...dasarnya kegiatan interpretasi citra terdiri dari 2 proses, yaitu: 1. Pengenalan objek melalui proses deteksi, yaitu pengamatan atas adanya suatu objek. Berarti penentuan ada atau tidaknya sesuatu pada citra atau upaya untuk mengetahui benda dan gejala di sekitar kita dengan menggunakan alat pengindera (sensor). Untuk mendeteksi benda dan gejala di sekitar kita, penginderaan tidak dilakukan secara langsung atas benda, melainkan dengan mengkaji hasil reklamasi dari foto udara atau satelit. Dalam identifikasi ada tiga ciri utama benda yang tergambar pada citra berdasarkan cirri yang terekam oleh sensor yaitu sebagai berikut: a. Spektoral, ciri yang dihasilkan oleh interaksi antara tenaga elektromagnetik dan benda yang dinyatakan dengan rona dan warna. b. Spatial, ciri yang terkait dengan ruang yang meliputi bentuk, ukuran, bayangan, pola, tekstur, situs dan asosiasi. c. Temporal, ciri yang terkait dengan umur benda atau saat perekaman. 2. Penilaian atas fungsi objek dan kaitan antar objek dengan cara menginterpretasi dan menganalisis citra yang hasilnya berupa klasifikasi yang menuju kea rah terorisasi dan akhirnya dapat ditarik kesimpulan dari penilaian tersebut. Pada tahapan ini interpretasi dilakukan oleh seorang yang sangat ahli pada bidangnya, karena hasilnya sangat tergantung pada kemampuan penafsir citra....
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...available to provide a cash return to those who provide capital to the firm. Capital is the amount of cash invested in the business, net of depreciation. It can be calculated as the sum of interest-bearing debt and equity or as the sum of net assets less non-interest-bearing current liabilities (NIBCLs). The capital charge is the cash flow required to compensate investors for the riskiness of the business given the amount of economic capital invested. The cost of capital is the minimum rate of return on capital required to compensate investors (debt and equity) for bearing risk, their opportunity cost. Another perspective on EVA can be gained by looking at a firm’s return on net assets (RONA). RONA is a ratio that is calculated by dividing a firm’s NOPAT by the amount of capital it employs (RONA = NOPAT/Capital) after making the necessary adjustments of the data reported by a conventional financial accounting system. EVA =...
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...Ciba-Geigy and the Newport Investment Proposal Portfolio planning at Ciba-Geigy From its founding in the mid-eighteenth century through the 1970s, Ciba-Geigy, Switzerland’s top chemical and pharmaceutical company, had evolved to include chemicals, dyes, pharmaceuticals, crop protection and animal health businesses. From the 1980s Ciba-Geigy used corporate portfolio planning to steer the corporate portfolio. The goal of corporate portfolio planning was to improve the process of resource allocation and performance assessment. The main idea was to differentiate the businesses – to give them different objectives, different types of managers, and to allow them to adopt the organization structure that was appropriate for each business. Before that, Ciba-Geigy had relied primarily on case-by-case discussions rather than formal guidelines to determine resource allocation in the corporation. Portfolio planning became part of the formal strategic planning system in 1984, with the introduction of annual strategy meetings with individual divisions. In August of each year, every unit was required to come before Ciba’s executive committee (CEC) to review its strategic plan, whose goals and performance objectives were determined by its role in the portfolio. For example, ‘growth’ divisions would have other objectives than ‘core’ divisions. The CEC sought confirmation that assumptions, objectives, and strategies were still valid and resource requirements still the same. Once the CEC had reviewed...
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...§ STORIA DELL’AZIENDA § ACQUISIZIONI § STRATEGIA § STRUTTURA ORGANIZZATIVA § AMPIFON vs AUDIKA § INDICI A CONFRONTO § ANDAMENTO DEI TITOLI § INDICI DI MARKET BASED AMPLIFON § CONCLUSIONI 2 STORIA DELL’AZIENDA 1990 Diventa leader in Italia con il 47% della quota di mercato e inizia l’espansione internazionale. In questi anni vi è anche un cambio del management che adotta come strategia quella di una maggiore fidelizzazione del cliente. 1960-1970 Espansione nel mercato italiano aprendo nuovi punti vendita in tutte le regioni. A supporto del suo core business crea il CRS (Center for Research and Studies), per lo studio legato ai deficit uditivi e Amplaid (Linea Biomedica di strumenti, per la diagnostica nel campo audiologico). 1950 Charles A. Hollande fonda a Milano Amplifon s.p.a che fa il suo ingresso nel mercato degli apparecchi acustici in Italia. Negli anni successivi Amplifon sfrutta l’avvento del transistor per espandersi. 2000-2012 Quotazione alla Borsa Italiana e crescita continua a livello internazionale tramite acquisizioni (soprattutto in America e Australia) che permettono di penetrare in nuovi mercati oltreoceano. 3 LE PRINCIPALI ACQUISIZIONI NEL TEMPO 1998-2000 2001 2002-2003 2010 2012 4 ACQUISIZIONI I processi di acquisizione di Amplifon hanno...
