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In ways yet to be seen, cybersecurity has already affected the “agency of the future.” Today, the world is interconnected like never before. As a nation, we must work collaboratively to ensure that cyber defense strategies are robust and effective to secure our way of life.
President Obama said during remarks at the White House, “the cyber threat is one of the most serious economic and national security challenges we face as a nation” and that “America’s economic prosperity in the 21st century will depend on cybersecurity.”
Throughout his tenure, President Obama has directed agencies to conduct a thorough analysis of the Federal Government’s efforts to protect data, information, communication and critical infrastructure. Often, we forget that every day Americans rely on cyber defense for our economic viability and security.
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Information networks that power business, hospitals and schools
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Skyals is a blog website is an online platform that serves as a regularly post written content in the form of articles, essays or posts. These entries, often arranged in reverse chronological order, cover a wide range of topics and are typically personalized with the blogger's unique perspective, expertise, or experiences, variety of purposes, including personal expression, sharing knowledge, building a professional online presence, promoting products or services, or engaging with a community of like-minded individuals. They have become a popular and accessible way for individuals and organizations to communicate and connect with a global audience on the internet.
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Old material, but consolidated into one. “Financial inclusion and innovation are public policy choices that can be pursued by any nation of any size, as long as they have the courage to reinvent their regulatory frameworks.” I argue that any and all current efforts in FinTech and RegTech innovation, and the hope for financial inclusion of the underprivileged are futile. Another provocative keynote in which I present the roadblocks to financial inclusion and sustainable progress, and a vision of the transformative potential of open blockchains.
· The impact of blindly following a regulatory framework created decades ago to deal with problems observed years before then.
· The amorphous term "regulation" disaggregated into a simple taxonomy to facilitate analysis and communication.
· The enormous gap between today's regulation and the challenges posed by open blockchain technology.
· The challenges and opportunities of self-sovereign identity.
· The opportunity to leverage the design features and crypto economics attributes of open blockchains for self-regulation.
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Assignment 2 Tests of SignificanceThroughout this assignmen.docxkarenahmanny4c
Assignment 2: Tests of Significance
Throughout this assignment you will review mock studies. You will needs to follow the directions outlined in the section using SPSS and decide whether there is significance between the variables. You will need to list the five steps of hypothesis testing (as covered in the lesson for Week 6) to see how
every
question should be formatted. You will complete all of the problems. Be sure to cut and past the appropriate test result boxes from SPSS under each problem and explain what you will do with your research hypotheses.
All calculations should be coming from your SPSS
. You will need to submit the SPSS output file to get credit for this assignment. This file will save as a .spv file and will need to be in a single file. In other words, you are not allowed to submit more than one output file for this assignment.
The five steps of hypothesis testing when using SPSS are as follows:
State your research hypothesis (H
1
) and null hypothesis (H
0
).
Identify your significance level (.05 or .01)
Conduct your analysis using SPSS.
Look for the valid score for comparison. This score is usually under ‘Sig 2-tail’ or ‘Sig. 2’. We will call this “p”.
Compare the two and apply the following rule:
If “p” is < or = significance level, than you reject the null.
Be sure to explain to the reader what this means in regards to your study. (Ex: will you recommend counseling services?)
* Be sure that your answers are clearly distinguishable. Perhaps you bold your font or use a different color.
This assignment is due no later than Sunday of Week 6 by 11:55 pm ET. Save the file in the following format: [your last name_SOCI332_A2]. The file must be a word file.
t Tests
t Test for a Single Sample (20 points)
Open SPSS
Enter the number of activities of daily living performed by the depressed clients studied in #1 in the Data View window.
In the Variable View window, change the variable name to “ADL” and set the decimals to zero.
Click Analyze
à
Compare Means
à
One-Sample T test
à
the arrow to move “ADL” to the Variable(s) window.
Enter the population mean (17) in the “Test Value” box.
Click OK.
1.
Researches are interested in whether depressed people undergoing group therapy will perform a different number of activities of daily living after group therapy. The researchers have randomly selected 12 depressed clients to undergo a 6-week group therapy program.
Use the five steps of hypothesis testing to determine whether the average number of activities of daily living (shown below) obtained after therapy is significantly different from a mean number of activities of 17 that is typical for depressed people. (Clearly indicate each step).
Test the difference at the .05 level of significance and at the .01 level (in SPSS this means you change the “confidence level” from 95% to 99%).
As part of Step 5, indicate whether the behavioral scientists should recommend group therapy for all depressed people based.
Assignment 2 Strategic Action PlansThere are some elements miss.docxkarenahmanny4c
Assignment 2: Strategic Action Plans
There are some elements missing from the action plan in
Table 9.1
in your text book
.
If the EMR system is to be integrated with similar systems at local hospitals, and the physicians fully utilize its data-sharing capabilities, representatives from the hospitals must be drawn into this implementation process.
(Moseley III, George B. .
Managing Health Care Business Strategy
. Jones & Bartlett Publishers, May 2008. p. 251).
Write a three page report answering the following questions:
What elements (at least two) are missing from the action plan in Table 9.1 for the EMR system? Justify your choice.
Describe the activities that should be implemented to address the missing elements.
Describe where these activities would be added to the list (relative to the other activities already listed).
Specify exactly which people from the hospitals and practice will participate in these new activities and justify your choice.
Assignment 2 Grading Criteria
Maximum Points
Identified and explained at least two missing elements from the action plan.
25
Discussed what activities should be implemented to address the missing elements.
25
Identified where in the list the activities should be added and justified response.
10
Explained which people from the hospital /practice should participate in the new activities and justified choice.
25
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation.
15
Total:
100
.
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Throughout this assignment you will review mock studies. You will needs to follow the directions outlined in the section using SPSS and decide whether there is significance between the variables. You will need to list the five steps of hypothesis testing (as covered in the lesson for Week 6) to see how
every
question should be formatted. You will complete all of the problems. Be sure to cut and past the appropriate test result boxes from SPSS under each problem and explain what you will do with your research hypotheses.
All calculations should be coming from your SPSS
. You will need to submit the SPSS output file to get credit for this assignment. This file will save as a .spv file and will need to be in a single file. In other words, you are not allowed to submit more than one output file for this assignment.
The five steps of hypothesis testing when using SPSS are as follows:
State your research hypothesis (H
1
) and null hypothesis (H
0
).
Identify your significance level (.05 or .01)
Conduct your analysis using SPSS.
Look for the valid score for comparison. This score is usually under ‘Sig 2-tail’ or ‘Sig. 2’. We will call this “p”.
Compare the two and apply the following rule:
If “p” is < or = significance level, than you reject the null.
Be sure to explain to the reader what this means in regards to your study. (Ex: will you recommend counseling services?)
* Be sure that your answers are clearly distinguishable. Perhaps you bold your font or use a different color.
This assignment is due no later than Sunday of Week 6 by 11:55 pm ET. Save the file in the following format: [your last name_SOCI332_A2]. The file must be a word file.
t Tests
t Test for a Single Sample (20 points)
Open SPSS
Enter the number of activities of daily living performed by the depressed clients studied in #1 in the Data View window.
In the Variable View window, change the variable name to “ADL” and set the decimals to zero.
Click Analyze
à
Compare Means
à
One-Sample T test
à
the arrow to move “ADL” to the Variable(s) window.
Enter the population mean (17) in the “Test Value” box.
Click OK.
1.
Researches are interested in whether depressed people undergoing group therapy will perform a different number of activities of daily living after group therapy. The researchers have randomly selected 12 depressed clients to undergo a 6-week group therapy program.
Use the five steps of hypothesis testing to determine whether the average number of activities of daily living (shown below) obtained after therapy is significantly different from a mean number of activities of 17 that is typical for depressed people. (Clearly indicate each step).
Test the difference at the .05 level of significance and at the .01 level (in SPSS this means you change the “confidence level” from 95% to 99%).
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Assignment 2: Strategic Action Plans
There are some elements missing from the action plan in
Table 9.1
in your text book
.
If the EMR system is to be integrated with similar systems at local hospitals, and the physicians fully utilize its data-sharing capabilities, representatives from the hospitals must be drawn into this implementation process.
(Moseley III, George B. .
Managing Health Care Business Strategy
. Jones & Bartlett Publishers, May 2008. p. 251).
Write a three page report answering the following questions:
What elements (at least two) are missing from the action plan in Table 9.1 for the EMR system? Justify your choice.
Describe the activities that should be implemented to address the missing elements.
Describe where these activities would be added to the list (relative to the other activities already listed).
Specify exactly which people from the hospitals and practice will participate in these new activities and justify your choice.
Assignment 2 Grading Criteria
Maximum Points
Identified and explained at least two missing elements from the action plan.
25
Discussed what activities should be implemented to address the missing elements.
25
Identified where in the list the activities should be added and justified response.
10
Explained which people from the hospital /practice should participate in the new activities and justified choice.
25
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation.
15
Total:
100
.
Assignment 2 Successful Domestic Company Goes Global! Due Week 6 .docxkarenahmanny4c
Assignment 2: Successful Domestic Company Goes Global!
Due Week 6 and worth 280 points
Imagine that you are the CEO of a successful domestic company. In the last 6 months, many potential clients in foreign countries have expressed a desire to conduct business with you. You know that in order for your company to grow, you will have to expand overseas. You have recently attended a local three (3)-day international trade exposition and have gathered many brochures on the foreign companies interested in doing business with your company.
After meeting with the Executive Committee of your successful domestic company, you decide that you will need to identify a minimum of two (2) countries for expansion and two (2) expatriates whom you will send into the chosen countries. The selected expatriates will learn about the countries’ cultures and business activities there. You must prepare a report for the potential employees who may want to take an overseas assignment, the Executive Committee, and the Board of Directors.
Use the Internet and Strayer Library to research possible countries for expansion. Next, conduct research on leveraging expatriates over country nationals for business overseas. Finally, research books that could help expatriates in their transition to working overseas.
Note:
You may create and / or assume all necessary assumptions needed for the completion of this assignment.
Write an eight to ten (8-10) page paper in which you:
Create a guide to leveraging expatriates. The guide should include four to six (4-6) sources that address benefits and challenges of sending expatriates to other countries.
Examine the major benefits that this report can provide for the organization, and suggest two (2) uses for the information contained therein. Justify your response.
Analyze the major factors (e.g., distance, cultural background, knowledge of the related countries, languages spoken, relatives who may live in another country, etc.) that would influence your choice of countries into which your company would expand. Recommend two (2) countries for expansion. Provide a rationale for your response.
Determine three (3) criteria that you would consider when deciding which employees to send abroad. Justify your response.
Propose the major methods and / or incentives you would use in order to encourage the selected employees to become expatriates. Provide a rationale for your response.
Recommend one (1) strategy to ensure that both the Executive Committee and the Board of Directors are committed to the expansions. Justify your response.
Recommend two (2) books that the selected expatriates should take with them when they go overseas. Provide a rationale for your response.
Outline a guide for expatriates who will reside within another country for one to two (1-2) years. The related guide should cover the following topics: selecting items to pack, accommodating a vehicle (i.e., leave behind or send overseas), shipping or selling furniture, mo.
Assignment 2 Research Proposal Draft (due date Sunday December 4).docxkarenahmanny4c
This 3-page research proposal draft is due December 4th and must address the following sections: an introduction providing background and significance of the research problem, a clear statement of the problem and purpose of the study, at least one research question and hypothesis identifying the study variables and how they will be operationally defined.
Assignment 2 Required Assignment 2—Implementation of Sustainabili.docxkarenahmanny4c
Assignment 2: Required Assignment 2—Implementation of Sustainability in an Organization
All consumers and firms affect sustainability in different ways, either directly or indirectly. In practicing sustainability, a firm could create value for consumers, investors, and other stakeholders, such as the community in which the firm operates within its value chain. In addition, a firm engaging in good sustainable practices can fulfill the needs of its customers, earn a profit, and preserve the environment. This assignment will allow you, as a consumer, to explore how you can impact sustainability.
Tasks:
Propose a sustainability investment plan to improve the performance of your work group or organization or an organization you hope to work for. The investment can be made in human resources, in expansion of tangible or intangible assets toward new uses, or in capital equipment or new technology.
Analyze how the investment plan achieves the following:
Contributes to the mission of the company
Expands rewards for all major components of the value chain, which should include the company, employees, suppliers, and customers
Generates wealth or value and is sustainable over time
Evaluates and anticipates risks associated with the investment
Organize your work to create a 2- to 3-page professional memo in a Microsoft Word document outlining your investment plan to the director and an 8- to 10-slide Microsoft PowerPoint presentation script with complete endnotes explaining your recommendations to employees in your work group. Follow APA standards for citation of sources.
Submission Details:
Save your Microsoft Word document as word doc and your Microsoft PowerPoint ppt.
By
Wednesday, November 15, 2016
, submit your documents to the
M5: Assignment 2 Dropbox
.
Assignment 2 Grading Criteria
1.
Proposed a substantial investment plan to improve the performance of your work group or organization or an organization you hope to work for.
2.
Analyzed how the business plan contributes to the mission of the company.
3.
Analyzed how the business plan expands rewards for all major components of the value chain, which should include the company, employees, suppliers, and customers.
4.
Analyzed how the business plan generates wealth or value and is sustainable over time.
5.
Analyzed how the business plan evaluates and anticipates risks associated with the investment.
6.
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; and displayed accurate spelling, grammar, and punctuation.
.
Assignment 2 Social MobilityFor this assignment, you will trace y.docxkarenahmanny4c
For this assignment, the student is asked to trace their family's history of social mobility over at least three generations by examining factors like education, wealth, and occupation. They should consider how race and gender may have influenced mobility patterns. The student is expected to describe their family's mobility experience, explain differences in mobility levels between generations, predict their own mobility trajectory and that of future children, and support their analysis with academic sources. They will be graded on thoroughly addressing these points in a clear, concise, and academically honest manner.
Assignment 2 Reflections on Racial DiscriminationFranklin hears a.docxkarenahmanny4c
Assignment 2: Reflections on Racial Discrimination
Franklin hears about people being discriminated against at the workplace and in society but rarely experiences it first hand. Cortez, on the other hand, speaks English poorly and is often subject to derogatory comments from peers and coworkers.
