...Chapter 11 Dynamic Behavior and Stability of Closed-Loop Control Systems • In this chapter we consider the dynamic behavior of processes that are operated using feedback control. • This combination of the process, the feedback controller, and the instrumentation is referred to as a feedback control loop or a closed-loop system. Block Diagram Representation To illustrate the development of a block diagram, we return to a previous example, the stirred-tank blending process considered in earlier chapters. 1 Chapter 11 Figure 11.1 Composition control system for a stirred-tank blending process. 2 Chapter 11 Next, we develop a transfer function for each of the five elements in the feedback control loop. For the sake of simplicity, flow rate w1 is assumed to be constant, and the system is initially operating at the nominal steady rate. Process In section 4.3 the approximate dynamic model of a stirred-tank blending system was developed: K K ′ ( s ) = ⎛ 1 ⎞ X1 ( s ) + ⎛ 2 ⎞W2 ( s ) ′ X ⎜ ⎟ ⎜ ⎟ ′ ⎝ τs + 1 ⎠ ⎝ τs + 1 ⎠ (11-1) 1− x K2 = w (11-2) where Vρ τ= , w w1 K1 = , and w 3 Chapter 11 Figure 11.2 Block diagram of the process. 4 Chapter 11 Composition Sensor-Transmitter (Analyzer) We assume that the dynamic behavior of the composition sensortransmitter can be approximated by a first-order transfer function: ′ Xm (s) Km = (11-3) X ′ ( s ) τm s + 1 Controller Suppose that an electronic...
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...strategy. • Understand how firms can profit from expanding globally. • Understand how pressures for cost reductions and pressures for local responsiveness influence strategic choice. • Be familiar with different strategies for competing globally and their pros and cons. In this chapter the focus shifts from the environment to the firm itself and, in particular, to the actions managers can take to compete more effectively as an international business. This chapter looks at how firms can increase their profitability by expanding their operations in foreign markets, the different strategies that firms pursue when competing internationally, and the various factors that affect a firm’s choice of strategy. Subsequent chapters build on the framework established here to discuss a variety of topics including the design of organization structures and control systems for international businesses, strategies for entering foreign markets, the use and misuse of strategic alliances, strategies for exporting, and the various manufacturing, marketing, R&D, human resource, accounting, and financial strategies that international businesses pursue. OUTLINE OF CHAPTER 12: THE STRATEGY OF INTERNATIONAL BUSINESS Opening Case: MTV Networks Introduction Strategy and the Firm Value Creation Strategic Positioning Operations: The Firm as a Value Chain Global Expansion, Profitability and Growth Expanding the Market: Leveraging Products and Competencies...
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...The Wharton School of the University of Pennsylvania Management 223 - Business Policy & STRATEGY Spring Semester, 1999 Course Description and Syllabus Instructors: Phanish Puranam (PP) & Michael G. Jacobides (MGJ) Office: 2061(PP) /2055(MGJ) SH-DH (Management Dept. Suite) Tel: 898-1231 (PP) / 898-1224 (MGJ) Email: puranam@management.wharton.upenn.edu jacobides@management.wharton.upenn.edu Class Hours: Tuesdays and Thursdays 12:00 to 1:30pm Office Hours: By appointment (PP) Course Overview This course focuses on strategic management and strategic decision making and examines issues central to the long-term and short-term competitive position of the company or division / business unit. Students are placed in the role of key decision-makers or their advisors and asked to solve problems related to the development or maintenance of the competitive advantage of the firm. We start the course by looking at strategy at the level of the business unit, which is the fundamental level for competitive analysis. The perspective taken is of a manager in a given unit with particular assets, capabilities and competitive challenges. We look at industry analysis, examine the sources of competitive advantage, and explore generic strategies: How can we analyze the competitive environment, and what are the basic options for business-unit level strategy? What are the bases of competitive advantage? What is the nature of the value chain? Following...
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...Chapter 9: MANAGING FLOW VARIABILITY: Process Control and capability 9.1 Objective This chapter focuses primarily on product quality and process capability, although we try to position it more generally as dealing with variability in any product measure such as cost, availability and response time. We claim that they all vary from one flow unit to the next, and this variability leads to customer dissatisfaction. It is therefore necessary to measure this variability, track down its sources and eliminate them. In the process of measuring variability, we introduce some elementary tools of quality or process improvement such as Pareto charts. We then classify variability into “abnormal” and “normal” types. We introduce statistical process control over time as a device to identify and eliminate abnormal variability in the short run. Since our goal is to teach the fundamental framework of feedback control and control limit policy, our discussion of SPC is primarily conceptual, without getting into constructing charts from given data using ranges, constants, etc. However, these details can easily be covered by supplementing the chapter with a one page handout on estimating the mean and standard deviation from ranges. Once the process is internally stabilized by removing abnormal variability, we can discuss its capability in meeting external customer requirements, and how it can be improved. We conclude by discussing six sigma quality and some general principles of design...
