This book is a volume in the Econometric Exercises series. It teaches principles of Bayesian econometrics by posing a series of theoretical and applied questions, and providing detailed solutions to those questions. This text is primarily suitable for graduate study in economet- rics, though it can be used for advanced undergraduate courses, and should generate interest from students in relat…
Bayesian analysis provides a unified and coherent way of thinking about decision problems and how to solve them using data and other information. The goal of this book is to acquaint the reader in a serious way with this approach and its problem- solving potential, and to this end it has two objectives. The first is to provide a clear understanding of Bayesian analysis, grounded in the theory…
Energy is today, more than ever, at the core of the world economy and its evolution. One of the major challenges of the century is to generate more energy, to facilitate access to energy and economic development of the poor, but also to manage climate change properly in a perspective of sustainable develop- ment. The growing importance of energy matters in the daily functioning of the world eco…
Social economics is the study, with the methods of economics, of social phenomena in which aggregates affect individual choices.1 Such phenomena include, just to mention a few, social norms and conventions, cultural identities and stereotypes, peer and neighbor- hood effects. A central underpinning of the methods of economics is methodological individualism. In particular, explanations based s…
This part introduces the readers to Continuous Risk Management and how to use this guidebook. Chapter 1 focuses on why Continuous Risk Management is important, why people don't do risk management, and the costs and benefits of performing risk management. The chapter ends with a discussion of the principles of Continuous Risk Management. Chapter 2 focuses on how this guidebook is organized a…
The idea for this research project into the costs of procurement in the construction industry was born at a time of great interest throughout the industrialized world in the development of innovative working practices in the management of the commercial processes of the construction industries. The new thinking included new methods of financing projects, such as the development of PFI (PPP)…
The recent decade has witnessed a growing interest in using public procurement to spur innovation and development. An increasing number of governments are claiming that public procurement—often worth of 10–30 % of a country’s GDP as exemplified by European Union member countries (EC 2011b)—should be used more extensively and explicitly to promote innovation, technology, and economic…
Public procurement is the process whereby government bodies purchase from the market the goods, works and services that they need. Whether buying paper clips, commissioning major projects for the construction of hospitals, schools or offices, or procuring multimillion-pound IT and communications systems, the authorities in question are participating in the public procurement market. It is …
Does my procurement organization already employ best-in-class practices, sophisticated tools with the right talent, and the necessary formal and informal cross-functional linkages? Some 50 to 90 percent of the companies that answer this question will respond “no.” On the one hand, this realization is a good indication of readiness for change and the acceptance that development is neede…
Crash Course is not an accounting textbook. We believe that standard accounting texts make the subject inaccessible for the nonaccountant. This is a crash course, born out of years of our experience training students and professionals who need to learn accounting quickly in order to understand financial reports, perform financial analysis, and speak the language of business. Our trainees come f…
Organisations are devices for creating value through the effective use of resources. While they need to create value for all contributors of resources, a premium is placed on value creation for customers and shareholders. After all, an organisation is unlikely to be able to offer inducements to other resource contributors if it does not provide value to its customers. Also, shareholders are awa…
If you happen to be reading the profiles of people in the corporate world, or dealing with qualified business persons or even undertaking some activity in the world of business, chances are that you will inevitably come across certain designations and designatory letters used after peoples’ names that will baffle you. You will ask yourself: “What are those? What do they mean? Where were t…
Over the last few decades project management has moved from its roots in industries such as construction and defense into the main- stream of American business. Many different industries, in particular the service sector, rely heavily on project management as an integral part of a successful strategy. In support of the widening importance of project management, a number of important professi…
Over the last few decades project management has moved from its roots in industries such as construction and defense into the main- stream of American business. Many different industries, in particular the service sector, rely heavily on project management as an integral part of a successful strategy. In support of the widening importance of project management, a number of important profession…
Knowledge of federal budgeting, accounting, costing, and reporting is essential for all doing business with the federal government. This includes the 50 U.S. states; tens of thousands of counties, cities, municipalities, special authorities, and districts; over 100,000 prime and subcontractors, and nonprofits, colleges, and university grantees to the federal government; and beneficiaries of fed…
An understanding of the principles of book keeping and accounting is essential for anyone who is interested in a successful career in busi ness. The purpose of bookkeeping and account ing is to provide information concerning the fi nancial affairs of a business. This information is needed by owners, managers, creditors, and governmental agencies.