Reflect on your experience with racial discrimination.
Identify examples of racial discrimination and provide examples you have personally witnessed or heard about firsthand from the following three realms:
family
work place
community
Write a brief summary that includes the following:
Describe a racial incident pertaining to each realm in detail. Explain why you believe this is racial discrimination.
Explain how this situation could have been handled to avoid discrimination against those belonging to another race.
Submit your response to the
M
. Your response should be at least two pages long. All written assignments and responses should follow APA rules for attributing sources.
Assignment 2 Grading Criteria
Maximum Points
Reflection on your experiences with racial discrimination from the three listed realms (i.e., family, work place, community).
30
Provided examples of discrimination from the three listed realms.
25
Described the identified racial incident in detail, and explained why each incident is an example of discrimination.
25
Explained how these situations could have had a different outcome if the people involved had not discriminated against others.
10
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources, displayed accurate spelling, grammar, and punctuation.
10
Total:
100
.
Assignment 2: Required Assignment 1—Intercultural Employee Motivation and Rewards
Culture plays a major role in the motivation of employees. Consider that though you have a mix of ethnicities on your team, you also need to be aware of cultural differences including gender, generation, and other categories of human differences.
Write an 8–10-page report on employee motivation, including a recommendation for an employee reward system that will meet the needs of the variety of cultural groups you manage based on the following motivation factors:
Job security
Professional development
Job performance
Goal setting
Employee recognition
Compensation
Discuss employee motivation as it relates to culture, and consider how you might develop a reward system that recognizes diversity and is equitable and legally sound. Support your recommendations with scholarly references.
.
Assignment 2: Required Assignment 1—Developing Communications Policy
In this assignment, you will prepare a communications policy for a company that you are familiar with or a fictitious company you create. The communications policy will map the type of communications messages (e.g., organizational or strategic changes, procedural changes, information important to organizational subgroups, confidential information, unwelcome information, etc.).
Using the module readings and the Argosy University online library resources, research requirements of and methods of creating communications policy documents.
Create a communications policy document that covers the following:
Identify the audience
Describe the media (including social media) to be used
List and explain the appropriate approvals required
Explain the tools and tactics to be used
In developing your plan, you should utilize at least five peer-reviewed articles in addition to the readings from the textbook and online resources.
.
Assignment 2 Project Paper – Comparative EssayDue Week 8 an.docxkarenahmanny4c
Assignment 2: Project Paper
–
Comparative Essay
Due Week 8 and worth 200 points
This “Assignment 2” writing assignment is a comparative essay focused on topics encountered in our HUM 111 class. The project will be based on research but will reflect your views and interpretation of the topic. This project is designed to help you stretch your mind and your abilities as an organized, innovative, and critical thinker. If approached properly, it should also be fun!
Choose one (1) of the topics from the list of topic choices below. Read the topic carefully. Write a three to four (3-4) page paper (750-1,000 words) that follows instructions and covers each part of the topic. (The title page and References list do not get included in this word count).
Note:
Your instructor may require you to submit your topic choice for approval before the end of Week 5.
For the topic you choose:
Establish a clear thesis about your topic as part of the introductory paragraph (often the thesis is the last thing one determines after doing the basic research and outline; however it will be placed in the first paragraph of your paper).
This is a comparative essay. Comparison approached properly will require some critical thinking on your part. Use a point-by-point approach for the essay. That means, if comparing subject A with subject B, don't do the first half of the essay on subject A and then the second half on subject B--that will seem like two (2) separate essays and comparisons will tend to get lost. Instead, you should be mentioning both subjects in most of your paragraphs as you compare them throughout the essay. Comparisons will identify similarities as well as contrasts.
Do not try to do everything on your two (2) subjects. You should end up narrowing your focus to a few insights and issues about the subjects being compared. And, from those fairly specific points of comparison, you will develop a thesis and glean some lessons.
Follow closely the instructions below for your specific topic.
Include a concluding paragraph at the end. This paragraph will, in some way, refer back to the thesis established in your first paragraph, since now you have demonstrated and supported it. It may be here that you also include your observations relating your study to the modern workplace or society (see your topic). Try to finish with flair!
Use at least three (3) good quality academic sources, with one (1) source being the class text.
Note:
Wikipedia
and other similar Websites do not qualify as academic resources. You are highly encouraged to use the Resource Center tab at the top of your Blackboard page.
Topic Choices
–
Choose just one (1) of the topics below:
Qualities of the Hero: Comparing Gilgamesh and Odysseus
.
Write an essay comparing these two (2) heroic figures from ancient epics of different cultures, especially focusing your analysis on the sources about their encounters with monsters: Gilgamesh encounters the monster guarding the forest, Humbaba,.
Assignment 2 Probation and Parole—Realities and PerceptionsProbat.docxkarenahmanny4c
Assignment 2: Probation and Parole—Realities and Perceptions
Probation and parole encompasses a wide variety of offenders and can be as vast and diverse as the populations the law enforcement officials oversee. As seen in the course readings, inclusion of probation and parole in the criminal justice system has been influenced by societal norms and values and can be viewed as a reflection of the current belief system.
Tasks:
By
Saturday, July 16, 2016
, in a minimum of 250 words, post to the
Discussion Area
your response to the following.
What are your current perceptions regarding corrections, probations, and parole in the United States? What are these perceptions based on?
What do you think are the people’s perceptions of probation and parole?
What is the role of the media in shaping public opinion regarding the criminal justice system, especially the probation and parole systems?
What are the pros and cons of the media’s role in shaping public opinion on probation and parole?
While performing research on the influence of media conduct, provide appropriate references.
.
Assignment 2 Physical Development in Early AdulthoodDuring earl.docxkarenahmanny4c
Assignment 2: Physical Development in Early Adulthood
During early adulthood, people begin make important life decisions in three areas: career, family, and health. Young adults establish patterns of nutrition and physical activity that can have either positive or negative effects on their physical development in later stages of adulthood. They also begin to make decisions about what career path to follow. At some point during early adulthood, individuals also choose either to marry or remain single, and decide whether or not to start a family. Consider the following example:
Jeff is 23 years old. He recently graduated from college with a business degree and took a managerial position with a midsize company. He likes his coworkers, but often finds himself bored with his work. Although he was active in college, recently he has gained about 10 pounds due to his sedentary job and lack of time to exercise. Jeff broke up with his college girlfriend after graduation, and since then he has dated a few different women, but hasn’t had another serious relationship. Jeff wonders what the remainder of his 20’s and his 30’s will bring.
Based on your reading, prepare a PowerPoint presentation that would help individuals like Jeff set goals related to career, health, and family. The presentations should discuss the relationship between lifestyle choices and health risks. In addition, it should address how factors like personality and attachment may influence both career- and family-related goals. Finally, address diversity in the presentation. Explain how your plan could be adapted to fit the needs of different socioeconomic or ethnic groups.
Your PowerPoint presentation should include an introduction, a conclusion, and detailed speaker’s notes. Include your references on one slide.
Develop a 6–8-slide presentation in PowerPoint format with speaker’s notes. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M2_A2.ppt.
In order for this assignment to be compatible with TurnItIn, you will need to save your PowerPoint presentation as an Adobe PDF file. To do this, open your presentation in Microsoft PowerPoint. Choose "Save As" from the File menu, then choose "Adobe PDF". Before saving your file, click on the Options button and check the box next to "Convert Speaker Notes." Now choose to save your file. Your speaker notes will be included in your PDF file that you will submit for this assignment.
Note:
If your version of Microsoft PowerPoint does not have the option to include speaker notes, you will need to submit a Microsoft Word document that contains all information from your presentation, including the speaker notes.
By
Wednesday, April 13, 2016
, deliver your assignment to the
M2: Assignment 2 Dropbox
.
Assignment 2 Grading Criteria
Maximum Points
Developed logical and structured plan detailing specific ways young adults could set goals in the areas of career, health, and family.
30
Discussed t.
Assignment 2 Position Paper Two – Media and Society Due Week 10 a.docxkarenahmanny4c
Assignment 2: Position Paper Two – Media and Society
Due Week 10 and worth 250 points
This is the second of two (2) position papers based on the following scenario to be completed in this course.
Imagine that you are running for a state office (e.g., governor, senator, or representative) and you have to prepare a position paper for a debate on controversial issues in the news. (Select one (1) of the topics addressed in Weeks 5-9 of this class.) You will want your position paper to demonstrate critical thinking, sound logic, valid claims, personal passion, and credible support that is cited correctly because the paper will be provided to the news media before the debate and will be scrutinized by the media and reported on regarding these criteria. Your professor will serve as your close advisor whose job is to review the paper and provide feedback to you on the paper’s strengths and weaknesses.
Write a two to three (2-3) page (700 to 1,200 words) paper in which you:
Introduce your position using a thesis statement in the first paragraph, including a quote, question, or statistic from your reliable sources and an overview of the main points you will cover. (It’s important to grab the audience’s interest and inform them of what the main and support points are.)
Provide three or four (3-4) major points to support your thesis statement. (Put each major point in a separate paragraph.)
Provide one (1) paragraph in which you identify and answer an expected argument against your view.
Organized arguments and support for claims effectively.
Demonstrate personal passion for your position and critical thinking with persuasive language, sound logic, valid claims, and credible support for the claims.
Provide two to three (2-3) credible and reliable references (in addition to the text) about current events, which have been published in the last five (5) years and are cited correctly in the position paper. (Wikipedia is not an acceptable source.)
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Apply critical thinking skills to the analysis of issues involving mass media and society.
Use technology and information resources to research issues in media and society.
Write clearly and concisely about media and society using proper writing mechanics.
Note: Depending on the student’s topic selection, the outcome measured might include one of the following:
Evaluate the appropriateness of various media forms for different audiences.
Analyze selected le.
Assignment 2 Overview of Interviewing and InterrogationA criminal.docxkarenahmanny4c
Assignment 2: Overview of Interviewing and Interrogation
A criminal justice professional gathers information through effective interviews and interrogations. Ineffective victim or suspect interviews or interrogations can cost an investigator a case, and understanding the difference between an interview and an interrogation is critical in selecting an appropriate approach for a specific situation. Interviews and interrogations are dynamic, evolving situations, and developing interviewing and interrogation skills takes time and practice. Interrogation involves an accusatory, persuasive approach. Effective interviewers have the ability to quickly establish rapport with their subjects and gain complete, concise, and accurate information about crimes, additional witnesses, and suspects. Building rapport early helps take down barriers to open and clear communication, which is critical in conducting interviews and interrogations.
Submission Details:
By
Saturday, December 24, 2016
, in a minimum of 250 words, post to the
Discussion Area
your answers to the following:
What are the qualities of an effective interviewer and interrogator?
What are the purposes of interviews and interrogations?
What is the difference between an interview and an interrogation?
What is D. K. Berlo's communication process? How does it apply in the criminal justice field?
What is a purposeful interview?
By
Wednesday, January 4, 2017
, read and respond to at least two of your classmates' posts. When responding, use contradictions and counterexamples supported by class readings. You can ask questions, disagree with opinions, redirect your thoughts, or ask your classmates to rethink what they have posted and why.
Discussion Grading Criteria and Rubric
All discussion assignments in this course will be graded using a rubric. This assignment is worth 40 points. Download the discussion rubric and carefully read it to understand the expectations.
.
Assignment 2 Physical Development in Early AdulthoodDuring early .docxkarenahmanny4c
Assignment 2: Physical Development in Early Adulthood
During early adulthood, people begin make important life decisions in three areas: career, family, and health. Young adults establish patterns of nutrition and physical activity that can have either positive or negative effects on their physical development in later stages of adulthood. They also begin to make decisions about what career path to follow. At some point during early adulthood, individuals also choose either to marry or remain single, and decide whether or not to start a family. Consider the following example:
Jeff is 23 years old. He recently graduated from college with a business degree and took a managerial position with a midsize company. He likes his coworkers, but often finds himself bored with his work. Although he was active in college, recently he has gained about 10 pounds due to his sedentary job and lack of time to exercise. Jeff broke up with his college girlfriend after graduation, and since then he has dated a few different women, but hasn’t had another serious relationship. Jeff wonders what the remainder of his 20’s and his 30’s will bring.
Based on your reading, prepare a PowerPoint presentation that would help individuals like Jeff set goals related to career, health, and family. The presentations should discuss the relationship between lifestyle choices and health risks. In addition, it should address how factors like personality and attachment may influence both career- and family-related goals. Finally, address diversity in the presentation. Explain how your plan could be adapted to fit the needs of different socioeconomic or ethnic groups.
Your PowerPoint presentation should include an introduction, a conclusion, and detailed speaker’s notes. Include your references on one slide.
Develop a 6–8-slide presentation in PowerPoint format with speaker’s notes. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M2_A2.ppt.
In order for this assignment to be compatible with TurnItIn, you will need to save your PowerPoint presentation as an Adobe PDF file. To do this, open your presentation in Microsoft PowerPoint. Choose "Save As" from the File menu, then choose "Adobe PDF". Before saving your file, click on the Options button and check the box next to "Convert Speaker Notes." Now choose to save your file. Your speaker notes will be included in your PDF file that you will submit for this assignment.
Note:
If your version of Microsoft PowerPoint does not have the option to include speaker notes, you will need to submit a Microsoft Word document that contains all information from your presentation, including the speaker notes.
By
Wednesday, December 14, 2016
, deliver your assignment to the
M2: Assignment 2 Dropbox
.
Assignment 2 Grading Criteria
Maximum Points
Developed logical and structured plan detailing specific ways young adults could set goals in the areas of career, health, and family.
30
Discusse.
Assignment 2 Past and Current Trends in Human ServicesIn this mod.docxkarenahmanny4c
Assignment 2: Past and Current Trends in Human Services
In this module, you explored the past and current trends in human services.
Tasks:
Using the Argosy University online library resources and the Internet, research and read about the assignment topic. In a minimum of 200 words, respond to the following:
Identify events that you believe to have greatly impacted the field of human services and discuss them in detail.