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...ICICI Securities Limited Industry Report December 14, 2010 Price movement 14000 11000 8000 5000 Aug-10 Oct-10 Dec-09 Mar-10 May-10 Dec-10 Feb-10 Jul-10 8000 6000 4000 2000 Banking Industry Update Dec ‘10 Taking a breather, negatives surround… Banking stocks corrected across the board on the PSU banks ‘bribery for loans’ scam, 2G and MFI loans, liquidity concerns and rising G-Sec yields. However, one has to take a call on whether the sector will keep correcting further. We believe the sector will continue to remain under pressure in the near term where stocks may not give a sharp bounce-back but shall remain around these levels until we are able to see a sharp uptick in credit and deposits growth alongside pressure on yields easing off. Exhibit 1: Tight liquidity, short term rates up – longer term still better off 10 9 8 (%) 7 6 5 4 3 30-Nov-09 31-May-10 31-Aug-10 31-Mar-10 30-Nov-10 30-Sep-10 31-Oct-09 31-Jan-10 31-Dec-09 30-Jun-10 28-Feb-10 30-Apr-10 31-Oct-10 31-Jul-10 Bank Nifty Nifty (RHS) Repo Source: Bloomberg, ICICIdirect.com Research 1 Yr Gsec 3M CD 10 Yr Gsec The recent bribery for loans scam concern, mounting pension liabilities remain an overhang on the sector. We expect a reduction in valuation multiples of PSU banks, particularly midcap PSU banks. Their range of 1.5x-2x may shift to 1.4-1.8x. We recommend investors buy large cap stocks like HDFC Bank (higher CASA and corrected), Bank of Baroda (strong asset book) and among other midcaps...
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...used to measure the net profit in a period as a percentage of shareholder’s equity. In other word, ROE means how much net income we can get by using shareholders’ investment. ROE is more important than net income in dollar terms because ROE is a ratio. Ratio allowed analysts to compare companies’ performance over the period. In fact, the ratio can also help us compare companies in a different size or different industry. Net income in dollar terms is not widely used because this method is limited by companies’ different situations. b). ROE and RONA are both useful methods to determine a company’s performance. However, ROE and RONA measure a company’s performance in a different way. ROE considers entire company’s income, expenses and gain/loss of a company’s profit; RONA only consider a company’s net profit from operating activities. On the other hand, ROE calculates all returns which come from shareholder’s building of equity; RONA only calculates the operating assets and liabilities which don’t include the financing activities. The non-operating portion of ROE represents is that a company captures profit from financing activities and investing...
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...My Reason for Returning To School When I returned to school, I knew I wanted to become a law enforcement officer. Ever since, my cousin Rona Lisa was the victim of a domestic violence relationship during her marriage to a very jealous man. She could not walk down the street and speak to any other man without him thinking that she wanted to be with them. Life was hard enough, but after they had a daughter it seem to get worst for Rona. The abuse had gotten so bad that she had to be hospitalized from a beating that left her covered in bruises. Finally she have had enough and decided to leave. But it was not easy at all for Rona. Her husband Robert could not let go. He had stalked her for months. Seeing her run from this man and could not get help from any law enforcement agencies, she hid herself and her children in different places. When he found her, he threatens her to come home or he would hurt anyone that would help her. So she went back to him to keep him from messing with her family and friends that provided her help and a place to stay. Even when the police was called out, they stated they could not do anything because she would not press charges because of him threatening her. They told her she would have to say what he was doing for them to help her. Until then he was not breaking any laws. She was told, she would have to come down to file for a restraining order. They seen she had bruises on her, but they did not take that into account. Because of too many woman...
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...LEGAL ISSUES Student’s Name Institution Date: 2nd March, 2016 Legal Issues Introduction A contract is a voluntary and legal agreement between two or more parties which is intended to be enforced by the law. A contract must have some essential elements for it to be valid. These elements include offer and acceptance, consideration, intention to be bound, free consent, certainty and capacity. This paper explains these principal components of a contract and highlights a variety of issues involved in enforcing employment contracts under the UK law. Question 1 Offer is the first element which makes a contract to be valid. One party offers to do a clearly defined and specific task. After presenting an offer, there should be acceptance. It is the second element in a contract where the other party accepts the offer provided. When the parties are clear concerning the offer they should make, acceptance will be made in agreement with the rules being proposed in the contract. The acceptance may be in written form, verbal or just implied (Calamari & Perillo, 2004). Consideration is also an essential element in a contract. It means that the other party should acquire something in return for an exchange, which would be made between either persons or parties. For example, a client willing to buy a car from a potential seller agrees to pay a certain amount of money as a consideration. It poses no threat to both persons. Another primary element in a contract is the certainty (Calamari...
