A spreadsheet approach to information visualization
JONH教你学英语 出奇制胜
我知道,很多中国人都在学英语,并且有一部分学习得很吃力,苦于没有好方法。
我年轻的时候(虽然我觉得我现在也不算老吧),第一份工作其实是做私人英语老师、翻译口译员。
当时,学生会到我家里来上课。
在与他们接触的过程中,我渐渐摸到了学习英语的一些门道,不仅易上手,而且效率高。
今天,我就给大家道一道其中的奥秘。
1.绝不要放过新单词我注意到,很多英语学习者有一个不好的习惯,就是爱跳过生单词。
英语学到一定程度,很多人开始阅读英语原文书籍、杂志等。
但为了更快读到下一页,一般人遇到生单词都会跳过,充其量做个标记就抛之脑后了。
就连许多大学英语老师也是这样建议学生,说生词不会过分影响对原文的理解,过分纠结会浪费时间。
这一点在考试中可能适用,但若想真正学英语,我的建议是,绝不要放过新单词。
你可能特别想快速读到下一页,看看后面的情节怎么发展,你可能觉得一两个生词不学习也没关系。
但请一定不要这样做,因为这样你只能花更多的时间来提高自己的英语水平,你不需要字典就读懂全文的那一天也就更遥远了。
读到一半去学习新单词,听起来似乎很折磨人。
但万事开头难,一旦你下定决心,碰到的生单词超过一定数目(比如30个)时开始攻克,不过关绝不继续往下读,那么英语突飞猛进就指日可待了。
2.攻克新单词,重复重复再重复既然下决心跟单词战斗到底,接下来我就给背单词的同志们支个招:首先,将生词逐个写在一张纸上。
记在手机或者ipad上也可以,但不推荐。
把生词和对应汉语分两栏写在纸上,这样,背单词的时候看不到释义(可以将纸对折),记不起来的时候又可以迅速查看一张纸抄满单词后(我建议一张纸上的单词数在15-40个之间),接下来的就到关键部分了。
这张纸要跟着你3天,你可以揣在兜里,放到包里,夹在书里,但就是不能让它和你分开。
这样,一有空你就可以拿出来看,坐地铁的时候、午休的时候、喝咖啡的时候、等公交的时候,甚至上厕所的时候!每次不需花太多精力,浏览一到两遍即可。
但需要注意的是,浏览释义的时候,一定不要看单词,反之亦然。
公司金融课后题答案CHAPTER 18
CHAPTER 18VALUATION AND CAPITAL BUDGETING FOR THE LEVERED FIRMAnswers to Concepts Review and Critical Thinking Questions1.APV is equal to the NPV of the project (i.e. the value of the project for an unlevered firm)plus the NPV of financing side effects.2. The WACC is based on a target debt level while the APV is based on the amount ofdebt.3.FTE uses levered cash flow and other methods use unlevered cash flow.4.The WACC method does not explicitly include the interest cash flows, but it doesimplicitly include the interest cost in the WACC. If he insists that the interest payments are explicitly shown, you should use the FTE method.5. You can estimate the unlevered beta from a levered beta. The unlevered beta is the betaof the assets of the firm; as such, it is a measure of the business risk. Note that the unlevered beta will always be lower than the levered beta (assuming the betas are positive). The difference is due to the leverage of the company. Thus, the second risk factor measured by a levered beta is the financial risk of the company.Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1. a.The maximum price that the company should be willing to pay for the fleet of carswith all-equity funding is the price that makes the NPV of the transaction equal tozero. The NPV equation for the project is:NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)If we let P equal the purchase price of the fleet, then the NPV is:NPV = –P + (1 – .35)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5Setting the NPV equal to zero and solving for the purchase price, we find:0 = –P + (1 – .35)($140,000)PVIFA13%,5 + (.35)(P/5)PVIFA13%,5P = $320,068.04 + (P)(0.35/5)PVIFA13%,5P = $320,068.04 + .2462P.7538P = $320,068.04P = $424,609.54b.The adjusted present value (APV) of a project equals the net present value of theproject if it were funded completely by equity plus the net present value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of the cash flows resulting from the firm’s debt, so:APV = NPV(All-Equity) + NPV(Financing Side Effects)So, the NPV of each part of the APV equation is:NPV(All-Equity)NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)The company paid $395,000 for the fleet of cars. Because this fleet will be fullydepreciated over five years using the straight-line method, annual depreciationexpense equals:Depreciation = $395,000/5Depreciation = $79,000So, the NPV of an all-equity project is:NPV = –$395,000 + (1 – 0.35)($140,000)PVIFA13%,5 + (0.35)($79,000)PVIFA13%,5 NPV = $22,319.49NPV(Financing Side Effects)The net present value of financing side effects equals the after-tax present value of cash flows resulting from the firm’s debt, so:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Payments)Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt R B. So, the NPV of the financing side effects are:NPV = $260,000 – (1 – 0.35)(0.08)($260,000)PVIFA8%,5– [$260,000/(1.08)5]NPV = $29,066.93So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects) APV = $22,319.49 + 29,066.93APV = $51,386.422.The adjusted present value (APV) of a project equals the net present value of the projectif it were funded completely by equity plus the net present value of any financing side effects. In this case, the NPV of financing side effects equals the after-tax present value of the cash flows resulting from the firm’s debt, so:APV = NPV(All-Equity) + NPV(Financing Side Effects)So, the NPV of each part of the APV equation is:NPV(All-Equity)NPV = –Purchase Price + PV[(1 – t C )(EBTD)] + PV(Depreciation Tax Shield)Since the initial investment of $1.9 million will be fully depreciated over four yearsusing the straight-line method, annual depreciation expense is:Depreciation = $1,900,000/4Depreciation = $475,000NPV = –$1,900,000 + (1 – 0.30)($685,000)PVIFA9.5%,4 + (0.30)($475,000)PVIFA13%,4 NPV (All-equity) = – $49,878.84NPV(Financing Side Effects)The net present value of financing side effects equals the aftertax present value of cash flows resulting from the firm’s debt. So, the NPV of the financing side effects are:NPV = Proceeds(Net of flotation) – Aftertax PV(Interest Payments) – PV(PrincipalPayments)+ PV(Flotation Cost Tax Shield)Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, R B. Since the flotation costs will be amortized over the life of the loan, the annual flotation costs that will be expensed each year are:Annual flotation expense = $28,000/4Annual flotation expense = $7,000NPV = ($1,900,000 – 28,000) – (1 – 0.30)(0.095)($1,900,000)PVIFA9.5%,4–$1,900,000/(1.095)4+ 0.30($7,000) PVIFA9.5%,4NPV = $152,252.06So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects) APV = –$49,878.84 + 152,252.06APV = $102,373.233. a.In order to value a firm’s equity using the flow-to-equity approach, discount thecash flows available to equity holders at the cost of the firm’s levered equity. Thecash flows to equity holders will be the firm’s net income. Remembering that thecompany has three stores, we find:Sales $3,600,000COGS 1,530,000G & A costs 1,020,000Interest 102,000EBT $948,000Taxes 379,200NISince this cash flow will remain the same forever, the present value of cash flowsavailable to the firm’s equity holders is a perpetuity. We can discount at the leveredcost of equity, so, the value of the company’s equity is:PV(Flow-to-equity) = $568,800 / 0.19PV(Flow-to-equity) = $2,993,684.21b.The value of a firm is equal to the sum of the market values of its debt and equity, or:V L = B + SWe calculated the value of the company’s equity in part a, so now we need tocalculate the value of debt. The company has a debt-to-equity ratio of 0.40, whichcan be written algebraically as:B / S = 0.40We can substitute the value of equity and solve for the value of debt, doing so, wefind:B / $2,993,684.21 = 0.40B = $1,197,473.68So, the value of the company is:V = $2,993,684.21 + 1,197,473.68V = $4,191,157.894. a.I n order to determine the cost of the firm’s debt, we need to find the yield tomaturity on its current bonds. With semiannual coupon payments, the yield tomaturity in the company’s bonds is:$975 = $40(PVIFA R%,40) + $1,000(PVIF R%,40)R = .0413 or 4.13%Since the coupon payments are semiannual, the YTM on the bonds is:YTM = 4.13%× 2YTM = 8.26%b.We can use the Capital Asset Pricing Model to find the return on unlevered equity.According to the Capital Asset Pricing Model:R0 = R F+ βUnlevered(R M– R F)R0 = 5% + 1.1(12% – 5%)R0 = 12.70%Now we can find the cost of levered equity. According to Modigliani-MillerProposition II with corporate taxesR S = R0 + (B/S)(R0– R B)(1 – t C)R S = .1270 + (.40)(.1270 – .0826)(1 – .34)R S = .1387 or 13.87%c.In a world with corporate taxes, a firm’s weighted average cost of capital is equalto:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SThe problem does not provide either the debt-value ratio or equity-value ratio.H owever, the firm’s debt-equity ratio of is:B/S = 0.40Solving for B:B = 0.4SSubstituting this in the debt-value ratio, we get:B/V = .4S / (.4S + S)B/V = .4 / 1.4B/V = .29And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .29S/V = .71So, the WACC for the company is:R WACC = .29(1 – .34)(.0826) + .71(.1387) R WACC = .1147 or 11.47%5. a.The equity beta of a firm financed entirely by equity is equal to its unlevered beta.Since each firm has an unlevered beta of 1.25, we can find the equity beta for each.Doing so, we find:North PoleβEquity = [1 + (1 – t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($2,900,000/$3,800,000](1.25)βEquity = 1.87South PoleβEquity = [1 + (1 – t C)(B/S)]βUnleveredβEquity = [1 + (1 – .35)($3,800,000/$2,900,000](1.25)βEquity = 2.31b.We can use the Capital Asset Pricing Model to find the required return on eachfirm’s equity. Doing so, we find:North Pole:R S = R F+ βEquity(R M– R F)R S = 5.30% + 1.87(12.40% – 5.30%)R S = 18.58%South Pole:R S = R F+ βEquity(R M– R F)R S = 5.30% + 2.31(12.40% – 5.30%)R S = 21.73%6. a.If flotation costs are not taken into account, the net present value of a loan equals:NPV Loan = Gross Proceeds – Aftertax present value of interest and principalpaymentsNPV Loan = $5,350,000 – .08($5,350,000)(1 – .40)PVIFA8%,10– $5,350,000/1.0810NPV Loan = $1,148,765.94b.The flotation costs of the loan will be:Flotation costs = $5,350,000(.0125)Flotation costs = $66,875So, the annual flotation expense will be:Annual flotation expense = $66,875 / 10 Annual flotation expense = $6,687.50If flotation costs are taken into account, the net present value of a loan equals:NPV Loan = Proceeds net of flotation costs – Aftertax present value of interest andprincipalpayments + Present value of the flotation cost tax shieldNPV Loan = ($5,350,000 – 66,875) – .08($5,350,000)(1 – .40)(PVIFA8%,10)– $5,350,000/1.0810 + $6,687.50(.40)(PVIFA8%,10)NPV Loan = $1,099,840.407.First we need to find the aftertax value of the revenues minus expenses. The aftertaxvalue is:Aftertax revenue = $3,800,000(1 – .40)Aftertax revenue = $2,280,000Next, we need to find the depreciation tax shield. The depreciation tax shield each year is:Depreciation tax shield = Depreciation(t C)Depreciation tax shield = ($11,400,000 / 6)(.40)Depreciation tax shield = $760,000Now we can find the NPV of the project, which is:NPV = Initial cost + PV of depreciation tax shield + PV of aftertax revenueTo find the present value of the depreciation tax shield, we should discount at the risk-free rate, and we need to discount the aftertax revenues at the cost of equity, so:NPV = –$11,400,000 + $760,000(PVIFA6%,6) + $2,280,000(PVIFA14%,6)NPV = $1,203,328.438.Whether the company issues stock or issues equity to finance the project is irrelevant.The company’s optimal capital structure determines the WACC. In a world wi th corporate taxes, a firm’s weighted average cost of capital equals:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .80(1 – .34)(.072) + .20(.1140)R WACC = .0608 or 6.08%Now we can use the weighted average cost of capital to discount NEC’s unlevered cash flows. Doing so, we find the NPV of the project is:NPV = –$40,000,000 + $2,600,000 / 0.0608NPV = $2,751,907.399. a.The company has a capital structure with three parts: long-term debt, short-termdebt, and equity. Since interest payments on both long-term and short-term debt aretax-deductible, multiply the pretax costs by (1 – t C) to determine the aftertax coststo be used in the weighted average cost of capital calculation. The WACC using thebook value weights is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = ($3 / $19)(.035)(1 – .35) + ($10 / $19)(.068)(1 – .35) + ($6 / $19)(.145)R WACC = 0.0726 or 7.26%ing the market value weights, the company’s WACC is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = ($3 / $40)(.035)(1 – .35) + ($11 / $40)(.068)(1 – .35) + ($26 / $40)(.145) R WACC = 0.1081 or 10.81%ing the target debt-equity ratio, the target debt-value ratio for the company is:B/S = 0.60B = 0.6SSubstituting this in the debt-value ratio, we get:B/V = .6S / (.6S + S)B/V = .6 / 1.6B/V = .375And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .375S/V = .625We can use the ratio of short-term debt to long-term debt in a similar manner to find the short-term debt to total debt and long-term debt to total debt. Using the short-term debt to long-term debt ratio, we get:STD/LTD = 0.20STD = 0.2LTDSubstituting this in the short-term debt to total debt ratio, we get:STD/B = .2LTD / (.2LTD + LTD)STD/B = .2 / 1.2STD/B = .167And the long-term debt to total debt ratio is one minus the short-term debt to total debt ratio, or:LTD/B = 1 – .167LTD/B = .833Now we can find the short-term debt to value ratio and long-term debt to value ratio by multiplying the respective ratio by the debt-value ratio. So:STD/V = (STD/B)(B/V) STD/V = .167(.375) STD/V = .063And the long-term debt to value ratio is:LTD/V = (LTD/B)(B/V)LTD/V = .833(.375)LTD/V = .313So, using the target capital structure weights, the company’s WACC is:R WACC = (w STD)(R STD)(1 – t C) + (w LTD)(R LTD)(1 – t C) + (w Equity)(R Equity)R WACC = (.06)(.035)(1 – .35) + (.31)(.068)(1 – .35) + (.625)(.145)R WACC = 0.1059 or 10.59%d.The differences in the WACCs are due to the different weighting schemes. Thecompany’s WACC will most closely resemble the WACC calculated using targetweights since future projects will be financed at the target ratio. Therefore, theWACC computed with target weights should be used for project evaluation.Intermediate10.The adjusted present value of a project equals the net present value of the project underall-equity financing plus the net present value of any financing side effects. In the joint venture’s case, the NPV of financing side effects equals the aftertax present value of cash flows resulting from the firms’ debt. So, the APV is:APV = NPV(All-Equity) + NPV(Financing Side Effects)The NPV for an all-equity firm is:NPV(All-Equity)NPV = –Initial Investment + PV[(1 – t C)(EBITD)] + PV(Depreciation Tax Shield)Since the initial investment will be fully depreciated over five years using the straight-line method, annual depreciation expense is:Annual depreciation = $30,000,000/5Annual depreciation = $6,000,000NPV = –$30,000,000 + (1 – 0.35)($3,800,000)PVIFA5.13%,20 +(0.35)($6,000,000)PVIFA5,13%,20NPV = –$5,262,677.95NPV(Financing Side Effects)The NPV of financing side effects equals the after-tax present value of cash flows resulting from the firm’s debt. The coupon rate on the debt is relevant to determine the interest payments, but the resulting cash flows should still be discounted at the pretax cost of debt. So, the NPV of the financing effects is:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Repayments)NPV = $18,000,000 – (1 – 0.35)(0.05)($18,000,000)PVIFA8.5%,15– $18,000,000/1.08515 NPV = $7,847,503.56So, the APV of the project is:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,262,677.95 + $7,847,503.56APV = $2,584,825.6111.If the company had to issue debt under the terms it would normally receive, the interestrate on the debt would increase to the company’s normal cost of debt. The NPV of an all-equity project would remain unchanged, but the NPV of the financing side effects would change. The NPV of the financing side effects would be:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Repayments)NPV = $18,000,000 – (1 – 0.35)(0.085)($18,000,000)PVIFA8.5%,15–$18,000,000/((1.085)15NPV = $4,446,918.69Using the NPV of an all-equity project from the previous problem, the new APV of the project would be:APV = NPV(All-Equity) + NPV(Financing Side Effects)APV = –$5,262,677.95 + $4,446,918.69APV = –$815,759.27The gain to the company from issuing subsidized debt is the difference between the two APVs, so:Gain from subsidized debt = $2,584,825.61 – (–815,759.27)Gain from subsidized debt = $3,400,584.88Most of the value of the project is in the form of the subsidized interest rate on the debt issue.12.The adjusted present value of a project equals the net present value of the project underall-equity financing plus the net present value of any financing side effects. First, we need to calculate the unlevered cost of equity. According to Modigliani-Miller Proposition II with corporate taxes:R S = R0 + (B/S)(R0– R B)(1 – t C).16 = R0 + (0.50)(R0– 0.09)(1 – 0.40)R0 = 0.1438 or 14.38%Now we can find the NPV of an all-equity project, which is:NPV = PV(Unlevered Cash Flows)NPV = –$21,000,000 + $6,900,000/1.1438 + $11,000,000/(1.1438)2 +$9,500,000/(1.1438)3NPV = –$212,638.89Next, we need to find the net present value of financing side effects. This is equal the aftertax present value of cash flows resulting from the firm’s debt. So:NPV = Proceeds – Aftertax PV(Interest Payments) – PV(Principal Payments)Each year, an equal principal payment will be made, which will reduce the interest accrued during the year. Given a known level of debt, debt cash flows should be discounted at the pre-tax cost of debt, so the NPV of the financing effects are:NPV = $7,000,000 – (1 – .40)(.09)($7,000,000) / (1.09) – $2,333,333.33/(1.09)– (1 – .40)(.09)($4,666,666.67)/(1.09)2– $2,333,333.33/(1.09)2– (1 – .40)(.09)($2,333,333.33)/(1.09)3– $2,333,333.33/(1.09)3 NPV = $437,458.31So, the APV of project is:APV = NPV(All-equity) + NPV(Financing side effects)APV = –$212,638.89 + 437,458.31APV = $224,819.4213. a.To calculate the NPV of the project, we first need to find the company’s WACC. Ina world with corporate taxes, a firm’s weighted average cost of ca pital equals:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SThe market value of the company’s equity is:Market value of equity = 6,000,000($20)Market value of equity = $120,000,000So, the debt-value ratio and equity-value ratio are:Debt-value = $35,000,000 / ($35,000,000 + 120,000,000)Debt-value = .2258Equity-value = $120,000,000 / ($35,000,000 + 120,000,000)Equity-value = .7742Since the CEO believes its current capital structure is optimal, these values can beused as the target weights in the firm’s weighted average cost of capital calculation.The yield to maturity of the company’s debt is its pretax cost of debt. To find thecompany’s cost of equity, we need to calculate the stock beta. The stock beta can becalculated as:β = σS,M / σ2Mβ = .036 / .202β = 0.90Now we can use the Capital Asset Pricing Model to