Quantity Surveyors career potential as construction project managers

Size: px
Start display at page:

Download "Quantity Surveyors career potential as construction project managers"

Transcription

1 December, Quaniy Surveyors career poenial as consrucion projec managers Michelle Burger Deparmen of Consrucion Economics Universiy of Preoria Preoria, Souh Africa Absrac The main focus of a quaniy surveyor is ha of cos and conracual specialis. However, he knowledge gained hrough quaniy surveying sudies offers he poenial o pursue a furher service delivery ha can be offered o cliens ha of consrucion projec manager. This paper is a lieraure review of quaniy surveying and he quaniy surveying knowledge base invesigaing he curren and fuure services of he quaniy surveyor. Aenion is paid o he echnical knowledge required for consrucion projec managemen and wheher quaniy surveying knowledge will qualify individuals o work as projec managers. I offers a lieraure review and a review of he idenificaion of works for boh quaniy surveying and projec managemen. Through his i becomes clear ha he knowledge base of quaniy surveyors make hem suied candidaes for consrucion projec managemen. Keywords Quaniy surveying, consrucion projec managemen, career I. INTRODUCTION The quaniy surveyor was once under hrea for he professions demand for services due o he recession in Europe around he 1980 s. Bu imes changed and he profession is sill in operaion on a wide basis around he world. The profession does however suffer under rends of fee cuings and enormous amouns of discouns offered due o high fee compeiion amongs he professionals. This rend is derimenal o he indusry and herefore he quaniy surveyor has o evolve consanly and possibly explore areas of ineres wihin heir definiion and knowledge base. This rend makes for opporuniss o come forward wih beer ideas and face he challenges of making he opporuniies a success. This sudy will herefore explore he possibiliy of quaniy surveyors offering a combinaion of services wihin heir knowledge areas. The specific area sudied is projec managemen. Due o he high influence ha cos has on he decision making process, he research will ry o indicae how imporan he holisic approach in quaniy surveying is and cos budgeing in conaining a projec wihin i s said deliverables. II. BACKGROUND Quaniy surveying is a specialized field ha primary lends iself o financial and conracual managemen of consrucion projecs offering a disinc service in he buil environmen. Roelof Jonkers Preoria, Souh Africa However, in addiion o his i also has a broad specrum of services ha can be offered by he individual going ino his field of sudy [1]. A compeen quaniy surveyor mus have a range of skills, knowledge and undersanding which can be applied in a range of conexs. Furhermore he work environmen is no saic bu changing. As he Royal insiue of chared surveyors (RICS) would sugges, coninued change in he naure of clien demand and he compeiive environmen for consrucion services requires change in he knowledge base a he core of he professional pracice [2]. This is essenial as he primary aim should be o saisfy he cliens needs [3]. Cliens wan readily purchasable design, procuremen and managemen of consrucion. They quesion he relevance of some professional services and knowledge and hey end o challenge he worh of many of heir funcions, his includes quaniy surveyors [4]. Quaniy surveying goes hrough periods of higher or lower demand. This is influenced by a counries economic posiion. Thus companies need o be proacive [5] and explore addiional consulancy services such as projec managemen. This will offer exra conrac possibiliies o a quaniy surveying firm. III. QUANTITY SURVEYING KNOWLEDGE The mos imporan core funcions for a quaniy surveyor is o deliver a Professional service in [6]: Cos advice and planning; Projec procuremen and documenaion; Tendering and conracual relaionships; Conrac services; Specialis skills relaed o quaniy surveying services; Quaniy surveying relaed o engineering services; and Building and consrucion/propery developmen The radiional services offered are cos advice, procuremen and managemen and cos conrol. IV. CLIENT NEEDS & EXPECTATIONS FROM QUANTITY SURVEYORS TRADITIONAL SERVICES Cliens wan readily purchasable design, procuremen and managemen of consrucion. They quesion he relevance of some professional services and knowledge and hey end o The 2nd year of hp:// 27

2 December, challenge he worh of many of heir funcions, his includes quaniy surveyors [4]. A. Cos advice: Cliens need early and accurae cos advice. This relaes back o one of he imporan facors ha one of he quaniy surveyors firs objecives is o be a firs poin of conac raher han he sole one. This does of course no relae o projec managemen if seen from a puris view of quaniy surveying perspecives, bu viewed from a projec managers view wih a background of quaniy surveying his migh be very beneficial as explained hereunder being appoined early on regarding feasibiliy sudies of he projec a he design phase. Cos advice is o be provided a a sage well in advance of sie acquisiion and before he commimen o build arises [4], hence he quaniy surveyors need o be involved a an early sage. In helping o define he cliens financial requiremens, quaniy surveyors are exering a big influence on any resuling design. This requires as previously saed for he aspecs of consrucion projec managemen o no only have knowledge of consrucion coss, bu also knowledge of he propery marke and he abiliy o anicipae and visualize he cliens need and requiremens. Seen in he conex above, cos esimaion is considered a highly professional service, requiring he exercise of a high level of exper discreion and judgmen in an indusry where condiions vary considerably a he cos of no ime. B. Procuremen: As RICS sae; provisions made for independen procuremen advice ogeher wih he coordinaion and managemen of he procuremen process is a highly valued service, much in demand as one of he projec managemen knowledge areas. A quaniy surveyors srong presence in is origins of quanificaion: par of he compiling of he Bills of Quaniies is o procure compeiively priced consrucion works. Bu he more recen consulan quaniy surveyor has expanded heir services o include professional advice on appropriae procuremen mehods and he managemen of he process. This service has deviaed much from he basically echnical approach ha he quaniy surveyor is appraised o do, o a more proacive approach of curren and fuure value for quaniy surveying and projec managemen services. Quaniy surveyors are expers in he procuremen of building works [4]. Indeed many quaniy surveyors sugges ha hey are procuremen managers raher han quaniy surveyors. During he procuremen process he quaniy surveyor adds exra value due o wriing specificaions for his process. C. Managemen and cos conrol: The financial managemen of he consrucion indusry has been widely quesioned on who carries he responsibiliy. Cliens wan companies and professionals involved in he consrucion process o accuraely commi o he coss hey expec for he delivering of heir services and producs. Addiionally o his he clien likes o have a bi of flexibiliy o add value o heir business should he opporuniy arise o do so by requesing changes in he design and consrucion, a process many quaniy surveyors knows of and duly anicipaes for in he cos esimaes by making use of bu no resriced o coningency amouns. Cliens look o many consrucion professionals including he quaniy surveyors for he providing of services for projec managemen in his regard. Generally however he quaniy surveyors experise regarding cos advice and planning aracs a clien o use heir services for he projec managemen role, more so han he repuaion for mulidisciplinary knowledge and skills. In paricular, knowledge of consrucion combined wih sie experience is imporan for effecive projec managemen and needs o be acquired by he quaniy surveyor [4]. V. POSSIBLE FUTURE SERVICES Cliens in he consrucion indusry needs will change as such o accommodae he shifs in he economy. These shifs may include various professions rehinking heir main aim wih regards o heir services delivered, he cos hereof, efficiency of he delivery of such services and needs for hose services in an increased demand for new innovaive mehods of providing services a a lower cos. The curren rend for professional services coss in he consrucion is flucuaing heavily he las decade or so. The economy is no on a definiive rise wih he indusry varying, profiable oulooks for he building and consrucion indusries are raher very speculaive. This drives he needs for cliens in an already difficul marke o inves in personnel, be i professionals or a radesman or echnician whose fees are no as high as he sandard raes would indicae in he fee scales as published by he SACQSP. This sauory body provides for he legislaion wih regards o hese fees and currenly we experience he pracice of discouns being offered by quaniy surveyors on a wide scale o accommodae cliens bu hey sill have o cover heir own expenses a hese reduced raes. This pracice has led o unease under professionals and oher nonprofessionals who offer heir cliens ridiculous prices and in reward he clien ges a defecive building or projec delivered. This malpracice will only end if he needs for professional services rendered are evidenial in he successful delivery of projecs wihin he indusry. This means ha quaniy surveyors mus provide a service of excepional sandards o heir respecive cliens hrough delivery of radiional services, bu also broaden he services delivered by incorporaing services such as projec managemen very much underuilized by he average quaniy surveying company. The clien will ge more ou of he quaniy surveyor whils he quaniy surveyor widens his field of experise a a lower cos in relaion o he appoinmen of a projec manager and quaniy surveyor who will definiely miss communicae iems more frequenly. A one poin of responsibiliy is herefore a valid consideraion, bringing he specrum of services and cooperaion of he many professionals on a projec more. The 2nd year of hp:// 28

