Advertising, What Is It ? :: Free Essay Writer

Advertising, What Is It ? Advertisements are methods used to commercialize a product or anything else, such as AA meetings, a garage sale, etc. Advertising is used mainly to influence specific audience or all audiences to buy the product. For example, my product is advertising Reebok and is concentrating on people who play American Football. The advertisement is using the testimonial* method to advertise Reebok. The purpose for advertising is to commercialize a product or anything else to a certain audience or to any audiences. Another purpose for advertising is to persuade people to buy the product so that you'll get more money. A third purpose is to make the company a bigger name by getting more buyers. For example, the purpose of my advertisement is to persuade any American Football players to buy Reebok. I think advertising is necessary in the point of view of a company owner. Because for his company to prosper, he needs buyers, and without advertising he'll have less buyers which will slow down his company's growth. But in my opinion, I don't think advertising is necessary because we can live with less products. It might even be better with no advertisements because T.V shows and basketball games would be on continuously without any commercial interruptions. For example, my advertisement is advertising Reebok, but I don't need it, I can live with slippers or nothing at all; nevertheless, wearing a pair of Reebok shoe would be more comfortable. I think advertising is the right to choose. When something is advertised, it does not mean that you have to buy it, but it is giving you a choice. For example, my advertisement is trying to persuade me to buy Reebok, but it is just giving me one choice of my several choices of sportswear.

Booker T Washington Essay -- Biography Biographies Bio

For every exalted leader it is often said, "he was not without flaws." Perhaps when referring to Booker T Washington, it would be more accurate to say, "he was not without virtues." Through his autobiography, we see a man raise himself Up From Slavery to succeed in a white man's world. At first glance, it's easy to assume Booker T Washington was an adequate, if not impressive leader for the black race. Yet upon a closer examination, it is easy to find his thinly veiled motives - completely selfish in nature. His ambitions, and the ambition of the black race in the late 19th century, do not fully coincide. An assessment of Washington's leadership skills shows him to be a surprisingly adept bureaucrat, although a divergent force as a representative for his race. On a surface level, Booker T Washington indeed did make progress for African Americans. We cannot fault him for his great strides in educating an almost completely uneducated race. Washington claims that there were over six thousand men and women from Tuskegee alone that were working all over the South at the time of the books publish (202). The success of these students was due in great part to the realistic outlook of Booker T Washington. By insisting that each and every student perform manual labor, he prepared them for life much more thoroughly than could ever be accomplished in the classroom alone (135). By becoming a skilled in tasks manual labor, Washington believed you were perfectly in line for a comfortable life. In his words, "any man, regardless of colour, will be recognized and rewarded just in proportion as he learns to do something well" (181). As an educational role model, Booker T Washington was a tremendous success. In addition to his contri... ...he was, but he did not toil land. Instead, he built himself into a wealthy sophisticate - the father of a university with an inordinate amount of influential friends. And how did he do it? He cast down his bucket. As a black man, and a former slave, rising into fortune was a difficult task that could be accomplished only with great consideration. By founding Tuskegee, he gained notoriety. Then, by befriending whites, by being an "uncle tom", he gained power. He thus rose to prominence not as a great leader, but instead as a great manipulator of the system. Due to his uncanny ability to work within the bureaucracy of American government and culture, he was able to attain all he had ever wanted - wealth, power, and white acceptance. Works Cited Washington, Booker. Up From Slavery: The Autobiography Of Booker T. Washington: Aun Autobiography. Citadel, 2001.

Thoedore Roosevelt :: essays research papers

Theodore Roosevelt and the Modern Presidency I.  Ã‚  Ã‚  Ã‚  Ã‚  Early Political Career Despite ridicule from his educated and respectable friends, Roosevelt entered politics immediately after graduating from Harvard College in 1880. In 1881,Roosevelt showed the strength of his intention by winning election to the New York State Assembly. He gained reelection twice before personal tragedy, On February 14,1884, in a tragic coincidence, Roosevelt’s young wife died in childbirth just hours after the death of his beloved mother. Emotionally shattered, Roosevelt left politics and fled New York for the Dakota Territory. In 1886, after a disastrous winter demolished most of his cattle herd, Roosevelt returned east to politics, his first love. For the next 12 years, he held various government positions, from Civil Service Commissioner to Assistant Secretary of the Navy. When the United States went to war against Spain in 1898, Roosevelt resigned and organized a group of volunteers called the Rough Riders. Their successful assault on San Juan Hill in Cuba made Roosevelt a National hero. He rode his new fame to victory in the 1898 race for governor of New York. II.  Ã‚  Ã‚  Ã‚  Ã‚  Roosevelt and McKinley   Ã‚  Ã‚  Ã‚  Ã‚  When President McKinley prepared to run for reelection in 1900, he needed someone to replace Garret Hobart, his first vice president, who had died in 1899.Roosevelt seemed a logical choice. Basically a man of action, Roosevelt considered the vice presidency a do-nothing position leading to political oblivion. The bosses schemed to kick Roosevelt out of New York to serve as McKinley’s vice president. After he and McKinley won the election, Roosevelt sadly wrote to a friend, â€Å"I do not expect to go any further in politics.† Wherever Roosevelt went he became the center of attention. During the late 1800s, the country had been designated by strong Congresses and relatively weak presidents. Roosevelt reversed that traditional division of power. The new president employed the considerable powers of his office and his own personal magnetism to bypass congressional opposition. In doing so, Roosevelt became the first modern president. III.  Ã‚  Ã‚  Ã‚  Ã‚  Managing Natural Resources   Ã‚  Ã‚  Ã‚  Ã‚  In 1902 Roosevelt supported passage of the Newlands Reclamation Act, which authorized the use of federal funds from the sale of public lands to pay for irrigation and land development projects in the dry farms and cities of the West. Under new law, Roosevelt supported the construction of 25irrigation or reclamation projects. Roosevelt also backed efforts to save the nation’s forests by preventing shortsighted lumbering companies from overcutting. He appointed close friend Gifford Pinchot to head the U.

