Top PDF PP: Construction - A Risky Business

PP: Construction - A Risky Business

PP: Construction - A Risky Business

Whilst most people consider risk and ‘danger’ to be closely aligned, risk has a significantly wider scope. The Project Management Institute in its PMBOK ® Guide 3 rd Edition 1 defines risk as “An uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives.” The building and construction industry is inherently risky; we suggest the key role of all professionals engaged in the industry, irrespective of their job title, is to mitigate the negative impacts of risk and exploit the positive aspects to deliver a quality product, profitably. This applies equally to people and organisations working in the government and private sectors, and includes financiers, clients, contractors, subcontractors and suppliers.
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PP: Risk Attitudes in the Construction Industry - Avoidance Does Not Work

PP: Risk Attitudes in the Construction Industry - Avoidance Does Not Work

Despite the massive problems with the ‘opening’, BAA’s approach to construction management used on Terminal 5 that proactively embraced risk appears to have saved a fortune. The building was completed on time, on budget and with an exemplary safety record. In contrast, the attempts by the clients on the Wembley project to avoid ‘all risk’ by contracting out of any involvement in the project simply did not work. The difference between the projects lays in the clients risk attitudes.

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PP 2002 13: 
  Construction by Description in Discourse Representation

PP 2002 13: Construction by Description in Discourse Representation

This paper uses classical logic for a simultaneous description of the syntax and semantics of a fragment of English and it is argued that such an approach to natural language allows procedural aspects of lin- guistic theory to get a purely declarative formulation. In particular, it will be shown how certain construction rules in Discourse Represen- tation Theory, such as the rule that indefinites create new discourse referents and definites pick up an existing referent, can be formulated declaratively if logic is used as a metalanguage for English. In this case the declarative aspects of a rule are highlighted when we focus on the model theory of the description language while a procedural perspec- tive is obtained when its proof theory is concentrated on. Themes of interest are Discourse Representation Theory, resolution of anaphora, resolution of presuppositions, and underspecification.
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Risky Business: Constructing the ‘choice’ to ‘delay’ motherhood in the British press

Risky Business: Constructing the ‘choice’ to ‘delay’ motherhood in the British press

Although on the surface the construction of the timing of pregnancy as a woman’s choice may be a positive thing, one of our concerns is that in framing the timing of pregnancy as a woman’s choice, in conjunction with discussing the risks of later maternity, women are effectively positioned as to blame if they are unfortunate enough to experience any of the adverse outcomes which are said to be associated with the time that they chose to start their families. This kind of representation may be considered characteristic of the contradictions of a post feminist media culture (Gill, 2007b) whereby “notions of autonomy, choice and self-improvement” are said to “sit side-by-side with surveillance, discipline and the vilification of those who make the 'wrong' 'choices'” (p. 163).
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Risky business: factor analysis of survey data – assessing the probability of incorrect dimensionalisation

Risky business: factor analysis of survey data – assessing the probability of incorrect dimensionalisation

The very common practice of factor analysing ordinal data is not surprising. Many textbooks condone or encourage such usage by illustrating factor analytic procedures on survey data with little or no discussion of the risks of using ordered-categorical (rather than interval) data. Pallant, for example, illustrates exploratory factor analysis on the basis of 5-category ordinal survey items without any cautionary note, even after having stated earlier that the method requires “a set of correlated continuous variables ” ([21], p. 185, emphasis added). Likewise, Byrne illustrates the use of confirmatory factor analysis on a set of Likert items, after a rather perfunctory discus- sion of ordinal data that suggests that the risks of such analyses are negligible if the number of re- sponse categories is five or more, and when the items are not too skewed ([22], pp. 71–2). Many other texts or methods-oriented websites explicitly state that Likert items represent a form of ‘quasi-interval’ measurement that can validly be used in factor analysis (cf. [23], pp. 74–75). In- deed, numerous textbooks, academic encyclopaedias and websites offering methodological ad- vice to applied researchers assert that product-moment correlations can validly be calculated on Likert-type items, (e.g., [24], p. 191; [25], p. 26; [26], p.2). And finally, factor analyses of Likert items are so common in the extant peer-reviewed literature that end-users of statistical methods can hardly be faulted for believing that this practice involves no serious risks.
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Balancing the 'town and gown': the risky business of creating youth theatre in regional Queensland

