Team 3 People’s ExpressPeople Express Strategy Over.docx

Team 3 People’s Express
People Express Strategy: Overview
Overall Strategy & Financial Results
External Analysis
Internal Analysis
Conclusion
Presenter:
People Express Strategy:
Our Competitive Position in the airline Industry
In general our strategy was to develop and capture the following
Strategic Position to achieve a Low Cost competitive
Advantage:
Price Position – We wanted to set our price lower than the
competitors as we wanted to be a less expensive alternative.
Target Service Scope – We wanted to set our scope of service at
a level that was comparable to our competitors.
Service Quality – We wanted to maintain our service quality
between .7 (competitors level) and .6 (rate we determined our
customers would still be satisfied at our price position.
Growth Rate – We wanted to grow slowly to keep our

competitors kind of unaware of us as competitors.
Presenter:
Our Overall Financial Result
$584 Million Market Value
Presenter:
In general our strategy by decision type was:
Aircraft Acquisitions - Acquire planes at a slow rate. We
wanted minimal growth to avoid the competition from noticing
us.
Peoples Fare - We wanted to be priced under the competitors,
low cost strategy. Capture a piece of the market the competition
was missing by higher price point.
Marketing Fraction - Market very little in first 5 years relying
on word of mouth and last 5 years investing more to fill up our
planes to get a better load factor.
Hiring - Hire for turnover and for more acquisitions of planes
with an overall goal of having about 70 employees per plane.
Target Service Scope - Strategy here was to set it right at
competitions level of scope, 1 , and beat them in other areas of
our strategy.

Presenter: Matthew
Aircraft Acquisitions - Overall goal for aircraft acquisition was
to have growth but very minimal to stay purposefully a small
company compared to the competition.
Here we bought 1 plane in Year 1 Quarter 2 and 3. Quarter 4 we
opted to not buy another plane. Year 2 Quarter 1 and 2 we
bought 1 plane in each Quarter again.
Here we decided to wait to buy anymore planes till Year 5
Quarter 2 and 3, which we bought 3 planes in each Quarter.
Here we agreed that we had enough planes at this point to fly
under the radar of the competitors so they would not lower their
fares to put us out of business and at the same time still have a
great market value.
Presenter: Matthew
Peoples Fare - Our goal was to be a low cost competitor. Being
such we had our peoples fare set lower than the average
competitors rate.

Here we slowly raised our peoples fare every quarter till we hit
our target rate of .14 in Year 1 Quarter 4.
Here we started to see the competitors were starting to take
notice of us and dropped their rate for peoples fare. As such, we
responded with a price cut on our fares to .13 in Year 5 Quarter
3.
Here we left our peoples fare at the .13 rate, noticing the
competition was lowering their fare but not to a level fast
enough to take our target market of customers from us.
Presenter: Matthew
Marketing Fraction - Market very low rate first 5 years then last
5 years we adjusted or marketing rate to gain more customers.
Here we kept a low rate of marketing of about 5 million, mainly
relying on word of mouth.
Here we decided that we needed to market more so we increased
marketing to 12 million in Year 5 Quarter 2.
Here we continued to raise the total amount of marketing in
hopes that we could gain a greater share of passengers/ plane.

Presenter: Matthew
Hiring - …(describe how you made your decisions over time)
Here we again anticipated growing our fleet by multiple
aircrafts and so we decided to hire a large amount of employees.
Here we decided to hire quite a few new employees as we were
anticipating expansion and growing our fleet.
Here we cut all hiring because we had an excess of employees
and were not buying any aircrafts at that point in time
Presenter:
Target Service Scope - Our overall strategy here was pretty
basic. We wanted to offer the same level of service as our
competitors.
Here we set our service scope to 1 to match our competition and
pushed forward with or strategy of offering the same scope of
service for a low cost price.

Presenter: Matthew
Service Quality - Our strategy was to offer a level of service
quality that was close to the competitions, that was fair for our
customers considering our lower cost.
Here we had a quick drop off of our customer service quality
which was to be expected. Directly corresponds with our
purchasing of planes. We also hit our target level of customer
service here ( .61 in Year 2 Quarter 2).
Here we had a period of non expansion. We were not buying
planes nor hiring as many employees. Thus , this lead to a low
rookie fraction of .03 which allowed our customer service to
skyrocket to .84.
Here we expanded our fleet again in Year 5, which means more
hiring, more rookies, worse customer service. Yet we get back
to our target range of of service of .6 till the end.
Presenter: Matthew
External Analysis: How effective is our strategic position?
Price position – Our pricing strategy was effective for most of
the game. We had the one hiccup where we had to drop our

peoples fare from .14 down to .13 in Year 5 Quarter 3. That
slight adjustment allowed us to be priced at a lower cost than
the competition for the rest of the game, which was exactly our
strategy. We never wanted to allow the competition to get our
price point and effectively take all our business. Overall =
Satisfactory!
Target Service Scope - We also believe we were satisfactory at
setting our target service scope to 1. We believed there would
be enough customers that were willing to have a bit worse
customer service but get that same level of target service for a
cheaper rate than the competition.
Service Quality - In terms of service quality we were not
satisfactory as a strategic position, but we were willing to have
a worse quality of service because we determined that price was
more concerning to our customers than their level of customer
service they were being provided.
Presenter: Matthew
Price position: Our price position was effective the entire
game. We wanted to be priced under the competitions price for
fares. Year 5 Quarter 2 we dropped our fare to .13 to retain our
price differential from the competitors. We decided we could
keep that price point the rest of the game and keep our price
differential.
Presenter: Matthew

Target Service Scope position: Our strategic position of
matching the competition at a service scope of 1 did indeed
prove effective. We effectively offered our customers the same
amenities for a cheaper price which proved to an effective way
to grow our company and have a respectable market share at the
end of the game.
Presenter: Matthew
Service Quality position: Our service quality was not an
effective strategic position for most of the game. Only from
Year 3 to Year 5 Quarter 2 did we have a better position
strategically than the competition. I'll say once again that this
was completely a part of our strategy though to be under the
competitors level of service quality so we could charge a
cheaper rate for fares. In that sense, we were effective.
Presenter: Matthew
Internal Analysis:
Liquidity & Solvency – (…discuss overview satisfactory or not
satisfactory)

Operating Efficiency - (…discuss overview satisfactory or not
satisfactory)
Capital Structure - (…discuss overview satisfactory or not
satisfactory)
Presenter:
Internal Analysis: Liquidity & Solvency
Cash Flow Analysis: (At the end is it satisfactory or not
satisfactory?
Why?)
Presenter:
Internal Analysis: Operating Efficiency
Return on Assets: Satisfactory
Why?)
Presenter:

