(64286) Effective Permeability Estimation for Simulation of Naturally Fractured

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香精油中农药残留

香精油中农药残留

Determination of Pesticide Minimum Residue Limits in Essential OilsReport No 3A report for the Rural Industries Research andDevelopment CorporationBy Professor R. C. Menary & Ms S. M. GarlandJune 2004RIRDC Publication No 04/023RIRDC Project No UT-23A© 2004 Rural Industries Research and Development Corporation.All rights reserved.ISBN 0642 58733 7ISSN 1440-6845‘Determination of pesticide minimum residue limits in essential oils’, Report No 3Publication No 04/023Project no.UT-23AThe views expressed and the conclusions reached in this publication are those of the author and not necessarily those of persons consulted. RIRDC shall not be responsible in any way whatsoever to any person who relies in whole or in part on the contents of this report.This publication is copyright. However, RIRDC encourages wide dissemination of its research, providing the Corporation is clearly acknowledged. For any other enquiries concerning reproduction, contact the Publications Manager on phone 02 6272 3186.Researcher Contact DetailsProfessor R. C. Menary & Ms S. M. GarlandSchool of Agricultural ScienceUniversity of TasmaniaGPO Box 252-54HobartTasmania 7001AustraliaPhone: (03) 6226 2723Fax: (03) 6226 7609Email: r.menary@.auIn submitting this report, the researcher has agreed to RIRDC publishing this material in its edited form.RIRDC Contact DetailsRural Industries Research and Development CorporationLevel 1, AMA House42 Macquarie StreetBARTON ACT 2600PO Box 4776KINGSTON ACT 2604Phone: 02 6272 4819Fax: 02 6272 5877Email: rirdc@.auWebsite: .auPublished in June 2004Printed on environmentally friendly paper by Canprint.FOREWORDInternational regulatory authorities are standardising the levels of pesticide residues present in products on the world market which are considered acceptable. The analytical methods to be used to confirm residue levels are also being standardised. To constructively participate in these processes, Australia must have a research base capable of constructively contributing to the establishment of methodologies and must be in a position to assess the levels of contamination within our own products.Methods for the analysis for pesticide residues rarely deal with their detection in the matrix of essential oils. This project is designed to develop and validate analytical methods and apply that methodology to monitor pesticide levels in oils produced from commercial harvests. This will provide an overview of the levels of pesticide residues we can expect in our produce when normal pesticide management programs are adhered to.The proposal to produce a manual which deals with the specific problems associated with detection of pesticide residues in essential oils is intended to benefit the essential oil industry throughout Australia and may prove useful to other horticultural products.This report is the third in a series of four project reports presented to RIRDC on this subject. It is accompanied by a technical manual detailing methodologies appropriate to the analysis for pesticide residues in essential oils.This project was part funded from RIRDC Core Funds which are provided by the Australian Government. Funding was also provided by Essential Oils of Tasmania and Natural Plant Extracts Cooperative Society Ltd.This report, an addition to RIRDC’s diverse range of over 1000 research publications, forms part of our Essential Oils and Plant Extracts R&D program, which aims for an Australian essential oils and plant extracts industry that has established international leadership in production, value adding and marketing.Most of our publications are available for viewing, downloading or purchasing online through our website:•downloads at .au/fullreports/index.html•purchases at .au/eshopSimon HearnManaging DirectorRural Industries Research and Development CorporationAcknowledgementsOur gratitude and recognition is extended to Dr. Noel Davies (Central Science Laboratories, University of Tasmania) who provided considerable expertise in establishing procedures for chromatography mass spectrometry.The contribution to extraction methodologies and experimental work-up of Mr Garth Oliver, Research Assistant, cannot be underestimated and we gratefully acknowledge his enthusiasm and novel approaches.Financial and ‘in kind’ support was provided by Essential Oils Industry of Tasmania, (EOT).AbbreviationsADI Average Daily IntakeAGAL Australian Government Analytical Laboratoriesingredientai activeAPCI Atmospheric Pressure Chemical IonisationBAP Best Agricultural PracticesenergyCE collisionDETA DiethylenetriamineECD Electron Capture DetectorionisationESI ElectrosprayFPD Flame Photometric DetectionChromatographyGC GasResolutionHR HighChromatographyLC LiquidLC MSMS Liquid Chromatography with detection monitoring the fragments of Mass Selected ionsMRL Maximum Residue LimitSpectrometryMS MassNRA National Registration AuthorityR.S.D. Relative Standard DeviationSFE Supercritical Fluid ExtractionSIM Single Ion MonitoringSPE Solid Phase ExtractionTIC Total Ion ChromatogramContents FOREWORD (III)ACKNOWLEDGEMENTS (IV)ABBREVIATIONS (V)CONTENTS (VI)EXECUTIVE SUMMARY (VII)1. INTRODUCTION (1)1.1B ACKGROUND TO THE P ROJECT (1)1.2O BJECTIVES (2)1.3M ETHODOLOGY (2)2. EXPERIMENTAL PROTOCOLS & DETAILED RESULTS (3)2.1M ETHOD D EVELOPMENT (3)2.2M ONITORING OF H ARVESTS (42)2.3P RODUCTION OF M ANUAL (46)3. CONCLUSIONS (47)IMPLICATIONS & RECOMMENDATIONS (50)BIBLIOGRAPHY (50)Executive SummaryThe main objective of this project was to continue method development for the detection of pesticide residues in essential oils, to apply those methodologies to screen oils produced by major growers in the industry and to produce a manual to consolidate and coordinate the results of the research. Method development focussed on the effectiveness of clean-up techniques, validation of existing techniques, the assessment of the application of gas chromatography (GC) with detection using electron capture detectors (ECD), flame photometric detectors (FPD) and high pressure liquid chromatography (HPLC) with ion trap mass selective (MS) detection.The capacity of disposable C18 cartridges to separate components of boronia oil was found to be limited with the majority of boronia components being eluted on the solvent front, with little to no separation achieved. The cartridges were useful, however, in establishing the likely interaction of reverse phases (RP) C18 columns with components of essential oils, using polar mobile phases . The loading of large amounts of oil onto RP HPLC columns presents the risk of permanently contaminating the bonded phases. The lack of retention of components on disposable SPE C18 cartridges, despite the highly polar mobile phase, presented a good indication that essential oils would not accumulate on HPLC RP columns.The removal of non-polar essential oil components by solvent partitioning of distilled oils was minimal, with the recovery of pesticides equivalent to that recorded for the essential oil components. However application of this technique was of advantage in the analysis of solvent extracted essential oils such as those produced from boronia and blackcurrant.ECD was found to be successful in the detection of terbacil, bromacil, haloxyfop ester, propiconazole, tebuconazole and difenaconzole. However, analysis of pesticide residues in essential oils by application of GC ECD is not sufficiently sensitive to allow for a definitive identification of any contaminant. As a screen, ECD will only be effective in establishing that, in the absence of a peak eluting with the correct retention time, no gross contamination of pesticide residues in an essential oil has occurred . In the situation where a peak is recorded with the correct elution characteristics, and which is enhanced when the sample is fortified with the target analyte, a second means of contaminant identification would be required. ECD, then, can only be used to rule out significant contamination and could not in itself be adequate for a positive identification of pesticide contamination.Benchtop GC daughter, daughter mass spectrometry (MSMS) was assessed and was not considered practical for the detection of pesticide residues within the matrix of essential oils without comprehensive clean-up methodologies. The elution of all components into the mass spectrometer would quickly lead to detector contamination.Method validation for the detection of 6 common pesticides in boronia oil using GC high resolution mass spectrometry was completed. An analytical technique for the detection of monocrotophos in essential oils was developed using LC with detection by MSMS. The methodology included an aqueous extraction step which removed many essential oil components from the sample.Further method development of LC MSMS included the assessment of electrospray ionisation (ESI) and atmospheric pressure chemical ionisation (APCI. For the chemicals trialed, ESI has limited application. No response was recorded for some of the most commonly used pesticides in the essential oil industry, such as linuron, oxyflurofen, and bromacil. Overall, there was very little difference between the sensitivity for ESI and APCI. However, APCI was slightly more sensitive for the commonly used pesticides, tebuconazole and propiconazole, and showed a response, though poor, to linuron and oxyflurofen. In addition, APCI was the preferred ionisation method for the following reasons,♦APCI uses less nitrogen gas compared to ESI, making overnight runs less costly;♦APCI does not have the high back pressure associated with ionisation by ESI such that APCI can be run in conjunction with UV-VIS without risk of fracturing the cell, which is pressure sensitive. Analytes that ionised in the negative APCI mode were incorporated into a separate screen which included bromacil, terbacil, and the esters of the fluazifop and haloxyfop acids. Further work using APCI in the positive mode formed the basis for the inclusion of monocrotophos, pirimicarb, propazine and difenaconazole into the standard screen already established. Acephate, carbaryl, dimethoate, ethofumesate and pendimethalin all required further work for enhanced ionisation and / or improved elution profiles. Negative ionisation mode for APCI gave improved characteristics for dicamba, procymidone, MCPA and mecoprop.The thirteen pesticides included in this general screen were monocrotophos, simazine, cyanazine, pirimicarb, propazine, sethoxydim, prometryb, tebuconazole, propiconazole, , difenoconazole and the esters of fluroxypyr, fluazifop and haloxyfop.. Bromacil and terbacil were not included as both require negative ionisation and elute within the same time window as simazine, which requires positive ionisation. Cycling the MS between the two modes was not practical.The method validation was tested against three oils, peppermint, parsley and fennel.Detection limits ranged from 0.1 to 0.5 mgkg-1 within the matrix of the essential oils, with a linear relationship established between pesticide concentration and peak height (r2 greater than 0.997) and repeatabilities, as described by the relative standard deviation (r.s.d), ranging from 3 to 19%. The type of oil analysed had minimal effect on the response function as expressed by slope of the standard curve.The pesticides which have an carboxylic acid moiety such as fluazifop, haloxyfop and fluroxypyr, present several complications in any analytical method development. The commercial preparations usually have the carboxylic acid in the ester form, which is hydrolysed to the active acidic form on contact with soil and vegetation. In addition, the esters may be present in several forms, such as the ethoxy ethyl or butyl esters. Detection using ESI was tested. Preliminary results indicate that ESI is unsuitable for haloxyfop and fluroxypyr ester. Fluazifop possessed good ionisation characteristics using ESI, with responses approximately thirty times that recorded for haxloyfop. Poor chromatography and response necessitated improved mobile phase and the effect of pH on elution characteristics was considered the most critical parameter. The inclusion of acetic acid improved peak resolution.The LC MSMS method for the detection of dicamba, fluroxypyr, MCPA, mecoprop and haloxyfop in peppermint and fennel distilled oils underwent the validation process. Detection limits ranged from 0.01 to 0.1 mgkg-1Extraction protocols and LC MSMS methods for the detection of paraquat and diquat were developed. ESI produced excellent responses for both paraquat and diquat, after some modifications of the mobile phase. Extraction methodology using aqueous phases were developed. Extraction with carbonate buffer proved to be the most effective in terms of recovery and robustness. A total ion chromatogram of the LC run of an aqueous extract of essential oil was recorded and detection using a photodiode array detector confirmed that very little essential oil matrix was co-extracted. The low background noise indicated that samples could be introduced directly into the MS. This presented a most efficient and rapid way for analysis of paraquat and diquat, avoiding the need for specialised columns or modifiers to be included in the mobile phase to instigate ion exchange.The adsorbtion of paraquat and diquat onto glass and other surfaces was reduced by the inclusion of diethylenetriamine (DETA). DETA preferentially accumulates on the surfaces of sample containers, competitively binding to the adsorption sites. All glassware used in the paraquat diquat analysis were washed in a 5% solution of 0.1M DETA, DETA was included in all standard curve preparations, oils were extracted with aqueous DETA and the mobile phase was changed to 50:50 DETA / methanol. The stainless steel tubing on the switching valve was replaced with teflon, further improvingreproducibility. Method validation was undertaken