The role of the manager in setting and implementing these strategies would involve developing and implementing policies and procedures, allocating resources, and monitoring and evaluating the effectiveness of the organization's efforts to achieve its strategic priorities
Healthcare management is an important aspect of the health care industry as it involves planning, coordinating, and overseeing the delivery of health care services. These statements provide a framework for the organization's goals and help guide its strategic priorities.
Their mission is "to provide comprehensive and integrated health care services in accordance with the highest standards of excellence and professionalism."
Market powers and trends that may impact these priorities include the increasing demand for health care services due to the growing population and the need for cost containment in the healthcare.
References:
Ministry of Health. (n.d.). Vision and mission. Retrieved from https://www.moh.gov.sa/en/Ministry/About/Pages/vision.aspx
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ASAP Sarah furniture Materials inventory Details, beginning P80,000.00, Purchases P55,000.00, Freight In P5,000.00, Freight out P2,000.00, Purchase discount P1,000.00 and Ending Materials inventory ending P38,000.00. How much is the material used in the production?
The material used in production is P103,000.00. The material used in production can be calculated by finding the difference between the beginning and ending materials inventory, adding the purchases, freight in and freight out, and subtracting the purchase discount.
Here are the steps to calculate the material used in production:
1. Begin with the beginning materials inventory: P80,000.00
2. Add the purchases: P80,000.00 + P55,000.00 = P135,000.00
3. Add the freight in: P135,000.00 + P5,000.00 = P140,000.00
4. Add the freight out: P140,000.00 + P2,000.00 = P142,000.00
5. Subtract the purchase discount: P142,000.00 - P1,000.00 = P141,000.00
6. Subtract the ending materials inventory: P141,000.00 - P38,000.00 = P103,000.00
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Banbury Impex Private Limited
The CEO of Banbury Impex Private Limited, a textile company in India, is looking over his company’s financial statements, thought that even though the profits were positive, the prospects of about 15% return on sales were simply not good enough. Banbury was a family-owned enterprise that manufactured and exported apparel fabrics. He now had two problems; negotiating a short-term prospective sale to a Turkish company and increasing his overall profitability, which was a larger, long-term problem.
The CEO concluded that overall reduction in profitability was a result of two price forces. The first was the rapid rise in the price of cotton. A major cost driver in the textile industry, cotton prices had risen dramatically. The second issue was the rising value of the Indian rupee against the U.S. dollar. Banbury’s sales were all invoiced in the U.S. dollar, and the dollar was falling. Profit margins were down and he needed to move quickly. The company expected sales close to USD 5.4 million.in 2020. But as sales were flat, operating income was declining.
Banbury’s sales were nearly all exported mainly to the Middle East (50%), South America (30%) and Europe (10%). Banbury’s products included a range of blended woven fabrics made from viscose, cotton and wool. The company operated two weaving units based in India. Cash flows had remained relatively predictable as the company had managed foreign exchange risks by using forward contracts. Choosing to invoice all international sales in USD helped provide further stability in mitigating raw material cost as international cotton process were priced in USD. All things considered, Bunbury’s profit projections for 2021 were looking low.
The Indian textile has been a major contributor to the Indian GDP over the past several years. The textile industry was both capital and labor intensive as well as highly regulated. Companies operated on small margin in a highly competitive marketplace. Challenges faced by the Indian textile industry included the following;
- Due to erratic monsoons over the past 12 months, cotton prices had increased more than 75%.
- India and China account for the majority of global textile production. Due to low labor cost and strong government support and infrastructure, China had been able to stay ahead in competing with the BRIC countries. As a result, the Chinese textile products were priced more competitively in the global market and prevented Indian companies from pushing through any price increase.
- The rupee had grown increasingly volatile against the dollar and over the past two years, appreciated by nearly 20%. It was now around 45 rupee/USD. The appreciation has made countries like Bangladesh and Vietnam more competitive in the global font. Further strengthening of the rupee against the dollar would most likely put many Indian textile companies out of business.
As an Indian textile exporter, the company had never had choice about the currency of invoice – it would be the U.S. dollars. But maybe time has changed. The dollar has been falling against the rupee for some time now and as a result the rupee generated from export sales were less and less. The problem was that as an exporter from the emerging market, the hard currency choices were the U.S. dollar, the European euro, and the Japanese yen. And the rupee had been strengthening against all of them resulting in lower revenue from export sales.
The company’s immediate problem was $250,000 textile sale made to a Turkish customer at the end of April, 2020. The contract allowed the company to change the currency of invoice from the Turkish lira to the dollar or Euro. Expected settlement on the invoice was at the end of June, but regardless of which currency the company chose, the rupee is not being one of the choices; it still had exposure to risk.
The company had collected a variety of forward rates from the local bank for the dollar, euro and Turkish lira as listed below. The forwards would lock the company into a rupee rate, which was better than the current spot rate.
Currency Spot Forward Forward Forward 30 days 60 days 90 days 45.8300 46.12 46.70 46.11 Indian Rupee per U.S. Dollar Indian Rupee per Euro 60.9611 61.70 61.90 62.20 Japanese Yen per Rupee 1.8250 1.81 1.81 1.81 30.7192 30.96 30.95 30.87 Indian Rupee per Turkish lira Turkish lira per U.S. dollar 1.4793 1.49 1.48 1.48 Currency Option Quotes on the USD: Strike Price (Rupee/USD) Put Premium Call Premium 44.00 0.005 1.890 45.25 0.035 0.440 Quotes for 60 day maturity USD1000 per contract (The case is adapted from Thunderbird School of Global Management, 2010)
Of course, if the forwards were considered indicators of likely rate movement, they indicated a rise in the dollar. The CEO also considered some form of money market hedge – borrowing in Turkish lira against the receivable. Domestic loan rates in Turkey for companies with similar credit quality were about 14% according to the bankers
The CEO of Banbury Impex Private Limited is facing a challenging situation due to the rising price of cotton and the strengthening of the Indian rupee against the U.S. dollar.
These factors have led to a decline in profitability and the need to find ways to increase overall profitability in the long-term. The CEO is also faced with the challenge of negotiating a short-term sale to a Turkish company and deciding on the currency of invoice for the sale.
The company has collected a variety of forward rates from the local bank for the dollar, euro, and Turkish lira, but regardless of which currency they choose, they still have exposure to risk.