Return on Assets compared to the Market Value: (Is the market
value driven more by ROA or the growth rate?
Presenter:
Return on Sales: Satisfactory
Why?)
Presenter:
Sales/Assets: Satisfactory
Why?)
Presenter:

Return on Assets impact: (Is ROA driven more by the ROS or
Sales/Assets?)
Presenter:
Service Quality: Satisfactory
Why? Satisfactory because
Presenter:
Productivity: Satisfactory
Why?)
Presenter:

Internal Analysis: Capital Structure
Financial Leverage: Satisfactory
Why?)
Presenter:
Leverage Safety: Satisfactory
Why?)
Presenter:
Balance Sheet: (At the end is it satisfactory or not satisfactory?
Why?)
Presenter:

Overall Conclusion:
What are the top 2 tactics that worked well for the team?
1…
2…
Presenter:
Overall Financial Conclusion:
Looking back, what was a strategy that you tried, but would not
work out?
What is the most interesting thing the team learned from this
project?
Presenter:
642! CHAPTER 22 Renaissance and Mannerism in Cinquecento
Italy
“Early Christian Saints,” pages 246–247). According to the
Golden Leg-
end (a 13th-century collection of stories about the lives of the
saints),

Joseph competed with other suitors for Mary’s hand. !e high
priest
was to give the Virgin to whichever suitor presented to him a
rod that
had miraculously bloomed. Raphael depicted Joseph with his
"ower-
ing rod in his le# hand. In his right hand, Joseph holds the
wedding
ring he is about to place on Mary’s $nger. Other virgins
congregate at
the le#, and the unsuccessful suitors stand on the right. One of
them
breaks his rod in half over his knee in frustration, giving
Raphael an
opportunity to demonstrate his mastery of foreshortening. !e
per-
spective system he used is the one developed by Brunelleschi
(see
“Linear Perspective,” page 599) and employed by most
Quattrocento
artists. (Raphael’s Marriage of the Virgin reveals the young
painter’s
debt especially to Perugino; compare %&'. 21-41.) !e temple in
the
background is Raphael’s version of a centrally planned
building,
featuring Brunelleschian arcades (%&'(. 21-30 and 21-31).
Madonna in the Meadow. Raphael spent the four years from
1504 to 1508 in Florence. !ere, still in his early 20s, he discov-
ered that Perugino’s painting style was already outmoded (as
was
Brunelleschi’s Early Renaissance architectural style). Flo-
rentine crowds "ocked to the church of Santissima Annun-
ziata (Holy Annunciation) to see Leonardo’s recently

unveiled cartoon of the Virgin, Christ Child, Saint Anne,
and Saint John (probably an earlier version of %&'. 22-3).
Under Leonardo’s in"uence, Raphael began to modify the
Madonna compositions he had employed in Umbria. In
Madonna in the Meadow (%&'. 22-8) of 1505–1506, Raphael
adopted Leonardo’s pyramidal composition and model-
ing of faces and $gures in subtle chiaroscuro. Yet Raphael
placed the large, substantial $gures in a Peruginesque
landscape, with the Umbrian master’s typical feathery trees
in the middle ground. Although Raphael experimented
with Leonardo’s dusky modeling, he tended to return to
Perugino’s lighter tonalities and blue skies. Raphael pre-
ferred clarity to obscurity, not fascinated, as Leonardo
was, with mystery. Raphael quickly achieved fame for
his Madonnas, which, like Leonardo’s (%&'(. 22-2 and
22-3), depict Mary as a beautiful young mother tenderly
interacting with her young son.
In Madonna of the Meadow, Mary
almost wistfully watches Jesus play
with John the Baptist’s cross-shaped
sta), as if she has a premonition
of how her son will die. Works
by Raphael and Leonardo would
deeply in"uence the next generation
of artists, in particular, the slightly
younger A*+,-. +-/ S.,01
(1486–1530), whose most famous
painting is Madonna of the Harpies
(%&'. 22-8A).
School of Athens. !ree years a#er completing
Madonna in the Meadow, Raphael received one of the most
important painting commissions that Julius II awarded—
the decoration of the papal apartments in the Apostolic
Palace of the Vatican (2.3( 22-1 and 24-1). Of the suite’s
several rooms (stanze), Raphael painted the room that

came to be called the Stanza della Segnatura (Room of the
Signature—Julius’s papal library, where later popes signed
o4cial
documents) and the Stanza d’Eliodoro (Room of Heliodorus—
the
pope’s private audience room, named for one of the paintings
there).
His pupils completed the others, following his sketches. On the
four
walls of the Stanza della Segnatura, Raphael presented images
sym-
bolizing the four branches of human knowledge and wisdom
under
the headings !eology, Law (Justice), Poetry, and Philosophy—
the
learning required of a Renaissance pope. Given Julius II’s
desire for
recognition as both a spiritual and temporal leader, the !eology
and Philosophy frescoes face each other. !e two images present
a
balanced picture of the pope—as a cultured, knowledgeable
indi-
vidual and as a wise, divinely ordained religious authority.
In Raphael’s Philosophy mural (commonly called School of
Ath-
ens, %&'. 22-9), the setting is not a “school” but a congregation
of
the great philosophers and scientists of the ancient world.
Raphael
depicted these famous wise men, revered by Renaissance
human-
ists, conversing and explaining their various theories and ideas.
!e
setting is a vast hall covered by massive vaults that recall

ancient
Roman architecture, especially the much-admired co)ered barrel
vaults of the Basilica Nova (%&'. 7-74). Colossal statues of
Apollo
22-8 R!"#!$%, Madonna in the Meadow, 1505–1506. Oil on
wood, 39 8 120 &
29 10 140. Kunsthistorisches Museum, Vienna.
Emulating Leonardo’s pyramidal composition (FIG. 22-2) but
rejecting his dusky model-
ing and mystery, Raphael set his Madonna in a well-lit
landscape and imbued her with
grace, dignity, and beauty.
22-8A ANDREA DEL
SARTO, Madonna of the
Harpies, 1517.
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Copyright 2020 Cengage Learning. All Rights Reserved. May
not be copied, scanned, or duplicated, in whole or in part.
WCN 02-200-203
Representation and Abstraction 1025
who studied sculpture in London and Tokyo. Tsuchiya is best
known for his large-scale sculptures constructed of branches or
dri!wood ("#$. 32-34). Despite their abstract nature, his works
assert the life forces found in natural materials, thereby engag-
ing viewers in a consideration of their own relationship to
nature.
Tsuchiya does not speci%cally invoke Shinto when speaking
about

