Ethical Actions Worksheet Essay

†¢ Was there anything in either the University Of Phoenix Student Code Of Conduct or the Student Code of Academic Integrity that surprised you? If so, what was it? Why were you surprised? If not, why not? There was nothing surprising about the University Of Phoenix Code Of Conduct or the Student Code of Academic integrity. I am familiar with having codes of conduct and codes of integrity. These same principles are used on the job. They let us know what is adequate and what is not acceptable. Codes help remind us that truth and integrity help to contribute to a non hostile environment, control dishonest actions or infringe on the rights of others. The University Of Phoenix Student Code Of Conduct and the Student Code of Academic Integrity assist in creating a safe and positive work all students. †¢ What did you learn about the behaviors considered important for an ethical learner or student in the University of Phoenix learning community? I have learned that being an ethical learner requires honesty. We should behave in a proper manner and make the correct choices when doing our work. Cheating and dishonesty should never be accepted even if you are falling behind with your school assignments. I have also that when you cheat you are only cheating yourself out of the full learning experiences that you are paying for and that it can form bad habits that can hurt you later on in life. †¢ Why are the Student Code of Conduct and Student Code of Academic Integrity important to you and the University of Phoenix learning community? The Student Code of Academic Integrity is important in the learning environment because it gives a set of guidelines for any educational institution. Academic goals cannot be met without following the standards set by the Student Code of Conduct or the Student Code of Academic Integrity. Acts of dishonesty not only undermine the learning process it also disadvantages students who earn credit honestly. It is important that members of the community share a common interest in maintaining the integrity the student code on campus.

Reasons teenagers should not be allowed to work Essay

Today, many high school students are entering the work force. Students are becoming more and more eager to start working and become independent. Although a beneficial balance of school and extracurricular activities as well as employment can be productive, it is very difficult to maintain. If a student is intending on going to college, he or she should only hold very minimal and flexible employment. A part-time job interferes with school in many situations. Even if the job is held after school and on weekends, many beneficial extracurricular activities operate at times that do not conflict with education. Most employers are hardly willing to a busy student’s schedule. When students do successfully plan out-of-school events in accordance with a work schedule, hours of school followed by hours of work and hours of homework may be overwhelming for high school students. All of this considered, a student will sacrifice homework and actually be encouraged not to participate in school clubs and sports if working part-time. An employed high school student will suffer the loss of time spent with friends and family. Do you really think a working teenager will keep up with household commitments, such as chores? PARENTING.COM reports that all parents that participated in their survey with employed children say that their working teens often neglect chores and end up with slipping grades. That same website also reports that 94% of those same parents have missed out on family events such as birthdays and day trips. Not only will a part-time job harm a student’s educational stability, it will harm a close family. Besides damaging a student’s family life, a job may harm his or her social life. A student may not be able to spend as much time with their friends as usual if employed. This according to child psychologists can be very harmful to a teenager. First, teenagers receive many daily reassurances from friends, and without this unobvious benefit of friendship, a teenager may begin to feel low self-esteem and feel feelings of guilt for neglecting friends. Emotional turmoil for feeling of abandoning peers and neglecting family is hardly positive for a teenage student. Many students do successfully balance school and work. Only a few students though manage to maintain this balance before parts of their life begin to fail because of employment. One must consider all the above possible conflicts before jumping into the workforce. This of course, is no easy task. With parental support and a good employer willing to be flexible, it is somewhat accomplishable. Take caution before entering the world of employment.

Beach Wedding Dresses Article Example | Topics and Well Written Essays - 500 words

Beach Wedding Dresses - Article Example The researcher states that Sabino points out the fact that it is important to select a beach wedding dress with care. She explains that a long flowing wedding dress is not very practical for a bride who aspires to have a wedding on the beach. Instead, a comfortable hip dress that will exactly fit just right for the casual romantic wedding taking place with waves dancing near the beach, the sun setting on the horizon, and on golden sands would be a perfect choice. In view of the fact that a beach wedding is more informal as opposed to a traditional church wedding, one should choose a style that agrees with the ambiance. While selecting a beach wedding dress, one should not compromise on glamour but should keep it stylish and sleek. This also applies for the groom as well as their party – for a beach wedding, an informal affair is usually the best because of the sun, tuxedos and the sand do not match with formal attire. They should, therefore, go for light-weight natural fibers. As Reilley advises, one can choose a dress with a halter neck, strapless top or spaghetti straps. These are ideal for tanned shoulders’ show off. Alternatively, one can settle on flowing sleeves to provide shelter from the heat. Another option ideal for a beach wedding would be a simple sundress in soft chiffon or linen embroidered with classic or embroidery beads. Making a wedding dress elegant and simple works wonders for a beach wedding. One can choose a-line pattern or a low waist style. If one chooses a very much informal style, she can choose simpler beach wedding dresses in tropical or floral prints. If one is more audacious, she can even go for a bikini and accompany it with a dressy sarong. Since climates at the beaches tend to be windy, one should ensure that the beach wedding gown and hat are secured properly. White, the traditional attire for brides, is appropriate - it blends well with surf and the sand. In place of conventional tiaras, one can go for floral gar lands or head wreaths.

Critical thinking Assignment # 1 Essay Example | Topics and Well Written Essays - 500 words

Critical thinking Assignment # 1 - Essay Example According to me justice needs to aim at preventing the crime by deterring criminals and upholding the rule of law, while assuring public order and ascertaining that the actual offenders get commensurately punished in consonance with the gravity of their crime in a way and manner that brings closing to the extended family of the offended, and expressing appropriate public and state denunciation for the committed crime, thereby bolstering the public confidence and establishing law and order in the society. As per my personal opinion, the purpose and objective of justice is not merely to assuage the ethical requisites like fairness and protection, but also to instill a sense of peace, confidence and certainty in the larger society in which a crime is committed. Each criminal case does define as to how justice presents itself to the larger society. In the light of this personal and larger definition of justice, justice is not being met in case of the twin brothers’ case being discussed here. The system is not extending a just and valid treatment to both the twin brothers here. Though it may not be true, yet it is quite possible that at least one of the twin brothers and one’s friends and relatives are taking advantage of the likeness in the looks of the two brothers to hoodwink and bypass the criminal justice system. The way criminal justice system is going soft on the perceived offender, going by the fact that he has an identical twin who looks and dresses up like him and was also present at the scene of crime is sending a message to the society that the criminals who do have a look alike could confuse and dither the criminal justice system. A more just approach in this case will be to take both the brothers within the loop of this murder case, because if one of them committed the actual murder, the other one is surely playing an active role in confusing the

Marketing Plan for Kindle Fire Assignment Example | Topics and Well Written Essays - 2000 words

Marketing Plan for Kindle Fire - Assignment Example The main characteristic features of this device are, book reading, blogs, newspapers and all important documents, it mostly supports the portable document format (P.D.F) along with various other formats. Different models have been introduced since the beginning starting from the earlier one, followed by DX in 2009, and now the most recent one being the Kindle Fire. With less than couple of years in market it has made a lot of progress and at the same time it needs to address certain issues, and since after the launch many factors have come to forefront therefore this paper looks at the marketing perspective of Kindle Fire. Kindle fire is seen as a beginning of new era in the world of e-book device from Amazon since its considered as the rival to the Apple’s already in market I-pad .With Fire edition, it was the first time since Amazon introduced colored screens in their e book readers.. It provides access to thousands of movies, over a million books. With help of Premier membership access to lots of free stream material becomes possible. It is being stated as the insurgent that has blown I-pad out of the water. It is being dubbed as I-pad killer and with such a formidable package and features it is certainly going to present a challenge to the existing players in the game.The fire edition would serve as outsider force in the industry since it is totally revamped and a new look to the previous versions of Kindle. It is built on Android operating system and hence a complete infrastructure based kernel running the application programs. It runs on Android 2.3 version of the O.S. It provides a batte ry time of as long as eight hours and supports all three variants of Wi-Fi, that are, b/n/g. It has a dual core processor with clock speed of 1 G-hertz. (McNulty, S. 2011). Financial Statistics: in the category of tablets Apple is the chart leader, but Kindle is not

The Value of Philosophy Essay Example | Topics and Well Written Essays - 500 words - 84

The Value of Philosophy - Essay Example From this paper it is clear that the knowledge it aims at is the kind of knowledge which gives unity and system to the body of science, and the one which results from a critical examination of the grounds of our conviction, prejudices, and beliefs. As the study outlines there has been widespread concern that philosophy as a field is shrouded in a great deal of doubt, and therefore, pursuit of knowledge along a path that is not so clear becomes an exercise in futility. However, the reporter should point out that although we might seek â€Å"veritable† answers, these answers are mostly subject to other constraints like customs and beliefs, opinions and inclinations among others, and therefore, â€Å"right† answers may be rendered not very certain in their truth when subjected to the criterion of proof. Thus, as stated in Russell’s work, the uncertainty of philosophy is largely more apparent than real. He admits that several questions, like ones pertaining to spiritual life whose comprehension are beyond the human intellect. To reinforce this view of state of affairs, J. L. Mackie in his work says that the theologian â€Å"must now be prepared to believe, not merely what cannot be proved, but what can be disp roved from other believes he also holds†¦ this is because the theologian can maintain his position as a whole only by a much more rejection of reason.†

Human Resources Development Essay Example | Topics and Well Written Essays - 1000 words

Human Resources Development - Essay Example British government took the initiatives related to National Vocational Education and Training (NVET) about 40 years back with the development of state intervention during 1964 to 1980. The VET system in UK was radically reformed during 1980's. Such reforms included policies encouraging strong partnerships between employers and the world of education and training, replacement of most of the levy supported industry training arrangements with employer led national sector skills organisations, development of a national qualification framework and Legislation enabling the delivery sector of VET on a trajectory of growth and change. And it was during 1991 to 1997 that NVET was embedded in lifelong learning. The Moser report in 1999 found that one in five British adults was functionally illiterate (Harrison, 2002). This report underlined a need to take up the challenge of addressing issues of both supply and demand. This would result in an improvement in the quality of provision on offer an d an increase in the number of adults coming forward to take up this provision. The report recognized that to achieve this, there could be no quick fix solution and only a long-term strategy can achieve such synchronization. With these kinds of inputs the NVET has been undertaking corrective courses from time to time, in order to be more effective for the purpose. The government has an ambitious target of reducing the number of functionally illiterate people to half of the present figure by 2010. In view of the evolving global economy, which demands appropriately skilled workforce, most of the governments around the world are currently undertaking reforms of their education and training systems, with inclusion of the vocational streams into the system. UK faces several challenges under the globalisation regime, including continuing changes in technology, which is bound to shape the nature and demand for skills. Such initiatives have been effective to the extent that the wages of a trained individual are of course more that that of an un-trained one. Similarly the industry is also benefited by the training, as it doesn't have to spend much time, energy and resources on developing the individual, while the individual proves to be productive from day one. With other factors remaining unchanged, a better match of vocational skills and industry needs would no doubt increase the expectation that the labor market will reward vocational skills better than general education. For example; Nursing training and education has resulted in improvement in health care occupation. This has helped in long-term care for older people, reduced sedation and restraint, greater willingness to encourage autonomy and independence, and improved communication between workers and users (Nolan & Keady, 1996). For social care