Balancing the 'town and gown': the risky business of creating youth theatre in regional Queensland

One young participant stated, “[I]t’s a time when we’re changing a lot. We’re becoming adults and we want more rights and freedoms. QUE Fest does that for me”. These young people tend to reject the negative connotations of them as angst-ridden teens because they generally do not see why this stage of life is less important than any other. Instead, they choose to embrace it with all of its angst in comical and confusing ways. Willis (1990) tells us that young people reposition the relationship between arts and culture in ways which aim to disrupt and reclaim art from the “hyperinstitutionalisation” of art (the dissociation of art from its living contexts) and to place it in the realm of “living common culture” (pp. 1-3). “Where art excludes, culture includes. Arts has been cut short of meanings, where culture has not.” What the students’ evaluations tell us is that QUE Fest provides an outlet for anchoring their emerging voices; many participants discover that QUE programs have become a consistent part of their cultural lives in the region (QUE Fest evaluation sin 2001, 2002, 2003 and 2004).
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Risky Swaps

Risky Swaps

This approach has its explicit drawbacks. If the instrument is risk free, then the self- financing strategy makes sense. In a stochastic setting self-financing scenario automatically implies deterministic interpretation of the market prices. Indeed, borrowing and investing funds in a risky market contains risk of losing an investment. In other words, the risk of investing in stochastic market could be described as getting a return bellow of what was initially planned. In theory, one can assume that underlying security distribution and its’ parameters are known. Fixing the distribution might lead to an opportunity to define a generalization of the classical arbitrage. The stochastic arbitrage is when an investor hopes to receive a statistical advantage. Nevertheless in finance it is difficult to exercise statistical arbitrage.
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Neustar Insights Whitepaper. Risk Management. Is Your Fraud Management Risky Business?

Neustar Insights Whitepaper. Risk Management. Is Your Fraud Management Risky Business?

Today’s CSPs have a variety of risk management solutions to choose from. These range from highly specialized, niche solutions from small companies to broader analytics platforms delivered by Fortune 500 companies. Selecting the right solution for your business can depend on numerous factors, including time-to-deployment, cost, functionality, ease-of-use and analytical strength. Beyond the solution itself, CSPs need to consider the solution vendor: Are they established? Do they have a strong local presence? Will they be able to support the solution with services and new features?

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The state of construction e Business in the UK

The state of construction e Business in the UK

Figure 8 and Table 2 indicate that financial systems such as electronic banking, programming with project management and accounting are the most used and therefore highest ranked electronic enabled core activities within UK construction organisations. The financial health of an organisation is necessity for survival and it is good to see that it ranks at the top of the list in relation to ICT incorporation within UK Construction organisations. ICT has allowed computerised systems to be developed to deal electronically with organisational income and expenditure. Vital to the construction industry many of these ICT applications have modules allowing project specific elements such as rental of plant, salaries, and material costs to be determined against individual projects. Depending on the complexity of the ICT system, some systems allow tax documentation, payment to be completed and automatic invoicing generated. Just Payroll Systems (2015) is an example of a system with these capabilities with a construction specialism. Most banking systems now allow transactions relating to loans and money exchange to be transferred electronically so it is no surprise that it came top of the rankings.
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Risky Business: the legal exposure & expense of allowing PST files in your organization

Risky Business: the legal exposure & expense of allowing PST files in your organization

During discovery, a company must monitor and control systems and people who act as custodians of business records. With PST files, each and every one of your employees are a custodian of business records and may be called upon to testify as to the integrity of the evidence within their local machine. By centralizing the data from the PST files, you reduce the number of custodians from many to a trained few (your IT department).

