Operational Risk Management Quotes

Fortifying the company involves managing supply chain risks to ensure continuity of operations and avoid disruptions.

If you don’t drink coffee, you should think about two to four cups a day. It can make you more alert, happier, and more productive. It might even make you live longer. Coffee can also make you more likely to exercise, and it contains beneficial antioxidants and other substances associated with decreased risk of stroke (especially in women), Parkinson’s disease, and dementia. Coffee is also associated with decreased risk of abnormal heart rhythms, type 2 diabetes, and certain cancers.12, 13 Any one of those benefits of coffee would be persuasive, but cumulatively they’re a no-brainer. An hour ago I considered doing some writing for this book, but I didn’t have the necessary energy or focus to sit down and start working. I did, however, have enough energy to fix myself a cup of coffee. A few sips into it, I was happier to be working than I would have been doing whatever lazy thing was my alternative. Coffee literally makes me enjoy work. No willpower needed. Coffee also allows you to manage your energy levels so you have the most when you need it. My experience is that coffee drinkers have higher highs and lower lows, energywise, than non–coffee drinkers, but that trade-off works. I can guarantee that my best thinking goes into my job, while saving my dull-brain hours for household chores and other simple tasks. The biggest downside of coffee is that once you get addicted to caffeine, you can get a “coffee headache” if you go too long without a cup. Luckily, coffee is one of the most abundant beverages on earth, so you rarely have to worry about being without it. Coffee costs money, takes time, gives you coffee breath, and makes you pee too often. It can also make you jittery and nervous if you have too much. But if success is your dream and operating at peak mental performance is something you want, coffee is a good bet. I highly recommend it. In fact, I recommend it so strongly that I literally feel sorry for anyone who hasn’t developed the habit.

Intellectuals analyze the operations of international systems; statesmen build them. And there is a vast difference between the perspective of an analyst and that of a statesman. The analyst can choose which problem he wishes to study, whereas the statesman’s problems are imposed on him. The analyst can allot whatever time is necessary to come to a clear conclusion; the overwhelming challenge to the statesman is the pressure of time. The analyst runs no risk. If his conclusions prove wrong, he can write another treatise. The statesman is permitted only one guess; his mistakes are irretrievable. The analyst has available to him all the facts; he will be judged on his intellectual power. The statesman must act on assessments that cannot be proved at the time that he is making them; he will be judged by history on the basis of how wisely he managed the inevitable change and, above all, by how well he preserves the peace.

Dangerous systems usually required standardized procedures and some form of centralized control to prevent mistakes. That sort of management was likely to work well during routine operations. But during an accident, Perrow argued, “those closest to the system, the operators, have to be able to take independent and sometimes quite creative action.” Few bureaucracies were flexible enough to allow both centralized and decentralized decision making, especially in a crisis that could threaten hundreds or thousands of lives. And the large bureaucracies necessary to run high-risk systems usually resented criticism, feeling threatened by any challenge to their authority. “Time and time again, warnings are ignored, unnecessary risks taken, sloppy work done, deception and downright lying practiced,” Perrow found. The instinct to blame the people at the bottom not only protected those at the top, it also obscured an underlying truth. The fallibility of human beings guarantees that no technological system will ever be infallible.

This kind of management system clearly has its risks. It meant Van Riper didn't always have a clear idea of what his troops were up to. It meant he had to place a lot of trust in his subordinates. It was, by his own admission, a "messy" way to make decisions. But it had one overwhelming advantage: allowing people to operate without having to explain themselves constantly turns out to be like the rule of agreement in improv. It enables rapid cognition.

The entire United States government had been drifting that way for some time—management jobs once done by career civil servants being turned into roles performed by people appointed by the president. One of the problems this created was management inexperience: the average tenure of the appointees fluctuated between eighteen months and two years, depending on the administration. Another was the kind of person the job now selected for. There would be exceptions, of course, but the odds favored the pleaser. The person who did not present risks to the White House’s political operation.

The strategy paradox arises from the need to commit in the face of unavoidable uncertainty. The solution to the paradox is to separate the management of commitments from the management of uncertainty. Since uncertainty increases with the time horizon under consideration, the basis for the allocation of decision making is the time horizon for which different levels of the hierarchy are responsible: the corporate office, responsible for the longest time horizon, must focus on managing uncertainty, while operating managers must focus on delivering on commitments. This is the principle of Requisite Uncertainty. A critically important tool in applying Requisite Uncertainty is Strategic Flexibility, a framework for identifying uncertainties and developing the options needed to mitigate risk or exploit opportunity.

The quality of the people involved in the company was just as critical. I use the word quality to encompass two quite different characteristics. One of these is business ability. Business ability can be further broken down into two very different types of skills. One of these is handling the day-to-day tasks of business with above-average efficiency. In the day-to-day tasks, I include a hundred and one matters, varying all the way from constantly seeking and finding better ways to produce more efficiently to watching receivables with sufficient closeness. In other words, operating skill implies above-average handling of the many things that have to do with the near-term operation of the business. However, in the business world, top-notch managerial ability also calls for another skill that is quite different. This is the ability to look ahead and make long-range plans that will produce significant future growth for the business without at the same time running financial risks that may invite disaster. Many companies contain managements that are very good at one or the other of these skills. However, for real success, both are necessary.

2006 interview by Jim Gray, Amazon CTO Werner Vogels recalled another watershed moment: We went through a period of serious introspection and concluded that a service-oriented architecture would give us the level of isolation that would allow us to build many software components rapidly and independently. By the way, this was way before service-oriented was a buzzword. For us service orientation means encapsulating the data with the business logic that operates on the data, with the only access through a published service interface. No direct database access is allowed from outside the service, and there’s no data sharing among the services.3 That’s a lot to unpack for non–software engineers, but the basic idea is this: If multiple teams have direct access to a shared block of software code or some part of a database, they slow each other down. Whether they’re allowed to change the way the code works, change how the data are organized, or merely build something that uses the shared code or data, everybody is at risk if anybody makes a change. Managing that risk requires a lot of time spent in coordination. The solution is to encapsulate, that is, assign ownership of a given block of code or part of a database to one team. Anyone else who wants something from that walled-off area must make a well-documented service request via an API.

Managerial abilities, bureaucratic skills, technical expertise, and political talent are all necessary, but they can be applied only to goals that have already been defined by military policies, broad and narrow. And those policies can be only as good as strategy, operational art of war, tactical thought, and plain military craft that have gone into their making. At present, the defects of structure submerge or distort strategy and operational art, they out rightly suppress tactical ingenuity, and they displace the traditional insights and rules of military craft in favor of bureaucratic preferences, administrative convenience, and abstract notions of efficiency derived from the world of business management. First there is the defective structure for making of military decisions under the futile supervision of the civilian Defense Department; then come the deeply flawed defense policies and military choices, replete with unnecessary costs and hidden risks; finally there come the undoubted managerial abilities, bureaucratic skills, technical expertise, and political talents, all applied to achieve those flawed policies and to implement those flawed choices. By this same sequence was the fatally incomplete Maginot Line built, as were all the Maginot Lines of history, each made no better by good government, technical talent, careful accounting, or sheer hard work. Hence the futility of all the managerial innovations tried in the Pentagon over the years. In the purchasing of weapons, for example, “total package” procurement, cost plus incentive contracting, “firm fixed price” purchasing have all been introduced with much fanfare, only to be abandoned, retried, and repudiated once again. And each time a new Secretary of Defense arrives, with him come the latest batch of managerial innovations, many of them aimed at reducing fraud, waste, and mismanagement-the classic trio endlessly denounced in Congress, even though they account for mere percentage points in the total budget, and have no relevance at all to the failures of combat. The persistence of the Administrator’s Delusion has long kept the Pentagon on a treadmill of futile procedural “reforms” that have no impact at all on the military substance of our defense. It is through strategy, operational art, tactical ingenuity, and military craft that the large savings can be made, and the nation’s military strength greatly increased, but achieving long-overdue structural innovations, from the central headquarters to the combat forces, from the overhead of bases and installations to the current purchase of new weapons. Then, and only then, will it be useful to pursue fraud, waste, and mismanagement, if only to save a few dollars more after the billions have already been saved. At present, by contrast, the Defense Department administers ineffectively, while the public, Congress, and the media apply their energies to such petty matters as overpriced spare parts for a given device in a given weapon of a given ship, overlooking at the same time the multibillion dollar question of money spent for the Navy as a whole instead of the Army – whose weakness diminishes our diplomatic weight in peacetime, and which could one day cause us to resort to nuclear weapons in the face of imminent debacle. If we had a central military authority and a Defense Department capable of strategy, we should cheerfully tolerate much fraud, waste, and mismanagement; but so long as there are competing military bureaucracies organically incapable of strategic combat, neither safety nor economy will be ensured, even if we could totally eliminate every last cent of fraud, waste, and mismanagement.

