Construct the Efficient Frontier

Construction a. Estimation The goal is to obtain the raw ingredients – expected returns, standard deviations and correlations. Historical data are used for this purpose. As a rule of thumb, five years of daily data are probably right (one year should be the absolute minimum). Keep in mind the following: 1) make sure to use the adjusted close prices to calculate returns (so that you won’t have large, spurious negative returns due to dividend payments or splits), and 2) calculate log returns (so that you can aggregate daily returns to obtain holding period returns, if ever needed).In Excel, the function for mean and standard deviation are â€Å"= average (range)† and â€Å"stdev(range). † To calculate the correlation matrix, use â€Å"correlation† under â€Å"data analysis. † Please note, in practice, the estimates can be adjusted in view of economic outlooks. This is especially so for expected returns. Sometimes, the realized historical return s are negative or below the risk-free rate. They must be adjusted upward – who would ever buy a stock and expect to receive a return less than the risk-free rate (if the beta is not negative)!? II.Efficient frontier construction Step 1. Variance/covariance matrix, The expected return and variance for the portfolio are: You can think of the variance as the â€Å"weighted average† of all the covariances, ? i? j? ij where the weights are xi and xj. Of course, the variance terms are special cases of the covariances when i=j, and ? ij=1. You can calculate the portfolio variance in the spreadsheet in many different ways. The way I do it is to first calculate the variance/covariance matrix, whose entries are ? i? j? ij and ? i2. To this end, we first construct the tandard deviation (std) matrix and the correlation matrix, as shown in the spreadsheet. Then, first multiple the std matrix to the correlation matrix to obtain (multiply the range of b3.. g8 to the range of b10.. g15). Then, multiple matrix to the std matrix again (multiply the range of b17.. g22 to the range of b3.. g8) to obtain the variance/covariance matrix in b24.. g29. Step 2. Portfolio's return, variance, standard deviation and slope To obtain the portfolio variance, we need to further multiply each entry of the variance/covariance matrix by their corresponding weights, xi and xj.Remember, those n portfolio weights are what we are trying to solve for. So we put them in a column (a34.. a39). To facilitate the calculations, I also place the weights at the top of the matrix. The variance/covariance matrix is simply copied from Step 1. Since we will also need the security returns to calculate the portfolio return, they are placed in j33.. j39. Now, we multiply the weights to each column of the variance/covariance matrix using the function â€Å"=sumproduct. † This â€Å"sumproduct† results in each weight in (a34.. 39) being multiplied to each entry in the variance/covarian ce column, and then all summed up. The variance/covariance terms will have only one weight being multiplied to. So we need to multiply this sum by another weight at the top of the matrix (remember: multiplying the sum by something is equivalent to multiplying each individual item by the same thing). Summing all the items in b40.. g40, we obtain the portfolio’s variance, and taking square root of it, we have its standard deviation, in cell b45. The portfolio’s return in b44 is calculated as the weighted average of individual security returns.The slope of the CML is simply the rise (i. e. , portfolio’s return minus the risk-free rate) over run (i. e. , the portfolio’s std). Step 3. Obtain minimum variance portfolio: minimize STD subject to sum of weight = 1. 0 The minimum variance portfolio is the one that has the lowest variance among all possible portfolios. We use the â€Å"Solver† in Excel to find this portfolio. We would like to vary the weights in a34.. a39 so that the variance (or equivalently, std in cell b45) is minimized. In the â€Å"Solver,† enter b45 as the target, and choose â€Å"min. The range for â€Å"Changing cells† should be a34.. a39. The only constraint is: all the weights sum to one, i. e. , set cell b42 equal to 1. 0. Then simply click on â€Å"solve. † The solutions will be in a34.. a39. Of course, the portfolio’s return and std are simultaneously calculated in cells b44 and b45, and the slope linking the portfolio and the T-bill is in cell b46. Step 4. Obtain market portfolio: maximize Slope subject to sum of weight = 1. 0 Follow the same logic/procedure as in Step 3, except that you want to maximize cell b46. Step 5.Obtain market portfolio with no short selling: maximize Slope subject to sum of weights = 1. 0 and all weight being positive This part is just for completeness: to show you how to construct the market portfolio when short selling is prohibited. Here you also ma ximize cell b46, except that, aside from the weights-summing-to-one constraint, you would add six more constraints: a34 ;gt; 0, a35 ;gt; 0, †¦, a39 ;gt; 0. It turns out that, the weights on Securities 2 and 3 are zero, since they command the most amount of short selling in the unconstrained case (Step 4).However, it is not always true that any security that is being shorted in the unconstrained case will have a weight of zero in the constrained case. Security 5 is a case in point. Step 6. Generating efficient frontier Here, everything is already self-explanatory. Essentially, we need to plot the parabola and the CML. To this end, we first get the functions for each, and then use Excel to generate some points (50 in my example) within the reasonable range of returns and std.

