Abstract Capital and Management in Socialist Economies The idea, that an economy can be operated by methods of central planning to realize the economic optimum like the model of a private business corporation, proved to be successful only in the first periods of (“extensive”) industrialization. Growing product differentiation increased the danger of disallocation of resources. The solution of microeconomic allocation problems turned out to be most unsatisfactory. Since 1962, reforms try to decentralize decision making in the individual enterprise striving mostly for production aims planned centrally. The problem of appropriate investment and success criteria for the system’s management remains unsolved. While in sectors of the economy, where large sums of capital are needed, ex ante central planning is necessary, the problem is different in manufacturing industry. Here, an efficient selection from the abundance of continually and acceleratingly renewing technical progress can be made only with decentralized rules of efficiency, which, however, must be based on market prices. But the choice of a soviet director is limited by problems of financing and supply. He may calculate approximately the technical effect of investment, but he cannot evaluate its economic effect, since prices have been set since long and do not reflect the permanently changing relations of scarcity of resources, Besides, the certain profit from selling established products is frequently preferred to the risk of innovation. The industrial reform of 1965 has focused on the relation of the profit from sold production and the invested capital stock. It emphasizes the importance of investment financing from enterprize profits and credit (in contrast to the usual allotment of means for investment by central authorities). A greater flexibility in fulfilling the plan can be observed, but management’s investment choices are still very limited. The centrally planned supply of investment cannot keep pace with increased decentralized investment demands. The reason for the stated inferiority of socialist economies in realizing technical progress is ultimately the absence of a capital market. Its role for most investment decisions can be substituted only most imperfectly by central planning.
A gas or vapor bubble moving in translation in a liquid and varying its volume propels itself by a rocket effect, which occurs in foams moving in pressure or temperature fields with a non-zero gradient. It is notably observed in boiling and centrifugal pump operation, which latter features the following two characteristic bubble types : __ 1. Gas bubbles, which are apt to emerge faster from the pump than the liquid; 2. Vapor bubbles (cavitalion). When a bubble in translatory motion implodes, energy is transferred: potential pressure energy is converted info kinetic implosion energy, which in turn becomes kinetic translation energy. The instrument for this energy transfer process is a "micro-jet" following the bubble. It is shown that a considerable increase in kinetic translation energy density occurs, which is converted into potential pressure energy on impact against a solid obstacle. The resulting pressures (10,000 kg/sq.cm) explain the mechanical aspect of cavitation erosion. Several experimental results have confirmed these theoretical considerations. The development of a rotoscope is also described, this being a device enabling a centrifugal pump impeller (for example) to be "stopped" so that only the relative motion of the flow particles remains. Unlike with a stroboscope, time exposures can he taken with this device. With more thorough knowledge of foam mechanisms, and especially of cavitalion bubble behavior, it should be possible to design cavitation erosion-proof impeller blades.
The principles of unity and complexity introduced into the Polish State budget in 1951 are no longer fully observed. In particular, certain funds administered by local councils have appeared gradually in the last years, on the basis of the budget law of 1958 which admitted making some budget expenses dependent on definite budget revenues. Moreover, some funds have been created outside the local budgets. These deserve special attention as a new phenomenon which becomes increasingly important for the local councils activities and especially for councils of the lowest level. The development of decentralized funds seems to be desirable firstly in the economic micro-regions, such as villages and towns, in order to accelerate their development. The augmentation of the role of decentralized funds would also be advisable in counties and provinces provided they constitute regions with specific economic structure. Decentralized funds should be first of all used to finance local investments, the more so that this would be in accordance with the main destination of the funds already administered by local councils. In this way, decentralized funds could in the future be transformed into the local investment budgets. The considerable development of decentralized funds in this country, in particular of those of the lowest level of local administration, seems, moreover, to prove that local budgets at this level, which since 1951 have been incorporated into the State budget, are not fully adequate for financing local councils activities. This suggests that a reform of local budgets of the lowest level is advisable, which would make their administration more similar to that of decentralized funds. The author considers in detail the perspectives and conditions of s'uch a reform of the local budgets of the lowest level, as well as the prospects and conditions of further development of the decentralized funds if no budget reform takes place. He discusses especially the links between decentralized funds and local budgets in this last case. The other subject of the author's consideration is the advisability of financing the local councils activities by bank credit or by credit granted by central funds administered by budget authorities
Abstract This article focuses on multiple regression analysis to cost control of decentralized operations in the consumer finance industry. There are potential accounting applications of multiple regression analysis in control of decentralized operations. Moreover, multiple regression can be a useful empirical research tool in other areas of accounting and finance. It is essential, however, to know the hidden limitations and assumptions in the approach and to perform the necessary tests to see that these assumptions are met be- fore plunging head-first into a sea of regression formulae. In cost analysis, one feature of multiple regression is the ability to use dichotomous variables. The advantage herein arises when a given characteristic may or may not exist in decentralized units. Multiple regression may be applied without assuming the disturbance terms are normally distributed. Multiple regression may be used in testing structural relationships between operating costs and various factors which are thought to affect these costs. Analysis of variance procedures may be extended to statistical tests of single coefficients and to statistical tests of the contribution to explained variation of sub-groups of factors included in the model.