his art, but it is clear that he has internalized Shinto principles.
He
identi%es as his goal “to bring out and present the life of nature
emanating from this energy of trees. . . . It is as though the
wood is
part of myself, as though the wood has the same kind of life
force.”6
El Anatsui. Probably the most unusual abstract artworks being
created today are those of Ghana-born and -educated E&
A'()*+#
(b. 1944), who, unique among African artists, established his
international reputation without moving his studio to Europe or
America. Anatsui has spent most of his adult life in Nigeria and,
even more remarkably, did not begin producing the art that has
made him famous until his 60s. Bleeding Takari II ("#$. 32-35)
is
a characteristic example of the artistic genre that Anatsui
invented,
a kind of artwork that is so di,erent from all others that art
histo-
rians have yet to agree on a label for it. A cross between
sculpture
and textile design, Anatsui’s wall-based sculptures are labor-
intensive constructions of crushed bottle caps, lids of aluminum
cans, and other found metal, pierced and stitched together using
copper wire. -e colors (primarily red, gold, and black) that
Anat-
sui uses have close parallels in Asante kente cloth ("#$. 38-26),
and
his works can be rolled or folded. When displayed on museum
walls
or hanging from a ceiling—or even draped on a building’s
facade—
the metal sheets undulate with any breeze. Anatsui’s artworks-
in-motion bring to mind Alexander Calder’s pioneering mobiles

("#$. 30-21). -ey are, however, thoroughly in tune with 21st-
century concerns in being assembled (by a large team of
assistants)
almost entirely from African recycled materials—some of which
are Western along with African products, underscoring again
the
international character of contemporary art.
32-34 K!"!# T$%&'!(), Symptom, 1987. Branches, 139 1 12 0 *
149 9
1
8 0 *
39 11 14 0. Displayed at the exhibition Jeune Sculpture ’87,
Paris 1987.
Tsuchiya’s sculptures consist of branches or driftwood, and
despite their
abstract nature, they assert the life forces found in natural
materials. His
approach to sculpture reflects ancient Shinto beliefs.
32-35 E+ A,)-$%!, Bleeding
Takari II, 2007. Aluminum
bottle tops and cans, and
copper wire, 129 110 * 189 110.
Museum of Modern Art, New
York (gi. of Donald L. Bryant
Jr. and Jerry Speyer, 2008).
Anatsui’s unique “metal hang-
ings” are a cross between
abstract sculptures and textiles.
They are assemblages of thou-
sands of crushed and pierced
bottle caps and aluminum cans

stitched together with copper
wire.
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WCN 02-200-203
High Renaissance 643
and Athena, patron deities of the arts and of wisdom, oversee
the
interactions. Plato and Aristotle are the central !gures around
whom Raphael carefully arranged the others. Plato holds his
book
Timaeus and points to Heaven, the source of his philosophical
inspiration, while Aristotle carries his book Nichomachean
Ethics
and gestures toward the earth, from which his observations of
real-
ity sprang. Appropriately, ancient philosophers, men concerned
with the ultimate mysteries that transcend this world, stand on
Pla-
to’s side. On Aristotle’s side are the philosophers and scientists
con-
cerned with practical matters, such as mathematics. At the lower
le", Pythagoras writes as a servant holds up the harmonic scale.
In
the foreground, Heraclitus (probably a portrait of Michelangelo)
broods alone. Diogenes sprawls on the steps. At the right,
students
surround Euclid, who demonstrates a theorem. Euclid may be

a portrait of the architect Bramante, whom Julius II had recently
commissioned to design the new church (#$%&. 22-22 and 22-
23) to
replace Constantine’s 1,200-year-old Saint Peter’s (#$%. 8-9).
(School
of Athens probably re'ects Bramante’s 1505 design for the
interior
of Saint Peter’s; compare #$%. 24-5. According to Vasari,
Bramante
advised Raphael about the architectural setting.) At the extreme
right, just to the right of the astronomers Zoroaster and
Ptolemy,
both holding globes, is a young man wearing a black hat—
Raphael’s
self-portrait.
(e groups appear to move easily and clearly, with eloquent
poses and gestures that symbolize their doctrines and present an
engaging variety of !gural positions. (e self-assurance and natu-
ral dignity of the !gures convey calm reason, balance, and mea-
sure—the qualities that Renaissance thinkers admired as the
heart
of philosophy. Signi!cantly, Raphael placed himself among the
mathematicians and scientists in School of Athens. Certainly the
evolution of pictorial science approached perfection in this
fresco
in which Raphael convincingly depicted a vast space on a two-
dimensional surface.
School of Athens also reveals Raphael’s matured psychological
insight. As in Leonardo’s Last Supper (#$%. 22-4), all the
charac-
ters communicate moods that re'ect their beliefs, and the artist’s
placement of each !gure tied these moods together. From the
cen-

ter, where Plato and Aristotle stand, Raphael arranged the
groups
of !gures in an ellipse with a wide opening in the foreground.
Moving along the 'oor’s perspective pattern, the viewer’s eye
pen-
etrates the assembly of philosophers and continues, by way of
the
reclining Diogenes, up to the here-reconciled leaders of the two
22-9 R!"#!$%, Philosophy (School of Athens), Stanza della
Segnatura, Apostolic Palace, Vatican City, Rome, Italy,
1509–1511. Fresco, 199 & 279.
Raphael included himself in this gathering of great philosophers
and scientists whose self-assurance conveys calm reason. The
setting
recalls the massive vaults of the ancient Basilica Nova (FIG. 7-
74).
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WCN 02-200-203
852! CHAPTER 28 Impressionism, Post-Impressionism,
Symbolism: Europe and America, 1870 to 1900
contributes to the sense of energy and conveys the atmosphere
of
urban life.
Georges Rivière (1855–1943), an art critic and friend of some
of
the Impressionists, saw this painting in the third Impressionist

exhi-
bition and recorded the essence of what Monet had tried to
achieve:
Like a !ery steed, stimulated rather than exhausted by the long
trek
that it has only just !nished, [the locomotive] tosses its mane of
smoke,
which lashes the glass roof of the main hall. . . . We see the vast
and
manic movements at the station where the ground shakes with
every
Claude Monet. "e painter of Im pres -
sion: Sunrise was Claude Monet (1840–
1926), whose works have become synony-
mous with Impressionism, although other
Impressionists adopted di#erent painting
styles while choosing similar contemporary
subjects. Monet grew up on the Normandy
coast of France at Le Havre, the great sea-
port at the mouth of the Seine, where his
father sold groceries in bulk to shipping
companies. Monet began to paint at an
early age, and moved to Paris in late 1862
to pursue a career as an artist, returning
to Le Havre on several occasions. Impres-
sion: Sunrise, which is a view of that harbor,
represented a sharp break from traditional landscape painting.
In
recording the boats, water, and sky en plein air—that is,
outdoors (see
“Painting Impressions of Light and Color,” page 851)—Monet
made
no attempt to disguise the brushstrokes or blend the pigment to
cre-