Relationship between Venezuela and USA Essay Example | Topics and Well Written Essays - 3750 words

Relationship between Venezuela and USA - Essay Example Latin America exerted new efforts toward integration. Moreover, the U.S. started to visualize a hemispheric alliance that would revolutionize the North-South structure of the American continent (Weeks 10). In Venezuela, the presidency of Hugo Chavez seemed to define a decisive moment, even a snapping point, whose importance should be explored within the perspective of the long-standing history of the relationship between Venezuela and the United States. This essay discusses the relationship between the U.S. and Venezuela. It focuses on Venezuela’s resistance to the domination strategy of the United States. The Interest of the United States in Latin America and Venezuela The key aspect of the relationship of U.S. with Latin American countries since the postwar period has been how these North and South regions of the Western hemisphere became profoundly engaged in the existence of each other in all possible ways—culturally, militarily, politically, and economically. Inter dependence became more evident during the post-Cold War years (De Escobar & Romero 39). However, the culmination of the Cold War did not produce interdependence, instead it exposed it. Latin American countries had been dependent on the U.S. for so long for popular culture, products and/or services, employment, security, technology, and investment capital. The people of the United States, in the meantime, had long desired the productive lands of Latin America, as well as its cheap labor and raw materials. However, the United States has sustained interest in Latin America for a much more important motive (De Escobar & Romero 39-42). Latin America and the U.S. had approximately the same population in 1945. However, by 2005 Latin America already surpassed the U.S. population. As the Latin American population continued growing, the region occupied an even bigger space in the imperialistic goals of the United States. Hence, in a period defined by issues of unilateral militarism, anti-Amer icanism, and globalization, the fusion of Latin America and the U.S. becomes more important than ever (Brewer 50). Venezuela’s democratic aspirations and its oil industry built special relations with the United States that eventually led to other developments: Venezuela’s aspiration to attain stronger independence, and bigger episodes that lessened the sense of Venezuela’s special status. Venezuela somewhat undervalued its relationship with the U.S. Similarly, the U.S. tended to disregard the fact that Venezuelan democracy would be successful (Brewer 81). In fact, forces undermining Venezuela’s national political system escalated gradually. By the 1990s, chaotic episodes in Venezuela would overturn several of these developments and pave the way for major reforms. If not for the uncovering of oil in Venezuela, maybe the United States and Venezuela would not have built the special relationship they have had from then on. The exceptional relationship built b y the extraordinary interest of the U.S. in securing stable oil supplies has been both the strength and weakness of their relations all over the 20th century (De Escobar & Romero 72). Venezuela has always expected that the U.S. would acknowledge their special position as trustworthy friends and have at times felt distressed and ignored that, sometimes, the U.S. has taken them for granted. This may not have been the situation during large-scale conflicts in Europe or other parts of the world, when the oil advantage of Venezuela became more valuable, but in ordinary times, and particularly since the expansion of energy sources that arose after the oil problem in the 1970s, Venezuela has at times fell into the bottom of U.S. priorities (De Escobar &

Causal story paper Essay Example | Topics and Well Written Essays - 750 words

Causal story paper - Essay Example This is indeed true for many Latin American nations that have a deficit of foreign capital and are under increasing pressure of going for market driven reforms. Irrespective of the governmental constraints and the increasing opposition of the private sector, a favourable interaction of many variables like the labour backed parties at home and the ties of the local trade unions to the foreign labour and human rights groups has pushed the state governments to opt for pro labour reforms. It is primarily owing to the dependent variable that is the labour backed local parties and the independent variable that are the foreign based labour and human rights groups that the trade unions in Latin America have been able to wrest out favourable reforms. The deregulation of economies and the immense pressure for free market reforms has proved to be very favourable for the trade unions in the Latin American nations that have a history of labour mobilization and organization (Murillo & Schrank 974) . ... Though the labour backed parties in Latin America have been trying hard to break in into new constituencies, yet they could not afford to ignore the traditional support of the independent variables like the organized labour that happen to be a ready source of support and vote. Thereby the local labour backed parties do make it a point to press the governments to opt for pro labour union reforms, because if they fail to do so, they fear losing the support of the organized labour in their constituencies that is historically organized and is capable of shifting alliances if the need be. Argentina happens to be a typical example of a Latin American nation where the governments irrespective of being pro liberalization had to pass pro labour union reforms under pressure from the local labour backed parties (Murillo & Schrank 988). In contrast the Latin American nations which have a tradition of labour repression, the pro labour reforms owe their origins to a different set of variables. The se economies with the enhanced liberalization have become increasingly export dependent and it is the markets like the US where the goods produced by these nations find the customers. Being cost sensitive the governments in these nations are traditionally averse to labour reforms. However, the dependent variables like the labour unions in these nations have wrested reforms by aligning with a different independent variable that are the labour and human rights groups based abroad. These foreign based labour and human rights groups exert a pressure on their governments to push the rogue nations to opt for labour reforms in lieu of getting access to the US

The Ways Football Has Affected Society Essay Example for Free

The Ways Football Has Affected Society Essay You should answer ALL parts of ALL questions in this booklet. If you need more space for any answer, use the page(s) provided at the back of this booklet and clearly number the question. Check that this booklet has pages 2–11 in the correct order and that none of these pages is blank. YOU MUST HAND THIS BOOKLET TO YOUR TEACHER AT THE END OF THE ALLOTTED TIME. You are advised to spend 60 minutes answering the questions in this booklet. In the box below, name the large natural environment you have studied. Large natural environment: Question One: patterns A large natural environment is a distinctive part of the earth’s surface and is defined by its common characteristics or elements. Each of these characteristics creates patterns on the earth’s surface. Natural characteristics (elements) of an environment include: climate landforms soils vegetation. Circle the TWO natural characteristics from the list above whose patterns you wish to explain in this question. (a) In the box below, draw an annotated sketch map or diagram of your chosen large natural environment to show the patterns created by TWO natural characteristics of your chosen environment. Title: Key: (b) Fully explain the pattern created by EACH natural characteristic from (a) on your large natural environment. Support your answer with detailed evidence. Characteristic 1: Characteristic 2: Question Two: INTERACTIONs The natural environment is constantly evolving as the elements (characteristics) and processes interact with each other. The level of interaction varies in size (scale) over time and from place to place. Natural characteristics (elements) of an environment include: climate landforms soils vegetation. Circle the TWO natural characteristics from the list above whose patterns you wish to explain in this question. Discuss how the interaction between TWO characteristics varies from place to place in your large natural environment. In your answer, you should: explain how the characteristics interact fully explain how the interaction varies in different parts of the large natural environment use specific detailed evidence to support your answer. You may draw diagrams / maps in the box on page 7 to support your answer. Question Three: PerCEPTIONS Different groups of people and individuals perceive the natural environment in different ways. This perception can change over time. People’s perceptions are shaped by their background, their experiences, and their involvement with the particular natural environment. Name TWO different groups OR individuals linked to the large natural environment you have studied. Group / individual 1: Group / individual 2: (a) Complete the table below to show the perception each group / individual held about this large natural environment at TWO different points in time. In your answer, clearly state each point in time you are referring to, and include supporting evidence from your large natural environment. Group / individual Perception Perception 1 Point in time: Point in time: 2 Point in time: Point in time: (b) Fully explain why each group / individual’s perception has changed over time. Use detailed evidence to support your answer. (i) Group / individual 1: (ii) Group / individual 2: Extra paper for continuing your answers, if required. Clearly number the question. Question number Extra paper for continuing your answers, if required. Clearly number the question. Question number

