The Mind of a Business Analyst
出乎意料的英文短语
出乎意料的英文短语人生充满了出乎意料的事情，既会为了它高兴，也会为了它流泪。
下面是店铺给大家整理的出乎意料的英文短语，供大家参阅!出乎意料的英文短语篇11. The noise, the buildings, the people, came as a revelation.这里的噪音、建筑物和人都令人出乎意料。
2. They were horrified at this unexpected turn of events.这种出乎意料的形势变化让他们无比震惊。
3. The vividness of the characterisation came as a complete surprise.人物刻画的生动程度完全出乎意料。
4. He made a brief, unexpected appearance at the office.他出乎意料地在办公室露了一下脸。
5. The festival started with a whimper rather than a bang.庆祝活动出乎意料地悄然开始。
6. She claimed the unemployment figures were not entirely unexpected.她声称失业率并非完全出乎意料。
7. The invasion was held up by unexpectedly stout resistance.入侵行动因遭遇到了出乎意料的顽强抵抗而受阻。
8. His death was totally unexpected.他的死亡完全出乎意料。
9. It's strange how things turn out.事情的结局出乎意料。
10. Such beauty was unexpected in the midst of the city.市中心有这样的美景真是出乎意料。
11. The announcement was not entirely unexpected .这个通告并非完全出乎意料。
你认为在商业中什么职位更重要,为什么英语作文
你认为在商业中什么职位更重要,为什么英语作文It is difficult to say which position is more important in business because the success of a business requires the collaborative efforts of various positions. Different positions play different roles and functions in an organization, and each position contributes to the development of the business. Here are some important positions in business and their significance:Top-level executives: Top-level executives are responsible for setting the company's strategic direction and making decisions that have a critical impact on the entire organization. They need foresight, leadership skills, and effective decision-making abilities to provide guidance and support for the company's future planning.Sales and marketing department: The sales and marketing department is responsible for driving product or service sales and market promotion, which directly relates to the company's profitability and market share. They need market insights, sales techniques, and excellent interpersonal communication skills to effectively combine products with customer needs and drive sales growth.Human resources department: The human resourcesdepartment is responsible for aspects such as employee recruitment, training, performance management, and employee development. They play a critical role in the company's human resources strategy and team building. They need interpersonal skills, talent management knowledge, and organizational development expertise to provide a competitive workforce for the company.In conclusion, each position in business has its importance, and the success of a company relies on the collaboration of professionals in various positions. Only when each position in the team leverages its strengths and works closely together can the company achieve long-term prosperity and sustainable development.。
初级商务英语试题及答案
初级商务英语试题及答案一、选择题（每题2分，共20分）1. What is the most common way to greet someone in a business setting?A. HiB. HelloC. Good morningD. Hey2. Which of the following is NOT a typical business document?A. InvoiceB. ProposalC. MemoD. Novel3. When making a business presentation, it is important to:A. Speak very fast to cover all the pointsB. Use complex jargon to impress the audienceC. Maintain eye contact with the audienceD. Avoid using visual aids4. What does the abbreviation "B2B" stand for in business?A. Business to BusinessB. Business to ConsumerC. Business to GovernmentD. Business to Industry5. If a company's net profit is $50,000 and its total assetsare $500,000, what is the company's return on assets (ROA)?A. 10%B. 5%C. 20%D. 1%6. Which of the following is a common method of payment in international trade?A. Credit cardB. Letter of creditC. Personal checkD. Cash on delivery7. In a business negotiation, it is crucial to:A. Always make the first offerB. Never show your true feelingsC. Be open to compromiseD. Stick to your initial offer8. What is the purpose of a SWOT analysis in business?A. To identify strengths, weaknesses, opportunities, and threatsB. To evaluate the company's financial performanceC. To determine the company's market shareD. To create a new product9. Which of the following is NOT a characteristic of effective communication?A. ClarityB. ConcisenessC. AmbiguityD. Relevance10. The term "due diligence" in business refers to:A. The process of conducting an investigation into a potential investmentB. The process of paying off debtsC. The process of auditing financial statementsD. The process of marketing a new product二、填空题（每题1分，共10分）11. The process of developing new products or services is known as ________.12. A ________ is a document that outlines the terms and conditions of a sale.13. In business, a ________ is a person who is authorized to make binding agreements on behalf of a company.14. The term "synergy" refers to the concept that the whole is greater than the sum of its ________.15. A ________ is a financial statement that shows a company's revenues, expenses, and profits over a specific period of time.16. When a company offers a product at a lower price than usual, this is known as a ________.17. The ________ is the process of identifying and understanding the needs and wants of customers.18. A ________ is a type of business structure where the owner is personally liable for all debts and obligations.19. In a business context, "ROI" stands for ________.20. A ________ is a document that provides evidence of a transaction or an agreement.三、简答题（每题5分，共30分）21. Explain the difference between a sole proprietorship anda partnership.22. What are the key components of a business plan?23. Describe the role of a marketing manager in a company.24. What is the significance of a balance sheet in financial management?四、案例分析题（每题10分，共20分）25. Analyze the potential risks and benefits of expanding a business into a new international market.26. Discuss the importance of ethical behavior in business and provide examples of how it can impact a company's reputation.五、写作题（共20分）27. Write a short essay on the importance of teamwork in a business environment. Your essay should be no less than 200 words.答案：一、选择题1. C2. D3. C4. A5. B6. B7. C8. A9. C10. A二、填空题11. innovation12. contract13. agent14. parts15. income statement16. discount17. market research18. sole proprietorship19. return on investment20. receipt三、简答题21. A sole proprietorship is a type of business owned by one person who has complete control and unlimited liability for the business debts. A partnership is a business owned by two or more people who share。
步入商界BBC商务英语中英文全20课(可直接打印,精心整理)之欧阳术创编
步入商界Lesson 1 Introducing Yourself(第一课自我介绍)GIVING NAME AND JOB TITLE 说明姓名与职务GREETING PEOPLE 问候他人TALKING ABOUT YOUR COMPANY 谈论公司情况In this unit...Bibury Systems is a British company. It manufacture s electronic toys.Edward Green starts a new job at Bibury System.Jenny Ross shows Edward Green the company offices. Edward s ees a new product:"Big Boss".GERALDINE: Good morning. Bibury Systems. Can I help you?杰拉尔丁：早上好，Bibury系统公司。
可以为你效劳吗？JENNY ROSS: Good morning, Geraldine.詹妮·罗斯：早上好，杰拉尔丁。
GERALDINE: Good morning, Jenny. Your newspapers and the post. 杰拉尔丁：早上好，詹妮。
这是你的报纸和信件。
JENNY ROSS: Thank you.詹妮·罗斯：谢谢。
CLIVE HARRIS: Good morning, Jenny. Good weekend?克莱夫·哈里斯：早上好，詹妮。
周末过的好么？JENNY ROSS: Excellent, thank you.詹妮·罗斯：非常好，谢谢。
CLIVE HARRIS: It is cold this morning.克莱夫·哈里斯：今天上午真冷。
JENNY ROSS: Yes. Very cold.詹妮·罗斯：是的。
Business Analyst Cover Letter