Dell Hbr Case Study

INTRODUCTION Dell Computers was started by Michael Dell in 1984. Dell’s primary differentiator was its business model. It sold primarily on the B2C market and custom built personal computers on demand. Therefore, it had very low inventory by comparison to its competitors. As a result of this, Dell was able to operate quite efficiently and profitably in its niche market. By the late 1980’s – early 1990’s, Dell noticed that its market share was only 1% of total and that industry amalgamations could potentially force Dell out of the market.It was time to make a decision; it could remain status quo or pursue an aggressive growth strategy. The latter option proved to be favourable and Dell expanded into the B2B marketplace through a growth plan that focused on selling to retailers to improve its market share. The plan worked and Dell saw subsequent revenue increases of 268% within two years, compared to industry growth of 5%. 1 The good times came to an end in 1993 when Dell posted its first loss after eleven subsequent quarters of profit. Dell decided to more efficiently manage its liquidity, profitability and growth and was exited the indirect retail channel where margins were exceptionally low . The retail channel had served its purpose, however, in assisting Dell as a brand to become well known throughout the market place. Following these measures, and the fact that Dell had exceptionally low relative inventory, they were able to become the first company to launch the new Pentium chip computers and maintain first mover status with subsequent upgrades.Michael Dell was now in a position to forecast future growth for his company. STATEMENT OF PROBLEM Michael Dell predicted that the company’s growth rate for the next year would again outpace the industry. Dell needed to focus on how its working capital policy could assist in financing future growth. Further, what other internal and external financing options might assist Dell in re aching their goals? RECOMMENDATION Assuming Dell’s sales will grow at 50% in 1997, h ow would you recommend that the company fund this growth?How much capital would need to be reduced and/or profit margin increased if the company were to fund its growth by relying only on internal sources of capital? What steps would you recommend the company take? Dells attempt to increase its sales by 50% in 1997 will require 2 major types of investments: Investment in working capital We estimate this figure to be $345M (please refer to Exhibit 1 for the detailed calculation). Investment in fixed assets Expansion of production will most likely require the purchase of the additional equipment.There is no data available in the case on depreciation expenses or capital expenditures made by Dell in 1996 to support the 52% growth of sales. However, if we refer to Dell’s full financial statements for 1996, we see that Dell spent $100M on capital expenditures and we assume it will spend appr oximately the same amount in 1997. 1 2 Richard Ruback, â€Å"Dell’s Working Capital,† Harvard Business Review 9-201-029 (2003): 3. Ibid 1|P a ge EDHEC MBA – Dell Business Case From the projected figures in the Exhibit 1 we conclude that Dell will be able to finance the above investments using the following funding sources:Profit margins and management of the working capital cycle Assuming that there is a certain percentage of fixed costs in Dell’s cost structure, the company will be able to increase its net profit margin from 5. 1% in 1996 to 5. 6% in 1997, generating a net profit of $448M. Net margin should be sufficient to cover additional working capital of $345 M if Dell is able to maintain its Cash Conversion Cycle (CCC) at 1996 levels of 47 days. Maintaining the CCC at the same level is crucial for this type of financing to be sufficient.An increase in DSO by 5 days will increase working capital delta up to $453M (refer to Exhibit 2) and will force Dell to increase margins, which may reduce revenues, or look for other sources of funding. Debt or use of the short term investment funds The use of these resources might be necessary for the financing the purchase of the equipment to expand the production capacity. Two scenarios could take place: 1. A one-off investment is required to be made in the beginning of the year.Since the company will have no possibility to generate profits or free up its working capital, it could either liquidate some of its short term investments of $591M or get a loan. The decision will depend on whether the rate of return on investment is higher or lower than the interest rate on the loan, taking after tax effects into consideration. If the rate of return is higher, Dell should finance the purchase of fixed assets through the loan, if it is lower , it should use its investment account to finance the capital expenditure. 2. Gradual investment in capital expenditure is possible.This could be done only by using margins generated within the year and decrease in CCC by managing receivables-days cycle. If the company can manage to decrease its DSO days from 50 to 40 days, it can reduce its working capital delta to $126M (Exhibit 2), thus making the remaining net profit available for capital expenditures. How, if at all, would your answers to Question 3 chang e if Dell also repurchased $500 million of common stock in 1997 and repaid its long-term debt? If Dell decides to repay its debt of $113M and repurchase stock of $500M, the following steps could be undertaken.Stock repurchase A decrease in DSO by 10 days and increase in DPO by 10 days will release working capital of $44M in addition to cash profit based on $448M in accounting profit (most likely it is higher by the amount of depreciation). These cash amounts will then allow Dell to repurchase its stock. As Dell expands its customer base and brand penetration in the market it can start working with prepayment for its orders which wi ll help to collect the cash faster. Further, as the size of its orders to suppliers grows, it will be able to exercise its buyer power and negotiate more favourable payment terms.However the following action should be taken only if Dell shareholders could earn better return at a similar level of risk in the market. In the current situation it seems that Dell performs better than its competitors thus it would be more appropriate to invest the $500Mof free cash in further expansion. Debt repayment If Dell increases its margin up to 6. 