3 December, VI. PROFESSIONAL KNOWLEDGE AND SKILL BASE OF THE QUANTITY SURVEYOR Wha indusry specific knowledge does he Quaniy Surveyor have? The idenificaion of work (a very disinc problem in he indusry for various professions) indicaes he ype of knowledge a quaniy surveyor should have o produce he works indicaed, he IDoW is unforunaely sill in draf sage (a he ime of wriing his paper) due o he difficulies in compiling and sandardizing all he indusries professions and heir overlaps, bu his documen does presen some clear facs on wha he services provided for he scope of works for he quaniy surveyor enails. The quaniy surveyors services which are aribuable o mos of he projecs of he professional in he buil environmen, for example he generic services provided by he quaniy surveyor specific o he buil environmen will be looked a in his paper firsly and secondly addiional services. This documen used o provide he informaion (sill in he developmen phase) is he Idenificaion of work o be performed by persons regisered in erms of he Ac of As he paper suggess in he IDoW for he SACQSP [7] here can and here is a lack of comprehensiveness of he work ha quaniy surveyors perform, hese can be seen as grey areas, all o he general derimen of he consrucion indusry and or economy, be i wih regards o he cliens or he projecs respecively. The idenificaion of work for persons regisered in erms of secion 18 of Ac 49 of 2000 is formed for he following reasons: Opimizes he applicaion of scarce, highly skilled human resources Minimizes a clien s financial risks Promoes bes value for money spen And proecs he public The IDoW saes ha Secion 26 of he Ac requires SACQSP o make recommendaions o he Council for he Buil Environmen (CBE), regarding he work idenified in erms of subsecion (2) and prohibis a person no regisered in erms of his Ac o perform any kind of work idenified for any caegory of professional regisered in erms of his Ac General compeencies of he quaniy surveyor by projec work sages. Typically a consrucion projec will consis of he following projec work sages [7]: A. Incepion: Projec iniiaion and briefing: esablishing he clien s requiremens and preferences, assessing user needs and opions, appoinmens of consulans, esablishing he projec brief including projec objecives, prioriies, consrains, assumpions, aspiraions and sraegies. B. Concep and Viabiliy: Preparing and finalizing he projec concep in accordance wih he brief including he scope, scale, characer, form, funcion and preliminary programme and viabiliy of he projec. C. Design Developmen: Developing he approved concep o finalize he design, ouline specificaions, cos plan, financial viabiliy and programme for he projec. D. Documenaion and Procuremen Preparing he consrucion and procuremen documenaion, confirm and implemen he procuremen sraegies and procedures for effecive and imeous procuremen of necessary resources for he execuion of he projec. E. Consrucion Preparaion and coordinaion of he procedures and documenaion o faciliae pracical compleion of he works; managing, adminisering and monioring he conracs and processes, including he preparaion and coordinaion of he procedures and documenaion o faciliae pracical compleion of he works. F. Closeou Fulfilling and compleion he projec closeou, including he preparaion of he necessary documenaion o faciliae effecive compleion, handover and operaion of he projec. The above sages are reflecing he oucomes o be achieved for he successful handover of a projec o a clien in he consrucion indusry o be performed by various consulans in he indusry. These consulans include bu are no limied o he quaniy surveyor and he projec manager. Herewih a generic lis of he services o be provided by he quaniy surveyor in covering for he scope of works o be execued efficienly under he professions asks se ou by he SACQSP. This paper will limi he generic services o hose ha are required parly or wholly by he Consrucion Projec Managemen Profession as in he SACPCMP. Recenly he SACQSP have sared o work wih a sandard form of conrac for he services agreed upon beween he clien and he quaniy surveyor. This form is he Professional Service Agreemen, or in shor he PROCSA agreemen. Furhers o he above is he fac ha he IDoW documen wen ino even more deail for esablishing work overlaps se wihin he quaniy surveying profession and he agreemen of overlaps (sill o be approved) o recognize he skills, compeencies and knowledge bases of differen professions ha migh include work o be done under he quaniy surveying. Addiional services for he fulfillmen of duies under he scope of works for he Consrucion Projec Manager regulaed under he SACPCMP can be done by he quaniy surveyor. These services are o be provided for he above idenified sages in he projec works, and are oulined in Annexure A herein, as aken from he IDoW documen. Addiional services provided by he quaniy surveyor specific o Principal Agen duies, or ha which inversely relaes o projec managemen as sipulaed in he IDoW [7]: Sage 1 services Faciliae he developmen of a clear projec brief The 2nd year of hp:// 29

4 December, Esablish he procuremen policy for he projec Assis he clien in he procuremen of necessary and appropriae oher consulans including he clear definiion of heir roles and responsibiliies Esablish in conjuncion wih he clien, oher consulans and all relevan auhoriies, he sie characerisics, righs and consrains for he proper design of he inended projec Define he consulan s scope of work and services Conclude he erms of he agreemen wih he clien Faciliae a schedule of he required consens and approvals Prepare, coordinae and monior a projec iniiaion programme Faciliae clien approval of all Sage 1 documenaion Sage 2 services Assis he clien in procuremen of oher consulans Advise he clien on he requiremen o appoin a healh and safey consulan Communicae he projec brief o oher consulans and monior he developmen of he concep and viabiliy Agree forma and procedure for cos conrol and reporing by oher consulans Prepare a documenaion programme and indicaive consrucion programme Coordinae concep and viabiliy documenaion for presenaion o he clien for approval Faciliae approval of he concep and viabiliy by he clien Faciliae approval of he concep and viabiliy by sauory auhoriies Sage 3 services Agree and implemen communicaion processes and procedures for he design developmen of he projec Assis he clien in he procuremen of he necessary oher consulans including he clear definiion of heir roles and responsibiliies Prepare, coordinae, agree and monior a deailed design and documenaion program Conduc and record consulans and managemen meeings Faciliae inpu required by healh and safey consulan Faciliae design reviews for compliance and cos conrol Faciliae imeous echnical coordinaion Faciliae clien approval of all Sage 3 documenaion Sage 4 services Recommend and agree procuremen sraegy for conracors, subconracors and suppliers wih he clien and oher consulans Prepare and agree he procuremen programme Advise he clien, in conjuncion wih he oher consulans on he appropriae insurances Coordinae and monior preparaion of procuremen documenaion by consulans in accordance wih he projec procuremen programme Manage procuremen process and recommend conracors for approval by he clien Coordinae he assembly of he conrac documenaion for signaure Sage 5 services Arrange sie handover o he conracor Esablish he consrucion documenaion issue process Agree and monior issue and disribuion of consrucion documenaion Insruc he conracor on behalf of he clien o appoin subconracors Conduc and record regular sie meeings Monior, review and approve he preparaion of he consrucion programme by he conracor Regularly monior performance of he conracor agains consrucion programme Adjudicae enilemens ha arise from changes required o he consrucion programme Receive, coordinae and monior approval of all conrac documenaion provided by he conracor(s) Agree qualiy assurance procedures and monior implemenaion hereof by he oher consulans and he conracor Monior preparaion and audiing of he conracor s healh and safey plan and approval hereof by he healh and safey consulan Monior preparaion of he environmenal managemen plan by he environmenal consulan The 2nd year of hp:// 30

