1. Introduction. 2. The LRAIC-concept
|
|
- Daniela Wilkerson
- 7 years ago
- Views:
Transcription
1 1
2 1. Introduction In the European Commission s efforts to liberalise telecommunications markets across Europe and to enable effective competition by tearing down incumbent operators monopolies, interconnection pricing is seen as a matter of prime importance. Indeed, new market entrants should be able to offer services to end-users, thereby using the incumbent s network to gain access to the desired customer group. As a consequence, the European Commission issued a Recommendation on Interconnection Pricing 1, stating that interconnection tariffs should be cost-oriented and preferably be determined implementing the concept of long run average incremental costs (LRAIC). In this paper, it is our aim to concisely discuss the different approaches that can be taken in order to model costs. Firstly, we will elaborate on the LRAIC-concept, defining and illustrating its various constituents. Subsequently, an overview of different approaches on how to implement LRAIC will be presented. Whilst illustrating the methodological evolution of these approaches, it will become clear why LRAIC is the preferred method to apply. 2. The LRAIC-concept Definition LRAIC is an acronym that stands for Long Run Average Incremental Cost and refers to a cost modelling approach. Given certain initial conditions, LRAIC calculates the cost of providing a predefined increment. Stated otherwise, when determining LRAICs, one asks himself what the cost would be, seen from a long-term perspective, of adding a service or product to an existing portfolio of services and/or products. In general, the increment can be broadly defined as the provision of any additional quantity of economical output, be it a single new service or product, a whole set of new services/products or just a capacity increase. Initial Conditions A clear definition of the initial conditions is of utmost importance as the cost of the increment depends on the products/services that are comprised within the initial situation. The initial products/services determine whether shared costs 2 are or are not to be taken into account when calculating the cost of the increment. Consider the example shown in figure 1: in situation I, both products A and B are produced at the initial situation, hence the increment is defined as the production of product C. As shared costs 1 and 2 are already required at the initial situation, the cost of producing C only comprises its direct variable and fixed costs (blue shaded area). In situation II on the contrary, solely product A is produced at the initial situation; the increment is defined as the production of both products B and C. The cost of producing C now also includes an appropriate part of shared costs 1 (orange shaded area). 1 Commission Recommendation 98/195/EC of 8 January 1998 on Interconnection in a liberalised telecommunications market. Part 1 Interconnection Pricing 2 Shared costs are costs that are associated with a group of products and cannot be directly attributed to a single product. Often, shared costs do not vary proportionally with product quantities. As an example, one can consider duct and trench costs. They relate to a group of telecommunications services (PSTN/ISDN-traffic, ADSL etc.) but costs do not vary significantly with the actual number of cables. 2
3 Direct variable costs Products A B C Sit. I: Cost of product C (solely C as increment) Direct fixed costs Shared costs 1 Sit. II: Cost of product C (both B & C as increment) Shared costs 2 - Figure 1: The importance of the initial conditions - Increment Moreover, also the definition of the increment is crucial. Once again, the cost of the increment depends on its definition since a distinction is being made between LRIC (Long Run Incremental Costs) and LRAIC (Long Run Average Incremental Costs). When imagining a situation where additional shared costs are required for realising the increment (e.g. the set-up of a new server for network management purposes), an allocation method has to be defined in order to attribute these costs to the constituent products of the group. Whereas the LRAIC-approach will identify allocation keys that allocate a part of the shared costs to all products of the increment and thereby calculates an average price for the various products, strictly spoken the LRIC-method will allocate these shared costs to the product that is firstly added to the increment. The difference is illustrated in figure 2: whilst the product portfolio A, B and C constitutes the increment and one considers product A to be firstly added, shared costs for the 3 products will be completely attributed to product A when applying the LRIC-method. Adversely, when LRAIC is being implemented, shared costs will be divided over all three products. Whereas it is common in telecommunications literature to refer to LRIC, in reality often LRAIC is intended since for a group of products, it is more logical to distribute shared costs amongst all of them than to allocate costs to one single product. Costs When deriving costs from