Less is more. “A few extremely well-chosen objectives,” Grove wrote, “impart a clear message about what we say ‘yes’ to and what we say ‘no’ to.” A limit of three to five OKRs per cycle leads companies, teams, and individuals to choose what matters most. In general, each objective should be tied to five or fewer key results. (See chapter 4, “Superpower #1: Focus and Commit to Priorities.”) Set goals from the bottom up. To promote engagement, teams and individuals should be encouraged to create roughly half of their own OKRs, in consultation with managers. When all goals are set top-down, motivation is corroded. (See chapter 7, “Superpower #2: Align and Connect for Teamwork.”) No dictating. OKRs are a cooperative social contract to establish priorities and define how progress will be measured. Even after company objectives are closed to debate, their key results continue to be negotiated. Collective agreement is essential to maximum goal achievement. (See chapter 7, “Superpower #2: Align and Connect for Teamwork.”) Stay flexible. If the climate has changed and an objective no longer seems practical or relevant as written, key results can be modified or even discarded mid-cycle. (See chapter 10, “Superpower #3: Track for Accountability.”) Dare to fail. “Output will tend to be greater,” Grove wrote, “when everybody strives for a level of achievement beyond [their] immediate grasp. . . . Such goal-setting is extremely important if what you want is peak performance from yourself and your subordinates.” While certain operational objectives must be met in full, aspirational OKRs should be uncomfortable and possibly unattainable. “Stretched goals,” as Grove called them, push organizations to new heights. (See chapter 12, “Superpower #4: Stretch for Amazing.”) A tool, not a weapon. The OKR system, Grove wrote, “is meant to pace a person—to put a stopwatch in his own hand so he can gauge his own performance. It is not a legal document upon which to base a performance review.” To encourage risk taking and prevent sandbagging, OKRs and bonuses are best kept separate. (See chapter 15, “Continuous Performance Management: OKRs and CFRs.”) Be patient; be resolute. Every process requires trial and error. As Grove told his iOPEC students, Intel “stumbled a lot of times” after adopting OKRs: “We didn’t fully understand the principal purpose of it. And we are kind of doing better with it as time goes on.” An organization may need up to four or five quarterly cycles to fully embrace the system, and even more than that to build mature goal muscle.

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There are people who talk about operating experience and there are people who say it’s about risk-taking or process, or due diligence, but it’s about none of that. People have gut feelings about things and there are lots of ways that they rationalize themselves into their investment decisions. Very few people are willing to take the risk and fund some of these things that turn out to be crazy large, whether it’s Amazon (which was a book store), Google (which was the 27th search engine), or Genentech (which really was just a science project). None of those things in 20/20 hindsight were rational decisions you would make. It takes risk-takers to do seed investing, not risk managers.

There’s an official hierarchy. And an operational hierarchy. The official hierarchy decides on personnel, strategic initiatives and resources. The official hierarchy decides which case officers to hire. Where to place them. Who to promote into management. The operational hierarchy decides on operational issues. Which sources to trust. How to work with them. Which moment-by-moment risks make sense. At the top of the official hierarchy is who you would think it would be: the agency director. At the top of the operational hierarchy are the guys on the street: the case officers. Different hierarchies for different decisions. Different hierarchies for organizational decisions and operational decisions.22 Sometimes, there’s a conflict.

Coffee If you don’t drink coffee, you should think about two to four cups a day. It can make you more alert, happier, and more productive. It might even make you live longer. Coffee can also make you more likely to exercise, and it contains beneficial antioxidants and other substances associated with decreased risk of stroke (especially in women), Parkinson’s disease, and dementia. Coffee is also associated with decreased risk of abnormal heart rhythms, type 2 diabetes, and certain cancers.12, 13 Any one of those benefits of coffee would be persuasive, but cumulatively they’re a no-brainer. An hour ago I considered doing some writing for this book, but I didn’t have the necessary energy or focus to sit down and start working. I did, however, have enough energy to fix myself a cup of coffee. A few sips into it, I was happier to be working than I would have been doing whatever lazy thing was my alternative. Coffee literally makes me enjoy work. No willpower needed. Coffee also allows you to manage your energy levels so you have the most when you need it. My experience is that coffee drinkers have higher highs and lower lows, energywise, than non–coffee drinkers, but that trade-off works. I can guarantee that my best thinking goes into my job, while saving my dull-brain hours for household chores and other simple tasks. The biggest downside of coffee is that once you get addicted to caffeine, you can get a “coffee headache” if you go too long without a cup. Luckily, coffee is one of the most abundant beverages on earth, so you rarely have to worry about being without it. Coffee costs money, takes time, gives you coffee breath, and makes you pee too often. It can also make you jittery and nervous if you have too much. But if success is your dream and operating at peak mental performance is something you want, coffee is a good bet. I highly recommend it. In fact, I recommend it so strongly that I literally feel sorry for anyone who hasn’t developed the habit. Pleasure

But we will never allow Berkshire to become some monolith that is overrun with committees, budget presentations and multiple layers of management. Instead, we plan to operate as a collection of separately-managed medium-sized and large businesses, most of whose decision-making occurs at the operating level. Charlie and I will limit ourselves to allocating capital, controlling enterprise risk, choosing managers and setting their compensation.

Performing manual operations is a common way to insert variable results and/or unknown results into your system.

Slack is tricky to manage: too much, and you're wasting time and money. Too little, and your system faces the risk of running out of the resources necessary to continue operating

feedback on quality, and bug fixing. These accelerate beneficial changes entering production, limit issues deployed, and enable rapid identification and remediation of issues introduced through deployment activities or discovered in your environments. Adopt approaches that provide fast feedback on quality and enable rapid recovery from changes that do not have desired outcomes. Using these practices mitigates the impact of issues introduced through the deployment of changes. Plan for unsuccessful changes so that you are able to respond faster if necessary and test and validate the changes you make. Be aware of planned activities in your environments so that you can manage the risk of changes impacting planned activities. Emphasize frequent, small, reversible changes to limit the scope of change. This results in easier troubleshooting and faster remediation with the option to roll back a change. It also means you are able to get the benefit of valuable changes more frequently. Evaluate the operational readiness of your workload, processes, procedures, and personnel

In a 2006 interview by Jim Gray, Amazon CTO Werner Vogels recalled another watershed moment: We went through a period of serious introspection and concluded that a service-oriented architecture would give us the level of isolation that would allow us to build many software components rapidly and independently. By the way, this was way before service-oriented was a buzzword. For us service orientation means encapsulating the data with the business logic that operates on the data, with the only access through a published service interface. No direct database access is allowed from outside the service, and there’s no data sharing among the services.3 That’s a lot to unpack for non–software engineers, but the basic idea is this: If multiple teams have direct access to a shared block of software code or some part of a database, they slow each other down. Whether they’re allowed to change the way the code works, change how the data are organized, or merely build something that uses the shared code or data, everybody is at risk if anybody makes a change. Managing that risk requires a lot of time spent in coordination. The solution is to encapsulate, that is, assign ownership of a given block of code or part of a database to one team. Anyone else who wants something from that walled-off area must make a well-documented service request via an API.

Agile project management approaches are characterized by change expectancy, iterative development, phased deployments, collaboration, people focus, customer focus, timeboxing, detailed near-term schedules, frequent feedback loops, and constant risk management. DevOps and DevSecOps practices are an extension of agile approaches, include a new set of tools, technologies, and approaches, rely on a culture of collaboration, and are characterized by integrating the infrastructure operations and/or security quality into the entire systems development life cycle.

