Company Valuation Essay Example

Company Valuation Essay In this papers, we describe generally the four main groups comprising the most widely used company valuation methods: balance sheets-based methods, income statements – based methods, mixed methods, and cash flow discounting – based methods. Then we present a real – life example to illustrate the valuation of a company – Biotechnology S. A in different methods. We conclude the paper with some recommendation on valuate Biotechnology. 2. Valuation methods For anyone involved in the field of corporate finance, understanding the mechanisms of company valuation is an indispensable requisite. This is not only because of the importance of valuation in acquisitions and mergers but also because the process of valuing the company and its business units helps identify source of economic value creation and destruction within the company. The methods for valuing companies can be classified in six groups: MAIN VALUATION METHODS BALANCE INCOME MIXED CASH FLOW VALUE OPTIONS SHEET STATEMENT (GOODWILL) DISCOUNTING CREATION . Book value . Multiples Classic Equity cash flow EVA Black and . Adjusted . PER Union of Dividends Economic Scholes . We will write a custom essay sample on Company Valuation specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Company Valuation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Company Valuation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Sales Free cash flow Investment value European profit . Liquidation . P/E EBITDA Accounting Capital cash flow Cash value option value . Other Experts APV added Expand . Substantial multiples Abbreviated CFROI the project value income Delay the others investment Alternative uses 2. 1 Balance sheets – Based methods (shareholders’Equity) These methods seek to determine the company’s value by estimating the value of its assets. These are traditionally used methods that consider that a company’s value lies basically in its balance sheet. They determine the value from a static viewpoint, which, therefore, does not take into account the company’s possible future evolution or money’s temporary value. Neither do they take into account other factors that also affect the value such as: the industry’s current situation, human resources or organization problems, contracts, etc. that do not appear in the accounting statements. Some of these methods are the following: Book value, adjusted book value, liquidation value, and substantial value 2. Income Statement – Based methods Unlike the balance sheet- based methods, these methods are based on the company’s income statement. They seek to determine the company’s value through the size of its earnings, sales or other indicators. Thus, for example, it is a common practice to perform quick valuations of cement companies by multiplying their annual production capacity in metric tons by a ration (multiple). It is also common to value car park ing companies by multiplying annual premiums Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th y a multiple. This category includes the methods based on the PER: according to this method, the share’s price is a multiple of the earnings. Value of earnings. PER: According to this method, the equity’s value obtained by multiplying the annual net income by a ratio called PER (price earning ratio), that is: Equity value= PER x earnings Value of the dividends: Dividends are the part of the earnings effectively paid out to the shareholder and, in most cases, are the only regular flow received by shareholders. According to this method, a share’s value is the net present value of the dividends that we expect to obtain from it. In the perpetuity case, that is, a company form which we expect constant dividends every year, this value can be expressed as follow: Equity value=DPS/Ke Where: DPS – dividend per share distributed by the company in the last year Ke- required return to equity If, on the other hand, the dividend is expected to grow indefinitely at a constant annual rate g, the above formula become the following: Equity value =DPS/(ke-g) Where: DPS is the dividends per share for the next year. Sale multiplies: This valuation method, which is used in some industries with a certain frequency, consists of calculating a company’s value by multiplying its sales by a number. Price/sales=(price/earnings) x (earnings/sales) 2. 3 Goodwill –Based methods Generally speaking, goodwill is the value that a company has above its book value or above the adjusted book value. Goodwill seeks to represent the value of the company’s intangible assets, which often do not appear on the balance sheet but which contribute an advantage with respect to other companies operating in the industry. 2. 4 Cash flow discounting – Based method These methods seek to determine the company’s value by estimating the cash flow it will generate in the future and discounting them at a discount rate matched to the flows’ risk. Cash flow discounting methods are based on the detailed, careful forecast, for each period, of each of the financial items related with the generation of the cash flows corresponding to the company’s operation, such as, for example, collection of sales, personnel, raw material,†¦ General method for cash flow discounting The different cash flow discounting –based methods start with the following expession: V= CF1 + CF2 + CF3+†¦+ CFn+VRn (1+k) (1+k)2 (1+k)3 (1+k)n Where: Cfi =cash flow generated by the company in the period i Vn = residual value of the company in the year n K =appopriate discount rate for the cash flows’ risk Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th 3. Investment decision process applied for preparing the long term financial plan of Biotechnology S. A Investment Plan Debt table (use past contract) Depreciation Plan INVESTMENT PLAN PROJECTIONS Criteria to use Potential solutions Information on biotech shares Selection of a solution Income Statement (forecast) Financial needs Cash Flow Sale forecast Financial analysis (past data) . Liquidity/solvency . Debt capacity . Return for shareholders Valuation of biotech II. Background of Biotechnology S. A 1. Company porfile Year of establishment: 1990 Operation fields: Manufactures and sells instruments for the biotechnological industries Capital: 10 000 000EUR divided into 100 000shares with a face value 100 euro each. Owners: Mr. Vincent-current resident: 60% equivalent to 60 000 shares Other directors of the company: 10% equivalent to 10 000 shares Venture capital organization: 30% equivalent to 30 000 shares Market: France and other foreign countries (mainly in European countries) Customers: Large corporations: LAFARGE, LVMH, BSN†¦ Small industries Research laboratories. Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th Long term Target: Maintenance of a growth rate of 20 to 30% (for the next 10 years) Development plan: Company will undertake geographical diversification: Europe market (in particular in Germany); American and South Asian Markets. 