formulasearchengine - User contributions [en]

Direct simulation Monte Carlo

2014-12-09T02:20:50Z

68.34.43.198: /* DSMC Software */

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Cohomology

2014-02-14T03:19:05Z

68.34.80.166: /* Definition */

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List of poker hands

2014-01-23T17:59:45Z

68.34.25.178:

The '''Kirsch operator''' or '''Kirsch compass kernel''' is a [[Nonlinearity|non-linear]] [[edge detection|edge detector]] that finds the maximum edge strength in a few predetermined directions. It is named after the computer scientist [[Russell A. Kirsch]].

== Mathematical description ==
The operator takes a single kernel mask and rotates it in 45 degree increments through all 8 compass directions: N, NW, W, SW, S, SE, E, and NE. The edge magnitude of the Kirsch operator is calculated as the maximum magnitude across all directions:
:<math>
h_{n, m} = \rm {max}_{z=1, \ldots ,8}\sum_{i=-1}^{1}\sum_{j=-1}^{1}g_{ij}^{(z)}\cdot f_{n+i,m+j}
</math>

where z enumerates the compass direction kernels
:<math>
\mathbf{g^{(1)}} = \begin{bmatrix}
+5 & +5 & +5 \\
-3 & 0 & -3 \\
-3 & -3 & -3
\end{bmatrix},\
\mathbf{g^{(2)}} = \begin{bmatrix}
+5 & +5 & -3 \\
+5 & 0 & -3 \\
-3 & -3 & -3
\end{bmatrix},\
\mathbf{g^{(3)}} = \begin{bmatrix}
+5 & -3 & -3 \\
+5 & 0 & -3 \\
+5 & -3 & -3
\end{bmatrix},\
\mathbf{g^{(4)}} = \begin{bmatrix}
-3 & -3 & -3 \\
+5 & 0 & -3 \\
+5 & +5 & -3
\end{bmatrix}</math> and so on.

The edge direction is defined by the mask that produces the maximum edge magnitude.

== Example images ==
<center>
<gallery widths=200 heights=150 perrow=4>
File:Boxfilter pavilion original.jpg|Original
File:Kirschfilter_maximum.jpg|Maximum gradient in the 8 directions
</gallery>
<gallery widths=200 heights=150 perrow=4>
File:Kirschfilter1.jpg|Image filtered with g1
File:Kirschfilter2.jpg|Image filtered with g2
File:Kirschfilter3.jpg|Image filtered with g3
File:Kirschfilter4.jpg|Image filtered with g4
</gallery>

<gallery widths=200 heights=150 perrow=4>
File:Kirschfilter5.jpg|Image filtered with g5
File:Kirschfilter6.jpg|Image filtered with g6
File:Kirschfilter7.jpg|Image filtered with g7
File:Kirschfilter8.jpg|Image filtered with g8
</gallery>
</center>

== References ==
*{{cite journal
| last=Kirsch
| first=R.
| title=Computer determination of the constituent structure of biological images
| journal=Computers and Biomedical Research
| volume=4
| pages=315–328
| year=1971
| doi=10.1016/0010-4809(71)90034-6
| url=http://www.sciencedirect.com/science/article/pii/0010480971900346
}}

[[Category:Feature detection]]

Vaught conjecture

2013-10-03T13:50:35Z

68.34.18.41: Inserted first name of author ("R." to "Robin").

In aviation, the '''maneuvering speed''' of an aircraft is an airspeed limitation selected by the designer of the aircraft. At speeds close to, and faster than, the maneuvering speed, full deflection of any [[flight control surface]] should not be attempted because of the risk of damage to the aircraft structure.<ref name=AC23-19A>[[Federal Aviation Administration]], [http://rgl.faa.gov/Regulatory_and_Guidance_Library/rgAdvisoryCircular.nsf/0/d1a4060f22939f36862572eb0061ca3f/$FILE/AC%2023-19A.pdf Advisory Circular 23-19A, ''Airframe Guide for Certification of Part 23 Airplanes'', Section 48 (p.27)] Retrieved 2012-01-06</ref>

It has been widely misunderstood that flight below maneuvering speed will provide total protection from [[structural failure]]. See [[American Airlines Flight 587]]. Due to this accident a CFR Final Rule was issued effective October 15, 2010 clarifying this misconception.<ref name=faa>Federal Aviation Administration, [http://rgl.faa.gov/Regulatory_and_Guidance_Library/rgFinalRule.nsf/0/395c3f064247018a862577b200495b5a!OpenDocument 14CFR §25.1583 Final Rule] Retrieved 2012-01-06</ref>

The maneuvering speed of an aircraft is shown on a cockpit placard and in the aircraft's flight manual but is not commonly shown on the aircraft's [[airspeed indicator]].

