Data Governance Cancer Care Ontario - Free Essay Example

Data Governance Cancer Care Ontario Personal Case Study TABLE OF CONTENTS INTRODUCTION The Facts ABSTRACT PROBLEM STATEMENT INTRODUCTION This section will not be the focus of this project document, but rather a short introduction so that the audience can relate to the background of CCO. As the Ontario governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s advisor on the cancer and renal systems, as well as on access to care for key health services, Cancer Care Ontario (CCO) drives continuous improvement in disease prevention and screening, the delivery of care and the patient experience for chronic diseases. Known for its innovation and evidence-based approaches, CCO leads multi-year system planning, contracts for services with hospitals and providers, develops and deploys information systems, establishes guidelines and standards, and tracks performance targets to ensure system-wide improvements in cancer, chronic kidney disease à ¢Ã¢â€š ¬Ã¢â‚¬Å" through the Ontario Renal Network à ¢Ã¢â€š ¬Ã¢â‚¬Å" and access to care. CCO began life in April 1943 as the Ontario Cancer Treatment and Research Foundation. More than a half century later, in 1997, it was formally launched and funded as an Ontario government agency. CCO is governed by The Cancer Act and is accountable to the Ministry of Health and Long-Term Care (MOHLTC). CCO directs and oversees approximately $1.5 billion in funding for hospitals and other cancer and chronic kidney disease care providers, enabling them to deliver high quality, timely services and improved access to care. CCO employs about 1,000 staff members, all of whom are critical elements that contribute to the success of this organization. The Facts The reality is more of us are going to face living with or caring for someone with one or more chronic diseases. Cancer and other chronic illnesses like kidney disease are strongly associated with age We project that by 2015, the number of people diagnosed with cancer, for example, will have increased by 50% from 1999 figures. And that 45% of men and 40% of women in Canada will face cancer in their lifetime At the same time, health care spending in Canada continues to rise faster than inflation and population growth. [1] The Ontario government cautions that à ¢Ã¢â€š ¬Ã…“Without a change in course, health spending would eat up 70% of the provincial budget within 12 years, crowding out our ability to pay for many other important priorities.à ¢Ã¢â€š ¬Ã‚  [2] The pressure on our health systems will be unsustainable if we do not take action. Together, we have an opportunity to respond to the health needs of the people of Ontario through increased efforts in prevention, and by driving the delivery of more patient-centered, integrated and high-quality care for greater value from every health dollar we spend. Cancer Care Ontarioà ¢Ã¢â€š ¬Ã¢â€ž ¢s goal is to broaden the use data for our quality and performance improvement approaches to include other care settings, and to do so in ways that enable us to integrate care across all phases of the patient journey. We will make decisions and provide advice based on the best available evidence. Cancer Care Ontario has launched an enterprise-wide initiative to assess and build capacity in the new Analytics and Informatics portfolio. In response to recent organizational structure, significant efforts are being dedicated to examine how data is used, both within the organization, and as provided to our external stakeholders. I personally think that this project, case study, will be of utmost importance to facilitate the definition and implementation of the enterprise data governance model and assessment of the new data requirements at CCO. ABSTRACT Data governance is one of the building blocks of data management and is often considered to be an integral part of data quality efforts, master data management programs data policies, business process management, and risk management surrounding the handling of data in an organization. Data governance is a set of processes that ensures that important data assets are managed and acknowledged throughout the enterprise. Data governance is all about data that can be trusted and that people can be made accountable for any issues that arise because of low data quality. It is about putting people in charge of fixing and preventing data related issues so that quality of the data is not compromised thereby enabling the enterprise to become more efficient. Data governance forces enterprises to think outside the box by deviating them away from orthodox practices and processes of handling the data and using technology when necessary in many forms to help aid the process. Initiatives to im plement data governance, either technological or organizational efforts, usually come from the corporate office with a top-down emphasis. Even though this approach is well intended and carries valuable recommendations, ità ¢Ã¢â€š ¬Ã¢â€ž ¢s often met with internal resistance and suspicion. As a result, this approach falls short when it comes to implementing data governance to make a significant impact within the business. This case study will be used to demonstrate how data governance can be implemented in a unique manner. My approach emphasizes a repeatable and sustainable methodology focused on supporting key business processes. I will review the methodology, components, and stages developed to implement data governance for specific data types through several proof of concepts. As a direct result of this effort I shall present lessons learned, challenges encountered, and business benefits realized to date. PROBLEM STATEMENT You will often hear executives