Financial Decision Making for Managers Assignment...

Unit 6.8 Financial Decision Making for Managers London Churchill College Programme: Unit Number and Title: Unit Level: Module Tutor: Email: Date Set: ATHE- Level 6- Diploma in Management 6.8 Financial Decision Making for Managers 6 Chisomje Ezeaku c.ezeaku@londonchurchillcollege.co.uk 23/09/2013 Learner’s name and statement of authenticity Learner’s Name: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Learner’s ID: Date handed-in: I certify that the work submitted for this assignment is my own. Where the work of others has been used to support my work then credit has been acknowledged. Signature: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Date: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Key dates Distribution date: Submission date: Return date: 23/09/2013 (TBC) 15th week of the term 4 weeks from†¦show more content†¦At the end of November, the business has agreed to pay  £135 000 back to the bank to reduce a bank loan. This was before they realised they would need a new delivery van and was based on higher sales predictions for the last three months, which have had to be revised due to national recession. 3 Unit 6.8 Financial Decision Making for Managers London Churchill College Task 3 a) Assess the given projects using accounting rate of return, payback period, Net present values and internal rate of return. (3.2) b) Make recommendations based on calculations and explain reasons for recommended choice. (3.3) Hanley Manufacturing Limited has two potential projects. They can only invest in one project. The following information is available on the projects. Cost (immediate outlay) Expected annual operating profit (loss): Year 1 Year 2 Year 3 Estimated residual value of machinery Project 1  £Ã¢â‚¬â„¢000 200 Project 2  £Ã¢â‚¬â„¢000 100 58 (2) 4 7 36 (4) 8 12 The business has an estimated cost of capital of 10% and uses the straight line method of depreciation for non-current assets. The business has sufficient funding to meet capital expenditure requirements for either project. Achievement of a pass grade A pass grade is achieved by meeting all the requirements defined in the assessment criteria for each individual unit. Plagiarism and Collusion Any act of plagiarism and collusion will be seriously dealt withShow MoreRelatedEssay on Case Study; Starbucks1470 Words   |  6 Pages2; Case Study - â€Å"Starbucks Structure† March 19, 2012 Week 2; Case Study - â€Å"Starbucks Structure† For this assignment we were required to review the case study titled â€Å"Starbucks’ Structure† found in Chapter 3 of our The five functions of effective management text. We are required to write a paper that answers the four case questions of 1. Complete a job description and job specification for a Starbucks employee. 2. What form of departmentalization should Starbucks use? 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Power, Authority and The State Essay - 1131 Words

Waking up on the typical Monday morning, I feel groggy and confused. What day is today? I think it over and realize it is the dreaded Monday. Wishing it was still Sunday, I slowly get up and, like a snail, complete my morning routine. On my way to Hunter, everything is the usual–waiting for the suddenly delayed train, rushing through the massive horde of people trying to transfer trains, and finally arriving at school along with hundreds of others. I notice that the train station has set up a table lined with police officers checking passengers’ â€Å"suspicious† bags. The person in front of me gets called over by the police and she complies, by allowing the police officer to look through her bag. I keep walking as this is nothing out of the†¦show more content†¦The first type of authority is legal, or rational authority. Weber writes, â€Å"It is concerned with how a political order is regarded as legal in the eyes of the population†¦and the legit imacy is maintained by reference to a legal code† (13). Individuals or groups with legal rational authority are functional superiors or bureaucratic officials. This type of authority rules through the law, the government, and established norms. The reason their authority is accepted is that people generally believe rules and regulations are necessary in order to maintain a functioning society. Examples of legal authority figures are members of Congress, the President, the Queen of England, and average police officers. These authority figures are able to maintain their dominance because it has been accepted as a norm and necessity to follow the law. The second type of authority is traditional authority. Weber states, â€Å"this type of authority is: resting on an established belief in the sanctity of immemorial traditions and legitimacy of those exercising authority under rule† (12). Those with traditional authority inherit their position from long established traditions and customs. Examples of traditional authority figures are the Pope, doctors, and teachers. This tradition of obedience has been passed on from generation to generation and it is seen as customary to obey those in charge of your faith, health, and education. We’ve been taught by society and by our parents toShow MoreRelatedPower, Authority And Power And The Views Of The State1388 Words   |  6 Pagesthe state that were very different. The essay will look to cover their theories as well as definitions, strengths and weaknesses on democracy, authority and power and the views of JS Mill and Plato, giving their thoughts, ideas and styles. 