Discuss both their intended and unintended consequences.
Additionally, discuss the importance and changing shape of networking as discussed in the readings.
.
Assignment 2 RA 2 Policy Proposal PaperFor this assignment, you .docxkarenahmanny4c
Assignment 2: RA 2: Policy Proposal Paper
For this assignment, you will be building on the problem definition developed in
Module 4
and develop a policy proposal for advocacy and adoption.
Tasks:
Create a 10- to 12-page policy proposal, utilizing a minimum of five scholarly sources in your research. Address the following in your proposal:
State the social problem you wish to solve.
Analyze the policy development cycle and the influence of stakeholders throughout the process.
Discuss how the policy development cycle and the influence of stakeholders will be used to effect social change for your identified problem.
As a human services professional, examine your role in policy advocacy and coalition building for improving human services.
Describe all of the resources available to support your policy and how you would organize them.
Identify the steps you will take, including the use of social media, to build a coalition around the policy, highlighting your role in the process.
Determine a list of the different constituents you would engage to advance your policy goal.
Define the specific policy action to be pursued.
Develop the criteria for measuring the effectiveness of the policy for society if adopted.
.
Assignment 2 Midweek Production Assignment Pendente Lite Support.docxkarenahmanny4c
Assignment 2: Midweek Production Assignment: Pendente Lite Support
Parents have a legal obligation to support their minor children. This gets complicated during the pendency of a divorce since the parties are not yet divorced and thus “final” orders cannot be entered. That does not relieve the parents of their obligation and if the non-custodial parent refuses support, a Motion must be filed with the Court to have the Court order the support. Further, read the scenario below and answer the following questions too.
Richard and Susan are in the process of a divorce. They had two children together during the course of their marriage. Richard refused to pay Susan child support for their children. Susan cannot support the children on her own and needs Richard to pay child support. Prepare a motion for Pendente Lite Child Support to compel Richard to pay Susan child support. Use the template to draft the motion.
On a separate page, cite all sources using the Bluebook format.
.
Assignment 2 Miranda RightsAs you learned in your readings, befor.docxkarenahmanny4c
Assignment 2: Miranda Rights
As you learned in your readings, before interrogating a suspect in police custody, the police need to inform the suspect about his or her constitutional rights.
Tasks:
Assume you are a high-ranking official in a law enforcement agency and have ten years of experience in the field. You have been asked to make a presentation to newly sworn police officers about Miranda rights. While the rules for how and when Miranda rights should be given to suspects used to be relatively simple, they have changed dramatically over the past few years.
Utilizing the Argosy University online library, research how Miranda rights and the interpretation of the application of the Fifth and Sixth Amendments to the US Constitution have changed over time.
Prepare a 10- to 15-slide Microsoft PowerPoint presentation regarding these changes and address the following:
Describe the original Miranda case and the statements required for making a valid Miranda warning.
Explain under what circumstances Miranda rights are triggered.
Describe the changes in the Fifth and Sixth Amendments and the custodial protections that are provided under these.
Discuss the past, present, and possible future applications of the following for suspects in police custody:
The right to remain silent
The right to counsel
Submit the details in the Notes section of the presentation.
Submission Details:
Save the presentation as M4_A2_Lastname_Firstname.ppt.
By
Wednesday, October 5, 2016
, submit your presentation to the
M4: Assignment 2 Dropbox
.
Assignment 2 Grading Criteria
Maximum Points
Described the original Miranda case.
8
Accurately identified and described the four statements required to make a valid Miranda warning.
12
Accurately identified and explained the circumstances under which Miranda rights are triggered.
8
Accurately identified and described the changes in the Fifth Amendment and the custodial protections provided under it.
16
Accurately identified and described the changes in the Sixth Amendment and the custodial protections provided under it.
16
Critically analyzed and explained the past, present, and possible future applications of the right to remain silent and the right to counsel.
20
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in the accurate representation and attribution of sources; and displayed accurate spelling, grammar, and punctuation.
20
Total:
100
.
Assignment 2: Library Research—Training Police Recruits
Chief Draper has noticed that the behavior of many of his officers reflects a lack of understanding of many basic criminal justice concepts. Last week, he received a complaint about a patrol officer with ten years of experience on the force. The complaint alleged that the officer pulled over a car for a traffic violation and allowed the driver to leave with a verbal warning after the driver gave him free football game tickets. Another complaint involved the Special Weapons and Tactics (SWAT) supervisor. In this complaint, it is alleged that the SWAT team broke down the door of a suspected drug dealer only to find that it had the wrong house. The team later found the suspected dealer at another location and arrested and interrogated him before reading the Miranda warnings. These are only a few of the complaints being reviewed, and Chief Draper believes that police recruits need more training on the following topics:
Discretion
Ethics
Probable cause
Plain view doctrine
Arrest
Good faith exception
Miranda
Reasonable suspicion
Use of force
Racial profiling
Tasks:
Prepare a 12- to 14-slide Microsoft PowerPoint presentation with your recommendations of the important points that should be addressed in the training of police recruits.
Devote at least one slide to each of the ten topics listed.
Use court cases to support your explanations.
Use the Notes section to provide for deeper exploration of each topic.
Include a cover slide and at least one slide at the end of your presentation to reference your sources, formatted in the APA style, that link back to your in-text citations and support your recommendations. See your Argosy Handbook or APA materials to properly cite your text.
Submission Details:
Save the final presentation as M2_A2_Lastname_Firstname.ppt.
By
Wednesday, June 22, 2016
, submit your final presentation to the
M2: Assignment 2 Dropbox
.
Assignment 2 Grading Criteria
Maximum Points
Prepared a Microsoft PowerPoint presentation with important recommendations on the listed topics, at le
.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
Temple of Asclepius in Thrace. Excavation resultsKrassimira Luka
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Gender and Mental Health - Counselling and Family Therapy Applications and In...PsychoTech Services
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Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
2. side with the private/public sector to help deter,
detect and identify terrorist activity in New York
City through information sharing as the head of
NYPD Shield programme. Lt. Amadeo has a BA
in Political Science, a Graduate Certificate in
Police Studies and will be completing a Master
o f Science degree in Security Management
in 2016. He is also a graduate o f the 231st
Session FBI National Academy.
Detective Sergeant Steve lannone has over
27 years with the NYPD. He began his career
in 1989 in Brooklyn and served in several com-
mands around the City in uniform and plain
clothes both as an Officer and a Supervisor.
He was promoted to Sergeant in 2002 and was
assigned to Manhattan’s West side. In 2005 he
was offered a position with the Counterterrorism
Division and tasked with developing the NYPD
Shield Unit. Because of his successful efforts,
he was promoted to Detective Sergeant and
has remained with the Shield programme since
its inception. Detective Sergeant lannone has
an Associate’s Degree in Electrical Technology,
numerous certifications in Emergency
Preparedness from The Department of
Homeland Security and is a Certified Business
Continuity Professional through the Disaster
Recovery Institute International.
A bstract
This article will identify the challenges that post
9/ 11 law enforcement faces regarding private-
public partnerships and describe in detail the
N Y P D Shield programme, created to combat
3. those challenges. Recommendations made by the
911 Commission included the incorporation of
the private sector into future homeland security
strategies. One such strategy is N Y P D Shield.
This programme is a nationally recognized
award-winning public-private partnership dedi-
cated to providing counterterrorism training and
information sharing with government agencies,
non-government organizations, private busi-
nesses, and the community. Information is
shared through several platforms that include a
dedicated website, instruction of counterterrorism
training curricula, e-mail alerts, intelligence
assessments and the hosting of quarterly confer-
ences. This article also details how the N Y P D
Shield is providing its successful template to
other law enforcement agencies enabling them
Page 106
mailto:[email protected]
mailto:[email protected]
to initiate similar programmes in their respective
jurisdictions, and in doing so joining a National
Shield Network.
Keywords: NYPD Shield, counterter-
rorism training, information sharing,
public-private partnership, force multi-
plier, National Shield Network
INTRODUCTION
B efo re th e te rr o ris t attacks in N e w Y ork
C ity in S e p te m b e r 2 0 0 1 , th e N e w Y ork
4. C ity P olice D e p a r tm e n t (N Y P D ) was
c o n fid e n t in its ability to h a n d le any an d
all c r im e i n th e city. A lready to u tin g re c o rd
re d u c tio n s in c rim e u n d e r past ad m in is-
trations, N e w Y ork C ity was b e c o m in g
th e safest larg e city in th e U S A . B efore
1 1 th S e p tem b er. 2001 fig h tin g te r r o r was
largely c o n sid e re d th e responsibility o f
federal p a rtn e rs. A fte r lo sin g 23 p o lice
officers in th e fine o f d u ty an d m an y m o re
in th e years to c o m e, th e N Y P D d e c id e d
to d o w h a t it can to e n te r th e fig h t against
te rr o ris m in N e w Y ork City. S ince 9 /1 1 ,
th e global w a r o n te r r o r has n o w b e c o m e
th e resp o n sib ility o f law e n fo rc e m e n t as
w ell as th e p riv ate se c u rity profession
across th e c o u n try .
K n o w in g th a t ap p ro x im a te ly 85 p e r c e n t
o f critica l in fra stru c tu re , in telle ctu al p ro p -
e rty an d sensitive c o rp o ra te in fo rm a tio n
in th e U S A are p ro te c te d b y th e alm ost
1 m illio n s e c u rity officers in th e p rivate
se c to r s e c u rity in d u stry (U S G o v e rn m e n t
A c c o u n ta b ility O ffice, 2006), th e N Y P D
realised th a t it n e e d e d to engage this valu-
able reso u rce. T h e b en e fits o f p a r tn e rin g
w ith th e p riv a te se c u rity in d u stry can
b e tallied exponentially. As an exam ple,
after re c e iv in g N Y P D S hield train in g ,
se c u rity officers w h o have b e e n ed u c ated
o n th e N e w Y o rk C ity te rro ris m tip
h o t-lin e (1 -8 8 8 -N Y C -S A F E ) have re p eat-
edly called to r e p o rt suspicious activity
a ro u n d th e city. In o n e case, a serial b a n k
5. ro b b e r was a p p re h e n d e d after a S hield
m e m b e r receiv ed a ‘w a n te d b u lle tin ’ in
a S hield e -m a il alert. W o rk in g to g eth er,
th e N Y P D ca n m o re th a n d o u b le its eyes
a n d ears in th e c o m m u n itie s it is sw o rn
to p ro te c t. L aw e n fo rc e m e n t across th e
co u n try , especially th e N Y P D , does this
b ecau se it has seen th a t w o rk in g to g e th e r
w ith its c o m m u n ity o n ly increases its
stren g th a n d ability, n o t o n ly to c o m b a t
c o m m o n v arie ty crim e , b u t also to p ro v id e
a substantial h e ig h te n e d aw areness level fo r
re p o rtin g w h a t is c o n sid ered u n u su al to th e
c o m m u n ity b e in g p a rtn e re d w ith . T h is is
th e essence o f p u b lic—p riv ate partn ersh ip s:
e m p o w e rin g th e p riv ate se c to r to act o n
w h a t it sees as u n u su al o r o u t o f th e o u t o f
th e ordinary. W h e th e r p a r tn e rin g directly
w ith p o lice a n d re ceiv in g tra in in g fro m
professional law e n fo rc e m e n t officers, o r
a p riv ate citizen th a t engages p ro g ram m e s
like ‘See S o m e th in g , Say S o m e th in g ’ to
in f o r m local au th o ritie s, g e ttin g th e in fo r-
m a tio n to an investigative b o d y is essential.
T h e N Y P D ’s answ er to creatin g n e w
a n d lasting p artn e rsh ip s in th e fig h t against
te rro ris m is th e N Y P D S hield p ro g ra m m e .
N Y P D S hield is a m e m b e rsh ip -b a se d
liaison p ro g ra m m e b e tw e e n th e N Y P D
a n d N e w Y ork C ity ’s p riv ate a n d p u b lic
sectors. Its m ission is to s tre n g th e n th e
N Y P D ’s p a rtn e rsh ip w ith p riv ate sec u rity
professionals a n d to serve as th e N Y P D ’s
p ro g ra m m e fo r c o m m u n ic a tio n w ith
th ese p riv ate se c to r entities o n m atters
6. o f c o u n te rte rro ris m . S hield provides m u l-
tip le p latfo rm s fo r th e p riv ate se c to r to
access in fo rm a tio n a n d resources w ith in
th e N Y P D to address e m e rg in g threats
an d ev o lv in g c o n d itio n s w ith in N e w
Y ork C ity a n d addresses p riv a te se c to r
in fo rm a tio n n eeds o n b o th a g eo g rap h ic
an d in d u stry secto r-sp ecific basis in a
n u m b e r o f specific ways. T h e se p latfo rm s
in c lu d e co n feren ces, tra in in g sem inars, th e
w ebsite, e -m a il alerts, in tellig e n ce analysis
briefs an d professional liaisons. W ith over
Successful public-private partnerships: The NYPD shield model
17,000 m e m b e rs, N Y P D S hield is b ro k e n
d o w n in to 2 2 ‘sec to rs’, allo w in g fo r m o re
d ire c te d a n d specific c o m m u n ic a tio n
a m o n g th e c o m m u n ity o f professionals
in each sector. T h e se in clu d e: business
im p ro v e m e n t districts (BIDs); c h e m ic a l/
p e tro le u m ; cultural; ed u c a tio n ; e n e rg y /
utilities; e n te rta in m e n t; fin an c e an d
b an k in g ; g o v e rn m e n ta l agencies; h e a lth
a n d hospitals; h o sp itality a n d to u rism ; law
e n fo rc e m e n t; m a ritim e ; m edia; p o sta l/
parcel; professional services; real estate an d
p ro p e rty m a n a g e m e n t; religious; retail an d
m erc h a n t; security; te le c o m m u n ic a tio n s /
IT ; tra n sp o rta tio n ; an d o th e r. T h e u ltim a te
goal o f th e S hield p ro g ra m m e is to create
ad d itio n al ‘eyes an d ears’ w ith in th e secu
rity c o m m u n ity to assist in a tte m p tin g to
th w a rt p o te n tia l te rro ris t plots a n d attacks.