discuss issues that relate to data issues, data quality challenges, data inconsistencies, untrusted data, etc. At Cancer Care Ontario the data is collected from wide variety of sources and in various formats. It has been collectively determined that many sources, redundant and inconsistent information, for the data have caused significant rise in issues related to data quality, data access and data delivery to the end user (business user). CCO has well sponsored data projects and data clean-up projects to address the challenges stated above. Data projects are performed to make the data clean and to improve the quality of data. In-spite of these efforts it doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t stay clean forever. There is no clear understanding of the root cause and no clear understanding of how to keep the data clean. Data cleanup can happen by brute force and will often result in short term improvements, especially if coupled with improved business processe s, but process improvement may not suffice. The proper implementation of Data Governance can make it work; make it sustainable. The executive team, including representatives from the new Analytics and Informatics portfolio, at Cancer Care Ontario believes that the data cleanup efforts (remediation) can lead to short term success which can result in improved Data Quality for a short period of time, but without data governance, it will not last. Business leaders know what they want (they want clean data that can be trusted), but I believe they donà ¢Ã¢â€š ¬Ã¢â€ž ¢t have a concrete idea on how to get there. It will be a daunting task for Business, management, and IT to get to a common ground and agree upon implementing the fundamentals of Data Governance. It would be beneficial if the business managers can see something real; something that would help them understand the value of Data Governance. This realization one day can lead to the creation of Data Governance portfolio with in CCO where in the concepts, fundamentals, and framework can be developed internally through formal training. [1] Canadian Institute for Health Information (CIHI) 2011. National Health Expenditure Trends, 1975 to 2011 [2] Ontario Ministry of Health and Long-Term Care 2012. Ontarioà ¢Ã¢â€š ¬Ã¢â€ž ¢s Action Plan for Health Care Queens Printer of Ontario

Assessing Of A Stock Market Example For Free - Free Essay Example

A stock market is a kind of organizational structure which provides trading facilities for stockbrokers and traders to buy and sell stocks and other securities. It is a market, because these areas enable trading securities for buyers. It is a corporate business, because it has its own rules and norms. Stock exchanges are not only for shares but also they are used for different kinds of commodities and instruments. Although sale bill and bills of exchange are dealt in the stock exchange market, there are foreign exchange markets for currency trading such as Forex and commodity exchanges to trade in goods; such as, cotton exchange that determines cotton price. Additionally, almost all the major world stock markets are affected by three factors: (1) the circumstance and trends of world economy, (2) the situation and trends of local economy and the availability and (3) performance of the sectors (Fama, 1965:34). If these three components are in good condition, the price of share certificates can alter assertively. Thus, enterprisers can reap a profit by purchasing shares cheaply and sell it when its prices increase. Of course, this is not the only way to make a profit by means of stock markets. If the share prices are exorbitant, and if there are some clues about then these prices wou ld decline for a while, investors would drive profit again. The name of this process is Short Selling. This essay reviews the negative effects of short selling and provides European governments opinion, especially Germany, about short selling under different economic circumstances. Although short selling can provide great benefits to investors, there are a number of risks that need further research to reduce its negative influences. It can be seen in this paper that economic history has had numerous disasters to investors because of short selling. In order to show short sellings effects on people and the economic situation, this essay will start by giving detailed definition for short selling, followed by considering its risks and European governments opinions. Therefore this will end by providing tragic examples for short selling which explain how short selling cause the advantages and disadvantages for investors. What is Short Selling Short selling is a type of economic activity which allows investors to earn more money in a short term. In general, investors would like to find a special share in the stock market which is predicted to rise in a short period of time. If everything is suitable conditions and the price boosts dramatically, they gain profit by selling these shares. Short selling, conversely, is the trading of a security that the dealer does not own. According to Yuille (2009:2) more specifically, a short sale is the sale of a security that is not owned by the seller, but that is promised to be delivered. Although this definition is correct, this is not a useful description to get the meaning of what short selling is. Fundamentally, a short seller ,who has raised a loan, sells a share in the expectation that the value of securities falls down hence he or she can come out ahead when he or she takes it back from the market at a dropping price (Taulli, 2004:3). For a better understanding on how short sel ling works, seven basic steps have been summarized below from several