This paper is concerned with repetitive sequential play in finite statistical games (decision problems) from the statistician's point of view. We shall assume that the statistician's move at stage $k$ may depend on the previous $k - 1$ moves of Nature as well as the random variable $\mathbf{X}_k = (X_1, \cdots, X_k)$, where the $X_i$ are independent observations (r.v.'s) (possibly vector-valued) from the sequence of statistical games, $k = 1, 2, \cdots$. The play is repetitive in the sense that each component game is identical in structure, with only the moves of the statistician and Nature changing. Furthermore, we impose no assumptions regarding the behavior of the parameter sequence of Nature's moves. The statistician does have the added disadvantage that the finite class of distributions in the component game is not fully specified. However, he does know that class in question has: either (i) all members with discrete distributions or (ii) all members with $q$-dimensional a.e. continuous Lebesgue densities. This same problem when the distributions are fully known has been treated in [6] for statistical as well as more general games in which Nature's space is finite. In the case where the distributions are completely specified but the history of the past moves is unknown to the statistician, see [20], [22], [27], and [28]. The development in this paper is closely connected to and motivated by these results, particularly those of the preceding paper [27]. If for fixed $N$, the empirical distribution $p_N$ of Nature's moves is known, then the statistician could use as a rule for each of the $N$ component games a strategy Bayes against $p_N$ having risk $\phi(p_N)$. In all the papers cited in the previous paragraph, the aim was to construct for the statistician, when $p_N$ is unknown and $N$ not specified, a sequence of randomized decision functions whose $N$th average loss minus $\phi(p_N)$ approaches zero (or has an upper bound approaching zero) in a suitable sense as the number of repetitions of play, $N$, increases. However, in the case of statistical games, all of the above results require that the finite class of distributions be fully specified. In this paper we remove that assumption by estimating the distributions sequentially based on past moves and observations. Then in the present play of the component game the statistician substitutes these estimators into a procedure which is Bayes against the empirical distribution of Nature's previous moves. The resulting sequence of procedures is shown to be "asymptotically good" in the sense that the average loss over the $N$ games $W_N$ minus the Bayes risk $\phi(p_N)$ approaches zero (in an appropriate sense) as $N$, the number of games played, increases. In Section 2 we introduce notation and preliminaries. Section 3 discusses play in repetitive games and defines the proposed sequential procedures $\mathbf{t} = \{\mathbf{t}_k\}$. In Section 4 we prove preliminary results upon which all proofs are founded. Section 5 considers the discrete case giving uniform (in sequences of Nature's moves) convergence theorems (as $N \rightarrow \infty$) for the quantity $W_N - \phi(p_N)$. Theorem 5.1 is a uniform convergence theorem of $O(N^{-\frac{1}{2}})$ of the expected value of $W_N - \phi(p_N)$ for finite discrete classes, each member of which is non-degenerate and satisfies a certain tail probability condition. Under the same conditions, Theorem 5.2 gives uniform convergence to zero in probability for the quantity $N^{\frac{1}{2}} (\log N)^{-1} \{W_N - \phi(p_N)\} \text{as} N \rightarrow \infty$. Uniform convergence of $W_N - \phi(p_N) \rightarrow 0$ in probability for general non-degenerate finite discrete class is presented in