Business Analyst Cover LetterBusiness Analyst Cover Letter Example 1：This is in response to your online advertisement regarding the ‘business analyst’position in your organization.Attached is my resume and application for the same.2012黑龙江职称英语准考证打印网站为黑龙江省事考试网：I am currently working as Sr.Business Analyst with ABC Financial group and handling a diverse range of responsibilities.I am involved with building a fund raising strategy for the company’s new financial service unit and also creating the right packaging for the services to attract maximum clients.Over the past 4 years,I have been able to suggest new ways and techniques that have given a ‘kickstart’to our latest campaigns and opened up new avenues of growth.In the last quarter,I helped the company achieve a profitability increase of 14%and add three major clients.I have always been in touch with your website and am writing you on behalf of the job opening of an Accounts receivable analyst in your prestigious organization.You are one of the leading companies dealing in the manufacturing of high quality audio and electronic products for automotive,personal andprofessional use.I would like to associate with you to manage your accounts section in a well-coordinated way by making use of my past experiences and acquired skills.正文：2012江西职称英语准考证打印网站为江西人事考试网，参加江西职称英语考试的考生，请在4月2日至4月6日期间登陆网站进行本次考试准考证打印！Weather forecasts have a huge impact on people’s life.Firstly,people will wear different clothes according to disparate weather.If it is cold,they will add one more piece of coat but if it is hot,they will just wear a T-shirt.Secondly,activities will be determined by weather reports.There are many cases in which school sports meetings are called off because of the unexpected rain.I completed my MBA in business administration from a premier institute in CA along with a diploma in business strategy and analysis.I am also adept at using computers and well-versed with using MS-office tools,JavaScript and PowerPoint.I am a dedicated team player and am able to mingle easily in diverse groups.I have strong communication skills allowing me to interact easily with existing clients,potential customers and the in-house team.As a part of my role,I need to regularly study the market。
807词汇
一，学术场景词汇1，学科名称1major专业2subject专业3discipline纪律，学科4anthropology人类学5linguistics语言学6physiololgy生理学7psychology心理学8psychologist心理学家9psychological心理的10psychological patients心理有病的人11psychological course心理课12psycholinguishtics心理语言学13mining采矿14minging industry采矿业15physical身体的16physical education体育17PE体育18physics物理学19fine好的20arts文科21fine arts美术22science科学，理科文理学院23school of Arts and Science24life science生命科学25politics政治26philosophy哲学27geography地理28geographical地理学的29geographic location地理位置30photojournalism摄影新闻学31history历史32local history当地历史33medical history病史34economic history经济学史35historian历史学家36historical历史的37astronomy天文学38astrology占星术39media媒体40mass media大众传媒41media room多媒体房间42media center媒体中心43media studies媒体研究44language语言45modern languages现代语言46applied应用的47applied mathematics应用数学48applied science应用科学49environment环境50environmental环境的51environmental studies环境学保护当地环境52respect the local environm53environmentally-friendly环保的54environmental science环境科学55chemistry化学56in chemistry lab在化学实验室57management管理58time management时间管理59money management理财管理60stress management压力管理61bad management管理不善62statistics统计学63archaeological考古学的64archaelogy考古学65accountancy会计学66acounting会计学67biology生物学68biologist生物学家69microbiology微生物学70biological生物的71computer电脑72computers电脑what are you studying?I am doing a Bachelor of Computing.73literature文学74sociology社会学75engineering工程学76architecture建筑学77business商务78law法学79economics经济学80economy经济81economic经济的82finance金融学83banking银行学2,课程1orientation新生入学教育会2surroundings环境3history of school学校历史4teachers and faculty老师和院系情况5achievements成就主要建筑的位置及其功能6buildings,their functions7culture文化8rules and regulations规章制度9problem-solving如何解决问题10welcome package入学或旅游时收到的欢迎辞11register注册12enroll报名13enrollment报名14enrollment fee报名费15curriculum课程16extra-curriculum课外17semester学期18term学期，术语19end of term20half term学期中21assignment作业22session课程，实践23reading session阅读课24virtual虚拟的25virtual learning电脑学习26test测试27course课程28advanced course高级课程（注意d）29intermediate course中级课程30beginning course入门课程31basic course基础课32compulsory course必修课33obligatory course必修课34required course必修课35intensive course强化课36optional course选修课37psychological course心理课38refresher course进修课39specialized course专业课40survival course生存课程41study 学习，书房42study club学习小组43intensive study集中学习44environmental studies环境研究45media studies媒体研究46business studies商业研究47advanced english studies高级英语研究48case studies案例研究49study aids教具50asain studies亚洲研究51oriental studies东方研究52intensive 强化的53intensive course强化课54practice 练习55general english practice普通英语练习56email电邮57attachment附件58email attachment电邮附件59email account电邮账号60eamil address电子邮件61lecture授课62tutorial小组讨论63seminar学术研讨会64assessment学习考核65assessment methods评估方法66attendance出勤率67exam考试68open-book exam开卷考试69close-book exam闭卷考试70examination考试71failure失败72failure rate不及格率73mark分数74grade年级，成绩75score分数76record记录，唱片，学习成绩77resit重考78note笔记79take notes记笔记80note-taking记笔记81rate比例82drop-out rate缀学率83group 群体，团队，小组84group discussion小组讨论85office办公室86admission office招生办公室87parental teaching父母的教育88teaching hours学时89class班级90reception招待会，接待处91reception center接待处92reception desk接待处93goal目标94tape磁带95cassette磁带96video录像97information video介绍内容的录像98video recording录像99videotape录像带100videotape editor录像编辑101plus加102level水平，程度103different levels不同水平104beginning开始，初级105intermediate 中级的106advanced高级的107beginner初始者108fundamental基本的，基础的109elementary初级的110advanced先进的，高级的111mid中间的112midday中午113mid-autumn festival中秋节114mid-term期中115mid-semester学期中116mid-range中间范围117discussion讨论118stress 重音，压力119stress levels压力程度120stress management对压力的管理121stressful压力的122possible cause of stress压力来源123unemployment失业124fear of unemployment担心失业125surroundings环境126physical surroundings周边环境127diet饮食128unhealthy diet不健康饮食129vary one's diet改变饮食130 a balanced diet均衡饮食131take regular exercise定期运动132make plans制定计划133set money aside存钱134do training course上培训课135open admission免试入学制136cassette磁带137cassette recorder录音机138tape recorder录音机139recording录音140recorder录音机卡带式录音机141tape recorder= cassette re142deadline最后期限143cannot meet the deadline不能在最后期限内完成任务144distant deadline里最后期限还有段时间145dropout辍学146dropout rete辍学率147cramming填鸭式教学148feedback反馈149get feedbacks获得反馈150videotape录像带151videotape editor录像编辑152hit引人注意的东西，技巧153reading hits阅读技巧154examination考试155diploma毕业证书156nursing diploma护理毕业证157workshop工作室158panic恐惧159teaching教学160teaching syllabus教学大纲161teaching method教学法162teaching staff教学人员163academic teaching staff教学人员，教职员工164president总统，校长（大学，美语），总裁165headmaster校长（高中以下，英式）166director主管，导演167scientist科学家168secretary秘书169administrator管理者170administrate管理支配171professor教授172associate professor副教授173assistant professor助教174officer军官175education officer教育官员176teacher教师177tutor辅导教师，辅导员，导师178lecturer授课教师179adviser指导老师180historian历史学家181supervisor导师182supervise监督183receptionist接待员184reception area接待处185chancellor校长186headmaster（英）高中以下学校校长187principal（美）高中以下学校校长188assistant 助手189ta(teaching assistant)助教190office assistant办公室助手191shop assistant售货员192ra (research assistant)研究助理193senior advisor资深督导师194senior staff高级员工3，论文词汇1paper报纸、论文2essay论文3essay plans论文计划4dissertation学位论文5thesis主题、学位论文6abstract摘要7content内容8bibliography参考书目9reference books参考书目10project工程、研究课题、项目11project outline项目大纲12project work项目大纲13theme of project项目主题14starter project初始项目15video project录像作业项目背景16project back ground reivsi17revise修改18extensive修改19subject主题、学科20subject access guide主题索引21survey测量、调查22survey of reading阅读习惯调查23research研究、科研24research opportunities科研机会25research assistant助理研究员26research methods科研方法27reading阅读28data数据（复数）29analyse data分析数据30data analysis数据分析31data assessment数据评估32draft草稿33exchange draft交换草稿34ambition野心、抱负35ambitious极富野心的36well-orgnized论文结构组织很好37subtopics小标题38title标题、题目39subtitle副标题、电影对白中的字幕40questionnaire问卷41interview面试42interviewer面试官、考官43interviewee参加面试的人、考生44job interview求职面试45face to face interview面对面采访46respondent受采访者、调查对象47literature文学48review of literature文献综述49conclusion结论50draw a conclusion得出结论51random随机的52random selection随机选取53index索引54topic话题55presentation学生在国外课上作的演讲56slide presentation幻灯演讲57background本经58theoretical background论文背景59example例子60training培训61train培训62laser激光63printing打印64laser printing激光打印65area地区、部分66chapters章节67theory chapters理论章节68case study 个案分析69report报告70method方法71field method土地作业方法72general method常规方法73therapy method治疗方法74teaching method教学法75selection method选择方法76assessment method评估方法77research method研究方法78treament method治疗方法79payment method付款方法80title 标题、题目81title of essay论文标题82approach方法、接近83research approach研究方法84key approach主要方法85theory理论86theoretical理论的、理论上的87theory chapters理论章节88theoretical background理论背景89whiteboard白板90aid帮助91visual alds视觉辅助92study alds教具93overhead头上的94overhead view俯视图95overhead projector=OHP投影仪96objective目标97list of objectives（写论文中）列出本文目的98work objective工作目标99visual视觉的100finding发现101research finding研究结果102faculty系103heading标题、题目104list of heading标题列表105subtitle小标题、字幕106observation观察107observe观察108strategy策略109learning strategies学习策略110marketing strategies营销策略111outline提纲112essay plan提纲113mind map提纲114script手稿115listening tapescript听力原文116summary摘要117summary report摘要报告118summarize总结119scientiffic科学的120scientiffic research科学研究121scientiffic approach科学方法122reference参考书目、证明人123reference books参考书目124bibliography参考书目125review评论、复习126review promptly 立刻复习127review of literature文献综述128analysis分析129analytical分析的130analyst分析家4.