Chapter12 管理学
乔普拉《供应链管理(第7版英文版)》教学课件CH12
The Role of Safety Inventory (1 of 3)
• Safety inventory is carried to satisfy demand that exceeds the amount forecasted – Raising the level of safety inventory increases product availability and thus the margin captured from customer purchases – Raising the level of safety inventory increases inventory holding costs
Supply Chain Management: Strategy, Planning, and Operation
Seventh Edition
Chapter 12
Managing Uncertainty in a Supply Chain Safety Inventory
Copyright © 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved
2. Order fill rate – Fraction of orders filled from available inventory
3. Cycle service level (CSL) – Fraction of replenishment cycles that end with all customer demand being met – Replenishment cycle – the interval between two successive replenishment deliveries
Chapters 11&12
A formal agreement must be written to include: 必须签订正式协 议，协议包括：
Amount of money involved. 涉及的资金金额 Terms of the money. 资金条款 Rights and responsibilities of the investor. 投资者的权利和责任 What happens if the business fails. 如果生意失败会发生什么
11-10
Lending: Questions 贷款：问题
Does the entrepreneur expect to be carried by the loan for an extended period of time? 企业家愿意承担长期的 贷款吗？ Is the entrepreneur committed to spend the required effort to make the business a success? 企业家愿意努力 使商业成功 Does the business have a unique differential advantage in a growth market? 商业在市场中有独一无二的优势吗？ What are the downside risks? 下降趋势的风险是什么？ Is there protection against disasters? 有对灾难的预防 措施吗？
Chapter
Sources of Capital
资金来源
11
McGraw-Hill/Irwin Entrepreneurship, 7/e
Copyright © 2008 The McGraw-Hill Companies, Inc. All rights reserved.
加里森管理会计教学课件最新英文精品Garrison16e_PPTch12
The annual cost of insurance is not relevant. It will remain
the same if she drives or takes the train.
However, the cost of gasoline is clearly relevant if she decides to drive. If she takes the train, she would avoid the cost of the
The benefits of having a car in New York and the problems of finding a parking space are
both relevant but are difficult to assign a dollar amount.
Identifying Relevant Costs – Part 5
Key Concept #2
Once you have defined the alternatives, you need to identify the criteria for choosing among them. • Relevant costs and relevant benefits should be considered when making decisions. • Irrelevant costs and irrelevant benefits should be ignored when making decisions.
5 Parking fees at school
360
6 Total average cost
基础笔译 Chapter 12 可译性与不可译性
杨宪益夫妇的译文：
This bird appears when the world falls on evil times; None but admires her talents and her skill; First she complies, then commands, then is dismissed, Departing in tears to Jinling more wretched still.
关键词order也是多义词，教授的本意是要让大家守秩 序，而学生则是故意理解为“要（菜或饭）”，所以喊出 “要啤酒”。真是让教授苦笑不得，让读者忍俊不禁。但 是，若order直译为汉语，则令人不知所云了。
真的就没法译了吗？实际上，发挥译者主体作和何创 造性是不难找到机智幽默的翻译的。
——教授敲敲着教桌，喊道：“先生们，吆喝什么？” ——全班喊着回答：“要喝啤酒！”
我们在资料搜集的过程中有个惊异地发现：1）英语 的文字艺术形式比较少，而汉语就非常丰富，比较而言， 可以说用“洋洋大观”来形容,但是要想找到这类文字艺 术形式的成功的译例，则很难；2）英语的特殊语言现象 或文字艺术形式则比较易于译成汉语，而汉语译成英语就 非常之难。
表意文字和表音文字的差异是有目共睹的，表意 文字的大多数表意功能是表音文字所不具有的，因此， 用不具有表意功能的文字去再现表意文字的文字艺术 表现形式是不可能的。就像汽车不具有飞行的功能， 因而，它就永远不可能在天空飞一样。若能在天空中 飞行，就一定具有飞行的功能。下面以实例来证明这 一论点。
4）辛格的代表作《傻瓜吉姆·佩尔》中吉姆·佩尔的 妻子埃尔卡与小徒弟搞上了关系，众人议论不休。 吉姆·佩尔气愤之极，脱口说道：
If my mother had known of it, she’d have died a second time.