the general ledger, one inevitably takes into account merely historical costs. Cost accounting methods based on these figures sadly fail to furnish us with an accurate view on the current cost of providing a given product/service. Indeed, costs of obsolete investments, sunk costs and historical inefficiencies of telecommunications operators shall be undesirably included, thereby distorting the calculation of actual costs. As opposed to historical costs, forward-looking costs tend to look ahead and consider the costs that would be applicable when building a network, featuring the same functionality as the existing one, at present. As a consequence, when taking investment decisions, one should consider all costs to be variable ( on the long run ) and decisions should be oriented towards efficient operation. When doing so, only costs incurred by an efficient operator are taken into account. Please note however that the network of an incumbent, even when adapted for efficient operation, might still differ significantly from the theoretically optimal one. Therefore, great 3
4 Products A B C Direct variable costs Direct fixed costs Shared costs LRAIC product A A B C Direct variable costs Direct fixed costs LRIC product A Shared costs - Figure 2: Defining the increment: LRIC vs. LRAIC - care should be addressed when deciding upon the efficient network topology; prices being set too low might discourage both the incumbent s as competing operators investments in additional capacity or qualitative customer service. 3. Implementing the LRAIC-concept: translating theory into reality First and foremost, it is essential to state that hitherto, no single cost modelling approach can claim to be the sole, ultimate implementation of the LRAIC-concept. In recent years, different approaches have been developed and a distinct evolution can be perceived in consecutive models. However, most models can be classified into one of two generic categories, i.e. bottom-up or top-down models. In this last section, we will present these methods and discuss pros and cons. 3.1 Top-down approach Top-down models take the current financial situation of an operator as input. The required information can be retrieved from financial accounts (balance sheet, income statement etc.) or from budgetted accounts. FDC-HCA As a first, simple attempt, the Fully Distributed Cost 3 Historical Cost Accounting method is a classic cost accounting system, allocating all historical costs to the various products and services. Obviously, no correction is being made for inefficient operation or obsolete technologies. 3 The Fully Distributed Cost (FDC) method is also known as the Fully Allocated Cost (FAC) method. 4
5 FDC-CCA The Fully Distributed Cost Current Cost Accounting method also distributes all costs, but aims to adapt them to today s technological situation. This is being realised through a revaluation of the operator s assets at current prices. Indeed, adaptations are made in order to eventuate in an accurate view on what costs would be if historical investments were carried out at present. As for some assets market prices no longer exist (due to e.g. technological obsolescence), one tries to identify the price of a modern equivalent asset (MEA), i.e. an asset featuring the same functionality as the old one. Whereas FDC-CCA clearly is superior when compared to FDC-HCA, still no correction is made for inefficient operation. LRAIC Implementation of the LRAIC-concept requires not only adaptation for today s prices, but also for inefficient operation. Top-down models typically use efficiency ratios to accomplish full efficiency. As can be expected, these ratios often cannot be defined unequivocally and therefore tend to be arbitrarily. 3.2 Bottom-up approach As opposed to a top-down model, a bottom-up model does not rely on historical financial data. Several approaches can be taken, mainly differing in their initial conditions. The most commonly used approaches are described below. Scorched earth Sensu stricto, it considers the theoretical situation of setting up a complete new network today, featuring the same functionality as the existing one but designed for 100% efficient operation. Consequently, the structure of this network is used as a basis for calculating costs of providing incremental services. This approach is called the scorched earth approach or the greenfield scenario. (Modified) scorched node It is apparent that in reality however, the topology and nodes of an incumbent s network cannot be altered readily. Accordingly, the scorched node approach, which assumes all parameters to be variable (including the network topology), is often considered as being too radical. Therefore, in practice other approaches can be preferred. In the scorched node approach, the existing network nodes are said to be fixed, though all other network elements can be optimised. In the modified scorched node approach, topology is variable indeed, but the actual network is opted for as the optimising process starting situation. In both models, optimisation algorithms will iterate the network structure until an efficient solution is obtained. Please note that, since they incorporate the physical structure of the network, bottom-up models usually are very well suited to model capital expenditure (CAPEX) costs. However, such models are in general far less suited for determination of operational expenditure (OPEX) costs. 