FIN 534 – FINANCIAL MANAGEMENT
with
Dr. charity ezenwa
WELCOME
1
Chapter 3:
ANALYSIS OF FINANCIAL STATEMENTS
WEEK 2
2
Course Learning Outcome(s)
Analyze financial statements for key ratios, cash flow positions, and taxation effects.
3
Topics
Ratio analysis
DuPont equation
Effects of improving ratios
Limitations of ratio analysis
Qualitative factors
4
Why Financial Statement Analysis?
To facilitate comparison of:
One company over time
One company versus other companies
Uses: How can stakeholders benefit and why?
Lenders to determine creditworthiness
Stockholders to estimate future cash flows and risk
Managers to identify areas of weakness and strength
Financial statement analysis involves (1) comparing a firms; performance with that of the other firms in the same industry; and (2)Evaluating trends in the firm’s financial position over time.
Financial statement analysis is used by managers to identify situations needing attention. Potential lenders use financial statement analysis to determine whether a company is credit worthy, and stockholders use it to help them predict future earnings, dividends, and free cash flow.
5
Ratio Analysis
Used to extract information not obvious from simply examining financial statements.
Provides standardized comparison of firms
Example: Giant owes $10 million in debt while Safeway owes $20 million in debt. Which firm has a stronger financial position?
It is very difficult to answer this question without first determining each company's debt relative to its assets, earnings, and interests. Ratio analysis allows us to standardize these debts so as to easily compare the two forms.
6
The Income Statement Example
20162017ESales$5,834,400 $7,035,600COGS except depr.4,980,000 5,800,000Other expenses720,000 612,960Deprec.116,960 120,000 Tot. op. costs5,816,960 6,532,960 EBIT17,440 502,640Int. expense176,000 80,000 EBT(158,560)422,640Taxes (40%)(63,424)169,056Net income($ 95,136)$ 253,584
7
The Balance Sheet – Assets Example
20162017ECash$ 7,282 $ 14,000S-T invest.20,000 71,632AR632,160 878,000Inventories1,287,360 1,716,480 Total CA1,946,802 2,680,112 Net FA939,790 836,840Total assets$2,886,592 $3,516,952
8
The Balance Sheet – Liabilities & Equity
20162017EAccts. payable$ 324,000 $ 359,800Notes payable720,000 300,000Accruals284,960 380,000 Total CL1,328,960 1,039,800Long-term debt1,000,000 500,000Common stock460,000 1,680,936Ret. earnings97,632 296,216 Total equity557,632 1,977,152Total L&E$2,886,592 $3,516,952
9
Other Data
20162017EStock price$6.00$12.17# of shares100,000 250,000EPS-$0.95$1.01DPS$0.11$0.22Book val. per sh.$5.58$7.91Lease payments$40,000$40,000Tax rate0.40.4
10
What are Liquidity Ratios?
Measures a company’s ability to meet its short-term obligations.
Current Ra.
UOPFIN 370 NEW Become Exceptional--uopfin370.comkopiko142
For more course tutorials visit
www.uopfin370.com
FIN 370 Week 1 Apply: Finance and Financial Statement Analysis Homework Review the Week 1 “Practice: Finance and Financial Statement Analysis Quiz” in Connect®.
UOPFIN 370 NEW Become Exceptional--uopfin370.comkopiko142
For more course tutorials visit
www.uopfin370.com
FIN 370 Week 1 Apply: Finance and Financial Statement Analysis Homework Review the Week 1 “Practice: Finance and Financial Statement Analysis Quiz” in Connect®.
Which of the following is considered a hybrid organizational form.docxphilipnelson29183
Which of the following is considered a hybrid organizational form?
limited liability partnership
corporation
sole proprietorship
partnership
Which of the following is a principal within the agency relationship?
the board of directors
the CEO of the firm
a shareholder
a company engineer
Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?
Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?
The statement of net worth.
The statement of retained earnings.
The statement of working capital.
The statement of cash flows.
Efficiency ratio: Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm's days's sales in inventory?
61.7 days
57.9 days
65.2 days
64.3 days
IE
Leverage ratio: Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio?
0
1.74
0.60
1.47
Which of the following is not a method of “benchmarking”?
Evaluating a single firm’s performance over time.
Conduct an industry group analysis.
Identify a group of firms that compete with the company being analyzed.
Utilize the DuPont system to analyze a firm’s performance.
Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)
$26,454
$16,670
$19,444
$22,680
IE
PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and
$1,000,000. What is the present value of these payments? (Round to the nearest
dollar.)
$2,815,885
$2,735,200
$2,431,224
$2,615,432
PV of multiple cash flows: Ajax Corp. is expecting the following cash flows—
$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years.
If the company's opportunity cost is 15 percent, what is the present value of these
cash flows? (Round to the nearest dollar.)
$477,235
$429,560
$414,322
$480,906
IE
Future value of an annuity: Jayadev Athreya has started on his first job.
He plans to start saving for retirement early. He will invest $5,000 at the end
of each year for the next 45 years in a fund that will earn a return of 10 percent.
How much will Jayadev have at the end of 45 years? (Round to the nearest dollar.)
$2,667,904
$5,233,442
$1,745,600
$3,594,524
Serox stock was selling for $20 two years ago. The stock sold for
$25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend
per.
IB Business and Management (Standard Level)
All material taken from the IB Business and Management Textbook:
"Business and Management", Paul Hoang, IBID Press, Victoria, 2007
Analysis of Financial Statements.(Ratio analysis, Du Pont system ,Effects of ...Tanjin Tamanna urmi
Five Categories of Fin. Ratios
Liquidity: Ability to meet current obligations
Asset Mgmt: Proper & effective use of assets
Asset utilization (i.e., Total Asset Turnover Ratio:
TAT = Sales / T. Assets
Debt Mgmt: extent of debt & level of safety afforded creditors
Debt utilization (i.e., Equity Multiplier:
EM = T. Assets / T. Eqty
Profitability: reflects effects of liquidity, asset mgmt, & debt on operating results
Expense Control: Profit Margin:
PM = Net Income / Sales
Market Value: indicators of what investors think of firm’s past results & future prospects
Ratios and Formulas in Customer Financial AnalysisFinancial stat.docxcatheryncouper
Ratios and Formulas in Customer Financial Analysis
Financial statement analysis is a judgmental process. One of the primary objectives is identification of major changes in trends, and relationships and the investigation of the reasons underlying those changes. The judgment process can be improved by experience and the use of analytical tools. Probably the most widely used financial analysis technique is ratio analysis, the analysis of relationships between two or more line items on the financial statement. Financial ratios are usually expressed in percentage or times. Generally, financial ratios are calculated for the purpose of evaluating aspects of a company's operations and fall into the following categories:
· Liquidity ratios measure a firm's ability to meet its current obligations.
· Profitability ratios measure management's ability to control expenses and to earn a return on the resources committed to the business.
· Leverage ratios measure the degree of protection of suppliers of long-term funds and can also aid in judging a firm's ability to raise additional debt and its capacity to pay its liabilities on time.
· Efficiency, activity or turnover ratios provide information about management's ability to control expenses and to earn a return on the resources committed to the business.
A ratio can be computed from any pair of numbers. Given the large quantity of variables included in financial statements, a very long list of meaningful ratios can be derived. A standard list of ratios or standard computation of them does not exist. The following ratio presentation includes ratios that are most often used when evaluating the credit worthiness of a customer. Ratio analysis becomes a very personal or company driven procedure. Analysts are drawn to and use the ones they are comfortable with and understand.
1. Liquidity Ratios
Working Capital
Working capital compares current assets to current liabilities, and serves as the liquid reserve available to satisfy contingencies and uncertainties. A high working capital balance is mandated if the entity is unable to borrow on short notice. The ratio indicates the short-term solvency of a business and in determining if a firm can pay its current liabilities when due.
Formula
Current Assets - Current Liabilities
Acid Test or Quick Ratio
A measurement of the liquidity position of the business. The quick ratio compares the cash plus cash equivalents and accounts receivable to the current liabilities. The primary difference between the current ratio and the quick ratio is the quick ratio does not include inventory and prepaid expenses in the calculation. Consequently, a business's quick ratio will be lower than its current ratio. It is a stringent test of liquidity.
Formula
Cash + Marketable Securities + Accounts Receivable
Current Liabilities
Current Ratio
provides an indication of the liquidity of the business by comparing the amount of current assets to current liabilities. A business's curren ...
Ratio AnalysisFinancial ratios can be used to examine various as.docxcatheryncouper
Ratio Analysis
Financial ratios can be used to examine various aspects of the financial position and performance of a business and are widely used for planning and control purposes.
They can be used to evaluate the financial health of a business and can be utilised by management in a wide variety of decisions involving such areas as profit planning, pricing, working-capital management, financial structure and dividend policy.
Ratio analysis provides a fairly simplistic method of examining the financial condition of a business.
A ratio expresses the relation of one figure appearing in the financial statements to some other figure appearing there.
Ratios enable comparison between businesses.
Differences may exist between businesses in the scale of operations making comparison via the profits generated unreliable.
Ratios can eliminate this uncertainty.
Other than comparison with other businesses, it is also a valuable tool in analysing the performance of one business over time.
However useful ratios are not without their problems.
Figures calculated through ratio analysis can highlight the financial strengths and weaknesses of a business but they cannot, by themselves, explain why certain strengths or weaknesses exist or why certain changes have occurred.