2. Financial figures and operation results Balance sheet ASSET 1998 1999 Cash 1,700 1,100 Receivables 9,600 13,850 Inventories 8,450 11,050 Other 1,000 1,200 Total current asset 20,750 27,200 Plantequip 31,952 42,602 Depreciation 3,452 8,852 Net fixed assets 28,500 33,750 Total asset 49,250 60,950 2000 LIABILITIES 2,900 Payables 16,250 Acrues expenses 14,500 St Bank loans 2,150 35,800 Total current liab. 0,032 LTMT loans 14,752 Equity 45,280 Retained earnings 81080 Liabilequity (in thousands of Euros) 1998 1999 2000 7000 9000 11500 2,400 4,850 5,250 2,850 4,600 3,330 12,250 18,450 20,080 9,000 13,500 27,500 10,000 10,000 10,000 18,000 19,000 23,500 49,250 60,950 81,080 Income Statement (in thousands of Euros) 1998 1999 2000 63,300 83,000 110,020 17,940 23,5 00 30,810 45,360 58,500 79,210 34,216 38,150 41,986 11,144 21,350 37,224 2,400 5,950 8,800 8,744 15,400 28,424 2,080 2,500 3,600 6,664 12,900 24,824 1,999 3,870 7,447 4,665 9,030 17,377 Sales COGS Gross margin General admin expenses Operation income bf depreciation Depreciation Operating income Interest expenses Income bf tax Incometax NI 3. SWOT analysis Strengths: †¢ Solid leadership; †¢ Diversified Customer Base, including some big names (Lafarge, LVMH, BSN); †¢ Weaknesses: Dominant shareholder, reluctance in having new shareholders; Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th †¢ †¢ †¢ †¢ †¢ Export accounts for 30% of the total sales in 2000 and is moving fast; Company is in high growth situation and this situation will continue for the next 10 years; Company’s ability to increase production capacity without any difficulties; Steep growth in sales, production cost controlling efforts and ability; Financial supports from Banks. Opportunities: †¢ Preparedness of the company in capturing the market opportunities; Low inventory level; Dependent on banks for financial resources; Cash flow is not sufficient. †¢ †¢ †¢ Threads: †¢ †¢ †¢ †¢ †¢ †¢ High growth sector with very little competition at both local and international market; Expansion of existing exported market (European countries); New exported market (USA, some fast growing Asian Countries); Geographic diversification possibilities. †¢ Multinational companies are considering entering into the field; Technological risks due to rapid technological changes in the field of biotechnology; To maintain technological superiority, heavy investment is required. III. Biotechnology S. A valuation 1. Financial analysis using past data From the balance sheet and income statement of Biotech S. A, we draw out a general financial picture through the main financial figures as below: (in thousands of Euros) Year Capital Employed Fix assets Working capital Total Net Financial Debt Equity Total Operation Sale Progression Working capital in days of sale Trade Receivable in days of sale Inventory in days of sale Trade Payable in days of sale 1998 28,500 9,650 38,150 10,150 28,000 38,150 1999 33,750 12,250 46,000 17,000 29,000 46,000 31% 53 60 48 39 2000 45,280 16,150 61,430 27,930 33,500 61,430 33% 53 53 47 38 55 55 48 40 Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th Capital Employed turnover 1. 66 1. 80 1. 79 Margins Gross margin 72% 70% 72% Operating margin 14% 19% 26% Net margin 7% 11% 16% Returns ROCE before taxes 23% 33% 46% effective taxe rate 23% 23% 23% ROCE after tax 18% 26% 36% ROE 17% 31% 52% Debt and Solvency Long + Med term debt/NI+ Dep 127% 90% 105% Gearing (debt/equity) 36% 59% 83% Interest expense/EBITDA 19% 12% 10% Long term + Med term debt/Equity 32% 47% 82% Liquidity Current ratio 1. 69 1. 47 1. 78 Quick ratio 0. 92 0. 81 0. 95 Cash ratio 0. 14 0. 06 0. 14 1. 1 General analysis The above figures shown out that the Biotech S. A is in quite good situation on business and its financial results. Almost of financial ratios are improving by the time with high percentage, bringing a big benefit for its shareholders. Despite growing competition on the market for biotechnology products, company’s sales have significantly increased by more than 30% over the periods. However, capital employed at the end of 1999 and 2000 are respectively 20% and 30% higher than previous year because the Capital Employed Turnover has slightly decreased from 1,80 in 1999 down to 1,79 in 2000. This is mainly due to the increase in fixed assets investment (+18% in 1999 and + 34% in 2000). Operating margin and net margin have significantly increased with the average growth rate is about 5% per year. Thanks to high growth rate of net margin, ROCE after tax and return on equity have grown impressively. This is really good performance in the context of managing return for shareholders. During three years (from 1998 to 2000) the company has successfully optimized leverage ratio (gearing). At the end of 2000 the gearing is 0,83 (instead of 0,59 a year before) so that shareholders benefit from a rather strong financial leverage with a return on equity as high as 51. 7% in 2000 and 31. 14% only in 1999. The level of debt may become a concern in the future. The liquidity ratios are acceptable, though not that strong. 1. 2 Specific analysis on the four key financial ratios †¢ Solvency problem †¢ Debt capacity †¢ Return for share holders Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th †¢ 1. 2. 1 Cost of capita l in comparison to ROE Solvency problem Solvency ratio (A) = Interest expense EBITDA This ratio must be as low as possible to ensure the solvency of the company. Two limits reflect solvency situation of a company: If A40%, there will be more than 50% of solvency problem happens in the next 3 years. In Biotechnology case, solvency ratio is always less than 20% during the past three year. It is 19% on the year 1998, 12% on the year 1999, and 10% on the year 2000. This means such ratios are improving from year to year, the company are adjusting its solvency situation follow up in a good direction. Quick Ratio (B) = Cash + Account Receivable Account payable + Accrued expense + Bank loan This ratio represent the level of cash in out; if this ratio is equal to 1, that means the company have sufficient cash to run its business. In Biotechnology case, quick ratio is 92% on the year 1998, 80% on the year 1999, and 95% on the year 2000. These figures are nearly equal to 100% and remarkably increased between 1999 and 2000. Though it may leads to some shorten cash issue would happen but it is very good situation if the company continuously keeps at around this level. In practice, optimal of this ratio is 103-105%. For conclusion, solvency of Biotechnology S. A is in quite good situation. 1. 2. 2 Debt capacity In classic measure using capital structure of company: Debt Equity ratio (D/E) = Long term + Medium term debt Total Equity In theory, it is ideally for the company to have this ratio equal to 1, which they can be used up their resources and enjoy the fair interest borrowing rate. In Biotechnology case, debt equity ratio is 32% on the year 1998, 47% on the year 1999, and 82% on the year 2000. That means in 2000 the company almost used up their debt capacity, only 18% is left or equivalent to EUR6mio. This shows that debt capacity of company is not sufficient to finance for the investment plan. By cash flow approach, we can measure if the firm can pay the debt or not: Debt capacity = Long term + Medium term debt Cash flow Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th In Biotechnology case, debt capacity in cash flow approach is 127% on the year 1998, 90% on the year 1999, and 105% on the year 2000. According to international practice, a company, which is in good debt payment ability, should reach the 4 years of cash flow in debt capacity. This means: in 2000: Debt capacity left = (26. 117*4-27. 500)=77. 208 million euro. In short, from the two approach ways of debt capacity, company do not have any problem in cash flow of payment, only needs to modify capital structure or debt equity ratio, debt capacity therefore will be improved. In addition, company should have look on return on investment to ensure that it is higher than cost of debt. Moreover, according to their investment plan, Biotechnology needs EUR55million in year 2001, whereas total equity (equity + retained earning) = EUR33mio and the company has already indebtedness of EUR27. 5mio. This raise the critical issue that Biotechnology need to structure their debt, base on their resources to have more flexibility in capital utility. 1. 2. 