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Wiki	Wiki Summary
Measurement uncertainty	In metrology, measurement uncertainty is the expression of the statistical dispersion of the values attributed to a measured quantity. All measurements are subject to uncertainty and a measurement result is complete only when it is accompanied by a statement of the associated uncertainty, such as the standard deviation.
Uncertainty principle	In quantum mechanics, the uncertainty principle (also known as Heisenberg's uncertainty principle) is any of a variety of mathematical inequalities asserting a fundamental limit to the accuracy with which the values for certain pairs of physical quantities of a particle, such as position, x, and momentum, p, can be predicted from initial conditions.\nSuch variable pairs are known as complementary variables or canonically conjugate variables; and, depending on interpretation, the uncertainty principle limits to what extent such conjugate properties maintain their approximate meaning, as the mathematical framework of quantum physics does not support the notion of simultaneously well-defined conjugate properties expressed by a single value.
Propagation of uncertainty	In statistics, propagation of uncertainty (or propagation of error) is the effect of variables' uncertainties (or errors, more specifically random errors) on the uncertainty of a function based on them. When the variables are the values of experimental measurements they have uncertainties due to measurement limitations (e.g., instrument precision) which propagate due to the combination of variables in the function.
Uncertainty quantification	Uncertainty quantification (UQ) is the science of quantitative characterization and reduction of uncertainties in both computational and real world applications. It tries to determine how likely certain outcomes are if some aspects of the system are not exactly known.
Knightian uncertainty	In economics, Knightian uncertainty is a lack of any quantifiable knowledge about some possible occurrence, as opposed to the presence of quantifiable risk (e.g., that in statistical noise or a parameter's confidence interval). The concept acknowledges some fundamental degree of ignorance, a limit to knowledge, and an essential unpredictability of future events.
Uncertainty parameter	The uncertainty parameter U is a parameter introduced by the Minor Planet Center (MPC) to quantify concisely the uncertainty of a perturbed orbital solution for a minor planet. The parameter is a logarithmic scale from 0 to 9 that measures the anticipated longitudinal uncertainty in the minor planet's mean anomaly after 10 years.
Uncertainty budget	The uncertainty budget is an aid for specifying the expanded measurement uncertainty. The individual measurement uncertainty factors are summarised, usually in tabular form, in the measurement uncertainty budget.
Risk management	Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.\nRisks can come from various sources including uncertainty in international markets, threats from project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause.
Operation Mincemeat	Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Special Activities Center	The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Emergency operations center	An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Bitwise operation	In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Operations director	The role of operations director generally encompasses the oversight of operational aspects of company strategy with responsibilities to ensure operation information is supplied to the chief executive and the board of directors as well as external parties.\n\n\n== Description ==\nThe role of operations director can vary according to the size of a company, and at some companies many even encompass some or all the functions of a chief operating officer.The Institute of Directors of the United Kingdom defines the role as overseeing "all operational aspects of company strategy" and "responsible for the flow of operations information to the chief executive, the board and, where necessary, external parties such as investors or financial institutions".
Availability	In reliability engineering, the term availability has the following meanings:\n\nThe degree to which a system, subsystem or equipment is in a specified operable and committable state at the start of a mission, when the mission is called for at an unknown, i.e. a random, time.
High availability	High availability (HA) is a characteristic of a system which aims to ensure an agreed level of operational performance, usually uptime, for a higher than normal period.\nModernization has resulted in an increased reliance on these systems.
Not Available	Not Available is the second studio album (released as the fourth) by the Residents, recorded in 1974. The album was allegedly meant to only be released once its creators completely forgot about its existence (adhering to their "Theory of Obscurity," in which an artist's purest work is created without an audience) - however, due to ongoing delays in the release of Eskimo, Not Available was released to supply the demand for new Residents material, given their unexpected critical and commercial success following the release of the Duck Stab EP.\n\n\n== History ==\nIt is said that the lyrics and themes of Not Available arose from personal tensions within the group, and that the project began as a private psychodrama before being adapted into a possible operetta.