Only detailed investigation will reveal these underlying reasons. Ratios must, therefore, be seen as a ‘starting point’.
Financial ratio classification
The following ratios are considered the more important for decision-making purposes:
Ratios can be grouped into certain categories, each of which reflects a particular aspect of financial performance or position.
The following broad categories provide a useful basis for explaining the nature of the financial ratios to be dealt with.
Profitability.Businesses come into being with the primary purpose of creating wealth for the owners. Profitability ratios provide an insight to the degree of success in achieving this purpose. They express the profits made in relation to other key figures in the financial statements or to some business resource.
Efficiency.Ratios may be used to measure the efficiency with which certain resource have been utilised within the business. These ratios are also referred to as active ratios.
Liquidity.It is vital to the survival of a business that there be sufficient liquid resources available to meet maturing obligations. Certain ratios may be calculated that examines the relationship between liquid resources held and creditors due for payment in the near future.
Gearing.This is the relationship between the amount financed by the owners of the business and the amount contributed by outsiders, which has an important effect on the degree of risk associated with a business. Gearing is then something that managers must consider when making financing decisions.
Investment.Certain ratios are concerned with assessing the returns and performance of shares held in a particular business.
Profitabi ...
EBITDA and Other Scary Words (Series: MBA Boot Camp 2020) Financial Poise
This webinar explores the ins and outs of financial language and how you can navigate the seeming labyrinth of a language that can sound foreign and in some ways counterintuitive. This webinar teaches the correct use of EBIT, EBITDA and EBITDAR while also dealing with concepts like Cap Rate vs. Capital Cost. This webinar also sheds light on issues with ROI and Payback among other valuation tools and explains what a Cash Conversion Cycle looks like for your business.
To listen to this webinar on demand, go to: https://www.financialpoise.com/financial-poise-webinars/ebitda-and-other-scary-words-2020/
FIN 370 GENIUS new Become Exceptional--fin370genius.comkopiko129
FOR MORE CLASSES VISIT
www.fin370genius.com
FIN 370 Week 1 Apply: Finance and Financial Statement Analysis Homework Review the Week 1 “Practice: Finance and Financial Statement Analysis Quiz” in Connect®.
UOPFIN370 NEW Education Begins--uopfin370.comclaric235
For more course tutorials visit
www.uopfin370.com
FIN 370 Week 1 Apply: Finance and Financial Statement Analysis Homework Review the Week 1 “Practice: Finance and Financial Statement Analysis Quiz” in Connect®. Complete the Week 1 “Apply: Finance and Financial Statement Analysis Homework” in Connect®. Note: You have only one attempt available to complete this assignment. Grades must be transferred manually to eCampus by
Final PaperIt was a pleasure to be with you all and you made it fu.docxcharlottej5
Final Paper
It was a pleasure to be with you all and you made it fun and interesting
Based on your knowledge about political leadership of women in Africa, I would like you to discuss why today African women joined the political scene in mass. Do you think that this move to politics is good for the progress of political leadership in the continent? Why or why not.
Good luck
.
Final PaperOne reason that California have been known as the Gol.docxcharlottej5
Final Paper
One reason that California have been known as the Golden State is because of the influence of Hollywood. The well-known reputation of the entertainment of Hollywood has been showed the natural advantages of California, such as the weather, coast, and the natural resources. Also, the Hollywood shows another side of California, which is the world-leading level of technology companies. However, it is controversial to state that California is shown to the world by Hollywood. In fact, I prefer the saying that the history and the multicultural environment breed the great potential of the newborn Hollywood at the first place. While Hollywood shows the diverse cultures in California, it expresses in the influence of the California history by showing the images of different racial people in the films.
California have been a state of immigration, attracting people from the world to migrate the family and invite them to contribute for the development of California. It is fair to say that California was built by the people with different ethnical backgrounds. However, Hollywood has not been treated equally to the contributors with different races. White can be always be the lead of the movie. For example, a white actor can play the role with quality of richness, smartness and toughness. A non-white Hispanic actor can play the role of a billionaire, a drug dealer, a villain, a genius, and a special agent. However, Chinese Americans have the least if the scenes in the Hollywood films. Chinese Americans express a very stereotypical image of neediness, Kungfu, or weakness. In historical speaking, the Chinese were first shown in California in the event of Gosh Rush in the 1800s. The image of Chinese miners in Gold Rush is influent to the image of the Chinese Americans from Hollywood firms. It is hard to truly know the Chinese culture through the media. I doubt that Chinese culture does not assimilate to the society of California. In the Chronicling California, it pointed out that the Chinese culture was not quite “fit” into the California society: “the expulsion of the Chinese is not demanded on the ground that they represent cheap labor... they are regarded by the thoughtful as objectionable because they represent a substitution of unchangeable foreign and hopelessly unassimilative material for that which is malleable and assimilative” (100, Hoikkala and Wallis). Most of the Chinese miners had the strong responsibilities to support their families by sending the money to oversea. The loss of currency conflicts with the California society also indirectly caused the Chinese Exclusion Act later in 1882. Comparing to other immigrants, Chinese suffered the unequal treatments, which is why it is hard to see the Chinese cultures in the early Hollywood films.
While Hollywood has published some great firms about the World War II, it emphasized the victory of the United States, avoiding the fact that how the California government treated unfairly to the.
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Which of the following is considered a hybrid organizational form.docxphilipnelson29183
Which of the following is considered a hybrid organizational form?
limited liability partnership
corporation
sole proprietorship
partnership
Which of the following is a principal within the agency relationship?
the board of directors
the CEO of the firm
a shareholder
a company engineer
Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?
Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?
The statement of net worth.
The statement of retained earnings.
The statement of working capital.
The statement of cash flows.
Efficiency ratio: Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm's days's sales in inventory?
61.7 days
57.9 days
65.2 days
64.3 days
IE
Leverage ratio: Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio?
0
1.74
0.60
1.47
Which of the following is not a method of “benchmarking”?
Evaluating a single firm’s performance over time.
Conduct an industry group analysis.
Identify a group of firms that compete with the company being analyzed.
Utilize the DuPont system to analyze a firm’s performance.
Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)
$26,454
$16,670
$19,444
$22,680
IE
PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and
$1,000,000. What is the present value of these payments? (Round to the nearest
dollar.)
$2,815,885
$2,735,200
$2,431,224
$2,615,432
PV of multiple cash flows: Ajax Corp. is expecting the following cash flows—
$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years.
If the company's opportunity cost is 15 percent, what is the present value of these
cash flows? (Round to the nearest dollar.)
$477,235
$429,560
$414,322
$480,906
IE
Future value of an annuity: Jayadev Athreya has started on his first job.
He plans to start saving for retirement early. He will invest $5,000 at the end
of each year for the next 45 years in a fund that will earn a return of 10 percent.
How much will Jayadev have at the end of 45 years? (Round to the nearest dollar.)
$2,667,904
$5,233,442
$1,745,600
$3,594,524
Serox stock was selling for $20 two years ago. The stock sold for
$25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend
per.
IB Business and Management (Standard Level)
All material taken from the IB Business and Management Textbook:
"Business and Management", Paul Hoang, IBID Press, Victoria, 2007
Analysis of Financial Statements.(Ratio analysis, Du Pont system ,Effects of ...Tanjin Tamanna urmi
Five Categories of Fin. Ratios
Liquidity: Ability to meet current obligations
Asset Mgmt: Proper & effective use of assets
Asset utilization (i.e., Total Asset Turnover Ratio:
TAT = Sales / T. Assets
Debt Mgmt: extent of debt & level of safety afforded creditors
Debt utilization (i.e., Equity Multiplier:
EM = T. Assets / T. Eqty
Profitability: reflects effects of liquidity, asset mgmt, & debt on operating results
Expense Control: Profit Margin:
PM = Net Income / Sales
Market Value: indicators of what investors think of firm’s past results & future prospects
Ratios and Formulas in Customer Financial AnalysisFinancial stat.docxcatheryncouper
Ratios and Formulas in Customer Financial Analysis
Financial statement analysis is a judgmental process. One of the primary objectives is identification of major changes in trends, and relationships and the investigation of the reasons underlying those changes. The judgment process can be improved by experience and the use of analytical tools. Probably the most widely used financial analysis technique is ratio analysis, the analysis of relationships between two or more line items on the financial statement. Financial ratios are usually expressed in percentage or times. Generally, financial ratios are calculated for the purpose of evaluating aspects of a company's operations and fall into the following categories:
· Liquidity ratios measure a firm's ability to meet its current obligations.
· Profitability ratios measure management's ability to control expenses and to earn a return on the resources committed to the business.
· Leverage ratios measure the degree of protection of suppliers of long-term funds and can also aid in judging a firm's ability to raise additional debt and its capacity to pay its liabilities on time.
· Efficiency, activity or turnover ratios provide information about management's ability to control expenses and to earn a return on the resources committed to the business.
A ratio can be computed from any pair of numbers. Given the large quantity of variables included in financial statements, a very long list of meaningful ratios can be derived. A standard list of ratios or standard computation of them does not exist. The following ratio presentation includes ratios that are most often used when evaluating the credit worthiness of a customer. Ratio analysis becomes a very personal or company driven procedure. Analysts are drawn to and use the ones they are comfortable with and understand.
1. Liquidity Ratios
Working Capital
Working capital compares current assets to current liabilities, and serves as the liquid reserve available to satisfy contingencies and uncertainties. A high working capital balance is mandated if the entity is unable to borrow on short notice. The ratio indicates the short-term solvency of a business and in determining if a firm can pay its current liabilities when due.