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...Chapter 2 Deciding What’s Right: A Prescriptive Approach Contents: (Please note: the Instructor Guide for every chapter will follow this structure.) 1. Chapter Outline 2. Teaching Notes 3. In-Class Exercises 4. Homework Assignments 5. Additional Resources Chapter Outline I. Introduction II. Ethical Dilemmas A. The Layoff III. Prescriptive Approaches to Ethical Decision Making in Business A. Focus on Consequences (Consequentialist Theories) B. Focus on Duties, Obligations, and Principles (Deontological Theories) C. Focus on Integrity (Virtue Ethics) IV. Eight Steps to Sound Ethical Decision Making in Business A. Step One: Gather the Facts B. Step Two: Define the Ethical Issues C. Step Three: Identify the Affected Parties (the Stakeholders) D. Step Four: Identify the Consequences E. Step Five: Identify the Obligations F. Step Six: Consider Your Character and Integrity G. Step Seven: Think Creatively about Potential Actions H. Step Eight: Check Your Gut V. Practical Preventive Medicine A. Doing Your Homework B. When You’re Asked to Make a Snap Decision VI. Conclusion VII. Discussion Questions VIII. Exercise: Clarifying Your Values IX. Case: Pinto Fires Teaching Notes – Discussion Questions 1. If you had to choose just one of the philosophical approaches discussed in this chapter to guide...
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...PROCEDURE FOR DETERMINING A GM LIMIT CURVE BASED ON AN ALTERNATIVE MODEL TEST AND NUMERICAL SIMULATIONS Adam Larsson, Det Norske Veritas Adam.Larsson@dnv.com Gustavo Ribbe, Det Norske Veritas Gustavo.Ribbe@dnv.com Anna-Lea Routi, STX Finland Cruise Oy Anna-Lea.Routi@stxeurope.com ABSTRACT This paper presents an alternative approach of the Weather Criterion (IMO Res. A.749(18) Chapter 3.2) and the Alternative Assessment of the Weather Criterion (MSC.1/Circ.1200 & MSC.1/Circ.1227). A short study of first principle model tests performed in irregular waves for a very large passenger cruise ship design is carried out. Following this study, a calculation procedure for determining a Weather Criterion GM limit curve is based on the results from the model tests in combination with numerical simulations. The applicability of the Weather Criterion is discussed for the cruise ship design based on the new model tests and the results from the numerical simulations, confirming that the criterion is not the limiting requirement for the examined ship design. Proposals for instructions are presented in order to improve accuracy of model test results and facilitate the possibility to derive limiting GM values based on model tests. Keywords: weather criterion, metacentric height, limit curve, roll, damping, irregular wave, sea state 1. INTRODUCTION The IMO Weather Criterion, resolution A.749(18) Chapter 3.2 (today superseded by resolution MSC.267(85) Part A Chapter 2.3), describes the ability...
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...Product 1 5 Product 2 6 Analysis of the firm’s demand and supply 7 Consumer’s income identification and effect on product’s demand 7 Change in demand with respect to a competing product 7 Change in demand with respect to change in demographics 8 Change in supply with respect to change in technology 8 Effect on product with respect to change in number of competitors 9 The following are the main competitors of the company: 9 Effect on supply curve with change in cost of production 10 Change in supply and demand by other non-price determinants: 10 Analysis of the price elasticity of demand 11 Availability of close Substitutes 11 Passage of Time 11 Luxuries versus Necessities 11 Definition of the Market 11 References 13 Table of figures Figure 1 Founder, Adam Ashgar Ali 2 Figure 2 Musk Al Arab 15 Ml Oil Perfume Price Changes 5 Figure 3 Musk Al Arab Oil Perfume 5 Figure 4 Bakhoor Al Nabeel 40 Gm Price Changes 6 Figure 5 Bakhoor Al Nabeel 6 Figure 6 Changes With Consumer’s Income 7 Figure 7 Changes With Competing Product 7 Figure 8 Changes With Demographics 8 Figure 9 Changes With Technology 8 Figure 10 Changes With Competitors 9 Figure 11 Changes In Cost Of Production 10 Figure 12 Changes By Non-Price Determinants 10 Figure 13 Ped Of Bakhoor Al Nabeel, Elastic 12 Table of tables Table 1 Musk Al Arab Oil Perfume Price Change Past Two Years 5 Table 2 Bakhoor Al Nabeel Price Changes Past Two Years 6 Introduction Figure 1 Founder...