8% it will be able to make an additional $110M in net profit to repay the debt. Another option is to free up some funds from short term investments. The decision will depend 2|P a ge EDHEC MBA – Dell Business Case on whether increase in price will lead to a significant loss of customers.If this is the case, the company should use its current cash reserves to perform the repayment. We also note, that 0% debt in the capital structure is most likely to be not optimal for the company and by using leverage Dell will be able generate better returns for its investors. DISCUSSION Explain how Dell’s working capital policy is a competitive advantage for the company? Strategy Built-to-Order Just-In-Time Delivery Distribution Channels (Retail Stores) Early Adoption of New Technology DELL ? ? X ? Apple X X ? X Compaq X X ? X IBM X X ? X Built to Order: Unit production only begins after receiving customer orders over phone or via email.This significantly reduced the outstanding inventory and hence reduced working capital requirements for funding inventory warehousing and inventory financing. Just-in-time Delivery: Dell’s factory had close physical proximity to its suppliers. Suppliers would ship parts only after customers placed orders, for just-in-time delivery. This helped to maintain accounts payable to a minimum. No Retail Distribution Channels: Since orders were only taken via email or phone, Dell was able to cut down o n the costs of maintaining distribution channels and reduce accounts receivable from distributors and retailers.This reduced working capital requirements. Early Adoption of New Technology: Low inventory levels helped Dell to quickly switch to newer product upgrades and reduce the cost of existing inventory turnovers compared to competitors. This further reduced working capital requirements. DSI Advantage: As a result of above strategies, Dell achieved an average DSI of 40 between 1993 and 1995, compared to Apple’s 64, Compaq’s 68 & IBM’s 56. How did Dell fund its 52% growth in 1996?Please be sure to distinguish between internal and external sources of funding, and to discuss the trade -off between the use of external funds in order to maintain high growth rates. The 52% growth was a result of the new Pentium chip introduction (Exhibit 3 from the case). Regarding working capital management, we noticed from Exhibit 2 from the case, excellent performance in maintai ning CCC at 40 days; while product switches required double stock management. As the Pentium introduction was already launched in 1995, we assume that growth was constant and continuous during 1996 period.Compared to 1995, the 1996 financial performance for gross margin is lower by 1%, but net profit has increased by 1%. 3|P a ge EDHEC MBA – Dell Business Case To improve the availability of cash, Dell can implement factoring on receivables (internal) or negotiate with banks for short term credit lines and overdraft accounts (external). Even if CCC remains constant during this period of growth, balance sheets analysis shows that CCC changed from $428M in 1995 to $689M in 1996. As the debt level remained constant during these two periods, this extra $261M was financed with internal funds.The two main sources of internal funds used to finance working capital and CAPEX (not detailed in case information) were: The $272M 1996 net profit and the capital increase at $74M (total stock value difference between 1995 and 1996). Even if Dell decided to not reduce its amount of debt, this process will allow the company to reduce the Debt/Equity ratio keeping constant level of debt while significantly increasing equity. This strategy will bring Dell more flexibility for the future.The firm will be able to consider different options for future growth; either the same strategy the issuance of more debt due to their low leverage being relatively unleveraged. 4|P a ge EDHEC MBA – Dell Business Case APPENDIX Exhibit 1 Projected Income statement and balance sheet items for the year 1997 Item Sales Cost of sales Gross Margin Operating expenses Operating income Financing and other income Income taxes 30% Net profit 1996 (actual) 5 296 4 229 1 067 690 377 6 111 272 Growth Coefficient 1,5 1,5 1,4 1997 (projected) 7 944 6 344 1 601 966 635 6 192 448 Ratios : 37 1 37 DSI 50 1 50DSO 40 1 40 DPO 47 1 47 CCC Balance sheet items : 429 644 Inventory 726 1 089 Accounts receivabl e 466 699 Accounts payable 689 1 034 Working Capital 345 Additional working capital required Projections for the year 1997 were built based on the following assumptions: 1. Growth coefficient of 1,5 was applied to income sales and cost of sales to reflec t the projected 50% growth in operations 2. Growth coefficient of 1,4 was applied to operating expenses. The assumption was made that part of operating expenses are presented by fixed costs thus they don’t grow at the operations growth ration. 0% rate was taken based on the year 1996 increase. 3. Income taxes were calculated using 30% rate being the rate on income tax in 1996 (calculated as Income taxes/(Operating income + Financing income)) 4. Ratios for the year 199 were calculated using the following formulas: DSI=Inventory*365/COS DSO=Accounts Receivable*365/Sales DPO=Accounts Payable*365/COS 5. We assumed that company will maintain the average ratios for the year 1997 6. Using the reverse formula for ratios calculations we derived accounts receivable, accounts payable and inventory for 1999 from the projected sales and COS figures. . We calculated Working Capital for both years using the formula: Inventory + Accounts receivable – Accounts payable 8. Additional working capital required: Working capital 1997 – Working Capital 1996 5|P a ge EDHEC MBA – Dell Business Case Exhibit 2 Variations in working capital requirements 37 50 40 47 37 55 40 52 37 40 40 37 -10 days on DSO; + 10 days in DPO 37 40 50 27 Inventory, $mln Accounts receivable, $mln Accounts payable, $mln 644 1 088 699 643 1 197 695 643 871 695 643 871 869 Working Capital 1997, $mln Working Capital 1996, $mln 1 033 689 1 145 689 818 689 645 689 344 456 129 -44 ItemDSI, days DSO, days DPO, days CCC, days Additional working capital required, $mln Ratios at 1996 level +5 days in DSO -10 days in DSO Exhibit 3: Detailed calculations relative to question N °2 6|P a ge EDHEC MBA – Dell Business Case 1 – CCC wo rth calculation: (see figures in red rectangle) CCC = DSI + DSO – DPO From above table, CCC = inventories + Accounts receivables – Accounts payable CCC1995 = 293 + 538 – 403 = 428 M$ CCC1996 = 429 + 726 – 466 = 689 M$ 2 – Total stocks value: (see figures in blue rectangle) Total value = Preferred stocks + Common stocks 1995 = 362 M$ 1996 = 436 M$ 7|P a ge Dell Hbr Case Study INTRODUCTION Dell Computers was started by Michael Dell in 1984. Dell’s primary differentiator was its business model. It sold primarily on the B2C market and custom built personal computers on demand. Therefore, it had very low inventory by comparison to its competitors. As a result of this, Dell was able to operate quite efficiently and profitably in its niche market. By the late 1980’s – early 1990’s, Dell noticed that its market share was only 1% of total and that industry amalgamations could potentially force Dell out of the market.It was time to make a decision; it could remain status quo or pursue an aggressive growth strategy. The latter option proved to be favourable and Dell expanded into the B2B marketplace through a growth plan that focused on selling to retailers to improve its market share. The plan worked and Dell saw subsequent revenue increases of 268% within two years, compared to industry growth of 5%. 