A flexible budget is a budget that adjusts or flexes for changes in the volume of activity. The flexible budget is more sophisticated and useful than a static budget, which remains at one amount regardless of the volume of activity. This lecture introduces you to flexible budgets with the following contents:
This chapter explores how budgets can be adjusted so that meaningful comparisons to actual costs can be made. This chapter include objectives: Prepare a flexible budget, prepare a report showing activity variances, prepare a report showing revenue and spending variances, prepare a performance report that combines activity variances and revenue and spending variances, prepare a flexible budget with more than one cost driver, understand common errors made in preparing performance reports based on budgets and actual results.
In recent years, most Cost Adjustment Sheets (CASs) have increased the Navy's Flying Hour Program (FHP) budget. They also have been far more utilized by the F/A-18 program than by program offices for most other types of naval aircraft. RAND assessed the contribution of CASs to the accuracy of FHP
We obtain our list of SRI funds from the Social Investment Forum's (SIF) reports published
in 1997, 1999, 2001, 2003, and 2005.
Each report contains comprehensive information about
SRI in the US for both the publication year and the preceding one. In particular, the reports
contain a list of SRI mutual funds compiled by SIF. To construct this list SIF employs a direct
survey methodology and gathers information from third parties. A fund is included in the SIF
list if it utilizes one or more social or environmental criteria as part of a formal investment
To be included in...
For the investor types believing that active managers can generate alphas, we nd that the
ability to identify superior performing funds is further improved, albeit slightly, by augmenting the
four-factor model with country indices, even if these indices represent non-priced factors, consis-
tent with Pastor and Stambaugh (2002a). To illustrate, our baseline analysis nds CAPM alpha
enhancements of up to 5% per year from using macroeconomic state variables to choose funds,
relative to active manager choice using an unconditional CAPM model.
To transcend these limitations, Greenplum assembled a team of the world’s leading database experts and built a
shared-nothing massively parallel processing database, designed from the ground up to achieve the highest levels of
parallelism and efficiency for complex BI and analytical processing. In this architecture, each unit acts as a self-containe
database management system that owns and manages a distinct portion of the overall data. The system automatically
distributes data and parallelizes query workloads across all available hardware.
The high-technology answer seemed to lie in the creation of new manufacturing sectors,
which—by virtue of high growth and rising productivity—might restore the promise of
high-wage, stable employment. Such sectors were emerging in Silicon Valley and other
centers that increasingly looked to a combination of electronics and information as their
stock in trade. But also taking place were profound changes in the nature of manufactur-
ing; these changes would be fatal to the cities’ hopes for new sectors.
The presence of the lagged dependent variable Ci(-1) has a dual interpretation. On the
one hand, it reflects relationship banking in the vein of the literature discussed in section 2.1.
Long-term enterprise-bank relations help to reduce information asymmetries; banks would be
more willing to lend again if they have already done so (we consider the banking sector as a
whole as the lending party). On the other hand, a positive association can be interpreted as
evidence of soft budget constraints on the part of the banks in the sense of Berglof and Roland
Third, we find that after accounting for luck, the percentage of funds with negative
alphas in the population is approximately equal to 20% across all categories, while the
proportion of funds with positive performance is much lower (it amounts to 1.9% of all
funds in the population). It implies that the performance of the industry as a whole is
not so bad because about 80% of the funds generate a performance sufficiently high to
cover their expenses. The negative average performance documented in past studies is
not due to the majority of funds but is caused by 20% of the funds....
Subject to a number of exceptions, fund managers
that are SEC-registered investment advisers may not
charge any type of performance fee or carried interest
to their fund investors.
72 Rule 205-3 of the Investment
Advisers Act of 1940, as amended (the “Advisers Act”),
allows registered fund managers to charge such fees
to “qualiﬁ ed clients.”73 Rule 205-3 historically deﬁ ned
“qualiﬁ ed clients” as clients with at least $750,000 in as-
sets under management or a net worth of at least $150
The countries in which you are serving most likely inherited educational systems from Britain or
France. The original goal of these systems was to provide education to the children of the local
elites and to supply the colonial administrations and trading companies with clerical staff.