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...THE INDONESIA CORPORATE GOVERNANCE MANUAL First Edition IFC Advisory Services in Indonesia In Partnership with: THE INDONESIA CORPORATE GOVERNANCE MANUAL First Edition Jakarta, January 2014 i Disclaimer IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital and providing advisory services. The Indonesia Corporate Governance Manual (CG Manual) was commissioned by IFC as part of the Indonesia Corporate Governance Program that IFC is implementing in Indonesia since 2012. This manual is distributed with the understanding that neither the authors, nor the organizations, countries they represent, nor the publisher are engaged in rendering legal or financial advice. The material in this Manual is set out in good faith for general guidance, and no liability can be accepted for any possible loss or expense in incurred as a result of relying on the information contained herein. This publication is not intended to be exhaustive. It should not be relied upon as a basis for formulating business decisions. On all financial issues and questions, an accountant, auditor, or other financial specialist should be consulted. A lawyer should be consulted on all legal issues and questions. As the laws in the Republic of Indonesia are constantly changing, legal rules referred...
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...Strategic and Financial Analysis ADVANCED CORPORATE FINANCE April 22, 2012 Authored by: Ana Romero, Roshan Picardo, Carlos Castro, Shikhar Agarwal 0 General Motors Co Strategic and Financial Analysis Executive Summary This report provides an evaluation of strategic and financial evolution of General Motors Company (GM) in the last ten years. Events like the global economic recession lead to a deep restructuring of the firm, filling for bankruptcy and a government bailout. The report provides an analysis of GM’s business model, products, the markets it is competing in, the global automotive and manufacturing industry and it also assess its attractiveness for incumbents and new entrants is also With a brief history of GM we evaluate its reaction to the global recession. We compare their business model before, during and after the recession, comprising the strategic and financial implications of their restructuring plan. We provide results from this restructuring, including improvements in GM’s financial ratios like ROA (from 0.05 in 2010 to 0.07 in 2011) and ROE (from 0.23 in 2010 to 0.25 in 2011). While the recession significantly affected GM, it also affected the rest of the automobile industry, including their American competitor Ford Motors. We compare the main differences between these two important companies and analyze the way they reacted to the recession. We also observe the approach that Ford has taken to recovery, in terms of governance, recession reactions...
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...Our class discussion will cover the issues raised by the questions, i.e.: (i) What capital structure makes sense? (ii) What would be the best way to disburse cash? (iii) Describe the advantages and disadvantages of each alternative considered by management? In addition to reading and analyzing the Intel case, you should come to class with a one to two page memorandum that summarizes your analysis. You may team up with one or two classmates and hand in one memorandum for the group. (I.e., I will accept a memorandum with up to, but not more than, three names on it.) Stern School of Business New York University Cases in Corporate Finance Marciano Tony Course Syllabus TENTATIVE I. Course Materials A. Packet I (Required): 1. Syllabus 2. Assignments 3. Cases 4. Readings B. Text (Very Highly Recommended but probably have it already): Brealey Myers Allen, Principles of Corporate Finance, McGraw Hill. (BM) You may already have this text. C. There will be some miscellaneous handouts during the course. AND THERE ARE FILES ON BLACKBOARD WHICH CONTAIN SPREADSHEETS FOR THE CASES WE WILL ANALYZE IN THE COURSE. EACH SPREADSHEET CONTAINS ONE OR MORE OF THE EXHIBITS IN THE CASE. THIS WILL MAKE IT EASIER FOR YOU TO SPEND TIME ON THE ANALYSIS, RATHER THAN PUNCHING IN NUMBERS. II. Course Objectives This course will use the case method to study the practical aspects of important topics in corporate finance. We will apply some of the concepts and techniques learned...
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...Professor Michel A. Robe Practice Set #1 and Solutions. What to do with this practice set? To help MBA students prepare for the assignment and the exams, practice sets with solutions will be handed out. These sets contain select worked-out end-of-chapter problems from BKM4 through BKM6. These sets will not be graded, but students are strongly encouraged to try hard to solve them and to use office hours to discuss any problems they may have doing so. One of the best self-tests for a student of his or her command of the material before a case or the exam is whether he or she can handle the questions of the relevant practice sets. The questions on the exam will cover the reading material, and will be very similar to those in the practice sets. Question 1. Suppose you discover a treasure chest of $10 billion in cash. (a) Is this a real or financial asset? (b) Is society any richer for the discovery? (c) Are you wealthier? (d) Can you reconcile your answers to (b) and (c)? Is anyone worse off as a result of the discovery? Question 2. Consider Fig. 1.5 in BKM6. (a) Are these American gold certificates primitive or derivative securities? (b) Is the issue being described a primary or secondary market transaction? Question 3. Suppose that you are an executive of General Motors (GM), and that a large share of your potential income is derived from year-end bonuses that depend on GM’s annual profits. (c) Would the purchase of GM stock be an effective hedging strategy...
