The aim of this book is to explore science and technology from the viewpoint of creating new knowledge, as opposed to the reinterpretation of existing knowledge in ever greater but uncertain detail. Scientists and technologists make progress by distinguishing between what they regard as meaningful and what they consider as secondary or unimportant. The meaningful is dynamic; typically, the less important is static. Science and technology have made a major contribution to the culture and to the standard of living of our society. From antiquity to the present day, the most distinguished scientists and technologists have been thinkers, experimenters and persons willing and able to challenge "the obvious". Technology develops products and processes based on the breakthroughs of science. If technologists fail to steadily upgrade their skills, tools and methods, they will only be as good as their last design, risking obsolescence. Using practical examples and case studies, this book documents the correlations existing between science and technology, and elucidates these correlations with practical applications ranging from real-life situations, from R&D to energy production. As it is a salient problem, and a most challenging one to our society, power production has been chosen as a major case study. The holistic approach to science and technology followed by this text enhances the ability to deliver practical results. This book is intended for students and researchers of science, technology and mathematical analysis, while also providing a valuable reference book for professionals. Its subject is one of the most debated problems of mankind.

Both Accountants and Auditors are confronted daily with challenges associated with the evaluation of credit risk, market risk, and other exposures. The book provides up-to-date information on the most significant developments in risk management policies and practices.
Accountants whose work under International Financial Reporting Standards increasingly involves risk control in their job will find this book of practical value with the inclusion of material on "how to" successfully design, implementation and use risk control measures.
Designed specifically for accountants the book starts with the fundamental factors underpinning risk: volatility and uncertainty, and then shows how and why accounting, auditing, and risk control correlate. The themes covered in the book include: credit risk, market risk, liquidity risk, investment risk, and event risk.

* This practical handbook, complete with case studies is specifically aimed at accountants.
* comprehensive information on how to develop, implement and use a risk management system
* Covers credit risk, market risk, liquidity risk, investment risk, event risk.

Written for managers and professionals in business and industry, this book helps the reader in:
* Understanding what is and is not IFRS
* Learning the complexities of IFRS implementation
* Appreciating the contribution of IFRS to corporate governance
The changeover from the mosaic of different heterogeneous national accounting standards to the International Financial Reporting Standards has not been easy. For many companies IFRS, and most particularly the concept of fair value in IAS 39, has amounted to a phase shift - which is prerequisite to achieving compliant financial reporting.
The research conducted by Dr. Chorafas for this book, documented that the process of meeting IFRS requirements presents opportunities and challenges to all enterprises. As many companies have found out, abandoning the classical accruals accounting for marking-to-market their transactions and portfolio positions, has not been easy. The conversion process has affected several functions within the organization including balance sheets, P&L statements, auditing, risk control, information systems, and management accounting.
This book is in made up of four parts:
* Part One focuses on business competition, standards boards, corporate accounting, and IAS 39
* The theme of Part Two, is the implementation of IFRS, exemplified through case studies on task forces and practical applications
* Part Three brings together IFRS and management accounting requirements, with emphasis on fair value.
* Part Four addresses itself to the contribution IFRS can make to better corporate governance, and to rebuilding the balance sheet
The book has many case studies based on actualexperiences. These range from the implementation of IFRS directives such as hedge accounting, to developing practices of real-time balance sheets; the help provided by sophisticated accounting solutions help in stress testing; and a comprehensive definition of the role of the audit committee.
* A clear and practical view of the complexities of IFRS implementation
* Includes practical case studies from real-life companies going through the process
* Pays particular attention to IAS 39 on Fair Value

