...identify risk, loss prevention, loss control, contract review, gov't compliance w/ safety issues, risk finance, claims management and litigation support, employee benefits 5 steps of Risk management process mission identification (goal), risk identification, risk analysis, consider alternatives, implement and monitor hazard increases likelihood of losses/bad event. Applies to pure risks. risk factor effects the likelihood/severity of a gain or loss peril actual cause of loss exposure item that's subject to loss. difficulties w/ risk identification (world is changing) new laws, new discoveries, and changing societal attitudes property exposures buildings, vehicles, $. They have a direct and indirect result liability exposure someone else has experienced a loss and now they're suing the person who's fault it was Human Resource Exposures costs relating to employees Bailed property Non-owned: repair shop. Give them your computer. Leased Property Non-owned: things you rent Property on Consignment Non-owned: property someone owns and another person is trying to sell it for them Employee's property Non-owned: employees bring their own things of value to work, to use property under lien Non-owned: You owe someone money so if you don't pay in time, they will get something of yours so that they can sell it for the money you owe them. agency relationship non-owned: condo's for example. Run like a gov't, have a board to set rules and buy...
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...increasingly centralized, foreign-owned + controlled (11) * Canadian rubber industry expanded significantly prior to second world war (12) * Prewar period (WWII) + consumption of cars made rubber industry a necessity (12) * Dunlop invented air + rubber tire (1849) – very successful (13) * Rubber still imported from overseas – created very high expenses (13) * Massive scientific advancements worldwide during WWII (14-20) * Huge attempts at creating a domestic supply of rubber (15) * Had many minor successes – nothing that levelled up to natural rubber (20) * Canada still 100% dependent on foreign forms of rubber, natural and synthetic (22) Chapter 2 – Birth of the Industry * Dec 1941 – Japan invaded + gained control of a lot of Allied rubber...
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...STUDY NOTES FOR GFOA BUDGETING EXAM A. SOURCE: LOCAL GOVERNMENT FINANCE – CONCEPTS & PRACTICES Chapter 4 – Operating Budgets: A budget can be a process, a document, an accounting ledger, a plan, or a system. Local gov’t budgeting process unique – product of geographical, historical, economic, political and social factors peculiar to that jurisdiction. Budgeting is a unified series of steps to line and implement four functions: ❑ policy development – as policy instrument, CEO and legislative body need to articulate the goals, objectives and strategies that underline the budget – the flip side of proposing policy changes is accountability ❑ financial planning – includes gov’t financial condition; current/past-year trend financial act. by dept or prog; formal revenue est; look to the future to anticipate events/conditions; ensure debt service remains under control (while debt service receives first draw on municipal exp, financial plan set a rational debt service level for multi-year period ❑ service/operations planning – blueprint that governs the amount of service provided ❑ communications – way for decision makers to communicate changes in priorities, rationale for decisions and changes to vision in the future The final step in securing a framework w/in w/c the needs of policy setting, financial planning, service planning and communications can work is the development of quantitative performance measures. Environment/actors dictate the extent...
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...Improvising relations with other countries Selling surplus of natural resources: Canada has absolute advantage in lumber Job opportunities: Canada jobs rely on exports and when trading jobs are needed Disadvantages: Exploitation of natural resources Spread of viruses Ruining local businesses Decreases domestic production Canada’s competitive advatanges: People advantage: Hard working and intelligent workers, OECD higher education award Transportation Advantage: Boasts a sophisticated transportation network Importing & Exporting Indirect vs. Direct: Direct: a company exporting its own product / pros are control over negotiation and costs are shipping Indirect: Hiring another company to export goods into a country where there are export commission agents and export merchants Pros are volume and simplicity cons are company has less control over export process Trade balances Surplus: when exports are greater than imports Increasing Exports: 1. Businesses may receive subsidies to start up company 2. Give money as grants that do not have to be repaid to potential export products 3. Trade junkets are promotional programs from government Decreasing Imports: 1. Tariffs – putting a tax on imported goods 2. Quotas – Putting a limit on items 3. Embargoes – Putting complete ban on goods & services Trade Alliances 1. Free Trade – Countries`agreement to no restrictions between borders (NAFTA) 2. Fair Trade – A fair amount of revenue...