Formula
Current Assets - Current Liabilities
Acid Test or Quick Ratio
A measurement of the liquidity position of the business. The quick ratio compares the cash plus cash equivalents and accounts receivable to the current liabilities. The primary difference between the current ratio and the quick ratio is the quick ratio does not include inventory and prepaid expenses in the calculation. Consequently, a business's quick ratio will be lower than its current ratio. It is a stringent test of liquidity.
Formula
Cash + Marketable Securities + Accounts Receivable
Current Liabilities
Current Ratio
provides an indication of the liquidity of the business by comparing the amount of current assets to current liabilities. A business's curren ...
Ratio AnalysisFinancial ratios can be used to examine various as.docxcatheryncouper
Ratio Analysis
Financial ratios can be used to examine various aspects of the financial position and performance of a business and are widely used for planning and control purposes.
They can be used to evaluate the financial health of a business and can be utilised by management in a wide variety of decisions involving such areas as profit planning, pricing, working-capital management, financial structure and dividend policy.
Ratio analysis provides a fairly simplistic method of examining the financial condition of a business.
A ratio expresses the relation of one figure appearing in the financial statements to some other figure appearing there.
Ratios enable comparison between businesses.
Differences may exist between businesses in the scale of operations making comparison via the profits generated unreliable.
Ratios can eliminate this uncertainty.
Other than comparison with other businesses, it is also a valuable tool in analysing the performance of one business over time.
However useful ratios are not without their problems.
Figures calculated through ratio analysis can highlight the financial strengths and weaknesses of a business but they cannot, by themselves, explain why certain strengths or weaknesses exist or why certain changes have occurred.
Only detailed investigation will reveal these underlying reasons. Ratios must, therefore, be seen as a ‘starting point’.
Financial ratio classification
The following ratios are considered the more important for decision-making purposes:
Ratios can be grouped into certain categories, each of which reflects a particular aspect of financial performance or position.
The following broad categories provide a useful basis for explaining the nature of the financial ratios to be dealt with.
Profitability.Businesses come into being with the primary purpose of creating wealth for the owners. Profitability ratios provide an insight to the degree of success in achieving this purpose. They express the profits made in relation to other key figures in the financial statements or to some business resource.
Efficiency.Ratios may be used to measure the efficiency with which certain resource have been utilised within the business. These ratios are also referred to as active ratios.
Liquidity.It is vital to the survival of a business that there be sufficient liquid resources available to meet maturing obligations. Certain ratios may be calculated that examines the relationship between liquid resources held and creditors due for payment in the near future.
Gearing.This is the relationship between the amount financed by the owners of the business and the amount contributed by outsiders, which has an important effect on the degree of risk associated with a business. Gearing is then something that managers must consider when making financing decisions.
Investment.Certain ratios are concerned with assessing the returns and performance of shares held in a particular business.
Profitabi ...
EBITDA and Other Scary Words (Series: MBA Boot Camp 2020) Financial Poise
This webinar explores the ins and outs of financial language and how you can navigate the seeming labyrinth of a language that can sound foreign and in some ways counterintuitive. This webinar teaches the correct use of EBIT, EBITDA and EBITDAR while also dealing with concepts like Cap Rate vs. Capital Cost. This webinar also sheds light on issues with ROI and Payback among other valuation tools and explains what a Cash Conversion Cycle looks like for your business.
To listen to this webinar on demand, go to: https://www.financialpoise.com/financial-poise-webinars/ebitda-and-other-scary-words-2020/
FIN 370 GENIUS new Become Exceptional--fin370genius.comkopiko129
FOR MORE CLASSES VISIT
www.fin370genius.com
FIN 370 Week 1 Apply: Finance and Financial Statement Analysis Homework Review the Week 1 “Practice: Finance and Financial Statement Analysis Quiz” in Connect®.
UOPFIN370 NEW Education Begins--uopfin370.comclaric235
For more course tutorials visit
www.uopfin370.com
FIN 370 Week 1 Apply: Finance and Financial Statement Analysis Homework Review the Week 1 “Practice: Finance and Financial Statement Analysis Quiz” in Connect®. Complete the Week 1 “Apply: Finance and Financial Statement Analysis Homework” in Connect®. Note: You have only one attempt available to complete this assignment. Grades must be transferred manually to eCampus by
Similar to FIN 534 – FINANCIAL MANAGEMENTwithDr. charity ezenwa.docx (20)
Final PaperIt was a pleasure to be with you all and you made it fu.docxcharlottej5
Final Paper
It was a pleasure to be with you all and you made it fun and interesting
Based on your knowledge about political leadership of women in Africa, I would like you to discuss why today African women joined the political scene in mass. Do you think that this move to politics is good for the progress of political leadership in the continent? Why or why not.
Good luck
.
Final PaperOne reason that California have been known as the Gol.docxcharlottej5
Final Paper
One reason that California have been known as the Golden State is because of the influence of Hollywood. The well-known reputation of the entertainment of Hollywood has been showed the natural advantages of California, such as the weather, coast, and the natural resources. Also, the Hollywood shows another side of California, which is the world-leading level of technology companies. However, it is controversial to state that California is shown to the world by Hollywood. In fact, I prefer the saying that the history and the multicultural environment breed the great potential of the newborn Hollywood at the first place. While Hollywood shows the diverse cultures in California, it expresses in the influence of the California history by showing the images of different racial people in the films.
California have been a state of immigration, attracting people from the world to migrate the family and invite them to contribute for the development of California. It is fair to say that California was built by the people with different ethnical backgrounds. However, Hollywood has not been treated equally to the contributors with different races. White can be always be the lead of the movie. For example, a white actor can play the role with quality of richness, smartness and toughness. A non-white Hispanic actor can play the role of a billionaire, a drug dealer, a villain, a genius, and a special agent. However, Chinese Americans have the least if the scenes in the Hollywood films. Chinese Americans express a very stereotypical image of neediness, Kungfu, or weakness. In historical speaking, the Chinese were first shown in California in the event of Gosh Rush in the 1800s. The image of Chinese miners in Gold Rush is influent to the image of the Chinese Americans from Hollywood firms. It is hard to truly know the Chinese culture through the media. I doubt that Chinese culture does not assimilate to the society of California. In the Chronicling California, it pointed out that the Chinese culture was not quite “fit” into the California society: “the expulsion of the Chinese is not demanded on the ground that they represent cheap labor... they are regarded by the thoughtful as objectionable because they represent a substitution of unchangeable foreign and hopelessly unassimilative material for that which is malleable and assimilative” (100, Hoikkala and Wallis). Most of the Chinese miners had the strong responsibilities to support their families by sending the money to oversea. The loss of currency conflicts with the California society also indirectly caused the Chinese Exclusion Act later in 1882. Comparing to other immigrants, Chinese suffered the unequal treatments, which is why it is hard to see the Chinese cultures in the early Hollywood films.
While Hollywood has published some great firms about the World War II, it emphasized the victory of the United States, avoiding the fact that how the California government treated unfairly to the.
Final PaperIndia and China provide two fascinating country case st.docxcharlottej5
Final Paper
India and China provide two fascinating country case studies for comparing political systems, political cultures, economic growth and the future of the world’s two largest populations. Write a research paper comparing the systems, process and policy of these two countries and hypothesizing the future of each political system.
Students must address and compare the following areas:
Political System- to include the political environment, political structure and its functions.
Political Culture- to include system, process and policy levels to include how political socialization occurs in each country and what are the key agents for socialization in each.
Interest Articulation & Aggregation- describe how this occurs in each country.
Compare how public policy is crafted in these two countries
In conclusion, students will hypothesize the direction in which they believe each country will head in the future. Will these countries become more or less democratic? How will their political cultures change with increased economic prosperity? How might interest aggregation and public policy creation change in the future?
Restrict you sources to major newspapers, magazines, news outlets, and professional journals available in the Ashford University Library. Your textbook can also be used as a source.
Writing the Final Paper
The Final Paper:
Must be 10 to 12 double-spaced pages in length, and formatted according to APA style as outlined in the Ashford Writing Center.
Must include a title page with the following:
Title of paper
Student’s name
Course name and number
Instructor’s name
Date submitted
Must begin with an introductory paragraph that has a succinct thesis statement.
Must address the topic of the paper with critical thought.
Must end with a conclusion that reaffirms your thesis.
Must use at least six scholarly resources, including a minimum of two from the Ashford University Library.
Must document all sources in APA style, as outlined in the Ashford Writing Center.
Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.
.
Final PaperMust begin with an introductory paragraph that has a .docxcharlottej5
Final Paper
Must begin with an introductory paragraph that has a succinct thesis statement.
Must address the topic of the paper with critical thought.
Must end with a conclusion that reaffirms your thesis.
Must use at least five scholarly resources, including a minimum of two from the Ashford University Library.
Prepare a paper that details the entire criminal justice process for a felony criminal charge filed in a state court. Your paper will:
Summarize all of the steps between arrest, pre-trial, trial, and appeals (both state and federal appeal possibilities).
Address contingencies for each stage of the proceedings and examine all possible outcomes.
Outline the chronological timeline of the criminal justice process.
Analyze how constitutional protections for the defendant work at each stage of the proceeding.
Evaluate whether the system effectively deals with criminal prosecutions, or whether changes or improvements are required.