This book has two themes: Private Banking and investment decisions regarding Structural Financial Products. Dr. Dimitris Chorafas examines in a rigorous way whether structured financial products are advisable investments for retail and institutional investors and, if yes, which risks they entail. As our society becomes increasingly affluent, and state-supported pension schemes find it difficult to survive, a growing number of high net-worth individuals, and families, have become retail investors - looking for ways and means to optimize wealth management, and Private Banking deals with these sorts of clients. Private banking also deals with clients that are institutional investors, such as pension funds, mutual funds, and insurance companies, as well as not-for-profits, foundations and companies explicitly set up for wealth management. Both institutional and retail investors are being offered by the banks they work with structured products. Typically, these are securities that provide them with a redemption amount, with may be either with full or partial capital protection, and some type of return. The book examines structured financial products, their polyvalent nature, and the results which could be expected from them.
Return on structural instruments, which are essentially derivatives, is paid in function of a specific investment strategy on selected underlying asset(s). This essentially means on the performance of the underlyings, obtained by asset managers, which may be banks or hedge funds, through purchase or sale of embedded options. But there are risks. Both risk and return from structured products are related to three main issues: the volatility of future value of anunderlying, the uncertainty of future events, and the exposure of the product. Every type of investment is subject to market forces, and the more leveraged a portfolio is, the greater will probably be both the assumed risk and the expected reward. The fact that structured financial products appeal, or at least are being marketed, to both retail investors and institutional investors makes the dual approach deliberately chosen in this book most advisable. This book addresses all these issues in a practical manner with numerous case studies and real-world examples drawn from the author's intensive research.
*Because it is based on intensive research, the book is rich in practical examples and case studies
*Addresses the growing trend towards the use of structured financial instruments in private banking
*Thorough treatment of structured financial products that keeps maths to a minimum

Quality control is a constant priority in electrical, mechanical, aeronautical, and nuclear engineering - as well as in the vast domain of electronics, from home appliances to computers and telecommunications. Quality Control Applications provides guidance and valuable insight into quality control policies; their methods, their implementation, constant observation and associated technical audits. What has previously been a mostly mathematical topic is translated here for engineers concerned with the practical implementation of quality control. Once the fundamentals of quality control are established, Quality Control Applications goes on to develop this knowledge and explain how to apply it in the most effective way. Techniques are described and supported using relevant, real-life, case studies to provide detail and clarity for those without a mathematical background. Among the many practical examples, two case studies dramatize the importance of quality assurance: A shot-by-shot analysis of the errors made in the Fukushima Daiichi nuclear disaster; and the engineering failure with new technology due to the absence of quality control in an alternative energy project. This clear and comprehensive approach makes Quality Control Applications an essential reference for those studying engineering as well industry professionals involved in quality control across product and system design.

Many professionals in the technology industry are seeking new solutions beyond the confines of the more traditional type software tools, network design solutions and distributed systems applications. The aim of this book is to provide for them a much needed upgrade of knowledge and skills by addressing the developing technical and business perspectives which have emerged from the deregulation of telecommunications, including issues connected to costs and tariffs. It also addresses a comprehensible introduction to the research, development and implementation of agents. Based on thorough research undertaken from 1993-96 in the United States, Europe and Japan, much practical material is included, with both comprehensive examples and case studies.

This book addresses the changing role of networks and the evolving structure of an Infrastructure Superhighway. The requirements for leadership in telecommunications are reviewed from different viewpoints: Network operators, equipment manufacturers, software developers and user organizations. Emphasis is placed on multimedia and what multimedia solutions would mean to telephone utilities and endusers. Based on extensive research undertaken in Europe, US and Japan, Dimitris Chorafas identifies new domains of applications, presents the breakthroughs which have currently been achieved and outlines the systems solutions necessary to fruitfully exploit new technology.

Addressed to the management of financial institutions and computer and communications technologists, this book aims to prvide information on the four generations of on-line financial networks which have evolved over the past twenty years in Japan.;The background to the book is electronic banking, and the forward- looking financial industries and the benefits they have achieved.;The author has also recently written "Membership Of The Board Of Directors".