Theorem 5.3. Section 6 treats the estimation problem for densities needed to form the randomized strategy sequences $\mathbf{t}$ in the continuous case. The results stated are based on a paper by Cacoullos [3] generalizing the univariate results of Parzen [15]. In Section 7, we present results for the continuous case. Theorem 7.1 and its corollary give uniform convergence of $W_N - \phi(p_N)$ to zero in probability and of its expectation to zero, respectively. The finite continuous classes of Theorem 7.1 are very general in the sense that each member is a continuous a.e. density. Finally, in Section 8 we draw certain conclusions and relate our results to similar results obtained elsewhere. The novelty of the paper rests in the fact that through the past history of Nature's moves and the observations connected with past play, one can construct a sequential strategy, $\mathbf{t} = \{\mathbf{t}_k\}$, with very little knowledge about the finite class of distributions, which approaches asymptotic "optimal" play. The lack of knowledge on the finite class of distributions distinguishes this work from the related "repetitive type" problems in games and/or decision theory treated in [1], [2], [4], [6], [7], [8], [9], [10], [12], [17], [18], [19], [20], [21], [22], [24], [25], [26], [27], [28], and [29]. For possible applications of this work see Neyman [14], especially his Example 3 and his discussion relating to the work of Blackwell [2].
Abstract The accounting fraternity has employed regression analysis rather infrequently. This article presents an application of multiple regression analysis to cost control. The context of the application is the consumer finance industry where extensive decentralization makes effective cost control extremely important. The consumer finance industry is made up of companies whose principal activity is making personal installment cash loans under state small loan laws. The cost behavior model employed in this article is developed from the results of multiple regression analysis of cost and other operating data of branch offices of a major consumer finance chain. While the consumer finance industry is used as the basis, it should be emphasized that the procedure outlined would be applicable to other types of businesses as well. The article shows that an important requirement for the applicability of the procedure is the existence of a relatively large number of homogeneous operating units. Consumer finance companies meet this requirement particularly well. However, other types of business also operate with large numbers of homogeneous units-food including service chains and lodging chains. The procedure outlined would, therefore, be applicable to them as well.
Previous article Next article Heuristic Methods for Location-Allocation ProblemsLeon CooperLeon Cooperhttps://doi.org/10.1137/1006005PDFBibTexSections ToolsAdd to favoritesExport CitationTrack CitationsEmail SectionsAbout[1] Leon Cooper, Location-allocation problems, Operations Res., 11 (1963), 331–343, No. 3 MR0152365 0113.14201 CrossrefISIGoogle Scholar[2] Google Scholar[3] D. H. Lehmer, Teaching combinatorial tricks to a computerProc. Sympos. Appl. Math., Vol. 10, American Mathematical Society, Providence, R.I., 1960, 179–193, Combinatorial Analysis MR0113289 0096.00504 CrossrefGoogle Scholar[4] J. Heller, Some numerical experiments for an $M\times J$ flow shop and its decision-theoretical aspects, Operations Res., 8 (1960), 178–184, No. 2 MR0111626 0092.27910 CrossrefISIGoogle Scholar[5] J. Moshman, The Application of Sequential Estimation To Computer Simulation and Monte Carlo Procedures, J. Association for Computing Machinery, 5 (1958), 0086.11603 CrossrefISIGoogle Scholar[6] A. Wald, Sequential