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Yet, the United States government’s aggressive efforts to control information, thwart accountability reporting, maintain national security secrets, and the persecution of government whistleblowers, is not new, nor is it unique to the Obama administration. The practice of attempting to expand and concentrate power in the executive branch of government is historically consistent with past administrations. In my opinion

Search for Truth in Edgar Lee Masters Free Essays

Oftentimes, the poems that are related â€Å"speak† to one another and give the reader efferent perspectives on the same issue. By doing this, the poetic elements of the related poems act to change and contribute to the themes of each other. â€Å"Benjamin Panties† and â€Å"Mrs. We will write a custom essay sample on Search for Truth in Edgar Lee Masters or any similar topic only for you Order Now . Benjamin Panties† are two poems In the anthology that, when read individually, seem to have separate themes, but when read together speak to each other in an â€Å"argument and response† manner. Through an explication of the two poems, it can be seen that Benjamin Panther and Mrs.. Benjamin Panther both feel betrayed, but their differing perspectives change the reader’s Initial Impression of sympathy for both characters to one of questioning for truth. The form of the two poems Is free verse In that there Is no strict rhyme or meter. This style Is very beneficial In getting the themes of the two poems across In a very effective way. Free verse works well In getting these themes across because the poet Is not as â€Å"trapped† In a specific form. This develops the themes of the two poems In a much more relatable manner since both poems deal with problems that most people can relate to such as friendship, betrayal, marriage, and loneliness. Adding to this discussion of Masters’ style of writing, Emilio Tolerated states that â€Å"halls lines stir up a very human otter, made up of conciseness, hardness, and classic rhythms; he Is clear-sighted, sometimes satirical, always brilliant and direct† (Talented 46). This Is a very Insightful critique, especially In his assertion that Masters’ delivery Is very human and direct because this allows the average reader to get Into the mind of the characters and genuinely relate to their themes. In â€Å"Benjamin Panther† the theme Is that companionship Is necessary to live a happy life, even If It Is with a dog, especially when you have a miserable relationship with your wife and there Is no one else to turn to. On the other hand, the theme of â€Å"Mrs.. Benjamin Panther† Is that you cannot always trust people based on what they say and how people perceive them, and It Is wrong to Judge because sometimes seemingly Irrational decisions have a listened explanation. Free verse â€Å"Benjamin Panties† helps to develop the sincerity to his relationship with his dog, Nigh, and shows how he has become indifferent to the world. The free verse acts almost like a letter to the reader trying to express the struggles he faced at the end of his life. This is not to imply that there are not some intentional stresses in the poems. For example, Benjamin Panties says â€Å"our story is lost in silence. Go by, mad world! † (â€Å"B. P. † 12). There is definitely a stress on this last phrase which is important to his argument because it makes his assertion much more resonant and memorable. â€Å"Mrs.. Benjamin Panties† is also written in free verse in what appears to be an outright reply to Benjamin poem. She is very candidly expressing the problems she has with her husband, problems that she notes many people do not see from the surface. This helps to bring up a connected theme among the two poems which is that marriage is more complicated than it seems on the surface and requires insight into the situation of the husband and wife to understand the true nature of a relationship. While the order of these two poems, in the anthology, may not seem that important, it can be very helpful in discerning how the themes speak to each other, and how they are shaped in the reader’s mind. It is no coincidence that â€Å"Benjamin Panties† is the first poem because it introduces this character as being someone completely without a human friend and who has given up on life. The line â€Å"our story is lost in silence. Go by, mad world! † (â€Å"B. P. † 12) is very important in showing that Benjamin did not feel that people