Availability heuristic	The availability heuristic, also known as availability bias, is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision. The availability heuristic operates on the notion that if something can be recalled, it must be important, or at least more important than alternative solutions which are not as readily recalled.
High-availability cluster	High-availability clusters (also known as HA clusters, fail-over clusters) are groups of computers that support server applications that can be reliably utilized with a minimum amount of down-time. They operate by using high availability software to harness redundant computers in groups or clusters that provide continued service when system components fail.
Climate risk	Climate risk refers to risk assessments based on formal analysis of the consequences, likelihoods and responses to the impacts of climate change and how societal constraints shape adaptation options. Common approaches to risk assessment and risk management strategies based on natural hazards have been applied to climate change impacts although there are distinct differences.
Effects of climate change on human health	The effects of climate change on human health include direct effects of extreme weather, leading to injury and loss of life, as well as indirect effects, such as undernutrition brought on by crop failures or lack of access safe drinking water. Climate change poses a wide range of risks to population health.
Financial risk	Financial risk is any of various types of risk associated with financing, including financial transactions that include company loans in risk of default. Often it is understood to include only downside risk, meaning the potential for financial loss and uncertainty about its extent.A science has evolved around managing market and financial risk under the general title of modern portfolio theory initiated by Dr.
Anechoic chamber	An anechoic chamber (an-echoic meaning "non-reflective") is a room designed to stop reflections of either sound or electromagnetic waves. They are also often isolated from energy entering from their surroundings.
Handjob	A handjob or hand job is a sex act, performed as either foreplay or as non-penetrative sex, that involves the manual stimulation of the penis or scrotum by another person to induce an erection for sexual pleasure, sexual arousal and sometimes resulting in orgasm and ejaculation.A handjob can be sexually arousing for both participants and may be an erotic and physically intimate act of its own. \nIt is analogous to fingering (stimulation of the vagina).
Material	Material is a substance or mixture of substances that constitutes an object. Materials can be pure or impure, living or non-living matter.
List of elements facing shortage	Since 2011, the European Commission assesses a 3-year list of Critical Raw Materials (CRMs) for the EU economy within its Raw Materials Initiative. To date, 14 CRMs were identified in 2011, 20 in 2014, 27 in 2017 and 30 in 2020.
Manufacturing	Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy.
Strategic material	Strategic material is any sort of raw material that is important to an individual's or organization's strategic plan and supply chain management. Lack of supply of strategic materials may leave an organization or government vulnerable to disruption of the manufacturing of products which require those materials.
Limited liability company	A limited liability company (LLC) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Statement of Assets, Liabilities, and Net Worth	A Statement of Assets, Liabilities, and Net Worth (SALN) is an annual document that all government workers in the Philippines, whether regular or temporary, must complete and submit attesting under oath to their total assets and liabilities, including businesses and financial interests, that make up their net worth. The assets and liabilities of the official, his or her spouse, and any unmarried children under 18 who are living at home, must be included.
Balance sheet	In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year.
Contingent liability	Contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as the outcome of a pending lawsuit. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or 'worst case' financial outcome.
Legal liability	In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies.
Regulation	Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context.
Formula One regulations	The numerous Formula One regulations, made and enforced by the FIA and later the FISA, have changed dramatically since the first Formula One World Championship in 1950. This article covers the current state of F1 technical and sporting regulations, as well as the history of the technical regulations since 1950.
Regulation (European Union)	A regulation is a legal act of the European Union that becomes immediately enforceable as law in all member states simultaneously. Regulations can be distinguished from directives which, at least in principle, need to be transposed into national law.
Radio regulation	Radio regulation refers to the regulation and licensing of radio in international law, by individual governments, and by municipalities.\n\n\n== International regulation ==\nThe International Telecommunication Union (ITU) is a specialized agency of the United Nations (UN) that is responsible for issues that concern information and communication technologies.