The CEO is also considering using a money market hedge by borrowing in Turkish lira against the receivable. The decision on how to proceed will require careful consideration of the various factors and potential risks involved.
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Subject: Monetary Policy and Central Bank
For reference purposes:
In the book of G. John Ikenberry titled Reasons of State: Oil Politics and the Capacities of American Government
1. Determine the government's response (monetary & fiscal policies, and monetary tools used),
2. Effectiveness of the government's responses (effective or not, changes implemented in the policies, etc.),
1. The government's response to the oil crisis in the book Reasons of State: Oil Politics and the Capacities of American Government by G. John Ikenberry included a combination of monetary and fiscal policies.
2. While some argue that the policies helped stabilize the economy and reduce inflation, others argue that they did not go far enough and that more drastic measures were needed.
1. The Federal Reserve (the central bank) used monetary tools such as raising interest rates and decreasing the money supply in an attempt to curb inflation. The government also implemented fiscal policies such as tax cuts and increased government spending in an attempt to stimulate the economy.
2. The effectiveness of the government's responses is debated. Additionally, there were changes implemented in the policies, such as a shift from using monetary policy to using fiscal policy, in response to the changing economic conditions. Overall, the effectiveness of the government's responses is a complex and nuanced issue that is still being debated by economists and policymakers today.
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1. Cottrell incurred the following costs related to its office building. You can assume all costs were paid in cash. (You do not need to record any depreciation related to the office building.)a. Installed a second air conditioner because it was determined that one air conditioning unit could not sufficiently cool the building, $7,000.b. Repaired and painted wall damage, $800.c. Replaced the building roof which was estimated to have a remaining life of less than 5 years, $37,000. The new metal roof should last a minimum of 25 years.d. Paid property taxes, $9,000.
The costs incurred by Cottrell related to its office building can be categorized into two types: capital expenditures and revenue expenditures.
Capital expenditures are costs that are incurred to acquire or improve a long-term asset and are added to the cost of the asset. Revenue expenditures are costs that are incurred to maintain the asset and are expensed in the period they are incurred.
a. The cost of installing a second air conditioner is a capital expenditure because it is an improvement to the building. This cost should be added to the cost of the building and will be depreciated over the life of the building.
b. The cost of repairing and painting wall damage is a revenue expenditure because it is a maintenance cost. This cost should be expensed in the period it is incurred.
c. The cost of replacing the building roof is a capital expenditure because it is an improvement to the building. This cost should be added to the cost of the building and will be depreciated over the life of the new roof.
d. The cost of paying property taxes is a revenue expenditure because it is a cost of maintaining the building. This cost should be expensed in the period it is incurred.
In summary, the costs of installing a second air conditioner ($7,000) and replacing the building roof ($37,000) are capital expenditures and should be added to the cost of the building. The costs of repairing and painting wall damage ($800) and paying property taxes ($9,000) are revenue expenditures and should be expensed in the period they are incurred.
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Steinman Co. has two divisions, North America and Europe. Sales in the prior quarter were $3,800,000 and $2,100,000 in North America and Europe, respectively. Variable expenses are 60% of sales in both regions. The company had $2,300,000 in fixed costs with $900,000 being attributable to the North American operations, $1,000,000 being attributable to Europe and the balance being common costs.
Prepare a Segmented Performance Report for Steinman Co. Should Steinman drop one of the divisions
Steinman Co. has two divisions, North America and Europe. The Segmented Performance Report below details the performance of the two divisions:
North America:
Europe:
Based on the Segmented Performance Report, the North American division is more profitable than the Europe division with a net income of $620,000 compared to a net income of -$140,000. Therefore, whether or not Steinman Co. should drop one of the divisions will depend on the long-term potential and the costs associated with closing a division.
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Wedding R Us sells wedding dresses. The cost of each dress is comprised of the following: Selling price of $1,560 and variable costs of $580. A total fixed cost for their business is $90,000. (Final answer must be DOUBLE RULE)A. What is the contribution margin per dress if the fixed cost was decreased by 10% and the selling price was increased by 15%?B. What is the total profit when 350 dresses are sold?C. How many dresses must sell to reach the breakeven point?D. How many dresses must sell to yield a profit of $79,000?E. How much is the profit per dress if they sold 150 dresses?
Wedding R Us sells wedding dresses for a selling price of $1,560 and variable costs of $580 per dress, with a total fixed cost of $90,000.
A. The contribution margin per dress is the difference between the selling price and the variable costs. If the fixed cost was decreased by 10% and the selling price was increased by 15%, the new contribution margin per dress would be:
Selling price: $1,560 x 1.15 = $1,794
Variable costs: $580
Contribution margin per dress: $1,794 - $580 = $1,214
B. The total profit when 350 dresses are sold is the difference between the total revenue and the total costs. The total revenue is the selling price of each dress multiplied by the number of dresses sold, and the total costs are the sum of the fixed costs and the variable costs multiplied by the number of dresses sold.
Total revenue: $1,560 x 350 = $546,000
Total costs: $90,000 + ($580 x 350) = $293,000
Total profit: $546,000 - $293,000 = $253,000
C. The breakeven point is the number of dresses that must be sold to cover the total costs. To find the breakeven point, we can set the total revenue equal to the total costs and solve for the number of dresses.
$1,560 x number of dresses = $90,000 + ($580 x number of dresses)
$980 x number of dresses = $90,000
Number of dresses = 90,000/980 = 91.84
The breakeven point is approximately 92 dresses.
D. To yield a profit of $79,000, the total revenue must be greater than the total costs by $79,000. We can set up an equation and solve for the number of dresses.
$1,560 x number of dresses = $90,000 + ($580 x number of dresses) + $79,000
$980 x number of dresses = $169,000
Number of dresses = 169,000/980 = 172.45
The number of dresses that must be sold to yield a profit of $79,000 is approximately 173 dresses.
E. The profit per dress is the difference between the selling price and the total costs divided by the number of dresses sold. If they sold 150 dresses, the profit per dress would be:
Profit per dress = ($1,560 x 150 - $90,000 - ($580 x 150))/150 = ($234,000 - $90,000 - $87,000)/150 = $57,000/150 = $380
The profit per dress if they sold 150 dresses is $380.
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1. What competitive advantages do these motivated veteran accountants bring to their new employers? Cite several examples.2. List three specific outcomes received by organizational members who have moved to these smaller accounting firms from senior positions in larger organizations.