Create suggestions to make the system more fair and ethical for all those involved.
The paper must be eight to ten pages in length and formatted according to APA style. You must use at least five scholarly sources (at least two of which can be found in the Ashford Online Library) other than the textbook to support your claims. Cite your sources within the text of your paper and on the reference page
.
Final PaperFinal Paper SynopsisThe purpose of this paper .docxcharlottej5
Final Paper
Final Paper Synopsis:
The purpose of this paper will be to simulate a professional analysis of a segment of technology that will contribute to the success of your fictional company. Each student will use the same company. You will choose one of five technologies on which to focus. The complete guidelines are below beginning with the scenario.
Scenario
Overview
JK Incorporated is a 50-year-old retail and distribution grocery company that owns and operates 3,000 stores under different banners across the United States. The mix of products includes products purchased from other manufacturers as well as product that JK manufactures itself. This results in national brands and private labels sold side by side. JK has stores, warehouses, manufacturing facilities, and its own distribution fleet of trucks.
JK has enjoyed many years of success using methods that are now considered out of date and is now no longer leading in the industry. Technically progressive companies have entered the grocery industry and are threatening to disrupt JK and put it out of business entirely. JK has many areas that are in need of analysis to identify the positive impact that newer technology may have on its business.
You have been assigned to choose one of the 4 “current state” issues below and articulate the benefits of using the new technology.
Current State Issues
1. JK is using multiple regional data centers with older and less reliable hardware to deliver technical capabilities like point of sale, distribution logistics, loyalty programs, etc. Each of these data centers has high overhead with regard to management (labor), administration (skills), facilities (buildings, environmentals, security, network, and energy). This issue may be a candidate for the analysis of cloud computing.
2. JK has many distribution centers and trucks. These distribution centers do not integrate with the store systems for the timely tracking of deliveries. The current systems do not allow the store managers to answer simple questions like “where’s my truck” or “where’s my order”. JK also has a limited home delivery or “buy online and pick up in store capability. In essence, the distribution channel stops at the store rather than at the customers home as opposed to up and coming rivals. This issue may be a candidate for an overhaul of the enterprise Warehouse Management System and supply chain optimization.
3. JK has limited knowledge of it’s customers. The company relies primarily on random coupons based on products that need to be moved quickly. The marketing and promotion campaigns rely heavily on newspaper advertisements that promote based on time of year, holidays, or weekly bargains that represent overstock or third party promotions that they pass on to customers. There is a limited mobile and web experience with regard to meal planning, shopping list, personal preferences, allergies, or other localization items. This issue may be a candidate.
Final Paper, Essay Proposal, & Outline·The final essay should .docxcharlottej5
Final Paper, Essay Proposal, & Outline
·
The final essay should be about
6-7 pages
in length
·
The focus of this essay will be to state, explain, develop, and defend a particular thesis based upon some theme in philosophy of religion related to the texts we’ve been reading.
·
The thesis needs to make some specific
claim
(or closely interrelated set of claims) about some topic or theme that we’ve touched on this term, (see list of possible topics below).
·
This claim needs to be stated clearly, explained carefully, fully developed in relation to the kinds of arguments and objections we’ve encountered in texts, by at least two different authors, and defended with philosophical arguments and reasons drawing upon texts we’ve read, ideas of your own, and your own experiences and beliefs.
·
Be sure to relate the theme of your essay to our lives. Why does this claim matter? What difference does it make if you’re right about the thesis?
Topics:
Possible theses can respond to the following topics…
·
Is it appropriate to claim that there is only one true religion?
(Please don’t pick this one, if your answer is “no…”).
·
Do all religions share some common core, so that differences don’t really matter?
·
Does the existence of evil and suffering logically disprove a good all-powerful God?
(Please don’t choose this one if your answer is “yes…”)
·
Does the amount and kind of evil and suffering count against the existence of God? Is any evil truly pointless?
(Again, please don’t choose this one if your answer is “yes…”)
·
Does claiming we cannot know whether any evil is pointless also entail that we cannot know (apart from divine revelation) that God really intends our good?
·
Is it possible for God to make genuinely free creatures who are guaranteed never to do wrong (Please don’t choose this one if your answer is “yes…” either).
·
Is evil and suffering in the world justified by bringing a greater good?
(Please don’t choose this one, if your answer is “no…”).
·
Does Christian belief in the incarnation, suffering, , death, and resurrection of Jesus make a difference for the problem of evil and suffering?
·
What is the nature of evil? Is it a “thing” in this world or is it merely the privation of good?
·
Do even secular values (moral, political, social, etc.) function ultimately in a kind of religious way? What are the limits of tolerance?
·
How can a loving God judge evil and how can God allow some people to choose an ultimate destiny that ends in their own destruction (i.e. Hell)?
·
If Darwinian explanations of the natural order of the world are true, does that exclude the existence of God or make God’s existence superfluous
(Please don’t choose this one if your answer is “yes…”).
·
If Darwinian explanations of the natural order of the world are true, what does that suggest about the nature of divine providence and God’s relation to the creation?
(Please try not to pick this one; thank you)
.
Final Paper – Possible topics You propose the topic, b.docxcharlottej5
Final Paper – Possible topics
You propose the topic, but you must meet with me to clear it. I help you with your thesis
statement and outline. Use your preferred themes learned in class and apply it to a specific
tradition or two traditions if you prefer to write a comparative paper.
Choose a religion and elaborate on one of the following topics:
- Hinduism
- Buddhism
- Taoism
- Confucianism
- Judaism
- Christianity
- Islam
- Indigenous traditions
- Other
- Sacred societies
- Concept of the Divine
- View of the Human Problem/nature
- Justification for Evil (Theodicy)
- Ways of salvation
- Rituals, symbols, myths.
- Historical Development
- Sacred Scriptures
You can also relate your topic to your interests or major. The following are broad categories,
make sure to propose a narrow topic within it.
- Religion and political movements
- religion and environmentalism
- Religion, gender and sexuality
- religion and the problem of evil, war / violence
- religion and science
- religion and pop culture / fashion / food
- religion and education
- Religion and biology/medicine
- Religion and technology
- Religion and economics
- Religion and secularization
- Religion and Justice
- Religion and afterlife/salvation
- Religion and psychology
.
Final Paper The summative assignment for this course is to write a .docxcharlottej5
Final Paper The summative assignment for this course is to write a Final Paper on GROUP DEVELOPMENT MODELS focus on a dimension of group activity relevant to the field of human services. Requirements for this assignment are specified very broadly, enabling you to define your topic narrowly or broadly. These are as follows: •Identify a topic or topic area that defines management group activity relevant to human services. This identification will be part of the Week 4 Annotated Bibliography and Final Paper topic choice assignment, which also requires that you identify and annotate no fewer than eight scholarly resources to support your work. Click here to view a list of plausible topics, any of which may provide a plausible starting point for your topic selection. •Summarize what is known and what has been researched in the field surrounding your topic of choice. Include reference to two or three of the most current and important issues, questions, or debates that are guiding practice and research. •Select one of the issues, questions, or debates identified in the previous bullet and provide focused analysis of this subtopic, providing discussion of why the subtopic is important and evaluating the most prominent positions argued. •Support all analysis and argumentation with relevant theory, argumentation, evidence, and research provided in the course and outside sources. Your paper: •Must be 2,000 words in length. •Must cite and integrate no fewer than eight scholarly sources that were published within the past 6 years. No more than two sources published more than 6 years in the past may be cited and integrated if they are recognized as seminal works (classics in the field). •Proper APA format required, including cover page, citations, and reference page
Please complete paper and continue paper that is in attachment below!!!!!
Resources Required Text
Adams, K., & Galanes, G. (2017). Communicating in groups: Application and skills (10th ed.). New York, NY: McGraw-Hill Chapter 10: Applying Leadership Principles Required References Active Presence. (2013, October 7). Facilitation skills: Best & worst facilitator practices [Video file]. Retrieved from Facilitation Skills: Best & Worst Facilitator Practices (Links to an external site.) American Psychological Association. (2004). Are six heads as good as twelve? [Web page]. Retrieved from http://www.apa.org/research/action/jury.aspx (Links to an external site.) Frederick, J. (2017, June 28). Understanding jurors' nonverbal communication (Links to an external site.). GPSolo eReport, 2(1). Retrieved from https://www.americanbar.org/groups/gpsolo/publications/gpsolo_ereport/2012/august_2012/understanding_jurors_nonverbal_communication/ Lucas, A. (2015, April 15). The Importance of Verbal & Non Verbal Communication [Web page]. Retrieved from https://www.livestrong.com/article/156961-the-importance-of-verbal-non-verbal-communication/ (Links to an external site.) MindTools. (n.d.). .
Final Essay Stage Two
ah W
334: ARTH
Outline and Annotated Bibliography
June 27, 201
2
Outline & Annotated Bibliography
The option I chose for the final project was option (b), to select and write about a feature length film made between 1970-2000. The film I chose is a story by Stephen King, ‘The Green Mile’, directed by Frank Darabont. Below I will outline my final paper for the course, as well as list and discuss a few sources that I will be citing.
