Electronics:a case study of economic value added in target costing

Whilst target costing and strategic management accounting (SMA) continue to be of considerable interest to academic accountants, both suffer from a relative dearth of empirically based research. Simultaneously, the subject of economic value added (EVA) has also been the subject of little research at the level of the individual firm.The aim of this paper is to contribute to both the management accounting and value based management literatures by analysing how one major European based MNC introduced EVA into its target costing system. The case raises important questions about both the feasibility of cascading EVA down to product level and the compatibility of customer facing versus shareholder focused systems of performance management. We provide preliminary evidence that target costing can be used to align both of these perspectives, and when combined with other SMA techniques it can serve as " the bridge connecting strategy formulation with strategy execution and profit generation" ( Ansari et al., 2007, p. 512). © 2012 Elsevier Ltd.

Improving the economic value of photographic screening for optical coherence tomography-detectable macular oedema:a prospective, multicentre, UK study

Objectives: To determine the best photographic surrogate markers for detecting sight-threatening macular oedema (MO) in people with diabetes attending UK national screening programmes. Design: A multicentre, prospective, observational cohort study of 3170 patients with photographic signs of diabetic retinopathy visible within the macular region [exudates within two disc diameters, microaneurysms/dot haemorrhages (M/DHs) and blot haemorrhages (BHs)] who were recruited from seven study centres. Setting: All patients were recruited and imaged at one of seven study centres in Aberdeen, Birmingham, Dundee, Dunfermline, Edinburgh, Liverpool and Oxford. Participants: Subjects with features of diabetic retinopathy visible within the macular region attending one of seven diabetic retinal screening programmes. Interventions: Alternative referral criteria for suspected MO based on photographic surrogate markers; an optical coherence tomographic examination in addition to the standard digital retinal photograph. Main outcome measures: (1) To determine the best method to detect sight-threatening MO in people with diabetes using photographic surrogate markers. (2) Sensitivity and specificity estimates to assess the costs and consequences of using alternative strategies. (3) Modelled long-term costs and quality-adjusted life-years (QALYs). Results: Prevalence of MO was strongly related to the presence of lesions and was roughly five times higher in subjects with exudates or BHs or more than two M/DHs within one disc diameter. Having worse visual acuity was associated with about a fivefold higher prevalence of MO. Current manual screening grading schemes that ignore visual acuity or the presence of M/DHs could be improved by taking these into account. Health service costs increase substantially with more sensitive/less specific strategies. A fully automated strategy, using the automated detection of patterns of photographic surrogate markers, is superior to all current manual grading schemes for detecting MO in people with diabetes. The addition of optical coherence tomography (OCT) to each strategy, prior to referral, results in a reduction in costs to the health service with no decrement in the number of MO cases detected. Conclusions: Compared with all current manual grading schemes, for the same sensitivity, a fully automated strategy, using the automated detection of patterns of photographic surrogate markers, achieves a higher specificity for detecting MO in people with diabetes, especially if visual acuity is included in the automated strategy. Overall, costs to the health service are likely to increase if more sensitive referral strategies are adopted over more specific screening strategies for MO, for only very small gains in QALYs. The addition of OCT to each screening strategy, prior to referral, results in a reduction in costs to the health service with no decrement in the number of MO cases detected. © Queen's Printer and Controller of HMSO 2013.

