Abstract This paper is an examination of the Trust Company of the West, otherwise know as TCW, an assetmanagement firm based in Los Angeles, California. The author talks about why the World Trade Center attack had a large effect on the assetmanagement industry as a whole and more specifically, on the Trust Company of the West's syndicated loans group.
From the Paper "Although September 11th will forever be the day associated with dramatic change, our economy was already in a downward spiral. The markets were weak and consumers and business owners were already preparing for the uncertainties that were predicted. Just a short while before September 11th, the dot-com industry spiraled downward and took the market with it. There were already massive corporate layoffs, business bankruptcies, corporate downsizing and restructuring, an energy crisis and over-consumption in the marketplace."
Abstract This paper discusses the issues and challenges involved in an enterprise-centric approach to the managing of digital content. The writer specifically focuses on the management of medical imagery, a field commonly referred to as digital assetmanagement. Additionally, the writer discusses the need for standards that provide for the creation of digital medical imaging systems.
From the Paper "At the center of integration efforts within the medical digital imaging system design efforts in the industry today is the creation of the virtually integrated electronic patient record (VIEPR), which is the basis of the future generation of wireless and web-based applications that are capable of "tracking" to patients as they progress through treatment programs. The VIEPR concept is aimed at taking digital medical imaging strategies and making them on an "always on" status that patients can present for analysis by medical professionals including radiologists and medical specialists. The future of thin-client based medical digital imaging delivery applications is based on this technology."
Abstract This paper describes assetmanagement as the business system that enables a company to collect, maintain and manage a complete list of all the components possessed by the company. The paper then goes on to explain the concept and main objective of assetmanagement. The paper also reviews another paper written on the related topic of estimating the costs of capital, explaining that, in the paper, the authors strived to find out the appropriate method for estimation of cost of capital with respect to insurance firms and that they proved their method (the full-information beta approach) to be an appropriate and dependable one.
From the Paper "The difficulties in the estimation of the divisional cost of the capital are indicated to be the conglomerate firm itself instead of the division traded in the capital market. Universally, the pure play technique is applied to attain the desired results but specifically at the circumstances when a relatively large number of pure play firms of various sizes are found where it does not entail a satisfactory solution to the divisional cost of capital problem. Therefore, the paper applies a comparatively, new methodology, the full formation industry beta approach that resolves the principal problems of the pure play methodology. The paper mainly concentrates on demonstration of the full-information beta approach to cost of capital estimation applying a sample embracing all firms-insurance and non-insurance listed in the Compustat data base that caters to the selection criteria for the sample period 1997-2000."
Abstract Improving the condition of the British Network Rail and the reliability of the train service cannot happen overnight. This paper shows that a strategic assetmanagement approach is expected to yield benefits in the form of better asset inspection and remediation regime, improvements in the day-to-day delivery of timetable, and enhanced understanding of asset degradation and train performance. The paper argues that one of the changes that could make these possible is the return of the maintenance and renewal decision-making to the engineer, a crucial element of the whole scheme.
From the Paper "Having compiled all the relevant data, the asset management team proceeds to set its objectives based on the size and configuration of the asset portfolio in its hands. These objectives have to be structured as to make the asset optimize its support for the delivery of service, giving due consideration to the issue on what exact amount of human, financial and IT resources is needed. In selecting the strategic objectives, the team is expected to choose those that are doable and hold greater promise to stakeholders."
Abstract This paper explains that the goal of its thesis is to conceive a model to manage the global interest rate risk of the commercial portfolio in order to determine the optimal structure of the new production and to test the tool on the Credit Foncier de Monaco, private banking and subsidiary of Calyon, which is obviously the investment banking of Credit Agricole. The paper's thesis is divided into two main sections: the theoretical modeling and the empirical application.