understood his desperation and that his story is often lost. This leads directly into â€Å"Mrs.. Benjamin Panties† where she contradicts most everything her husband has asserted in the previous poem and says â€Å"all the men loved him/and most of the women pitied him! † (â€Å"M. B. P. † 3-4). Mrs.. Panties is very effectively calling Benjamin argument into question by saying that these concerns for him are false and unjustified. Initially, Benjamin poem seems very sad and the reader takes pity with him until reading the next poem. What Masters has done so well is in setting up the second poem while the previous one is still in the reader’s mind. This acts to alter Benjamin theme room one of solitude that is uncontrolled to one of solitude that is brought on by himself as a result of not appreciating his wife. The occurrence of a very similar idea found in both poems, but with different implications, prove to cause conflict among their individual themes. In both poems there is a brief mention of alcohol, but the context in which both are used are completely different. Benjamin Panties says â€Å"†¦ L was alone/with Nigh for partner, bed- fellow, comrade in drink† (â€Å"B. P. † 4-5), which implies that the only friend he had to drink with was his dog, and, once again, makes the reader feel sorry for him. On the other hand, Mrs.. Benjamin Panties points out that she â€Å"loathe(s) the smell of whiskey and onions† (â€Å"M. B. P. † 6), which shows that she saw the alcohol as one of the problems that pulled her and her husband apart. While this may not seem important to the connection of the two poems, it is very significant because it shows that Benjamin fall from glory into solitude could be of his own making. On the other hand, the issue of alcohol in Benjamin poem could alter Mrs.. Pannier’s theme because the argument could be made that Mrs.. Panties drove her husband to alcohol because of her failure o be a good wife and constant companion. So, in a very interesting way this mention of alcohol creates a sense of ambiguity in both poems and gets the reader to question to r an Mrs.. Pannier’s argument, while contributing to the reader’s interpretation of both of the themes. In these two poems, Masters uses devices of sound and poetic diction very effectively to set the tone and advance the arguments of the poems. In â€Å"Benjamin Panties† there is both alliteration and a hyperbole in the line â€Å"then she, who survives me, snared my soul with a snare which bled me to death† (â€Å"B. P. † 7-8). A line very similar to this is found in â€Å"Mrs.. Benjamin Panties† as she is Justifying her reasons for being a seemingly bad wife. This constant repetition of the hard â€Å"s† sound turns the alliteration into onomatopoeia that sounds almost like a snake hissing when the poem is read aloud. This sets the very somber tone of the poem which is reflected by Benjamin solitude and â€Å"loss of soul† which he blames on his wife. In addition to setting this tone, the fact that Benjamin uses these negative words in direct reference to his wife strengthens his argument in the eyes of the reader because they now associate this snakelike sound and deathly scene with the fife’s cold attitude towards her husband. An example of how poetic diction helps set tone can be seen in the word â€Å"dingy’ used in both poems to express the room Benjamin was forced to live in by his wife. The word implies a very unclean and nasty environment and is used near the end of both poems to leave the reader with a sense of the unclean nature of their relationship. It is significant that the same adjective is used to describe the room in both poems because it implies for Benjamin how bad his life has become, and for Mrs.. Panties how disgusted she was with him to force him to live in such a place. There is a very unique example of irony found in the two poems, which is brought out when they are directly compared. Both Mr.. And Mrs.. Panties make mention of the law in their poems, but in very different ways. Benjamin Panties mentions at the very beginning of his poem that he is an attorney at law. This shows that Mr.. Panties has a good education and a clear understanding of the law. Mrs.. Panties also directly mentions the law but in reference to their marriage by stating â€Å"the only man with whom the law and morality/permit you to have the marital relation/is the very man that fills you with disgust† (â€Å"M. B. P. † 13-15). What comes across as ironic in this cross- reference is that Mrs.. Panties names both law and morality as the reasons why she cannot escape the unhappy marriage. Since Mr.. Panties is a lawyer, he can be seen as a man who upholds the law and has to maintain a certain level of moral integrity in his profession. Mrs.. Pannier’s assertion against the law and morality could, in fact, be another way of associating blame to her husband for her being trapped in a bad marriage. Masters’ background had a lot to do with the types of poems and themes he dealt with in Spoon River