Common alarm-related events leading to injuries or deaths.
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Highly reliable, precise, user-friendly, and cost-effective clinical alarm systems are critical to efficient functioning of health-care facilities [1, 2, 3]. Despite tremendous progress over the past few decades, the “perfect solution” remains elusive, with focus being placed primarily on clinical indications and appropriateness of use for the existing equipment and monitoring frameworks [3, 4, 5, 6]. Beyond the concept of “false alarm,” suboptimal implementation of clinical monitoring systems can have much more profound and potentially dangerous consequences [7, 8, 9]. One such consequence, and the primary topic of this chapter, is the phenomenon of alarm fatigue (AF). It is defined as the decrease of clinician response caused by excessive alarms, sensory overload, and desensitization, in addition to other occupational and environmental variables [9, 10, 11]. Among contributing factors are also high staff workload, long shift hours, and work environments with high noise levels, all of which contribute to the “desensitization effect” associated with AF [10, 12].
\nHospital patient care units tend to be high-paced and potentially unpredictable environments, with complex workflows. Multiple simultaneous interactions between patients, families, and health-care staff may create an added element of chaos [13, 14]. To help nurses and other staff cope with their many responsibilities, various audible and visual alerts have been implemented to prompt immediate response and clinical assessment of patients [15]. These alerts are relayed from patient monitoring devices, which provide continuous flow of vital sign data with a high degree of sensitivity. The advanced technology used in these surveillance systems has provided a significant amount of physiological data at low cost while being particularly helpful by facilitating the monitoring of critically ill patients to identify deviations of vital signs (e.g., heart rate, respiratory rate, blood pressure, and pulse oximetry) from normal ranges [16]. However, when various clinical alarm systems are superimposed on the need for constant vigilance in the setting of highly challenging and often chaotic environment of the typical clinical unit, the stage is set for the emergence of AF and other forms of cognitive lapses [17, 18, 19].
\nThe prevalence of various monitoring modalities has increased significantly, with most health-care institutions utilizing some broadly defined combination of different alarm systems. As the use of these systems became more widespread, a major flaw became evident: the excessive amount of triggered alarms was contributing to unintended consequences, both in terms of patient outcomes and staff fatigue/dissatisfaction [8, 20, 21]. The high rate of nonactionable alarms, where immediate action is not required on the behalf of clinicians, was especially problematic [22]. In fact, the increasing frequency of “false alarms” has a significant desensitization effect on hospital staff, whereby some alarms may be erroneously “dismissed by assumption” as being “noncritical” [23]. This desensitization leads to both increased response times and decreased, or even lack of, clinician response. In the setting of a busy hospital, it is commonplace to hear constant chimes and beeps, each coming from different machines and indicating different “alarm conditions” (Figure 1). It should be more of an expectation that clinicians become desensitized to extraneous stimuli given the constant sensory bombardment coupled with the need for vigilance and differential interpretation of each alarm [25, 26]. When further compounded by heavy clinical workloads and long shifts, it becomes a matter of “statistical probability” before a critical alarm is missed [27, 28, 29]. Given the effect of this potentially dangerous phenomenon on both quality and safety of patient care, closer scrutiny of AF and related concepts is warranted. In this chapter, we will present a vignette-based discussion outlining fairly typical AF scenarios. Opportunities for improvement, including equipment, personnel, and systems-based considerations, will then be provided.
\nConceptual model for daily observed alarms at a typical acute care hospital. Data shown in proportion to different scales, from individual patient to entire institution, showing the true magnitude of the problem (source: Ref. [
For the purposes of this chapter, the authors performed a thorough literature search using PubMed, Google Scholar™, and Bioline International. Primary search terms included “alarm fatigue,” “health-care alarms,” “patient monitoring,” “provider burnout,” as well as secondary terms consisting of various combinations of primary search terms. From over 47,000 unique search results, we distilled 73 most pertinent references immediately relevant to this document. Finally, additional sources that were cited across our primary search results were added, for a total of 101 references included in the final manuscript.
\nA diverse number of patient monitors are widely used across various health-care settings [30, 31, 32]. When employed correctly, they provide potentially valuable, actionable, and real-time information about a patient’s clinical status. Different monitoring devices are intended to measure different parameters, potentially allowing for rapid assessment of a patient. This is especially relevant in the context of the current discussion of AF and more specifically the domain of alarm trigger accuracy [32, 33]. As clinical monitoring becomes more sophisticated and better integrated, remote (off-site) implementations also become possible [34, 35, 36]. The subsequent discussion will outline major types of monitoring equipment and alarms, including ventilation/oxygenation, hemodynamic, and pressure point alert systems.
\nIn general, primary ventilation/oxygenation alarms (VOA) include capnography and pulse oximetry, respectively. More broadly, respiratory parameter monitoring indicates the patient’s oxygen saturation, respiratory rate, and end-tidal carbon dioxide [33, 37]. The use of VOA has been particularly important for critically ill patients who require mechanical ventilatory support. In such applications, the monitor is designed to be exquisitely sensitive to detect even the slightest changes in a patient’s oxygenation or ventilation status [38]. As demonstrated in
Hemodynamic alarms (HA) monitor a variety of parameters, of which the most common ones include heart rate, systolic/diastolic/mean blood pressure, and various other intravascular pressure measurements via both invasive and noninvasive approaches [37, 40]. Hemodynamic monitoring has become a useful tool for the bedside assessment of patients in a number of clinical scenarios, from routine telemetry applications to advanced intravascular catheter utilization. There is some degree of predictability based on measured parameters, especially when trend determination and volume responsiveness are being considered [41, 42]. Hemodynamic monitors are particularly important in the setting of an unstable (or potentially unstable) patient, similar to the one described in
Bed and chair pressure sensor (BCPS) alarms are utilized across many hospitals and other health-care facilities to help reduce mechanical falls among patients who experience ambulatory or balance difficulties [47, 48]. Falls typically occur as patients attempt to mobilize and/or ambulate without the required assistance of trained health-care staff [49]. Consequently, the use of BCPS alarms serves to alert staff—typically by a pressure-sensitive mechanism—when a patient attempts to move from a bed or chair without assistance. However, the weight-sensitive pads are easily triggered by very slight patient movement, resulting in a significant number of false alarms [50, 51]. This challenge was readily apparent in
In summary, the above-referenced monitor/alarm types have become an important part of the modern health-care fabric. Despite their ubiquitous use and great potential for constructive and practical clinical application, each type of device carries inherent flaws that providers must be aware of. Detailed knowledge of the risk-benefit equation associated with each device and clinical alarm type is important not only for patient safety but also required to help improve the quality and accuracy of the next generation of monitoring devices.
\nPatient monitors are designed to have high sensitivity to predefined changes in various measured parameters, including vital signs, respiratory/ventilator status, and patient movements. However, the major drawback associated with high alarm sensitivity is the poor specificity and inherently disproportionate number of nonactionable (or nonclinical) alarms triggered [22, 53, 54]. Depending on the specific alarm and clinical setting, the estimated in range of “false positives” may be as high as 80–99% of all triggered alarms [8]. Broadly speaking, nonactionable alarms can be categorized as false alarms, nuisance alarms, and technical alarms (Figure 1). To elaborate further, false alarms occur in the absence of an actual patient or system trigger and typically result from a measurement artifact [55]. Technical alarms mandate the provider to attend to some operational aspect of the monitoring system, such as when readjustment of monitor leads/sensors is required [21]. Nuisance alarms are defined as clinically insignificant alarms that may interfere with patient care [10]. In aggregate, these nonactionable alarms are a major cause of the overall desensitization of hospital staff that may ultimately result in AF (Figure 2).
\nSchematic representation of the classification of alarm types triggered by various patient monitoring systems, including both actionable and nonactionable alerts (source: Ruskin [
Furthermore, to be effective, the alarms transmitted by monitoring systems must trigger some degree of cognitive response in health-care providers. This equates to introducing stress and the need for constant vigilance, both of which further heighten the risk of AF [56, 57]. When multiple clinical competing priorities collide, it becomes increasingly difficult for a provider to proactively address all ongoing problems, thus forcing them to resort to only partially addressing acute issues while at the same time disrupting other (parallel) activities due to multitasking [58, 59, 60, 61]. Consequently, an ideal alarm should be perfectly audible and easily recognized by health-care providers working within the patient care unit [8], while at the same time minimizing the amount of stress imposed on the responding clinical staff.
\nThe increasingly complex environment of modern health-care systems has led to several important considerations regarding the practical application of monitoring systems. For example, space-related issues deserve special mention, with overly crowded clinical units creating an abundance of alarm-related stimuli and geographically larger clinical units presenting a barrier to prompt patient access. Elevated acuity and high patient throughput are also important considerations in this context [62].
\nFurthermore, technological advancements facilitated the development of increasingly sophisticated alarm systems, with novel features designed to decrease the nuisance factor of the alert mechanism while preserving the level of overall clinical vigilance [63, 64]. These are intended to provide a range of alarm tones that allow care providers to easily identify and prioritize alarms, typically as high, medium, or low priority. However, the implementation of such systems (e.g., IEC 60601-1-8 standard) has presented challenges in terms of recognizability of melodic alarm tones. More specifically, nurses found it difficult to accurately identify all of the melodic tones signifying high-priority alarms, in addition to the potential for confusion between certain alarm pairs [65]. An example of such phenomenon is presented in
A 62-year-old female was admitted to the local hospital 5 days ago due to chronic obstructive pulmonary disease (COPD) exacerbation. She was diagnosed with COPD several years prior and remained stable with no history of exacerbations until 1 week ago when she developed a progressively worsening cough. Soon after her symptoms worsened, she began to feel shortness of breath that was not relieved by rest. At this point, her family insisted she go to the hospital for evaluation. Upon arriving in the emergency department, short-acting bronchodilators and oral corticosteroids were administered with only mild symptomatic improvement. Given the patient’s dyspnea at rest, as well as decreased oxygen saturation of 86%, she was admitted to the pulmonology unit. Supplemental oxygen and intravenous corticosteroids were administered.
\nAt admission, continuous pulse oximetry monitoring was started. The patient’s hypoxemia seemed to improve slightly over the next 4 days, with oxygen saturation climbing to 88–90% range. Still, the patient’s ventilatory monitor sent alarm signals to the hospital staff several times an hour due to high respiratory rate and episodic oxygen desaturations. Alarm signals were transmitted as either a single low tone (respiratory rate) or a double alarm (desaturations), alternating between low and medium tones. The difference of alarm tone indicated the range in which the patient’s oxygen saturation was measured, but the assigned night-shift nurse found the tones to be too difficult to distinguish and would routinely just perform an in-person check of the saturation level upon entering the room. Throughout the first two nights, the same nurse responded to the alarms in a timely fashion, only to find the patient stable and with no signs of acute distress. Assuming that alarms are unlikely to represent any actionable clinical events, the same nurse then began to silence the sounds and began checking on the patient hourly. In the early morning hours of the fourth day, the nurse silenced the alarm once again, intending to assess the patient once the remainder of her rounding routine was completed. When the nurse finally came to the patient’s room an hour later, she found the patient unresponsive and cyanotic. A rapid assessment showed an oxygen saturation of 79%. The patient was immediately intubated, transferred to intensive care unit, and mechanical ventilation was initiated.
\nA 65-year-old male with a history of osteoarthritis of the right knee and refractory pain underwent preoperative evaluation by an orthopedic surgeon. Given his adequate performance status and lack of comorbidities, the patient was determined to be a suitable candidate for total right knee arthroplasty. The surgical procedure was uneventful, with appropriate antibiotic and venous thrombosis prophylaxis administered perioperatively. Following a brief recovery in the postanesthesia care unit, the patient was transferred to the inpatient floor with expected discharge within 5 days postsurgery. Due to the nature of his surgery and apparent fall risk, the patient’s room was fitted with weight-sensitive bed and chair alarms. During the first 3 days, he remained relatively sedated due to the frequent administration of pain medications. However, as the patient began to regain strength, his analgesia regimen was tapered. On day 4, the concurrent increase in patient’s movement began to trigger his bed monitor to the point where the on-call nurse was receiving nearly constant alarm notifications. Multiple times, the nurse entered to assess the patient only to find him resting comfortably without apparent attempt to leave his bed. Later that night, after leaving the patient’s room, the nurse was unexpectedly assigned to three additional patients due to an unplanned absence of a coworker. As the nurse hurried to assess the new patients, the bed monitor transmitted yet another alarm signal. Annoyed by the repeated negative alarms, the nurse disabled the alerts from the bed monitor, intending to check in after tending to her newly assigned patients. When she finally returned to the patient’s room, she found him sprawled on the floor and writhing in pain. The patient, emboldened by his rapid recovery, had attempted to ambulate to the bathroom without assistance and lost his balance in the process. The intense pain prevented him from reaching the call button on the hospital bed, so he was forced to lie on the floor in pain for approximately 1 h. A subsequent skeletal survey revealed a left hip fracture, which required additional surgery, prolonged hospital stay, and the need for inpatient rehabilitation stay due to temporary disability involving bilateral lower extremities (e.g., right knee arthroplasty and left hip injury).