Non-use of Formal Health Services in Malawi: Perceptions from Non-users

Background The study upon which this paper is based was undertaken to understand users’ and non-users’ perceptions concerning facilitators and barriers to equitable and universal access to health care in resource-poor countries such as Malawi. In this study, non-users of health services were defined as people who were not in need of health services or those who had stopped using them due to significant barriers. Methods A total of 80 interviews with non-users of health services were conducted in Rumphi, Ntchisi, Phalombe and Blantyre Districts of Malawi. Interviews focused on why informants were not using formal health services at the time of data collection. In order to identify non-users, snowballing was used health surveillance assistants, village headmen and community members also helped. One focus group discussion was also conducted with non-users of health services who were members of the Zion Church. Results Informants described themselves as non-users of health services due to several reasons: cost of health services; long distances to health facilities; poor attitude of health workers; belief in the effectiveness of traditional medicines; old age and their failure to walk. Others were non-users due to their disability; hence they could not walk over long distances or could not communicate effectively with health providers. Some of these non-users were complete non-users, namely members of the Zion Church and those who believed in traditional medicine, and they stated that nothing could be done to transform them into users of health services. Other non-users stated that they could become users if their challenges were addressed e.g. for those who were non-users of health services due to poor attitudes of health workers, they stated that if these health workers were transferred they would be able to access health services. Conclusions Public health education targeting both health workers and non-users, ensuring a functional outreach program and addressing other health system challenges such as shortage of drugs and human resources would assist in transforming non-users into users of health services.

Timing and economic value of mergers and acquisitions

Doctor of Philosophy in the Faculty of Business Administration

Economic value for the trait tick count in Brangus cattle.

Profitability of a beef cattle system may be significantly reduced by the effects of tick (Rhipicephalus (Boophilus) microplus).

Agricultural commodity markets : reference point for the real value of a currency

Using monthly time-series data 1999-2013, the paper shows that markets for agricultural commodities provide a yardstick for real purchasing power, and thus a reference point for the real value of fiat currencies. The daily need for each adult to consume about 2800 food calories is universal; data from FAO food balance sheets confirm that the world basket of food consumed daily is non-volatile in comparison to the volatility of currency exchange rates, and so the replacement cost of food consumed provides a consistent indicator of economic value. Food commodities are storable for short periods, but ultimately perishable, and this exerts continual pressure for markets to clear in the short term; moreover, food calories can be obtained from a very large range of foodstuffs, and so most households are able to use arbitrage to select a near optimal weighting of quantities purchased. The paper proposes an original method to enable a standard of value to be established, definable in physical units on the basis of actual worldwide consumption of food goods, with an illustration of the method.

Stakeholder performance measurement:general approaches and methods of economic evaluation

This paper begins by suggesting that when considering Corporate Social Responsibility (CSR), even CSR as justified in terms of the business case, stakeholders are of great importance to corporations. In the UK the Company Law Review (DTI, 2002) has suggested that it is appropriate for UK companies to be managed upon the basis of an enlightened shareholder approach. Within this approach the importance of stakeholders, other than shareholders, is recognised as being instrumental in succeeding in providing shareholder value. Given the importance of these other stakeholders it is then important that corporate management measure and manage stakeholder performance. In order to do this there are two general approaches that could be adopted and these are the use of monetary values to reflect stakeholder value or cost and non-monetary values. In order to consider these approaches further this paper considered the possible use of these approaches for two stakeholder groups: namely employees and the environment. It concludes that there are ethical and practical difficulties with calculating economic values for stakeholder resources and so prefers a multi-dimensional approach to stakeholder performance measurement that does not use economic valuation.

Non perennial Mediterranean Rivers in Europe: Status, pressurs, and challanges for research and management

Non-perennial rivers and streams (NPRS) cover >50% of the global river network. They are particularly predominant in Mediterranean Europe as a result of dry climate conditions, climate change and land use development. Historically, both scientists and policy makers underestimated the importance of NRPS for nature and humans alike, mainly because they have been considered as systems of low ecological and economic value. During the past decades, diminishing water resources have increased the spatial and temporal extent of artificial NPRS as well as their exposure to multiple stressors, which threatening their ecological integrity, biodiversity and ecosystem services. In this paper, we provide a comprehensive overview of the structural and functional characteristics of NPRS in the European Mediterranean, and discuss gaps and problems in their management, concerning their typology, ecological assessment, legislative and policy protection, and incorporation in River Basin Management Plans. Because NPRS comprise highly unstable ecosystems, with strong and often unpredictable temporal and spatial variability - at least as far as it is possible to assess - we outline the future research needs required to better understand, manage and conserve them as highly valuable and sensitive ecosystems. Efficient collaborative activities among multidisciplinary research groups aiming to create innovative knowledge, water managers and policy makers are urgently needed in order to establish an appropriate methodological and legislative background. The incorporation of NPRS in EU-Med River Basin Management Plans in combination with the application of ecological flows is a first step towards enhancing NPRS management and conservation in order to effectively safeguard these highly valuable albeit threatened ecosystems