A guide to managing cloud projects, Cloud Computing Strategies provides the understanding required to evaluate the technology and determine how it can be best applied to improve business and enhance your overall corporate strategy. Based on extensive research, it examines the opportunities and challenges that loom in the cloud. It explains exactly what cloud computing is, what it has to offer, and calls attention to the important issues management needs to consider before passing the point of no return regarding financial commitments. Illustrated with numerous examples and case studies, the book examines security, privacy, data ownership, and data protection in the cloud. It also: Explains how and why your company can benefit from Open Software and onDemand Services Identifies various cloud providers, their services, and their content as a basis for evaluating cost effectiveness Provides authoritative guidance on how to transition from a legacy system to the cloud Includes helpful tips for managing cloud vendor relationships and avoiding vendor lock-in Whether you're already in the cloud or just considering it, the text provides the unbiased understanding of the strengths and weaknesses of cloud computing needed to make informed decisions regarding its future in your organization. The book's strength is that it supplies authoritative insight on everything needed to decide if you should make a transition to the cloud.

This book presents the reader with a complete and comprehensive picture of what is happening today in banks and other financial institutions in terms of expert systems implementation. In addition it helps in refining the reader's thoughts on how to build an environment for the successful implementation of expert systems in banking - and how to sell this concept to management including risks and opportunities.

As financial positions expand, the economy becomes more vulnerable to adverse and unexpected developments taking place outside the six to seven year business cycle. Over 50 years ago Nikolai Kondratieff developed the theory of "The Long Waves in Economic Life", which incorporated an extended cycle of innovation and upward thrust, and changed our understanding of business cycles in financial settings. Financial Cycles concentrates on two areas that have thus far been omitted from mainstream economics. The first is the impact of the longer term financial cycle; the second is the beginning of de-globalization as the world enters an era of iron-glad economic blocks. Chorafas argues that to overcome the more narrow limits of the business cycle, we need to go beyond its traditional six to seven year focus and address the longer term. This includes the building-up and running-off of economic risks characterizing the financial cycle, as well as the appreciation of forces underwriting both its growth and its decay. An ever-increasing public debt and the behavior of the banking industry are two principal reasons why the structure of analysis characterizing the previous financial cycle no longer fits present-day realities. A new methodology starts getting in shape, even if it still has to acquire political legitimacy.

Based on an extensive research project done by the author in the United States, Britain, Germany, France, Switzerland, Sweden, and Austria from December 1999 to June 2001, Enterprise Architecture and New Generation Information Systems focuses on four main themes: Next Generation Information Technology The Likely Technologies of this Decade Enterprise Computing The Internet as the 21st Century's Answer to Merchandising While the majority of books presently available on information systems are written from the viewpoint of system analysis, programming, or common applications, this text: Brings to the reader's attention the importance of organization and infrastructure Presents a wealth of case studies to explain the need for reengineering and restructuring Details the latest advances which influence the implementation of advanced technology Written in a simple, comprehensive manner without specific prerequisites and data processing jargon, with concepts and case studies properly explained, this book addresses itself to practitioners in computer technology, telecommunications and software development, who are interested in acquiring skills through knowledge of the most advanced applications, tools, and methods, both present and coming. Enterprise Architecture and New Generation Information Systems will prove appealing to every person charged with planning, developing, applying, and delivering advanced information systems, architectural solutions, and programming products.

Organizations enjoy two kinds of strategic advantages. One is transitory: being in the right place with the right products at the right time. The other comes from having first class management and instituting processes that mobilize an organization, keeping in ahead of the competition. Which would you like to count on for your organization's success?Integrating ERP, CRM, Supply Chain Management, and Smart Materials explores how to create business opportunities and reap savings by: Restructuring and updating of ERP and CRM software as it integrates supply chain management and delivers new killer applications Evolving opportunities that will develop from the implementation of smart materials, automatic identification, classification systems, and quality assurance projects Auditing the implementation, operation, and maintenance of ERP and CRM software as well as the corrective action taken on the basis of resultsInternet commerce, online supply chain, and advances in technology - all available at increasingly lower costs - make systems of the past obsolete. However, just as new technology creates new opportunities, it can also create unforeseen consequences. By binding a wealth of interdependent issues between the covers of one book, Integrating ERP, CRM, Supply Chain Management, and Smart Materials gives you the tools you need to create proprietary, high value-added solutions.