\nA 71-year-old male with a history of multiple myeloma was admitted to the urgent care center after noticing sudden onset of right lower extremity swelling associated with minor pain. The patient began induction therapy for multiple myeloma approximately 1 year prior, achieving adequate disease control. He was subsequently transitioned to maintenance treatment, which he continued for the past 6 months. Evaluation in the urgent care center with venous duplex studies revealed a deep venous thrombosis (DVT). Because of the patient’s established history of malignancy, the triage clinician opted for hospital admission and therapeutic anticoagulation. While being transferred to the inpatient unit, unfractionated heparin anticoagulation was started. Per standard protocol, monitoring equipment was hastily fitted to the patient for noninvasive measurement of his blood pressure and heart rate. Overnight, the patient remained stable, with some resolution of lower extremity of pain despite persistent swelling. The on-call physician assessed the patient during morning rounds and ordered to repeat venous duplex for the afternoon to evaluate for resolution/progression of the DVT. Of note, throughout the night and into the morning hours, the patient’s hemodynamic monitor had been sending intermittent alarm signals. With the first few alarms, the charge nurse promptly responded and quickly assessed the patient for any signs of instability or distress. However, as the shift progressed, the nurse increasingly dismissed repeated signals as “false alarms” due to a recurring pattern of mildly elevated blood pressure and heart rate secondary to episodic extremity pain. Because the inpatient unit continued to be understaffed during the morning shift, the charge nurse decided to disable the patient’s repeated monitor alarms after the patient was assessed during morning rounds and found not to have any acute issues. It was hoped that this decision would eliminate the distraction of the nuisance alarms. However, during the patient’s routine afternoon assessment, the rounding physician noted cold and diaphoretic extremities with markedly increased swelling. Interrogation of the monitor system revealed progressive bradycardia and hypotension over the past hour. An emergency CT angiogram showed a massive pulmonary embolism, prompting immediate thrombolytic therapy and patient transfer to intensive care. Despite aggressive management, the patient’s shock became refractory, culminating in his death several hours later.
\nThe three hypothetical clinical scenarios outlined above share a common theme: dedicated monitoring systems implemented to ensure early detection of clinical deterioration and thus patient safety were utilized either ineffectively or incorrectly. In all three vignettes, a confluence of factors (environment, patient, medical personnel) subsequently led to AF and then adverse patient outcomes. In the following sections, we will further discuss the phenomenon of alarm fatigue, focusing on its impact on daily clinical practice.
\nAfter the general introduction of AF earlier in the chapter, the authors will now discuss this important concept in greater detail. The phenomenon of AF is multifaceted and includes increased clinician response time with simultaneous decreased response rate that is mainly attributed to excessive stimuli from clinical alarms [8]. Depending on patient acuity and clinical monitoring requirements, typical bedside health-care personnel may be exposed to as many as 1000 alarms during a single shift, of which as many as 95% can be nonactionable and thus do not require immediate clinical determination [8, 66, 67]. Given the multitude of clinical alarms, a provider has to sort through during a typical hospital shift, there will be a natural tendency to potentially dismiss certain alarms as insignificant through rationalization. This phenomenon is described in the literature as the natural human behavioral reaction to “deprioritize signals” that have often been proven to be either false or misleading. Thus, staff may begin reflexively disabling or silencing alarm systems, which could effectively mask other alarms that may be clinically significant [68, 69]. To some extent, this behavioral pattern was seen in all three
Certain other factors have been implicated in the increased incidence and severity of alarm fatigue, including greater staff workload, higher patient acuity, and the complexity of the modern health-care environment [10]. Nurses serve as key frontline staff in most clinical settings and play a pivotal role in overseeing patient care and monitoring. Moreover, nurses are subject to significant occupational stress that can be attributed to multiple causes, including heavy workloads [72]. This stress, as outlined in previous sections of this chapter, certainly influences AF by forcing nurses to instantaneously adjust their work activities (and priorities) according to perceived importance of near constant clinical alarm activity. Our
Because multiple factors contribute to AF, many existing models struggle to fully account for (and address) clinician behavioral patterns seen with AF [75]. At the same time, it should be noted that AF is not unique to clinicians. In fact, a similar phenomenon has also been seen among human operators utilizing automated monitoring systems, such as aircraft pilots and nuclear power plant operators. The excessive number of alarm activations leads to the tendency of operators to ignore alerts, particularly when the monitoring system produces a high rate of false alarms or alerts [75]. For these operational environments, it has also been suggested that increased primary and secondary task workloads have a compounding effect on alarm response degradation that may occur in the setting of low alarm system reliability [76]. Similar to the clinical setting, AF can be associated with serious safety risks and represents a similar barrier to the practical application of automated monitoring systems in other fields (Figure 3).
\nThe word cloud demonstrating the multifaceted phenomenon of alarm fatigue.
Significant percentage of nonactionable alarms in the typical modern clinical environment can lead to the development (and subsequent habituation) of AF. As previously mentioned, AF can be characterized by alarm desensitization, mistrust of alert accuracy/utility, and delay of caregiver response (or even lack thereof). Commonly seen reactions to AF include the deactivation and silencing of systems or adjustment of alarm parameters to decrease the number of alarms. Such reactive behaviors have the potential to result in missed critical alarms, leading to patient morbidity or even mortality. In fact, patient safety considerations associated with AF are among the top items of Emergency Care Research (ECRI) Institute’s Health Technology Hazards list [77, 78]. The subject of AF has been extensively studied, primarily due to its high prevalence across essentially all health-care settings. The underreporting of alarm-related events has been recognized as a challenge, and it should be noted that recorded incidents likely reflect only a small proportion of actual events. Available records from the Joint Commission’s Sentinel Event Database show 98 alarm-related occurrences between January 2009 and June 2012 (Figure 4). Of these reported events, several common alarm system issues (Figure 5) were directly connected to events leading to injury or death (Table 1) [79].
\nAlarm-related events and subsequent results from January 2009 to June 2012 (source: Joint Commission’s Sentinel Event Database).
Major contributing factors of alarm-related events (source: Joint Commission’s Sentinel Event Database).
Falls | \n
Delays in treatment | \n
Delays in ventilator use | \n
Medication errors | \n
Additionally, the US Food and Drug Administration’s Manufacturer and User Facility Device Experience (MAUDE) database has identified 566 alarm-related patient deaths between January 2005 and June 2010 [79]. Reports detailing alarm-related events have prompted thorough investigation into AF and possible strategies to address this important phenomenon in the clinical setting.
\nConsidering the potential for very serious clinical consequences of AF, quality improvement measures have been proposed to help reduce both nonactionable alarm occurrences and the incidence of AF. Successful quality improvement projects must address multiple facets of the overall problem, including root causes that lead to AF (Figure 6). For example, poor usability and lack of user-centered devices have the potential for elevating clinical personnel stress levels, creating unnecessary workload and interjecting workflow inefficiencies into an already tense environment [81].
\nThe different aspects of alarm fatigue that can be addressed through different quality improvement approaches (source: Ref. [
Potential solutions for reducing the incidence of AF include multipronged approaches consisting of staff education, equipment (hardware and software) enhancements, and implementation of more efficient clinical protocols or guidelines [82, 83, 84]. From an educational perspective, it is important to ensure adequate staff education, equipment training, and closer team collaboration to improve patient safety within the existing framework [8, 85]. In addition to staff education, hospital policies have been developed and implemented to more clearly define which staff members are able to change alarm settings, as well as how such changes should be made and documented. Many of these polices have also delegated the responsibility of performing clinical alarm monitoring rounds to a staff member in order to allow for continued review of the application of patient monitoring systems [86, 87, 88].
\nTo address the issues of staff workload, two potential approaches have been proposed. The first approach consists of secondary notification systems. The second option involves the use of dedicated staff to oversee alarms. A secondary notification system involves a specialized network interface that algorithmically facilitates the decision process regarding which alarms will be further communicated or escalated to pertinent downstream clinical staff. Further, this system would also enable the automatic escalation of an alert to another clinician, should the primary recipient fail to acknowledge the alarm within a designated timeframe. The use of staff to oversee alarms, while an expensive option, can give additional support to care providers in the form of dedicated personnel whose responsibility is to continuously monitor patient data trends and alarms from a central station [58].
\nNo matter the solution, all the quality improvement processes require a multidisciplinary approach to address the causes and effects of AF. Only through collaborative efforts can substantial change be accomplished to reduce the number of alarm-related events in health care. In addition to the quality improvement measures taken by hospitals, technological advances have also led to more efficient and practical application of patient monitors in the clinical setting. These advances are directed at the reduction of nonactionable alarms with the goal of decreasing the alarm desensitization associated with AF. The importance of adequate information technology support, including better device designs, must be emphasized. As increasingly efficient and complex monitoring equipment is introduced into the clinical realm, certain phenomena, such as the emergence of “unpredictable code,” may adversely affect computer performance (including the ability to effectively recognize important data patterns) and lead to clinical alerts being missed despite the fact that alert-specific data were clearly and provably present [89].
\nIn general, clinical monitoring is based on a careful balance between sensitivity and specificity of alarm signal recognition, as well as the associated threshold setting required to trigger “alert condition” [90, 91]. Increasing monitor sensitivity helps ensure that truly significant events are not missed, primarily using single-parameter alarms and default thresholds [8]. However, as a trade-off this increases the incidence of nuisance alarms that are nonactionable. This issue may be remedied by the development of “smart alarm systems” that use algorithmic approaches to evaluate multiple parameters prior to determining whether the detected change is truly critical, and only then sending an alert to the operator [15]. This improvement in device specificity would result in significantly fewer false alarms and therefore reduce AF. At the same time, the challenges of “unpredictable code” and “interrupted or corrupt data” have been noted and may represent an important safety issue due to the potential for missing data or data misinterpretation, especially when using memory-intensive applications on devices that are continually operating for prolonged periods of time [89, 92, 93, 94, 95].
\nThe ideal patient monitor would have high sensitivity, as well as high negative predictive value for life-threatening clinical scenarios. This would result in excellent “event detection rate” while reducing the number of false and nuisance alarms. Still, any improvement of sensitivity/negative predicative value for monitors must be accompanied by corresponding adjustment to specificity/positive predictive value, ensuring that clinically significant events are captured efficiently [33]. The accomplishment of the above goals may be possible using the application of artificial intelligence (AI) in monitoring systems, wherein AI would be incorporated into logic-based, decision-making systems. The ultimate goal would be the development of clinical monitoring capabilities that reflect and mirror human cognitive/decision-making processes [37]. In the context of this chapter’s
System | \nDescription | \nApplication | \n
---|---|---|
Rule-based expert systems | \nApplication of expert knowledge from a compiled database to new context and simulation of expert decisions | \nDevelopment of a highly specific patient monitor system with electronic access to data available in a multichannel patient monitor and data management system to detect cardiac disturbances [37, 96] | \n
Neural networks | \nUtilization of artificial neural networks to predict disease presence based on advanced information | \nDevelopment of neuronal network used to detect myocardial infarction early on in patients admitted for chest pain [37, 97] | \n
Fuzzy logic | \nDiffuse processing of exact data that does not indicate an explicit conclusion | \nDevelopment of a monitor system able to diagnose simulated cardiac arrest via evaluation of EKG, capnography, and arterial blood pressure [37, 98] | \n
Bayesian networks | \nSystem used for the estimation of event occurrence based on causal probabilistic networks | \nApplication of system for decision support in cardiac event detection [37, 99] | \n
Applications of artificial intelligence in the development of intensive care monitoring.
Source: Schmid et al. [37].
Given the proliferation of advanced monitoring equipment, AF continues to be a major patient safety issue across modern health-care systems. While technological advances show great promise in improving patient care, significant barriers to more optimal implementations exist, including the ongoing struggle to balance the need for high sensitivity versus the excessive number nonactionable clinical alarms. The high frequency of clinical alerts, especially when combined with heavy clinical workload, is known to have negative effects of hospital staff, including alarm desensitization and subsequent delay and/or lack of caregiver response. The resultant AF poses a serious risk to patient safety and has been associated with significant adverse events, including the need for additional or prolonged hospital care, excess attributable morbidity, and even mortality. Prevention of AF requires a multipronged approach consisting of quality improvement measures, staff training, better equipment management (e.g., monitor threshold adjustments) to reduce false alarms, and focus on optimizing staff workload.
