Statistical Terms Glossary

A standard issue of a security.

In relation to investments, a reference portfolio or index constructed on the basis of the objectives for the liquidity and risk of, as well as the return on, the investments. The benchmark portfolio serves as a basis for comparison of the performance of the actual portfolio.

A portfolio in each major currency representing an assessment of the most efficient passive portfolio strategy the bank could adopt if it decided to abandon its active trading strategy, while keeping an average portfolio duration of 12 months.

Establishment of a criterion, standard or reference point against which targets can be established and progress measured.

An organism directly or indirectly advantageous to plants or plant products, including biological control agents (BCAs).

Beneficial insects are divided into two groups, parasites and predators. A predator is an organism that, during its development, consumes more than one prey individual. Parasites can be further divided into parasites and parasitoids. A parasite is an organism that lives in or on the body of its host without killing the host, but usually debilitating the host to some extent. A parasitoid, on the other hand, is an organism that, during its development, lives in or on the body of a single host individual, eventually killing that individual.

The use of water for purposes that have clear and tangible benefits, such as for household uses, irrigation, industrial processing and cooling, hydropower generation, recreation and navigation.

An individual who is entitled to a benefit (including the plan member and dependants).

A benefit is a transfer in cash or kind provided to an individual or household on the basis of an entitlement or need. It can be either a direct benefit in the form of care, or indirect benefit consisting of a reimbursement of the expenses borne by the person concerned.

Payment made to a pension fund member (or dependants) after retirement.

A method of computing the distribution of public expenditure across different demographic groups, such as women and men. The procedure involves allocating per unit public subsidies (for example, expenditure per student for the education sector) according to individual utilization rates of public services.

A statement of the pension benefits an individual has earned (in a defined benefit plan) or a prediction of what the final pension might be (in a defined contribution plan).

A practice used to estimate economic values for ecosystem services by transferring information available from studies already completed in one location or context to another. This can be done as a unit value transfer or a function transfer.

Data should be collected on all aspects of the biology and ecology of VMEs and deep sea marine species habitats and ecosystems.

Bequest benefits are derived from the continued existence of elements of the environment because they may one day provide benefits for those yet to be born.

The most commonly used Domain Name System (DNS) server on the Internet. BIND was originally created by four graduate students at the Computer Systems Research Group at the University of California, Berkeley, and was first released with 4.3BSD.

The Berlin Agreement is the Common Agricultural Policy (CAP) reform package to which European Union heads of state agreed in March 1999. Beginning in 2000, the package reduces price supports and increases direct payments for cereals and beef, while lowering oilseed direct payments (by harmonising them with cereal payments) and raising the milk quota. Dairy support price reductions and the introduction of new dairy direct payments are delayed until 2005, along with a second round of milk quota increase. Like the initial proposal by the European Commission which was not accepted, the agreement is often referred to as Agenda 2000.

Treaty, administered by the World Intellectual Property Organization (WIPO), for the protection of the rights of authors in their literary and artistic works.

The International Union of Credit and Investment Insurers. This Union is an informal association of export credit insurance agencies, founded in 1934. The two main objectives of the Berne Union are the promotion of the international acceptance of sound principles in export credit insurance and investment insurance, and the exchange of information relating thereto. The almost 50 members meet twice a year to exchange information and seek to establish common standards, for instance on the appropriate down payment and repayment periods for various kinds of exports. Informal credit ratings of the borrowing countries are maintained. They also consult with each other on a continuing basis, and cooperate closely. All members participate as insurers and not as representatives of their governments.

In a Bertrand model of oligopoly, firms independently choose prices (not quantities) in order to maximize profits. This is accomplished by assuming that rivals' prices are taken as given. The resulting equilibrium is a Nash equilibrium in prices, referred to as a Bertrand (Nash) equilibrium.

The term best available technology is taken to mean the latest stage of development (state of the art) of processes, of facilities or of methods of operation which indicate the practical suitability of a particular measure for limiting discharges.

A new issue which is not underwritten and not purchased as a whole from the issuer, but is sold by securities dealers on a sell what can be sold basis.

Innovative policy, strategy, programme, process or practice with demonstrated positive impact upon performance, currently being used by at least one major employer, and that is relevant and applicable to others.

A technique, method, process, activity, incentive, or reward that is believed to be more effective at delivering a particular outcome than any other technique, method, process, etc. when applied to a particular condition or circumstance. The idea is that with proper processes, checks, and testing, a desired outcome can be delivered with fewer problems and unforeseen complications. Best practices can also be defined as the most efficient (least amount of effort) and effective (best results) way of accomplishing a task, based on repeatable procedures that have proven themselves over time for large numbers of people