of the analysis of paraquat and diquat using the protocols established. The relationship between analyte concentration and peak area was not linear at low concentrations, with adsorption more pronounced for paraquat, such that the response for this analyte was half that seen for diquat and the 0.1 mgkg-1 level.The development of a method for the detection of the dithiocarbamate, mancozeb was commenced. Disodium N, N'-ethylenebis(dithiocarbamate) was synthesised as a standard for the derivatised final analytical product. An LC method, with detection using MSMS, was successfully completed. The inclusion of a phase transfer reagent, tetrabutylammonium hyrdrogen sulfate, required in the derivatisation step, contaminated the LC MSMS system, such that any signal from the target analyte was masked. Alternatives to the phase transfer reagent are now being investigated.Monitoring of harvests were undertaken for the years spanning 1998 to 2001. Screens were conducted covering a range of solvent extracted and distilled oils. Residues tested for included tebuconazole, simazine, terbacil, bromacil, sethoxydim, prometryn, oxyflurofen, pirimicarb, difenaconazole, the herbicides with acidic moieties and paraquat and diquat. Problems continued for residues of propiconazole in boronia in the 1998 / 1999 year with levels to 1 mgkg-1 still being detected. Prometryn residues were detected in a large number of samples of parsley oil.Finally the information gleaned over years of research was collated into a manual designed to allow intending analysts to determine methodologies and equipment most suited to the type of the pesticide of interest and the applicability of analytical equipment generally available.1. Introduction1.1 Background to the ProjectResearch undertaken by the Horticultural Research Group at the University of Tasmania, into pesticide residues in essential oils has been ongoing for several years and has dealt with the problems specific to the analysis of residues within the matrix of essential oils. Analytical methods for pesticides have been developed exploiting the high degree of specificity and selectivity afforded by high resolution gas chromatography mass spectrometry. Standard curves, reproducibility and detection limits were established for each. Chemicals, otherwise not amenable to gas chromatography, were derivatised and incorporated into a separate screen to cover pesticides with acidic moieties.Research has been conducted into low resolution GC mass selective detectors (MSD and GC ECD. Low resolution GC MSD achieved detection to levels of 1 mgkg-1 in boronia oil, whilst analysis using GC ECD require a clean-up step to effectively detect halogenated chemicals below 1mgkg-1.Dithane (mancozeb) residues were digested using acidified stannous chloride and the carbon disulphide generated from this reaction analysed by GC coupled to FPD in the sulphur mode.Field trials in peppermint crops were established in accordance with the guidelines published by the National Registration Authority (NRA), monitoring the dissipation of Tilt and Folicur residues in peppermint leaves and the co-distillation of these residues with hydro-distilled peppermint oils were assessed.Development of extraction protocols, analytical methods, harvest monitoring and field trials were continued and were detailed in a subsequent report. Solvent-based extractions and supercritical fluid extraction (SFE) was found to have limited application in the clean-up of essential oilsIn conjunction with Essential Oils of Tasmania (EOT), the contamination risk, associated with the introduction of a range of herbicides, was assessed through a series of field trials. This required analytical method development to detect residues in boronia flowers, leaf and oil. The methodology for a further nine pesticides was successful applied. Detection limits for these chemicals ranged from 0.002 mgkg-1 to 0.1 mgkg-1. In addition, methods were developed to analyse for herbicides with active ingredients (ai) whose structure contained acidic functional groups. Two methods of pesticide application were trialed. Directed sprays refer to those directed on the stems and leaves of weeds at the base of boronia trees throughout the trial plot. Cover sprays were applied over the entire canopy. For all herbicides for which significant residues were detected, it was evident that cover sprays resulted in contamination levels ten times those occurring as a result of directed spraying in some instances. Chloropropham, terbacil and simazine presented potentially serious residue problems, with translocation of the chemical from vegetative material to the flower clearly evident.Directed spray applications of diuron and dimethenamid presented only low residue levels in extracted flowers with adequate control of weeds. Oxyflurofen and the mixture of bromacil and diuron (Krovar) presented only low levels of residues when used as a directed spray and were effective as both post and pre-emergent herbicides. Only very low levels of residues of both sethoxydim and norflurazon were detected in boronia oil produced in crops treated with directed spray applications. Sethoxydim was effective as a cover spray for grasses whilst norflurazon showed potential as herbicide to be used in combination with other chemicals such as diuron, paraquat and diquat. Little contamination of boronia oils by herbicides with acidic moieties was found. This advantage, however, appears to be offset by the relatively poor weed control. Both pendimethalin and haloxyfop showed good weed control. Both, however, present problems with chemical residues in boronia oil and should only be used as a directed sprayThe stability of tebuconazole, monocrotophos and propiconazole in boronia under standard storage conditions was investigated. Field trials of tebuconazole and propiconazole were established in commercial boronia crops and the dissipation of both were monitored over time. The amount of pesticide detected in the oils was related to that originally present in the flowers from which the oils were produced.Experiments were conducted to determine whether the accumulation of terbacil residues in peppermint was retarding plant vigour. The level recorded in the peppermint leaves were comparatively low. Itis unlikely that terbacil carry over is the cause for the lack of vigour in young peppermint plants.Boronia oils produced in 1996, 1997 and 1998 were screened for pesticides using the analytical methods developed. High levels of residues of propiconazole were shown to persist in crops harvested up until 1998. Field trials have shown that propiconazole residues should not present problems if the fungicide is used as recommended by the manufacturers.1.2 Objectives♦Provide the industry, including the Standards Association of Australia Committee CH21, with a concise practical reference, immediately relevant to the Australian essential oil industry♦Facilitate the transfer of technology from a research base to practical application in routine monitoring programs♦Continue the development of analytical methods for the detection of metabolites of the active ingredients of pesticide in essential oils.♦Validate the methods developed.♦Provide industry with data supporting assurances of quality for all exported products.♦Provide a benchmark from which Australia may negotiate the setting of a realistic maximum residue limit (MRL)♦Determine whether the rate of uptake is relative to the concentration of active ingredient on the leaf surface may establish the minimum application rates for effective pest control.1.3 MethodologyThree approaches were used to achieve the objectives set out above.♦Continue the development and validation of analytical methods for the detection of pesticide residues in essential oils. Analytical methods were developed using gas chromatography high resolution mass spectrometry (GC HR MS), GC ECD, GC FPD and high pressure liquid chromatography with detection using MSMS.♦Provide industry with data supporting assurances of quality for all exported products.♦Coordinate research results into a comprehensive manual outlining practical approaches to the development of analytical proceduresOne aspect of the commissioning of this project was to provide a cost effective analytical resource to assess the degree of the pesticide contamination already occurring in the essential oils industry using standard pesticide regimens. Oil samples from annual harvests were analysed for the presence of pesticide residues. Data from preceding years were collated to determine the progress or otherwise, in the application of best agricultural practice (BAP).2. Experimental Protocols & Detailed ResultsThe experimental conditions and results are presented under the following headings:♦Method Development♦Monitoring of Commercial Harvests♦Production of a Manual2.1 Method DevelopmentMethod development focussed on the effectiveness of clean-up techniques, validation of existing techniques, the assessment of the application of GC ECD and FPD and high pressure liquid chromatography with ion trap MS, MS detection.2.1.1 Clean-up Methodologies2.1.1.i. Application of Disposable SPE cartridges in the clean-up of pesticide residues in essentialoilsLiterature reviews provided limited information with regards to the separation of contaminants within essential oils. The retention characteristics of disposable C18 cartridges were trialed.Experiment 1;Aim : To assess the capacity of disposable C18 cartridges to the separation of boronia oil components. Experimental : Boronia concrete (49.8 mg) was dissolved in 0.5 mL of acetone and 0.4 mL of chloroform was added. 1mg of octadecane was added as an internal standard. A C18 Sep-Pak Classic cartridge (short body) was pre- conditioned with 1.25 mL of methanol, which was passed through the column at 7.5 mLmin-1, followed by 1.25 mL of acetone, at the same flow rate. The boronia samplewas then applied to the column at 2 mLmin-1 flow and eluted with 1.25 mL of acetone / chloroform (5/ 4) and then eluted with a further 2.5 mL of chloroform. 5 fractions of 25 drops each were collected. The fractions were analysed by GC FID using the following parametersAnalytical parameters6890PackardHewlettGCcolumn: Hewlett Packard 5MS 30m, i.d 0.32µmcarrier gas instrument grade nitrogeninjection volume: 1µL (split)injector temp: 250°Cdetector temp: 280°Cinital temp: 50°C (3 min), 10°Cmin-1 to 270°C (7 mins)head pressure : 10psi.Results : Table 1 record the percentage volatiles detected in the fractions collectedFraction 1 2 3 4 5 % components eluting 18 67 13 2636%monoterpenes 15%sesquiquiterpenes 33 65 2%high M.W components 1 43 47 9Table 1. Percentage volatiles eluting from SPE C18 cartridgesDiscussion : The majority of boronia components eluted on the solvent front, effecting minimal separation. This area of SPE clean-up of essential oils requires a wide ranging investigation, varying parameters such as cartridge type and polarity of mobile phase.Experiment 2.Aim : For the development of methods using LC MSMS without clean-up steps, the potential for oil components to accumulate on the reverse phase (RP) column must be assessed. The retention of essential oil components on SPE C18 cartridges, using the same mobile phase as that to be used in theLC system, would provide a good indication as to the risk of contamination of the LC columns withoil components.Experimental: Parsley oil (20-30 mg) was weighed into a GC vial. 200 µL of a 10 µgmL-1 solution (equivalent to 100mgkg-1 in oil) of each of sethoxydim, simazine, terbacil, prometryn, tebuconazoleand propiconazole were used to spike the oil, which was then dissolved in 1.0 mL of acetonitrile. The solution was then slowly introduced to the C18 cartridge (Waters Sep Pac 'classic' C18 #51910) using a disposable luer lock, 10 mL syringe, under constant manual pressure, and eluted with 9 mLs of acetonitrile. Ten, 1 mL fractions were collected and transferred to GC vials. 1mg of octadecane was added to each vial and the samples were analysed by GC FID under the conditions described in experiment 1.The experiment was repeated using C18 cartridges which had been pre-conditioned with distilled waterfor 15 mins. Again, parsley oil, spiked with pesticides was eluted with acetonitrile and 5 x 1 mL fractions collected.Results: The majority of oil components and pesticides were eluted from the C18 cartridge in the firsttwo fractions. Little to no separation of the target pesticides from the oil matrix was achieved. Table2 lists the distribution of essential oil components in the fractions collected.Fraction 1 2 3 4 5 % components eluting 18 67 13 2663%monoterpenes 15%sesquiquiterpenes 33 65 2%high M.W components 1 43 47 9water conditioned% components eluting 35 56 8 12%monoterpenes 3068%sesquiquiterpenes 60 39 1 0%high M.W components 0 50 42 7Table 2. Percentage volatiles eluting for SPE C18 cartridgesFigure 1 shows a histogram of the percentage distribution of components from the oil in each of the four fractions.Figure 1. Histogram of the percentage of volatiles of distilled oils in each of four fraction elutedon SPE C18 cartridges (non-preconditioned)Figure 2. Histogram of the percentage of volatiles of distilled oils in each of four fraction elutedon SPE C18 cartridges (preconditioned)Discussion : The chemical properties of many of the target pesticides, including polarity, solubility in organic solvents and chromatographic behaviour, are similar to the majority of essential oil components. This precludes the effective separation of analytes from such matrices through the use of standard techniques, where the major focus is pre-concentration of pesticide residues from water or water based vegetative material. However, this experiment served to provide a good indication that under HPLC conditions, where a reverse phase C18 column is used in conjunction with acetonitrile / water based mobile phases, essential oil components do not remain on the column.。