Intelligent Networks: Telecommunications Solutions for the 1990s addresses the telecommunications perspective of the 1990s and the problems involved in the transition from where we are now to where we should be within the next decade. It will appeal to managers as well as specialists interested in how communications and information technologies will evolve during the coming five to seven years. Valuable information on how they can use the new products becoming available to their company's advantage is also provided. This book is divided into two parts: Part 1 focuses on the strategic aspects of Intelligent Networks, while Part 2 looks into the dynamics and mechanics of computer networks and focuses on transition. Topics discussed in Part 1 include a look into advanced projects currently under development in the U.S. and Japan; the next big steps in deregulation from the viewpoint of the Federal Communications Commission; Artificial Intelligence (AI) implementation in network operations; the establishment of global private networks with AI as the infrastructure; and a discussion regarding the merits of open architectures, ISDN, teleports and bypass, and photonics. Topics discussed in Part 2 include system integration; a case study of Union Bank of Switzerland and how an Intelligent Network documentation database can be used to increase the quality of network design, improve upon the reliability of its implementation, automate diagnostics and facilitate maintenance, provide quality histories for different vendors, and swamp the costs associated with networking. Part 2 also includes a discussion regarding the prerequisites for system reliability; management's role in cost-effectiveness; telecommunications tariffs and the architectural impact on costing; and "how to" tips for negotiating with vendors.

Every generation leaves both assets and liabilities to the next. Alert people can see we are going to leave our children and grandchildren with a nearly unsolvable test of energy supplies; waste polluting the air and water; and the appalling problem of a huge and uncontrollable explosion in world population. Energy, Environment, Natural Resources and Business Competitiveness addresses itself to those having a professional, academic or general interest in these issues: - Energy sources, their nature and contribution, - Environmental problems associated to power production and usage, - Financing and control of energy-related projects and processes, - Future direction of agriculture produce now used as energy, - Complex social and technical issues resulting from lack of family planning - and, therefore, of demands for energy, - Impact of energy and an exploding population on pollution, - Truth and hype about the most talked about environmental subjects. In this fourth book for Gower, Dimitris Chorafas reviews Europe, America and Asia's energy needs in the coming decade, pointing out that current policies are inadequate at best, and more likely disastrous for the economy. Governments persist in having their own agenda and priorities as well as plenty of constraints and taboos, yet when he critically examines the challenges Dr Chorafas concludes that no government can solve all current energy problems by acting alone. The book confronts current thinking, and its after-effect on policies and practices. Readers accustomed to mainstream books and articles which blame fossil fuels for a deteriorating world environment will find this a contrary opinion.

Education, employment policy, and pensions are inextricably linked and critical to any sort of business or economic revival, let alone success, and all three are addressed in Education and Employment in the European Union. In the first part of this meticulously researched and highly informative book, Dimitris Chorafas argues that European educational standards, from primary schools through to universities, leave much to be desired. The author then turns to employment. Already affected by problems with education, employment is fettered by structural issues, ranging from inflexible labour laws to heavy social costs. Here, the author suggests what might be done to get employment moving again in difficult economic times. Employment and pensions work in synergy. In the final part, Chorafas examines the implications of and future for pension provision, taking a polyvalent approach which embraces state pensions, company pensions and the workings of pension funds - as well as healthcare issues and the longevity risk. The evidenced analysis of the three interlinked policy areas in this book identifies the issues and the relationships between them. The findings and suggestions will be important to business practitioners, business educators, government authorities, policy makers, consultancies and others either within or wishing to learn lessons from the European Union.

It is no secret that Europe is currently undergoing a major economic and social crisis, so it is essential says Dimitris Chorafas that leaders of industry and finance within the EU, or doing business with the EU, know what is going on. What is it that threatens competitiveness and produces obstacles to providing a vibrant business landscape in the European Union? This book offers insight into the particular nature of the European cocktail of business and politics, explaining how that bears on trade and relations between, for example, continental Europe and the UK, across the Atlantic with the US, with Russia and with Asia. Dr Chorafas explains and critiques Europe's conflicting aims and what he describes as its wanting business plan. Case studies to illustrate the consequences for business of the deficiencies identified are included. With its mix of rigorously researched background and forthright argument, this timely book will satisfy those academics with an interest in the issues addressed and will also serve as a planning tool for business leaders and government executives trying to determine what they can do at enterprise level. The challenge is to survive and prosper in an environment where 'business is politics'.