Anthology. Literary critic Stephen Cushman says that Masters â€Å"was cursed with the need to search all his life for the love his mother failed to give him and doomed not to recognize genuine love, since he had been deprived of it in the most fundamental stages of his existence, and we can concur in his Judgment that such a fate would ultimately play itself out in a life involving many women and many wanderings until, his physical energies exhausted, he would end old and alone. (Cushman 162). This description of Masters helps a great deal in giving a deeper meaning as to why he wrote so many poems about unhappy marriages that ended in loneliness. Since he did not experience much love early in his life, these themes to loneliness and blame taunt in the Panniers could be a way tort him to express how he felt. It is very important to see that there are other sets of poems in Spo on River Anthology that speak to each other about unhappy marriages through differing perspectives. In the poems â€Å"Lie McGee† and â€Å"Fletcher McGee,† this husband and wife both tell of how one made the other’s life miserable. Lie claims that Fletcher took her youth and beauty in life, while Fletcher claims that Lie drained the life out of him during her life and continued to haunt him after her death. Another pair of poems that display this theme of an unhappy marriage and leave the reader to question who is telling the truth is â€Å"Rose Parallel† and â€Å"Mrs.. Parallel. † Rose wants out of his marriage and attempts to get out if by disappearing for a year, but Mrs.. Parakeet refuses to get a divorce. Both sets of poems are very similar to the Panniers in the sense that nobody in these marriages can escape their unhappiness in life, and all of them ultimately die very upset with their spouses. The unhappy marriage of the Panniers does not stand alone in the small town of Spoon River in vying the reader different perspectives on unsuccessful marriages. While Spoon River Anthology contains many pairs of poems that â€Å"speak† to each other, â€Å"Benjamin Panties† and â€Å"Mrs.. Benjamin Panties† are two that significantly change the meaning of each other’s themes. Standing alone, each poem invokes sympathy in the reader because Benjamin has no human friends and his wife feels trapped in a miserable marriage. Analyzing these two poems together brings out a connected theme among the poems that both Mr.. And Mrs.. Panties feel betrayed, but their differing perspectives change the reader’s initial impression and force them to either choose one character’s argument or find some middle ground in their quest for the truth. How to cite Search for Truth in Edgar Lee Masters, Papers

Application Of The Different Financial Tools Like Ratio Analysis

Question: Discuss About The Different Financial Tools Like Ratio Analysis? Answer: Introduction: Year of Establishment: On 9th April, 1914, Mr GJ COLES opened the first store in Collingwood Victoria. Till then the company is successfully serving the Australian households by delivering grocery items and readymade foods to them for a period of over 100 years(Invest SMART, 2017). Currently the company is operating as Coles supermarkets in Australia and is one of the largest companies of Australia (Coles.com.au, 2017). The online operation of the company stared in the year of 1999.Coles group is listed in ASX (Australian stock exchange) with code CGJ Major operations of the company: Main operation of the business is to meet the grocery needs of the Australian households through online stores [named as Coles online] and offline supermarket platforms and retail outlets. The business is also involved in the operations of offering lucrative loyalty programs [flybuy] to their existing buyers by making partnership with other retailers. Under this flybuy loyalty program, whenever a customer buys products or services from a retail partner of Coles, then points are automatically added to the economics of a customer which he has opened with Coles. These flybuy points offer lot of discounts and advantages during future shopping either with Coles or their partners. The company offers credit cards and digital wallet service to the customers to offer easy payment option to the customers(Financialservices.coles.com.au, 2017). Products of the company: Wide range of Grocery products Variety of Liquor products[Liquor products are available under the barands of Liquorland, Vintage Cellars, 1st Choice Liquor Superstore] (liquorland.com.au, 2017) Financial Insurance service with respect to home, car land Specialist tyre and car repair service provided under the Kmart Tyre Auto Service Mix apparel range Company Name: Woolworths Limited: Year of Establishment: The Company Woolworths Limited was established in September 1924, originally under the name "Wallworths Bazaar Ltd. The company became a highly attractive grocery chain to the Australian consumers after 1924, when the company took the initiative to open several retail grocery stores across Australia. The