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...offshored: c all centers, computer, programming, engineering, a cc ounting. Wage “arbitrage” in a ra ce- to-the- bottom. U.S. re al median wages at ‘70s levels. Income inequality at Robb er-Baron-era levels. When manufa cturing, good jobs go tax bases shrink – and schools, public services, infrastructure cut, and construction sector unemployment soars. Floods of unsafe imported food, products. Financial deregulation, instability and repe ated financial crises. He alth, labor, land use, other public interest laws around world atta cked in foreign tribunals. Some dump ed. Initiatives chilled. Billions extra cted from taxpayers and paid to corporations for violations of new “rights.” Drug prices up. In poor nations, de adly cut in a cce ss to meds. Rich nation higher prices slam poor consumers, govt budg ets as Big PhRMA profits soar. U.S. loses 170,000 family farms. In ‘12, volume of U.S. food exports only 1% higher than ’95 (when NAFTA-WTO started). Imports of food now 97% above ‘95 level. Livelihoods of tens of millions of pe asant farmers destroyed, mass migrations, hunger incre ased. Growth rates decline in nations that follow NAFTA-WTO model. U.S. In c ome Ine q u ality a t Levels not See n Sin c e Ro bb er Baron Era Incre ased inequality is prediction of free trade theory, question is degree of effect Trade affects types of jobs available in U.S., wage levels DoL: average manufa cturing worker displa ce d went from e arning $40,154 to...
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...IBUS%3100%–%TEXTBOOK%NOTES% CHAPTER%1%–%GLOBALIZATION% WHAT%IS%GLOBALIZATION?% • Globalization:+ shift% towards% a% more% integrated% and% independent% world% economy% –% away% from% distinct% national% economic%units,%towards%one%huge%global%market% Merging%of%historically%distinct%and%separate%national%markets%into%one%huge%global%marketplace% Argument%–%tastes/preferences%of%consumers%in%different%nations%beginning%to%converge%to%some%global%norm%% Standardized%products%such%as%CocaTCola,%McDonald’s%and%iPods%help%create%a%global%market%% Significant%differences%still%exist%between%national%markets%along%many%dimensions,%i.e.%tastes/preferences,%distribution% channels,%value%and%business%systems,%and%legal%regulation% Most%global%markets%–%markets%for%industrial%goods%and%materials%that%serve%universal%need% Sourcing%of%goods/services%from%locations%around%the%globe%to%take%advantage%of%national%differences%in%cost%and%quality% of%factors%of%production%+ Aim%is%to%lower%overall%cost%structure%of%an%entity%and/or%improve%quality/functionality%of%product%offering%+ Impediments% to% global% production% include% –% formal/informal% barriers% to% trade,% barriers% to% foreign% direct% investment,% transportation%costs,%and%issues%associated%with%economic%+%political%risk+ Regulation,%management,%and%policing%of%global%marketplace%necessary%as%markets%globalize%further% General+Agreement+on+Tariffs+and+Trade+(GATT):+international%treaty%that%committed%signatories%to%lower%barriers%...
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...INTERNATIONAL BUSINESS TRANSACTIONS OUTLINE – WINTER 2005 - SPANOGLE The book is designed around three types of transactions: 1) Sale of goods across borders; 2) Transfer of technology; a. Licensing production abroad; b. Franchising. 3) Direct Foreign Investment. There are two parts to making these deals: 1) Deal-making aspect; a. Allocating risks; 2) Government regulation Decisions and Risks in Trade – Analyze for each Problem! • The language in which the contract is executed. o They speak German- the purchase order is German; o Battle of the Forms (CISG) with another language, you have problem 4.1. (like the Chicken Frigalamenti case). o Even if the transaction is in English, there may still be communication difficulties. • Currency o How are they going to pay you, in Euros or in dollars? It’s important because the exchange rate changes, you may prefer to be paid in Euros rather than dollars because right now the dollar is doing badly. o What if the purchase order is from Laos instead of Germany? If you don’t know the name of the Laotian currency, you probably don’t want it. There are lots of currency problems that go beyond exchange. • Shipping – Import Regulations/Export Regulations handled by customs brokers. o German Customs o Import Duties; o Tariffs. o You might need a shipping broker. o Can’t bribe, “grease the wheels” due to the Foreign Corrupt Practices...