· Introduction
· Discuss the making of the film
· The film’s success (box office/awards and nominations)
· Critical reaction to the film
· Personal reaction to the film (what I liked/did not like, critique of main character roles and actors/actresses who played them)
· Discuss direction of film (montage/sound and music)
· Discuss direction of film cont. (cinematography/ special effects)
· Conclusion
· Bibliography
Cinematography of The Green Mile. (2014). Cinematography of The Green Mile. Retrieved 27 June 2017, from https://bnyce82.wordpress.com/
This reference is specific to the cinematography techniques used in the film, ‘The Green Mile’. It provides insight into the various aspects of cinematography, such as the tone of the film, the camera angles and lighting, as well as the dialogue between the characters. This reference will help backup the information I will provide in my final paper.
Darabont, F. (1999). The Green Mile. Retrieved from https://www.youtube.com/watch?v=VslrToVsu80
This reference is the actual film, ‘The Green Mile’, found on YouTube. I will be watching the entire film to gather information for my final paper. The information I will be looking for while watching this film are the editing techniques used by the director, as well as my personal reaction to draw a general conclusion from.
Ebert, R. (1999). The Green Mile Movie Review & Film Summary (1999) | Roger Ebert. Rogerebert.com. Retrieved 27 June 2017, from http://www.rogerebert.com/reviews/the-green-mile-1999
The movie review of, ‘The Green Mile’, by the late Roger Ebert is a perfect reference to gain insight to the critical review of the film upon its release. I will be referencing opinions and points made by the infamous film critic, as he discusses the direction of the film, as well as the actors’ performance.
Kuhn, A., & Westwell, G.(2012). cinematography. In A Dictionary of Film Studies. : Oxford University Press. Retrieved 28 Jun. 2017, from http://www.oxfordreference.com/view/10.1093/acref/9780199587261.001.0001/acref-9780199587261-e-0124.
This general reference on cinematography is from the Oxford Dictionary of Film Studies. I found this entry very useful during week 4 of the course when it was presented and will use it as a reference for my final paper, as well as future discussions. The entry defines cinematography in film making as capturing movement on film, as well as explains the role of a cinematographer on a movie set.
Week 5 - Assignment: Analyze the Global Sourcing .
final draft requires minimum of 5 pages in length, 12-point Times Ne.docxcharlottej5
final draft requires minimum of 5 pages in length, 12-point Times New Roman Font, double-spaced.
the prompt is
How are “poor teeth” a mutable and/or immutable trait?
Given your response, how do “covering demands” (Yoshino 4) apply to those affected by “poor teeth” and other traits perpetuated by “the privitisation-happy US” (Smarsh 2)?
.
Final Draft should be based on the topic Decision MakingThe .docxcharlottej5
Final Draft should be based on the topic "Decision Making"
The paper should be at least 10 pages long (including the cover and reference pages), double-spaced, using a 12-point Times Roman font. There should be a minimum of 10 sources, including at last five from scholarly journals, such as Management Communication Quarterly, Applied Communication Research Journal, Communication Monographs, Human Communication Research, Journal of Applied Psychology, Academy of Management Journal, and Administrative Science Quarterly. Recent news articles, particularly those in business publications such as Harvard Business Review, may also be used. Any web-based information should come from a credible and recent source.
.
Final Digital Marketing PlanFinal Digital Marketing .docxcharlottej5
Final Digital Marketing Plan
Final Digital Marketing Plan PowerPoint Presentation,
Introduction
In this PowerPoint presentation, we will present our Final Digital Marketing Plan for our product the Concussion Protocol Sensor (CPS). This product idea was created by Simone Harvey and voted on by the remaining team members in team D to implement as our product idea. In the first phase of the marketing plan we outlined a target market and included a segmentation criteria for the Concussion Protocol Sensor. Second, we will developed a digital advertising strategy and included two sample banner ads and a mock landing page for the website in our marketing plan. Third, the presentation will provide examples of three mock web ads and include specifics of where they will be placed. And we will create a budget for a two week advertising campaign.
The second phase of the marketing plan will summarize our plan to reach consumers. Our goal to reach our consumers is by using email marketing to directly send out email advertisements to consumers through the assistance of AWeber. In today’s day and age, social media and instant connection is the best most popular way of connecting with not only friends and family but consumers as well. There are many different forms of social media out there today such as Twitter, Facebook, LinkedIn, YouTube and Instagram. We will utilize these platforms in our marketing strategy in an effort to reach as many consumers as possible.
Image:
https://www.google.com/search?q=introduction&source=lnms&tbm=isch&sa=X&ved=0ahUKEwis697BrJHYAhWD6CYKHVKYDw4Q_AUICigB&biw=1600&bih=805#imgrc=GQKHgrtgNyoTyM:&spf=1513524076251
Target MarketYouth Sports Programs focused on young athletesHigh School students interested in sportsCollege Athletic ProgramsCoaches involved in sports programs
The target market for the CPS would be youth sports programs focused on young athletes, age 6-13; high schools students interested in sports, age 14-18; University athletic programs, and coaches involved in sports.
The ages that would benefit would span from very young children all the way to adults that are active in sports or other activities that could be extreme enough to lead to potential head injuries.
Image source:
http://www.foxphotography.org/
https://www.workinsports.com/blog/high-school-sports-conquering-the-final-frontier-of-sports-broadcasting/
https://www.cbssports.com/college-football/news/ranking-the-top-25-power-five-college-football-coaches-entering-2016/
Demographic Market Segmentation
As it relates to the segmentation criteria we used to determine the target market for the CPS, we chose the Demographic Market Segmentation’s, as it works best with our marketing strategy since the data is easily available and drastically affects buying patterns. Age, income, gender, ethnic background and family life cycle are all important factors of demographic segmentation.
The CPS is going to use an age range of 5-34 years of.
FINAL COURSE PROJECT PRESENTATION (SIGNATURE ASSIGNMENT)You .docxcharlottej5
FINAL COURSE PROJECT PRESENTATION (SIGNATURE ASSIGNMENT)
You will create a 12 to 15 minute presentation via a PowerPoint® presentation that is set up for automatic transitions of slides with voice narration or a Narrated Video Presentation. You will present an overview of the project and provides the project sponsor with an overall view of the project plan. In some cases, the business sponsor/executive will not have time to read the entire plan, so they would prefer a presentation highlighting the key points of the project. You should include the project baseline start and finish dates for the project. You should also include a short table with the high-level budget that indicates the baseline total planned budget amount for the overall project within your presentation. The following sections and information should also be included.
Section A: Summary
Part 1: Planning, Monitoring, and Execution
Part 2: Communication Plan
Part 3: Project Status including Quality and Performance Levels
Section B: Project Plan
Part 1: Milestones
Part 2: Review of MS Project® Schedule
Part 3: Review of MS Project® Resources
Part 4: Review of MS Project® Budget
Section C: Project Budget/Schedule Analysis
Comparison of Actual vs Budgeted Costs
Explanation of Cost Variances (EV)
Explanation of Schedule Variance (EV)
Section D: Project Overview
Needs Assessment and Business Strategy
Leadership & Management (Project Organization & Leadership Style)
Section E: Conclusion
Section F: Lessons Learned Report
Please review the rubric for this presentation to ensure all requirements are accomplished with your presentation. This presentation will be submitted by the end of week 7.
You will automatically be assigned to two other presentations to conduct your peer reviews that will be due by Saturday of Week 8.
Note!
The video or presentation will involve a process-orientated task by analyzing the process of completing the project, analyzing the results of the project, and evolving transformation of the results and issues of the project into a summary of the project along with a lessons-learned report (Processes). The collection of data from performing the project would be conducted by the student, which will be analyzed and synthesized. The student through whatever means that is effective that can include Excel® and/or Microsoft® Project® will transform this data into a final management report (Data). After using tools such as Excel® and/or Project®, the student will use a microphone to create narration for a slide presentation via PowerPoint® with automatic transitions, Movie Maker, PowerPoint® Video Tool, or other such presentation/video tools available to the student. Either the PowerPoint® or resulting MP4 video will be embedded to a discussion thread for asynchronous discussion activity (Devices). Finally, a peer review process will follow the submission of the presentation that provides an integral network of outsiders.
Final Course PaperWrite about the impacts of health informatic.docxcharlottej5
Final Course Paper
Write about the impacts of health informatics on various sectors of health care practice
(including
patient safety, consumer engagement in health care, telemedicine, public health, disease management
)
using evidence based references as needed
.
It should be about 6-7 pages (not including the title and reference pages) long, 12 font size, double spaced.
Please use APA style for citations and references.
Citation/references should be included both within the text and in the list of bibliography/references at the end of the paper.
This assignment is due on Saturday 22 February 2020 by 6 PM PST.
Grading Rubric for Week Three Writing Assignment:
Title page (APA style) 2 pts
Appropriate Introduction 5 pts
Evidence based discussion of all listed topics (each topic is worth 7 points) 35 pts
Grammar, spelling, clear expression 3 pts
Citations and References (APA style)
5 pts
.
Final Communication ProjectNew Testament 1.) Pick a Scriptur.docxcharlottej5
Final Communication Project
New Testament
1.) Pick a Scripture that interested you throughout your studies this semester.
Hint: Either a couple verses or chapter of scripture. Don’t try to do a whole book or a whole letter. That is too much.
2.) What is your medium? (painting, mini thesis paper, music, poetry, film, etc.…)
3.) What is your context?
4.) Reflection/written explanation of your project
5.) (What passage are you focusing on?)
Hint: Before you present, is there anything we need to know beforehand?
Grading Rubric:
20% Clear communication
Hint: Do we know what you are communicating?