Table of Contents:
Abstract
Abbreviations
Introduction
Theoretical Modeling
Identification
Interest Rate
Nominal vs. Real Rate
Fixed vs. Variable Interest Rate
Short-Term vs Long-Term Rates
Spot vs. Forward Rates
Term Structure of Interests
Theories
Methods
Deterministic and Stochastic Models
Sources of Interest Rate Risk
Repricing or Maturity Mismatch Risk
Basis or Bid-Ask Spread Risk
Yield Curve Risk
Options Risk
Interest Rate Exposure
Net and Gross Positions
Balance-Sheet & Gap
Profit and Loss Statement and Spread
Factors
Measurement
Volume
Instantaneous Gaps
Generalized Gaps
Indexed Gaps
Simulated Gaps
Value
Duration
Convexity
Market
Margin
Sensitivity
Modified Duration and Relative Convexity
Money Markets Rates
Management Hedging And Speculation
Micro or Macro Hedging
Systematic or Selective Hedging
Partial and Total Speculation
Hedging Risk and Opportunity Cost
Passive and Active Hedging
Passive Hedging or Beta Management Active Hedging or Alpha Management Instruments
Spot
Forward And Future
Fra And Swaps
Options
Modeling
Utility
Structure
Utility Function
Constraints
Regulation
Commercial
Model
Objective Function
Efficient Portfolio
Optimal Portfolio
Empirical Application
Presentation
Cfm
Treasury
Asset-Liability Management (Alm) Committee
Adaptation
Structure
Constraints
Rates
Simulation
Leverage
Regulatory Constraints
Variance-Covariance Matrix
Utility
Variances
Conclusion
Glossary
Appendix: Balance-Sheet + Profit & Loss Statement
Appendix: Balance-Sheets by Currency, Maturity and Interest Rate
Appendix: Gaps
Appendix: Correlation and Variance-Covariance Matrix
Appendix: Weightings and Balance-Sheets in March 2008
Appendix: Coefficients of Variation
Appendix: Objective Function for Different Aversions to Risk
From the Paper "Taking into account the stock and constraints, the model determines the optimal allocation of the production for different scenarios of rates level, rates volatility and risk aversion degrees. The bank hedges against the interest rate risk by optimally adjusting its production.
"The optimal portfolio is the tangent point between the efficient frontier and the indifferent curve. It is obtained by equalizing the marginal rate of transformation (MRT) to the risk to return, which is the slope of the efficient frontier, and the marginal rate of substitution (MRS) to the risk to return, which is the slope of the objective function."
Tags: tool transformation, tangent point, risk premium, assetmanagement
Abstract This paper studies the DZ Bank which operates in Europe with branch networks in various countries. The organizational structure of the DZ Bank is made up of three groups. These include Corporate and Investment Banking, Private Clients and AssetManagement and Corporate Investment. It discusses the roles of the Board of Managing Directors and how to report to them and present the annual strategy.
From the Paper "DZ Bank is at the forefront of providing international financial services. The primary market for the bank is Europe with branch networks in various countries . For the purpose of this analysis I will review how three key activities are planned and managed within the Group Executive Committee division of this organization. In addition I will review what roles teamwork, effective management and motivated employees play in completing these activities. I will demonstrate how planning techniques are created using P.E.R.T. "
Tags: bank, management, DZ, P.E.R.T., Europe, asset, corporate, clients, banking, germany, international
Abstract This paper examines the organizing function of management at Allstate Insurance Company. It describes how the organizing function of management relates to physical assets, monetary assets, human resources, knowledge and technology. The paper describes the importance, for a company, of ensuring that the proper procedures and people are in place to maintain a high quality of organization.
Table of Contents:
Introduction
Organization in Relation to Monetary Assets Organization in Relation to Human Resources
Organization in Relation to Knowledge
Organization in Relation to Physical Assets Organizing in Relation to Technology
Allstate's Effectiveness & Efficiency of its Organizational Resources
Conclusion
From the Paper "Organization is paramount in any company or organization but is of particular importance in today's business world. Company's that are a success are in a perpetual cycle of organization to ensure that their operations and procedures are designed in such a way to maximize efficiency and productivity. Disorganization can lead to disastrous results via wasted efforts, lost productivity and employee disdain at redundant tasks and processes."
Abstract The world we live in is constantly faced with new challenges it must overcome in order to survive; and the business world is no exception. A wide array of changes have affected industrial activities and have forced companies to develop and more importantly, to become increasingly adaptable to all forces of micro and macro nature. A most relevant modification within the business sector is represented by the approach to the human resource. If only a few decades ago, the personnel were perceived as the force operating the machines, today, they represent the company's most valuable assets, its core competency and its means of achieving organizational goals. The management of the human resource currently constitutes a vital issue within corporations, moreover for the companies activating in the service field, where the quality of the interactions with the customers is crucial for the successful continual of the business activity. Airline companies place increased emphasis on the human resource strategies and policies and have integrated them in the company's values. This research paper presents the most relevant human resource management practices as revealed by numerous academicians and specialized economists. Furthermore, two airlines companies are discussed while presenting the means in which they understand, develop and implement human resource strategies and policies.