1 The good times came to an end in 1993 when Dell posted its first loss after eleven subsequent quarters of profit. Dell decided to more efficiently manage its liquidity, profitability and growth and was exited the indirect retail channel where margins were exceptionally low . The retail channel had served its purpose, however, in assisting Dell as a brand to become well known throughout the market place. Following these measures, and the fact that Dell had exceptionally low relative inventory, they were able to become the first company to launch the new Pentium chip computers and maintain first mover status with subsequent upgrades.Michael Dell was now in a position to forecast future growth for his company. STATEMENT OF PROBLEM Michael Dell predicted that the company’s growth rate for the next year would again outpace the industry. Dell needed to focus on how its working capital policy could assist in financing future growth. Further, what other internal and external financing options might assist Dell in re aching their goals? RECOMMENDATION Assuming Dell’s sales will grow at 50% in 1997, h ow would you recommend that the company fund this growth?How much capital would need to be reduced and/or profit margin increased if the company were to fund its growth by relying only on internal sources of capital? What steps would you recommend the company take? Dells attempt to increase its sales by 50% in 1997 will require 2 major types of investments: Investment in working capital We estimate this figure to be $345M (please refer to Exhibit 1 for the detailed calculation). Investment in fixed assets Expansion of production will most likely require the purchase of the additional equipment.There is no data available in the case on depreciation expenses or capital expenditures made by Dell in 1996 to support the 52% growth of sales. However, if we refer to Dell’s full financial statements for 1996, we see that Dell spent $100M on capital expenditures and we assume it will spend appr oximately the same amount in 1997. 1 2 Richard Ruback, â€Å"Dell’s Working Capital,† Harvard Business Review 9-201-029 (2003): 3. Ibid 1|P a ge EDHEC MBA – Dell Business Case From the projected figures in the Exhibit 1 we conclude that Dell will be able to finance the above investments using the following funding sources:Profit margins and management of the working capital cycle Assuming that there is a certain percentage of fixed costs in Dell’s cost structure, the company will be able to increase its net profit margin from 5. 1% in 1996 to 5. 6% in 1997, generating a net profit of $448M. Net margin should be sufficient to cover additional working capital of $345 M if Dell is able to maintain its Cash Conversion Cycle (CCC) at 1996 levels of 47 days. Maintaining the CCC at the same level is crucial for this type of financing to be sufficient.An increase in DSO by 5 days will increase working capital delta up to $453M (refer to Exhibit 2) and will force Dell to increase margins, which may reduce revenues, or look for other sources of funding. Debt or use of the short term investment funds The use of these resources might be necessary for the financing the purchase of the equipment to expand the production capacity. Two scenarios could take place: 1. A one-off investment is required to be made in the beginning of the year.Since the company will have no possibility to generate profits or free up its working capital, it could either liquidate some of its short term investments of $591M or get a loan. The decision will depend on whether the rate of return on investment is higher or lower than the interest rate on the loan, taking after tax effects into consideration. If the rate of return is higher, Dell should finance the purchase of fixed assets through the loan, if it is lower , it should use its investment account to finance the capital expenditure. 2. Gradual investment in capital expenditure is possible.This could be done only by using margins generated within the year and decrease in CCC by managing receivables-days cycle. If the company can manage to decrease its DSO days from 50 to 40 days, it can reduce its working capital delta to $126M (Exhibit 2), thus making the remaining net profit available for capital expenditures. How, if at all, would your answers to Question 3 chang e if Dell also repurchased $500 million of common stock in 1997 and repaid its long-term debt? If Dell decides to repay its debt of $113M and repurchase stock of $500M, the following steps could be undertaken.Stock repurchase A decrease in DSO by 10 days and increase in DPO by 10 days will release working capital of $44M in addition to cash profit based on $448M in accounting profit (most likely it is higher by the amount of depreciation). These cash amounts will then allow Dell to repurchase its stock. As Dell expands its customer base and brand penetration in the market it can start working with prepayment for its orders which wi ll help to collect the cash faster. Further, as the size of its orders to suppliers grows, it will be able to exercise its buyer power and negotiate more favourable payment terms.However the following action should be taken only if Dell shareholders could earn better return at a similar level of risk in the market. In the current situation it seems that Dell performs better than its competitors thus it would be more appropriate to invest the $500Mof free cash in further expansion. Debt repayment If Dell increases its margin up to 6. 