7. S hield serves as a fo rce m u ltip lier, tak in g
advantage o f th e h ig h n u m b e rs o f se c u rity
p e rso n n e l em p lo y ed th r o u g h o u t th e city.
‘Public an d p rivate secto r p artn e rs can
lo o k to an ex cellen t exam ple o f h o w
expectations can b e clearly established in
a public—private p artn ersh ip : th e N e w
York Police D e p a rtm e n t’s (N Y P D ) Shield
program . T h e N Y P D Shield program
b rings to g e th e r p ublic an d p rivate secto r
entities to facilitate in fo rm a tio n sharing
fo r security purposes. F or instance, i f a
N e w Y ork C ity business o w n e r w ishes
to b e c o m e p a rt o f th e p rogram , he
o r she can apply to be a m e m b e r o f
N Y P D Shield online. N Y P D Shield is
a tw o -w a y street; th e key to success is
fo r in fo rm a tio n to flow in tw o direc-
tions. W e ask y o u r assistance in th e fight
against terro rism by re p o rtin g suspicious
b eh a v io r as soon as possible.’1
HISTORY
N Y P D S hield b eg a n in 2 005 after th e
D e p u ty C o m m issio n e r o f C o u n te rte r ro ris m
at th e tim e, M ik e S h eeh a n , b e c a m e aw are
o f th e F ed eral B u rea u o f Investigation
(F B I)’s In fraG u a rd p ro g ra m m e . In fra G u a rd
is a p a rtn e rsh ip b e tw e e n th e FBI a n d th e
p u b lic /p riv a te sector, a n d is d e sc rib e d as
an association th a t represents businesses,
academ ic in stitu tio n s, state an d local law
e n fo rc e m e n t agencies, a n d o th e r p a rtic i-
8. pants. In fraG u a rd is d e d ic a te d to sh a rin g
in fo rm a tio n an d in tellig e n ce to p re v en t
h o stile acts against th e U S A . T h e th e n
P olice C o m m is s io n e r R a y m o n d K elly an d
D e p u ty C o m m is s io n e r S h e e h a n d e c id e d
th a t th e N Y P D sh o u ld b e g in its o w n p ro -
g ra m m e .2 T h e N Y P D S h ie ld was p u rp o s e d
in 2005 w h e n it ab so rb ed th e m e m b e rsh ip
database fro m a n o th e r N Y P D p ro g ra n u n e
called th e A rea P olice—P riv ate S e c u rity
L iaison (A PPL). T h e A P P L p ro g ra m m e
co n sisted o f N Y P D executives a n d se c u rity
d irec to rs w ith in N e w Y ork C ity w h o se
goal was ‘to e n h a n c e p o lic e a n d se c u rity
c o o p e ra tio n in th e p r o te c tio n o f p e o p le
an d property, to e x c h an g e in fo rm a tio n ,
an d to h elp elim in a te th e cred ib ility gap
b e tw e e n p o lic e an d p riv a te security.’
INFORMATION-SHARING
PLATFORMS
T h e N Y P D S hield m o tto , ‘C o u n te r in g
te rr o ris m th ro u g h in fo rm a tio n s h a rin g ’,
is a c co m p lish e d by e n g a g in g w ith th e
p u b lic /p riv a te se c to r th ro u g h m u ltip le
p latform s. O n e o f these p latfo rm s is
th ro u g h th e N Y P D S h ield w ebsite (w w w .
n y p d sh ield .o rg ). T h e w eb site serves as a
ce n tral d e p o sito ry fo r m e m b e rs to share
a n d receive in fo rm a tio n . T h e w eb site p r o -
vides n u m e ro u s resources fo r its m e m b e rs
th a t in c lu d e in te llig e n c e assessments a n d
in fo rm a tio n a l b u lletin s, w e ek ly re p o rts,
th e ‘A ro u n d th e W o rld ’ videos, a reso u rce
lib rary an d v ario u s p u b licatio n s.
9. Intelligence assessments
T h e C o u n te r te r r o r is m B u re a u ’s T e rro rism
T h re a t Analysis G ro u p (T T A G ) consists o f
Page 108
highly educated civilian intelligence ana-
lysts that prepare intelligence assessment
reports based on terrorist attacks both
at home and abroad. These non-classi-
fied open source assessments are posted
on the website for security directors and
managers to read, providing them with
information that can assist in deciding
whether adjustments are required to their
organisations’ security posture based on
the type o f attack. ‘Within hours o f a
major incident abroad, Shield makes
its intelligence products available via its
website. Actionable and filling a need
for basic information, these briefs enable
the private sector to quickly take steps
to protect its assets.’3 These intelligence
assessments are widely redistributed within
security industry circles because they are
highly digestible 2—3-page documents that
always conclude by tying in whether the
incident or attack has ‘implications for
New York City’. Some examples of recent
intelligence assessments are the Paris and
San Bernardino attacks as well as the attack
on the art exhibit in Garland, TX.
‘Analytical briefings are provided on
10. a weekly basis, but they can be pro-
vided sooner on an event-specific
incident basis. The analytical briefs
are researched and prepared by intel-
ligence research specialists assigned to
the Counterterrorism Division. Those
specialists prepare and make available
to members sector-specific briefings
(cyber security, C B R N [chemical, bio-
logical, radiological and nuclear], etc),
weekly regional reports (Iran, Iraq,
Arabian Peninsula, Africa, etc), inci-
dent-specific reports (Times Square
bombing, Mumbai, etc), and they also
prepare reports on trends and analysis.’4
Informational bulletins
The NYPD Shield website also posts
informational bulletins that are prepared
by TTAG. These bulletins provide specific
information about events throughout the
city, such as parades, the New York City
Marathon, special dignitary visits such
as that by Pope Francis, major sporting
events, New Year’s Eve and the 4th o f July
celebrations to name a few. These bulletins
offer information to security directors and
managers, informing them o f event details
and providing a threat assessment that
includes possible disruptions relating to
the event that will assist them in informing
members o f their particular organisations.
Weekly reports
Weekly reports focusing on various
11. regions o f the world are posted on the
website. These reports discuss terrorism-
related attacks, tradecraft and also highlight
political and governmental issues in those
regions. The weekly cyber reports are
pertinent and informative briefings that
discuss cyber threats and breaches to
assist security directors and managers in
providing basic understandings o f these
technological attacks and shed light on
security measures and law enforcement
efforts to mitigate these threats. October
has been designated National Cyber
Awareness Month. In October 2015, the
NYPD Shield website posted a daily cyber
tip, culminating with the ‘Myth-Busting
Cyber Security Tips R eport’. These tips
are archived and still available to view.
Videos
The NYPD Shield website also hosts a
series o f posted videos titled, ‘Around the
World’. These productions are arranged
into a newscast-style format and provide
information on terrorism-related news
and information.
Reports and publications
Under the NYPD Reports and Publications
tab, members have access to various docu-
ments, including ‘Engineering Security
Successful public-private partnerships: The NYPD shield model
12. — P rotective D esign for H ig h -R is k
B u ild in g s’, w h ic h was developed by the
N Y P D to ‘aid th e N e w York C ity b u ild in g
c o m m u n ity by pro v id in g in fo rm a tio n o n
h o w to prev en t an d m itigate th e effects o f
a te rro rist attack o n a b u ild in g ’.5 M o st o f
the re co m m en d atio n s in this p u b licatio n
address traditional threats from explosive
devices, in clu d in g guidelines o n en h a n c in g
p e rim e te r security; achieving robust
b u ild in g design; designing effective access
co n tro l, screening an d m o n ito r in g systems;
and developing fire-resistance, em erg en cy
egress an d c o m m u n ic a tio n system solu-
tions. ‘T h e re co m m en d atio n s also address
e m e rg in g threats fro m chem ical, b io lo g -
ical an d radiological w eapons, in clu d in g
guidelines o n d eploying and using heating,
ventilation and air c o n d itio n in g systems and
associated d e te c tio n devices’.6
A n o th e r w id ely v iew e d a n d d istrib -
u te d d o c u m e n t is th e N e w Y ork C ity
P olice D e p a rtm e n t study, ‘A ctive S h o o te r:
R e c o m m e n d a tio n s a n d Analysis fo r R is k
M itig a tio n ’. T h e N Y P D d ev e lo p e d this
p u b lic a tio n based o n analysis o f past active
s h o o te r in cid en ts an d careful review s o f
p re v io u s studies. Last u p d a te d in 2 0 1 2 a n d
c u rre n tly u n d e rw a y fo r u p d a te th ro u g h
2 0 1 5 , this p u b lic a tio n was d ev e lo p e d to
p ro v id e re c o m m e n d a tio n s to m itig a te
th e ev e r-p re v alen t an d frig h te n in g active
s h o o te r threat.
‘T h e N Y P D p e rfo rm e d a statistical
13. analysis o n a subset o f 3 2 4 active s h o o te r
in c id e n ts fro m 1966 to 2 012 to id en tify
c o m m o n characteristics a m o n g active
s h o o te r attacks. T h is d o c u m e n t provides
re c o m m e n d a tio n s fo r b u ild in g se c u rity
p e rso n n e l to ed u c ate th e m a n d m em b ers
o f th e ir organisations to m itig ate th e
risk fro m active s h o o te r attacks.’7
Resource library
A c e n tre p ie c e o f tools at th e disposal o f
N Y P D S hield m e m b e rs is th e w e b site ’s
reso u rce library. T h is lib rary includes
in fo rm a tio n a n d e x te rn a l links to w e b -
sites th a t are b ro k e n d o w n in to m u ltip le
categ o ries, w ith exam ples th a t in c lu d e
best practices fo r physical sec u rity ; crisis
a n d risks; facility security; e m e rg e n c y
p lan n in g ; sch o o l te rro rism ; chem ical, b io -
logical, radiological an d n u c le a r (C B R N )
th re a t security, a n d m a ritim e security,
to n a m e a few. T h is se c tio n provides a
p le th o ra o f in fo rm a tio n th a t can prove
useful to b o th p riv ate se c to r se c u rity m a n -
agers a n d d irec to rs as w ell as m e m b e rs o f
th e law e n fo rc e m e n t c o m m u n ity .
Quarterly conferences
N Y P D S h ie ld hosts co n fe re n c e s
th r o u g h o u t th e year. T h e s e events prove
to b e a n effective m ean s to c o n v e y rel-
ev a n t te r r o r is m in f o r m a tio n a n d c u r r e n t
P o lic e D e p a r tm e n t in itiativ es to in v ite d
s e c u rity d ire c to rs, m an ag e rs a n d o th e r law
e n f o rc e m e n t a g e n c y p a rtn e rs. T h e c o n -
14. fe ren c es allow th e S h ie ld te a m to solidify
re la tio n sh ip s w ith se c u rity d ire c to rs an d
m an a g e rs as w e ll as to e n c o u ra g e th e m to
tak e ad v a n ta g e o f S h ie ld reso u rces. ‘T h e
b rie fin g s b e tw e e n th ese e n titie s address
in d u s try a n d g e o g ra p h ic -sp e c ific c o n -
c e rn s w h ile p ro v id in g fe e d b a c k fro m th e
s e c u rity field o n p o licies in s titu te d by
th e D e p a r tm e n t’.8 T opics p re s e n te d at
th e c o n fe re n c e s fro m P o lic e D e p a r tm e n t
s u b je c t m a tte r e x p e rts ra n g e fro m in -
d e p th assessm ents o f w e ll- k n o w n attacks,
te rr o ris t trad e cra ft, b rie fin g s o n large-scale
events affec tin g N e w Y ork C ity, N Y P D
c o u n te r te r r o r is m p ro g ra m m e s, re c o m -
m e n d a tio n s to m itig a te th e active s h o o te r
th re a t, explosive effects, c y b e r te rr o ris m
a n d assessm ents o n specific te rr o ris t o rg a n -
isations.9 In a d d itio n , th e co n fe re n c e s have
h o s te d n o ta b le speakers fro m g o v e rn -
m e n ta l o rg a n isa tio n s, in c lu d in g M ic h a e l
M o re ll, f o r m e r D e p u ty D ir e c to r o f th e
C e n tra l In te llig e n c e A g e n cy ; N ic h o la s
J. R a sm u sse n , D ire c to r o f th e N a tio n a l
Page 110
Amadeo and lannone
C o u n te r te r r o r is m C e n te r ; E d w a rd F.
D avis III, f o r m e r P o lic e C o m m is s io n e r
o f th e B o s to n P olice D e p a r tm e n t; J e h C .
J o h n s o n , S e c re ta ry o f th e D e p a r tm e n t
o f H o m e la n d S e c u rity ; J a n e t N a p o lita n o ,
15. f o r m e r S e c re ta ry o f th e D e p a r tm e n t o f
H o m e la n d S e c u rity ; a n d , m o s t recently,
Jam es C o m e y , D ir e c to r o f th e FBI.
S in ce J u ly 2 0 0 5 , 3 6 S h ie ld c o n fere n ces
have b e e n h e ld , w ith a to ta l o f 12,951
a tte n d e e s .10
E-mail alerts
W h e n S h ie ld approves a n e w m e m b e r,
th a t in d iv id u a l is g iv en th e o p tio n to
receive e -m a il alerts. T h e s e alerts p ro v id e
m e m b e rsh ip w ith re a l-tim e in fo rm a tio n
re g a rd in g te rr o ris m events th ro u g h o u t th e
w o rld . T h e alerts fall in to a n u m b e r o f ca t-
eg o ries, in c lu d in g m a jo r in cid en ts; p o lice
activity; traffic a n d transit; b a n k robberies;
b u ild in g evacuations; b u ild in g em e rg e n c y
drills; w e e k e n d events; lo catio n s o f p ro test
th r o u g h o u t th e city; b re a k in g new s and
te rr o ris m a n d / o r active s h o o te r in cid en ts
b o th n atio n ally a n d globally.