外文翻译---人寿保险公司利率敏感产品定价

外文翻译---人寿保险公司利率敏感产品定价

外文翻译-一人寿保险公司利率敏感产品定价外文文献The Pricing for Interest Sensitive Products of Life Insurance FirmsJames C. HaoAssociate Professor, Department of Insurance, Tamkang UniversityE-mail: cjhao@.twReceived February 10, 2011; revised April 15, 2011; accepted April26, 2011The major purpose of this paper is to construct interest rate risk models for interest sensitive products issued by life insurance firms in Taiwan. With interest declines in late 1990s, single paid interest sensitive annuity takes up about 20% of new policy premiums in Taiwan ; This implies its risk and profitability become critical to insurers5 financial health. The paper constructs the Black-Derman-Toy model combining with optional-adjusted spread analysis model to price the spread on asset required to yield to make such products break even, with further extension to measure the impact of interest shock on asset liability management. We choose two different crediting strategy products to illustrate the option value of the insurance firms- the option to reset rates based on the path of interest ratesand the expenses charges as well as the option of policyholders-the option to surrender policy if not satisfied with crediting rate. With our implement Table models, insurance firm will have capacity to quantify its risk exposure and source of profitability as well as to seek an optimal strategy balancing sale volume and aggressiveness of crediting policy.Interest rate risk is an important concern for life insurance Anns. Insurers issue debt instruments for which the amount and timings of benefits payment are unknown at time of policy issuance and invest the premiums to maximize the return. The asset cash flow is composed of investment income and principal repayments while the liability cash flow in any future time is defined as the sum of the policy claims, policy surrenders and expenses minus the premium income expected to occur in that time period. When interest rates fall as the net cash flows are positive, the net flows will have to be reinvested at rates lower than the initial rates. The reinvestment risk emerges. On the other hand, negative net cash flows mean shortages of cash needed to meet liability obligations. A cash shortage requires the liquidation of assets or borrowing. If Interest rates rise when the net cash flows are negative, capital losses can occur as a result of liquidation of bonds and other fixed-income securities whose values have fallen. And the price risk occurs.Taiwan insurance companies are exposed largely to interest risk even though the popular products change over time. Prior to 1990, market was featured with fixed interest rate products which guarantee 20 or more years of fixed return to policyholders. With interest starts to decline in late 1990s, Taiwan insurers realize that high fixed interest products are too costly to issue blit low fixed・inteTest rate products won't be attractive to potential buyers. With the sale pressure, insurance companies start to issue unit-linked products as well as interest sensitive products to attract buyers. Single paid deferred annuities (SPDA) which belongs to interest sensitive family quickly takes up almost 20% of new premiums in the market and therefore its risk exposure becomes vital to insurers5 insolvency.With single premium payment, SPDA policyholders earn Interest at the company-declared annual interest rate which is guaranteed for one year at a time. Before the annuity commencement date, policyholders can with-draw all of the annuity value or part of it With the above features SPDA involves two options. One option is in the policy holder^ hands > the option to surrender the con-tract early. As interest rates rise, SPDA owners tend tosurrender and reinvest in higher yielding investments which is similar to the mortgage borrowers behavior The other option is in the insurance company^ hands, the right to reset interest rates. The reset policy is function of market competitiveness, insurer's investment performance and regulation limitations.Santomero and Bebbel (1997) state that insurers have a sense of urgency to apply the tools of asset/liability management to manage interest rate risk. The traditional approach to interest rate risk management and valuation, namely standard immunization method, is based on the assumption that the yield cune is flat and interest rates change in a parallel and deterministic manner, which implies that asset and liability cash flows are independent of interest rate fluctuations. This condition and approach certainly does not hold for assets such as callable bonds and interest sensitive liabilities such as SPDA. This paper applies arbitrage free interest rate and option-adjusted spread analysis model to demonstrate how these models are constructed to measure the risks and to quantify emerging profits or losses by source for interest sensitive life products.ConclusionsWith interest starts to decline in late 1990s, Taiwan Insurers start to issue interest sensitive products to replace the traditional fixed interest life products. Single paid deferred annuities (SPDA) which belongs to Interest sensitive family quickly takes up about 20% of new premiums and becomes dominant product in the market. Due to its vital impact on life insurers5 financial status but little literature devoted to risk and profit identification, this paper develops BDT model and optional-adjusted spread analysis model to demonstrate risk measurement procedures and analysis results, with further extension to measure the impact of interest shock on asset liability management of SPDA.As shown in our model, the RSA for aggressive crediting strategy requires 144bp while more conservative crediting strategy only requires 37bp and effective duration of both SPDA approximates l.This implies aggressive and conservative products should yield at least 144bp and 37bp over Treasuries respectively, on a risk option-adjusted basis to break even, and the effective duration of asset dedicated to such products approximates l.The analysis results convey two facts. First, the lower RSA is evidence of the value of the insurance firm's option・the option to reset rates based on the path of interest rates and the prevailing surrender charge Second, Challenge of managing interest risk of such Interestsensitive products is to dynamically balance the interest income and duration match. Given the common practice of longer asset duration allocation among life insurers > the impact on both sides of balance sheet due to interest shocks are analyzed and reported. Additionally > I also indicate if the issuers are able to reduce the over-head・related expenses, such as maintenance expenses per policy or unit commission rate, through generating large premium volume, then RSA will be effectively mitigated. Not only has this proved the expenses spread can in-crease the potential profitability of SPDA but insurers would need to focus on strategies to balance sale volume and aggressiveness of crediting policy. In all, this paper makes valuable contributions to Insurer firms by constructing an implement Table model to quantify risk exposure and sources of profitability of interest sensitive products.Further research might explore the impact of dynamic reset strategies on RSA, for example to adopt strategy following new money rates less closely instead of 100% pegging new money rate. And other interest generating models could be tried out as well.人寿保险公司利率敏感产品定价詹姆斯C郝淡江大学保险系副教授电子邮件:cjhao@mail. tku. edu. tw2011年2月10日发送;2011年4月15日修订;2011年4月26日完稿本文的主要目的是构建由台湾人寿保险公司发行的利率敏感产品的利率风险模型。

An Introduction to Lean Six Sigma

An Introduction to Lean Six Sigma
Dr. Mikel Harry 美国迈克哈里
Process Improvement过程改进
1. Initial Perception of problem感知问题 2. Clarify Problem澄清问题
3. Locate Point of Cause 定位问题的原因
4. Root Cause Analysis 根本原因分析 5. Design Solutions 设计解决方案 6. Measure Effectiveness测量效果
工业行业在发生一些改变-从大规模生产向柔性化,多品种小批量的方式转变 (人们想要更多的色彩、不同的外观、更多的形状等)
• •
Taiichi Ohno was inspired by 3 observations on a trip to America 大野耐一通过在一次美国的访问中观察到的3点受到了鼓舞和启发:
Lean Six Sigma Timeline 精益六西格玛发展史
英国黑啤 Guinness Brewery 休哈特控制图 Shewhart Introduces SPC 戴明14条 Deming •14 Points •7 Deadly Diseases
1900
Ford Assembly Line 福特流水线
Focus聚焦
Assumptions Non-Value added steps exit 假定 非增值步骤排除 Results结果 Reduced cycle time降低周期时间
Waste Defined浪费定义
Wastes
Transport 搬运的浪费
1. 2.
3.
Healthcare Examples以医疗保健来举例
Asking the patient the same questions multiple times 多次问病人同样的问题 Unnecessary carbon copying 不必要的打印和复印 Batch printing patient labels 批量打印病人标签 Hospital-acquired illness - 在医院感染了疾病 Wrong-site surgeries – 错误的现场护理 Medication errors- 用药错误 Dealing with service complaints - 处理服务的投诉和抱怨 Illegible, handwritten information - 难以辨认的,手写信息 Collection of incorrect patient information - 收集了病人错误的信息 Not using people’s mental, creative, and physical abilities 不使用人们的智力, 创造性,和身体能力 Staff not involved in redesigning processes in their workplace 在他们的工作 场所,员工不参与重新设计过程 Nurses and Doctors spending time locating equipment and supplies 护士和医 生花时间定位(寻找)设备和用品 Staff rework due to system failures 由于系统故障,造成的员工返工

Universal Robots UR3机器人产品说明书

Universal Robots UR3机器人产品说明书

vSOURCEShttps:///media/1528658/tuv-nord-certificate.pdf • https:///media/1528658/tuv-nord-certificate.pdf https:///about-universal-robots/news-centre/universal-robots-welcomes-the-new-technical-specification-on-collaborative-ro-bot-design/ • Positive Impact of Industrial Robots on Employment – International Federation of Robotics • A Future That Works: Automation, Employment AndProductivity – McKinsey Global Institute • The Impact of Robots on Productivity, Employment and Jobs – International Federation of RoboticsThe Talent Challenge: Harnessing The Power Of Human Skills In The Machine Age – PriceWaterhouseCoopers • https:///products/ur3-robot/ • https:///products/ur-robot-benefits/ • https:///case-stories/continental/ • https:///applications/ • https:///case-stories/bj-gear/ • https:///case-stories/multi-wing/5 Myths DebunkedCOBOTS:Cobots are not dangerous. They have built-in safety functions that permit them to work safely side-by-side with people. Cobots do not need to be caged upbehind protective fencing (subject to risk assessment).7FixedSafety FunctionsEmergency Stop Interface Safeguard Stop InterfaceSystem Emergency Stop OutputRobot Moving Digital OutputRobot Not Stopping Digital OutputReduced Mode Digital Output Not ReducedMode Digital OutputCobots are dangerous!Myth #1Myth #2Myth #3Myth #4Myth #52,000,000jobs globallyRobots will createup toFROM 2017 – 202050%productivitywithout job lossesWith cobots,plan onincreasing headcountdespite increase in automationof CEOs52%10%Onlyfully automatableof jobs areRobots create jobs — better jobs. They relieve workers from strenuous and repetitive tasks so that workers can take on new roles. Ultimately, human dexterity, critical thinking, decision making and creativity cannot be replaced by machines.Robots replace jobsCobots are easy to implement, operate and upkeep. Being compact and lightweight, there is no need to change production layout when switching the cobot between tasks. They are easily programmed or re-deployed, and require minimal maintenance.11KGCobot arms weigh as little asAverage Setup Time0.5DAYSTime to switch between tasks fell from 40 minutesto 20 minutes.A producer of car instrument panels, deployed UR10 cobots to handle PCBboards and components.AT CONTINENTAL AUTOMOTIVE IN SPAIN50%Changeover timeIt’s a hassle to implement and maintain robotsRegardless of the scale of output cobots can be deployed for simple processes that are repetitive, manual, or potentially strenuous for workers.Simpleautomated tasksPick- and-place Packaging & palletisingScrew- drivingGluing, dispensing & weldingRobotics automation is for complex,large-scale operations1YEARAverage payback period as short asup to20%production cost/unitA manufacturer of axial fan solutions, installed a UR5 robot toits production line reducingAT MULTI WING IN CZECH REPUBLICRobots are costly!Cobots are cost effective. Installation requires minimalinvestment as they do not require major infrastructural changes.They can be redeployed to different functions in the production line, and used around the clock.The safety system is certified by TÜV Nordto Performance level D, resulting inan extremely reliable system13849ISO8Adjustable Safety LimitsJoint TorqueLimitJoint PositionLimitJoint SpeedLimitTCP Speed LimitPower LimitTCP Force LimitTCP Pose LimitMomentumLimit15066ISOUniversal Robots’ cobots meet the guidelines set out in ISO/TS 15066 which help integrators assess risks and requirements duringinstallation。