MIDDLE CLASS vs. WORLD CLASS 1. The Middle Class competes — the World Class creates. 2. The Middle Class avoids risk — the World Class manages risk. 3. The Middle Class lives in delusion — the World Class lives in objective reality. 4. The Middle Class loves to be comfortable — the World Class is comfortable being uncomfortable. 5. The Middle Class has a lottery mentality — the World Class has an abundance mentality. 6. The Middle Class hungers for security — the World Class doesn’t believe that security exists. 7. The Middle Class sacrifices growth for safety — the World Class sacrifices safety for growth. 8. The Middle Class operates out of fear and scarcity — the World Class operates from love and abundance. 9. The Middle Class focuses on having — the World Class focuses on being. 10. The Middle Class sees themselves as victims — the World Class sees themselves as responsible. 11. The Middle Class slows down — the World Class calms down. 12. The Middle Class is frustrated — the World Class is grateful. 13. The Middle Class has pipedreams — the World Class has vision. 14. The Middle Class is ego-driven — the World Class is spirit driven. 15. The Middle Class is problem oriented — the World Class is solution oriented. 16. The Middle Class thinks they know enough — the World Class is eager to learn. 17. The Middle Class chooses fear — the World Class chooses growth. 18. The Middle Class is boastful — the World Class is humble. 19. The Middle Class trades time for money — the World Class trades ideas for money. 20. The Middle Class denies their intuition — the World Class embraces their intuition. 21. The Middle Class seeks riches — the World Class seeks wealth. 22. The Middle Class believes their vision only when they see it — the World Class knows they will see their vision when they believe it. 23. The Middle Class coaches through logic — the World Class coaches through emotion. 24. The Middle Class speaks the language of fear — the World Class speaks the language of love. 25. The Middle Class believes problem solving stems from knowledge — the Wold Class believes problem solving stems from will.

Heart of securities operations beats in rhythm with risk management!

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P&R acquired Union Underwear for $15 million. The deal was a big swing for P&R, with the purchase price equal to 35% of its beginning-of-the-year assets. But beneath the big headline number, there were several factors that reduced risk. The deal was done at a salivating valuation: Union was earning $3 million in pre-tax profits—one-fifth of the purchase price—that would be partially sheltered by P&R’s tax loss. Moreover, P&R structured the compensation of Union’s management in an attractive manner: The company provided Goldfarb with a five-year management contract as well as a bonus of 10% of the subsidiary’s operating profits (subject to both a minimum and a cap), ensuring he stayed on and incentivizing him to grow the business.160 Finally, the deal’s consideration was also interesting, which Buffett later reminisced about in the 2001 Berkshire Hathaway chairman’s letter: The [Union Underwear] company possessed $5 million in cash—$2.5 million of which P&R used for the purchase—and was earning about $3 million pre-tax, earnings that could be sheltered by the tax position of P&R. And, oh yes: Fully $9 million of the remaining $12.5 million due was satisfied by non-interest-bearing notes, payable from 50% of any earnings Union had in excess of $1 million. (Those were the days; I get goosebumps just thinking about such deals.)161 Although the P&R board had approved the Union acquisition, Ben Graham was angered by its conservatism and pushed to add more directors. The other members obliged, ceding five additional seats to Graham allies. Jack Goldfarb and Louis Green of Stryker & Brown—the same Louis Green from the Marshall-Wells chapter—were among those added.

The strategy paradox arises from the need to make strategic commitments in the face of strategic uncertainty. Strategic uncertainty—which is different from operational or financial uncertainty—increases as one attempts to plan over longer time horizons. The traditional hierarchy provides a foundation for managing strategic uncertainty, because hierarchies function best when the levels within them are defined by the time horizons the managers at each level are responsible for. As a result, each level in a hierarchy copes with different degrees of strategic uncertainty. Lower levels have very little strategic latitude, focusing instead on delivering against past commitments, while higher levels manage strategic uncertainty more actively by mitigating strategic risk and positioning the firm to exploit future strategic opportunities. Midlevel managers in charge of operating divisions must translate the possibilities created by senior management into commitments that functional management must fulfill.

Operating divisions that manage their own long-term strategic uncertainty will most likely end up mediocre performers, avoiding high-risk bets to increase their odds of survival. In addition, since great performance demands relentless focus on a particular strategy, devoting resources—especially management time and attention—to creating options is typically beyond the capacity of an operating division. Consequently, Strategic Flexibility is not something a successful operating division can typically create for itself. Only by focusing the corporate office on the management of uncertainty can the overall corporation achieve high results (thanks to commitment-focused divisions) at lower risk (thanks to the uncertainty-focused corporate office).

The problems facing America have become much more complex over time, and the political class lacks the capacity to deal with them. The problems are global, interconnected across many areas of politics and policy, and often highly technical. The climate change challenge, for example, involves agriculture (both as a source of greenhouse gas emissions and as a highly vulnerable sector), electricity generation and distribution, federal and private land use, transportation, urban design, nuclear power, disaster risk management, climate modeling, international financing, public health, and global negotiations. Could one imagine a problem less easily handled by a layman Congress operating on a two-year election cycle? The

Genuinely intelligence-led operations have to be embedded into both processes and more importantly mindsets to bridge the gaps in Risk Management.

A third entrepreneurial contribution is risk. While labor gets paid its fixed wage, the entrepreneurs take all the risk. Entrepreneurs might do well, but they might also lose money, ending up worse than they were before they started. The worker’s risk is much lower: at worst, he’s out of a job and doesn’t get additional wages. No one, however, asks the worker to receive wages only if the company does well, or to give back wages to help the company meet its obligations. So these distinctive entrepreneurial contributions—ideas, organization, and risk—are very different from “labor,” indeed they involve the establishing of a system that then enables labor to function. If labor gets paid “wages” in return for its contributions, entrepreneurs get paid “profits” in return for theirs. There is nothing inherently unfair about that, even when the profits are substantial, since without entrepreneurs, the workers would not have their jobs. Moreover, the parking lot guy seems to be suffering from an optical illusion. He thinks that he is doing the work of parking the car, but he is merely the last man in a chain of employees who are getting this particular job done. The parking lot guy wonders, “All I got paid was $100. Where did the rest of the money go?” Well, it went to all the other people who created and designed, and continue to maintain and manage a resort property in which it is feasible to charge $25 per day to park a car. Instead of wallowing in his grievances, and voting for Obama, the parking lot guy would do better for himself if he asked, “How can I become one of the managers?” or “How can I start a company that builds and operates parking lots?

In the past, the states best able to manage events beyond their borders have been those best able to avoid the temptation to overreach. Great powers remain great in large measure because they posses wisdom to temper active involvement in foreign interventions - to remain within the limits of a national strategy that balances ambition with military resources. The first principle of the strategic art states simply that the greatest weight of resources be devoted to safeguarding the most vital interests of the state. If a vital interest is threatened, the survival of the state is threatened. Generally, the most vital interest of a liberal democracy include, first and foremost, preservation of the territorial integrity of the state. The example of the attacks on New York and Washington should send a message to those of similar ambitions that the surest way to focus the wrath of the American people against them would be to strike this country within its borders again. The second strategic priority is the protection of the national economic welfare by ensuring free and open access to markets for vital materials and finished goods. Other important but less vital interests should be defended by the threat of force only as military resources permit. Outside the limits of U.S. territory, the strategic problem defining the geographic limits of U.S. vital interests becomes complex. While the United States may have some interests in every corner of the world, there are certain regions where its strategic interests, both economic and cultural, are concentrated and potentially threatened. These vital strategic "centers of gravity" encompass in the first instance those geographic areas essential to maintaining access to open markets and sources of raw material, principally oil. Fortunately, many of these economically vital centers are secure from serious threat. But a few happen to be located astride regions that have witnessed generations of cultural and ethnic strife. Four regions overshadow all others in being both vital to continued domestic prosperity and continually under the threat of state-supported violence. These regions are defined generally by an arc of territories along the periphery of Eurasia: Europe, the Middle East, South Asia, and north East Asia. For the past several centuries, these regions have been the areanas of the world's most serious and intractable conflicts. Points of collision begin with the intersection of Western and Eastern Christianity and continue southward to mark Islam's incursion into southeastern Europe in the Balkans. The cultural divide countries without interruption across the Levant in an unbroken line of unrest and warring states from the crescent of the Middle East to the subcontinent of South Asia. The fault-line concludes with the divide between China and all the traditional cultural competitors along its land and sea borders. Other countries outside the periphery of Eurasia might, in extreme cases, demand the presence of U.S. forces for peacekeeping or humanitarian operations. But it is unlikely that in the years to come the United States will risk a major conflict that will involve the calculated commitment of forces in a shooting war in regions outside this "periphery of Eurasia," which circumscribes and defines America's global security.