ate smooth tonal gradations, as traditional painters did. "is
concern
with acknowledging the paint and the canvas surface continued
the
modernist exploration that the Realists had begun.
Saint-Lazare. Although he is most famous for his landscapes,
Monet, like the other Impressionists, also painted scenes set in
Paris, the heart of modern life in France.
Saint-Lazare Train Station ($%&. 28-3)
depicts a characteristic aspect of the
contemporary urban scene. "e ex-
panding railway network had made
travel more convenient, bringing large
numbers of people into Paris and en-
abling city dwellers to reach suburban
areas, such as Argenteuil ($%&. 28-1)
and Bennecourt ($%&. 28-2A), quickly
('() 28-1). In his “impression” of the
Saint-Lazare railway terminal, Monet
captured the energy and vitality of
Paris’s modern transportation hub. "e
train, emerging from the steam and
smoke it emits, rumbles into the sta-
tion. In the background haze are the tall
buildings that were becoming a major
component of the Parisian landscape.
Monet’s agitated paint application
28-3 C!"#$% M&'%(, Saint-Lazare
Train Station, 1877. Oil on canvas,
29 5 340 ) 39 50. Musée d’Orsay, Paris.
The Impressionists often painted scenes of the
new urbanized Paris, the heart of modern life
in France. Monet’s agitated application of paint

contributes to the sense of energy in this railway
terminal.
London
Brussels
Trier
Les Barraques
Ostend
Calais
Nuenen
Paris
Rome
Venice
Vienna
Berlin
Munich
Barcelona
Arles
Tarascon
Limoges

Saint-Rémy
Aix-en-Provence
Pont-Aven
Bennecourt
Rouen
Le Havre
BRITTANY
NORM
ANDY
BURGUNDY
AU
VE
RG
NE
PROVEN
CE
CA
TA
LO
NIA
F R A N C E
A U ST R I A
I TA LY

G E R M A N Y
E N G L A N D
NETHERLANDS
BELGIUM
LUXEMBOURG
SWITZERLAND
ANDORRA
SPAIN
Danube R.
R
hô
n
e
R
.
Seine R.
Rhine R.
Po R.
Loire
R.

Garonne R
.
Ebro R.
N o r t h
S e a
T y r r h e n i a n
S e a
A d r i a t i c
S e a
E n g l i s h C h a n n e l
M e d i t e r r a n e a n
S e a
A T L A N T I C
O C E A N
Paris
Asnières
Bougival
Chatou
Bennecourt
Argenteuil
Seine R.
Mar
ne

R.
N
0 100 200 miles
200 kilometers1000MAP 28-1 France around 1870 with
towns along the Seine.
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WCN 02-200-203
Trecento (14th Century) 427
Madonna Enthroned. On nearly the same great scale as
Cimabue’s enthroned Madonna (!"#. 14-6) is Giotto’s panel
(!"#. 14-8) depicting the same subject, painted for the high altar
of$ Florence’s Church of the Ognissanti (All Saints). Although
still portrayed against the traditional gold background, Giotto’s
Madonna sits on her Gothic throne with the unshakable stability
of an ancient marble goddess (compare !"#. 7-30). Giotto
replaced
Cimabue’s slender Virgin, fragile beneath the thin ripplings of
her
drapery, with a weighty, queenly mother. In Giotto’s painting,
the
Madonna’s body is not lost—indeed, it is asserted. Giotto even
showed Mary’s breasts pressing through the thin fabric of her
white
undergarment. Gold highlights have disappeared from her heavy
robe. Giotto aimed instead to construct a %gure with substance
and bulk—qualities suppressed in favor of a spiritual

immateriality
in Byzantine and Italo-Byzantine art. &e di'erent approaches
of teacher and pupil can also be seen in the angels (anking the
Madonna’s throne. Cimabue stacked his angels to %ll the full
height
of the panel. Giotto’s statuesque angels stand on a common
level,
leaving a large blank area above the heads of the background
%g-
ures. &e Ognissanti Madonna marks the end of medieval
painting
in Italy and the beginning of a new naturalistic approach to art.
Arena Chapel. Giotto’s masterwork is the mural cycle of the
Arena Chapel (!"#. 14-9) in Padua, which takes its name from
an
adjacent ancient Roman arena (amphitheater). A banker, Enrico
Scrovegni, built the chapel on a site adjacent to his palace and
consecrated it in 1305, in the hope
that the chapel would atone for
the moneylender’s sin of usury.
Some scholars have suggested
that Giotto may also have been
the chapel’s architect, because its
design so perfectly suits its interior
decoration. &e rectangular hall
has only six windows, all in the
south wall, which provide ample
illumination for the frescoes that %ll the
almost unbroken surfaces of the other walls.
In 38 framed scenes (!"#). 14-9A, 14-10,
and 14-10A), Giotto presented one of the most
impressive and complete Christian pictorial

cycles ever rendered. &e narrative unfolds
on the north and south walls in three zones,
reading from top to bottom: in the top level
are the lives of the Virgin and her parents,
Joachim and Anna; in the middle zone, the
life and mission of Jesus; and, in the lowest
level, the Savior’s passion and resurrection.
Below, imitation marble veneer—reminiscent
of ancient Roman revetment (!"#. 7-51),
which Giotto may have seen—alternates
with personi%ed virtues and vices painted in
grisaille (monochrome grays, o*en used for
modeling in paintings) to resemble sculpture.
On the west wall above the chapel’s entrance
is Giotto’s dramatic Last Judgment, in which
Scrovegni ap pears among the saved, kneeling
as he presents his chapel to the Virgin. (Christ
as Last Judge is also the culminating scene
of Cavallini’s late-13th-century fresco cycle
[!"#. 14-7] in Santa Cecilia in Trastevere in
Rome. In fact, Giotto’s enthroned apostles are
strikingly similar to Cavallini’s.) &e chapel’s
vaulted ceiling is blue, an azure sky dotted with
golden stars symbolic of Heaven. Medallions
bearing images of Christ, Mary, and various
prophets also appear on the vault. Giotto
painted the same blue in the backgrounds of
the narrative panels on the walls below. &e
color thereby functions as a unifying agent for
the entire decorative scheme.
Giotto set his goal as emulating the
appearance of the natural world—the approach
championed by the ancient Greeks and
Romans but largely abandoned in the Middle
Ages in favor of representing spiritual

rather than physical reality (see “Picturing
the Spiritual World,” page 260). Subtly
scaled to the chapel’s space, Giotto’s stately
14-9 G!"##" $! B"%$"%&, interior of the Arena Chapel
(Cappella Scrovegni; looking west),
Padua, Italy, 1305–1306.
Giotto’s 38 panels in the Arena Chapel depict the lives of the
Virgin, her parents, and Jesus. Enrico
Scrovegni built the chapel in order to atone for his sin of
moneylending and earn a place in Heaven.
14-9A GIOTTO, Entry into
Jerusalem, ca. 1305.
30702_ch14_rev03_418-441.indd 427 08/06/18 5:34 pm
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WCN 02-200-203
You will be responsible for answering this question with the
required number of examples and historical periods.
Please respond to the following question in 400-500 words.
Your short essays should be well-organized, thoughtful analyses
that engage the course material. Your responses must discuss
specific works of art/architecture and provide ample visual
evidence from the textbook to support your argument. Use the
lecture notes and textbook for support, but you do not need to
consult outside sources. Your response will run through
TurnItIn software, so be sure to cite the textbook, when
necessary.
Question:
Over the course of the semester, we examined a range of artistic
approaches to the representation of three-dimensional space.