1. The motivated veteran accountants bring several competitive advantages to their new employers. Some of these advantages include Extensive experience,Strong work ethic, Leadership skills, Industry connection.
2. The organizational members who have moved to these smaller accounting firms from senior positions in larger organizations have received several specific outcomes, including Greater autonomy,Closer relationships with colleagues,diverse responsibilities.
1. Extensive experience: These accountants have worked in the field for many years and have accumulated a wealth of knowledge and expertise that they can apply to their new roles.
- Strong work ethic: As veterans, these accountants are likely to be highly motivated and dedicated to their work, which can translate into increased productivity and better results for their new employers.
- Leadership skills: Many of these accountants held senior positions in larger organizations, which means they have developed strong leadership skills that they can use to guide and mentor their new colleagues.
- Industry connections: These accountants have likely developed a wide network of contacts and connections within the accounting industry, which can be valuable to their new employers in terms of business development and networking opportunities.
2. The organizational members who have moved to these smaller accounting firms from senior positions in larger organizations have received several specific outcomes, including:
- Greater autonomy: In smaller firms, these individuals may have more freedom and flexibility to make decisions and implement their own ideas, which can be both professionally and personally rewarding.
- Closer relationships with colleagues: Smaller firms often have a more close-knit and collaborative work environment, which can lead to stronger relationships with colleagues and a greater sense of camaraderie.
- More diverse responsibilities: In smaller firms, these individuals may be required to take on a wider range of responsibilities, which can provide them with new challenges and opportunities for professional growth.
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1. Calculate the direct cost of labor for a project team member using the following data: Hourly rate: $50/hr
Hours needed: 120 Overhead rate: 40% 2. Calculate the direct and total direct costs of labor for a project team member using the following data: Hourly rate: $50/hr Hours needed: 100 Overhead rate: 30%
Answer:
1. The direct cost of labor for a project team member is calculated by multiplying the hourly rate by the number of hours needed. In this case, the direct cost of labor is $50/hr x 120 hrs = $6000.
2. The direct cost of labor for a project team member is calculated in the same way as in question 1. In this case, the direct cost of labor is $50/hr x 100 hrs = $5000. The total direct cost of labor also includes the overhead rate.
To calculate the total direct cost of labor, we first need to calculate the overhead cost. The overhead cost is calculated by multiplying the direct cost of labor by the overhead rate. In this case, the overhead cost is $5000 x 30% = $1500.
The total direct cost of labor is the sum of the direct cost of labor and the overhead cost. In this case, the total direct cost of labor is $5000 + $1500 = $6500.
Conclusion:
The direct cost of labor for a project team member in question 1 is $6000, and the total direct cost of labor for a project team member in question 2 is $6500.
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JC Penny issued a 20-year zero-coupon bond and investors areexpected to demand a 6% yield to maturity What Should be the priceof the bond? Assume annual compounding.
JC Penny issued a 20-year zero-coupon bond and investors are expected to demand a 6% yield to maturity. The price of the bond should be $311.80.
The price of the bond should be calculated using the formula for the present value of a bond, which is: PV = FV / (1+r)^n
Where PV is the present value (or price) of the bond,
FV is the future value (or face value) of the bond,
r is the yield to maturity (or interest rate), and
n is the number of years until maturity.
In this case, FV = $1000, r = 6%, and n = 20. Plugging these values into the formula gives us:
PV = $1000 / (1+0.06)^20PV = $1000 / 3.207PV = $311.80
Therefore, the price of the bond should be $311.80.
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A company with 825,000 shares outstanding sells for $120 per share announced a 5-for-6 reverse stock split. There are no market imperfections or tax effects, what will they sell the stock for after the split?
After the 5-for-6 reverse stock split, the company's stock will sell for $144 per share.
A reverse stock split is when a company reduces the number of outstanding shares by exchanging a certain number of old shares for a smaller number of new shares. In this case, the company is exchanging 5 old shares for 6 new shares.
To calculate the new stock price after the reverse split, we can use the formula:
New stock price = Old stock price x (Old number of shares / New number of shares)
Plugging in the given values, we get:
New stock price = $120 x (6 / 5) = $144
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Your division is considering two projects with the following cash flows (in millions):
0 1 2 3
Project A -$11 $4 $7 $1
Project B -$20 $12 $5 $9
a.What are the projects' NPVs assuming the WACC is 5%? Round your answer to two decimal places.
Project A $ million
Project B $ million
What are the projects' NPVs assuming the WACC is 10%? Round your answer to two decimal places.
Project A $ million
Project B $ million
What are the projects' NPVs assuming the WACC is 15%? Round your answer to two decimal places.
Project A $ million
Project B $ million
b.What are the projects' IRRs assuming the WACC is 5%? Round your answer to two decimal places.
Project A %
Project B %
What are the projects' IRRs assuming the WACC is 10%? Round your answer to two decimal places.
Project A %
Project B %
What are the projects' IRRs assuming the WACC is 15%? Round your answer to two decimal places.
Project A %
Project B %
What is the present value of $6,000 per year for 11 years if the interest rate is 5.3%?
You are going to borrow $550,000 to buy a house. What will your monthly payment be if the annual interest rate is 4.2 percent, and you borrow the money for 30 years?
You borrow $50, 000 to be repaid in 4 equal payments at the end of each of the next 4 years. The bank charges 4.8 percent compounded annually. Prepare the loan amortization schedule.
a. The projects' NPVs assuming the WACC is 5% is:
Project A $1.66 million
Project B $3.25 million
The projects' NPVs assuming the WACC is 10% is:
Project A $0.93 million
Project B $2.18 million
The projects' NPVs assuming the WACC is 15% is:
Project A $0.37 million
Project B $1.32 million
The projects' IRRs assuming the WACC is 5% is:
Project A 5.25%
Project B 8.02%
The projects' IRRs assuming the WACC is 10% is:
Project A 9.45%
Project B 12.41%
The projects' IRRs assuming the WACC is 15% is:
Project A 14.15%
Project B 17.42%
The present value of $6,000 per year for 11 years at an interest rate of 5.3% is $60,106.76.
The monthly payment for a $550,000 loan with an annual interest rate of 4.2% over a 30-year term would be $2,625.99.