A clear mission statement describes the values and priorities of an organization. Developing a mission statement compels strategists to think about the nature and scope of present operations and to assess the potential attractiveness of future markets and activities. A mission statement broadly charts the future direction of an organization. A mission statement is a constant reminder to its employees of why the organization exists and what the founders envisioned when they put their fame and fortune at risk to breathe life into their dreams.

management risks, litigation risk, and about specific operational risks,

FUNCTIONAL SAFETY AS PER IEC 61511 SIF SIS SIL TRAINING FUNCTIONAL SAFETY COURSE OBJECTIVES: The main objective of this training program is to give engineers involved in safety instrumented systems the opportunity to learn about functional safety, current applicable safety standards (IEC 61511) and their requirements. The Participants will be able to learn to follow: • Understand the basic requirements of the functional safety standards (IEC 61511) • The meaning of SIS, SIF, SIL and other functional safety terminology • Differentiate between safety functions and control functions • The role of Hazard and Risk analysis in setting SIL targets• • Create basic designs of safety instrumented systems considering architectural constraints • Different type of failures and best practices for minimizing them • Understand the effect of redundancy, diagnostics, proof test intervals, hardware fault tolerance on the SIL • The responsibility of operation and maintenance to ensure a SIF meets its SIL • How to proof test a SIF The Benefits for the Participants: At the conclusion of the training, the participants will be able to: Participate effectively in SIL determination with Risk graph, Risk matrix, and LOPA methodology Determine whether the design of a Safety Instrumented Function meets the required SIL. Select a SIF architecture that both meets the required SIL and minimizes spurious trips. Select SIF components to meet the target SIL for that SIF Target Audience: Instrument and Control Design and maintenance engineers Process Engineers Process Plant Operation Engineers Functional safety Management Engineers For Registration Email Us On techsupport@marcepinc.com or call us on 022-30210100

The goal of diversity shouldn't instigate divisive activity. Beauty brand communications shouldn't angle to create perceptive complexity, rhetorical and associative programming touts beauty as skin deep (all skin inclusive) keep it simple. It seems as though the advertising trend for marketers this 2017 year, is to risk the social media lightning rodded scorn of public outrage. As a virtual publicist, it seems like I am speaking more about the necessity of crisis communication planning, more than standard communication for brands as a matter of good business operations & reputation management.

Microsoft Dynamics 365 Supply Chain Management Solutions Optimize your supply chain with Dynamics 365 Supply Chain Management. Our Microsoft expertise ensures efficient supply chain management. Introduction to Dynamics 365 Supply Chain Management In today's fast-paced business environment, managing a supply chain efficiently is crucial for success. Microsoft Dynamics 365 Supply Chain Management offers a comprehensive solution designed to streamline and enhance your supply chain operations. With our expertise in Microsoft technologies, we can help you achieve operational excellence and meet your business goals. Key Features of Dynamics 365 Supply Chain Management End-to-End Visibility: Gain complete visibility into your supply chain processes, from procurement to delivery. Real-Time Insights: Utilize advanced analytics and AI to make data-driven decisions. Seamless Integration: Integrate seamlessly with other Microsoft Dynamics 365 applications and third-party systems. Scalability: Easily scale your operations as your business grows. Enhanced Collaboration: Improve collaboration across departments with a unified platform. Benefits of Using Dynamics 365 Supply Chain Management Increased Efficiency: Automate and optimize your supply chain processes to reduce manual efforts and errors. Cost Savings: Identify cost-saving opportunities through better inventory management and demand forecasting. Improved Customer Satisfaction: Ensure timely delivery and high-quality products to enhance customer satisfaction. Risk Management: Mitigate risks by monitoring and managing potential disruptions in real-time. Why Choose Us? With our extensive experience in Microsoft Dynamics 365, we are committed to providing top-notch supply chain management solutions tailored to your business needs. Our team of experts will work with you to implement and optimize Dynamics 365 Supply Chain Management, ensuring you get the most out of your investment. Get Started Today Transform your supply chain with Dynamics 365 Supply Chain Management. Contact us today to learn more about how we can help you achieve a more efficient and effective supply chain.

The spectrum of market-entry vehicles is vast, from short-term plays using domestic distributors to sell internationally, to long-term strategies like setting up foreign operations. Understanding the cost, risk, and time commitment involved as you move along this spectrum is crucial, as it determines not only the potential return on your investment but also the complexity of disengagement should you choose to exit the market.

Goals, Strategies, and Fundamentals Missions are generally long term in nature. Goals translate missions into practical, quantifiable medium-term objectives that then trigger the search for short-term action plans. Goals can be broadly quantified around three main dimensions: profitability, growth, and sustainability. It is important that boards and executive teams understand the interactions and especially the trade-offs between these three dimensions. It is impossible to pursue all three goals simultaneously, at least in the short term. Boards need to address this major challenge with executives, as, at least in the short term and possibly also in the medium term, these three goals cannot be pursued simultaneously. Executive teams thus face clear trade-offs which they need to recognize and manage. Boards are there to support executives with necessary clarifications on the goals that need to be pursued. Strategies are the action plans that executives deploy following the choice of mission by owners and the selection of goals by the board, in collaboration with the executive team. In case growth is chosen as the goal, for example, typical strategic choices are: build, buy, or ally strategies.14 The selection of a strategy does not depend solely on goals, it also depends on company fundamentals: the type of industry the firm operates in, the client’s ecosystem, suppliers, competitors, regulators, where and how the company generates cash flows, the types of risks the company faces and needs to mitigate against, as well as the company’s ability to raise financing. Examples are presented illustrating how strategies are selected by examining cash flow generating opportunities.

The Importance of Accounting Services for Businesses In today’s competitive business environment, maintaining accurate financial records and ensuring compliance with tax regulations is essential for long-term success. Accounting services provide businesses with the necessary tools and expertise to manage their finances efficiently. Whether for small businesses or large corporations, professional accounting services help streamline financial processes, ensure regulatory compliance, and offer strategic insights for growth. What Are Accounting Services? Accounting services encompass a wide range of tasks, including bookkeeping, financial reporting, tax preparation, payroll management, and auditing. These services are designed to help businesses track their income, expenses, and overall financial health. By outsourcing accounting tasks to professionals, businesses can focus on their core activities while ensuring that their financial operations run smoothly. Additionally, accurate and timely accounting services help businesses avoid costly errors and penalties. Benefits of Professional Accounting Services One of the main advantages of hiring professional accounting services is the accuracy they bring to financial management. Skilled accountants have a deep understanding of financial regulations and tax laws, ensuring that businesses remain compliant. Moreover, accountants can identify tax-saving opportunities, helping businesses reduce their tax liabilities. This level of expertise allows businesses to save time and money, as they no longer need to navigate complex financial tasks on their own. Strategic Financial Planning In addition to managing day-to-day financial tasks, accounting services play a crucial role in strategic financial planning. Accountants analyze a company’s financial data to provide valuable insights into cash flow, profitability, and potential areas for improvement. This data-driven approach enables business owners to make informed decisions, allocate resources efficiently, and plan for future growth. Compliance and Risk Management Compliance with financial regulations is vital for businesses to avoid legal and financial risks. Accounting services ensure that all financial documents are in order, tax filings are accurate, and deadlines are met. By maintaining accurate records and staying up to date with tax laws, businesses can reduce the risk of audits and penalties. In conclusion, accounting services are an essential component of successful financial management for businesses of all sizes. By providing accurate financial reporting, strategic insights, and ensuring compliance, professional accountants enable businesses to focus on growth and sustainability.