Training
C o n s id e re d th e b re a d a n d b u tte r o f th e
S h ie ld p ro g r a m m e w ith n ea rly 8 5 ,0 0 0
m e m b e rs a n d n o n - m e m b e r s tra in e d , th e
S h ie ld p ro g r a m m e c u r r ic u lu m offers
12 tra in in g o p p o r tu n itie s fo r p e rs o n n e l
w ith in th e c o rp o ra te , p riv a te se c u rity
a n d m a n a g e m e n t sectors. T h is enables
face to -fa c e in te ra c tio n w ith th e p u b lic /
p riv a te sector, c re a tin g th e m o st im p a c t
in th e in fo rm a tio n -s h a rin g relationship.
T h is tra in in g is p ro v id e d to m e m b e rs
at n o co st a n d ca n b e ta ilo re d specifi-
cally tow ards tn e ir o rg a n is a tio n s needs.
16. T ra in in g is c o n d u c te d at th e ir respective
facility, w h ile all S h ie ld in s tru c to rs are
c e rtifie d b y N e w Y ork S tate. A n y se c u rity
d ir e c to r /m a n a g e r m e m b e rs ca n re q u est
tra in in g th r o u g h th e w e b site b y calling
th e office o r via e-m a il.
Seven o f these courses are c o n d u c te d
b y S hield p e rso n n e l, w h ile five o th ers
are c o n d u c te d b y th e C o u n te rte r ro ris m
D iv isio n ’s T ra in in g S ectio n . A lth o u g h
tra in in g is given u p o n req u est, th e re are
o fte n in c id e n ts o r attacks th a t cause S hield
to engage th e affected sec to r proactively.
F o r instance, after th e re c e n t attacks in
Paris, S hield c o n d u c te d tra in in g specifically
d ire c te d to w ard ‘soft targ ets’ in th e e n te r
ta in m e n t sector, su ch as restaurants, bars
a n d n ig h tclu b s. T h e S hield p ro g ra m m e
is a free in fo rm a tio n -s h a rin g a n d train in g
p ro g ra m m e w h e re N Y P D officers visit
businesses to tra in staff. A fte r th e m u rd ers
o f an o n - a ir television re p o rte r an d h e r
ca m e ram a n by a fo r m e r colleague, N Y P D
S hield h e ld an active s h o o te r tra in in g
sem in ar at P olice H e a d q u a rte rs specifically
fo r m e m b e rs o f th e m edia. ‘P olice offi
cials said th e sy m p o siu m was n o t so m u c h
a b o u t h o w to p re v e n t mass sh o otings b u t
h o w to b e ready “i f ” . W e w a n t to give y o u
so m e ideas a b o u t h o w y o u ca n survive an
in c id e n t like th is’.11
NYPD SHIELD COURSES
Recommendations for active shooter
17. incidents
T h is is th e m o st re q u e ste d c o u rse o ffered by
Shield, an d it explores re c o m m e n d a tio n s
to m itig ate th e risks fro m active s h o o te r
attacks. T h is tra in in g is g eared to w ard
b u ild in g se c u rity p erso n n el; how ever,
it also provides g u id an ce to individuals,
in c lu d in g m anagers an d em ployees, so th ey
can p re p are to re sp o n d to an active s h o o te r
situ atio n . It is also th e o n ly co u rse th a t is
offered to all em ployees o f an o rg a n isa tio n
a n d n o t lim ite d to se c u rity p e rso n n el. T h e
N Y P D d ev e lo p e d this p ro g ra m m e based
o n analysis o f past active s h o o te r in cid en ts
a n d careful review s o f prev io u s studies
by p ro v id in g statistics, histo rical exam ples,
a n d th e th re e re c o m m e n d a tio n s o n h o w
Page 111
Successful public-private partnerships: The NYPD shield model
to act w h e n faced w ith an active sh o o ter:
avoid, b a rric a d e o r c o n fro n t (literally, the
‘A B C ’s o f an active s h o o te r event). It also
in fo rm s a b o u t w h a t to e x p e c t w h e n law
e n fo rc e m e n t responds to th e scene. A t th e
c o n c lu sio n o f th e course, stu d en ts have
th e o p p o rtu n ity to b r in g to g e th e r w h a t
has b e e n ta u g h t by w a tc h in g a tra in in g aid
v id eo th a t provides a visual o f th e in s tru c -
tio n al p o in ts ta u g h t d u rin g th e class.
Terrorism awareness for the security
18. professional
T h is co u rse is in te n d e d to p ro v id e secu-
rity p e rso n n e l w ith th e tools to deter,
d e te c t a n d id en tify p o te n tia l te rro rist
activity. O v e r e ith e r tw o o r fo u r h o u rs,
th e in s tru c to r an d class discuss h o w to
recognise an d identify te rro rist-re la te d
physical a n d b eh a v io u ral in d icato rs, co llect
an d process in fo rm a tio n , m ake a p p ro p ria te
n o tificatio n s an d , w h e n necessary, take
a c tio n d u rin g a te rro ris t attack. Topics
th a t are co v ered in th e c o u rse in clu d e
an in tro d u c tio n to te rro rism , im p ro v ised
explosive devices, in d ic a to rs o f suicide
attacks a n d v e h ic le -b o rn e im provised
explosive devices.
It is o n e th in g to desc rib e to a stu d e n t
a b o u t w h a t explosive devices are an d
a n o th e r to actually sh o w th e m . To this
en d , in stru c to rs display in e r t explosive
th a t allows th e stu d e n t to visually inspect
an d feel these c o m p o n e n ts. E xam ples
in c lu d e types o f p ip e b o m b s, blasting caps,
igniters, sw itches and differen t ch em ical
c o m p o n e n ts u sed to c o n s tru c t explosive
devices.
Detecting hostile surveillance
D u r in g th e p re-stages o f an attack, terro rists
o fte n c o n d u c t p re -o p e ra tio n a l surveil-
lan ce o n a target. ‘T h e a l-Q a e d a m an u al
“ M ilita ry Studies in th e Jih a d against th e
T yrants” an d its o n lin e tra in in g m agazines
n o t o n ly in s tru c t operatives p la n n in g an
attac k to c o n d u c t surveillance, th e y also
20. were up, profits were up, and our return on equity was a
respectable 15 percent. In fact,” he continued,
“the only dark spot
I can find in our whole annual report is the profit margin, which
is only 2.25 percent. Seems like we
ought to be making more than that, don’t you think, Tim?” He
looked across the table at the vice
president for finance, Timothy Baggit, age 28.
“I agree,” replied Tim, “and I’m glad you brought it up, because
I have a suggestion on how to improve
that situation.” He leaned forward in his chair as he realized he
had captured the interest of the others.
“The problem is, we have too many expenses on our income
statement that are eating up the profits.
Now, I’ve done some checking, and the expenses all seem to be
legitimate except for interest expense.
Look here, we paid over $250,000 last year to the bank just to
finance our short-term borrowing. If we
could have kept that money instead, our profit margin ratio
would have been 4.01 percent, which is
higher than any other firm in the industry.”
“But, Tim, we have to borrow like that,” responded Roy (“Pop”)
Thomas, age 35, the vice president for
production. “After all, our sales are seasonal, with almost all
occurring between March and September.
Since we don’t have much money coming in from October to
February, we have to borrow to keep the
production line going.”
“Right,” Tim replied, “and it’s the production line that’s the
problem. We produce the same number of
products every month, no matter what we expect sales to be.
This causes inventory to build up when
25. October, then we only make 150. That way we avoid borrowing
to make the 250 more that we don’t
expect to sell, anyway. Over the course of an entire year the
savings in interest expense could really add
up.”
“Hold on, now,” Pop responded, feeling that his territory was
being threatened. “That kind of scheduling
really fouls up things in the shop where it counts. It causes a
feast or famine environment—nothing to
do for one month, then a deluge the next. It’s terrible for the
employees, not to mention the supervisors
who are trying to run an efficient operation. Your idea may
make the income statements look good for
now, but the whole company will suffer in the long run.”
Chuck intervened. “OK, you guys, calm down. Tim may have a
good idea or he may not, but at least it’s
worth looking into. I propose that you all work up two sets of
figures, one assuming level production and
one matching production with sales. We’ll look at them both
and see if Tim’s idea really does produce
better results. If it does, we’ll check it further against other
issues Pop is concerned about and then
make a decision on which alternative is better for the firm.”
Table 3 (continued)
April May June July August September
Sales Forecast
Sales (units) ................................. 500 1,000 1,000 1,000 500
250
Sales (unit price: $3,000) ............. $1,500,000 $3,000,000
$3,000,000 $3,000,000 $1,500,000 $ 750,000
Cash Receipts Schedule
30. 2. Reference table 5 to calculate how much Tim’s suggestion
would save in interest expense in a year.
A. Use your recomputed figures in Table 5 from question 1 to
summarize what the change
would offer as a savings from the total interest expense. Justify
your perspective on
whether those findings would be a positive point for Tim’s
suggestion or a positive point for
Roy (“Pop”).
3. Assume that there is an added expense for each sales dollar
of .5 percent (.005). Based on this fact
and the information computed in question 2, is seasonal
production justified?
A. Compute the total sales using table 3 ( original or
recomputed table can be sued)
B. Apply the added expense and identify what the expense
amount will do (increase/decrease
and by how much).
C. Compare the rate of the added expense burden to the interest
savings computed in
question 2 of table5.
D. Write a one paragraph summary of your findings. Include if
you feel the seasonal production
plan is justified or not and why you are making the formal
recommendation to implement
the change or not.
Sales Forecast, Cash Receipts and Payments, and Cash
BudgetSales ForecastCash Receipts ScheduleCash Payments
31. ScheduleCash Budget; Required Minimum Balance is
$125,000Table 3(continued)Sales ForecastCash Receipts
ScheduleCash Payments ScheduleCash Budget; Required
Minimum Balance is $125,000Table 5
6
Working Capital and the Financing Decision
LEARNING OBJECTIVES
LO 6-1
Working capital management involves financing and controlling
the current assets of the firm.
LO 6-2
Management must distinguish between current assets that are
easily converted to cash and those that are more permanent.
LO 6-3
The financing of an asset should be tied to how long the asset is
likely to be on the balance sheet.
LO 6-4
Long-term financing is usually more expensive than short-term
financing based on the theory of the term structure of interest
rates.
LO 6-5
Risk, as well as profitability, determines the financing plan for
current assets.
LO 6-6
Expected value analysis may sometimes be employed in
working capital management.
The rapid growth of business firms in the last two decades has
challenged the ingenuity of financial managers to provide
adequate financing. Rapidly expanding sales may cause intense
pressure for inventory and receivables buildup—draining the
cash resources of the firm. As indicated in , “Financial
Forecasting,” a large sales increase creates an expansion of
current assets, especially accounts receivable and inventory.
Some of the increased current assets can be financed through
the firm’s retained earnings, but in most cases internal funds
32. will not provide enough financing and some external sources of
funds must be found. In fact, the faster the growth in sales, the
more likely it is that an increasing percentage of financing will
be external to the firm. These funds could come from the sale of
common stock, preferred stock, long-term bonds, short-term
securities, and bank loans, or from a combination of short- and
long-term sources of funds.
There is also the problem of seasonal sales that affects many
industries such as soft drinks, toys, retail sales, and textbook
publishing. Seasonal demand for products makes forecasting
cash flows and receivables and inventory management difficult.
The Internet and cloud computing are beginning to alleviate
some of these problems and help management make better
plans.
Page 159
If you have had a marketing course, you have heard about
supply chain management. Well, financial executives are also
interested in the supply chain as an area where the Internet can
help control working capital through online software.
McDonald’s Corporation of Big Mac fame formed eMac Digital
to explore opportunities in business-to-business (B2B) online
ventures. One of the first things on the agenda was to have
eMac Digital help McDonald’s reduce costs. McDonald’s
wanted to create an online marketplace where restaurants can
buy supplies online from food companies. McDonald’s, like
Walmart, Harley-Davidson, and Ericsson, has embraced supply
chain management using web-based procedures. The goal is to
squeeze out inefficiencies in the supply chain and thereby lower
costs. One of the big benefits is a reduction in inventory
through online communications between the buyer and supplier,
which speeds up the ordering and delivery process and reduces
the amount of inventory needed on hand. These systems may
also be able to attract a large number of suppliers to bid on the
company’s business at more competitive prices.
Retailers like Walmart require suppliers to ship their goods with
radio frequency identification chips (RFID) embedded in their
33. shipments. These chips eliminate processing delays, reduce
theft, and result in better inventory management. From the
financial manager’s viewpoint, anything that can reduce
inventory levels without creating out-of-stock situations will
reduce the amount of money needed to finance inventory. You
can read more about Walmart and RFID chips in the nearby
Finance in Action box.
Working capital management involves the financing and
management of the current assets of the firm. The financial
executive probably devotes more time to working capital
management than to any other activity. Current assets, by their
very nature, are changing daily, if not hourly, and managerial
decisions must be made. “How much inventory is to be carried,
and how do we get the funds to pay for it?” Unlike long-term
decisions, there can be no deferral of action. While long-term
decisions involving plant and equipment or market strategy may
well determine the eventual success of the firm, short-term
decisions on working capital determine whether the firm gets to
the long term.
In this chapter, we examine the nature of asset growth, the
process of matching sales and production, financial aspects of
working capital management, and the factors that go into
development of an optimum policy.
The Nature of Asset Growth
Any company that produces and sells a product, whether the
product is consumer or manufacturer oriented, will have current
assets and fixed assets. If a firm grows, those assets are likely
to increase over time. The key to current asset planning is the
ability of management to forecast sales accurately and then to
match the production schedules with the sales forecast.
Whenever actual sales are different from forecast sales,
unexpected buildups or reductions in inventory will occur that
will eventually affect receivables and cash flow.
In the simplest case, all of the firm’s current assets will be self-
liquidating assets (sold at the end of a specified time period).
Assume that at the start of the summer you buy 100 tires to be
34. disposed of by September. It is your intention that all tires will
be sold, receivables collected, and bills paid over this time
period. In this case, your working capital (current asset) needs
are truly short term.
