1. Performance analysis and tuning is which of the following?





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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking....
MCQ-> Read the passage carefully and answer the questions givenMore and more companies, government agencies, educational institutions and philanthropic organisations are today in the grip of a new phenomenon: ‘metric fixation’. The key components of metric fixation are the belief that it is possible - and desirable - to replace professional judgment (acquired through personal experience and talent) with numerical indicators of comparative performance based upon standardised data (metrics); and that the best way to motivate people within these organisations is by attaching rewards and penalties to their measured performance. The rewards can be monetary, in the form of pay for performance, say, or reputational, in the form of college rankings, hospital ratings, surgical report cards and so on. But the most dramatic negative effect of metric fixation is its propensity to incentivise gaming: that is, encouraging professionals to maximise the metrics in ways that are at odds with the larger purpose of the organisation. If the rate of major crimes in a district becomes the metric according to which police officers are promoted, then some officers will respond by simply not recording crimes or downgrading them from major offences to misdemeanours. Or take the case of surgeons. When the metrics of success and failure are made public - affecting their reputation and income - some surgeons will improve their metric scores by refusing to operate on patients with more complex problems, whose surgical outcomes are more likely to be negative. Who suffers? The patients who don’t get operated upon.When reward is tied to measured performance, metric fixation invites just this sort of gaming. But metric fixation also leads to a variety of more subtle unintended negative consequences. These include goal displacement, which comes in many varieties: when performance is judged by a few measures, and the stakes are high (keeping one’s job, getting a pay rise or raising the stock price at the time that stock options are vested), people focus on satisfying those measures - often at the expense of other, more important organisational goals that are not measured. The best-known example is ‘teaching to the test’, a widespread phenomenon that has distorted primary and secondary education in the United States since the adoption of the No Child Left Behind Act of 2001.Short-termism is another negative. Measured performance encourages what the US sociologist Robert K Merton in 1936 called ‘the imperious immediacy of interests … where the actor’s paramount concern with the foreseen immediate consequences excludes consideration of further or other consequences’. In short, advancing short-term goals at the expense of long-range considerations. This problem is endemic to publicly traded corporations that sacrifice long-term research and development, and the development of their staff, to the perceived imperatives of the quarterly report.To the debit side of the ledger must also be added the transactional costs of metrics: the expenditure of employee time by those tasked with compiling and processing the metrics in the first place - not to mention the time required to actually read them. . . .All of the following can be a possible feature of the No Child Left Behind Act of 2001, EXCEPT:
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MCQ->There are 240 second year students in a B - School. The Finance area offers 3 electives in the second year. These are Financial Derivatives, Behavioural Finance, and Security Analysis. Four students have taken all the three electives, and 48 students have taken Financial Derivatives. There are twice as many students who study Financial Derivatives and Security Analysis but not Behavioural Finance, as those who study both Financial Derivatives and Behavioural Finance but not Security Analysis, and 4 times as many who study all the three. 124 students study Security Analysis. There are 59 students who could not muster courage to take up any of these subjects. The group of students who study both Financial Derivatives and Security Analysis but not Behavioural Finance, is exactly the same as the group made up of students who study both Behavioural Finance and Security Analysis. How many students study Behavioural Finance only?....