Analysis, John Wiley and Sons, New York, 1952 Google Scholar Previous article Next article FiguresRelatedReferencesCited ByDetails An elliptical cover problem in drone delivery network design and its solution algorithmsEuropean Journal of Operational Research, Vol. 304, No. 3 | 1 Feb 2023 Cross Ref Two lower-bounding algorithms for the p-center problem in an areaComputational Urban Science, Vol. 2, No. 1 | 24 January 2022 Cross Ref Optimal planar facility location with dense demands along a curveJournal of the Operational Research Society, Vol. 73, No. 8 | 8 May 2021 Cross Ref A continuous location and maintenance routing problem for offshore wind farms: Mathematical models and hybrid methodsComputers & Operations Research, Vol. 144 | 1 Aug 2022 Cross Ref Spatial autocorrelation informed approaches to solving location–allocation problemsSpatial Statistics, Vol. 50 | 1 Aug 2022 Cross Ref Electric vehicle charging stations emplacement using genetic algorithms and 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Vol. No. 3 | 1 May Cross Ref A generalized Weiszfeld method for the multi-facility location Research Letters, Vol. No. 3 | 1 May Cross Ref based heuristics for the generalized location problemComputers & Industrial Engineering, Vol. No. 4 | 1 May Cross Ref A continuous analysis framework for the solution of location–allocation problems with dense & Operations Research, Vol. No. 1 | 1 Jan Cross Ref A Weiszfeld algorithm for the solution of an of the generalized location problemComputers & Mathematics with Applications, Vol. No. 1 | 1 Jan Cross Ref Locating a facility using a hybrid optimization Journal of Production Vol. No. 1 | 1 Jan Cross Ref cover location problems: The planar Transactions, Vol. No. 3 | 19 December Cross Ref A location–allocation heuristic for the capacitated multi-facility Weber problem with Journal of Operational Research, Vol. No. 3 | 1 Nov Cross Ref based optimization approach for network design problemComputers & Industrial Engineering, Vol. 57, No. 1 | 1 Aug Cross Ref The variable Journal of Operational Research, Vol. No. 2 | 1 Jul Cross Ref Discrete heuristics for the capacitated continuous location–allocation problem with & Operations Research, Vol. 36, No. | 1 Jul Cross Ref Planning for Optical of Optical Communications and Networking, Vol. No. 1 | 1 June Cross Ref based heuristics for the capacitated multi-source Weber problemComputers & Operations Research, Vol. 36, No. 6 | 1 Jun Cross Ref Spatial models for location–allocation Statistics & Data Analysis, Vol. 53, No. 8 | 1 Jun Cross Ref Solving multi-facility Weber problem by Vol. 31, No. 3 | 1 January Cross Ref The multi-facility location–allocation problem with polyhedral & Operations Research, Vol. 36, No. 5 | 1 May Cross Ref of to of the Operational Research Society, Vol. No. | 21 December 2017 Cross Ref and of distribution on a of Operations Research, Vol. No. 1 | 14 June Cross Ref Distribution Network for
Case reports of three residents of Ontario with clinical histoplasmic chorioretinitis are presented. The diagnosis was made on the basis of the clinical appearance, the presence of calcified lesions in the chest, a negative skin test to tuberculin, and a positive skin test to toxoplasmin. All patients were treated with intravenous amphotericin B. Except for transitory elevation of blood urea nitrogen, there were no serious complications from the drug and in all cases the lesions in the eyes were improved. Histologic or cultural proof of the presence of fungus in the eye is not available, but clinical and laboratory findings can combine to point to the diagnosis of histoplasmosis. In such cases, since vision is at stake, treatment with amphotericin B should be considered.