\nThe established financial reporting system within an entity is the basic source of information on its financial position and results. The economic and financial globalization of the world market has emphasized the importance of high quality financial reporting. For the business decision-making process, financial and audit reports are the main source of information, as they contain information on financial position, business results, changes in equity, cash-flows and other reliable information [1]. Development of the capital market and the increase in the number of interested parties (investors) created even higher demand of reliable, on time and fair financial statements as the main results of financial reporting. The regulation of the relationship between the state and society, owners of capital and management, various stakeholders and society, and others; has been further improved by a quality financial reporting and audit process. However, in order to fulfill their main purpose for all interested parties, financial statements must provide information that is true, objective, comprehensible, comparable and uniform [2]. In the first place, financial statements have to be publicly available, which is usually regulated by law. For example, Law on Accounting of the Republic of Serbia prescribes that all business entities have to submit their financial reports to the competent institution which later publishes them on the official internet site [3]. Information contained in financial statements can be used for numerous purposes. For example, other business entities can use them in the process of making business, financial, investment and other decisions. Likewise, banks and financial institutions can use them in order to approve loans or assess investment risks related to the certain business entity. However, financial information contained in financial statements are not processed and represent a raw data that should be analyzed in order to assess the performance of a certain business entity. Aside Notes to financial statements, as one of the qualitative statements that business entities prepare and report, all other statements are quantitative in nature and offer hundreds of pieces of data. Therefore, it is of great importance to perform certain type of analysis on the collected data in order to gain a solid basis for business decision making process. Analysis of financial statements is one of the most common methods of assessing business performance. The main goal of conducting the analysis of financial statements is to obtain information on the performance of the observed company, i.e. liquidity, profitability and solvency. Measuring financial performance using compiled and disclosed financial statements is a quantitative analysis of the position of the observed company, including the way in which the company uses the capital invested in business. High quality analysis of the performance of the observed entity provides a comprehensive image of the business, including meeting the information needs of stakeholders. The authors [4] point out in their paper that the analysis of financial performance is crucial in determining the efficiency in terms of the use of available resources. Likewise, an entity owners will be able to assess management skills and decisions that have been made in previous, as well as in current reporting period, so that they could analyze entities strengths, weaknesses and therefore improve their overall performance [5, 6, 7].
Some pieces of data disclosed in financial statements have informational power to be used on their own, such as Total assets, Sales revenue, or Net result. However, informational power of data increases when they are put into relation with other pieces of data. Therefore, financial statements analysis using ratios has been one of the most commonly used methods of assessing business performance. Financial ratio is a relative magnitude of two (or more) selected numerical values taken from financial statements. For example, relation between Net result and Equity will provide information on how much dollars of profit an entity earns for each dollar invested in equity. Results of financial statements analysis can be used to compare performance of a certain entity over a period of time, or for comparison with other entities within the industry. However, since financial statements analysis takes time and there are numerous financial ratios that analysts could use (and the fact that most of these ratios are correlated), the number of ratios that are being calculated and assessed should be reduced so that an analyst could focus on several of them without losing data that could be relevant for the analysis [8]. One of the methods that can be used is Principal Component Analysis (PCA), which reduces number of observed variables for any further, regression, or any other type of analysis [9]. PCA analysis has found its numerous purposes in different industries, for example, in image compressing [9, 10, 11], as well as in biometrics or “bioimaging” where physical characteristics of a person are used for its identification with application on communication devices and security systems.
The significance of PCA results is reflected in the fact that they can be used for more effective and efficient analysis of performance of certain entity, or for all business entities within a certain industry, or if analyzed financial data is related to whole economy, than results could be used for the analysis of all entities within it. The main advantages of PCA are precision of results; reduction of time needed for the analysis and evaluation of results; as well as reduction of related costs and efforts of the analyst.
With the development of technology, we have gained the ability to generate massive amounts of data. The use of correct methodologies for data analysis has become essential when dealing with complex financial challenges. In this paper, we discuss the theory underlying PCA. This type of analysis is one of the most used statistical tools in the field of financial data analysis. To ensure that the proper method is used for the analysis, theoretical knowledge and an comprehension of statistical methods are essential.
PCA is primarily designed as a statistical technique that selectively reduces the dimensionality of data in complex data sets while preserving maximum variance. Since research in the financial sector involves both a large amount of data and a large number of variables simultaneously, it is difficult for us to perform analysis for this type of data.
Visualization techniques are only useful in two or three dimensional spaces, and single-variable analysis does not provide precise results due to overlapping variance. To achieve dimensionality reduction, it is necessary to generate principal components, i.e., a new set of variables containing a linear combination of the original variables. PCA can be used for a variety of tasks. A very small number of components are sufficient to cope with the variability of a data set. Since the number of components is reduced by using principal components, the complexity of the analysis itself is also reduced by avoiding analyzing a large number of output variables.
The standard PCA procedure takes as its starting point a data set in which
This equation is valid even when the eigenvectors are multiplied by −1. Here,
The
For the final outcome of the PCA assessment to be successful and significant, numerous conditions must be met. Initially, it is crucial that the data entered are uninterrupted and that variables should be measured on an interval or ratio scale. This condition must be met because PCA tests important correlation patterns for these variables.
Another crucial requirement is that the relationships between the individual pairs of variables are linear. If there are nonlinear relationships between the individual pairs of variables, appropriate data transformation techniques, such as logarithmic transformations, should be considered. Presumptions for PCA are filling missing values with not null values, outliers handling, and normalization scaling. All outliers should be filtered out prior to analysis, as they can bias the results by affecting the magnitude of the correlation.
To obtain more accurate estimates for the correlation population parameters, a large sample size is required. The data sets must be linear in order to be formed. The basic principle of PCA is that high variance must be taken into account, while variables with lower variance can be considered noise and are not taken into account. All variables must be processed at the same level of measurement.
Eq. (2) associates the eigenvalue decomposition of the covariance matrix
Where
Here
Here
The variability associated with the set of retained principal components can be used to ensure the quality of any
The trace of
It is a common approach to use a pre-specified percentage of the total variance to determine how many principal components to keep, but graphical constraints often lead to keeping only the first two or three principal components. The percentage of total variance is a basic tool for measuring the quality of these low-dimensional graphical representations of the data set.
The biggest problem is the number of components needed to obtain a sufficient number of variances while achieving a reduction in dimensionality. There are several ways to determine the components, and one of them is to set a threshold.
The next very popular approach is the “Scree Plot” [14], where the components are arranged on the
The most popular method is parallel analysis [15], where PCA is performed with as many variables as the original data set includes. The average eigenvalues between the original data set and the simulated data set are measured. Any values from the original data that are lower than the data in the simulated set are discarded.
PCA has many advantages. In terms of maximizing variance in
Factor analysis is a method that is often combined with PCA and it inspires the concept of rotating principal components [16]. Assume that
Another method of simplifying the principal components is to limit the charges of the new variables. This is called adding a constraint. There are several variants of this strategy, one of which uses LASSO linear regression [17], that represents least absolute shrinkage and selection operator. In this approach, SCoTLASS components are discovered, solving the same optimization problem as PCA, but with the additional constraint
PCA is inherently sensitive to the occurrence of outliers and thus to large errors in data sets [19]. As a result, efforts have been made to define robust variants of PCA, and the terminology RPCA has been used to refer to several approaches to this problem. Huber’s early work focused on robust alternatives to covariance or correlation matrices and how they could be used to generate robust principal components [20]. The demand for methods to process very large data sets sparked renewed interest in robust PCA variants. This led to PCA research lines, especially in areas such as machine learning, image processing, web data analysis, and many others.
Wright et al. [21] defined RPCA as the sum of two
where
PCA was first introduced into mechanics by [22], as an analogue of the axis theorem. It was later named “PCA” by [23]. The range of applications in finance and economics is extensive. Take as an example [24], who used PCA to document three factor structures. Stock and Watson [25] used PCA to monitor economic development and activity, as well as the inflation index. Egloff et al. [26] used PCA as a way to analyze the dimensions of inconsistent dynamics. Volatility is a statistical measure that can be used to determine these inconsistencies using a two-factor volatility model. This includes long-term and short-term fluctuations in the volatility structure. Baker and Wurgler [27] used PCA to measure investors sentiment, i.e., their positive or negative view. This was done according to the principle of the number of sentiment proxies before Baker, [28] created the policy uncertainty index. This index represents potential risks in the near future.
The most important item in the construction of PCA is the estimation of the eigenvalues of the covariance matrix sample. Anderson and Weeks [29] and Anderson [30] showed that sample eigenvalues were consistent when dealing with asymptomatic sentiment proxy results. Waternaux [31] proved that similar results are obtained with simple eigenvalues as long as there is a fourth moment in the data. In addition to the discussions in the [32] book, [33] was able to establish the asymptotic distribution of eigenvectors using generalized assumptions.
However, this PCA approach to eigenvalues has some downsides. The first problem is certainly dimensionality, which can be noticed when the cross sectional dimension grows simultaneously with the sample in the same period. Then inconsistencies occur. Another problem arises from linear data types that do not include nonlinear patterns. A third problem [34] arises from the dependence of the asymptotic theory on fixed assumptions for the analysis. For these reasons, we have a problem when we use PCA for reimbursement data. Most of the time, we need years of data to make an assumption, which in turn leads to other problems, such as permanence and consistency of non-fixed parameters. This type of data has backlogs and volatility times often vary.
These problems stimulate the improvement in this field and motivate the development of tools for PCA methods. The approach to the problem, where the number of occurances grows in fixed time periods, touches all the listed downsides. Theoretically, it is known that as the frequency of the sample increases, the estimated variance and covariance increase. This is true until the microstructure of the market begins to take effect. Incidentally, this is not a serious problem if we choose a sampling frequency of minutes, which we use as opposed to the below one second time interval most often used for liquid stocks. A high frequency asymptotic analysis with the cross-sectional dimension is expected as the time interval increases sharply. This high frequency asymptotic framework allows us to perform non-parametric analysis as well as independent, non-static and analysis without underlying parameters as is the case with low frequency processes.
Asymptotic theory is very common in many contexts. Jacod et al. [13] and Jacod and Podolskij [35] also dealt with one problem that we deal with in this paper, where the cross sectional dimensions are invariant and the process is continuous. Mykland and Zhang [36] designed an alternative theory to the one put forward by [37], that discuss inference for volatility function dependence. It is based on the aggregation of local estimates and uses a finite number of blocks. Saha et al. [38] considered the expected values of the integrated covariance matrix under conditions where there is an error measure and the matrix is large containing high frequency data. Tao et al. [39] addressed work on the convergence rate. Jacod and Rosenbaum [40] analyzed estimators, composed of aggregating functions of estimates. They did so using integrated quarticity estimation. Heinrich and Podolskij [41] discussed empirical covariate matrices of Brownian integrals. Here is discussed the measurement of the leverage effect and its evaluation by the integrated correlation method [42].
PCA analysis can be used in analysis of financial data for different purposes. For example [43] used it to identify the type of impact on grouped impact factors, such as assessing the quality of accounting information and facilitating the process of financial analysis conducted by different users. On the other hand, [44] used PCA to assess the impact of the evolution of Finnish standards on IFRS (International Financial Reporting Standards). Finally [45] used PCA analysis to determine the macroeconomic impact on the profitability of Romanian listed companies, using data from 1997 to 2007, and identified following indicators: liquidity, solvency, and firm’s dimension.
When it comes to the use of PCA analysis in financial statements analysis, four papers that focus on Romanian listed companies will be reviewed first. All papers emphasize the importance of using PCA analysis in the analysis of key financial ratios. In the first paper author [46] analyzed the data of 16 initial variables which he grouped into 3 new variables (general efficiency indicator, indicator in correlation with historical debts of companies and development indicator (given long-term debt and deferred income). Those three variables where able to explain 96.72% of initial variability. In the second paper, [47] analyzed data for 2010 including initially seven indicators of standard financial analysis and they reduced them to only two (which explain 94% of initial variability). In third paper, [48] used data from the stock exchange in the period 2006–2011 to identify the main components of financial statements which explain 79.08% of initial variability. The same group of indicators has been used by [43] on research sample that consisted of 111 companies from Madrid stock exchange and 32 companies from Eurostoxx50 for reporting periods 2005–2007. Research results showed that those six indicators explained 87% of total variance, with the first two indicators at app 44% of total variance.
In order to provide an answer on defined research question, 3.013 medium and large business entities were selected by random and used as a research sample. Financial statements for 2019 reporting period have been downloaded manually from the official website of the Business Registers Agency (BRA). BRA is a state administrative body that collects financial statements and corresponding audit reports of business entities that operate within the territory of the Republic of Serbia. Information published by BRA is used for financial analysis of business entities and as a basis of decision-making process. Afterwards, data from the pdf files containing financial statements have been copied and recorded in pre-set up tables in Excel files. Namely, medium and large business entities in the Republic of Serbia have an obligation to prepare and disclose full set of financial statements, consisting of balance sheet, income statement, cash-flow statement, statement of changes in equity and notes to financial statements. Since all previously mentioned statement, except notes to financial statements, are quantitative in nature, they were used for this research. Values originally disclosed in RSD, as the reporting currency, were converted into euros by using the average exchange rate of euros on the balance sheet date (31st December). Values of each financial statement line is presented in thousands, and therefore they are presented as such in this research [49].
Financial statement item lines in official financial statements are marked by corresponding automatic data processing number (in Serbian: Automatska obrada podataka—AOP), that belongs to the national nomenclature system. These markings are used in order to perform control of mathematical calculations before each financial statement is accepted for publishing by BRA. They also serve as an instrument of connecting data and information regarding the same financial statement item presented in financial statements. Balance sheet items cover automatic data processing numbers from 0001 to 0465; income statement from 1001 to 1071; statement of cash-flows from 3001 to 3047; and statement of changes in equity from 4001 to 4252. Table 1 shows the formulas used for the calculation of the selected financial indicators that will be used in this research. Having in mind that these variables will be used in order to differentiate business entities to three major types of business activities, these variables have been selected by a common sense.