HR专业词典(中文版)

HR专业词典(中文版)

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Career-Long Employment Case studies Case Study Training Method Cash Cashier CBT-Computer Based Training Central Tendency Change agent Change management Channel Sales Manager Channel Sales Representative Channel Sales Supervisor Charisma Chief Executive Officer (CEO) Chief Operations Officer (COO) CIPP-Context,Input,Process,Product CIPP CIRO-Context Evaluation, Input Valuation, Reaction Evaluation, Output Evaluation CIT-Critical Incident Technique Classification Method Classroom Training Clear Expectations Clerk Clinic Doctor Clinic Research Administrator Clinic Research Manager Clinic Research Supervisor Clinical Closed question Closed Shop CMI-Computer-managed Instruction Coaching Co-Determination Coercive Power Cognitive Aptitude Test Cohesiveness Colleague Appraisal Collective Bargaining collective contract College recruiting Commission Commissioned courses Commitment Common Understanding Communicate about career development opportunities Communication Company culture

RECSIT1[1].1中英文对照全文

RECSIT1[1].1中英文对照全文

New response evaluation criteria in solid tumours: Revised RECIST guideline (version 1.1)新版实体瘤疗效评价标准:修订的RECIST指南(1.1版本)Abstract摘要Background背景介绍Assessment of the change in tumour burden is an important feature of the clinical evaluation of cancer therapeutics: both tumour shrinkage (objective response) and disease progression are useful endpoints in clinical trials. Since RECIST was published in 2000, many investigators, cooperative groups, industry and government authorities have adopted these criteria in the assessment of treatment outcomes. However, a number of questions and issues have arisen which have led to the development of a revised RECIST guideline (version 1.1). Evidence for changes, summarised in separate papers in this special issue, has come from assessment of a large data warehouse (>6500 patients), simulation studies and literature reviews.临床上评价肿瘤治疗效果最重要的一点就是对肿瘤负荷变化的评估:瘤体皱缩(目标疗效)和病情恶化在临床试验中都是有意义的判断终点。

高盛金融英汉辞典

高盛金融英汉辞典
Arms Length Transaction
公平交易
一项产品的买方与卖方独立进行交易,互相之间并无任何关系
Asian Option
亚洲式期权
回报根据相关证券在特定期间的平均价格而定的期权
Ask (Price)
买方叫价
卖方愿意接受的证券价格,也称为要约价格
Assessed Value
评估后价值
一项房地产在税务上的预测价值
资产偿付比率
评估一家企业在扣除所有负债后以资产偿付债务的能力,计算方法为:
(总资产账面值-无形资产-
(流动负债-短期债务))
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
未偿还债务总额
Asset-Liability Management
资产负债管理
企业协调资产及负债管理的措施,以赚取适当的回报
税后利润率
一种财务比率,计算方法为税后净利润除以净销售额
After The Bell
收盘铃后
股票市场收盘后
Agent
代理人
1. 为客户进行证券买卖的人士或机构
2. 持有销售保险许可证的人士
3. 代表证券经纪行或发行人向公众出售或尝试出售证券的证券销售人员
Agency Bonds
机构项期权到价指该期权的行使价格相等于相关证券的市场价值
ATP
套汇交易理论
同时买入股票指数期货及相关股份的交易计划,旨在从差价中获利(市场套汇)
Auction Market
拍卖市场
买方与卖方同时进行竞争性叫价及出价的市场
Audit
审计
对一家机构财务报表的公正验证及评价,可以是机构内部的程序(由机构员工进行)或外部程序(由外部机构进行)

6426A_02

6426A_02

Requires AD DS
Can use Group Policy to propagate certificate to Trusted Root CA certificate store Users provide identifying information and specify type of certificate Publishes user certificates and CRLs to AD DS
Supports autoenrollment for issuing certificates
Usage Scenarios in CA Hierarchy
Root Root
Subordinate
Subordinate
S/MIME
EFS
RAS
India
Canada
USA
Certificate Use
Cross-certification at the root CA level
Root CA Subordinate CA
Root CA Subordinate CA
Organization 1
Organization 2
Cross-certification subordinate CA to root CA
Considerations for Installing Root CA
Computer Name and Domain Membership
Name and Configuration
Certificate Database and Log Location
Validity Period
Planning a Root CA

审计术语

审计术语

auditCPAassuranceaudit of financial statementsagreed-upon procedurescompilationhigh levels of assurancemoderate levels of assurancecredibilityreliabilityrelevancecontinuing professional education(CPE)A uniform CPA examinationprofessional skepticismobjectivityprofessional competenceSenior/CPA-in-chargeaudit engagement letterrecurring auditthe clientthe nominated CPAchange CPAthe exsiting CPAthe preceding CPA(The predecessor CPAaudit appointmentthe agreed termaccpet an audit engaementthe objective of the engaementthe scope of the auditissue the audit reportother CPAexpertwithdrawan initial auditthe board of directorsa change in engaementshareholdercomponentknowledge of the entity's businessperforming an audit of financial statementsassess inherent and control risksdetermine the nature, timing and extend of the audit procedures a general knowledge of …, a preminary knowledge ofa more particular knowledge ofprior to accepting an engagementfollowing acceptance of the engagementupdate and revaluate information gathered previouslythe prior year's working papersdirectorsenior operating personelinternal audit personel, internal audit'sinternal audit reportsminutes of meetingmaterial sent to shareholders or filed with regulatory authorities interim financial reportsmanagement policy manualchart of accountsexercise professional judgmentbusiness risks(of the client)mannagement response theretoappropriatenessaccounting estimatemanagement representationsrerated partyrelated party transactiongoing concern assumptionaudit planthe overall audit planthe detailed audit planeffcient auditthe size of the entitythe complexity of the auditthe specific methodology and technologyfinancial performancematerial misstatementsignificant audit areascoordinationreviewstatutory responsibilitytime budgeterrorfraudmodified or additional procedureplan and perform audit procedureadequate accounting and internal control systemreduce but not eliminatemanipulationfalsificationalteration of records or documentsmisappropriation of assetstransactions without substancemisapplication of accounting policiesthe underlying recordsoversight or misinterpretationunusual pressuresaccounting policy alternativeunusual transactionsincomplete filesout of balance control accountslack of proper authorizationcomputer information systems environmentinherent limitations of audit testdisscuss with managementthe remedial actionseek legal advicelaws and regulationsnoncompliancewithdrawal from the engagementsenior managementdetect noncompliance laws and regulationsdeliberate failure to record transctionssenior management override of controlintentional misrepresentations being made to the CPA written representationthe suspected noncomplianceaudit committeesupervisory boardregulatory and enforcement authoritiesmaterialityexceed the materiality levelapproach the materiality levelan acceptably low levelthe overall finacial statement level and in related account balances and transaction levelsthe detected but uncorrected misstatements or omissions misstatements or omissionsthe detected and the projected misstatements or omissions aggregatesubsequent eventscontingenciesextend the scope of the substantive testadjust the financial statementsperform additional audit procedurescarry out extended or additional tests of controlmodify the nature,timing and extendof planned substantive proceduresaudit riskinherent riskcontrol riskdetection riskinappropriate audit opinionmaterial misstatementanalytical procedures risksubstantive tests of the detail risktolerable misstatementthe combined level of inherent and control risks the acceptable of detection riskplanned assessed level of control risksmall businessaccounting systeminternal control systemcontrol environmentcontrol procedurescompliance testtest of controlwalk-through testmanagement lettermaterial weakness in internal controlrisk assessmentcontrol activitiesinformationcommunicationmonitoringprocedures manualjob descriptionsflow chartwritten narrativequestinnairereperformance of internal controlcomputer-assisted audit techniques communication with managementaudit evedencetests of controlsubstantive proceduressufficiency of audit evidenceappropriateness of audit evedenceassertionsexistence or occurrencecompletenessrights and obligationsvaluation or allocationpresentation and disclosurevaliditycutoffmechanical accuracyclassificationdisclosureinspectionsupervision of countingobservationenquiryconfirmationcomputationanalytical proceduresvouchaged trial balancetraceaudit samplingerroranomalous errorexpected errorpopulationsampling risknon-sampling risksampling unitstatistical samplingstratificationtolerable errorthe risk of under reliancethe risk of over reliancethe risk of incorrect rejectionthe risk of incorrect acceptancethe rate of deviationsample sizerequired confidence levelthe number of sampling units in the population methods usedeffective auditefficient auditaudit working papers(documentation)working trial balanceadjusting and reclassification entriesaudit markindexing and cross-referencingpermanent audit filescurrent audit filescomprehensive working papersaudit-oriented working papersreference working papersthe use of standardized working papers checklistscash receiptcash disbursementpetty cashcustodyflowchartinternal control questionnaire walk-through of the system segregation of dutiesdeposit slippurchase orderreceiving reportgeneral ledgerbank statementbank reconciliationbalance sheet datecheck outstandingchange fundcash countkitingfloat periodcutoff bank statement unearned revenuenet realizable valuecollateralsales orderstoreroomstorekeeperperpetual inventory record shipping documentbill of ladingbillingsales invoiceextensfootingprice listaging scheduleaged trial balancebreak downdelinquent account confirmationpositive confirmation request negative confirmation request advancepurchase requisitionpurchase ordervouchers payablevendor's invoicediscrepancydescriptionvouchersremittancegross marginresonablenessauthenticityoverheadmanufacturing overheadbill of materailsinspection recordjob costlabor cost distributionmaterial requisitionpayroll summarypayroll ledgerproduction orderprodution runsrate and deduction authorization form time cardtime ticketaccountabilityrouting sheetsuppliesutilitiesjob orderinventory-takingtest countinventory tagbond certificatestock certificatebroker's advicepaid-in-capitaltreasury stockbond debentureportfolioleaseholdasset retirement orderregistrartransfer agenttrust companynegotiable intrumentcollateralliens and mortgaesminutes of board of directorstrusteerestrictive covenantcontributed capitalstubaudit reportthe truthfulness of the audit reportthe legitimacy of the audit reportentityaddressee of the audit reportunqualified opinionqualified opiniondisclaimer of opinionadverse opinionintrodutory paragraphscope paragraphopinion paragraphexplanatory paragraphmaterialprofessional languagescope limitationunadjusted eventsadquately disclosedthe extent of impact on the finacial statemnts audit report on special purpose engagements审计注册会计师可信性保证财务报表审计执行商定程序编制高保证水平中等保证水平可信性、可信程序可靠性、可靠程序相关、相关性职业后续教育统一注册会计师考试职业谨慎客观,客观性专业胜任能力项目经理业务约定书连续审计、常年审计委托人被提名审计师更换审计师现任审计师后任会计师审计委托约定条款接受业务委托委托目的审计范围出具审计报告其他注册会计师专家撤销初次审计董事会变更约定书股东组成部分了解补审计单位情况实施财务报表审计评估固有风险和内部控制风险决定审计程序的性质、时间和范围初步了解进一步了解接受业务委托之前接受业务委托之后更新并重新评价以前收集的信息以前年度工作底稿董事高级管理人员内部审计人员内部审计报告会议纪要寄送股东或报送临管部门备案的资料中期财务报告管理政策手册会计科目表做出专业判断经营风险管理当局的对策适当性会计估计管理层声明关联方关联方交易持续经营假设审计计划总体审计计划具体审计计划提高审计效率被审计单位的规模审计的复杂性具体的方法和技术财务业绩重大遗漏重点审计领域协调复核法定责任时间预算错误舞弊修改或追加审计程序计划和实施审计程序适当的会计和内部控制系统减少但不能消除篡改伪造更改文件或凭证侵占资产虚构交易滥用会计政策原始凭证疏忽或误解会计政策变更异常交易不完整文件财户余额不平衡缺乏恰当的授权计算机信息系统环境审计测试的固有限制与管理层讨论纠正措施寻求法律咨询法律与规章没有遵守解除业务约定高级管理层发现没有遵守法律与规章的行为故意漏记交易高级管理层逾越控制故意对CPA做出错误陈述管理层声明涉嫌存在违法行为审计委员会监事会临管和执法机构重要性超过重要性水平接近重要性水平可接受的低水平财务报表层面和相关账户、交易层面已发现但尚未调整的错报或漏报错报或漏报已发现和推断的错报或漏报累计期后事项或有事项扩大实质性测试范围调整财务报表执行追加的审计程序实施扩大或追加的控制测试修改实质性程序的性质、时间和范围审计风险固有风险控制风险检查风险不恰当的审计意见风险性测试风险细节测试风险可容忍错报固有风险和控制风险的综合水平可接受的检查风险计划评估的控制风险小规模企业会计系统内部控制系统控制环境控制程序符合性程序控制测试穿行测试管理建议书内部控制的重大缺陷风险评估控制活动信息沟通监督程序手册工作说明流程图文字叙述调查问卷重新执行内部控制计算机辅助审计程序与管理导沟通审计证据控制测试实质性程序审计证据的充分性审计证据的恰当性认定存在或发生完整性权利与义务估价与分摊表达与披露合法性截止机械准备性分类披露检查观察询问函证计算分析性程序核对账龄分析表追查审计抽样错误偶发性错误预期误差总体抽样风险非抽样风险抽样单位统计抽样分层可容忍误差信赖不足风险信赖过度风险误拒风险误受风险偏离程度样本量可信赖水平总体中样本的数量所选用的方法审计效果审计效率审计工作底稿试算平衡表调整和重分类分录审计标识索引和交叉索引永久性档案当期档案综合类工作底稿业务类工作底稿备查类工作底稿使用标准工作底稿核对用清单现金收据现金支出零用现金保管流程图内部控制调查问卷系统的穿行测试职责划分存款凭单采购订单验收报告总分类账银行对账单银行存款余额调节表资产负债表日未兑现支票找零备用金现金盘点开空头支票浮游期截止性银行对账单预收账款可变现净值抵押销售通知单仓库仓库保管员永续盘存记录货运文件提货单开票销售发票小计加总、合计价目表账龄分析表过期账项试算表分解、按细目分类过期账户函证积极式函证消极式孙证预付款请购单订购单应付凭单卖方发票差异货物的说明、种类付款凭单汇款、付款毛利合理性真实性期间费用制造费用用料单验收记录订单成本计算单人工成本分配表领料单工资汇总表工资登记薄生产通知单生产流程工资率及扣减授权表计时卡计时单成本会计流程表机物料消耗公用事业费分批工作通知单存货盘点抽点存货标签债券股票经纪人意见书实收资本库存股债券契约证券组合投资租赁的资产报废通知单注册管理机构过户代理人信托公司流通票据抵押品留置与抵押董事会会议记录受托管理人限制性条款实缴资本存根审计报告的真实性审计报告的合法性被审计单位、客户审计报告的收件人无保留意见保留意见无法表示意见否定意见引言段范围段意见段说明段重要专业术语范围限制未调整事项适当披露对会计报表反映的影响程序特殊目的的审计报告。