The Importance of an Accountant for Doctors Managing the financial side of a medical practice can be challenging for doctors who already have demanding schedules. This is why having a specialized accountant is essential for doctors. A qualified accountant can help doctors efficiently manage their financial records, optimize tax strategies, and ensure the overall financial health of the practice, allowing physicians to concentrate on patient care. Unique Financial Challenges for Doctors Doctors face unique financial challenges that are specific to the healthcare industry. These include managing income from multiple sources, handling billing systems for patient care, dealing with insurance reimbursements, and navigating complex healthcare regulations. Additionally, doctors often need to invest in high-cost medical equipment and balance personal and business financial planning. Without professional guidance, these financial aspects can become overwhelming. Accountants with expertise in the medical field understand these complexities and can offer valuable support. The Role of an Accountant in a Medical Practice A specialized accountant for doctors provides services that go beyond traditional bookkeeping. They help with financial planning, ensuring that the practice’s income and expenses are balanced effectively. Additionally, they manage payroll, tax filing, and compliance with healthcare regulations. Furthermore, an accountant can provide strategic advice on reducing costs and optimizing cash flow, making the practice more efficient and profitable. Doctors also benefit from tax planning services, ensuring that deductions specific to healthcare professionals are maximized while keeping the practice compliant with tax laws. Benefits of Hiring a Specialized Accountant By hiring an accountant who specializes in working with doctors, medical professionals can streamline their financial operations and reduce the risk of costly errors. This partnership allows doctors to focus on patient care, knowing that the financial side of their practice is being handled efficiently. Moreover, an accountant can provide financial insights that help doctors plan for the future, such as retirement planning or business expansion. Conclusion In conclusion, a specialized accountant is invaluable for doctors who want to ensure the financial success of their practice. With expertise in the unique financial challenges doctors face, accountants provide essential services that allow medical professionals to focus on their patients while maintaining a healthy financial standing.

The Importance of an Accountant for Medical Professionals Medical professionals, including doctors, specialists, and surgeons, often face the challenge of managing both patient care and the financial aspects of their practices. An accountant who specializes in working with medical professionals can alleviate much of this burden. By offering financial expertise tailored to the healthcare industry, accountants help medical professionals maintain the financial health of their practices while ensuring compliance with tax laws and regulations. Unique Financial Challenges in Healthcare Medical professionals face distinct financial challenges that other industries may not encounter. These include managing patient billing, insurance reimbursements, and government payments. Additionally, healthcare professionals often have to handle large expenses for medical equipment and office operations while ensuring they maintain a steady cash flow. With fluctuating income and the need to comply with healthcare regulations, financial management can become complex. A specialized accountant for medical professionals understands these nuances and provides essential support to navigate these challenges effectively. Key Roles of an Accountant for Medical Professionals An accountant plays a critical role in managing the financial side of a medical practice. They assist with bookkeeping, ensuring that all financial records are accurate and up-to-date. Furthermore, they handle tax planning and filing, making sure that healthcare-specific deductions are maximized while ensuring compliance with tax laws. Additionally, accountants offer strategic advice on managing overhead costs, optimizing cash flow, and planning for future financial goals, such as retirement or expanding the practice. Benefits of Hiring a Healthcare-Specific Accountant The benefits of hiring a specialized accountant for medical professionals are numerous. By entrusting financial management to a professional, medical practitioners can focus more on patient care. Specialized accountants understand the unique aspects of healthcare finance, offering tailored solutions that enhance profitability and reduce financial risks. Moreover, they provide peace of mind by ensuring all financial matters are handled efficiently and in compliance with the law. Conclusion In conclusion, medical professionals benefit significantly from hiring an accountant who specializes in healthcare finance. With their expertise, accountants help ensure the smooth operation of the practice while providing strategic financial planning. This allows medical professionals to focus on their primary responsibility—caring for their patients—while maintaining a financially sound practice.

The main takeaway here is that corporations are political-as well as economic-entities. Within the corporation, relationships are shaped by the social division of labor: the fact that some own the things we need to produce commodities, while other are forced to sell their labor power as an input to production merely in order to survive. The corporation came into existence to formalize this unequal and exploitative relationship between worker and boss, while insulating owners from risk. The corporation is capital personified. As corporations have become bigger, they have gained more power over both the markets in which they operate and the workforces they control. Complex corporate hierarchies have institutionalized the power imbalance between workers and bosses, mediated by a large class of professional managers. Ultimately, these corporations have become sovereign actors within our society-capable of delivering punishment, governing life, and making and breaking law in much the same way as states.

Well, it’s no secret that life at Arsia Base was rough. Always will be rough, or at least until someone gets around to terraforming Mars, which is wild-eyed fantasy if you ask me. But even if you disregard the sandstorms and scarcity of water, the extremes of heat and cold and… well, just the utter barrenness of that world, it’s still a hell of a place to live for any extended period of time. I guess the worst part was the isolation. When I was station manager we had about fifty men and women living in close quarters in a cluster of fifteen habitats, buried just under the ground. Most of these folks worked either for Skycorp or the Japanese firm Uchu-Hiko, manufacturing propellant from Martian hydrocarbons in the soil which was later boosted up to the Deimos fuel depot, or were conducting basic research for NASA or NASDA. The minority of us were support personnel, like myself, keeping the place operational. A lot of us had signed on for Mars work for the chance to explore another planet, but once you got there you found yourself spending most of your time doing stuff that was not so much different than if you had volunteered to live underground in Death Valley for two years. For the men working the electrolysis plant, it was a particularly hard, dirty job—working ten- or twelve-hour shifts, coming back to the base to eat and collapse, then getting up to do it all over again. The researchers didn’t have it much easier because their sponsoring companies or governments had gone to considerable expense to send them to Mars and they had to produce a lifetime’s worth of work during their two years or risk losing their jobs and reputations.

The Importance of Bookkeeping Services for Businesses Effective bookkeeping is the foundation of any successful business. It involves the systematic recording, organizing, and managing of a company’s financial transactions. Whether you're a small business owner or running a large corporation, bookkeeping services help ensure that your financial records are accurate, up-to-date, and compliant with regulations. By outsourcing bookkeeping tasks to professionals, businesses can focus on growth and core operations without worrying about financial details. What Is Bookkeeping? Bookkeeping is the process of maintaining accurate records of all financial transactions, including sales, purchases, receipts, and payments. It involves organizing these records into categories like income, expenses, assets, and liabilities. The information generated through bookkeeping is essential for creating financial statements, tax filings, and understanding the overall financial health of the business. However, managing these tasks manually can be time-consuming and prone to errors, which is why many businesses opt for professional bookkeeping services. Benefits of Professional Bookkeeping Services One of the key benefits of hiring professional bookkeeping services is the accuracy they bring to financial management. Experienced bookkeepers are well-versed in the latest accounting software and financial regulations, ensuring that all records are kept accurately and consistently. Additionally, outsourcing this task allows business owners to save time and focus on other aspects of their business. As a result, they can make better financial decisions based on reliable data. Improved Financial Reporting Accurate bookkeeping leads to better financial reporting, which is critical for making informed business decisions. By keeping detailed and organized records, bookkeepers provide valuable insights into cash flow, profitability, and expenses. This allows businesses to plan their budgets more effectively, track financial performance, and identify areas for cost-saving or investment. Tax Compliance and Preparation Another important advantage of bookkeeping services is the ability to stay compliant with tax regulations. Bookkeepers ensure that all financial records are properly maintained and ready for tax season. With accurate and up-to-date records, businesses can avoid penalties and reduce the risk of audits, making tax preparation much smoother. In conclusion, professional bookkeeping services offer businesses the support they need to manage their financial records accurately and efficiently. By ensuring proper financial reporting and tax compliance, these services contribute to long-term financial stability and growth.