authors (Fabozzi, 2004:8; Jones and Lamont, 2002:2; Taulli, 2004:3; Yuille, 2009:5). Additionally Mr. Smith who is a person would like to make a profit via exchange market in the UK will symbolise throughout a text. Step 1- Open an Account and Put in Small Amount: First of all, enterprisers need a bank or a brokerage house account so as to put in their money which could be little. Thus, they are now a player in the stock markets and they can start buying and selling shares. For example, Mr. Smith opened an account in the UK exchange market. Step 2- Making Research About Company: Investors begin to seek to find a share which is reached a peak point in the stock market. They suppose the share price will drop suddenly. Of course, there are some strong indications to make a decision that its price will fall down. Mr. Smith found a company named ABC inc. which its prices extremely high which is  £10 per share a nd he think that it will start to decrease in the near future. He needs to borrow these shares from his broker. Step 3- Borrowing: Whole margin contract permit a broker or a bank to loan out stocks (Taulli, 2004:3). For this reason, when investors make a request in order to borrow these shares, brokers begin to search client securities which will not be sold by owner in the short term. Of course, proprietary do not know it. Mr. Smith found 500 shares to short from his brokerage house. Thus, he is able to sell them. Step 4- Selling: After investors find shares which are suitable for short selling, they sell it immediately. Thus, investors obtain money from shares which are not possessed. Mr. Smith also generated  £5000 by selling shares he does not own. Step 5- Standby Time: This step is the most dangerous time interval for short selling. Because investors are waiting for prices decline right away. If every parameter of stock market is appropriate conditions, investors can make huge money following step 6 and step 7. Mr. X is extraordinarily lucky, because his shares decreased from  £10 to  £6. Thus, he made a gain which is  £2000. Step 6- Collecting Shares from Market: Investors can collect these shares from the exchange market swimmingly. Inasmuchas, there is a chance to buy stock exchange when its price start to decrease. Mr. X found shares  £6. Step 7- Pay-Back: This step is one of the most simple and pleasant phase for short seller. They refund shares to rightful owner. Thus, investors make a profit by means of not their shares. The Stock Price Sinks (stock goes  £6 to ) Borrowed 500 shares of ABC at  £10  £5000 Bought Back 100 shares of ABC at  £6 - £3000 Your Profit  £2000 https://www.investopedia.com/university/shortselling/shortselling2.asp Additionally, the actors the exchange market use different kinds of short selling named Naked Short Selling. If short seller, who has not taken on loan the stocks or has borrowed shares with a well contract, or does not remain faithful by repayment date, markets share short, he or she is joined in undesirable naked short selling group (Culp and Heaton, 2008:46-47). This type of sales is more relentless and has a number of severe consequences. For these reasons, a lot of developed and developing countries have banned naked short selling in recent years due to global economic crisis. The Risks It is important to realize that investors have to decide to make short selling in order to gain more money in the right place at the right time. It can be seen that the price of exchange has had highly variable throughout economic history. While a shares price increase or decrease today, nobody knows that it will continue to rise or drop tomorrow. Because stock quotes are influenced by a number of parameters when in view of their marketing price at exchange market such as politics or supply and demand balance. To this respect, investors who have borrowed shares can make a profit by means of short selling as they can loss. Should they would like to gain money for this way, they have to be more careful than other investors. As Elliott (2010) remarks, If you do decide to short, the two most important factors to remember is to focus on leaders breaking down and go short primarily at the beginning of market declines. It can be said that to decide falling the exchange market is the most significant part of short selling because it is based on this rule. As a matter of course, there are numerous investment trusts who have accomplished by following to overall analysis. However, there is not a considerable amount of unsuccessful business enterprises. A key argument for encouraging people to sell short barrowed securities in exchange markets is that short selling is a highly profitable process. If investors take professional help and make a further research about which shares will invest, they could earn profit highly likely. For this reason, brokerage firms try to exhort their customers in order to sell short. However, the number of people who make money in this way is much less common in societies except some examples. One of them is George Soros who is the most famous market player in the world and Soros owes a big part of his wealth to the short selling. According to Taulli Soros earned a fortune by means of short selling in sterling. In recent years, British Ce ntral Bank has expended 15 million dollars worth of foreign exchange reserve and increased the interest rate in order to notice to the overvaluation. Famous speculator George Soros has already had his position and has performed his plan with his 10 billion dollar borrowing. When the value of Sterling against the German Mark was declined, he has discharge a debt Sterling which was cheaper with the German Mark and he has realized a profit