3 Return for shareholders Dividend policy: From the figures on Balance sheet and Income Statement, we have the dividend policy of the company during the past 3 years: (in thousand of euro) Years 1998 1999 2000 Net Income 4,665 9,030 17,377 Dividend 3,665 4,530 5,400 New Retain Earning 1,000 4,500 11,977 Retained earnings end of period 18,000 19,000 23,500 Total R. E in B/S 19,000 23,500 35,477 We see the dividend is increasing regularly during the past 3 years. It is quite good signal for the shareholders. Payout Ratio: Payout ratio = Dividend Net income 1998 3,665 4,665 79% 1999 4,530 9,030 50% 2000 5,400 17,377 31% Years Dividend Net income Pay out ratio Payout ratio is depended on dividend policy of the company, it has not fully reflected if company is creating value for shareholders or not. Thus, when payout ratio is declining as the above; shareholders must refer to other indicator – that is return on equity (ROE) in comparison to that ratio of market. Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th Return on Equity or earning for shareholders: ROE = Net income Total Equity Years 1998 1999 2000 Net Income 4,665 9,030 17,377 Total equity 28,000 29,000 33,500 ROE 17% 31% 52% Although payout ratio is declining but return on equity is increasing (from 17-52%). It is understandable and justify that company has kept a certain amount of net income each year as retained earnings (retained earnings is increasing from 28-70%) and reinvest it for operations to obtain benefits. Thus, we can conclude that the company is increasing the value for shareholders. 1. 2. Cost of capital in comparison to ROE Using CAPM to calculate the cost of capital of the company, we have: k = Rf + Beta*{E(Rm)-Rf] Rf: Risk free rate E(Rm)-Rf: market risk premium Beta: volatility Currently (2000), E(Rm)-Rf=6%, with Rf=5,3%, E(Rm)=11,3% Rf is depended on payback period and maturity for 5 years, 10years, or 3 years. This case we choose 5 years. Years 1998 1999 2000 Rf 6. 7% 6. 1% 5. 3% Beta 1. 6 1. 6 1. 6 E(Rm)-Rf 4 . 6% 5. 2% 6. 0% K 14. 06% 14. 42% 14. 90% ROE 17% 31% 52% ROE is always higher than k in past 3 years; means investment return is enough to cover cost of capital. Seemingly, k is nearly unchanged during the years (around 15%), whereas ROE is increasing from 16% up to 52%, hence, shareholders could have been convinced by the good financial performance of the company. Moreover, Biotechnology can form a view of requesting shareholders to issue new shares. In summarize, taking the look at Balance sheet and income statement, it is showing that Biotechnology’s business is in good condition; cash solvency problem is quite good and company is creating value for the shareholders. However, taking further look on other ratio, we can find several hurdles, such as Debt/Equity ratio or problem on Debt capacity. Since Where: Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th the company may have to keep investing to develop R D on fast growing markets, an increase in equity would be welcome. 2. Valuation Process 2. 1 Book value methods Equity Retained Earning New Retain Earning Total book value 2. 2 Market value through accounting 10,000 23,500 11,977 45,477 Market value = book value * market to book value ratio Average market to book value ratio of Biotechnology sector is 5. 3, we suppose that this ratio of Biotechnology is around this figure: 5. 3. Therefore, market value = 45,477*5. 3 = 241,028 2. Market value through PER Market value = PER * Net earnings Average PER ratio of Biotechnology sector is 12. 5, we suppose that this ratio of Biotechnology is around this figure: 12. 5. Therefore, market value = 12. 5*17. 377= 217,000 We may average the two market value to determine approximate value of the company as below: Market value of company= (241,028+217,000)/2=229,014 2. 4 Discounted cash flow method Estimate and calculation of company value Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th Investment Plan 2001 1 4 13 14 15 8 1 55 2001 1 4 4 0. 2 42 16. 8 25. 2 16. 8 3. 36 25. 2 8. 5. 9 17. 86 2001 1 1. 00 0. 50 0. 50 0. 50 2. 50 2002 2 4 11 16 15 4 1 51 2002 2 4 8 0. 4 42 16. 8 25. 2 33. 6 6. 72 50. 4 16. 8 3. 5 27. 42 2002 2 1. 00 0. 50 0. 50 0. 50 5. 00 7. 50 2003 3 6 5 8 2 21 2003 3 8 0. 4 19 7. 6 11. 4 41. 2 8. 24 61. 8 20. 6 2. 4 31. 64 2003 3 1. 00 0. 50 0. 50 0. 50 5. 00 7. 50 2004 4 3 6 3 12 2004 4 8 0. 4 9 3. 6 5. 4 44. 8 8. 96 42 14 1. 8 25. 16 2004 4 1. 00 0. 50 0. 50 0. 50 2. 50 2005 5 2 6 3 11 2005 5 8 0. 4 8 3. 2 4. 8 48 9. 6 21. 6 7. 2 0. 3 17. 5 2005 5 1. 00 0. 50 0. 50 0. 50 2. 50 2005 5 227. 5 0. 20 22% 50. 05 17. 5 32. 55 9. 765 22. 785 11 29. 285 154. 248 total 8 35 35 50 12 10 150 Construction Equipment for RD center Equipment for new Prd unit Equipment for existing unit Equity participate Working capital total Depreciation plan Construction Cal Contruction Basis Depreciation (20 year) Equipment total Ordinary material equips (40%) Shopiticate Mat (60%) Cal basis prd Depr of Ordinary Mat(20%) Cal shophiticate Mat Depr of Shop Mats(1/3) Depr Past inv Total Depr Debt table LT MT Loan total 8 36 1. 8 120 48 72 48 36. 88 21. 6 MT Loan Total debt repay Sales plans Sales Growth Margin% Magin Depreciation Earning Before Taxes Taxes (30%) Net Earning Dividents Retain earning + depr Net Cash Flow Loan in 1996 Loan in 1997 Loan in 1998 Loan in 1999 Loan in 2000 Tenor Amt 10 10 10 5 10 5 10 5 3 10 Year 2001 2002 2003 2004 1 2 3 4 128. 2 141. 2 157. 95 189. 5 1. 00 0. 10 0. 12 0. 20 30% 26% 24% 22% 38. 46 36. 712 37. 908 41. 69 17. 86 27. 42 31. 64 25. 16 20. 6 9. 292 6. 268 16. 53 6. 18 2. 7876 1. 8804 4. 959 14. 42 6. 5044 4. 3876 11. 571 14 0 0 0 18. 28 33. 9244 36. 0276 36. 731 18. 28 52. 2044 88. 232 124. 963 Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th Income Statement forecast Sales Margin on sales (hypothesis 1) EBITDA Depreciation EBIT Interest of LMD EBT Tax (28%) Net income Dividends Retained earnings 2001 128. 2 0. 3 38. 46 16. 96 21. 5 2. 63 18. 87 5. 28 13. 58 2 11. 58 2002 141. 2 0. 26 36. 712 28. 92 7. 79 2. 4 5. 39 1. 51 3. 88 3 0. 88 2003 157. 95 0. 24 37. 908 34. 24 3. 67 1. 85 1. 82 0. 51 1. 31 1. 31 2004 189. 5 0. 22 41. 69 28. 36 13. 33 1. 3 12. 03 3. 37 8. 66 8 0. 66 2005 227. 5 0. 22 50. 05 22. 2 27. 85 0. 75 27. 1 7. 59 19. 51 12 7. 51 Earnings before interest and tax (EBIT) Years Tax paid on EBIT (28%) Net income without debt + Depreciation increase in fixed asset increase in WC Free cash flow PV (15%) Value of operations 28% 5% 252. 48 2001 21. 5 6. 02 15. 48 16. 96 46 4. 29 -17. 85 -15. 52 2002 7. 79 2. 18 5. 61 28. 92 46 4. 72 -16. 19 -12. 24 2003 2004 3. 67 13. 33 1. 03 3. 73 2. 64 9. 6 34. 24 28. 36 19 9 5. 19 5. 71 12. 69 23. 25 8. 34 13. 2919 2005 27. 85 7. 8 20. 05 22. 2 8 6. 28 27. 97 13. 91 Free Cash Flow forecast Years OUTFLOWS (1) Debt repayment Investment INFLOWS (2) Net income Depreciation FINANCIAL NEEDS (2-1) Dividends New financial needs New cumulated fianancial needs 2001 2002 2003 2004 2005 57. 5 2. 5 55 30. 54 13. 58 16. 96 -26. 96 2 -28. 96 -28. 96 56. 83 5. 3 51 32. 8 3. 88 28. 92 -24. 03 3 -27. 03 -55. 98 26. 83 5. 83 21 35. 55 1. 31 34. 24 8. 72 0 8. 72 -47. 27 17. 83 5. 83 12 37. 02 8. 66 28. 36 19. 19 8 11. 19 -36. 08 13. 5 2. 5 11 41. 71 19. 51 22. 2 28. 21 12 16. 21 -19. 87 -55. 98 Total amount of financial needs is about 1/4 total value of the firm (V=220. 000 Assignment: Company Valuation Case Study: BioTechnology Student: Tran Ngoc Minh – MEBF 5th From the above estimation and calculation, we found that to implement the investment plan, Biotech has lack of financial needs with the amount of 55. 98 million. In this situation, Biotech can raise funds by issuing new shares or borrow money from the bank to finance its plan. We raise out 3 cases that biotech can take a consider to maximize its profitability for shareholders. 1. Issuing equity for existing shareholders Outstanding shares 100,000 Book value of company 45,477 Market value before new issuing 240,747 New issue shares(planed) 25,000 issue 1 new share for 4 old New issue price (planed) 2. 24 discount 7% Value of company after new issuing 296,721 Book value after issuing 101,451 Total debt 28,000 Total equity 77,559 36. 10% Debt/equity