3.3 Comparison of the different approaches In figure 3, a comparison of the different approaches is presented. Operators/regulators usually start the modelling process with a top-down FDC model, then gradually migrate to a LRIC top-down model and eventually develop a LRIC bottom-up model. The shift from a classical FDC model towards a more sophisticated LRIC bottom-up model causes an increase of the number of assumptions (as allocation keys, efficiency factors, etc. become necessary inputs) and hence the complexity of the model rises accordingly. Thereby, it is crucial to pay attention to the possible evolution of costs. 5
6 Number of assumptions FDC Possible cost evolution CCA LRIC (top down) LRIC (bottom-up) Complexity - Figure 3: Comparison of different approaches - When applying a CCA revaluation, costs might actually rise 4, but generally one expects costs to decrease when shifting to a LRIC model. Lowest costs normally are achieved using a LRIC bottom-up model. 3.4 Conclusion From our discussion above, we can conclude that there is no single best approach. Whereas bottom-up models typically are very performant in calculating CAPEX costs, OPEX costs often can be identified more accurately by top-down models. Accordingly, a hybrid approach, combining the relative strengths of both approaches, is the most favorable in many cases. Moreover, one should realise that, when applying a bottom-up and top-down model to a given operator, results of both models will undoubtedly differ. In that regard, reconciliation, i.e. scrutinising the factors that provoke the differences, usually proves to be a necessary process, allowing to attain a profound insight in the elements affecting the cost calculations. Finally, one should always bear in mind that cost models are merely means of support in the operators and regulators decision-making process. Incautious adoption of the cost models output can eventuate in tariffs that might disturb telecommunications markets and have a destructive impact on the liberalisation process. Obviously, this is to be avoided at all cost. 4 This is certainly applicable to labour-intensive costs as current labour costs are higher than historical ones (due to a.o. inflation and salary increases) 6
LRIC Model Guidelines for the Kingdom of Saudi Arabia. Final Guidelines- Main Document
LRIC Model Guidelines for the Kingdom of Saudi Arabia Final Guidelines- Main Document March 1, 2008 1 Table of Contents 1 Introduction 4 11 Background 4 12 Purpose of this document 6 13 Objectives and
More informationKarlskrona, 26 May 2003
Post & Telestyrelsen Teleavdelningen Att: Viveca Norman viveca.norman@pts.se Karlskrona, 26 May 2003 Commentary on Draft Final Mobile Specification This paper sets out Vodafone Sverige s AB ( Vodafone
More informationTHE ELEMENTS OF COST FOR LEASED LINES
THE ELEMENTS OF COST FOR LEASED LINES Talk to EC Sector Inquiry on the Competitive Provision of Leased Lines in EU Telecoms Market, Brussels 22 September, 2000 1. Definitions Leased lines services can
More informationTop Down Long Run Average Incremental Cost (LRAIC) Model Specification Paper
Telecommunications Authority of Trinidad and Tobago Final Document Top Down Long Run Average Incremental Cost (LRAIC) Model Specification Paper March 1 st 2010 TATT 3/5/3/2 Telecommunications Authority
More informationModel Reference Paper (rev B) Guidelines for the LRIC bottom-up and top-down models
DATE 12 September 2007 Dnr 07-3652/23 Model Reference Paper (rev B) Guidelines for the LRIC bottom-up and top-down models 1 Introduction and background... 1 1.1 Policy and objectives... 2 1.1.1 Policy...
More information1/35. A project implemented by DeLeeuw International, Gide Loyrette Nouel, Gide Turkey and Tera Consultants
Consultation Paper on a Proposed Bottom Up and Long Run Average Incremental Costs (BU-LRAIC) Costing Methodology for Interconnection and Access Services in the Turkish Fixed Telecommunications sector The
More informationCOST MODEL FOR THE FIXED TELECOMMUNICATIONS NETWORK - PORTUGAL
COST MODEL FOR THE FIXED TELECOMMUNICATIONS NETWORK Hybrid Cost Proxy Model - PORTUGAL 17 November 2000 INDEX 1. INTRODUCTION... 3 2. HYBRID COST PROXY MODEL... 6 2.1 MODULES OF THE HYBRID COST PROXY MODEL...
More informationAnnex 1: Specific comments on Draft Model Reference Paper. Part A. Common guidelines
Annex 1: Specific comments on Draft Model Reference Paper Part A. Common guidelines Criterion CG 2 The models should be based on forward-looking long run average incremental costs. No migration costs should
More informationBoR (14) 114. BEREC Report Regulatory Accounting in Practice 2014
BoR () BEREC Report Regulatory Accounting in Practice September BoR (). Executive summary.... Introduction.... Background.... Current report.... The data collection process.... Outline of the Results...