Regulation of therapeutic goods	The regulation of therapeutic goods, defined as drugs and therapeutic devices, varies by jurisdiction. In some countries, such as the United States, they are regulated at the national level by a single agency.
New York Codes, Rules and Regulations	The New York Codes, Rules and Regulations (NYCRR) contains New York state rules and regulations. The NYCRR is officially compiled by the New York State Department of State's Division of Administrative Rules.

Risk Factors
CARPENTER TECHNOLOGY CORP Item 1A Risk Factors
There are inherent risks and uncertainties associated with all businesses that could adversely affect operating performances or financial conditions
The following discussion outlines the risks and uncertainties that management believes are the most material to our business
However, these are not the only risks or uncertainties that could affect our business
Certain risks are associated specifically with our business, industry or customer base, while others are broader
Demand in our end use markets, including companies in the aerospace, industrial supply, consumer, automotive, medical, energy and power generation markets, can be cyclical in nature and sensitive to general economic conditions, competitive influences, and fluctuations in inventory levels throughout the supply chain
As a result, our results of operations, financial condition, cash flows and availability of credit could fluctuate significantly from period to period
Risks Associated with Commercial Aerospace
A growing portion of our sales represents products sold to customers in the commercial aerospace market
The commercial aerospace market is historically cyclical due to both external and internal market factors
These factors include general economic conditions, airline profitability, consumer demand for air travel, varying fuel and labor costs, price competition, and international and domestic political conditions such as military conflict and the threat of terrorism
The length and degree of cyclical fluctuation can be influenced by any one or combination of these factors and therefore are difficult to predict with certainty
A downturn in the commercial aerospace industry would adversely affect the demand for our products and/or the prices at which we are able to sell our products, and our results of operations, business and financial condition could be materially adversely affected
The steel industry continues to operate in an environment of excess supply
Continued domestic and international over capacity could lead to an overall reduction in prices of certain non-specialty products
Continued availability of lower cost, substitute materials may also cause significant fluctuation in future results as our customers opt for a lower cost alternative
In addition, developing economies such as China and India have led to a rapid increase in demand for certain products resulting in price and supply variations and causing companies to implement plans to meet that increased demand
If the demand from these economically developing countries subsides, additional excess worldwide capacity could significantly impact future worldwide pricing or export practices of certain products
Raw Material Pricing; Pricing Actions
Although inflationary trends in recent years have been moderate, certain critical raw material costs, such as nickel, chromium, titanium, and scrap containing iron and nickel, have been volatile
Rapid increases in raw material costs may adversely affect our results of operations
The timing of pricing actions can be dependent upon market conditions, economic factors, raw material costs and availability, competitive factors, operating costs and/or other factors, some of which are beyond our control
The effects of any pricing actions may be delayed due to long manufacturing lead times or the terms of existing contracts
There is no guarantee that pricing actions will be able to offset rising costs or maintain the company’s profit margins
Dependence on Critical Raw Materials Subject to Price and Availability Fluctuations
We rely on third parties to supply the raw materials that are critical to the manufacture of our products
These raw materials include nickel, ferrochrome, cobalt, molybdenum, titanium, manganese and various types of scrap
Purchase prices of these critical raw materials are subject to volatility due to factors that are not in our control
These materials are purchased from suppliers operating in countries that may be subject to unstable political and economic conditions
These conditions may disrupt supplies or affect the prices of these materials
If suppliers increase the price of critical raw materials or are unwilling or unable to meet our demand, we may not have alternative sources of supply
In addition, we may be unable to recoup such price increases through surcharges or increased selling prices
The manufacture of some of our products is a complex process and requires long lead times
If unable to obtain adequate and timely deliveries of required raw materials when needed in our manufacturing process, we may be unable to meet customer orders in a timely manner or in sufficient quantities
This could cause us to lose sales, incur additional costs, delay new product introductions, or suffer harm to our reputation
Risks Associated with Medical Costs and Retirement Benefits
We provide medical benefits to active and retired employees throughout most of our company