Comparison some Theories of Motivation Essay

What is motivation? People are motivated when they want to do something and make progress. Mixed motives range from conscious to unconscious are necessary for action but not sufficient in themselves, hence â€Å"we must judge a person’s motives from their overt actions†(John Adair:1996:19). Motives don’t always correspond with reasons for actions. Motivation also means extending to moving other people to action (J. Adair:1996:19) and covers the reasons which underlie the way in which a person act (J. Adair:1990:1). Who motivates people? What makes them tick? Why do you do anything? This is a subject of perennial fascination. It is especially important for anyone who works with other people – to think about this question in some depth. Perhaps the first step to answering these questions is to explore the central concept of motivation. Motivation is the word referring the reason of engaging in a particular behavior, especially human behavior as studied in psychology and neuropsychology. The main focus of the essay is to explore Maslow’ s (after Freud and Jung) Hierarchy of Needs. His idea will be compared with those of Friderick Hertzberg’s Theory of Hygiene and F. W. Taylor’s Theory of Motivation. Perhaps, there is no theory of motivation which has been as much influential on the thinking of managers as an Abraham Maslow’ s hierarchy of needs. A person is motivated by an inner programme of â€Å"needs† which are arranged in sets and it suggests that external motives such as rewards or punishment are not a factors of motivation. Because a satisfied need ceases to motivate when one set is satisfied, automatically, another comes into play ( J. Adair:1996:30). Drawn from the work of Maslow makes the point that needs are organized on a priority basis ( J. Adair:1990:7). This fairly definite hierarchy is arranged by the basic needs (A. H. Maslow:1987:56). But, can human needs be mapped? â€Å"Does the satisfaction of one set of conscious needs trigger off into consciousness another set of previously unconscious needs? †( J. Adair:1996:30) A confident answer on this question is offered by Abraham Maslow: â€Å"Man is a wanting animal and rarely reaches a state of complete satisfaction except for a short time. As one desire is satisfied, another pops up to take its place. When this is satisfied, still another comes into the foreground. It is characteristic of the human being throughout his whole life that he is practically always desiring something. We are faced then with the necessity of studying the relationships of all the motivations to each other and we are concomitantly faced with the necessity of giving up the motivational units in isolation if we are to achieve the broad understanding that we seek for† (A. H. Maslow:1987:34). Maslow ‘s needs hierarchy identifies five sets of needs from the most biological to the most psychological: â€Å"(1) physiological ( such as hunger-thirst ), (2) safety and security, (3) love and belongingness, (4) self-esteem ( achievement, recognition ), (5) self-actualization ( reaching one’s highest potential )† (R. C. Beck:2000:400). These sets are organized into a hierarchy of relative prepotency and are in a dynamic relationship. A concept of physiological needs have been taken as the starting point for motivational theory. Basic needs become relatively satisfied where the higher needs come to the fore and become motivating influences because â€Å"For our chronically and extremely hungry man, utopia can be defined very simply as a place where there is plenty of food† (G. P. Latham:2007:31). When this need is met then â€Å"At once other (and ‘higher’) needs emerge and these, rather than physiological hungers, dominate the organism† (G. P. Latham:2007:31), thus the physiological needs are the most prepotent of all needs (J. Adair:1990:35). Although the physiological needs are relatively well satisfied, unsatisfied need, like safety, love, self-esteem needs, emerges to dominate the organism. Maslow suggest that â€Å"†¦we may still often (if not always) expect that a new discontent and restlessness will soon develop, unless the individual is doing what he or she, individually, is fitted for. Musicians must make music, artists must paint, poets must write if they are to be ultimately at peace with themselves. What humans can be, they must be. They must be true to their own nature. This need we may call self-actualization† (A. H. Maslow:1987:22). Self-actualization needs â€Å"usually rests upon prior satisfaction of the physiological, safety, love and esteem needs† (J. Adair:1990:38). Maslow meant by self –actualization â€Å" a universal urge in any person to grow and develop as a full human person, realizing all the distinctively human potentials within us†( J. Adair:1996:45). The essence of Maslow’ s theory is that the needs lower in the hierarchy have to be at least partly fulfilled before the highest needs – self-actualization needs – become active. This theory has some limited value: â€Å"when this set of condition happens, then this of that factor will become important† (J. Adair:1996:42). In industrial situation, Maslow’ s theory sometimes seems to make sense. For example: lower – level workers are more motivated by money which are needed for food and shelter and seem to not be much motivated to work creatively in their jobs. At higher levels, self – actualization seems more important and there may be more opportunity for self – expression. It is interesting to compare, how does Herzberg’ s motivator-Hygiene Theory relate to Maslow’ s theory of a Hierarchy of Needs? Clearly they both share in common the concept of self – actualization. Herzberg’ s theory suggests that motivators and satisfiers are some aspects of a job which allow people to satisfy â€Å"higher level† needs (R. C. Beck:2000:400). Herzberg argued that â€Å"people want more from their jobs than pay, such as recognition, responsibility, feelings of achievement, pleasure from social interactions, prestige, stimulation, and challenge† (R. C. Beck:2000:400). These self – actualizing properties are included to the â€Å"growth† dimension of a job. Absence of some job elements is noticeable and produce dissatisfaction in external conditions: administration, supervising, working conditions, relations with others, job security and status. Satisfaction of above needs is called Hygiene factors and was linked by Herzberg with human tendency to avoid painful or unpleasant situations. Although dissatisfaction may lower performance this hygienic measures will not visibly improve performance(R. C. Beck:2000:400). â€Å"All hygiene needs are connected with salary and, because of this, salary is the most visible, communicable and advertised factor in all the world of work. Salary permeates the thoughts and expressions of people when they view their jobs. In such a circumstance, it is hardly