More informationEUROPEAN COMMISSION Directorate-General Information Society and Media QUESTIONNAIRE
EUROPEAN COMMISSION Directorate-General Information Society and Media Electronic Communications Policy QUESTIONNAIRE FOR THE PUBLIC CONSULTATION ON COSTING METHODOLOGIES FOR KEY WHOLESALE ACCESS PRICES
More informationCosting Methodologies for use in Accounting Separation
Costing Methodologies for use in Accounting Separation Consultation paper Document No. ODTR 99/26 April, 1999 Oifig an Stiúrthóra Rialála Teileachumarsáide Office of the Director of Telecommunications
More informationREGULATORY ACCOUNTING GUIDE
International Telecommunication Union REGULATORY ACCOUNTING GUIDE Telecommunication Development Bureau March 2009 This guide on the elaboration on regulatory accounting was written by Mr. Antonio G. Zaballos
More informationProject Time Management
Project Time Management Study Notes PMI, PMP, CAPM, PMBOK, PM Network and the PMI Registered Education Provider logo are registered marks of the Project Management Institute, Inc. Points to Note Please
More informationThe future of access network provisioning, planning and design
The future of access network provisioning, planning and design Mark Rose and John Mellis Evolved Networks Phoenix Place, Adastral Park, Martlesham, Ipswich IP5 3RE, U.K. E-mail: mark.rose@evolvednetworks.com;
More informationENERGY ADVISORY COMMITTEE. Electricity Market Review: Return on Investment
ENERGY ADVISORY COMMITTEE Electricity Market Review: Return on Investment The Issue To review the different approaches in determining the return on investment in the electricity supply industry, and to
More informationby Maria Heiden, Berenberg Bank
Dynamic hedging of equity price risk with an equity protect overlay: reduce losses and exploit opportunities by Maria Heiden, Berenberg Bank As part of the distortions on the international stock markets
More informationManagement Accounting 243 Pricing Decision Analysis
Management Accounting 243 Pricing Decision Analysis The setting of a price for a product is one of the most important decisions and certainly one of the more complex. A change in price not only directly
More informationPart II Management Accounting Decision-Making Tools
Part II Management Accounting Decision-Making Tools Chapter 7 Chapter 8 Chapter 9 Cost-Volume-Profit Analysis Comprehensive Business Budgeting Incremental Analysis and Decision-making Costs Chapter 10
More informationOffshore Wind Farm Layout Design A Systems Engineering Approach. B. J. Gribben, N. Williams, D. Ranford Frazer-Nash Consultancy
Offshore Wind Farm Layout Design A Systems Engineering Approach B. J. Gribben, N. Williams, D. Ranford Frazer-Nash Consultancy 0 Paper presented at Ocean Power Fluid Machinery, October 2010 Offshore Wind
More informationTechno-economic assessment of telecommunication networks:
Techno-economic assessment of telecommunication networks: A COST ANALYSIS OF TELECOMMUNICATION INVESTMENTS R. Tar-Mahomed and P. Chitamu Centre for Telecommunications Access and Services (CeTAS), School
More informationTable of Contents 1. ECONOMIC DEPRECIATION... 4. 1.1. The concept of economic depreciation... 4. 1.2. The Straight-line method...
Table of Contents 1. ECONOMIC DEPRECIATION... 4 1.1. The concept of economic depreciation... 4 1.2. The Straight-line method... 5 1.3. The Standard annuity... 7 1.4. The Tilted straight-line method...
More informationSalary Benchmarking. For Accounting Firms
Salary Benchmarking For Accounting Firms Salary benchmarking tools allow firms to understand the true cost of hiring the right candidate and structure pay and rewards accordingly. It is a critical part
More information1.1.1 Introduction to Cloud Computing
1 CHAPTER 1 INTRODUCTION 1.1 CLOUD COMPUTING 1.1.1 Introduction to Cloud Computing Computing as a service has seen a phenomenal growth in recent years. The primary motivation for this growth has been the
More informationMarginal Costing and Absorption Costing
Marginal Costing and Absorption Costing Learning Objectives To understand the meanings of marginal cost and marginal costing To distinguish between marginal costing and absorption costing To ascertain
More informationArticle by Martin Kelly, BSc (Econ) Hons, DIP. Acc, FCA, MBA, MCMI. Examiner in Professional 2 Advanced Corporate Reporting
IMPAIRMENT - IAS 36 Article by Martin Kelly, BSc (Econ) Hons, DIP. Acc, FCA, MBA, MCMI. Examiner in Professional 2 Advanced Corporate Reporting Introduction Intangible assets, particularly goodwill, have
More informationInfiniBand Clustering
White Paper InfiniBand Clustering Delivering Better Price/Performance than Ethernet 1.0 Introduction High performance computing clusters typically utilize Clos networks, more commonly known as Fat Tree
More informationPurchase Price Allocations for Solar Energy Systems for Financial Reporting Purposes
Purchase Price Allocations for Solar Energy Systems for Financial Reporting Purposes July 2015 505 9th Street NW Suite 800 Washington DC 20004 202.862.0556 www.seia.org Solar Energy Industries Association
More informationIAS - 17. Leases. By: http://www.worldgaapinfo.com
IAS - 17 Leases International Accounting Standard No 17 (IAS 17) Leases This revised standard replaces IAS 17 (revised 1997) Leases, and will apply for annual periods beginning on or after January 1, 2005.