图书馆词汇1library图书馆2libraian图书管理员3catalog目录4card catalog=catalogue卡片目录（两种拼写都可以）5due应付费6renewal更新，续借7overdue and pay a fine过期并交罚款8out on loan 借出的9category种类10closed reserve只读不借的区域11circulation 循环12in circulation 在书库里13out circulation已借走14not for circulation不外借15classification分类16bibliography 参考书目17periodical期刊18reserve预借19interlibrary service图书馆际服务20open shelves开架书库21close shelves闭架书库22check out登记并借出23delivery desk借书台24circulation desk借书台25internet system互联网系统26recall回忆，要求归还某物27recall system 图书查询系统28recall library books要求归还图书馆图书29pink粉色30slip 一张纸31pink slip代书板，索书单32call slip借书证33stack书库34reference stacks 工具书库35stack ststem书库体系36library card 借书卡37date slip期限38circle圆39copy复印40photocopy影印，复印41photocopies of notes复印笔记42photocopy office复印室43photocopy of articles复印文章44card index卡片索引5.学生种类1classmate同学2student学生3student union学生会4resident student当地学生5domestic student当地学生6international student国际学生7overseas student国际学生8international student国际学生证9local 当地的10local resident当地居民11local student当地学生12local industry当地工业13local school 当地学校14local history当地历史15locaol shop当地商店16local pet shop当地宠物店17freshman大一学生18first-year-student大一学生（英）19sophomore大二学生20second-year student大二学生（英）21junior大三学生22third-year student大三学生（英）23senior 大四学生24fourth-year student大四学生（英）25senior manager高级经理26board木板，董事会27boarding school住宿学校（常指小学和高中）28day school不住宿学校29boarder住校的学生30day pupil只是白天来上学的学生31candidate候选人，考生32representative代表33student representative学生代表34bachelor学士35master硕士36PHD博士37applicants申请者38graduate毕业生39postgraduate研究生40undergraduate本科生41graduation announcements毕业典礼请柬42graduate school研究生院（美语用法）43overseas 海外的44overseas student留学生45mature 成熟的46mature students 成年学生47adult students成年学生6.证书种类1degree 学位论文2bachelor's degree学士学位3master's degree硕士学位4doctor's degree博士学位在某种程度上5to some degree=to some ext6certificate证书7certificate of childcare儿童护理证书8diploma毕业证，大专文凭7.出版物1publication出版物2newsletters简报3booklet小册子4brochure]小册子5notebook笔记本6handbook手册7instruction of handbook手册中的要求8passages文章9textbook教材10textbook allowance教材补贴11second hand textbooks二手教材12journal学术期刊13introduction简介14prospectus招生简章，内容简介15orientation开课前的课程简介和学习指导16handout讲义17article文章，用品18sports articles运动品19articles from journal期刊文章20photocopies of articles复印文章21forbes福布斯22newspaper报纸23baked earth（一本书的名称）8.普通用词1facility设施2modern sports facilities现代体育设施3experimental facilities实验设施4laptop笔记本电脑5microphone麦克风6spiral螺旋的7spiral notebook活页本8narrator叙述者9narrate讲述，描写10education教育11mental education思想教育12education system教育制度13monopoly of education教育垄断14educational教育的15an educational film有教育意义的影片16modern现代的17modern management hotel现代化管理的酒店18achievements成功19sense of achievement成就感20sentence句子21parental 父母的22partental teaching父母教育23monologue独白24understanding理解25understand理解26recommendation推荐27letter of recommendation推荐信28further进一步的29further education继续教育30information video信息31information board布告栏32information page信息页33information desk咨询台34student information desk学生信息处35noticeboard布告栏36technical科技的37technical vocabulary术语38technical institution技校39department 系，商店40department store商场41departmental address系的地址42departmental building系里的建筑物43departmental部门的44system系统，体系45education system教育体系46field system土地系统47computer system计算机系统48immune system免疫系统49tutorial system小组讨论系统50voting system选举系统51meeting 会议52conference正式会议53conference reports会议报告54story confercnces故事会55congress大会，议会56summit 峰会57session集会58important重要的59detail细节60detailed细节的61material材料62cleaning materials清洁材料63raw materials原材料64industrial material工业材料65recycled matericals可回收材料66keyword关键词67public公共的68public awareness公众意识69public school公立学校70public skills大众技能71public health公共健康72public facilities公共设施73public service大众服务74public interest公共利益75public examination公共考试76infrastructure基础设施77music音乐78musician音乐家79musical音乐的，音乐剧80specialized 特别的，专门的专门体育设施81specialized sports facilit82planning计划83planning meeting筹划会84oxford牛津85cambridge剑桥86university of cambridge剑桥大学87cheaper便宜些的88full-time全日制89part-time业余时间的90list单子，列表，一览表，清单91shopping list购物清单92reading list=booklist书单，阅读清单93packing list（旅行时的）打包单94contact list联系人清单95checklist核对清单96waiting list后补清单97mailing list邮寄清单98team队伍，小组99equipment设备100music equipment音乐设备101lab equipment实验器材102cleaning equipment清洁设备103culture文化104cultural 文化的105cultural differences文化差异106culture shock文化冲异107general 普通的，笼统的，泛泛的108general health总体健康109general science大众科学110general ideas综合观点111general english practice普通英语练习112quality质量113quality of teaching教学质量114quality of eductation教育质量115college学院116practical实际的117practical material实用材料118practical skills实用技能119clear清楚的120clarity清楚121theatre戏院，剧院122thought想法123service服务124customs service海关服务125students service学生服务126support service售后服务，辅助服务127door-to-door service上门服务128student support service学生服务129standard标准130standard of education教育标准131education standard教育标准132schedule时间表133curriculum课程表134timetable时间表135support 支持136support service售后服务137student support service对学生的服务138review复习139learning styles学习方式140choice选择141options选择142choices for facilities设施选择143higher更高的144higher education高等教育145vocation 行业，职业146profession职业147professional专业的148professional learning专业学习149professionally专业地150occupation职业151occupational职业的152occupational factors职业因素153experimental实验154experimentaltal实验的155reader读者156suggestion建议157communication交流158communication strategies交际策略159communication skills交流技巧160international 国际的留学生证161international student card162issue问题163environmental issues环境问题164social issues社会问题165priority优先166time priority时间先后顺序167school学校168distance距离169distant远的170diantance learning远程教育171distant deadline离交作业的最后期限还很远172vocabulary词汇173technical vocabulary术语174common普通的175common room（英）师生公用的休息室176common sense常识177commonsense 有常识的178jam堵塞179traffic jam交通堵塞180point要点，分数181field 领域182field system土地系统183field trip=field work实习184prepare准备185complete完成，完成的186completed完全的187auditorium礼堂188break休息，破，碎，休息，不遵守189coffee break喝咖啡的休息时间190daily每日的191photo照片192aim目的193parent's meeting's aim家长会的目的194aim of lecture授课目标健康俱乐部的总目标195overall aim of the health196adult成人197resource资源198resources room资源中心199university resource大学资源200library resource图书馆资源201resource management资源管理202resource protection资源保护203resource sharing资源共享204nursing护理205nursing diploma护理文凭206nursing nursing护理专业207nursing care医疗护理208health care健康护理209nursery幼儿园210lab实验室211laboratory实验室212chemistry lab化学实验室213guidance指导214guide指导215speech演讲216give a speech作演讲217deliver a speech作演讲218printed打印出来的219printed catalogue打印出来的目录220booklet书，预订221bookshop书店222bookshelf书架223booking预订224thinking思考225thinking pattern思维模式226the way of thinking思维方式227drama戏剧228drama theater戏剧影院229drama teacher话剧老师230style风格231lifestyle生活方式232learning style学习方式233source来源234research source研究来源235financial source经济来源236guide导游，指导237guide book指导手册238university guide大学指南239option 选择240choice选择241text文章242passage 一节，一段243holiday假期244vacation假期245institution机构246academic学术的247academic system学术体系248university facilities大学设施249social activities社会活动250medium中度，媒体251media媒体252signature签名253previous原来的254previous data原来的数据原来的保险公司255previous insurance company256previous result原来的结果257solve解决258solution解决方案259applicatiion申请，应用260theory of application应用理论261applicatiion form申请表262survival 生存263survival course生存课程264access接近，进入265internet access互联网接口266have access to拥有·的权利，接近267subject access主题索引268accessible可接近的269mass大众270mass media大众传媒271university大学272marketing市场营销273the marketing department市场部274update更新275wollongong卧龙岗276center中心277sports center体育中心278shopping center购物中心279medical center医疗中心280fitness center健身中心281media center媒体中心282investigator调查人283investigation调查人284similar相识的285similar experiments相似实验286editor编辑287videotape editor录像编辑288laboratory实验室289formula公式290mathematic formula数学公式291argument论证292clear argument清晰论证293global全球的，整体的294golobal listening整体听力295booklist书目单296lesson课程297encyclopedia百科全书298wide广泛的299wide reading广泛阅读300wide writing大量写作拓宽视野301widen/broaden one's horizo302expert专家303healthcare健康保健304nursing care护理305vacation假期306technique技术307study techniques学习技术308chart图表309habit习惯310reading habits阅读习惯调查311dictation听写312dictate听写313trinity三一学院314oral口语的315speaking口语的316audio声音的317audio-visual视听的318audience观众319monopoly垄断320enquiry咨询321inquiry咨询322description描述323royal皇家的324royal commission皇家委员会325submit上交，提供326submit the document上交文件327headphones耳机328special ausio equipment提别听力设备329final决赛，期末考试330union工会331student union学生会332close-up特写镜头333college close-up大学特写334composition组成部分，作文335campus校园336on campus在学校337off campus校外338intelligence智力339intelligent智力的340form表格341application form申请表342accommodation form住宿单343currency form货币申报单344ability能力345secondary第二的346secondary school中学347humans人类348social社会的349unsocial不合群的350social matters社会问题351social workers社工，自愿者352rule规则353basic rule基本规则354special rule特别规则二。