Remarkable progress has been made since the former colonies achieved independence.
Educational opportunities have been expanded at all levels as national leaders put a priory on
productivity and economic growth.
Cosmetic surgery is the latest beauty mantra in India , as more and more people want to look young
and feel good. Be it a crooked nose, cleft lip or excessive body flab, cosmetic surgery can correct
it all. Moreover, in the last decade , the popularity of medical tourism has soared among people in
developed nations due to the elevated cost of healthcare in their own countries. A career as a
cosmetic surgeon entails years of training and developing exceptional skill. However, once established,
clients will flow in.
The Final Design submittal package is prepared when the design for a given element or area is
100% complete. The submittal may include plan sheets, specifications, technical memos,
reports, calculations, and other pertinent data, as applicable. The submittal shall include Form
RCSR resulting from the Preliminary Design Submittal. As a result of the on-going discussion
and resolution of design and construction issues via the regularly scheduled Task Force
Meetings, Core Meetings, and informal reviews, it is anticipated that there will be very few
revisions or changes at this stage.
In line with this, TSC disagrees with theories that model cognition on
conscious reasoning, as reﬂecting the ways thought processes are conceptu-
alised in language. Instead, TSC states that cognition is ‘active’ in the sense
that cognitive processes emerge in concrete situations of physical action
and socio-cultural practices. In integrating conation and aﬀect, cognition is
driven by, on the one hand, the agent’s current needs and motivation and,
on the other, the contingent, contextual elements that support immediate
As the ratio of oxygen to fuel (or air to fuel) decreases, the products change from the
desired carbon dioxide to the undesired carbon monoxide and then to soot (which is almost
pure carbon) or unburned heptane. When an engine is operating on a high value of air/fuel
ratio, we say the engine is running lean. Sometimes we may also speak of a lean-burning
engine. When the air/fuel ratio is low, we say that the engine is running or burning rich.
The carburetor or fuel injector system of an engine can be adjusted, at least to some extent,
to change this ratio. It would seem,...
The addition to gasoline of a lead-containing compound called tetraethyllead was an
attempt to enhance engine performance. The use of this compound was phased out when it
was found to destroy the effectiveness of the catalytic converter (described below) which is
used to reduce emissions of carbon monoxide, hydrocarbons and NOx. Tetraethyllead is
just one member of a group of compounds, called octane boosters, which can be added to
gasoline to increase its octane number. Other compounds that have been used as octane
enhancers over the years include methanol (CH3OH) and ethanol (C2H5OH).
Previously, after completing an engineering degree in India,
then working as a project manager in the Middle East, George
had decided he needed some formal qualifications to back up
his practical skills. He focused on an MBA specialising in project
management but researched his options thoroughly before
choosing Deakin. ‘I was quite fascinated by Australia as the land
of opportunity, and I looked at university ratings,’ he says.
I thought Deakin was one of the most progressive and its MBA
has been around for about 20 years. It was definitely the place to
The United Nations Fourth World Conference on Women held in Beijing in 1995 established gender
equality as a basic principle in development cooperation. Gender equality refers to equality of
opportunity, rights, distribution of resources and benefits, responsibilities for women and men in
private and public life and in the value accorded to male and female characteristics. Promotion of
gender equality is not only concerned with women’s issues, but also covers broader actions to be taken
by both women and men.
The total rebuilding of Pier A in 1995 and the construction
of a link to Terminal 1 in 1998 was designed by the architect firm
Holm & Grut A/S. The most characteristic feature of the pier is its
modern version of fan vaulting supporting the aluminium wing
structures that make up the roof. These curved roofs and the glass
facades form reflecting surfaces that create the space and light
that is the hallmark of Nordic architecture. Holm & Grut wanted to
create a building that would give arriving passengers an immediate
experience of Scandinavian design.
Early relational systems used indices as table replicas that allowed
vertical partitioning, allowed associative search, and allowed con-
venient data ordering. Database optimizers and executors use
semi-join on these structures to run common queries on covering
indices. These query strategies give huge speedups.
These early ideas evolved to materialized views (often maintained
by triggers) that went far beyond simple covering indices and
provided fast access to star and snowflake schema. In...