So far there has been only praise for globalization. However, the export wave of China's manufacturing machine and, more recently, the Global financial crisis show that globalization has limits. Globalization, the internationalization of trade, and financial integration are having enormous implications for businesses as well as for the whole economies of countries or blocks of countries. In this book Dr Chorafas argues that research is now producing evidence that there are limits to such globalization and amalgamation and that these need to be better defined and understood if some of the problems now being identified are to be prevented from applying the brakes, or worse, putting the process into reverse gear. The author examines the impact on countries such as the United States and European Union of occurrences like China's emergence as a massive manufacturing platform and the distortions of trade that result, affecting countries' GDP and creating problems such as uncontrollable current account deficits. He also considers the effect of Sovereign Wealth Funds as new entrants on the scene. These, he argues, are seen by some as 'the Trojan horses of state capitalism', particularly in what he defines as the 'absence of a global sheriff'. Globalization's Limits looks at the EU and the Euroland as a test of globalization. The conclusions Chorafas draws about the effect on member states of pan-European banking, and the Euro as common currency, have implications for Britain and for the rest of the world. Issues relating to missed opportunities and leadership beg questions such as 'Who, if anybody, is or should be in charge of global monetary policy?

Information technology auditing and Sarbanes-Oxley compliance have several overlapping characteristics. They both require ethical accounting practices, focused auditing activities, a functioning system of internal control, and a close watch by the board s audit committee and CEO. Written as a contribution to the accounting and auditing professions as well as to IT practitioners, IT Auditing and Sarbanes-Oxley Compliance: Key Strategies for Business Improvement links these two key business strategies and explains how to perform IT auditing in a comprehensive and strategic manner.

Based on 46 years of experience as a consultant to the boards of major corporations in manufacturing and banking, the author addresses objectives, practices, and business opportunities expected from auditing information systems. Topics discussed include the concept of internal control, auditing functions, internal and external auditors, and the responsibilities of the board of directors.

The book uses several case studies to illustrate and clarify the material. Its chapters analyze the underlying reasons for failures in IT projects and how they can be avoided, examine critical technical questions concerning information technology, discuss problems related to system reliability and response time, and explore issues of compliance.

The book concludes by presenting readers with a "what if" scenario. If Sarbannes-Oxley legislation had passed the U.S. Congress in the late 1990s or even 2000, how might this have influenced the financial statements of Enron and Worldcom? We can never truly know the answer, but if companies make use of the procedures in this book, debacles such as these and those which led to the 2007-2008 credit and banking crisis will remain a distant memory.

The aim of this book is to explore science and technology from the viewpoint of creating new knowledge, as opposed to the reinterpretation of existing knowledge in ever greater but uncertain detail. Scientists and technologists make progress by distinguishing between what they regard as meaningful and what they consider as secondary or unimportant. The meaningful is dynamic; typically, the less important is static. Science and technology have made a major contribution to the culture and to the standard of living of our society. From antiquity to the present day, the most distinguished scientists and technologists have been thinkers, experimenters and persons willing and able to challenge "the obvious". Technology develops products and processes based on the breakthroughs of science. If technologists fail to steadily upgrade their skills, tools and methods, they will only be as good as their last design, risking obsolescence. Using practical examples and case studies, this book documents the correlations existing between science and technology, and elucidates these correlations with practical applications ranging from real-life situations, from R&D to energy production. As it is a salient problem, and a most challenging one to our society, power production has been chosen as a major case study. The holistic approach to science and technology followed by this text enhances the ability to deliver practical results. This book is intended for students and researchers of science, technology and mathematical analysis, while also providing a valuable reference book for professionals. Its subject is one of the most debated problems of mankind.