Professor Keeping's book is a text for a one-year course (90-100 hours) for students having a knowledge of elementary calculus-second or third year students.It is unusually complete in that it is difficult to think of a topic which is not treated, at least briefly, but which one might like to see included in such a course.As would be expected of a widely ranging book at this level, many results are stated without proof but it is by no means a " how to do it" book.In addition to the usual elementary probability theory, standard distributions, and classical estimation and testing, one finds, e.g. the cumulants and Ar-statistics, sampling techniques, sequential and nonparametric procedures, fixed, random and mixed models as well as latin square and incomplete block designs considered, and a last chapter which looks at multivariate problems and introduces stochastic processes.There is a laudable concern for the power of the tests discussed and the required non-central distributions are introduced.Appropriate tables, a large number of exercises (with answers) and a thirty page appendix on various mathematical topics are included as well.The price paid for the virtue of comprehensiveness is, of course, the brevity of some particular parts; one cannot have everything.However, one might reasonably suggest that the briefer the treatment the more precise should be the statements.This book is somewhat marred by puzzling, misleading, or false statements, e.g. both the sample and population moments are defined to be the " rth moment of X about zero"; "If T is sufficient, so is any function of T" (p.125); the variance of a maximum likelihood estimator is asserted to be the Cramer-Rao lower bound; in discussing the Mann-Whitney U-test, it is not clear at given points just what alternatives are being considered and while one statistic is described as the test statistic, we are instructed to reject for small values of another.
(1) As it is shown in the answering rate itself, concern of top management on the rationalization of business finance is very sincere. (2) As for depreciation system, contraction of depreciation terms and general or partial widening of the rooms for arbitrary depreciation are earnestly desired. (3) Corporate tax has been intensely criticized, and opinion of the majority takes its revision as a premise for financial rationalization. (4) Regarding budget system, opinion of the majority asserts concentrative management, but not a few recognize the necessity of decentralized system. (5) Upon internal audit and concept of cost, a fundamental shift from the traditional idea is fairly evident.
Abstract As the petroleum industry has embraced the concept of rate of return as an investment criterion, numerous papers on the subject have appeared in the literature. The purpose of this paper is to clarify the significance of these methods and extend their application. Because of space limitations, no attempt has been made to duplicate these previous efforts. Instead, the emphasis has been placed on proper utilization of the results. Discussed are:the problem of multiple rates of return on acceleration projects;effect of time on comparative results;development of realistic mathematical model; andformal consideration of probability in the economic evaluation. Several reasonable solutions to these problems are presented. Introduction The rate-of-return concepts embraced by the petroleum industry in the last few years represent techniques that have been widely employed by other groups in the fields of finance and banking for the past century. In the process of attempting to utilize these "new" methods in the industry, many modifications of the basic compound-interest equations have appeared. Refs. 1 through 11 out-line the more popular approaches used. In their preoccupation with obtaining numbers, many have lost sight of the inherent characteristics of many equations used, as well as the real goals of investment. Put another way-rate of return as found by any equation, no matter how good, is not in itself a satisfactory investment criterion. Any economic decision involves either formal or informal consideration of the following:risk factors, includingprediction of future events. and economic climate andprobability of success or failure;rate of return on investment;effect that failure(s) would have on an organization's economic future;tax ramifications;current investment needs and opportunities;cash generation needs in future years to remain in a sound and dynamic position (might involve deferral of revenue for economic reasons);romance factors; andan organization's financial structure. The detailed discussion here will be limited to Items 1 and 2. Usually, these are the ones formally considered by the practicing engineer, while the remainder are usually management prerogatives. Some understanding, though, of Items 3 through 8 is essential for intelligent engineering appraisal. Space does not permit a complete discussion of those latter factors, but a few comments are essential. In theory there is always an infinite number of investment opportunities available for the investment dollar. In practice this is never really true. There are always limitations imposed by organizational policy, personnel capabilities and governmental interference in economic affairs. A decentralized region, area or division, for example, has certain geographic limitations that restrict investment potential. An oil-company management is not likely to seriously consider a project to manufacture television seas unless they have an insufficient number of attractive oil investments. If they do consider it, they must include in their cost considerations the acquisition of new qualified personnel. Most managements inherently limit the largest portion Of their investments to areas where they have experience and are in a position to make qualified judgment decisions. This is one reason why diversification is necessarily slow. No comment should be necessary about the limitation imposed by governmental regulation. It must also be recognized that not all investments are profit motivated. Some are made for strategic reasons. Strategic here means that said investment is necessary to achieve long-range company goals. This class of investment must necessarily strengthen the organization so that it enhances the probability of success of profit-motivated investments. One example of this is represented by funds expended for laboratory research and field tests (pilot floods, special tests, etc.). These cannot be compared with profit-motivated investments by means of a single yardstick, such as rate of return, because strategic investments yield a return that is impossible to measure in dollars and cents. Can anyone cite the cash flowback resulting from research, public relations, college aid programs and similar efforts? No! Yet, any enlightened executive recognizes their value. The eight factors previously listed are primarily important in profit-motivated investments, which comprise the bulk of all investments made. No finite discussion is possible on such things as the romance factors. JPT P. 708^
The nonrelativistic potential energy between two spinless particles is deduced from a knowledge of all phase shifts at a given energy. A spherically symmetric potential is found always to exist, but it is not unique. In particular, for every energy, there exists at least one nonzero potential which causes the scattering cross section to be zero. The paper contains both the formal construction procedure and the necessary existence and uniqueness (or lack of it) proofs. Some general examples are included.