Outline:
Executive summary
1. Introduction
2. Human Resource Management Practices
2.1 Relevant Concepts of HRM
2.2 Planning and Recruiting
2.2.1 Recruiting the personnel
2.2.2 Sources of recruitment
2.3 Organizing the Human Resource
2.3.1 Job Design
2.3.2 Working Conditions
2.3.3 Flexible Schedules
2.4 Developing and Training the Human Resource
2.4.1 Training and Development
2.4.2 Motivating the Human Resource
2.5 Evaluating and Remunerating the Personnel
2.6 Employee Relations
2.6.1 Communications
2.6.2 Collective Bargaining
3. Human Resource Management within Airline Companies
3.1 HRM Particularities in Airline Companies
3.1.1 Globalization and Market Liberalization
3.1.2 Technological Developments
3.2 Measuring Job Satisfaction of Airline Passenger Service Staff
3.3 Airline Employees and Airline Disasters
3.4 The Human Resource at British Airways
3.5 The Human Resource at Air Canada
4. Conclusions and Recommendations
5. Reflections
6. References
From the Paper "The human resource strategies designed and implemented by the company's management are expected to retrieve two finalities. The company first expects to better satisfy the needs of its employees. Secondly, the management hopes that through the implementation of the HR practices and alternatively an increased job satisfaction, employees' performances will increase and this will generate a superior quality of the airline services offered by the organization.
"But in order to reach the desired status of increased market share, profits and increased interest from investors, due to a high quality of their services, managers must first measure the level of satisfaction of each employee. Ruth Taylor, the Academic Area Head for the Services and Tourism Management program at Curtin University, Western Australia, has long studied and analyzed the level of job satisfaction felt by airline employees as well as the measurements used by managements."
Abstract This paper discusses the growing trend in today's economy of allowing employees to telecommute, working either from the field or from home part or all of the time. It discusses new challenges telecommuting poses for managers. It concludes that when working with off-site employees, managers must safeguard assets and information in the hands of employees, find ways to measure how much work was performed rather than how many hours were worked and maintain a company culture among otherwise isolated people.
From the Paper " Allowing employees to telecommute working either from the field or from home part or all of the time is a growing fashion in today's economy. Yet it poses new challenges for managers. When working with off-site employees..."
Abstract The paper discusses knowledge-based management and states that it
can be thought of as the process through which organizations generate value from their intellectual and knowledge based assets. The paper states that generating value from such assets involves sharing them
with other companies in an effort to devise best practices. The paper summarizes knowledge-based management as a process that is pursued using technology to retrieve, and manipulate data, while the technology makes access possible for a number of employees in the organization at any given time.
From the Paper "The process of knowledge management involves gathering information from experience, meaning both whatever experience others may have gathered and placed in a database or a written source and the experience of the individual, the employees, and the organization itself, as gathered and maintained in a database. Technology makes a more thorough gathering and maintenance of such material, and it also allows for subsequent access and analysis of this information in training new employees, in transmitting practices and customs, and in assuring greater continuity in the organization."
Abstract This paper reviews and discusses the importance of inventory management within a business. According to the paper, the management of assets can make or break a business. The paper goes on to say that financial statements do not tell analysts all they want to know. The paper includes sample financial sheets and summary.
From the Paper "Based on the summary of financial analyses presented above, we can say that ABC is a profitable and growing Company. Although there is a decreased of 0.17 or 4% in Current ratio, there is a positive and increase working capital of $10,000 and increase if 0.37 or 21%, in Quick Ratio. It means that on current liability of $1, the company has a current asset of $3.50 in 2006 and 3.67 in 2005 whereas $1 of current liability, it has "near cash" availability of $1.70 in 2006 and $1.33 in 2005. In both instances, this is a positive note signifying that it has the ability to pay its obligation in the near future. "
Tags: cash, flow, liquid, fixed, financial, analysis, management, profitability, income
Abstract This paper takes an in-depth look at knowledge management, a relatively new business concept that is attracting the attention of informed and global-oriented companies because of its promise to introduce new elements of flexibility and efficiency in the entire business spectrum - from management, plant and production to front line activities. This paper attempts to answer many questions related to knowledge management, which a growing number of management scholars present as a newly discovered key to unlock the productive powers of all people in a company and to bind them in one neat package towards achieving organizational success.