5 December, Esablish procedures for monioring scope and cos variaions Monior, review, approve and issue cerificaes Receive, review and adjudicae any conracual claims Monior preparaion of financial conrol repors by he oher consulans Prepare and submi progress repors Coordinae, monior and issue pracical compleion liss and he cerificae of pracical compleion Faciliae and expedie receip of occupaion cerificaes Sage 6 services Coordinae and monior recificaion of defecs Manage procuremen of operaions and mainenance manuals, guaranees and warranees Manage preparaion of asbuil drawings and documenaion Manage procuremen of ousanding sauory cerificaes Monior, review and issue paymen cerificaes Issue compleion cerificaes Manage agreemen of final accoun(s) Prepare and presen a projec closeou repor For his abovemenioned seou an be recognized ha he projec managemen funcions duly incorporaed ino he quaniy surveyors funcions wihou being regisered under he SACPCMP. Therefore he quaniy surveyor very effecively accommodaes he skills and knowledge o efficienly produce services relaing o he projec scope of he everyday consrucion projec. VII. PROJECT MANAGEMENT AS A PROFESSION RELATED TO QUANTITY SURVEYING Projec managemen is he applicaion of knowledge, skills, ools and echniques o projec aciviies o saisfy he goals and objecives of he projec. Projec Managemen is accomplished hrough he appropriae applicaion and inegraion of he 42 logically grouped projec managemen processes comprising he five (5) process groups, hese groups are [8]; iniiaing, planning, execuing, monioring and conrolling and closing. The managing of a projec includes bu is no limied o: Idenifying requiremens, Addressing he various needs, concerns and expecaions of sakeholders as he projec is planned and carried ou, Balancing he compeing projec consrains including some of he mos imporan aspecs namely; scope, qualiy, schedule, budge, resources and risk. As he PMI [8] saes, he role of he projec manager is o achieve he objecives se ou. Many of he ools and echniques used for managing projecs are specific o projec managemen. As in one of he very vexed areas of who should manage a projec is he quesion on who has he righ knowledge base and skills appropriae for effecive managemen of he consrucion projec. This as described in he RICS [4] is somewha clearer due o he requiremens for effecive projec managemen being ha he cliens requiremens is very definie in ha i requires a projec manager very firm in heir managemen syle regarding he ime, qualiy and cos crieria of he projec. Projec managemen skills: The rise of projec managemen as a separae profession and he decline of he use of an Archiec as he projec leader have indefiniely produced sric compeiion in he marke for projec managemen services o be provided. Quaniy surveyors now include projec managemen as he services provided under heir scope of works whils some cover i in such deph as o only provide projec managemen services. Addiionally oher professionals ouside he consrucion indusry have ried o ener he marke, bu his was highly criicized due o obvious reasons ha consrucion projec managers should have indusry specific knowledge [9]. This indicaes he need bu also he capabiliy of he quaniy surveyors skills o effecively provide projec managemen services. Alhough quaniy surveyors have a unique undersanding of consrucion coss as one of he nine knowledge areas in projec managemen vial o successful projec managemen, his needs also o be combined wih he managemen skills relaed o decision making and communicaion. Herewih below he nine projec managemen knowledge areas ha are of umos imporance o projec managemen. Quaniy surveyors should indefiniely relae direcly o hese areas of knowledge so as o provide for he need ha exiss in he projec managemen field. The closer he quaniy surveyor can relae o hese, he beer equipped he or she will be for he funcions o be performed [8]. The Projec managemen knowledge areas: Projec inegraion managemen Projec scope managemen Projec ime managemen Projec cos managemen Projec qualiy managemen Projec human resource managemen Projec communicaions managemen Projec risk managemen Projec procuremen managemen The 2nd year of hp:// 31

6 December, The above nine knowledge areas can be subdivided ino four core elemens which deermine he deliverable objecives of he projec namely; scope, ime, cos and qualiy [10]. From he above one of he four core elemens are vial o he quaniy surveyors funcions. As he RICS [4] suggess for he fuure role of he quaniy surveyor i is vial ha he developmen need is caered for wih regards o he clien, because hree areas are influenced where quaniy surveyors imporance are key o he success of he projec. These are he greaes in areas of early cos advice, cos marke forecasing and cos conrol. The nine knowledge areas will also be discussed herewih as o how appropriae quaniy surveyors knowledge bases are and heir imporance o he clien s curren and fuure value in he services of quaniy surveying. The effecive projec manager also has o conform o he following echnical skills if he individual ses ou o do projec managemen work. These echnical aspecs and knowledge areas have o be incorporaed ino possible sudies and or raining hrough courses or he relevan sie experience. The required echnical knowledge areas a consrucion projec manager should have are [7]: Knowledge of consrucion science. This requires undersanding of srucures, building science, consrucion and building finishes and knowledge of building maerial. Knowledge of consrucion processes. This requires knowledge abou sie, plan and equipmen, formwork sysems, qualiy managemen, healh and safey managemen, environmenal managemen, organizaional srucures, general building sequences, general oupu and producion facors and basic knowledge of building rades. Knowledge of he design process. This requires knowledge of he sequence of design processes and also he ime needed for design processes Knowledge of financial and cos facors. This requires knowledge of financial processes and cos of consrucion. By invesigaing he idenificaion of works se ou by he Souh African Council for Quaniy Surveying (SACQS) and he echnical knowledge areas idenified by (SACPCMP) i becomes clear ha he quaniy surveyor, as cos specialis, has indeph knowledge of various of he of he SACPCMP consrucion projec managemen knowledge areas. VIII. QUALIFICATIONS AND COUNCILS IN SOUTH AFRICA A. The Quaniy surveyor In Souh Africa, he qualificaions required o regiser as a professional quaniy surveyor is a BSc and an Honours degree in Quaniy surveying. The regisraion procedure can be done by sudying owards becoming a quaniy surveyor hrough various Universiies and Technikons accredied or nonaccredied for hese sudies by he SAQA. B. Projec manager The SACPCMP (2013) saes ha for a suden o be eligible o regiser under he suden chaper he or she mus: Be enrolled full/par ime in an undergraduae/pos graduae program wih a major in building science or consrucion managemen. The suden mus be underaking sudies a a recognized universiy or eriary insiuion. An applican who wishes o apply for regisraion as Candidae Consrucion Projec Manager (C.CPM) shall possess one (1) of he following [7]; An accredied Honors Degree in he Buil Environmen field of sudy An accredied BTech qualificaion in he Buil Environmen field of sudy wih a minimum of one (1) years relevan posgraduae pracical experience An accredied Naional Higher Diploma in he Buil Environmen field of sudy wih a minimum of wo (2) years relevan posgraduae pracical experience An accredied Naional Diploma in he Buil Environmen field of sudy wih a minimum of hree (3) years relevan posgraduae pracical experience An applican who wishes o apply for regisraion as a Professional Consrucion Projec Manager (Pr.CPM) shall possess one of he following; An accredied honours degree in he Buil Environmen field of sudy wih a minimum of four (4) years relevan posgraduae pracical experience. An accredied BTech qualificaion in he Buil Environmen field of sudy wih a minimum of five (5) years relevan posgraduae pracical experience. An accredied Naional Higher Diploma in he Buil Environmen field of sudy wih a minimum of six (6) years relevan posgraduae pracical experience. An accredied Naional Diploma in he Buil Environmen field of sudy wih a minimum of seven (7) years relevan posgraduae pracical experience. The Souh African Council for Projec and Consrucion managemen professionals indicaed ha in order o regiser as a candidae projec manager an accredied Honours degree in he buil environmen will be sufficien. When expecing he requiremens an applican needs in order o regiser as candidae consrucion projec manager, an be seen ha a quaniy surveyor will be able o regiser based on heir qualificaions. Thereby he quaniy surveyors qualificaion opens up an easy enrance o consrucion projec managemen. In addiion o his, a quaniy surveyors specialis cos knowledge may be well received in projec managemen. The 2nd year of hp:// 32