Variables | Derived from |
---|---|
Fixed assets in total assets | AOP2/AOP71 |
Percent sales of merchandise in total operating revenue | AOP1002/AOP1001 |
Percent sales of products and services in total operating revenue | AOP1009/AOP1018 |
Percent cost of merchandise sold in total operating expenses | AOP1019/AOP1018 |
Percent cost of material in total operating expenses | AOP1023/AOP1018 |
Percent fuel and energy cost in total operating expenses | AOP1024/AOP1018 |
Percent wage cost in total operating expenses | AOP1025/AOP1018 |
Percent productive service cost in total operating expenses | AOP1026/AOP1018 |
Percent depreciation cost in total operating expenses | AOP1027/AOP1018 |
Percent raw material in total assets | AOP45/AOP71 |
Percent WIP in total assets | AOP46/AOP71 |
Percent finished products in total assets | AOP47/AOP71 |
Percent WIP and finished products in total assets | (AOP46 + AOP47)/AOP71 |
Percent merchandise in total assets | AOP48/AOP71 |
Calculation of selected financial indicators.
Data preparation is a key process in data analysis. The basic preparation and cleaning procedures are:
Preparing a copy of the table
Adding new attributes
Conversion of column types
General data cleaning and adjustment
Specifically, the cleaning includes the following items:
Editing date variables—the most common formatting problems
Recoding of zeros/missing values
Decoding categorical variables using labels and hot encoding
Arranging outliers
Application of normalization/standardization/ log transformation
Calculating descriptive statistics—mean, median, mode, standard deviation, variance, rank, etc.
Calculating inferential statistics - distributions, t-value, p-value, frequencies, cross-tabulations, correlation, covariance, etc.
More advanced techniques include:
Coding:
Categorical variables are labeled as character variables and must be converted to a factor type for modeling purposes. Queues perform this task.
Outliers:
For numeric variables, we can identify deviations numerically by the value of the bias.
Normalization/logarithmic transformation:
One of the techniques to normalize the biased distribution is logarithmic transformation. First, a new variable is created, while later the value of the bias of this new variable is calculated and printed.
Standardization:
One of the standardization techniques is that all characteristics are centered around zero and have approximately the variance of one unit. Scaling is used so that the variable is converted. The result is that these variables are standardized with a mean of zero.
As part of the preparation for PCA, firstly missing values from the dataset were filled with zeros. After that, the data was scaled by using a standard scaler, which standardizes features by removing the mean and scaling to unit variance. The preprocessed dataset, was then used for:
PCA
Sparse PCA
Robust PCA
All three of the PCA methods were instanciated with the number of components set to 7. After PCA, the now transformed data went through several clustering methods for the purpose of comparing results. The clustering methods that were used for each PCA are:
K-means clustering
Agglomerative clustering
BIRCH clustering
Gaussian Mixture
Spectral clustering
Furthermore, each of the clustering methods were executed with just the preprocessed data, without PCA, also for the purpose of comparing results.
Data preparation:
Compute dot product matrix:
Eigenanalysis:
Compute eigenvectors:
Keep first 7 components:
Compute 7 features:
end procedure.
This chapter discusses the outcomes of PCA and cluster analysis. The initial variables that load on the principal components are studied. Correlations or covariances between the original variables and the principal components correlate with the loadings. The variable loadings are contained in a loading matrix, which is created by multiplying the eigenvector matrix by a diagonal matrix containing the square root of each eigenvalue. The entries are determined by the component extraction method used. Non-standardized loadings show the covariance between mean-centered variables and standardized component values, regardless of whether the extraction is based on the singular value decomposition of the matrix or the eigenvalue decomposition of the covariance matrix.
The eigenvalue decomposition of the correlation matrix results in the standardized charges. The correlations between the original variables and the component scores are represented by these loadings. Because they always vary between −1 and 1 and are independent of the scale used, standardized charges are easy to read. In most cases, a threshold is set and only variables with loadings above this threshold are examined.
The total variance presents sum of variances of principal components. The ratio between the variance of principal component and the total variance is the fraction of variance explained by a principal component.
Figure 1 shows total variance explained by using three methods of PCA. The steepest increase belongs to the PCA line, which cumulative explained variance is app. 87%. This line is almost parallel to the line from Sparse PCA which cumulative explained variance is 83%. However, when it comes to Robust PCA line it has been noticed that cumulative explained variance is only app. 26% and the increase of values is minimal.
Total variance explained.
PCA: The highest fraction of explained variance among these variables is 32%, and the lowest one is 5%. Cumulative explained variance is 86% (see Table 2).
Factors | Total | % of variance | Cumulative % |
---|---|---|---|
Factor 0 | 4.491515 | 32.082248 | 32.082248 |
Factor 1 | 2.540717 | 18.147978 | 50.230226 |
Factor 2 | 1.269778 | 9.069843 | 59.300069 |
Factor 3 | 1.243867 | 8.884762 | 68.184831 |
Factor 4 | 0.961330 | 6.866641 | 75.051473 |
Factor 5 | 0.867145 | 6.193891 | 81.245364 |
Factor 6 | 0.760536 | 5.432398 | 86.677761 |
PCA total variance explained.
Sparse PCA: The highest fraction of explained variance among these variables is 21%, and the lowest one is 5%. For instance, variables together explain 83% of the total variance (see Table 3).
Factors | Total | % of variance | Cumulative % |
---|---|---|---|
Factor 0 | 3.078591 | 21.989939 | 21.989939 |
Factor 1 | 2.186255 | 15.616108 | 37.606047 |
Factor 2 | 1.698036 | 12.128828 | 49.734874 |
Factor 3 | 1.757003 | 12.550022 | 62.284897 |
Factor 4 | 1.047037 | 7.478832 | 69.763729 |
Factor 5 | 1.062211 | 7.587224 | 77.350953 |
Factor 6 | 0.809469 | 5.781923 | 83.132875 |
Sparse PCA total variance explained.
Robust PCA: The highest fraction of explained variance among these variables is 21%, and the lowest one is 0%. For instance, variables together explain 25% of the total variance (see Table 4).
Factors | Total | % of variance | Cumulative % |
---|---|---|---|
Factor 0 | 3.035926 | 21.685184 | 21.685184 |
Factor 1 | 0.454951 | 3.249650 | 24.934834 |
Factor 2 | 0.108168 | 0.772628 | 25.707462 |
Factor 3 | 0.020284 | 0.144884 | 25.852346 |
Factor 4 | 0.006630 | 0.047355 | 25.899701 |
Factor 5 | 0.000018 | 0.000128 | 25.899829 |
Factor 6 | 0.000000 | 0.000000 | 25.899829 |
Robust PCA total variance explained.
PCA is the best approach for this kind of data, regarding number of features.
The amount of variance in each variable considered is represented by the communalities. The variance in each variable explained by all components or factors is estimated using the initial communalities.
The percent fuel and energy cost in total operating expenses is given here with 88% variance. The percent productive service cost in total operating expenses is given here with 75% variance. The percent finished products in total assets here is 75% of the estimated variance (see Table 5).
Columns | Communality |
---|---|
Percent merchandise in total assets | 0.159427 |
Percent sales of merchandise in total operating revenue | 0.222216 |
Percent cost of merchandise sold in total operating expenses | 0.224299 |
Percent sales of products and services in total operating revenue | 0.236318 |
Fixed assets in total assets | 0.347415 |
Percent cost of material in total operating expenses | 0.411423 |
Percent raw material in total assets | 0.426201 |
Percent WIP and finished products in total assets | 0.449704 |
Percent depreciation cost in total operating expenses | 0.683213 |
Percent wage cost in total operating expenses | 0.729997 |
Percent WIP in total assets | 0.731771 |
Percent finished products in total assets | 0.745349 |
Percent productive service cost in total operating expenses | 0.752027 |
Percent fuel and energy cost in total operating expenses | 0.880639 |
PCA communalities.
The percent fuel and energy cost in total operating expenses here is 91% variance. The percent finished products in total assets here is 80% of the estimated variance. The percent productive service cost in total operating expenses here is 74% variance (see Table 6).
Columns | Communality |
---|---|
Percent merchandise in total assets | 0.191833 |
Percent sales of products and services in total operating revenue | 0.227810 |
Percent sales of merchandise in total operating revenue | 0.260545 |
Percent cost of merchandise sold in total operating expenses | 0.263888 |
Fixed assets in total assets | 0.354743 |
Percent cost of material in total operating expenses | 0.407825 |
Percent raw material in total assets | 0.417451 |
Percent WIP and finished products in total assets | 0.451553 |
Percent depreciation cost in total operating expenses | 0.555661 |
Percent wage cost in total operating expenses | 0.695148 |
Percent WIP in total assets | 0.719447 |
Percent productive service cost in total operating expenses | 0.742714 |
Percent finished products in total assets | 0.800108 |
Percent fuel and energy cost in total operating expenses | 0.911274 |
Sparse PCA communalities.
The percent wage cost in total operating expenses here is 82% variance. The percent sales of merchandise in total operating revenue here is 79% of the estimated variance. The percent cost of merchandise sold in total operating expenses here is 74% variance (see Table 7).
Columns | Communality |
---|---|
Percent WIP in total assets | 0.200472 |
Percent merchandise in total assets | 0.317793 |
Percent finished products in total assets | 0.333984 |
Percent depreciation cost in total operating expenses | 0.345393 |
Percent fuel and energy cost in total operating expenses | 0.349862 |
Percent sales of products and services in total operating revenue | 0.365996 |
Percent raw material in total assets | 0.433737 |
Percent WIP and finished products in total assets | 0.444081 |
Percent cost of material in total operating expenses | 0.519423 |
Fixed assets in total assets | 0.651365 |
Percent productive service cost in total operating expenses | 0.680299 |
Percent cost of merchandise sold in total operating expenses | 0.745842 |
Percent sales of merchandise in total operating revenue | 0.789024 |
Percent wage cost in total operating expenses | 0.822730 |
Robust PCA communalities.
Figure 2 presents the amount of variance for each considered variable represented by the communalities. From the aspect of PCA and Sparse PCA it can be noticed that variable Percent fuel and energy cost in total operating expenses and variable Percent finished products in total assets have significant estimated variance. When it comes to Robust PCA, variance of 82% refers to the variable Percent wage cost in total operating expenses. From the economic point of view first two variables could be used to distinguish type of three major business activities. Mainly, the amount of fuel and energy cost will differ between business activities. It is expected that production entities will have higher values of fuel and energy costs because plant, machinery and equipment will require energy to operate. Also, merchandise entities will probably have higher values of fuel and energy costs compared to other services having in mind fuel spent for transportation of merchandise and energy needed for operation of their facilities. Second variable Percent finished products in total assets is also expected to be used for differentiation since only production entities will have this balance sheet line in their financial statements. Main surprise might be third variable Percent wage cost in total operating expenses, since most entities have very similar share of total wage costs in total operating expenses. Namely, although official state records showed that average wages differ across industries, management of companies usually plan operating expenses and their structure.
Amount of variance represented by the communalities.
The best approach for the PCA/Clustering combination regarding high level of Silhouette Index and Cluster Sizes are: K-means/Robust PCA and Spectral/Robust PCA. The Davies Bouldin Index implies that a smaller value gives better clustering. This produces the idea that no cluster has to be similar to another, and that object inside clusters are very uniformly distributed (see Table 8).
Clustering/PCA method | Cluster sizes | Silhouette index | Davies bouldin index |
---|---|---|---|
K-means/No PCA | (1345, 932, 733) | 0.30208710358306756 | 1.5444364169813884 |
K-means/PCA | (1353, 934, 723) | 0.3637346841903855 | 1.3405097768944103 |
K-means/Sparse PCA | (1356, 939, 715) | 0.36307616530243575 | 1.3418713066940657 |
K-means/Robust PCA | (1209, 944, 857) | 0.5193200382282146 | 0.7834359567299072 |
Agglomerative/no PCA | (1151, 935, 924) | 0.27839422485839554 | 1.7150687814273013 |
Agglomerative/ PCA | (1225, 962, 823) | 0.31642069773357084 | 1.4995739243069988 |
Agglomerative/sparse PCA | (1888, 893, 229) | 0.31642069773357084 | 1.4995739243069988 |
Agglomerative/robust PCA | (1311, 878, 821) | 0.4593880561940543 | 0.9274868826361716 |
Birch/no PCA | (1151, 935, 924) | 0.27839422485839554 | 1.7150687814273013 |
Birch/ PCA | (1225, 962, 823) | 0.31642069773357084 | 1.4995739243069988 |
Birch/sparse PCA | (1225, 962, 823) | 0.31642069773357084 | 1.4995739243069988 |
Birch/robust PCA | (1317, 867, 826) | 0.45631070311567473 | 0.9348852316431389 |
Gaussian mixture/no PCA | (1336, 992, 682) | 0.17495781525891207 | 2.1078218204567496 |
Gaussian mixture/ PCA | (1161, 1155, 694) | 0.2539355374019169 | 1.6227017939395394 |
Gaussian mixture/sparse PCA | (1161, 1155, 694) | 0.2539355374019169 | 1.6227017939395394 |
Gaussian mixture/robust PCA | (1467,784, 759) | 0.28455634384131373 | 1.1919962215015028 |
Spectral/no PCA | (2994, 8, 8) | 0.460433642421337 | 0.9718901349784725 |
Spectral/PCA | (3001, 7, 2) | 0.5399338738262545 | 0.6856986473871954 |
Spectral/sparse PCA | (3001, 7, 2) | 0.5399338738262545 | 0.6856986473871954 |
Spectral/robust PCA | (1346, 920, 744) | 0.5146721760042233 | 0.7917964357887189 |
PCA with different clustering methods.