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Case Study - Assignment Example According to stock market analyst, P&G will boost Tambrands infrastructure to capture the wider market in developing countries. It would have been very difficult for Tambrands to launch a worldwide marketing program without merging with P&G. The deal signed benefited both parties; P&G was put back in the tampon business while Tambrands was now marketing its products on an international platform (Yomiko Ono,1997). This deal meant a new dawn for the Tambrands Company. P&G had induced a global marketing infrastructure and better distribution capabilities that brought worldwide growth of Tampax tampon up to speed to meet the out bursting market in developing countries. The goal put in place by Tambrands of its universal marketing strategy was to â€Å"market to each cluster in a similar way.† This was because while scheduling for growth and development into a global market, Tambrands categorized the world into three clusters, in accordance with how resistant women are using tampons and not in accordance with their locations. In the first cluster, majority of women already use tampons and possibly feel they know all they need to know about the product. In the second cluster 2, approximately half of the women population in this category use tampons. There have been concerns regarding the loss of virginity when using tampons and they are often viewed as peculiar products that block the menstrual flow. In the third cluster, which is the most puzzling, there is the virginity issue and the order subject where Tambrands must articulate how to use a tampon without making them feel uncomfortable. Tambrands objective for its universal marketing plan was to â€Å"advertise to each cluster in a similar way†. This is because by categorizing based on resistance as a substitute for location, Tambrands is also trying to create a more consistent brand for its Tampax tampons. The advertising