This paper has chosen to focus on three examples of companies in the automotive industry, implementing knowledge management.
Table of Contents
List of Tables
List of Figures
Acknowledgement
Chapter I - Introduction
Chapter II - Literature Review
I.1. Knowledge Management II.1a. Knowledge as Business Asset II.1b. Types of Knowledge
II.1c. Key Players in KM
II.1d. Transfer of Knowledge
II.1e. Holistic Approach
II.1f. Primacy of People
II.2. The Automotive Industry
II.2a. Technology and Innovation
II.2b. Control Systems
II.3. Product Development
II.3a. Development Stages
II.3b. New Imperatives
II.3c. KM Strategies
II.3d. KM Terms and Concepts
II.4. Conceptual Framework
II.5. Information and KM Concepts
Chapter III - Industry, Country & Company Review
III.1. Industry Trends
III.2. Country Perspectives
III.3. Company Reports
Chapter IV - Research Methodology
III.1. Observation and Direct Communication
III.2. Quantitative vs. Qualitative Research
Chapter V - Results
Chapter VI - Discussion and Conclusion
From the Paper "There are as many definitions of knowledge management as there are long-cherished ideas of how to run a business. If there is a common ground in the divergent perceptions of knowledge management, it is the generally accepted proposition that KM aims to transform knowledge into new levels of organizational capabilities and competences (Sanchez, R., 2006). The debate revolves around the question of how to implement it in the most effective manner. This study thus fixes its attention on the different KM strategies adopted by organizations, closing in on the international automotive industry because it is identified as among the sectors that especially needs and stand to derive enormous benefits from the new management technique. The focus shifts from there to the development process for new vehicles, where KM is said to be most helpful, and which calls for synthesizing all kinds of knowledge and specialization - the whole rationale for KM. As setting of the study, we pick out India for the simple reason that it now serves as manufacturing base for the internationalization efforts of many automotive companies."
Abstract The paper defines inventory as all goods and materials used in production and distribution including raw materials, component parts, sub-assemblies, finished goods, and the various products and supplies required in the production and distribution process. The author of the paper shows that Inventory can be a liability as well as an asset: excessive, finished (goods) inventory requires larger warehouses and that many times this is the first indication of bad decisions in the production and process stages. The paper shows that improving product-availability and reducing overall working capital investments, without jeopardizing the company performance is a tightrope that most inventory managers have to walk. The paper uses Toyota car manufacturers as an example of successful inventory management.
From the Paper "Inventory personnel have to constantly track market conditions and price trends. Software has to be designed to input these trends to determine the inventory requirements and the Economic Order Quantity (EOQ) (Business Open Learning Archive, online). The inventory manager has also to be in constant contact with the production and the sales department, in order to ensure that stock outs at the sales end do not occur as a result of material shortage at the production end. Computerized systems have helped simplify the purchasing system and have help improve the efficiency of data recording."
Tags:manager, supplier, kanban, system, Just, in, time, (JIT), system, Optimum, Product, Timetables, (OPT), software, Toyota, business, management
Abstract This paper explains how financial managers use financial derivatives to help them determine risks accurately and better control them. The paper explains the role financial derivatives play in this aspect of financial management and the different types of financial derivatives available. The paper also discusses the importance of understanding the intended function of derivatives and that the users of this tool take necessary precautions before using it. The paper also looks at the types of financial institutions involved with financial derivatives, explains how certain types can help financial managers hedge financial risk, and looks at the reasons for the growth in the market of financial derivatives.
Introduction
Roles of Financial Derivatives
Futures and Options Can Help Risk Managers to Hedge Financial Risk
From the Paper "One of the first uses of financial derivatives was to reduce exposure to changes in rates of foreign exchange, interests, or stock market valuation. As an example take the situation of an American company has sent goods for which they will be paid in British Pounds. It has the choice or "option" of entering into a derivative contract with another party to reduce the risk of British Pound increasing in value compared to US Dollar when the payment is made. Through the use of the instrument, the party covering the risk is compelled to pay the exporter the value in American Dollars at the rate at which the instrument was finalized. Thus the derivative has shifted the exchange risk from the exporter to another party. These instruments are continually gaining in popularity and familiarity, and this increase in popularity is also increasing the variety of such instruments that are now available. One has to understand the latest uses of derivatives and the implications of the concerned transactions to get the benefit from these instruments."
