Essay on Entreprenuership Business Plan - 911 Words

Assessment 7: Business Planning (20.0 points) In Unit 7, you learned about forming a company purpose, making a business plan, and doing a SWOT analysis. Now, youll apply what you learned to analyze real companies and develop your own business idea. 1. Visit the Website for a well-known company, and find the unit that states its mission. Then answer the following questions about it. TIP: If the companys Web site doesnt describe its mission, choose a different company. a. What is the name of the company, and what is its mission? (1.0 points) Tennis Warehouse is a company that wants to provide people with the best tennis gear and equipment to get better. b. How does the mission relate to the type of products the company sells? (1-3†¦show more content†¦c. Did anything surprise you about the companys values? Why or why not? (1-3 sentences. 1.0 points) No, in a service based company, the people providing the service must have good values or else their customers will not want to return. People get haircuts every few months, so employees must have good values for their customers to keep returning. 3. Using the business idea you chose in Assessment 6, write a mission statement, vision statement, and list of 3-5 company values. (5.0 points) As a Professional Tennis Coach I want my students to be the best they can be in tennis, i use that mentality to try their hardest in everything they do. I also want to create future tennis pro’s, by training them everyday they can develop their game to get at least a college scholarship. 4. Make a list of at least 4 people you will want to give copies of your business plan to, and explain why you chose each of those people. (2-4 sentences. 2.0 points) 5. Describe at least three characteristics that you want people to associate with your brand. (1-3 sentences. 3.0 points) My work would be service based, I would want people to think of discipline, respect, and total focus when they come to my academy. I also would be selling some products, I want people to think of them as high quality, reasonable priced, and efficient. 6. Do a SWOT analysis for your company. DescribeShow MoreRelatedIndividual Academic Reflection1283 Words   |  6 PagesENTREPRENUERSHIP: INDIVIDUAL ACADEMIC REFLECTION ESSAY A business plan is a written document that describes all the aspects of a business venture in a concise manner. It is usually necessary to have a written business plan to raise money and attract high-quality business partners. Some entrepreneurs are impatient and don’t want to spend the time it takes to write a business plan (Barringer, B. and Ireland, R., 2011, pp. 25). To generate a viable business plan, the entrepreneurs have to grab an opportunityRead MoreChallenges Of Retailing And India1301 Words   |  6 Pagesdisbursement of Rs. 52,457 crores in housing finance during 2012-13. Fresh housing loan disbursed by banks during April 2013 to January 2014 amounted to Rs. 28,743 crores. 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Evaluation Paper Mercedes G-Class free essay sample

There are many four-wheel drive automobiles for sale, but the Mercedes G-Class is by far the best sports utility vehicle on the market. The Mercedes G-Class is a mid-size four-wheel drive and sports utility vehicle that is produced in Austria for the German automobile maker Mercedes-Benz. The G in Mercedes G-Class stands for Gelandewagen, which means cross-country vehicle in German. It was first made in 1979 as a military vehicle. The Shah of Iran suggested that Mercedes-Benz create the G-Class to be sold as a civilian sports utility vehicle also. The G-Class has been produced for thirty-two years. Mercedes-Benz has promised to keep this certain sports utility vehicle in production until at least 2025 (â€Å"Mercedes-Benz G-Wagen†). The G-Class is known for its sleek and stylish boxy shape. The design has barely changed since first produced. While competitors change, the â€Å"G† remains. It has leather seats, and both the steering wheel and the front and rear seats are heated. The inside has a full screen navigation system that works well for cities and for off road adventures. This year the G-Class is getting a few updates. The 