This chapter was focused on the use of Principle component analysis in financial data science. Research has been conducted that included 3013 medium and large business entities and their financial statements from 2019 reporting period. PCA has been used in order to differentiate between the three major types of business activities - merchandising, manufacturing, and service. Therefore, 14 financial ratios have been selected by common sense and further analyzed according to their significance in dimensionality reduction. Results of clustering gave 7 new variables: 1. cost of merchandise sold in total operating expenses, and cost of material in total operating expenses; 2. fuel and energy cost in total operating expenses, and sales of product and services in total operating revenue; 3. wage costs in total operating expenses, and sales on merchandise in total operating revenue; 4. productive service cost in total operating expanses, and fixed assets in total assets; 5. depreciation cost in total operating expenses, and merchandise in total assets; 6. raw material in total assets, and WIP and finished products in total assets; 7. finished products in total assets, and WIP in total assets. These groups of variables were able to explain 86.7% of initial variability. Compared to the results of authors previously mentioned in literature review, it can be concluded that percentage is within the range of reached results. When it comes to initial communalities which estimated the variance in each variable, three financial ratios that had the highest percentage were: fuel and energy cost in total operating expenses (original PCA—88%, sparse PCA—91%); productive service cost in total operating expenses (original PCA—75%, sparse PCA—74%); and finished products in total assets (original PCA 75%, sparse PCA—80%). Although these ratios showed the best results, it has to be mentioned that there is a correlation between all of financial ratios used in analysis and therefore results would be different when ratios are used.
We would like to express our gratitude to Prof. Nemanja Stanišić, Ph.D. from the Singidunum University for supporting this research through valuable suggestions, and assignment of a research database.
Authors declare no conflict of interest.
Columns/factors | Factor 0 | Factor 1 | Factor 2 | Factor 3 | Factor 4 | Factor 5 | Factor 6 |
---|---|---|---|---|---|---|---|
Fixed assets in total assets | 0.178413 | −0.326641 | 0.415221 | −0.102354 | −0.025277 | −0.072754 | −0.141675 |
Percent sales of merchandise in total operating revenue | −0.436002 | 0.152729 | 0.080029 | −0.025182 | 0.028728 | 0.016652 | −0.025519 |
Percent sales of products and services in total operating revenue | 0.398117 | 0.022315 | −0.270570 | −0.046006 | 0.031509 | 0.012930 | −0.028959 |
Percent cost of merchandise sold in total operating expenses | −0.432559 | 0.162995 | 0.080296 | −0.035352 | 0.022542 | 0.026778 | −0.041260 |
Percent cost of material in total operating expenses | 0.269688 | 0.303749 | −0.078000 | −0.386050 | −0.243323 | −0.066637 | −0.166323 |
Percent fuel and energy cost in total operating expenses | 0.150958 | −0.217356 | 0.283494 | −0.008988 | 0.096350 | 0.822637 | −0.210100 |
Percent wage cost in total operating expenses | 0.210317 | −0.224488 | −0.145697 | 0.058149 | 0.719422 | −0.304476 | −0.022063 |
Percent productive service cost in total operating expenses | 0.137457 | −0.048360 | −0.397081 | 0.585499 | −0.374661 | 0.172006 | 0.245674 |
Percent depreciation cost in total operating expenses | 0.095815 | −0.269993 | 0.484683 | 0.000289 | −0.400868 | −0.359862 | 0.275725 |
Percent raw material in total assets | 0.190490 | 0.245296 | −0.165694 | −0.526444 | −0.137683 | 0.071830 | 0.032101 |
Percent WIP in total assets | 0.158335 | 0.359273 | 0.200936 | 0.383609 | −0.059087 | −0.175372 | −0.596528 |
Percent finished products in total assets | 0.174390 | 0.375283 | 0.278149 | 0.015943 | 0.252221 | 0.151402 | 0.640266 |
Percent WIP and finished products in total assets | 0.214830 | 0.474174 | 0.309621 | 0.255892 | 0.126328 | −0.013709 | 0.034896 |
Percent merchandise in total assets | −0.355975 | 0.151166 | −0.014079 | −0.013559 | 0.088827 | 0.039431 | 0.005508 |
PCA component matrix.
Columns/factors | Factor 0 | Factor 1 | Factor 2 | Factor 3 | Factor 4 | Factor 5 | Factor 6 |
---|---|---|---|---|---|---|---|
Fixed assets in total assets | 0.000000 | −0.020910 | −0.504987 | 0.000000 | −0.254639 | −0.185601 | −0.002365 |
Percent sales of merchandise in total operating revenue | 0.435472 | 0.000000 | 0.246576 | −0.085566 | 0.000000 | 0.052803 | 0.000000 |
Percent sales of products and services in total operating revenue | −0.433624 | 0.008108 | 0.000000 | 0.199284 | 0.000000 | 0.000000 | 0.000000 |
Percent cost of merchandise sold in total operating expenses | 0.438993 | 0.000000 | 0.254341 | −0.067395 | 0.000000 | 0.044065 | 0.000000 |
Percent cost of material in total operating expenses | −0.027509 | 0.085834 | 0.000000 | 0.630267 | 0.000000 | 0.045436 | −0.019978 |
Percent fuel and energy cost in total operating expenses | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | −0.954607 | 0.000000 |
Percent wage cost in total operating expenses | −0.453726 | 0.000000 | 0.000000 | −0.325539 | −0.594326 | 0.173439 | 0.000000 |
Percent productive service cost in total operating expenses | −0.333679 | 0.000000 | 0.000000 | −0.222344 | 0.762847 | 0.000000 | 0.000000 |
Percent depreciation cost in total operating expenses | 0.108694 | 0.000000 | −0.726249 | 0.000000 | 0.000000 | 0.128099 | 0.000000 |
Percent raw material in total assets | 0.000000 | −0.007293 | 0.083372 | 0.624407 | −0.000201 | 0.000000 | 0.143399 |
Percent WIP in total assets | 0.000000 | 0.460374 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | −0.712393 |
Percent finished products in total assets | 0.000000 | 0.573218 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.686680 |
Percent WIP and finished products in total assets | 0.000000 | 0.671977 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |
Percent merchandise in total assets | 0.315974 | 0.000000 | 0.291738 | −0.076742 | 0.000000 | 0.031515 | 0.000000 |
Sparse PCA component matrix.
Columns/factors | Factor 0 | Factor 1 | Factor 2 | Factor 3 | Factor 4 | Factor 5 | Factor 6 |
---|---|---|---|---|---|---|---|
Fixed assets in total assets | −0.173467 | 0.275000 | 0.507855 | −0.499215 | 0.156525 | −0.088965 | 0.078114 |
Percent sales of merchandise in total operating revenue | 0.525938 | −0.128407 | 0.122190 | −0.093645 | −0.109748 | −0.078270 | 0.673835 |
Percent sales of products and services in total operating revenue | −0.444479 | −0.119035 | −0.307493 | −0.162452 | −0.114015 | −0.009416 | −0.142249 |
Percent cost of merchandise sold in total operating expenses | 0.510523 | −0.126489 | 0.118665 | −0.111772 | −0.087492 | 0.088045 | −0.653626 |
Percent cost of material in total operating expenses | −0.204519 | −0.558377 | 0.030438 | −0.282440 | −0.265091 | 0.084341 | 0.087885 |
Percent fuel and energy cost in total operating expenses | −0.119620 | 0.103472 | 0.453140 | 0.056594 | −0.245465 | 0.200560 | −0.125820 |
Percent wage cost in total operating expenses | −0.204794 | 0.179552 | 0.159958 | 0.368300 | −0.273464 | −0.715834 | −0.010912 |
Percent productive service cost in total operating expenses | −0.131802 | 0.032733 | 0.012123 | 0.533088 | −0.234838 | 0.537258 | 0.183658 |
Percent depreciation cost in total operating expenses | −0.098392 | 0.135731 | 0.478665 | 0.038015 | −0.137017 | 0.259630 | −0.023300 |
Percent raw material in total assets | −0.120240 | −0.430495 | 0.139923 | −0.141176 | −0.424059 | −0.117921 | 0.026698 |
Percent WIP in total assets | −0.048543 | −0.251299 | 0.164302 | 0.160983 | 0.282957 | −0.044589 | −0.000473 |
Percent finished products in total assets | −0.062609 | −0.324119 | 0.211913 | 0.207631 | 0.364950 | −0.057519 | 0.022279 |
Percent WIP and finished products in total assets | −0.071814 | −0.371772 | 0.243069 | 0.238158 | 0.418607 | −0.065970 | −0.072968 |
Percent merchandise in total assets | 0.289968 | −0.108389 | 0.082710 | 0.230665 | −0.308640 | −0.196863 | −0.167039 |
Robust PCA component matrix.
Author Stefana Janićijević contributed to the design and implementation of the research and analysis of the results. Authors Vule Mizdraković and Maja Kljajić prepared sections of the chapter that refers to the financial data science and financial reporting: introduction, related work, research methodology and analysis of discussion and result. All authors provided critical feedback and helped shape the research, analysis, and manuscript.