Inventory Management in a Multinational Company

Inventory Management in a Multinational Company Inventory may be desirable, even necessary, for smooth operation and good customer service in many situations. For instance, inventory can be used to reduce the lead time to respond to customer demand, to smooth out the production rate when there are variations in demand, and to protect the company from underestimates of demand (forecast errors) or shortage of supply. Reasons such as these, plus the fact that inventory is considered an asset on a companys balance sheet, have led many companys to carry excessive amounts of inventory. Some companies for example, the Japanese manufacturer Toyota, have become known for their ability to operate with low inventories and to achieve a high inventory turnover. (Inventory turnover is basically the ratio of sales to the average inventory level, both measured at cost or retail price.) The Japanese approach is to keep in process inventory low and to achieve quick flow of the product through the production cycle. Being able to respond quickly to d emand, companies can work from a shorter range forecast, which is more accurate, so they need less safety stock to protect from uncertainty. [1] 2. Aims and objectives Inventory management is an important concern for managers in all types of businesses. For companies that operate on relatively low profit margins, poor inventory management can seriously undermine the business. The challenge is not to pare inventories to the bone to reduce costs or to have plenty around to satisfy all demands, but to have the right amount to achieve the competitive priorities for the business most efficiently. [2] Aims and objectives of this thesis are as follows: Deciding where to position inventory Determining when to replenish inventory Calculating how much to order Determining the placement of safety stock Refacilitating the use of business resources for profitable business results Ensuring the target level of inventory is available to support demand. 3. INVENTORY Inventory is defined as the stock of any item or resource used in organization [3]. An inventory system is a collection of people, equipment and procedures that function to keep account of the quantity of each item in inventory and to determine which items to buy or produce in what quantities and at what times. Even very simple method that accomplishes these functions cost money to operate. Some inventory system requires transaction reporting to keep track of every instance in which units are added to or taken from the existing inventory. This perpetual inventory records can be expensive, but the additional expense can be justified for products that are relatively expensive to hold in inventory 3. 1. CYCLE INVENTORY The portion of total inventory that varies directly with lot size, is called cycle inventory. Determining how frequently to order, and in what quantity, is called lot sizing, two principles apply. The lot size, Q, varies directly with the elapsed time (or cycle) between orders. If a lot is ordered every five weeks, the average lot size must equal five weeks demand. The longer the time between orders for a given item, the greater the cycle inventory. At the beginning of the interval, the cycle inventory is at its maximum or Q. at the end of the interval, just before a new lot arrives, cycle inventory drops to its minimum, or 0. the average cycle inventory is the average of these two extremes: Average cycle inventory = This formula is exact only when the demand rate is constant and uniform. However, it does provide a reasonably good estimate even when demand rates are not constant. Factors other than the demand rate also may cause estimating errors when this simple formula is used. 3.2. SAFETY STOCK INVENTORY To avoid customer service problems and the hidden costs of unavailable components, company holds safety stocks. Safety stocks inventory protects against uncertainties in demand, lead-time, and supply. Safety stocks are desirable when suppliers fail to deliver the desired quantity on the specified date with acceptable quality or when manufactured items have significant amounts of scrap or rework. Safety stock inventory ensures that operations are not disrupted when such problem occur, allowing subsequent operations to continue. Figure 1: Various types of Inventory To create safety stock, a farm places an order for delivery earlier than when the item is typically needed. The replenishment order therefore arrives ahead of time, giving a cushion against uncertainty. Inventory used to absorb uneven rates of demand or supply, which businesses often face, is referred to as anticipation inventory. Predictable, seasonal demand patterns lead themselves to the use of anticipation inventory. Anticipation inventory also can help when supply, rather than demand, is uneven. A company may stock up on a certain purchased item if its suppliers are threatened with a strike or have severe capacity limitations. 3.3. ANTICIPATION INVENTORY Inventory used to absorb uneven rates of demand or supply, which businesses often face, is referred to as anticipation inventory. Predictable, seasonal demand patterns lead themselves to the use of anticipation inventory. Anticipation inventory also can help when supply, rather than demand, is uneven. A company may stock up on a certain purchased item if its suppliers are threatened with a strike or have severe capacity limitations. 3.4. PIPELINE INVENTORY Inventory moving from point to point in the materials flow systems called pipeline inventory. Materials move from suppliers to a plant, from one operation to the next in the plant, from the plant to a distribution center for customer, and from the distribution center to a retailer. Pipeline inventory consists of orders that have been placed but not yet received. Pipeline inventory between two points, for either transportation or production, ca be measured as the average demand during lead time, , which is the average demand for the item period (d) times the number of periods in the items lead time (L) to move between the two points, or Pipeline Inventory = = dL. [2] 4. BATB Inventory Management There are some standard management theories as we described earlier in chapter two. The operational environment varies firms to firms, companies to companies. Based on the different varying conditions most companies do manage the inventory at their own. They do not follow exactly what the theory implies but analyzing the theories they go for the decisions that suit them most effectively and efficiently. The goal should not be to minimize inventory or to maximize customer service but rather to have the right amount to support the competitive priorities of the company. 4.1. BATB Inventory System BATB inventory system can be compared with a two-bin system in which an items inventory is stored at two different locations. Inventory is first withdrawn from one-bin. The two-bin system implies that if the first bin is empty, the second bin provides backup to cover demand until a reenlistment arrives [2]. BATB has the flexibility to locate their inventory at different points from supplier to warehouse at supplier premises which is very good advantage for a company. The demand manager and the MPS manager reviews the inventory positions on the daily basis and then go for receiving the lot from the pipeline inventory. This indicates that they are maintaining the pipeline inventory. It helps them reduce the lot size to be stocked at warehouse. BATB Inventory includes: Finished goods Bled sets Filter rods Wrapping materials Leaf Tax stamps Bandle rolls The study is mainly focused on the leaf. Because this is the major concern in any cigarette manufacturing company as it holds the maximum cycle time. We will work with the raw materials inventory. Mainly BATB has two types of materials. These are wrapping material and Tobacco. They receive raw materials from both local and foreign suppliers. Foreign suppliers are mainly from Brazil, Argentina, Canada, South Africa and Zimbabwe. For local suppliers average lead-time is 10 to 15 days and for the foreign suppliers lead-time is 90 to 120 days. Leaf is supplied by both the local and foreign supplier. But ignoring the local leaf as it takes less time, we will take the imported leaf in account to analyze. Leaf Strategy Leaf is an agricultural plant, which must be cultivated, and it needs certain period to get matured. Therefore the ordering policy of leaf is very time consuming. They have to place the order very early of the time it is needed to arrive. Suppose they need 1000-ton leaf in the month of April 2008, they inform their supplier right now that is in the month of April 2007, so that they can cultivate the leaf and then deliver. In addition, it is to be mentioned that just after the arrival in the warehouse the leaf is not as ready as to be used for production. It goes under another certain period of time for maturation and then is under for production. But if we talk about the lead-time it will include only the days between order placements to arrival at warehouse. 5. SAFETY STOCK Usually one does not know precisely the number of units that will be demanded each day during the lead-time. The duration of lead-time may have unexplained or unexpected variation. Demand can be thought of a probabilistic variable with some expected amount of demand during a period of time and unexplained variations about the expected value. If inventory could be replenished one a moments notice there would be no reason to be concerned about demand uncertainty. Whenever inventory reached zero, stock would be held again. With some lead time between the placement of an order an its arrival, however there is a chance that demand will be greater than expected and loss will be incurred due to stockout. When stockout costs are high and demand is very unpredictable, the financial risk is sizable. Safety stock is a means of protection against this risk. Safety stock (SS) is established simply by raising the reorder level above the expected lead-time demand. For probabilistic demand during le ad-time, the reorder level is given by the following equation where represents the mean demand per unit of time. [1] RL= ( ÃÆ'- LT) + SS Safety stock is the average amount one hand when replenishment orders arrive. Sometime demand during the lead-time is less than expected extra stock is on hand. Sometimes demand is greater than expected and some of the safety stock is used. 6. Methodology Step 1: Conducting a primary survey. Step 2: Preparing primary questionnaire Step 3: Modification of the questionnaire Open-ended questions: This type of questions found out the view of the decisions makers out for gathering information regarding the subject topic. Close-ended questions: These types of questions were designed to extract information which are related to the preparation of a realistic forecast: Step 4: Performing the case study and conducting the interview Step 5: Data processing and analysis 6.1 Demand Forecasting Strategy Demand manager receives the sales history of the previous 4/5 years. He observes the trend that every month undergoes. There are some seasonal impacts in the cigarette market. But overall the market is a stable one. Following the trend of previous 4/5 years and considering the marketing activities, the demand manager goes for a rolling forecast over the next 18 months. The term rolling here implies that the forecast is updated every month for the next 18 months. Stable Trend-up Trend-down Figure 2: Trends of Demand By this, the demand manager feels flexible enough to consider any new promotional activity or any assumption from the marketing department and any seasonal impact, which has not been included earlier. The main focus of forecasting is based on the trend. If the trend is decreasing the forecasted sales goes down and vice versa. 6.2. Findings Imported leaf stock: Year end 2008 imported leaf stock was 317 million Taka Average 2008 leaf stock was 334 million Taka (~ 4 months duration) Currently, they are following an inventory policy of maintaining a 90 day safety stock which varies in quantity and value terms over the year with fluctuation in demand. 7. ANALYSIS The assumptions presented in the chapter two have been considered applicable to develop the EOQ for the imported leaf. Considerations: Grade: AN30/104S Demand in Kg/Month: Annual Demand = 152000 Kg Holding Cost = 32 TK/ Kg Ordering Cost = 700 TK (Assumed) EOQ =à ¢Ã‹â€ Ã… ¡ (2DS/H) = à ¢Ã‹â€ Ã… ¡ ((2*152000*700)/32) =. 75Kgs Kgs 7.1 HOW MUCH TO ORDER The analysis shows that the company should order 2579 kg for the particular grade each time, a quality that should be result in 58.93 cycles per year. Actually, the equation derived doesnt result in actual lot size that must be ordered. This will help to manage lot size and inventory control. The current moves towards the inventory cost and quantities, stress the importance in reducing lot size. That means to reducing lot sizes is to reduce setup time and cost. When smaller lots are run, holding cost is reduced. The point is to understand the logic and where to apply it. The effect on order size resulting from reducing setup cost is shows in the following figure. When the setup cost is reduced, the total cost curve shifts from TC1 to TC2. Correspondingly, the EOQ is reduced from EOQ1 to EOQ2 and the maximum total cost is reduced from TC1min to TC2min.[3] Figure 6: Effect of reduced set up cost on order size and total cost 7.2. Reorder level The order quantity and reorder level are interrelated. A large order quantity causes fewer replenishment cycles with fewer exposures to stockout, so the reorder level can be reduced, and vice versa. Theoretically, we would have to find simultaneous solutions to equations for Q and RL to find their normal values. The value of D, S and H are only estimates, and the value of the EOQ will be approximate whether or not an adjustment is made for the expected stockout cost. Consequently, as often as done, we disregard the interrelationship between Q and RL. We solve for the EOQ, ignoring its effect on stockout cost, and then we find the best reorder level for this value of Q. Assumptions: Highest Service Level Factor corresponding to 99.99% satisfaction level used though recommended maximum level is usually 98%; this results in a more than 50% higher safety stock ii) Safety Stock calculated using standard deviation of actual demand rather than variance between forecast and actual giving higher levels of safety buffer. iii) Lead time taken to be 4 months for all grades whereas actual lead time is considerably less providing greater safety stock to cover variation in demand during lead time. Calculation: RL = L + z Where, RL =Reorder Point in Units, =Average Demand Per Time Period, L = Lead Time,Z = No. of Standard Deviation for a Specified Service Level,= Standard Deviation of Usages during Lead Time Annual Demand =152000 kgs Average Demand/Per Month =12666.66 L= 4 Months Z = 99.99% = à Ã†â€™d = à ¢Ã‹â€ Ã… ¡ (à ¢Ã‹â€ Ã¢â‚¬Ëœ (di-dà ¢Ã‹â€ Ã¢â‚¬â„¢) 2/12), in a range from i-1 to 12 =à ¢Ã‹â€ Ã… ¡ (31066666.66/12) =1609.00 Therefore, = =1609* =3218 From the above calculation RL can be determined as follows: RL = 12666.66 * 4 + 4*3218 =50666.64 + 12872 =63538.64 This says that when the stock on hand gets down to 60610.26 kgs order should be placed. 7.3. Level of Safety Stock Safety stock= =4*3218 =12872 It results to a safety stock of 31 days, as the daily demand is 416.43 kgs. But theoretically it is applicable for the particular grade. Though the other grades do not involve so much variation in their demand, considering some logistic capabilities for the overall improved leaf the proposed safety stock is 50 days. This will allow for flexibility during roll out of new safety stock polling while guarding against unanticipated changes in sales and supply scenarios. The reason for proposing this amount of safety stock is to protect much against the uncertainty of demand. Because there may be a situation that for a sudden change in demands the system may not be flexible enough to meet the change from the calculated safety stock. This is due to demand forecasting that takes place over a long period and the order is placed for a particular month very early of the situation it experiences the change in its demand. So immediately it is not possible for the system to respond the sudden change in demand. For this, proper level of safety stock should be placed in a company for its smooth operation. Another fact is that the lead time from order placement to arrival at warehouse involves some events over which the proper control is not possible. The following section represents the impact of reduction of safety stock and then the analysis of lead time is shown. It is to be mentioned that the more the lead times the more the level of safety stock. Therefor e the lead time calculation is an important factor for the placement of safety stock. 7.4. BENEFITS CALCULATION GRADE: AN30/104S Annual consumption = 152000kgs 90 days safety stock = 38000kgs 50 days safety stock = 21111.11 Therefore, WC Reduction = (38000-21111.11)*165 =2.78 million Taka 7.5. OFFSHORE STOCK COST CALCULATION Reduction in safety stock = 16888.89 kgs This amount of excess stock will be held at supplier premises for a maximum additional period of 12 months. Holding cost at BATB @ 12% = 16888.89ÃÆ'-135.11ÃÆ'-12% =273823 Taka Holding cost at supplier @ 7.2% + Excess Duty =16888.89 ÃÆ'- 135.11 ÃÆ'- 7.2% ÃÆ'- 1.22 =200439 Taka Therefore, Savings =73384 Taka 8. IMPACT OF REDUCED LEVEL OF SAFETY STOCK ON WC Proposed Safety Stock based on lead-time, variability in demand during 2006 and desired service level indicates a substantially lower requirement of safety stock even with very conservative assumptions Using 2007 volumes this would translate to reducing imported leaf stock from an average of 322.60 Million TK. to about 179.18 Million TK. Jan 08 Feb08 Mar 08 Apr 08 May 08 Jun 08 Aug08 9. LEAD TIME ANALYSIS It has been already mentioned that the more the lead time the more the safety stock. Lead time involves the total time from the order placement to arrival at warehouse Figure 7: Supply Lead Time We can develop a pie chart highlighting the time taken on a percentage basis by different events that take place from order placement to arrival at warehouse. Symbols Events Average % A TIME TAKEN BW ORD PLACE PRO INVOICE REC 14.75 7 B TIME TAKEN BW LC REQUIEST 10.93 5 C NO. OF DAYS SPENT B/W LC SHIPMENT DATE 38.90 19 D ARRIVAL IN CTG (ACTUAL SHIPMENT ETA CTG) 35.10 17 E DAYS REQD CTG TO ICD 6.05 3 F DAYS REQD ICD TO WAREHOUSE 8.58 4 Table 1: Lead Time Analysis The pie chart shows that a major part of the time from order placement to arrival at warehouse involves the events C and D over which the control cannot be held so easily. They involve some complex as well as time taking procedures. But in case of the rest of the events different action can be issued very effectively. Figure 8: Events placed on Warehouse (Percentage basis) In addition there are some recommendations for reducing the lead-time in the next chapter. 10. RECOMMENDATION As the analysis shows that the company can reduce the level of safety stock, the first phase of recommendation represents how it can be carried out and the later phase defines the steps, which should be proper monitored and controlled with a view to, maintain an optimized inventory management system. This will enable to obtain an effective safety stock level. Allowing Inventory Policy Exceptions for certain grades to satisfy requirements for blend changes and brain launches. Reviewing and improving the order tracking process as necessary. Monitoring orders, delivery performance and safety stock policy adhere continually. Gradually moving to safety stock of 2.5 months and then to 50 days, with 6 months duration difference. Holding the excess stock at the supplier premises. Locating the inventory at different points in the pipeline rather to hold much in the warehouses. The following steps should be performed in order to implement the recommend actions: Developing operational excellence in demand forecasting so that there will be fewer surprises. Cutting the lead-time to reduce the demand uncertainty during lead time. Reducing the supplier uncertainty. Supplier reliability can be increased by sharing the production plans with them, permitting them to make more realistic forecast. Improving the logistics capability by planning the infrastructure to meet demand, then implementing and controlling the physical flows of material and final goods from points of origin to points of use. 11. CONCLUSION It has been revealed that the traditional inventory management system needs some modification depending on the situation or the operating environment, while inventory is management by a company. The different inventory models provide a different set of capabilities and opportunities to exploit different competitive priorities. Some members of different industries and consulting firms have already started to criticize classical inventory models seem fashionable. But prior to the operating conditions different classical inventory models can be considered as the decision making tools that will enable a company to take its step under conflicting pressure. All the system needs is proper integration of operation and business. This will smooth the flow of information and thereby implementation of such models would be openhanded.