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...David Faskas, Julius Cano, Dan Dragomir, and Tisha Ray FINC 4369 Dr. Jonathan Du February 7, 2011 Analysis of FedEx and United Parcel Service The domestic United States market for package-delivery is a $45-billion dollar market. The air express market is a $25-billion dollar segment of this market. The package delivery industry is very large and highly competitive. Two of the top competitors, FedEx Corporation and United Parcel Service have been racing to gain a larger portion of this multi-billion dollar market for years. Recently with a landmark air-transportation agreement being reached in China, the market for international delivery has boomed. Analysts expect China to become the world’s largest economy within the next few decades. The air-cargo market in China has been growing at a rate of 30 percent per year and is expected to increase for at least 5 years at this rate. With such an important growing market opening to international companies, the opportunity is great. Many risks may also be present with this new venture, but the reward may be great for the company that can take hold of this market share first. Through this analysis I will analyze the goals of each firm, how each firm has achieved or strived to achieve these goals, and how each company has dealt with threats from competitors. FedEx has stated in their mission statement that they have the goal of “[producing] superior returns for shareowners by providing high value-added supply chain, transportation...
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...within Ciba-Geigy‘s Portfolio • Founded in the mid 18th century • 14 divisions and 33 strategic business units Ciba-Geigy 5 Categories Pillar Growth Core Development Niche Texitle Dyestuffs Chemicals Pigments Polymers Mettler-Toledo • High margin product • Much in common with Pillar Key source of profit and cash for the group HighPerformance Pigments (HPP) Classical Pigments Dispersions Quinacridone DPP 22.02.2015 3 Pigment Division • Market for Pigments: Colouring agents e.g. printing ink and automobile paint (HPP) • Ciba worldwide leader in organic pigments and clear no 1 in HPPs • According to Ciba‘s portfolio planning guidlines responsible for SFr. 50M p.a. cash flow, 10% RONA 22.02.2015 4 Pigment Market Overview • • • • • • Total market 6 bn – 20% marketshare 2-3% annual growth rate Relative market share of 1.0 Very profitable products (esp. DPP) Competitors: BASF, HOECHST, DAINIPPON Principal markets: – North America => US approx. 40% of Ciba‘s total HPP Sales (50% DPP) – Japan Long-term markets: – Europe – North America – Far East • 22.02.2015 5 Newport Plant • Importance of Newport Plant for Pigment business • • • • Only global source for HPP (DPP pigments, SFr 130 M in sales) 2nd largest employer in Delaware Close relationship to customers Longterm contracts Patent protection on DPP until 2002 • Current Issues to be solved • Outdated Equipement • high failure • High...
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...suggest that a company is able to settle half of its current liabilities instantaneously. Acid test ratio differs from current ratio in that those current assets that are not readily convertible into cash are excluded from the calculation such as inventory and deferred tax credits since conversion of such assets into cash may take considerable time. Quick ratio may therefore alternatively be calculated as follows: Quick Ratio | = | Current Assets - Inventory - Advances - Prepayments | | | Current Liabilities | Advances to suppliers and prepayments may be excluded from the calculation, as they do not result in inflow of cash resources in the future that may be used to settle liabilities. Return on net assets- The return on net assets (RONA) is a comparison of net...
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...cantik di mata cantik di hati 6 tip Wajah kusam Kembali ceria Kesibukan dengan urusan kerja mahupun rumah tangga sering kali menyebabkan wanita kurang tidur dan rehat yang mencukupi.Sekali gus menyebabkan wajah tampak kusam dan tidak bermaya. B agi wanita berkerjaya,pastinya hal ini mahu dihindarkan kerana tidak mahu tampil dengan wajah yang kurang ceria terutama ketika berhadapan orang ramai.Beberapa tip di bawah mungkin dapat membantu membuatkan wajah yang kusam kembali ceria. 1 Melakukan aktiviti luar Mungkin ada yang beranggapan kenapa perlu melakukan aktiviti luar seperti berjoging dan sebagainya sedangkan tubuh sudah keletihan.Sebenarnya dengan melakukan senaman ringan pada waktu pagi misalnya membolehkan anda menghirupkan udara segar sekali gus dapat membuatkan tubuh lebih relaks. Selain itu,udara waktu pagi juga selamat dari sebarang pencemaran.Malah ia turut membantu melancarkan peredaran darah dan membantu tubuh lebih relaks dan segar 2 Minum air putih Pengambilan air putih sekurang-kurang dua liter atau lapan gelas sehari adalah amat digalakkan.Namun ada yang tidak mengambilan kisah hal ini dan melebihkan pengambilan air manis dan berkafien.Tidak kurang juga ada yang tidak minum apapun di pagi hari.Sebaiknya,bagi anda yang gemar melakukan aktiviti luar,pastikan sebotol air putih turut dibawa bersama dan minumlah ketika memulakan aktiviti harian anda.Cara ini...
