Finance

A novel passive investment strategy involving a combination of buying indices and holding for varying period on rolling basis is explored and tested for both BSE-SENSEX and BSE-100 from 1991-2003. It's observed that with increasing holding period, the returns become more and more predictable. Further with varying combinations of holding period one can construct a risk-return portfolio starting from a probability of getting positive returns from 0.4 to 1.0 (i.e. guaranteed positive returns). As expected, lower risk translates to relatively lower expected returns. The theoretical basis of this idea is that-generally one can't beat the market and in simple-buy-hold strategy, intermediate profit opportunities cannot be exploited. It is suggested that mutual funds bring out such indexed based holding products, to address the varying risk appetites of the investors.

The design of Aircraft and especially the fighter Aircraft is increasingly getting complex. Added to the complexities of the design and need to integrate several disciplines, there is an added challenge of working with technologies that are still in drawing boards to be incorporated in future design. Needless to add, validation and testing of entire system / subsystem is a pain point. Hence there is a clear need to design the aircraft in such a manner to accommodate for futuristic technologies and compress the design cycle times. On an average, design and development of a Military aircraft either for developed countries or developing countries requires a minimum of 13 years from the launch of project to the first flight. As the years get passed on new technologies and advancement also develops and it will become difficult to identify and incorporate to the ongoing projects. A novel approach of using Markov process for achieving these objectives is explored. Markov based approach as a stochastic approach normally used to predict future states on the basis they have no link to the past is explored. A step by step approach by taking a typical design life cycle process of a particular component/assembly of aircraft is discussed. In this, design is split in to sequential stages, based on our prior design experience a probability is assigned to all foreseeable possibilities, and then that is converted to transition probability. Using a simple concept that any probability less than 1.0 leads to extended design life cycle, suitable cost and time factors.

The purchase of advanced fighter Aircraft is the Government of India's costliest acquisition. Time, cost & meeting the performance requirements are very important parameters as far as design & development of advanced Fighter is concerned. Many of our projects are not completed on time due to technological complexities, poor aerospace manufacturing infrastructure in the country, uncertainties. and risks inherent in R&D work and dynamics of technology control regimes. Delays cause cost overruns and loss of opportunities in scaling up the technological competence ladder and the inherent risk in security preparedness. It will be very difficult for the program managers to justify the delay. In Most of the developing countries, public money / Tax payer's money will be utilized for Defense development programs. Government is answerable to the public about defense spending and trade-off benefits. If there is a delay in development it leads to huge cost escalation and it would be difficult for the Government to provide budget support. Finally, the development program may have to be abandoned and program stakeholders shall be held responsible for this failure. Uncertainties are inherent in design & development of advanced fighter aircraft program due to the complexities involved in advanced technologies, changing security requirements, lack of infrastructure, and non-availability of skilled manpower. In other words, huge Risk is involved in design & development of advanced fighter aircraft. Risk management plays a vital role in addressing this kind of complex program. It is necessary to adopt a suitable execution model for the design & development of advanced fighter aircraft to mitigate risks which could be encountered during the course of design & development. Feasible execution models need to be identified for design & development of advanced fighter aircraft. However to decide on most preferred execution model is not a simple task. Multiple criteria's are involved and suitable program management technique is required to decide on the most preferred execution model. Risk break down structure will provide the required insight about the proposed feasible execution models and it will be useful for the experts to make qualitative judgments to decide on the most preferred execution model. In this paper, an effort has been made to create a risk break down structure for the various feasible execution models and various risk elements have been tabulated in a hierarchical fashion. This shall help the experts in the aerospace domain to make semi-quantitative judgments to carry out a strategic analysis of feasible execution models