of $1 billion in a few days (Taulli, 2003:13-14). Although this example presents a good outcome for its investor, it does not alter the truth that short selling has a number of disadvantages. Nevertheless, it is clear that short selling includes a number of risks which could lead to money loses. Individuals are able to consider that the result of a short selling as fundamentally the adverse of a normal purchasing process; however, the duration of short selling has unique handicaps. For this reason, borrowers who are on the point of doing short sel ling need more attention and further investigation in order to accomplish, otherwise the result of short selling can be destructive for them. Not only borrowers but also lenders hang by a thread because of short selling. In order to insight short sellings risks both borrowers and lenders, these risks can be specified in order of priorities. There are two risks which are the handicap of debt reclaim and the handicap of prices move in opposite direction to the expectations for borrower. Borrowers have to find the most suitable lender for short selling since time is the most significant part of it. Because, debt reclaim pose a danger every time for borrowers. Reclaim risk is a kind of handicap of the share being reclaimed by the owner of shares before the debitor is disposed to pay off a debt, which takes place in roughly 2% of the borrowing in the example of a investigation (DAvolio, 2002:271-306). Because of the fact that short seller would like to have much more time in order to wait adequately and make maximum profit. For this reason, reclaim risk should be managed by borrowers working with owner of shares that is most probably willing to lend the shares for a long time (Fabozzi, 2004:14). Otherwise, if lenders would like to be paid back their shares untimely, short seller will be forced to collect not enough fallen or increased shares from stock market and this will also cause borrowers to lose money. Additionally, another risk of short selling is that although investors have an expectation which prices would fall, its price can rocket suddenly. Thus, short seller would lose a huge amount of money instead of making profit. Even investors deficiency can be infinitive owing to the fact that price of securities can increase to the last (Kern et al, 2010:1). On the other hand, a share is not able to decrease under zero, hence short sellers profit is finite. As Yuille (2009:7) points out, bottom line: you can lose more than you initially invest, but the best y ou can earn is a 100% gain if a company goes out of business and the stock loses its entire value. Thinking about all these things, it can be said that short selling is a kind of gamble which has catastrophic consequences. Because nobody knows exactly when shares price decrease or increase without elaborated research. These clearly demonstrate that short selling has a number of disadvantages for borrowers. In addition, short selling affects lenders in a negative way. The biggest problem faced by lenders is whether borrowers recall securities on time or not. Recall risk is the major risk which barrowers have difficulty refund shares that are taken to return to lenders for a short time. Should borrowers not pay back lenders securities, there are a number of problems between borrowers, lenders and brokerage firm. For instance, lender could want to sell him or her shares while another person has these shares. If he or she does not retrieve own shares on time, losing may become unavoi dable. As mentioned above, short selling is a type of gambling which no one knows consequences of it, hence these kind of events occur over and over again. Governments Opinions About Short Selling In the 2007-2009 financial crisis, most of stock composite index lost in value a considerable extent all around the world like other crisis. These declines are golden opportunity for short seller in order to make a profit by borrowing high, paying back low. Even, some people believe that one of the reasons of financial crisis is the short sellers effects on stock markets to make money hand over first. For this reason, a number of governments and economic communities prohibited short selling for stock exchange securities. Because, to earn exorbitant sums is possible during a time of crisis by means of short selling due to the fact that downward trend can be estimated easily. Not only crisis periods but also short sellers can gain huge amount of money with manipulative techniques in the usual case. Because of these reasons, governments and economic communities have negative thought about short selling since it leads to unlawful profit both crisis periods and normal periods. Most o f governments do not allow to short selling in a time of crisis because they think that short selling influences national economy negatively which leads to downtrend without cease. The most significant indicator of financial crisis is dramatic decrease of shares price in the stock market and this decline in the stock exchange spreads globally. On such an occasion, short sellers borrow a number of shares, which trades on the stock exchange started to fall, from lenders and they make a profit. For example, in 2008, in order to prevent dropping banks and financial firms share prices, the US Securities and Exchange Commission (SEC) banned short selling in the exchange market. According to Beber and Pagano (2010) the SECs move sparked worldwide herding by regulators. In the subsequent weeks and months, most stock exchange regulators around the globe issued bans or regulatory constraints on short selling. Thus, a number of investors did not make short suitable shares in order to make a pr