Nature-based tourism and the valuation of its environmental resources: Economic and other aspects

Nature-based tourism has grown in importance in recent decades, and strong links have been established between it and ecotourism. This reflects rising incomes, greater levels of educational attainment and changing values, especially in the Western world. Nature-based tourism is quite varied. Different types of such tourism are identified and their consequences for sustainability of their resource-base are briefly considered. The development and management of nature-based tourism involves many economic aspects, several of which are discussed. For example, one must consider the economics of reserving or protecting land for this type of tourism. What economic factors should be taken into account? Economists stress the importance of taking into account the opportunity costs involved in such a decision. This concept is explained. However, determining the net economic value of an area used for tourism is not straightforward. Techniques for doing this, such as the travel cost method and stated value methods, are introduced. Natural areas reserved for tourism may have economic value not only for tourism but also jointly for other purposes, such as conserving wildlife, maintaining hydrological cycles and so on. These other purposes, should be taken into account when considering the use of land for nature-based tourism. According to one economic point of view, land should be used in a way that maximises its total economic value. While this approach has its merits, it does not take into account the distribution of benefits from land use and its local impacts on income and employment. These can be quite important politically and for nature conservation, and are discussed. Finally, there is some discussion of whether fees charged to tourists for access to environmental resources should discriminate between domestic tourists and foreigners.

Risk attitude, planting conditions and the value of seasonal forecasts to a dryland wheat grower

The value of a seasonal forecasting system based on phases of the Southern Oscillation was estimated for a representative dryland wheat grower in the vicinity of Goondiwindi. In particular the effects on this estimate of risk attitude and planting conditions were examined. A recursive stochastic programming approach was used to identify the grower's utility-maximising action set in the event of each of the climate patterns over the period 1894-1991 recurring In the imminent season. The approach was repeated with and without use of the forecasts. The choices examined were, at planting, nitrogen application rate and cultivar and, later in the season, choices of proceeding with or abandoning each wheat activity, The value of the forecasting system was estimated as the maximum amount the grower could afford to pay for its use without expected utility being lowered relative to its non use.

Géotourisme et utilisation de sites naturels d'intérêt pour les sciences de la Terre: les régions de Crans-Montana-Sierre (Valais, Alpes suisses) et Chamonix-Mont-Blanc (Haute-Savoie, Alpes françaises)