number of numerical variables
individuals
vector
data matrix
number of columns
linear combinations
vector of constants
covariance matrix
lagrange multiplier
matrix with orthonormal colums—eigenvectors
matrix with singular vectors
diagonal elements of the matrix
diagnal matrix with one square of the singular values
rank of the matrix
dimensional subspace
trace of matrix
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His studies in robotics lead him not only to a PhD degree but also inspired him to co-found and build the International Journal of Advanced Robotic Systems - world's first Open Access journal in the field of robotics.",institutionString:null,institution:{name:"TU Wien",country:{name:"Austria"}}},{id:"441",title:"Ph.D.",name:"Jaekyu",middleName:null,surname:"Park",slug:"jaekyu-park",fullName:"Jaekyu Park",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/441/images/1881_n.jpg",biography:null,institutionString:null,institution:{name:"LG Corporation (South Korea)",country:{name:"Korea, South"}}},{id:"465",title:"Dr.",name:"Christian",middleName:null,surname:"Martens",slug:"christian-martens",fullName:"Christian Martens",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Rheinmetall (Germany)",country:{name:"Germany"}}},{id:"479",title:"Dr.",name:"Valentina",middleName:null,surname:"Colla",slug:"valentina-colla",fullName:"Valentina Colla",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/479/images/358_n.jpg",biography:null,institutionString:null,institution:{name:"Sant'Anna School of Advanced Studies",country:{name:"Italy"}}},{id:"494",title:"PhD",name:"Loris",middleName:null,surname:"Nanni",slug:"loris-nanni",fullName:"Loris Nanni",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/494/images/system/494.jpg",biography:"Loris Nanni received his Master Degree cum laude on June-2002 from the University of Bologna, and the April 26th 2006 he received his Ph.D. in Computer Engineering at DEIS, University of Bologna. On September, 29th 2006 he has won a post PhD fellowship from the university of Bologna (from October 2006 to October 2008), at the competitive examination he was ranked first in the industrial engineering area. He extensively served as referee for several international journals. He is author/coauthor of more than 100 research papers. He has been involved in some projects supported by MURST and European Community. 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From 1985 to 1986, he was a Research Fellow in the Research Institute for Electronic Equipment, ZZU AD, Plovdiv, Bulgaria. In 1986, he joined the Department of Control Systems, Technical University of Sofia at the Plovdiv campus, where he is presently a Full Professor. He has held long-term visiting Professor/Scholar positions at various institutions in South Korea, Turkey, Mexico, Greece, Belgium, UK, and Germany. And he has coauthored one book and authored or coauthored more than 80 research papers in conference proceedings and journals. 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After finishing his P. hD degree in 1992, he served in the Industry as a Scientific Officer and continued his academic career as a visiting scholar for a number of educational institutions. In 1996 he joined National University of Science & Technology Pakistan (NUST) as an Associate Professor; NUST is one of the top few universities in Pakistan. In 1999 he joined an International Company Lineo Inc, Canada as Manager Compiler Group, where he headed the group for developing Compiler Tool Chain and Porting of Operating Systems for the BLACKfin processor. The processor development was a joint venture by Intel and Analog Devices. In 2002 Lineo Inc., was taken over by another company, so he joined Aalborg University Denmark as an Assistant Professor.\nProfessor Akbar has truly a multi-disciplined career and he continued his legacy and making progress in many areas of his interests both in teaching and research. 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They bring people-centred care closer to the communities where they are needed most, thereby helping improve health outcomes and the overall cost-effectiveness of services. Nurses usually act as first responders to complex humanitarian crises and disasters; protectors and advocates for the community and communicators and co-ordinators within teams. Communication is a core component of sound relationships, collaboration and co-operation, which in turn are essential aspects of professional practice. The quality of communication in interactions between nurses and patients has a major influence on patient outcomes. Increases in nursing communication can lessen medical errors and make a difference in positive patient outcomes. This chapter explores how effective communication and interpersonal skills can enhance professional nursing practice and nursing relationships with various stakeholders. It explains principles of communication, communication process, purpose of communication, types of communication, barriers to effective communication, models of communication and strategies of improving communication and guidelines for successful therapeutic interactions.",book:{id:"6615",slug:"nursing",title:"Nursing",fullTitle:"Nursing"},signatures:"Maureen Nokuthula Sibiya",authors:[{id:"73330",title:"Dr.",name:"Nokuthula",middleName:null,surname:"Sibiya",slug:"nokuthula-sibiya",fullName:"Nokuthula Sibiya"}]},{id:"24279",doi:"10.5772/19684",title:"Speculative Ethics: Valid Enterprise or Tragic Cul-De-Sac?",slug:"speculative-ethics-valid-enterprise-or-tragic-cul-de-sac-",totalDownloads:2543,totalCrossrefCites:8,totalDimensionsCites:9,abstract:null,book:{id:"250",slug:"bioethics-in-the-21st-century",title:"Bioethics in the 21st Century",fullTitle:"Bioethics in the 21st Century"},signatures:"Gareth Jones, Maja Whitaker and Michael King",authors:[{id:"35851",title:"Prof.",name:"Gareth",middleName:null,surname:"Jones",slug:"gareth-jones",fullName:"Gareth Jones"},{id:"47645",title:"Dr.",name:"Michael",middleName:"Robert",surname:"King",slug:"michael-king",fullName:"Michael King"},{id:"47646",title:"Mrs.",name:"Maja",middleName:null,surname:"Whitaker",slug:"maja-whitaker",fullName:"Maja Whitaker"}]},{id:"31748",doi:"10.5772/33900",title:"Medical Ethics in Undergraduate Medical Education in Pakistan: Towards a Curricular Change",slug:"medical-ethics-in-undergraduate-medical-education-in-pakistan-towards-a-curricular-change-",totalDownloads:2769,totalCrossrefCites:1,totalDimensionsCites:6,abstract:null,book:{id:"1743",slug:"contemporary-issues-in-bioethics",title:"Contemporary Issues in Bioethics",fullTitle:"Contemporary Issues in Bioethics"},signatures:"Ayesha Shaikh and Naheed Humayun",authors:[{id:"97665",title:"Prof.",name:"Ayesha",middleName:null,surname:"Humayun",slug:"ayesha-humayun",fullName:"Ayesha Humayun"},{id:"104368",title:"Prof.",name:"Naheed",middleName:null,surname:"Humayun",slug:"naheed-humayun",fullName:"Naheed Humayun"}]},{id:"31743",doi:"10.5772/35001",title:"Neuroenhancement - A Controversial Topic in Contemporary Medical Ethics",slug:"neuroenhancement-a-controversial-topic-in-medical-ethics",totalDownloads:3923,totalCrossrefCites:3,totalDimensionsCites:6,abstract:null,book:{id:"1743",slug:"contemporary-issues-in-bioethics",title:"Contemporary Issues in Bioethics",fullTitle:"Contemporary Issues in Bioethics"},signatures:"Kirsten Brukamp and Dominik Gross",authors:[{id:"102555",title:"Dr.",name:"Kirsten",middleName:null,surname:"Brukamp",slug:"kirsten-brukamp",fullName:"Kirsten Brukamp"},{id:"105119",title:"Prof.",name:"Dominik",middleName:null,surname:"Groß",slug:"dominik-gross",fullName:"Dominik Groß"}]},{id:"19610",doi:"10.5772/20184",title:"Euthanasia: A Confounding and Intricate Issue",slug:"euthanasia-a-confounding-and-intricate-issue",totalDownloads:2834,totalCrossrefCites:4,totalDimensionsCites:6,abstract:null,book:{id:"242",slug:"euthanasia-the-good-death-controversy-in-humans-and-animals",title:"Euthanasia",fullTitle:'Euthanasia - The "Good Death" Controversy in Humans and Animals'},signatures:"Isabelle Marcoux",authors:[{id:"37725",title:"Prof.",name:"Isabelle",middleName:null,surname:"Marcoux",slug:"isabelle-marcoux",fullName:"Isabelle Marcoux"}]}],mostDownloadedChaptersLast30Days:[{id:"59779",title:"Effective Communication in Nursing",slug:"effective-communication-in-nursing",totalDownloads:9583,totalCrossrefCites:7,totalDimensionsCites:10,abstract:"Nurses are critical in the delivery of essential health services and are core in strengthening the health system. They bring people-centred care closer to the communities where they are needed most, thereby helping improve health outcomes and the overall cost-effectiveness of services. Nurses usually act as first responders to complex humanitarian crises and disasters; protectors and advocates for the community and communicators and co-ordinators within teams. Communication is a core component of sound relationships, collaboration and co-operation, which in turn are essential aspects of professional practice. The quality of communication in interactions between nurses and patients has a major influence on patient outcomes. Increases in nursing communication can lessen medical errors and make a difference in positive patient outcomes. This chapter explores how effective communication and interpersonal skills can enhance professional nursing practice and nursing relationships with various stakeholders. 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The term “culture”, which diversifies in each community and so is experienced differently, also affects the way individuals perceive the phenomena such as health, illness, happiness, sadness and the manner these emotions are experienced. The term health, whose nature and meaning is highly variable across different cultures requires care involving cultural recognition, valueing and practice. The nursing profession, which plays an important role in the health team, is often based on a cultural phenomenon. The cultural values, beliefs and practices of the patient are an integral part of holistic nursing care. The aim of nursing is to provide a wholly caring and humanistic service respecting people’s cultural values and lifestyles. Nurses should offer an acceptable and affordable care for the individuals under the conditions of the day. Knowing what cultural practices are done in the target communities and identifying the cultural barriers to offering quality health care positively affects the caring process. Nurses should explore new ways of providing cultural care in multicultural societies, understand how culture affects health-illness definitions and build a bridge for the gap between the caring process and the individuals in different cultures.",book:{id:"6615",slug:"nursing",title:"Nursing",fullTitle:"Nursing"},signatures:"Vasfiye Bayram Değer",authors:[{id:"228268",title:"Associate Prof.",name:"Vasfiye",middleName:null,surname:"Bayram Değer",slug:"vasfiye-bayram-deger",fullName:"Vasfiye Bayram Değer"}]},{id:"72954",title:"Value-Based Healthcare",slug:"value-based-healthcare",totalDownloads:832,totalCrossrefCites:0,totalDimensionsCites:3,abstract:"Value-based healthcare is a new health-care model in which what is important is value to the patient. Value is a broad term, but in essence, it is the best outcome for the patient per dollar spent. To provide value to the patient, the medical practice should be centered around conditions and care cycles and the results must be measured. We now know that the model we have right now, the fee-for-service model, is not linked to quality of the patient. All around the world, many hospitals and clinics are making the transition to this value-based model. To provide the best for the patient, we must have the best medical evidence to follow. In the following chapter, we will cover a few aspects of value-based healthcare, its reimbursement model, the integrated practice units, and the information technology necessary to implement it.",book:{id:"9566",slug:"bioethics-in-medicine-and-society",title:"Bioethics in Medicine and Society",fullTitle:"Bioethics in Medicine and Society"},signatures:"Patrick Rech Ramos",authors:[{id:"321359",title:"Dr.",name:"Patrick",middleName:"Rech",surname:"Rech Ramos",slug:"patrick-rech-ramos",fullName:"Patrick Rech Ramos"}]}],onlineFirstChaptersFilter:{topicId:"167",limit:6,offset:0},onlineFirstChaptersCollection:[{id:"81683",title:"An Examination of Safe Injection Sites and Ethical Issues in Philadelphia, United States",slug:"an-examination-of-safe-injection-sites-and-ethical-issues-in-philadelphia-united-states",totalDownloads:13,totalDimensionsCites:0,doi:"10.5772/intechopen.104565",abstract:"The opioid epidemic in the United States has been an ever-increasing public health crisis. Despite being a major issue in the United States for decades, relatively little action has been taken to address the opioid crisis. To mitigate the harm the opioid epidemic has caused in the United States, safe injection sites have emerged as a promising solution. Despite the exhaustive benefits of safe injection sites, including the reduction in the number of opioid overdose deaths, safe injection sites have faced opposition in the United States. Most of these concerns in the United States question the legality of safe injection sites, along with potential community implications. Through examining the ethics of safe injection sites from a Catholic social teaching perspective and performing an integrative literature review, safe injection sites are clearly ethical and would aid in respecting the dignity and life of people who inject drugs (PWID). With safe injection sites being ethical and recommendations in this paper to overcome concerns about safe injection sites, safe injection sites are a viable option to combat the opioid crisis in the United States.",book:{id:"10878",title:"Bioethical Issues in Healthcare",coverURL:"https://cdn.intechopen.com/books/images_new/10878.jpg"},signatures:"Peter A. Clark and David Grana"},{id:"80067",title:"The Risk of Inequality in Italian Healthcare Due to Covid-19",slug:"the-risk-of-inequality-in-italian-healthcare-due-to-covid-19",totalDownloads:65,totalDimensionsCites:0,doi:"10.5772/intechopen.97514",abstract:"The Italian National Health Service, characterized by the principles of universality, equality and fairness, has undergone changes over the years that have involved these essential characteristics. The decrease in financial resources was the first element that touched the Italian health organization. The spread of Covid-19 has attacked the balance of healthcare in Italy and put the equality of the entire care system at risk. The reform of the Italian health system, especially through the correct use of European financial resources, is the real test for the Italian health system of the future. It can be a moment of relaunch or the certification of a decline that jeopardizes constitutional rights.",book:{id:"10878",title:"Bioethical Issues in Healthcare",coverURL:"https://cdn.intechopen.com/books/images_new/10878.jpg"},signatures:"Carlo Ciardo"},{id:"79666",title:"Good Pharmacy Practice in India: Its Past, Present and Future with Need and Status in COVID 19",slug:"good-pharmacy-practice-in-india-its-past-present-and-future-with-need-and-status-in-covid-19",totalDownloads:150,totalDimensionsCites:0,doi:"10.5772/intechopen.100635",abstract:"The pandemic of COVID-19 has highlighted the importance of emergency preparedness and response (EP and R) in India’s education, training, capacity building, and infrastructure