Where some artists attempted fully naturalistic illusionism, for
example, others rejected illusionistic space entirely.
Please choose four examples to discuss how different artists,
societies, and/or movements approached the representation of
pictorial space. Your four examples must come from four
different stylistic periods. Your examples should address how
the cultural and/or philosophical contexts shaped these artistic
approaches to illusionism. At least one (but no more than two)
must be from the first half of course (prior to the midterm), and
each of the four examples must be identified by artist, title,
date, medium, and cultural/historical period.
4 Examples:
Giotto di Bondone, interior of the Arena Chapel (Cappella
Scrovegni; looking west), Padua, Italy, 1305–1306.
Raphael, Philosophy (School of Athens), Stanza della
Segnatura, Apostolic Palace, Vatican City, Rome, Italy, 1509–
1511. Fresco, 199 × 279.
Claude Monet, Saint-Lazare Train Station, 1877. Oil on canvas,
29 5 340 × 39 50. Musée d’Orsay, Paris.
El Anatsui, Bleeding Takari II, 2007. Aluminum bottle tops and
cans, and copper wire, 129 110 × 189 110. Museum of Modern
Art, New York (gift of Donald L. Bryant Jr. and Jerry Speyer,
2008).
SAMPLE ESSAY
Question: Compare the art of Rubens and Rembrandt also
keeping in mind their historical, social, and religious
backgrounds.
“The 17th century in Northern Europe was a period of political
and religious polarization which left a lasting impression on all
facets of society. This was especially present in the

Netherlands, which became the epicenter for the Northern
European Baroque movement. The southern part of the region,
including Flanders, was under the control of the Spanish
monarchy, while the north, including Amsterdam, became the
Dutch Republic, a democratic society largely governed by the
many guilds of the merchant class. The south remained widely
Catholic, while the north was essentially Protestant, and this
contributed to the evolution of distinct artistic styles and
subject matter. As we shall see, although they were
contemporaries, the Flemish Rubens and Dutch Rembrandt
exhibited very distinct styles that can be attributed to social,
religious, and political factors.
“Peter Paul Rubens, who was from Spanish Flanders, was a
wealthy art dealer, diplomat, scholar, and court painter and
advisor for the Spanish monarchy. His patrons included dukes,
kings of Spain and England, and aristocrats, as well as the
Catholic church, and this is reflected in his art. In two of his
works Consequences of War and the Arrival of Marie de’
Medici, which were commissioned by the Medici family of
Florence, we can see that Rubens’ primary goal is show the
splendor of the Medici family and moreover, the aristocratic
class; he achieves this by setting a dramatic and vivid scene
with bold coloring and sharp movement. For example, the piece
depicting Marie de’ Medici arriving in France shows gods and
angels joyously celebrating her, as if she were one of them. As
a court painter for the Catholic Spanish monarchy and the
Flemish Catholic church, his religious-themed works, such
as Elevation of the Cross, are very dramatic and highly
emotional, as is often seen in Baroque art.
“Rembrandt Van Rijn, on the other hand, was from the Dutch
Republic, where Protestantism, more specifically Calvinism,
was the major religion. Unlike Rubens, Rembrandt was not an
aristocratic court painter; Rembrandt’s works primarily were
self-portraits, or portraits of the members of the merchant
guilds who governed the Republic. Examples are his self
portrait at the Kenwood House in London, and Anatomy Lesson

of Dr. Nicholas Tulp, which is a portrait of a surgeon’s guild.
Rather than try to boast the splendor of the ruling class,
Rembrandt’s goal is primarily to depict the middle class of
merchants and the common man more-or-less as equals in
simple compositions. We do not see any divine intervention or
extravagant detail as we do in Rubens’ portraits. This same
feeling is also seen in his religious works, most notably Return
of the Prodigal Son. The Dutch Protestants strongly opposed
religious art and imagery, and in Rembrandt’s religious works,
we can see a more muted and spiritual take on biblical themes.
In his depiction of the return of the prodigal son and his father,
the audience is shown an emotional, yet very serene scene that
is meant to provoke quiet contemplation. This is in line with the
Protestant focus on turning to worshipping the scripture rather
than icons.”
DataPeriodCapacity growth rate (%/year)Passenger growth
(%/year)AircraftAircraft AcquisitionsLoad FactorBreakeven
Load FactorPeoples FareAverage Competitor FareTotal
EmployeesEmployees Per PlaneHiringEmployee
TurnoverMarketingMarket Share (Fraction)Reported Service
QualityRevenues ($ M/year)Net incomeRevenues ($
M/year)Breakeven Revenues ($ Million/Year)Passengers
CarriedBreakeven PassengersLoad FactorBreakeven Load
FactorAircraftAircraft AcquisitionsAvailable Seat
MilesPassengers CarriedLoad FactorFleet costsTotal
EmployeesRookie FractionHiringEmployee TurnoverEmployee
TurnoverNet Change in EmployeesAverage
workweekProductivity ('000 Rev Pass
Miles/Year/Employee)Reported Service QualityValue per
EmployeeAssetsDebtEquityRevenues ($ M/year)Fleet
costsServiceMarketingInterestTotal Operating
CostsDepreciationNet incomeNet Aircraft PurchasesNet Cash
Flow before financingPeoples FareAverage Competitor
FareScope of ServiceReported Service QualityPassenger growth
(%/year)Market Share (Fraction)MarketingAverage Competitor