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...The I/O Model of Above-Average Returns: explains the external environment’s dominant influence on a firm’s strategic actions. The model specifies that the industry in which a company chooses to compete has a stronger influence on performance than the choices managers make inside the organizations do. FOUR BASIC ASSUMPTIONS: 1. The external environment is assumed to impose pressures and constraints that determine the strategies that would result in above average returns. 2. Firms competing within an industry or a certain segment of that industry are assumed to control similar strategically relevant resources and to pursue similar strategies in light of those resources. 3. Resources used to implement strategies are assumed to be highly mobile across firms, so that any resource differences that might develop between firms will be short-lived. 4. Organizational decision-makers are assumed to be rational and committed to acting in the firm’s best interests, as shown by their profit-maximizing behaviors. STEPS TAKEN IN THE I/O MODEL: 1. Study the external environment, specifically the industry environment. a. The external environment: general, industry, and competitor environment. 2. Locate an industry with high potential for above average returns. a. An attractive industry: an industry whose structural characteristics suggest above average returns. 3. Identify the strategy called for by the attractive industry to earn above average returns. a. Strategy formulation:...
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...M1=C+D+TC M2=M1+SD+TD+MMMFindividual MB=C+R M1/M2=MB M1=Eco G= T +CHGinBonds+CHGinMB Sweep Programs: shift of check deposits to MMDAs avoid reserve requirements add income to customer S will P; S will P /D will P; D will /Scarcity implies price; price implies rationing.() D will () S over time/Change isn’t in isolation:D(here) will D(there) PPM = 1/(price level) Real bills doctrine – managing liquidity risk Shiftability theory – managing credit risk Anticipated income/ Conversion of funds- managing interest rate risk Gap Management – managing profit Role of the Fed: The Fed buys/sells Treasury securities This raises/lowers bank reserves. This raises/lowers excess reserves. This causes banks to increase/decrease loans. This will raise/lower measured money, M1 total reserves = RR + ER, RR = Required Reserves = rrD•D where rrD is the required reserve ratio (0 to 1), D is the level of (demand) deposits MB = C + TR, C = currency = c •D where c is the currency ratio. MB = c •D + rrD•D + e •D = (c+rrD+e) •D, M1 = C + D = c •D + D = (1+c) •D, Solve to get M1 = [(c+1)/(c+rrD+e)] • MB, CHNGinM1 = [(1+c)/(c+rrD+e)] • CHNGEinMB, Money multipliers are derived from the data: M1/MB = m*1 and M2/MB = m*2 Central Banking: Government privilege or control Monopoly on note issue Tend to centralize holding of gold. Can prevent individual bank collapse. Will expand (contract) the MS by expanding (contracting) bank reserve deposits. Assuming banks are “fully loaned up” the MS is: Notes in circulation...
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...compete for a wide customer based on price. Price is based on internal efficiency in order to have a margin that will sustain above average returns and cost to the customer so that customers will purchase your product/service. Works well when product/service is standardized, can have generic goods that are acceptable to many customers, and can offer the lowest price. Continuous efforts to lower costs relative to competitors is necessary in order to successfully be a cost leader. This can include: * Building state of art efficient facilities (may make it costly for competition to imitate) * Maintain tight control over production and overhead costs * Minimize cost of sales, R&D, and service. Porter's 5 Forces Model Earlier we discussed Porter's Model. A cost leadership strategy may help to remain profitable even with: rivalry, new entrants, suppliers' power, substitute products, and buyers' power. * Rivalry – Competitors are likely to avoid a price war, since the low cost firm will continue to earn profits after competitors compete away their profits (Airlines). * Customers – Powerful customers that force firms to produce goods/service at lower profits may exit the market rather than earn below average profits leaving the low cost organization in a monopoly positions. Buyers then loose much of their buying power. * Suppliers – Cost leaders are able to absorb greater price increases before it must raise price to customers. * Entrants – Low...
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...Economics Review List and describe the classification of economic systems based on allocation mechanisms * Traditional economy- you do what your parents do * ex: India in a way because of the caste system * Market economy- based on supply and demand, prices * Command economy- based on the government * Markets need homogenous goods, no barriers to entry or exit, perfect information and many buyers and sellers problem is that this is not the case, markets are not perfect List and describe the classification of economic systems based on forms of ownership * Capitalism- people privately own inputs (land, labor, capital) and will use them in their best interests more production more goods and services * Socialism- deals with ownership instead of allocation, distribution based on how much you work, etc., want to be more equal but isn’t efficient because government doesn’t work in same interest as private List and describe the classification of economic systems based on income redistribution and safety nets * Free markets * Maximum criterion- society equalizes everyone’s income, reciprocity- don’t know what will happen tomorrow * Pure communism- government distributes/allocates goods and services * Social safety nets (social market economies)- Germany-very large percent of income goes to taxes free healthcare with good quality * socialism- ownership of goods and services, communism—how goods and services are distributed List...
