Rowlandson. She would never again take anything for granted, and she became much more spiritual after her ordeal with the Indians. Her capture was a frightening nightmare that ended with the reuniting of her family, but she nearly starved to death before she returned, and she was treated little better than an animal most of the time. Her story is a story of courage and devotion to God, and it illustrates the underlying strength that lives in all of us. Rowlandson discovered many things during her captivity - that she wanted to live, that she dearly loved her family, and that she was a survivor. She also saw the Indians as nothing but savages, even though they spared her life. She wrote, "I was with the enemy eleven weeks and five days, and not one week passed without the fury of the enemy, and some desolation by fire and sword upon one place or other" (Rowlandson). Her captivity resulted from the colonization of native lands, resulting in the revolution of the native tribes, who resented the white man and their blind disregard for what the Indians considered their own. It is difficult to blame the Indians for fighting back, and while Rowlandson's ordeal was certainly frightening and horrible, her capture is simply a result of the Indians fighting for their way of life and their culture, which would ultimately disappear as the Zitkala-Sa's narratives show the other side of the coin. She is a Sioux woman who writes of her childhood, and a life and culture lost to the colonialism of the white man in the Great Plains. Both ordeals are caused by colonialism, with quite different results. Zitkala-Sa's mother laments, "'We were once very happy. But the paleface has stolen our lands and driven us hither. Having defrauded us of our land, the paleface forced us away'" (Zitkala-Sa and Fisher 10). She writes of a happ ...

Canadian Old Age Security (OAS) Pension Changes

Canadian Old Age Security (OAS) Pension Changes In Budget 2012, the Canadian federal government formally announced the changes it planned for the Old Age Security (OAS) pension. The major change will be raising the eligibility age for the OAS and related Guaranteed Income Supplement (GIS) from 65 to 67, beginning April 1, 2023. The change in the age of eligibility will be phased in gradually from 2023 to 2029. The changes will not affect you if you are currently receiving OAS benefits. The change in eligibility for OAS and GIS benefits will also not affect anyone born on April 1, 1958. The government will also be introducing the option for individuals to defer taking up their OAS pension for up to five years. By deferring his/her OAS pension, an individual would receive a higher annual pension starting in a later year. In an effort to improve services, the government will be starting proactive enrolment for the OAS and GIS for eligible seniors. This will be phased in from 2013 to 2016 and should mean that eligible seniors will not need to apply for the OAS and GIS as they do now. What is the OAS? Canadian Old Age Security (OAS) is the single largest program of the Canadian federal government. According to Budget 2012, the OAS program provides approximately $38 billion per year in benefits to 4.9 million individuals. It is now funded from general revenue, although for many years there was such as thing as an OAS Tax. The Canadian Old Age Security (OAS) program is a basic safety net for seniors. It provides a modest monthly payment to seniors 65 years of age and older who meet the Canadian residency requirements. Employment history and retirement status are not factors in the eligibility requirements. Low-income seniors may also qualify for supplemental OAS benefits including the Guaranteed Income Supplement (GIS), the Allowance  and Allowance for the Survivor. The maximum annual basic OAS pension is currently $6,481. Benefits are indexed to the cost of living measured by the Consumer Price Index. OAS benefits are taxable by both federal and provincial governments. The maximum annual GIS benefit is currently $8,788 for single seniors and $11,654 for couples. The GIS is not taxable, although you must report it when you file your Canadian income taxes. The OAS is not automatic. You must apply for the OAS, as well as for the supplemental benefits. Why is the OAS Changing? There are several critical reasons for changes being made to the OAS program. Canadas Aging Population: Demographics are changing. Life expectancy is increasing, and the age group of baby boomers (those born between 1946 and 1964) is huge. The government predicts the number of Canadian seniors will nearly double from 2011 to 2030, from 5 million to 9.4 million. That puts a huge pressure on funding the OAS program, especially when the number of working-age Canadians (who will be paying taxes) per senior is expected to drop from four to two over a similar time frame.Cost: Budget 2012 estimates that the cost of the OAS program without changes would grow from $38 billion in 2011 to $108 billion in 2030. That means the 13 cents of every federal tax dollar being spent on OAS benefits today would become 21 cents for every tax dollar being needed for the program in 2030-31.Flexibility: Allowing seniors to choose to defer taking their OAS pension will provide them with more choice to make decisions appropriate to their own circumstances.Efficiency: The phased-in proact ive enrolment of many seniors in the OAS and GIS programs will not only reduce an unnecessary burden on seniors, it is also a long-overdue administrative change that should save government program costs. When Do the OAS Changes Happen? Here are the time frames for the changes to the OAS: Increasing the Eligible Age for OAS and Supplemental Benefits: These changes begin in April 2023 and are being phased in over six years until January 2029. These charts of OAS changes show the ages by quarter.Voluntary Deferral of OAS Pension: The  voluntary deferral of the OAS option for up to five years begins July 2013.​Proactive Enrolment in OAS and GIS: This will be phased in from 2013 to 2016. Those who are eligible will be notified personally by mail. Those who are not eligible will be sent applications or can pick up applications from Service Canada. You should apply for the OAS at least six months before you turn 65. There will be more information on this option available from Service Canada as it is developed. Questions About Old Age Security If you have questions about the Old Age Security program, I suggest you Check the information on the Old Age Security pension on the Service Canada site​Read the Frequently Asked Questions about the OAS on the Service Canada site. Their contact information is also on that page.