NecrotizingEnterocolitis(NEC)

NecrotizingEnterocolitis(NEC)

Intensive Care Nursery House Staff Manual Necrotizing Enterocolitis (NEC)INTRODUCTION: NEC, the most common acquired acute gastro-intestinal illness in the neonatal period, affects about 5% of infants with birthweight ≤1,500 g and typically is characterized by abdominal distension, bloody stools and pneumatosis intestinalis. The actual spectrum of illness ranges from mild cases of feeding intolerance and abdominal distension to severe cases characterized by intestinal necrosis, perforation, and septic shock. Fulminant cases may progress from minimal symptoms to peritonitis and death within 12h. Although NEC usually presents in preterm infants with risk factors and who have been fed, it also occurs in term infants and infants who have never received enteral feedings. NEC most commonly involves terminal ileum and colon, although in severe cases the entire small and large bowel may be affected.ETIOLOGY is not definitely known and is probably multifactorial. Suggested etiologies include immaturity of intestinal mucosa, intestinal ischemia/reperfusion injury, infection, and immature immune response. There is probably a common, final pathway involving endogenous production of inflammatory mediators (e.g., PAF, TNF, cytokines) that precipitate intestinal injury.RISK FACTORS include:-Prematurity (>95% of cases)-Aggressive advance (volume and strength) of enteral feedings in preterm infants-Hyperosmolar formulas-Bacterial colonization or overgrowth (predominantly with E. coli, Klebsiella,Enterobacter, C. dificile): may be inciting event or a permissive factor.-Polycythemia-Patent ductus arteriosus (PDA, decreased systemic output due to left→right shunt)-Indomethacin (decreased intestinal perfusion through inhibition of cyclo-oxygenase) -Steroids, when given in conjunction with indomethacin-Umbilical arterial catheter (UAC) with tip at or above inferior mesenteric artery-Umbilical venous catheter (UVC) with tip in portal system (especially with exchange transfusion)-Cocaine exposure in utero-Respiratory Distress SyndromePRESENTATION:A. Clinical Findings include any of the following:-Abdominal tenderness or rednessdistension-Abdominal-Feeding residuals, often bilious -Absent bowel sounds-Gross or occult blood in stool -Bluish discoloration of abdominal wall -Non-specific signs (temperature instability, glucose instability, lethargy,apnea/bradycardia, hypotension)B. Radiographic Findings (in order of severity):-Non-specific bowel dilatation-Thickening of bowel wall-Fixed, dilated loop (unchanged on >1 radiograph)-Pneumatosis intestinalis (small gas bubbles in bowel wall, almost always associated with dilated bowel loops)-Portal venous gas-Free intraperitoneal gas (indicative of intestinal perforation)C. Laboratory Findings include:-Thrombocytopenia -Metabolic acidosis (poor prognostic sign)-Abnormally ↑ or ↓ WBC -Left shift of WBC (toward immature precursors) -Neutropenia -EvidenceDICofSTAGING of NEC by Bell’s Criteria (DIAGNOSIS):Stage 1. Suspected NEC: gastric residuals, abdominal distension, occult or gross blood in stool, x-ray normal to mild distension, temperature instability, apnea, bradycardia Stage 2. Definite NEC: mild to moderate systemic illness, absent bowel sounds,abdominal tenderness, pneumatosis intestinalis or portal venous gas, metabolicacidosis, ↓ plateletsStage 3. Advanced NEC: severely ill, marked distension, signs of peritonitis,hypotension, metabolic & respiratory acidosis, DIC, pneumoperitoneum if bowel perforation presentMANAGEMENT: With any feeding intolerance, maintain high level of suspicion for NEC, especially with preterm infants.A. Suspected NEC:-Make patient NPO -Start maintenance IV fluids-Obtain baseline KUB -Perform serial abdominal examinations -Test all stools for occult blood -Consider gastric decompression-CBC, platelets & blood culture -Consider starting antibiotics-Culture urine & CSF if systemic signs -Consider stool culture-R/O surgical cause of distension -Observe closely for worsening-If improvement occurs, consider cautious feeding in 3dB. Definite/Advanced NEC:-Obtain consult with Pediatric Surgery.-NPO for at least 7-10d-IV fluids: Because of “third spacing,” patient may require fluid resuscitation toimprove bowel perfusion (e.g., D5-Lactated Ringer’s at 150 mL/kg per 24 h).-Follow urine output closely; renal failure is common due to hypoperfusion.-Gastric decompression (Replogle tube to low, continuous suction)-Abdominal radiographs (AP & cross table lateral q6-8h) to look for perforation -Endotracheal intubation and assisted ventilation as needed-Circulatory support: Monitor arterial blood pressure and maintain in normal range with volume expanders and dopamine (Dobutamine is less effective in infants and may actually cause hypotension).-Blood culture and start antibiotics: ampicillin & gentamicin for 7-10d (Anaerobiccoverage is usually not necessary unless infant is several weeks old).-Follow CBC, platelets, PT, PTT, fibrinogen; replace clotting factors products prn.-Frequent measurements of arterial pH and blood gas tensions-Correct metabolic acidosis.-Frequent measurements of electrolytes; watch for hyperkalemia.C. Surgical Considerations:- Operative intervention is indicated for bowel perforation, evidence of necroticbowel (fixed loop, metabolic acidosis, DIC, shock), or progressively worsening clinical condition despite intensive medical management-A peritoneal drain may be inserted in extremely ill infants to delay or avoidlaparotomy.-If NEC develops in a baby with PDA, begin medical management and considerurgent operative closure of PDA. Do not give indomethacin to an infant with suspected or definite NEC.OUTCOME:-Mortality rate is 20-30% depending on severity of illness and amount of bowelremoved.-Complications include:•Intestinal stricture with bowel obstruction•Short bowel syndrome•Cholestasis, if prolonged dependence on TPNPREVENTIVE MEASURES:-Intestinal priming (gut stimulation feedings): dilute, low volume feedings tostimulate GI mucosal development-Advance feedings slowly in small preterm infants (see section on Feeding ofPreterm Infants, P. 50).-Do not advance feedings if there are gastric residuals, especially if bile stained -Fresh human milk appears to be protective against NEC.-Do not feed infants with PDA, UAC, or UVC.-Do not give enteral feedings during and for 48-72h after indomethacin.-Minimize antibiotic use, as they alter intestinal flora and select for resistant species.-Epidemiologic controls: cohorting of multiple cases (possible infectious cause) -Antenatal glucocorticoids for lung maturation also accelerate intestinal maturation.-Suggested possible future approaches: enteral IgG/IgA, formula acidification,anaerobic bacterial supplementation (bifidobacteria)。

16周轻松搞定CFA LEVEL 1 (第1~16周 全)(保罗时报)

16周轻松搞定CFA LEVEL 1 (第1~16周 全)(保罗时报)

《保罗时报》推出CFA Level 1考试准备计划今年6月的CFA考试离现在还有三个半月的时间,相信有很多考生已经报名,但有些还不确定自己对即将来临的考试是否能从容以对。