surprising that salary often seems to be a satisfier to the individual. If so many hygiene needs can be fulfilled by money, then it is difficult not to conceive of it as a source of happiness†(J. Adair:1990:57). The need for creativity is fitted by motivators. The hygiene factors satisfy the need for fair treatment, and it is thus that the desired job attitude and job performance is achieved by presenting the appropriate incentive (J. Adair:1996:77). Herzberg in â€Å"The Motivation to Work† discusses about Maslow’ s theory as a brief and unsatisfactory and does not agree that the predominant needs of individuals might change and develop, rather than being seen as relatively fixed and immutable (J. Adair:1990:55). In contrast to the predominantly holistic bias of Maslow’ s mind, Herzberg’ s approach is dichotomized into two. In Maslow’ s theory, if physiological, safety and social needs were not met it might create dissatisfaction, but –according to Herzberg – is possible to afford satisfaction by these needs. By contrast, more positive sense of satisfaction needs could lead to the meeting of esteem and self – actualization or professional growth. These two approaches of Maslow and Herzberg could be reconciled. (J. Adair:1996:78) Moreover, the absence of a potential for self – actualizing progress, in Herzberg’ s theory, can not create conscious dissatisfaction, thus did Herzberg only develop the hint in Maslow that a poor model for the ‘higher’ needs in the hierarchy are formed by the physiological needs? To follow a topic, an individual’s internal rating of ‘satisfiers’ and ‘dissatisfiers’ might reflect to personality development, which means progress in gratifying the hierarchy of basic needs, is also accepted by Herzberg. Allowing for the respective intellectual biases of the two psychologists as well as for the application to the work situation in particular, concluding, the similarities between the approaches of Maslow and Herzberg outweigh their dissimilarities (J. Adair:1990:56). The most interesting could become a comparison Maslow’ s and Herzberg’ s theories with Friderick W. Taylor’s, the American engineer, Theory of Motivation (J. Adair:1996:119). Although Maslow’ s and Herzberg’ s theories, as psychologists, are based upon some sort of empirical evidence, however both of them openly confess to propagating and holding certain philosophical assumptions about the nature of man (J. Adair:1990:65). In turn, F. W. Taylor, the father of scientific management, is credited with dehumanizing factories, making men into automatons (M.  Smith:2007:34). Barber and Bretz (2000) certified that the most important factors why people choising a job and take into account in seeking and accepting a job offer, is a wage(G. P. Latham:2007:99). But does it have an influence on effort and persistence and to what extent? Taylor (1911) claimed that in the first quarter of the 20th century, there was concluded by engineers, that the primary incentive for engaging in efficient and effective behavior are money (G. P. Latham:2007:99). The father of scientific management (1911) certified that if organization adopted scientific management, this would be a mental revolution between workers’ behaviours, relations and outlook toward employers (G. P. Latham:2007:11). There is four Taylor’s principles: offering to workers a monetary incentive; training and development the workers following by scientific selection; democratically division of work between workers, foreshadowing goals to workers(G. P. Latham:2007:12). Taylor (1911) claimed that following this principles give a revolutionary outcome, employers and employees are able to see that satisfaction money can be made without occasion to quarrel (G. P. Latham:2007:12). Moreover, paying substantial bonuses by employers to employees for efficiently and effectively achieved goal, is the way to satisfied workers (G. P. Latham:2007:12). Herzberg’ s theory establishes to Maslow’ s Hierarchy of Needs does not follow Taylor’s attitudes. Moreover, Herzberg put forward a hypothesis that job can affect a person’s mental health and cause long – term physical health problem. Although, Herzberg (1966) certified that money could have opposed effect on job dissatisfaction, do not have effect on job satisfaction(G. P. Latham:2007:99). Concluding, ‘If F. W. Taylor was the equivalent of Hobbes in industry, then Herzberg stands firmly in the tradition of Locke’(J. Adair:1990:73). In summary, there is a lot of theories what motivates people toward certain actions. One, probably the most influential on managers, Maslow’ s Hierarchy of Needs, sensible and interesting, was made up through the human experience. This American Physiologist worked very hard to find that firstly people satisfy basic needs before even thinking of satisfying more complex needs. As Maslow theory was made through the human experience as Herzberg’ s Theory of Hygiene as well. Similarities between these two theories outweigh their dissimilarities. Making a survey, Herzberg investigated what people liked or disliked about their jobs. One of Herzberg’ s Hygiene Factors is pay. As contrasted with Taylor’ s attitudes about job satisfaction, Herzberg certified that money do not have effect on job satisfaction. In Taylor views, just wage is motivated for workers and satisfaction money can be made without occasion to quarrel. In conclusion, there is even more that Maslow’ s, Herzberg’ s or Taylor’ s theories what is motivation and who motivates people or what makes them tick and why do they do anything. But Maslow’ s Hierarchy of Needs clearly and since the beginning, help us all be more understanding of others around us. This theory is normally drawn as a triangle, because the author believed that it showed what people wanted form the job. Everybody start at the bottom and then work their way up, to the top, to self – actualization. But different people have different needs, moreover people are not fit in the same pattern. That makes Maslow’ s theory not perfect. Although that many great physiologists tried to find the best theory of motivation, although that most of managers are based on these theories, although that one must work hard to obtain willful goal and raises knowledge along the way to success, these all theories do not negate the fact that nowadays, nepotism plays a prominent role in the employment stakes. Bibliography: 1. Adair, J (1990) â€Å"Understanding motivation†, The Talbot Adair Press, Surrey, 2. Adair, J (1996) â€Å"Effective motivation†, Pan Books, London, 3. Beck R. C (2000) â€Å" Motivation: Theories and Principles†, Pearson Education, Inc. , New Jersey, 4. Latham G. P (2007) â€Å" Work Motivation†, Sage Publication, USA, 5. Maslow A. H (1987) â€Å" Motivation and Personality†, Harper & Row, New York, 6. Smith M. ( 2007) â€Å" Fundamentals of management†, McGraw – Hill Education, Berkshire. (2085 words)