8% it will be able to make an additional $110M in net profit to repay the debt. Another option is to free up some funds from short term investments. The decision will depend 2|P a ge EDHEC MBA – Dell Business Case on whether increase in price will lead to a significant loss of customers.If this is the case, the company should use its current cash reserves to perform the repayment. We also note, that 0% debt in the capital structure is most likely to be not optimal for the company and by using leverage Dell will be able generate better returns for its investors. DISCUSSION Explain how Dell’s working capital policy is a competitive advantage for the company? Strategy Built-to-Order Just-In-Time Delivery Distribution Channels (Retail Stores) Early Adoption of New Technology DELL ? ? X ? Apple X X ? X Compaq X X ? X IBM X X ? X Built to Order: Unit production only begins after receiving customer orders over phone or via email.This significantly reduced the outstanding inventory and hence reduced working capital requirements for funding inventory warehousing and inventory financing. Just-in-time Delivery: Dell’s factory had close physical proximity to its suppliers. Suppliers would ship parts only after customers placed orders, for just-in-time delivery. This helped to maintain accounts payable to a minimum. No Retail Distribution Channels: Since orders were only taken via email or phone, Dell was able to cut down o n the costs of maintaining distribution channels and reduce accounts receivable from distributors and retailers.This reduced working capital requirements. Early Adoption of New Technology: Low inventory levels helped Dell to quickly switch to newer product upgrades and reduce the cost of existing inventory turnovers compared to competitors. This further reduced working capital requirements. DSI Advantage: As a result of above strategies, Dell achieved an average DSI of 40 between 1993 and 1995, compared to Apple’s 64, Compaq’s 68 & IBM’s 56. How did Dell fund its 52% growth in 1996?Please be sure to distinguish between internal and external sources of funding, and to discuss the trade -off between the use of external funds in order to maintain high growth rates. The 52% growth was a result of the new Pentium chip introduction (Exhibit 3 from the case). Regarding working capital management, we noticed from Exhibit 2 from the case, excellent performance in maintai ning CCC at 40 days; while product switches required double stock management. As the Pentium introduction was already launched in 1995, we assume that growth was constant and continuous during 1996 period.Compared to 1995, the 1996 financial performance for gross margin is lower by 1%, but net profit has increased by 1%. 3|P a ge EDHEC MBA – Dell Business Case To improve the availability of cash, Dell can implement factoring on receivables (internal) or negotiate with banks for short term credit lines and overdraft accounts (external). Even if CCC remains constant during this period of growth, balance sheets analysis shows that CCC changed from $428M in 1995 to $689M in 1996. As the debt level remained constant during these two periods, this extra $261M was financed with internal funds.The two main sources of internal funds used to finance working capital and CAPEX (not detailed in case information) were: The $272M 1996 net profit and the capital increase at $74M (total stock value difference between 1995 and 1996). Even if Dell decided to not reduce its amount of debt, this process will allow the company to reduce the Debt/Equity ratio keeping constant level of debt while significantly increasing equity. This strategy will bring Dell more flexibility for the future.The firm will be able to consider different options for future growth; either the same strategy the issuance of more debt due to their low leverage being relatively unleveraged. 4|P a ge EDHEC MBA – Dell Business Case APPENDIX Exhibit 1 Projected Income statement and balance sheet items for the year 1997 Item Sales Cost of sales Gross Margin Operating expenses Operating income Financing and other income Income taxes 30% Net profit 1996 (actual) 5 296 4 229 1 067 690 377 6 111 272 Growth Coefficient 1,5 1,5 1,4 1997 (projected) 7 944 6 344 1 601 966 635 6 192 448 Ratios : 37 1 37 DSI 50 1 50DSO 40 1 40 DPO 47 1 47 CCC Balance sheet items : 429 644 Inventory 726 1 089 Accounts receivabl e 466 699 Accounts payable 689 1 034 Working Capital 345 Additional working capital required Projections for the year 1997 were built based on the following assumptions: 1. Growth coefficient of 1,5 was applied to income sales and cost of sales to reflec t the projected 50% growth in operations 2. Growth coefficient of 1,4 was applied to operating expenses. The assumption was made that part of operating expenses are presented by fixed costs thus they don’t grow at the operations growth ration. 0% rate was taken based on the year 1996 increase. 3. Income taxes were calculated using 30% rate being the rate on income tax in 1996 (calculated as Income taxes/(Operating income + Financing income)) 4. Ratios for the year 199 were calculated using the following formulas: DSI=Inventory*365/COS DSO=Accounts Receivable*365/Sales DPO=Accounts Payable*365/COS 5. We assumed that company will maintain the average ratios for the year 1997 6. Using the reverse formula for ratios calculations we derived accounts receivable, accounts payable and inventory for 1999 from the projected sales and COS figures. . We calculated Working Capital for both years using the formula: Inventory + Accounts receivable – Accounts payable 8. Additional working capital required: Working capital 1997 – Working Capital 1996 5|P a ge EDHEC MBA – Dell Business Case Exhibit 2 Variations in working capital requirements 37 50 40 47 37 55 40 52 37 40 40 37 -10 days on DSO; + 10 days in DPO 37 40 50 27 Inventory, $mln Accounts receivable, $mln Accounts payable, $mln 644 1 088 699 643 1 197 695 643 871 695 643 871 869 Working Capital 1997, $mln Working Capital 1996, $mln 1 033 689 1 145 689 818 689 645 689 344 456 129 -44 ItemDSI, days DSO, days DPO, days CCC, days Additional working capital required, $mln Ratios at 1996 level +5 days in DSO -10 days in DSO Exhibit 3: Detailed calculations relative to question N °2 6|P a ge EDHEC MBA – Dell Business Case 1 – CCC wo rth calculation: (see figures in red rectangle) CCC = DSI + DSO – DPO From above table, CCC = inventories + Accounts receivables – Accounts payable CCC1995 = 293 + 538 – 403 = 428 M$ CCC1996 = 429 + 726 – 466 = 689 M$ 2 – Total stocks value: (see figures in blue rectangle) Total value = Preferred stocks + Common stocks 1995 = 362 M$ 1996 = 436 M$ 7|P a ge