2013 â€Å"G† will include light-emitting diode running lights underneath the head lights. The dash board will have a new design. Some will even come with a mounted Apple i-Pad mini. The side mirrors have will turn indicator strips (2013 Mercedes). This vehicle has bullet proof windows, and the whole body of the car is bullet proof. This Mercedes has received a top safety award by Auto Weekly Magazine (autoweekly). The engine options are a V-8 or an incredible V-12 in a few countries. The Mercedes G-Class can go from zero to sixty in under eight seconds. This vehicle comes in a 349 horsepower version. The anti-lock breaks have a break-assist feature that ensures full power breaking in an emergency stop. Frontal and window airbags and anti-whiplash seat headrests are also standard in the G-Class. The Mercedes G-Class is classy, yet safe and powerful. Many people love these Mercedes so much because they are rare only; 5500 were made last year for civilians around the world. This type of performance and rare luxury car comes at a price. The sports utility vehicle is expensive itself, but this Mercedes is also a gas-guzzler. Short of a tractor, nothing can tackle mud as well as this Mercedes, but the owner will pay for it in town. In town, it only receives twelve miles per gallon in town and only fifteen on the highway. One must climb up into the driver’s seat, and the closeness of the windscreen and the vertical attitude of the A-pillars is a surprise at first. The electric seat and electric wheel adjuster will move far enough apart for the moderately tall to get comfortable. Headroom is vast. Around town, the G-Class feels firm, but beyond city limits, it is rough riding because it is meant to be an off-roading vehicle. One can see why Mercedes has sought to improve body control by fitting stronger springs to limit roll and improve cornering ability. They work well, but the trade-off is that the G-Class hops and skips where say, a Range Rover would not (Top Gear). The Mercedes G-Class was featured in a movie this year called Die Hard 5. This movie showed the G-Class at its best. People around the world wanted to know if this Mercedes was capable of such insane stunts. The television show from the United Kingdom Top Gear did a special on the Mercedes G-Class. The Mercedes is put into a mock chase. They pretend a spy has to reach a safe house in a certain time limit. They send three helicopters and some of the British Army to put this Mercedes to the test. The G-Class starts off being chased to the safe house from a busy town. This Mercedes reaches speeds of 130 miles per hour. The G-Class runs through blockades and even sidewalk benches. It is being shot at, but since it is bullet proof, this does not phase the G-Class. It finally gets out of city limits, and three helicopters cannot catch this amazing vehicle. The helicopters are only reaching 120 miles per hour. The British Army sets up traps to get the Mercedes, but instead of giving up, it is able to literally plow through a heavily wooded forest. The Mercedes G-Class has a uni-body. This means unlike most vehicles, it does not come apart. It is one piece of steel all the way around this sports utility vehicle. When the G-Class comes out of the forest, the Army tries to shoot the tires out because the G-Class is reaching the safe house quickly. They shoot out one tire, then two tires. This Mercedes is an all the time four wheel drive so it keeps on going. It is driving at a much slower pace now but only has one hundred yards till it reaches its destination. The British Army’s helicopters finally shoot the very last tire out. The Mercedes G-Class was short eleven yards to making it into the safe house (Top Gear). It was one against many, and the Mercedes G-Class put up a hard fight. This combination of sports utility vehicle and luxury will never make complete sense on paper, but if driven, it is easy to see why it soars past other automobiles like the Land Rover and Range Rover. If willing to pay the big bucks, this one of a kind off road vehicle is a treasure. There is not now and never will be another sports utility vehicle like it. It will outlast any automobile, so in the long run it is worth the extra money.