Who is a boss Essay Example | Topics and Well Written Essays - 750 words

Who is a boss - Essay Example Bosses all around the world tend to possess some managerial and leadership qualities which is the key to their success and also empowerment. When an employee is hired in any organization, he or she usually work day and night to fulfill the agenda set for him by his or her own boss. The most diligent and trustworthy employees are then selected by the senior members of that organization to become the future boss themselves. For instance, a person employed in finance department if works hard and puts the extra mileage, can further become the boss of his or her own department in the future. Every boss does have extraordinary talents associated with him or her and so does my boss has as well as restraints. My boss is a proactive man. He possesses some unique talents which inspire the members of the organization. His basic and foremost trait which is the key success factor of this firm is that he knows exactly how to make people work. A manager is a person who knows how to get work done wi th and through other people. He is excellent at it. He builds in the employee’s the spirit of working as team members and make them work together. He is very good at motivating people and bringing their inner talent out. He finds the good qualities of each employee under him and subsequently assists him or her in integrating those qualities for the betterment of the company. He sometimes acts as a democratic leader who takes into consideration all the input needed from his employees before making a decision. He calls on meetings of all the employees who are facing trouble at work as they aren’t able to work together. He listens to all of them and configures things up. He is very good at fixing problems by just having a glance on it and promotes team work as an essential element of success. He carries a practical approach towards everything. He is very realistic about the marketing trends and does not merely rely on past performance or future forecasts. He takes into ac count the present market condition and forms his decision on the basis of past, present, and future elements. Whenever a new project comes up, he first of all evaluates it himself, and then he choose the employees by himself who he think will be capable of handling the situation considering their past records. He is an extrovert who will not only work on this part of the job at one time, but keeps a keen eye on all the employees as well. He not only guides and motivates his employees, but also monitors them for their overall performance. He observes all the workers at work without even letting them know that. He is sometimes seen to be practicing a paternalistic leadership style where he would listen to feedbacks of all his workers but takes the final decision by himself. He does consider all the pros and cons of every opinion being presented but chooses the one he thinks is right by himself. Choosing the right staff for a particular project has led to redundancies. He always abridg e the number of employees whenever a new project comes up and this has led to frequent redundancies in the organization; and thus dissatisfaction among the members of staff. When a novel project comes up, he selects the team which he believes is perfect for carrying out such a task. If he figures out that some staff members have not been counted on for projects since a long time, he makes them redundant. Obviously, job security is threatened by this behavior and employees live in an environment of fear where they can easily be kicked out any day without any compensation what so ever. This behavior of the boss has led to negative opinion about him within the firm and many workers are not happy with him. Employees at work are under pressure of being thrown out of the job