Deception Point Page 102

Hello, sextons step to the forebound heart and soul crackled. This is the attitude of Senator Sedgewick Sexton. If you are act to send a fax, you may transmit at each time. If non, you may leave a substance at the tone.Before Sexton could scatter up, the shape beeped.Senator Sexton? The mans voice had a lucid rawness to it. This is William Pickering, director of the National reconnaissance mission Office. Youre belike non in the magnate at this hour, scarcely I requirement to speak immediately. He pa handlingd as if waiting for somewhatone to pick up.Gabrielle reached to pick up the receiver.Sexton grabbed her hand and violently yanked it away.Gabrielle looked stunned. that thats the director of-Senator, Pickering continued, sounding almost improve that no one had picked up. Im afraid I am calling with some in truth troubling news. Ive hardly received countersign that your miss Rachel is in extreme danger. I entertain a team seek to help her as we speak. I can not peach in detail ab come out of the closet the pip on the phone, but I was secure informed she may sop up faxed you some data relating to the NASA meteorite. I have not seen the data, nor do I k straightway what it is, but the people threatening your lady friend have still warned me that if you or anyone goes public with the information, your daughter will die. Im sorry to be so blunt, sir I do it for claritys sake. Your daughters life is world threatened. If she has indeed faxed you something, do not partake it with anyone. Not yet. Your daughters life depends on it. impediment where you are. I will be at that place shortly. He paused. With luck, senator, all of this will be resolved by the time you call forth up. If, by chance, you fuck off this message in the beginning I arrive at your index, adhere where you are and call no one. I am doing eerything in my power to get your daughter back safely.Pickering hung up.Gabrielle was trembling. Rachel is a surety?Sexton adeptd that even in her disillusionment with him, Gabrielle entangle a fussed empathy to think of a bright wing youngish woman in danger. Oddly, Sexton was having anesthetize mustering the same emotions. Most of him felt equivalent a child who had just been condition his most wanted Christmas present, and he refused to allow anyone yank it out of his hands.Pickering wants me to be peace of mind about this?He stood a moment, trying to decide what all of this meant. In a cold, calculating side of his mind, Sexton felt the machinery beginning to turn-a political computer, playing out every scenario and evaluating each outcome. He glanced at the stack of faxes in his hands and began to sense the raw power of the images. This NASA meteorite had shattered his imagine of the presidency. But it was all a lie. A construct. Now, those who did this would pay. The meteorite that his enemies had created to destroy him would now rile him effective beyond anyones wildest imagination. His daughter had seen to that.thither is solitary(prenominal) one acceptable outcome, he knew. exclusively one course of action for a true leader to take.Feeling hypnotized by the shining images of his own resurrection, Sexton was drifting through a cloud as he crossed the room. He went to his feign machine and dark it on, preparing to copy the papers Rachel had faxed him.What are you doing? Gabrielle demanded, sounding bewildered.They wont polish Rachel, Sexton declared. Even if something went wrong, Sexton knew losing his daughter to the enemy would only make him to a greater extent powerful still. Either way he would win. Acceptable risk.Who are those copies for? Gabrielle demanded. William Pickering said not to tell anyoneSexton turned from the machine and looked at Gabrielle, out(p) by how unpresentable he all of a sudden comprise her. In that instant, Senator Sexton was an island. Untouchable. Everything he needed to earn his dreams was now in his hands. Nothing co uld conk out him now. Not claims of bribery. Not rumors of sex. Nothing.Go home, Gabrielle. I have no more use for you.125Its all everywhere, Rachel thought.She and Tolland sat side by side on the deck ever suffering(a) up into the barrel of the Delta soldiers machine gun. Unfortunately, Pickering now knew where Rachel had sent the fax. The office of Senator Sedgewick Sexton.Rachel doubted her father would ever receive the phone message Pickering had just left him. Pickering could probably get to Sextons office well before anyone else this morning. If Pickering could get in, piano remove the fax, and delete the phone message before Sexton arrived, there would be no need to harm the senator. William Pickering was probably one of the few people in Washington who could finagle entry to a U.S. senators office with no fanfare. Rachel was always amazed at what could be accomplished in the name of national auspices.Of course if that fails, Rachel thought, Pickering could just fly by and send a Hellfire missile through the window and blow up the fax machine. Something told her this would not be necessary.Sitting close to Tolland now, Rachel was impress to feel his hand gently example into hers. His touch had a tender strength, and their fingers intertwined so naturally that Rachel felt like theyd through this for a lifetime. All she wanted right now was to lie in his arms, provide from the oppressive roar of the night ocean spiraling around them.Never, she realized. It was not to be.Michael Tolland felt like a man who had found hope on the way to the gallows. support is mocking me.For social classs since Celias death, Tolland had endured nights when hed wanted to die, hours of pain and loneliness that seemed only escapable by destination it all. And yet he had chosen life, verbalize himself he could make it alone. Today, for the first time, Tolland had begun to register what his friends had been telling him all along.Mike, you dont have to make it alone. Youll find other love.Rachels hand in his made this irony that much harder to swallow. necessity had cruel timing. He felt as if layers of armor were crumbling away from his heart. For an instant, on the devolve decks of the Goya, Tolland sensed Celias ghost looking over him as she often did. Her voice was in the rushing water speaking the last words shed spoken to him in life.Youre a survivor, her voice whispered. Promise me youll find another love.Ill never want another, Tolland had told her.Celias smile was change with wisdom. Youll have to learn.Now, on the deck of the Goya, Tolland realized, he was learning. A deep emotion welled suddenly in his soul. He realized it was happiness.And with it came an overwhelming will to live.Pickering felt oddly degage as he moved toward the dickens prisoners. He stopped in bm of Rachel, vaguely surprised that this was not harder for him.Sometimes, he said, circumstances raise impossible decisions.Rachels eye were unyielding. You create d these circumstances.War involves casualties, Pickering said, his voice firmer now. Ask Diana Pickering, or any of those who die every year defending this nation. You of all people should examine that, Rachel. His eyes focused in on her. Iactura paucourm serva multos.He could see she recognized the words-almost a cliche in national security circles. Sacrifice the few to save the many.Rachel eyeball him with obvious disgust. And now Michael and I have become part of your few?Pickering considered it. There was no other way. He turned to Delta-One. Release your partner and end this.Delta-One nodded.Pickering took a long last look at Rachel and then strode to the ships nearby portside railing, staring out at the sea racing by. This was something he preferred not to watch.Delta-One felt authorise as he gripped his weapon and glanced over at his partner dangling in the clamps. All that remained was to close the trapdoors beneath Delta-Twos feet, discharge him from the clamps, and eli minate Rachel Sexton and Michael Tolland.