determine the cost of equity. The Capital Asset Pricing Model is:R S = R F+ β(R M– R F)R S = 6% + 0.90(7.50%)R S = 12.75%Now, we can calculate the company’s WACC, which is:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .2258(1 – .35)(.08) + .7742(.1275)R WACC = .1105 or 11.05%Finally, we can use the WACC to discount the unlevered cash flows, which givesus an NPV of:NPV = –$45,000,000 + $13,500,000(PVIFA11.05%,5)NPV = $4,837,978.59b.The weighted average cost of capital used in part a will not change if the firmchooses to fund the project entirely with debt. The weighted average cost of capitalis based on optimal capital structure weights. Since the current capital structure isoptimal, all-debt funding for the project simply implies that the firm will have touse more equity in the future to bring the capital structure back towards the target.Challenge14. a.The company is currently an all-equity firm, so the value as an all-equity firmequals the present value of aftertax cash flows, discounted at the cost of the firm’sunlevered cost of equity. So, the current value of the company is:V U = [(Pretax earnings)(1 – t C)] / R0V U = [($28,000,000)(1 – .35)] / .20V U = $91,000,000The price per share is the total value of the company divided by the sharesoutstanding, or:Price per share = $91,000,000 / 1,500,000Price per share = $60.67b.The adjusted present value of a firm equals its value under all-equity financing plusthe net present value of any financing side effects. In this case, the NPV offinancing side effects equals the aftertax present value of cash flows resulting fromthe firm’s debt. Given a known level of debt, debt cash flows can be discounted atthe pretax cost of debt, so the NPV of the financing effects are:NPV = Proceeds – Aftertax PV(Interest Payments)NPV = $35,000,000 – (1 – .35)(.09)($35,000,000) / .09NPV = $12,250,000So, the value of the company after the recapitalization using the APV approach is:V = $91,000,000 + 12,250,000V = $103,250,000Since the company has not yet issued the debt, this is also the value of equity after the announcement. So, the new price per share will be:New share price = $103,250,000 / 1,500,000New share price = $68.83c.The company will use the entire proceeds to repurchase equity. Using the shareprice we calculated in part b, the number of shares repurchased will be:Shares repurchased = $35,000,000 / $68.83Shares repurchased = 508,475And the new number of shares outstanding will be:New shares outstanding = 1,500,000 – 508,475New shares outstanding = 991,525The value of the company increased, but part of that increase will be funded by the new debt. The value of equity after recapitalization is the total value of thecompany minus the value of debt, or:New value of equity = $103,250,000 – 35,000,000New value of equity = $68,250,000So, the price per share of the company after recapitalization will be:New share price = $68,250,000 / 991,525New share price = $68.83The price per share is unchanged.d.In order to v alue a firm’s equity using the flow-to-equity approach, we mustdiscount the cash flows available to equity holders at the cost of the firm’s levered equity. According to Modigliani-Miller Proposition II with corporate taxes, the required return of levered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .20 + ($35,000,000 / $68,250,000)(.20 – .09)(1 – .35)R S = .2367 or 23.67%After the recapitalization, the net income of the company will be:EBIT $28,000,000Interest 3,150,000EBT $24,850,000 Taxes 8,697,500 Net incomeThe firm pays all of its earnings as dividends, so the entire net income is availableto shareholders. Using the flow-to-equity approach, the value of the equity is:S = Cash flows available to equity holders / R SS = $16,152,500 / .2367S = $68,250,00015. a.If the company were financed entirely by equity, the value of the firm would beequal to the present value of its unlevered after-tax earnings, discounted at itsunlevered cost of capital. First, we need to find the company’s unlevered cash flows,which are:Sales $28,900,000Variable costs 17,340,000EBT $11,560,000Tax 4,624,000Net incomeSo, the value of the unlevered company is:V U = $6,936,000 / .17V U = $40,800,000b.According to Modigliani-Miller Proposition II with corporate taxes, the value oflevered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .17 + (.35)(.17 – .09)(1 – .40)R S = .1868 or 18.68%c.In a world with corporate taxes, a firm’s weighted average cost of capital equals:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SSo we need the debt-value and equity-value ratios for the company. The debt-equityratio for the company is:B/S = 0.35B = 0.35SSubstituting this in the debt-value ratio, we get:B/V = .35S / (.35S + S)B/V = .35 / 1.35B/V = .26And the equity-value ratio is one minus the debt-value ratio, or:S/V = 1 – .26S/V = .74So, using the capital structure weights, the comp any’s WACC is:R WACC = [B / (B + S)](1 – t C)R B + [S / (B + S)]R SR WACC = .26(1 – .40)(.09) + .74(.1868)R WACC = .1524 or 15.24%We can use the weighted average cost of capital to discount the firm’s unlevered aftertax earnings to value the company. Doing so, we find:V L = $6,936,000 / .1524V L = $45,520,661.16Now we can use the debt-value ratio and equity-value ratio to find the value of debt and equity, which are:B = V L(Debt-value)B = $45,520,661.16(.26)B = $11,801,652.89S = V L(Equity-value)S = $45,520,661.16(.74)S = $33,719,008.26d.In order to value a firm’s equity using the flow-to-equity approach, we can discountthe cash flows available to equity holders at the cost of the firm’s levered equity.First, we need to calculate the levered cash flows available to shareholders, which are:Sales $28,900,000Variable costs 17,340,000EBIT $11,560,000Interest 1,062,149EBT $10,497,851Tax 4,199,140Net incomeSo, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $6,298,711 / .1868 S = $33,719,008.2616. a.Since the company is currently an all-equity firm, its value equals the present valueof its unlevered after-tax earnings, discounted at its unlevered cost of capital. Thecash flows to shareholders for the unlevered firm are:EBIT $83,000Tax 33,200Net incomeSo, the value of the company is:V U = $49,800 / .15V U = $332,000b.The adjusted present value of a firm equals its value under all-equity financing plusthe net present value of any financing side effects. In this case, the NPV offinancing side effects equals the after-tax present value of cash flows resulting fromdebt. Given a known level of debt, debt cash flows should be discounted at thepre-tax cost of debt, so:NPV = Proceeds – Aftertax PV(Interest payments)NPV = $195,000 – (1 – .40)(.09)($195,000) / 0.09NPV = $78,000So, using the APV method, the value of the company is:APV = V U + NPV(Financing side effects)APV = $332,000 + 78,000APV = $410,000The value of the debt is given, so the value of equity is the value of the companyminus the value of the debt, or:S = V – BS = $410,000 – 195,000S = $215,000c.According to Modigliani-Miller Proposition II with corporate taxes, the requiredreturn of levered equity is:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .15 + ($195,000 / $215,000)(.15 – .09)(1 – .40)R S = .1827 or 18.27%d.In order to value a firm’s equity using the flow-to-equity approach, we can discountthe cash flows available to equity holders at the cost of the firm’s levered equity.First, we need to calculate the levered cash flows available to shareholders, whichare:EBIT $83,000Interest 17,550EBT $65,450Tax 26,180Net incomeSo, the value of equity with the flow-to-equity method is:S = Cash flows available to equity holders / R SS = $39,270 / .1827S = $215,00017.Since the company is not publicly traded, we need to use the industry numbers tocalculate the industry levered return on equity. We can then find the industry unlevered return on equity, and re-lever the industry return on equity to account for the different use of leverage. So, using the CAPM to calculate the industry levered return on equity, we find:R S = R F+ β(MRP)R S = 5% + 1.2(7%)R S = 13.40%Next, to find the average cost of unlevered equity in the holiday gift industry we can use Modigliani-Miller Proposition II with corporate taxes, so:R S = R0 + (B/S)(R0– R B)(1 – t C).1340 = R0 + (.35)(R0– .05)(1 – .40)R0 = .1194 or 11.94%Now, we can use the Modigliani-Miller Proposition II with corporate taxes to re-lever the return on equity to account for this company’s debt-equity ratio. Doing so, we find:R S = R0 + (B/S)(R0– R B)(1 – t C)R S = .1194 + (.40)(.1194 – .05)(1 – .40)R S = .1361 or 13.61%Since the project is financed at the firm’s target debt-equity ratio, it must be discounted at t he company’s weighted average cost of capital. In a world with corporate taxes, a firm’s weighted average cost of capital equals:。
证照管理指南英文
证照管理指南英文1. What is the purpose of license management?The purpose of license management is to ensure that all necessary licenses and permits are obtained and kept up-to-date in order to comply with legal and regulatory requirements. This includes maintaining accurate records of all licenses and permits, tracking renewal deadlines and ensuring that all licenses and permits are renewed in a timely manner.证照管理的目的是为了确保所有必要的证照和许可证得到并及时更新,以遵守法律和监管要求。
这包括保持所有证照和许可证的准确记录,追踪更新截止日期,并确保所有证照和许可证及时更新。
2. What types of licenses and permits do businesses need to obtain?The types of licenses and permits required by businesses can vary depending on the industry, location and type of business. Some common examples include business licenses, permits for specific activities such as building permits or food service permits, environmental permits, andprofessional licenses for certain occupations such as doctors or lawyers.企业需要取得的证照和许可证的类型因行业、地点和业务类型而异。
学生应该怎样使用电脑英语作文
学生应该怎样使用电脑英语作文Computers have become an integral part of modern education. They have revolutionized the way students learn, access information, and complete their academic tasks. However, the use of computers by students is a complex issue that requires careful consideration. While computers offer numerous benefits, they also come with potential risks if not used responsibly. In this essay, we will explore how students should use computers to maximize their educational experience while minimizing the drawbacks.Firstly, computers provide students with unprecedented access to a wealth of information. The internet has become a vast repository of knowledge, allowing students to research topics, access online libraries, and explore a wide range of subjects beyond the confines of their curriculum. This access to information empowers students to delve deeper into their areas of interest, foster critical thinking, and develop a more comprehensive understanding of the world around them. By effectively utilizing search engines, online databases, and educational websites, students can expand their knowledge and stay up-to-date with the latest developments in their fields of study.Moreover, computers have revolutionized the way students complete their academic tasks. Word processing software enables students to write and format their assignments with ease, while presentation tools allow them to create engaging and visually appealing projects. Spreadsheet programs facilitate the organization and analysis of data, enabling students to tackle complex mathematical and statistical problems. Additionally, collaborative tools, such as cloud-based platforms, enable students to work together on group projects, share resources, and receive real-time feedback from their peers and instructors.However, the use of computers in education is not without its challenges. One significant concern is the potential for distraction. With access to social media, online entertainment, and a vast array of digital distractions, students may find it challenging to maintain focus and stay on task. It is crucial for students to develop self-discipline and time management skills to ensure that their computer use is primarily directed towards educational pursuits and not recreational activities.Another concern is the risk of cyberbullying and online safety. Students must be aware of the potential dangers of online interactions and be equipped with the knowledge and skills to navigate the digital world safely. Schools and parents should worktogether to educate students on internet safety, digital citizenship, and responsible online behavior, empowering them to protect themselves and others from harmful online experiences.Furthermore, excessive computer use can have negative impacts on students' physical and mental health. Prolonged sitting, eye strain, and poor posture can lead to various health issues. It is essential for students to practice good ergonomics, take regular breaks, and balance their computer use with physical activity and other leisure pursuits to maintain a healthy lifestyle.To address these challenges, students should adopt a balanced and responsible approach to using computers in their academic endeavors. They should prioritize the educational benefits of computers while developing strategies to minimize the potential drawbacks. This can be achieved through the following practices:1. Establishing a designated study area: Students should create a dedicated workspace, free from distractions, where they can focus on their computer-based tasks.2. Practicing time management: Students should set clear boundaries and schedules for their computer use, ensuring that they allocate sufficient time for study, leisure, and physical activity.3. Developing self-discipline: Students should cultivate the ability to resist the temptation of digital distractions and maintain their focus on educational objectives.4. Embracing a diverse learning approach: While computers are valuable tools, students should not solely rely on them for their learning. They should also engage in traditional learning methods, such as reading physical books, participating in discussions, and hands-on activities.5. Prioritizing physical and mental well-being: Students should take regular breaks, exercise, and engage in activities that promote their overall health and well-being to counteract the potential negative effects of prolonged computer use.6. Seeking guidance and support: Students should not hesitate to seek assistance from teachers, school counselors, or IT professionals when they encounter challenges or have questions about the responsible use of computers in their academic pursuits.In conclusion, the use of computers in education is a complex and multifaceted issue. While computers offer numerous benefits, students must approach their use with care and responsibility. By adopting a balanced approach, developing self-discipline, and prioritizing their physical and mental well-being, students canharness the power of computers to enhance their educational experience and achieve academic success. As the digital landscape continues to evolve, it is crucial for students to cultivate the skills and mindset necessary to navigate the ever-changing technological landscape effectively.。
关于学生如何使用电脑的英语作文
关于学生如何使用电脑的英语作文全文共3篇示例,供读者参考篇1Computers and How Students Can Make the Most of ThemAs a student in the digital age, computers have become an integral part of my life and education. From conducting research to writing papers, creating presentations, and even taking classes online, these powerful machines have revolutionized the way we learn and interact with information. However, merely owning a computer is not enough; it's how we utilize these tools that truly matters. In this essay, I'll share my insights and experiences on how students like myself can make the most out of our computer usage.First and foremost, it's crucial to have a solid understanding of the software and applications available to us. Word processing programs like Microsoft Word or Google Docs are essential for writing papers, essays, and reports. These tools not only allow us to type and format our work seamlessly but also offer features like spell-check, grammar assistance, and even citationmanagement, which can greatly improve the quality of our written assignments.Spreadsheet applications, such as Microsoft Excel or Google Sheets, are invaluable for organizing and analyzing data. Whether it's keeping track of our grades, budgeting for expenses, or working with large datasets for research projects, these programs provide a structured and efficient way to manage and manipulate information.Presentation software like Microsoft PowerPoint or Google Slides is a must-have for creating visually appealing and engaging presentations. These tools allow us to combine text, images, videos, and animations, making it easier to convey complex ideas and concepts to our classmates and instructors.In addition to these core productivity tools, there are countless educational resources and applications available online that can enhance our learning experience. Online libraries and databases provide access to a wealth of scholarly articles, journals, and e-books, enabling us to conduct in-depth research on any topic imaginable.Educational websites and platforms like Khan Academy, Coursera, and edX offer a vast array of video lectures, interactive exercises, and even full-fledged online courses on varioussubjects. These resources can supplement our traditional classroom learning, allowing us to explore topics of interest at our own pace and reinforce our understanding of challenging concepts.Furthermore, computers have enabled new forms of collaboration and communication among students and instructors. Online forums, discussion boards, and messaging platforms facilitate the exchange of ideas, questions, and feedback, fostering a more interactive and engaged learning community.However, with all these powerful tools at our disposal, it's easy to become distracted or overwhelmed. Time management and self-discipline are essential when using computers for academic purposes. Setting specific goals, creating schedules, and utilizing productivity apps like Pomodoro timers or website blockers can help us stay focused and avoid procrastination.It's also crucial to develop strong digital literacy skills, such as evaluating the credibility of online sources, understanding copyright and fair use policies, and practicing good cybersecurity habits to protect our personal information and devices from potential threats.While computers have undoubtedly transformed the educational landscape, it's important to recognize that they are tools, and like any tool, they should be used responsibly and effectively. Striking a balance between digital and traditional learning methods is key to ensuring a well-rounded and enriching educational experience.In conclusion, as students in the digital age, we have an incredible opportunity to leverage the power of computers to enhance our learning, productivity, and creativity. By mastering the essential software and applications, exploring online educational resources, fostering collaboration and communication, and practicing good time management and digital literacy skills, we can truly make the most of these remarkable tools and excel in our academic pursuits.