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...Principles of Business Credit Chapter 1 - Credit: must involve exchange of values - 5 C’s of credit: character, capacity, capital, collateral, conditions - credit ( can be private or public - Credit Process: o First goes through a buyer who wants to buy a service or product o operating cycle: activities company goes through to produce and sell its goods and services o production stage: when material is converted into goods o manufacturer then sells finished goods to customers and customer pays for goods that were purchased on credit (collection stage) - Types of Credit o Public credit: government credit o Private credit: extended or used by individuals or businesses to carry on exchange of goods and services in private sector Private credit: - Investment credit - Consumer credit - Agricultural credit - Business credit - Bank credit Investment Credit: long-term borrowing of large amounts of money to finance productive assets. Primarily loans made to governments or businesses to raise money to pay for expansion modernization or public projects. - Bonds of fixed income securities (generally 10+ years) - Asset backed bond (backed by specific holdings for ex. Real estate) - Debentures (backed by financial standing, not assets) most common. - Secured bonds o Mortgage bonds o Equipment trust certificates (bonds issued to buy new...
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...2013 Shared Services Centers Investment Potential of Macedonia, Serbia and Albania Apostoloski Nenad EMBA 2013 3/28/2013 Contents EXECUTIVE SUMMARY .................................................................................................................................. 3 INTRODUCTION ............................................................................................................................................. 4 METHODOLOGY ............................................................................................................................................ 5 CURRENT LEVEL OF DEVELOPMENT ............................................................................................................. 6 MACEDONIA .............................................................................................................................................. 7 SERBIA ....................................................................................................................................................... 7 ALBANIA .................................................................................................................................................... 8 MARKET POTENTIAL ................................................................................................................................... 10 . FACTORS OF COMPETITIVENESS ........................................................................................
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...The key decision facing Krogen is what pricing strategy to employ. Regardless of the pricing strategy chosen, Krogen must decide whether to select a global launch price or to vary the prices across regions and/or countries. Product Value The ability to achieve and maintain a pregnancy is a desire most couples expect to have in their lifetime. However, infertility affects about 10% percent of the US population. With new advances in reproductive technology, all couples can have the opportunity to conceive and deliver a new life into the world. In Vitro Fertilization (IVF) treatment involves the use of a fertility drugs to stimulate the ovaries in order to collect mature eggs. In a natural cycle one follicle usually ovulates and releases an egg and the others disappear. The drug protocol can take anything from 2-6 weeks and is typically associated with side effects, such as minor mood changes, headaches and nausea, swelling of the ovaries and death to name few. Multiple eggs increase the potential availability of multiple fertilized eggs and ultimately increase the probability of conception. IVF procedure is costly ($5,000 - $10,000 / per cycle), usually constitutes more than one cycle and typically not covered by insurance. In Vitro Maturation (IVM) is the collection of eggs from ovaries, which have not been stimulated with any hormone injections, and attempt to mature the eggs in the laboratory. The advantage is minimizing the woman's exposure to hormone treatment. The...
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...An organization's core competencies should be focused on satisfying customer needs or preferences in order to achieve above average returns. This is done through Business-level strategies. Business level strategies detail actions taken to provide value to customers and gain a competitive advantage by exploiting core competencies in specific, individual product or service markets. Business-level strategy is concerned with a firm's position in an industry, relative to competitors and to the five forces of competition. Customers are the foundation or essence of a organization's business-level strategies. Who will be served, what needs have to be met, and how those needs will be satisfied are determined by the senior management. Who are the customers? Demographic, geographic, lifestyle choices (tastes and values), personality traits, consumption patterns (usage rate and brand loyalty), industry characteristics, and organizational size. What are the goods and/or services that potential customers need? Knowing ones customers is very import in obtaining and sustaining a competitive advantage. Being able to successfully predict and satisfy future customer needs is important. (Perhaps one of Compaq's mistakes was not understanding who their real customer was and what that customer -- end user -- wanted.) How to satisfy customer needs? Organizations must determine how to bundle resources and capabilities to form core competencies and then use these core competencies...
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