Disney consultancy pitch Essay Example | Topics and Well Written Essays - 1000 words

Disney consultancy pitch - Essay Example Holistic stimulus and improvement package would definitely invigorate the revenue streams of DP and make it a more attractive and sought after destination for people of all age groups. Thus, these could leverage DP’s efforts in capturing more market share and attaining competitive growth prospects. â€Å"Entertainment value is but one reason to adopt your young ones to Disneyland† (Shakeerajanejackson, 2011). The salient aspects of the consultancy pitch will include: a. A complete remodeling and restructuring of the Disneyland Model: â€Å"Disneyland Paris opened on 12 April 1992† (Financial arrangements relating to Tokyo Disneyland, Disneyland Paris and Hong Kong Disneyland, 2009). It is now almost ten years old and needs a facelift. With an estimated budgetary allocation of ?500,000, it is proposed to upgrade present facilities in this theme/amusement park and add new, innovative themes that are favorites in other parks in Europe and America. Thus, it would als o be necessary to visit other theme parks in several counties and decide the kind of changes that would be necessary for attracting more customers and augmenting the revenues in future. b. Advertising: Perhaps there is a need for DP to embark on a strong TV and internet advertisement campaign to gain greater visibility for its public offerings,â€Å"as well as the exciting developments and details of all our forthcoming events† (Need something, n.d). They may also consider the strategy of using social networking to promote their brand. Aggressive marketing will provide them the necessary thrust in attracting different customer segments. Thus, it would be necessary to envision new attractions in the theme and amusement park and begin intensive online and TV publicity campaigns. The costs involved in major advertising would be around ?100,000. c. Special and seasonal offers: Disney needs to think about bringing more uniqueness in their brand, to differentiate DP from other them e and amusement parks of its genre. For achieving this, it is first necessary to make it affordable for all sections of people. Thus, floating a program like â€Å"affordable holidays† campaign which will appeal to customers. (Disneyland Paris is going to host the Disney Olympics games in 2011 France, 2011). They can also consider special offers in terms of concessional ticket rates, which could induce more people to visit the park. This would not only augment ticket sales but could also augur well for other related businesses like footstalls, special amusement facilities and so on.†Disneyland Resort Paris is open every day of the year. Opening times vary according to season. The Parks may also stay open later for special seasonal events† (Need something, n.d). The perceived losses that could occur due to special offers could be offset by a budget allocation of ?100,000 in this area. However, detailed research needs to be carried out as to whether cost benefits co uld arise due to special offers and whether this could be sustained on long term basis. There is a section of customers who are not tempted, however low the prices may be. Besides, it is also necessary to ensure that special offers do not overrun their budget estimates. d. Improving remuneration packages to employees and work environment: Meredith Belbin has been a major exponent of Team Role Theory. This theory enables â€Å"better understanding of the roles played by team members and how team