篇2Computers Have Become an Indispensable Tool for StudentsAs a student in the 21st century, it's hard to imagine life without computers. These amazing devices have become an integral part of our academic journey, transforming the way we learn, research, and communicate. In this essay, I'll share myinsights on how students like myself can effectively utilize computers to enhance our educational experiences.First and foremost, computers have revolutionized the way we access information. Gone are the days when we had to rely solely on physical libraries and textbooks. With just a few clicks, we can explore a vast ocean of knowledge on the internet. Online databases, academic journals, and educational websites provide us with an incredible wealth of resources, allowing us to delve deeper into any subject we're studying.One of the most significant advantages of computers for students is their ability to facilitate research and writing. Word processing software has made it incredibly easy to organize our thoughts, edit and format our work, and collaborate with classmates on group projects. Additionally, citation tools and online libraries have streamlined the process of researching and properly crediting sources, ensuring academic integrity.Computers have also transformed the way we engage with multimedia content. Educational videos, interactive simulations, and virtual reality experiences have made learning more immersive and engaging than ever before. We can visualize complex concepts, explore historical events, and even conduct virtual experiments, all from the comfort of our desks.Moreover, computers have played a crucial role in enabling remote learning opportunities. During times of crisis, such as the COVID-19 pandemic, online learning platforms and video conferencing tools have allowed us to continue our education without interruption. We can attend virtual classes, participate in discussions, and even take exams remotely, ensuring that our academic progress is not hindered by external circumstances.However, it's important to note that while computers offer incredible advantages, they also come with challenges. Distractions from social media, online gaming, and other digital diversions can easily derail our focus and productivity. It's essential to develop self-discipline and time management skills to strike a balance between our academic responsibilities and leisure activities.Another potential pitfall is the overreliance on technology. While computers are powerful tools, they should not replace critical thinking and analytical skills. We must learn to evaluate the information we find online, cross-reference sources, and form our own informed opinions. Additionally, we should cultivate digital literacy and understand the ethical implications of using technology, such as respecting copyright laws and maintaining online privacy and security.Despite these challenges, the benefits of computers for students far outweigh the drawbacks. By embracing these technologies responsibly and strategically, we can unlock our full academic potential. Whether it's collaborating on group projects using cloud-based tools, creating visually stunning presentations, or analyzing complex data sets, computers have become an indispensable tool for modern learners.In conclusion, as students in the digital age, we are fortunate to have access to such powerful tools that can enhance our educational experiences. By leveraging the capabilities of computers while maintaining a balanced approach, we can not only excel academically but also develop valuable skills that will serve us well in our future careers and endeavors. Embracing technology while cultivating critical thinking and ethical practices is the key to unlocking the full potential of computers in our academic pursuits.篇3How to Make the Most of Computers as a StudentAs a student in today's digital age, computers have become an indispensable tool for learning, research, and productivity. From writing essays and creating presentations to collaboratingwith classmates and accessing a wealth of online resources, computers offer a myriad of opportunities to enhance our academic experience. However, with great power comes great responsibility, and it's crucial to understand how to harness the full potential of these digital devices while avoiding potential pitfalls. In this essay, I will share my perspectives and insights on how students can effectively utilize computers to maximize their academic success.First and foremost, it's important to recognize that computers are not just mere tools but powerful engines of knowledge and discovery. With a few keystrokes, we can access a vast array of information on virtually any topic imaginable. This access to knowledge is both a blessing and a curse – while it empowers us to learn and explore, it also presents the challenge of navigating through an overwhelming amount of information. As students, we must develop critical thinking skills to evaluate the credibility and reliability of online sources, separating fact from fiction and valuable insights from misinformation.One of the most significant advantages of computers in academia is their ability to streamline and enhance productivity. Word processing software, such as Microsoft Word or Google Docs, allows us to create well-structured and professionallyformatted documents with ease. Presentation tools like PowerPoint or Prezi enable us to create engaging and visually appealing presentations that can captivate audiences and effectively convey our ideas. Spreadsheet applications, like Excel, are invaluable for data analysis, calculations, and creating graphs and charts, which can be particularly useful in fields like mathematics, science, and business.Collaboration is another area where computers truly shine. Online collaborative platforms, such as Google Drive or Microsoft Teams, facilitate seamless teamwork, allowing multiple students to work on the same document simultaneously, share files, and communicate effectively. This not only enhances productivity but also fosters teamwork and communication skills, which are essential in both academic and professional settings.Furthermore, computers provide access to a wealth of educational resources, including online libraries, educational websites, and multimedia content. Resources like Khan Academy, Coursera, and edX offer a plethora of free online courses, tutorials, and educational videos, enabling students to supplement their classroom learning and explore topics of interest at their own pace. Additionally, many universities and colleges offer online databases and digital libraries, providingstudents with access to a vast array of scholarly articles, journals, and research materials.However, as with any powerful tool, computers also present potential pitfalls and distractions that can hinder our academic progress. Social media, online gaming, and mindless web browsing can quickly consume our time and attention, leading to procrastination and poor time management. It's crucial to develop self-discipline and establish boundaries to ensure that our computer usage remains focused and productive.To effectively manage these distractions, I recommend setting specific goals and time limits for computer usage. Create a dedicated workspace that is free from distractions and use productivity apps or website blockers to restrict access tonon-essential websites during study or work periods. Additionally, it's important to take regular breaks and engage in physical activity to prevent eye strain, muscle tension, and mental fatigue.Another potential challenge with computer usage is the temptation to engage in academic dishonesty, such as plagiarism or cheating. While the internet provides a wealth of information, it's essential to understand and respect intellectual property rights and academic integrity guidelines. Alwaysproperly cite sources, use plagiarism detection tools, and adhere to ethical standards when utilizing online resources.In conclusion, computers are powerful tools that can significantly enhance our academic experience as students. By leveraging their capabilities for research, productivity, collaboration, and access to educational resources, we can unlock new levels of learning and achievement. However, it's crucial to develop critical thinking skills, maintain focus andself-discipline, and uphold ethical standards to avoid potential pitfalls. As students, it's our responsibility to use computers responsibly and effectively, harnessing their power to support our academic growth and success.。
面对很多选择做决定英语作文
面对很多选择做决定英语作文英文回答:When confronted with a multitude of choices, the path to making a well-informed decision can be fraught with uncertainty. However, through careful consideration and a systematic approach, one can navigate this intricate maze and arrive at a decision that aligns with their values and objectives.To begin, it is essential to gather as much information as possible about each choice. This may involve conducting thorough research, consulting with experts, and seeking perspectives from those who have experience in the relevant field. By gaining a comprehensive understanding of the potential outcomes associated with each option, you can make a more informed assessment of their respective merits and drawbacks.Once you have gathered sufficient information, the nextstep is to identify your priorities and values. What arethe most important factors that you want to consider inyour decision-making process? What are your non-negotiables? By establishing clear criteria, you can effectively filter out less desirable options and narrow down your choices.With your priorities in mind, it is time to critically evaluate each choice. Consider both the potential benefits and risks associated with each option. Weigh the pros and cons carefully, and assess how each choice aligns with your values and goals. It may be helpful to create a table or spreadsheet to compare the different options side by side.While it is important to be rational and analytical in your decision-making process, it is equally important to listen to your intuition. Sometimes, our gut instinct can provide valuable insights that may not be apparent througha purely logical analysis. Trust your judgment and pay attention to the inner voice that guides you.However, it is also crucial to be aware of potential cognitive biases that may influence your decision-makingprocess. Heuristics and biases can lead us to makeirrational choices, so it is important to be mindful of these potential pitfalls and make conscious efforts to mitigate their impact.Once you have carefully considered all the available information and evaluated each choice, it is time to make a decision. Be confident in your choice and do not second-guess yourself unnecessarily. Remember that every decision carries some degree of risk, and the best decision is the one that you make with conviction and clarity of purpose.中文回答:面对琳琅满目的选择,做出明智的决定并非易事。
房地产材料表格模板
房地产材料表格模板英文回答:Real Estate Material Spreadsheet Template.Introduction:In the real estate industry, keeping track of various materials and their costs is crucial for effective project management. To streamline this process, I have developed a comprehensive spreadsheet template that can be used to record and analyze real estate materials. This template is designed to provide a systematic approach to managing materials, ensuring transparency, and facilitating cost control.Features of the Template:1. Material Inventory:The template includes a dedicated section for recording the details of each material used in a project. This section allows you to enter the material name, quantity, unit price, and supplier information. By maintaining an updated inventory, you can easily track the availability and cost of materials.2. Cost Analysis:The template provides an automatic cost analysis feature that calculates the total cost of each material based on the quantity and unit price entered. This allows you to monitor the overall expenditure on materials and make informed decisions regarding cost control.3. Supplier Management:Efficient supplier management is essential for ensuring timely delivery and competitive pricing. The template includes a section where you can record supplier details, such as contact information, payment terms, and delivery schedules. This information helps you maintain a goodrelationship with suppliers and negotiate better deals.4. Project-specific Material Lists:The template allows you to create project-specific material lists by categorizing materials based on their usage. For example, you can create separate lists for plumbing materials, electrical materials, and finishing materials. This helps in organizing materials and facilitates easy retrieval when needed.5. Budget Tracking:To ensure that your project stays within budget, the template includes a budget tracking feature. You can set a budget for each material category and track the actual expenditure against the allocated budget. This helps in identifying any deviations and taking corrective measures to control costs.6. Reporting and Analysis:The template generates comprehensive reports and charts to provide a visual representation of material costs, supplier performance, and budget utilization. These reports help in identifying trends, making data-driven decisions, and presenting project progress to stakeholders.中文回答:房地产材料表格模板。
高中英语数据处理单选题30题
高中英语数据处理单选题30题1. When collecting data, we need to make sure the information is _____.A. accurateB. inaccurateC. approximatelyD. inaccurately答案:A。
本题考查形容词的用法。
“accurate”表示“准确的”,符合收集数据时对信息的要求。
“inaccurate”表示“不准确的”,与题意相悖。
“approximately”是副词“大约”,不符合此处语境。
“inaccurately”是副词形式,也不正确,此处需要形容词修饰“information”。
2. In the process of data collection, we should ______ all the relevant details.A. includeB. excludeC. concludeD. refuse答案:A。
“include”意思是“包括”,在数据收集过程中应该包括所有相关细节。
“exclude”表示“排除”,不符合。
“conclude”意为“得出结论”。
“refuse”是“拒绝”,均不符合数据收集的语境。
3. Before整理data, we need to ______ it first.A. classifyB. realizeC. recognizeD. memorize答案:A。
“classify”有“分类”的意思,整理数据前先分类。
“realize”是“意识到”,“recognize”是“认出”,“memorize”是“记住”,都不符合整理数据前的动作。
4. To collect useful data, we have to ______ a proper method.A. chooseB. loseC. refuseD. use答案:A。
“choose”是“选择”,收集有用数据要选择合适方法。
高务交际英语单词汇总
stay up to date 对最新的情况有所了解,不落伍cumstomer / client 顾客grapevine 原意“葡萄藤”,这里指小道消息。
minute 除了“分钟”的意思之外,还有“备忘录,笔记”的意思,词尾加S时,指“会议记录”climate 常见的意思是“气候”,在这里指的是“环境,气氛”,open and free climate指开放与自由的工作氛围。
plam top指的是掌上电脑,desktop台式电脑,laptop膝上型电脑,也就是笔记本电脑。
friendly 常理解为“友好的”,而 user friendly的意思是“方便用户使用的”,比如 environment friendly 意思是“有利于环境的,不做破坏环境的。
”line charts / bar charts / pie charts 曲线图,柱形图(棒图),饼图,是三种作数据分析时常用的图表。
cellular phone (也作 cell phone )意为“蜂窝式电话”,也就是可进行无线通讯的手机。
Accurate 精确的,准确的Approach (to)接近向…靠近Apt 有…的倾向Aspect 方面Assignment 作业,任务Assist 帮助Associate 同事合作人Automate 使自动化Barrier 障碍Beep 发出哔哔声Bias 偏见偏爱Bid 出价投标Brochure 小册子 manual 手册,指南Clarify 澄清阐明Collaborate 合作Conducive 有益于Conversely 相反地Convert 使转变转换Convey 传达Convince 使确信,使信服 assure / persuade 说服Counsel 劝告忠告Critical 关键性的,决定性的Determine 决定Detract 转移Dispute 争论辩论怀疑Ego 自我,自尊心Encounter 遇到,相遇Evaluate 评价Expose 使暴露,揭露Extrovert 性格外向的人Introvert 性格内向的人Facilitate 促进,推动,帮助Feed back 反馈Goodwill 善意,亲切,信淮,友好 will (意志,情感)Handout 讲义Hierarchy 等级制度,阶层Illustrate 图解,阐明,举例说明Immense 极广大的Implement 贯彻,实现Indicate 显示,指出,表明Initiate 开始,发动,发起Instantaneous 瞬间的,即刻的Integrate 结合,整合的,完全的 merge 合并,并入Interact 相互作用,相互影响Interpret 解释,说明Intimate 亲密的Intimidate 使害怕,威胁,胁迫Issue 问题Memorandum 备忘录,便笺 minutes 备忘录Merit 优点,价值Microfiche 单片缩影胶片Modify 更改修改Motivate 使具有…的机,激发…的积极性Nevertheless 然而,不过Occur 发生,出现Optical 光学的Originate 引起,源于Pager 寻呼机Paraphrase 释义,改述Participant 参与者Peer 等级与地位相同者(贵族,凝视)peel 剥Pitfall 隐患,陷阱,诱惑 dent 凹陷,缺口Portable 手提的,便携式的Posture 体态,姿势Precede 领先,在…之前,优于Professionalism 职业特性,娴熟的技艺Protocol 协议书,拟定Quote 报价Recognition 识别,承认Reflect 反映,表达Reinforcement 增强,加固,增援Resolve 解决Retrieval 取回,恢复,重获Retrieve 重新获取Setting 环境,背景Smudge 环境,背景Solicit 恳求Sophisticated 复杂的,精密的 complexity 复杂性Status 身份,地位Subordinate 下属Superior 上级Teleconference 电话会议/远程会议 videoconference 视频会议Tremendous 极大的,巨大的 / giant 巨大的 / huge /enormous / immense Vibrate 振动Weigh 权衡,考虑,称…的重量Workstation 工作站By means of 通过,借助于,用,依靠To be aware of 知道,明白,意识到To be dependent upon 取决于,依赖To come upon 偶遇,偶然的见到To depend on 取决于,依靠To look up 查阅To take note 记笔记headquarters 是名词,意思是“总部”,这个词是复数名词,词尾有S,谓语动词可用单数,也可用复数。
英语单词
计算机专业英语词汇monitor n.显示器Store vi.&vt.存储speaker n.扬声器,喇叭printer n.打印机data n.数据,资料system n.系统element n.元件keyboard n.键盘CPU(Central Processing Unit) 中央处理器modem n.调制解调器memory n.内存microphone n.麦克风joystick n.操纵杆device n.设备scanner n.扫描仪image n.图像graphics n.图样,图案communication n.交流,通信laptop n.笔记本电脑graphics tablet 绘图板input device 输入设备hardware n.硬件output device 输出设备software n.软件outsider n.外行system unit 系统单元accurate adj.精确地BIOS(Basic Input Output System) 基本输入输出系统ROM(Read-only Memory) 只读存储器chip n.芯片flash adj.一闪而过的CMOS(Complementary Metal-oxide Semiconductor) 微机主板上的一块可读写的芯片setup n.设置PC(Personal Computer) 个人计算机install vt.安装invalid adj.无效的configuration n.配置error n.错误utility n.(用于帮助查故障的)工具,实用程序RAM(Random Access Memory) 随机存储器random adj.随机的,任意的access vt.访问temporary adj.暂时的,短时间的volatile adj.易失的storage n.存储器cache n.快速缓冲存储区power n.能量,电力供应Disk n. 圆盘,磁盘,光盘memory bank 内存条flash memory 闪存cache memory 高速缓冲存储器volatile storage 易失性存储器floppy adj.松软的CD-ROM 只读光盘junk n.废旧物品,破烂物sign n.征兆,迹象popping n.突然鸣叫surface n.表面platter n.圆形磁盘片seal vt.密封spindle n.主轴capacity n.容量concentric n.同心的track n.磁道,轨迹cylinder n.圆柱。