20% Confidence/well-prepared for presentation (dress: business casual)
20% Interaction with Scripture
20% Interaction with audience
20% Meets time frame (10mins)
*Student Grading will be a rate base 1-5 on each category and will go towards your interaction with audience.
Total Pages: 2
In corporate answers to these questions in your reflection.
-What is your medium and why?
-What scripture did you choose?
-What is the context the scripture finds itself?
-Why is this text important to you?
-How does this text speak to the Gospel (good news of Jesus)?
1. According to Fanon, what is the “colonial personality” (p. 250)?
2. Explain: “railways across the bush, the draining of swamps and a native population which is non-existent politically and economically are in fact one and the same thing” (p. 250).
3. How did the French behave during the Algerian Revolution (1954-1962)? How about the Maquis (resistance)?
4. Do you think there are numerous cases of psychological symptoms such as Fanon describes happening to people in war zones right now—say, Syria, Iraq, Afghanistan, etc.? Why or why not?
5. What insights does Fanon gain through treating the psychological problems of both French and Algerian patients?
6. Explain: “you’ve got to cure me, doctor… he asked me without beating about the bush to help him go on torturing Algerian patriots without any prickings of conscience, without any behavior problems, and with complete equanimity” (p. 270).
7. Explain: “Had there ever been a European arrested and sent to prison for the murder of an Algerian? I replied that in fact I had never seen any Europeans in prison” (p. 271).
8. After reading about all the visceral screaming that took place during the Franco-Algerian War, does this help you to understand what Guantanamo Bay (and other such interrogation centers around the world) must sound like?
9. Explain: “if I were an Algerian girl, I’d be in the Maquis” (p. 277).
10. Do you realize that this is what the vast majority of postcolonial struggles for independence from European and North American hegemony actually looked (and sounded) like? Are such things still happening today?
11. How angry and sad did this reading make you? What might Fanon’s goal here be?
12. Why would this book directly inspire countless revolutionaries and other leftist activists (e.g., postcolonial.
Final Case Study and Strategic PlanRead the Walt Disney Company .docxcharlottej5
Final Case Study and Strategic Plan
Read the Walt Disney Company case, and from the perspective of an executive with the firm, prepare a strategic plan to grow the business over the next three years. The years are 2020, 2021, 2022 and beyond..
http://robins.richmond.edu/documents/cases/WaltDisney.pdf
Your strategic plan must be future-oriented and include the following:
1. A critique of the company’s mission statement based on the article ‘Mission Statements ’ http://onstrategyhq.com/resources/mission-statements/#Defining%20Your%20Mission
2.
a. "The mission of The Walt Disney Company is to be one of the world's leading producers and providers of entertainment and information. Using our portfolio of brands to differentiate our content, services and consumer products, we seek to develop the most creative, innovative and profitable entertainment experiences and related products in the world."
3. One- to two-sentence vision statement for the company.
4. An assessment of the targeting and segmentation strategy of the company within its five major segments.
5. An evaluation of the external environment (industry, market, and the general environment), and the internal situation (core competencies, brand reputation and loyalty, and customer-value proposition) of the company.
6. A SWOT analysis detailing on the strengths, weaknesses, opportunities, and threats that may affect the organization. Choose three or four areas from your SWOT analysis and explain why the areas you have chosen are essential to your strategic plan. NOTE: The student’s previous SWOT analysis is at the very end of this document. Please do not copy word-for-word. Only use the previous SWOT analysis as a reference to complete item #6 of the assignment.
7. An assessment of the implications of digital TV and internet-based business models on the strategies of the company.
8. An evaluation of the factors determined Disney’s international diversification strategies. Use the analytical framework proposed for the study of global media conglomerates (fig 9.4.- on page two.
a. Chan-Olmstead, S.M. (2005). Competitive strategy for media firms. London: Routledge.
It is also highly recommended that you search through the specialized journals in media management (e.g., Journal of Media Economics, Journal of Media Business Studies, International Journal of Media Management, and Academy of Management Journal).
The strategic plan
· Must be 12 to 15 double-spaced pages in length (not including title and references pages) and formatted according to APA style.
· Must include a separate title page with the following:
· Title of strategic plan
· Student’s name
· Course name and number
· Instructor’s name
· Date submitted
· Must use at least five scholarly sources in addition to the course text. Remember to incorporate information that you have learned from this course as well as your personal experience.
· Must document all sources in APA style as outlined in the Ashford Writing Center.
· All wri.
Fina Assessment Project The objective of this project is for stude.docxcharlottej5
Fina Assessment Project
The objective of this project is for students to apply the database design principles to a real-life scenario. This is a practical design project – students must create and submit the database, as well as documentation for the items below. The students will review database requirements and produce the following:
Part One: Database in Access and Rationale Document (0-60 points) Database Design and Rationale (0-30 points)
Access database with normalized tables: A set of tables in at least third-normal form is required for completion of this project. Complete table structures are required; students must also determine if primary or any other keys are required for each table. The student must also describe, in detail, and in a separate document, the rationale he/she used in developing the specified set of tables, as well as the specific fields in the tables.
· Rationale used in developing the specified set of tables, as well as the specific fields in the tables, is provided (Separate file for upload to Blackboard).
· Fieldnames are all single-valued; each column has a distinct name; all the values in a column are values of the attribute that is identified by the column name; the order of columns and rows is immaterial; each row is distinct.
· Database and tables are created in Access.
· Correct table relationships are established in Access.
· Referential integrity, cascade update and cascade delete are used appropriately
Keys (0-10 points)
· All appropriate keys have been identified and their functions described in the rationale document
· Primary key is a minimal collection of columns on which all columns are functionally dependent.
Report Rationale (0-10 points)
Three potential reports described in the rationale document that could be generated in response to user requests; supporting queries and reports must be included (ex.: report of number viewers that viewed each movie each year; correct sorting and grouping) in the Access database. Rationale required in the rationale document for why each report could provide important information for decision-making; queries must specify criteria for record selection, as well as grouping, sorting and any other requirements for the specific report (included in Rationale file described in Database/Tables above.)
· Three reports that could be used in response to user requests are identified.
· Rationale for why each report could provide important information for decisionmaking is provided.
· Reports must be created in Access and use the correct queries as the source.
Supporting Queries (0-10 points)
· Three queries are provided, and specify criteria for record selection, as well as grouping, sorting and any other requirements for the specific report.
· Queries are not simple listings with simple criteria, but must use more advanced functions, such as sorting, grouping and aggregate functions (counts, averages, etc).
Part Two: E-R Diagram (0-10 points)
E-R diagram: An E-.
FIN 571 Final Exam Question 1 Which of the following is c.docxcharlottej5
FIN /571 Final Exam
Question 1
Which of the following is considered a hybrid organizational form?
[removed]
corporation
[removed]
sole proprietorship
[removed]
limited liability partnership
[removed]
partnership
Question 2
Which of the following is a principal within the agency relationship?
[removed]
the CEO of the firm
[removed]
a shareholder
[removed]
the board of directors
[removed]
a company engineer
Question 3
Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?
[removed]
$1,844,022
[removed]
$2,303,010
[removed]
$2,123,612
[removed]
$803,010
Question 4
Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?
[removed]
The statement of working capital.
[removed]
The statement of cash flows.
[removed]
The statement of retained earnings.
[removed]
The statement of net worth.
Question 5
Efficiency ratio
: Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm's days's sales in inventory?
[removed]
57.9 days
[removed]
64.3 days
[removed]
65.2 days
[removed]
61.7 days
Question 6
Leverage ratio:
Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio?
[removed]
1.47
[removed]
0
[removed]
1.74
[removed]
0.60
Question 7
Which of the following is not a method of “benchmarking”?
[removed]
Evaluating a single firm’s performance over time.
[removed]
Identify a group of firms that compete with the company being analyzed.
[removed]
Utilize the DuPont system to analyze a firm’s performance.
[removed]
Conduct an industry group analysis.
Question 8
Present value:
Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)
[removed]
$26,454
[removed]
$16,670
[removed]
$19,444
[removed]
$22,680
estion 9
PV of multiple cash flows:
Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? (Round to the nearest dollar.)
[removed]
$2,615,432
[removed]
$2,815,885
[removed]
$2,431,224
[removed]
$2,735,200
Question 10
PV of multiple cash flows:
Ajax Corp. is expecting the following cash flows—$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years. If the company's opportunity cost is 15 percent, what is the present val.
FIN 315 Fall 2018 Case Study Assignment due Dec 6 midnightNot .docxcharlottej5
FIN 315 Fall 2018 Case Study Assignment due Dec 6 midnight
Not more than 2 pages single spaced
Instructions & Questions:
Read the HBR case, and prepare a written memo response addressed to me. Answer the following questions a concisely as possible. Restate each question, followed by your response, in the same order as presented. Cite sources used (including the HBR case, and also any other materials you research in helping you answer the questions). The assignment must be submitted through Blackboard ONLY in MS-Word format (no PDF or alternative formats; they will not be graded).
1. Explain the unique aspects of the shadow banking business model.
a. What types of institutions comprise this industry?
b. What is maturity and liquidity transformation?
c. What is the funding profile of these types of institutions?
d. Why does shadow banking exist?
e. What gaps does it fill in the economy?
2. What are the advantages of the shadow banking industry? What are the risks? How can they be
mitigated?