Most of the cost is paid by the company and is not covered by insurance
In addition, certain of our employees are covered by defined benefit pension plans with the 10 ______________________________________________________________________ [38]Table of Contents majority of our plans covering employees in the United States
A decline in the value of plan investments in the future, an increase in costs or liabilities or unfavorable changes in laws or regulations that govern pension plan funding could materially change the timing and amount of required pension funding
A requirement to fund any deficit created in the future could have a material adverse effect on our results of operations and financial condition
Many domestic and international competitors do not provide defined benefit retiree health care and other international competitors operate in jurisdictions with government sponsored health care plans that may offer them a cost advantage
Risks Associated with Environmental Matters
We are subject to various federal, state, local and international environmental laws and regulations relating to pollution, protection of public health and the environment, natural resource damages and occupational safety and health
We could incur substantial cleanup costs, fines and civil or criminal sanctions, third party property damage or personal injury claims as a result of violations or liabilities under these laws or non-compliance with environmental permits required at our facilities
We have environmental remediation liabilities at some of our owned operating facilities and have been designated as a potentially responsible party (“PRP”) with respect to certain third-party Superfund or similar waste disposal sites and other third party owned sites
Additionally, we have been notified that we may be a PRP with respect to other Superfund sites as to which no proceedings have been instituted against us
From time-to-time, we are a party to lawsuits and other proceedings involving alleged violations of, or liabilities arising from environmental laws
When our liability is probable and we can reasonably estimate our costs, we record environmental liabilities in our financial statements
In many cases, we are not able to determine whether we are liable, or if liability is probable, to reasonably estimate the loss or range of loss
Estimates of our liability remain subject to additional uncertainties, including the nature and extent of site contamination, available remediation alternatives, the extent of corrective actions that may be required, and the number and financial condition of other PRPs, as well as the extent of their responsibility for the remediation
We intend to adjust our accruals to reflect new information as appropriate
Future adjustments could have a material adverse effect on our results of operations in a given period, but we cannot reliably predict the amounts of such future adjustments
At June 30, 2006, our reserves for environmental matters totaled approximately dlra5dtta9 million
Future developments, administrative actions or liabilities relating to environmental matters could have a material adverse effect on our financial condition or results of operations
Risks Associated with Current or Future Litigation and Claims
We are defending various claims and legal actions that have been or may be asserted against us relating to the conduct of our currently and formerly owned businesses, including those pertaining to product liability, commercial disputes, employment actions, employee benefits, compliance with domestic and federal laws, personal injury and tax issues
Due to the uncertainties of litigation, we can give no assurance that we will prevail on all claims made against us in the lawsuits that we currently face or that additional claims will not be made against us in the future
The outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to us
The resolution in any reporting 11 ______________________________________________________________________ [39]Table of Contents period of one or more of these matters could have a material adverse effect on our results of operations for that period
We can give no assurance that any other matters brought in the future will not have a material effect on our financial condition, liquidity or results of operations
Labor Matters
We have approximately 3cmam990 full-time employees, the majority of which are not covered by a collective bargaining agreement
Approximately 420 total employees at two of our business units are covered by various collective bargaining agreements
The agreements expire at various times in the future, with the largest one covering 305 employees of Certech, Inc, in Wood-Ridge and Carlstadt, New Jersey, effective through January 31, 2007
The collective bargaining agreement for our Dynamet production employees located in Washington, Pennsylvania, will expire in August, 2007
There can be no assurance that we will succeed in concluding collective bargaining agreements with the unions to replace those that expire
From time to time, the employees at our primary manufacturing facility in Reading, Pennsylvania, participate in election campaigns or union organizing attempts as to whether they should be represented by a union for collective bargaining
There is no guarantee that future organization attempts will not result in union representation
Our manufacturing processes are complex and depend upon critical, high cost equipment for which there may be only limited or no production alternatives