《保罗时报》根据以往很多考生的丰富经验,特地为准备参加今年6月CFA Level I考试的考生定做了一套详细的复习计划。

只要根据《保罗时报》的复习计划按部就班的复习,考生在考试前一定能做到胸有成竹。

《保罗时报》复习计划要求考生每周一至周五能抽出2到3个小时学习,周末能抽出3到5个小时学习,非金融专业,无相关背景的考生同样适用。

《保罗时报》复习计划讲究稳扎稳打、熟能生巧,考生面对最后考试时自然就能手到擒来。

《保罗时报》复习计划从2010年2月15日开始正式复习,至2010年6月5日考试,一共16个星期。

我们将把这16个星期分作三个大部分。

一、前6个星期,即2月15日至3月28日。

我们要求考生按照《保罗时报》复习计划的每周任务安排,逐渐完成对notes的第一遍学习,并完成notes后面每个session的练习题,第6本模拟题先不要做。

Notes的学习主要依据2010年6月CFA 考试大纲而来,大家可参考《保罗时报》公布的大纲。

二、中间6个星期,即3月29日至5月9日。

我们要求考生按照《保罗时报》复习计划的任务安排,逐渐完成对notes的第二遍学习,等大家熟知内容后,再将重点放在习题上面。

务必使考生对计算等烂熟于心。

三、后4个星期,即5月10日至6月4日。

我们要求考生按照《保罗时报》复习计划的任务安排,进行分板块大量习题训练及模拟考试的练习。

训练考生在考试时达到最佳状态,帮助让考生一战必胜。

从2月15日起,《保罗时报》每周都将公布给考生制定的准备计划,该计划十分灵活,可根据考生的个人时间调配掌握。

大家亦可根据自己的学习状态自我调控,不必过于死板的按照计划行事。

此外,《保罗时报》还会为考生准备热心小贴士,全力为考生打造愉快高效、科学系统的考试准备环境。

ifrs17 bel概念 -回复

ifrs17 bel概念 -回复

ifrs17 bel概念-回复IFRS 17 BEL (Best Estimate Liability) 概念IFRS 17是国际上首个关于保险合同会计准则,它于2017年5月发布并将于2023年1月1日起正式生效。

IFRS 17的主要目的是提供一个统一的、详细的和全面的保险合同会计模型,以便更好地理解和比较保险公司的财务状况和业绩。

在IFRS 17中,BEL(Best Estimate Liability,最佳估计负债)是一个重要的概念,它在保险合同的会计处理中起着关键的作用。

本文章将一步一步回答关于IFRS 17 BEL的问题。

一、IFRS 17中的BEL的定义是什么?BEL是一种会计估计,指的是根据保险合同的有效期内预期的现金支出和收入,估计出的出资方义务的金额。

它代表了保险公司需要在未来为保险合同创建准备金,并负有的经济利益。

BEL是根据最佳估计和合适的假设进行计算的,以反映保险公司对未来的最佳预测。

二、BEL是在什么时候计算的?BEL需要在每个计算报告日期上进行计算。

根据IFRS 17的规定,公司需要考虑合同的有效期内的风险和未来现金流量,并使用适当的估计方法进行计算。

BEL的计算应该基于当前合同条款、市场假设和经验,以及任何具有潜在影响的其他信息。

三、如何计算BEL?BEL的计算需要考虑多个因素,包括债务人违约风险、投资回报率、保单费用和未来索赔支出等。

通常,BEL是通过建模来进行计算的,其中使用了统计和经济数据,以及业务特征和风险特征。

这些模型根据最佳估计方法,结合适当的数学和统计模型,将未来预期的现金流折现到现值。

BEL 的计算应该是可重复的、评估到期日以及与保险合同的支付和收取方式一致的。

四、BEL的意义是什么?BEL在保险合同会计中具有重要的意义。

它反映了保险公司未来的责任,并对保险公司的财务状况和业绩产生直接影响。

BEL是保险公司计算准备金的基础,它是其他财务指标的重要组成部分。

处理效应模型估计系数stata

处理效应模型估计系数stata

英文回答:In estimating the coefficients of the processing effect model in Stata, themands 'probit' or 'logit' should be employed, depending on the nature of the dependent variable. If the dependent variable is binary, 'probit' or 'logit' is to be used for coefficient estimation. The syntax is straightforward, necessitating the specification of the dependent variable and independent variables, after which Stata will provide the estimated coefficients for the model. For instance, if there exists a binary dependent variable Y alongside independent variables X1, X2, and X3, themand 'probit Y X1 X2 X3' can be implemented to estimate the coefficients of the processing effect model. Furthermore, Stata will furnish standard errors, z-scores, and p-values for each coefficient, thereby facilitating the assessment of the significance of the effects.在估算Stata中处理效果模型的系数时,应当根据依赖变量的性质,使用它们'probit'或'logit'。

高盛金融词汇英汉详解词典

高盛金融词汇英汉详解词典

CAMELS Rating System CAMELS 评级制度Capital Account资本帐户Capital Adequacy Ratio (CAR)资本充足率Capital Appreciation资本升值Capital Asset资本资产Capital Budgeting资本预算Capital Expenditure资本开支Capital Gain 资本收益Capital Goods资本财货Capital Guarantee Fund资本保证基金Capital Intensive资本密集Capital Loss资本损失Capital Lease资本化租赁Capital Markets资本市场Capital Note资本票据Capitalism资本主义Capitalize资本化Capped Option有上限期权Captive Fund专属基金Carrying Cost Of Inventory库存置存成本Carrying Value账面现行价值Cash现金Cash And Cash Equivalents现金及现金等价物Cash Balance Pension Plan现金余额养老金计划Cash Budget现金预算Cash Commodity现货Cash Conversion Cycle 资金周转周期Capital Employed 运用资本Capitalization总资本,总市值Capital资本/资本金Capital Asset Pricing Model(CAPM)资本资产计价模型Capital Base资本金基础Carveout 分拆上市Close Position平仓Closed-End Investment定额投资Closing Bell收盘铃Collateral抵押品Collective Fund集体基金Commercial商业Commercial Bank商业银行Commercial Mortgage BackedSecurity (CMBS)商业抵押作担保的证券Commercial Paper商业票据Commission佣金Commission House佣金行Commodity商品Commodity Futures TradingCommission (CFTC)商品期货交易委员会Competitive Bid竞标Concession销售报酬Concession Agreement特许协议Conglomerate综合企业Consumer Confidence Index(CCI)消费者信心指数Consumer Credit消费信贷Consumer Price Index (CPI)消费物价指数Conversion Premium转换溢价Conversion Price转换价格Convertible Bond可转换债券Convertible Debenture可转换公司信用债券Convertible Preferred Stock可转换优先股Convertible Subordinated Note可转换次级票据Convertibles可转换证券Conveyance地产让与证书Contingency偶然事故Corporate Bond企业债券Corporate Cannibalism企业自我竞争Corporate Finance企业融资Corporate Governance企业治理Corporate Tax公司税Corporation公司、企业Cost Basis成本基础Cost of Capital资本成本Cost of Equity 股本成本Closing收盘、交易结束Compound Annual Growth Rate(CAGR)复合年均增长率Conversion转换Cost of Funds资金成本Cost of Goods Sold (COGS)已售商品成本Cost Synergy成本协同效益Counterparty Risk交易对手风险Country Risk国家风险Coupon息票Coupon Bond有息票债券Covenant契约Coverage Initiated纳入研究范围Credit信贷、信用、贷项Credit Default Swap信贷违约掉期Credit Derivative信贷衍生工具Credit Enhancement加强信贷措施Credit Card信用卡Credit Cliff信用悬崖Credit Crunch紧缩信贷Credit Risk信贷风险Credit Rating信用评级Credit Spread信贷息差Credit Union信用合作社Creditor债权人Critical Mass关键规模Cross交叉交易Cross Default连带违约Cross Hedge交叉对冲Cross Holding交叉持股Crossover Fund交叉基金Crown Corporation国家企业Crown Jewels顶尖业务Crystallization结晶交易Cum Dividend附股息Cumulative Dividend累积股息Cumulative Voting累计投票Curb交易控制Curb Trading场外交易Currency货币Currency Forward货币远期Currency Futures货币期货Currency Option货币期权Currency Overlay货币管理外包Currency Swap货币掉期Current Account经常帐户Current Assets流动资产Current Liabilities流动负债Current Maturity现时年期Current Price现时价格Current Ratio流动比率Current Yield现时收益率Cushion Bond保收债券CUSIP Number美国证券库斯普号码Custodial Account保管帐户Custodian保管人Cyclical Industry周期性行业Cyclical Stock周期性股票Cyclical Unemployment周期性失业DJIA道琼斯工业平均指数DJTA道琼斯交通平均指数DJUA道琼斯公用事业平均指数Data Mining数据探索Days Payable Outstanding (DPO)应付账款天数Days Sales Outstanding (DSO)应收账款天数Debenture公司债券Debit借项、借方Debt债务Debt Equity Ratio债务股本比Debt Equity Swap债换股交易Debt Financing债务融资Debt Ratio负债比率Debt Restructuring债务重组Debt Security债务证券Debt Service还本付息Debt Service Coverage Ratio债务偿付比率Unearned Revenue未实现收入Unit Trust (UT)单位信托Unrealized Gain未实现收益Unrealized Loss未实现损失Unsecured Creditor无抵押债权人Unsecured Loan无抵押贷款U.S. Treasury美国财政部Valuation估值Value-Added增值Value-Based Pricing以价值为基础的定价Value Chain价值链Value at Risk (VAR)风险价值Value Investing价值投资Value Stock价值股票Vanilla Option单纯期权Variable Cost可变成本Variable Life Insurance Policy可变寿险保单Vendor Financing供应商融资Venture创业项目Venture Capital创业资本Venture Capital Fund创业基金Venture Capitalist创业基金投资者Vertical Integration纵向整合Vertical Market纵向市场Vertical Merger纵向合并Volatility波动性Volume Of Trade交易量、成交量Voting Right投票权Voting Shares投票股票Voting Trust投票信托Voting Trust Agreement投票信托协议Vulture Capitalist兀鹫投资者Vulture Fund兀鹫基金WACC加权平均资本成本WTO世界贸易组织War Bond战争债券Warrant认股权证Warrant Coverage认股权证比重Warrant Premium认股权证溢价Wealth Added Index (WAI)财富增值指数Wealth Effect财富效应Wealth Management 财富管理Weighted Average MarketCapitalization加权平均总市值White Elephant白象White Knight白武士White Paper白皮书Wholesale Banking批发银行Wholly Owned Subsidiary全资拥有子公司Withholding预扣(税)Withholding Tax预扣(税)Working Capital营运资金Working Capital Turnover营运资金周转率Working Ratio流动比率Work in Progress 在建项目World Trade Organization (WTO)世界贸易组织Write-Down减记Write-Off销记、注销Write-Up 增记Yankee Bond扬基债券Yankee CD 扬基存款证加权平均资本成本Wall Street 华尔街Weighted Average Cost of Capital (WACC)一项由一名代理人同时代表买方与卖方的交易,也称为撍卮砣藬(总资产账面值-无形资产 -(流动负债-短期债务))‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾未偿还债务总额企业协调资产及负债管理的措施,以赚取适当的回报1. 企业管理其财务资产,以实现最高的回报2. 在一家金融机构开设户口,以享有支票服务、信用卡、记账卡、保证金贷款、自动将现金结余投入货币市场基金以及证券经纪服务估值不当的股票,其合并资产价值高于总市值,以而具有吸引力将公司的资产重新进行策略分配,以提高盈利能力与单纯掉期结构相似,主要分别在于潜在的掉期合约。

软件工程课后习题答案(第八版)

软件工程课后习题答案(第八版)

软件工程课后习题:⏹What are the differences between generic software product development and custom software development?⏹Solution:The essential difference is that in generic software product development, the specification is owned by the product developer. For custom product development, the specification is owned by the customer. Of course, there may be differences in development processes but this is not necessarily the case.重要区别为:在通用软件的开发过程中,详细说明(规格说明书)由产品开发者来制定,在定制软件产品开发过程中,详细说明(规格说明书)由客户来制定。