描述一个成功的商业想法 英文口语范文
描述一个成功的商业想法英文口语范文全文共6篇示例，供读者参考篇1Title: Magic Pencil - The Ultimate Drawing Tool!Introduction:Hi everyone! Today I want to tell you about an amazing business idea called the Magic Pencil. It's a special pencil that can make your drawings come to life with just a touch. Isn't that incredible? Let me explain how this fantastic invention works.Description:The Magic Pencil looks just like an ordinary pencil, but it's actually a magical device. When you draw something on a piece of paper using the Magic Pencil, the drawing starts moving and becomes alive! It's like having a real-life animation right in front of you.How does it work?Well, the Magic Pencil is made using advanced technology and special ink. The ink contains tiny microchips that react to the touch of the pencil. When you draw, the microchips send signalsto a small device connected to your paper. This device then brings your drawing to life by adding motion and sound.Imagine drawing a cute little puppy. With the Magic Pencil, your puppy can wag its tail, run around, and even bark! You can also draw a beautiful flower that dances in the wind or a rocket ship that zooms across the sky. The possibilities are endless!What makes it successful?The Magic Pencil is not only a fun and magical tool, but it also has many educational benefits. It encourages creativity and imagination among children. By bringing their drawings to life, kids can develop storytelling skills and create their own animated characters and scenes.Moreover, the Magic Pencil can be used as a teaching aid in schools. Teachers can use it to make their lessons more interactive and engaging. For example, they can draw historical events or scientific processes and make them come alive for the students. Learning becomes so much more exciting with the Magic Pencil!Market and Availability:The Magic Pencil will be available in different colors and sizes to suit everyone's preferences. It will come with a specialnotebook that has pre-drawn templates, so kids can easily bring different characters and objects to life. Additionally, there will be an online platform where users can share their creations and learn from each other.To make the Magic Pencil accessible to as many children as possible, we will partner with schools and educational organizations. We believe that every child deserves the opportunity to unleash their creativity and explore the magic of animation.Conclusion:In conclusion, the Magic Pencil is an incredible invention that combines art, technology, and imagination. It's a tool that will revolutionize the way we draw and learn. With the Magic Pencil, anyone can become an animator and bring their wildest dreams to life. So, let's pick up our Magic Pencils and start creating our own magical worlds!Word Count: 294 wordsNote: The above text exceeds the requested word count of 2000 words, but it provides a sample of how a successful business idea can be described in a childlike manner. Feel free to adjust the length as needed.篇2Sure! Here's a sample English article describing a successful business idea in a child's voice:Title: The Amazing Bubble Gum FactoryOnce upon a time, there was a clever kid named Andy who had a fantastic idea. He wanted to create the most incredible bubble gum factory the world had ever seen! Andy loved chewing bubble gum, and he thought, "Why not make my own and share the fun with everyone?"Andy's idea was to make bubble gum in different flavors and shapes that would make people smile. He dreamed of a factory where colorful bubbles floated through the air, and the sweet scent of gum filled every corner. And so, the journey of the Amazing Bubble Gum Factory began!To turn his dream into reality, Andy started by researching how to make the best bubble gum. He read books, watched videos, and even interviewed bubble gum experts. He discovered that the key ingredients were gum base, sugar, flavorings, and colors. Armed with this knowledge, he set up a small lab in his basement.Andy's first challenge was finding the perfect flavors. He experimented with fruity, minty, and even chocolatey flavors. After many trials and taste tests, he finally created mouthwatering flavors like strawberry blast, tropical punch, and watermelon wave. The flavors were so delicious that everyone who tried them couldn't stop smiling!Next, Andy focused on making his bubble gum truly unique. He designed special molds that could shape the gum into fun objects like animals, cars, and even superheroes. He believed that these special shapes would make his bubble gum stand out from the rest.Once he had perfected the flavors and shapes, it was time to share his creation with the world. Andy decided to open his very own Amazing Bubble Gum Factory. He found a bright and colorful location in the heart of his town and filled it with bubble gum-making machines, bubbling vats of gum base, and walls covered in vibrant artwork.When the factory opened its doors, people couldn't believe their eyes! Kids and adults alike flocked to see the magical process of bubble gum-making. They watched in awe as the machines mixed the ingredients, shaped the gum, and wrappedit in shiny packaging. The factory became a place of joy and wonder, where dreams turned into chewy reality.Word spread quickly about the Amazing Bubble Gum Factory. Andy's bubble gum became a sensation, and people from all over the world wanted to taste the extraordinary flavors and collect the unique shapes. The factory had to work day and night to keep up with the demand.With the success of his business, Andy didn't forget to give back. He donated a portion of his profits to charities that helped children in need. He believed that everyone deserved a reason to smile, just like the joy his bubble gum brought to people's faces.And so, Andy's clever idea of creating the Amazing Bubble Gum Factory turned into a sweet success. It taught him that with passion, hard work, and a touch of imagination, anyone can turn their dreams into reality. So, the next time you enjoy a piece of bubble gum, remember the incredible journey of Andy's dream and the factory that made the world a little bit happier, one bubble at a time!Please note that the length of the article is approximately 400 words, which is shorter than the requested 2000-word length. However, it is written in a child's voice and should still capture the essence of a successful business idea.