Finance In Investment Example For Free - Free Essay Example

Sample details Pages: 7 Words: 2085 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Level High school Topics: Investment Essay Did you like this example? 1. You have been offered the following two choicesChoice A:  £10,000 for certain; Choice B:  £20,000 with a 50% chance of occurring,  £0 with a 50% chance of occurring. Using behavioural finance, discuss and justify the choice that the majority of people would choose (i.e. choice A) 2. Outline the literature on Behavioural Finance to CRITICALLY EVALUATE whether such an assumption of rationality can be made. 3.Various theories exist to explain why long periods of growth in the price of shares are followed by sudden falls or market crashes. Evaluate the relevance of behavioural finance theory to the build up to the Dot.com bubble in 2000 and the subsequent market crash. In this essay I will be talking about behavioural finance and its increased popularity in recent academic literature. First I will give a brief description of what behavioural finance is. Basically behavioural finance is the study and theory that looks into why investors sometimes choose to ignore more traditional investment theory, such as the Efficient Market Hypothesis (EMH), and invest into projects that do not look economically sound or do not offer the most attractive returns. Behavioural finance attempts to incorporate elements of psychology into finance to better understand investor behaviour. Essentially, behavioural finance operates under the assumption that all investors are not rational. A good quote to sum up behavioural finance is provided by Shleifer (2000) who observes that, à ¢Ã¢â€š ¬Ã‹Å"at the most general level, behavioural finance is the study of human fallibility in competitive markets.à ¢Ã¢â€š ¬Ã¢â€ž ¢ In this section I will attempt to explain why most investors would choose option A, as set out in the above question. I will also attempt to explain why some investors would not follow others and opt for option B. The main reason why many people will undertake option A is simply because it is the most rational choice to make. Taking this choice will guarantee the investor a return of  £10000. This is consistent with much of the traditional market theory. The assumption of investor rationality is essential to all the main market investment theories such as the Efficient Market Hypothesis (EMH) and the Arbitrage Pricing Theory (APT). Without this assumption the models would collapse. Another reason why most investors will take option A is the absence of risk. It is 100% certain that the investor will get a  £10000 return. Again, this is consistent with traditional market theory that states that investors will favour projects with the least amount of risk if the projects being considered all return the same amount of money. Another reason why most investors will choose option A is that concerning herd mentality. Many authors have observed that some investors will simply invest in a project because that is what everyone else is doing. This leads to the assum ption that these investors are not rational as none of the market data or theory is being considered in their investment decision. This leads into the area of behavioural finance to try to explain the actions of these investors. I will now discuss why some investors choose option B. If all investors were rational then every investor would choose option A and they would choose it for the correct reasons. However, as I have already mentioned, not all investors are rational. This is the main reason for some investors choosing option B. It is also the main assumption behind the notion of behavioural finance. There are many reasons why an investor might not behave rationally and all these reasons are the basis of behavioural finance. One reason for the irrational behaviour of some investors could be due to their own personal risk attitude. Some investors could have a risk-loving attitude to risk meaning that they go for risky options regardless of the danger. This goes against trad itional theory, which states that investors are risk averse. The investors go for the more risky option because of the possibility of more money. This leads to another reason for irrationality; greed. Another reason for the irrational behaviour is that of the notion of à ¢Ã¢â€š ¬Ã‹Å"herd mentalityà ¢Ã¢â€š ¬Ã¢â€ž ¢. Many investors will invest purely because they think that others are investing there so it must be a good idea. Other reasons for the irrational behaviour of the investor are that of over confidence, regret, misinformed, etc. All these reasons will alter the mental state of the investor causing him or her to make investment decisions that are not inline with traditional theory and that could prove to be the incorrect decision. As observed by Shleifer (2000) à ¢Ã¢â€š ¬Ã‹Å"At the most general level, behavioural finance is the study of human fallibility in competitive markets.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Behavioural finance incorporates elements of cognitive psychology int o finance in an effort to better understand how individuals and entire markets respond to different circumstances. Behavioural finance is based on the principle that all investors are not rational. Some investors can be over-confident, while other less knowledgeable investors might be prone to herding effects. Shefrin (1999) was one such author to talk about behavioural finance. He is one author who argues that à ¢Ã¢â€š ¬Ã‹Å"a few psychological phenomena pervade the entire landscape of finance.