7 December, IX. CONCLUSION As seen above a quaniy surveyor can regiser for boh a projec managemen and quaniy surveying professional membership as o perform he duies of boh professions effecively, wih he difference of he SACQSP rying o inegrae he funcions of a projec manager ino he exising funcions for a fully regisered quaniy surveyor o be eligible o pracice boh quaniy surveying and projec managemen funcions effecively a once. As described i is of imporance o recognize he broad funcions of he quaniy surveyor wih regards o he field of projec managemen. Also, how he wo fields overlap wih he poenial of he quaniy surveyor o be proficien in projec managemen and providing for he curren need of cliens. By using he quaniy surveyors exising knowledge base and in addiion o provide services no rendered by he average quaniy surveying company. This provides he much needed firs poin of conac and even more o heir advanage he sole poin or single responsibiliy. All he above is uilized o revoluionize he radiional quaniy surveyor o be one who adds value o fuure consrucion projecs. Furher empirical research needs o be conduced o explore he knowledge overlapping beween quaniy surveying curriculum and he echnical knowledge areas of a consrucion projec manager. The invesigaion ino he benefi of specialis cos knowledge for projec managemen is encouraged. REFERENCES [1] R.N. Nkado & T.Meyer Compeencies of professional quaniy surveyors: A Souh African perspecive. Consrucion Managemen and Economics, vol. 19, no. 5, pp [2] Royal insiue of charered surveyors The core skills and knowledge base of he Quaniy Surveyor. RICS Research Paper no. 19, London: Royal Insiuion of Charered Surveyors. [3] R.T. Rus and A.J. Zahorik Cusomer saisfacion, cusomer reenion, and marke share. Journal of Reailing, 69(2), [4] Royal insiue of charered surveyors The fuure role of he Charered Quaniy Surveyor. London: Royal Insiuion of Charered Surveyors. [5] J. Moss & C.C.C FRICS. The Fuure of Quaniy Surveying. hp:// (Access 18 April 2012) [6] Souh Africa The Quaniy Surveying Profession Ac 49 of 2000 [7] SACQSP Idenificaion of works. hp:// Souh Africa, Quaniy Surveying Profession Ac, Ac 49 of Preoria: Governmen Priner, (2000). (Access 03 April 2013) [8] PMI Projec managemen body of knowledge. PMI publicaions. USA. [9] S.K. Sears, G.A. Sears & R.H. Clough Consrucion projec managemen. 5h ediion. New York: Wiley. [10] R. Burke Projec Managemen Planning and conrol echniques. 5h Ed. China: Burke Publishing The 2nd year of hp:// 33

Performance Center Overview. Performance Center Overview 1

Performance Center Overview. Performance Center Overview 1 Performance Cener Overview Performance Cener Overview 1 ODJFS Performance Cener ce Cener New Performance Cener Model Performance Cener Projec Meeings Performance Cener Execuive Meeings Performance Cener

More information

Chapter 1.6 Financial Management

Chapter 1.6 Financial Management Chaper 1.6 Financial Managemen Par I: Objecive ype quesions and answers 1. Simple pay back period is equal o: a) Raio of Firs cos/ne yearly savings b) Raio of Annual gross cash flow/capial cos n c) = (1

More information

Appendix D Flexibility Factor/Margin of Choice Desktop Research

Appendix D Flexibility Factor/Margin of Choice Desktop Research Appendix D Flexibiliy Facor/Margin of Choice Deskop Research Cheshire Eas Council Cheshire Eas Employmen Land Review Conens D1 Flexibiliy Facor/Margin of Choice Deskop Research 2 Final Ocober 2012 \\GLOBAL.ARUP.COM\EUROPE\MANCHESTER\JOBS\200000\223489-00\4

More information

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES Mehme Nuri GÖMLEKSİZ Absrac Using educaion echnology in classes helps eachers realize a beer and more effecive learning. In his sudy 150 English eachers were

More information

Course Outline. Course Coordinator: Dr. Tanu Sharma Assistant Professor Dept. of humanities and Social Sciences Email:tanu.sharma@juit.ac.

Course Outline. Course Coordinator: Dr. Tanu Sharma Assistant Professor Dept. of humanities and Social Sciences Email:tanu.sharma@juit.ac. Course Name : HUMAN RESOURCE MANAGEMENT Course Code: 10B1WPD75 Course Credi: (-0-0) Semeser: VII Course Type: Elecive (All B. Tech. sudens) Deparmen: Humaniies and Social Sciences Course Coordinaor: Dr.

More information

The Grantor Retained Annuity Trust (GRAT)

The Grantor Retained Annuity Trust (GRAT) WEALTH ADVISORY Esae Planning Sraegies for closely-held, family businesses The Granor Reained Annuiy Trus (GRAT) An efficien wealh ransfer sraegy, paricularly in a low ineres rae environmen Family business

More information

Impact of scripless trading on business practices of Sub-brokers.

Impact of scripless trading on business practices of Sub-brokers. Impac of scripless rading on business pracices of Sub-brokers. For furher deails, please conac: Mr. T. Koshy Vice Presiden Naional Securiies Deposiory Ld. Tradeworld, 5 h Floor, Kamala Mills Compound,

More information

Grant Application Format

Grant Application Format Gran Applicaion Forma Organizaions applying for Gran are requesed o submi his applicaion along wih he projec proposal o: The Program Manager Coca-Cola India Foundaion Enkay Towers, Udyog Vihar Phase V

More information

Advise on the development of a Learning Technologies Strategy at the Leopold-Franzens-Universität Innsbruck

Advise on the development of a Learning Technologies Strategy at the Leopold-Franzens-Universität Innsbruck Advise on he developmen of a Learning Technologies Sraegy a he Leopold-Franzens-Universiä Innsbruck Prof. Dr. Rob Koper Open Universiy of he Neherlands Educaional Technology Experise Cener Conex - Period

More information

Investigation of Human Resource Management Practices (HRM) in Hospitals of Jalgaon District

Investigation of Human Resource Management Practices (HRM) in Hospitals of Jalgaon District BUSINESS AND TECHNOLOGY (IJSSBT), Vol. 1,.2, FEBRUARY 213 Invesigaion of Human Resource Managemen Pracices (HRM) in Hospials of Jalgaon Disric Saroj B. Pail*; Dr. P.T.Choudhari** *Research Scholar, rh

More information

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand 36 Invesmen Managemen and Financial Innovaions, 4/4 Marke Liquidiy and he Impacs of he Compuerized Trading Sysem: Evidence from he Sock Exchange of Thailand Sorasar Sukcharoensin 1, Pariyada Srisopisawa,

More information

Market Analysis and Models of Investment. Product Development and Whole Life Cycle Costing

Market Analysis and Models of Investment. Product Development and Whole Life Cycle Costing The Universiy of Liverpool School of Archiecure and Building Engineering WINDS PROJECT COURSE SYNTHESIS SECTION 3 UNIT 11 Marke Analysis and Models of Invesmen. Produc Developmen and Whole Life Cycle Cosing

More information

Software Project Management tools: A Comparative Analysis

Software Project Management tools: A Comparative Analysis Sofware Projec Managemen ools: A Comparaive Analysis Mrs. Sonali Nemade Pad.Dr.D.Y.Pail A.C.S. College, Pimpri (India) sonali_namade@yahoo.co.in Mrs. Madhuri.A. Darekar Pad.Dr.D.Y.Pail A.C.S. College,

More information

REGULATIONS OF THE COMPLIANCE UNIT 21/07/15

REGULATIONS OF THE COMPLIANCE UNIT 21/07/15 REGULTIONS OF THE COMPLINCE UNIT /07/5 5 CONTENT TITLE I. NTURE, OBJECT, ND MENDMENT ricle. Naure and Objec ricle. mendmen TITLE II. COMPOSITION ricle. Composiion and Posiions ricle 4. Direcor of Compliance

More information

CAPt. Print e-procurement: Changing the Face of the Printing Industry CAP VENTURES. Market Forecast for Web-Based Print e-procurement