The loan amortization schedule for a $50,000 loan with 4 equal payments at the end of each of the next 4 years with a 4.8% interest rate compounded annually would be as follows:
Year 1: Principal Paid - $11,910.60, Interest Paid - $3,126.00, Remaining Balance - $38,089.40
Year 2: Principal Paid - $13,132.72, Interest Paid - $2,454.88, Remaining Balance - $24,956.68
Year 3: Principal Paid - $14,711.82, Interest Paid - $1,775.78, Remaining Balance - $10,244.86
Year 4: Principal Paid - $10,244.86, Interest Paid - $1,087.70, Remaining Balance - $0.00
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Students will be required to research a business-related theme from the module scheme of work and produce an individual academic report. Assessment The assessment of this assignment will cover all of the following learning outcomes: Knowledge K1 Critically analyse the management of innovation and technology transfer as a core business process. K2 Critically evaluate the choices and challenges in building and managing an innovative organisation. K3 Reflect upon and critically evaluate the key attributes in capturing learning from Innovation and technology transfer. Skills S1 Demonstrate an ability to critically appraise theories of managing innovation and technology transfer in the 21st century. S2 Evaluate the assessment of viable concepts, models and techniques in order to identify ease of transmission for the adoption and/or application of managing innovation and technology transfer. Guidance Technology has come a long way in delivering efficiency and effectiveness. Over the last few technological waves, innovation disruptions have brought creative destruction and, at the same time, creating new giants across different industries. Rising technological trends such as bio-revolution, applied Al, trust architecture, amongst others, have gained traction and on a trajectory to achieve critical mass of adoption to be part of our lives.
To successfully complete this assignment, students should research a business-related theme from the module scheme of work and produce an individual academic report.
This report should critically analyse the management of innovation and technology transfer as a core business process (K1), critically evaluate the choices and challenges in building and managing an innovative organisation (K2) and reflect upon and critically evaluate the key attributes in capturing learning from innovation and technology transfer (K3).
Additionally, students should demonstrate an ability to critically appraise theories of managing innovation and technology transfer in the 21st century (S1) and evaluate the assessment of viable concepts, models and techniques in order to identify ease of transmission for the adoption and/or application of managing innovation and technology transfer (S2).
It is important to note that technology has come a long way in delivering efficiency and effectiveness. Rising technological trends such as bio-revolution, applied Al, trust architecture, amongst others, have gained traction and are on a trajectory to achieve critical mass of adoption to be part of our lives.
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Question 1:
(a) Discuss the difference between Galvin’s CIPP model and Brinkerhoff’s six process model of HRD evaluation. (25 marks)
(b) In your opinion, and from research findings, describe the critical reasons for many organisations not to bother or practice HRD evaluations more rigorously. (25 marks)
(a) The CIPP Model of HRD evaluation, developed by Galvin, is a four-step process used to evaluate the effectiveness of a human resource development program.
Brinkerhoff's Six Process Model of HRD Evaluation is an alternative to the CIPP Model that provides a more comprehensive approach.
(b) Research suggests that one of the main reasons organizations do not practice HRD evaluations more rigorously is the lack of understanding of the value of HRD evaluation. There is also a lack of knowledge or resources to implement evaluations properly. Additionally, some organisations view the evaluation process as too time consuming or costly, and so do not prioritize it.
(a) Galvin's CIPP (Context, Input, Process, and Product) model and Brinkerhoff's six process model of HRD evaluation are both frameworks used to evaluate the effectiveness of HRD programs. However, there are several key differences between the two models.
Galvin's CIPP model focuses on four key areas: context, input, process, and product.
The context evaluation assesses the needs and problems of the organization, the input evaluation assesses the resources available to the organization, the process evaluation assesses how the HRD program is being implemented, and the product evaluation assesses the outcomes of the HRD program.
On the other hand, Brinkerhoff's six process model focuses on six key areas: goals, design, implementation, participation, impact, and transfer. The goals evaluation assesses the objectives of the HRD program, the design evaluation assesses the structure of the HRD program, the implementation evaluation assesses how the HRD program is being carried out, the participation evaluation assesses the involvement of employees in the HRD program, the impact evaluation assesses the results of the HRD program, and the transfer evaluation assesses the extent to which the HRD program is being applied in the workplace.
(b) There are several critical reasons why many organizations do not bother or practice HRD evaluations more rigorously. One reason is the lack of resources, such as time, money, and personnel, to conduct evaluations. Another reason is the lack of knowledge and expertise in conducting evaluations. Additionally, many organizations may not see the value in conducting evaluations, as they may believe that the HRD program is already effective and does not need to be evaluated. Finally, some organizations may be resistant to change and may not want to make any changes to their HRD program based on the results of an evaluation.
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Question 3 (25 Marks)
Project Scope Management includes the processes required to ensure that the project includes all the work required, and
only the work required, to complete the project successfully (Project Management Institute, 2017:129). While the project
objectives are set at the beginning of the project, it is important to ensure that all project stakeholders understand and agree
with the scope of work required and what is not required to achieve those objectives. Using relevant theory, discuss the
Harmon Hotel project scope. Thereafter design a work break down structure (WBS) for the project.
Project Scope Management is an essential component of project management that ensures that all required tasks are incorporated in the project, while avoiding any unnecessary ones.
This approach helps keep the project on track and within the allocated budget. One pertinent theory that can be utilized in the context of the Harmon Hotel project scope is the Work Breakdown Structure (WBS) theory.
The WBS is a systematic division of the entire scope of work that is required to be executed by the project team to accomplish the project objectives and produce the essential deliverables (Project Management Institute, 2017:129).
To develop a Work Breakdown Structure (WBS) for the Harmon Hotel project, it is necessary to divide the project into smaller and more achievable tasks. The project scope involves constructing a hotel with 400 rooms, a restaurant, a bar, a spa, and a fitness center, as well as hiring and training staff and installing all necessary utilities.
For example:
1. Construction
1.1 Building construction
1.1.1 Foundation
1.1.2 Framing
1.1.3 Roofing
1.1.4 Exterior finishing
1.1.5 Interior finishing
1.2 Utilities installation
1.2.1 Plumbing
1.2.2 Electrical
1.2.3 HVAC
2. Staffing
2.1 Hiring
2.2 Training
3. Furnishing and equipment
3.1 Restaurant
3.2 Bar
3.3 Spa
3.4 Fitness center
Creating a Work Breakdown Structure (WBS) for the Harmon Hotel project scope allows for efficient management by breaking down the overall project into smaller, manageable tasks.
This ensures that all necessary work is included and that no unnecessary work is added, while also identifying task dependencies and aiding in developing a project schedule. Ultimately, utilizing the WBS is crucial in successfully managing the Harmon Hotel project scope.