In the context of [[air combat manoeuvring]] (ACM), the maneuvering speed is also known as '''corner speed''' or '''cornering speed'''.<ref>[https://www.cnatra.navy.mil/pubs/folder5/NFO_SNFO/P-821(2).PDF CNATRA P-821 (Rev. 01-08) "Flight Training Instruction, Advanced Naval Flight Officer (T-45C)".] ''Department of the Navy'', 2008.</ref>

==Design maneuvering speed VA==
VA is the design maneuvering speed and is a [[calibrated airspeed]]. Maneuvering speed cannot be slower than <math>V_s \sqrt{n}</math> and need not be greater than Vc.<ref>[http://www.ecfr.gov/cgi-bin/retrieveECFR?gp=1&SID=0eb6ca22ab5efa94f23f757d30af7726&h=L&n=14y1.0.1.3.10&r=PART&ty=HTML#14:1.0.1.3.10.3.70.9 14 CFR §23.335(c)(2)] Definition of Maneuvering Speed</ref>

==Maximum operating maneuvering speed VO==
Some aircraft have a maximum operating maneuvering speed VO. The concept of maximum operating maneuvering speed was introduced to the USA [[Type certificate|type-certification]] standards for light aircraft in 1993.<ref name=AC23-19A/><ref>[http://rgl.faa.gov/Regulatory_and_Guidance_Library/rgFAR.nsf/0/2A0AA756267EFE8F85256687007232CC?OpenDocument USA 14CFR §23.1557] Retrieved 2012-01-06</ref> The maximum operating maneuvering speed is selected by the aircraft designer and cannot be faster than <math>V_s \sqrt{n}</math>, where Vs is the [[Stall (flight)|stalling]] speed of the aircraft, and ''n'' is the maximal allowed positive [[load factor (aeronautics)|load factor]].

At airspeeds slower than <math>V_s \sqrt{n}</math> the aircraft will stall before the structure is subjected to its limiting aerodynamic load. The maneuvering speed or maximum operating maneuvering speed depicted on a cockpit placard is calculated for the maximum weight of the aircraft. Some [[Pilot's Operating Handbook]]s also present safe speeds for weights less than the maximum.

The formula used to calculate a safe speed for a lower weight is <math>\scriptstyle V_A \sqrt{W_2 \over W_1}</math>, where VA is maneuvering speed (at maximum weight), W2 is actual weight, W1 is maximum weight.<ref>{{Cite book | title=Jeppesen Instrument/Commercial Manual |year=2000 |ISBN=0-88487-274-2}}</ref>

== See also ==
* [[V speeds]]

== References ==
{{Reflist}}

== External links ==
* {{CodeFedReg|14|23|335}} "Design airspeeds"

{{DEFAULTSORT:Maneuvering Speed}}
[[Category:Airspeed]]
[[Category:Aerodynamics]]

Newton polynomial

2013-07-20T11:50:35Z

68.34.59.56: replaced parentheses with commas

{{Corporate Finance}}
In [[corporate finance]], '''Economic Value Added''' ('''EVA'''), is an estimate of a firm's [[economic profit]] – being the value created in excess of the [[Required rate of return|required return]] of the [[types of companies|company's]] investors (being [[shareholder]]s and debt holders). Quite simply, EVA is the profit earned by the firm less the [[Cost of capital|cost of financing the firm's capital]]. The idea is that value is created when the return on the firm's economic capital employed is greater than the cost of that capital. This amount can be determined by making adjustments to [[GAAP]] accounting. There are potentially over 160 adjustments that could be made but in practice only five or seven key ones are made, depending on the company and the industry it competes in.

==Calculating EVA==
EVA is net operating profit after taxes (or [[NOPAT]]) less a capital charge, the latter being the product of the cost of capital and the economic capital. The basic formula is:

:<math> \mathit{EVA} \ = \ ( r - c ) \cdot K \ = \ \mathit{NOPAT} - c \cdot K </math>

where:

*<math> r = { \mathit{NOPAT} \over K } </math>, is the [[Return on Invested Capital]] (ROIC);
*<math> c \,</math> is the [[weighted average cost of capital]] (WACC);
*<math> K \,</math> is the economic capital employed;
*[[NOPAT]] is the net operating profit after tax, with adjustments and translations, generally for the amortization of goodwill, the capitalization of brand advertising and other non-cash items.

EVA Calculation:

''EVA = net operating profit after taxes – a capital charge'' [the residual income method]

therefore EVA = NOPAT – (c × capital), or alternatively

EVA = (r x capital) – (c × capital) so that

''EVA = (r-c) × capital'' [the spread method, or excess return method]

where:
r = rate of return, and
c = cost of capital, or the [[Weighted Average Cost of Capital]] (WACC).

NOPAT is profits derived from a company’s operations after cash taxes but before financing costs and non-cash bookkeeping entries. It is the total pool of profits available to provide a cash return to those who provide capital to the firm.

Capital is the amount of cash invested in the business, net of depreciation. It can be calculated as the sum of interest-bearing debt and equity or as the sum of net assets less non-interest-bearing current liabilities (NIBCLs).