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Contract Documents And Their Importance In Construction Business

Contract Documents And Their Importance In Construction Business

37.1 The Contractor will be held to have used in his base proposal and to furnish under the Contract those items of equipment and/or materials which are specifically identified in the specifications by a manufacturer's name, model, or catalog number. Items of equipment of the Contractor's choice may be offered as alternates to the items named in the specifications by submitting with the proposal and on the form provided, identifying data on the articles proposed, together with a statement of the amount of addition or deduction from the base bid if the bidder's alternate is accepted. Prior approval by the Architect is not required on items submitted as alternate bids. After execution of the Contract, substitution of equipment and/or materials of makes other than those specifically named in the Contract Documents may be approved by the Owner so long as the equipment or material proposed for substitution in the opinion of the Owner is just as suitable as equipment and/or materials named in the specifications so far as performance, construction, efficiency, and utility are concerned. A request for substitution shall ordinarily be required to be based upon one or more of the following grounds for justification: the submitted material is no longer available, a substitution will improve lead time, quality will be improved (documented detail required), or the Owner will incur substantial savings. All requests for substitution must be submitted in writing with supporting documentation by or through the Contractor to the Architect for initial review, before being submitted to the Owner for evaluation and final approval. In the absence of the Owner's written approval, no substitution of materials or methods will be allowed for any items specified in the Contract Documents.
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Activity nodes and licensed premises: Risky mixes and risky facilities

Activity nodes and licensed premises: Risky mixes and risky facilities

Dr Andrew Newton Applied Criminology Centre ACC, University of Huddersfield Presentation to the International Symposium on Environmental Criminology and Crime Analysis ECCA 16th to 19th [r]

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The Construction Of A Business Model For Intellectually Disabled Workers

The Construction Of A Business Model For Intellectually Disabled Workers

The Japanese welfare system has undergone rapid change. A law has been enacted that requires the handicapped to work in order to be independent from government assistance. However, it is difficult for the intellectually disabled (ID) to earn a living wage because of a lack of understanding with respect to their ability and communication skills. Our organization conducts business with ID individuals such as those with autism. The business model for the income of our organization and the ID individuals concerned was successfully constructed through an understanding and application of the characteristics of ID individuals. This paper shows the current environment affecting the ID and presents our strategic and successful business model that is designed to enable them to achieve a realistic livelihood.
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Risky business: the combined effects of fishing and changes in primary productivity on fish communities

Risky business: the combined effects of fishing and changes in primary productivity on fish communities

In order to differentiate the different types of risky combined effects, we contrasted the LTL and HTL groups to determine how prone they were to each of the ecological risks within each ecosys- tem and under each fishing strategy. Most ˆ RR values of negative synergistic effects were at or above 1 (Fig. 6). The ˆ RR value averaged over all ecosystems and fishing strategies was significantly greater than 1 with p = 0.021 (Table 1). This suggested that the risk of a negative synergistic interaction between fishing and phytoplank- ton biomass change was significantly higher for the LTL group than for the HTL group. The p-value for the likelihood- ratio test between the full model (shown in Fig. 6) and the reduced model was 0.939, indicating the conclusion drawn here was irrespective of fishing strategy. The ratio of total heterogeneity to total variability was 53% (Table 1), indicating more than half of the variability was due to heterogeneity across the ecosystem simulation models. The H value of 2.279 (Table 1) implied that the variation in ˆ RR was more than double of what would be expected under the null hypothesis of homogeneity.
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Risky Swaps