3. Should the shadow banking industry be more comprehensively regulated, and why/why not?
4. GE Capital:
f. In your view, why is (is not) GE Capital a shadow bank? Why should the market/Reddy (Sifnos) care about such a characterization?
g. What does GE Capital’s historical ROE suggest about the profit potential for nonbank financial institutions vis-à-vis traditional commercial banks?
h. Why did GE initiate the GE Capital Exit plan? Was it successful? What would be the impact if GE successfully petitions its SIFI designation?
i. How much equity is tied up in GE Capital’s capital conservation buffer?
UV7199
Oct. 3, 2016
This public-sourced case was prepared by George (Yiorgos) Allayannis, Professor of Business Administration, and Jeffrey Allen (MBA ’16). It was written
as a basis for class discussion rather than to illustrate effective or ineffective handling of an administrative situation. Names of characters and the company
for which those characters work are fictional. Copyright 2016 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights
reserved. To order copies, send an e-mail to [email protected] No part of this publication may be reproduced, stored in a retrieval system, used in a
spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of the Darden School Foundation.
GE and the Shadow Banking Landscape
Well, my plan is more comprehensive. And frankly, it’s tougher because of course we have to deal with the
problem that the banks are still too big to fail…But we also have to worry about some of the other players—
AIG, a big insurance company; Lehman Brothers, an investment bank. There’s this whole area called “shadow
banking.” That’s where the experts tell me the next potential problem could come from. I want to make sure
we’re going to cover everybody, not what caused the problem last ti.
FIN 320 Final Project Guidelines and Rubric Final Pro.docxcharlottej5
FIN 320 Final Project Guidelines and Rubric
Final Project Part I
Part I Overview
Business professionals typically need to demonstrate a core set of financial knowledge to earn the job and to succeed on a job. For this part of the assessment,
you will be given a scenario in which you are asked to illustrate your financial management knowledge.
This part of the final project addresses the following course outcomes:
Analyze the roles and responsibilities of financial managers in confirming compliance with federal and shareholder requirements
Differentiate between various financial markets and institutions by comparing and contrasting options when selecting appropriate private and corporate
investments
Part I Prompt
You have completed an internship in the finance division of a fast-growing information technology corporation. Your boss, the financial manager, is considering
hiring you for a full-time job. He first wants to evaluate your financial knowledge and has provided you with a short examination. When composing your answers
to this employment examination, ensure that they are cohesive and read like a short essay.
Your submission must address the following critical elements:
I. Analyze Roles and Responsibilities for Compliance
A. Examine the types of decisions financial managers make. How are these decisions related to the primary objective of financial managers?
B. Analyze the various ethical issues a financial manager could potentially face and how these could be handled.
C. Compare and contrast the different federal safeguards that are in place to reduce financial reporting abuse. Why are these considered
appropriate safeguards?
II. Investment Options
A. If a private company is “going public,” what does this mean, and how would the company do this? What are the advantages of doing this? Do
you see any disadvantages? If so, what are they?
B. How do the largest U.S. stock markets differ? Out of those choices, which would be the smartest private investment option, in your opinion?
Why?
C. Compare and contrast the various investment products that are available and the types of institutions that sell them.
Final Project Part I Rubric
Guidelines for Submission: Ensure that your employment examination is submitted as one comprehensive and cohesive short essay. It should use double
spacing, 12-point Times New Roman font, and one-inch margins. Citations should be formatted according to APA style.
Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value
Roles and
Responsibilities:
Examine
Meets “Proficient” criteria and
includes examples in analysis
Comprehensively examines the
types of decisions financial
managers make, including how
these decisions are related to
their primary objective
Examines the types of decisions
financial managers make,
including how these decisions are
related to their primary objective,
but .
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
4. Why Financial Statement Analysis?
To facilitate comparison of:
One company over time
One company versus other companies
Uses: How can stakeholders benefit and why?
Lenders to determine creditworthiness
Stockholders to estimate future cash flows and risk
Managers to identify areas of weakness and strength
Financial statement analysis involves (1) comparing a firms;
performance with that of the other firms in the same industry;
and (2)Evaluating trends in the firm’s financial position over
time.
Financial statement analysis is used by managers to identify
situations needing attention. Potential lenders use financial
statement analysis to determine whether a company is credit
worthy, and stockholders use it to help them predict future
earnings, dividends, and free cash flow.
5. 5
Ratio Analysis
Used to extract information not obvious from simply examining
financial statements.
Provides standardized comparison of firms
Example: Giant owes $10 million in debt while Safeway owes
$20 million in debt. Which firm has a stronger financial
position?
It is very difficult to answer this question without first
determining each company's debt relative to its assets, earnings,
and interests. Ratio analysis allows us to standardize these debts
so as to easily compare the two forms.
6. 6
The Income Statement Example
20162017ESales$5,834,400 $7,035,600COGS except
depr.4,980,000 5,800,000Other expenses720,000
612,960Deprec.116,960 120,000 Tot. op. costs5,816,960
6,532,960 EBIT17,440 502,640Int. expense176,000 80,000
EBT(158,560)422,640Taxes (40%)(63,424)169,056Net
income($ 95,136)$ 253,584
7
The Balance Sheet – Assets Example
7. 20162017ECash$ 7,282 $ 14,000S-T invest.20,000
71,632AR632,160 878,000Inventories1,287,360 1,716,480
Total CA1,946,802 2,680,112 Net FA939,790 836,840Total
assets$2,886,592 $3,516,952
8
The Balance Sheet – Liabilities & Equity
20162017EAccts. payable$ 324,000 $ 359,800Notes
payable720,000 300,000Accruals284,960 380,000 Total
CL1,328,960 1,039,800Long-term debt1,000,000
500,000Common stock460,000 1,680,936Ret. earnings97,632
296,216 Total equity557,632 1,977,152Total L&E$2,886,592
$3,516,952
9. 10
What are Liquidity Ratios?
Measures a company’s ability to meet its short-term obligations.
Current Ratio
= Current assets / Current liabilities
The Quick Ratio or Acid test
= (Current assets – Inventory) / Current liabilities
Take a few minutes to calculate the CR and QR using the data
given.
Take a few minutes to calculate the liquidity ratios with the data
from Financial statement sample 2
11
Liquidity Ratios
10. 201520162017EInd.Current2.31.462.582.7Quick0.80.50.931.0
Is the company able to meet its short term obligations?
Given the information form the sample financial statements we
have, can the company meet its short-term obligations using the
resources it currently has on hand?
What other information will you need to make easy comparison
with other firms?
Industry data!!!
Analysis: Given the following current and quick ratios for the
years 2015 to 2017, as well as the the industry average, what
can you say about the company’s liquidity position?
Expected to improve but still below the industry average.
Liquidity position is weak
So, can the company meet its short term obligations?
11. The company will struggle to meet its short term obligations.
Since Quick ratio is less than 1, it means that inventories will
have to be liquidated to meet obligations should need arise.
It also depends on who is asking the question.
Creditors like to see a high current ratio. Example: if a
company is experiencing financial difficulty, it will be
borrowing more and increasing its liability. When liabilities
grow higher than the assets, CR will be low. So creditors like to
see high CR to show a strong asset base than liability.
Stockholders: high CR may mean that the firm has a lot of
money tied up in an unproductive assets such as excess cash or
marketable securities. Or may be due to high inventory which
may become obsolete before it can be sold. So shareholders
might not want high CR.
12
Asset Management/Efficiency Ratios
How effectively does the firm use its assets?
How much does the firm have tied up in assets for each dollar
of sales?
A
B
12. The asset management ratio measures how effectively a firm is
managing its assets. If a company has excessive investments in
assets, its operating capital is unduly high, which reduces its
Free cash Flow, and ultimately the stock price. On the other
hand, if a firm does not have enough investments in assets, it
may lose sales which will hurt profitability. This will in turn
hurt FCF and the stock price.
13
Asset Management Ratios
Inventory turnover ratio: How many times inventories are sold
out and restocked in a year.
= COGS/Inventories
Days sales outstanding (DSO): The average collection period
= Receivables / Average sales per day
= Receivables / (Annual sales/365)
Total assets turnover ratio: Dollars in sales generated for each
dollar tied up in assets:
= Sales / Total assets
Fixed assets turnover ratio: How effectively the firm uses its
plants and equipment:
=Sales / Net fixed assets
13. So, take a few minutes and calculate the asset management
ratios using data from the financial statement sample 2.
14
Inventory Turnover Ratio
Inv. Turnover =
= = 3.45.
COGS
Inventories
$5,800 + $120
$1,716
14. 201520162017EInd.Inventory turnover4.033.963.456.10
COGS = Cost of goods sold except depreciation + depreciation
Comments:
Inventory turnover is below industry average.
The firm is holding too much inventory
Firm might have old inventory, or its control might be poor.
No improvement is currently forecasted.
How does that affect shareholder Value?
High levels of inventory add to net operating working capital
(NOWC), which reduces FCF, which in turn lowers stock prices.
15
Days Sales Outstanding (DSO)
DSO, also called Average Collection Period, evaluates
receivables.
DSO =
15. = =
= 45.5 days.
Receivables
Average sales per day
$878
$7,036/365
Receivables
Sales/365
DSO measures the average length of time the firm must wait
after making sales before receiving cash.
16
Appraisal of DSO
How can you appraise the company’s receivables?
201520162017EInd.Days Sales Outstanding37.439.545.532.00
16. The DSO is greater than the industry average. This means that
their customers are not paying their bills on time.
Firm collects too slowly, and situation is getting worse.