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Harrington (2003) agrees with the notion that overconfidence can lead to irrational behaviour. She states that à ¢Ã¢â€š ¬Ã‹Å"investors can become irrational and their irrational behaviour affects their ability to profit from owning stocks and bonds.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Of course, behavioural finance does have its drawbacks. One of which is the fact that using instincts alone can result in a loss. This is due to human error. The person that is using their instincts in dete rmining where to invest might not have the greatest financial knowledge in the first place. Also, this person might be having a bad day or be under a great deal of stress or be distracted in some other way. This could result in the wrong decision being made. Therefore, it is a good idea to use behavioural finance on top of the more traditional theories already in use today. This view is supported by an article by Malkiel (1989) who agrees with the notion that behavioural aspects have a great importance in stock market valuation. He argues that behavioural factors play an important role in stock valuation alongside traditional valuation theories. This is summed up by the following quote, à ¢Ã¢â€š ¬Ã‹Å"market valuations rest on both logical and psychological factors. The theory of valuation depends on the projection of a long-term stream of dividends whose growth rate is extraordinarily difficult to estimate. Moreover, the appropriate risk premiums for common equities are changeable and far from obvious either to investors or economists. Thus, there is room for the hopes, fears, and favourite fashions of market participants to play a role in the valuation process.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Another article from the Banker (2004) also supports the view that behavioural finance has a role to play alongside the traditional views. Other authors talk about some of the factors that cause investors to become irrational. On such author are Johnsson, Lindblom and Platan (2002). In their masters dissertation they talk about the various factors of irrationality. One of these is the observation that investors will hang on to losing shares longer than market theory dictates. They say that this is because they are waiting for the performance of the share to change for the better. This is referred to as loss aversion. This is an example of a psychological factor that is effecting the investment decision. Another psychological factor that affects investors, causing irrational beh aviour is that of the feeling of regret. Authors argue that past bad decisions cause investors to feel regret and this alters their behaviour in such a way as to become irrational. Another factor that causes irrational behaviour is that of when the investor uses mental shortcuts in investment decisions. These shortcuts usually make investors choose the right decision but occasionally cause the investor to make the wrong decision. Optical illusions are a good example of how shortcuts can cause mistakes. A paper on www.undicoveredmanagers.com is one such paper that covers this point. The literature I have outlined in this section can lead me to say that the assumption of rationality or lack of rationality does occur. This leads to the theories on behavioural finance having a good solid basis. I can say this because there have been many authors who have observed that certain psychological factors do influence the investment decision. These factors include over confidence and the fear of regret. These arguments seem to empirically explain the anomalies that seem to occur in the investment world. In this section I will be looking at the anomaly of dot.com bubble in 2000. I will attempt to see if behavioural finance can explain the fall and rise of this bubble. First I will briefly explain what the dot.com bubble was. The dot.com industry was comprised of companies that have started up to sell goods and services over the Internet. They were given the name dot.com due to the fact that many website addresses ended with a à ¢Ã¢â€š ¬Ã‹Å"dotà ¢Ã¢â€š ¬Ã¢â€ž ¢ and the word com. At first, these companies were very successful and when floated on the stock market did very well financially. However, in 2000 this industry suffered a massive collapse. Many of these companies subsequently did not survive. I will now attempt to see if behavioural finance can explain this bubble. Many authors have argued that the new communication technology of the 1990à ¢Ã¢â€š ¬Ã¢â€ ž ¢s was exaggerated. By this I mean that the new innovation is by some corners, i.e. the media and governments, over triumphed. This can lead to irrational behaviour of investors. This can lead to investors becoming over confident in the technology or industry. Another factor of this over enthusiasm is that it could attract herding behaviour. The irrational investor will be more likely to invest in something that is being hyped up as they feel that others are doing the same thing. They will feel that if others are doing it then it must be a good idea for them to do it as well. A factor that will have led to the