⏹What are the four important attributes which all software products should have? Suggest four other attributes that may sometimes be significant.⏹Solution:For important attributes are maintainability可维护性,dependability 可靠性, performance(efficiency)有效性andusability可用性.Other attributes that may be significant could be reusability可复用性 (can it be reused in other applications),distributability 可分发性(can it be distributed over a networkof processors), portability可移植性 (can it operate onmultiple platforms) and inter-operability互用性 (can it workwith a wide range of other software systems).⏹What is the difference between a software process model and a software process? Suggest two ways in which a software process model might be helpful in identifying possible process improvements.⏹Solution:A software process is what actually goes on when software isdeveloped. A software process model is an abstraction andsimplification of a process. Process models can be used to helpunderstand real processes and to identify which aspects of theseprocesses could be supported by CASE tools. 软件过程就是指在软件开发过程中所做的一些事情。

Pro-Watch系统产品文件说明书

Pro-Watch系统产品文件说明书

Security Management SystemsF E AT U R E S Pro-Watch provides comprehensive options for audit and reporting to address forensics, compliance and business intelligence data mining needs. The Reporting application includes basic report templates and the capability to generate custom reports. Reports can be exported as XLS, CSV and PDF formats. Pro-Watch provides a solid and proven platform for an intelligent business management solution. It is successfully deployed in enterprises of many sizes and across various vertical applications suchas manufacturing facilities, campuses, government facilities and critical infrastructure.• Web Based Client for Badging, Reporting, Alarm and Event Monitoring• Mobile Client for Badging and Door Control• Supports Windows®Server2008/2012/2012, SQL Server 2008/ 2012/ 2014, Windows 7/8/8.1/ 10 (32-bit and 64-bit)• Single user interfacefor multiple securityand businessfunctions• Add HSDK andPro-Watch can beintegrated with otherbuilding systems suchas secondary fire,lighting and heating,ventilation, and airconditioning• Web Services APIenables IntegrationOptions• CertificationManagement• Custom triggers andprocedures• Associates events toactions includingsending emails,running a storedprocedure, ortriggering a panel I/Opoint. Events may betriggered at thePro-Watch level forpanel-to-panel andpanel-to-softwareactions or within apanel for local actions• Basic Reports• Virtualization supportfor VMWare andMicrosoft® Hyper-V• Compliance Reportsthat offer data andstatistical reporting;auto generatedreports uponschedules• Easy system setupand maintenancewith user definablehardware templates• Database partitioningand definableoperator permissions• IP, serial and modemcommunications• CASI Micro/5 andM2000 ReplacementProgram• Lite, Professional,Corporate andEnterprise editionsPro-Watch® 4.3Security Management SuiteDesigned to meet the challenges of today’s demanding environments, Honeywell’s Pro-Watch security management suite providesthe flexibility, scalability and control required for comprehensive security management. Pro-Watch equips organizations withthe right tools to protect people, secure assets and ensure regulatory compliance by combining access control, digitalvideo, intrusion and other functions into one powerful system.Integration with access control and video systems from Honeywell and third-party manufacturers makes it possible to leverageexisting installed hardware as the system expands. Modular hardware and software options make it easy and cost-effectiveto expand a system to keep up with growing business needs.With Pro-Watch Web Based Client, customers can utilize their existing network infrastructure to provide remote security management for badging, reporting, and alarm and event monitoring. Less software allows for savings on installation costs and time while continuing to provide optimal security protection.Pro-Watch streamlines tasks with a common user interface to improve operator effectiveness and help organizations minimize training costs. Events may be routed to specific workstations and linked to automated system responses such as camera call-ups and outward notifications. Options for integrating intercom and mass notification components provide a vital link to the security dispatch center.2 |The Pro-Watch suite offers base software licenses that address security needs from small sites to global enterprises:Pro-Watch Lite Edition: Basic functionality for the small office with support for up to 32 doors on PW-Series panels.Pro-Watch Professional Edition: Complete security functionality with more options for medium-sizedorganizations with up to 64 doors ororganizations requiring integrated processes or regulatory compliance.Pro-Watch Corporate Edition: Complete security for larger organizations and campuses. Additional high availability options make this edition the optimal choice fororganizations requiring 24/7 business continuity plans for their security system.Pro-Watch Enterprise Edition: Global security system that merges multiple Pro-Watch Corporate Edition systems to efficiently manage badgeholder data and report on events across theorganization.Integrations available using Pro-Watch Professional EditionPro-Watch Lite Edition (PWLE) and Pro-Watch Professional Edition (PWPE) are optimized for the needs of smaller security systems.These editions leverage Microsoft® SQL Express 2012 (included), so the server can be accommodated on either a workstation for a single PC or on a separate server. In either case, additional clients may be connected to the server up to supported limits. Refer to the specifications guide on page 5 for more details.Pro-Watch Lite Edition offers basic functionality for the small office and features Pro-Watch PW Series access controllers. Additional client licenses can be added as needed up to a total of 5.Pro-Watch Professional Edition is ideal for sites requiring more than 32 readers or additional client workstations.Small Systems: Pro-Watch Lite and Pro-Watch Professional EditionsBoth Pro-Watch Professional Edition (PWPE) and Pro-Watch Corporate Edition (PWCE) are targeted for the needs of medium to large installations.An IT topology deployment with a separate server is recommended. Workstations can be connected via LAN or WAN, making it convenient to manage multiple sites on a single server. Pro-Watch Professional Edition features Microsoft SQL Express 2012 (included).Both editions offer numerous options to meet a variety of security needs. For limits on connectivity support in PWPE, refer to the specifications guide on page 5.PWCE is truly the best fit for the largest systems and campuses because it has no restrictions on numbers of add-on readers or workstations. Honeywell also offers redundant solutions on PWCE for organizations requiring 24/7 operations.Medium & Large Systems: Pro-Watch Professional and Pro-Watch Corporate EditionsEnterprise Systems:Pro-Watch Enterprise EditionPro-Watch Enterprise Edition (PWEE) provides a security solution forthe global organization by sharing badgeholder identities and event data across the organization.With a PWEE system, an enterprise server facilitates two-way datasharing among regional servers. This enables single credential solutions across organizations.If equipped with two or more Pro-Watch Corporate Editions (PWCE),an organization may easily upgrade its servers to become part of an Enterprise system. EachCorporate Edition server becomes a regional server and retains regional system control.| 3PR OF E S S ION A L, C O R P OR AT E&E N T E R PR I SE E DI T ION S• Standard Badging and Advanced Badging client• 2-D PDF417 barcode add-on license for badging• Option for Transportation Security Clearinghouse (TSC) background checks in Pro-Watch AP (Airport)• Integration toHoneywell VISTA®panels FBP-128 /250and GX in NorthAmerica and toHoneywell GalaxyDimension GD-48,GD-96, GD-264,GD-520 in Europe• Event Procedurestriggers onconsecutive duplicateevents• Mustering, anti-passback and guardtour• Minimum andmaximum occupancyenforcement• Integrates videodevices added inMAXPRO® VMS• Supports Commendintercom systemservers GE200,GE300, GE700 andGE800• Detailed historicrecords for trackingconfigurationchanges, securityoperations and deviceevents to comply withaudit requirementsfor regulatorycompliance• Intercoms linked toreaders and locationson maps providequick access tospecific units• Supports R14 andlater AutoCAD files(DWFx or XPS) withadd-on license• Options forintegratingbiometrics,third-party hardware,radar-video solutionsand IT convergence• High availability andredundant serversolutions (CorporateEdition)• Support for WirelessLocksets fromAllegion, Assa Abloy,and Salto• Support forDisconnected Locksetsfrom Salto• FICAM PACSInfrastructureAPL Listed4 || 5SPEC IF IC AT IONS1 Must have a standard client license on a machine in order to run an Advanced Badging client license.2 Must order one regional server in an Enterprise system for each PWCE server in the system.3 E nterprise system capabilities align with Corporate for respective regional servers.Enterprise systems link together two or more Corporate Edition systems to share badgeholder identities and events among the Corporate Edition systems.1 Includes RAM required by the client machine to run the Windows operating system.6 |PR O -WATC H SE R V E R 1 R EQ U IR E ME N T S1 F or a system to be considered small, the Pro-Watch system shall have less than 5 clients, no more than 128 online readers, less than 5000 historical events per day, and properdatabase maintenance conducted by the end user or servicing dealer. For a system to be large, it must have between 5000 and 50,000 historical events per day, between 128 and 512 online readers, between 5 and 15 client workstations, and proper database maintenance conducted by the end user or servicing dealer. If the system will have more than 50,000 events per day, exceed 512 online readers, exceed 15 client workstations, or use Pro-Watch server side functions like anti-passback, event triggers and procedures, Real Time Data Transfer Utility, HSDK, etc. please consult Honeywell for custom server sizing.2 R AID technology used for the larger system server – Disk sets 1 and 2. When several physical disks are set up to use RAID technology, the operating system will be installed on a single disk (OS installed on RAID1 mirrored set) and the Database and Storage on a separate disk (RAID 5 or 10 disk set)3 To estimate database storage space, use the following approximations and add to the base DB size of 500MB: • Badgeholder storage = (# of badgeholders) x (75KB)* estimate based on typical captured picture size • Event history storage = (# of events per day) x (2.5 KB) x (# of days to retain in server)• A udit history storage = [(# of cardholder changes per day) + (# of system configuration changes per day)+(# of events per day)+(# of operator system changes per day)]* (1.2KB)x (# of days to retain in server)4 H oneywell highly recommends some type of removable media for daily database backups. Database backups should be removed from the server and stored in a safe, secure location so in the event of system failure this valuable data can be recovered. We recommend two or more removable media per server based upon end user processes. Alternatively, Honeywell system installers can engage the end-user’s IT group to participate in some type of network backup program.• I mportant Notice – These server and workstation hardware guidelines are intended for use as a reference only. The specifications are subject to changes due to marketconditions, software updates, manufacturing changes, and other variables outside of our control. Honeywell recommends for planning based on system growth and expansion, operating system updates and upgrades, database engine updates and upgrades, end user system expansion, historical data retention requirements, and archive data storagerequirements. Please consult with Honeywell as applicable for assistance.OR DE RING| 7For more information/uk Honeywell Security and Fire Honeywell International Middle EastSheikh Zayed Road, EMAAR Business Park Building 2, Level 2, Office 201PO Box 232362, Dubai, U.A.E. Telephone: +971 4 4505800 Facsimile: +971 4 4505900 Pro-Watch® is a registered trademarkof Honeywell International Inc. Microsoft®, Microsoft® BackOffice® and Windows® 2000 are registered trademarks of Microsoft Corporation HSFV-PRW43LTWD-01-ME(0617)DS-E June 2017© 2017 Honeywell International Inc.OR DE R ING8 |。