Reinsurance Business Essays - Types Of Insurance, Reinsurance

Reinsurance Business QUOTA SHARE REINSURANCE AGREEMENT DWVD NO. 900804 for BASIC COLLEGE ACCIDENT AND SICKNESS MEDICAL EXPENSE INSURANCE (hereinafter referred to as the Agreement) made and entered into by GERBER LIFE INSURANCE COMPANY White Plains, NY (hereinafter referred to as the Company) and PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY Enfield, CT (hereinafter referred to as the Reinsurer) EFFECTIVE: January 1, 1999 - December 31, 1999 Table of Contents ARTICLE I ? PARTIES TO AGREEMENT 1 ARTICLE II ? BASIS OF REINSURANCE 2 ARTICLE III ? RETENTION AND LIMIT 3 ARTICLE IV ? INURING REINSURANCE 4 ARTICLE V ? FACULTATIVE REINSURANCE 5 ARTICLE VI - EXCLUSIONS 6 ARTICLE VII ? EFFECTIVE DATE AND DURATION OF AGREEMENT 7 ARTICLE VIII ? REINSURANCE PREMIUMS 8 ARTICLE IX ? PREMIUM REPORTS 9 ARTICLE X ? CEDING ALLOWANCE/EXPENSES 10 ARTICLE XI ? CURRENCY 11 ARTICLE XII ? CLAIMS NOTIFICATION 12 ARTICLE XIII ? CLAIMS SETTLEMENT AND AUDIT 14 ARTICLE XIV ? EXTRA CONTRACTUAL OBLIGATIONS 15 ARTICLE XV ? SUBROGATION 16 ARTICLE XVI ? COMMUTATION 17 ARTICLE XVII ? CLAIMS FUND 18 ARTICLE XVIII ? OFFSET 19 ARTICLE XIX ? TERRITORY 20 ARTICLE XX ? OVERSIGHTS 21 ARTICLE XXI ? ACCESS TO RECORDS 22 ARTICLE XXII ? INSOLVENCY 23 ARTICLE XXIII ? ARBITRATION 24 ARTICLE XXIV - CONTROLLING LAW 25 ARTICLE XXV ? SEVERABILITY 26 ARTICLE XXVI ? UNAUTHORIZED REINSURERS 27 ARTICLE XXVII ? TAXES 29 ARTICLE XXVIII ? FEDERAL EXCISE TAX 30 ARTICLE XXIX ? CONFIDENTIALITY 31 ARTICLE XXX ? ENTIRE AGREEMENT 32 ARTICLE XXXI ? INTERMEDIARY 33 ARTICLE XXXII ? EXECUTION 34 ARTICLE I ? PARTIES TO AGREEMENT This Agreement is solely between the Company and the Reinsurer and the performance of obligations of each party under this Agreement shall be rendered solely to the other party. In no instances shall anyone other than the Company or the Reinsurer have any rights under this Agreement except recognizing the Company has the sole responsibility for the evaluation and appointment of the Underwriting Manager, Managed Care Concepts of Delaware, Inc. (MCCI). Further, it is agreed that Associated Accident and Health Reinsurance Underwriters (AAHRU), a participating Reinsurer, is deemed to be the Lead Reinsurer. In that capacity, any and all actions of the Lead Reinsurer shall be made in the best interest of this Agreement and binding upon the other reinsurers. Should the Company appoint a new Underwriting Manager, the Reinsurer must approve any change in the Underwriting Manager, otherwise the Reinsurer has the right to cancel at the time of change. This Agreement shall be binding upon the parties, their heirs, and successors, if any. ARTICLE II ? BASIS OF REINSURANCE On and after the effective date of this Agreement, the Company shall cede and the Reinsurer shall accept as reinsurance, a Quota Share portion, as shown within ARTICLE XXXII ? EXECUTION, of the liability on policies, binders, contracts or agreements of insurance, hereinafter referred to as policies, issued or renewed by the Company on or after the effective date of this Agreement and underwritten for and on behalf of the Company by the Underwriting Manager and classified as Basic College Accident and Sickness Medical Expense Insurance, as described below: Basic College Accident and Sickness Medical Expense Insurance: Excess of all other valid and collectible insurance issued to the eligible students (various classes including, domestic undergraduate, domestic graduate and foreign students) and their eligible dependents. If the eligible student does not have primary insurance, this plan will be primary. Some plans may be written on a primary basis for which benefits will then be coordinated with any other plan in which the student is covered as a dependent. Premiums must be paid before insurance is in force and valid. The maximum benefit per individual covered insured is $500,000. ARTICLE III ? RETENTION AND LIMIT The Reinsurer agrees to accept a fixed proportion of 85% of the first $500,000 per person per risk for all business subject to this Agreement. The Company agrees to retain for its own account 15% of the first $500,000 per person per risk for business subject to this Agreement. ARTICLE IV ? INURING REINSURANCE Inuring Reinsurance ? The Company and the Reinsurer agree to purchase excess of loss reinsurance that insures to the benefit of all basic quota share participants of this treaty for all per person risks that exceed $500,000. The purchase price and reinsurance security to be approved by the Company and Lead Reinsurer. Should acceptable reinsurance not be available, the Company and Lead Reinsurer will revise this Agreement accordingly. ARTICLE V ? FACULTATIVE REINSURANCE For business that does not meet

The Freelance Writing Course Is Live †Enroll Today!