Strength And Weaknesses Of Electronic Human Resource Commerce Essay

Strength And Weaknesses Of Electronic Human Resource Commerce Essay In our report discusses about strength and weaknesses of electronic Human Resource and discusses some future implications. E-HRs software can helps to bring a high degree of standardization platform for smooth working in an organization. It allows the control and efficiency as required by HR. An initial framework and the review analyzes by HR professionals within the organization, that brings in a management information system (MIS), based on new Internet technology. This system allows the employees to be more efficiently in their administration (in theory) through an impersonal system to bring into conformity with rules for payroll, attendance and punctuality. Hence, e-HR software that, interface with in salary decisions and others linked to Human Resource issue. The e-HR systems are core applications which would helps to reduce the over time of Human Resource Management. It has achieved data from an administrative function, which responsible from payroll to help in strategic decisi on making that can add value to an organization. Companies have now realized. The role e-HR has developed as grow of organization the primarily administrative becomes business partner. At same time e-HR provide the business possess such as stable, reliable which makes high recognition within the organization. INTRODUCTION Human Resource Information System (HRIS) basically is a human resource database system that allows you to keep track of all kind of Human Resource information within the organization and its human capital. HRIS may or may not be part of an ERP implementation. Not all companies can afford an ERP, thus some organization, especially those small organization, may own a effective HRIS system, but not ERP. Human Resource Information System without ERP may not be comprehensive enough. For some instances, human Resource system may only able to handles one or two basic functions, example such as benefits like administration or payroll, then we do not consider it as a comprehensive HRIS. (Bondarouk Ruel, 2009) Due to market development, the manager roles has changed in recent years, and partly also due to new technologies being used by the organization that they are working in. As a result, organization needs to examine their own organizational Human Resource role. (Alleyne et al, 2007) In today global markets, organizations and companies recognize that in order to compete, they need to reply on the quality and effectiveness of the employees within their organization to succeed. Human Resource managers today need a world class Human Resource management system to help them in daily strategic and operational decision. Over the last decades, with the fast advancement of the technologies in Intranet and Internet, Human Resource tools known as electronic Human Resource management (HRM) emerged. (Hooi, 2009) Recent Development in E HR or HRIS Back in the old 1990s client/ server systems are the most ideal configuration for most companies. But in recent years, companies are beginning the tasks of trying to migrate, their old legacy systems to more advance structure packages. And they are usually what we know today as Human Resource Information System (HRIS), which is part of the Enterprise Resource Planning (ERP). ERP are able to offer companies the advantage in term of functionality, storage capacity, performance and an opportunity to reengineer their HR processes. Due to the fast rapid growth in the development of technologies and changes in the fundamental of business, the Human Resource Department today cannot operate like the old days. It is not enough to have a group of people who only need to know all about the benefits plans, salary program, and career opportunity within the organization. The demand for skilled workers, especially knowledge workers, also helps to accelerate the need for HRIS to assist in strategic role of HR. (Stone et el, 2006) DEFINITION E HRM According to a group of Researcher from Singapore Ministry of Manpower, Human Capital Development Division, E-HRM are known as a usage of electronic media and allow the participation of employees with technology to helps to save cost or lower administration costs, and improve the communication of their employee with quicker access to work related information, and reduce the time needed in processing. (Hooi, 2009) Electronic Human Resource (EHR) it refers to conducting business transaction in human resource related using the Internet. (LengnickHall Moritz 2003) Usually refer usually to Employee Management System that is normally refers to browser based Human Resource web portal. Unlike HRIS, E-HR or Employee Management System can usually handles limited functions or benefits, such as payroll and leave application. The growth of E-HR was due to the rapid development of Internet technologies in the 1990s. With point and click ease of use, E- HR are usually very user friendly and easy to use. Widely used by companys especially small and medium enterprise, who cant afford a comprehensive Human Resource System such as HRIS. Human Resource Management (HRM) it refers to a form of support function that services its own internal customers, example employee. (Alleyne et al, 2007) Critical Analysis of Electronic Human Resources (e-HR) In recent years, with the advancement or growth of intranet and Internet, enable a series of new human resource (HR) technology to emerge, with the aim to assist human resources daily administrative functions. With these e-HRM functions, HR service is expected to improve by both the management and employees. (Hooi, 2009) As more and more Human Resource Departments moving toward Internet or Web-based Technology, we need to evaluate and make comparison between the Online Human Resource Management and Traditional Human Resource Management System. (Payne et al, 2009) Strength of E-HR The major functional roles of E-HR are to support Human Resource processes such as are recruiting, training and performance management. (Stone el, 2006) Modern HR system or e-HR, which we commonly know today, allows their employees to control, accessing and updating their very own personal profile information or records. Allowing managers to make decision using the information and data, which they can access, to make analyses and decision without the need to go through Human Resource department. (Panayotopoulo et al, 2007) E-HR can bring impact and benefits on every area of HRM. The six key HR process that benefit from the effects of technology are: (Panayotopoulo et al, 2007) Planning Recruitment Evaluation (Employee performance appraisal) Communication Rewarding (Reward Employee) Development and training (Career management) The growing trend in E-HR allows the development of tools such as Employee Self- Service (ESS) Employee Self Service or ESS gives the employee of the organization the ability to access, maintaining his or her own personal HR Information online. The employee self-service (ESS) has the capabilities to allow and enable the end user employees of the organization, to create, view, and modify data anytime and anywhere all by themselves, using multiple technologies. Managerial Self-Service (MSS) Enable the managers of the organization to access a variety of HR-related tools and HR-related information online. Most managers can complete HR-related tasks via MSS applications example like payroll, daily administration, work jury compensation, staff performance appraisal management system, hiring, and employee job related training and career development. Overall, the main strength that an Electronic Human Resource System allows: Helps employees to improve or maintain their job performance Set proper standards for Human Resources work process Give recognition to job related accomplishments Enhance Communication and working relationship between employee and departments Identify the performance of individual employee Outline the responsibility of employee and supervisory. (Payne et el, 2009) Developing human resources: With the help of Internet and intranet in development and training, Human Resource Professional with the assistance of E-HR or HRIS, are able to play a much more active roles in human resource development. The return that comes along, are immeasurable, in term cost and benefits. Web-based application or software, usually part of the E-HR or HRIS, is often used today for in house assessment, job training and career management. For the less paperwork and more benefit including getting more information on training, and assessment it provide e-mail and electronic forms of intranet or the restricted web site. Changes in the role of the HR function: The adoption of e-HR has help to support in the daily Human Resources functions. It helps to make daily Human Resource administrative tasks much easier and more productive. Apart from the daily administrative processes, E-HR or HRIS are able to assist modern day Human Resource professional in other daily Human Resources work processes or tasks such as communication with employees within the organization, and career planning. With the implementation of e-HR, organization will be expecting a great improvement of the daily human resource activities with the supported and assistance of the e-HR. As the result, e-HR not only supports the traditional Human Resource role but also the helps the organizations in the planning of its strategic objectives. However, on the real, Return on investment (ROI) or benefits for investing on the Electronic Human Resource, it still has a long way to go before, we can see any actual results and benefits of e-HR adoption, especially, in term of the Human Re sources development, the real benefits will be tangible The benefits as show in fig: Weaknesses of E HR Limited usefulness These usually apply to companies that are very small in scale and do not have a lot of headcount within their organization Security Concerns Since every transaction is going to goes online, there will be security concern like unauthorized access, and virus. Inconsistency with practices used. The application or the design of the software does not fit into organization structure. Practical problems Companies might not have the necessary right infrastructure to support the application. And sometimes it is much easier and economical to do the manual way if the company or organization got very low number of headcount. Social Interaction Due to the reason that all the transaction goes online, they decrease the chance of social interaction. (Stone El, 2006) The pitfalls of moving to E HR are it is not always easy. The HR technology that does the processes, and the capability of the employee going to work on the system. And organization should not pay too much attention on technology, but instead focus how to prepare the employee for it. And of course, how can it really fit into the business. (Pollitt 2006) Example of companies implementing E HR Philips E-HRM offers Philips a chance to make their HR specialists to concentrate on the strategic aspect of their daily jobs. Senior Human Resource strengthen their claim for implementing E-HR, by declaring that their people are their most important asset. The employee at Philip also responds positively to e-HRM, which is easy to use and backed up by good IT support. (Phillips, 2008) KPN The new Human Resource system helps the organization to monitor various Human Resource program such as absence management, as well as training and development. The new system allows the manager to review the skills and competencies of their employee. (Pollitt 2006) Overview Nowadays, organization leverage on the capability of existing technology to run HR operations more efficiently. For more efficiently work we need to combined together in one hand for this gather the information and communication technology. The rapid fast development in the technology of the electronic HR systems, allows the modern Human Resources professional to work in a far more efficient and strategic roles. Is e-hr becoming more strategic? Most of us, I believe will be convinced that using E-HR will significantly help the company to improve the delivery of the HR services to the organization. Higher efficiencies, and higher customer satisfaction, no doubt will help to lower costs, due to redesigned processes and eliminate manual work process. Definitely e-hr has the potential to be able contribute towards HR becoming more strategic. But for E-HR to be able to play a more strategic role, there must be a strong business case. Emerging strategic e-HRM research tend to fit and focus on business strategy. (Marler, 2009) A business case can be mystifying. For the case of web-based or E-HR business can be used to address all types of questions, for example: Do we really need a Web-Based solution? Do we need to implement employee or manager self services? Can we use our existing intranet for HR transaction? Are we going to use the existing legacy human resource system as the underlying database for web solution, or an Enterprise Resource Planning (ERP) System? Can we plan and implement a shared services group as part of the Web initiative? Should we go for one-vendor HR portal strategy, or should we go with a best-of-breed approach? A business case must always, built around objectives like type of business, financial, functional, operational, or some combination. Meaning we need to provide the business management with cost benefit and return on investment data in hard economic terms. How can E-HR help the organization in strategic role? To business, the core objective is to make more money. The concern and questions ask by management is how E-HR can help the business to reduce expenses or increase in their revenue strategically? (Marler, 2009) Questions on the mind of the management like, what can we gain from: Productivity savings Improve quality and reduced rework Sourcing Saving Make services more cheaply and higher quality Information System Saving Reduce the maintenance of existing systems Other Saving. Save the cost of material like paper, computer printout. But the most important aspect and core functions of E-HR strategic benefits can bring to an organization are: Recruitment What talent do we need? Sourcing and attracting Who is the right talent? Where is the right talent? How to attract the talent to joins us. Assessment and evaluation Identify, evaluate and select the right people we want. Hire What is the right offer that we can offer attracts the candidate to join the organization? Deployment Move people into the right position in the organization that can utilize their talent. Retention- how can we keep the talent invested, and engaged in the organization? In todays globalization competition, the strong demand for skilled workers, especially knowledge workers, also helps to accelerate the need for HRIS to assist in strategic role of HR. (Stone et al 2006) Conclusion The HR plays a very important role in any Origination, as well as HR builds a bridge between top management and employers. Nowadays there is a big competitive market for any organization. So they want to expand their organization up to certain level to meet their requirements. Once the organization grows the workload for HR will increase and they will be unable to manage all the work manually. So for avoiding this kind of situation in the organization they need an integrated system in their company. That time e-HR comes in the picture, which suits their needs, Such as Employee Self- Service (ESS) Managerial Self-Service (MSS) Management Information system (MIS) Developing human resources Changes in the role of the HR function The future of E-HR will become more sophisticated, and more individualized tools for both managers and employees. Improved decision making tools will benefit both the organizations and employee. (LengnickHall Moritz 2003) After implementation e-HR in any organization, company can easily save there cost. Because e-HR use enterprise and Internet, efficiently connect people such a way if gives all information they need. It also manages relationship, streamlines processes and improves the se of information to make strategic and operational decisions. E-HR or HRIS is all about connecting people customers, suppliers, employees with information. Its about making organizations more efficient and more profitable Word Count: 2550