Poor credit policy
17
Fixed Assets & Total Assets Turnover Ratio
FA: Effective use of firm’s plants & equipment
TA: Dollar in sales generated for each dollar tied up in assets.
Fixed assets
turnover
Sales
Net fixed assets
=
= = 8.41.
$7,036
$837
Total assets
turnover
Sales
Total assets
$7,036
$3,517
17. = 2.00
=
=
Fixed assets turnover ratio measures how effectively the firm
uses its plants and equipment.
The total assets turnover ratio measures the dollar in sales that
are generated for each dollar tied up in assets.
18
Debt Management Ratios
Leverage ratios: How the firm is financed
Debt-to-assets ratio
Debt-to-equity ratio
Market debt ratio
Times-interest-earned ratio: Ability to pay interest
EBITDA coverage ratio: Ability to service debt
Goal of the DM ratios: Provide answers to these qtns:
1. Does the company have too much debt?
2. Can the company’s earnings meet its debt servicing
requirements?
18. The debt management ratios try to answer two questions:
1. Does the company have too much debt?
2. Can the company’s earnings meet its debt servicing
requirements?
19
Leverage Ratios: Debt Ratio
The % of assets financed by debts
Debt–to-assets ratio = Debt ratio
Debt ratio = Total debt / Total assets
= ($300 + $500) / $3,517 = 22.7%
19. Debt ratio shows if the firm has enough assets to pay its
liabilities in case of bankruptcy.
20
Leverage Ratios: Liabilities-to-Assets Ratio
The extent to which a firm’s assets are not supported by equity
21. TIE answers the question:
Is the firm’s earnings large enough to satisfy interest payments?
22
EBITDA Coverage Ratio (EC)
Ability to service debt
Note that depreciation and amortization were removed from
EBITDA when calculating EBIT, so they must be added back.
Also, lease payments were excluded from EBIT, so must be
added back.
23
22. Debt Management Ratios - Interpretation
201520162017Industry Debt Ratio35.6%59.6%22.7%32.0%
Liabilities-to-assets54.8%80.7%43.8%50.0% Times Interest
Earned3.350.106.286.20 EBITDA Coverage
Ratio2.610.815.528.00
Lower than the industry average except Times interest earned.
Interest is covered 6.26 times (Well above 1) above industry
average. Good.
The company seems to have relatively high level of debt. All
other debt management ratios are below industry average. Short
term lenders such as banks (loans for about 5 years) consider
EBITDA most often.
24
Profitability Ratios
The overall effects of liquidity, asset management, and debt on
operating results (in %).
Profit Margin (PM)
= Net Income / Sales
Basic Earning Power (BEP)
23. = EBIT / Total Assets
Return on Total Assets (ROA)
= Net Income / Total Assets
Return on Common Equity (ROE)
= Net Income / Common Equity
Profitability ratios answers the question:
What is the company’s rate of return on:
Sales?
Assets?
ROE is the most important profitability ratio because it is
considered the bottom line – has to the do with shareholders’
value.
25
Profit Margin (PM)
PM shows profit per dollar of sales.
OPM shows result of operations before the impact of interests
and taxes.
24. 26
Profit Margin (PM) Continued.
Gross Profit Margin (GPM) shows gross profit per dollar of
sales before any other expenses are deducted.
GPM = (Sales – COGS) / Sales
GPM = ($7,036 - $5,800) / $7,036
GPM = $1,236 / $7,036
GPM = 17.6%
25. 27
Profit Margin - Interpretation
What can you say about the profit margin?
201520162017EIndustry Net Profit Margin2.6%-1.6%3.6%3.6%
Operating Margin6.1%0.3%7.1%7.1% Gross Profit
Margin16.6%14.6%17.6%15.5%
Very bad in 2016, but projected to
Meet or exceed industry average in 2017.
28
26. Basic Earning Power (BEP)
Shows the raw earning power of the firm’s assets before tax and
interest.
BEP = EBIT / Total Assets
BEP = $502.6 / $3,517= 14.3%.
Analysis of BEP
201520162017EInd.Basic Earning
Power14.2%0.6%14.3%17.8%
BEP removes effect of taxes and financial leverage. Useful for
comparison.
Projected to be below average. It is not getting as high return on
its assets as the average company in the industry.
Room for improvement.
27. 29
Return on Assets and Return on Equity
ROA = Net Income / Total Assets = $253.6 / $3,517
ROA = 7.2%
ROE = Net Income / Common Equity
ROE = $253.6 / $1,977 = 12.8%
Analysis of ROA & ROE
201520162017EIndustry Return on Assets6.0%-3.3%7.2%9.0%
Return on Equity13.3%-17.1%12.8%18.0%
Both below industry average but improving.
30
28. What is the Effect of Debt on ROA & ROE?
ROA is lowered by debt: interest expense lowers net income,
which also lowers ROA.
However, the use of debt lowers equity, and if equity is lowered
more than net income, ROE would increase
Debt increases interest, interest decreases net income which
lowers ROA.
31
Market Value Ratios
Measure the value of a company’s stock relative to that of
another company.
Investor’s perception of past performance and future prospects.
Price / Earning Ratio (P/E)
Price / Cash Flow Ratio
Market / Book Ratio
29. 32
Market Value Ratios Continued
High current levels of earnings and cash flow increase market
value ratios
High expected growth in earnings and cash flow increases
market value ratios
High risk of expected growth in earnings and cash flow
decreases market value ratios
30. 33
Price Earning Ratio (P/E)
Shows how much investors are willing to pay per dollar of
reported profit.
P/E ratio = Price per share / Earnings per share
Where EPS = NI / shares outstanding = $1.01
Price = $12.17
P/E = $12.17 / $1.01 = 12x
It means investors are willing to pay up to $12 for each dollar
of earning.
A higher P/E ratio means that investors must see something
good about the company to be willing to pay higher for a dollar
of earning.
31. 34
Price / Cash Flow Ratio (P/CF)
Stock prices depend on the company’s ability to generate cash
flows.
P/CF ratio = price per share/Cash flow per share
Cash flow per share = (NI + Depr.) / Shares Outstanding
= ($253.6 + $120.0) / 250 = $1.49
P/CF ratio = $12.17/$1.49 = 8.2
35
Market / Book Ratio (M/B)
How much paid for $1 of book value. Higher is better
M/B ratio = Market price per share
Book value per share (BVPS)
BVPS = Total common equity
Shares outstanding
32. BVPS = = $1,977 / 250 = $7.91
M/B = $12.17 / 7.91
M/B = 1.54
36
Market Value Ratios - Interpretation201520162017EInd.Price-to
Earnings9.66-6.3112.0014.20Price-to-Cash
Flow7.9527.498.147.60Market-to-Book1.281.081.542.90
Recall market value ratios:
Measure how the market values a company’s stock relative to
that of another company.
Investor’s perception of past performance and future prospects.
33. The P/E ratio and the M/B ratio indicate that the market doesn’t
value the company as highly as it does the average firm in
industry (although P/CF indicates opposite.
37
Trend Analysis, Common Size & Percentage Change Analysis
Trend Analysis:
Examine a ratio over time
Common Size Analysis: Divide all items in balance sheet by
total assets.
Divide all items in income statement by total sales.
Compare in percentages with industry
Percentage Change analysis
Calculate growth rates for all I.S and B.S items relative to a
base year.
See excel worksheet..
34. Trend analysis: Gives clue if financial condition is likely to
improve or deteriorate
Common size analysis: Compares B.S & I.S over time and
across companies.
38
The DuPont Equation
Breaks down ROE into 3 parts:
Is Management successful in making profit through sales?
Profit Margin
How does the firm manage its assets?
TA Turnover
Is management able to manage borrowing or its equity with its
assets to make profit
Equity Multiplier
It shows if management is successful in making profit through
its sales (profit margin).
How it manages its assets (TA turnover)
If mgt is able to manage borrowing or its equity with its assets
35. to make profit (Equity multiplier)
39
The DuPont Equation
ROE =
2015: 2.6% x 2.3 x 2.2 = 13.2%
2016: -1.6% x 2.0 x 5.2 = -16.6%
2017E: 3.6% x 2.0 x 1.8 = 13.0%
Ind.: 3.6% x 2.5 x 2.0 = 18.0%
The equation ties these 3 parts together and provides a
comprehensive understanding of how managerial actions
relating to profitability, asset efficiency, and financial leverage
interact to determine the return on equity.
36. To understand ROE, each part of the equation must be
understood.
Managers can use the DuPont equation for different what-if
scenarios. Example, if it should implement lean production and
increase assets turnover, how would that affect ROE?
40
Potential Problems / Limitations of Ratio Analysis
Comparison with industry averages is difficult if the firm
operates many different divisions.
Seasonal factors can distort ratios.
Window dressing techniques can make statements and ratios
look better.
Different accounting and operating practices can distort
comparisons
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Looking Beyond the Numbers
There is greater risk if:
revenues tied to a single customer
37. revenues tied to a single product
reliance on a single supplier?
High percentage of business is generated overseas?
What is the competitive situation?
What products are in the pipeline?
What are the legal and regulatory issues?
Sound financial analysis involves more than just calculating
ratios and comparing them. Always dig deep and consider
qualitative factors as above.
42
Questions
???
38. 43
References
Brigham, E. & Ehrhardt, M. (2014). Financial
Management: Theory and Practice (15th ed.). Boston, MA:
Cengage Learning.
44
Investment
in Assets
Operating
capital