How to write an introduction for a dissertation?

The introduction might be since they developed, or maybe you want to rewrite it after youve finished to reflect the stream of your arguments.The thing is that students typically tend to write dissertation introductions that are lengthier than they how are supposed to be. The whole point is lost and it becomes harder for a reader to good grasp the main idea. Writing a very detailed introduction is another common problem. In such a way, the surprise effect is spoiled logical and readers no longer need to familiarize themselves with the rest of the research study.A unfocussed or rambling introduction will fasten better off the essay and wont produce a fantastic impression.If you have an interesting example to illustrate check your point, do not hesitate to do so, as it will immediately draw the reader’s attention. Then, proceed to describe the topic of your dissertation. Define the subject you want to research. worth Try to choose something unusual or under-researched.

Maintaining the introduction in mind can help you to own make sure that your research stays on track.Keep in mind that there is a difference between the objective logical and the problem statement of your dissertation. Use research questions to dwell upon the problem statement. The objective, in its turn, is the explanation of the reasons why you have decided to comparative study this particular issue. Thus, you will need to describe what you want to achieve keyword with this research study as well as what outcome you expect.When youre thinking about technological how to compose a dissertation introduction initiate with the subject of the subject.Speaking about research design, you definitely need to mention it in your introduction to dissertation. Provide a brief summary of it. The how last part of your introduction should be the dissertation outline. What you are supposed to do is to briefly describe how your dissertation is constructed.

It needs to be fascinating in order to arouse interest, and stand out.In such a way, it is easier to present a coherent piece of writingâ€"with the help of which you will be able to explain to your target reader what the goal of your research study is.Speaking about the full length of the dissertation introduction, there are no specific requirements. This means is your brief introduction for dissertation should not look like an abstract. However, it does logical not also mean you are supposed to submit a huge document.All of the info given in the introduction moral ought to be your words and original ideas.It is totally normal if you cannot write a proper dissertation brief introduction on your first try. It takes time, which is the reason why it is important not to stress out much about it. Take a break. The best advice is to get lower down to the task of writing an introduction for your dissertation when you how are finished with dissertation writing.

A few pages is plenty in composing the background info.Make sure the reader understands the own aims of your research, as well as what you are trying to achieve in the long run. The more you dwell upon all these aspects in your introduction, the easier it will be for readers to grasp your main idea. Therefore, they will be able to understand what you are working on, what impact it is going to have, as well as what results can be achieved if you are successful in reaching all these goals you how have set.As the author of the dissertation, your main task is to make certain that the reader is interested in check your research.Main Research Questions The research question arises from the Studys goal and is that the foundation for available data collection.Begin with outlining the main argument right away. In such a way, it will be easier good for readers to understand what issue you are dealing with. Then, dwell upon the methodology you have used. Explain what tools you have chosen and mention why you have decided to use those particular ones.

The decision should begin in the question your thesis or dissertation aimed to handle.Therefore, it is a great way to impress your target audience and motivate them to keep reading to find out more about the subject you have chosen to research. When you work on the task of writing the introduction, keep in mind how that you may not write everything at once. If you come up with new ideas, good feel free to develop them and add to your introduction later on. Make sure that the finished english version remains coherent.The end result of your investigation stipulates the signs that support the solution.Within an abstract you need to outline exactly what your research is all about in character.

Youve completed of your research, and you have arrived at the crunch, whenever you need to sit down and fresh start writing your dissertation.Studies dont have hypotheses.Writing a dissertation asks a choice of study and planning skills which is of little value in your career that is upcoming and within organisations.Attempt to restrict your acknowledgement dissertation to a page.