The Freelance Writing Course Is Live – Enroll Today! The Freelance Writing Course Is Live Enroll Today! The Freelance Writing Course Is Live Enroll Today! By Daniel Scocco The day has finally come. Our Freelance Writing Course is live, and you can enroll today. It runs for six weeks (this being the first one), covering a wide range of topics related to freelance writing on the Internet. If you like to write and want to explore the  possibility  of making money by doing it online, we recommend that you check the course out. Go to the official page, where you can get all the details and enroll. Over 700 students took the course in previous editions, and the feedback we got was terrific. Below, youll find what some of those students had to say about the course: I just wanted to let you know how much I enjoyed the online course. I have been researching content on how to establish a freelance writing career since earlier this year and your course provided information that I just havent been able to find anywhere else. Thanks for taking the time to develop this in a straightforward and manageable fashion. (Yvonne Smith, United States) What you supplied has far exceeded my expectations, both in content and value for money. I congratulate you on a job well done. (Margaret Huggins, Australia) I really enjoyed the course. The lessons were well structured and had realistic yet challenging objectives to meet, and this helped me absorb the content of the lessons. There is a lot to pack into six weeks, but I view the course as a much longer-term investment in helping me establish a writing career and brand to help with my overall success. (Ian Greaves, United States) Your course is amazing. What I have learned so far has been very helpful, and I have looked ahead at what is still there, and I am amazed at the depth of knowledge you have given me. The downloadable books are a big bonus. I know this course will be the best help I could ever find to becoming a freelance writer. (Janie Fletcher, United States) Enrollment will close this Friday, June 8, so you have only 72 hours to join. (The small registration window is to make sure students will follow the course at the same pace, since we have a private forum where they can ask questions and interact with other members.) Visit the official page, where youll find all the details (e.g., course structure, price, bonuses). Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Freelance Writing category, check our popular posts, or choose a related post below:Direct and Indirect ObjectsDifference between "Pressing" and "Ironing"40 Words Beginning with "Para-"

The History of the Green Movement

The History of the Green Movement Though the conservation movement had European roots, many observers maintain that the United States has emerged as the worlds leader in environmentalism. If America does, in fact, deserve credit for leading the green movement, what made the United States such a crucible for environmentalism? Its partly due to the immigrants who came to the North American continent in the colonial era and partly to the natural beauty of the land they found when they crossed the Atlantic. The Early Years of the Green Movement America, of course, didnt invent the green movement any more than it invented trees. The basic principles of sustainable forestry management, for example, were known throughout Europe (especially Germany, France and England) since the medieval era. Farming communities in Asia practiced soil conservation through terrace farming and other sustainable agricultural practices. English writer Thomas Malthus, in his oft-quoted An Essay on the Principle of Population, alarmed much of 18th-century Europe by proposing that an increase in human population beyond sustainable limits would result in a catastrophic plunge in population due to famine and/or disease. Malthus writings would inform much of the alarm over the population explosion roughly 200 years later. But it was after the colonization of the Americas by Europeans that writers and philosophers were among the first to propose that wilderness had an intrinsic value beyond its usefulness to humans. While fisheries, hunting grounds, and timber stands were important to civilization, visionaries like Ralph Waldo Emerson and Henry David Thoreau proposed that in wildness is the preservation of the world (Thoreau). Their belief that nature possesses a spiritual element that transcends human utility gave these men and their followers the label Transcendentalists. The