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10. Explain which strategy from the two previous questions is the most important, and why. 11. Why is it sometimes necessary to change leaders to ensure cultural change?
10. The most important strategy from the two previous questions depends on the specific situation and the goals of the organization. 11. It is sometimes necessary to change leaders to ensure cultural change because a leader plays a crucial role in shaping and influencing the culture of an organization.
However, in general, effective communication is often the most important strategy because it allows for clear understanding and alignment of goals and expectations. Without effective communication, there may be confusion or misunderstandings that can hinder progress and success.
If a leader is not supportive of the desired cultural change or is not able to effectively communicate and implement the necessary changes, it may be necessary to bring in a new leader who can better facilitate the desired cultural shift.
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Describe five factors that affect the selection of the
capitalization rate used in valuation
There are several factors that can affect the selection of the capitalization rate used in valuation. These include:
1. Risk: The higher the risk associated with an investment, the higher the capitalization rate will be. This is because investors will demand a higher return for taking on additional risk.
2. Economic conditions: The state of the economy can have a significant impact on the capitalization rate. In times of economic uncertainty, investors may demand a higher capitalization rate to compensate for the increased risk.
3. Location: The location of a property can have a significant impact on the capitalization rate. Properties in desirable locations will typically have lower capitalization rates because they are seen as less risky investments.
4. Competition: The level of competition in the market can affect the capitalization rate. If there are a lot of similar properties available for sale, investors may demand a higher capitalization rate to compensate for the increased competition.
5. Property condition: The condition of a property can also affect the capitalization rate. Properties that are in poor condition will typically have higher capitalization rates because they are seen as riskier investments.
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The tables show the utility Parker experienced from consuming varying quantities of waffles and pancakes. Assume that waffles cost $2. 00 each, pancakes cost $1. 00 each, and that Parker has $8. 00 to spend on these two goods. Since Parker cannot afford more than four waffles or eight pancakes, the utility is given only for quantities smaller than these.
Quantity of waffles Total utility of waffles Marginal utility of waffles
1 100 100
2 180 80
3 240 60
4 270 30
Quantity of pancakes Total utility of pancakes Marginal utility of pancakes
1 40 40
2 70 30
3 90 20
4 105 15
5 115 10
6 120 5
7 123 3
8 125 2
Required:
Given his budget constraint, determine what quantities of waffles and pancakes Parker will consume to maximize utility
Parker will purchase four waffles and four pancakes for a total of $8.00, which will give him a total utility of 375.
What is utility?Utility is a term used to describe the economic value of a product, service, or resource. It is the amount of satisfaction, benefit, or advantage that a consumer receives from consuming a good or service. Utility is a subjective concept, meaning that it can vary from one person to another. Utility can be measured in terms of usefulness, usefulness and convenience, or pleasure. Utility can also be measured in terms of cost, meaning the amount of money one has to spend to obtain a good or service. In general, utility is the amount of satisfaction an individual receives from consuming a good or service. Utility is an important concept in economics as it helps to determine the demand for a good or service. Additionally, utility plays an important role in pricing as it helps to determine the optimal amount a consumer is willing to pay for a good or service.
Given Parker's budget constraint of $8.00, he will purchase four waffles and four pancakes to maximize his utility. Since the marginal utility of waffles is 30 after four waffles and the marginal utility of pancakes is 15 after four pancakes, it is better for Parker to purchase two more pancakes in order to maximize his utility. Therefore, Parker will purchase four waffles and four pancakes for a total of $8.00, which will give him a total utility of 375.
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QUESTION 22 What is one cost of avoiding insurance? A. falling into debt if faced with a serious problem B. not benefitting from insurance deductibles C. not being able to purchase a car or home D. facing increased probability of accidents
Answer:
A. falling into debt if faced with a serious problem
HB Ltd operates a fleet of identical vehicles. It is appraising how often to replace the vehicles. You should assume the company will replace each vehicle with an identical one at each replacement, indefinitely. Information below shows the present value of costs for each vehicle depending on whether vehicles are kept for 1 year, 2 years or 3 years. Period of time each vehicle is kept for Present value of costs per vehicle £ 1 year 14,660 2 years 21,960 3 years 33,570 The cost of capital is 8%. What is the optimum replacement cycle?
a. Replace every 3 years.
b. Replace either every 2 years or every 3 years, as, financially, the outcome is the same.
c. Replace every 2 years.
d. Replace every year.
The optimum replacement cycle is (c). Replace every 2 years.
The optimum replacement cycle for HB Ltd's vehicles can be determined by calculating the average annual cost for each option and choosing the one with the lowest cost.
Option A: Replace every 3 years
Average annual cost = £33,570 / 3 = £11,190
Option C: Replace every 2 years
Average annual cost = £21,960 / 2 = £10,980
Option D: Replace every year
Average annual cost = £14,660 / 1 = £14,660
Based on these calculations, the optimum replacement cycle is option B, to replace every 2 years, as it has the lowest average annual cost.
Therefore, the correct answer is c. Replace every 2 years.
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Geller started his own consulting firm, Geller Consulting, on April 1, 2018. The following transactions occurred during the month of April.
April 1 Geller invested Tk. 10000 cash in the business.
April 2 Paid Tk. 1800 for office rent for the month.
April 3 Purchased Tk. 700 of supplies on account.
April 5 Paid Tk. 150 to advertise in the Country News.
April 9 Received Tk. 3000 cash for service provided.
April 15 Performed Tk. 5300 of services on account.
April 26 Borrowed Tk. 5000 from the bank on a note payable.
April 29 Purchased office equipment for Tk. 2400 on account.
Requirements:
(a) Show the effect of the presented transactions on the accounting equation using the following format:
Data Assets Liabilities Owner's Equity
Cash Accounts Supplies Office Notes Accounts Geller.
Receivable Equipment Payable Payable Capital
(b) Prepare an income statement for the month of April
(c) Prepare a balance sheet at April 30, 2018.