Risky Swaps

The problem of a credit default swap (CDS) pricing is somewhat an adjacent problem. Recall that the corporate bond price inversely depends on interest rate. In case of a default, the credit risk on a debt investment is related to the loss. There is a possibility for a risky bond buyer to reduce his credit risk. This can be achieved through buying a protection from a protection seller. The bondholder would pay a fixed premium up to maturity or default, which ever one comes first. If default comes before maturity, the protection buyer will receive the difference between the initial face value of the bond and RR. This difference is called ‘loss given default’. This contract represents CDS. The counterparty that pays a fixed premium is called CDS buyer or protection buyer; the opposite party is the CDS seller. Note, that in contrast to corporate bond, CDS contract does not assume that the buyer of the CDS is the holder of underlying bond. Also note that underlying to the swap can be any asset. It is called a reference asset or a reference entity. Thus, CDS is a credit instrument that separates credit risk from corresponding underlying entity.
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Risky Swaps.

Risky Swaps.

between maturity or default dates. This present value relates to the bond buyer spot price and is by construction a random variable. On the other hand the bond buyer can buy the bond and go short on the same amount equal to discounted coupon future payments. In this case that looks like somewhat unrealistic one need to use the benchmark present value for the bond buyer’s valuation. We consider such case as unrealistic because in a two party deal the security seller is a party looking for financing while security buyer represents an investor. Therefore in case when the investor buying a security goes short getting cash is a mixed strategy combining investor’s and financier’s strategy. It might be reasonable way but it should be more accurately specified. In this paper we consider market deals parties behavior in their common sense. Security buyers are investors interested in getting maximum return on their investments while security sellers are looking for financing.
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Risky Swaps

Risky Swaps

Each of these expressions can be chosen for RPV definition. To see that one can note that in each expression the probability factor related to particular date implies that all preceding payments would be received. These three sums present different values and therefore the definition should be refined. On the other hand these values are expected values of the random variables that are indeed risky PVs in contrast to its expectations representing only a risk characteristic. Let us define as risky present value of the series of future payments { C j } as

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Elements of Running A Successful Construction Business

Elements of Running A Successful Construction Business

• Economic assessment. Provide a complete assessment of the economic environment in which your business will become a part. Explain how your business will be appropriate for the regulatory agencies and demographics with which you will be dealing. If normally available from local planning departments. Also know the growth trends for your business- find out if the market for your product or service is growing or shrinking.

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ELECTRICAL CONSTRUCTION BUSINESS ACT

ELECTRICAL CONSTRUCTION BUSINESS ACT

A person who falls under any of the following subparagraphs shall be punished by imprisonment for not more than one year, or by a fine not exceeding ten million won: 1. A person who operates construction business without obtaining registration under Article 4 (1); 2. A person who obtains registration under Article 4 (1) fraudulently or in any unlawful manner; 3. A constructor who violates the prohibition, etc. on lending a certificate of registration, etc. of construction business under Article 10 and the other party; 4. A person who enters into a subcontract or a re-subcontract, in violation of the main sentence of Article 14 (1) or (2) and the other party; 5. A person who lends a career pocketbook or who uses a career pocketbook borrowed from another person, in violation of Article 18-2; 6. A person who operates business during the period of a disposition of business suspension under Article 28 (1). [This Article Wholly Amended by Act No. 9179, Dec. 26, 2008]
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Risky business: capacity-building in collaborative research

Risky business: capacity-building in collaborative research

This chapter articulates a number of the connections and potential disconnections between capacity-building and collaborative research. At first glance the relationship between these two phenomena might be assumed to be synergistic and even to approach a kind of one-to- one correspondence. When we look more closely, however, we find the association between capacity-building and collaboration in the context of education research to be complex and contested. This is partly because of ongoing debate about defining each term and partly because both terms are liable to capture and deployment by competing discourses about academic work, the contemporary higher education sector and ultimately the character and meaning of human life and the roles that economic and sociocultural activity play within it. The same questions attend the concept of risk, encapsulated in the phrase risky business as denoting the challenges as well as the opportunities of engaging in capacity-building through collaborative research.
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