146 resultados para IPO Failures
Resumo:
Effective biodiversity monitoring is critical to evaluate, learn from, and ultimately improve conservation practice. Well conceived, designed and implemented monitoring of biodiversity should: (i) deliver information on trends in key aspects of biodiversity (e.g. population changes); (ii) provide early warning of problems that might otherwise be difficult or expensive to reverse; (iii) generate quantifiable evidence of conservation successes (e.g. species recovery following management) and conservation failures; (iv) highlight ways to make management more effective; and (v) provide information on return on conservation investment. The importance of effective biodiversity monitoring is widely recognized (e.g. Australian Biodiversity Strategy). Yet, while everyone thinks biodiversity monitoring is a good idea, this has not translated into a culture of sound biodiversity monitoring, or widespread use of monitoring data. We identify four barriers to more effective biodiversity monitoring in Australia. These are: (i) many conservation programmes have poorly articulated or vague objectives against which it is difficult to measure progress contributing to design and implementation problems; (ii) the case for long-term and sustained biodiversity monitoring is often poorly developed and/or articulated; (iii) there is often a lack of appropriate institutional support, co-ordination, and targeted funding for biodiversity monitoring; and (iv) there is often a lack of appropriate standards to guide monitoring activities and make data available from these programmes. To deal with these issues, we suggest that policy makers, resource managers and scientists better and more explicitly articulate the objectives of biodiversity monitoring and better demonstrate the case for greater investments in biodiversitymonitoring. There is an urgent need for improved institutional support for biodiversity monitoring in Australia, for improved monitoring standards, and for improved archiving of, and access to, monitoring data. We suggest that more strategic financial, institutional and intellectual investments in monitoring will lead to more efficient use of the resources available for biodiversity conservation and ultimately better conservation outcomes.
Resumo:
Failures are normal rather than exceptional in the cloud computing environments. To improve system avai-lability, replicating the popular data to multiple suitable locations is an advisable choice, as users can access the data from a nearby site. This is, however, not the case for replicas which must have a fixed number of copies on several locations. How to decide a reasonable number and right locations for replicas has become a challenge in the cloud computing. In this paper, a dynamic data replication strategy is put forward with a brief survey of replication strategy suitable for distributed computing environments. It includes: 1) analyzing and modeling the relationship between system availability and the number of replicas; 2) evaluating and identifying the popular data and triggering a replication operation when the popularity data passes a dynamic threshold; 3) calculating a suitable number of copies to meet a reasonable system byte effective rate requirement and placing replicas among data nodes in a balanced way; 4) designing the dynamic data replication algorithm in a cloud. Experimental results demonstrate the efficiency and effectiveness of the improved system brought by the proposed strategy in a cloud.
Resumo:
Background Randomised, placebo-controlled trials are needed to provide evidence demonstrating safe, effective interventions that reduce falls and fractures in the elderly. The quality of a clinical trial is dependent on successful recruitment of the target participant group. This paper documents the successes and failures of recruiting over 2,000 women aged at least 70 years and at higher risk of falls or fractures onto a placebo-controlled trial of six years duration. The characteristics of study participants at baseline are also described for this study.
Methods The Vital D Study recruited older women identified at high risk of fracture through the use of an eligibility algorithm, adapted from identified risk factors for hip fracture. Participants were randomised to orally receive either 500,000 IU vitamin D3 (cholecalciferol) or placebo every autumn for five consecutive years. A variety of recruitment strategies were employed to attract potential participants.
Results Of the 2,317 participants randomised onto the study, 74% (n = 1716/2317) were consented onto the study in the last five months of recruiting. This was largely due to the success of a targeted mail-out. Prior to this only 541 women were consented in the 18 months of recruiting. A total of 70% of all participants were recruited as a result of targeted mail-out. The response rate from the letters increased from 2 to 7% following revision of the material by a public relations company. Participant demographic or risk factor profile did not differ between those recruited by targeted mail-outs compared with other methods.
Conclusion The most successful recruitment strategy was the targeted mail-out and the response rate was no higher in the local region where the study had extensive exposure through other recruiting strategies. The strategies that were labour-intensive and did not result in successful recruitment include the activities directed towards the GP medical centres. Comprehensive recruitment programs employ overlapping strategies simultaneously with ongoing assessment of recruitment rates. In our experience, and others direct mail-outs work best although rights to privacy must be respected.