Affirmative Action Essay -- essays research papers

Affirmative Action is any effort taken to expand opportunity for women or racial, ethnic and national origin minorities by using membership in those groups that have been subject to discrimination as a consideration. The Fourteenth Amendment states that no person in the United States shall, on the ground of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal financial assistance. As a result, Affirmative action is not consistent with the Fourteenth Amendment. In this essay, I will first discuss the violation of Affirmative Action against the Fourteenth Amendment. Second, how Affirmative Action helps one group of people while leaving out the other groups of people.   Ã‚  Ã‚  Ã‚  Ã‚  Affirmative Action has occurred in several cases throughout the Americans history and the case that I will be referring to is Regents of the University of California v. Bakke. This case presents a challenge to the special admissions program of the Medical School of the University of California at Davis, which is designed to assure the admission of a specified number of students from certain minority groups (253). In 1973 and 1974, Allan Bakke, a white male, who applied twice to the Medical School of the University of California at Davis, was rejected even though his grade point average and MCAT scores were higher than most of the applicants. With the fact that applicants that were admitted with the special admissions program had lower scores, Bakke alleged that the Medical School’s special admissions program operated to exclude him from the school on the basis of his race (258). This, he stated, violates his rights under the Equal Protection Clause of the F ourteenth Amendment. The Equal Protection Clause states that â€Å"No State shall†¦deny to any person within its jurisdiction the equal protection of the laws.† The guarantee of equal protection cannot mean one thing when applied to one individual and something else when applied to a person of another color. If both are not accorded the same protection, then it is not equal (260). If everybody is guaranteed the same protection under the Constitution, then no one should be treated differently at the University. Hence, Affirmative Action violates the Equal Protection Clause of the Fourteenth Amendmen... ...t wrong doings then this would lead to reverse discrimination.   Ã‚  Ã‚  Ã‚  Ã‚  Even though Affirmative Action was created to help the less fortunate people to have a chance to succeed in the society, it still separates one certain groups from another thus giving one certain groups more opportunity to succeed and leaving the other groups behind. Because of the special program in the Medical School of the University of California at Davis, Bakke was rejected because of his race. This decision made by the University is discrimination. Therefore, Affirmative Action violates the Equal Protection Clause of the Fourteenth Amendment.   Ã‚  Ã‚  Ã‚  Ã‚  In conclusion, the existent of Affirmative Action is not consistent with the Fourteenth Amendment. I strongly disagree on having Affirmative Action even though it can help the less fortunate people but also at the same time discriminate the others. It all started with the discrimination during the earlier years and now it is the time to fix the wrong. â€Å"Having a diverse college cause to learn different things about the world, you need different people with different opinion or perspective.† (President of Princeton).

Ruthlessness in Public Life by Thomas Nagel Essay -- Ruthlessness Life

Ruthlessness in Public Life by Thomas Nagel The issues discussed by Thomas Nagel in 'Ruthlessness in Public Life' are that continuities and discontinuities exist between the public and private morality. Public officials need to recognize that there are clear limitations on actions which conflict with morality concerns. Nagel explored how public and private sectors need to adhere to certain ordinary moral standards. To rectify these issues of construed morality, Nagel explores a few options. Nagel states that 'If one of them takes on a public role, he/she accepts certain obligations, certain restrictions, and certain limitations on what he/she accepts' This statement incurs that public officials have distinct authority over the public which maybe construed by personal interests. A plausible theory is to prevent impersonal forces created by institutions. The next option recognizes the discontinuity between individual mortality and public mortality, which will provide either an addition or restriction within varying institutions. Nagel indicated that in his own opinion is that morality should be based on acceptability to each individual responsible for the actions and not hold the whole institution or all parties liable. The conclusion presented by Nagel is that the theory of obligation can explain special features of public morality. Also those individuals can take steps to restrict certain choices. Nagel also concluded that the institutional structure shields indi...

My Fathers Heart Attack Essay -- Personal Narrative Heart Attack Medi

My Father's Heart Attack In March of 1998, my father was rushed to the hospital because of a heart attack. I remember getting home from basketball practice without my mother home. Instead, my sister was there with her children. The fact that my sister was there was familiar to me, but something did not seem right. My sister stayed with me and did not tell me what happened. Later that night, after my sister left, the news that followed would prepare me to encounter the most defining moment of my life. She told me that mom needed to tell me something. She proceeded to tell me that my father had had a heart attack and that I had a choice to come down to the hospital or not to come. She told me it was a scary sight, and if I didn?t think I could handle it that I should stay home. I was overwhelmed with fear and grief at that moment that my mind just stopped working. I remember thinking all I wanted was to be with my mom and my dad. I showed up at the hospital about thirty minutes later. I was so scared and did not know what to expect. I did not know if my father was dead, ...

Creative Response: Clueless

I could tell Tai’s grieving period would be considerable, unless I found someone to take Elton’s place right away. The next day in class a new guy named Christian came into my class and he was hot. Okay, okay I know I said I would find a guy for Tai, but I suppose there’s no harm in finding one for myself also. During the next few weeks I did what any normal girl would do. I sent myself love letters, flowers and candy. Just so he’d see how desired I was. Just in case he didn't already know. You also have to show a little skin.This makes them think of you naked which makes them think of sex. I invited Christian to a party and we danced all night long. Maybe too long. I could tell he was falling in love with me you know, like he even ignored every other girl that night. Diary Entry 2 Christian and I spend all of our time together. We even went shopping together, which was a plus because I wouldn’t have to find Tai or Dionne every time I had a fashion emergency. I would never be caught alone shopping. I mean could you imagine me, shopping alone? How embarrassing would that be right?Diary Entry 3 Even though I never pay that much attention to those beneath me, Travis the skateboarding pothead had been coming up in many conversations around me. I decided I would investigate the matter. So I asked Tai what everyone was doing. I mean they were talking about baloney head Travis! Tai told me that Travis won like some massive skateboarding competition and has like five sponsors now. She said that he is practically famous. What is wrong with people these days? Thinking that skateboarding is a great enough skill to make a person become famous.Please, I could do better things in my sleep. Diary Entry 4 It’s been four weeks since I found out about Travis and his new found fame and to be perfectly honest I thought it was going to be his fifteen minutes of fame but that’s not how it has turned out. Everyone has been talking abou t him and almost all the attention has gone from me and onto to him. What is so great about him anyway? He does a few tricks on a plank of wood with wheels on it, big deal. I don’t know why everyone is so hyped up about him. I mean today I saw a freshman with a picture of him in her locker!I was all like get real he is just the same old pothead he was a month ago. ? Anyway back to me. It’s been a month and Christian still hasn't made a move on me. I'm not ugly, I've been checked by a doctor for that. There must be something wrong with him because I know it’s not me. I would talk to Tai about it but she seems angry at me for some reason. I suspect it’s because I promised to find her a guy and I still haven’t, but I mean it’s really hard. I have to pay attention to my love life first right, and I can’t talk to Dionne about it, she has her own relationship problems.Plus I think she has been dragged into the Travis fandom anyway, and who wants to hear about Travis all day? Not me! Diary Entry 5 I am seriously concerned that this whole Travis thing is not a phase. I heard someone say in gym class that he doesn’t even come to school anymore. He just gets paid to skate all day and the teachers are fine with it. How can all the teachers just let something like this happen to me? Especially Miss Geist and Mr Hall. After all I have done for them they should be letting me do whatever I want, not Travis. What has he ever done for them?I’m sick of my school not paying attention to me, and let alone my supposed friends Tai and Dionne. Like I pretty much created Tai’s popularity she should show a little gratitude. I am the only one at this school that hasn't completely lost my mind over Travis. Diary Entry 6 I’ve broken things off with Christian. We had been practically been dating for almost two months. I mean we went shopping together, had sleepovers and made fun of everyone’s love for Trav is together but he never made a move. I tried to kiss him once but he turned his head and I kissed his cheek instead, I was not happy.So now I have no one. Christian hangs out with some new French guy, Tai hates me and I am pretty sure she’s has her eye on Josh, ew I don’t know what she sees in him. Dionne is now the leader of the Travis fan club and has no time for me anymore. So it’s just me and my dad. I don’t understand how or why this has happened to me. Diary Entry 7 I’ve decided that I have let this Travis thing go on for far too long, and I am putting an end to it all. By the Travis thing I mean me being less popular and losing all my friends and Travis not being a good citizen and helping me, a girl in need of his help.He has only been thinking about himself while I am having the biggest crisis of me life! He should really be less selfish. Diary Entry 8 I spoke to Travis about my situation and because he now knows how selfish he was being he has decided to help me, on the condition that I think less about helping myself and think more about other people. To be less selfish myself I’ve decided I will give Tai tips about what Josh is interested in, I will take her on a shopping spree, and I’ll help Dionne with the Travis merchandise, like making posters and t-shirts.I also bought Christian and his French buddy new tuxes to wear to the winter prom. So now it’s Travis’ turn to help me. Diary Entry 9 Travis told me that he had already helped me by showing me that I wasn’t the only one who always needed help. Travis is smarter than I thought. He is a nice person and I am grateful for his help. I may have misjudged him before. I have my friends back at my side. Tai is dating Josh. Dionne has her fan club running smoothly and she is still happily dating Murray. Christian announced that he has fallen in love with his French guy, and I found out how much I really like Travis.We have been goin g out for two months now and life is great. I wouldn’t change it in anyway. Rationale The text is Cher’s diary. It starts when Cher, Tai and Dionne are sitting and talking about Elton and Tai feels rejected. Cher says that she will find Tai a guy but she never does. Then Cher falls for the new guy, Christian. She forgets about her friends and while she is distracted by Christian, Cher loses all her popularity to the newly famous pro skater Travis. After a while Cher loses interest in Christian and realises she has lost her friends and her high status.She asks Travis to help her win her popularity back. Travis helps her become less selfish and Cher’s friends forgive her and take her back. Cher then falls for Travis. In Clueless Cher does not learn any lessons and does not realise that the way she acts is selfish and unkind. Cher gets her own way and never learns that there are consequences for her actions. The alternate ending I have written teaches Cher not to j udge a book by its cover and that everyone does not always like the way she treats them. Travis teaches her to be less selfish and Cher discovers how much she actually likes him.

