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There will always be a degree of uncertainty in any valuation, but it should be incumbent upon the valuer to report “abnormal uncertainty”. This arises when some particular condition of the market or the property leads to the valuer being unable to value with the confidence of accuracy which might normally be expected. Abnormal uncertainty now features in the RICS Appraisal and Valuation Manual and later in this paper we consider how the valuer might identify and measure the degree of abnormal uncertainty. But this paper is predominantly concerned with “normal uncertainty”, which hereafter we will term only as “uncertainty”. The thesis of this paper is that uncertainty is a real and universal phenomenon in valuation. The sources of uncertainty are rational and can be identified. They can be described in a practical manner, and, above all, the process of identification and description will greatly assist many clients, and will improve the content and the credibility of the valuer’s work. Common professional standards and methods should be developed for measuring and expressing valuation uncertainty (Recommendation 34, Mallinson Report, RICS, 1994).

States that one weakness of new product introduction (NPI) is the elapsed time required to bring the product to market. Many manufacturing companies are losing the competitive race in this area to the speedy and effective execution process, which other successful companies (for example, some Japanese electronic manufacturers) use. Analyzes two sets of companies: those that bring the products to market early; and those which do so late. Describes the advantages of a company bringing product into the marketplace before its competitors, and how a company can wrestle away a larger share of the marketplace. Also provides some closed form algorithms for computing projected shares of sales volume. Using this formula, a company can compute what sales volume a company can lock‐in by introducing a product to market when demand or need for a product is at its peak. Also provides a computational means for calculating possible loss of revenues when a company is not able to bring a product timely to the marketplace.

Entrepreneurship, Technology management and new product development.

This class is useable for an EMBA or MBA audience, especially for modules relating to entrepreneurship, technology management and new product development.

Mr Khaw Kheng Joo was a pioneer in Singapore's high–technology manufacturing industry. In the mid–1990s, Khaw was given the difficult task of establishing a presence for Hewlett–Packard (HP) in the handheld Personal Digital Assistant (PDA) market. However, he believed that the PDA was not the game–changing technology for consumers. Using his knowledge of the Bell Curve and years of entrepreneurial experience, Khaw sought to combine PDA functionalities with the Global System for Mobile Communication (GSM) technology, effectively creating a new generation of mobile device fondly known today as the “smartphone”. The journey towards the finished product was met with several obstacles and barriers. Many colleagues were uncertain of the future market and had difficulty agreeing on which features to focus on. However, through his determination, expertise and decision making in uncertainty, Khaw guided his team to eventually launch the impressive HP Jornada 928, the world's first smartphone, and heralded a new generation of mobile devices.

This case is designed to be useable in teaching three key knowledge disciplines: Decision–making biases and heuristics in entrepreneurs and innovators. Technology diffusion of new technology. Managing market uncertainty.

Teaching notes.

Whether you are dealing with computers or dealing with life, numbers matter—and you need some level of numeracy to deal with numbers effectively. Numeracy, or numerical literacy, does not mean remembering all your college calculus or being able to define every statistical term from memory. It does mean understanding basic concepts, being able to do on‐the‐spot approximations, and learning how to spot likely errors and deliberate distortions. While you need numeracy to work with personal computers and their output, you need it more in everyday life and library work. Common‐sense mathematical understanding is critical in these times of hype and suspect numbers.

The paper published below was prepared by Taylor Ostrander for Frank Knight’s course, Economic Theory, Economics 301, during the Fall 1933 quarter.

The article aims to explore hybrid consumption behaviour as an emergent consumption pattern that may make conventional consumer stereotypes outdated.

The study is an exploratory study in urban environments using qualitative, semi-structured and semi-structured interviews.

It is found that a continuum of hybrid consumption types exists, which includes both omnivorous and polarised behaviour. Hybrid consumers opt for both premium and budget alternatives but ignore midrange alternatives. Both trading-up and trading-down categories and situations are identified. While in previous studies trading up and trading down have been considered product category specific, the results of this study imply that hybrid consumption transcends product category boundaries. Four key themes characterizing hybrid consumption are identified.

The study is explorative. However, as the phenomenon of hybrid consumption behaviour is insufficiently studied in previous research, the article reveals underpinning drivers of such behaviour and suggests directions of further research into the phenomenon.

There are many practical implications of the study. As hybrid consumers do not fall into distinct and stable categories, traditional marketing and segmentation strategies may need to be rethought. Consumers cannot be categorised in such a straightforward manner as conventional segmentation practices suggest.

The authors are not aware of hybrid consumption having been studied and categorised in this way before in academic research. New approaches to studying consumer behaviour, segmentation and marketing are implied.

The purpose of this paper is to examine the relationship among environmental pollution, economic growth and energy consumption per capita in the case of Pakistan. The per capital carbon dioxide (CO₂) emission is used as the environmental indicator, the commercial energy use per capita as the energy consumption indicator, and the per capita gross domestic product (GDP) as the economic indicator.

The investigation is made on the basis of the environmental Kuznets curve (EKC), using time series data from 1971 to 2006, by applying different econometric tools like ADF Unit Root Johansen Co‐integration VECM and Granger causality tests.

The Granger causality test shows that there is a long term relationship between these three indicators, with bidirectional causality between per capita CO₂ emission and per capita energy consumption. A monotonically increasing curve between GDP and CO₂ emission has been found for the sample period, rejecting the EKC relationship, implying that as per capita GDP increases a linear increase will be observed in per capita CO₂ emission.

Future research should replace the economic growth variable, i.e. GDP by industrial growth variable because industrial sector is major contributor of pollution by emitting CO₂.

The empirical findings will help the policy makers of Pakistan in understanding the severity of the CO₂ emissions issue and in developing new standards and monitoring networks for reducing CO₂ emissions.

Energy consumption is the major cause of environmental pollution in Pakistan but no substantial work has been done in this regard with reference to Pakistan.

This paper is a direct extension of the work by Hussain et al. (2012). They have investigated a long-term relationship between climatic change and economic growth in case of Pakistan. Agricultural sector plays an important role in economic field, whereas industrial sector is the main source of carbon dioxide (CO₂) emission. Therefore, this study aims to replace economic growth variable with industrial growth in case of Pakistan.

Investigation is made on the basis of the environmental Kuznets curve by using the time series data during the period 1971-2009. The per capital carbon dioxide (CO₂) emission is used as an environmental indicator and per capita industrial income as the economic indicator. Different econometric tools including augmented Dickey–Fuller, autoregressive distributed lag and Granger-causality test are used to verify this relationship.

The empirical findings will help the policy-makers of Pakistan in developing new standards and monitoring networks for reducing CO₂ emission. It is essential to extend the current research work at provincial and different sectors levels in order to have clear understanding about the impact of current emission rate.

This study replaces economic growth variable with industrial growth in case of Pakistan because the industrial sector is the main source of carbon dioxide (CO₂) emission. This study is to investigate a long-term relationship between climatic change and industrial growth in case of Pakistan.

Bradford's Law is presented as an observation made from the outcome of searching, rather than a mathematical development. The organization and presentation of search data is explained. Potential applications of Bradford's Law are discussed. New findings are presented which show the relationship described by Bradford's Law to be fundamentally important but in a more subtle way than previously supposed. Future developments are suggested in terms of their impact on librarianship.