products sold by the company became very attractive to the consumers as the company offers quality product at the cheapest price with money back guarantee in case a bad quality product is sold to a consumer. Currently the business appears as a trusted partner to thousand of local farmers and manufacturers. The business serves over 29 million Australians via more than 3000 retail outlets. Current stock price of the company is around AUD $ 25.21 and the outstanding shares of the company in the market is around 1294 million. The company is listed in the ASX as WOW.AX(U.S., 2017). Major operations of the company: Under the Food group or food business the company in regulating the super markets and offers loyalty program to the existing customers of the company. Besides, the business also regulates the petrol outlets under the brand CALTEX WOOLWORTHS along with the partnership of Caltex Australia Petroleum Pty Ltd The business offers the financial services under the brand Woolworths Money for better management of individual finances. The company offers credit cards, reloadable master cards under this service The business is also involved in selling the widest range of liquor though retail outlets and also through home delivery options and also hold auction of the fine wines. The business is also involved in merchandise selling (Brand-Big-w) and hotel services under the ALH group. Products of the company: Woolworth Food group: Under this brand the company offers fresh food and grocery products to the Australian households through their super market outlets Financial Services: The company provides the financial services in the name of Woolworth money and the service help the customers to manage their money. Endeavour Drinks: Under this brand the company offers variety of drinks liquor outlets Portfolio Businesses: Under this brand the business offers a variety of general merchandise and hotel services to the Australian customers One of the best business achievements of Coles is that the Australian super market chain has achieved the first Green Star rating for a supermarket; with Coles Hallam in south east Melbourne. The Coles Hallam super market store was being awarded by a 4 Star Green Star rating by the Green Building Council of Australia (GBCA) (gbca.org.au, 2017). A key achievement of the company is that the total group sustainability measurement score of the company has reached to 86% by 2016. Identification Evaluation of the sources of finance: The financial sources of the company are the interest bearing debts, credit from the customers and the share holders equity. Credit risk of the company along with financial loans and advances are managed by the company through established policies and procedures. Woolworths Limited: In 2015 the maximum approved credit exposure of the country was around 51.7% and in 2016 it has become 54.4%.This indicates high degree of exposure of the company towards loans and credit which is for than 50%.Therefore the company is a highly levered company. Rest of the capital is expected to collect from the share holders Equity. The current stock price of the company is AUD $15.25 and the company is currently holding 1200 million shares in the market. Current market capitalization value of the company is around AUD $18305 million. The basic two sources of finance of the company are debt or loan and equity. The study of debt to equity ratio of the company reveals that the debt to equity ratio in 2017 is stable around 30.60.This indicates that the debt of the company is 30.60 times more than the equity of the company(Macroaxis.com, 2017). The value of the ratio delivers the insight that as the value of debt of the company is more than the value of asset, therefore the creditors are having more stakes in the company rather than the stock holders of the company. Loan or borrowing of the company was around AUD$ m 3079 in 2015 AUD$ m 3870 in 2016 The equity capital of the company was around AUD$ m 5065 and that of AUD$ m 5347 in 2015 2016 respectively. Financial Ratios of the company: Year 2014 2015 2016 Revenue(AUD $ million) 37391 38201 39242 EBIT(Earning before interest tax, or operating income) (AUD $ million) 1672 1783 1860 Ratios Net operating margin(NOM) 4% 5% 5% Return on capital employed(ROCE) 10.30% 11% 11.20% Net Operating Margin (NOM): The ratio measures the proportion of revenue earned is left after paying for the variable cost that is associated with production. This ratio describes the pricing strategy and efficiency of the company (Wesfarmers.com.au, 2017). As Coles pricing strategy is based on providing quality grocery products with minimum profit margin that is why the company has only managed to attain a growth of 1% with respect to NOM from 2014-2016. Return on capital employed (ROCE): Measures the return achieved by the company with respect to the total capital employed by the company in terms of both debt and equity. Coles can be described as a financially sound company as the ROCE of the