growth. Healthcare professionals, especially pharmacy professionals (PPs) in India, continued to provide drugs, supplies, and services during the pandemic. The public-private healthcare system in India is complicated and of varying quality. Patients face problems as a result of gaps in pharmacy practice education and training, as well as a lack of clarity about pharmacists’ positions. Job requirements and effective placement of healthcare professionals in patient care, as well as on (EP and R) task forces or policy representation, are complicated by this lack of distinction. We have also seen malpractice and spurious distribution in the healthcare and pharmaceutical domain in terms of personal protective kits, medications, injectable, life-saving oxygen, and other items during this unprecedented pandemic situation. A few of the incidents are as follows. The central division police in Bangalore (the Global BPO & IT Hub of India) booked a case of bed-blocking at a private hospital and arrested three people, one of whom is an Arogya Mitra (primary contact for the beneficiaries at every empaneled hospital care provider), for allegedly extorting ₹1.20 lakh from the son of a COVID-19 patient who later passed away. At least 178 COVID-19 patients in India have died because of oxygen shortage in recent weeks. Another 70 deaths have been attributed to an oxygen shortage by patients’ families, but this has been denied by the authorities. The Allahabad High court made a remark “Death of COVID patients due to non-supply of oxygen not less than genocide” on reports circulating on social media regarding the death of COVID-19 patients due to lack of oxygen in Lucknow and Meerut. A day ago, the Delhi police busted an industrial manufacturing unit in Uttarakhand’s Kotdwar where fake Remdesivir injections were being manufactured and arrested five people. These depict the ground reality and ethical standards of good pharmacy practice in this country. There is an utmost necessity to relook and re-establish the standards of pharmacy practice in healthcare setups available in each and every corner of the country in line with guidelines provided by the World Health Organization (WHO) and the International Pharmaceutical Federation (FIP). For that, the dependency and responsibilities are very high on healthcare professionals, particularly in this pandemic situation. The pharmacy zone is adaptable, evolving, and increasingly diverse, offering a wide range of work and management opportunities to execute. PPs are human service professionals whose responsibilities include safeguarding individuals by dispensing medications based on prescriptions. Representing the world’s third-largest medicinal services with active gathering, and in India, there are over 1,000,000 (1 million) enrolled PPs employed in various capacities and readily contributing to the country’s well-being. Pharmacy practice, which includes clinical, community, and hospital pharmacy, is referred to as total healthcare in its true sense. Through adaptation and implementation of GPP in healthcare setup, PPs form an essential link between physicians, nurses, and patients in the social community group, with an ultimate emphasis on patient well-being and protection. To instill quality and raise the standard in this chaotic situation there are strict measures required in the country. The International Pharmaceutical Federation and World Health Organization define good pharmacy practice (GPP) as practices that meet the personal needs of patients or those using pharmacy services by offering appropriate evidence-based care. In developed countries, pharmaceutical assistance is defined as a pharmaceutical practice model that involves attitudes, ethical values, behaviors, skills, appointments, and co-responsibility to prevent diseases, promote and recovery health in an integrated manner as part of the healthcare process, highlighting, among other, the requirement that the institution fully adopts the GPP. There is a need for a GPP Program designed by the Indian Govt. or its stakeholders in the context of the Indian healthcare system and adopting “new normal” due to the unprecedented event of COVID 19 and also raising the standard and importance of GPP for the healthcare professionals in the current scenario.",book:{id:"10878",title:"Bioethical Issues in Healthcare",coverURL:"https://cdn.intechopen.com/books/images_new/10878.jpg"},signatures:"Mrinmoy Roy"},{id:"79358",title:"Determination of Death: Ethical and Biomedical Update with International Consensus",slug:"determination-of-death-ethical-and-biomedical-update-with-international-consensus",totalDownloads:191,totalDimensionsCites:0,doi:"10.5772/intechopen.100604",abstract:"Humanity has been confronted with the concept and criteria of death for millennia and the line between life and death sustains to be debated. The profound change caused by life support technology and transplantation continues to challenge our notions of life and death. Despite scientific progress in the previous few decades, there remain big variations in diagnosis criteria applied in each country. Death is a process involving cessation of physiological function and determination of death is the final event in that process. Legally, a patient could be declared dead due to lack of brain function, and still may have a heartbeat when on a mechanical ventilator. Though there is no point in supporting ventilation in a dead person, withdrawing a ventilator before the legal criteria for death may involve the physician in both civil and criminal proceedings. To identify the moment of death is vital to avoid the use of unnecessary medical intervention on a patient who has already died and to ensure the organ donation process, clear and transparent. The age-old standard of determination of death is somatic standard and cardiopulmonary standard. Harvard report (1968) defines irreversible coma as a replacement criterion for death and prescribed clinical criteria for the permanently nonfunctioning brain. The current unifying concept of death: irreversible loss of the capacity for consciousness combined with irreversible loss of the capacity to breathe. WHO (2014) adopted minimum determinant death criteria, acceptable for medical practice globally, achieving international consensus on clinical criteria to maintain public trust and promote ethical practices that respect fundamental rights of individuals and minimize philosophical and biomedical debate in human death. AAN (2019) endorses that the brain death is the irreversible loss of all functions of the entire brain and equivalent to circulatory death.",book:{id:"10878",title:"Bioethical Issues in Healthcare",coverURL:"https://cdn.intechopen.com/books/images_new/10878.jpg"},signatures:"Md. Shah Alam Panna"},{id:"77450",title:"For a Model of Revision, Assistance and Care of Identities",slug:"for-a-model-of-revision-assistance-and-care-of-identities",totalDownloads:49,totalDimensionsCites:0,doi:"10.5772/intechopen.98415",abstract:"The global crisis scenario has highlighted the weaknesses of advanced personal assistance and care systems, based on the absolute primacy of technical knowledge. Almost all health organizations have been challenged by the new Coronavirus. The universal system because it is realistically unable to reach everyone efficiently and effectively. The private model, albeit moderated by intentions of global care, because it is onerous and, in fact, not very inclusive. This study, without any pretense of completeness, thanks to an examination of the most well-known documents published by the organizations for the promotion of human health, both EU and international, highlights the essential aspects and purposes of some of the main models of health care, also identifying the critical issues and the remedies prepared. The main purpose of the text is to highlight and reflect on possible alternative solutions to the current strategies to combat the pandemic, implemented by the states. The probable contributing causes that have contributed to the spread of the new coronavirus and its variants globally and that have their roots in now dated issues are then analyzed. The lesson that the Pandemic teaches us is that “no one is saved alone” and that the problems of each family, social, national etc., represent the problems of everyone. The document concludes in the sense that, only through a new approach to individual and collective health care, marked by greater solidarity and respect for individual, specific identities and frailties, starting from those “hidden” in society (adolescents, elderly, of handicaps, immigrants, etc.) it will be possible to promote welfare systems that are more attentive to the needs imposed by the challenges of globalization and therefore really more effective, economical and efficient, and therefore more humane.",book:{id:"10878",title:"Bioethical Issues in Healthcare",coverURL:"https://cdn.intechopen.com/books/images_new/10878.jpg"},signatures:"Federico D’Angiolillo"},{id:"77679",title:"Compassion Versus Care in Healthcare Institutions: What’s the Difference?",slug:"compassion-versus-care-in-healthcare-institutions-what-s-the-difference",totalDownloads:98,totalDimensionsCites:0,doi:"10.5772/intechopen.97860",abstract:"In February 2013, the Francis Report outlined what it described as ‘systematic failings’ at Mid Staffordshire NHS Foundation Trust resulting in the death and suffering of many patients through neglect (in the UK context, hospitals can apply to gain foundation trust status. Foundation trust hospitals are part of the National Health Service (NHS) but are not directed by central government and have greater freedom to decide the way services are delivered. They adhere to core NHS principles of free medical treatment based on need and not the ability to pay.) A lack of compassion, particularly among nursing staff, was identified as one of the contributing factors to poor care. The NHS was founded on the core value of compassion that today is one of six values all NHS staff are expected to demonstrate. Frequently invoked as a means to ensuring good patient care, it is a concept that is contested by a number of writers who argue that such moral emotions are not only unnecessary but dangerous. The purpose of this work is to explore the difference between compassion and care (but not medical treatment) in the context of the NHS. The paper draws on the work of Anca Gheaus, who argues there is a distinction to be made between the two and that while it is possible to be compassionate towards everybody, the ability to care, is limited to fewer people and is a more intense and engaged activity. Regarded as the founding myth of the NHS, the work also draws on the parable of the Good Samaritan to make the distinction between the two concepts more visible, and argues the roles played by the Good Samaritan and the innkeeper, remain relevant to the workings of today’s healthcare system. It also reflects on the need for kindness within the system.",book:{id:"10878",title:"Bioethical Issues in Healthcare",coverURL:"https://cdn.intechopen.com/books/images_new/10878.jpg"},signatures:"Una P. 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The whole process of submitting an article and editing of the submitted article goes extremely smooth and fast, the number of reads and downloads of chapters is high, and the contributions are also frequently cited.",author:{id:"55578",name:"Antonio",surname:"Jurado-Navas",institutionString:null,profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRisIQAS/Profile_Picture_1626166543950",slug:"antonio-jurado-navas",institution:{id:"720",name:"University of Malaga",country:{id:null,name:"Spain"}}}},{id:"6",text:"It is great to work with the IntechOpen to produce a worthwhile collection of research that also becomes a great educational resource and guide for future research endeavors.",author:{id:"259298",name:"Edward",surname:"Narayan",institutionString:null,profilePictureURL:"https://mts.intechopen.com/storage/users/259298/images/system/259298.jpeg",slug:"edward-narayan",institution:{id:"3",name:"University of Queensland",country:{id:null,name:"Australia"}}}}]},series:{item:{id:"11",title:"Biochemistry",doi:"10.5772/intechopen.72877",issn:"2632-0983",scope:"Biochemistry, the study of chemical transformations occurring within living organisms, impacts all areas of life sciences, from molecular crystallography and genetics to ecology, medicine, and population biology. Biochemistry examines macromolecules - proteins, nucleic acids, carbohydrates, and lipids – and their building blocks, structures, functions, and interactions. Much of biochemistry is devoted to enzymes, proteins that catalyze chemical reactions, enzyme structures, mechanisms of action and their roles within cells. Biochemistry also studies small signaling molecules, coenzymes, inhibitors, vitamins, and hormones, which play roles in life processes. Biochemical experimentation, besides coopting classical chemistry methods, e.g., chromatography, adopted new techniques, e.g., X-ray diffraction, electron microscopy, NMR, radioisotopes, and developed sophisticated microbial genetic tools, e.g., auxotroph mutants and their revertants, fermentation, etc. More recently, biochemistry embraced the ‘big data’ omics systems. Initial biochemical studies have been exclusively analytic: dissecting, purifying, and examining individual components of a biological system; in the apt words of Efraim Racker (1913 –1991), “Don’t waste clean thinking on dirty enzymes.” Today, however, biochemistry is becoming more agglomerative and comprehensive, setting out to integrate and describe entirely particular biological systems. The ‘big data’ metabolomics can define the complement of small molecules, e.g., in a soil or biofilm sample; proteomics can distinguish all the comprising proteins, e.g., serum; metagenomics can identify all the genes in a complex environment, e.g., the bovine rumen. This Biochemistry Series will address the current research on biomolecules and the emerging trends with great promise.",coverUrl:"https://cdn.intechopen.com/series/covers/11.jpg",latestPublicationDate:"July 5th, 2022",hasOnlineFirst:!0,numberOfPublishedBooks:32,editor:{id:"31610",title:"Dr.",name:"Miroslav",middleName:null,surname:"Blumenberg",slug:"miroslav-blumenberg",fullName:"Miroslav Blumenberg",profilePictureURL:"https://mts.intechopen.com/storage/users/31610/images/system/31610.jpg",biography:"Miroslav Blumenberg, Ph.D., was born in Subotica and received his BSc in Belgrade, Yugoslavia. He completed his Ph.D. at MIT in Organic Chemistry; he followed up his Ph.D. with two postdoctoral study periods at Stanford University. Since 1983, he has been a faculty member of the RO Perelman Department of Dermatology, NYU School of Medicine, where he is codirector of a training grant in cutaneous biology. Dr. Blumenberg’s research is focused on the epidermis, expression of keratin genes, transcription profiling, keratinocyte differentiation, inflammatory diseases and cancers, and most recently the effects of the microbiome on the skin. He has published more than 100 peer-reviewed research articles and graduated numerous Ph.D. and postdoctoral students.",institutionString:null,institution:{name:"New York University Langone Medical Center",institutionURL:null,country:{name:"United States of America"}}},editorTwo:null,editorThree:null},subseries:{paginationCount:4,paginationItems:[{id:"14",title:"Cell and Molecular Biology",coverUrl:"https://cdn.intechopen.com/series_topics/covers/14.jpg",isOpenForSubmission:!0,editor:{id:"165627",title:"Dr.",name:"Rosa María",middleName:null,surname:"Martínez-Espinosa",slug:"rosa-maria-martinez-espinosa",fullName:"Rosa María Martínez-Espinosa",profilePictureURL:"https://mts.intechopen.com/storage/users/165627/images/system/165627.jpeg",biography:"Dr. Rosa María Martínez-Espinosa has been a Spanish Full Professor since 2020 (Biochemistry and Molecular Biology) and is currently Vice-President of International Relations and Cooperation development and leader of the research group 'Applied Biochemistry” (University of Alicante, Spain). Other positions she has held at the university include Vice-Dean of Master Programs, Vice-Dean of the Degree in Biology and Vice-Dean for Mobility and Enterprise and Engagement at the Faculty of Science (University of Alicante). She received her Bachelor in Biology in 1998 (University of Alicante) and her PhD in 2003 (Biochemistry, University of Alicante). She undertook post-doctoral research at the University of East Anglia (Norwich, U.K. 2004-2005; 2007-2008).