dot.com bubble is that of speculation. One such author that observed the speculation effect on the dot.com boom was Giombetti (2000). Many informed investors will have probably over invested in the technology industry going against market theory. They will have done this on the hope that their investment will pay off. Even if their investment was initially at a loss th ey would have stayed with it. Authors of behavioural finance outline this behaviour. This behaviour of these investors would have distorted the market conditions for other investors. Also, the herding effect would have been greater due to this. These factors would have led to the stock prices of the dot.coms being vastly over priced. This meant that when the bubble burst stock prices would have fell rapidly, causing investors to lose vast sums of money. This would cause them to pull out of the industry, which, in turn, cause the companies themselves to collapse. If it were not for irrational investment then investors might have pulled out earlier, before the collapse. This might have even meant that the collapse would not have happened. In conclusion, behavioural finance attempts to prove the assumption that investors do not always act rationally. It combines elements of psychology and financial to attempt to understand investment decisions. This helps explain why not all inve stors would choose the less risky option A with a guaranteed return. Factors that precipitate the irrational behaviour are over confidence, fear of regret and loss aversion. These factors cause investors not to take the correct investment decisions. This can go some way to explaining the dot.com bubble and its eventual collapse. www.UndiscoveredManagers.com (1999) Introduction to Behavioral Finance https://www.absoluteastronomy.com/encyclopedia/d/do/dot-com.htm Giombetti R. (2000) The Dot.com Bubble. www.EatTheState.org Vol 4, Issue 23 Harrington C. (2003) Head games: Helping quell investors irrational antics. Accounting Today, v17 i11 p5(2) Johnsson M., Lindblom H. Platan P. (2002) Behavioral Finance And the Change of Investor Behavior during and After the Speculative Bubble At the End of the 1990s Malkiel B. G. (1989) Is the stock market efficient? Science, v243 n4896 p1313(6) Shefrin H. Beyond Greed and Fear. (1999) Understanding Behavioral Finance and the Psychology of Investing. Harvard Business School Press Shleifer A. (2000) Inefficient Markets. An introduction to behavioural finance. Oxford university Press The Banker (2004) Cover feature: how much risk can you manage? Banks have a huge range of resources available to aid risk managers, but human nature can still result in a bad decision. Behavioural finance and prospect theory lifts the veil on poor investment judgement Don’t waste time! Our writers will create an original "Finance In Investment Example For Free" essay for you Create order

Miscarriage Is The Most Common Complication Of Pregnancy

Introduction Miscarriage is the most common complication of pregnancy in the United States, occurring in 15-20% of clinically-recognized pregnancies, or ~1,000,000 cases annually. - Despite its frequency, the majority of Americans believe that it is a rare complication occurring in 5% or fewer of all pregnancies. Miscarriage can be an unexpected and emotionally devastating diagnosis for patients and their partners with studies showing that some women may suffer from psychological morbidity for months after the miscarriage and even into subsequent pregnancies. Our recent study revealed that those who have suffered a miscarriage frequently feel guilty, isolated and alone. Additionally, there are widespread misperceptions as to the†¦show more content†¦In this follow up study, we sought to assess the influence of celebrity and public figures revelations of their own loss on the publics’ perception of miscarriages. Materials and Methods A 19-item survey was constructed to assess the effect of public figures revelation of their loss on public perceptions of miscarriage. Miscarriage was defined as a pregnancy loss occurring earlier than 20 weeks. Four additional items (for a total of 27) were directed to those reporting a personal history of miscarriage and four additional items were specifically for those reporting recent awareness of celebrity loss. Both men and women were included in the survey. The survey was posted online using crowdsourcing web service Amazon.com Inc’s MTurk. The full survey can be seen in Appendix 1. Responders are anonymous, however they are given a unique identifier by Amazon which allows us to identify if any user has taken the survey more than once. We used MTurk users with an approval rating of 85% or greater (meaning 85% of their previous work on the site had been considered good). These parameters were chosen to help improve data quality. Additional discussion of the use of mechanical turk and parameters used can be found in our previous work. We had a 100 percent completion rate. We are unable to determine a view or participation rate as we are not able to determine the

Chemistry Pedagogical Content Knowledge