Now let us begin to expand the business. In stage two, you add
radios, seat covers, and batteries to your operation. Some of
your inventory will again be completely liquidated, while other
items will form the basic stock for your operation. To stay in
business, you must maintain floor displays and multiple items
for selection. Furthermore, not all items will sell. As you
eventually grow to more than one store, this “permanent”
aggregate stock of current assets will continue to increase.
Problems of inadequate financing arrangements are often the
result of the businessperson’s failure to realize the firm is
carrying not only self-liquidating inventory, but also the
anomaly of “permanent” current assets.
Page 160
Finance in ACTION Technology A Great Inventory Tracking
System May Be Helping You
RFID (radio frequency identification technology), a system that
has been around since World War II and was used by the
military to keep track of airplanes, continues to gain traction in
inventory/supply chain management. RFID chips have been used
in trains, ships, and trucks to track shipment containers. They
are also used in automatic toll systems that allow drivers to pass
through tolling areas without stopping. The state of Michigan
has used these chips to track livestock; marathon officials have
used them to track a runner’s time; and the Defense Department
has used them to track the shelf life of their food rations.
Additionally, they are now being used to make sure that
shipping containers entering U.S. ports have not been tampered
with after inspection.
Hewlett-Packard, in a business briefing paper, indicates that
there may be as much as $45 billion of excess inventory in the
retail supply chain that is unaccounted for at any given time. In
short, RFID chips can help a company track goods and make
35. sure that the right goods get to the right places on time. More
sophisticated chips can be reused and can even record a sale.
For example, if an expensive piece of jewelry is sold with a
chip attached, when the chip is decommissioned, the sale
automatically shows up in the store’s computer system.
In 2005, Walmart mandated that by the end of 2007, its 300
largest suppliers must have RFID chips in each pallet of goods
shipped to its distribution centers. Procter & Gamble was one of
the first companies to comply and found the system beneficial
in managing its own inventory, reducing out-of-stock inventory
levels, and preventing inventory theft or theft of goods in
transit. For manufacturers of expensive products such as
pharmaceuticals, theft reduction can be a significant cost
saving. P&G noted that when comparing bar codes to RFID
chips, it took 20 seconds to manually tally bar-code data on a
pallet versus five seconds to read RFID technology. P&G states
that it earned a return on its RFID investment in the millions of
dollars.
According to the RFID Journal’s January 7, 2013, issue, 19 of
the top 30 U.S. retailers are involved at some level with RFID
chips, but full utilization of these chips has a long way to go
before they are used throughout their stores for all products.
Many specialty retailers are beginning to use RFID technology;
American Apparel has adopted RFID technology at all 280 of its
stores.
A rather unique use of these chips is for high-value poker chips
at casinos. In 2010, a robber came into the Bellagio in Las
Vegas and left with $1.5 million in poker chips. Little did he
know that the chips had embedded RFID chips, and as soon as
he walked out of the casino, the chips became worthless and
unable to be used anywhere.
The movement from stage one to stage two of growth for a
typical business is depicted in . In panel A, the buildup in
current assets is temporary—while in panel B, part of the
growth in current assets is temporary and part is permanent.
(Fixed assets are included in the illustrations, but they are not
36. directly related to the present discussion.)
Controlling Assets—Matching Sales and Production
In most firms, fixed assets grow slowly as productive capacity
is increased and old equipment is replaced, but current assets
fluctuate in the short run, depending on the level of production
versus the level of sales. When the firm produces more than it
sells, inventory rises. When sales rise faster than production,
inventory declines and receivables rise.
Page 161
Figure 6-1 The nature of asset growth
A. Stage I: Limited or no growth
B. Stage II: Growth
As discussed in the treatment of the cash budgeting process in ,
some firms employ level production methods to smooth
production schedules and use manpower and equipment
efficiently at a lower cost. One consequence of level production
is that current assets go up and down when sales and production
are not equal. Other firms may try to match sales and
production as closely as possible in the short run. This allows
current assets to increase or decrease with the level of sales and
eliminates the large seasonal bulges or sharp reductions in
current assets that occur under level production.
Seasonal industries can be found in manufacturing, retailing,
electricity, and natural gas. Demand is uneven in these
industries, and many exhibit a seasonal demand. For example,
electricity producers have more demand in the summer for air
conditioning while natural gas companies have more demand in
the winter for heating. One small manufacturing company that
exhibits this type of seasonal demand is Briggs and Stratton
Corporation from Wauwatosa, Wisconsin.
Page 162
Briggs and Stratton is the largest maker of 3.5 to 25 horsepower
air-cooled gasoline engines. Chances are if you’ve ever mowed
a lawn, your lawnmower had a Briggs and Stratton engine. Their
37. motors can be found in pressure washers, compressors and
pumps, garden tillers, generators, small tractors, lawnmowers,
and outboard marine engines, and about 30 percent of the
company’s overall sales are in the international market.
Briggs and Stratton’s fiscal year ends in June,
and demonstrates both the seasonality of sales and the leverage
impact on earnings per share that we discussed in . Because
Briggs sells most of its products to other manufacturers who use
the engines as part of their finished products, a large percentage
of sales must occur early in the year in order to produce the
garden equipment that would be in demand in spring and
summer. We can see from that sales are lowest in the July to
September quarter, followed by the September–December
quarter. Peak sales are in the third quarter, beginning in January
and ending in March. There are carryover sales in the April to
June quarter, which is the second best period for Briggs and
Stratton.
Figure 6-2 Quarterly sales and earnings per share for Briggs
and Stratton
Page 163
Notice that the first quarter of the year always generates
negative earnings per share as the costs of production outweigh
the revenue produced. This is most likely caused by the costs of
building inventory. Earnings in the second and fourth quarter
are small, with most of the earnings coming in the peak sales
period of the third quarter. For example in 2013, Briggs and
Stratton earned $0.90 billion for the year with $0.89 billion
coming in the third quarter; in 2014 the firm earned $0.82
billion with $0.81 billion coming in the third quarter. The
seasonal nature of the company’s sales can be exacerbated by
inventory buildup at the end user and a fall in orders for the
next season. The company has made acquisitions in recent years
to diversify its product line and to smooth out sales and
earnings. The future will tell if these acquisitions succeed.
38. Retail firms such as Target and Macy’s also have seasonal sales
patterns. on the next page shows the quarterly sales and
earnings per share of these two companies, with the quarters
ending in April, July, October, and January. These retail
companies do not stock a year or more of inventory at one time.
They are selling products that are either manufactured for them
by others or manufactured by their subsidiaries. Most retail
stores are not involved in deciding on level versus seasonal
production but rather in matching sales and inventory. Their
suppliers must make the decision to produce on either a level or
a seasonal basis. Since the selling seasons are very much
affected by the weather and holiday periods, the suppliers and
retailers cannot avoid inventory risk. The fourth quarter for
retailers, which begins in November and ends in January, is
their biggest quarter and accounts for as much as half of their
earnings. You can be sure that inventory not sold during the
Christmas season will be put on sale during January.
Both Target and Macy’s show seasonal peaks and troughs in
sales that will also be reflected in their cash balances, accounts
receivable, and inventory. Notice in that Target is growing
slightly faster than Macy’s, which has a rather flat trendline.
Even so, Macy’s peak earnings per share are higher than
Target’s earnings per share when the fourth quarter sales peak
out. Both companies illustrate the impact of leverage on
earnings as discussed in , but we can tell that Macy’s has higher
leverage because its EPS rises and falls with sales more than
Target’s EPS (bottom of ). We shall see as we go through the
chapter that seasonal sales can cause asset management
problems. A financial manager must be aware of these problems
to avoid getting caught short of cash or unprepared to borrow
when necessary.
Many retail-oriented firms have been more successful in
matching sales and orders in recent years because of new,
computerized inventory control systems linked to online point-
of-sales terminals. These point-of-sales terminals allow either
digital input or use of optical scanners to record the inventory
39. code numbers and the amount of each item sold. At the end of
the day, managers can examine sales and inventory levels item
by item and, if need be, adjust orders or production schedules.
The predictability of the market will influence the speed with
which the manager reacts to this information, while the length
and complexity of the production process will dictate how fast
production levels can be changed.
Page 164
Figure 6-3 Quarterly sales and earnings per share, Target and
Macy’s
Temporary Assets under Level Production—An Example
Page 165
To get a better understanding of how current assets fluctuate, let
us use the example of the Yawakuzi Motorcycle Company,
which manufactures and sells in the snowy U.S. Midwest. Not
too many people will be buying motorcycles during October
through March, but sales will pick up in early spring and
summer and will again trail off during the fall. Because of the
fixed assets and the skilled labor involved in the production
process, Yawakuzi decides that level production is the least
expensive and the most efficient production method. The
marketing department provides a 12-month sales forecast for
October through September ().
Table 6-1 Yawakuzi sales forecast (in units)
Total sales of 9,600 units at $3,000 each = $28,800,000 in sales.
After reviewing the sales forecast, Yawakuzi decides to produce
800 motorcycles per month, or one year’s production of 9,600
divided by 12. A look at shows how level production and
seasonal sales combine to create fluctuating inventory. Assume
that October’s beginning inventory is one month’s production of
800 units. The ending inventory level is computed for each
month and then multiplied by the production cost per unit of
$2,000.
40. Table 6-2 Yawakuzi’s production schedule and inventory
The inventory level at cost fluctuates from a high of $9 million
in March, the last consecutive month in which production is
greater than sales, to a low of $1 million in August, the last
month in which sales are greater than production. combines a
sales forecast, a cash receipts schedule, a cash payments
schedule, and a brief cash budget to examine the buildup in
accounts receivable and cash.
In , the sales forecast is based on assumptions in . The unit
volume of sales is multiplied by a sales price of $3,000 to get
sales dollars in millions. Next, cash receipts represent 50
percent collected in cash during the month of sale and 50
percent from the prior month’s sales. For example, in October
this would represent $0.45 million from the current month plus
$0.75 million from the prior month’s sales.
Page 166
Table 6-3 Sales forecast, cash receipts and payments, and cash
budget
*Assumes a cash balance of $0.25 million at the beginning of
October and that this is the desired minimum cash balance.
Cash payments in are based on an assumption of level
production of 800 units per month at a cost of $2,000 per unit,
or $1.6 million, plus payments for overhead, dividends, interest,
and taxes.
Page 167
Finally, the cash budget in represents a comparison of the cash
receipts and cash payments schedules to determine cash flow.
We further assume the firm desires a minimum cash balance of
$0.25 million. Thus in October, a negative cash flow of $1.1
million brings the cumulative cash balance to a negative $0.85
million and $1.1 million must be borrowed to provide an ending
cash balance of $0.25 million. Similar negative cash flows in
subsequent months necessitate expanding the bank loan. For
example, in November there is a negative cash flow of $1.325
41. million. This brings the cumulative cash balance to −$1.075
million, requiring additional borrowings of $1.325 million to
ensure a minimum cash balance of $0.25 million. The
cumulative loan through November (October and November
borrowings) now adds up to $2.425 million. Our cumulative
bank loan is highest in the month of March.
We now wish to ascertain our total current asset buildup as a
result of level production and fluctuating sales for October
through September. The analysis is presented in . The cash
figures come directly from the last line of . The accounts
receivable balance is based on the assumption that accounts
receivable represent 50 percent of sales in a given month, as the
other 50 percent is paid for in cash. Thus the accounts
receivable figure in represents 50 percent of the sales figure
from the second numerical line in . Finally, the inventory figure
in is taken directly from the last column of , which presented
the production schedule and inventory data.
Table 6-4 Total current assets, first year ($ millions)
Total current assets (last column in ) start at $3.3 million in
October and rise to $10.35 million in the peak month of April.
From April through August, sales are larger than production,
and inventory falls to its low of $1 million in August, but
accounts receivable peak at $3 million in the highest sales
months of May, June, and July. The cash budget in explains the
cash flows and external funds borrowed to finance asset
accumulation. From October to March, Yawakuzi borrows more
and more money to finance the inventory buildup, but from
April forward it eliminates all borrowing as inventory is
liquidated and cash balances rise to complete the cycle. In
October, the cycle starts over again; but now the firm has
accumulated cash it can use to finance next year’s asset
accumulation, pay a larger dividend, replace old equipment,
or—if growth in sales is anticipated—invest in new equipment
to increase productive capacity. presents the cash budget and
total current assets for the second year. Under a simplified no-
42. growth assumption, the monthly cash flow is the same as that of
the first year, but beginning cash in October is much higher
than the first year’s beginning cash balance, and this lowers the
borrowing requirement and increases the ending cash balance
and total current assets at year-end. Higher current assets are
present despite the fact that accounts receivable and inventory
do not change.
Page 168
Table 6-5 Cash budget and assets for second year with no
growth in sales ($ millions)
on the next page is a graphic presentation of the current asset
cycle. It includes the two years covered in and assuming level
production and no sales growth.
Patterns of Financing
The financial manager’s selection of external sources of funds
to finance assets may be one of the firm’s most important
decisions. The axiom that all current assets should be financed
by current liabilities (accounts payable, bank loans, commercial
paper, etc.) is subject to challenge when one sees the permanent
buildup that can occur in current assets. In the Yawakuzi
example, the buildup in inventory was substantial at $9 million.
The example had a logical conclusion in that the motorcycles
were sold, cash was generated, and current assets became very
liquid. What if a much smaller level of sales had occurred?
Yawakuzi would be sitting on a large inventory that needed to
be financed and would be generating no cash. Theoretically, the
firm could be declared technically insolvent (bankrupt) if short-
term sources of funds were used but were unable to be renewed
when they came due. How would the interest and principal be
paid without cash flow from inventory liquidation? The most
appropriate financing pattern would be one in which asset
buildup and length of financing terms are perfectly matched, as
indicated in .
Page 169
Figure 6-4 The nature of asset growth (Yawakuzi)
43. In the upper part of we see that the temporary buildup in
current assets (represented by teal) is financed by short-term
funds. More importantly, however, permanent current assets and
fixed assets (both represented by blue) are financed with long-
term funds from the sale of stock, the issuance of bonds, or
retention of earnings.