Breaking Into Advertising and Staying Essay

In the life of an individual, it is seen that building a great and stable career in a line of work that he/she personally likes and loves to do is one of the foremost undertakings that is considered to be a difficult task. Thus, this requires a bountiful amount of effort and courage for a person to achieve a stable career and to be situated in a position that he or she prefers to be in. Advertising Industry, on the other hand, as linked to the discussions about career, is considered to be one of the most stimulating and exciting line of businesses in which there are numerous number of aspirants who are hoping to penetrate the scene and be a part of it. Also, the advertising business is regarded as included in the most competitive and strongest industry that could ensure a bright future ahead for anyone who could make it to the top of the industry competition. However, as far as the aspect of employment is concern, establishing a career in advertising industry is seen to be one of the most difficult and tricky task to do. Thus, this is where the book entitled â€Å"Pick Me: Breaking into Advertising and Staying There† is primarily intended for, which is to serve as a guide and as an essential reading in helping people to land a job and survive under the pressure of the industry that is once regarded to be included in the list of the most competitive ones. The book is primarily written to provide a reading material to be able to guide the people, more especially those who aspire to establish a career in the advertising industry, to land in a job and handle the pressure which serves as the characteristic of the said business. The book is authored by two of the most reliable individuals in the field of advertising who have worked as creative directors and are closely creative partners namely Nancy Vonk and Janet Kestin. The primary objective of the two is to render people definite information as to how could they acquire a position in a business world such as advertising. As such, from the majority of the book, the information is essentially rendered to answer the questions of people or students with regard to having a stable job and establishing a career in the said industry. In addition to this, the book is also co-authored by a group of fourteen individuals, who are regarded as famous persons in the advertising industry, who have also provided and shared their own insights as well as personal experiences that have been instrumental for them to enter the careers they are in today and excel in it. Nonetheless, through the background and capabilities of the people behind the ideas, it is seen that the book is effective in achieving and functioning to what it principally intend. The book is seen to be precise with its aims and goals. Being aware that the establishment of career in the advertising industry is a tricky task, the writers have stated and rendered their information in the most positive way that the readers could have a grasp of the messages they intended for. Thus, the approach of the writers in rendering their thoughts is seen to be concise wherein the book incorporates the list of the typical questions and concerns by the person with regard to the topic and renders the appropriate answers accordingly. Likewise, a clear statement of the issue and topic which tells about the link between employment and the difficulties of establishing a career in advertising industry has been key factor that paves the way to definite results as well as conclusions for the book. According to the writers, it is important for a person, more especially for those who aspires for a job in the said industry, to know exactly and render accordingly his or her goals as well as the things that he or she wants to achieve to be able to employ a clear pathway and focus in the progress of his or her career. Also, the writers have clearly stated the point that a formal educational background is significant, although not the sole essentials, in establishing a career and making it to the top of entire advertising industry. Thus, talent, skills, passion and dedication are regarded as factors that are required to be able to establish a long-time career and succeed in the said industry. In addition to this, the thoughts of fear and self-antipathy should be conquered in order to establish a career, stay and succeed in the advertising business. Likewise, the fresh and new ideas are seen to be a vital ingredient of success in the advertising industry which could place a person in a stable and healthy ground for his or her career in the industry. This could also improve and determine the reliability of one’s capabilities in the industry to come up with a brilliant notion that could help the clients and publicize a product more towards greater results. From a personal point of view, it can be said that the points and statements written above, as per the writers’ standpoint, are all essential and significant in a way that it renders clear notions for the people that have the dreams of making it in the advertising industry. Thus, most of the points that have been depicted in the book are all supported and explained through the incorporation and a mixture of personal experiences industry as well as logical reasoning that is connected to the entire context of society. Likewise, knowing the fact where the writers are coming from employs more wisdom in the points that have been stated in the pages. Moreover, the idea of stating a clear focus and goal is indeed essential in establishing a career. This renders a definite way and serves as a focal point as to where the progress of career is heading. The presence of formal education, on the other hand, is also seen as significant wherein it should serve as roots for knowledge or notions that should be further enhanced by the personal capabilities and talent. Also, talents, capabilities and dedication in the job is definitely instrumental in order to establish and stay in a line of career for a long period of time. Nonetheless, saying that confidence is a must in landing to a job and staying in the advertising industry is absolutely significant. Thus, the existence of self-loathing should be conquered in order to employ a steady job environment and pave the way for continuous personal and career growth. Likewise, it can be said that the most important point in the book is the argument that focus and goal stipulated with passion and dedication are in fact an essential formula to establish a career and survived the challenges of being employed, more especially in the advertising industry. In the end, with the above written facts and information about the book, it could be stated the information and thoughts depicted in the book are all factual as well as helpful fundamentals towards having a decent job or position and staying in the advertising industry. Thus, it is certain that the book and the writers are successful in achieving their goals as well as in serving their purpose that is seen to render a tangible reading guide for the people who aspire to land in a job and establish a career in the advertising industry. Nonetheless, all the thoughts and information rendered in the book are useful and obliging for the readers as all of the points and statements are supported with relevant real world experiences and factual evidence that are tested to have produced positive results about the topic. Reference Vonk N. and Kestin J. (2005). Pick Me: Breaking Into Advertising and Staying There. United States: Wiley-IEEE.