Resumo:
Various trials have been conducted evaluating depression management programs for patients with Coronary Heart Disease (CHD). However, to date, the most effective way to manage this co-morbidity in the real world setting remains unclear. To better understand the past successes and failures of previous trials and subsequently develop suitable interventions that target key components of health related quality of life (HRQOL) such as mental, physical and vocational functioning, we first need to understand the mechanisms underpinning the relationship between the two conditions. This paper will draw on the key literature in this field as identified by psychiatric, medical and social sciences databases (Cochrane Central Register of Controlled Trials, PubMed, OVID, Medline) available up to January 2012, with the aim to conduct a narrative review which explores: the aetiological relationship between depression and CHD; its association with HRQOL; the relationship between CHD, depression and vocational functioning; and the impact of depression treatment on these outcomes. Key recommendations are made regarding the management of this prevalent co-morbidity in clinical settings.
Resumo:
Purpose – The purpose of this paper is to present an analytical summary of UK housing policies. It aims to evaluate UK government's housing policies, before and after the publication of the Barker Review, to tackle affordability issues in the owner-occupied sector. It examines the extent to which housing policy contributes to or alleviates the problem of the affordability of owner-occupied housing.
Design/methodology/approach – This paper evaluates the impact of UK government housing policies since 2000 on housing affordability by analysing their impact on the dynamics of housing demand and supply.
Findings – The Barker Review, which applied simple economic ideas and techniques in analysing the owner-occupied UK housing market, argued that increases in new housing supply would help to improve housing affordability. The second Barker Review suggested that changes to the planning system were needed in order not only to increase new housing supply, but to make housing supply more sensitive to changing demands. The Barker Reviews brought about a major re-think in government policy towards housing, particularly relating to new build and the planning system. However, the heavy reliance on the private sector to provide additional housing has reduced the effectiveness of policy changes. In addition, the adoption by the government of “demand-side” housing policies has done little to negate the volatility of UK house prices or to raise the overall affordability of owner-occupied housing.
Originality/value – This paper reflects on government failures in UK housing policy in addressing the affordability of owner-occupied housing. The findings will be of interest to policy makers and housing researchers.
Resumo:
Traditional Failure Mode and Effect Analysis (FMEA) adopts the Risk Priority Number (RPN) ranking model to evaluate failure risks, to rank failures, as well as to prioritize actions. Although this approach is simple, it suffers from several shortcomings. In this paper, we investigate a number of fuzzy inference techniques for determining the RPN scores, in an attempt to overcome the weaknesses associated with the traditional RPN model. The main objective is to examine the possibility of using fuzzy rule interpolation and reduction techniques to design new fuzzy RPN models. The performance of the fuzzy RPN models is evaluated using a real-world case study pertaining to the test handler process in a semiconductor manufacturing plant. The FMEA procedure for the test handler is performed, and a fuzzy RPN model is developed. In addition, improvement to the fuzzy RPN model is proposed by refining the weights of the fuzzy production rules, hence a new weighted fuzzy RPN model. The ability of the weighted fuzzy RPN model in failure risk evaluation with a reduced rule base is also demonstrated.
Resumo:
Purpose – The purpose of this paper is to investigate the total direct costs of raising external equity capital for US real estate investment trust (REIT) initial public offerings (IPOs).
Design/methodology/approach – The study provides recent evidence on total direct costs for a comprehensive dataset of 125 US REIT IPOs from 1996 until June 2010. A multivariate OLS regression is performed to determine significant factors influencing the level of total direct costs and also underwriting fees and non-underwriting direct expenses.