PepsiCo’s Restaurants Essay

In the case study, PepsiCo is considering in Carts of Colorado and/or California Pizza Kitchen. Senior Management is faced with the question of whether the necessary capital investment in order to purchase one or both of the businesses can be profitable for each of the acquired businesses, but must also take into consideration that the additional business units will not hinder the profitability PepsiCo itself. Would investing in other companies be the best way to expand PepsiCo? This question is important because it could affect the success of the company. By investing in a company PepsiCo started from Pepsi-Cola and then moved into a more diversified business with mainly soft drinks, snack foods and restaurants. In early 1990s, PepsiCo’s restaurant business is composed of Pizza Hut, Taco Bell and KFC, all of them are business leaders in their segment. 1By investing in C1a1r1t1s1 1o1f1 1C1o1l1o1r1a1d1o1, it1 1w1o1u1l1d1 1e1n1a1b1l1e1 1P1e1p1s1i1C1o1 1t1o1 1e1n1t1e1r1 1n1e1w1 1m1a1r1k1e1t1 1a1n1d1 1n1e1w1 1c1u1s1t1o1m1e1r1s1 1a1n1d1 1h1e1l1p1 1t1o1 1a1c1c1e1l1e1r1a1t1e1 1t1h1e1 1s1a1l1e1s1 1g1r1o1w1t1h1 1b1e1s1i1d1e1s1 1o1f1 1o1r1g1a1n1i1c1 1g1r1o1w1t1h. The Cart of Colorado’s (COC) industry is subject to strict government regulations and the uncertain demand for carts and kiosks, so the attractiveness to enter this industry is between low and medium. COC had succeeded in purchasing their largest competitor that generated sales of $2.5 million in 1990, which gives them potential to grow in the manufacturing and merchandising of mobile food carts and kiosks industry. PepsiCo will gain competitive advantage for its link with COC because it will be able to customize the carts and kiosk for its fast food chain; it is more aligned with PepsiCo’s current strategies of quick service. However, the tradeoff will be PepsiCo may focus on too many different strategies and product markets. Focusing on the same customer targets can minimize this tradeoff. It will be an advantage for PepsiCo should go and form a strategic alliance with COC. PepsiCo can use the carts to expand their KFC, Taco Bell, and Pizza Hut businesses. In my opinion, I think it would be in PepsiCo’s best interest to invest in the two companies because in this case they are both successful and would help boost PepsiCo sales.

Canadian cultural Essay

In her article â€Å"I Am Half-Canadian,† Pamela Swanigan seeks to define Canadian cultural identity by comparing and contrasting it to the often highly regarded identity attributed to Americans. Born in the USA to parents of mixed racial origin and later immigrating to Canada, Swanigan offers a unique view on many of the common fallacies that come up when one envisions the culture of the United States. Contrary to the popular view, that depicts the United States as an all-welcoming â€Å"melting pot† of cultures and races, Swanigan contests instead that American culture is one of constricting self-definition and pigeonholing. She argues that American culture is neither open nor accepting of diversity, instead forcing people to strictly classify themselves into certain racial and linguistic categories- â€Å"everyone’s forced to pick one definition and stick to it. † Having personally experienced this phenomenon, as a woman of mixed race working in a traditionally male field (sports writing), Swanigan is extremely influential in presenting her case, offering a number of examples as to how Americans are boxed in to certain classifications and social expectations. She further goes on to remark on the close-minded nature of such a view, which leads many Americans to be suspicious and vaguely threatening- a stance that directly contradicts the traditional view of the United States as an open and accepting country. Swanigan contrasts this with the relatively fluid and undistinguishable collective culture of Canada, where a lack of strict individual definition leads to the misconception that Canadians have no culture at all. Instead the author seeks to dispel this myth by suggesting that this lack of identification is in fact the ideal that America claims to promote, which its neighbor to the north that has achieved.

the life of charles dickens, a essays

the life of charles dickens, a essays As a member of one of the lower classes as a child Dickens had dreams of comfortable middle class life, and worked for this goal without forgetting where he came from. Dickens was the first mainstream writer to reach out to the semiliterate class. He did much to make sure his writings were available to the middle class. He published serial novels on monthly bases. One shilling (one twentieth of a pound) would buy you the next installment to your novel. In a time when novels were almost thirty times as much as one of these serial novels, it put reading within the reach of the middle class, thus highly popularizing Charles Dickens works. By the popularity of his work he was able to afford a humble middle class life, which was what he always desired. Charles Dickens, like most authors of fiction, included characters in his writings that reflect aspects of his own life. Dickens has certain staple characteristics that are included in the majority of his stories that are derived from Dic kens family, friends, and even himself. Charles Dickens was one of the literary geniuses of the 19th century. Charles Dickens did not begin his life as a humble middle class child. In fact it was quite the opposite. He was born in Portsmouth, England in 1812. He was the second child of John and Elizabeth Dickens. John Dickens was a clerk in the Navy pay office. In 1817 Charles got the first taste of the life he would so strongly desire later in his life. His family moved to Chatham, a small port town in England. Charles enjoyed all the comforts of a humble middle class life, fresh country air, decent schooling, and books to read on sunny afternoons. It was a short idyll, John Dickens money supply was lacking. He was recalled to London and forced to put his family of six in a small, smelly, bleak house in the ugly suburb of Camden town. Then in 1824 an event that shaped Charles Dickens views on the world occurred. His family increasingly in...