Solutions of Financial Management

Chapter 1 An Overview of Financial Management Learning Objectives After reading this chapter, students should be able to: ? Identify the three main forms of business organization and describe the advantages and disadvantages of each one. ? Identify the primary goal of the management of a publicly held corporation, and understand the relationship between stock prices and shareholder value. ? Differentiate between what is meant by a stock’s intrinsic value and its market value and understand the concept of equilibrium in the market. Briefly explain three important trends that have been occurring in business that have implications for managers. ? Define business ethics and briefly explain what companies are doing in response to a renewed interest in ethics, the consequences of unethical behavior, and how employees should deal with unethical behavior. ? Briefly explain the conflicts between managers and stockholders, and explain useful motivational tools that can help to prevent t hese conflicts. Identify the key officers in the organization and briefly explain their responsibilities. Lecture Suggestions Chapter 1 covers some important concepts, and discussing them in class can be interesting. However, students can read the chapter on their own, so it can be assigned but not covered in class. We spend the first day going over the syllabus and discussing grading and other mechanics relating to the course. To the extent that time permits, we talk about the topics that will be covered in the course and the structure of the book.We also discuss briefly the fact that it is assumed that managers try to maximize stock prices, but that they may have other goals, hence that it is useful to tie executive compensation to stockholder-oriented performance measures. If time permits, we think it’s worthwhile to spend at least a full day on the chapter. If not, we ask students to read it on their own, and to keep them honest, we ask one or two questions about the mate rial on the first mid-term exam.One point we emphasize in the first class is that students should print a copy of the PowerPoint slides for each chapter covered and purchase a financial calculator immediately, and bring both to class regularly. We also put copies of the various versions of our â€Å"Brief Calculator Manual,† which in about 12 pages explains how to use the most popular calculators, in the copy center. Students will need to learn how to use their calculators immediately as time value of money concepts are covered in Chapter 2. It is important for students to grasp these concepts early as many of the remaining chapters build on the TVM concepts.We are often asked what calculator students should buy. If they already have a financial calculator that can find IRRs, we tell them that it will do, but if they do not have one, we recommend either the HP-10BII or 17BII. Please see the â€Å"Lecture Suggestions† for Chapter 2 for more on calculators. DAYS ON CHAPT ER: 1 OF 58 DAYS (50-minute periods) Answers to End-of-Chapter Questions 1-1When you purchase a stock, you expect to receive dividends plus capital gains. Not all stocks pay dividends immediately, but those corporations that do, typically pay dividends quarterly.Capital gains (losses) are received when the stock is sold. Stocks are risky, so you would not be certain that your expectations would be met—as you would if you had purchased a U. S. Treasury security, which offers a guaranteed payment every 6 months plus repayment of the purchase price when the security matures. 1-2No, the stocks of different companies are not equally risky. A company might operate in an industry that is viewed as relatively risky, such as biotechnology—where millions of dollars are spent on R&D that may never result in profit.A company might also be heavily regulated and this could be perceived as increasing its risk. Other factors that could cause a company’s stock to be viewed as re latively risky include: heavy use of debt financing vs. equity financing, stock price volatility, and so on. 1-3If investors are more confident that Company A’s cash flows will be closer to their expected value than Company B’s cash flows, then investors will drive the stock price up for Company A. Consequently, Company A will have a higher stock price than Company B. -4No, all corporate projects are not equally risky. A firm’s investment decisions have a significant impact on the riskiness of the stock. For example, the types of assets a company chooses to invest in can impact the stock’s risk—such as capital intensive vs. labor intensive, specialized assets vs. general (multipurpose) assets—and how they choose to finance those assets can also impact risk. 1-5A firm’s intrinsic value is an estimate of a stock’s â€Å"true† value based on accurate risk and return data. It can be estimated but not measured precisely.A sto ck’s current price is its market price—the value based on perceived but possibly incorrect information as seen by the marginal investor. From these definitions, you can see that a stock’s â€Å"true long-run value† is more closely related to its intrinsic value rather than its current price. 1-6Equilibrium is the situation where the actual market price equals the intrinsic value, so investors are indifferent between buying or selling a stock. If a stock is in equilibrium then there is no fundamental imbalance, hence no pressure for a change in the stock’s price.At any given time, most stocks are reasonably close to their intrinsic values and thus are at or close to equilibrium. However, at times stock prices and equilibrium values are different, so stocks can be temporarily undervalued or overvalued. 1-7If the three intrinsic value estimates for Stock X were different, I would have the most confidence in Company X’s CFO’s estimate. In trinsic values are strictly estimates, and different analysts with different data and different views of the future will form different estimates of the intrinsic value for any given stock.However, a firm’s managers have the best information about the company’s future prospects, so managers’ estimates of intrinsic value are generally better than the estimates of outside investors. 1-8If a stock’s market price and intrinsic value are equal, then the stock is in equilibrium and there is no pressure (buying/selling) to change the stock’s price. So, theoretically, it is better that the two be equal; however, intrinsic value is a long-run concept. Management’s goal should be to maximize the firm’s intrinsic value, not its current price.So, maximizing the intrinsic value will maximize the average price over the long run but not necessarily the current price at each point in time. So, stockholders in general would probably expect the firmâ⠂¬â„¢s market price to be under the intrinsic value—realizing that if management is doing its job that current price at any point in time would not necessarily be maximized. However, the CEO would prefer that the market price be high—since it is the current price that he will receive when exercising his stock options.In addition, he will be retiring after exercising those options, so there will be no repercussions to him (with respect to his job) if the market price drops—unless he did something illegal during his tenure as CEO. 1-9The board of directors should set CEO compensation dependent on how well the firm performs. The compensation package should be sufficient to attract and retain the CEO but not go beyond what is needed. Compensation should be structured so that the CEO is rewarded on the basis of the stock’s performance over the long run, not the stock’s price on an option exercise date.This means that options (or direct stock awards) sho uld be phased in over a number of years so the CEO will have an incentive to keep the stock price high over time. If the intrinsic value could be measured in an objective and verifiable manner, then performance pay could be based on changes in intrinsic value. However, it is easier to measure the growth rate in reported profits than the intrinsic value, although reported profits can be manipulated through aggressive accounting procedures and intrinsic value cannot be manipulated.Since intrinsic value is not observable, compensation must be based on the stock’s market price—but the price used should be an average over time rather than on a spot date. 1-10The three principal forms of business organization are sole proprietorship, partnership, and corporation. The advantages of the first two include the ease and low cost of formation. The advantages of the corporation include limited liability, indefinite life, ease of ownership transfer, and access to capital markets.The disadvantages of a sole proprietorship are (1) difficulty in obtaining large sums of capital; (2) unlimited personal liability for business debts; and (3) limited life. The disadvantages of a partnership are (1) unlimited liability, (2) limited life, (3) difficulty of transferring ownership, and (4) difficulty of raising large amounts of capital. The disadvantages of a corporation are (1) double taxation of earnings and (2) setting up a corporation and filing required state and federal reports, which are complex and time-consuming. 1-11Stockholder wealth maximization is a long-run goal.Companies, and consequently the stockholders, prosper by management making decisions that will produce long-term earnings increases. Actions that are continually shortsighted often â€Å"catch up† with a firm and, as a result, it may find itself unable to compete effectively against its competitors. There has been much criticism in recent years that U. S. firms are too short-run profit-oriente d. A prime example is the U. S. auto industry, which has been accused of continuing to build large â€Å"gas guzzler† automobiles because they had higher profit margins rather than retooling for smaller, more fuel-efficient models. -12Useful motivational tools that will aid in aligning stockholders’ and management’s interests include: (1) reasonable compensation packages, (2) direct intervention by shareholders, including firing managers who don’t perform well, and (3) the threat of takeover. The compensation package should be sufficient to attract and retain able managers but not go beyond what is needed. Also, compensation packages should be structured so that managers are rewarded on the basis of the stock’s performance over the long run, not the stock’s price on an option exercise date.This means that options (or direct stock awards) should be phased in over a number of years so managers will have an incentive to keep the stock price hig h over time. Since intrinsic value is not observable, compensation must be based on the stock’s market price—but the price used should be an average over time rather than on a spot date. Stockholders can intervene directly with managers. Today, the majority of stock is owned by institutional investors and these institutional money managers have the clout to exercise considerable influence over firms’ operations.First, they can talk with managers and make suggestions about how the business should be run. In effect, these institutional investors act as lobbyists for the body of stockholders. Second, any shareholder who has owned $2,000 of a company’s stock for one year can sponsor a proposal that must be voted on at the annual stockholders’ meeting, even if management opposes the proposal. Although shareholder-sponsored proposals are non-binding, the results of such votes are clearly heard by top management. If a firm’s stock is undervalued, t hen corporate raiders will see it to be a bargain and will attempt to capture the firm in a hostile takeover.If the raid is successful, the target’s executives will almost certainly be fired. This situation gives managers a strong incentive to take actions to maximize their stock’s price. 1-13a. Corporate philanthropy is always a sticky issue, but it can be justified in terms of helping to create a more attractive community that will make it easier to hire a productive work force. This corporate philanthropy could be received by stockholders negatively, especially those stockholders not living in its headquarters city.Stockholders are interested in actions that maximize share price, and if competing firms are not making similar contributions, the â€Å"cost† of this philanthropy has to be borne by someone–the stockholders. Thus, stock price could decrease. b. Companies must make investments in the current period in order to generate future cash flows. Sto ckholders should be aware of this, and assuming a correct analysis has been performed, they should react positively to the decision. The Mexican plant is in this category. Capital budgeting is covered in depth in Part 4 of the text.Assuming that the correct capital budgeting analysis has been made, the stock price should increase in the future. c. U. S. Treasury bonds are considered safe investments, while common stock are far more risky. If the company were to switch the emergency funds from Treasury bonds to stocks, stockholders should see this as increasing the firm’s risk because stock returns are not guaranteed—sometimes they go up and sometimes they go down. The firm might need the funds when the prices of their investments were low and not have the needed emergency funds.Consequently, the firm’s stock price would probably fall. 1-14a. No, TIAA-CREF is not an ordinary shareholder. Because it is one of the largest institutional shareholders in the United St ates and it controls nearly $280 billion in pension funds, its voice carries a lot of weight. This â€Å"shareholder† in effect consists of many individual shareholders whose pensions are invested with this group. b. The owners of TIAA-CREF are the individual teachers whose pensions are invested with this group. c. For TIAA-CREF to be effective in wielding its weight, it must act as a coordinated unit.In order to do this, the fund’s managers should solicit from the individual shareholders their â€Å"votes† on the fund’s practices, and from those â€Å"votes† act on the majority’s wishes. In so doing, the individual teachers whose pensions are invested in the fund have in effect determined the fund’s voting practices. 