Figure 6-5 Matching long-term and short-term needs
Page 170
Alternative Plans
Only a financial manager with unusual insight and timing could
construct a financial plan for working capital that adhered
perfectly to the design in . The difficulty rests in determining
precisely what part of current assets is temporary and what part
is permanent. Even if dollar amounts could be ascertained, the
exact timing of asset liquidation is a difficult matter. To
compound the problem, we are never quite sure how much
short-term or long-term financing is available at a given time.
While the precise synchronization of temporary current assets
and short-term financing depicted in may be the most desirable
and logical plan, other alternatives must be considered.
Long-Term Financing
To protect against the danger of not being able to provide
adequate short-term financing in tight money periods, the
financial manager may rely on long-term funds to cover some
short-term needs. As indicated in , long-term capital is now
being used to finance fixed assets, permanent current assets, and
part of temporary current assets.
Figure 6-6 Using long-term financing for part of short-term
needs
By using long-term capital to cover part of short-term needs, the
firm virtually assures itself of having adequate capital at all
times. The firm may prefer to borrow a million dollars for 10
years—rather than attempt to borrow a million dollars at the
44. beginning of each year for 10 years and pay it back at the end of
each year.
Short-Term Financing (Opposite Approach)
Page 171
This is not to say that all financial managers utilize long-term
financing on a large scale. To acquire long-term funds, the firm
must generally go to the capital markets with a bond or stock
offering or must privately place longer-term obligations with
insurance companies, wealthy individuals, and so forth. Many
small businesses do not have access to such long-term capital
and are forced to rely heavily on short-term bank and trade
credit.
Furthermore, short-term financing offers some advantages over
more extended financial arrangements. As a general rule, the
interest rate on short-term funds is lower than that on long-term
funds. We might surmise then that a firm could develop a
working capital financing plan in which short-term funds are
used to finance not only temporary current assets, but also part
of the permanent working capital needs of the firm. As depicted
in , bank and trade credit as well as other sources of short-term
financing are now supporting part of the permanent capital asset
needs of the firm.
Figure 6-7 Using short-term financing for part of long-term
needs
The Financing Decision
Some corporations are more flexible than others because they
are not locked into a few available sources of funds.
Corporations would like many financing alternatives in order to
minimize their cost of funds at any point. Unfortunately, not
many firms are in this enviable position through the duration of
a business cycle. During an economic boom period, a shortage
of low-cost alternatives exists, and firms often minimize their
financing costs by raising funds in advance of forecast asset
needs.
Not only does the financial manager encounter a timing
45. problem, but he or she also needs to select the right type of
financing. Even for companies having many alternative sources
of funds, there may be only one or two decisions that will look
good in retrospect. At the time the financing decision is made,
the financial manager is never sure it is the right one. Should
the financing be long term or short term, debt or equity, and so
on?
Page 172
is a decision-tree diagram that shows many of the financing
choices available to a chief financial officer. A decision is made
at each point until a final financing method is chosen. In most
cases, a corporation will use a combination of these financing
methods. At all times the financial manager will balance short-
term versus long-term considerations against the composition of
the firm’s assets and the firm’s willingness to accept risk. The
ratio of long-term financing to short-term financing at any point
in time will be greatly influenced by the term structure of
interest rates.
Figure 6-8 Decision tree of the financing decision
Page 173
Term Structure of Interest Rates
The term structure of interest rates is often referred to as a yield
curve. It shows the relative level of short-term and long-term
interest rates at a point in time. Knowledge of changing interest
rates and interest rate theory is extremely valuable to corporate
executives making decisions about how to time and structure
their borrowing between short- and long-term debt. Generally,
U.S. government securities are used to construct yield curves
because they are free of default risk and the large number of
maturities creates a fairly continuous curve. Yields on corporate
debt securities will move in the same direction as government
securities, but will have higher interest rates because of their
greater financial risk. Yield curves for both corporations and
government securities change daily to reflect current
competitive conditions in the money and capital markets,
46. expected inflation, and changes in economic conditions.
Three basic theories describe the shape of the yield curve. The
first theory is called the liquidity premium theory and states
that long-term rates should be higher than short-term rates. This
premium of long-term rates over short-term rates exists because
short-term securities have greater liquidity and, therefore,
higher rates have to be offered to potential long-term bond
buyers to entice them to hold these less …
5
Operating and Financial Leverage
LEARNING OBJECTIVES
LO 5-1
Leverage represents the use of fixed cost items to magnify the
firm’s results.
LO 5-2
Break-even analysis allows the firm to determine the magnitude
of operations necessary to avoid loss.
LO 5-3
Operating leverage indicates the extent to which fixed assets
(plant and equipment) are utilized by the firm.
LO 5-4
Financial leverage shows how much debt the firm employs in its
capital structure.
LO 5-5
Combined leverage takes into account both the use of fixed
assets and debt.
LO 5-6
By increasing leverage, the firm increases its profit potential,
but also its risk of failure.
In the physical sciences as well as in politics, the
term leverage has been popularized to mean the use of special
force and effects to produce more than normal results from a
given course of action. In business the same concept is applied,
with the emphasis on the employment of fixed cost items in
anticipation of magnifying returns at high levels of operation.
47. You should recognize that leverage is a two-edged sword—
producing highly favorable results when things go well and
quite the opposite under negative conditions.
Just ask the airline industry. Firms such as American Airlines,
Delta, Southwest, and UAL were all flying high before the turn
of the century because of favorable economic conditions, high
capacity utilization, and relatively low interest rates on debt.
Such was not the case in the next decade when high leverage in
the form of high-cost fixed assets (airplanes) and high-cost debt
was causing severe consequences in a weak economy. A series
of bankruptcies followed as high fixed costs could not be
overcome. TWA filed for bankruptcy in 2001, United Airlines
and U.S. Airways in 2002, Northwest and Delta in 2005,
Frontier in 2008, and finally American Airlines in 2011.
Between 2000 and 2005, Delta saw its EPS go from $6.87 to a
negative $12.80. In 2007, American Airlines had a profit of
$504 million but lost close to $6 billion over the next four
years. As we noted, the company finally bit the bullet and
declared bankruptcy in 2011. In all cases (TWA was bought by
American), the airlines continued to operate; they restructured
under the supervision of the bankruptcy court and eventually
emerged as publicly traded companies again. By early 2015, the
airlines were flying high again. Their planes were full, profits
soared, and they were taking delivery of new fuel-efficient
planes. Oil prices collapsed from over $100 per barrel to under
$50 per barrel in less than three months, and because fuel makes
up over 30 percent of an airline’s cost, 2015 profits were
expected to be close to $6.0 billion. Reflecting this improved
environment, American Airlines’ stock price increased from
$14.63 on January 16, 2013, to $49.58 on January 12, 2015.
It is widely believed that massive consolidations (mergers)
between the weak and the strong within the airline industry are
necessary to create the profitability required for the purchase of
new planes. The risk of being highly leveraged both
operationally and financially remains a problem.
Page 126
48. Leverage in a Business
Assume you are approached with an opportunity to start your
own business. You are to manufacture and market industrial
parts, such as ball bearings, wheels, and casters. You face two
primary decisions.
First, you must determine the amount of fixed cost plant and
equipment you wish to use in the production process. By
installing modern, sophisticated equipment, you can virtually
eliminate labor in the production of inventory. At high volume,
you will do quite well, as most of your costs are fixed. At low
volume, however, you could face difficulty in making your
fixed payments for plant and equipment. If you decide to use
expensive labor rather than machinery, you will lessen your
opportunity for profit, but at the same time you will lower your
exposure to risk (you can lay off part of the workforce).
Second, you must determine how you will finance the business.
If you rely on debt financing and the business is successful, you
will generate substantial profits as an owner, paying only the
fixed interest costs of debt. Of course, if the business starts off
poorly, the contractual obligations related to debt could mean
bankruptcy. As an alternative, you might decide to sell equity
rather than borrow, a step that will lower your own profit
potential (you must share with others) but minimize your risk
exposure.
In both decisions, you are making explicit decisions about the
use of leverage. To the extent that you go with a heavy
commitment to fixed costs in the manufacturing process, you
are employing operating leverage. To the extent that you use
debt in financing the firm, you are engaging in financial
leverage. We shall carefully examine each type of leverage and
then show the combined effect of both.
Operating Leverage
Operating leverage reflects the extent to which fixed assets and
associated fixed costs are utilized in the business. As indicated
in , a firm’s operational costs may be classified as fixed,
variable, or semivariable.
49. Table 5-1 Classification of costs
Fixed
Variable
Semivariable
Lease
Raw material
Utilities
Depreciation
Factory labor
Repairs and maintenance
Executive salaries
Sales commissions
Property taxes
For purposes of analysis, variable and semivariable costs will
be combined. To evaluate the implications of heavy fixed asset
use, we employ the technique of break-even analysis.
Break-Even Analysis
Page 127
How much will changes in volume affect cost and profit? At
what point does the firm break even? What is the most efficient
level of fixed assets to employ in the firm? A break-even chart
is presented in to answer some of these questions. The number
of units produced and sold is shown along the horizontal axis,
and revenue and costs are shown along the vertical axis.
Figure 5-1 Break-even chart: Leveraged firm
Note, first of all, that our fixed costs are $60,000, regardless of
volume, and that our variable costs (at $0.80 per unit) are added
to fixed costs to determine total costs at any point. The total
revenue line is determined by multiplying price ($2) times
volume.
Of particular interest is the break-even (BE) point at 50,000
units, where the total costs and total revenue lines intersect. The
50. numbers are as follows:
Page 128
The break-even point for the company may also be determined
by use of a simple formula—in which we divide fixed costs by
the contribution margin on each unit sold, with the contribution
margin defined as price minus variable cost per unit. The
formula is as follows:
Since we are getting a $1.20 contribution toward covering fixed
costs from each unit sold, minimum sales of 50,000 units will
allow us to cover our fixed costs (50,000 units × $1.20 =
$60,000 fixed costs). Beyond this point, we move into a highly
profitable range in which each unit of sales brings a profit of
$1.20 to the company. As sales increase from 50,000 to 60,000
units, operating profits increase by $12,000 as indicated in ; as
sales increase from 60,000 to 80,000 units, profits increase by
another $24,000; and so on. As further indicated in , at low
volumes such as 40,000 or 20,000 units our losses are
substantial ($12,000 and $36,000 in the red).
Table 5-2 Volume-cost-profit analysis: Leveraged firm
It is assumed that the firm depicted in is operating with a high
degree of leverage. The situation is analogous to that of an
airline that must carry a certain number of people to break even,
but beyond that point is in a very profitable range. This has
certainly been the case with Southwest Airlines, which has its
home office in Dallas, Texas, but also flies to many other states.
The airline systematically offers lower fares than American,
Delta, and other airlines to ensure maximum capacity
utilization.
A More Conservative Approach
Page 129
Not all firms would choose to operate at the high degree of
operating leverage exhibited in . Fear of not reaching the
51. 50,000-unit break-even level might discourage some companies
from heavy utilization of fixed assets. More expensive variable
costs might be substituted for automated plant and equipment.
Assume fixed costs for a more conservative firm can be reduced
to $12,000—but variable costs will go from $0.80 to $1.60. If
the same price assumption of $2 per unit is employed, the
break-even level is 30,000 units, as shown here:
With fixed costs reduced from $60,000 to $12,000, the loss
potential is small. Furthermore, the break-even level of
operations is a comparatively low 30,000 units. Nevertheless,
the use of a virtually unleveraged approach has cut into the
potential profitability of the more conservative firm, as
indicated in .
Figure 5-2 Break-even chart: Conservative firm
Even at high levels of operation, the potential profit in is small.
As indicated in , at a 100,000-unit volume, operating income is
only $28,000—some $32,000 less than that for the “leveraged”
firm previously analyzed in .
Page 130
Table 5-3 Volume-cost-profit analysis: Conservative firm
The Risk Factor
Whether management follows the path of the leveraged firm or
of the more conservative firm depends on its perceptions of the
future. If the vice president of finance is apprehensive about
economic conditions, the conservative plan may be undertaken.
For a growing business in times of relative prosperity,
management might maintain a more aggressive, leveraged
position. The firm’s competitive position within its industry
will also be a factor. Does the firm desire to merely maintain
stability or to become a market leader? To a certain extent,
management should tailor the use of leverage to meet its own
risk-taking desires. Those who are risk averse (prefer less risk
to more risk) should anticipate a particularly high return before
52. contracting for heavy fixed costs. Others, less averse to risk,
may be willing to leverage under more normal conditions.
Simply taking risks is not a virtue—our prisons are full of risk
takers. The important idea, which is stressed throughout the
text, is to match an acceptable return with the desired level of
risk.
Cash Break-Even Analysis
Our discussion to this point has dealt with break-even analysis
in terms of accounting flows rather than cash flows. For
example, depreciation has been implicitly included in fixed
expenses, but it represents a noncash accounting entry rather
than an explicit expenditure of funds. To the extent that we
were doing break-even analysis on a strictly cash basis,
depreciation would be excluded from fixed expenses. In the
previous example of the leveraged firm in on , if we eliminate
$20,000 of “assumed” depreciation from fixed costs, the break-
even level is reduced from 50,000 units to 33,333 units.
Other adjustments could also be made for noncash items. For
example, sales may initially take the form of accounts
receivable rather than cash, and the same can be said for the
purchase of materials and accounts payable. An actual weekly
or monthly cash budget would be necessary to isolate these
items.
Page 131
While cash break-even analysis is helpful in analyzing the
short-term outlook of the firm, particularly when it may be in
trouble, break-even analysis is normally conducted on the basis
of accounting flows rather than strictly cash flows. Most of the
assumptions throughout this chapter are based on concepts
broader than pure cash flows.
Degree of Operating Leverage
Degree of operating leverage (DOL) may be defined as the
percentage change in operating income that occurs as a result of
a percentage change in units sold.
53. Highly leveraged firms, such as Ford Motor Company or Dow
Chemical, are likely to enjoy a substantial increase in income as
volume expands, while more conservative firms will participate
in an increase to a lesser extent. Degree of operating leverage
should be computed only over a profitable range of operations.