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...Strategic Report for Ford Motor Company Rhett Dornbach-Bender Bill Slade Joe Thorpe April 20, 2009 Ford Motor Company (NYSE: F) Table of Contents Executive Summary .......................................................................................................................... 3 Company Overview........................................................................................................................... 4 History ............................................................................................................................................... 4 Business Model and Market Overview......................................................................................... 5 Competitive Analysis ........................................................................................................................ 7 Internal Rivalry................................................................................................................................. 7 Supplier Power ................................................................................................................................. 9 Buyer Power ..................................................................................................................................... 9 Entry and Exit................................................................................................................................ 10 Substitutes ....................................
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...Professor Michel A. Robe Practice Set #1 and Solutions. What to do with this practice set? To help MBA students prepare for the assignment and the exams, practice sets with solutions will be handed out. These sets contain select worked-out end-of-chapter problems from BKM4 through BKM6. These sets will not be graded, but students are strongly encouraged to try hard to solve them and to use office hours to discuss any problems they may have doing so. One of the best self-tests for a student of his or her command of the material before a case or the exam is whether he or she can handle the questions of the relevant practice sets. The questions on the exam will cover the reading material, and will be very similar to those in the practice sets. Question 1. Suppose you discover a treasure chest of $10 billion in cash. (a) Is this a real or financial asset? (b) Is society any richer for the discovery? (c) Are you wealthier? (d) Can you reconcile your answers to (b) and (c)? Is anyone worse off as a result of the discovery? Question 2. Consider Fig. 1.5 in BKM6. (a) Are these American gold certificates primitive or derivative securities? (b) Is the issue being described a primary or secondary market transaction? Question 3. Suppose that you are an executive of General Motors (GM), and that a large share of your potential income is derived from year-end bonuses that depend on GM’s annual profits. (c) Would the purchase of GM stock be an effective hedging strategy...
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...techniques emerged centuries ago, are still used, but they no longer relevant in today’s highly competitive environment. CHAPTER 5 - CONTROLLING THE MULTI DIVISIONAL ORGANIZATION 64. What are the two major obstacles to the success of the integrated firm? 1. Complexity - or the bureaucratic paralysis caused by complexity. 2. Management indifference to the owner's goals (p.94). This potential problem resulted when managers replaced owners in performing the managerial functions. 65. How did the integrated firms cope with these problems? Multi divisional firms might have developed better accounting systems, (e.g., using Church's ideas) but instead they coped with these obstacles using decentralization (p.94-96). In decentralized firms, top management plans strategy, while subordinate managers coordinate and control operating activities (p.97). 66. What was the New Use Developed For ROI? J&K indicate that ROI was used to delegate responsibility and allocate funds, i.e., capital (p.98). (Note: Technically, responsibility can be assigned, but not delegated. The authority to act on one's behalf can be delegated as when someone is hired to do a tax return, but the taxpayer is still responsible.) 67. Success of multi divisional firms depends on the management accounting system to perform three task better than the capital markets. What are they? 1. Provide strong profit incentives for managers. 2. Internal audits that link performance to causes. 3. Develop monitoring...
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...Chapter 1 -- The Role of Communication in Contemporary Organizations Teaching Notes There are two major ideas in this chapter that should be emphasized in class lectures: 1. Over the past one hundred years, the importance of managerial communication has increased as the role of the manager has evolved. Contemporary managers are successful only if they have communication competencies. This concept can be explained by reviewing the history of the managerial role in the twentieth century, and identifying the communication behaviors that managers used in each era. Ask students to describe the communication patterns they have observed among their current managers and supervisors. Compare and contrast these with earlier patterns. 2. Several important factors affect managerial communication contingencies. First, different types of diversity must be considered: gender, culture, age, and education. Second, the drive for improved product and service quality is relevant. Ethics is a third contemporary dynamic that must be considered. Trends imply that communication will become more frequent, intense, and intercultural as it grows in importance. Questions for Class Discussion 1. Discuss the statement, “Most attempts to improve management communication are really attempts to improve manipulation of employees.” Since the goals of improving management communication and employee manipulation both result in an improvement in the efficiency and...
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