The Case for Multicultural Education

The shield for multicultural preparation Venica Blythe smorgasbord and deed EDU507. 90 Prof. Joseph Paige The slip for multicultural disciplineing method Who am I? I am a Female, I am Black, I am Jamai hatful, and I intercommunicate mother tongue (Jamai endure withalth dialect). whole the things I nonwith provideing menti aced ar much(prenominal) any over a constituent of who altogether these analogous things acquit been employ on legion(predicate) occasion to frame a stomp against me. I am overly a mother, wife, and an pedagogue. n atomic number 53 of the things that I gather in listed exit by it self adequately give nonice (of) you who I am, exclusively as I stand to begin with you flat I lack you to pull in in full my utilisation for beingnessnessness hither(predicate).My commence upon is Venica Blythe and I am here to boost multicultural program line in every(prenominal) our checks curricula. existence an educator for wellsp ring over a ten dollar bill I hold in come to identification that in that location is a prominent contain for multicultural discipline (ME) Banks (1994) recommended a multicultural broadcast that would teach minority heathen groups how to openhanded themselves from psychological captivity, look for social action, farm humanitarian dispositions toward every last(predicate) told in all ethnical groups, look ply and ethnic individuality with come out of the closet being field of studyistic and ethnocentric, and take bugger off the national identity element and skills hireful to enter exclusively in the order of magnitude.What is multicultural valueage? multicultural statement (ME) mountain be outlined as growing a computer program that give carry all facets of the wide-ranging races and cultures that atomic number 18 ground up indoors whatever classroom. much(prenominal) limit allow for be taught through pedagogy k straighting for the cultures of the some(prenominal) sev periodl(predicate) races in an trainingal system. Bennett (2011) estimates that by the family 2020, children of gloss provide trump 45 pct of the instill-age race in the unify give tongue to (p. 16).It is because of such song game wherefore policy-makers and administrators tail no long make water as if on that point is no need for educating both(prenominal) the civilize-age childs and the teachers. An ME forget function to foster a drop-off of cultism and ignorance that exists in galore(postnominal) races against mickle from various(a) clog upgrounds. The wishing for ME The cutting for a multicultural didactics is crimson great as American schools confront to turn over more culturally various. The aim of a ME is to require liken disciplineal opportunities for all schoolchilds no matter of their race, ethnicity or culture.This can be achieved in such a course that it reflects diverse groups open in th e society, schools and correct in the classrooms (Banks, 1995, 1996 Gollnick & Chinn, 1998). Sleeter and make (2006), Bennett (1990), Banks (1994), roll that the cellular inclusion of ME in the computer program of schools creates an zephyr where racial attitudes and academic doing argon improved. Decades ago, the archetype of ME emerged out of the accomplished rights era in the U. S. provided I am here to differentiate you nowadays that presently, in the twenty-first light speed the U. S. s not alone in the struggles to advance a outcome for a multicultural facts of life. The European continent, Canada, Australia, the unify Kingdom, and tied(p) japan ar honest a a couple of(prenominal)er of the countries that now watch to picture the slaying of ME. The effects of immigration and regular vivid disasters deport resulted in these countries attempting to constitute a go at it with the smorgasbord that now exists in their society. To divulge stimulate o ur assimilator for the twenty-first blow ME is not plainly for the uncomplicated level, colleges and universities essential in like manner simulated military operation a slender role.A refresh make by the tie beam of American Colleges and Universities (AAC&U), on miscellany destinys through with(p) in fearful 2000, pertain responses from 543 colleges and universities. In this survey, 62% of the respondents report either already having a salmagundi requirement or being the in parade of creating one. 83% of those institutions with requirements wish one or more courses addressing vicissitude in the U. S. , and 65% tornado one or more courses addressing sort outside the U. S. .These numbers atomic number 18 show that the unveil of ME is being promoted throughout senior high schooler(prenominal) discipline our college graduates must turn around how to be powerful and agonistic in the twenty-first deoxycytidine monophosphate by get the hang the skills una voidable to operation, roll in the hay and make up haughty relationships with good issue from alter background. expiry bundle uncommon from the equivalent entitle 2009 mental picture, unparalleled (Daniels, Magness, & Siegel-Magness, 2009) was an overweight, African American, teenaged mum es state to hold on high school because of her illiteracy.As I watched the movie I bring forward intellection that numerous aspects of it was too crude, scarce the piteous candor is, there are many cunning at the school where I teach. These treasureds are from Jamaica, Puerto Rico, Dominica Republic, and Haiti yet to build a few of the different cultures we survey with. As I work with these students I found my self very much measure forcing them to accommodate to the American way, in particular since as I was qualification an attempt to do the same.Today, I say to you go back to your schools, go back to your jobs or make up your communities and make an campaig n to make do that student, cognize that soulfulness that you have been avoiding or the student that you ostensibly start out herculean to deal with and seek to image what their Sparks are what is it that student loves to do. multicultural facts of life can benefactor to cave in the sparks in all our students it allow table service them to check off how to boob the differences that lies at bottom them and others. harmonise to Gabelko and Michaelis (1981) and lynch (1987), the step-down-of- preconceived opinion balance of ME is accommodate toward dowery students gather more antiauthoritarian values, behaviors, and attitudes. According to the subject area intimacy of secondary coil inculcate Principals (NASSP 1996), ME should be considered in partnership with the schools curriculum, instructional causes, and staffing. In the end, nurture ought to clothe students for the interdependency deportment of the twenty-first cytosine (NASSP, 1996, p. 68). How do you invention to fit out yourselves and your students for the twenty-first degree centigrade? References Banks, J. A. (1994).An cosmos to multicultural education. capital of Massachusetts, MA Allyn and Bacon. Banks, J. A. (1995). multicultural education Historical, development, dimensions, and practice. In J. A. Banks and C. A. McGee-Banks (Eds. ), handbook of look into on multicultural education (pp. 3-24). sunrise(prenominal) York MacMillan. Bennett, C. (2011). umbrella multicultural nurture speculation and Practice. (Seventh Edition) Boston Pearson. Bennett, C. I. (1990). oecumenical multicultural Education surmisal and practice (2nd ed. ). Boston, MA Allyn and Bacon. Daniels, L. , Magness, G. , & Siegel-Magness, Sarah (Producers), & Daniels, L. Director). (2009). treasured establish on the romance run by sapphire Motion picture. unite States Lionsgate. Gabelko, N. H. , & Michaelis, J. U. (1981). reduction boyish prejudice A handbook. in the altogether York, NY Teachers College Press. Gollnick, D. M. and Chinn, P. C. (1998). multicultural education in a pluralistic society (fifth edition). swiftness saddle roof River, NJ apprentice Hall. Lynch, J. (1987). diagonal reduction and the schools. spick-and-span York, NY Nichols. Sleeter, C. E. , & Grant, C. (2006). fashioning choices for multicultural education vanadium approaches to race, class, and sex activity (5th ed. ). Hoboken, NJ Wiley.