CAPt. Print e-procurement: Changing the Face of the Printing Industry CAP VENTURES. Market Forecast for Web-Based Print e-procurement Prin e-procuremen: Changing he Face of he Prining Indusry Marke Forecas for Web-Based Prin e-procuremen Buyers Crieria for Web Procuremen Opporuniies and Advanages for Prin Service Providers Profiles of

More information

Distributing Human Resources among Software Development Projects 1

Distributing Human Resources among Software Development Projects 1 Disribuing Human Resources among Sofware Developmen Proecs Macario Polo, María Dolores Maeos, Mario Piaini and rancisco Ruiz Summary This paper presens a mehod for esimaing he disribuion of human resources

More information

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective Available online a www.pelagiaresearchlibrary.com European Journal Experimenal Biology, 202, 2 (5):88789 ISSN: 2248 925 CODEN (USA): EJEBAU Idealisic characerisics Islamic Azad Universiy masers Islamshahr

More information

Building an E- Commerce Strategy for the Office Equipment and Printer Marketplace. CAPt CAP VENTURES

Building an E- Commerce Strategy for the Office Equipment and Printer Marketplace. CAPt CAP VENTURES Building an E- Commerce Sraegy for he Office Equipmen and Priner Markeplace The Inerne is creaing a revoluion in he disribuion of office equipmen. New conceps and business models abound, and i seems cerain

More information

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith**

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith** Relaionships beween Sock Prices and Accouning Informaion: A Review of he Residual Income and Ohlson Models Sco Pirie* and Malcolm Smih** * Inernaional Graduae School of Managemen, Universiy of Souh Ausralia

More information

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Profi Tes Modelling in Life Assurance Using Spreadshees PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Erik Alm Peer Millingon 2004 Profi Tes Modelling in Life Assurance Using Spreadshees

More information

MANAGEMENT CERTIFICATE PROGRAMS. tr aini ng.ua.edu. Management Certificate Programs To Improve Your Competitive Edge!

MANAGEMENT CERTIFICATE PROGRAMS. tr aini ng.ua.edu. Management Certificate Programs To Improve Your Competitive Edge! MANAGEMENT CERTIFICATE PROGRAMS r aini ng.ua.edu o u ch i n g l i v e s Bryan Conference Cener Tuscaloosa, Alabama Managemen Cerificae Programs To Improve Your Compeiive Edge! Inroducory-Advanced Managemen

More information

CAREER MAP HOME HEALTH AIDE

CAREER MAP HOME HEALTH AIDE CAREER MAP HOME HEALTH AIDE CAREER MAP HOME HEALTH AIDE Home healh aides are one of he fases growing jobs in New York Ciy. Wih more educaion, home healh aides can move ino many oher ypes of jobs in healh

More information

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR The firs experimenal publicaion, which summarised pas and expeced fuure developmen of basic economic indicaors, was published by he Minisry

More information

Morningstar Investor Return

Morningstar Investor Return Morningsar Invesor Reurn Morningsar Mehodology Paper Augus 31, 2010 2010 Morningsar, Inc. All righs reserved. The informaion in his documen is he propery of Morningsar, Inc. Reproducion or ranscripion

More information

Individual Health Insurance April 30, 2008 Pages 167-170

Individual Health Insurance April 30, 2008 Pages 167-170 Individual Healh Insurance April 30, 2008 Pages 167-170 We have received feedback ha his secion of he e is confusing because some of he defined noaion is inconsisen wih comparable life insurance reserve

More information

Premium Income of Indian Life Insurance Industry

Premium Income of Indian Life Insurance Industry Premium Income of Indian Life Insurance Indusry A Toal Facor Produciviy Approach Ram Praap Sinha* Subsequen o he passage of he Insurance Regulaory and Developmen Auhoriy (IRDA) Ac, 1999, he life insurance

More information

Single-machine Scheduling with Periodic Maintenance and both Preemptive and. Non-preemptive jobs in Remanufacturing System 1

Single-machine Scheduling with Periodic Maintenance and both Preemptive and. Non-preemptive jobs in Remanufacturing System 1 Absrac number: 05-0407 Single-machine Scheduling wih Periodic Mainenance and boh Preempive and Non-preempive jobs in Remanufacuring Sysem Liu Biyu hen Weida (School of Economics and Managemen Souheas Universiy

More information

Research on Inventory Sharing and Pricing Strategy of Multichannel Retailer with Channel Preference in Internet Environment

Research on Inventory Sharing and Pricing Strategy of Multichannel Retailer with Channel Preference in Internet Environment Vol. 7, No. 6 (04), pp. 365-374 hp://dx.doi.org/0.457/ijhi.04.7.6.3 Research on Invenory Sharing and Pricing Sraegy of Mulichannel Reailer wih Channel Preference in Inerne Environmen Hanzong Li College

More information

policies are investigated through the entire product life cycle of a remanufacturable product. Benefiting from the MDP analysis, the optimal or

policies are investigated through the entire product life cycle of a remanufacturable product. Benefiting from the MDP analysis, the optimal or ABSTRACT AHISKA, SEMRA SEBNEM. Invenory Opimizaion in a One Produc Recoverable Manufacuring Sysem. (Under he direcion of Dr. Russell E. King and Dr. Thom J. Hodgson.) Environmenal regulaions or he necessiy

More information

CLASSIFICATION OF REINSURANCE IN LIFE INSURANCE

CLASSIFICATION OF REINSURANCE IN LIFE INSURANCE CLASSIFICATION OF REINSURANCE IN LIFE INSURANCE Kaarína Sakálová 1. Classificaions of reinsurance There are many differen ways in which reinsurance may be classified or disinguished. We will discuss briefly

More information

PolicyCore. Putting Innovation and Customer Service at the Core of Your Policy Administration and Underwriting

PolicyCore. Putting Innovation and Customer Service at the Core of Your Policy Administration and Underwriting PolicyCore Puing Innovaion and Cusomer Service a he Core of Your Policy Adminisraion and Underwriing As new echnologies emerge and cusomer expecaions escalae, P&C insurers are seeing opporuniies o grow

More information

Task is a schedulable entity, i.e., a thread

Task is a schedulable entity, i.e., a thread Real-Time Scheduling Sysem Model Task is a schedulable eniy, i.e., a hread Time consrains of periodic ask T: - s: saring poin - e: processing ime of T - d: deadline of T - p: period of T Periodic ask T

More information

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments BALANCE OF PAYMENTS DATE: 2008-05-30 PUBLISHER: Balance of Paymens and Financial Markes (BFM) Lena Finn + 46 8 506 944 09, lena.finn@scb.se Camilla Bergeling +46 8 506 942 06, camilla.bergeling@scb.se

More information

TSG-RAN Working Group 1 (Radio Layer 1) meeting #3 Nynashamn, Sweden 22 nd 26 th March 1999

TSG-RAN Working Group 1 (Radio Layer 1) meeting #3 Nynashamn, Sweden 22 nd 26 th March 1999 TSG-RAN Working Group 1 (Radio Layer 1) meeing #3 Nynashamn, Sweden 22 nd 26 h March 1999 RAN TSGW1#3(99)196 Agenda Iem: 9.1 Source: Tile: Documen for: Moorola Macro-diversiy for he PRACH Discussion/Decision

More information

Child Protective Services. A Guide To Investigative Procedures

Child Protective Services. A Guide To Investigative Procedures Child Proecive Services A Guide To Invesigaive Procedures The purpose of his brochure is o help you undersand he Child Proecive Services (CPS) reporing and response process. Please conac your CPS worker

More information

STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2

STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2 ABSTRACT STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2 Earlier sudies have esablished guidelines o opimize he capial srucure of a privaized projec. However, in he

More information

NYWEA Asset Management Task Force White Paper

NYWEA Asset Management Task Force White Paper The New York Waer Environmen Associaion, Inc. The Waer Qualiy Professionals 525 Plum Sree Suie 102 Syracuse, New York 13204 (315) 422-7811 Fax: 422-3851 www.nywea.org e-mail: pcr@nywea.org NYWEA Asse Task