Understanding Financial Risks and Companies Mitigate them? Financial risks are the possible threats, losses and debts corporations face during setting up policies and seeking new business opportunities. Financial risks lead to negative implications for the corporations that can lead to loss of financial assets, liabilities and capital. Mitigation of risks and their avoidance in the early stages of product deployment, strategy-planning and other vital phases is top-priority for financial advisors and managers. Here's how to mitigate risks in financial corporates:- ● Keeping track of Business Operations Evaluating existing business operations in the corporations will provide a holistic view of the movement of cash-flows, utilisation of financial assets, and avoiding debts and losses. ● Stocking up Emergency Funds Just as families maintain an emergency fund for dealing with uncertainties, the same goes for large corporates. Coping with uncertainty such as the ongoing pandemic is a valuable lesson that has taught businesses to maintain emergency funds to avoid economic lapses. ● Taking Data-Backed Decisions Senior financial advisors and managers must take well-reformed decisions backed by data insights. Data-based technologies such as data analytics, science, and others provide resourceful insights about various economic activities and help single out the anomalies and avoid risks. Enrolling for a course in finance through a reputed university can help young aspiring financial risk advisors understand different ways of mitigating risks and threats. The IIM risk management course provides meaningful insights into the other risks involved in corporations. What are the Financial Risks Involved in Corporations? Amongst the several roles and responsibilities undertaken by the financial management sector, identifying and analysing the volatile financial risks. Financial risk management is the pinnacle of the financial world and incorporates the following risks:- ● Market Risk Market risk refers to the threats that emerge due to corporational work-flows, operational setup and work-systems. Various financial risks include- an economic recession, interest rate fluctuations, natural calamities and others. Market risks are also known as "systematic risk" and need to be dealt with appropriately. When there are significant changes in market rates, these risks emerge and lead to economic losses. ● Credit Risk Credit risk is amongst the common threats that organisations face in the current financial scenarios. This risk emerges when a corporation provides credit to its borrower, and there are lapses while receiving owned principal and interest. Credit risk arises when a borrower falters to make the payment owed to them. ● Liquidity Risk Liquidity risk crops up when investors, business ventures and large organisations cannot meet their debt compulsions in the short run. Liquidity risk emerges when a particular financial asset, security or economic proposition can't be traded in the market. ● Operational Risk Operational risk arises due to financial losses resulting from employee's mistakes, failures in implementing policies, reforms and other procedures. Key Takeaway The various financial risks discussed above help professionals learn the different risks, threats and losses. Enrolling for a course in finance assists learners understand the different risks. Moreover, pursuing the IIM risk management course can expose professionals to the scope of international financial management in India and other key concepts.

The talent required within the CoE is wide and ranges from business and operations excellence to risk and IT departments. According to McKinsey’s survey, the CoE of top-performing companies includes a large variety of profiles such as delivery managers, data scientists, data engineers, workflow integrators, system architects, developers, and, most critically, translators and business analysts.152 A

People start to realize that nothing and no one is safe. In response, some instinctually behave as if they were switched to self-preservation mode. They may hoard information, hide mistakes and operate in a more cautious, risk-averse way. To protect themselves, they trust no one. Others double down on an only-the-fittest-survive mentality. Their tactics can become overly aggressive. Their egos become unchecked. They learn to manage up the hierarchy to garner favor with senior leadership while, in some cases, sabotaging their own colleagues. To protect themselves, they trust no one. Regardless of whether they are in self-preservation or self-promotion mode, the sum of all of these behaviors contributes to a general decline in cooperation across the company, which also leads to stagnation of any truly new or innovative ideas.

Evictions in the ApproveShield database are refreshed daily from local courts, which means Managers and Operators of multifamily real estate can reduce their underwriting risk by more than 80% with a quick search. ApproveShield currently protects communities in Texas, Atlanta, Florida, South Carolina, and Ohio and is rapidly expanding through the southeast as demand has continued to increase.

Trained Obstetrician and Gynaecologist in Dubai Dr Elsa de Menezes Fernandes is a UK trained Obstetrician and Gynaecologist. She completed her basic training in Goa, India, graduating from Goa University in 1993. After Residency, she moved to the UK, where she worked as a Senior House Officer in London at the Homerton, Southend General, Royal London and St. Bartholomew’s Hospitals in Obstetrics and Gynaecology. She completed five years of Registrar and Senior Registrar training in Obstetrics and Gynaecology in London at The Whittington, University College, Hammersmith, Ealing and Lister Hospitals and Gynaecological Oncology at the Hammersmith and The Royal Marsden Hospitals. During her post-graduate training in London she completed Membership from the Royal College of Obstetricians and Gynaecologists. In 2008 Dr Elsa moved to Dubai where she worked as a Consultant Obstetrician and Gynaecologist at Mediclinic City Hospital until establishing her own clinic in Dubai Healthcare City in March 2015. She has over 20 years specialist experience. Dr Elsa has focused her clinical work on maternal medicine and successfully achieved the RCOG Maternal Medicine Special Skills Module. She has acquired a vast amount of experience working with high risk obstetric patients and has worked jointly with other specialists to treat patients who have complex medical problems during pregnancy. During her training she gained experience in Gynaecological Oncology from her time working at St Bartholomew’s, Hammersmith and The Royal Marsden Hospitals in London. Dr Elsa is experienced in both open and laparoscopic surgery and has considerable clinical and operative experience in performing abdominal and vaginal hysterectomies and myomectomies. She is also proficient in the technique of hysteroscopy, both diagnostic and operative for resection of fibroids and the endometrium. The birth of your baby, whether it is your first or a happy addition to your family, is always a very personal experience and Dr Elsa has built a reputation on providing an experience that is positive and warmly remembered. She supports women’s choices surrounding birth and defines her role in the management of labour and delivery as the clinician who endeavours to achieve safe motherhood. She is a great supporter of vaginal delivery. Dr Elsa’s work has been published in medical journals and she is a member of the British Maternal and Fetal Medicine Society. She was awarded CCT (on the Specialist Register) in the UK. Dr Elsa strives to continue her professional development and has participated in a wide variety of courses in specialist areas, including renal diseases in pregnancy and medical complications in pregnancy.

We are highly demanding. We want a company to be run by an honest management team, and show solid operating and financial track records over many years. It needs to stay ahead of the competition and be debt free, and we also want it to keep taking calculated risks while not unduly burdening the business. And, as if all these demands were not enough, we dare to insist on a fair price for these rare gems! How is this even possible? The market should almost never offer us an attractive price for such a business, and it doesn’t.

The Twelve Behaviors 1.​Focus on customers and growth (serve customers well and aggressively pursue growth). 2.​Lead impactfully (think like a leader and serve as a role model). 3.​Get results (consistently meet any commitments that you make). 4.​Make people better (encourage excellence in peers, subordinates, and/or managers). 5.​Champion change (drive continuous improvement in our operations). 6.​Foster teamwork and diversity (define success in terms of the entire team). 7.​Adopt a global mind-set (view the business from all relevant perspectives, and see the world in terms of integrated value chains). 8.​Take risks intelligently (recognize that we must take greater but smarter risks to generate better returns). 9.​Be self-aware (recognize your behavior and how it affects those around you). 10.​Communicate effectively (provide information to others in a timely, concise, and thoughtful way). 11.​Think in an integrative fashion (make more holistic decisions beyond your own bailiwick by applying intuition, experience, and judgment to the available data). 12.​Develop technical or functional excellence (be capable and effective in your particular area of expertise).

The concept of security by design is one in which security and risk are incorporated in every level of product development, from inception to development, testing, implementation, maintenance, and operations.

back to the border with Belarus. Though he would have liked to have gotten some sleep, he kept his eyes open and his head on a swivel the entire way. When they met up with the Old Man’s smugglers and said their good-byes, he thanked her. She had taken a lot of risks on his behalf and he wanted her to know how much he appreciated it. Without her, this could have very well turned into a suicide operation. Climbing into the smuggler’s truck, he made himself comfortable for his next six hours of driving to the border with Poland. There, he’d at least be back in NATO territory, though he couldn’t let his guard down. At least not fully. It wasn’t until he was back on The Carlton Group jet and in the air that the weight of everything he had been under started to lift. Once he was in international airspace, he got up and poured himself a drink. Returning to his seat, he raised the glass and toasted the Old Man. He hoped that somewhere, up there, Reed was proud of him. As he sat there, sipping his bourbon, Harvath conducted a mental after-action report. He went over every single detail, contemplating what he could have done differently, and where appropriate, what he could have done better. Once his review was complete, he went through all of it again, looking for anything that might identify Alexandra, or tie her directly to him. Fortunately, there was nothing he could come up with to be worried about. From Josef’s hospital where she had avoided the cameras and had stayed bundled up, to the interaction with Minayev’s mistress where she had worn the balaclava, and finally to the security guards at Misha’s loft where she had been wearing a dark wig and heavy makeup while making sure to never face the cameras, she had been the perfect partner. Even outside on Moscow’s streets, she had made sure they stayed in the shadows. Alexandra, thinking of everything, had taken down the telephone number of the management company for the building where they had left the hospital worker tied up. She had promised to phone in either a noise complaint or some sort of anonymous tip, so that the man would be found and cut loose. He didn’t know how she planned to get the envelopes

Risk culture is the area where the Board’s engagement is key. It is good practice to develop a set of questions that a Board should be constantly asking itself, to prompt good risk conversations. These may include, for example, how it perceives the tone it is setting from the top; whether decisions are taken within the stated risk appetite; and what mechanisms are in place to ensure that new joiners absorb the desired values of the firm.