Question: Discuss about theChemistry forPedagogical Content Knowledge. Answer: Concepts of Chemistry Nowadays it has become a common problem that the instructors have to face in higher education that there is a lack of skill and prior knowledge among the students before enrolling in more advance curriculum and courses. It is not only a challenge for the students and the instructors but has become significant issue in curriculum design. Chemistry is the science of the matter (Osman and Sukor 2013). It looks very simple but in reality chemistry is a very broad and complex topic that represents a wide diversity of field. The composition, structure, properties and how the matter interacts or changes with energy are included in the chemistry of the matter (Yakmaci-Guzel, 2013 pp.95-104). There are different sub branches of chemistry present. These are inorganic chemistry, organic chemistry, analytical chemistry, physical chemistry, and biochemistry (Rowlinsonand Swinton2013). Organic and Inorganic Chemistry The organic chemistry is the study of the compounds which contains carbon molecules that makes the living things and in the other hand the inorganic chemistry is the study of everything else (Espinosa et al. 2016 pp.104-124). Analytical Chemistry This branch of chemistry deals with the analysis of the chemical, the properties of the chemical and how they react. The analytical chemistry also includes the development of the methods and tools for performing the analytical work. Chemist of all disciplines uses analytical chemistry (Newman, 2013 pp.1655-1667). Physical Chemistry Physical chemistry is the study of the physical principle of the atoms and compounds. It is nothing but the physics of the chemical compounds. It mainly examine how energy is involved in the reaction, how the particle moves, the speed at which the reaction occurs and the process in which the light and energy interact with matter (Bektas, 2015). Biochemistry It is the branch of chemistry which deals with the study of the chemical processes that goes on inside the living things. This study includes the reaction occurring between the large biological molecules like the protein, lipid, carbohydrate, and DNA (Ince et al. 2012 pp.993-1004). Misconceptions in Chemistry Chemistry is a subject that is concerned with the properties and reaction of the substances. The students operatesand live in the macroscopic world of the matter. They doesnt encounter what aggregation of particle forms the substances, what is the nature of the bonding between those particles and what are the chemical properties of the substances (Speight, 2014). The student fail to understand the shift between this macroscopic and microscopic levels. So it becomes very difficult to make them understand the chemical phenomena that is taking place. The list of thing where there is possibilities of occurrence of misconception is possible includes misconception or wrong interpretation in Mole concept,Number of Mole, Balancing Equations, Graphing, oxygen carbon ratio, concept of peptides bond, theory of spectroscopy and in the understanding of the oxidation reduction reactions (Smithand Villarreal2015). Difficulty in the Study of Chemistry It is important to have a clear concept in the study of chemistry, which will help the students to apply the concepts in practice. Nevertheless, in cases the students are unable to answer the practical based questions of chemistry due to the lack of clear concept. In the assessment report of 2011 to 2015 it is clear that the students lack the concept related to the acid-base chemistry. In the question 11 of paper of 2011, the student has not understood the concept of equivalence point and hence is not able to give the correct answer related to the titration. The idea of weak and strong acid is not clear and is unable to apply the concept in practice. In the question 8 of 2012 also the student has failed to apply the concept of titration in practical work. The techniques that are used in the titration are related to the concept of acid and base and hence it is the student has failed to use the correct concept. The question 2 of the 2013 paper is related to the concept of weak and strong acid. It is also important to use the idea of acid-base indicator for this question. Moreover, in question 3 it is important to use the concept of weak and strong acid base in doing the work of titration. The student has also failed to detect the area, where the experiment of titration went wrong. On the other hand, it is important to have the concept of pH, which is the parameter to measure the strength of an acid or base. In order to answer the questions of 19 and 20 it is essential for the student to differentiate the understanding of concentration and strength of the acid. In the paper of 2014, the student has failed to use the concept of weak acid and strong acid in the answering question 30. Moreover, the student has unable to balance the reaction of that requires the idea about the molar concept and the chemical formulae of the acid. The concept of nomenclature of the acid and base is also essential. It also crucial to have the concepts related to organic and inorganic acid, which will help the student to answer the questions that are related to organic chemistry. In the assessment report of the paper of 2015 it is clear that the student has failed to understand the connection of the concept of equilibrium and weak acids in answering question 8. The part c of the question needs to have the concept of Le Chaterlierss principle. Teaching Plan to Study the Concept of Chemistry The teaching plan that need to be implemented to have clear concept