However, the closer DOL is computed to the company break-
even point, the higher the number will be due to a large
percentage increase in operating income.
Let us apply the formula to the leveraged and conservative
firms previously discussed. Their income or losses at various
levels of operation are summarized in .
Table 5-4 Operating income or loss
Units
Leveraged Firm ()
Conservative Firm ()
0
$(60,000)
$(12,000)
20,000
(36,000)
(4,000)
40,000
(12,000)
4,000
60,000
12,000
12,000
80,000
36,000
20,000
100,000
60,000
28,000
We will now consider what happens to operating income as
volume moves from 80,000 to 100,000 units for each firm. We
will compute the degree of operating leverage (DOL) using .
54. Leveraged Firm
Page 132
Conservative Firm
We see that the DOL is much greater for the leveraged firm,
indicating at 80,000 units a 1 percent increase in volume will
produce a 2.7 percent change in operating income, versus a 1.6
percent increase for the conservative firm.
The formula for degree of operating leverage may be
algebraically manipulated to read:
where
Q =
Quantity at which DOL is computed.
P =
Price per unit.
VC =
Variable costs per unit.
FC =
Fixed costs.
Using the newly stated formula for the first firm at Q = 80,000,
with P = $2, VC = $0.80, and FC = $60,000,
we once again derive an answer of 2.7. The same type of
calculation could also be performed for the conservative firm.
Page 133
Limitations of Analysis
Throughout our analysis of operating leverage, we have
assumed that a constant or linear function exists for revenues
and costs as volume changes. For example, we have used $2 as
the hypothetical sales price at all levels of operation. In the
“real world,” however, we may face price weakness as we
attempt to capture an increasing market for our product, or we
may face cost overruns as we move beyond an optimum-size
operation. Relationships are not so fixed as we have assumed.
55. Nevertheless, the basic patterns we have studied are reasonably
valid for most firms over an extended operating range (in our
example, that might be between 20,000 and 100,000 units). It is
only at the extreme levels that linear assumptions fully break
down, as indicated in .
Figure 5-3 Nonlinear break-even analysis
Financial Leverage
Having discussed the effect of fixed costs on the operations of
the firm (operating leverage), we now turn to the second form
of leverage. Financial leverage reflects the amount of debt used
in the capital structure of the firm. Because debt carries a fixed
obligation of interest payments, we have the opportunity to
greatly magnify our results at various levels of operations. You
may have heard of the real estate developer who borrows 100
percent of the costs of his project and will enjoy an infinite
return on his zero investment if all goes well. If it doesn’t, then
he is in serious trouble or bankruptcy.
Page 134
It is helpful to think of operating leverage as primarily affecting
the left-hand side of the balance sheet and financial leverage as
affecting the right-hand side.
Whereas operating leverage influences the mix of plant and
equipment, financial leverage determines how the operation is
to be financed. It is possible for two firms to have equal
operating capabilities and yet show widely different results
because of the use of financial leverage.
Impact on Earnings
In studying the impact of financial leverage, we shall examine
two financial plans for a firm, each employing a significantly
different amount of debt in the capital structure. Financing
totaling $200,000 is required to carry the assets of the firm.
Here are the facts:
Under leveraged Plan A we will borrow $150,000 and sell 8,000
56. shares of stock at $6.25 to raise an additional $50,000,
whereas conservative Plan B calls for borrowing only $50,000
and acquiring an additional $150,000 in stock with 24,000
shares.
In , we compute earnings per share for the two plans at various
levels of “earnings before interest and taxes” (EBIT). These
earnings (EBIT) represent the operating income of the firm—
before deductions have been made for financial charges or
taxes. We assume EBIT levels of 0, $12,000, $16,000, $36,000,
and $60,000.
The impact of the two financing plans is dramatic. Although
both plans assume the same operating income, or EBIT, for
comparative purposes at each level (say $36,000 in calculation
4), the reported income per share is vastly different ($1.50
versus $0.67). It is also evident that the conservative Plan A
will produce better results at low income levels—but
the leveraged Plan B will generate much better earnings per
share as operating income, or EBIT, goes up. The firm would be
indifferent between the two plans at an EBIT level of $16,000
as shown in .
In on , we graphically demonstrate the effect of the two
financing plans on earnings per share and the indifference point
at an EBIT of $16 (thousand).
With an EBIT of $16,000, we are earning 8 percent on total
assets of $200,000—precisely the percentage cost of borrowed
funds to the firm. The use or nonuse of debt does not influence
the answer. Beyond $16,000, Plan A, employing heavy financial
leverage, really goes to work, allowing the firm to expand
earnings per share as a result of a change in EBIT. For example,
at the EBIT level of $36,000, an 18 percent return on assets of
$200,000 takes place—and financial leverage is clearly working
to our benefit as earnings greatly expand.
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Table 5-5 Impact of financing plan on earnings per share
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57. Figure 5-4 Financing plans and earnings per share
Degree of Financial Leverage
As was true of operating leverage, degree of financial leverage
measures the effect of a change in one variable on another
variable. Degree of financial leverage (DFL) may be defined as
the percentage change in earnings (EPS) that occurs as a result
of a percentage change in earnings before interest and taxes
(EBIT).
For computation, the formula for DFL may be conveniently
restated:
Let’s compute the degrees of financial leverage for Plan A and
Plan B, previously presented in , at an EBIT level of $36,000.
Plan A calls for $12,000 of interest at all levels of financing,
and Plan B requires $4,000.
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Plan A (Leveraged)
Plan B (Conservative)
As expected, Plan A has a much higher degree of financial
leverage. At an EBIT level of $36,000, a 1 percent increase in
earnings will produce a 1.5 percent increase in earnings per
share under Plan A, but only a 1.1 percent increase under Plan
B. DFL may be computed for any level of operation, and it will
change from point to point, but Plan A will always exceed Plan
B.
Limitations to Use of Financial Leverage
Alert students may quickly observe that if debt is such a good
thing, why sell any stock? (Perhaps one share to yourself.) With
exclusive debt financing at an EBIT level of $36,000, we would
have a degree of financial leverage factor (DFL) of 1.8.
(With no stock, we would borrow the full $200,000.)
58. (8% × $200,000 = $16,000 interest)
As stressed throughout the text, debt financing and financial
leverage offer unique advantages, but only up to a point—
beyond that point, debt financing may be detrimental to the
firm. For example, as we expand the use of debt in our capital
structure, lenders will perceive a greater financial risk for the
firm. For that reason, they may raise the average interest rate to
be paid and they may demand that certain restrictions be placed
on the corporation. Furthermore, concerned common
stockholders may drive down the price of the stock—forcing us
away from the objective of maximizing the firm’s overall
value in the market. The impact of financial leverage must be
carefully weighed by firms with high debt such as UAL (United
Airlines).
This is not to say that financial leverage does not work to the
benefit of the firm—it does if properly used. Further discussion
of appropriate debt-equity mixes is covered in , “Cost of
Capital.” For now, we accept the virtues of financial leverage,
knowing that all good things must be used in moderation. For
firms that are in industries that offer some degree of stability,
are in a positive stage of growth, and are operating in favorable
economic conditions, the use of debt is recommended.
Combining Operating and Financial Leverage
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If both operating and financial leverage allow us to magnify our
returns, then we will get maximum leverage through their
combined use in the form of combined leverage. We have said
that operating leverage affects primarily the asset structure of
the firm, while financial leverage affects the debt-equity mix.
From an income statement viewpoint, operating leverage
determines return from operations, while financial leverage
determines how the “fruits of our labor” will be allocated to
debt holders and, more importantly, to stockholders in the form
of earnings per share. shows the combined influence of
operating and financial leverage on the income statement. The
values in are drawn from earlier material in the chapter ( and ).
59. We assumed in both cases a high degree of operating and
financial leverage (i.e., the leveraged firm). The sales volume is
80,000 units.
Table 5-6 Income statement
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You will observe, first, that operating leverage influences the
top half of the income statement—determining operating
income. The last item under operating leverage, operating
income, then becomes the initial item for determining financial
leverage. “Operating income” and “Earnings before interest and
taxes” are one and the same, representing the return to the
corporation after production, marketing, and so forth—but
before interest and taxes are paid. In the second half of the
income statement, we show the extent to which earnings before
interest and taxes are translated into earnings per share. A
graphical representation of these points is presented in .
Figure 5-5 Combining operating and financial leverage
Degree of Combined Leverage
Degree of combined leverage (DCL) uses the entire income
statement and shows the impact of a change in sales or volume
on bottom-line earnings per share. Degree of operating leverage
and degree of financial leverage are, in effect, being
combined. shows what happens to profitability as the firm’s
sales go from $160,000 (80,000 units) to $200,000 (100,000
units).
Table 5-7 Operating and financial leverage
80,000 units
100,000 units
Sales—$2 per unit
$160,000
$200,000
− Fixed costs
60,000
60. 60,000
− Variable costs ($0.80 per unit)
Operating income = EBIT
$ 36,000
$ 60,000
− Interest
Earnings before taxes
$ 24,000
$ 48,000
− Taxes
Earnings after taxes
$ 12,000
$ 24,000
Shares
8,000
8,000
Earnings per share
$ 1.50
$ 3.00
The formula for degree of combined leverage is stated as:
Using data from :
we find that every percentage point change in sales will be
reflected in a 4 percent change in earnings per share at this
level of operation (quite an impact).
An algebraic statement of the formula is:
From : Beginning Q (Quantity) = 80,000; P (Price per unit) =
$2.00; VC (Variable costs per unit) = $0.80; FC (Fixed costs) =
61. $60,000; and I (Interest) = $12,000.
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The answer is once again shown to be 4.
A Word of Caution
In a sense, we are piling risk on risk as the two different forms
of leverage are combined. Perhaps a firm carrying heavy
operating leverage may wish to moderate its position
financially, and vice versa. One thing is certain—the decision
will have a major impact on the operations of the firm.
Finance in ACTION Managerial Intel Corporation—Leverage in
the Real World
To calculate the degree of operating and degree of financial
leverage, the analyst needs sales or revenues, operating income
(EBIT), net income (NI), and earnings per share (EPS). This
information is available to external analysts from the income
statement and statement of cash flows. The calculations are
based on year-end data and are not stable from year to year. If
operating costs rise or fall during the next year, the profit
margin will rise or fall with that change, and the degree of
operating leverage will be affected.
The degree of financial leverage is also based on year-end data
and assumes that variables such as interest expense and interest
rates, the amount of debt, and the number of shares stay
constant from year to year. However, in the real world, when
these variables change from year to year, so do the leverage
ratios. Let’s look at an example using real data from Intel
Corporation, the company with 85 percent of the computer chip
market.
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Between 2012 and 2013, Intel’s sales decreased 1.19 percent
and operating income went down 15.75 percent for a degree of
operating leverage 13.27 times. Notice that because both the
change in sales and operating income were negative, the
leverage number is positive. This simply means that for every 1
62. percent sales declined, operating income went down 15.75
percent. Intel’s debt to equity ratio was low, so you wouldn’t
expect a high degree of financial leverage, and this is borne out
by a degree of financial leverage of 0.72 times. This indicates
that for every 1 percent that operating income declined,
earnings per share declined 0.72 percent. You can check this
calculation by dividing the change in EPS of −11.27 percent by
the change in EBIT of −15.75 percent. Combined leverage
compares the percentage change in sales to the percentage
change in EPS; so in the case of Intel for 2013, a −1.19 percent
change in sales resulted in a −11.27 percent change in EPS for a
combined leverage of 9.49 times.
If an analyst had predicted that these leverage factors could be
used to forecast performance for 2014, she would have been
sorely disappointed. Leverage on the downside (declines in
sales and earnings) was much higher than leverage on the upside
(increasing sales and earnings). Intel had a 6.06 percent
increase in sales that resulted in a 24.39 percent increase in
operating income for a DOL of 4.03 times. Notice that debt
declined from 2013 to 2014 and Intel bought back 332 million
shares of stock. The combined effect increased the DFL to 0.91
times. This can be computed by dividing the 22.22 percent
change in EPS to the percentage change in operating income of
24.39 percent. Given that 2014 had a lower DOL and DFL than
2013, the degree of combined leverage was also much smaller at
3.67 times. So for every 1 percent sales went up, earnings per
share increased by only 3.67 percent.
This example is intended to show the impact on leverage
calculations when a company does not exhibit consistency from
year to year. We should also reiterate that the farther away from
the breakeven point, the lower the leverage numbers will be: so
a lower base of sales like 2012 to 2013 will inflate the leverage
ratios because at lower sales a company is closer to its
breakeven point. The semiconductor industry is very cyclical,
so when a company like Intel moves up from a low point in the
cycle, the degree of leverage is likely to be high. In this case
63. the shares of common stock declined, had a positive impact on
earnings per share, and helped to increase the firm’s financial
leverage.
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SUMMARY
Leverage may be defined as the use of fixed cost items to
magnify returns at high levels of operation. Operating leverage
primarily affects fixed versus variable cost utilization in the
operation of the firm. An important concept—degree of
operating leverage (DOL)—measures the percentage change in
operating income as a result of a percentage change in volume.
The heavier the utilization of fixed cost assets, the higher DOL
is likely to be.
Financial leverage reflects the extent to which debt is used in
the capital structure of the firm. Substantial use of debt will
place a great burden on the firm at low levels of profitability,
but it will help to magnify earnings per share as volume or
operating income increases. We combine operating leverage and
financial leverage to assess the impact of all types of fixed
costs on the firm. There is a multiplier effect when we use the
two different types of leverage.
Because leverage is a two-edged sword, management must be
sure the level of risk assumed is in accord with its desires for
risk and its perceptions of the future. High operating leverage
may be balanced off against lower financial leverage if this is
deemed desirable, and vice versa.
REVIEW OF FORMULAS
1.
BE
is break-even point
Table1TABLE 1 SALES FORECAST (in units) NO Changes
need to be made to this tableFirst QuarterSecond QuarterThird
QuarterFourth QuarterOctober
2014150January0April500July1,000November75February0May1
,000August500December25March300June1,000September250St