More informationModeling and Optimization of an Industrial Inventory Management System
Modeling and Optimization of an Industrial Inventory Management System Design Team Katia Lisboa, Jaime Bonifasi, Cristina Cromeyer, Frederick Stewart Design Advisor Prof. Abe Zeid Sponsor Barry Controls
More informationMarket Economy and Socialist Road
Market Economy and Socialist Road Duan Zhongqiao The relationship between market economy and socialism has become a point at issue among Marxists in every part of the world after the collapse of the socialist
More informationReporting Service Performance Information
AASB Exposure Draft ED 270 August 2015 Reporting Service Performance Information Comments to the AASB by 12 February 2016 PLEASE NOTE THIS DATE HAS BEEN EXTENDED TO 29 APRIL 2016 How to comment on this
More information05-12-2011 Framework Contract no: DI/06691-00 Authors: P. Wauters, K. Declercq, S. van der Peijl, P. Davies
Ref. Ares(2011)1311113 Ares(2012)149022-09/02/2012 06/12/2011 Study on cloud and service oriented architectures for e- government Final report summary 05-12-2011 Framework Contract no: DI/06691-00 Authors:
More informationFlexible budgeting and cost behaviours
Flexible ing and cost behaviours flexible makes a comparison between an original and actual results. Variances are then calculated to measure how the business has performed in a period. group of friends
More informationMarket research questionnaire cheat sheet
Market research questionnaire cheat sheet Use this cheat sheet for developing questionnaires that will assist you in your market research. There are two types of market research: quantitative and qualitative.
More informationReview of Regulatory Guidance on the Charging Principles of Interconnection between Fixed Carriers. Consultation Paper
Review of Regulatory Guidance on the Charging Principles of Interconnection between Fixed Carriers Consultation Paper 7 November 2012 INTRODUCTION Telecommunications carriers are obliged to interconnect
More informationInstitute of Chartered Accountants Ghana (ICAG) Paper 2.2 Management Accounting
Institute of Chartered Accountants Ghana (ICAG) Paper. Management Accounting Final Mock Exam Marking scheme and suggested solutions DO NOT TURN THIS PAGE UNTIL YOU HAVE COMPLETED THE MOCK EXAM ii Management
More informationHigh level principles for risk management
16 February 2010 High level principles for risk management Background and introduction 1. In their declaration of 15 November 2008, the G-20 leaders stated that regulators should develop enhanced guidance
More informationAnalyzing Marketing Cases
Analyzing Marketing Cases What is a case? A case is a verbal snapshot of the whole or some part of an organization. The cases are all based upon problems and events that actually took place, although in
More informationStock Exchange of Mauritius: Newsletter
Stock Exchange of Mauritius: Newsletter June 2016 INSIDE THIS ISSUE: 1 EXCHANGE INSIGHT: SEM interviews Gareth Stobie, Managing Director of Coreshares in the context of the listing on SEM of the CoreShares
More informationFinancial Management Software as a Service
White Paper Financial Management Software as a Service Overview 3 Financial Management Software as a Service 5 What to Look for? 7 Conclusions and Summary 9 About Efima 10 Overview Technology continues
More informationThe Effects of Changes in Foreign Exchange Rates
STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 21 The Effects of Changes in Foreign Exchange Rates SB-FRS 21 The Effects of Changes in Foreign Exchange Rates was operative for Statutory Boards financial
More informationNPT s fixed long-run incremental cost (LRIC) model
Report for the Norwegian Post and Telecommunications Authority (NPT) NPT s fixed long-run incremental cost (LRIC) model Documentation of the Co-location module 1 August 2012 Ref: The Co-location module
More informationInternational Financial Accounting (IFA)
International Financial Accounting (IFA) Part I Accounting Regulation; Normative Theories of Accounting DEPARTMENT OF BUSINESS AND LAW ROBERTO DI PIETRA SIENA, NOVEMBER 4, 2013 1 INTERNATIONAL FINANCIAL
More informationKey functions in the system of governance Responsibilities, interfaces and outsourcing under Solvency II
Responsibilities, interfaces and outsourcing under Solvency II Author Lars Moormann Contact solvency solutions@munichre.com January 2013 2013 Münchener Rückversicherungs Gesellschaft Königinstrasse 107,
More informationRisk management within AIFMD for private equity and real estate funds. Sylvain Crépin Senior Manager Capital Markets/Financial Risk Deloitte
Risk management within AIFMD for private equity and real estate funds Xavier Zaegel Partner Capital Markets/Financial Risk Deloitte Sylvain Crépin Senior Manager Capital Markets/Financial Risk Deloitte
More informationFinancial Statements Study and assessment guide. 2013 AAT Accounting Qualification Version date: April 2013 (version 2)
Financial Statements Study and assessment guide 2013 AAT Accounting Qualification Version date: April 2013 (version 2) Financial Statements (FSTM) Introduction The unit is concerned with competence in
More informationMineral rights ownership what is it and why is it so unique in the USA?