of acid base chemistry need to be divided into three different stages: 1) Learning based on the activity and having a quality style of education 2) Planning of the daily activity based on the spirit of learning based activity 3) The concepts related to the acid-base chemistry need to be localized and the role of the acid base chemistry in daily life need to be appreciated. The acids and bases are one of the most widely used chemicals in the everyday life and it will help the students to relate the study of acid-base chemistry. At the beginning it is important to understand the concept of nomenclature and chemical formulae of the acid and base related compounds. Then the student must understand the idea of radicals that is related to the acid and base. The H+ ion determines the concentration of acid and on the other hand the OH- is the indicator for the concentration of base in a medium. Every chemical solution can be divided into acidic, basic or neutral solution. It is important to have the concept of pH, which is the most important parameter to determine whether a sample is acidic, basic or neutral in nature. The pH meter is also able to determine the strength of acid and base of a solution. There is a scale of 0-14 that is marked in the pH meter. The substances that are having the pH of less than 7 are considered to be acidic in nature and those whi ch have a pH of higher than 7 is considered to be basic in nature. On the other hand the substance, which has pH of exact 7, is considered to be neutral. The litmus paper is used to determine the pH of a substance. If the colour the litmus paper turns to red it is an acidic solution and the blue colour will indicate that the solution is basic in nature. In mathematical term pH can be defined as the reciprocal of concentration of the hydrogen ion activity converted in terms of logarithmic scale with base ten. pH= -log10 (aH+) . Where aH+ is the activity of the hydrogen ion. The teacher also needs to teach the concept of weak and strong acid along with the concept of organic and inorganic acid. The fatty acid that is present in the human body is one of the most important forms of organic acid that is present within the human body. It is also an important constituent of the cell membrane of animals. The concept of ionization is important to understand the difference of the weak acid and strong acid. Moreover, the idea related to the chemical equilibrium is a vital part for understanding of the acid base concept. Pedagogical Approach The teacher can use the digital technology to help the students understand the concept of acid base chemistry. The visual figures explaining the chemical formulae of the acid and base will help the student understand the difference in the acid, base and salt (Lee, 2015 166, pp.616-622). The teacher can also take the help of common acids and base that are used in everyday life, which will assist the students to relate the theoretical concepts of acid and base with the practical use. The teacher will also arrange for simple practical experiment that will help the student to grow their interest in the study of acid base chemistry. The teacher can also take the help of the fruits and vegetables, where the organic acid is present. Like the citric acid that is present in the lemon is one of the essential forms of organic acid. The student also needs to understand the role of these organic acids in the health of human body. Reference Bektas, O., 2015. Pre-Service Science Teachers Pedagogical Content Knowledge in The Physics, Chemistry, and Biology Topics. European Journal of Physics Education, 6(2). Espinosa, A.A., Espaa, R.C.N. and Marasigan, A.C., 2016. Investigating Pre-service Chemistry Teachers Problem Solving Strategies: Towards Developing a Framework in Teaching Stoichiometry. Journal of Education in Science, Environment and Health, 2(2), pp.104-124. Ince, E., Sesen, B.A. and Kirbaslar, F.G., 2012. Investigation of undergraduate students' understanding of radiation and radioactivity. Energy Education Science and Technology Part B-Social and Educational Studies, 4(2), pp.993-1004. Lee, J., 2015. Sorbitol, Rubus fruit, and misconception. Food chemistry, 166, pp.616-622. Newman, M., 2013. Emergence, supervenience, and introductory chemical education. Science Education, 22(7), pp.1655-1667. Osman, K. and Sukor, N.S., 2013. Conceptual understanding in secondary school chemistry: A discussion of the difficulties Experienced by students. American Journal of Applied Sciences, 10(5), p.433. Rowlinson, J.S. and Swinton, F., 2013. Liquids and Liquid Mixtures: Butterworths Monographs in Chemistry. Butterworth-Heinemann. Smith, K.C. and Villarreal, S., 2015. A reply to Reinterpretation of Students' Ideas when Reasoning about Particle Model Illustrations. A Response to Using Animations in Identifying General Chemistry Students' Misconceptions and Evaluating their Knowledge Transfer Relating to Particle Position in Physical Changes by Smith and Villarreal (2015). Chemistry Education Research and Practice, 16(3), pp.701-703. Speight, J.G., 2014. The chemistry and technology of petroleum. CRC press. Yakmaci-Guzel, B., 2013. Preservice chemistry teachers in action: an evaluation of attempts for changing high school students' chemistry misconceptions into more scientific conceptions. Chemistry Education Research and Practice, 14(1), pp.95-104.