英文版罗斯公司理财习题答案chap009.doc
CHAPTER 9RISK ANALYSIS, REAL OPTIONS, AND CAPITAL BUDGETINGAnswers to Concepts Review and Critical Thinking Questions1.Forecasting risk is the risk that a poor decision is made because of errors in projected cash flows.The danger is greatest with a new product because the cash flows are probably harder to predict.2.With a sensitivity analysis, one variable is examined over a broad range of values. With a scenarioanalysis, all variables are examined for a limited range of values.3.It is true that if average revenue is less than average cost, the firm is losing money. This much of thestatement is therefore correct. At the margin, however, accepting a project with marginal revenue in excess of its marginal cost clearly acts to increase operating cash flow.4.From the shareholder perspective, the financial break-even point is the most important. A project canexceed the accounting and cash break-even points but still be below the financial break-even point.This causes a reduction in shareholder (your) wealth.5.The project will reach the cash break-even first, the accounting break-even next and finally thefinancial break-even. For a project with an initial investment and sales after, this ordering will always apply. The cash break-even is achieved first since it excludes depreciation. The accounting break-even is next since it includes depreciation. Finally, the financial break-even, which includes the time value of money, is achieved.6.Traditional NPV analysis is often too conservative because it ignores profitable options such as theability to expand the project if it is profitable, or abandon the project if it is unprofitable. The option to alter a project when it has already been accepted has a value, which increases the NPV of the project.7.The type of option most likely to affect the decision is the option to expand. If the country justliberalized its markets, there is likely the potential for growth. First entry into a market, whether an entirely new market, or with a new product, can give a company name recognition and market share.This may make it more difficult for competitors entering the market.8.Sensitivity analysis can determine how the financial break-even point changes when some factors(such as fixed costs, variable costs, or revenue) change.9.There are two sources of value with this decision to wait. Potentially, the price of the timber canpotentially increase, and the amount of timber will almost definitely increase, barring a natural catastrophe or forest fire. The option to wait for a logging company is quite valuable, and companies in the industry have models to estimate the future growth of a forest depending on its age.10.When the additional analysis has a negative NPV. Since the additional analysis is likely to occuralmost immediately, this means when the benefits of the additional analysis outweigh the costs. The benefits of the additional analysis are the reduction in the possibility of making a bad decision. Of course, the additional benefits are often difficult, if not impossible, to measure, so much of this decision is based on experience.Solutions to Questions and ProblemsNOTE: All end of chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1.a. To calculate the accounting breakeven, we first need to find the depreciation for each year. Thedepreciation is:Depreciation = $896,000/8Depreciation = $112,000 per yearAnd the accounting breakeven is:Q A = ($900,000 + 112,000)/($38 – 25)Q A = 77,846 unitsb.We will use the tax shield approach to calculate the OCF. The OCF is:OCF base = [(P – v)Q – FC](1 – t c) + t c DOCF base = [($38 – 25)(100,000) – $900,000](0.65) + 0.35($112,000)OCF base = $299,200Now we can calculate the NPV using our base-case projections. There is no salvage value or NWC, so the NPV is:NPV base = –$896,000 + $299,200(PVIFA15%,8)NPV base = $446,606.60To calculate the sensitivity of the NPV to changes in the quantity sold, we will calculate the NPV at a different quantity. We will use sales of 105,000 units. The NPV at this sales level is:OCF new = [($38 – 25)(105,000) – $900,000](0.65) + 0.35($112,000)OCF new = $341,450And the NPV is:NPV new = –$896,000 + $341,450(PVIFA15%,8)NPV new = $636,195.93So, the change in NPV for every unit change in sales is:∆NPV/∆S = ($636,195.93 – 446,606.60)/(105,000 – 100,000)∆NPV/∆S = +$37.918If sales were to drop by 100 units, then NPV would drop by:NPV drop = $37.918(100) = $3,791.80You may wonder why we chose 105,000 units. Because it doesn’t matter! Whatever sales number we use, when we calculate the change in NPV per unit sold, the ratio will be the same.c.To find out how sensitive OCF is to a change in variable costs, we will compute the OCF at avariable cost of $24. Again, the number we choose to use here is irrelevant: We will get the same ratio of OCF to a one dollar change in variable cost no matter what variable cost we use.So, using the tax shield approach, the OCF at a variable cost of $24 is:OCF new = [($38 – 24)(100,000) – 900,000](0.65) + 0.35($112,000)OCF new = $364,200So, the change in OCF for a $1 change in variable costs is:∆OCF/∆v = ($299,200 – 364,200)/($25 – 24)∆OCF/∆v = –$65,000If variable costs decrease by $5 then, OCF would increase byOCF increase = $65,000*5 = $325,0002.We will use the tax shield approach to calculate the OCF for the best- and worst-case scenarios. Forthe best-case scenario, the price and quantity increase by 10 percent, so we will multiply the base case numbers by 1.1, a 10 percent increase. The variable and fixed costs both decrease by 10 percent, so we will multiply the base case numbers by .9, a 10 percent decrease. Doing so, we get:OCF best = {[($38)(1.1) – ($25)(0.9)](100K)(1.1) – $900K(0.9)}(0.65) + 0.35($112K)OCF best = $892,650The best-case NPV is:NPV best = –$896,000 + $892,650(PVIFA15%,8)NPV best = $3,109,607.54For the worst-case scenario, the price and quantity decrease by 10 percent, so we will multiply the base case numbers by .9, a 10 percent decrease. The variable and fixed costs both increase by 10 percent, so we will multiply the base case numbers by 1.1, a 10 percent increase. Doing so, we get: OCF worst = {[($38)(0.9) – ($25)(1.1)](100K)(0.9) – $900K(1.1)}(0.65) + 0.35($112K)OCF worst = –212,350The worst-case NPV is:NPV worst = –$896,000 – $212,350(PVIFA15%,8)NPV worst = –$1,848,882.723.We can use the accounting breakeven equation:Q A = (FC + D)/(P – v)to solve for the unknown variable in each case. Doing so, we find:(1): Q A = 130,200 = (€850,000 + D)/(€41 – 30)D = €582,200(2): Q A = 135,000 = (€3.2M + 1.15M)/(P –€56)P = €88.22(3): Q A = 5,478 = (€160,000 + 105,000)/(€105 – v)v = €56.624.When calculating the financial breakeven point, we express the initial investment as an equivalentannual cost (EAC). Dividing the in initial investment by the seven-year annuity factor, discounted at12 percent, the EAC of the initial investment is:EAC = Initial Investment / PVIFA12%,5EAC = £200,000 / 3.60478EAC = £55,481.95Note, this calculation solves for the annuity payment with the initial investment as the present value of the annuity, in other words:PVA = C({1 – [1/(1 + R)]t } / R)£200,000 = C{[1 – (1/1.12)5 ] / .12}C = £55,481.95The annual depreciation is the cost of the equipment divided by the economic life, or:Annual depreciation = £200,000 / 5Annual depreciation = £40,000Now we can calculate the financial breakeven point. The financial breakeven point for this project is: Q F = [EAC + FC(1 – t C) – Depreciation(t C)] / [(P – VC)(1 – t C)]Q F = [£55,481.95 + £350,000(.75) – £40,000(0.25)] / [(£25 – 5) (.25)]Q F = 20,532.13 or about 20,532 units5.If we purchase the machine today, the NPV is the cost plus the present value of the increased cashflows, so:NPV0 = –฿1,500,000 + ฿280,000(PVIFA12%,10)NPV0 = ฿82,062.45We should not purchase the machine today. We would want to purchase the machine when the NPV is the highest. So, we need to calculate the NPV each year. The NPV each year will be the cost plus the present value of the increased cash savings. We must be careful however. In order to make the correct decision, the NPV for each year must be taken to a common date. We will discount all of the NPVs to today. Doing so, we get:Year 1: NPV1 = [–฿1,375,000 + ฿280,000(PVIFA12%,9)] / 1.12NPV1 = ฿104,383.88Year 2: NPV2 = [–฿1,250,000 + ฿280,000(PVIFA12%,8)] / 1.122NPV2 = ฿112,355.82Year 3: NPV3 = [–฿1,125,000 + ฿280,000(PVIFA12%,7)] / 1.123NPV3 = ฿108,796.91Year 4: NPV4 = [–฿1,000,000 + ฿280,000(PVIFA12%,6)] / 1.124NPV4 = ฿96,086.55Year 5: NPV5 = [–฿1,000,000 + ฿280,000(PVIFA12%,5)] / 1.125NPV5 = ฿5,298.26Year 6: NPV6 = [–฿1,000,000 + ฿280,000(PVIFA12%,4)] / 1.126NPV6 = –฿75,762.72The company should purchase the machine two years from now when the NPV is the highest.6.We need to calculate the NPV of the two options, go directly to market now, or utilize test marketingfirst. The NPV of going directly to market now is:NPV = C Success (Prob. of Success) + C Failure (Prob. of Failure)NPV = $20,000,000(0.45) + $5,000,000(0.55)NPV = $11,750,000Now we can calculate the NPV of test marketing first. Test marketing requires a $2 million cashoutlay. Choosing the test marketing option will also delay the launch of the product by one year.Thus, the expected payoff is delayed by one year and must be discounted back to year 0.NPV= C0 + {[C Success (Prob. of Success)] + [C Failure (Prob. of Failure)]} / (1 + R)tNPV = –$2,000,000 + {[$20,000,000 (0.75)] + [$5,000,000 (0.25)]} / 1.15NPV = $12,130,434.78The company should not go directly to market with the product since that option has lower expected payoff.7.We need to calculate the NPV of each option, and choose the option with the highest NPV. So, theNPV of going directly to market is:NPV = C Success (Prob. of Success)NPV = Rs.1,200,000 (0.55)NPV = Rs.660,000The NPV of the focus group is:NPV = C0 + C Success (Prob. of Success)NPV = –Rs.120,000 + Rs.1,200,000 (0.70)NPV = Rs.720,000And the NPV of using the consulting firm is:NPV = C0 + C Success (Prob. of Success)NPV = –Rs.400,000 + Rs.1,200,000 (0.90)NPV = Rs.680,000The firm should conduct a focus group since that option has the highest NPV.8.The company should analyze both options, and choose the option with the greatest NPV. So, if thecompany goes to market immediately, the NPV is:NPV = C Success (Prob. of Success) + C Failure (Prob. of Failure)NPV = ₦30,000,000(.55) + ₦3,000,000(.45)NPV = ₦17,850,000.00Customer segment research requires a ₦1 million cash outlay. Choosing the research option will also delay the launch of the product by one year. Thus, the expected payoff is delayed by one year and must be discounted back to year 0. So, the NPV of the customer segment research is:NPV= C0 + {[C Success (Prob. of Success)] + [C Failure (Prob. of Failure)]} / (1 + R)tNPV = –₦1,000,000 + {[₦30,000,000 (0.70)] + [₦3,000,000 (0.30)]} / 1.15NPV = ₦18,043,478.26Graphically, the decision tree for the project is:₦3 million at t = 0The company should undertake the market segment research since it has the largest NPV.9. a.The accounting breakeven is the aftertax sum of the fixed costs and depreciation charge dividedby the aftertax contribution margin (selling price minus variable cost). So, the accounting breakeven level of sales is:Q A = [(FC + Depreciation)(1 – t C)] / [(P – VC)(1 – t C)]Q A = [($340,000 + $20,000) (1 – 0.35)] / [($2.00 – 0.72) (1 – 0.35)]Q A = 281,250.00b.When calculating the financial breakeven point, we express the initial investment as anequivalent annual cost (EAC). Dividing the in initial investment by the seven-year annuity factor, discounted at 15 percent, the EAC of the initial investment is:EAC = Initial Investment / PVIFA15%,7EAC = $140,000 / 4.1604EAC = $33,650.45Note, this calculation solves for the annuity payment with the initial investment as the presentvalue of the annuity, in other words:PVA = C({1 – [1/(1 + R)]t } / R)$140,000 = C{[1 – (1/1.15)7 ] / .15}C = $33,650.45Now we can calculate the financial breakeven point. The financial breakeven point for this project is:Q F = [EAC + FC(1 – t C) – Depreciation(t C)] / [(P – VC)(1 – t C)]Q F = [$33,650.45 + $340,000(.65) – $20,000(.35)] / [($2 – 0.72) (.65)]Q F = 297,656.79 or about 297,657 units10.When calculating the financial breakeven point, we express the initial investment as an equivalentannual cost (EAC). Dividing the in initial investment by the five-year annuity factor, discounted at 8 percent, the EAC of the initial investment is:EAC = Initial Investment / PVIFA8%,5EAC = ¥300,000 / 3.60478EAC = ¥75,136.94Note, this calculation solves for the annuity payment with the initial investment as the present value of the annuity, in other words:PVA = C({1 – [1/(1 + R)]t } / R)¥300,000 = C{[1 – (1/1.08)5 ] / .08}C = ¥75,136.94The annual depreciation is the cost of the equipment divided by the economic life, or:Annual depreciation = ¥300,000 / 5Annual depreciation = ¥60,000Now we can calculate the financial breakeven point. The financial breakeven point for this project is: Q F = [EAC + FC(1 – t C) – Depreciation(t C)] / [(P – VC)(1 – t C)]Q F = [¥75,136.94 + ¥100,000(.66) – ¥60,000(0.34)] / [(¥60 – 8) (.34)]Q F = 3,517.98 or about 3,518 unitsIntermediate11.a. At the accounting breakeven, the IRR is zero percent since the project recovers the initialinvestment. The payback period is N years, the length of the project since the initial investmentis exactly recovered over the project life. The NPV at the accounting breakeven is:NPV = I [(1/N)(PVIFA R%,N) – 1]b. At the cash breakeven level, the IRR is –100 percent, the payback period is negative, and theNPV is negative and equal to the initial cash outlay.c. The definition of the financial breakeven is where the NPV of the project is zero. If this is true,then the IRR of the project is equal to the required return. It is impossible to state the paybackperiod, except to say that the payback period must be less than the length of the project. Sincethe discounted cash flows are equal to the initial investment, the undiscounted cash flows aregreater than the initial investment, so the payback must be less than the project life.ing the tax shield approach, the OCF at 110,000 units will be:OCF = [(P – v)Q – FC](1 – t C) + t C(D)OCF = [($28 – 19)(110,000) – 150,000](0.66) + 0.34($420,000/4)OCF = $590,100We will calculate the OCF at 111,000 units. The choice of the second level of quantity sold is arbitrary and irrelevant. No matter what level of units sold we choose, we will still get the same sensitivity. So, the OCF at this level of sales is:OCF = [($28 – 19)(111,000) – 150,000](0.66) + 0.34($420,000/4)OCF = $596,040The sensitivity of the OCF to changes in the quantity sold is:Sensitivity = ∆OCF/∆Q = ($596,040 – 590,100)/(111,000 – 110,000)∆OCF/∆Q = +$5.94OCF will increase by $5.94 for every additional unit sold.13.a. The base-case, best-case, and worst-case values are shown below. Remember that in the best-case, sales and price increase, while costs decrease. In the worst-case, sales and price decrease,and costs increase.Scenario Unit sales Variable cost Fixed costsBase 190 元15,000 元225,000Best 209 元13,500 元202,500Worst 171 元16,500 元247,500Using the tax shield approach, the OCF and NPV for the base case estimate is:OCF base = [(元21,000 – 15,000)(190) –元225,000](0.65) + 0.35(元720,000/4)OCF base = 元657,750NPV base = –元720,000 + 元657,750(PVIFA15%,4)NPV base = 元1,157,862.02The OCF and NPV for the worst case estimate are:OCF worst = [(元21,000 – 16,500)(171) –元247,500](0.65) + 0.35(元720,000/4)OCF worst = 元402,300NPV worst = –元720,000 + 元402,300(PVIFA15%,4)NPV worst = +元428,557.80And the OCF and NPV for the best case estimate are:OCF best = [(元21,000 – 13,500)(209) –元202,500](0.65) + 0.35(元720,000/4)OCF best = 元950,250NPV best = –元720,000 + 元950,250(PVIFA15%,4)NPV best = 元1,992,943.19b. To calculate the sensitivity of the NPV to changes in fixed costs we choose another level offixed costs. We will use fixed costs of 元230,000. The OCF using this level of fixed costs and the other base case values with the tax shield approach, we get:OCF = [(元21,000 – 15,000)(190) –元230,000](0.65) + 0.35(元720,000/4)OCF = 元654,500And the NPV is:NPV = –元720,000 + 元654,500(PVIFA15%,4)NPV = 元1,148,583.34The sensitivity of NPV to changes in fixed costs is:∆NPV/∆FC = (元1,157,862.02 – 1,148,583.34)/(元225,000 – 230,000)∆NPV/∆FC = –元1.856For every dollar FC increase, NPV falls by 元1.86.c. The accounting breakeven is:Q A= (FC + D)/(P – v)Q A = [元225,000 + (元720,000/4)]/(元21,000 – 15,000)Q A = 68At the accounting breakeven, the DOL is:DOL = 1 + FC/OCFDOL = 1 + (元225,000/元180,000) = 2.25For each 1% increase in unit sales, OCF will increase by 2.25%.14.The marketing study and the research and development are both sunk costs and should be ignored.We will calculate the sales and variable costs first. Since we will lose sales of the expensive clubs and gain sales of the cheap clubs, these must be accounted for as erosion. The total sales for the new project will be:SalesNew clubs €700 ⨯ 55,000 = €38,500,000Exp. clubs €1,100 ⨯ (–13,000) = –14,300,000Cheap clubs €400 ⨯ 10,000 = 4,000,000€28,200,000For the variable costs, we must include the units gained or lost from the existing clubs. Note that the variable costs of the expensive clubs are an inflow. If we are not producing the sets anymore, we will save these variable costs, which is an inflow. So:Var. costsNew clubs –€320 ⨯ 55,000 = –€17,600,000Exp. clubs –€600 ⨯ (–13,000) = 7,800,000Cheap clubs –€180 ⨯ 10,000 = –1,800,000–€11,600,000The pro forma income statement will be:Sales €28,200,000Variable costs 11,600,000Costs 7,500,000Depreciation 2,600,000EBT 6,500,000Taxes 2,600,000Net income € 3,900,000Using the bottom up OCF calculation, we get:OCF = NI + Depreciation = €3,900,000 + 2,600,000OCF = €6,500,000So, the payback period is:Payback period = 2 + €6.15M/€6.5MPayback period = 2.946 yearsThe NPV is:NPV = –€18.2M – .95M + €6.5M(PVIFA14%,7) + €0.95M/1.147NPV = €9,103,636.91And the IRR is:IRR = –€18.2M – .95M + €6.5M(PVIFA IRR%,7) + €0.95M/IRR7IRR = 28.24%15.The upper and lower bounds for the variables are:Base Case Lower Bound Upper Bound Unit sales (new) 55,000 49,500 60,500Price (new) €700 €630 €770VC (new) €320 €288 €352Fixed costs €7,500,000 €6,750,000 €8,250,000Sales lost (expensive) 13,000 11,700 14,300Sales gained (cheap) 10,000 9,000 11,000 Best-caseWe will calculate the sales and variable costs first. Since we will lose sales of the expensive clubs and gain sales of the cheap clubs, these must be accounted for as erosion. The total sales for the new project will be:SalesNew clubs €770 ⨯ 60,500 = €46,585,000Exp. clubs €1,100 ⨯ (–11,700) = – 12,870,000Cheap clubs €400 ⨯ 11,000 = 4,400,000€38,115,000For the variable costs, we must include the units gained or lost from the existing clubs. Note that the variable costs of the expensive clubs are an inflow. If we are not producing the sets anymore, we will save these variable costs, which is an inflow. So:Var. costsNew clubs €288 ⨯ 60,500 = €17,424,000Exp. clubs €600 ⨯ (–11,700) = – 7,020,000Cheap clubs €180 ⨯ 11,000 = 1,980,000€12,384,000Sales €38,115,000Variable costs 12,384,000Costs 6,750,000Depreciation 2,600,000EBT 16,381,000Taxes 6,552,400Net income €9,828,600Using the bottom up OCF calculation, we get:OCF = Net income + Depreciation = €9,828,600 + 2,600,000OCF = €12,428,600And the best-case NPV is:NPV = –€18.2M – .95M + €12,428,600(PVIFA14%,7) + .95M/1.147NPV = €34,527,280.98Worst-caseWe will calculate the sales and variable costs first. Since we will lose sales of the expensive clubs and gain sales of the cheap clubs, these must be accounted for as erosion. The total sales for the new project will be:SalesNew clubs €630 ⨯ 49,500 = €31,185,000Exp. clubs €1,100 ⨯ (– 14,300) = – 15,730,000Cheap clubs €400 ⨯ 9,000 = 3,600,000€19,055,000For the variable costs, we must include the units gained or lost from the existing clubs. Note that the variable costs of the expensive clubs are an inflow. If we are not producing the sets anymore, we will save these variable costs, which is an inflow. So:Var. costsNew clubs €352 ⨯ 49,500 = €17,424,000Exp. clubs €600 ⨯ (– 14,300) = – 8,580,000Cheap clubs €180 ⨯ 9,000 = 1,620,000€10,464,000Sales €19,055,000Variable costs 10,464,000Costs 8,250,000Depreciation 2,600,000EBT – 2,259,000Taxes 903,600 *assumes a tax creditNet income –€1,355,400Using the bottom up OCF calculation, we get:OCF = NI + Depreciation = –€1,355,400 + 2,600,000OCF = €1,244,600And the worst-case NPV is:NPV = –€18.2M – .95M + €1,244,600(PVIFA14%,7) + .95M/1.147NPV = –€13,433,120.3416.To calculate the sensitivity of the NPV to changes in the price of the new club, we simply need tochange the price of the new club. We will choose €750, but the choice is irrelevant as the sensitivity will be the same no matter what price we choose.We will calculate the sales and variable costs first. Since we will lose sales of the expensive clubs and gain sales of the cheap clubs, these must be accounted for as erosion. The total sales for the new project will be:SalesNew clubs €750 ⨯ 55,000 = €41,250,000Exp. clubs €1,100 ⨯ (– 13,000) = –14,300,000Cheap clubs €400 ⨯ 10,000 = 4,000,000€30,950,000For the variable costs, we must include the units gained or lost from the existing clubs. Note that the variable costs of the expensive clubs are an inflow. If we are not producing the sets anymore, we will save these variable costs, which is an inflow. So:Var. costsNew clubs €320 ⨯ 55,000 = €17,600,000Exp. clubs €600 ⨯ (–13,000) = –7,800,000Cheap clubs €180 ⨯ 10,000 = 1,800,000€11,600,000Sales €30,950,000Variable costs 11,600,000Costs 7,500,000Depreciation 2,600,000EBT 9,250,000Taxes 3,700,000Net income € 5,550,000Using the bottom up OCF calculation, we get:OCF = NI + Depreciation = €5,550,000 + 2,600,000OCF = €8,150,000And the NPV is:NPV = –€18.2M – 0.95M + €8.15M(PVIFA14%,7) + .95M/1.147NPV = €16,179,339.89So, the sensitivity of the NPV to changes in the price of the new club is:∆NPV/∆P = (€16,179,339.89 – 9,103,636.91)/(€750 – 700)∆NPV/∆P = €141,514.06For every euro increase (decrease) in the price of the clubs, the NPV increases (decreases) by €141,514.06.To calculate the sensitivity of the NPV to changes in the quantity sold of the new club, we simply need to change the quantity sold. We will choose 60,000 units, but the choice is irrelevant as the sensitivity will be the same no matter what quantity we choose.We will calculate the sales and variable costs first. Since we will lose sales of the expensive clubs and gain sales of the cheap clubs, these must be accounted for as erosion. The total sales for the new project will be:SalesNew clubs €700 ⨯ 60,000 = €42,000,000Exp. clubs €1,100 ⨯ (– 13,000) = –14,300,000Cheap clubs €400 ⨯ 10,000 = 4,000,000€31,700,000For the variable costs, we must include the units gained or lost from the existing clubs. Note that the variable costs of the expensive clubs are an inflow. If we are not producing the sets anymore, we will save these variable costs, which is an inflow. So:Var. costsNew clubs €320 ⨯ 60,000 = €19,200,000Exp. clubs €600 ⨯ (–13,000) = –7,800,000Cheap clubs €180 ⨯ 10,000 = 1,800,000€13,200,000The pro forma income statement will be:Sales €31,700,000Variable costs 13,200,000Costs 7,500,000Depreciation 2,600,000EBT 8,400,000Taxes 3,360,000Net income € 5,040,000Using the bottom up OCF calculation, we get:OCF = NI + Depreciation = €5,040,000 + 2,600,000OCF = €7,640,000The NPV at this quantity is:NPV = –€18.2M –€0.95M + €7.64(PVIFA14%,7) + €0.95M/1.147NPV = €13,992,304.43So, the sensitivity of the NPV to changes in the quantity sold is:∆NPV/∆Q = (€13,992,304.43 – 9,103,636.91)/(60,000 – 55,000)∆NPV/∆Q = €977.73For an increase (decrease) of one set of clubs sold per year, the NPV increases (decreases) by€977.73.17.a. The base-case NPV is:NPV = –£1,750,000 + £420,000(PVIFA16%,10)NPV = £279,955.54b.We would abandon the project if the cash flow from selling the equipment is greater than thepresent value of the future cash flows. We need to find the sale quantity where the two are equal, so:£1,500,000 = (£60)Q(PVIFA16%,9)Q = £1,500,000/[£60(4.6065)]Q = 5,427.11Abandon the project if Q < 5,428 units, because the NPV of abandoning the project is greater than the NPV of the future cash flows.c.The £1,500,000 is the market value of the project. If you continue with the project in one year,you forego the £1,500,000 that could have been used for something else.18. a.If the project is a success, present value of the future cash flows will be:PV future CFs = £60(9,000)(PVIFA16%,9)PV future CFs = £2,487,533.69From the previous question, if the quantity sold is 4,000, we would abandon the project, and the cash flow would be £1,500,000. Since the project has an equal likelihood of success or failure in one year, the expected value of the project in one year is the average of the success and failure cash flows, plus the cash flow in one year, so:Expected value of project at year 1 = [(£2,487,533.69 + £1,500,000)/2] + £420,000Expected value of project at year 1 = £2,413,766.85The NPV is the present value of the expected value in one year plus the cost of the equipment, so:NPV = –£1,750,000 + (£2,413,766.85)/1.16NPV = £330,833.49b. If we couldn’t abandon the project, the present value of the fut ure cash flows when the quantityis 4,000 will be:PV future CFs = £60(4,000)(PVIFA16%,9)PV future CFs = £1,105,570.53The gain from the option to abandon is the abandonment value minus the present value of the cash flows if we cannot abandon the project, so:Gain from option to abandon = £1,500,000 – 1,105,570.53Gain from option to abandon = £394,429.47We need to find the value of the option to abandon times the likelihood of abandonment. So, the value of the option to abandon today is:Option value = (.50)(£394,429.47)/1.16Option value = £170,012.70。
信息管理系统 management information system(第九版英文原版).
LearningObjectives Web Link VideoManagementWrap-up Managing the Digital FirmCase Study: DaimlerChrysler’s Agile Supply ChainSection 1.1: Why Information Systems?Why Information Systems MatterHow Much Does IT Matter?Why IT Now? Digital Convergence and the Changing Business EnvironmentSection 1.2: Perspectives on Information SystemsWhat Is an Information System?Window on Organizations:Cemex: A Digital Firm in the MakingWindow on Technology: UPS Competes Globally with Information TechnologyIt Isn’t Just Technology: A Business Perspective on Information SystemsDimensions of Information SystemsSection 1.3: Contemporary Approaches to Information SystemsTechnical ApproachBehavioral ApproachApproach of This Text: Sociotechnical SystemsSection 1.4: Learning to Use Information Systems: New Opportunities with TechnologyThe Challenge of Information Systems: Key Management IssuesIntegrating Text with Technology: New Opportunities for LearningLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Database Exercise: Adding Value to Information for ManagementDecision Making.Dirt Bikes U.S.A.: Preparing a Management Overview of the CompanyElectronic Commerce Project: Analyzing Shipping CostsGroup Project: Analyzing a Business SystemCase Study: Dollar General: Heavy on Organization, Light on SystemsLearningObjectives Web Link Video Management Wrap-upLearningObjectives Web Link VideoManagementWrap-up Information Systems in the EnterpriseCase Study: Fast Fashion, Hot SystemsSection 2.1: Major Types of Systems in OrganizationsDifferent Kinds of SystemsFour Major Types of SystemsRelationship of Systems to One AnotherSection 2.2: Systems from a Functional PerspectiveSales and Marketing SystemsManufacturing and Production SystemsWindow on Organizations:Product Life Cycle Management Systems:Faster Products, Faster ProcessesFinance and Accounting SystemsHuman Resources SystemsSection 2.3: Integrating Functions and Business Processes: Introduction to Enterprise ApplicationsBusiness Processes and Information SystemsSystems for Enterprise-Wide Process IntegrationOverview of Enterprise ApplicationsWindow on Technology: Haworth Overhauls Supply Chain ManagementSection 2.4: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Spreadsheet Exercise: Improving Supply ChainManagementDirt Bikes U.S.A.: Analyzing Financial PerformanceElectronic Business Project: Planning Transportation LogisticsGroup Project: Describing Management Decisions and SystemsCase Study: Snyder’s of Hanover: New Systems for an Old Family CompanyLearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up Information Systems, Organizations, Management, and StrategyCase Study: Gallo Winery Leads by Blending Business with TechnologySection 3.1: Organizations and Information SystemsWhat Is an Organization?Common Features of OrganizationsUnique Features of OrganizationsWindow on Organizations:E-Commerce North and South of the BorderOrganizing the IT FunctionSection 3.2: How Information Systems Impact Organizations and Business Firms Economic ImpactsOrganizational and Behavioral ImpactsThe Internet and OrganizationsSection 3.3: The Impact of IT on Management Decision MakingHow IT Affects Management Decision MakingThe Role of Managers in OrganizationsModels of Decision MakingImplications for the Design and Understanding of Information SystemsSection 3.4: Information Systems and Business StrategyBusiness-Level Strategy: The Value Chain ModelWindow on Technology: Hotel Loyalty Programs Become CompetitiveWeaponsFirm-Level Strategy and Information TechnologyIndustry-Level Strategy and Information Systems: Competitive Forces andNetwork EconomicsSection 3.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Database Exercise: Using a Database for StrategicBusiness DevelopmentDirt Bikes U.S.A.: Performing a Competitive Analysis for Dirt BikesElectronic Commerce Project: Configuring and Pricing an AutomobileGroup Project: Identifying Opportunities for Strategic Information SystemsCase Study: Can Albertsons Trounce Wal-Mart with Advanced InformationTechnology?LearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up The Digital Firm: Electronic Business and Electronic CommerceCase Study: Corrugated Supplies: The Internet Helps a Small Company Act BigSection 4.1: Electronic Business, Electronic Commerce, and the Emerging Digital Firm Internet Technology and the Digital FirmNew Business Models and Value PropositionsSection 4.2: Electronic CommerceCategories of Electronic CommerceCustomer-Centered RetailingBusiness-to-Business Electronic Commerce: New Efficiencies andRelationshipsElectronic Commerce Payment SystemsWindow on Technology: Volkswagen Revs Up Its B2B NetworkSection 4.3: Electronic Business and the Digital FirmHow Intranets Support Electronic BusinessIntranet Applications for Electronic BusinessWindow on Organizations:CARE’s Humanitarian IntranetsBusiness Process IntegrationSection 4.4: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Spreadsheet Exercise: Analyzing a Dot-Com BusinessDirt Bikes U.S.A.: Developing an E-Commerce StrategyElectronic Commerce Project: Comparing Online Storefront Hosting ServicesGroup Project: Performing a Competitive Analysis of E-Commerce SitesCase Study: Can the Music Industry Change Its Tune?LearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up Ethical and Social Issues in the Digital FirmCase Study: “Attention Shoppers: Background Checks for Sale”Section 5.1: Understanding Ethical and Social Issues Related to SystemsA Model for Thinking About Ethical, Social, and Political IssuesFive Moral Dimensions of the Information AgeKey Technology Trends That Raise Ethical IssuesSection 5.2: Ethics in an Information SocietyBasic Concepts: Responsibility, Accountability, and LiabilityEthical AnalysisProfessional Codes of ConductSome Real-World Ethical DilemmasSection 5.3: The Moral Dimensions of Information SystemsInformation Rights: Privacy and Freedom in the Internet AgeProperty Rights: Intellectual PropertyAccountability, Liability, and ControlSystem Quality: Data Quality and System ErrorsWindow on Technology: When Software Kills: What Happened atPanama’s National Cancer InstituteQuality of Life: Equity, Access, and BoundariesWindow on Management: Can the Spamming Monster Be Tamed?Section 5.4: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Word Processing and Web Page Development ToolExercise: Creating a Simple Web SiteDirt Bikes USA: Developing a Web Site Privacy PolicyElectronic Commerce Project: Using Internet Newsgroups for Online Market ResearchGroup Project: Developing a Corporate Ethics CodeCase Study: Security Versus Privacy: Does Terrorism Change the Debate?LearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up IT Infrastructure and PlatformsCase Study: Hong Kong’s New World Telecommunications Prospers with a New IT InfrastructureSection 6.1: IT InfrastructureDefining IT InfrastructureLevels of IT InfrastructureEvolution of IT Infrastructure: 1950–2005Technology Drivers of Infrastructure EvolutionSection 6.2: Infrastructure ComponentsComputer Hardware PlatformsOperating System PlatformsEnterprise Software ApplicationsData Management and StorageNetworking/Telecommunications PlatformsInternet PlatformsConsulting and System Integration ServicesSection 6.3: Contemporary Hardware Platform TrendsThe Integration of Computing and Telecommunications PlatformsGrid ComputingOn-Demand Computing (Utility Computing)Autonomic ComputingWindow on Management: On-Demand Computing at Qantas Airwaysand Ford Motor Company EuropeEdge ComputingSection 6.4: Contemporary Software Platform TrendsThe Rise of Linux and Open-Source SoftwareJava Is EverywhereWindow on Technology: Two Canadian Cities Go for LinuxSoftware for Enterprise IntegrationSoftware OutsourcingSection 6.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Spreadsheet Exercise: Evaluating Computer Hardwareand Software OptionsDirt Bikes USA: Analyzing the Total Cost of Ownership (TCO) of Desktop SoftwareAssetsElectronic Business Project: Planning and Budgeting for a Sales ConferenceGroup Project: Evaluating Server Operating SystemsCase Study: 99 Cents Only Stores: IT Infrastructure on a BudgetLearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up IT Infrastructure and PlatformsCase Study: Better Data Help Virgin Mobile Australia Win the Customer WarsSection 7.1: Organizing Data in a Traditional File EnvironmentFile Organization Terms and ConceptsProblems with the Traditional File EnvironmentSection 7.2: The Database Approach to Data ManagementDatabase Management SystemsTypes of DatabasesWindow on Organizations: A Database Helps P&G Manage ProductInformationSection 7.3: Creating a Database EnvironmentDesigning DatabasesDistributing DatabasesEnsuring Data QualitySection 7.4: Database TrendsMultidimensional Data AnalysisData Warehouses and Data MiningWindow on Technology: Large Data Warehouses: When Bigger IsBetterDatabases and the WebSection 7.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Database Exercise: Building a Relational Database fora Small BusinessDirt Bikes U.S.A.: Redesigning the Customer DatabaseElectronic Commerce Project: Searching Online DatabasesGroup Project: Creating Company-Wide Data StandardsCase Study: Database Woes Plague Homeland Security and Law EnforcementLearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-upTelecommunications, Networks, and the InternetCase Study: Okanagan-Skaha School District Does More with Less Using Networking and the InternetSection 8.1: Telecommunications and Networking in Today’s Business World The Business Telecommunications EnvironmentNetworking and Communications TrendsThe Business Value of Telecommunications and NetworkingSection 8.2: Contemporary Networking InfrastructureNetworks and Corporate InfrastructureKey Digital Networking TechnologiesPhysical Transmission MediaTypes of NetworksBroadband Network Services and TechnologiesSection 8.3: The InternetInternet Addressing, Architecture, and GovernanceInternet ServicesThe Internet and Business ValueThe World Wide webIntranets and ExtranetsNext-Generation Networks and Internet2Section 8.4: Technologies and Tools for Communication and E-BusinessE-Mail, Chat, Instant Messaging, and Electronic DiscussionsGroupware, Teamware, and Electronic ConferencingInternet TelephonyWindow on Organizations: Internet Telephones: Why Not?Virtual Private NetworksSection 8.