FareCompetitors Service ScopeCompetitor qualityStock
PriceEarnings per ShareOutstanding SharesMarket Value of
Firm ($ Million)Cumulative Net Income ($ Million)Cumulative
Market ValueEmployees Per Plane (Don Burr Strategy)Average
Workweek of 40 hoursOperating ProfitReturn on AssetsProfit
MarginSales/AssetsCost of CapitalProfit Margin strategic
minimumLeverage RatioLeverage Ration strategic maximumTIE
(Times Interest Earned) RatioTIE Ratio strategic
minimumSales/Assets strategic minimumCash Flow from
OperationsCash Flow From InvestingCash Flow from
FinancingNet Cash FlowAssetsDebtEquityInterest
ExpenseInterest IncomePointsRoA - Cost of CapitalLeverage
RatioTIE RatioService ScopePriceViolations/Quarter (not
RoA)Year 0 Qtr
400300.570.540.090.1616555993.20.002132.31.532.330.835934
2.10.570.54306933590.5716.51650.29900.0643.162179145.529.
521.97.732.316.56.93.22.328.91.91.503.40.090.160.6100.0023.2
0.1610.71.880.147.507.555403.80.130.121.090.10.053.8341.652
1.003.4003.429.521.97.72.30Year 1 Qtr
100300.530.470.10.16186623091.70.0020.9933.2433.229.23693
24.60.530.47306933690.5316.51860.35309210.0554.6219840.99
45.529.521.48.133.216.56.91.72.327.31.9405.80.10.160.80.9900
.0021.70.1610.71.880.2547.507.555406.30.210.191.130.10.053.
6442.7421.005.9-0.1611.829.521.48.12.30200000Year 1 Qtr
2027.31410.430.290.1150.162436170132.30.0020.9445.314.745
.330.6394265.70.430.29419243940.4316.52430.417013570.0556
.8516210.94137.439.125.813.345.316.57.82.32.128.71.814.740-
23.40.1150.160.90.9427.310.0022.30.1610.76.380.854.3325.512
6.5554016.80.430.371.160.10.052.9448.0021.0016.5-
39.956.43339.125.813.32.10200000Year 1 Qtr
310038.97510.370.270.130.1593006090322.80.0020.8356.216.1
56.240432307.90.370.275111554320.37223000.419032580.1157
.314380.83149.848.529.818.656.22210.22.82.637.62.416.140-
21.40.130.1590.950.8338.970.0022.80.15910.78.410.894.5636.4
4.741554018.70.390.331.160.10.052.6147.1921.0018.5-
39.958.43748.529.818.62.60200000Year 1 Qtr

48033.36500.410.310.140.1593446990463.30.0020.7165.516.16
5.549.4468352.90.410.315011554680.4127.53440.449046440.13
56.5513590.71144.347.726.221.565.527.512.63.3346.4316.1019
.20.140.1590.980.7133.360.0023.30.15910.79.520.884.5643.38.
752554019.10.400.291.370.10.052.2246.3721.0019.10.11938.24
7.726.221.530200000Year 2 Qtr
1014.26610.350.260.140.15942070130543.40.0020.6367.916.96
7.9514853640.350.266113864850.3527.54200.4113054760.1354
.2611540.63116.257302767.927.514.53.42.648316.940-
20.10.140.1590.990.6314.260.0023.40.15910.78.790.894.76401
2.752.8554019.50.340.291.190.10.052.1147.5021.0019.9-
4059.939.85730272.60200000Year 2 Qtr
266.6720.33710.320.270.140.15947768120633.60.0030.6171.31
0.571.360.85094340.320.277116175090.32334770.312063570.1
351.4410690.61104.966.134.931.271.33317.63.6357.23.610.540
-
25.90.140.1590.990.6120.330.0033.60.15910.79.260.535.0144.1
1761554013.50.200.191.080.10.052.1244.5021.0014.1-
4054.128.266.134.931.230200000Year 2 Qtr
357.1417.61700.330.310.140.1594696765723.70.0030.6174.54.
674.569.9532498.90.330.317016175320.3338.54690.266572-
70.1550.4211330.6184.36533.231.874.538.5203.73.565.74.14.6
08.70.140.15910.6117.610.0033.70.15910.78.020.235.0140.219.
659.855408.10.120.111.150.10.052.0442.3121.008.708.717.465
33.231.83.50200000Year 2 Qtr
4021.28700.350.310.140.1594646665703.90.0030.6478.48.978.
469.5560496.50.350.317016175600.3538.54640.246570-
50.1550.5112060.64105.66430.833.278.438.519.73.93.365.54.1
8.90130.140.15910.6421.280.0033.90.15910.79.890.445.0149.5
20.770.3554012.20.190.161.230.10.051.9343.7021.0013013266
430.833.23.30200000Year 3 Qtr
1020.37700.360.310.140.1594666765644.10.0030.6882.413.282
.469.2589494.30.360.317016175890.3638.54660.23656410.1450
.8412640.68138.56327.635.582.438.519.54.13.165.2413.2017.2
0.140.15910.6820.370.0034.10.15910.712.840.665.0164.32387.
3554016.30.260.201.310.10.051.7745.2621.0017.2017.234.4632

7.635.53.10200000Year 3 Qtr
2020.46700.380.310.140.1594766865554.30.0030.7386.617.586
.669.1619493.50.380.317016176190.3838.54760.226555100.125
0.8413010.73182.46223.538.586.638.519.64.32.865.13.917.502
1.50.140.15910.7320.460.0034.30.15910.716.960.885.0184.926.
3111.2554020.30.330.231.400.10.051.6147.2521.0021.40.121.3
42.86223.538.52.80200000Year 3 Qtr
3020.52700.40.310.140.1594937065484.60.0030.7791.121.891.
169.3650494.70.40.317016176500.438.54930.196548170.150.32
13190.7723361.118.742.391.138.5204.62.465.43.921.8025.70.1
40.15910.7720.520.0034.60.15910.722.131.095.01110.930.7141
.5554024.20.400.271.490.10.051.44410.0821.0025.7025.751.46
1.118.742.32.40200000Year 3 Qtr
4016.94700.420.310.140.1594977150464.70.0030.894.925.394.
969.6678497.40.420.317016176780.4238.54970.17504640.0950.
2613650.8279.260.113.346.894.938.520.74.71.965.83.825.3029.
10.140.15910.816.940.0034.70.15910.727.481.265.01137.636.1
173.8554027.20.450.291.580.10.051.28414.3221.0029.1029.158
.260.113.346.81.90200000Year 4 Qtr
1017.22700.440.310.140.15849571454650.0030.829929.69969.4
707495.70.440.317016177070.4438.54950.164546-
10.0950.7814270.82349.159.2752.29938.520.951.365.63.829.60
33.40.140.15810.8217.220.00350.15810.734.611.485.01173.442
.4215.8554030.90.520.311.670.10.051.13423.7721.0033.4033.4
66.859.2752.21.30200000Year 4 Qtr
2017.05700.460.30.140.1584957145465.20.0030.84103.234.410
3.268.9737491.90.460.37016177370.4638.54950.074546-
10.0951.6514910.84398.258.2-
0.158.4103.238.520.85.20.765.23.734.4038.10.140.15810.8417.
050.0035.20.15810.739.381.715.01197.349.8247.1554035.10.60
0.341.770.10.051.00450.1421.0038.1038.176.258.4058.40.7020
0000Year 4 Qtr
3016.5700.470.30.140.158449640465.40.0030.84107.539.2107.
568.3768487.70.470.37016177680.4738.54490.03046-
460.153.2817110.84448.357.3-
8.265.5107.538.520.85.4064.63.639.2042.80.140.15810.8416.50