Résumé : Au travers de l'étude des régions de Crans-Montana-Sierre (Valais, Suisse) et de Chamonix-Mont-Blanc (Haute-Savoie, France), cette recherche considère les liens existants entre activités touristiques et sciences de la Terre. Ainsi, les sites géologiques et géomorphologiques pris en compte sont perçus comme ayant non seulement une valeur scientifique, mais aussi un intérêt scénique, culturel et économique. D'un point de vue (géo)touristique, différents modèles d'analyse sont proposés pour expliciter les composantes de l'offre et de la demande et comprendre le cycle de vie des objets étudiés. L'offre que constituent ces sites est tout d'abord présentée afin d'évaluer leurs différents potentiels, ainsi que l'utilisation spatio-temporelle, didactique et économique qui en est faite. Ensuite, les logiques d'acteurs sont analysées au travers des phases de valorisation, d'exploitation et de transformation, dans le but de comprendre les facteurs et les projets d'utilisation les concernant. Enfin, la demande des différents publics cibles, de même que leurs caractéristiques socio-touristiques et (géo)didactiques, sont discutées. Pour ce faire, des méthodes d'inventaire, d'évaluation, d'entretien et de questionnaire ont été utilisées, à différentes échelles d'analyse. On constate d'abord que le pôle des valeurs scénique et économique présente une plus forte mise à contribution, par rapport à l'utilisation didactique. De plus, le niveau de protection des sites ne restreint généralement pas leur exploitation, au contraire du facteur risque. Du point de vue des publics cibles, une forte demande d'explications didactiques est exprimée, s'orientant vers une approche multithématique des potentiels à mettre en valeur; des biens et services de base sont ainsi demandés. Enfin, force est de constater que seuls de grands projets peuvent rendre les activités (géo)touristiques rentables. A l'avenir, sachant que le géotourisme peut répondre à une demande touristique liée au rêve et à l'émotion, l'approche de l'offre devrait intégrer une réflexion en didactique des sciences de la Terre, d'autant que cette forme de tourisme tend à devenir une composante du développement économique régional, notamment en dehors de la saison d'hiver. Idéalement, l'utilisation touristique de la géodiversité devrait s'accompagner d'une politique de protection dynamique, combinant préservation et mise en valeur. A terme, le but ultime de cette entreprise est notamment d'élargir la notion de patrimoine culturel, pour favoriser une approche transdisciplinaire du paysage Abstract : Based on the study of the areas of Crans-Montana-Sierre (Valais, Switzerland) and Chamonix-Mont-Blanc (Haute-Savoie, France), this study considers the links between tourism activities and Earth science. Thus, the studied geological and geomorphological sites have not only a scientific va1ue, but also scenic, cultural and economic value. From a point of view of tourism, different models of analysis are examined in order to explain the components of the supply and the demand, and to understand the life cycles of the considered objects. The primary product of these sites is first presented, in order to assess their different potential as well as their didactic, economic, spatial and temporal use. The stakeholders' behaviour is then analysed to understand the factors and projected use, with the help of the optimisation, exploitation and transformation phases. Finally, the demand of the different target markets as well as their socio-tourist and (geo)didactic characteristics are discussed. To complete this study, methods of census, assessment, interviewing and questionnaire surveying are used, at different scales of analysis. The main results appear to demonstrate that the scenic and economic values present a higher value relative to the didactic use. Moreover, the required conservation measures for the studied sites do not generally restrict the use, on the contrary to the "risk" factor. From the point of view of the target market, a relevant requirement for explanatory commentary is expressed and tends towards an approach optimising different themes to utilise potential; basic popular goods and services are also requested. Finally, it is clearly demonstrated that only relevant projects are able to make this kind of activity profitable. For the future, geotourism may be marketed to a tourist demand for imagination and emotion. Consequently, the product approach should integrate a reflection on Earth science popularisation given that this branch of tourism tends to receive a component of the economic and regional development, notably during the summer period. However, the use of geodiversity should include a concept of dynamic management, taking into account conservation as well as tourism development. Thus, the final aim of this process is to r,r'iden the notion of cultural heritage, in order to stimulate a multidisciplinary approach to the landscape.

A melting pot world of species : reply to Speziale et al.

Native plants and animals are a natural heritage threatened by one of the six greatest extinction events in Earth's history. Humans, through habitat transformation, exploitation, and species introductions, are driving this extinction event. To turn this tide, Speziale et al. (2014) suggest reducing human dependence on non-native species by increasing the use, harvest, planting, and raising of native species, thereby increasing their cultural and economic value. The search for new or under-appreciated uses of native species is laudable, especially if it helps protect them and contributes to local cultural diversity. Such efforts are arguably an inherent trait of human curiosity and entrepreneurship and are a central platform of popular movements such as slow foods and native gardening. However, Speziale et al.'s hypothesis - that using native species can protect them - is less simple than they suggest. We refute the idea of nativism that underpins Speziale et al.'s proposal and makes it poorly defensible and considered the unaddressed consequences of the proposal for people and for conservation.