More information

Double Entry System of Accounting

Double Entry System of Accounting CHAPTER 2 Double Enry Sysem of Accouning Sysem of Accouning \ The following are he main sysem of accouning for recording he business ransacions: (a) Cash Sysem of Accouning. (b) Mercanile or Accrual Sysem

More information

The Application of Multi Shifts and Break Windows in Employees Scheduling

The Application of Multi Shifts and Break Windows in Employees Scheduling The Applicaion of Muli Shifs and Brea Windows in Employees Scheduling Evy Herowai Indusrial Engineering Deparmen, Universiy of Surabaya, Indonesia Absrac. One mehod for increasing company s performance

More information

Multiprocessor Systems-on-Chips

Multiprocessor Systems-on-Chips Par of: Muliprocessor Sysems-on-Chips Edied by: Ahmed Amine Jerraya and Wayne Wolf Morgan Kaufmann Publishers, 2005 2 Modeling Shared Resources Conex swiching implies overhead. On a processing elemen,

More information

Georgia State University CIS 8000 IT Project Management. Upon completion of the course, students should be able to:

Georgia State University CIS 8000 IT Project Management. Upon completion of the course, students should be able to: Georgia Sae Universiy CIS 8000 IT Projec Course Descripion This course examines he defining characerisics of IT projecs, especially involving he developmen of sofware inensive sysems, and inroduces he

More information

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation A Noe on Using he Svensson procedure o esimae he risk free rae in corporae valuaion By Sven Arnold, Alexander Lahmann and Bernhard Schwezler Ocober 2011 1. The risk free ineres rae in corporae valuaion

More information

Analysis of Pricing and Efficiency Control Strategy between Internet Retailer and Conventional Retailer

Analysis of Pricing and Efficiency Control Strategy between Internet Retailer and Conventional Retailer Recen Advances in Business Managemen and Markeing Analysis of Pricing and Efficiency Conrol Sraegy beween Inerne Reailer and Convenional Reailer HYUG RAE CHO 1, SUG MOO BAE and JOG HU PARK 3 Deparmen of

More information

Initiative to Transform Medical Education

Initiative to Transform Medical Education American Medical Associaion Iniiaive o Transform Medical Educaion American Medical Associaion Recommendaions for change in he sysem of medical educaion Iniiaive o Transform Medical Educaion Recommendaions

More information

GoRA. For more information on genetics and on Rheumatoid Arthritis: Genetics of Rheumatoid Arthritis. Published work referred to in the results:

GoRA. For more information on genetics and on Rheumatoid Arthritis: Genetics of Rheumatoid Arthritis. Published work referred to in the results: For more informaion on geneics and on Rheumaoid Arhriis: Published work referred o in he resuls: The geneics revoluion and he assaul on rheumaoid arhriis. A review by Michael Seldin, Crisopher Amos, Ryk

More information

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas The Greek financial crisis: growing imbalances and sovereign spreads Heaher D. Gibson, Sephan G. Hall and George S. Tavlas The enry The enry of Greece ino he Eurozone in 2001 produced a dividend in he

More information

A CONSUMER S GUIDE. To Understanding the Residential Appraisal Process PROUD TO ADVANCE L AVANCEMENT DE NOTRE THE APPRAISAL PROFESSION PROFESSION

A CONSUMER S GUIDE. To Understanding the Residential Appraisal Process PROUD TO ADVANCE L AVANCEMENT DE NOTRE THE APPRAISAL PROFESSION PROFESSION A CONSUMER S GUIDE To Undersanding he Residenial Appraisal Process VA LU AT I O N S A P P R A I S A L R E V I E W CO N S U LT I N G F E A S I B I L I T Y S T U D I E S D U E D I L I G E N C E ADVANCE FIER

More information

ANALYSIS AND COMPARISONS OF SOME SOLUTION CONCEPTS FOR STOCHASTIC PROGRAMMING PROBLEMS

ANALYSIS AND COMPARISONS OF SOME SOLUTION CONCEPTS FOR STOCHASTIC PROGRAMMING PROBLEMS ANALYSIS AND COMPARISONS OF SOME SOLUTION CONCEPTS FOR STOCHASTIC PROGRAMMING PROBLEMS R. Caballero, E. Cerdá, M. M. Muñoz and L. Rey () Deparmen of Applied Economics (Mahemaics), Universiy of Málaga,

More information

Stochastic Volatility Option Pricing ASAP

Stochastic Volatility Option Pricing ASAP Cambridge-Kaiserslauern, Financial Mahemaics Workshop 2009 Fraunhofer ITWM, Kaiserslauern 05.05.2009 Sochasic Volailiy Opion Pricing ASAP Dr. Ulrich Nögel, Parner u.noegel@devne.de Disincive Financial

More information

INTRODUCTION TO FORECASTING

INTRODUCTION TO FORECASTING INTRODUCTION TO FORECASTING INTRODUCTION: Wha is a forecas? Why do managers need o forecas? A forecas is an esimae of uncerain fuure evens (lierally, o "cas forward" by exrapolaing from pas and curren

More information

Report from ISO TC46 Information and documentation annual meeting. Berlin, May 5 nd 8 th 2012

Report from ISO TC46 Information and documentation annual meeting. Berlin, May 5 nd 8 th 2012 Repor from ISO TC46 Informaion and documenaion annual meeing Berlin, May 5 nd 8 h 2012 TC46 on Informaion and documenaion has been leading effors relaed o informaion managemen since 1947. Sandards developed

More information

Journal Of Business & Economics Research September 2005 Volume 3, Number 9

Journal Of Business & Economics Research September 2005 Volume 3, Number 9 Opion Pricing And Mone Carlo Simulaions George M. Jabbour, (Email: jabbour@gwu.edu), George Washingon Universiy Yi-Kang Liu, (yikang@gwu.edu), George Washingon Universiy ABSTRACT The advanage of Mone Carlo

More information

As widely accepted performance measures in supply chain management practice, frequency-based service

As widely accepted performance measures in supply chain management practice, frequency-based service MANUFACTURING & SERVICE OPERATIONS MANAGEMENT Vol. 6, No., Winer 2004, pp. 53 72 issn 523-464 eissn 526-5498 04 060 0053 informs doi 0.287/msom.030.0029 2004 INFORMS On Measuring Supplier Performance Under

More information

Chapter 6: Business Valuation (Income Approach)

Chapter 6: Business Valuation (Income Approach) Chaper 6: Business Valuaion (Income Approach) Cash flow deerminaion is one of he mos criical elemens o a business valuaion. Everyhing may be secondary. If cash flow is high, hen he value is high; if he

More information

To Sponsor or Not to Sponsor: Sponsored Search Auctions with Organic Links and Firm Dependent Click-Through Rates

To Sponsor or Not to Sponsor: Sponsored Search Auctions with Organic Links and Firm Dependent Click-Through Rates To Sponsor or No o Sponsor: Sponsored Search Aucions wih Organic Links and Firm Dependen Click-Through Raes Michael Arnold, Eric Darmon and Thierry Penard June 5, 00 Draf: Preliminary and Incomplee Absrac

More information

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613.