Findings – The study finds economies of scale in total direct costs, underwriting fees and non-underwriting expenses. The equally (value) weighted average total direct costs are 8.33 percent (7.52 percent), consisting of 6.49 percent (6.30 percent) underwriting fees and 1.87 percent (1.22 percent) non-underwriting direct expenses. The study finds a declining trend of total direct costs for post 2000 IPOs which is attributed to the declining trend in both underwriting fees and non-underwriting direct expenses. Offer size is a critical determinant for both total direct costs and their individual components and inversely affects these costs. The total direct costs are found significantly higher for equity REITs than for mortgage REITs and are also significantly higher for offers listed in New York Stock Exchange (NYSE). Underwriting fees appear to be negatively influenced by the offer price, the number of representative underwriters involved in the issue, industry return volatility and the number of potential specific risk factors but positively influenced by prior quarter industry dividend yield and ownership limit identified in the prospectus. After controlling for time trend, the paper finds REIT IPOs incur higher non-underwriting direct expenses in response to higher industry return volatility prior to the offer.
Originality/value – This paper adds to the international REIT IPO literature by exploring a number of new influencing factors behind total direct costs, underwriting fees and non-underwriting direct expenses. The study includes data during the recent GFC period.
Resumo:
Cost estimation process is undertaken to predict the total cost of the project. Studies indicate that one of the construction company failures in contracting is because of the uncertain, incorrect, and unrealistic cost estimation. Cost estimation process are heavily influenced by the complexity of the project, scale and scope of construction, market conditions, method of construction, site constraints, client’s financial position, buildability and the location of the project. However, there are other combinations factors that have not been studied thus far. Hence, this paper focuses on the review of other researchers’ findings in relation to cost estimation issues in the construction industry. Among the findings, it has been revealed that the cost estimation issues are related to accuracy, human factors, practical knowledge and insufficient cost data/information. The aim of this paper is to investigate these factors and determining other potential factors that may influence cost estimation process in the construction industry.
Resumo:
Complex capital programs require specialized management techniques, in order to address the volatility, cost overruns, significant delays in completion, and failures with which such programs are typically associated. The need is greater than ever for careful oversight, especially for programs that expend public monies.
Audit is commonly a statutory or governance requirement on such programs, but traditional performance audit techniques and standards may be insufficient for certain types of programs and industries, providing a mere illusion of oversight adequacy instead of the assurance that is needed. In order to most appropriately define the performance audit scope, phrase the solicitation for services, select the audit team, and provide support to the auditors during the engagement, public and private sector entity auditees need to understand the factors that impact performance audit results and effectiveness. The question becomes one of how performance audit can be improved, and stakeholders satisfied regarding program achievements, accountability for resource use, transparency in operations, and risk management.
The author considered program complexity, governance, project controls, the history and evolution of the audit function, stakeholder expectations, assurance, and obstacles to audit, and used this information in conjunction with data from a large sample of 775 audit reports from complex construction programs, to derive questions and conclusions about performance audit results and effectiveness, and comparisons to expenditure audit results. The ultimate goal was to define key components in the execution of performance audits, based on theconclusions of the analysis, in order to improve performance audit findings and thus their applicability and usefulness.
While this study focused on program performance audit, it was also related to the field of program management. Although the data population was concentrated in the area of construction programs, conclusions from this research may also be applied to other complex, multifaceted or phased activities such as projects and programs in other industries (manufacturing, information technology), and also pursuits such as major event planning, company launch, mergers, and large program implementations or rollouts.
The research results clearly demonstrated that different types of findings were generated by different audit scopes. The author observed that typical audit findings focused on routine procedural, accounting, and controls errors. On average, contract expenditure audits questioned only 2.65% of expenditures, and performance audits of large complex programs questioned only 0.03% of expenditures. The majority (72.56%) of the performance audits in the sample yielded no findings or questioned costs.
There were significant positive correlations between: the number of expenditures tested and the number of qualitative findings, inclusion of construction experts on the audit team and the percentage of expenditures questioned, inclusion of construction experts on the audit team and the number of qualitative findings, broader audit scope and the percentage of expenditures questioned, and broader audit scope and the number of qualitative findings. Of these, auditor expertise and audit scope were the driving factors.
There were significant negative correlations between the application of agreed-upon procedures and the percentage of expenditures questioned, and the application of agreed upon-procedures and the number of qualitative findings. It was determined that the significant negative correlation between the application of audit standards and the number of qualitative findings was due to other factors, such as the application of agreed-upon procedures and the lack of construction experts on the audit team.