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...rP os t UV0112 Rev. Feb. 24, 2009 METHODS OF VALUATION FOR MERGERS AND ACQUISITIONS op yo This note addresses the methods used to value companies in a merger and acquisitions (M&A) setting. It provides a detailed description of the discounted-cash-flow (DCF) approach and reviews other methods of valuation, such as market multiples of peer firms, book value, liquidation value, replacement cost, market value, and comparable transaction multiples. Discounted-Cash-Flow Method Overview tC The DCF approach in an M&A setting attempts to determine the enterprise value or value of the company, by computing the present value of cash flows over the life of the company.1 Because a corporation is assumed to have infinite life, the analysis is broken into two parts: a forecast period and a terminal value. In the forecast period, explicit forecasts of free cash flow that incorporate the economic costs and benefits of the transaction must be developed. Ideally, the forecast period should comprise the interval over which the firm is in a transitional state, as when enjoying a temporary competitive advantage (i.e., the circumstances where expected returns exceed required returns). In most circumstances, a forecast period of five or ten years is used. No The terminal value of the company, derived from free cash flows occurring after the forecast period, is estimated in the last year of the forecast period and capitalizes the present value of all future...
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...AAJ 1 (2) (2012) Accounting Analysis Journal http://journal.unnes.ac.id/sju/index.php/aaj ANALISIS KEBIJAKAN HUTANG Rona Mersi Narita Jurusan Akuntansi, Fakultas Ekonomi, Universitas Negeri Semarang, Indonesia Info Artikel Sejarah Artikel: Diterima September 2012 Disetujui Oktober 2012 Dipublikasikan November 2012 Keywords: Free Cash Flow and Leverage Institusional Ownership Liquidity Profitability Size of The Firm Abstrak Penelitian ini bertujuan menganalisis pengaruh ukuran perusahaan, likuiditas, kepemilikan institusional, profitabilitas dan free cash flow terhadap kebijakan hutang. Populasi dalam penelitian ini adalah Perusahaan manufaktur yang terdaftar di BEI Tahun 2009-2010. Sedangkan sampel yang memenuhi syarat adalah 82 Perusahaan manufaktur yang terdaftar di BEI Tahun 2009-2010. Sampel diambil dengan metode purposive sampling. Metode statistik menggunakan Analisis Regresi Linear Berganda, dengan pengujian hipotesis uji statistik t dan uji statistik F, dengan bantuan program SPSS. Hasil penelitian ini menunjukkan secara parsial variabel ukuran perusahaan tidak mempengaruhi kebijakan hutang. Likuiditas berpengaruh terhadap kebijakan hutang. Kepemilikan Institusional tidak mempengaruhi kebijakan hutang, profitabilitas berpengaruh terhadap kebijakan hutang, dan free cash flow tidak mempengaruhi kebijakan hutang, Pengujian secara simultan kelima variable ini mempunyai pengaruh terhadap kebijakan hutang. Abstract This study aims to to analize the influence...
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...A STRATEGIC ANALYSIS OF A FACILITY SUPPLY DISTRIBUTOR IN BRITISH COLUMBIA by Derek Brooks B.A., Simon Fraser University, 1993 PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION In the Executive Masters of Business Program of the Faculty of Business Administration ©Derek Brooks, 2014 SIMON FRASER UNIVERSITY Spring 2014 All rights reserved. However in accordance with the Copyright Act of Canada, this work, may be reproduced, without authorization, under the conditions for Fair Dealing. Therefore, limited reproduction of this work for the purposes of private study, research, criticism, review and news reporting is likely to be in accordance with the law, Particularly if cited appropriately. APPROVAL Name: Degree: Title of Project: Derek Brooks Master of Business Administration A Strategic Analysis of a Facility Supply Distributor in British Columbia Supervisory Committee: _____________________________________ Dr. Aidan Vining Senior Supervisor CNABS Professor of Business and Government Relations & Area Coordinator, Strategy. _______________________________________ Dr. Andrew von Nordenflycht Second Reader Associate Professor Date Approved: _______________________________________ i ABSTRACT This paper presents a business level strategic analysis of RST Corporation’s facility supply division, in British Columbia Canada. The facility supply industry is in decline. Firms find it increasingly...
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