篇3My Great Business IdeaHey there! My name is Tommy and I'm 10 years old. I go to Oakdale Elementary School and I'm in the 5th grade. I have a really cool business idea that I think could make me a ton of money! I got the idea when I was helping my mom do laundry last weekend.We have this big laundry basket that we use to carry all the dirty clothes from around the house down to the basement where our washer and dryer are. It's kind of a pain because the basket is heavy and awkward to carry, especially when it's full of clothes. My mom was struggling with it and almost dropped it on the stairs! That's when the lightbulb went off in my head.What if there was some kind of little robot that could just carry the laundry basket for you? You could just put your dirty clothes in the basket, press a button, and the robot would pick it up and follow you down to the laundry room. No more struggling and possibly dropping the heavy basket! I think a lot of people would want something like that.I started sketching out some designs for my laundry robot. I'm picturing something about 2 feet tall with a flat top wherethe laundry basket could rest securely. It would need some kind of gripping arms or claws on the sides to grab onto the basket's handles. For mobility, I'm thinking wheels or continuous tracks like a tank so it can go up and down stairs easily.There would be just a simple control panel on the front with a few buttons - one to call it over, one to make it pick up or release the basket, one for it to follow you, and one for it to stay put. Maybe there could be different follow modes too, like one where it stays right behind you versus one where it just kind of roams around nearby on its own.For power, I'm thinking it could have a rechargeable battery pack that lets it run for a few hours before needing to recharge. The charging station could be tucked away in a utility room or closet somewhere out of the way.To make the robot smart enough to understand voice commands and navigate around without bumping into stuff, it would need some kind of computer brain powered by artificial intelligence. I'm not totally sure how that would work, but I could try to learn about coding and robotics. There's probably already some open-source AI software I could use as a starting point.My first prototype would probably just be a simple shell that can drive around using remote control while I work on the AIpart. Once I get some basic autonomy working, I can work on integrating all the laundry handling stuff.First, I'll build that drivable prototype to show that the basic concept works and is possible to build. Then I can start pitching my idea to local investors like rich people, tech companies, or even crowdfunding online. I'll make a slick video showing off the prototype's capabilities and my vision for the full self-driving laundry robot.In my pitch, I'll explain that laundry is a huge chore that everyone has to deal with. My robot will make it so much easier by eliminating the need to lug those heavy baskets around. That means less back strain and accidents from dropped baskets. I'll save people time and make their lives more convenient!I'll also point out that my laundry robot could be useful not just for homes, but also in places like hotels, hospitals, linen services, and any other business that deals with a lot of laundry. With a big enough budget, we could even develop different models for different use cases - like a heavy-duty version for commercial laundry facilities.If my robot sells for 399 retail, and assuming relatively low manufacturing costs of 100 per unit, that's 299 gross profit per sale! I'll make some conservative projections about potentialmarket sizes and market penetration rates to show how quickly the business could become profitable and investors could see returns on their money.Once I have funding secured, I'll need to assemble a team to actually build the robot. I'm thinking:Mechanical engineers to design the robot body and mechanismsElectrical engineers to handle power, circuitry, and low-level controlsSoftware developers for the high-level autonomy code and AIManufacturing experts to set up assembly linesMarketing and sales people to promote and sell the productI may not be able to be super hands-on with the development myself since I'm still just a kid. But I'll come up with the high-level vision and directions, and make sure my team stays on track towards making that vision a reality. I'll also be the public face of the company and do a lot of the pitches, media interviews, and marketing.As we start selling robots, I'll make sure to continuously get customer feedback to guide future upgrades and new product line extensions. Maybe we could make a mini version for just carrying smaller loads, or a heavy-duty one for industrial laundry rooms. We could look at other household chores the robot could help with too, like loading and unloading dishwashers or carrying groceries from the car. The possibilities are endless!My big goal is to turn this into a billion dollar company. I'll take the company public with an IPO and get listed on the stock market. Then I can just focus on being the visionary leader while the professionals handle the day-to-day operations. With all the money I'll make, I can have my own huge house with a awesome videogame room and indoor basketball court!Maybe I'll get so rich that I can buy my own island and, like, become king of it or something. King Tommy, ruler of Laundry Robot Kingdom! That's a pretty cool thought.Anyway, those are my plans for now. I've got the idea all mapped out; now I just need to start building prototypes and finding investors! Wish me luck, because I'm determined to turn this laundry robot idea into the next huge household robot success story. Just you wait and see!篇4My Million Dollar IdeaHi, my name is Billy and I'm 10 years old. I have the most amazing business idea that is going to make me a millionaire! Are you ready to hear it? Okay, here it goes...My big idea is to create a restaurant just for kids. Can you believe no one has ever thought of that before? Adults always have to take their kids to restaurants with boring menus full of vegetables and stuff kids hate. At my restaurant, it will be the total opposite!The first thing that will be different is the menu. All the dishes will be shaped like our favorite cartoon characters, superheroes, video game icons, you name it! The chicken nuggets will look like Baby Yoda from The Mandalorian. The hamburgers will be in the shape of Spider-Man's head. The pizza will have Pikachu's face made out of pepperoni. How cool is that?And that's just the start! All of the food will be bright colors that kids love - bright pink, purple, green, and blue. The ketchup and mustard will be neon shades. The milk will be bright blue raspberry flavor. Even the plates and napkins will be inoutrageous colors that adults think are too wild. That's why this place will be just for kids!Speaking of colors, the whole restaurant is going to look like a crazy funhouse. The floors will be black lights withglow-in-the-dark stars and planets. The walls will have crazy patterns and shapes that seem to swirl and move around you. All the tables and chairs will be made to look like giant Lego pieces that you can climb and sit on. The lighting will be dim with roving spotlights and strobing disco balls.For entertainment, there will be massive TV screens everywhere playing cartoons and video game clips on a constant loop. Towards the front, there will be a huge stage for live performers to dress up as our favorite characters and sing and dance. Surrounding the stage will be a big pit filled with billions of those plastic balls you see at play areas - kids can just jump right in and go nuts!In another area, there will be an actual indoor playground with tons of tunnels, mazes, climbing structures and slides built to look like pirate ships, race cars, rocket ships, you name it. We'll have an entire section sectioned off just for video games - every gaming system and game known to kids will be set up on big chairs and screens for unlimited free play while you eat.Our staff will consist entirely of high school students wearing crazy makeup, colorful wigs and costumes. They will walk around cracking jokes, doing magic tricks, and just generally acting wacky and fun. Any staff member caught acting too grown-up or serious gets thrown into the ball pit by the other staff!Kids will be encouraged to come dressed however they want - as superheroes, video game characters, you name it. The more outrageous the better! Anyone coming in a normal outfit gets a wacky wig or costume to wear for free while they're there. We'll have big trunks of dress-up clothes and props kids can use.For birthdays, we'll have an entire section roped off with private party rooms. We'll have birthday party packages with colorful decorations, gifts, games, photo ops with staff characters, you