It is possible that we could experience prolonged periods of reduced production due to unplanned equipment failures and we could incur significant repair or replacement costs in the event of those failures
It is also possible that operations could be disrupted due to other unforeseen circumstances such as power outages, explosions, fires, floods, accidents and severe weather conditions
We must make regular, substantial capital investments and changes to our manufacturing processes to lower production costs, improve productivity, manufacture new or improved products and remain competitive
We may not be in a position to take advantage of business opportunities or respond to competitive pressures if we fail to update, replace or make additions to our equipment or our manufacturing processes in a timely manner
The cost to repair or replace much of our equipment or facilities would be significant
We cannot be certain that we will have sufficient internally generated cash or acceptable external financing to make necessary capital expenditures in the future
Risks Associated with Acquisition and Disposition Strategies
We consider acquisition, joint ventures, and other business combination opportunities as well as possible business unit dispositions as part of our overall business strategy
From time-to-time, management holds discussions with management of other companies to explore such opportunities
As a result, the relative makeup of the businesses comprising our Company is subject to change
Acquisitions, joint ventures, and other business combinations involve various inherent risks, such as difficulties in integrating the operations, technologies, products and personnel of the acquired companies, diversion of management’s attention from existing operations, difficulties in entering markets in which we have limited or no direct prior experience, dependence on unfamiliar supply chains, insufficient revenues to offset increased expenses associated with acquisitions, loss of key employees of the acquired 12 ______________________________________________________________________ [40]Table of Contents companies, inaccurate assessment of undisclosed liabilities, difficulties in realizing projected efficiencies, synergies and cost savings, and increases in our debt or limitation in our ability to access additional capital when needed
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements or inaccuracies
Effectiveness of reporting results in future periods is subject to the risk that controls may become inadequate, or that the degree of compliance with the policies or procedures may deteriorate
War, civil conflict, terrorism, natural disasters, and public health issues including domestic or international pandemic, have caused and could cause damage or disruption to domestic or international commerce by creating economic or political uncertainties
These events could result in a decrease in demand for our products, make it difficult or impossible to deliver orders to customers or receive materials from suppliers, effect the availability or pricing of energy sources or other severe consequences that may or may not be predictable
As a result, our business, financial condition and results of operations could be materially adversely affected
International Sales
We believe that international sales will continue to account for a significant percentage of our future revenues
Risks associated with international sales include: political and economic instability, including weak conditions in the world’s economies; accounts receivable collection; export controls; changes in legal and regulatory requirements; policy changes affecting the markets for our products; changes in tax laws and tariffs; and exchange rate fluctuations (which may affect sales to international customers and the value of profits earned on international sales when converted into dollars)
Any of these factors could materially adversely effect our results for the period in which they occur
Safety Issues
Various federal, state, local and international worker safety laws and regulations are applicable to our operations
We have used, and currently use and manufacture substantial quantities of substances that are considered hazardous, extremely hazardous or toxic under worker safety and health laws and regulations
Although we implement controls and procedures designed to reduce continuing risk of health and safety issues, we could incur substantial costs, fines and civil or criminal sanctions or personal injury claims as a result of violations or liabilities under these laws
Much of our future success depends on the continued service and availability of skilled personnel, including members of our executive management team, management, metallurgists and staff positions
The loss of key personnel could adversely affect our ability to perform until suitable replacements are found
We are experiencing changes in several of our Executive Officer positions
The Company’s Chairman, President and Chief Executive Officer has publicly announced his intention to retire upon appointment of his successor by the Board of Directors
A new Senior Vice President – Finance and Chief Financial Officer joined the Company in July 2006
The Company is also engaging a new Vice President – Human Resources
There is a risk that the business strategies or operational effectiveness of the Company could be materially and adversely affected by changes in the Company’s management personnel