Thomas Edison- Invention of the Kinetoscope- The role it played in Essay

Thomas Edison- Invention of the Kinetoscope- The role it played in development of Cinema - Essay Example Amongst the technologies that Edison invention was the Kinetoscope, which completely changed picture coverage in movies resulting into motion pictures. This paper explores Edison’s invention of the Kinetoscope and the role it played in development of Cinema before 1980. Prior to the invention of the Kinetoscope, the filming industry was devoid of motion pictures. Movie fanatics in the modern world greatly enjoy clear and perfect images of popular movie stars and blockbusters, which make movies more appealing to the eye than ever before, thanks to the invention by an iconic inventor, Thomas Edison. The history of screen exhibition can be traced back to the invention of Kinetograph camera by Edison in his research laboratories between 1887 and 1891.1 The Kinetograph was a famous device for capturing of images up to the year 1896. The Kinetograph was unable to project films and the viewing of motion pictures. The Kinetoscope, a peeping-gadget, enabled the viewing of motion pictures in the Kinetograph, but the viewing was limited to one person for a specified duration.2 The compact design of the kinetoscope restricted the duration of the early films to 50 feet, which was a commercial limitation. 3 In 1883, Edison recruited an assistant, William K.L Dickson and later shifted to West Orange from Menlo Park in 1887 where Edison built a huge research and experiment laboratory from where he worked under the motivation of Marey and Muybridge. At West Orange laboratory, Dickson conducted most of the research work, which utilized the phonograph techniques developed earlier.4 Edison travelled to Europe on august 2, 1889 to see the outcomes Jules Marey’s roll-film Chronophotographe experiment. In 1890, Sacco Albanese, an employee at one of Edison’s laboratories became the first person to use cylinder technology in filming. However, the method exhibited huge limitations in its displays and the quality of the images were poor leading to the rejection of the