To enhance performance effectiveness, the design of aircraft system and components must incorporate the radical technologies in all specialisations. As the technology advances, the corresponding complexity also advances. Hence, there is a need to design the aircraft systems and subsystems with components in such a manner to accommodate futuristic technologies and compress the design cycle times. In the present scenario, the aircraft parts are complex and have high interdependencies which make it difficult to identify and incorporate the technological advances in scheduled time line. Different management and modelbased techniques such as PERT, CPM, multidisciplinary optimisation (MDO), FEM, etc., were used for cycle time reduction. Markov process is a stochastic approach which is explored for the objectives of knowing the strength and weakness of the organisation and to reach the futuristic goals with available resources, thereby anticipating the futuristic technological changes and trying to fulfil mission requirements at design stage itself. In this paper, Markov chain approach is illustrated for cycle time reduction with a typical case study for military aircraft sub assembly.

The Design & Development of Advanced fighter Aircraft is quite complicated. Nowadays military aircraft, like any other engineered products, are required to be produced with a shorter product life cycle at lesser costs which would also be of huge benefit to the country's security apart from lowering the costs of development and incorporating the current technologies. Programme Management Plays a vital role in successful design & development of Advanced Fighter Aircraft.

The purchase of advanced fighter Aircraft is the Government of India's costliest acquisition. Time, cost & meeting the performance requirements are very important parameters as far as design & development of advanced Fighter is concerned. Many of our projects are not completed on time due to technological complexities, poor aerospace manufacturing infrastructure in the country, uncertainties. and risks inherent in R&D work and dynamics of technology control regimes. Delays cause cost overruns and loss of opportunities in scaling up the technological competence ladder and the inherent risk in security preparedness. It will be very difficult for the program managers to justify the delay. In Most of the developing countries, public money / Tax payer's money will be utilized for Defense development programs. Government is answerable to the public about defense spending and trade-off benefits. If there is a delay in development it leads to huge cost escalation and it would be difficult for the Government to provide budget support. Finally, the development program may have to be abandoned and program stakeholders shall be held responsible for this failure. Uncertainties are inherent in design & development of advanced fighter aircraft program due to the complexities involved in advanced technologies, changing security requirements, lack of infrastructure, and non-availability of skilled manpower. In other words, huge Risk is involved in design & development of advanced fighter aircraft. Risk management plays a vital role in addressing this kind of complex program. It is necessary to adopt a suitable execution model for the design & development of advanced fighter aircraft to mitigate risks which could be encountered during the course of design & development. Feasible execution models need to be identified for design & development of advanced fighter aircraft. However to decide on most preferred execution model is not a simple task. Multiple criteria's are involved and suitable program management technique is required to decide on the most preferred execution model. Risk break down structure will provide the required insight about the proposed feasible execution models and it will be useful for the experts to make qualitative judgments to decide on the most preferred execution model. In this paper, an effort has been made to create a risk break down structure for the various feasible execution models and various risk elements have been tabulated in a hierarchical fashion. This shall help the experts in the aerospace domain to make semi-quantitative judgments to carry out a strategic analysis of feasible execution models

Complex Projects need innovative thinking and the State of Art Management Practices. The Military Project Management requires a multifaceted approach in the complex Technology environment to ensure Security of the Country. There is an essential need to ensure delivery timeline within the allotted budget. This assumes greater challenge for first time Indigenous design, development, and production of Carrier-Based Fighter (CBF) Aircraft. In order to test and qualify CBF, there was an emergent need for the Shore Based Test Facility (SBTF). This being National Project, there were severe time constraints and it was under close scrutiny for implementation. The Project required a complex engineering task of arresting the descent of Aircraft at microsecond accuracy. This simulates the actual landing in ship deck and hence qualifies the Aircraft arrestor hook system, which is indigenously developed. It also simulates takeoff from Ski-Jump to qualify the aircraft in an actual operating environment. The SBTF Project involved management of foreign collaborator, planning and execution with countless reviews and applying correctives measures. This paper deals with the planning and execution of the SBTF Project and use of a Novel Management Practices for the same. The SBTF Project was successfully executed in Jan 2014 and effectively employed for indigenously developed CBFflight testing and training ofIndian Navy pilots on existing Russian MiG29K Aircraft. The SBTF Project is reliably ready to prove Carrier Compatibility of indigenously developed CBF and train Indian Navy Pilots.