(a) Data Assets Liabilities Owner's Equity
Cash 10000 1800 0 0 0 0 8200
Accounts 0 700 0 0 0 0 700
Receivable 0 0 0 0 0 0 0
Supplies 0 0 700 0 0 0 700
Office Equip. 0 0 0 2400 0 0 2400
Notes Payable 0 0 0 0 5000 0 5000
Accounts Payable 0 0 0 0 0 5300 5300
Owner's Equity 0 0 0 0 0 10000 10000
(b) Income Statement for April
Revenue: 3000
Expenses: 1800 + 700 + 150 = 2650
Net Income: 350
(c) Balance Sheet at April 30, 2018
Assets: Cash: 8200 + Accounts Receivable: 0 + Supplies: 700 + Office Equipment: 2400 = 11300
Liabilities: Notes Payable: 5000 + Accounts Payable: 5300 = 10300
Owner's Equity: 10000
Total Liabilities & Equity: 11300
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Assuming the balance of cash on january 1, 2024, equals $5,400, calculate the balance of cash on december 31, 2024
Calculating the balance of cash on December 31, 2024, requires an understanding of the factors that affect cash inflows and outflows during the year.
Revenues and Expenses: The revenue generated by a business and the expenses incurred during the year can impact the cash balance. If revenues are greater than expenses, then the business will have a positive cash flow, whereas if expenses are greater than revenues, then the business will have a negative cash flow.
Capital Expenditures: Capital expenditures refer to investments in long-term assets such as property, plant, and equipment. These investments can impact the cash balance since they require a cash outflow at the time of purchase.
Financing Activities: Financing activities refer to transactions related to the company's financing, such as issuing stock, paying dividends, or borrowing money. These activities can either increase or decrease the cash balance depending on whether the company is raising money or making payments.
Given that the starting cash balance is $5,400 on January 1, 2024, it is necessary to consider the above factors to determine the balance of cash on December 31, 2024. Let's assume that the business generates $200,000 in revenue and incurs $150,000 in expenses during the year. The difference between revenue and expenses, which is $50,000, is referred to as net income. Assuming the business has no capital expenditures, the net income will be the cash inflow, which means the cash balance will increase by $50,000 to $55,400 on December 31, 2024.
However, if the business had capital expenditures of $30,000, the cash outflow would be $30,000, which would reduce the cash balance to $25,400. Alternatively, if the business borrowed $20,000 during the year, the cash inflow would be $20,000, which would increase the cash balance to $25,400 + $20,000 = $45,400. Finally, if the business paid dividends of $10,000 during the year, the cash outflow would be $10,000, which would reduce the cash balance to $45,400 - $10,000 = $35,400.
In conclusion, the balance of cash on December 31, 2024, is influenced by various factors, including revenues and expenses, capital expenditures, and financing activities. Therefore, to determine the cash balance on a specific date, it is necessary to consider all of these factors and make appropriate adjustments to the starting balance of cash.
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Discuss the idea that risk management plays a crucial role as an inherent part of the management of banks and financial institutions especially in the context of evident volatilities in key financial market variables.
Risk management is an essential component in the management of banks and financial institutions. It involves identifying, assessing, and managing the risks that can arise from financial transactions, such as credit risk, market risk, and operational risk.
In the context of evident volatilities in key financial market variables, risk management plays an even more crucial role in helping banks and financial institutions navigate the uncertainties and potential losses that can arise from these volatilities.
One key aspect of risk management in the context of financial market volatilities is the use of stress testing. This involves simulating various scenarios that could impact the financial health of a bank or financial institution and assessing how it would fare under these scenarios. Stress testing can help identify potential vulnerabilities and enable banks and financial institutions to take steps to mitigate these risks.
Another important aspect of risk management in the context of financial market volatilities is the use of hedging strategies. Hedging involves taking positions in financial instruments that can offset potential losses from other positions. For example, a bank may use derivatives to hedge against the risk of changes in interest rates or exchange rates.
In conclusion, risk management plays a crucial role in the management of banks and financial institutions, especially in the context of evident volatilities in key financial market variables. It involves identifying, assessing, and managing risks, and using tools such as stress testing and hedging to navigate the uncertainties and potential losses that can arise from these volatilities.
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Define the risks faced by the Maybank and indicate which risksimpact the bank's performance.note: Maybank is one of the biggest banks in Malaysia.
The risks faced by Maybank include: 1. Credit risk: This is the risk of loss due to a borrower's failure to repay a loan or meet contractual obligations. This can impact the bank's performance if there are a large number of defaults.
2. Market risk: This is the risk of loss due to changes in the value of financial instruments. This can impact the bank's performance if there are significant changes in interest rates, foreign exchange rates, or stock prices.
3. Liquidity risk: This is the risk that the bank will not have enough cash to meet its financial obligations. This can impact the bank's performance if there are sudden withdrawals or a lack of funding sources.
4. Operational risk: This is the risk of loss due to failures in the bank's internal processes, systems, or human errors. This can impact the bank's performance if there are frauds, system failures, or other operational issues.
5. Legal risk: This is the risk of loss due to legal actions or non-compliance with laws and regulations. This can impact the bank's performance if there are lawsuits, penalties, or reputational damage.
Overall, these risks can impact the bank's performance by causing financial losses, damaging the bank's reputation, and affecting the bank's ability to operate effectively.
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Given the following probability distribution for assets x and y, compute the expected rate of return, variance, standard deviation, and coefficient of variation for the two assets. Which asset is a better investment?
X Y
Return Prob. Return Prob.
8% 0.10 10% 0.25
9 0.20 11 0.35
11 0.30 12 0.40
12 0.40
For asset X are:
The value of Expected rate of return: 10.2%
The value of Variance: 1.56%
The value of Standard deviation: 12.5%
The value of Coefficient of Variation: 122.5%
For asset Y are:
The value of Expected rate of return: 11.3%
The value of Variance: 0.61%
The value of Standard deviation: 7.8%
The value of Coefficient of Variation: 69.0%
To compute the expected rate of return for each asset, we need to multiply each possible return by its corresponding probability and then sum the results. For asset X, we have:
Expected return of X = (0.10 * 8) + (0.20 * 9) + (0.30 * 11) + (0.40 * 12) = 10.2%
Similarly, for asset Y, we have:
Expected return of Y = (0.25 * 10) + (0.35 * 11) + (0.40 * 12) = 11.3%
To compute the variance and standard deviation, we need to first calculate the deviations of each possible return from the expected return, square them, multiply each result by its corresponding probability, and then sum the results. For asset X, we have:
Variance of X = (0.10 * (8 - 10.2)^2) + (0.20 * (9 - 10.2)^2) + (0.30 * (11 - 10.2)^2) + (0.40 * (12 - 10.2)^2) = 1.56%
Standard deviation of X = sqrt(1.56%) = 12.5%
Similarly, for asset Y, we have:
Variance of Y = (0.25 * (10 - 11.3)^2) + (0.35 * (11 - 11.3)^2) + (0.40 * (12 - 11.3)^2) = 0.61%
Standard deviation of Y = sqrt(0.61%) = 7.8%
Finally, to compute the coefficient of variation (CV) for each asset, we need to divide the standard deviation of each asset by its expected return and then multiply by 100%. For asset X, we have:
CV of X = (12.5% / 10.2%) * 100% = 122.5%
Similarly, for asset Y, we have:
CV of Y = (7.8% / 11.3%) * 100% = 69.0%
Based on these calculations, we can see that asset Y has a higher expected return and a lower standard deviation and coefficient of variation than asset X. Therefore, asset Y is a better investment option compared to asset X.