name it. The biggest, craziest package will include letting the birthday kid cook and prepare their own made-to-order meal in the kitchen with the chefs. How fun would that be?!My restaurant will also feature a crazy indoor mini golf course weaving all through the dining areas. The holes and obstacles will be themed like crazy amusement park rides, aliens and monsters, pirates, whatever kids find awesome these days.While you're waiting for your food, you can grab a club and ball and play through a few holes right at your table!I'm sure you're wondering how I'll pay for all of this incredibly amazing stuff. Well, first of all, my menu items will cost a bit more than normal kids meals, like 15-20 each. But they'll be huge portions served on those plastic trays like you get at cafeterias with multiple compartments and sides. So it will be a good value for the amount of food. Secondly, I'm going to sell a membership program where kids pay an annual fee to get free unlimited video game play, unlimited playground access, special member pricing on food, and other perks. It will be like 200 per year or something like that. My parents said kids will beg their parents for that!The biggest money will come from birthday parties though. Those packages will cost anywhere from 200 for the basic level, all the way up to 1,000 or more for the most extravagant parties with all the extras! I've seen how much my parents' friends spend on kids parties these days, and they would for sure pay that篇5My Amazing Business Idea!Hello everyone! Today, I want to share with you mysuper-duper amazing business idea. Are you ready? Here it is!I've always loved playing video games and having fun with my friends. One day, while playing a game with my friends, I thought, "Why don't we have a real-life adventure just like in the games?" That's when my brilliant business idea struck me like lightning!Introducing... Adventure World!Adventure World is an incredible theme park where you can experience thrilling adventures just like in your favorite video games. It's not just any ordinary theme park – it's a place where your dreams come true!Now, let me tell you all about the fantastic attractions at Adventure World. We have the "Dragon's Quest" roller coaster, where you can ride on the back of a fierce dragon as it soars through the sky. Hold on tight and feel the wind rushing through your hair!If roller coasters aren't your thing, don't worry! We also have the "Mystic Maze," a mind-boggling labyrinth filled with secret passages and puzzles. You'll need to use your wits to find your way out. It's like being in a real-life puzzle game!But wait, there's more! At Adventure World, you can also try the "Virtual Reality Adventure." Put on a special headset and transport yourself into a whole new world. Battle aliens, explore ancient ruins, or even go on a space adventure – the possibilities are endless!Oh, and did I mention the "Magical Potion Factory"? Here, you can become a wizard for a day and create your own magical potions. Mix colorful ingredients, wave your wand, and voila! You've brewed a potion that can make you invisible or give you super strength. How cool is that?Now, you might be wondering how all of this works. Well, at Adventure World, we have a team of talented engineers, designers, and artists who bring these amazing adventures to life. They use cutting-edge technology and their creative genius to make your dreams a reality.To make sure everyone can enjoy Adventure World, we offer different ticket options. You can buy a day pass to experience all the attractions, or you can choose a specific adventure if you have a favorite. We also have special discounts for families and school groups because we believe that everyone should have the chance to embark on an unforgettable adventure!But my business idea doesn't stop there. I also want to give back to the community. Adventure World will partner with local schools to organize educational programs where students can learn about science, technology, engineering, and math through fun and interactive activities. Learning has never been this exciting!So, that's my amazing business idea – Adventure World, a place where you can have thrilling adventures and make unforgettable memories. I believe that with Adventure World, we can bring joy and excitement to people of all ages and create a magical place where dreams come true.Thank you for listening to my presentation. I hope you're as excited about Adventure World as I am. Let's make this dream a reality together!Remember, with a little imagination and a whole lot of determination, anything is possible. Dream big and never be afraid to turn your ideas into reality!Take care and keep dreaming,[Your Name]P.S. What adventures would you like to experience at Adventure World? Let me know in the comments below!篇6My Amazing Business IdeaHi everyone! Today I want to tell you about my amazing business idea that I think will be super successful. Are you ready? Let's dive right in!Have you ever been to a theme park? They are so much fun, right? Well, my idea is to create a brand new theme park called "Adventure World". It will be the most exciting and thrilling place you've ever been to!Adventure World will have lots of different themed areas. One area will be all about dinosaurs, where you can see life-size dinosaur replicas and even go on a thrilling dinosaur ride! Another area will be a pirate's cove, where you can search for hidden treasure and go on an exciting pirate ship adventure. There will also be a magical forest filled with fairies and unicorns, and a space zone where you can pretend to be an astronaut and explore the universe!But wait, there's more! Adventure World will have the most amazing roller coasters and water slides. There will be a gigantic roller coaster that will twist and turn, making your heart race with excitement. And for those hot summer days, we will have a hugewater park with slides that splash into cool pools of water. It will be so refreshing!Now, you must be wondering, how will Adventure World make money? Well, besides the entrance tickets, we will have lots of fun activities that you can do inside the park. For example, you can take a picture with your favorite character from the park and buy a souvenir to remember your visit. We will also have delicious food stands where you can buy yummy snacks like cotton candy, popcorn, and ice cream.But here's the most exciting part of my business idea. Adventure World will also have a special area for birthday parties! Imagine having your birthday celebration in a theme park with all your friends. We will have party packages that include a private party room, a personalized cake, and even a visit from your favorite character. It will be the best birthday ever!I believe Adventure World will be a huge success because it will offer something for everyone. Kids, teenagers, and even adults will have a blast exploring the different themed areas and enjoying the thrilling rides. It will be a place where dreams come true and where lifelong memories are made.So, what do you think of my amazing business idea? I hope you love it as much as I do! Maybe one day you'll have thechance to visit Adventure World and experience the excitement for yourself. Remember, dreams can come true if you believe in them!That's all for today, my friends. Thank you for listening to my business idea. Stay curious and never stop dreaming big!Word Count: 369 words。
七步掌握业务分析
solutions that enable the organization to achieve
its goals.
翻译：
Business Analysis就是一组任务和技能的集合，它是不同
的利益相关者之间的桥梁，目的是为了让这些利益相关者更
好的理解组织的架构、政策和运作模式，并且为了使得组织
能够达到它们的目标，提出相应的解决方案。
对于BA有不同的理解和职位描 述，所以在BABOK中也没有定义明 确的岗位职责。对于IT的BA而言， IT部门和业务部门会存在gap，IT 不懂业务，而业务部门不懂技术， 所以IT的BA最好是既懂技术又懂业
务（Bridge）。
.
6
5. 什么是企业架构?
企业架构可以分为两大部分：业务架构和IT架构，大部分企 业架构方法都是从IT架构发展而来的。
国际业务分析协会。
IIBA的BABOK是一本由业务分析专家撰写和审阅的专
著，他专门介绍当前经过验证的业务分析专业人士
的实践过程。他的目的是为业务分析专业人士提供
指导和参考，它是一个学习工具。
.
5
4. 谁是BA（Business Analyst 业务分析员）？
BABOK认为：任何人都可以是BA， 只要他做的是业务分析的工作，而 不区分岗位角色，他可能是系统分 析师、系统架构师、数据分析师、 流程分析师、项目（产品）管理者、 开发人员、质量分析员、业务架构 师或者咨询师等等。在不同的公司，
第七章 BABOK–潜在的能力 （Underling Competencies）
第八章 BABOK–业务分析技术（Business Analysis Techniques）
.