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesWindow on Management: Monitoring Employees on Networks:Unethical or Good Business?Learning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Spreadsheet Exercise: Analyzing Web Site VisitorsDirt Bikes U.S.A.: Using Internet Tools to Increase Efficiency and ProductivityElectronic Commerce Project: Using Web Search Engines for Business ResearchGroup Project: Identifying Strategic Opportunities for Networking TechnologyCase Study: Can REI Climb Higher with Networking and the Internet?LearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up The Wireless RevolutionCase Study: The Boston Public Library Goes WirelessSection 9.1: The Wireless Computing LandscapeThe Wireless RevolutionBusiness Value of Wireless NetworkingWireless Transmission Media and DevicesCellular Network Standards and GenerationsMobile Wireless Standards for Web AccessSection 9.2: Wireless Computer Networks and Internet AccessBluetoothWi-FiWiMax and EV-DOWindow on Management: Wi-Fi: Starbuck’s Solution to GoSection 9.3: M-Commerce and Mobile ComputingM-Commerce Services and ApplicationsAccessing Information from the Wireless WebDigital Payment Systems and M-CommerceM-Commerce ChallengesSection 9.4: Wireless Technology in the EnterpriseWireless Applications for Customer Relationship ManagementWireless Supply Chain Management and Radio Frequency Identification(RFID)Wireless in Health CareWireless Sensor Networks and Pervasive ComputingWindow on Organizations: Does RFID Threaten Privacy?Section 9.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Spreadsheet Exercise: Comparing Wireless ServicesDirt Bikes U.S.A.: Determining the Cost of RFID SystemsElectronic Business Project: Identifying Wi-Fi Hotspots for Nomadic ComputingGroup Project: Comparing Mobile Internet Access SystemsCase Study: UPS versus FedEx: Two Competitors, Two Wireless StrategiesLearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up Security and ControlCase Study: Wesfarmers Outsources to a Managed Security ServiceSection 10.1: System Vulnerability and AbuseWhy Systems Are VulnerableMalicious Software: Viruses, Worms, Trojan Horses, and SpywareHackers and CybervandalismComputer Crime and CyberterrorismInternal Threats: EmployeesSoftware VulnerabilitySection 10.2: Business Value of Security and ControlWindow on Technology: The Rush to PatchLegal and Regulatory Requirements for Electronic Records ManagementElectronic Evidence and Computer ForensicsSection 10.3: Establishing a Management Framework for Security and Control Types of Information Systems ControlsRisk AssessmentSecurity PolicyEnsuring Business ContinuityThe Role of Auditing in the Control ProcessSection 10.4: Technologies and Tools for Security and ControlWindow on Management: Deutsche Bank Ties Business ContinuityPlanning to the BusinessAccess ControlFirewalls, Intrusion Detection Systems, and Antivirus SoftwareSecuring Wireless NetworksEncryption and Public Key InfrastructureEnsuring Software ReliabilitySection 10.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Spreadsheet Exercise: Performing a Security RiskAssessmentDirt Bikes USA: Developing a Disaster Recovery PlanElectronic Business Project: Evaluating Security Outsourcing ServicesGroup Project: Analyzing Security VulnerabilitiesCase Study: Royal Bank of Canada’s Software WoesLearningObjectives Web Link Video Management Wrap-upLearningObjectives Web Link VideoManagementWrap-up Enterprise Applications and Business Process IntegrationCase Study: PNC Bank on Enterprise ApplicationsSection 11.1: Enterprise SystemsWhat Are Enterprise Systems?How Enterprise Systems WorkBusiness Value of Enterprise SystemsSection 11.2: Supply Chain Management SystemsThe Supply ChainInformation and Supply Chain ManagementSupply Chain Management ApplicationsSupply Chain Management and the InternetBusiness Value of Supply Chain Management SystemsSection 11.3: Customer Relationship Management SystemsCustomer Relationship Management and Partner Relationship ManagementCustomer Relationship Management ApplicationsOperational and Analytical CRMBusiness Value of Customer Relationship Management SystemsSection 11.4: Enterprise Integration TrendsExtending Enterprise SoftwareWindow on Organizations: CRM Drives Sales at Mercedes and SaabService Platforms and Business Process ManagementSection 11.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesWindow on Management:Why Novartis Backed Off from EnterpriseSoftwareSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Database Exercise: Managing Customer ServiceRequestsDirt Bikes USA: Identifying Supply Chain Management SolutionsElectronic Business Project: Evaluating Supply Chain Management ServicesGroup Project: Analyzing Enterprise Process IntegrationCase Study: Can Information Systems Restore Profitability to Restoration Hardware?LearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up Managing Knowledge in the Digital FirmCase Study: Cott Struggles to Manage Unstructured InformationSection 12.1: The Knowledge Management LandscapeImportant Dimensions of KnowledgeOrganizational Learning and Knowledge ManagementThe Knowledge Management Value ChainTypes of Knowledge Management SystemsSection 12.2: Enterprise-Wide Knowledge Management SystemsStructured Knowledge SystemsSemistructured Knowledge SystemsKnowledge Network SystemsWindow on Management: An Enterprise-Wide Knowledge ManagementSystem Pays Off for CuatrecasasSupporting Technologies: Portals, Collaboration Tools, and LearningManagement SystemsSection 12.3: Knowledge Work SystemsKnowledge Workers and Knowledge WorkRequirements of Knowledge Work SystemsWindow on Organizations: The U.S. Navy Creates the World’s LargestClassroomExamples of Knowledge Work SystemsSection 12.4: Intelligent TechniquesCapturing Knowledge: Expert SystemsOrganizational Intelligence: Case-Based ReasoningFuzzy Logic SystemsNeural NetworksGenetic AlgorithmsHybrid AI SystemsIntelligent AgentsSection 12.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Expert System Exercise: Building a Simple ExpertSystem for Retirement PlanningDirt Bikes USA: Identifying Opportunities for Knowledge ManagementElectronic Commerce Project: Using Intelligent Agents for Comparison ShoppingGroup Project: Rating Knowledge Network SystemsCase Study: Can Knowledge Management Systems Help PfizerLearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up Enhancing Decision Making for the Digital FirmCase Study: Daimler’s Bremen Plant Optimizes Deliveries with a DSSSection 13.1: Decision Making and Decision-Support SystemsBusiness Intelligence and Decision SupportBusiness Value of Improved Decision MakingBusiness Decision Making and the Decision-Making ProcessTrends in Decision Support and Business IntelligenceSection 13.2: Systems for Decision SupportThe Difference between MIS and DSSTypes of Decision-Support SystemsWindow on Technology: Harrah’s Finds Diamonds in the Data MineComponents of DSSBusiness Value of DSSWeb-Based Customer Decision-Support SystemsWindow on Management: GIS Help the Elderly in SwedenSection 13.3: Group Decision-Support SystemsWhat Is a GDSS?Overview of a GDSS MeetingBusiness Value of GDSSSection 13.4: Executive Support in the EnterpriseThe Role of Executive Support Systems in the FirmBusiness Value of Executive Support SystemsExecutive Support Systems and the Digital FirmSection 13.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Spreadsheet Exercise: Performing Break-Even Analysisand Sensitivity AnalysisDirt Bikes USA: Analyzing the Impact of Component Price ChangesElectronic Commerce Project: Using a Web-Based DSS for Retirement PlanningGroup Project: Designing a University GDSSCase Study: Optimizing Operations at UPSLearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up Redesigning the Organization with Information SystemsCase Study: Australia’s Victoria Country Fire Authority Responds with New SystemsSection 14.1: Systems as Planned Organizational ChangeLinking Information Systems to the Business PlanEstablishing Organizational Information RequirementsSystems Development and Organizational ChangeSection 14.2: Business Process Reengineering and Process ImprovementBusiness Process ReengineeringSteps in Effective ReengineeringProcess Improvement: Business Process Management, Total QualityManagement, and Six SigmaSection 14.3: Overview of Systems DevelopmentSystems AnalysisSystems DesignCompleting the Systems Development ProcessModeling and Designing Systems: Structured and Object-OrientedMethodologiesSection 14.4: Alternative Systems-Building ApproachesTraditional Systems Life CyclePrototypingEnd-User DevelopmentApplication Software Packages and OutsourcingWindow on Technology: New Systems Keep Elie Tahari a Top FashionInnovatorSection 14.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesWindow on Organizations: Wall Street Firms Grapple with Build VersusBuySolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Database Exercise: Designing a Customer System forAuto SalesDirt Bikes USA: Designing an Employee Training and Skills Tracking SystemElectronic Business Project: Redesigning Business Processes for Web ProcurementGroup Project: Preparing Web Site Design SpecificationsCase Study: Blue Rhino Slows Down to Get AheadLearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-upUnderstanding the Business Value of Systems and Managing Change Case Study: HSBC Malaysia: Master of Change ManagementSection 15.1: Understanding the Business Value of Information SystemsTraditional Capital Budgeting ModelsCase Example: Capital Budgeting for a New Supply Chain ManagementSystemStrategic ConsiderationsInformation Technology Investments and ProductivitySection 15.2: The Importance of Change Management in Information Systems Success and FailureInformation Systems Problem AreasWindow on Organizations: What’s Wrong with ?Change Management and the Concept of ImplementationCauses of Implementation Success and FailureWindow on Management: The Navy/Marine Corps Intranet Turns into aBattlegroundChange Management Challenges for Business Process Reengineering,Enterprise Applications, and Mergers and AcquisitionsSection 15.3: Managing ImplementationControlling Risk FactorsDesigning for the OrganizationSection 15.4: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesSolution GuidelinesLearning SupplementsMake IT Your BusinessSummaryKey TermsReview QuestionsDiscussion QuestionsApplication Software Exercise: Spreadsheet Exercise: Capital Budgeting for a NewCAD SystemDirt Bikes USA: Analyzing the Return on a New System InvestmentElectronic Business Project: Buying and Financing a HomeGroup Project: Identifying Implementation ProblemsCaseStudy: Can the IRS Modernize Its Systems?LearningObjectives Web Link Video Management Wrap-upPrentice Hall © 2006 | Azimuth Interactive Inc. © 2006LearningObjectives Web Link VideoManagementWrap-up Managing International Information SystemsCase Study: Dräger Safety Creates a Global Supply ChainSection 16.1: The Growth of International Information SystemsDeveloping an International Information Systems ArchitectureThe Global Environment: Business Drivers and ChallengesState of the ArtSection 16.2: Organizing International Information SystemsGlobal Strategies and Business OrganizationGlobal Systems to Fit the StrategyReorganizing the BusinessSection 16.3: Managing Global SystemsA Typical Scenario: Disorganization on a Global ScaleGlobal Systems StrategySection 16.4: Technology Issues and Opportunities for Global Value Chains Technology Challenges of Global SystemsManaging Global Software DevelopmentWindow on Management: Getting Systems to Work in China—SlowlySection 16.5: Management Opportunities, Challenges, and SolutionsOpportunitiesManagement ChallengesWindow on Organizatoins: Offshore Outsourcing: Good or Bad?Solution GuidelinesLearning Supplements。
管理信息系统选择题
管理信息系统选择题1、Moore's Law states that the number of transistors per square inch on an integrated chip doubles every ________ months. CA. sixB. twelveC. eighteenD. fourteen2、Management information systems (MIS) is best defined as ________. BA,the design and development of software applications and computer hardwareB. the development and use of information systems that help businesses achieve their goals and objectivesC. the study and the science of the theoretical foundations of information and computation and their implementation and application in computer systemsD. the development and use of information systems to study the theoretical foundations of the various aspects of management as a discipline3、Which of the following accurately describes the five-component framework of information systems? BA. computer hardware, software, data, people, and purposeB. computer hardware, software, data, procedures, and peopleC. computer hardware, software, purpose, data, and proceduresD. computer hardware, software, communication networks, data, and procedures4、Which of the following is an example of computer hardware? AA. a computer monitorB. data in a USB driveC. a spreadsheetD. a user manual5、Which of the following statements is true about information systems? DA. Simple, low-tech information systems have fewer components.B. The number of components in an IS increases with the complexity of the information systems.C. Hardware and software programmers make up the component of "people" in an IS.D. An information system is an assembly of computers, programs, data, procedures, and people.6、Which of the following components constitute the human side of IS? CA. data and proceduresB. software and peopleC. people and proceduresD. hardware, people, and data7、Information can be defined as ________. CA. unprocessed dataB. unbiased, non contextual dataC. knowledge derived from dataD. recorded facts or figures8、Data is defined as ________. DA. information presented in a meaningful contextB. unbiased informationC. the knowledge derived from informationD. recorded facts or figures9、As CEO of a large organization, you had asked the human resources manager to send you information about the rate of employee turnover in your organization for the last quarter. The manager sends you the salary details of new hires during the same period. The information is likely to be of little use to you because it is ________. CA. just sufficientB. not timelyC. IrrelevantD. too expensive10、Which of the following statements regarding IT and IS is true? AA. Information technology (IT) refers to the products, methods, inventions, and standards that are used for the purpose of producing information.B. IT is an umbrella term that covers IS and the products, methods, inventions, and standards used to produce information.C. IT and IS are synonymous with each other and can be used interchangeably.D. IT is an assembly of hardware, software, data, procedures, and people that produces information.11、Which of the following is true about the quality of information? AA. Information needs to be sufficient for the purpose for which it is generated, but just barely so.B. All information is good; there is no such thing as bad information.C. Information needs to be relevant to the subject, not thecontext.D. The more information you receive, the less you need to afford.12、Which of the following statements is true about information systems? DA. Simple, low-tech information systems have fewer components.B. The number of components in an IS increases with the complexity of the information systems.C. Hardware and software programmers make up the component of "people" in an IS.D. An information system is an assembly of computers, programs, data, procedures, and people.13、A _________ has no agreed-on decision making process. CA. collaborative decision processB. structured decision processC. unstructured decision processD. feedback decision process14、Decisions occur at what level of the organization? CA. Operational, strategic, tactical.B. Strategic, managerial, and tactical.C. Managerial, operational, and strategic.D. Managerial and operational.15、An organization's goals and objectives are determined by its ________. CA. information systemsB. business processesC. competitive strategyD. brand image16、Which of the following is incorrect with regard to the process of organizational strategy formulation? AA. Organizational goals and objectives determine the competitive strategy.B. The strategy determines the value chains.C. The value chains determine the business processes.D. The business processes determine the structure of the information systems.17、In a manufacturing business scenario, the ______ process transforms cash into a raw material inventory and the _____ process transforms finished goods into cash. CA. manufacturing; outbound logisticsB. sales; inbound logisticsC. materials ordering; salesD. inbound logistics; materials ordering18、Porter defined ________ as the amount of money that a customer is willing to pay for a resource, product, or service. CA. PriceB. PremiumC. ValueD. markup19、A ________ is a network of value-creating activities. DA. value pyramidB. value systemC. value networkD. value chain20、Which of the following is not an example of primary activities in the value chain? BA. OperationsB. ProcurementC. MarketingD. customer service21、July Networks provides digital television services across the country. They have cutting-edge technology which gives clearer resolution. Customers are required to pay a fee amounting to three years' subscription charges. By doing this, which competitive technique is July Networks implementing? CA. differentiating productB. enhancing the productC. locking in customerD. creating entry barriers22、Locking in customers by making it difficult or expensive for customers to move to another product is called establishing high ________. BA. entry barriersB. switching costsC. product standardsD. value