The capital charge is the cash flow required to compensate investors for the riskiness of the business given the amount of economic capital invested.

The cost of capital is the minimum rate of return on capital required to compensate investors (debt and equity) for bearing risk, their opportunity cost.

Another perspective on EVA can be gained by looking at a firm’s return on net assets (RONA). RONA is a ratio that is calculated by dividing a firm’s NOPAT by the amount of capital it employs (RONA = NOPAT/Capital) after making the necessary adjustments of the data reported by a conventional financial accounting system.

EVA = (RONA – required minimum return) × net investments

If RONA is above the threshold rate, EVA is positive.

==Comparison with other approaches==
Other approaches along similar lines include [[Residual Income Valuation]] (RI) and residual cash flow. Although EVA is similar to residual income, under some definitions there may be minor technical differences between EVA and RI (for example, adjustments that might be made to NOPAT before it is suitable for the formula below). Residual cash flow is another, much older term for economic profit. In all three cases, ''money cost of capital'' refers to the amount of money rather than the proportional cost (% cost of capital); at the same time, the adjustments to NOPAT are unique to EVA.

Although in concept, these approaches are in a sense nothing more than the traditional, commonsense idea of "profit", the utility of having a separate and more precisely defined term such as EVA is that it makes a clear separation from dubious accounting adjustments that have enabled businesses such as [[Enron]] to report profits while actually approaching insolvency.

Other measures of [[shareholder value]] include:
*[[Added value]]
*[[Market value added]]
*[[Total shareholder return]].

== Relationship to market value added ==
The firm's [[market value added]], or MVA, is the discounted sum (present value) of all future expected economic value added:

:<math>MVA = V - K_0 = \sum_{t=1}^{\infty} { EVA_t \over (1+c)^t }</math>

Note that ''MVA = PV of EVA''.

More enlightening is that since MVA = NPV of [[Free cash flow]] (FCF) it follows therefore that the

''NPV of FCF = PV of EVA'';

since after all, EVA is simply the re-arrangement of the FCF formula.

== Integrating EVA and PBC ==

Recently, Mocciaro Li Destri, Picone & Minà (2012)<ref name ="test">Mocciaro Li Destri A., Picone P. M. & Minà A. (2012), Bringing Strategy Back into Financial Systems of Performance Measurement: Integrating EVA and PBC, Business System Review, Vol 1., Issue 1. pp.85-102 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2154117.</ref> proposed a performance and cost measurement system that integrates the EVA criteria with Process Based Costing (PBC). The EVA-PBC methodology allows us to implement the EVA management logic not only at the firm level, but also at lower levels of the organization. EVA-PBC methodology plays an interesting role in bringing strategy back into financial performance measures.

==See also==
*[[Business valuation]]
*[[Free cash flow]]
*[[Enterprise value]]
*[[Opportunity cost]]
*[[Value added]]
*[[Weighted average cost of capital]]
*[[Residual Income Valuation]]


==References==
<references/>
* {{cite book | author = G. Bennett Stewart III | title = Best-Practice EVA | publisher= John Wiley & Sons | year = 2013}}
* {{cite book | author = G. Bennett Stewart III | title = The Quest for Value | publisher= HarperCollins | year = 1991}}
* {{cite book | author = Erik Stern | title = The Value Mindset | publisher= Wiley}}
* {{cite book | author = Joel Stern and John Shiely| title = The EVA Challenge | publisher= Wiley}}
* {{cite book | author = Al Ehrbar| title = EVA, the Real Key to Creating Wealth | publisher= Wiley}}

==External links==
*[http://www.stasegem.be/PRVit/PRVitList.php] Free online PRVit analysis form shares on US Stockmarket
*[http://www.kellogg.northwestern.edu/faculty/korajczy/htm/vbm.htm A Reading List on EVA/Value Based Management] from Robert Korajczyk
*[http://www.evadimensions.com Economic Value Added] from G. Bennett Stewart III and EVA Dimensions LLC
*[http://pages.stern.nyu.edu/~adamodar/New_Home_Page/lectures/eva.html Economic Value Added (EVA)], Prof. [[Aswath Damodaran]]
*[http://www.valuatum.com/material/eva_tutorial/eva_tutorial.pdf EVA valuation tutorial] from valuatum.com
*[http://www.investopedia.com/university/EVA/ Understanding Economic Value Added], investopedia.com
*[http://www.investopedia.com/articles/fundamental/03/031203.asp All About EVA], investopedia.com
*[http://visual.ly/eva-wacc-tree-model EVA-WACC Tree Model Infographic] Visual.ly
*[http://lipas.uwasa.fi/~ts/eva/eva.html Economic Value Added: A simulation analysis of the trendy, owner-oriented management tool], Timo Salmi and Ilkka Virtanen, 2001
*[http://www.chicagobooth.edu/magazine/summer98/Stern.html The Origins of EVA] Chicago-Booth magazine

{{corporate finance and investment banking}}

[[Category:Value]]
[[Category:Fundamental analysis]]