MCQ-> Read the following passage carefully and answer the questions given. Certain words/phrases have been given in bold to help you locate them while answering some of the questions. From a technical and economic perspective, many assessments have highlighted the presence of cost-effective opportunities to reduce energy use in buildings. However several bodies note the significance of multiple barriers that prevent the take-up of energy efficiency measures in buildings. These include lack of awareness and concern, limited access to reliable information from trusted sources, fear about risk, disruption and other ‘transaction costs’ concerns about up-front costs and inadequate access to suitably priced finance, a lack of confidence in suppliers and technologies and the presence of split incentives between landlords and tenants. The widespread presence of these barriers led experts to predict thatwithout a concerted push from policy, two-thirds of the economically viable potential to improve energy efficiency will remain unexploited by 2035. These barriers are albatross around the neck that represent a classic market failure and a basis for governmental intervention. While these measurements focus on the technical, financial or economic barriers preventing the take-up of energy efficiency options in buildings, others emphasise the significance of the often deeply embedded social practices that shape energy use in buildings. These analyses focus not on the preferences and rationalities that might shape individual behaviours, but on the ‘entangled’ cultural practices, norms, values and routines that underpin domestic energy use. Focusing on the practice-related aspects of consumption generates very different conceptual framings and policy prescriptions than those that emerge from more traditional or mainstream perspectives. But the underlying case for government intervention to help to promote retrofit and the diffusion of more energy efficient particles is still apparent, even though the forms of intervention advocated are often very different to those that emerge from a more technical or economic perspective. Based on the recognition of the multiple barriers to change and the social, economic and environmental benefits that could be realised if they were overcome, government support for retrofit (renovating existing infrastructure to make it more energy efficient) has been widespread. Retrofit programmes have been supported and adopted in diverse forms in many setting and their ability to recruit householders and then to impact their energy use has been discussed quite extensively. Frequently, these discussions have criticised the extent to which retrofit schemes rely on incentives and the provision of new technologies to change behaviour whilst ignoring the many other factors that might limit either participation in the schemes or their impact on the behaviours and prac-tices that shape domestic energy use. These factors are obviously central to the success of retrofit schemes, but evaluations of different schemes have found that despite these they can still have significant impacts. Few experts that the best estimate of the gap between the technical potential and the actual in-situ performance of energy efficiency measures is 50%, with 35% coming from performance gaps and 15% coming from ‘comfort taking’ or direct rebound effects. They further suggest that the direct rebound effect of energy efficiency measures related to household heating is Ilkley to be less than 30% while rebound effects for various domestic energy efficiency measures vary from 5 to 15% and arise mostly from indirect effects (i.e., where savings from energy efficiency lead to increased demand for goods and services). Other analyses also note that the gap between technical potential and actual performance is likely to vary by measure, with the range extending from 0% for measures such as solar water heating to 50% for measures such as improved heating controls. And others note that levels of comfort taking are likely to vary according to the levels of consumption and fuel poverty in the sample of homes where insulation is installed, with the range extending from 30% when considering homes across all income groups to around 60% when considering only lower income homes. The scale of these gapsis significant because it materially affects the impacts of retrofit schemes and expectations and perceptions of these impacts go on to influence levels of political, financial and public support for these schemes. The literature on retrofit highlights the presence of multiple barriers to change and the need for government support, if these are to be overcome. Although much has been written on the extent to which different forms of support enable the wider take-up of domestic energy efficiency measures, behaviours and practices, various areas of contestation remain and there is still an absence of robust ex-post evidence on the extent to which these schemes actually do lead to the social, economic and environmental benefits that are widely claimed.Which of the following is most nearly the OPPOSITE in meaning to the word ‘CONCERTED’ as used in the passage ?
