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Competent investing is dif cult enough. Avoiding any set of companies adds to complexity and reduces the investment manager s range of opportunities. The best investment managers are competitive people and are driven to achieve the best they can. They tend to avoid clients who want them to observe any particular constraints. Very few mutual funds observe social investing constraints and become eligible for consideration. Those few mutual funds that do
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Straining through a china cap lined with several layers of cheesecloth is effective. Very ne sieves are also available for straining sauces.Straining is usually done before nal seasoning.
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depend on the outcome of the current operation (current service request). As long as a workstation s request is outstanding, it can continue its local processing. Our model deals only with the aspect of a user s processing that requires access to the server. Our exposition here is based on [ICT93]. In our system model, we assume that each time the server captures the access right to the network it transmits at most one reply message. The order of service at the server is FCFS. It is important to distinguish between the client server models here and the single buffer polling system presented in Section 13.2.2. The difference is that in a single buffer polling system the station does not wait for reply to its message. Thus in a polling system, as soon as a station transmits its message, it is ready to generate a new one after the reply to the last transmitted message has been received. The interdependencies of the access control of the network and workload between the client workstations and the server also make the analysis of client server systems different from the traditional analysis of plain LANs. We consider client server systems based on a token ring network. For another model with CSMA/CD, see [ICT93]. The first step of the analysis is to find an appropriate SRN model for the system. Since there might be a confusion between the word token in a Petri net or in a token ring network, we refer to token in a ring network as network token and to the token associated with the SRN as the PN token. We assume that the time until a client generates a request is exponentially distributed with mean l/X. The time for the network to move from one station to the next station (polling time) is also assumed to be exponentially distributed with mean l/y. The processing time of a request at a server is exponentially distributed with mean l/p, and the time required for the server to process a request is assumed to be exponentially distributed with mean l/p. The system consists of N clients and one server. We note that the assumption of exponential distribution can be realized by resorting to phase-type expansions. As can be seen in Fig. 13.36, we consider a tagged client and lump the remaining clients into one super-client. This superclient subsystem enables us to closely approximate (N - 1) multiples of the single client subsystem so that we reduce the number of states of the underlying CTMC. The part of the SRN model that deals with the tagged client is described in Fig. 13.37. The place PTI contains one PN token and represents the condition that the client is idle (in the sense the client does not generate a network-based request). The firing rate of the timed transition tt, is X. Thus, the firing of tt, represents the event that the client has generated a request. The place PTA represents the condition that the network token has arrived. Suppose that there is a PN token in PTS. Then if there is a PN token in PTA, the timed transition tt, whose mean time to fire is the mean request transmission time is enabled; otherwise the immediate transition sr fires. The place PSI represents the condition that the client s request has arrived at the server, and the place PTW represents the condition that the client is waiting to receive a reply from the server. The place P sp represents the condition that the client
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At I.T. UNITED we chose China: Your Essential Shore as our slogan. This is based on the Gartner research group s motto of Country Before Company. When it comes to outsourcing, they and we believe that you must rst choose the market you are preparing to enter, where you want to compete and grow your business, and then choose an outsourcing partner within it. In the global economy, when a company is trying to decide where it wants to outsource, it should identify what the markets are for its core business and choose a country that is one of their core markets, to outsource there, and to use it as leverage with their core competencies. If you were already going to a company for business, why not consider it as an outsourcing destination for some of your business processes Especially in a country like China, where linguistic differences and the need for language localization is so critical for market success, to attempt to handle much of that work elsewhere is either impossible or foolish. The attention that China is getting is starting to snowball. Corporations are considering China for business functions beyond their core competencies, and as a result, outsourcing is picking up. For more than 20 years, the market was labeled as the manufacturing factory oor of the global economy, and it is now taking that success into high-end engineering services. As we saw in the previous chapter, while India continues, for the moment, to lead the world s software outsourcing market, it is still not a compelling market for overall business. China has a singular advantage that India does not: it is without question the market that most major international corporations, and many, many smaller ones, are chasing. China has been the target market of every Fortune 100 company, and so many other Fortune 500 and even tiny start-up rms, since it rst began welcoming foreign investment in the late 1970s. The Chinese consumer, and reaching him or her with a product or service, has become an almost mythical quest for CEOs and executives. If I could just get every Chinese person to buy my product just once. . . Of course this type of thinking was long ago discredited, but China remains the market of choice for any corporation seeking signi cant expansion of its business. As a business destination, China is number one. A survey of experts found that China ranked number one among attractive global business locations, placing ahead of the United States, and number one among transnational corporation executives, ahead of both the United States and India by a wide margin.15 Whereas Tokyo, Hong Kong, and Singapore were once the most common cities for Asian regional headquarters, that trend is now shifting
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the bank can choose to avoid certain risk types up front by setting certain business practices/policies (e.g., underwriting standards, due diligence procedures, process control) to reduce the chances of certain losses and/or to eliminate certain risks ex ante. Transfer Contrary to the bank s decision to (simply) avoid some risks, the transfer of risks to other market participants is decided on the basis of whether or not the bank has a competitive advantage in a specific (risk) segment and whether or not it can achieve the fair market value for it. The alternative to transferring risks is to keep (absorb) them, which will be discussed in the next point. The transfer of risk eliminates or (substantially) reduces risk by selling (or buying) financial claims (this includes both selling in the spot market and hedging via derivative instruments, as well as buying insurance, as described above165). As long as the financial risks of the asset (created) are well understood in the market, they can be sold easily to the open market at the fair market value. If the bank has no comparative advantage in managing a specific kind of risk, there is no reason to absorb and/or manage such a risk, because by definition for these risks no added value is possible. Therefore, the bank should transfer these risks.166 Absorb/Manage Some risks must or should be absorbed and managed at the bank level, because they have one or more of the following characteristics:167
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