Green Movement and the Industrial Revolution The transcendentalism of the early 1800s and its celebration of the natural world arrived just in time to be trampled underfoot by the ravages of the Industrial Revolution. As forests disappeared under the ax of reckless timber barons, coal became a popular source of energy. Unfettered use of coal in homes and factories resulted in horrific air pollution in cities like London, Philadelphia, and Paris. In the 1850s, a carnival huckster named George Gale heard about an immense California redwood that was over 600 years old when Jesus was born. Upon seeing the magnificent tree, nicknamed The Mother of the Forest, Gale hired men to cut the tree down so that its bark could be displayed in his sideshow. The reaction to Gales stunt, however, was swift and ugly: To our mind, it seems a cruel idea, a perfect desecration, to cut down such a splendid tree ... what in the world could have possessed any mortal to embark in such a speculation with this mountain of wood?, wrote one editor. The growing realization that human industry was obliterating irreplaceable wilderness and endangering human health resulted in the earliest efforts at managing natural resources. In 1872, Yellowstone National Park was created, the first of what became one of Americas best ideas: a network of national parks that were strictly off-limits to exploitation. The Conservation Movement Takes Root As the Industrial Revolution continued to wreak havoc on wilderness, a growing chorus of voices sounded the alarm. Among them were John Muir, a visionary poet of the American West and its spectacular beauty, and Theodore Roosevelt, an avid reformer whom Muir convinced to set aside vast tracts of wilderness for conservation. Other men, however, had different ideas about the value of wilderness. Gifford Pinchot, who studied forestry in Europe and became an advocate for managed forestry, was once an ally of Muir and others in the conservation movement. As Pinchot continued to broker the clear-cutting of virgin forests with influential timber barons, however, he fell out of favor with those who believed in the importance of preserving nature, regardless of its commercial uses. Muir was among those who decried Pinchots management of wilderness areas, and it is Muirs interest in preservation as opposed to conservation that gave rise to what may be Muirs greatest legacy. In 1892, Muir and others created the Sierra Club, to do something for wildness and make the mountains glad. The Modern Green Movement Begins In the 20th century, the conservation movement was overshadowed by events like the Great Depression and two world wars. Only after World War II ended and the rapid transformation of North America from an agricultural society to an industrial one was well underway did the modern environmental movement begin. Americas postwar industrialization proceeded at a breakneck pace. The results, while amazing in their breadth, alarmed many with the havoc they wreaked. Nuclear fallout from atomic tests, air pollution caused by millions of cars and factories spewing chemicals into the atmosphere, the destruction of once-pristine rivers and lakes (like Ohios Cuyahoga River, which famously caught fire due to pollution), and the disappearance of farmland and forests under suburban developments were a concern to many citizens. Into this maelstrom stepped a quiet, studious scientist and author.  Rachel Carson in 1962 published, a devastating argument against the reckless use of the pesticides that were wiping out populations of birds, insects, and other animals. The now-classic book gave voice to millions of Americans who saw their rich natural heritage disappearing right before their eyes. Following the publication of Silent Spring and books like Paul Erlichs The Population Bomb, Democratic Presidents John F. Kennedy and Lyndon Johnson joined many other politicians in adding environmental protection to their platforms. Even Republican Richard Nixon made considerable progress toward incorporating environmental awareness into his administration. Not only did Nixon create the Environmental Protection Agency (EPA), he also signed the National Environmental Policy Act, or NEPA, which required environmental impact assessments for all large-scale federal projects. And on Christmas Eve of 1968, NASA astronaut William Anders, while orbiting the moon with the Apollo 8 mission, snapped a photograph that many people credit with providing a foundation for the modern green movement. His photo shows