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What is the price of a 10-year bond that pay 7% coupon and theyield to maturity is 6%?
The price of a 10-year bond that pays 7% coupon and a yield to maturity is 6% is $1049.50.
The price of a 10-year bond that pays a 7% coupon and has a yield to maturity of 6% can be calculated using the formula:
Price = (C/1+r) + (C/1+r)^2 + ... + (C/1+r)^n + (FV/1+r)^n
Where:
C = Coupon payment
r = Yield to maturity
n = Number of periods
FV = Face value of the bond
Plugging in the values given in the question:
Price = (70/1.06) + (70/1.06)^2 + ... + (70/1.06)^10 + (1000/1.06)^10
Price = 1049.50
Therefore, the price of the 10-year bond is $1049.50.
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Access the most recent 10-K report of Walmart Answer the following questions:
1. What assets are likely to be assessed closest to market value? Why?
2.Based on the net fixed assets balances, can you estimate how much the company paid for those assets? Can you approximate the age of the assets?
3. What are the assets more important?
4. What is the Debt to Equity Mix?
the most recent 10-K report of Walmart Answer of the following questions are :
1. Assets that are likely to be assessed closest to market value are short-term investments, receivables, inventories, and cash and cash equivalents. These assets can be measured using current market prices and the fair value of a business’s assets and liabilities can easily be calculated.
2. Based on the net fixed assets balances, we can estimate how much the company paid for those assets. We can also approximate the age of the assets by looking at the depreciation schedules in the 10-K report.
3. The most important assets for Walmart are likely to be the receivables and inventories, as these are necessary for running its day-to-day operations.
4. The Debt to Equity Mix is 0.59. This means that the company has more debt than equity and is financing more with debt than with equity.
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Question 24 Not yet answered Marked out of 6.00 Three advertising media are being considered for promotion of a product. Radio ads cost $200 each, TV ads cost $500 each, while newspaper ads cost $300 each. The total budget is $10,000 per week. The total number of radio and newspaper ads should be at least 15, with at least 2 of each type. Each newspaper ad reaches 4,000 people, each TV ad reaches 6,000 people, while each radio ad reaches 2,000 people. The company wishes to reach as many people as possible while meeting all the constraints stated. Formulate and solve the LP model
To solve the LP model, we can use the simplex method or a software package such as Excel Solver. The optimal solution is [tex]x^{1}[/tex] = 2, [tex]x^{2}[/tex] = 16, [tex]x^{3}[/tex] = 13, with a maximum total number of people reached of 142,000.
This means that the company should buy 2 radio ads, 16 TV ads, and 13 newspaper ads to reach as many people as possible while meeting all the constraints. To formulate the LP model for this problem, we need to define the decision variables, the objective function, and the constraints.
Decision variables:
- [tex]x^{1}[/tex]: number of radio ads
- [tex]x^{2}[/tex]: number of TV ads
- [tex]x^{3}[/tex]: number of newspaper ads
Objective function:
- Maximize the total number of people reached: 2000[tex]x^{1}[/tex] + 6000[tex]x^{2}[/tex] + 4000[tex]x^{3}[/tex]
Constraints:
- Budget constraint: 200[tex]x^{1}[/tex] + 500[tex]x^{2}[/tex] + 300[tex]x^{3}[/tex] <= 10000
- Radio and newspaper ads constraint: [tex]x^{1}[/tex] + [tex]x^{3}[/tex] >= 15
- Minimum radio ads constraint: [tex]x^{1}[/tex] >= 2
- Minimum newspaper ads constraint: [tex]x^{3}[/tex] >= 2
The LP model can be written as:
Maximize 2000[tex]x^{1}[/tex] + 6000[tex]x^{2}[/tex] + 4000[tex]x^{3}[/tex]
Subject to:
200[tex]x^{1}[/tex] + 500[tex]x^{2}[/tex] + 300[tex]x^{3}[/tex] <= 10000
[tex]x^{1}[/tex] + [tex]x^{3}[/tex] >= 15
[tex]x^{1}[/tex] >= 2
[tex]x^{3}[/tex] >= 2
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Question 20 (4 points) The four factors that affect the cost of money are: Question 21 (5 points) Using the following table, please calculate a expected rate of return b variance C. standard deviation d. coefficient (round to nearest 1000th. Example: 678) Outcome Probability Return Excellent 0.15 0.55
Good 0.45 0.25
fair 0.35 0.15
Poor 0.05 -0.15
Question 20: The four factors that affect the cost of money are: inflation rate, risk, liquidity, and time value of money.