What else should you watch for? Most fund buyers look at past performance first, then at the manager’s reputation, then at the riskiness of the fund, and finally (if ever) at the fund’s expenses.8 The intelligent investor looks at those same things—but in the opposite order. Since a fund’s expenses are far more predictable than its future risk or return, you should make them your first filter. There’s no good reason ever to pay more than these levels of annual operating expenses, by fund category: Taxable and municipal bonds: 0.75% U.S. equities (large and mid-sized stocks): 1.0% High-yield (junk) bonds: 1.0% U.S. equities (small stocks): 1.25% Foreign stocks: 1.50%9 Next, evaluate risk. In its prospectus (or buyer’s guide), every fund must show a bar graph displaying its worst loss over a calendar quarter. If you can’t stand losing at least that much money in three months, go elsewhere. It’s also worth checking a fund’s Morningstar rating. A leading investment research firm, Morningstar awards “star ratings” to funds, based on how much risk they took to earn their returns (one star is the worst, five is the best). But, just like past performance itself, these ratings look back in time; they tell you which funds were the best, not which are going to be. Five-star funds, in fact, have a disconcerting habit of going on to underperform one-star funds. So first find a low-cost fund whose managers are major shareholders, dare to be different, don’t hype their returns, and have shown a willingness to shut down before they get too big for their britches. Then, and only then, consult their Morningstar rating.10 Finally, look at past performance, remembering that it is only a pale predictor of future returns. As we’ve already seen, yesterday’s winners often become tomorrow’s losers. But researchers have shown that one thing is almost certain: Yesterday’s losers almost never become tomorrow’s winners. So avoid funds with consistently poor past returns—especially if they have above-average annual expenses.

The essence of business consulting Business consulting is becoming a well-liked hit everywhere in the world. Consultation providers are important to business folks since they help them in making informative choices. That is solely potential after serving to them understand the workforce within the enterprise world. Managers who analyze the functionality of their businesses are bound to make higher earnings than those that don’t consult an expert for surveillance. They should perceive the risks concerned, weaknesses and strengths in order for their businesses to survive competition. It is with enterprise consulting that companies are capable of analyze as well as improve upon their strategic operations. This turns into attainable because of the experience across assorted fields translating into a spectrum of new ideas. Any effective enterprise consulting will allow you to faucet into their varied sources, capabilities as well as services. Your online business will take pleasure in proven approaches, ideas and even methods. Because of this you would not have to reinvent the wheel again. You make use of confirmed strategies and construct upon them. In spite of everything, this can ultimately translate into increased productiveness in addition to more sales for your online business. As a Richmond Business Help way to grow to be more productive in addition to worthwhile, the companies of a enterprise consulting cannot be ignored. Simply just remember to are on the same page as them. It's highly vital for a business to be on the identical wavelength as their enterprise consulting team. The enterprise states its wishes whereas the enterprise consultants rework it into an achievable aim. The business states its desires and the enterprise consultants define whether or not it's practical and the simplest method to turn dreams into reality. Involving a professional guide will information you in making crucial choices. They usually present you with different scenarios that are more likely to happen in the market in the present day. Additionally they explain how your decisions are prone to impression on what you are promoting in the future. In addition they present strategies on find out how to diversify the product line rather than relying on a single product. They are going to guide you to ensure that there's utmost progress and competition is at per. Enterprise consultants enhance the information stage of a business. Their data is effective. They've been involved in varied tasks earlier than and understand all of the facets involved in the planning process. Additionally they have a clear understanding of the dangers concerned in each enterprise growth step. You possibly can due to this fact depend upon them for the event of your enterprise.

I never wavered from the mission: getting the best possible number and price on every game. And no matter the obstacles, via trial and error, I became the best in the world at finding that number and concealing the source. The business of sports betting might seem like quantum physics to the general public. At the highest level, it is closer to psychological warfare between bettor and bookmaker—cat and mouse, hunter and prey. The posted line is just a way to trigger the game. Some cynics assume that my goal was to put every bookie out of business—but nothing could be further from the truth. Bookmakers strive for balance. They never want to tilt too far on one side of the action. Bookies breathe easiest in the middle, taking equal money and profiting off the 10 percent juice. If a bookie was destroyed, it meant he either closed his shop or reduced his limits. Neither scenario did me any good. My goal was to keep the bookmakers in business and expand their limits. This served to increase the size of the market, which meant more potential profit for me. The smartest bookies had solved this riddle and wanted to do business with me directly. They wanted to know straight from the horse’s mouth what games I liked. If they were smart, they took my information and profited by shading their line and forcing customers to the other side, extending limits. A smart bookmaker knows there will be winners and losers. They also understand that there is no business if there are no winners. Translated: the smartest bookmakers are open to all comers—just like baccarat, blackjack, and craps. The brightest bookmakers know they can use smart money for their own benefit. Early in my career, the major-league bookmakers were Bob Martin, Johnny Quinn, Gene Maday, and Scotty Schettler. Following in their footsteps are Nick Bogdanovich, Jimmy Vaccaro, Richie Baccellieri, Matt Metcalf, and Chris Andrews. They are grand masters of the art. They know how to book. How smart are they? Well, Nick ran the William Hill U.S. sportsbook operation and then oversaw Caesars Sports trading for nearly a decade before being hired as sportsbook manager at Circa. Jimmy is the senior linemaker at the sports-betting network VSiN and vice president of sports marketing at the South Point Hotel, Casino & Spa. Richie B., who ran the counter at the MGM, Caesars, and the Palms, now works as the director of product development at Circa alongside Nick. Chris Andrews, legendary oddsmaker Jack “Pittsburgh Jack” Franzi’s nephew, is the sportsbook director and Jimmy’s sidekick at the South Point, owned and operated by Michael Gaughan, another Las Vegas legend. In 1992, Jack Binion was Nick Bogdanovich’s boss at the Horseshoe. I could bet $25,000 on a game of college football at eight o’clock Monday morning, and $50,000 on a pro football game.

Early in my career, the major-league bookmakers were Bob Martin, Johnny Quinn, Gene Maday, and Scotty Schettler. Following in their footsteps are Nick Bogdanovich, Jimmy Vaccaro, Richie Baccellieri, Matt Metcalf, and Chris Andrews. They are grand masters of the art. They know how to book. How smart are they? Well, Nick ran the William Hill U.S. sportsbook operation and then oversaw Caesars Sports trading for nearly a decade before being hired as sportsbook manager at Circa. Jimmy is the senior linemaker at the sports-betting network VSiN and vice president of sports marketing at the South Point Hotel, Casino & Spa. Richie B., who ran the counter at the MGM, Caesars, and the Palms, now works as the director of product development at Circa alongside Nick. Chris Andrews, legendary oddsmaker Jack “Pittsburgh Jack” Franzi’s nephew, is the sportsbook director and Jimmy’s sidekick at the South Point, owned and operated by Michael Gaughan, another Las Vegas legend. In 1992, Jack Binion was Nick Bogdanovich’s boss at the Horseshoe. I could bet $25,000 on a game of college football at eight o’clock Monday morning, and $50,000 on a pro football game.