homosexuality essays

homosexuality essays In 20th century attitude toward gay community was very negative. However, in recent years gay and lesbians are gaining more rights. The biggest problem that homosexuals are facing right now is not being able to adopt a child. There are 22 states where they are allowed to adopt and it is seen there that they are adopting in increasing numbers. Ongoing legal battles over same-sex marriage have drawn increasing public attention to the question of whether lesbian and gay families can raise happy, healthy children. However, there is no evidence that persons sexual orientation will influence the child and make him a worst parent. In order to find out if homosexual couples could raise happy and healthy children, researchers presented a study of lesbian mothers and their children, as well as a comparison group of heterosexual couple and their children. The average age of the children at the time that the study was performed was about 9 years old. The follow up study was in 1990s and the average age of the young people at follow up was about 23 years old. This study was performed in order to see if children who grow up in a family led by a lesbian mother would have disadvantages in terms of their social, psychological and sexual orientation in comparison to children who were raised by heterosexual couple. It was found: 1. Children from lesbian mother families were no more likely than heterosexual families to experience peer pressure during adolescence, and most were able to integrate close friends outside their family life. They also were no more likely to recall being teased specifically about their mother. I think every child gets teased either he is tall or short, thin or fat. 2. Findings relating to the sexual orientation of children are generally that children from lesbian family were not more likely to identify themselves as homosexual or bisexual. 3. In regards to psychological adjustment men and women...

Commercial Law Essay Example | Topics and Well Written Essays - 750 words

Commercial Law - Essay Example Also, there was the complaint of distress that was caused on Epcot by Regus Ltd as they had to endure the unpleasantness associated with poor air conditioning. Regus was quick to react, and an exclusion clause that was presented by Regus claimed that Regus was not to be held responsible for any cases of losses that will be incurred while goods are in the custody of the same company. The clause further noted that losses of any kind; data, savings, profits, as well as, claims raised by third parties will not be incurred by Regus. As such, the clause mandated Epcot to ensure that goods are insured so that these losses will not be incurred by Regus. Under the UCTA Act of 1997, these claims were noted as void as Epcot argued for the exclusion clause noted by Regus to be struck out on the rationale that it did not pass the reasonableness test that is provided for in the Unfair Contract Terms (UCLA) Act.   The judge was guided by the fact that it was in Regus’ docket as per the con tractual agreement to provide proper air conditioning for Epcot. With this in mind, Regus was not in order to deprive Epcot of the payments that were to be extended for losses that were incurred. As such, it was not reasonable for Regus to claim for Epcot’s deprival to be remedied for all the losses. Regus was thus expected to be reasonable and cater partly for failure to be in a position to ensure protection from losses and distress that Epcot incurred. This clause was considered broad as it would mean that even stern breaches.... , these claims were noted as void as Epcot argued for the exclusion clause noted by Regus to be struck out on the rationale that it did not pass the reasonableness test that is provided for in the Unfair Contract Terms (UCLA) Act. The judge was guided by the fact that it was in Regus’ docket as per the contractual agreement to provide proper air conditioning for Epcot. With this in mind, Regus was not in order to deprive Epcot of the payments that were to be extended for losses that were incurred. As such, it was not reasonable for Regus to claim for Epcot’s deprival to be remedied for all the losses. Regus was thus expected to be reasonable and cater partly for failure to be in a position to ensure protection from losses and distress that Epcot incurred. The failure by Regus to provide proper air conditioning was questioned and Epcot was favored as the services as provided by the terms and conditions of the form contract were not met. An analysis of the exclusion claus e used by Regus would thus exclude the same company from any malicious or fraudulent cases that will result from their inability to provide satisfactory services. This clause was considered broad as it would mean that even stern breaches of the contract will not be remedied. The unreasonableness of the clause as provided for by the judge was challenged by the court of appeal. The court also challenged Epcot’s claim that Regus’ failure to provide proper air conditioning led to future loses that the company will incur. The appellate court noted that it would only be reasonable for Epcot to demand remedy for a decrease in the prices of the standards they expected from Regus. Liability remedy was earlier on not provided for by the exclusion clause according to the judge. However, this was not the

Interest Rates Rise in the UK Essay Example | Topics and Well Written Essays - 2250 words

Interest Rates Rise in the UK - Essay Example These effects caused by a low inflation, low interest, but highly tax economy are the outcomes that are a current and continuing to thwart economic competitiveness and equilibrium across the UK manufacturing base. This assignment therefore seeks to consider some of the reasons for the causes and effect of increase in interest rates that are now providing causal effects across the economy. In particular the economy of the USA, that has been a focus of concern across financial sector industries in the UK. Commenting on the effect that world interest rates have on domestic interest rates, Mr King said that: "We look at the balance between demand and supply, we ask ourselves what goes into that balance and there is no doubt that what is happening in the rest of the world is a key input into that assessment. However, the way in which overseas interest rate changes affect our judgement is solely as an input into that judgement." "all central banks are very clearly focused on meeting their own price stability objectives. Of course they take the rest of the world into account, but they do not say 'Oh gosh, Jean-Claude has put up interest rates, perhaps we ought to keep up with him'; it is not like that" (House of Lords 2006 p.10). Therefore, the economics of equilibrium are a force that has to be recounted in that the elasticity of the economy is a crucial aspect of financial housekeeping in all World economies and despite the fact an economy must predominately consider its own fiscal policies, rather than being affected by other economic decisions. The problematic area of asset is also a crucial factor when considering the level of impact on an economy, in the same report, the select committee discussed the recent developments in asset management in the USA which has infected the relational economies that have relied on in particular, citing Mr Ben Bernanke, Chairman of the US Fed. stated that: Part of the problem concerning the relation between money growth and inflation is that for many households money holdings are an asset, as they are a form of saving as well as a source of potential purchasing power. The down-turn in stock markets in 2000 may have caused a flight into money and so begun the growth in M4. With the growth of non-bank financial intermediaries, and the increased use of mortgage withdrawal based on