differentiation23、In a business process, each ________ transforms input resources into output resources. BA. FlowB. ActivityC. DesignD. department24、Which of the following is a support activity in the value chain? DA. receiving inputs to operationalize the productionB. distributing the products to the buyersC. assisting customer's use of the serviceD. setting up contractual arrangements for procurement25、The transition phase of the Unified Process related to object-oriented development is similar to the________phase in SDLC. BA. DefinitionB. ConversionC. MaintenanceD. elaboration26、Linda's organization shut off their old system and started the new system. This is an example of a ________ installation. DA. PilotB. PhasedC. ParallelD. direct27、Which group within IS department manages the computing infrastructure? DA. The technology office.B. The development department.C. Outsourcing relations.D. The operations office.28、Which of the following phases in the unified process is very different from those found in SDLC? CA. Inception.B. Transition.C. ConstructionD. Maintenance.29、Outsourcing companies face a certain loss of control when they hire other organizations to perform certain services. A particular disadvantage related to the loss of control is ________. BA. that it places a cap on financial exposureB. that the company’s CIO can become superfluousC. that there is no easy way of exiting the outsourcing agreementD. that th e vendor’s employees have gained significant knowledge of the company30、What are the four dimensions of feasibility? CA. planning, process, technical, and budgetary feasibilityB. operational, strategic, technical, and tactical feasibilityC. cost, schedule, technical, and organizational feasibilityD. schedule, process, technical, and competitive feasibility31、The easiest and cheapest time to alter the information system is in the ________ phase.A. component designB. requirements analysisC. ImplementationD. system definitionAnswer: B32、The purpose of the ________ group within the IS department is to investigate new IS technologies and determine how the organization can benefit from them. C A. operations B. development C. technology D. outsourcing relations33、The last stage of testing is the ________ test, where future system users try out the new system. CA. CommercialB. acceptanceC. betaD. Alpha34、The project plan is made in the ______ phase of the systems development life cycle. BA. requirements analysisB. system definitionC. component designD. implementation35、The systems development life cycle (SDLC) process begins with the ________ phase. BA. requirements analysisB. system definitionC. component designD. project planning36、The CTO often heads the ________ group. AA. technologyB. operationsC. developmentD. enterprise37、 _______ feasibility refers to whether existing technology is likely to be able to meet the needs of the new system. CA. CostB. ScheduleC. TechnicalD. Organizational38、Hardware specification is done in the _______ phase of the SDLC. BA. system definitionB. component designC. requirements analysisD. implementation39、Tasks in the _______ phase of the SDLC are to build, test, and convert the users to the new system. DA. system definitionB. component designC. system maintenanceD. implementation40、The main problem of the SDLC approach to systems development is the ________ nature of the process. CA. FluidB. SporadicC. WaterfallD. cyclical41、Which of the following is the output of system definition phase in SDLC process? AA. project planB. system needC. approved user requirementsD. systems design42、Which of the following is NOT a major function of the information systems department? DA. Planning the use of IT to accomplish organizational goals.B. Maintaining enterprise applications.C. Managing outsourcing relationships.D. All of the above are functions of the IS department.43、All of the following are components involved in the development of an information system except ________. DA. HardwareB. SoftwareC. DataD. policies44、The process of allowing future system users to try out the new system on their own is called ________. A .A. beta testingB. product quality assuranceC. test planD. system conversion45、What is a tool you use to see, hear, or otherwise accept the results of your information-processing requests? BA. Input deviceB. Output deviceC. Storage deviceD. Telecommunications device46、What is a tool you use to store information for use at a later time? CA. Input deviceB. Output deviceC. Storage deviceD. Telecommunications device47、________ software is developed for a specific, unique need. CA. Horizontal-market applicationB. V ertical-market applicationC. One-of-a-kind applicationD. In-house developed48、Which type of software is a program that control computer’s resource? BA. Off-the-shelf softwareB. Operating system softwareC. Utility softwareD. Application software49、Which of the following is a type of output device? D A. Keyboard B. POS C. Mouse D. Printer50、A terabyte is ________ gigabyte. C A. 256 B. 512 C. 1024D. 204851、Regarding supply chain profitability, which of the following is not correct? DA. Supply chain profitability is correlated to the value generated by the various stages of the supply chain.B. Supply chain profitability is the total profit to be shared across all supply chain stages.C. Supply chain profitability is the difference between the revenue generated from the customer and the overall cost across the supply chain.D. Usually, the maximum profit to the supply chain will occur if each organization in the supply chain maximizes its own profits individually.52、Which of the following is not a part within a typical supply chain? DA. CustomersB. RetailersC. Wholesalers/DistributorsD. All of the above are contained in a typical supply chain.53、Which of the following is not correct? CA. Data model is a logical representation of database data.B. The easiest time to change the database structure is during the data modeling stage.C. Database design is the role of technician. User need not involve the process.D. If data model is wrong, the database will be designed incorrectly.54、Usually, ________ is adopted to construct data models. AA. entity-relationship diagramB. hierarchical modelC. network structural diagramD. bill of materials55、In a hospital,the relationship between doctor and patient can be described as ________ . DA. one-to-oneB. many-to-oneC. one-to-manyD. many-to-many56、Database design refers to the process of ________ . DA. defining foreign keys and primary keys.B. establishing relationships between entities.C. constructing data models.D. converting a data model into tables, relationships, and data constraints.57、Which of the following is not a function of operating system? CA. allocate main memoryB. start and stop programsC. prevent and remove virusesD. respond to error conditions58、Concerning software developed in-house, which of the following is correct? CA. It can save costs.B. It can shorten the cycle.C. It is risky.D. It is easy to fulfill the task.59、Which of the following is not an operating system? BA. LinuxB. OracleC. WindowsD. Mac OS60、A self-describing collection of integrated records is called ________ . AA. databaseB. tableC. relationshipD. metadata61、The viruses that masquerade as useful programs or files are called ________ . CA. WormsB. macro virusesC. Trojan horsesD. antivirus.62、Which of the following can store the maximum amount of data? AA. 1 exabyte (EB)B. 1 gigabyte (GB)C. 1 terabyte (TB)D. 1 petabyte (PB)63、________ involves searching for patterns and relationships among data. DA. ReportingB. Data warehousingC. Knowledge managementD. Data mining64、An RFM score of ________ probably means that this customer has taken their businesselsewhere and is probably not worth spending too many marketing resources on. CA. 121B. 231C. 555D. 11165、RFM analysis ranks customers by considering the recently, frequency, and _______ of their orders. AA. moneyB. characterC. capacityD. timeliness66、In business intelligence, OLAP stands for _____. AA. online analytical processingB. object-based lead analysis procedureC. object-oriented analytical protocolD. organizational lead analysis process67、Which term is sometimes used as a synonym for data mining? CA. regression analysisB. data warehousing and sortingC. knowledge discovery in databasesD. parallel processing68、In marketing transactions, the fact that customers who buy product X also buy product Y creates a ______ opportunity. That is, "If they're buying X, sell them Y," or "If they're buying Y, sell them X." AA. cross-sellingB. NavigatingC. break-evenD. portfolio69、Because of problems with operational data, many organizations choose to extract operational data into a(n)________. CA. OLAP serverB. database serverC. data warehouseD. EDI application70、An OLAP report has measures and dimensions. Which of the following is an example of a measure? DA. customer typeB. customer locationC. sales regionD. average cost71、All of the following are basic operations used by reporting tools to produce information from data except ______. DA. SortingB. GroupingC. CalculatingD. transposing72、RFM analysis ranks customers by considering the recently, frequency, and ______ of their orders. AA. moneyB. characterC. capacityD. timeliness73、Which of the following observations is true? BA. RFM is more generic than OLAP.B. OLAP reports are more dynamic than RFM reports.C. RFM reports have measures and dimensions.D. It is possible to drill down into the data with RFM reports.74、Because they are online, OLAP reports are ____ reports.DA. extensibleB. pushC. pullD. dynamic75、A ________ takes data from the data manufacturers, cleans and processes the data, and stores the data. CA. data martB. data miningC. data warehouseD. data mining76、All of the following statements concerning data mart are true except ________. BA. It is a data collection.B. It is larger than the data warehouse.C. It addresses a particular component of the business.D. Its users need not have the data management expertise that data warehouse employees have.77、________ is the process of creating value from intellectual capital and sharing that knowledge with employees, managers, suppliers, customers and others need it. BA. Data-miningB. Knowledge managementC. Competitive intelligenceD. Repository management78、Which of the following statements concerning expert systems is false? AA. The If …then rules used in these systems are created by mining data.B. They have been unable to live up to the high expectationsset by their name.C. They are difficult and expensive to develop.D. They are difficult to maintain.79、Which of the following is used by businesses to process data in order to produce patterns, relationships, and other forms of information and to deliver that information on a timely basis to users who need it? BA. logistics management toolsB. business intelligence toolsC. competitive intelligence toolsD. electronic data interchange80、Which of the following is an example of question that data-mining will help address? AA. Will a given customer default on a loan?B. What has happened in the last two years?C. What is the current situation?D. How does the current situation compare to the situation one year ago?81、Among the following, what is the best way to distinguish between reporting tools and data-mining tools? DA. type of data usedB. difference in input informationC. objective of using these toolsD. complexity of techniques used82、Which term refers to the process of creating and maintaining information systems? CA. competitive intelligenceB. process mappingC. systems developmentD. marketing management83、Systems that handle activities across departmental boundaries are called: ________. DA. cross-functional systemsB. cross-departmental systemsC. process-based systemsD. all of the above84、The list of materials needed to construct a product is called the ______. AA.BOMB.MPSC.MRPD.MRPII85、Which of the following is not a phase of the customer life cycle? DA. Relationship managementB. Loss/churnC. MarketingD. Service86、Which of the following is NOT true about ERP systems? DA. They provide a cross-functional view of the organization.B. They provide a process view of the organization.C. Data is centrally maintained.D. They are expensive, but easily implemented.87、The reason that employees resist change in IS adoption is: ________. DA. fear of the unknown.B. fear of loss of job.C. comfort with old methods and systems.D. all of the above.88、Which of the following observations is true? DA. Systems development addresses only three components: hardware, software and data.B. Systems development has a much narrower scope than computer program development, which involves software programs, with some focus on data and databases.C. Systems development is exclusively a technical task.D. Systems development requires coordinated teamwork of both specialists and nonspecialists with business knowledge.89、According to Brooks' Law, adding more people to a system development project will ________. CA. lower the total project costB. speed up the projectC. delay the project's completionD. require less coordination90、An example of a reporting tool would be: ________. BA. expert systems.B. RFM analysis.C. neural networks.D. data mining.91、OLAP reports have ___________ and dimension. BA. PresentationB. MeasureC. GeometryD. alterations92、Which of the following is not one of the reasons for the problems with SDLC? AA. It is lack of implementation training for users.B. It is due to waterfall nature of the SDLC.C. There exists difficulties while documenting requirements in a usable way.D. Sometimes, budgeting and scheduling estimates are so approximate as to become laughable.93、Which of the following statements is true? BA. The most common functional systems in marketing are customer-management systems.B. Islands of automation refer to independent functional applications.C. Isolated systems can provide integrated enterprise information.D. CRM systems provide greater integration than ERP systems.94、Information relevance refers to ______________. DA. sufficiencyB. cost compared to valueC. timeliness and specificsD. both context and subject95、Moore's Law implies that the _______ of a computer chip doubles every 18 months. CA. SpeedB. SizeC. NumberD. price96、Which of the following phase of the SDLC are to build, test, and convert the users to the new systems? DA. system definitionB. component designC. system maintenanceD. implementation。
职场英语:如何向老板提加薪或升职要求
职场英语:如何向老板提加薪或升职要求去年年底,27岁的吉米?斯科蒂(Kimmy Scotti)终于毅然采取行动,向她所在的那家纽约市场营销公司的老板提出了加薪和升职要求。
最终,她获得了一个新头衔和六位数的薪水。
Late last year, Kimmy Scotti finally took the plunge:She asked her boss for a raise and promotion at the New York marketing firm where she works. In the end, she scored a new title and a six-figure salary.但是,敲定这次谈话花了斯科蒂六个月的准备时间。
她制作了一份电子表格列出自己的工作职责,表明几个月来她实际上一直在处理更高级别职位的工作。
她还概述了自己如何通过更换供应商和重新商议合同为公司节省了资金。
此外,她还招揽了一些新客户,给公司增加了收入。
But nailing the talk took months of preparation. Ms.Scotti made a spreadsheet of her duties and showed how shehad actually been doing tasks of the higher-level role for months. The 27-year-old also outlined how she'd saved the company money by switching vendors and renegotiating contracts. She added to the firm's coffers by bringing in new clients.斯科蒂建议道,“你得把你自己和你所在公司的利润紧密联系起来。
我最喜欢的发明物是电脑英语作文
我最喜欢的发明物是电脑英语作文In the ever-evolving world of technology, there stands a device that has revolutionized the way we live, work, and play—the computer. It is my favorite invention, not only because of its immense practicality but also due to the limitless possibilities it opens up for learning, creativity, and connection.The computer, a marvel of modern science, has become an integral part of our daily lives. Its versatility is unmatched, as it can perform a wide range of tasks with remarkable speed and accuracy. From basic tasks like word processing and spreadsheet management to complex computations and data analysis, the computer handles it all with ease.But the computer's true power lies in its ability to connect us to the world. With the internet, we can access vast repositories of information, stay updated with the latest news and trends, and communicate with people fromall corners of the globe. This connectivity has made the world a smaller place, bridging cultural divides and fostering understanding among diverse communities.Moreover, the computer has revolutionized the fields of education and entertainment. Online courses and interactive learning platforms have made education more accessible and engaging, while streaming services and video games have provided endless hours of entertainment. The computer has also enabled individuals to pursue their passions and hobbies, from graphic design to programming, with ease and convenience.As a tool for creativity, the computer is unparalleled. It has enabled millions of artists, designers, and writers to express their imaginations and bring their visions to life. Digital art, animation, and filmmaking haveflourished on the computer, opening up new avenues for creative expression.However, the impact of the computer is not limited to its practical applications. It has also transformed the way we think and problem-solve. The computer encourages a logical, analytical approach to problem-solving, while also fostering creativity and innovation. It has made us more curious and inquisitive, always seeking new information and knowledge.In conclusion, the computer is my favorite invention because it represents the pinnacle of human ingenuity and technological advancement. It has revolutionized our lives in countless ways, making the world more accessible, connected, and creative. As technology continues to evolve, I am excited to see what new possibilities the computerwill unlock in the future.**我最喜欢的发明物:电脑**在科技日新月异的世界中,有一种设备彻底改变了我们生活、工作和娱乐的方式——那就是电脑。
TheSpreadsheetSolution
But there are here.
order_id -> customer_id, but customer_id-> customer_name, etc.
To create a table in 3NF we need to remove this transitional functional dependency, while maintaining the connections among information.