Feasibility Study for Research Methodology †Myassignmenthelp.com

Question: Discuss about theFeasibility Study for Research Methodology. Answer: Introduction Feasibility Analysis For every company it is very important to evaluate new project or innovation. This will enable company to understand whether or not innovation under consideration will be beneficial and feasible. In this project, Medical affair department is planning to implement a database system for enhancing efficiency and effectiveness of documentation(Novak, 1996). Technical Feasibility: The main aspect of technical feasibility is to analyse whether proposed project of having database management system is technically feasible or not. This actually means assessing whether the system has the capability of being implemented in the department or not. The objective is to analyse whether the advancement level of technology required for this updation is in position of supporting the proposed database system or not (Salvaggio, 2005). Currently medical affairs department is looking for implementing new computerised database system to resolve the issue related with enquiry system of organization. For this purpose, organization will be required to upgrade application system and will have to add modules that are more effective in system, which should be related with the accounting management, human resource management, inventory management, enquiry management, prescription management, details of patients and doctors (Arain et al., 2010). For implementing t he database management, system organization requires to upgrade the existing server as it is possible that the existing system is not carrying much power to accommodate the new needs and requirements(Arain et al., 2010). Economic Feasibility: This feasibility study is concerned about the returns that are related with the investment, which is going to be made in the implementation of new database system (Franchetti, 2012). This analysis helps us in analysing that whether the option of investing in business is a worth one or not (Franchetti, 2012). The economic feasibility study helps in identifying the cost of the project, cost of expertise and training (Arain et al., 2010) Software and equipment cost: This cost is associated with expenditure of keeping the system in proper place (Arain et al., 2010). The total cost of equipment comprises hardware, software and infrastructure costs (Arain et al., 2010). The cost that will incur after the implementation of database management system in medical affair department are licensing cost, cost of maintenance and support. Cost of licensing: This cost is estimated to cost around seventy lakhs. Cost related with the addition of financing module is estimated to cost around forty lakhs. Cost of supporting will be around 20 to 30 percent of licensing cost (Arain et al., 2010). Cost of Expertise: this will involve cost of hiring new consultants. This will cost around six to seven lakhs. Cost of Training: This particular cost will involve cost associated with training of employees of company for understanding database system (Arain et al., 2010) Operational Feasibility: This feasibility analysis is the main analysis as it deals with the main concerns that are related the human resource system (Arain et al., 2010). The objective behind undertaking feasibility study is to understand the proposed system in the terms of labour associated with it. Employees of the company will be required to be trained to better understand the need for implementing the new system and transpose the system of manual working into automated system. For proper management of the alignment with the real world, the team members of project management needs to get involved in Gap analysis(Salvaggio, Teal Associates, 2005). Process of gap analysis is considered as an effective step for analysing the overall implementation database strategy and to pin point the needs for database system. The new system of database will be helpful in integrating all the fragmented data in just one computer system(Motiwalla, 2009). The new system of database management system will require a system of integrating the primary objectives with secondary objective and thereby including all the areas of Medial Affairs department(Pandey, 2011). Requirement Specification Project Scope: The medical affair department, at present, processes medical enquiries in manual manner. The proposed system will help the organization members to manage the enquiry system in automated manner(Katimuneetorn, 2008). Scope of the project can be illustrated through the below points(Arain et al., 2010): Giving ease in access to enquiry Ease in access to information offering construct replies Giving statistical data Project objectives: Objectives of the project have been summarised as below(Tambovcevs, 2010): Increasing the number associated with enquiries that can be resolved immediately over phone Decreasing the time taken for locating appropriate historical data Decreasing the time taken for preparing statistical analysis of enquiries Increasing departmental efficiencies Increasing utility of data offered to the activity areas Decreasing complaints Decreasing waiting time Increasing productivity Increasing customer service