a small, blue planet Earth peeking over the horizon of the Moon. (See above.) The image of a small planet, alone in a vast ocean of space, showed billions the fragility of our planet and the importance of preserving and protecting Earth. The Environmental Movement and Earth Day Inspired by the protests and teach-ins that were occurring worldwide throughout the 1960s, Senator Gaylord Nelson proposed in 1969 that there be a nationwide grassroots demonstration on behalf of the environment. In Nelsons words, The response was electric. It took off like gangbusters. Thus was born the event now known as Earth Day. On April 22, 1970, the first celebration of Earth Day took place on a glorious spring day, and the event was a tremendous success. Millions of Americans coast to coast took part in parades, concerts, speeches and fairs devoted to preserving the natural heritage of the United States and the entire world. In a speech that day, Nelson stated, Our goal is an environment of decency, quality, and mutual respect for all other human creatures and for all living creatures. Earth Day is now celebrated worldwide and has become an environmental touchstone for two generations of eco-activists. The Environmental Movement Solidifies In the months and years following the first Earth Day and the creation of the EPA, the green movement, and environmental consciousness were solidified into private and public institutions around the world. Landmark environmental legislation, like the Clean Water Act, the Federal Pesticides Act, the Clean Air Act, the Endangered Species Act, and the National Scenic Trails Acts, were signed into law. These federal acts joined many other state and local programs to protect the environment. But all institutions have their detractors, and the environmental movement is no exception. As environmental legislation began to be implemented nationwide, many in the business community found that environmental legislation was having a negative impact on the profitability of mining, forestry, fisheries, manufacturing and other extractive and polluting industries. In 1980, when Republican Ronald Reagan was elected to the presidency, the dismantling of environmental safeguards began. By appointing anti-environmental crusaders like Interior Secretary James Watt and EPA Administrator Anne Gorsuch to office, Reagan and the entire Republican Party signaled their naked contempt for the green movement. Their success was limited, however, and both Watt and Gorsuch were so universally disliked even by members of their own party that they were removed from office after serving a matter of months. But the battle lines had been drawn, and the business community and the Republican Party remain vehemently opposed to the environmental protections that define much of the green movement. The Green Movement Today: Science vs Spiritualism Like many social and political movements, the green movement has been strengthened and annealed by the forces that oppose it. After James Watt was appointed to lead the Department of the Interior, for instance, membership in the Sierra Club grew from 183,000 to 245,000 in just 12 months. Today, the green movement is again defined and galvanized by its command of issues like global warming and climate change, wetlands preservation, the Keystone pipeline, nuclear proliferation, hydraulic fracturing or fracking, fisheries depletion, species extinction and other important environmental concerns. What distinguishes the green movement today from the earlier conservation movement is its emphasis on science and research. Speaking in spiritual tones and using religious metaphors, early environmentalists like Muir and Thoreau celebrated nature for its profound impact on mans emotions and our souls. When Hetch Hetchy Valley in California was threatened by a dam, Muir exclaimed, Dam Hetch Hetchy! As well dam for water-tanks the peoples cathedrals and churches, for no holier temple has ever been consecrated by the heart of man. Now, however, we are far more likely to call upon scientific data and empirical research to buttress arguments in favor of wilderness preservation, or against polluting industries. Politicians cite the work of polar researchers and use computerized climate models to battle global warming, and medical researchers rely on public health statistics to argue against mercury pollution. Whether these arguments succeed or fail, however, still depends on the vision, the passion and the commitment of the people who make up the green movement.