.0035.40.15810.744.251.965.01221.758.4280.1554039.20.680.3
61.880.10.050.874100.0021.0042.8042.885.665.5065.50020000
0Year 4 Qtr
4015.68700.490.290.140.158407580425.60.0040.82111.745.611
1.766.1798472.20.490.297016177980.4938.54070.15042-
420.155.6519610.82565.556.4-17.473.8111.738.518.85.6-
0.462.53.645.6049.20.140.15810.8215.680.0045.60.15810.750.6
52.285.01253.768.2321.95540460.820.411.980.10.050.764100.0
021.0049.2049.298.473.8073.800.4200000Year 5 Qtr
1014.59700.510.280.140.1584286160395.80.0040.78115.851.71
15.864827457.40.510.287016178270.5138.54280.336039210.09
56.9919320.7869955.6-27.783.3115.838.517.15.8-
0.960.53.551.7055.30.140.15810.7814.590.0045.80.15810.756.7
62.585.01284.379.6364554052.60.950.452.080.10.050.674100.0
021.0055.20.155.1110.483.3083.300.9200000Year 5 Qtr
2013.131030.370.20.140.158536541504260.0040.73119.655119.
664.58544610.370.210323108540.3738.55360.4150421080.0857
.1815930.73701.884.7-16.2100.9119.638.5186-
1.461.13.555120-
61.50.140.15810.7313.130.00460.15810.759.962.75.1300.492.5
392.9554056.40.670.471.410.10.050.844100.0021.0058.5-
120178.5117100.90100.901.4200000Year 5 Qtr
312040.31330.310.240.130.158683532005312.20.0040.69122.22
8122.294.2940724.80.310.2413330039400.31556830.362005314
70.0856.5413770.69304.5113.40113.3122.25522.512.2-
0.888.95.328120-
86.70.130.15810.6940.30.00412.20.15810.732.011.315.34163.3
106.3269.6554028.80.250.241.080.10.051.004100.0021.0033.3-
120153.366.6113.40113.300.8200000Year 5 Qtr
492.3142.491300.350.310.130.157782601757513.50.0040.66135
.214.4135.2120.81040929.10.350.31130300310400.3571.57820.
24175751000.156.4713290.66166111.6-
4115.6135.271.528.713.50113.77.114.4021.50.130.15710.6642.
490.00413.50.15710.721.210.675.34113.3113.3226.6554014.40.
130.111.210.10.050.974100.0021.0021.5021.543115.60115.600
200000Year 6 Qtr

1051.491300.390.320.130.15777960757815.30.0050.65152.626.
2152.6126.41174972.30.390.32130300311740.3971.57790.1975
78-30.156.6415060.65235.2109.9-10.2120.1152.671.532.915.3-
0.2119.4726.2033.20.130.15710.6551.490.00515.30.15710.734.
441.235.34184116.9300.9554026.40.240.171.390.10.050.92410
0.0021.0033.2033.266.4120.10120.100.2200000Year 6 Qtr
2036.51300.430.330.130.15777660757816.70.0050.65166.539.3
166.5127.21281978.70.430.33130300312810.4371.57760.17757
8-30.157.3916500.65329.4108.1-18.9127166.571.532.716.7-
0.5120.46.939.3046.20.130.15710.6536.50.00516.70.15710.748.
041.845.34256.6123.5380.1554039.80.370.241.540.10.050.8541
00.0021.0046.2046.292.4127012700.5200000Year 6 Qtr
3030.721300.460.330.130.15677460757817.90.0060.64179.351.
5179.3127.91379983.50.460.33130300313790.4671.57740.1775
78-30.158.4117830.64414.2106.4-29.8136.2179.371.532.617.9-
0.9121.16.851.5058.20.130.15610.6430.720.00617.90.15610.76
0.182.415.34321.5133.3454.8554052.40.490.291.690.10.050.78
4100.0021.0058.3-0.158.4116.6136.20136.200.9200000Year 6
Qtr
4027.41300.490.330.130.15677159757719.20.0060.63191.663.3
191.6128.31474987.10.490.33130300314740.4971.57710.22757
7-20.159.119110.63495.2104.8-42.9147.7191.671.532.519.2-
1.5121.76.763.3069.90.130.15610.6327.40.00619.20.15610.771.
72.965.34383.1146.2529.2554064.80.620.341.830.10.050.71410
0.0021.0070-0.170.1140147.70147.701.5200000Year 7 Qtr
1023.591300.520.330.130.155824631307720.30.0060.61202.974
.3202.9128.61561989.10.520.33130300315610.5271.58240.2313
077530.0959.318940.61568.6103.1-
58.1161.2202.971.532.420.3-
2.11226.574.3080.90.130.15510.6123.590.00620.30.15510.782.
083.485.34438.5162600.5554076.40.740.381.970.10.050.64410
0.0021.0080.80.180.7161.6161.20161.202.1200000Year 7 Qtr
2019.471300.550.340.130.155872671308221.30.0070.59212.881
.8212.8130.916371007.20.550.34130300316370.5571.58720.213
082480.0959.2418780.59575.5101.5-
74.6176.1212.871.534.621.3-

