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Wiki Wiki Summary
Uncertainty Uncertainty refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown.
Uncertainty principle In quantum mechanics, the uncertainty principle (also known as Heisenberg's uncertainty principle) is any of a variety of mathematical inequalities asserting a fundamental limit to the accuracy with which the values for certain pairs of physical quantities of a particle, such as position, x, and momentum, p, can be predicted from initial conditions.\nSuch variable pairs are known as complementary variables or canonically conjugate variables; and, depending on interpretation, the uncertainty principle limits to what extent such conjugate properties maintain their approximate meaning, as the mathematical framework of quantum physics does not support the notion of simultaneously well-defined conjugate properties expressed by a single value.
Cone of Uncertainty In project management, the Cone of Uncertainty describes the evolution of the amount of best case uncertainty during a project. At the beginning of a project, comparatively little is known about the product or work results, and so estimates are subject to large uncertainty.
Uncertainty parameter The uncertainty parameter U is a parameter introduced by the Minor Planet Center (MPC) to quantify concisely the uncertainty of a perturbed orbital solution for a minor planet. The parameter is a logarithmic scale from 0 to 9 that measures the anticipated longitudinal uncertainty in the minor planet's mean anomaly after 10 years.
Uncertainty budget The uncertainty budget is an aid for specifying the expanded measurement uncertainty. The individual measurement uncertainty factors are summarised, usually in tabular form, in the measurement uncertainty budget.
Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Operation Mincemeat Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Special Activities Center The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Operations management Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Surgery Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Bitwise operation In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Impact (gamer) Jeong Eon-yeong (Korean: 정언영), better known as Impact, is a South Korean League of Legends player for Evil Geniuses of the League of Legends Championship Series (LCS). Impact won the Season 3 League of Legends World Championship as a member of SK Telecom T1 K. He played for both Team Impulse and NRG Esports in the LCS, before transferring to Cloud9 in May 2016.
Impacts of tourism Tourism brings both positive and negative impacts on tourist destinations. The traditionally-described domains of tourism impacts are economic, socio-cultural, and environmental dimensions.
Home improvement The concept of home improvement, home renovation, or remodeling is the process of renovating or making additions to one's home. Home improvement can consist of projects that upgrade an existing home interior (such as electrical and plumbing), exterior (masonry, concrete, siding, roofing) or other improvements to the property (i.e.
Construction Construction is a general term meaning the art and science to form objects, systems, or organizations, and comes from Latin constructio (from com- "together" and struere "to pile up") and Old French construction. To construct is the verb: the act of building, and the noun is construction: how something is built, the nature of its structure.
Improvement Improvement is the process of a thing moving from one state to a state considered to be better, usually through some action intended to bring about that better state. The concept of improvement is important to governments and businesses, as well as to individuals.
Continual improvement process A continual improvement process, also often called a continuous improvement process (abbreviated as CIP or CI), is an ongoing effort to improve products, services, or processes. These efforts can seek "incremental" improvement over time or "breakthrough" improvement all at once.
NHS Improvement NHS Improvement (NHSI) is a non-departmental body in England, responsible for overseeing the National Health Service's foundation trusts and NHS trusts, as well as independent providers that provide NHS-funded care. It supports providers to give patients consistently safe, high quality, compassionate care within local health systems that are financially sustainable.
Room for Improvement (mixtape) Room for Improvement is the first official mixtape from Canadian rapper Drake. It was self-released in 2006.
Competition Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc.
Dignity Health Sports Park Dignity Health Sports Park is a multi-use sports complex located on the campus of California State University, Dominguez Hills in Carson, California. The complex consists of the 27,000-seat Dignity Health Sports Park soccer stadium, the Dignity Health Sports Park tennis stadium, a track-and-field facility, and the VELO Sports Center velodrome.
Fidelity Investments Fidelity Investments Inc., commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts. The company was established in 1946 and is one of the largest asset managers in the world with $4.5 trillion in assets under management, now as of December 2021 their assets under administration amounts to $11.8 trillion.
Competition law Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement.
Monopolistic competition Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.
Private-equity secondary market In finance, the private-equity secondary market (also often called private-equity secondaries or secondaries) refers to the buying and selling of pre-existing investor commitments to private-equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private-equity funds as well as hedge funds can be more complex and labor-intensive.Sellers of private-equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds.
Foreign direct investment A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct control.
Ariel Investments Ariel Investments is an investment company located in Chicago, Illinois. It specializes in small and mid-capitalized stocks based in the United States.
Investment banking Investment banking denotes certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities.
Alternative investment An alternative investment (also called an alternative asset) is an investment in any asset class excluding stocks, bonds, and cash. The term is a relatively loose one and includes tangible assets such as precious metals, collectibles (art, wine, antiques, cars, coins, musical instruments, or stamps) and some financial assets such as real estate, commodities, private equity, distressed securities, hedge funds, exchange funds, carbon credits, venture capital, film production, financial derivatives, cryptocurrencies, non-fungible tokens, and tax receivable agreements.
Fund of funds A "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment.
Private-equity firm A private-equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital. Often described as a financial sponsor, each firm will raise funds that will be invested in accordance with one or more specific investment strategies.
Taxation of private equity and hedge funds Private equity funds and hedge funds are private investment vehicles used to pool investment capital, usually for a small group of large institutional or wealthy individual investors. They are subject to favorable regulatory treatment in most jurisdictions from which they are managed, which allows them to engage in financial activities that are off-limits for more regulated companies.
Apollo Global Management Apollo Global Management, Inc. is an American global alternative investment management firm.