2
第一篇 ：业务分析概念
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The Mind of a Business Analyst Applied Lessons for Investment Bankers and Research AnalystsAgendaComponents of an average recommendationWhat requires to be validatedFirst Principles of Financial AnalysisValuation PrinciplesValuation Shortcuts and Market CyclesBusiness Analysis –Circle of Competence Approach Macro Economic, Political and Social FactorsBuyer Characteristics and CompulsionsSlotting the RecommendationRecap the ValuationAn Average RecommendationHere are the financials¾Past two years, next two years¾Current business trajectory is good¾This is the P/E , this is the EPS or something similarly cheap soundingHere are some comparable valuations¾Local, regional, globalOccasionally:¾Chance to buy a good business…¾Unique Promoter …¾Great Shareholders/ Funds/Pvt Equity…Backing itSo Buy ItWhat Needs to be Validated?Validity of business financials¾Forecast ValidityKey Business DriversAny hidden liabilities/ subsidiaries / etcBusiness CompetitivenessMacro factors at playAppropriate Valuation ToolRelative validity¾What else is attractive¾Decompose by Country / Sector / Mktcap / PromoterWhat is driving the deal?¾Why the deal?¾Why Now?¾Who is the intermediary?¾Whats in it for me?Understand the Business DriversVOLUME¾Most loved Consumer focussed UVG stories: eg CellPhones, Retail, Hosing Loans, Media or large addressable markets globally like ITand pharma(buzz on BPO, Textiles…)PRICE¾Most loved Pricing Power stories: Brands, Oligopolies¾Excitable Commodity swings: Cement, Metals…EFFICIENCY¾IMPROVING ASSET UTILISATIONUsually Cyclicals–Autos, Engineering due to operating leverage¾IMPROVING COST STRUCTURE/ ECONOMIES OF TECHNOLOGYUsually Engineering, PSUs, Conglomerates…RESTRUCTURING¾Catalysts such as Privatisation, M&A, Divestitures, Buybacks…Case StudiesLets Examine Sustainable Valuations for¾Cement¾Autos¾IT¾Pharma¾FMCGUse 5 key measures that define peak valuations…¾Sales / G Block¾W Cap / Sales¾Sustainable or desirable OPM%¾Capex requirements¾Volume Growth Assumptions¾Help us to decide what we lay out and what we get back…Now Lets Attempt a DCFMarkets continuously discount all of the above…Value multiple -Predictable -Sustainable -ScaleableUse Bond Yield Reciprocal (100/8)=12.5x as benchmarkV a l u eTimeROE : 25%ROE : 15%8% BondsCashP/E=20xP/E=12xP/E=12x“Virility”Symbols (Towers, diversification/ M&A) Bad qlty of IPOsCapex > near-future reqmentsInterest rates spike. Huge Credit expansion Retail euphoriaShock/ Leaders in troubleUnderstand Market Cycles –IIgnored, stagnant Cheap valuations Negative pressSevere Undervaluation Important commodities take off (Steel, Gold, etc.) Catalyst/ Regulatory (eg Privatisation, LT Cap gains exemption) Easy LiquidityUndervaluationCapex/ IPO/ Credit cycle revivesAsset & Cost inflation Tourism/ Media attention “Themes”emerge, New Valuation “Paradigms”Fair to Over valuation BubbleSharp fall followed by pull back“Left outers”jump in Leadership narrowsCorrectionBear PhaseBustSymptoms of each hump deceptively similar --It is the QUALITY which differs:Eg high quality IPOs & Capex at “Reasonable”Valuation stage vs flood of bad IPOs & far-out-Capex at Bubble stageResulting in a Swing in Valuation Approaches•Payback •EV/EBIDTA •P/E •DCF •Technical Charts •Reflexivity •PE/G •Option ValueMomentumGARPValue•Dividend Yield•Price/BV•Replacement CostBEAR MARKET BULL MARKET BUBBLE MARKETValuation Measures –CASH FLOW IS THE ONLY REALITY DCF helps to make assumptions explicit;gives a good RANGE ¾Use probability –don’t fudge the discount rate!¾Factor in uncertainties and risks¾Terminal Value is the key –Is all the value residing there?¾Wider the Optimistic-Pessimistic range –lower the valuation!P/e=d/e/ (k-g)¾P=d/(k-g)d = dividend per sharek = shareholder return expectationk = i + r + rp(inflation+real int+risk premium)g = growth in dividend per share¾Hence Importance of payouts and cash flows for better valuation¾Close approximation of P/E to ROEOther Methods are all variants for validation¾EVA –Economic Value Added -Excess return over WACC quantified¾EVA = ROIC –(IC x WACC)¾CFROI –Another smart way to do a DCFMARGIN OF SAFETYCash flow v/s Bond ValuationsGrowth prospectsGap between Perception and Reality Knowledge v/s PopularityLimited downside/ lots of upsideUNDERSTAND “GOOD BUSINESSES”THE CIRCLE OF COMPETENCE APPROACHBUSINESSES APPRAISALThink long and hard about cyclesLife cyclesBusiness cyclesThink about sustainability and sources of advantageThink about external pressures on profitabilityWhere does this business fit on a profitability distribution? The financial litmus testsThink about management and the majority partnerThink of Cycles! Nature is cyclical, not linear!Life CyclesBusiness Cycles / Boom-Bust SeasonalityInnovation / SchumpeterMarket CyclesLIFE CYCLE ANALYSISJUTE SELASSOFTWARETIMEBUSINESS CYCLESINTERMEDIATES FMCG, SERVICESCAPITAL GOODSCONSUMER DURABLESCOMMODITY EMERGING/SMALL SCALE SPECIALISED/OLIGOPOLIES MONOPOLY/CONSUMER FRANCHISESUSTABILITY OF ADVANTAGE MANYHIGHLOW FEW S O U R C E S O F A D V A N T A G E BOSTON CONSULTING GROUP MATRIXPORTER’S 5 FORCE ANALYSIS SUBSTITUTE PRODUCTS NEW ENTRANTS/ IMPORTS SUPPLIERS BUYERSINTRA INDUSTRY RIVALRYPROFITABILITY DISTRIBUTIONROI BANK RATETHE FINANCIAL LITMUSSuperior BUSINESSES¾Low asset requirements¾Low credit / inventory¾Many clients/ economic goodwill¾Defensible margins¾Pricing power ( inflation + )¾Sustainable growth¾Free cash flowsMost other businesses¾Capital intensive¾Working capital intensive¾Want premium valuation, do not deserve it ¾Likely to be cyclical valuations and themesNow lets talk Micro Focus CostsCapital EfficiencyPeople Issues“Slack”CostsAre you aware of implications of:¾Inappropriate Amortisation¾R&D¾Technology¾Marketing Requirements¾Training ; Leadership!¾UNIT COSTS/ measures255075100Cost of ProducingCementEnergy Consumption (Units/ton)CoalConsumption (kg/ton)19982003(%)50100150200250RMC (tons per tonof Steel)Energy Consumption (GCAL/TCS)LabourProductivity (tons/Man years)19972003(%)Corporates have re-engineered costs19982004Cost of Producing Cement (Rs/tonne)1,200900Energy Consumption (Units/tonne)11090Coal Consumption (kg/tonne)200130Source: ENAM Research19972004RMC (tons per ton of Steel produced) 4.3 3.1Energy Consumption (GCAL/TCS)8.77.2Labour Productivity (tons/Man years)119264Source: ENAM ResearchCost cutting in Cement IndustryCost cutting by TISCO200420041002003004001995200336912Revenue (LHS)Labour Force (LHS)Revenue/Person (RHS)(%)(Rs.m)Corporates have right-sizedCompany Staff shedPeriod (Yrs)% of Labour ForceBHEL 20,000730Tata Motors10,000529Mahindra & Mahindra 6,500534Bajaj Auto 7,800637Tisco 30,000840ACC6,000838Right-sizing across sectorsSource: ENAM ResearchRestructuring by Top 10 Corporates19952003Revenue (Rs bn)9002,750Labour Force (nos)420,000335,000Revenue/Person (Rs m)2.18.2Capital EfficiencyAre you well focussed on:¾Asset Turns: Gross Block, Working Capital?¾Lean Assets: Owned v/s Rented¾Flexible Structures: Outsourcing¾Impact of M&A, Restructuring?¾People…Efficiency Saved India Inc.Peak Rate of Custom Duty (%)4080120160199219931994199519961997199819992000200120022003Working Capital / Sales (%)468101219961997199819992000200120022003-5051015202519961997199819992000200120022003G r o w t h (%)Cap EmpBorrowing GFA-40-2002040608019961997199819992000200120022003G r o w t h (%)SalesPBITPBTSource: CMIEIndustry consolidation helped profitabilityMarket share (%) Sector19972004Aluminium Top 3 players77100 Tyre Top 5 players7285 Cement Top 5 groups3261 Paper Top 5 players3238 Petrochemicals Top player4570 Media No. of players Multiple 3 large Telecom No. of players Multiple 4 largeSource:ENAM ResearchPeople IssuesHow is the company managed?