List out the areas where the concept of Value at Risk (VAR) can be applied?

(a) VAR can be applied in the following areas: (a) to measure the maximum possible loss on any portfolio or a trading position. (b) as a benchmark for performance measurement of any operation or trading. (c) to fix limits for individuals dealing in front office of a treasury department. (d) to enable the management to decide the trading strategies. (e) as a tool for Asset and Liability Management especially in banks.