\nHer multidisciplinary research focuses on investigating archaea and their potential applications in biotechnology. She has an H-index of 21. She has authored one patent and has published more than 70 indexed papers and around 60 book chapters.\nShe has contributed to more than 150 national and international meetings during the last 15 years. Her research interests include archaea metabolism, enzymes purification and characterization, gene regulation, carotenoids and bioplastics production, antioxidant\ncompounds, waste water treatments, and brines bioremediation.\nRosa María’s other roles include editorial board member for several journals related\nto biochemistry, reviewer for more than 60 journals (biochemistry, molecular biology, biotechnology, chemistry and microbiology) and president of several organizing committees in international meetings related to the N-cycle or respiratory processes.",institutionString:null,institution:{name:"University of Alicante",institutionURL:null,country:{name:"Spain"}}},editorTwo:null,editorThree:null},{id:"15",title:"Chemical Biology",coverUrl:"https://cdn.intechopen.com/series_topics/covers/15.jpg",isOpenForSubmission:!0,editor:{id:"441442",title:"Dr.",name:"Şükrü",middleName:null,surname:"Beydemir",slug:"sukru-beydemir",fullName:"Şükrü Beydemir",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0033Y00003GsUoIQAV/Profile_Picture_1634557147521",biography:"Dr. Şükrü Beydemir obtained a BSc in Chemistry in 1995 from Yüzüncü Yıl University, MSc in Biochemistry in 1998, and PhD in Biochemistry in 2002 from Atatürk University, Turkey. He performed post-doctoral studies at Max-Planck Institute, Germany, and University of Florence, Italy in addition to making several scientific visits abroad. He currently works as a Full Professor of Biochemistry in the Faculty of Pharmacy, Anadolu University, Turkey. Dr. Beydemir has published over a hundred scientific papers spanning protein biochemistry, enzymology and medicinal chemistry, reviews, book chapters and presented several conferences to scientists worldwide. He has received numerous publication awards from various international scientific councils. He serves in the Editorial Board of several international journals. Dr. Beydemir is also Rector of Bilecik Şeyh Edebali University, Turkey.",institutionString:null,institution:{name:"Anadolu University",institutionURL:null,country:{name:"Turkey"}}},editorTwo:{id:"13652",title:"Prof.",name:"Deniz",middleName:null,surname:"Ekinci",slug:"deniz-ekinci",fullName:"Deniz Ekinci",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002aYLT1QAO/Profile_Picture_1634557223079",biography:"Dr. Deniz Ekinci obtained a BSc in Chemistry in 2004, MSc in Biochemistry in 2006, and PhD in Biochemistry in 2009 from Atatürk University, Turkey. He studied at Stetson University, USA, in 2007-2008 and at the Max Planck Institute of Molecular Cell Biology and Genetics, Germany, in 2009-2010. Dr. Ekinci currently works as a Full Professor of Biochemistry in the Faculty of Agriculture and is the Head of the Enzyme and Microbial Biotechnology Division, Ondokuz Mayıs University, Turkey. He is a member of the Turkish Biochemical Society, American Chemical Society, and German Genetics society. Dr. Ekinci published around ninety scientific papers, reviews and book chapters, and presented several conferences to scientists. He has received numerous publication awards from several scientific councils. Dr. Ekinci serves as the Editor in Chief of four international books and is involved in the Editorial Board of several international journals.",institutionString:null,institution:{name:"Ondokuz Mayıs University",institutionURL:null,country:{name:"Turkey"}}},editorThree:null},{id:"17",title:"Metabolism",coverUrl:"https://cdn.intechopen.com/series_topics/covers/17.jpg",isOpenForSubmission:!0,editor:{id:"138626",title:"Dr.",name:"Yannis",middleName:null,surname:"Karamanos",slug:"yannis-karamanos",fullName:"Yannis Karamanos",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002g6Jv2QAE/Profile_Picture_1629356660984",biography:"Yannis Karamanos, born in Greece in 1953, completed his pre-graduate studies at the Université Pierre et Marie Curie, Paris, then his Masters and Doctoral degree at the Université de Lille (1983). He was associate professor at the University of Limoges (1987) before becoming full professor of biochemistry at the Université d’Artois (1996). He worked on the structure-function relationships of glycoconjugates and his main project was the investigations on the biological roles of the de-N-glycosylation enzymes (Endo-N-acetyl-β-D-glucosaminidase and peptide-N4-(N-acetyl-β-glucosaminyl) asparagine amidase). From 2002 he contributes to the understanding of the Blood-brain barrier functioning using proteomics approaches. He has published more than 70 papers. His teaching areas are energy metabolism and regulation, integration and organ specialization and metabolic adaptation.",institutionString:null,institution:{name:"Artois University",institutionURL:null,country:{name:"France"}}},editorTwo:null,editorThree:null},{id:"18",title:"Proteomics",coverUrl:"https://cdn.intechopen.com/series_topics/covers/18.jpg",isOpenForSubmission:!0,editor:{id:"200689",title:"Prof.",name:"Paolo",middleName:null,surname:"Iadarola",slug:"paolo-iadarola",fullName:"Paolo Iadarola",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bSCl8QAG/Profile_Picture_1623568118342",biography:"Paolo Iadarola graduated with a degree in Chemistry from the University of Pavia (Italy) in July 1972. He then worked as an Assistant Professor at the Faculty of Science of the same University until 1984. In 1985, Prof. Iadarola became Associate Professor at the Department of Biology and Biotechnologies of the University of Pavia and retired in October 2017. Since then, he has been working as an Adjunct Professor in the same Department at the University of Pavia. His research activity during the first years was primarily focused on the purification and structural characterization of enzymes from animal and plant sources. During this period, Prof. Iadarola familiarized himself with the conventional techniques used in column chromatography, spectrophotometry, manual Edman degradation, and electrophoresis). Since 1995, he has been working on: i) the determination in biological fluids (serum, urine, bronchoalveolar lavage, sputum) of proteolytic activities involved in the degradation processes of connective tissue matrix, and ii) on the identification of biological markers of lung diseases. In this context, he has developed and validated new methodologies (e.g., Capillary Electrophoresis coupled to Laser-Induced Fluorescence, CE-LIF) whose application enabled him to determine both the amounts of biochemical markers (Desmosines) in urine/serum of patients affected by Chronic Obstructive Pulmonary Disease (COPD) and the activity of proteolytic enzymes (Human Neutrophil Elastase, Cathepsin G, Pseudomonas aeruginosa elastase) in sputa of these patients. More recently, Prof. Iadarola was involved in developing techniques such as two-dimensional electrophoresis coupled to liquid chromatography/mass spectrometry (2DE-LC/MS) for the proteomic analysis of biological fluids aimed at the identification of potential biomarkers of different lung diseases. He is the author of about 150 publications (According to Scopus: H-Index: 23; Total citations: 1568- According to WOS: H-Index: 20; Total Citations: 1296) of peer-reviewed international journals. He is a Consultant Reviewer for several journals, including the Journal of Chromatography A, Journal of Chromatography B, Plos ONE, Proteomes, International Journal of Molecular Science, Biotech, Electrophoresis, and others. He is also Associate Editor of Biotech.",institutionString:null,institution:{name:"University of Pavia",institutionURL:null,country:{name:"Italy"}}},editorTwo:{id:"201414",title:"Dr.",name:"Simona",middleName:null,surname:"Viglio",slug:"simona-viglio",fullName:"Simona Viglio",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRKDHQA4/Profile_Picture_1630402531487",biography:"Simona Viglio is an Associate Professor of Biochemistry at the Department of Molecular Medicine at the University of Pavia. She has been working since 1995 on the determination of proteolytic enzymes involved in the degradation process of connective tissue matrix and on the identification of biological markers of lung diseases. She gained considerable experience in developing and validating new methodologies whose applications allowed her to determine both the amount of biomarkers (Desmosine and Isodesmosine) in the urine of patients affected by COPD, and the activity of proteolytic enzymes (HNE, Cathepsin G, Pseudomonas aeruginosa elastase) in the sputa of these patients. Simona Viglio was also involved in research dealing with the supplementation of amino acids in patients with brain injury and chronic heart failure. She is presently engaged in the development of 2-DE and LC-MS techniques for the study of proteomics in biological fluids. The aim of this research is the identification of potential biomarkers of lung diseases. She is an author of about 90 publications (According to Scopus: H-Index: 23; According to WOS: H-Index: 20) on peer-reviewed journals, a member of the “Società Italiana di Biochimica e Biologia Molecolare,“ and a Consultant Reviewer for International Journal of Molecular Science, Journal of Chromatography A, COPD, Plos ONE and Nutritional Neuroscience.",institutionString:null,institution:{name:"University of Pavia",institutionURL:null,country:{name:"Italy"}}},editorThree:null}]},overviewPageOFChapters:{paginationCount:38,paginationItems:[{id:"82531",title:"Abnormal Iron Metabolism and Its Effect on Dentistry",doi:"10.5772/intechopen.104502",signatures:"Chinmayee Dahihandekar and Sweta Kale Pisulkar",slug:"abnormal-iron-metabolism-and-its-effect-on-dentistry",totalDownloads:1,totalCrossrefCites:0,totalDimensionsCites:0,authors:null,book:{title:"Iron Metabolism - Iron a Double‐Edged Sword",coverURL:"https://cdn.intechopen.com/books/images_new/10842.jpg",subseries:{id:"17",title:"Metabolism"}}},{id:"82291",title:"The Role of Oxidative Stress in the Onset and Development of Age-Related Macular Degeneration",doi:"10.5772/intechopen.105599",signatures:"Emina Čolak, Lepša Žorić, Miloš Mirković, Jana Mirković, Ilija Dragojević, Dijana Mirić, Bojana Kisić and Ljubinka Nikolić",slug:"the-role-of-oxidative-stress-in-the-onset-and-development-of-age-related-macular-degeneration",totalDownloads:1,totalCrossrefCites:0,totalDimensionsCites:0,authors:null,book:{title:"Importance of Oxidative Stress and Antioxidant System in Health and Disease",coverURL:"https://cdn.intechopen.com/books/images_new/11671.jpg",subseries:{id:"15",title:"Chemical Biology"}}},{id:"82195",title:"Endoplasmic Reticulum: A Hub in Lipid Homeostasis",doi:"10.5772/intechopen.105450",signatures:"Raúl Ventura and María Isabel Hernández-Alvarez",slug:"endoplasmic-reticulum-a-hub-in-lipid-homeostasis",totalDownloads:6,totalCrossrefCites:0,totalDimensionsCites:0,authors:null,book:{title:"Updates on Endoplasmic Reticulum",coverURL:"https://cdn.intechopen.com/books/images_new/11674.jpg",subseries:{id:"14",title:"Cell and Molecular Biology"}}},{id:"82409",title:"Purinergic Signaling in Covid-19 Disease",doi:"10.5772/intechopen.105008",signatures:"Hailian Shen",slug:"purinergic-signaling-in-covid-19-disease",totalDownloads:6,totalCrossrefCites:0,totalDimensionsCites:0,authors:null,book:{title:"Purinergic System",coverURL:"https://cdn.intechopen.com/books/images_new/10801.jpg",subseries:{id:"17",title:"Metabolism"}}}]},overviewPagePublishedBooks:{paginationCount:32,paginationItems:[{type:"book",id:"7006",title:"Biochemistry and Health Benefits of Fatty Acids",subtitle:null,coverURL:"https://cdn.intechopen.com/books/images_new/7006.jpg",slug:"biochemistry-and-health-benefits-of-fatty-acids",publishedDate:"December 19th 2018",editedByType:"Edited by",bookSignature:"Viduranga Waisundara",hash:"c93a00abd68b5eba67e5e719f67fd20b",volumeInSeries:1,fullTitle:"Biochemistry and Health Benefits of Fatty Acids",editors:[{id:"194281",title:"Dr.",name:"Viduranga Y.",middleName:null,surname:"Waisundara",slug:"viduranga-y.-waisundara",fullName:"Viduranga Y. Waisundara",profilePictureURL:"https://mts.intechopen.com/storage/users/194281/images/system/194281.jpg",biography:"Dr. Viduranga Waisundara obtained her Ph.D. in Food Science\nand Technology from the Department of Chemistry, National\nUniversity of Singapore, in 2010. She was a lecturer at Temasek Polytechnic, Singapore from July 2009 to March 2013.\nShe relocated to her motherland of Sri Lanka and spearheaded the Functional Food Product Development Project at the\nNational Institute of Fundamental Studies from April 2013 to\nOctober 2016. She was a senior lecturer on a temporary basis at the Department of\nFood Technology, Faculty of Technology, Rajarata University of Sri Lanka. She is\ncurrently Deputy Principal of the Australian College of Business and Technology –\nKandy Campus, Sri Lanka. She is also the Global Harmonization Initiative (GHI)",institutionString:"Australian College of Business & Technology",institution:{name:"Kobe College",institutionURL:null,country:{name:"Japan"}}}]},{type:"book",id:"6820",title:"Keratin",subtitle:null,coverURL:"https://cdn.intechopen.com/books/images_new/6820.jpg",slug:"keratin",publishedDate:"December 19th 2018",editedByType:"Edited by",bookSignature:"Miroslav Blumenberg",hash:"6def75cd4b6b5324a02b6dc0359896d0",volumeInSeries:2,fullTitle:"Keratin",editors:[{id:"31610",title:"Dr.",name:"Miroslav",middleName:null,surname:"Blumenberg",slug:"miroslav-blumenberg",fullName:"Miroslav Blumenberg",profilePictureURL:"https://mts.intechopen.com/storage/users/31610/images/system/31610.jpg",biography:"Miroslav Blumenberg, Ph.D., was born in Subotica and received his BSc in Belgrade, Yugoslavia. He completed his Ph.D. at MIT in Organic Chemistry; he followed up his Ph.D. with two postdoctoral study periods at Stanford University. Since 1983, he has been a faculty member of the RO Perelman Department of Dermatology, NYU School of Medicine, where he is codirector of a training grant in cutaneous biology. Dr. Blumenberg’s research is focused on the epidermis, expression of keratin genes, transcription profiling, keratinocyte differentiation, inflammatory diseases and cancers, and most recently the effects of the microbiome on the skin. 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