1-15Earnings per share in the current year will decline due to the cost of the investment made in the current year and no significant performance impact in the short run. However, the company’s stock price should increase due to the significant cost savings expected in the future. -16The board of directors should set CEO compensation dependent on how well the firm performs. The compensation package should be sufficient to attract and retain the CEO but not go beyond what is needed. Compensation should be structured so that the CEO is rewarded on the basis of the stock’s performance over the long run, not the stock’s price on an option exercise date. This means that options (or direct stock awards) should be phased in over a number of years so the CEO will have an incentive to keep the stock price high over time.If the intrinsic value could be measured in an objective and verifiable manner, then performance pay could be based on changes in intrinsic value. Since intrinsic value is not observable, compensation must be based on the stock’s market price—but the price used should be an average over time rather than on a spot date. The board should probably set the CEOà ¢â‚¬â„¢s compensation as a mix between a fixed salary and stock options. The vice president of Company X’s actions would be different than if he were CEO of some other company. 17.Setting the compensation policy for three division managers would be different than setting the compensation policy for a CEO because performance of each of these managers could be more easily observed. For a CEO an award based on stock price performance makes sense, while in this situation it probably doesn’t make sense. Each of the managers could still be given stock awards; however, rather than the award being based on stock price it could be determined from some observable measure like increased gas output, oil output, etc. Answers to End-of-Chapter ProblemsWe present here some intermediate steps and final answers to end-of-chapter problems. Please note that your answer may differ slightly from ours due to rounding differences. Also, although we hope not, some of the problems may have mor e than one correct solution, depending on what assumptions are made in working the problem. Finally, many of the problems involve some verbal discussion as well as numerical calculations; this verbal material is not presented here. 2-1FV5 = $16,105. 10. 2-2PV = $1,292. 10. 2-3I/YR = 8. 01%. 2-4N = 11. 01 years. 2-5N = 11 years. 2-6FVA5 = $1,725. 22; FVA5 Due = $1,845. 99. 2-7PV = $923. 98; FV = $1,466. 4. 2-8PMT = $444. 89; EAR = 12. 6825%. 2-9a. $530. d. $445. 2-10a. $895. 42. b. $1,552. 92. c. $279. 20. d. $499. 99; $867. 13. 2-11a. 14. 87%. 2-12b. 7%. c. 9%. d. 15%. 2-13a. 10. 24 years. c. 4. 19 years. 2-14a. $6,374. 97. d(1). $7,012. 47. 2-15a. $2,457. 83. c. $2,000. d(1). $2,703. 61. 2-16PV7% = $1,428. 57; PV14% = $714. 29. 2-179%. 2-18a. Stream A: $1,251. 25. 2-19a. $423,504. 48. b. $681,537. 69. c(2). $84,550. 80. 2-20Contract 2; PV = $10,717,847. 14. 2-21a. 30-year payment plan; PV = $68,249,727. b. 10-year payment plan; PV = $63,745,773. c. Lump sum; PV = $61,000,000. 2-22a . $802. 43. c. $984. 88. 2-23a. $881. 7. b. $895. 42. c. $903. 06. d. $908. 35. e. $910. 97. 2-24a. $279. 20. b. $276. 84. c. $443. 72. 2-25a. $5,272. 32. b. $5,374. 07. 2-26$17,290. 89; $19,734. 26. 2-27a. Bank A = 4%. 2-28INOM = 7. 8771%. 2-293%. 2-30a. E = 63. 74 yrs. ; K = 41. 04 yrs. b. $35,825. 33. 2-31a. $35,459. 51. b. $27,232. 49. 2-32$496. 11. 2-33$17,659. 50. 2-34a. PMT = $10,052. 87. b. Yr 3: Int/Pymt = 9. 09%; Princ/Pymt = 90. 91%. 2-35a. PMT = $34,294. 65. b. PMT = $7,252. 78. c. Balloon PMT = $94,189. 69. 2-36a. $5,308. 12. b. $4,877. 09. 2-37a. 50 mos. b. 13 mos. c. $112. 38. 2-38$309,015. 2-39$36,950. 2-40$9,385. 3-1$1,000,000. 3-2$2,500,000. -3$3,600,000. 3-4$20,000,000. 3-5a, possibly c. 3-6$89,100,000. 3-7a. $50,000. b. $115,000. 3-8NI = $450,000; NCF = $650,000; OCF = $650,000. 3-910,500,000 shares. 3-10a. $2,400,000,000. b. $4,500,000,000. c. $5,400,000,000. d. $1,100,000,000. 3-11$12,681,482. 3-12a. $592 million. b. RE04 = $1,374 million. c. $1,600 million. d. $15 million. e. $620 million. 3-13a. $90,000,000. b. NOWC05 = $192,000,000; NOWC04 = $210,000,000. c. OC04 = $460,000,000; OC05 = $492,000,000. d. FCF = $58,000,000. 3-14a. $2,400,000. b. NI = 0; NCF = $3,000,000. c. NI = $1,350,000; NCF = $2,100,000. 4-1AR = $800,000. 4-2D/A = 58. 33%. 4-3TATO = 5; EM = 1. . 4-4M/B = 4. 2667. 4-5P/E = 12. 0. 4-6ROE = 8%. 4-7$112,500. 4-815. 31%. 4-9$142. 50. 4-10NI/S = 2%; D/A = 40%. 4-112. 9867. 4-12TIE = 2. 25. 4-13TIE = 3. 86. 4-14ROE = 23. 1%. 4-15(ROE = +5. 54%; QR = 1. 2. 4-167. 2%. 4-17a. 4-186. 0. 4-19$262,500. 4-20$405,682. 4-21$50. 4-22A/P = $90,000; Inv = $90,000; FA = $138,000. 4-23a. Current ratio = 1. 98; DSO = 76. 3 days; Total assets turnover = 1. 73; Debt ratio = 61. 9%. 4-24a. TIE = 11; EBITDA coverage = 9. 46; Profit margin = 3. 40%; ROE = 8. 57%. 6-1b. Upward sloping yield curve. c. Inflation expected to increase. d. Borrow long term. 6-22. 25%. 6-36%; 6. 33%. 6-41. 5%. 6-50. %. 6-621. 8%. 6-75. 5%. 6-88. 5%. 6-96. 8%. 6-106. 0 %. 6-111. 55%. 6-120. 35%. 6-131. 775%. 6-14a. r1 in Year 2 = 6%. b. I1 = 2%; I2 = 5%. 6-15r1 in Year 2 = 9%; I2 = 7%. 6-1614%. 6-177. 2%. 6-18a. r1 = 9. 20%; r5 = 7. 20%. 6-19a. 8. 20%. b. 10. 20%. c. r5 = 10. 70%. 7-1$935. 82. 7-2a. 7. 11%. b. 7. 22%. c. $988. 46. 7-3$1,028. 60. 7-4YTM = 6. 62%; YTC = 6. 49%; most likely yield = 6. 49%. 7-5a. VL at 5% = $1,518. 98; VL at 8% = $1,171. 19; VL at 12% = $863. 78. 7-6a. C0 = $1,012. 79; Z0 = $693. 04; C1 = $1,010. 02; Z1 = $759. 57; C2 = $1,006. 98; Z2 = $832. 49; C3 = $1,003. 65; Z3 = $912. 41; C4 = $1,000. 00; Z4 = $1,000. 00. -710-year, 10% coupon = 6. 75%; 10-year zero = 9. 75%; 5-year zero = 4. 76%; 30-year zero = 32. 19%; $100 perpetuity = 14. 29%. 7-815. 03%. 7-9a. YTM at $829 ? 15%. 7-10a. YTM = 9. 69%. b. CY = 8. 875%; CGY = 0. 816%. 7-11a. YTM = 10. 37%; YTC = 10. 15%; YTC. b. 10. 91%. c. -0. 54% (based on YTM); -0. 76% (based on YTC). 7-12a. YTM = 8%; YTC = 6. 1%. 7-13VB = $974. 42; YTM = 8. 64%. 7-1410. 78%. 7-15a. 5 years. b. YTC = 6. 47%. 7-16$987. 87. 7-17$1,067. 95. 7-188. 88%. 7-19a. ABS = 6. 3%; F = 8%. 7-20a. 8. 35%. b. 8. 13%. 8-1[pic] = 11. 40%; ( = 26. 69%; CV = 2. 34. 8-2bp = 1. 12. 8-3r = 10. 9%. 8-4rM = 11%; r = 12. 2%. 8-5a. = 1. b. r = 13%. 8-6a. [pic]Y = 14%. b. (X = 12. 20%. 8-7bp = 0. 7625; rp = 12. 1%. 8-8b = 1. 33. 8-94. 5%. 8-104. 2%. 8-11r = 17. 05%. 8-12rM – rRF = 4. 375%. 8-13a. ri = 15. 5%. b(1). rM = 15%; ri = 16. 5%. c(1). ri = 18. 1%. 8-14bN = 1. 16. 8-157. 2%. 8-16rp = 11. 75%. 8-171. 7275. 8-18a. $0. 5 million. d(2). 15%. 8-19a. CVX = 3. 5; CVY = 2. 0. c. rX = 10. 5%; rY = 12%. d. Stock Y. e. rp = 10. 875%. 8-20a. rA = 11. 30%. c. (A = 20. 8%; (p = 20. 1%. 8-21a. ri = 6% + (5%)bi. b. 15%. c. Indifference rate = 16%. 9-1D1 = $1. 6050; D3 = $1. 8376; D5 = $2. 0259. 9-2[pic] = $6. 25. 9-3[pic] = $21. 20; rs = 11. 30%. 9-4b. $37. 80. c. 34. 09. 9-5$60. 9-6rp = 8. 33%. 9-7a. 13. 33%. b. 10%. c. 8%. d. 5. 71%. 9-8a. $125. b. $83. 33. 9-9a. 10%. b. 10. 38%. 9-10$23. 75. 9 -11$13. 11. 9-12a(1). $9. 50. a(2). $13. 33. a(3). $21. 00. a(4). $44. 00. b(1). Undefined. b(2). -$48. 00, which is nonsense. 9-13a. rC = 8. 6%; rD = 5%. b. No; [pic] = $32. 61. 9-14[pic] = $27. 32. 9-15a. P0 = $32. 14. b. P0 = $37. 50. c. P0 = $50. 00. d. P0 = $78. 28. 9-16P0 = $19. 89. 9-17a. $713. 33 million. b. $527. 89 million. c. $42. 79. 9-186. 25%. 9-19a. $2. 10; $2. 205; $2. 31525. b. PV = $5. 29. c. $24. 72. d. $30. 00. e. $30. 00 9-20a. P0 = $54. 11; D1/P0 = 3. 55%; CGY = 6. 45%. 9-21a. 24,112,308. b. $321,000,000. c. $228,113,612. d. $16. 81. 9-22$35. 00. 9-23a. New price = $44. 26. b. beta = 0. 5107. 9-24a. $2. 01; $2. 31; $2. 66; $3. 06; $3. 52. b. P0 = $39. 43. c. D1/P0 2006 = 5. 10%; CGY2006 = 6. 9%; D1/P0 2011 = 7. 00%; CGY2011 = 5%. 10-1rd(1 – T) = 7. 80%. 10-2rp = 8%. 10-3rs = 13%. 10-4rs = 15%; re = 16. 11%. 10-5Projects A through E should be accepted. 10-6a. rs = 16. 3%. b. rs = 15. 4%. c. rs = 16%. d. rs AVG = 15. 9%. 10-7a. rs = 14. 83%. b. F = 10%. c. re = 15. 81%. 10-8rs = 16. 51%; WACC = 12. 79%. 10-9WACC = 12. 72%. 10-10WACC = 11. 4%. 10-11wd = 20%. 10-12a. rs = 14. 40%. b. WACC = 10. 62%. c.Project A. 10-13re = 17. 26%. 10-1411. 94%. 10-15a. g = 9. 10%. b. Payout = 50. 39%. 10-16a. g = 8%. b. D1 = $2. 81. c. rs = 15. 81%. 10-17a. g = 3%. b. EPS1 = $5. 562. 10-18a. rd = 7%; rp = 10. 20%; rs = 15. 72%. b. WACC = 13. 86%. c. Projects 1 and 2 will be accepted. 10-19a. Projects A, C, E, F, and H should be accepted. b. Projects A, F, and H should be accepted; $12 million. c. Projects A, C, F, and H should be accepted; $15 million. 10-20a. rd(1 – T) = 5. 4%; rs = 14. 6%. b. WACC = 10. 92%. 11-1NPV = $7,486. 68. 11-2IRR = 16%. 11-3MIRR = 13. 89%. 11-44. 34 years. 11-5DPP = 6. 51 years. 11-6a. 5%: NPVA = $3. 52; NPVB = $2. 87. 0%: NPVA = $0. 58; NPVB = $1. 04. 15%: NPVA = -$1. 91; NPVB = -$0. 55. b. IRRA = 11. 10%; IRRB = 13. 18%. c. 5%: Choose A; 10%: Choose B; 15%: Do not choose either one. 11-7a. NPVA = $866. 16; IRRA = 19. 86%; MIRRA = 17. 12%; PaybackA = 3 yrs; Discounted Payback = 4. 17 yrs; NPVB = $1,225. 25; IRRB = 16. 80%; MIRRB = 15. 51%; PaybackB = 3. 21 yrs; Discounted Payback = 4. 58 yrs. 11-8a. Without mitigation: NPV = $12. 10 million; With mitigation: NPV = $5. 70 million. 11-9a. Without mitigation: NPV = $15. 95 million; With mitigation: NPV = -$11. 25 million. 11-10Project A; NPVA = $30. 16. 11-11NPVS = $448. 86; NPVL = $607. 0; Accept Project L. 11-12IRRL = 11. 74%. 11-13MIRRX = 13. 59%. 11-14a. HCC; PV of costs = -$805,009. 87. c. HCC; PV of costs = -$767,607. 75. LCC; PV of costs = -$686,627. 14. 11-15a. IRRA = 20%; IRRB = 16. 7%; Crossover rate ? 16%. 11-16a. NPVA = $14,486,808; NPVB = $11,156,893; IRRA = 15. 03%; IRRB = 22. 26%. b. Crossover rate ? 12%. 11-17a. NPVA = $200. 41; NPVB = $145. 93. b. IRRA = 18. 1%; IRRB = 24. 0%. c. MIRRA = 15. 10%; MIRRB = 17. 03%. f. MIRRA = 18. 05%; MIRRB = 20. 48%. 11-18a. No; PVOld = -$89,910. 08; PVNew = -$94,611. 45. b. $2,470. 80. c. 22. 94%. 11-19b. NPV10% = -$99,174; NPV20% = $500,000. d. 9. 54%; 22. 7%. 11-20$10,239. 20. 11-21MIRR = 10. 93%. 11-22$250. 01. 12-1a. $12,000,000. 12-2a. $2,600,000. 12-3$4,600,000. 12-4b. Accelerated method; $12,781. 64. 12-5E(NPV) = $3,000,000; (NPV = $23. 622 million; CV = 7. 874. 12-6a. -$178,000. b. $52,440; $60,600; $40,200. c. $48,760. d. NPV = -$19,549; Do not purchase. 12-7b. -$126,000. c. $42,518; $47,579; $34,926. d. $50,702. e. NPV = $10,841; Purchase. 12-8a. Expected CFA = $6,750; Expected CFB = $7,650; CVA = 0. 0703. b. NPVA = $10,036; NPVB = $11,624. 12-9NPV5 = $2,211; NPV4 = -$2,081; NPV8 = $13,329. 12-10a. NPV = $37,035. 13. b. +20%: $77,975. 63; -20%: NPV = -$3,905. 37. c.E(NPV) = $34,800. 21; (NPV = $35,967. 84; CV = 1. 03. 13-1a. E(NPV) = -$446,998. 50. b. E(NPV) = $2,806,803. 16. c. $3,253,801. 66. 13-2a. Project B; NPVB = $2,679. 46. b. Project A; NPVA = $3,773. 65. c. Project A; EAAA = $1,190. 48. 13-3NPV190-3 = $20,070; NPV360-6 = $22,256. 13-4A; EAAA = $1,407. 85. 1 3-5Projects A, B, C, and D; Optimal capital budget = $3,900000. 13-6NPVA = $9. 93 million. 13-7Machine B; Extended NPVB = $3. 67 million. 13-8EAAY = $7,433. 12. 13-9Wait; NPV = $2,212,964. 13-10No, NPV3 = $1,307. 29. 13-11a. Accept A, B, C, D, and E; Capital budget = $5,250,000. b. Accept A, B, D, and E; Capital budget = $4,000,000. c.Accept B, C, D, E, F, and G; Capital budget = $6,000,000. 13-12a. NPV = $4. 6795 million. b. No, NPV = $3. 2083 million. c. 0. 13-13a. NPV = -$2,113,481. 31. b. NPV = $1,973,037. 39. c. E(NPV) = -$70,221. 96. d. E(NPV) = $832,947. 27. e. $1,116,071. 43. 14-1QBE = 500,000. 14-230% debt and 70% equity. 14-3a. E(EPSC) = $5. 10. 14-4bU = 1. 0435. 14-5a. ROELL = 14. 6%; ROEHL = 16. 8%. b. ROELL = 16. 5%. 14-6a(1). -$60,000. b. QBE = 14,000. 14-7No leverage: ROE = 10. 5%; ( = 5. 4%; CV = 0. 51; 60% leverage: ROE = 13. 7%; ( = 13. 5%; CV = 0. 99. 14-8rs = 17%. 14-9a. P0 = $25. b. P0 = $25. 81. 14-10a. FCA = $80,000; VA = $4. 80/unit; PA = $8. 0/unit. 14-11a. 10. 96%. b. 1. 25. c. 1. 086957. d. 14. 13%. e. 10. 76%. 14-12a. EPSOld = $2. 04; New: EPSD = $4. 74; EPSS = $3. 27. b. 339,750 units. c. QNew, Debt = 272,250 units. 14-13Debt used: E(EPS) = $5. 78; (EPS = $1. 05; E(TIE) = 3. 49(. Stock used: E(EPS) = $5. 51; (EPS = $0. 85; E(TIE) = 6. 00(. 15-1Payout = 55%. 15-2P0 = $60. 15-3P0 = $40. 15-4D0 = $3. 44. 15-5$3,250,000. 15-6Payout = 31. 39%. 15-7a. $1. 44. b. 3%. c. $1. 20. d. 33? %. 15-8a. 12%. b. 18%. c. 6%; 18%. d. 6%. e. 28,800 new shares; $0. 13 per share. 15-9a(1). $3,960,000. a(2). $4,800,000. a(3). $9,360,000. a(4). Regular = $3,960,000; Extra = $5,400,000. c. 5%. d. 15%. 16-1103. 41 days; 86. 99 days; $400,000; $32,000. 16-273 days; 30 days; $1,178,082. 16-3$1,205,479; 20. 5%; 22. 4%; 10. 47%; bank debt. 16-4a. 83 days. b. $356,250. c. 4. 87(. 16-5a. DSO = 28 days. b. A/R = $70,000. 16-6a. 32 days. b. $288,000. c. $45,000. d(1). 30. d(2). $378,000. 16-7a. 57. 33 days. b(1). 2(. b(2). 12%. c(1). 46. 5 days. c(2). 2. 1262(. c(3 ). 12. 76%. 16-8a. ROET = 11. 75%; ROEM = 10. 80%; ROER = 9. 16%. 16-9b. $420,000. c. $35,000. 16-10a. Oct. loan = $22,800. 17-1AFN = $410,000. 17-2AFN = $610,000. 17-3AFN = $200,000. 17-4a. $133. 50 million. b. 39. 06%. 17-5a. $5,555,555,556. b. 30. 6%. c. $13,600,000. 7-6$67 million; 5. 01. 17-7$156 million. 17-8a. $480,000. b. $18,750. 17-9? S = $68,965. 52. 17-10$34. 338 million; 34. 97 ? 35 days. 17-11$19. 10625 million; 6. 0451. 17-12a. $2,500,000,000. b. 24%. c. $24,000,000. 17-13a. AFN = $128,783. b. 3. 45%. 17-14a. 33%. b. AFN = $2,549. c. ROE = 13. 06%. 18-1a. $5. 00. b. $2. 00. 18-2$27. 00; $37. 00. 18-3a, b, and c. 18-4$1. 82. 18-5rd = 5. 95%; $91,236. 18-6b. Futures = +$4,180,346; Bond = -$2,203,701; Net = $1,976,645. 18-7a. $3. 06; $4. 29. b. 16. 67%, 61. 46%; -100%. c. -16. 67%; -100%; 63. 40%. d. No; $30. 00 and $27. 00. e. Yes; $37. 50 and $37. 50. 19-10. 6667 pound per dollar. 9-227. 2436 yen per shekel. 19-31 yen = $0. 00907. 19-41 euro = $0. 68966 or $1 = 1. 45 e uros. 19-5 |Dollars per 1,000 Units of: | |Pounds |Can. Dollars |Euros |Yen |Pesos |Kronas | |$1,747. 10 |$820. 60 |$1,206. 90 |$8. 97 |$93. 10 |$128. 10 | 19-76. 49351 krones. 19-815 kronas per pound. 19-10rNOM-U. S. = 4. 6%. 19-11117 pesos. 19-12b. $1. 6488. 19-13a. $2,772,003. b. $2,777,585. c. $3,333,333. 19-14+$250,000. 19-15b. $19,865. 19-16$468,837,209. 19-17a. $52. 63; 20%. b. 1. 5785 SF per U. S. $. c. 41. 54 Swiss francs; 16. 92%. 20-155. 6%; 50%. 20-2$196. 6. 20-3CR = 25 shares. 20-4a. D/AJ-H = 50%; D/AM-E = 67%. 20-5a. PV cost of leasing = -$954,639; Lease equipment. 20-6a. EV = -$3; EV = $0; EV = $4; EV = $49. d. 9%; $90. 20-8a. PV cost of owning = -$185,112; PV cost of leasing = -$187,534; Purchase loom. 20-9b. Percent ownership: Original = 80%; Plan 1 = 53%; Plans 2 and 3 = 57%. c. EPS0 = $0. 48; EPS1 = $0. 60; EPS2 = $0. 64; EPS3 = $0. 86. d. D/A0 = 73%; D/A1 = 13%; D/A2 = 13%; D/A3 = 48%. 21-1P0 = $37. 04. 21-2P0 = $43. 48. 21-3$37. 04 to $43. 48. 21-4a. 16. 8%. b. V = $14. 93 million. 21-5NPV = -$6,747. 71; Do not purchase. 21-6a. 14%. b. TV = $1,143. 4; V = $877. 2.