Quality control is a constant priority in electrical, mechanical, aeronautical, and nuclear engineering - as well as in the vast domain of electronics, from home appliances to computers and telecommunications. Quality Control Applications provides guidance and valuable insight into quality control policies; their methods, their implementation, constant observation and associated technical audits. What has previously been a mostly mathematical topic is translated here for engineers concerned with the practical implementation of quality control. Once the fundamentals of quality control are established, Quality Control Applications goes on to develop this knowledge and explain how to apply it in the most effective way. Techniques are described and supported using relevant, real-life, case studies to provide detail and clarity for those without a mathematical background. Among the many practical examples, two case studies dramatize the importance of quality assurance: A shot-by-shot analysis of the errors made in the Fukushima Daiichi nuclear disaster; and the engineering failure with new technology due to the absence of quality control in an alternative energy project. This clear and comprehensive approach makes Quality Control Applications an essential reference for those studying engineering as well industry professionals involved in quality control across product and system design.

Organizations enjoy two kinds of strategic advantages. One is transitory: being in the right place with the right products at the right time. The other comes from having first class management and instituting processes that mobilize an organization, keeping in ahead of the competition. Which would you like to count on for your organization's success?
Integrating ERP, CRM, Supply Chain Management, and Smart Materials explores how to create business opportunities and reap savings by:
o Restructuring and updating of ERP and CRM software as it integrates supply chain management and delivers new killer applications
o Evolving opportunities that will develop from the implementation of smart materials, automatic identification, classification systems, and quality assurance projects
o Auditing the implementation, operation, and maintenance of ERP and CRM software as well as the corrective action taken on the basis of results
Internet commerce, online supply chain, and advances in technology - all available at increasingly lower costs - make systems of the past obsolete. However, just as new technology creates new opportunities, it can also create unforeseen consequences. By binding a wealth of interdependent issues between the covers of one book, Integrating ERP, CRM, Supply Chain Management, and Smart Materials gives you the tools you need to create proprietary, high value-added solutions.

This book presents the reader with a complete and comprehensive picture of what is happening today in banks and other financial institutions in terms of expert systems implementation. In addition it helps in refining the reader's thoughts on how to build an environment for the successful implementation of expert systems in banking - and how to sell this concept to management including risks and opportunities.

The objective of this book is to provide banks and the financial industry at large with an analysis of what is and what is not a network at their service. The background to the book is electronic banking, and the foreground brings into perspective what has been done by forward-looking financial industries and the benefits they have achieved. While banking is today an industry, it cannot be satisfactorily compared to other industries as it operates too much by its own rules. Examples in the text have therefore been restricted to banking only and, more precisely, to the four generations of online financial networks which have evolved over the past twenty years in Japan. This book is a study addressed to the management of financial institutions. Computers and communications technologists will also gain from it both insight and foresight.

In order to achieve long-term profitability and assure survival for their companies, managers must be informed, imaginative, and capable of adapting to shifting circumstances. Practical decisions rather than theories hold the upper ground. Business, Marketing, and Management Principles for IT and Engineering supplies the understanding required to effectively manage an organization in an increasingly competitive global market. Using case studies, the book illustrates the principles, policies, and management practices used by some of the most successful companies around the world. The real-world case studies supply valuable insight into the range of issues that confront decision makers in business. By explaining how to develop effective strategies and business plans, the text supplies both the concepts and the tools to stay on track with those plans. It also: Explains how to evaluate the pros and cons of your organizational policies and how to effect policies for maximum synergy Covers product development, sales, marketing, pricing, and financial analysis Illustrates the right and wrong ways to implement the principles discussed, with case studies of hi-tech companies such as Apple, Google, Cisco, IBM, Microsoft, Toyota, ITT, and Bloomberg Dimitris N. Chorafas provides valuable insight garnered over half a century of advising financial institutions and multinational industrial corporations. Dr. Chorafas explains how to develop competitive products and use pricing strategies to achieve an edge over your competition. He also includes case studies that examine the price wars in the computer industry. This book supplies a realistic look into the positive and negative aspects of various policies and whether or not current practices related to forecasting, planning, organizing, staffing, directing, and controlling have produced th