Complex Projects need innovative thinking and the State of Art Management Practices. The Military Project Management requires a multifaceted approach in the complex Technology environment to ensure Security of the Country. There is an essential need to ensure delivery timeline within the allotted budget. This assumes greater challenge for first time Indigenous design, development, and production of Carrier-Based Fighter (CBF) Aircraft. In order to test and qualify CBF, there was an emergent need for the Shore Based Test Facility (SBTF). This being National Project, there were severe time constraints and it was under close scrutiny for implementation. The Project required a complex engineering task of arresting the descent of Aircraft at microsecond accuracy. This simulates the actual landing in ship deck and hence qualifies the Aircraft arrestor hook system, which is indigenously developed. It also simulates takeoff from Ski-Jump to qualify the aircraft in an actual operating environment. The SBTF Project involved management of foreign collaborator, planning and execution with countless reviews and applying correctives measures. This paper deals with the planning and execution of the SBTF Project and use of a Novel Management Practices for the same. The SBTF Project was successfully executed in Jan 2014 and effectively employed for indigenously developed CBFflight testing and training ofIndian Navy pilots on existing Russian MiG29K Aircraft. The SBTF Project is reliably ready to prove Carrier Compatibility of indigenously developed CBF and train Indian Navy Pilots.

For the past 60 years, impulse buying has attracted the attention of researchers and practitioners Through compiling the numerous research projects done in the fields of customer behavior and cybershopping, this study aims to provide a complete description of Indian customers' impulse buying habits when they purchase cosmetics online. The study suggests and empirically supports a research paradigm that addresses impulsive online consumer purchasing behavior. This study was conducted to determine how different situational factors affect everyone's likelihood of making impulse purchases. The various situational factors taken into account are categorized as demographic factors (gender , age , income, marital status etc.), cosmetic buying behavior factors (kind of cosmetics used, brand loyalty ,factors influencing the purchase intention like advertisements, word of mouth etc., cost , size of the product) , marketing factors that affect impulse buying behavior (online shopping , advertisement, sales promotion, country of origin etc.), For this, data was collected through a questionnaire with 273 respondents and analyzed ,as well as one-on-one consumer interviews were conducted. The construct "desire to buy impulsively" was significantly positively correlated with situational factors such as advertisements, promotions, and money available, etc. Additionally, the findings showed that age was significantly negatively associated with impulsive purchase behavior while gender had no impact on this activity. The study's findings give both theorists and marketers valuable information about the burgeoning organized retailing industry's potential for a bright future.

The committee for Draft National Education Policy under the Chairmanship of Dr.K.Kasturirangan submitted its report on the May 31, 2019. The Educational Policy committee seeks to address the access, equity, quality, affordability and accountability issues faced by the educational system of India. The present paper attempts to relate the report's approach and recommendations with the reality of the multi-segmented labor market prevailing in the country. In Chapter 20 of the report there is mention of integration of vocational education into all schools, colleges and universities. However, there is no special chapter in the report to analyze industry-academia collaboration and to address the huge unemployment problem prevailing in the country. In India, about 93% of the workforce is employed in the informal economy, which contributes about 60% of the GDP. Labor productivity is low in this sector because investment and level of technology are low. Informality of employment and pove...

Fundamental analysis studies the various financial, economic and industrial parameters that influence the risk-return of securities and helps in investment decision making. Banking companies have a strong shareholding foothold in the Indian economy and the stock markets. Fundamental analysis can help the shareholders by providing relevant information in terms of profitability and growth which can, in turn, help them to take informed investment decisions. With the help of fundamental analysis, investors can track the past performance, recent changes and future prospects of the banking sector. This research paper analyses the fundamentals of selected banking companies using independent financial parameters.