ቤተ መጻሕፍቲ ባይዱ
We copy the first columns, and create a new row, for each set of repeating items
For Second Normal Form, we need a primary key – a column or set of columns that allows us to uniquely identify each row
Assume: -Only one name or address per customer -Only one entry for eac item on any given order (e.g., can’t have an order with items for 5 Red Freens and 23 Red Freens
on only part of the primary key? Is customer_id enough to
know the customer name or do we also need to know order_id? customer_id is enough! Is item_id enough to know item description, or de we need to know customer_id? item_id is enough! – not in 2NF
高中英语数据处理单选题30题
高中英语数据处理单选题30题1. In data processing, we often use ______ to organize and analyze large amounts of information.A. algorithmsB. diagramsC. chartsD. graphs答案:A。
本题考查数据处理中的基础词汇。
“algorithms”意为“算法”,在数据处理中常用于组织和分析大量信息;“diagrams”指“图表”,侧重于展示关系;“charts”通常指“图表”,更侧重于数据的直观呈现;“graphs”意为“图形”,多用来表示数据的变化趋势。
2. When dealing with data, we need to ______ the relevant information.A. extractB. insertC. deleteD. update答案:A。
“extract”有“提取、抽取”的意思,处理数据时需要抽取相关信息;“insert”是“插入”;“delete”表示“删除”;“update”意为“更新”。
3. Data processing requires ______ attention to details.A. closeB. farC. littleD. few答案:A。
“close attention”表示“密切关注”,数据处理需要密切关注细节;“far”表示“远的”;“little”和“few”都表示“少”,但“little”修饰不可数名词,“few”修饰可数名词。
4. The ______ of data is an important step in the process.A. collectionB. correctionC. connectionD. combination答案:A。
“collection”指“收集”,数据的收集是处理过程中的重要步骤;“correction”是“纠正”;“connection”意为“连接”;“combination”表示“组合”。
关于计算机优点缺点的英语作文
关于计算机优点缺点的英语作文全文共3篇示例,供读者参考篇1The Advantages and Disadvantages of ComputersComputers have become an integral part of our lives, revolutionizing the way we work, learn, communicate, and entertain ourselves. As a student, I have experienced firsthand the immense benefits that computers offer, as well as some of their drawbacks. In this essay, I will explore both the advantages and disadvantages of these remarkable machines.Advantages:Efficiency and Productivity:Computers have dramatically increased our productivity and efficiency in countless ways. Word processors, spreadsheets, and presentation software have made it easier than ever to create, edit, and organize documents, data, and visual aids. With just a few clicks, we can format text, perform complex calculations, and create visually appealing presentations. This streamlined process has saved students countless hours, allowing us to focus more on the content itself rather than the tedious formatting tasks.Access to Information:The internet has opened up a vast repository of knowledge, making it possible for students to access information on virtually any topic imaginable. Online libraries, educational websites, and research databases have become invaluable resources for academic work. We can quickly find relevant sources, conduct research, and deepen our understanding of various subjects. This wealth of information has expanded our intellectual horizons and facilitated self-directed learning.Collaboration and Communication:Computers have revolutionized the way we collaborate and communicate with others. Email, instant messaging, and video conferencing platforms have made it easier for students to work together on group projects, seek feedback from instructors, and stay connected with peers and mentors. Online discussion forums and collaborative tools have also fostered a sense of community, allowing us to exchange ideas and learn from one another, regardless of geographical boundaries.Educational Resources:The digital age has given rise to a plethora of educational resources that cater to different learning styles and preferences.Interactive simulations, educational games, and multimedia presentations have made learning more engaging and immersive. Online courses and e-learning platforms have opened up new avenues for education, enabling students to learn at their own pace and from anywhere in the world.Disadvantages:Distractions and Procrastination:While computers offer numerous advantages, they can also be a significant source of distraction and procrastination. Social media, online gaming, and other digital distractions can easily divert our attention from important tasks and studies. The constant stream of notifications and the allure of instant gratification can make it challenging to stay focused and maintain productivity.Potential for Plagiarism and Academic Dishonesty:The abundance of information available online has also led to an increased risk of plagiarism and academic dishonesty. Some students may be tempted to copy and paste content from websites or use online essay mills, compromising their academic integrity and undermining the learning process.Cybersecurity Risks:As our reliance on computers and the internet grows, so do the risks associated with cybersecurity threats. Viruses, malware, and hacking attempts can compromise our personal data, disrupt our work, and potentially lead to identity theft or financial losses. Maintaining robust cybersecurity measures and being vigilant about online safety is crucial.Health Concerns:Prolonged use of computers can have negative impacts on our physical health. Issues such as eye strain, poor posture, repetitive strain injuries, and sedentary lifestyles are common concerns for students who spend long hours in front of screens. It is essential to take regular breaks, maintain proper ergonomics, and engage in physical activity to mitigate these potential health risks.In conclusion, computers have undoubtedly transformed the educational landscape, offering numerous advantages and opportunities for students. They have enhanced our productivity, expanded our access to knowledge, facilitated collaboration, and provided innovative learning resources. However, it is crucial to be aware of the potential drawbacks, such as distractions, plagiarism risks, cybersecurity threats, and health concerns. As students, it is our responsibility to strike a balance, leveragingthe power of computers while maintaining focus, academic integrity, and overall well-being. By embracing the advantages while mitigating the disadvantages, we can harness the full potential of these remarkable technologies and ensure awell-rounded and enriching educational experience.篇2The Pros and Cons of ComputersComputers have become an integral part of our daily lives, and it's hard to imagine a world without them. As a student, I rely heavily on computers for everything from research and writing papers to communicating with classmates and instructors. However, like any technology, computers have their advantages and disadvantages. In this essay, I will explore both the pros and cons of computers from my perspective as a student.Pros:Access to Vast InformationOne of the most significant advantages of computers is the access they provide to a vast amount of information. With just a few clicks, I can find information on virtually any topic imaginable. This has been invaluable for my studies, as I canquickly research topics for papers and projects, and find reliable sources to support my arguments.Improved ProductivityComputers have greatly improved my productivity as a student. Word processing software allows me to write and edit papers with ease, while spreadsheet programs help me organize data and perform calculations quickly. Additionally, many educational institutions provide online portals where I can access course materials, submit assignments, and communicate with instructors and classmates.Enhanced CollaborationCollaboration is a crucial aspect of learning, and computers have made it easier than ever to work with others. Online platforms like Google Docs and Slack allow me to collaborate with classmates on group projects in real-time, regardless of our physical locations. This has been particularly valuable during the COVID-19 pandemic, when many of us were forced to study remotely.Multimedia LearningComputers have opened up new avenues for multimedia learning. Interactive simulations, educational videos, and onlinetutorials have made it easier for me to understand complex concepts and engage with course material in a more immersive way. This multi-sensory approach to learning has been particularly helpful for me as a visual learner.Cons:Distractions and ProcrastinationWhile computers can be incredibly useful for studying and completing assignments, they can also be a major source of distraction and procrastination. Social media, online games, and other forms of entertainment are just a few clicks away, and it can be tempting to get sidetracked instead of focusing on my work.Eyestrain and Posture IssuesProlonged use of computers can lead to physical discomfort and potential health problems. Staring at a screen for extended periods can cause eyestrain, headaches, and dry eyes. Additionally, poor posture while using a computer can lead to back and neck pain, as well as other musculoskeletal issues.Cybersecurity RisksAs a student, I often have to access sensitive information and submit assignments online. This makes me vulnerable tocybersecurity threats such as hacking, identity theft, and malware. While educational institutions strive to maintain robust security measures, there is always a risk when using computers connected to the internet.Dependence on TechnologyWhile computers have undoubtedly made many aspects of student life more convenient, there is a risk of becoming too reliant on technology. Many students struggle with basic tasks like handwriting or mental math because they have grown accustomed to using computers for everything. This dependence on technology can be problematic if there are unexpected technical issues or power outages.In conclusion, computers have revolutionized the way we learn and study as students. They provide us with access to vast information, improved productivity, enhanced collaboration, and multimedia learning opportunities. However, they also present challenges such as distractions, physical discomfort, cybersecurity risks, and a potential over-dependence on technology.As students, it is crucial for us to strike a balance and use computers responsibly. We should take advantage of the many benefits they offer while being mindful of the potentialdrawbacks. By doing so, we can maximize the positive impact of computers on our education and minimize the negative consequences.Ultimately, computers are powerful tools that have transformed the learning experience for students like myself. While they are not without their flaws, their advantages far outweigh their disadvantages when used judiciously and responsibly.篇3The Impact of Computers: A Double-Edged SwordAs a student in the 21st century, computers have become an indispensable part of my daily life. From completing assignments and conducting research to socializing with friends and streaming entertainment, these amazing machines have revolutionized the way we live, learn, and interact with the world around us. However, like any powerful tool, computers come with their own set of advantages and disadvantages, and it's crucial for us to understand both sides of the coin.Let's start with the pros – the numerous benefits that computers have brought to our lives. Firstly, they have made information more accessible than ever before. With the internetat our fingertips, we can instantly access a wealth of knowledge on virtually any topic imaginable. Gone are the days of spending hours in the library, scouring through dusty volumes to find the information we need. Now, a simple search query can uncover a treasure trove of resources, from academic journals to online tutorials and multimedia content.Computers have also streamlined our educational experiences. Digital tools like word processors, spreadsheets, and presentation software have made it easier to create, organize, and share our work with teachers and classmates. Online learning platforms have opened up new opportunities for distance education, allowing students from around the world to access high-quality educational resources without being physically present in a classroom.Furthermore, computers have enabled us to communicate and collaborate more effectively. Social media and messaging apps have connected us with friends, family, and like-minded individuals across the globe, fostering a sense of community and facilitating the exchange of ideas. Collaborative tools like cloud storage and online whiteboards have made it easier for group projects and teamwork, allowing us to contribute and receive feedback in real-time, regardless of our physical locations.However, as with any technological advancement, computers also come with their fair share of drawbacks and potential pitfalls. One of the most significant concerns is the issue of cybersecurity and privacy. With our personal information and sensitive data being stored and transmitted digitally, we run the risk of falling victim to cyberattacks, identity theft, and data breaches. Malware, phishing scams, and other cyberthreats can compromise our devices and expose our personal information to malicious actors.Another potential downside of computers is their impact on our physical and mental health. Prolonged screen time and sedentary lifestyles can lead to various health issues, such as eye strain, headaches, poor posture, and increased risk of obesity and cardiovascular diseases. Moreover, the constant influx of information and the pressure to stay connected can contribute to feelings of anxiety, stress, and social isolation, particularly among young people.Additionally, the reliance on computers and digital technology has raised concerns about the potential erosion of traditional skills and human interactions. As we become more dependent on digital tools, there is a risk of losing proficiency in essential skills like handwriting, mental arithmetic, andface-to-face communication. The convenience of technology can also contribute to a culture of instant gratification and decreased patience, which can have negative impacts on our ability to focus, problem-solve, and develop resilience.Despite these drawbacks, it's important to recognize that computers are neither inherently good nor bad – it's how we use and manage them that truly matters. As students and responsible citizens, it's our duty to strike a balance between embracing the benefits of technology and mitigating its potential risks.To address the issue of cybersecurity and privacy, we must be proactive in educating ourselves and practicing safe online habits. This includes using strong passwords, keeping our software up-to-date, being cautious of suspicious links or emails, and being mindful of the information we share online. Additionally, advocating for stronger data protection laws and holding companies accountable for safeguarding our personal information is crucial.To combat the potential health risks associated with excessive screen time, we should make conscious efforts to incorporate physical activity, breaks, and screen-free periods into our daily routines. Prioritizing our mental well-being bypracticing mindfulness, setting boundaries, and engaging in activities that promote social connections and personal growth is equally important.Furthermore, we must strike a balance between the convenience of digital tools and the preservation of traditional skills and human interactions. While technology can enhance our learning experiences, it should not replace the value of hands-on activities, face-to-face discussions, and critical thinking exercises. Embracing a blended approach that combines digital resources with traditional learning methods can help us develop awell-rounded skillset and maintain a healthy balance.In conclusion, computers have undoubtedly transformed our lives as students in profound ways, offering unprecedented access to knowledge, enhanced collaboration opportunities, and streamlined educational experiences. However, we must also acknowledge the potential risks and drawbacks associated with these technologies, such as cybersecurity threats, health concerns, and the erosion of traditional skills and human interactions. By adopting a balanced and responsible approach, we can harness the power of computers while mitigating their potential downsides, ensuring that we reap the benefits of technological advancements while preserving our well-beingand maintaining a well-rounded skillset. As students and future leaders, it is our responsibility to navigate this digital age with wisdom, caution, and a commitment to personal growth and societal progress.。
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A Spreadsheet Approach to Information VisualizationEd Huai-hsin Chi,Joseph Konstan,Phillip Barry,John RiedlDepartment of Computer Science,University of Minnesota4-192EE/CS Building,200Union St.SE,Minneapolis,MN55455echi,konstan,barry,riedl@ABSTRACTIn information visualization,as the volume and complexity of the data increases,researchers require more powerful vi-sualization tools that allow them to more effectively explore multi-dimensional datasets.In this paper,we show a novel new visualization framework built upon the spreadsheet meta-phor,where each cell can contain an entire dataset.Just as a numerical spreadsheet enables exploration of numbers,a vi-sualization spreadsheet enables exploration of visualizations of data.Our prototype spreadsheets enabled users to compare visualizations in cells using the tabular ers can use the spreadsheet to display,manipulate,and explore multiple visual representation techniques for their data.By applying different operations to the cells,we showed how visualiza-tion spreadsheets afford the construction of’what-if’scenar-ios.The possible set of operations that users can apply con-sists of animation,filtering,and algebraic operators. KEYWORDS:Visualization,Information Visualization,In-teractive Graphics,SpreadsheetINTRODUCTIONVisualization research spans a remarkable range of scientific disciplines and corresponding visualization techniques.Vi-sualization researchers have discovered that certain operations are needed across this entire range.These operations include comparing visualizations of two different datasets,as well as performing algebraic operations between two or more visual-izations,such as visualizing the differences between two data-sets.Furthermore,the need to explore multiple visual repre-sentations simultaneously arises especially in information vi-sualization,because different techniques often extract differ-ent visual features and the complexity of the data.A visual-ization spreadsheet is an ideal way to address these issues that involve multiple visualizations.Spreadsheets have proven to be highly successful tools for interacting with numerical data by applying algebraic oper-ations,manipulating rows or columns,and exploring“what–if”scenarios.Spreadsheet techniques have recently been ex-tended from numeric domains to other domains[3,2,5].HereFigure1:Visualization of3D random point generationand Delaunay triangulation of the resulting point set.Thecolumns visualize the outcome of the algorithm after5,6,25,and50steps,respectively.The last row shows the re-sult of several addition operations.For example,Cell(4,4)shows the result of adding all of the cells in Row3together,resulting in a visualization that shows the progress of the al-gorithm by representing the steps using colored tube edges.we show a novel spreadsheet framework designed to support cells containing complex datasets,viewed through powerful information visualizations,with constraints between cells link-ing both data and view attributes.By studying a spreadsheet approach to the display and ex-ploration of scientific and information visualizations,we can build upon current interaction methods by consolidating all the operations under one paradigm.In this demonstration,we present two prototype systems to illustratesome of the impor-tant capabilities offered by the spreadsheet paradigm.We dis-cuss how spreadsheet techniques can provide a structured,in-tuitive,and powerful interface for investigating information visualizations of abstract multidimensional datasets. VISUALIZATION SPREADSHEETIn this demonstration,we will demonstrate the utility of the spreadsheet paradigm using two prototype spreadsheets.Oneprototype visualization spreadsheet is built on top of VTK[4] and Tcl/Tk,and has several advanced capabilities such as user-defined operators and script language support.This proto-type,which we call the Spreadsheet for Information Visual-ization(SIV),is shown in Figure1.Here we show how a spreadsheet can be used to visualize sev-eral steps of the3D Delaunay triangulation algorithm.This example shows how algorithm visualization can be supported in our visualization spreadsheet.The columns show the re-sults of the algorithm after5,6,25,and50steps,from left to right respectively.The layout is accomplished by loading in a25line script that describes the content of each cell and how they are inter-related.We can utilize multiple visual representations to enhance the comprehensibility of the visualization.Even though each cell in Column1represents the same point set,each cell shows a different view of the data,and extracts different visual fea-tures.Row1shows the point set using3D scatter plots.Row 2shows the same data using transparent tetrahedra after3D Delaunay triangulation has been performed on the point sets. Row3represents the tetrahedra using edges between vertices. The last row aggregates several cells together to form new vi-sualizations.For example,cell(4,1)=(3,2)+(3,1)+(2,2)+(2,1). The combination of geometries from several cells results in visualizations that show differences between successive steps of the algorithm.The aggregation is performed using an addi-tion operator that adds the geometric content in several cells. Subtraction between cells is also available.Another prototype,shown in Figure2,is built for viewing biological sequence similarity reports.The cells are loaded with similarity data for genetic sequences.Each comb glyph within a cell represents an alignment,which is region of sim-ilarity between the input sequence and a sequence from the database[1].The prototypeimplements domain-specific sub-traction and addition operators to enable users to compare and contrast between different datasets.The user can explore the data further by such means as in-teractively rotating,translating or scaling the representation, following a hyperlink to the textual report,mapping the data into a different geometric representation,animating the infor-mation over a variable,andfiltering the data.The animation tool providesaccumulative,or sliced animation over any vari-able[1],and adds an extra dimension to the spreadsheet.A synchronized animation can be performed on a group of cells simultaneously.Thefiltering tool enables the user to explore subsets of the data.When the user interactively adjusts slid-ers controlling each variable,the view is updated in real-time. The mapping tool enables the user to select the variable that she wishes to be represented on the scatter plot axes.Having these capabilities inside the spreadsheet environment enables a wide range of different explorationtasks.Figure2:A screen snapshot of thefirst system(SSR)after performing three operations.(Step1)Ini-tially,we loaded each column with a slightly different,but related,dataset(A1=B1=C1=D1,A2=B2=C2=D2,A3=B3=C3=D3).(Step2)We selected Row B,andthen subtracted cell A3from it(B1=B1-A3,B2=B2-A3,B3=B3-A3).Cell B3contains the empty set as ex-pected.(Step3)We changed Row C and D to showdifferent views of Row A.The views show differentsets of variables using a different representation,thusincreasing our ability to see other dimensions of themultivariate datasets simultaneously. AcknowledgmentsThis work has been supported in part by the National Science Foundation under grants BIR940-2380and CDA9414015. REFERENCES1. 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