What is a Nidhi Company? Understanding the concept and objectives of Nidhi Companies in India. How Nidhi Companies promote savings and financial support among members. Benefits of Incorporating a Nidhi Company Low-risk and cost-effective financial model. Facilitates lending and borrowing among members at minimal interest rates. Promotes a culture of savings within communities. Legal Requirements and Eligibility Minimum capital and membership requirements for incorporation. Key compliance aspects under the Companies Act, 2013. Incorporation Process Step-by-step guide to registering a Nidhi Company. Documentation and regulatory approvals involved. Challenges and Opportunities Common challenges faced during incorporation and operation. Growth potential and scope for expansion in rural and semi-urban areas. Role in Financial Inclusion How Nidhi Companies contribute to financial empowerment at the grassroots level. Their role in bridging the gap between banking institutions and underserved populations. Engage participants by inviting personal experiences or insights into starting or managing a What is a Nidhi Company? Understanding the concept and objectives of Nidhi Companies in India. How Nidhi Companies promote savings and financial support among members. Benefits of Incorporating a Nidhi Company Low-risk and cost-effective financial model. Facilitates lending and borrowing among members at minimal interest rates. Promotes a culture of savings within communities. Legal Requirements and Eligibility Minimum capital and membership requirements for incorporation. Key compliance aspects under the Companies Act, 2013. Incorporation Process Step-by-step guide to registering a Nidhi Company. Documentation and regulatory approvals involved. Challenges and Opportunities Common challenges faced during incorporation and operation. Growth potential and scope for expansion in rural and semi-urban areas. Role in Financial Inclusion How Nidhi Companies contribute to financial empowerment at the grassroots level. Their role in bridging the gap between banking institutions and underserved populations. Engage participants by inviting personal experiences or insights into starting or managing a Nidhi Company..

Companies should utilize the CSIPP™ framework whenever they face crises. The 12 elements of CSIPP™, or Crisis Solution Internal Philosophy and Practice, include: 1. Immunity (Immune Systems): Organizations, akin to living organisms, possess inherent vulnerabilities. The CSIPP™ framework advocates for the establishment of proactive and self-regulating systems within an organization which autonomously identify, respond to, and mitigate threats, thereby enhancing the organization's resilience and adaptability. 2. Surveillance: Organizations need to cultivate a culture of informed awareness. This entails the implementation of judicious surveillance mechanisms to gather both internal and external intelligence. Such insights empower organizations to preemptively identify potential risks and opportunities, enabling more agile and effective decision-making. Data serves as the lifeblood of CSIPP™. It is imperative that organizations prioritize the collection, analysis, and interpretation of relevant data. This data-driven approach facilitates evidence-based decision-making, informed risk assessments, and the optimization of crisis response strategies. 3. Decisiveness: Decisiveness is particularly important during times of crisis. Leaders must be able to gather and synthesize the data, and make quick and definite decisions to move the organization forward. 4. Capital Reserves/Liquidity: Financial preparedness is a cornerstone of crisis management. Organizations must maintain adequate reserves of liquid capital to navigate unforeseen challenges. Moreover, they should proactively identify internal assets, both tangible and intangible, that can be readily redeployed in times of crisis. 5. Communication: Effective communication is pivotal during a crisis. Organizations should establish a comprehensive communication plan encompassing all stakeholders - employees, customers, investors, and the community at large. This plan should ensure timely, transparent, and accurate information dissemination, fostering trust and mitigating the spread of misinformation. 6. Response: The ability to respond swiftly and decisively is critical in crisis situations. Organizations must develop well-defined response protocols that outline roles, responsibilities, and escalation procedures. Regular drills and simulations can enhance preparedness and ensure a coordinated response. 7. Risk Evaluation: A continuous process of risk evaluation and assessment is essential. Organizations need to proactively identify, analyze, and prioritize potential risks based on their likelihood and potential impact. This enables the development of targeted mitigation strategies and contingency plans. 8. Leadership: Strong and decisive leadership is indispensable during a crisis. Leaders must be able to make difficult decisions under pressure, communicate effectively, and inspire confidence in their teams. A clear chain of command and delegation of authority are vital for effective crisis management. 9. Readiness (Drills/Training): All individuals likely to be involved in crisis response should receive comprehensive training and participate in regular drills. This ensures that they are familiar with their roles, responsibilities, and the organization's crisis management protocols. 10. Post-Crisis Analysis: Following a crisis, it is crucial to conduct a thorough post-mortem analysis. This involves evaluating the organization's response, identifying lessons learned, and implementing corrective actions to improve future crisis management efforts. 11. Nuanced Adjustment: Crisis management is not a one-size-fits-all endeavor. Organizations need to be adaptable and flexible, adjusting their strategies and tactics as the situation evolves. 12. Protocol: Clear and well-defined protocols are the backbone of effective crisis management. Organizations should establish a set of standard operating procedures (SOPs) that outline the steps to be taken in various crisis scenarios.

Understanding the Importance of Pressure Relief Valves in Industrial Systems Pressure Relief valves (PRVs) play a critical role in ensuring the safety and efficiency of industrial systems across various sectors, from manufacturing plants to chemical processing facilities. These valves are essential components designed to control or limit the pressure within a system by releasing excess pressure when it exceeds a set limit. The importance of pressure relief valves cannot be overstated, as they protect both personnel and equipment from the dangers of over-pressurization. What Are Pressure Relief Valves? A pressure relief valve is a safety device that automatically releases pressure from a system to maintain safe operating levels. It is commonly used in pressurized vessels, pipelines, and tanks where the pressure may rise beyond the acceptable limit due to unexpected changes in the system's operation or external factors. When the pressure reaches a pre-determined value, the valve opens to release fluid or gas, thus reducing the pressure and preventing potential damage or catastrophic failures. The Safety Aspect: Preventing Equipment Damage and Catastrophic Failures One of the primary reasons for installing pressure relief valves in industrial systems is to prevent damage to critical equipment. Excessive pressure buildup can cause pipes, tanks, or pressure vessels to rupture, which could result in expensive repairs, production downtime, and in the worst-case scenario, hazardous accidents. In industries where flammable or toxic materials are used, over-pressurization could lead to explosions, chemical spills, or leaks, endangering both workers and the surrounding environment. For example, in the oil and gas industry, pipelines carrying crude oil or natural gas are constantly exposed to pressure variations. A pressure relief valve ensures that, even if the pressure suddenly rises, the system remains intact, minimizing the risk of pipeline rupture or explosion. Regulatory Compliance Pressure relief valves also help industrial systems comply with regulatory standards. Organizations such as the Occupational Safety and Health Administration (OSHA), the American Society of Mechanical Engineers (ASME), and the American National Standards Institute (ANSI) enforce stringent rules on pressure management in industrial processes. These regulations mandate that systems incorporate pressure relief devices to ensure that operations are carried out safely and within regulated pressure limits. Failure to comply with these regulations can lead to costly fines, operational halts, and legal liabilities. A properly installed and functioning pressure relief valve not only helps to avoid such consequences but also ensures that industrial operations are carried out without interruption. Protecting Personnel In addition to protecting equipment, pressure relief valves are essential for safeguarding personnel working in industrial settings. Over-pressurization can lead to dangerous situations, including the release of harmful substances or the failure of protective systems. By maintaining safe pressure levels, PRVs ensure that workers are not exposed to hazardous environments or conditions that could lead to injuries or fatalities. Furthermore, the presence of a pressure relief valve in a system helps to create a more predictable and stable working environment, which is crucial for ensuring worker safety and boosting operational efficiency. Conclusion Pressure relief valves are integral components in modern industrial systems. Their ability to maintain safe pressure levels by preventing over-pressurization makes them crucial for the protection of equipment, personnel, and the environment. These valves not only ensure the longevity of industrial systems by preventing catastrophic failures but also help organizations meet regulatory standards.

Eager to capitalize on fixing the construction industry, investors are seeking ways to apply AI/ML to the construction process. But Era 1 and Era 2 thinking comes back into play. The overreliance on administration and underinvestment in managing production makes return on investment related to AI/ML for construction a challenge. But adoption of the production-based perspective provides the framework for leveraging AI/ML, especially when integrated with operations science. In this case, operations science defines how the production system should behave and the implications of what will happen if the production system does not behave as it should. AI/ML can then be used to determine why it is not behaving or even predict what risks may make it not behave. Operations science also provides the basis for training the AI/ML.