Mineral rights ownership what is it and why is it so unique in the USA? Introduction This document is designed to explain the concept of mineral rights ownership, and how such ownership differs between
More informationOn the use of LRIC models in price regulation
On the use of LRIC models in price regulation 1 J. Confraria, J. Noronha, R. Vala, A. Amante Instituto das Comunicações de Portugal DRAFT - Do not quote without permission 1. Introduction The use of cost
More informationRELEVANT TO ACCA QUALIFICATION PAPER P3. Studying Paper P3? Performance objectives 7, 8 and 9 are relevant to this exam
RELEVANT TO ACCA QUALIFICATION PAPER P3 Studying Paper P3? Performance objectives 7, 8 and 9 are relevant to this exam Business forecasting and strategic planning Quantitative data has always been supplied
More informationIFIEC Europe Brussels, 30 April 2008
INTERNATIONAL FEDERATION OF INDUSTRIAL ENERGY CONSUMERS IFIEC Europe Brussels, 30 April 2008 Draft Guidelines on Article 22 A contribution from IFIEC Europe Introduction Directive 2003/55/EG concerning
More informationThe Real Option Structure of DSL
Invest Today or Tomorrow? A Real Option Approach to Strategic Development in the French DSL Market (*) Laurent BENZONI ERMES, Université Panthéon-Assas Nicolas GRESSER TERA Consultants, Paris Cuong Hung
More informationThe IntelliMagic White Paper: Green Storage: Reduce Power not Performance. December 2010
The IntelliMagic White Paper: Green Storage: Reduce Power not Performance December 2010 Summary: This white paper provides techniques to configure the disk drives in your storage system such that they
More informationManagement Accounting 303 Segmental Profitability Analysis and Evaluation
Management Accounting 303 Segmental Profitability Analysis and Evaluation Unless a business is a not-for-profit business, all businesses have as a primary goal the earning of profit. In the long run, sustained
More informationAn Agile Methodology Based Model for Change- Oriented Software Engineering
An Agile Methodology Based Model for Change- Oriented Software Engineering Naresh Kumar Nagwani, Pradeep Singh Department of Computer Sc. & Engg. National Institute of Technology, Raipur nknagwani.cs@nitrr.ac.in,
More informationEFTA Surveillance Authority Recommendation. of 13 April 2011. on the Regulatory Treatment of Fixed and Mobile Termination Rates in the EFTA States 1
EFTA Surveillance Authority Recommendation of 13 April 2011 on the Regulatory Treatment of Fixed and Mobile Termination Rates in the EFTA States 1 THE EFTA SURVEILLANCE AUTHORITY 2, Having regard to the
More informationFAQ: (Data) security and privacy
Shockwave Traffic Jams A58 FAQ: (Data) security and privacy The strength of the shockwave traffic jam service developed in the project Shockwave Traffic Jams A58 is that the participants receive customized
More informationInternational Civil Aviation Organization WORLDWIDE AIR TRANSPORT CONFERENCE (ATCONF) SIXTH MEETING. Montréal, 18 to 22 March 2013
International Civil Aviation Organization WORKING PAPER ATConf/6-WP/88 4/3/13 English only WORLDWIDE AIR TRANSPORT CONFERENCE (ATCONF) SIXTH MEETING Montréal, 18 to 22 March 2013 Agenda Item 2: Examination
More informationRetail-minus pricing model for wholesale broadband access
Model documentation for PTS Retail-minus pricing model for wholesale broadband access 29 September 2006 Our ref: 261-396 Analysys Consulting Limited St Giles Court, 24 Castle Street Cambridge, CB3 0AJ,
More informationMaking the Most of the Software Development Process
Making the Most of the Software Development Process Dr Graham Stone, Dunstan Thomas Consulting http://consulting.dthomas.co.uk Organisations are under increased pressure to look at development initiatives
More information2015 EX-POST EVALUATION
2015 EX-POST EVALUATION Of the project entitled Enhancement of regional competitiveness through Corporate Social Responsibility measures FINAL REPORT Evaluation conducted by: PREPARED BY: Aleksandra Stanek-Kowalczyk
More information1 Annex 11: Market failure in broadcasting
1 Annex 11: Market failure in broadcasting 1.1 This annex builds on work done by Ofcom regarding market failure in a number of previous projects. In particular, we discussed the types of market failure
More informationSERVICE-ORIENTED IT ORGANIZATION
NEW SKILLS FOR THE SERVICE-ORIENTED IT ORGANIZATION Being the IT leader of an enterprise can feel very much like standing on a burning oil platform. The IT department is going through major transformation
More informationInnovation Toolbox. Evaluate Idea PREPARED BY: Australian Institute for Commercialisation. and
Innovation Toolbox Evaluate Idea PREPARED BY: Australian Institute for Commercialisation Queensland Department of Employment, Economic Development and Innovation and June 2009 Version 1.0 TABLE OF CONTENTS
More informationAutomatic Migration of Files from Pro/Engineer to Windchill Server by Integrating Pro/Engineer with Visual C++ using Pro/Toolkit
Automatic Migration of Files from Pro/Engineer to Windchill Server by Integrating Pro/Engineer with Visual C++ using Pro/Toolkit Nikhil.Daslaniya Software Engineer L & T Technology Services Limited, Gujarat
More informationAGILE - QUICK GUIDE AGILE - PRIMER
AGILE - QUICK GUIDE http://www.tutorialspoint.com/agile/agile_quick_guide.htm Copyright tutorialspoint.com AGILE - PRIMER Agile is a software development methodology to build a software incrementally using
More informationSpeech at the annual press conference on the 2010 financial year Bonn, February 25, 2011
The spoken word shall prevail Speech at the annual press conference on the 2010 financial year Bonn, February 25, 2011 Timotheus Höttges Chief Financial Officer Deutsche Telekom AG Thank you, René Obermann!