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MCQ-> The teaching and transmission of North Indian classical music is, and long has been, achieved by largely oral means. The raga and its structure, the often breathtaking intricacies of talc, or rhythm, and the incarnation of raga and tala as bandish or composition, are passed thus, between guru and shishya by word of mouth and direct demonstration, with no printed sheet of notated music, as it were, acting as a go-between. Saussure’s conception of language as a communication between addresser and addressee is given, in this model, a further instance, and a new, exotic complexity and glamour.These days, especially with the middle class having entered the domain of classical music and playing not a small part ensuring the continuation of this ancient tradition, the tape recorder serves as a handy technological slave and preserves, from oblivion, the vanishing, elusive moment of oral transmission. Hoary gurus, too, have seen the advantage of this device, and increasingly use it as an aid to instructing their pupils; in place of the shawls and other traditional objects that used to pass from shishya to guru in the past, as a token of the regard of the former for the latter, it is not unusual, today, to see cassettes changing hands.Part of my education in North Indian classical music was conducted via this rather ugly but beneficial rectangle of plastic, which I carried with me to England when I was a undergraduate. Once cassette had stored in it various talas played upon the tabla, at various tempos, by my music teacher’s brother-in law, Hazarilalii, who was a teacher of Kathak dance, as well as a singer and a tabla player. This was a work of great patience and prescience, a one-and-a-half hour performance without my immediate point or purpose, but intended for some delayed future moment who I’d practise the talas solitarily.This repeated playing our of the rhythmic cycles on the tabla was inflected by the noises-an hate auto driver blowing a horn; the sound bf overbearing pigeons that were such a nuisance on the banister; even the cry of a kulfi seller in summer —entering from the balcony of the third foot flat we occupied in those days, in a lane in a Bombay suburb, before we left the city for good. These sounds, in turn, would invade, hesitantly, the ebb and flow of silence inside the artificially heated room, in a borough of West London, in which I used to live as an undergraduate. There, in the trapped dust, silence and heat, the theka of the tabla, qualified by the imminent but intermittent presence of the Bombay subrub, would come to life again. A few years later, the tabla and, in the background, the pigeons and the itinerant kulfi seller, would inhabit a small graduate room in Oxford.cThe tape recorder, though, remains an extension of the oral transmission of music, rather than a replacement of it. And the oral transmission of North Indian classical music remains, almost uniquely, testament to the fact that the human brain can absorb, remember and reproduces structures of great complexity and sophistication without the help of the hieroglyph or written mark or a system of notation. I remember my surprise on discovering the Hazarilalji- who had mastered Kathak dance, tala and North Indian classical music, and who used to narrate to me, occasionally, compositions meant for dance that were grant and intricate in their verbal prosody, architecture and rhythmic complexity- was near illustrate and had barely learnt to write his name in large and clumsy letters.Of course, attempts have been made, throughout the 20th century, to formally codify and even notate this music, and institutions set up and degrees created, specifically to educate students in this “scientific” and codified manner. Paradoxically, however, this style of teaching has produced no noteworthy student or performer; the most creative musicians still emerge from the guru-shishya relationship, their understanding of music developed by oral communication.The fact that North Indian classical music emanates from, and has evolved through, oral culture, means that this music has a significantly different aesthetic, aw that this aesthetic has a different politics, from that of Western classical music) A piece of music in the Western tradition, at least in its most characteristic and popular conception, originates in its composer, and the connection between the two, between composer and the piece of music, is relatively unambiguous precisely because the composer writes down, in notation, his composition, as a poet might write down and publish his poem. However far the printed sheet of notated music might travel thus from the composer, it still remains his property; and the notion of property remains at the heart of the Western conception of “genius”, which derives from the Latin gignere or ‘to beget’.The genius in Western classical music is, then, the originator, begetter and owner of his work the printed, notated sheet testifying to his authority over his product and his power, not only of expression or imagination, but of origination. The conductor is a custodian and guardian of this property. IS it an accident that Mandelstam, in his notebooks, compares — celebratorily—the conductor’s baton to a policeman’s, saying all the music of the orchestra lies mute within it, waiting for its first movement to release it into the auditorium?The raga — transmitted through oral means — is, in a sense, no one’s property; it is not easy to pin down its source, or to know exactly where its provenance or origin lies. Unlike the Western classical tradition, where the composer begets his piece, notates it and stamps it with his ownership and remains, in effect, larger than, or the father of, his work, in the North India classical tradition, the raga — unconfined to a single incarnation, composer or performer — remains necessarily greater than the artiste who invokes it.This leads to a very different politics of interpretation and valuation, to an aesthetic that privileges the evanescent moment of performance and invocation over the controlling authority of genius and the permanent record. It is a tradition, thus, that would appear to value the performer, as medium, more highly than the composer who presumes to originate what, effectively, cannot be originated in a single person — because the raga is the inheritance of a culture.The author’s contention that the notion of property lies at the heart of the Western conception of genius is best indicated by which one of the following?
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