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What influence has prince charles had on the design of british architecture - Essay Example According to him the modern architecture did more harm than good to the city of London. The high-rise office and residential buildings according to him are overshadowing the ecstatic beauty of the historic architecture of the city. He suggested imposing limitations and controlling on the designs of new buildings within 500 yards of historic landmark. The material the modern architects are using and the heights of the new constructions should also be restricted (Lohr, 1987). His grave criticism about modern architecture attracted a wide range of discussion and debate. According to Ken Shuttleworth, the lead designer of 30 St. Mary Axe also known as Gherkin, the city of London cannot be preserved as a museum. London is now attempting to lead the world in several aspects and at this juncture its economic and industrial growth should not be curbed by imposing some restrictions on the modern constructions needed (Booth, 2008). The Prince has been accused of curtailing the freedom of the modern architects forcing them towards bad design. In more recent years Lord Rogers attracted criticism from Prince Charles about the high rise buildings. But he is the one who made high-rise living receive support from the Blair Government. The urban policy of the government is now trying to construct more living space in a small area and the concept of high-rise buildings completely suits the bill. The detractors argued that the Prince is taking a generalized view of the w hole culture. He wants to design the city according to his own taste and in doing so he is trying to deny the need of the day and the wishes of the younger population for modern architecture. But the views of the Prince surely enjoy the backing of the mass in terms of its environmental aspect. The modern architecture is surely losing some popularity now a days in Britain. Prince Charles argued that the new

The creation of Clinical pathologic coorelation Research Paper

The creation of Clinical pathologic coorelation - Research Paper Example Neoplasms result from misfolded protein accumulation in the cells cycle, which have the consequential effect of altering clinical characteristics (Wiebe et al. 1158) Why spend time reading relevant clinical history? The determination of the nature and cause of patient’s illness by a health practitioner is called diagnosis. This diagnosis is based on evaluating the patient’s symptoms, the physical findings, and the results of various laboratory tests, together with other diagnostic procedures. Once a diagnosis is reached, a prognosis could be offered, and that would establish the most suitable course of treatment, which serves the patient’s best interest. In pathologic diagnosis, pathologists serve as consultants to the physician. They work with all other medical specialists, using the tools of laboratory medicine to provide information that is essential to problem solving in clinical practice, by interpreting fast and accurate results. In addition, because of the new and highly complex tests increasing in recent years, clinicians rely more on the pathologists to give a comprehensive diagnosis that would enable them to develop an optimal plan of treatment. However, pathologists’ first responsibility is toward the patient. Thus, the importance of clinical information and pathological correlation is highly emphasized and recommended. The emphasis and recommendation stem from the fact that the latter deals with the study of biological recesses with abnormal traits such as infectious diseases, hormone sites, disease manifestation, and exhibited patterns. Therefore, the clinical history is an imperative tool in the evaluation process; it aligns with cytomorphologic features and other molecular findings. Unfortunately, Clinicians and surgeons do not understand the subjectivity of microscopic diagnosis, and it gets more meaningful only when the pathologists are fully informed and cognizant of