ofit smoothly. Of course, short selling is a big opportunity for these circumstances and it is simple way to get money. However, countries economic situation would be influenced adversely when short selling becomes widespread. The most important question to be asked here is that should short selling be banned or not in such cases. On such an occasion, investors intents become significant since some of them have passion about making money. For that, investors who would like to make money via short selling could make manipulation to continue to dawnward trend especially for bank shares (Ralp, 2009). Stock exchange is suitable for manipulation since shareholders can give direction to the trend of bank shares. For this reason, in economic crisis even normal circumstances, gamesman who skilfully manipulated for their own interests could alter shares price. This also leads to unfair competition. In order to prevent these happening, German banned short selling not to disrupt the financial markets. From above discussion it can be said that governments should be banned short selling due to fact that there are further negative influences than its positive effects. Disappointing Examples A further reason why short selling has a number of bad results is that there has already been a lot of disappointing examples about it. In recent years, short selling has affected numerous people with direct or indirect ways. Some of investors who are short player have lost a huge amount of money by means of short selling and some of them also have incurred loses owing to short sellers negative effects on themselves. Even sometimes, there are some saddening consequences which resulted in death especially by making a decision without further researches. Thus, short selling influences people in negative ways which have catastrophic consequence despite it has a few advantageous about making money. The following examples show that short selling affects people in two ways: direct and indirect. Adolf Merckle who is the one of the richest people in Germany experienced short selling bad outcome tragically. Merckle transformed his company which inherited from his family a small pharmaceu tical firm into a giant employing 100,000 people, 120 companies and the value of 40 billion dollars and he was in 94-odd ranked in the Forbes 2008 rich list with a fortune of $9 billion (Connolly, 2009). However short selling with exorbitant sums became his end. According to Boyes, toward the end of 2008, he borrowed hundreds of millions of dollars Volkswagen shares and he sold them via short selling. However, when Porsche surprisingly announced their plan seized control of Volkswagen, VW shares in two sessions rocketed from 210 euro to the 1000-odd to the euro. Merckle could not pay his debts. Banks have compressed him and he was pressured to dispose of some companies. Then, near his villa, a 74-year-old billionaire had committed suicide by jumping bottom of the train (2009). What was the fault of Merckle. The most significant shortage in that situation was a lack of research. If Merckle had made further researches about short selling, he could have gained a lot of money and he cou ld not die. The most important thing for short selling is that investors get the right stocks at the right time and they should make a number of investigations about it. However, in some cases, short selling influenced people in indirect ways. On the one hand a few people make huge amount of money by means of short selling on the other hand a number of innocent people incur loss because of others. For instance, Goldman Sachs which is an investment bank and securities company led investors to lose money by selling securities short. According to Williams, Goldman Sachs using short selling made manipulation and Goldman raised expectations in the markets falling. Thus, Goldman made huge amount of money by repurchasing securities which was sold high price before from stock market (2010). Of course, this event caused to have a disappointment by other investors and they incur loss money because their securities price decreased dramatically. This event is definitely not a fair way of mak ing money since the decline in the market was Goldman. In order to prevent this kind of events, governments and investors should be extremely careful to avoid loosing money. Conclusion In conclusion, it can precisely be seen that short sellings negative effects on both investors and governments are more than positive influences in stock market. This essay has attempted to substantiate that although short selling has had some benefits in order to make a profit it is false to characterize as innocent due to the fact that it has a number of risks. There are a lot of people who have lost their wealth by means of short selling. For these reasons, this essay has demonstrated that it consist highly risk process and it led to a number of disappointing consequences for direct way or indirect way to its investors. In order to show these, some tragic examples was given for best understanding its risks. Indeed, despite some governments and financial institutions banned short selling in their stock market, it will still continue to be used as a method for obtaining money. To minimize the risks of short selling, investors should be more careful and they need further research t o reduce its negative effects. Additionally, short sellings rules in stock markets should be organized again by governments and finance markets. Thus, manipulative stock exchange operations could be reduced and investors would feel safer economically. Otherwise, short selling should be banned all around the word in order to for other investors do not lose money.