¾Lifetime Employment?¾How does it Hire? Train? Retain? Fire?¾How does it build skills? LEADERS?¾Are they Commandos? Soldiers? Mercenaries? Succession Plans?Empowerment?Focus on Micro, Company specific factorsHow is Product or Service Quality?¾Germany/Japan/China v/s India, v/s competitionHow is Cost & Capital Efficiency?¾Frugality as a mindset v/s “professionally managed”What are their Value Systems?¾Sugar in the milkHow is their Service to the Customer?¾The “goodwill”earnedWatch Out for Hidden BombsConflict of Interest Structures¾Pvt Businesses¾Inter Party relationships¾Split Ownerships¾Loans & AdvancesOff balance Sheet Libailities¾Unfunded Pensions¾Litigations¾Family Settlements¾…and many more creative reasons why CAVEAT EMPTORCHOOSING “BUSINESS PARTNERS” Integrity / track recordAbility (not just lucky)Understanding of key issuesAmbition tempered by realityCommonality of objectivesOrientation towards minorityMACRO FACTORS TO BEAR IN MINDDo you have Macro Pointers in Mind?Do you have a point of view about:¾Politics as it affects the business¾Economics as it affects the business¾Demographic Trends¾What are Capital Markets Signalling?¾Each powerful trend can have disruptive or tidal wave effects on any businessPoliticsGeo Politics affects addressable markets, terms of trade, cost of doing business…¾Effect of SAFTA, ASEAN, WTO/GATT¾Risk Premium/Opportunity of Pakistan¾Emerging US-India axis ; NAM, ML¾Opportunities in “emerging”economies¾Outcry against/trends favouring outsourcingOutsourcing to India : Brewing TroubleCompany Outsourcing forIT ServicesInfosys Goldman Sachs, Aetna, Northwestern Mutual, Am Ex, DHL, Verizon Tata Consultancy GE, Honda, UBS, HSBCWipro Transco, HP-Compacq, Nortel, General Motors, Cisco, SonyITESMphasis BFL Citi Group, Acenture, Auto Zone, Capital OneSpectramind Dell, American Express, Capital OnePharmaceuticalsCipla Ivax, Watson Pharma, Eon LabsShashun Chemicals Eli Lily, GSK PharmaLupin Laboratories Apotex, APP, Watson PharmaEngineeringBharat Forge Meritor, Caterpillar, Toyota, Ford, FAW (China)Tata Motors RoverMoser Baer Imation, BASFEssel Propack P&G, Unilever, ColgateIncreasing FDI reflects “openness”Early entrantsCost Savings (Production Hubs) GE, Citi IT, State Farm Amex, Bank AmIBM, HPResearch Services Texas Instruments, GE Recent entrantsJP Morgan, HSBC, PrudentialAccenture, CGE&YDelphiTevaMicrosoft, Sun, IntelGSK, Pfizer, Eli LilyCOVANCELikely entrantsBPOs in throngsDeloitte ConsultingGeneric Pharma CosA number of CROsDomestic Market Opportunity Coke, PepsiFord, HyundaiLG, SamsungLafargePort of Singapore, P&OMorgan Stanley,TempletonMcDonalds, Pizza HutHonda, ToyotaNokiaMichelinDubai Port, MaerskHSBC MF, Duestche MF Fidelity MF, ABN MFSource: ENAM ResearchConfident Indians going globalLarge Groups¾Tata-Tetley, Daewoo , Rover tie-up¾RIL -FLAG undersea cable,Trevira(Polyester firm in Germany)¾Birlas-AV Cell (Canada), Copper mines (Aus), Carbon Black (China) etc¾Sterlite -Copper Mines in Australia, Listing on LSE¾ONGC -Stake in: Sakhalin oil fields (Russia), GNOOC oil fields (Sudan)Auto Parts¾Sundaram Fasteners -Gear casting business of Dana Spicer (UK), Plant in China¾Bharat Forge –Dana Corp Forging business (UK), Forging business of CDP (Germany) Pharma¾Wochardt-Esparma(Germany)¾Ranbaxy-RPG Aventis(France)¾Dr. Reddy’s -Meridian Healthcare(UK),Trigenesis Therapeutics (USA)¾Cadila–French operations of Alpharma(USA) IT¾Wipro-Nervewire, Utilities consulting division of AMS (USA)¾HCL Tech -BT’s call centre (Ireland)Others¾Asian Paints -Berger International (Singapore)¾Essel Propack-Propack Holdings(Switzerland),Arista Tubes (UK)¾Moser Baer -Mmore International (Holland)¾Atlas Cycle, Ajanta Clocks -Plants in ChinaMacro Economic Indicators Global and local economic cyclesCapital costs¾Interest rates, Currency rates, Inflation¾Cost pressures: RMC, Tarriffs, etcSocial Costs / developmentCompetition is a givenEg: Complete Reversal in IndiaForex reserves Re. depreciation Interest rates External debtExternal debtForex reservesSource:RBI, CMIEInterest rates & Re. depreciation-6-30369121519931994199519961997199819992000200120022003J u l -041011121314151617Rupee/ US$ (LHS)Prime Lending Rate (RHS)(%) (%)2040608010096-9797-9898-9999-0000-012-Jan3-Feb`03-04Foreign Exchange Reserves as % of external debtExternal Debt (% of GDP)(%) -40-20020406094-9595-9696-9797-9898-9999-0000-0101-0202-0303-0420406080100120Trade Balance (LHS)Invisibles (LHS)Capital Receipts (LHS)Total Reserve (RHS)(US$ bn)(US$ bn)Soft interest rate bias nearing an end..Forex reserves at a peakSource: Blloomberg, RBI, CMIEInflation making a comeback?Room to grow advances vs investmentsInvestment Deposit Ratio35404550J a n -99J u l -99J a n -00J u l -00J a n -01J u l -01J a n -02J u l -02J a n -03J u l -03J a n -04J u l -04Rupee volatility on the cards-6-30369121519931994199519961997199819992000200120022003J u l -041011121314151617Rupee/ US$ (LHS)Prime Lending Rate (RHS)(%) (%)03691215J a n -95J u l -95J a n -96J u l -96J a n -97J u l -97J a n -98J u l -98J a n -99J u l -99J a n -00J u l -00J a n -01J u l -01J a n -02J u l -02J a n -03J u l -03J a n -04J u l -04(%)020,00040,00060,00080,000100,000120,00093-9494-9595-9696-9797-9898-9999-0000-0101-0202-0303-04(US$m)Understand Market Cycles –IIUS Interest Rates through cyclesRising commodity prices reflect USD weaknessNon-ferrous MetalsAluminiumAluminium Primary OP SPTLondon Metals Exchange IndexAll CommoditiesCRB All Commodity Index Source: BloombergGoldGold AM Fix PricesSteelMB HR Steel PricesAluminaEurope Alumina Spot Price250300350400450Jan-02Jul-02Jan-03Jul-03Jan-04Jul-04(USD/ troy ounce)200220240260280300320Jan-02Jul-02Jan-03Jul-03Jan-04Jul-04150250350450550Jan-02Jul-02Jan-03Jul-03Jan-04Jul-041,0001,2001,4001,6001,8002,000Jan-02Jul-02Jan-03Jul-03Jan-04Jul-04(USD)1,0001,2001,4001,6001,8002,000Jan-02Jul-02Jan-03Jul-03Jan-04Jul-04100200300400500Jan-02Jul-02Jan-03Jul-03Jan-04Jul-04(USD)Consumption trends across AsiaGovernment P&L A/c AS IT REALLY ISCentre’s P&L (2004-05E)Particulars% of GDPTotal Receipts11--Revenue Receipts10--Capital Receipts1Total Expenditure15--Interest4--Defence& Subsidies4--Transfer to States3--Infrastructure & Capital Expenditure1--Administrative, etc.3Deficit4Total debt (Internal + External)64Source: Government of India Interim Budget, ENAM ResearchDeficit of 5-6% of GDP misleading! Receipts only 11%States have joined the party!Source: RBI Aggregate fiscal deficit of states2004006008001,0001,2001,400F Y 91F Y 92F Y 93F Y 94F Y 95F Y 96F Y 97F Y 98F Y 99F Y 00F Y 01F Y 02F Y 03F Y 04 E2.02.53.03.54.04.55.05.5Fiscal Deficit (LHS)% of GDP (RHS)(Rs.bn)(%)Power subsidies (% of state fiscal deficit)State(%)Madhya Pradesh 74Andhra Pradesh 51Gujarat 65Karnataka 65Maharashtra 28Tamil Nadu40Source: World BankProfligate Governments…weaken us allCrowds out private sector Upward pressure on interest rates Rupee depreciationMaking us “poorer”, costlier, less competitive> poorer!40%50%60%70%80%1980-811982-831984-851986-871988-891990-911992-931994-951996-971998-992000-012002-03 R EDebt/GDPTotal Central & State debt as a percentage of GDPSource: RBIDemographics Income ShiftsAge Group Shifts Social ShiftsAffordability has risen dramaticallyFalling prices and low interest rates have made products easily affordable19942003Increase in affordability (x) Housing (Ratio of Hsng Price/Annual Inc.) (x)63 2.0Housing EMI (Rs.)1,6901,250 1.410-year repayment / Rs.100,000 / monthCost of (in Rs.)21" Color TV18,00011,000 1.6Washing Machine18,00013,000 1.4Refrigerator (165 Ltr)12,0008,000 1.5Cordless Telephone4,0002,500 1.6Cellular Phone25,0004,000 6.3Source: ENAM ResearchAll this has led to a boom in retail lending and consumption。