company is more or less stable and demonstrating a steady rising trend over years. That is the company is the return generating capacity of the company over the total capital employed is increasing over years in a stable pace Year 2014 2015 2016 Revenue(AUD $ million) 60773 60679 60186 EBIT(Earning before interest tax, or operating income)(AUD $ million) 3775 3973 2564 Ratios Net operating margin(NOM) 6% 7% 4% Return on capital employed(ROCE) 27% 26% 22.20% The net operating margin of the company is declining over years. In 2015 though it increased by 1% over that of 2014(6%), but again in 2016 the ratio has become 4%.This indicates weak efficiency in managing the operating expense of the company(Wow2016ar.qreports.com.au, 2017). As a result of which the company is losing larger share of the revenue earned while managing the operating expenses over years(Woolworthsgroup.com.au, 2017). The declining ROCE over years indicates that the return generating efficiency of the company is declining over years. This indicates the management inefficiency of the company (Higgins, 2012). Analysis comparison of the companies From the above discussion it can be observed that the capital structure of both the companies is more or less same. Both the companies are heavily relying over the debt financing. In case of Woolworth limited the overall debt-to-equity ratio is 30.60.Therefore as the debt volume of the company is 30.60 times of the equity volume of the company, therefore the creditors of the company is at high risk. On the other hand the Coles limited rely more on credit purchase rather than direct exposure to the debt capital. Thus Coles limited may have to bear a lower volume of interest burden but the volume of credit payable of both the companies is quiet high. So Coles limited is also under huge amount of credit burden Another noticeable similarity is that, both the companies belong to the same industries of grocery retailing, liquor business and the financial services. But a stinking dissimilarity is observed in terms of the financial reporting format of the companies. The underlying reason behind this dissimilarity is that the Coles limited operate as a group company under the Wesfarmers group of companies. As a result the financial statements as well as key financial figures of the company are only available in a very brief format under the Wesfarmers groups financial report. Mostly the financial figures related to Coles limited are presented under the consolidated financial statements of Wesfarmers group. On the other hand the Woolworths Limited functions as an individual standalone company and sales products and services in different business segment. That is why the financial data and financial statements of this company is readily available in the annual financial reports of the companies. Summary of interesting findings and recommendation If we look at the financial performance of the companies then it can be observed that revenue earning per year of the Woolworth limited is much higher than that of Coles limited. Therefore Woolworth limited has a much better revenue earning capacity compared to Coles limited as the operational activities of Woolworth limited is much wider than the Coles limited. But the declining net operating margin ratio return-on capital employed ratio of Woolworth limited indicates the sheer operational inefficiency and weak pricing strategy of the company. But the same ratios for Coles limited indicates presence of operational excellence in the company Recommendations: Coles limited should expand their business to enhance the revenue earning capacity of the Company Woolworth limited should take measures to enhance the operational efficiency of the company. Because enhancement of operational efficiency will help the business to retain greater share of revenue earnings after making the possible expenses of the company Conclusion: This financial report describes the facts and figures that are to be collected and discussed for understanding the financial performance of a particular company. For instance in case of Woolworths Limited Coles limited data has been collected regarding the debt equity ratio, net operating margin and on return on capital employed to understand the financial performance of each of the two chosen companies and how the two chosen companies that are chosen from the same industry are performing with respect to each other(Armstrong et al.,2010). The study of the financial health of the companies reveals that Woolworths Limited has a stronger revenue earning capacity than Coles limited, but the operational efficiency of Coles limited is much higher with respect to Woolworths Limited. Reference: Armstrong, C.S., Guay, W.R. and Weber, J.P., 2010. The role of information and financial reporting in corporate governance and debt contracting.Journal of Accounting and Economics,50(2), pp.179-234. Armstrong, C.S., Guay, W.R. and Weber, J.P., 2010. 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