Other findings, resulting from review of the data, were unrelated to the research questions yet of considerable importance to industry. An extremely high percentage (81%) of the “performance audits” instead applied a very limited set of agreed-upon-procedures (AUP) in the engagement, According to the American Institute of Certified Public Accountants (CPAs), AUP engagements could not be classified as audits. Thus, it was inappropriate for the accounting firms to apply AUP engagements in lieu of a performance audit, and it was especially egregious for them to state in their report that the engagements were conducted in accordance with audit standards, as AUP engagements and the specific audit standards were by their very nature mutually exclusive.
Resumo:
In traditional Failure Mode and Effect Analysis (FMEA), the Risk Priority Number (RPN) ranking system is used to evaluate the risk level of failures, to rank failures, and to prioritize actions. This approach is simple but it suffers from several weaknesses. In an attempt to overcome the weaknesses associated with the traditional RPN ranking system, several fuzzy inference techniques for RPN determination are investigated in this paper. A generic Fuzzy RPN approach is described, and its performance is evaluated using a case study relating to a semiconductor manufacturing process. In addition, enhancements for the fuzzy RPN approach are proposed by refining the weights of the fuzzy production rules.
Resumo:
Democracy has never been more popular. It is successfully practiced today in a myriad of different ways by people across virtually every cultural, religious or socio-economic context. The 45 original essays collected in this companion suggest that the global popularity of democracy derives in part from its breadth and depth in the common history of human civilization. It sets a benchmark as the first collection on the history of democracy to present lesser known examples, such as those of ancient China, medieval Islam, colonial Africa or today's Burma, alongside more familiar cases like Athens, the English Parliament, the French Revolution and Women's Suffrage.
Undersdtanding where democracy comes from, and where its greatest successes and most dismal failures lie, is central to democracy's project of inventing ways to address the need of people everywhere to live in peace and freedom and with a say in the decisions that affect their lives.
Resumo:
Democracy has never been more popular. It is successfully practiced today in a myriad of different ways by people across virtually every cultural, religious or socio-economic context. The forty-five essays collected in this companion suggest that the global popularity of democracy derives in part from its breadth and depth in the common history of human civilization. The chapters include exceptional accounts of democracy in ancient Greece and Rome, modern Europe and America, among peoples’ movements and national revolutions, and its triumph since the end of the Cold War. However, this book also includes alternative accounts of democracy’s history: its origins in prehistoric societies and early city-states, under-acknowledged contributions from China, Africa and the Islamic world, its familiarity to various Indigenous Australians and Native Americans, the various challenges it faces today in South America, Eastern Europe, the Middle East and Asia, the latest democratic developments in light of globalization and new technologies, and potential future pathways to a more democratic world. Understanding where democracy comes from, where its greatest successes and most dismal failures lie, is central to democracy’s project of inventing ways to address the need of people everywhere to live in peace, freedom and with a say in the decisions that affect their lives.
Resumo:
This paper describes the application of computer aided design (CAD) in teaching advanced design methodologies to fourth-year undergraduate students majoring in mechanical engineering. This involves modern enhancements in teaching strategies for subjects such as design-for-X (DFx) and failure mode effect analysis (FMEA) concepts, which are traditionally categorised as advanced design methodologies. The main subsets of DFx including design-for-assembly (DFA), design-for-disassembly (DFD), design-for-manufacturing (DFM), design-for-environment (DFE) and design-for-recyclability (DFR) were covered by studying various engineering and consumer products. The unit was designed as a combination of practical hands-on workshop-based classes along with a software-based evaluation of different products. In addition to CAD, finite element modelling techniques were utilised to enhance the students’ understanding of design faults and failures. The inquiry into teaching practice and design of this fourth-year unit was carried out during past two years and it revealed some interesting outcomes from our teaching practice in terms of students’ learning experiences. Finally, the paper discusses some critical factors in the context of teaching advanced design methodologies to the undergraduates in mechanical engineering and even manufacturing engineering.
Resumo:
This paper addresses the actuator failure compensation problem of non-linear fourwheel-steering mobile robots based on vehicle kinematics, undergoing both known and unknown failures causing degenerated steering performance or wheels stuck at some observable angles. Terminal sliding mode control technique is used to guarantee the tracking stability infinite time with the presence of actuator fault. Simulation results are given to illustrate the effectiveness of the proposed control scheme. © Institution of Engineers Australia 2012.