More informationFSC Guidance Note No. 31 Provisioning for Deferred Tax Assets. 19 December 2012
FSC Guidance Note No. 31 Provisioning for Deferred Tax Assets 19 December 2012 Purpose of this Guidance Note: To provide industry participants with guidance in the provisioning for deferred tax assets
More informationA Software Engineering Approach For GIS Developing
A Software Engineering Approach For GIS Developing Wu Sheng Wang Jiayao (Surveying and Mapping Institute of PLA,Zhengzhou 450052) Abstract This Paper introduced an object-oriented software engineering
More informationHow to audit your business strategy
How to audit your business strategy Andrew Carey Why conduct a business strategy audit? Nearly all the major initiatives undertaken by corporate executives today are called strategic. With everything having
More informationchapter Perfect Competition and the >> Supply Curve Section 3: The Industry Supply Curve
chapter 9 The industry supply curve shows the relationship between the price of a good and the total output of the industry as a whole. Perfect Competition and the >> Supply Curve Section 3: The Industry
More informationIntroduction to Metropolitan Area Networks and Wide Area Networks
Introduction to Metropolitan Area Networks and Wide Area Networks Chapter 9 Learning Objectives After reading this chapter, you should be able to: Distinguish local area networks, metropolitan area networks,
More informationVideo Analytics. Extracting Value from Video Data
Video Analytics Extracting Value from Video Data By Sam Kornstein, Rishi Modha and David Huang Evolving viewer consumption preferences, driven by new devices and services, have led to a shift in content
More informationUsing the Leadership Pipeline transition focused concept as the vehicle in integrating your leadership development approach provides:
Building your Leadership Pipeline Leadership transition focused development - White Paper The Leadership Pipeline framework Business case reflections: 1. Integrated leadership development 2. Leadership
More informationChapter 27: Taxation. 27.1: Introduction. 27.2: The Two Prices with a Tax. 27.2: The Pre-Tax Position
Chapter 27: Taxation 27.1: Introduction We consider the effect of taxation on some good on the market for that good. We ask the questions: who pays the tax? what effect does it have on the equilibrium
More informationThe Effects of Changes in Foreign Exchange Rates
Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority.
More informationGENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN
GENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN August 2012 Table of contents Introduction... 3 1. Executive Summary... 3 2. Business Summary... 3 2.1 Company Summary... 3 2.2 Management Summary... 3
More informationBT believes that Ofcom should not accept this dispute for reasons which are dealt with in detail below:
Costas Pittas Competition Policy Manager Investigations Ofcom Riverside House 2a Southwark Bridge Road London SE1 9HA 7 January 2014 Dear Costas, Dispute submission by Level 3 relating to historic PPC
More informationI. Introduction to Performance-based Budgeting
Guide to Performance-based Budgeting Guide to Performance based Budgeting I. Introduction to Performance-based Budgeting Dr B. Navin Traditional and Performance-based approaches to budgeting Traditional
More informationCritical Analysis So what does that REALLY mean?
Critical Analysis So what does that REALLY mean? 1 The words critically analyse can cause panic in students when they first turn over their examination paper or are handed their assignment questions. Why?
More informationA review of wholesale leased line pricing in the Bailiwick of Guernsey
A review of wholesale leased line pricing in the Bailiwick of Guernsey A REPORT PREPARED FOR THE OFFICE OF UTILITY REGULATION January 2007 Frontier Economics Ltd, London. i Frontier Economics January 2007
More informationHorizontal principles in the European Social Fund
Lund University Department of Political Science STVM23 Tutor: Ole Elgström Horizontal principles in the European Social Fund Explaining successful implementation of EU policies in Swedish municipalities
More informationInterpretation of Financial Statements
Interpretation of Financial Statements Author Noel O Brien, Formation 2 Accounting Framework Examiner. An important component of most introductory financial accounting programmes is the analysis and interpretation
More information2. Auditing. 2.1. Objective and Structure. 2.2. What Is Auditing?