Tags: instrument, value, securities, volatility, deregulation, options, asset, rate, index
Abstract This paper explains that, inevitably, bridges deteriorate over time at different rates: Timely maintenance activities, which are well-planned and carried out with minimal disruption to road users can present substantial savings in terms of both time and money for both bridge owners and road users. The author ponts out that, to tackle the complicated issues regarding bridge management, research activities in the UK as well as other countries in continental Europe concentrate largely on the bridge management process, with attention given to improving the use of limited finances to maximize the returns from the maintenance and repair of the bridge stock as well as reduce additional costs due to traffic delays and lane closures for these activities. The paper includes a critical review of other BMSs used worldwide, development of models to predict bridge condition over time, analysis of the various road user costs and using different optimizing techniques to best allocate finances and optimize bridge performance. 39 tables. 40 figures.
Table of Contents
Introduction
Objective
Bridge Conditions in the U.K.
Introduction
Maintenance and Upgrading
Expenditure
Department of Transport (DoT) Programme
What is a Bridge Management System (BMS)?
Introduction
Department of Transport Structure
Maintenance Agents
BMS in the U.K. and Other Countries
Introduction
Bridge Condition
Other Information in BMS's
Condition Prediction
Cost Models
Decision for Maintenance and Repair
Prioritization
BMS in the U.S.A.
BRIDGIT System
PONTIS System
SMIS System
Inventory
Inspection and Assessment
National Structures Programmes (NSPs)
Prioritization
Project Creation
Whole Life Assessment and Costing
Activities Schedule
Data Accuracy
Design Specifications
Access
Integration with External Systems
Bridge Inspection and Assessment
Bridge Inspection Types
Defects
Bridge Scoring
Introduction
Definitions
Bridge Condition Score (BCS)
Bridge Condition Index (BCI)
Bridge Stock Condition Index (BSCI)
Multi Span Bridges
Bridge Scoring Example
Interpreting BCS's
BCS Results
Histograms for Bridge Stock
Interpreting BCI's
BCI Results
Interpreting BSCI's
Predicting Bridge Condition with Time
Introduction
Markov Chain Approach
Example Calculation
Bridge Condition Example
Bridge Condition Results
Bridge Aggregation Example
Bridge Aggregation Results
Bridge Stock Example
Bridge Stock Results
Traffic Costs
Introduction
Traffic Count Example
Traffic Count Results
Traffic Delay Cost Examples
Delay Costs Results (1st Example)
Delay Costs Results (2nd Example)
Accident Cost Example
Accident Costs Results
Environmental Impact
Introduction
Emissions Example
Emissions Results
Decision-Making and Prioritization
Decision-making
Introduction
Prioritization
Introduction
Dynamic Programming
Budget Allocation Approach
Budget Allocation Results (1st Example)
Budget Allocation Results( 2nd Example)
Budget Allocation Results ( 3rd Example)
Improvements to Budget Allocation Approach
Introduction to BCI optimization approach
Service Potential (BCI) Examples
BCI Optimization Results (1st Example)
BCI Optimization Results (2nd Example)
BCI Optimization Results (3rd Example)
Maintenance Costs Examples
BCI Optimization Results (4th Example)
BCI Optimization Results (5th Example)
BCI Optimization Results (6th Example)
Conclusion
Future Research
From the Paper "It is proposed that the transition probabilities to be used are the Bridge Condition Index (BCI), which operates on a linear scale of 0 (worst) to 100 (best). The degree of severity of bridges is linearly distributed over this range (i.e. BCI of 50 to 51 is the same as 90 to 91), except that costs are expected not to have a linear distribution. This is a useful approach as the BCI (average) is interpreted as 'service potential' and is used as a performance indicator.
Using the example for multi span bridges earlier on, the transition probabilities for a three-state Markov chain model with limiting stage value of 3 is proposed. The probabilities are in accordance to the BCI values for the 'good' bridge arranged in order of descending magnitude (i.e. P(1) = 0.9845 and P(2) = 0.9246). For the purposes of comparison, the other two bridges ('medium' and 'bad') are also modelled and the three are plotted together."