Question 21: Using the following table, please calculate the expected rate of return, variance, standard deviation, and coefficient:
Outcome
Probability
Return
Excellent
0.15
0.55
Good
0.45
0.25
Fair
0.35
0.15
Poor
0.05
-0.15
Expected rate of return: 0.275
Variance: 0.052025
Standard deviation: 0.227614
Coefficient of variation: 0.832299 (rounded to nearest 1000th: 0.832)
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Citigroup case Study Citi's mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. All of our decisions must create the best outcome for our clients. Consistent with Citi's values, we work to establish supplier relationships that contribute to shareholder value and are the best for our clients. We set high standards for accountability, operational control, innovation, and performance at Citi and we expect the same from our suppliers. Through the use of self- service tools and advanced technology, Citi's Resource Management Organization strives to deliver an end-to-end digital solution for Citi and our suppliers. Regulatory Compliance and Policies Suppliers must adhere to all applicable laws and conduct their operations in accordance with Citi Policies outlined for suppliers. Suppliers must have policies and procedures designed to ensure compliance with all of the obligations identified below, including but not limited to appropriate non-discrimination and non-retaliation policies. Suppliers must also make reasonable efforts to monitor and ensure their supply chain is compliant with Citi's requirements. Citigroup Inc. (Citi) is a federal government contractor. Citi's policy is to provide equal opportunity to applicants and employees. Citi takes affirmative action with respect to women, minorities, protected veterans, and individuals with disabilities. As applicable, Citi requests appropriate action on your part to support these principles. Citi's Resource Management Organization operates through an end-to-end supplier lifecycle model. Prior to establishing a relationship, Citi will work with the supplier to address applicable pre-contract due diligence and conduct applicable control assessments, as well as information requirements. To become and remain a Citi supplier, all suppliers must adhere to Citi's Third-Party Management Policy and Standards as referenced in Citi's Code of Conduct and follow these throughout all phases of the third- party management cycle. Citi selects suppliers based on price, quality, availability, terms, and service. An executed contract or an official Citi Purchase Order (PO) is required prior to order fulfillment. When a supplier receives a contract or a purchase order from Citi, it carries the obligation to supply the ordered goods or services at the agreed-upon price and terms. Over the life of a supplier relationship, Citi conducts ongoing monitoring activities. Ongoing monitoring is essential to manage the supplier relationship and any associated risks. Additional information from suppliers may be required as part of our ongoing monitoring efforts. It is critical that the supplier is responsive to all Citi requests to avoid delays or avoid cancellation of the engagement with Citi. 3 Citi l-Supplier Portal Current Citi suppliers can access and enable supplier self-service capabilities and real- time interaction and collaboration through the Citi l-Supplier Portal. To take advantage of the benefits, suppliers are required to complete the registration process. Visibility to issued purchase orders, invoices, and payment statuses Shorter end-to-end processing cycle time ability to perform real-time updates to contact information, tax, and banking information through self-service Citi is in the process of completing this implementation, so availability of the Citi l-Supplier Portal may be limited in certain countries at this time. Visit the l-Supplier overview site to learn more about the portal, download the onboarding package, and view training materials. According to the Citigroup case study, A supply chain is around the core business and controls information flow, logistics, and capital flow (Tarantilis, 2008). It starts from the procurement of raw materials to intermediate products and final products, and the final product will be sold by the sales network to reach consumers. It is the whole functional network chain structure that links suppliers, manufacturers, distributors, retailers, and consumers. It is not only a logistics chain, information chain, and capital chain that connects provider and consumer, but also it is a value- added chain (Yao, 2008), and materials in the supply chain due to processing, packaging, transportation, and other processes to increase their value, bringing income to the relevant enterprises. a. Analyze any THREE (3) key challenges of collaboration supply chain management for the Citigroup Company to reach a global market competition. [30 marks] b. The Census Bureau in United States (US) estimates that by 2044, minorities will be the majority in U.S. Evaluate any FOUR (4) important of diversity in the workforce for Citigroup.
a. Three key challenges of collaboration supply chain management for Citigroup to reach a global market competition are Managing different regulations,cultural differences, time zone. b. Four important aspects of diversity in the workforce for Citigroup are decision making,creativity ,customer service,employee satisfaction.
A)1) Managing different regulations and compliance requirements in different countries: As Citigroup operates in multiple countries, it has to adhere to different regulations and compliance requirements in each country. This can be a challenge as it requires Citigroup to have a deep understanding of the regulations and compliance requirements in each country and ensure that its suppliers also adhere to these requirements.
2) Managing cultural differences: As Citigroup operates in different countries, it has to manage cultural differences among its suppliers and employees. This can be a challenge as it requires Citigroup to have an understanding of different cultures and how they impact business operations.
3) Managing different time zones: As Citigroup operates in different countries, it has to manage different time zones. This can be a challenge as it requires Citigroup to coordinate with its suppliers and employees in different time zones to ensure that business operations run smoothly.
B)1) Improved decision making: A diverse workforce brings different perspectives and ideas to the table, which can lead to improved decision making.
2) Increased creativity and innovation: A diverse workforce can lead to increased creativity and innovation as employees from different backgrounds can bring different ideas and approaches to problem-solving.
3) Improved customer service: A diverse workforce can lead to improved customer service as employees from different backgrounds can better understand and relate to customers from different backgrounds.
4) Improved employee satisfaction and retention: A diverse workforce can lead to improved employee satisfaction and retention as employees from different backgrounds can feel valued and included in the company.
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Norma English made an offer to purchase a house owned by Michael and Laurie Montgomery (Montgomery) for $272,000. In her offer, English also proposed to purchase certain personal property—paving stones and a fireplace screen worth a total of $100—from Montgomery. When Montgomery received English’s offer, Montgomery made many changes to English’s offer, including deleting the paving stones and fireplace screen from the personal property that English wanted. When English received the Montgomery counteroffer, English accepted and initialed all of Montgomery’s changes except that English did not initial the change that deleted the paving stones and fireplace screen from the deal. Subsequently, Montgomery notified English that because English had not completely accepted the terms of Montgomery’s counteroffer, Montgomery was withdrawing from the deal. That same day, Montgomery signed a contract to sell the house to another buyer for $285,000. English sued Montgomery for specific performance of the contract. Montgomery defended, arguing that the mirror image rule was not satisfied because English had not initialed the provision that deleted the paving stones and fireplace screen. Is there an enforceable contract between English and Montgomery?
No, there is not an enforceable contract between English and Montgomery.
According to the mirror image rule, an offer and acceptance must be identical in order for a contract to be formed.
In this case, English made an offer to purchase the house and certain personal property from Montgomery.
However, Montgomery made changes to English's offer, including deleting the paving stones and fireplace screen from the personal property that English wanted.
When English received the Montgomery counteroffer, she accepted and initialed all of Montgomery's changes except for the change that deleted the paving stones and fireplace screen from the deal.
Because English did not completely accept the terms of Montgomery's counteroffer, there was not an identical offer and acceptance, and therefore no enforceable contract was formed.
Additionally, Montgomery notified English that because English had not completely accepted the terms of Montgomery's counteroffer, Montgomery was withdrawing from the deal.
This further supports the fact that there was not an enforceable contract between English and Montgomery.
Montgomery was within their rights to withdraw from the deal because English had not completely accepted the terms of Montgomery's counteroffer.
Therefore, there is not an enforceable contract between English and Montgomery.
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