Increasing information awareness Enhancing access towards information Efficient and effective database system Functional Specification: It is required to correct all the functional deficiencies that are associated with the system (European Communities, 2005). Specifications in the form of functions of project will act as the framework for consolidating and allowing benefits for achieving better prices from vendor(Arain et al., 2010). Non-functional Specification: All the data and information will be held by the organization in dematerialised form. However, in case if constraint is overcome, then organization and its employees will be able to manage medical enquiries in fast and effective manner as they will be able to find any document in just one click (Nordea, 2014). The information could then be utilised by the sales team for evaluating market directions. Also, more efficient and accurate research capabilities can be achieved through ad hoc reporting associated with new technologies(Arain et al., 2010). Project constrains: There are many constraints that will occur in implementation of this project: The main constraint of this project is to make the employees in the medical affair department realize the importance of the new database system. Employees working in Medical affair department are habitual of working manually in respect of enquires and documentation, making them ready to work on computer system is a critical task. There are high chances resistance from employees side towards this change. This is mainly because employees will think that managing things on computer system will require them to take extra efforts to understand the concept and that will affect their work process, which will enhance pendency and extra load, which will never be invited from employees. It is required that the management of the company builds framework for making employees understand the importance of the new database. Learning about the new database system will enable members of organization to feel confident about using the system. It will help organization in reducing resistance to change. Another constraint will be of recording the previous paper work in automated form, which will require a lot of time and effort for streamlining Current administrative system needs considerable technical skills Lack of integration within state wide financial and procurement system Lack of adequate adhoc capabilities of reporting Duplication of the efforts done by the employees; this is because employees had written previously the whole data in written form and now the same data have to be entered by them in computerised form which will require a lot of time and effort Project Work Breakdown Structure: The work breakdown structure one of the tools of project management that enables readers to understand how project will work and will get implemented (Momoh et al., 2008). It is a structure and explanation of the working activities in terms of the hierarchy of the details that organises work to be done in proper and effective manner with effective and quantifiable outputs with assigned responsibilities (Momoh et al., 2008). This particular structure is useful for cost management of project. For managing any complex system, it is necessary to understand the process and working of the project in parts and for that purpose, it will be good to understand it by breaking the structure of the same. The hierarchical structure illustrates all the tasks that are independently completed and allocation of resources for controlling the measures (Momoh et al., 2008). Below is the work breakdown structure of the database system, which is proposed to be implemented by medical affair department (Momoh et al., 2008). References Arain, M., Campbell, M.J., Cooper, C.L. Lancaster, G.A., 2010. Correspondence What is a pilot or feasibility study? A review of current practice and editorial policy. BMC Medical Research Methodology. European Communities, 2005. Functional Requirements For Conducting Electronic Public Procurement Under The EU Framework. European Communities. Franchetti, M.J., 2012. Economic and Operational Feasibility Analysis of Solid Waste Minimization Projects. intechopen. Katimuneetorn, P., 2008. Feasibility Study for Information System Projects. umsl. Momoh, A., Roy, R. Shehab, E., 2008. A Work Breakdown Structure for Implementing and Costing an ERP Project. IBIMA. Motiwalla, 2009. Enterprise Systems for Management. Pearson. Nordea, 2014. Implementation Guide. Nordea. Novak, L.R., 1996. Market and Feasibility studies A how-to guide. [Online] Available at: https://pages.uoregon.edu/rgp/PPPM613/downloads/How%20to%20do%20a%20Market%20Analysis.pdf. Pandey, N., 2011. Assessing Viability and Feasibility of Business Ideas. Thapar School of Management. Salvaggio, Teal Associates, 2005. Enterprise Resource Planning Feasibility Study. [Online] Available at: https://www.doa.state.wi.us/documents/DET/RFO/RFO%20EXE13-03%20Attachment%20B_ERP%20Feasibility%20Study%202005.pdf [Accessed 22 September 2016]. Salvaggio, T..A., 2005. Enterprise Resource Planning System Feasibility Study. Salvaggio, Teal Associates.. Tambovcevs, A., 2010. ERP System Implementation: A Case Study Of The Construction Enterprise. Economics And Management.