Understanding what drives the purchase decision in pension and investment products

The aims of this paper are to first seek an understanding of consumer decision-making when purchasing pension and investment products, and second to ascertain how this decision-making affects the consumer's choice of distribution route. The study employed both focus groups and postal questionnaire survey methods based on the framework of a classical decision-making model that investigated problem recognition, information search, evaluation tools used and post-purchase. The findings show that the decision-making process experience differed to a lesser or greater degree depending on the distribution route. The majority of respondents had recognised the need to make a purchase decision long before seeking information. Younger respondents on all incomes believed that they must make some pension provision for themselves as opposed to relying on the government's retirement provision. Many changed channels for information searches, but tended to settle with the Independent Financial Adviser (IFA). The two main evaluation tools for pension and investment were found to be the ‘charges’ and ‘historic fund performance’. The vast majority of respondents reiterated their worry that the outcomes would not be known until retirement. In terms of analysis by the level of ‘financial literacy’, respondents who scored in the upper quartile were more inclined to be on a higher income, less inclined to evaluate on charges and more proactive in discussing the investment strategy of their pension fund. Respondents who scored in the lower quartile had opposite results. One of the implications of these findings is that the younger respondents’ recognition of pension savings favours the government's intention to reverse the existing balance of pension distribution. The other main implication is that the findings will be of help to managers in appreciating the dominance of the IFA channel by providing an explanation of why consumers choose this route, and, additionally, can assist direct marketing managers in identifying customers who will be more likely to use multichannel or single-channel shoppers. It can also help the marketing manager increase the usage of different channels by addressing the factors driving the purchase decision and distribution choice.

Specifying and analysing networks of processes in CSPt (or in search of associativity)

In proposing theories of how we should design and specify networks of processes it is necessary to show that the semantics of any language we use to write down the intended behaviours of a system has several qualities. First in that the meaning of what is written on the page reflects the intention of the designer; second that there are no unexpected behaviours that might arise in a specified system that are hidden from the unsuspecting specifier; and third that the intention for the design of the behaviour of a network of processes can be communicated clearly and intuitively to others. In order to achieve this we have developed a variant of CSP, called CSPt, designed to solve the problems of termination of parallel processes present in the original formulation of CSP. In CSPt we introduced three parallel operators, each with a different kind of termination semantics, which we call synchronous, asynchronous and race. These operators provide specifiers with an expressive and flexible tool kit to define the intended behaviour of a system in such a way that unexpected or unwanted behaviours are guaranteed not to take place. In this paper we extend out analysis of CSPt and introduce the notion of an alphabet diagram that illustrates the different categories of events that can arise in the parallel composition of processes. These alphabet diagrams are then used to analyse networks of three processes in parallel with the aim of identifying sufficient constraints to ensure associativity of their parallel composition. Having achieved this we then proceed to prove associativity laws for the three parallel operators of CSPt. Next, we illustrate how to design and construct a network of three processes that satisfy the associativity law, using the associativity theorem and alphabet diagrams. Finally, we outline how this could be achieved for more general networks of processes.

Successful termination in timed CSP

In proposing theories of how we should design and specify networks of processes it is necessary to show that the semantics of any language we use to write down the intended behaviours of a system has several qualities. First in that the meaning of what is written on the page reflects the intention of the designer; second that there are no unexpected behaviours that might arise in a specified system that are hidden from the unsuspecting specifier; and third that the intention for the design of the behaviour of a network of processes can be communicated clearly and intuitively to others. In order to achieve this we have developed a variant of CSP, called CSPt, designed to solve the problems of termination of parallel processes present in the original formulation of CSP. In CSPt we introduced three parallel operators, each with a different kind of termination semantics, which we call synchronous, asynchronous and race. These operators provide specifiers with an expressive and flexible tool kit to define the intended behaviour of a system in such a way that unexpected or unwanted behaviours are guaranteed not to take place. In this paper we extend out analysis of CSPt and introduce the notion of an alphabet diagram that illustrates the different categories of events that can arise in the parallel composition of processes. These alphabet diagrams are then used to analyse networks of three processes in parallel with the aim of identifying sufficient constraints to ensure associativity of their parallel composition. Having achieved this we then proceed to prove associativity laws for the three parallel operators of CSPt. Next, we illustrate how to design and construct a network of three processes that satisfy the associativity law, using the associativity theorem and alphabet diagrams. Finally, we outline how this could be achieved for more general networks of processes.

Curriculum and beyond: Mathematics support for first year life science students

The move into higher education is a real challenge for students from all educational backgrounds, with the adaptation to a new curriculum and style of learning and teaching posing a daunting task. A series of exercises were planned to boost the impact of the mathematics support for level four students and was focussed around a core module for all students. The intention was to develop greater confidence in tackling mathematical problems in all levels of ability and to provide more structured transition period in the first semester of level 4. Over a two-year period the teaching team for Biochemistry and Molecular Biology provided a series of structured formative tutorials and “interactive” online problems. Video solutions to all formative problems were made available, in order that students were able to engage with the problems at any time and were not disadvantaged if they could not attend. The formative problems were specifically set to dovetail into a practical report in which the mathematical skills developed were specifically assessed. Students overwhelmingly agreed that the structured formative activities had broadened their understanding of the subject and that more such activities would help. Furthermore, it is interesting to note that the package of changes undertaken resulted in a significant increase in the overall module mark over the two years of development.