- 4-2. Auditing 2.1. Objective and Structure The objective of this chapter is to introduce the background information on auditing. In section 2.2, definitions of essential terms as well as main objectives
More informationThe challenge of reducing non-revenue water by implementing the change management index A first comparative assessment in four development countries
The challenge of reducing non-revenue water by implementing the change management index A first comparative assessment in four development countries Monika Konatar*, Matthias Hitzel** * Human Resource
More informationalternative collection
01 technical this article considers two methods a company could adopt in order to speed up the collection of cash from its customers. Additionally, worked examples show how these methods can be evaluated
More informationChapter 10 Run-off triangles
0 INTRODUCTION 1 Chapter 10 Run-off triangles 0 Introduction 0.1 Run-off triangles Run-off triangles are used in general insurance to forecast future claim numbers and amounts. In this chapter we will
More informationThe liberalization process of telecommunications and the role of the national regulatory authorities in pricing policies: a case study from Greece
SECTION 3. General issues in management Apostolos G. Christopoulos (Greece), John Mylonakis (Greece), Konstantinos Vergos (Greece) The liberalization process of telecommunications and the role of the national
More informationThe newspaper on the digital road
The newspaper on the digital road The DigiNews perspective Author: Alain Bouffioux, NXP Semiconductors (founded by Philips), Belgium, (alain.bouffioux@nxp.com) The DigiNews project specified, designed
More informationThis has been categorized into two. A. Master data control and set up B. Utilizing master data the correct way C. Master data Reports
Master Data Management (MDM) is the technology and tool, the processes and personnel required to create and maintain consistent and accurate lists and records predefined as master data. Master data is
More informationMacroeconomics 2301 Potential questions and study guide for exam 2. Any 6 of these questions could be on your exam!
Macroeconomics 2301 Potential questions and study guide for exam 2 Any 6 of these questions could be on your exam! 1. GDP is a key concept in Macroeconomics. a. What is the definition of GDP? b. List and
More informationLocal loop unbundling: the French case *
Local loop unbundling: the French case * Marc Bourreau # ENST, Department of Economics October 2002 Abstract In this paper, I shall describe the regulatory processes which led to local loop unbundling
More informationINVENTORY MANAGEMENT FRAMEWORK
Inventory Management Framework INVENTORY MANAGEMENT FRAMEWORK TAblE OF contents 1 Introduction to the IMF 3 1.1 Purpose and scope of the IMF 3 1.2 Importance of inventory management 3 1.3 Correctly accounting
More informationBudgetary Planning. Managerial Accounting Fifth Edition Weygandt Kimmel Kieso. Page 9-2
9-1 Budgetary Planning Managerial Accounting Fifth Edition Weygandt Kimmel Kieso 9-2 study objectives 1. Indicate the benefits of budgeting. 2. State the essentials of effective budgeting. 3. Identify
More informationFinancial Projections
Financial Projections Introduction Any business plan must include a section detailing the financial projections, because these projections are a forecast of the future economic-financial results of the
More informationAnalytical Procedures
Analytical Procedures 1889 AU Section 329 Analytical Procedures (Supersedes section 318.) Source: SAS No. 56; SAS No. 96. Effective for audits of financial statements for periods beginning on or after
More informationSTRATEGY 1: DETERMINE DESIRED PERFORMANCE METRICS
operational, tactical, and strategic. 2 Operational and tactical decisions generally involve choices or decisions about current business processes. Although strategic decisions may relate to the current
More informationCost VOLUME RELATIONS & BREAK EVEN ANALYSIS
1. Introduction The cost volume profit (CVP) analysis helps management in finding out the relationship of costs and revenues to profit. Cost depends on various factors like Volume of production Product
More informationConceptual approach for a LRIC model for wholesale mobile voice call termination. Consultation paper for the Norwegian mobile telecoms industry
Conceptual approach for a LRIC model for wholesale mobile voice call termination Consultation paper for the Norwegian mobile telecoms industry 27 February 2006 Conceptual approach for a LRIC model for
More informationMarket Definition and Analysis for SMP: A practical guide
Market Definition and Analysis for SMP: A practical guide David Rogerson Jim Holmes Incyte Consulting Ltd Incyte Consulting Pty Ltd United Kingdom Australia t/f +44 1324 870429 t/f +61 3 9752 7828 www.incyteconsulting.com
More informationFundamentals Level Skills Module, Paper F5. 1 Hair Co. (a)
Answers Fundamentals Level Skills Module, Paper F5 Performance Management December 2012 Answers 1 Hair Co Weighted average contribution to sales ratio (WA C/S ratio) = total contribution/total sales revenue.
More information