Cell Phones vs. Land Lines Rough Draft

Home phones have limited eaters such as call forwarding, caller identification, vocalism, and of course free long distance. On the other hand, cell phones have a wide variety of features including but not limited to text messages, Internet, camera, e-mail, and application downloads, etc. These cell phones are also known as smart phones or Pad's. Home phone lines are good for DSL Internet connection, home security systems and faxes. Personally those are the only reasons we have a landlines In our home.Another difference between the two Is pricing, depending on the type of cell phone and the ATA package that your phone requires they can be more expensive, while your landlines has one monthly bill. Cell phones are such in demand that the local phone companies are now offering cell phone service in addition to regular home phones. While you can record music to your home phone's answering machine, a cell phone acts as a whole music system and can store hundreds to thousands of songs, depe nding on the memory on the phone.Add a memory card to your cell phone, another plus that the home phone doesn't offer, and this adds even more memory to our phone where music, photos, applications, contacts and much more can be stored. Once the memory card is removed, It can be used In another phone and so you won't lose your Information. On the other hand, reception complaints with the new Phone, and sometimes every mobile phone In the world, have made the decision to ax one's landlines less clear-cut than we thought It would be by this stage of the cell game.But as consumers continue to cut costs, more are cutting the cord. One in four homes in the U. S. Relied on cell phones alone during the last half of 2009, an increase of 1. Percentage points since the first half of 2009, according to a survey by the National Center for Health Statistics. Having a landlines means relatives and family friends can reach all members of your household (in theory) by dialing one number and/or leavi ng one message. (That's assuming voice mail in your household gets checked more than once every two months. It also means you can have several phones within your house, rather than conjoining yourself to your cell phone In order to hear Incoming calls. Landlines phones don't require you to plaster yourself against he bay window to hear and be heard. Although a landlines-based cordless phone sometimes has spotty reception If you're far from the phone's base. Relying solely on a cell phone demands diligence in keeping it charged. A landlines will work in power does require AC power, you can buy a four- to six-hour battery backup from your service provider for around $45.Verizon fiber phone service will provide you with one free. And, Consumer Reports still recommends having landlines service, because emergency services can more reliably locate you quickly from a 911 call on a landlines than from a cell phone. Based on advancements, it is reviewing that advice and may revise it later i n the year after a survey of consumers' 911 experiences. While the landlines is more reliable than the mobile phone, it lacks the ability to be carried around and utilized in all day-to-day activities.Mobile phones also provide callers with the ability to send text messages and, in some cases, take photographs, surf the Internet and play games. With cell phones, wallpapers or backgrounds can be personalized, as well as ring tones. Landlines consume more energy than cell phones, as they remain plugged in at all times. This is true of cordless landlines phones as well, because of the charger required. And while mobile phones generally do not last as long as landlines (as they often become outdated), they are easier to recycle.Mobile phones are more for people on the go, the ability to make a phone call at any time from any place have saved countless lives especially people who have been in car accidents. There are many advantages to owning a cell phone from staying connected, safety r easons and general convenience, but is that enough reason? When it comes to landlines vs.. Cell phones, landlines can't compete when t comes to features the mobile phone is way ahead when it comes to that.The downside to mobile phones is you have to keep them charged whereas a landlines you do not. When it comes down to it the deciding factor is going to be your budget if you really don't have money to spare each month, dishing out for a phone isn't going to be very helpful but if you have an extra ten dollars and you feel you could use a mobile phone for convenience or maybe to stay in touch with your spouse or children while you're out, then you might want to consider the pay as you go option.