Hg (equity firm) Hg is a private equity firm targeting technology buyouts primarily in Europe and the US. Hg focuses on investments in technology and services sectors. It invests out of its 8th £2.5 billion core fund and its 2nd £575 million Mercury fund, targeting smaller technology buyouts, both raised in February 2017.
Risk Factors
MASCO CORP /DE/ ITEM 1A RISK FACTORS There are a number of business risks and uncertainties that may affect our operations
These risks and uncertainties could cause future results to differ from past performance or expected results, including results described in statements elsewhere in this Report that constitute &quote forward-looking statements &quote under the Private Securities Litigation Reform Act of 1995
The impact on our operations of certain of these risk factors is discussed below under Item 7, &quote Managementapstas Discussion and Analysis of Financial Condition and Results of Operations &quote
Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial also may adversely impact our business
Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition, and results of operations
These risks and uncertainties include, but are not limited to, the following, which we consider to be most relevant to our specific business activities
A SIGNIFICANT PORTION OF OUR BUSINESS RELIES ON RESIDENTIAL CONSTRUCTION ACTIVITY Our results of operations are affected by levels of home improvement and residential construction activity, principally in North America and Europe (including repair and remodeling and new construction)
Interest rates, energy costs, consumer confidence, general and regional economic conditions, and weather conditions and natural disasters can significantly impact levels of home improvement and residential construction activity
Historically, the Company has largely offset the impact on its reve- 6 nues of cyclical declines in the new construction and home improvement markets through new product introductions, acquisitions and market share gains
We have increased our emphasis on new product development in recent years, but we have reduced our prior focus on growth through acquisitions in favor of organic growth
Consequently, our financial performance will, in part, reflect our success in implementing our growth strategies in our existing markets and in introducing new products or entering new geographic markets
WE RELY ON OUR KEY CUSTOMERS The size and importance of individual customers has increased because customers in our major distribution channels have consolidated
Larger customers can effect significant changes in their volume of purchases and can otherwise significantly affect the terms and conditions on which we do business
Further, as these same customers expand their markets and targeted customers, conflicts occur, and in some instances we also become their competitors
Our relationships with home centers are particularly important because sales of our home improvement and building products to home center retailers are substantial
In 2005, sales to the Companyapstas largest customer, The Home Depot, were dlra2dtta7 billion (approximately 21 percent of total sales)
Although builders, dealers and other retailers represent other channels of distribution for the Companyapstas products, the loss of a substantial portion of our sales to The Home Depot would have a material adverse impact on the Company
WE FACE SIGNIFICANT COMPETITION IN THE US AND GLOBAL MARKETS The major markets for our products and services are highly competitive and in recent years global competition has increased significantly
Competition in our home improvement and building product lines is based largely on performance, quality, brand reputation, style, delivery, customer service, exclusivity and price
Competition in the markets for our service businesses is based primarily on price, customer service, scope of capabilities, installation quality and financial strength
Although the relative importance of such factors varies between customers and among product categories, price is often a primary factor
Our ability to maintain our leadership positions in our markets and to grow our businesses depends to a large extent upon our success in maintaining our relationships with our major customers, managing our cost structure and introducing new products
OUR OPERATING RESULTS ARE AFFECTED BY THE COST AND AVAILABILITY OF RAW MATERIAL When we incur cost increases for raw materials, energy and other commodities, it may be difficult for us to completely offset the impact with price increases on a timely basis due to outstanding commitments to our customers, competitive considerations and our customers &apos resistance to accepting such price increases
Some of our operations, including the Installation and Other Services segment, encounter shortages or unusual price increases in raw materials from time to time
A substantial decrease in the availability of products from our suppliers or the loss of key supplier arrangements could adversely impact our results of operations
OUR INTERNATIONAL BUSINESS HAS DIFFERENT RISKS FROM THOSE OF OUR NORTH AMERICAN BUSINESS Over 15 percent of our sales are derived outside of North America (principally in Europe) and are transacted in currencies other than US dollars (principally euros and Great Britain pounds)
Our international business faces political, monetary, economic and other risks that vary from country to country
Our international operating results have been adversely influenced in recent years, in part due to softness in the European markets and competitive pricing pressures on certain products
Our operating results can fluctuate based on changes in US dollar exchange rates, which also presents difficulty in comparing operating performance from period to period
7 WE HAVE FINANCIAL COMMITMENTS AND INVESTMENTS IN FINANCIAL ASSETS, INCLUDING ASSETS THAT ARE NOT READILY MARKETABLE AND INVOLVE FINANCIAL RISK We maintain investments in a number of private equity funds and in marketable securities
Since there is no active trading market for investments in private equity funds, they are for the most part illiquid
These investments, by their nature, can also have a relatively higher degree of business risk, including financial leverage, than other financial investments
Future changes in market conditions, the future performance of the underlying investments or new information provided by private equity fund managers could affect the recorded values of such investments and the amounts realized upon liquidation
In addition, we have commitments that require us, when requested, to contribute additional capital to these private equity funds
PRODUCT LIABILITY CLAIMS AND OTHER LITIGATION COULD BE COSTLY Increasingly, homebuilders (including our customers) are subject to construction defect and home warranty claims in the ordinary course of their business
Our contractual commitments to these customers typically include our agreement to indemnify them for liability for the performance of our products or services or the performance of other products that we install
We are also subject to product safety recalls and direct claims for product liability, including putative class actions, which can result in significant liability and be costly to defend
See Note U to the consolidated financial statements included in Item 8 of this Report for additional information about litigation involving our businesses