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CAG report slams ONGC for incorrectly reporting crude oil production
The Comptroller and Auditor General (CAG) of India has slammed the "over-reporting and incorrect reporting" of crude oil production by the ONGC, and recommended that the company should not include items like condensate, basic sediment and water as crude oil production.
 
"The over-reporting and incorrect reporting of crude oil production has presented an inaccurate picture of performance of the company on crude oil production and has led to the company sharing an additional subsidy burden of Rs 18,787.43 crore from 2012 to 2015," said the CAG report tabled in Parliament on Monday.
 
It said the "measurement and metering system" for crude oil production in the state-run company also had "several infirmities".
 
The CAG report recommended that the company should report condensate as a "separate stream as opined by the international consultant".
 
The official auditor maintained that in western offshore for the ONGC operations, the reported production quantity measured at offshore platforms were higher than the actual sale quantity "with the bulk of differences in volume arising during transportation of crude oil in a closed pipeline".
 
The CAG added: "Reasons for the differences should have been investigated and corrective action should have been taken."
 
Moreover, the report said: "In onshore areas, it was noticed that to reconcile over-reported production, fictitious inflating of closing stock of crude oil, erroneous reporting of theft of crude oil and reporting non-existent pit oil as stock were adopted."
 
The CAG said: "The company should strictly adhere to prescribed schedules laid down for calibration of all crude oil measuring devices such as storage tanks and Mass Flow Meters, Turbine Meters, Auto Suppliers etc in both offshore and onshore assets to ensure accuracy of their measurement".
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Why people 'pass the buck' when needed to make decisions
When making a business decision, choosing a hotel, ordering meals, or even participating in experiments, people are more likely to assign decision making to others or "pass the buck" when faced with such choices that affect others.
 
However, it doesn't happen when those decisions affect only themselves, says a new study.
 
The findings showed that decisions are more likely assigned, when it has potentially negative consequences.
 
People are two or three times as likely to assign an unappealing choice on behalf of someone else than one on their own behalf.
 
In an experiment, in the study, participants imagined that they or their bosses needed a hotel reservation for an upcoming business trip. 
 
They were more likely to assign the choice to an office manager when the reservation was for a boss than for themselves, especially when the options were unappealing two-star hotels rather than luxurious five-star hotels.
 
"People care more about avoiding blame for bad outcomes than getting credit for good outcomes," said Mary Steffel, Assistant Professor at Northeastern University in Massachusetts, US. 
 
In another experiment, participants were again faced with the challenge of choosing a hotel from a list of unappealing options. 
 
The researchers found that people were more likely to assign when the reservation was for their bosses than for themselves, regardless of whether their bosses would know they made the reservation, showing that avoiding blame is not the only reason people delegate choices for others.
 
"Assigning isn't just about avoiding blame," Steffel said, adding, "the mere prospect of feeling responsible for others' poor outcomes is enough to increase delegation."
 
Individuals avoided delegating if they themselves would still be held officially responsible for the choice outcomes, the researchers said. 
 
In addition, they also avoided delegating to co-workers below them, regardless of who would be officially held responsible, because, researchers said, they believed that they would still maintain responsibility and blame if the choice were to turn out poorly.
 
The study sheds greater light on understanding when and to whom people are likely to delegate decisions. 
 
Furthermore, "it also reflects why managers sometimes fail to delegate decisions to their employees even when not doing so creates organisational inefficiencies - because they expect to assume blame for the choice regardless of whether they made it themselves." Steffel concluded in the study published in the journal Organizational Behavior and Human Decision Processes.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Olympic exotica: Pin collectors add colour and informal social exchange at Games
"I can give you Barcelona, if you give me Rio." That's a snatch of conversation you are likely to hear in various forms on the sidelines of the Olympic Games, where dozens of lapel pin collectors have congregated from all over the world.
 
Often spreading their wares just outside the stadia or the main press centre, the pin travellers largely do it as a hobby rather than as a commercial venture.
 
Many participating countries give away these pins as presents, as do some big companies and sponsors. Pins are also made in various shapes, sizes and colours by the Games organisers, to be given away. The earliest Games had modest giveaways made of cardboard. Today they are largely metallic or plastic.
 
Pins encompass the culture of the most challenging games in the world and become storehouses of memories for those who were there.
 
For the organised collectors, though, it's an exotic hobby, where they spend money to be at the Games, mostly hanging around outside. Every regular attendee knows that they are a constant feature. Most of these organised collectors have a regular job back home from where they take leave to pursue this unusual fixation. 
 
Take Timothy Jamieson of Virginia, US, for instance. He is an architect by profession and during regular times -- except for a few weeks during Olympic season -- he helps build hotels. 
 
He has attended 14 Olympic Games, both summer and winter, and will keep on doing this as long as he can. "I start preparing for the Games around three months ahead of the opening, and I usually carry between 2,500 to 3,000 pins with me," he says.
 
Jamieson's total collection is about 30,000. Most of his pins are taken in on exchange, but he does sell some of them. "It often pays for my air ticket and sometimes even the stay," he says, though making money is not the priority. 
 
The price at which he sells a pin is usually between $10 and $20. The highest one he ever sold was for $100.
 
For Jamieson the most exciting time was at the Winter Olympics in Nagano, Japan in 1998. Because of enhanced interest of the Japanese, all the local pin sellers ran out of the product. He had obtained some 300 Nagano Olympic pins which he sold at a very good profit. "The Japanese are crazy for pins," he says.
 
Fredric Gariga came from Barcelona to see how many pins he could exchange. Selling is not on top of his mind. "I would probably exchange 2,000 to 3,000 pins by the end of Rio 2016 and possibly sell around 200," he says, adding that for him it's "completely a hobby".
 
Gariga works in Barcelona with the local government regulator of shops and finds time for a few weeks during Olympics. He has attended eleven summer and four winter Olympics. "It gives me great pleasure and I get to also see some of the events."
 
Although the pin collectors get official accreditation to be near the stadia or the press centre, they do have to buy tickets to attend an event. But he doesn't mind that. "I enjoy watching swimming, tennis and diving."
 
Obviously, if the organised pin collectors set up their makeshift, informal shops, there must be consumers. There are hundreds who look for exotic pins. These are often the regulars, including players, visitors and even media persons.
 
Hobbies do take many shapes and forms. So widespread has become the interest that some countries have pin societies and pin clubs.
 
Douglas Todd is a medical doctor working in emergency shifts at a hospital in San Diego, US. For him, too, making money through selling the pins is not a priority. 
 
His interest started when the Olympic Games were held in Los Angeles in 1984. Rio is his 17th Games, including the winter ones.
 
"I have a collection of thousands, but I never counted," says Todd.
 
Todd found the Beijing games in 2008 the most exciting with thousands seeking out the pins. "Rio could be another Beijing," he says. Many of them pin their hopes on that.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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