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613. Graduae School of Business Adminisraion Universiy of Virginia UVA-F-38 Duraion and Convexiy he price of a bond is a funcion of he promised paymens and he marke required rae of reurn. Since he promised

More information

UNDERSTANDING THE DEATH BENEFIT SWITCH OPTION IN UNIVERSAL LIFE POLICIES. Nadine Gatzert

UNDERSTANDING THE DEATH BENEFIT SWITCH OPTION IN UNIVERSAL LIFE POLICIES. Nadine Gatzert UNDERSTANDING THE DEATH BENEFIT SWITCH OPTION IN UNIVERSAL LIFE POLICIES Nadine Gazer Conac (has changed since iniial submission): Chair for Insurance Managemen Universiy of Erlangen-Nuremberg Lange Gasse

More information

How To Calculate A Person'S Income From A Life Insurance

How To Calculate A Person'S Income From A Life Insurance How Much Life Insurance o You Need? Chris Robinson 1 and Vicoria Zaremba 2 Augus 14, 2012 Absrac We presen formal models of he differen mehods of esimaing a person s required life insurance coverage. The

More information

ClaimCore. Putting Customers at the Core of Your Claims Processes. Integrated Customer Database. R es y me. Ad j u d ic ati o n

ClaimCore. Putting Customers at the Core of Your Claims Processes. Integrated Customer Database. R es y me. Ad j u d ic ati o n ClaimCore for Benefis Overview Feaures & Benefis The Core Suie Technology Services/Educaion Conac Us ClaimCore Puing Cusomers a he Core of Your Claims Processes Handle growh wih a rules-based, cusomer-focused

More information

4. International Parity Conditions

4. International Parity Conditions 4. Inernaional ariy ondiions 4.1 urchasing ower ariy he urchasing ower ariy ( heory is one of he early heories of exchange rae deerminaion. his heory is based on he concep ha he demand for a counry's currency

More information

Understanding the Profit and Loss Distribution of Trading Algorithms

Understanding the Profit and Loss Distribution of Trading Algorithms Undersanding he Profi and Loss Disribuion of Trading Algorihms Rober Kissell Vice Presiden, JPMorgan Rober.Kissell@JPMChase.com Robero Malamu, PhD Vice Presiden, JPMorgan Robero.Malamu@JPMChase.com February

More information

Strategic Optimization of a Transportation Distribution Network

Strategic Optimization of a Transportation Distribution Network Sraegic Opimizaion of a Transporaion Disribuion Nework K. John Sophabmixay, Sco J. Mason, Manuel D. Rossei Deparmen of Indusrial Engineering Universiy of Arkansas 4207 Bell Engineering Cener Fayeeville,

More information

Chapter 8: Regression with Lagged Explanatory Variables

Chapter 8: Regression with Lagged Explanatory Variables Chaper 8: Regression wih Lagged Explanaory Variables Time series daa: Y for =1,..,T End goal: Regression model relaing a dependen variable o explanaory variables. Wih ime series new issues arise: 1. One

More information

Vector Autoregressions (VARs): Operational Perspectives

Vector Autoregressions (VARs): Operational Perspectives Vecor Auoregressions (VARs): Operaional Perspecives Primary Source: Sock, James H., and Mark W. Wason, Vecor Auoregressions, Journal of Economic Perspecives, Vol. 15 No. 4 (Fall 2001), 101-115. Macroeconomericians

More information

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal Quarerly Repor on he Euro Area 3/202 II.. Deb reducion and fiscal mulipliers The deerioraion of public finances in he firs years of he crisis has led mos Member Saes o adop sizeable consolidaion packages.

More information

LEASING VERSUSBUYING

LEASING VERSUSBUYING LEASNG VERSUSBUYNG Conribued by James D. Blum and LeRoy D. Brooks Assisan Professors of Business Adminisraion Deparmen of Business Adminisraion Universiy of Delaware Newark, Delaware The auhors discuss

More information

Option Put-Call Parity Relations When the Underlying Security Pays Dividends

Option Put-Call Parity Relations When the Underlying Security Pays Dividends Inernaional Journal of Business and conomics, 26, Vol. 5, No. 3, 225-23 Opion Pu-all Pariy Relaions When he Underlying Securiy Pays Dividends Weiyu Guo Deparmen of Finance, Universiy of Nebraska Omaha,

More information

Markit Excess Return Credit Indices Guide for price based indices

Markit Excess Return Credit Indices Guide for price based indices Marki Excess Reurn Credi Indices Guide for price based indices Sepember 2011 Marki Excess Reurn Credi Indices Guide for price based indices Conens Inroducion...3 Index Calculaion Mehodology...4 Semi-annual

More information

Predicting Stock Market Index Trading Signals Using Neural Networks

Predicting Stock Market Index Trading Signals Using Neural Networks Predicing Sock Marke Index Trading Using Neural Neworks C. D. Tilakarane, S. A. Morris, M. A. Mammadov, C. P. Hurs Cenre for Informaics and Applied Opimizaion School of Informaion Technology and Mahemaical

More information

VOCATIONAL EDUCATION TRAINING (VET) IN SCHOOLS FOR VET CO-ORDINATORS 2016

VOCATIONAL EDUCATION TRAINING (VET) IN SCHOOLS FOR VET CO-ORDINATORS 2016 cenral IN S T I T U T E O F T EC H N O LO G Y VOCATIONAL EDUCATION TRAINING (VET) IN SCHOOLS FOR VET CO-ORDINATORS 2016 PROFILE FUNDED COURSES Vocaional Educaion Training in Schools (VET in Schools) a

More information

INTERNATIONAL MONETARY FUND AND THE WORLD BANK. Developing a Medium-Term Debt Management Strategy (MTDS) Guidance Note for Country Authorities

INTERNATIONAL MONETARY FUND AND THE WORLD BANK. Developing a Medium-Term Debt Management Strategy (MTDS) Guidance Note for Country Authorities INTERNATIONAL MONETARY FUND AND THE WORLD BANK Developing a Medium-Term Deb Managemen Sraegy (MTDS) Guidance Noe for Counry Auhoriies Prepared by he Saff of he IMF and World Bank March 3, 2009 Conens Page

More information

SPEC model selection algorithm for ARCH models: an options pricing evaluation framework

SPEC model selection algorithm for ARCH models: an options pricing evaluation framework Applied Financial Economics Leers, 2008, 4, 419 423 SEC model selecion algorihm for ARCH models: an opions pricing evaluaion framework Savros Degiannakis a, * and Evdokia Xekalaki a,b a Deparmen of Saisics,

More information

DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS

DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS Hong Mao, Shanghai Second Polyechnic Universiy Krzyszof M. Osaszewski, Illinois Sae Universiy Youyu Zhang, Fudan Universiy ABSTRACT Liigaion, exper

More information

ARCH 2013.1 Proceedings

ARCH 2013.1 Proceedings Aricle from: ARCH 213.1 Proceedings Augus 1-4, 212 Ghislain Leveille, Emmanuel Hamel A renewal model for medical malpracice Ghislain Léveillé École d acuaria Universié Laval, Québec, Canada 47h ARC Conference

More information

Identify and ranking the factors that influence establishment of total quality management system in Payame Noor University of Lordegan

Identify and ranking the factors that influence establishment of total quality management system in Payame Noor University of Lordegan Idenify and ranking he facors ha influence esablishmen of oal qualiy sysem in Payame Noor Universiy of Lordegan Farhad Farhadi MA Suden, Deparmen of Managemen, Najafabad Branch, Islamic Azad Universiy,

More information

GUIDE GOVERNING SMI RISK CONTROL INDICES

GUIDE GOVERNING SMI RISK CONTROL INDICES GUIDE GOVERNING SMI RISK CONTROL IND ICES SIX Swiss Exchange Ld 04/2012 i C O N T E N T S 1. Index srucure... 1 1.1 Concep... 1 1.2 General principles... 1 1.3 Index Commission... 1 1.4 Review of index

More information

LECTURE: SOCIAL SECURITY HILARY HOYNES UC DAVIS EC230 OUTLINE OF LECTURE:

LECTURE: SOCIAL SECURITY HILARY HOYNES UC DAVIS EC230 OUTLINE OF LECTURE: LECTURE: SOCIAL SECURITY HILARY HOYNES UC DAVIS EC230 OUTLINE OF LECTURE: 1. Inroducion and definiions 2. Insiuional Deails in Social Securiy 3. Social Securiy and Redisribuion 4. Jusificaion for Governmen

More information

Outline of Medicare Supplement Coverage

Outline of Medicare Supplement Coverage Underwrien by Serling Life Insurance Company Ouline of Medicare Supplemen Coverage Benefi Char of Medicare Supplemen Plans Sold wih Effecive Daes on or afer June 1, 2010 TX OC (09/11) Medicare Supplemen

More information

Caring for trees and your service

Caring for trees and your service Caring for rees and your service Line clearing helps preven ouages FPL is commied o delivering safe, reliable elecric service o our cusomers. Trees, especially palm rees, can inerfere wih power lines and

More information

Why Did the Demand for Cash Decrease Recently in Korea?