计量经济学 Test bank questions Chapter 4

计量经济学 Test bank questions Chapter 4

Multiple Choice Test Bank Questions No Feedback – Chapter 4 Correct answers denoted by an asterisk.1. A researcher conducts a Breusch-Godfrey test for autocorrelation using 3 lags of theresiduals in the auxiliary regression. The original regression contained 5 regressors including a constant term, and was estimated using 105 observations. What is the critical value using a 5% significance level for the LM test based on T R2?(a)1.99(b)2.70(c)* 7.81(d)8.56.2. Which of the following would NOT be a potential remedy for the problem of multicollinearity between regressors?(a) Removing one of the explanatory variables(b) * Transforming the data into logarithms(c) Transforming two of the explanatory variables into ratios(d) Collecting higher frequency data on all of the variables3. Which of the following conditions must be fulfilled for the Durbin Watson test to be valid?(i) The regression includes a constant term(ii) The regressors are non-stochastic(iii) There are no lags of the dependent variable in the regression(iv) There are no lags of the independent variables in the regression(a)* (i), (ii) and (iii) only(b) (i) and (ii) only(c) (i), (ii), (iii) and (iv)(d) (i), (ii), and (iv) only4. If the residuals of a regression on a large sample are found to be heteroscedastic which of the following might be a likely consequence?(i) The coefficient estimates are biased(ii) The standard error estimates for the slope coefficients may be too small(iii) Statistical inferences may be wrong(a) (i) only(b) * (ii) and (iii) only(c) (i), (ii) and (iii)(d) (i) and (ii) only5. The value of the Durbin Watson test statistic in a regression with 4 regressors (including the constant term) estimated on 100 observations is 3.6. What might we suggest from this?(a) The residuals are positively autocorrelated(b) * The residuals are negatively autocorrelated(c) There is no autocorrelation in the residuals(d) The test statistic has fallen in the intermediate region6. Which of the following is NOT a good reason for including lagged variables in a regression?(a) Slow response of the dependent variable to changes in the independent variables(b) Over-reactions of the dependent variables(c) The dependent variable is a centred moving average of the past 4 values of the series(d) * The residuals of the model appear to be non-normal7. What is the long run solution to the following dynamic econometric model?∆y t = β1 + β2∆X2t + β3∆X3t + u t(a) y = β1 + β2X2+ β3X3(b) y t = β1+ β2X2t + β3X3t(c) y = - (β2/β1) X2 - (β3 /β1)X3(d) * There is no long run solution to this equation8. Which of the following would you expect to be a problem associated with adding lagged values of the dependent variable into a regression equation?(a) * The assumption that the regressors are non-stochastic is violated(b) A model with many lags may lead to residual non-normality(c) Adding lags may induce multicollinearity with current values of variables(d) The standard errors of the coefficients will fall as a result of adding more explanatory variables9. A normal distribution has coefficients of skewness and excess kurtosis which are respectively(a) * 0 and 0(b) 0 and 3(c) 3 and 0(d) Will vary from one normal distribution to another10. Which of the following would probably NOT be a potential “cure” for non-normal residuals?(a) * Transforming two explanatory variables into a ratio(b) Removing large positive residuals(c) Using a procedure for estimation and inference which did not assume normality(d) Removing large negative residuals11. What would be the consequences for the OLS estimator if autocorrelation is present in a regression model but ignored?(a) It will be biased(b) It will be inconsistent(c) * It will be inefficient(d) All of (a), (b) and (c) will be true.12. If OLS is used in the presence of heteroscedasticity, which of the following will be likely consequences?(i) Coefficient estimates may be misleading(ii) Hypothesis tests could reach the wrong conclusions(iii) Forecasts made from the model could be biased(iv) Standard errors may inappropriate(a) * (ii) and (iv) only(b) (i) and (iii) only(c) (i), (ii), and (iii) only(d) (i), (ii), (iii), and (iv).13. If a residual series is negatively autocorrelated, which one of the following is the most likely value of the Durbin Watson statistic?(a) Close to zero(b) Close to two(c) * Close to four(d) Close to one.14. If the residuals of a model containing lags of the dependent variable areautocorrelated, which one of the following could this lead to?(a) Biased but consistent coefficient estimates(b) * Biased and inconsistent coefficient estimates(c) Unbiased but inconsistent coefficient estimates(d) Unbiased and consistent but inefficient coefficient estimates.15. Which one of the following is NOT a symptom of near multicollinearity? (a) The R 2 value is high(b) The regression results change substantively when one particular variable is deleted (c) * Confidence intervals on parameter estimates are narrow(d) Individual parameter estimates are insignificant16. Which one of the following would be the most appropriate auxiliary regression for a Ramsey RESET test of functional form?(a) * t t t v yy ++=210ˆαα (b) t t t t t t t t v x x x x x x y ++++++=326235224322102αααααα (c) t t t v y u++=2102ˆˆαα (d) t t t t t t t t v x x x x x x u ++++++=32623522432210αααααα17. If a regression equation contains an irrelevant variable, the parameter estimates will be(a)* Consistent and unbiased but inefficient(b)Consistent and asymptotically efficient but biased(c)Inconsistent(d)Consistent, unbiased and efficient.18. Put the following steps of the model-building process in the order in which it would be statistically most appropriate to do them:(i) Estimate model(ii) Conduct hypothesis tests on coefficients(iii) Remove irrelevant variables(iv) Conduct diagnostic tests on the model residuals(a)(i) then (ii) then (iii) then (iv)(b)(i) then (iv) then (ii) then (iii)(c)* (i) then (iv) then (iii) then (ii)(d)(i) then (iii) then (ii) then (iv).。

jichukuaiji kejian

jichukuaiji kejian
The cost of capital to be used in capital budgeting decision is the hurdle rate for project valuation. Cost Cost of capital Return IRR
k
ˆ k
Reject Accept
2
General Picture:
Concept of Cost of capital used in capital budgeting Component Cost of Capital
Cost Cost Cost Cost of of of of debt preferred stock retained earnings newly issued common equity
CHAPTER 6
THE COST OF CAPTITAL
Importance of Cost of Capital
In order to maximize a firm’s value, all inputs must be minimized, and measuring is the base point . Capital budgeting decision require an estimate of the cost of capital. It is the hurdle rate for choice. Other decision in financial management require information on the cost of capital. Such as leasing, bond refunding and working capital management .

贝恩咨询分析方法-Ratioanalysis2

贝恩咨询分析方法-Ratioanalysis2

Agenda
BOS
2
Ratio Analysis
Analyzing Ratios
Ratios in isolation are meaningless. A company's ratios must be examined over time and/or against its competitors’ ratios.
capital
Liquidity
• Current ratio • Quick ratio
Coverage
• Interest
charge
• Fixed charge
coverage
How well does the company manage costs
relative to revenues?
Higher return on sales
BOS
10
Ratio Analysis
Profitability Ratios - Market Leader
The market leader in an industry should have the best profitability ratios.
BOS
5
Ratio Analysis
•Using ratios •Types of key ratios
–profitability – turnover – leverage –liquidity – coverage
•Return on Equity •Ratio exercises •Forecasting exercise •Abbreviations •Key takeaways
Historical comparison

8估计风险参数和融资成本(1)

8估计风险参数和融资成本(1)

5
Regression Estimates of Betas The standard procedure for estimating betas is to regress stock returns (Rj) against market returns (Rm) Rj=a+bRm where a = Intercept from the regression b = Slope of the regression
3
There are three approaches available for estimating these parameters.:
The first is to use historical data on market prices for individual investments. The second is to estimate the betas from the fundamental characteristics of the investment. The third is to use accounting data.
9
Beta: noise estimation
10
Beta estimation: index author
பைடு நூலகம்
11
The Index Game…
A r a c r u z AD R vs S& P 5 0 0
80 1 40
A r a c r u z vs B o ve s p a
1 20 60 1 00
Estimate the unlevered beta for Disney’s businesses
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SPE 64286 Effective Permeability Estimation for Simulation of Naturally Fractured Reservoirs
T. Nakashima, SPE, Waseda University, K. Sato, SPE, The University of Tokyo, N. Arihara, SPE, Waseda University, and N. Yazawa, SPE, JNOC elements kxy and kyx are strongly affected by both the total length and the angle. Introduction Simulation of naturally fractured reservoirs is conducted commonly by either the continuum or the discrete fracture method. The double porosity or dual permeability method is a typical approach of the continuum model where fractures are assumed to distribute regularly and to be well connected1. The discrete fracture method2 assumes zero matrix permeability, though a fracture system can be modeled more realistically. Naturally fractured reservoirs often comprise irregularly distributed and disconnected fractures which are developed in matrix rock of non-zero permeability. The single-continuum approach, where the fracture system is represented by effective permeability, is more appropriate and flexible to simulate behaviors of naturally fractured reservoirs. Durlofsky3 presented a numerical procedure for computing the effective permeability of a region of periodically distributed heterogeneity. The method first solves the pressure equation over the periodical unit subject to periodic boundary conditions, and then upscales the velocity field to yield the effective permeability. Lough et al.4, 5 proposed a method to estimate the effective permeability of grid blocks used in continuum simulation of naturally fractured reservoirs. The boundary element method was employed to solve the boundary integral equations for the pressure under periodic boundary conditions. They applied the method to a fracture system generated using statistical data of fracture length, orientation, and intensity from an actual reservoir. In calculations of the effective permeability for various sedimentary structures, Pickup et al.6 investigated effectiveness of the periodic boundary condition method, and necessity of the tensor permeability. According to them, the periodic boundary condition method is computationally fast, and robust to always produce a symmetric, positive definite tensor. They also concluded that permeability tensors are required for layers of a high bedding angle, high permeability contrast, and comparable thickness. In this paper, we present an upscaling approach to estimate the effective permeability for naturally fractured reservoirs based on flow calculations for fracture distributions performed by the boundary element method. Fractures are discrete and

Copyright 2000, Society of Petroleum Engineers Inc. This paper was prepared for presentation at the SPE Asia Pacific Oil and Gas Conference and Exhibition held in Brisbane, Australia, 16–18 October 2000. This paper was selected for presentation by an SPE Program Committee following review of information contained in an abstract submitted by the author(s). Contents of the paper, as presented, have not been reviewed by the Society of Petroleum Engineers and are subject to correction by the author(s). The material, as presented, does not necessarily reflect any position of the Society of Petroleum Engineers, its officers, or members. Papers presented at SPE meetings are subject to publication review by Editorial Committees of the Society of Petroleum Engineers. Electronic reproduction, distribution, or storage of any part of this paper for commercial purposes without the written consent of the Society of Petroleum Engineers is prohibited. Permission to reproduce in print is restricted to an abstract of not more than 300 words; illustrations may not be copied. The abstract must contain conspicuous acknowledgment of where and by whom the paper was presented. Write Librarian, SPE, P.O. Box 833836, Richardson, TX 75083-3836, U.S.A., fax 01-972-952-9435.
Abstract Appropriate modeling of naturally fractured reservoirs is one of the most important and challenging issues in reservoir characterization. In simulation, a double porosity or dual permeability model is applied when fractures are well developed to form a fracture network. On the other hand, the single-continuum approach, where the fracture system is represented by effective permeability, is commonly used if fractures are discrete or disconnected. Focusing on the latter case, this paper proposes a semi-analytical technique to evaluate effective permeability for periodically or randomly fractured media including infinitely thin, infinite-conductivity fractures. The complex variable boundary element method is used to compute potential and stream functions in the twodimensional space for discretely distributed fracture system under the periodic boundary conditions. Effective permeability is evaluated first for discrete fracture systems of regular patterns as well as a single inclined fracture to demonstrate the validity of the method. 500 distributions of stochastic fractures are next generated to establish correlation between effective permeability and the fracture statistics, i.e., total length L, mean length m, and standard deviation of fracture length σ. Sensitivity to the parameters shows that the incremental gain of effective permeability is proportional to L, that the larger m, the larger effective permeability, and that non-zero σ increases effective permeability. The effective permeability tensors are also determined for oriented fractures. Analyses by nonparametric regression show that the diagonal elements, kxx and kyy are highly affected by the angle between the oriented fractures and the pressure gradient, while the off-diagonal
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