Statistical Modeling, in addition to being of central importance in statistical decision making, is critical in any endeavor, since essentially everything is a model of reality.
A model which heretofore was valid may lose validity due to changing conditions, thus becoming an inaccurate representation of reality and adversely affecting the ability of the decision-maker to make good decisions.
Guidance for risk assessment review sets requirements for methodology reporting and data availability and quality that helps bridge the GLP/peer-review chasm (). In Canada, the Framework for Science and Technology Advice () states clear government-mandated quality-based principles for conducting and evaluating both scientific information and decision-making processes used in regulations protecting human and environmental health. However, noted that specific operational frameworks are not fully available for applying these principles in generating chemical risk assessments.
For example, the sales office rent is an administrative cost, as it is not required in the process of production.
Advance is an amount of money paid before the business earns it.
An Agency is the contractual relationship between the principal and his agent where the agent is empowered by the principal to take certain decisions on his behalf.
Aggregate means total.
Allocations are amounts distributed to each department for their working expenses.
Allowance is a discount given to customers in the event of provision of unsatisfactory goods or services.
Allowance for Bad/Doubtful Debts
Allowance for bad debts are amounts of money set aside by the business as a cover for possible defaults on payments.
Alternate Payee Endorsement
Alternate payee endorsement is when the original payee endorses the draft to another entity, and this other entity endorses it again.
Amalgamation is the merger of two or more business entities.
Amortization can mean three things.Amount Due
Amount due is the amount payable by a debtor to a creditor.
Finally, but conspicuously absent from the discussion by , is the fact that regulatory agencies conduct their own case-specific peer review of all data from all sources pertinent to the regulatory guidance being developed. As GLP-based reports are explicitly designed to facilitate pre- and post-publication review, it should not be surprising that, because of strict reporting requirements, they are more readily reevaluated for data quality. Thus, the confidence placed in data from GLP studies is often justifiably greater than in data from peer-reviewed journal papers, where thorough data reexamination is often limited by a lack of reporting detail. Methodological convergence between journal peer review, GLP, and regulatory decision making will certainly continue as all three have similar objectives for data transparency and quality. Convergence will have a number of benefits both within and between these three evaluative activities.
Provenance and bias became the central debate concerning a widely used chemical, bisphenol A. Relying primarily on toxicological results from several rodent studies conducted under Good Laboratory Practice (GLP), regulatory agencies in the United States and Europe concluded an adequate margin of safety exists for current human exposures to bisphenol A [i.e., ; ], although research and regulatory activity continues (). argued that studies conducted according to the U.S. EPA or the Organisation for Economic Co-operation and Development (OECD) GLP guidelines should not have taken priority in regulatory decision making because, in their view, the GLP process is less rigorous than the peer-review process used to determine acceptance for publication in scientific journals. Responses (; ), additional claims (), and rebuttals (; ) ensued.
Prerequisite: ACCT 610. An in-depth examination of Generally Accepted Auditing Standards GAAS), as well as standards for attestation and other services. Alternative audit models are evaluated for both their practical relevance and their theoretical justification as informed by current research and emerging information technology. The use of computer-assisted auditing techniques (CAAT) and other computer-related technology for obtaining evidence is evaluated in terms of its effectiveness and suitability in diverse audit environments. Methods of evaluating internal control are considered in light of the risks encountered in new ways of conducting business, such as e-commerce. Professional ethical and legal responsibilities, as shaped by the contemporary professional, legal, and regulatory environments, are examined as they relate to audit risk, risk assessment, and audit program planning. The use of audit reports and other services as tools to support management control and decision making are considered.
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Prerequisite: FIN 610. An in-depth exploration and application of valuation models to support managerial decision making in a strategic framework. The theory, concepts, and principles underlying the valuation of firms, business/product lines, and mergers and acquisitions are addressed using extended exercises and applications. The discounted cash flow model is used as a tool. Discussion covers the financial drivers of value, including assessing and determining risk, competitive advantage period, and sales and earnings growth estimates. Other valuation techniques using earnings, revenues, and price/earnings multiples are also discussed and applied in selected examples.
Prerequisite: FIN 630. A study of the key psychological obstacles to value-maximizing behavior and steps that managers can take to mitigate their effects, using the traditional tools of corporate finance. Focus is on understanding the underlying factors and processes that result in nonoptimal decision making by financial managers. Topics include perceptions about risk and reward and financial decision making in the areas of investing, trading, valuation, capital budgeting, capital structure, dividend policy, agency conflicts, corporate governance, and mergers and acquisitions. The key role played by emotions and recent findings from neuroscience are explored.
Prerequisites: FIN 610, 620, and 630. An integrative study of financial management through applied problems and case studies. Topics reflect the changing environment of financial management in organizations and include capital investment decision making, the role of intangibles in value creation, financial performance metrics, strategic financial planning and control, strategic valuation decisions, growth strategies for increasing value, the restructuring of financial processes, corporate governance and ethics, value-based management, strategic cost management, and the impact of information technology on the organization's financial systems. A finance simulation is used as an integrating mechanism.