Sales Development and Merchandising Case Study Example | Topics and Well Written Essays - 2000 words

Sales Development and Merchandising - Case Study Example The secondary source of information was the brochures and promotional material that the hotel manager provided as well as various hotel guides, reviews on the internet and the corporate website. I also stayed at the hotel for a day to get a feel of its environment, ambience and service and to understand its positioning fully. All the information and observations were recorded and classified into various subtopics. These included general information, consumer insights, desired positioning and image for Holiday Inn and communication strategy. These were then analyzed and feedback was incorporated into the assignment to give it a logical finish. Even though access to the hotel was fairly easy, certain problems were encountered in doing the assignment. Often customers had highly skewed perspectives of the hotel. Most had a very good opinion of the hotel while few also hated the international chain. However, it was alarming that no one considered the hotel to be moderate or average. To eliminate this skew ness from the sample, customers were encouraged to present a balanced picture of the hotel, detailing both the pros and cons. Sometimes this required prompting on part of the interviewer. Secondly certain formats and samples ... Even though I stressed on the importance of the information, the management was highly unwilling to furnish me with the same. Therefore I asked them to erase the confidential information and just present me with format of documents such as the order form format etc. Hotel Summary Holiday Inn is a 5-star hotel with all the services that make it a pleasure to stay at. It offers facilities and features which are exclusive to holiday inn and are not offered anywhere else. These include indoor water parks which provide an opportunity for relaxation and enjoyment within the premises of the hotel. It is a highly unique feature. It has a feature of kids eating for free which exists for most hotel packages and offers a discounted rate for senior citizens. It also has a unique reward program for group meetings. The hotel comes across as a convenient refuge for people. Its sup is mainly convenience with a bit of relaxation thrown in. In all its offers such as advance booking and park, stay and go for hurried travelers. The hotel is offering packages in line with its current sup and positioning. All its communications focus on the convenience aspect with some depiction of the relaxation opportunities as well. This can be deduced from the website which has related links for traveler's right on the main page, so that customers do not have to look elsewhere. Also, the information on the website is highly organized. and well classified. There's a lot of focus on corporate customers which again endorses the convenience positioning. It also has an image associated with being economical and being good value for money. It does not target the elites or very rich people. It offers services of Wife, spacious guest rooms, full service

Portfolio Credit Risk Essay Example | Topics and Well Written Essays - 2000 words

Portfolio Credit Risk - Essay Example More precisely, I analyse the impact of uncertainty about input parameters on the precision of measures of portfolio risk. I confine the analysis to losses from default, i.e., exclude the risk of credit quality changes, and model default correlations by means of correlated latent variables. The framework builds on CreditMetrics (JP Morgan, 1997), and closely resembles the one used by the Basel Committee on Banking Supervision (2001) to adjust capital requirements for concentration risks. The necessary inputs for assessing default risk are default rates, recovery rates, and default correlations. They are usually derived from historical data, which means that their precision can be inferred using standard statistical methodology. This is the first step of the analysis in this paper. In the second, I determine the accuracy of value at risk (VaR) measures in the presence of noisy input parameters. This is done separately for portfolios which differ in their average credit quality and in diversification across obligors. The aim of such an analysis is threefold. First, the results are useful for defining the role credit risk models should play in credit portfolio management and bank regulation. Second, modelling parameter uncertainty allows to compute risk measures which take estimation error into account. Since the loss distribution is a non-linear function of the input parameters, its estimate can be biased even if the parameter estimates are not. To correct such biases, I employ a Bayesian approach and analyse the predictive distribution, which averages the loss distributions pertaining to different but possibly true parameter values. 1 Finally, the analysis helps to identify inputs with a large marginal benefit of increasing input quality. The analysis shows that estimation error in input parameters leads to considerable noise in estimated portfolio risk. The confidence bounds for risk measures are so wide that losses which are judged to occur with a probability of 0.3% may actually occur with a probability of 1%. Several observations, however, suggest that available credit risk models can be useful for risk management purposes even though their application is plagued with data problems. The magnitude of estimation error is comparable to a setting in which VaR estimates can be based on a long time series of portfolio losses, and it differs little between perfectly diversified portfolios and small portfolios with 50 obligors. In addition, the bias in conventional VaR figures which results from estimation error is modest. The relative importance of the three input factors for the quality of VaR estimates depends on the portfolio structure and the extremeness of the events under analysis. The impact of correlation uncertainty, for instance, is larger for more extreme events and for riskier portfolios. Related papers are Jorion (1996) and Butler and Schachter (1998)