positive relationship between scientific productivity and academic competition may be noted. According to the present explanation, this relationship is due to the impetus provided by competition for entering promising but undeveloped fields of research. This, however, suggests that the growth of discoveries in any field may be limited by the capacity for expansion of the institutional framework (jobs and facilities), a suggestion which seems to be worth further exploration. Another question concerns the quality of the impetus given to science by competition. The present hypothesis suggests that competition increases the gross amount of discoveries of all kinds through the thorough exploitation of potentially fruitful fields of research. It says nothing about the conditions conducive to the creation of fundamentally new ideas, and it is quite possible that the social conditions that stimulate basic innovations differ from those that facilitate the exploitation of fruitful ideas already discovered.47 Finally, nothing has been said about the conditions that maintain scientific competition. Political decentralization gave rise to competition in Germany, and political decentralization enhanced by private financing and administration of higher education led to competition in the United States. It is not argued, however, that competition is the only possible outcome of any state of decentralization, or that competition, once established, is self-maintaining. Decentralization may lead to collusion or mutual isolation as well as to competition; and competition may be replaced by either of these alternatives. Determination of the general conditions that ensure competition, therefore, is another problem which needs further study. 46 This is the subject matter of A. Zloczower, Career Opportunities and Scientific Growth in 19th Century Germany with Special Reference to the Development of Physiology, unpublished M.A. thesis, Hebrew University, Jerusalem, Israel, 1960. 47 Cf. Joseph Ben-David, Roles and Innovations in Medicine, American Journal of Sociology, 65 (May, 1960), pp. 557-568.
One of the features of the text is an elaborate code which is used to refer to certain axioms, definitions, and theorems.For example, TIr is the Theorem on Irrational Numbers, which runs as follows: "If a non-zero rational number 'r is combined with an irrational number p by any one of the four operations of arithmetic, the result produced is an irrational number; in symbols, r + p, r -p, p -r, rp, r/p, p/r are irrational numbers."According to the author 1 s preface, "Experience in classroom teaching shows that the students use the code with alacrity and effectiveness in making full and concise proofs, " This reviewer feels that the book under review is a worthy addition to the literature; but on the whole he found the exposition somewhat clumsy.In a few places terms are used before they are explained (e.g."empty set," page 99) and in c some places no explanation is offered where one is clearly required, (e.g.01 is used, but never defined.Since 31 is defined, the reviewer presumes that no knowledge of factorials is assumed.)Functions are never mentioned, even though the use of functions could have simplified the treatment considerably.These objections, however, may possibly be regarded as minor.Finally, the exercises in the book are many in number and generally non-computational in nature.
Some of the special problems which have arisen in connection with operation of a facility such as this have been discussed and the types of calibration services provided by the Sperry Gyroscope Company, together with the calibration facilities used for those services described. In all work the reliability aspects of calibration, with particular emphasis on the hierarchy system of standards and calibrations, are stressed. Experience, since the establishment of the Electrical Standards Laboratory in 1941, indicates this type of facility is necessary and practical for operations in the Sperry Gyroscope Company. In fact, it is even more important today as a result of major reorganizations which have taken place in the last several years at Sperry and which have resulted in a more decentralized organization with a number of autonomous product divisions.