Why Did the Demand for Cash Decrease Recently in Korea? Why Did he Demand for Cash Decrease Recenly in Korea? Byoung Hark Yoo Bank of Korea 26. 5 Absrac We explores why cash demand have decreased recenly in Korea. The raio of cash o consumpion fell o 4.7% in

More information

Portfolios as a method of student assessment

Portfolios as a method of student assessment Porfolios as a mehod of suden assessmen AMEE Medical Educaion Guide No 24 This AMEE Educaion Guide was firs published in Medical Teacher: Friedman Ben David M, Davis M H, Harden R M, Howie P W, Ker J and

More information

LIFE INSURANCE WITH STOCHASTIC INTEREST RATE. L. Noviyanti a, M. Syamsuddin b

LIFE INSURANCE WITH STOCHASTIC INTEREST RATE. L. Noviyanti a, M. Syamsuddin b LIFE ISURACE WITH STOCHASTIC ITEREST RATE L. oviyani a, M. Syamsuddin b a Deparmen of Saisics, Universias Padjadjaran, Bandung, Indonesia b Deparmen of Mahemaics, Insiu Teknologi Bandung, Indonesia Absrac.

More information

A New Schedule Estimation Technique for Construction Projects

A New Schedule Estimation Technique for Construction Projects A New Schedule Esimaion Technique for Consrucion Projecs Roger D. H. Warburon Deparmen of Adminisraive Sciences, Meropolian College Boson, MA 02215 hp://people.bu.edu/rwarb DOI 10.5592/omcj.2014.3.1 Research

More information

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets?

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets? Can Individual Invesors Use Technical Trading Rules o Bea he Asian Markes? INTRODUCTION In radiional ess of he weak-form of he Efficien Markes Hypohesis, price reurn differences are found o be insufficien

More information

THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS

THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS VII. THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS The mos imporan decisions for a firm's managemen are is invesmen decisions. While i is surely

More information

Ecodesign Requirements for Electric Motors Towards a System-Approach. Demonstrating the benefits of motor starters for fixed speed applications

Ecodesign Requirements for Electric Motors Towards a System-Approach. Demonstrating the benefits of motor starters for fixed speed applications Ecodesign Requiremens for Elecric Moors Towards a Sysem-Approach Demonsraing he benefis of moor sarers for fixed speed applicaions A message from he CAPIEL Presidens Philippe Sauer CAPIEL Presiden Karlheinz

More information

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs Journal of Finance and Accounancy Conrarian insider rading and earnings managemen around seasoned equiy offerings; SEOs ABSTRACT Lorea Baryeh Towson Universiy This sudy aemps o resolve he differences in

More information

Nowadays, almost all health organizations do not have

Nowadays, almost all health organizations do not have Original Aricle The Developmen of Nurse Residency Program OBJECTIVE: To sudy new graduae nurses work problems; o design raining program courses as well as he experimenal evaluaion of he effeciveness of

More information

CRISES AND THE FLEXIBLE PRICE MONETARY MODEL. Sarantis Kalyvitis

CRISES AND THE FLEXIBLE PRICE MONETARY MODEL. Sarantis Kalyvitis CRISES AND THE FLEXIBLE PRICE MONETARY MODEL Saranis Kalyviis Currency Crises In fixed exchange rae regimes, counries rarely abandon he regime volunarily. In mos cases, raders (or speculaors) exchange

More information

Vida Mojtahedzadeh*, Seyed Hossein Alavi Tabari and Maryam Asgharzadeh Badr. Abstract

Vida Mojtahedzadeh*, Seyed Hossein Alavi Tabari and Maryam Asgharzadeh Badr. Abstract A Comparison beween Accouning, Business Adminisraion and Theoreical Economics Sudens on he Impac of Their Majors on Personal Saisfacion in Acquiring General Skills Vida Mojahedzadeh*, Seyed Hossein Alavi

More information

Information Systems for Business Integration: ERP Systems

Information Systems for Business Integration: ERP Systems Informaion Sysems for Business Inegraion: ERP Sysems (December 3, 2012) BUS3500 - Abdou Illia, Fall 2012 1 LEARNING GOALS Explain he difference beween horizonal and verical business inegraion. Describe

More information

Working Paper No. 482. Net Intergenerational Transfers from an Increase in Social Security Benefits

Working Paper No. 482. Net Intergenerational Transfers from an Increase in Social Security Benefits Working Paper No. 482 Ne Inergeneraional Transfers from an Increase in Social Securiy Benefis By Li Gan Texas A&M and NBER Guan Gong Shanghai Universiy of Finance and Economics Michael Hurd RAND Corporaion

More information

Cable & Wireless Jamaica s Price Cap Plan

Cable & Wireless Jamaica s Price Cap Plan Office of Uiliies Regulaion Cable & Wireless Jamaica s Price Cap Plan Deerminaion Noice 2001 Augus 1 Absrac Cable and Wireless Jamaica (C&WJ) has radiionally been regulaed under a rae of reurn regime.

More information

Chapter Four: Methodology

Chapter Four: Methodology Chaper Four: Mehodology 1 Assessmen of isk Managemen Sraegy Comparing Is Cos of isks 1.1 Inroducion If we wan o choose a appropriae risk managemen sraegy, no only we should idenify he influence ha risks

More information

Longevity 11 Lyon 7-9 September 2015

Longevity 11 Lyon 7-9 September 2015 Longeviy 11 Lyon 7-9 Sepember 2015 RISK SHARING IN LIFE INSURANCE AND PENSIONS wihin and across generaions Ragnar Norberg ISFA Universié Lyon 1/London School of Economics Email: ragnar.norberg@univ-lyon1.fr

More information

LEVENTE SZÁSZ An MRP-based integer programming model for capacity planning...3

LEVENTE SZÁSZ An MRP-based integer programming model for capacity planning...3 LEVENTE SZÁSZ An MRP-based ineger programming model for capaciy planning...3 MELINDA ANTAL Reurn o schooling in Hungary before and afer he ransiion years...23 LEHEL GYÖRFY ANNAMÁRIA BENYOVSZKI ÁGNES NAGY

More information

EDUCATION POLICIES AND STRATEGIES

EDUCATION POLICIES AND STRATEGIES EDUCATION POLICIES AND STRATEGIES Naional Educaion Secor Developmen Plan: A resul-based planning handbook 13 Educaion Policies and Sraegies 13 Educaion Policies and Sraegies 13 Naional Educaion Secor Developmen

More information

S&P 500 Dynamic VIX Futures Index Methodology

S&P 500 Dynamic VIX Futures Index Methodology S&P 500 Dynamic VIX Fuures Index Mehodology April 2014 S&P Dow Jones Indices: Index Mehodology Table of Conens Inroducion 2 Highlighs 2 Family 2 Index Consrucion 3 Consiuens 3 Allocaions 3 Excess Reurn

More information

One dictionary: Native language - English/English - native language or English - English

One dictionary: Native language - English/English - native language or English - English Faculy of Social Sciences School of Business Corporae Finance Examinaion December 03 English Dae: Monday 09 December, 03 Time: 4 hours/ 9:00-3:00 Toal number of pages including he cover page: 5 Toal number

More information

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005 FONDATION POUR LES ETUDES ET RERS LE DEVELOPPEMENT INTERNATIONAL Measuring macroeconomic volailiy Applicaions o expor revenue daa, 1970-005 by Joël Cariolle Policy brief no. 47 March 01 The FERDI is a

More information