2.9124.56.481.8088.30.130.15510.5919.470.00721.30.15510.78
8.783.835.34474.3180.5654.9554084.70.830.402.100.10.050.58
4100.0021.0088.20.188.1176.4176.10176.102.9200000Year 7
Qtr
3012.931300.560.340.130.1548856810087220.0070.58219.7872
19.7132.716901020.70.560.34130300316900.5671.58850.19100
87130.159.1219100.58567.499.9-92.1192219.771.536.622-
3.7126.36.387093.30.130.15410.5812.930.007220.15410.792.58
4.075.34494.6201695.6554090.70.910.412.200.10.050.524100.0
021.0093.3093.3186.6192019203.7200000Year 7 Qtr
407.851300.570.340.130.154896691008822.40.0070.5822491.32
24132.717231020.70.570.34130300317230.5771.58960.1910088
120.159.0219230.58574.898.4-110.4208.822471.537.222.4-
4.6126.46.291.3097.50.130.15410.587.850.00722.40.15410.795.
164.275.34508.4222.7731.2554095.90.970.432.280.10.050.4741
00.0021.0097.5097.5195208.80208.804.6200000Year 8 Qtr
105.71300.580.340.130.153907701009022.70.0070.58227.294.7
227.2132.517471019.10.580.34130300317470.5871.59070.1810
090100.158.9319280.58578.196.8-
129.3226.1227.271.537.622.7-
5.5126.36.194.70100.80.130.15310.585.70.00722.70.15310.796.
964.435.34518245.6763.65540100.21.040.442.350.10.050.4341
00.0021.00100.80100.8201.6226.10226.105.5200000Year 8 Qtr
204.381300.590.340.130.1539167010091230.0070.58229.697.52
29.6132.117661016.40.590.34130300317660.5971.59160.18100
9190.158.8519290.58580.395.3-148.7244229.671.538.123-
6.5126.16.197.50103.60.130.15310.584.380.007230.15310.798.
454.565.34526269.2795.355401041.090.452.410.10.050.394100
.0021.00103.60103.6207.2244024406.5200000Year 8 Qtr
303.511300.590.340.130.152924711009223.20.0070.59231.7100
231.7131.717821012.70.590.34130300317820.5971.59240.1810
09280.158.7619280.59581.893.8-168.6262.4231.771.538.523.2-
7.4125.7610001060.130.15210.593.510.00723.20.15210.799.73
4.685.34532.8293.6826.55540107.41.140.462.470.10.050.36410
0.0021.001060106212262.40262.407.4200000Year 8 Qtr
402.921300.60.340.130.152932721009223.30.0070.59233.4102.

3233.4131.117951008.40.60.34130300317950.671.59320.18100
9280.158.6219260.59582.492.4-188.9281.2233.471.538.823.3-
8.4125.25.9102.30108.10.130.15210.592.920.00723.30.15210.7
100.754.795.34538.3318.6856.95540110.71.200.472.530.10.050
.334100.0021.00108.2-
0.1108.3216.4281.20281.208.4200000Year 9 Qtr
102.481300.60.330.130.152939721009323.50.0070.59234.8104.
3234.8130.418061003.40.60.33130300318060.671.59390.18100
9370.158.4919240.59583.890.9-209.5300.4234.871.539.123.5-
9.4124.75.8104.30110.10.130.15210.592.480.00723.50.15210.7
101.824.885.34544344.2888.25540113.71.250.482.580.10.050.3
04100.0021.00110.10110.1220.2300.40300.409.4200000Year 9
Qtr
202.111300.60.330.130.151945731009423.60.0070.6236106.323
6129.718169980.60.33130300318160.671.59450.181009460.158
.3819220.6585.989.5-230.532023671.539.423.6-
10.5124.15.7106.301120.130.15110.62.110.00723.60.15110.710
2.944.975.34550370.3920.25540116.81.310.492.640.10.050.284
100.0021.0011201122243200320010.5200000Year 9 Qtr
301.771300.610.330.130.151950731009423.70.0070.6237.1108.
1237.112918249920.610.33130300318240.6171.59500.1710094
60.158.2719190.6588.588.1-251.8339.9237.171.539.723.7-
11.5123.45.6108.10113.70.130.15110.61.770.00723.70.15110.7
104.065.065.34556396.8952.85540119.61.360.502.690.10.050.2
64100.0021.00113.70113.7227.4339.90339.9011.5200000Year 9
Qtr
401.471300.610.330.130.15955731009523.80.0070.6238109.823
8128.11830985.60.610.33130300318300.6171.59550.171009550
.158.1619160.6591.386.7-273.4360.223871.539.923.8-
12.6122.65.5109.80115.30.130.1510.61.470.00723.80.1510.710
5.185.145.34562423.9985.85540122.41.410.512.750.10.050.244
100.0021.00115.30115.3230.6360.20360.2012.6200000Year 10
Qtr
101.221300.610.330.130.15960741009623.90.0070.6238.7111.4
238.7127.21836978.80.610.33130300318360.6171.59600.17100
9640.158.0719130.6594.485.4-295.4380.7238.771.540.123.9-

13.7121.85.4111.40116.90.130.1510.61.220.00723.90.1510.710
6.295.215.34567.9451.31019.25540125.11.460.522.800.10.050.
224100.0021.00116.80.1116.7233.6380.70380.7013.7200000Ye
ar 10 Qtr
200.971300.610.320.130.15964741009623.90.0070.6239.311323
9.3126.31840971.60.610.32130300318400.6171.59640.1710096
40.157.9719100.6597.784.1-317.5401.6239.371.540.323.9-
14.81215.31130118.30.130.1510.60.970.00723.90.1510.7107.36
5.295.34573.6479.21052.85540127.81.520.532.850.10.050.2141
00.0021.00118.30118.3236.6401.60401.6014.8200000Year 10
Qtr
300.71300.610.320.130.1499677410096240.0060.61239.7114.42
39.7125.318449640.610.32130300318440.6171.59670.17100964
0.157.8619060.61600.882.7-340422.7239.771.540.524-
15.9120.15.3114.40119.60.130.14910.610.70.006240.14910.710
8.385.355.34579507.41086.55540130.31.580.542.900.10.050.20
4100.0021.00119.7-0.1119.8239.4422.70422.7015.9200000Year
10 Qtr
400.481300.610.320.130.1499717510097240.0060.61240115.72
40124.31846956.20.610.32130300318460.6171.59710.08100973
0.157.7719020.61603.981.4-362.6444.124071.540.624-
17119.15.2115.70120.80.130.14910.610.480.006240.14910.710
9.345.415.34584.25361120.25540132.71.630.552.950.10.050.18
4100.0021.00120.9-0.1121241.8444.10444.1017200000Market
Value584.2PointsRoA - Cost80+Violations0-
Total80BreakdownViolations #QuartersLeverage Ratio0TIE
Ratio0Service Scope0Price0
Charts
Growth Rates
Value per Employee
(Thousands $/Person)

Income Statement (Millions $)
Net Cash Flow Before Financing (Millions $)
Scope of Service Competitive Positions
Service Quality - Competitive Position
Price - Competitive Position
Market Value (Millions $)

Return on Capital compared to the Cost of Capital (%)
Return on Sales (%)
Capital Structure: Leverage Ratio
(Total Assets/Equity)
Aircraft Fleet (No of Aircraft)
Capital Structure: Safety in Repaying Debt (Earnings/Interest
Expense)
Sales/Assets

Efficiency in generating sales from assets
Marketing (Millions $)
Cash Flow (Millions $)
Revenues (Millions $)
Balance Sheet (MIllions $)
Load Factors (Seats Occupied/Total Seats)

Employees per Plane
Hiring Decisions (in People)
Service Quality
Average Hours Worked per Week

Team 3 People’s ExpressPeople Express Strategy Over.docx

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