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Tourism analysis (South Korea) - Essay Example Some of the significant tourist attractions in Seoul are: Museums such as the National Museum of Korea, the National Folk Museum of Korea, the Seoul Museum of Art (located in the old Korean Supreme Court building behind the Deoksugung Palace), Seodaemun Museum of National History, Seoul Museum of Art (located within Deoksugung Palace), and Seodaemum Prison History hall (Choong-Ki, 110). Facilities: Tourists visiting Seoul find hospitality and respect and this characteristic of Seoul tourism has lead to the booming income from tourism in South Korea. Hotels such as Lotte Hotel Seoul, the Grand Hotel Myeongdong and so on, serve tourists a variety of meals according to their taste and monetary preference. In addition to the hotels, restaurants such as Gusto Taco also offer holiday rental bookings for the tourists. Transportation: International tourists enter the country from the Incheon International Airport, though other international airports like Gimpo, Jeju and Busan are also operational most of the times. In addition to airports, the country of South Korea is has an extensive and modern network of trains and buses that make trips to the various tourist destination sites quick (Airline Industry Information). According to the Travel statistics graph above, the number of international and domestic visitors has generally increased over the last ten years. According to the World Travel & Tourism statistics, travel and tourism contributed about KRW26.7 trillion to the GDP of South Korea. This is in addition to the support of more than a million jobs in the country. This shows that the tourism industry in South Korea is increasing in terms of income and visitors every year. The increase in visitors coming from other countries comes from the subsequent reports of peace and enduring environments for the tourists. Tourism regulation and promotion for South Korea is under an organisation called the

Government College Essay Example | Topics and Well Written Essays - 1000 words

Government College - Essay Example The Legislature is the prime law-making body and it is called the Congress in the United States. It is divided into two houses---The Senate and the House of Representatives. The Congress passes bills and transforms them into acts and laws, approves or disproves of the appointments made by the President, it declares wars and also gives its consent on treaties. The Executive branch is the one that ensures the execution of laws passed by the Legislature. In the United States, the President is the head of the Executive organ of the Government and performs numerous functions. The most important ones among those functions are, that he is the Commander-in-Chief, he makes appointments in association with the recommendations of the Legislature, he can veto bills and laws; besides ensuring the proper implementations and execution of laws. The Judiciary is the body of the government that undertakes the job of administering justice and taking charge of the criminal and civil offences in the country. In the United States, the Supreme Court is the apex court, which also serves as the highest court of appeal. The other federal courts exercise their functions in accordance with their position in the hierarchal set-up. The Judiciary also interprets laws for the country. In addition to this, it also performs the functions of Judicial Review, which means, it undertakes the task of declaring a bill/act or law unconstitutional, if it goes against the Constitution of the United States. The Constitution of the United States also has a system of Checks and Balances, wherein each organ of the Government is granted autonomy, as well as, responsibility. In other words, one organ of the government can check the other organ, in case it goes beyond its sphere of activity or conducts proceedings in a manner that is outside its power. This way, none of the organs can attain supremacy over the other, in spite of maintaining their exclusiveness in their own realm. It, thus, checks and balances the functioning of all the three organs of the Government. In this process of working together and taking charge of the whole Governmental machinery and functioning, the three organs could sometimes overlap each other in their functioning and cause chaotic situations. The most common possibility of this occurrence is between the Legislature and the Judiciary! Sometimes, it so happens that in the process of interpreting laws that have been made by the Legislature, the Judiciary not only interprets it but also adds its own interpretations and thus, leads to the framing of new laws. This can prove to be quite confusing and

Aerodynamics Which shape can accomplish the design objectives Essay

Aerodynamics Which shape can accomplish the design objectives - Essay Example However, they are not to be assumed in the current time where fuel is expensive. The National Aeronautics and Space Administration (NASA) (2013) define aerodynamics as the manner in which air travels around things. It indicates that through the laws of aerodynamics, researchers have been able to expound on how aircrafts fly. Physics indicates that for an airplane to be able to travel through the air, there are force constituents that make up aerodynamics. These force constituents relate in such a way that an airplane is able to fly symmetrically. When flying symmetrically, two forces are in action. They are lift and drag. Drag is defined as the part of the aerodynamic force, which is parallel to the wind in action. It is said to impede on the forward movement of the airplane. If an airplane is travelling at a speed less than that of the speed of sound through air, it experiences induced and parasite drag (Dole & Lewis, 2000). On the other hand, lift is the sum of all aerodynamic forces that are acting on an airplane, which is after they are determined perpendicu larly to the path of flight. It is the result from forces of pressure that act on the surface exposed to airflow. So, what design can save fuel? It is the paper’s aim to answer this question. Firstly, this paper will look at the arguments in support of the idea that winglets help in saving fuel. Secondly, it will examine the arguments against this idea. Thereafter, a conclusion shall be made on the fuel saving ability of winglets. Lift is required to cover for mass forces and is approximately equal to the weight of the airplane (Torenbeek & Wittenberg, 2009). The wings and tail plane generate lift successfully when drag is at most minimum. Hence, there arises a lift to drag ratio (L/D) that is used to measure their efficacy. Minimum drag (D min) is obtained by: (W) Ã · (L/D) max. With these in mind, there has been questions around the best