公司理财课后习题及答案chapter12estimatingthecostofcapital
Corporate Finance, 3e (Berk/DeMarzo)Chapter 12 Estimating the Cost of CapitalThe Equity Cost of CapitalUse the following information to answer the question(s) below.Assume that the risk-free rate of interest is 3% and you estimate the market's expected return to be 9%.1) Which firm has the most total riskA) EenieB) MeenieC) MineyD) MoeAnswer: CExplanation: C) Total risk is measured using volatility and Miney has the highest volatility, hence the most total risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical2) Which firm has the least market riskA) EenieB) MeenieC) MineyD) MoeAnswer: AExplanation: A) Market risk is measured using beta and Eenie has the lowest beta, hence the lowest market risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical3) Which firm has the highest cost of equity capitalA) EenieB) MeenieC) MineyD) MoeAnswer: DExplanation: D) Cost of capital is measured using the CAPM and is a linear function of beta. Therefore the firm with the highest beta (Moe) has the highest cost of equity capital.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical4) The equity cost of capital for "Miney" is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r Miney = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical5) The equity cost of capital for "Meenie" is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r Meenie = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical6) The risk premium for "Meenie" is closest to:A) %B) %C) %D) %Answer: AExplanation: A) risk premium Meenie = (9% - 3%) = % Diff: 2Section: The Equity Cost of CapitalSkill: AnalyticalThe Market PortfolioUse the following information to answer the question(s) below.Suppose all possible investment opportunities in the world are limited to the four stocks list in the table below:1) The weight on Taggart Transcontinental stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analytical2) The weight on Wyatt Oil stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: AExplanation: A)Section: The Market PortfolioSkill: Analytical3) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Nielson Motors is closest to:A) $6,000B) $7,715C) $9,000D) $10,500Answer: DExplanation: D)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $10,500 Diff: 2Section: The Market PortfolioSkill: Analytical4) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Taggart Transcontinental is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $6,000Diff: 2Section: The Market PortfolioSkill: Analytical5) Suppose that you have invested $30,000 invested in the market portfolio. Then the amount that you have invested in Wyatt Oil is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: AExplanation: A)Amount WO = Weight WO × Amount Market= .15 × $30,000 = $4,500Diff: 2Section: The Market PortfolioSkill: Analytical6) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Rearden Metal that you hold is closest to:A) 450 sharesB) 700 sharesC) 1,400 sharesD) 2,300 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares RM = = = sharesDiff: 2Section: The Market PortfolioSkill: Analytical7) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Wyatt Oil that you hold is closest to:A) 150 sharesB) 300 sharesC) 350 sharesD) 450 sharesAnswer: AExplanation: A)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares WO = = = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Wyatt Oil that you hold is closest to:A) 90 sharesB) 460 sharesC) 615 sharesD) 770 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$= = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Rearden Metal that you hold is closest to:A) 780 sharesB) 925 sharesC) 1,730 sharesD) 2,075 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$= = 2, sharesDiff: 2Section: The Market PortfolioSkill: Analytical10) Suppose that you have invested $100,000 invested in the market portfolio and that the stock price of Taggart Transcontinental suddenly drops to $ per share.Which of the following trades would you need to make in order to maintain your investment in the market portfolio:1. Buy approximately 1,140 shares of Taggart Transcontinental2. Sell approximately 256 shares of Rearden Metal3. Sell approximately 57 shares of Wyatt Oil4. Sell approximately 148 shares of Nielson MotorsA) 1 onlyB) 2 onlyC) 2, 3, and 4 onlyD) 1, 2, 3, and 4E) None of the aboveAnswer: EExplanation: E) There is no need to rebalance your portfolio. As an investor, you still hold the market portfolio and therefore there are no trades needed. Diff: 3Section: The Market PortfolioSkill: AnalyticalUse the following information to answer the question(s) below.Suppose that Merck (MRK) stock is trading for $ per share with billion shares outstanding while Boeing (BA) has million shares outstanding and a market capitalization of $ billion. Assume that you hold the market portfolio.11) Boeing's stock price is closest to:A) $B) $C) $D) $Answer: CExplanation: C) Price BA = = = $Diff: 1Section: The Market PortfolioSkill: Analytical12) Merck's market capitalization is closest to:A) $ billionB) $ billionC) $ billionD) $ billionAnswer: BExplanation: B) Market Cap = Price × shares outstanding = $ × 2,110 = $77,437 millionDiff: 1Section: The Market PortfolioSkill: Analytical13) If you hold 1,000 shares of Merck, then the number of shares of Boeing that you hold is closest to:A) 240 sharesB) 330 sharesC) 510 sharesD) 780 sharesAnswer: BExplanation: B) Shares BA== = sharesDiff: 3Section: The Market PortfolioSkill: Analytical14) Which of the following statements is FALSEA) All investors should demand the same efficient portfolio of securities in the same proportions.B) The Capital Asset Pricing Model (CAPM) allows corporate executives to identify the efficient portfolio (of risky assets) by using knowledge of the expected return of each security.C) If investors hold the efficient portfolio, then the cost of capital for any investment project is equal to its required return calculated using its beta with the efficient portfolio.D) The CAPM identifies the market portfolio as the efficient portfolio. Answer: BDiff: 1Section: The Market PortfolioSkill: Conceptual15) Which of the following statements is FALSEA) If investors have homogeneous expectations, then each investor will identify the same portfolio as having the highest Sharpe ratio in the economy.B) Homogeneous expectations are when all investors have the same estimates concerning future investments and returns.C) There are many investors in the world, and each must have identical estimates of the volatilities, correlations, and expected returns of the available securities.D) The combined portfolio of risky securities of all investors must equal the efficient portfolio.Answer: CDiff: 1Section: The Market PortfolioSkill: Conceptual16) Which of the following statements is FALSEA) If some security were not part of the efficient portfolio, then every investor would want to own it, and demand for this security would increase causing its expected return to fall until it is no longer an attractive investment.B) The efficient portfolio, the portfolio that all investors should hold, must be the same portfolio as the market portfolio of all risky securities.C) Because every security is owned by someone, the sum of all investors' portfolios must equal the portfolio of all risky securities available in the market.D) If all investors demand the efficient portfolio, and since the supply of securities is the market portfolio, then two portfolios must coincide. Answer: ADiff: 2Section: The Market PortfolioSkill: Conceptual17) Which of the following statements is FALSEA) The market portfolio contains more of the smallest stocks and less of the larger stocks.B) For the market portfolio, the investment in each security is proportional to its market capitalization.C) Because the market portfolio is defined as the total supply of securities, the proportions should correspond exactly to the proportion of the total market that each security represents.D) Market capitalization is the total market value of the outstanding shares of a firm.Answer: ADiff: 1Section: The Market PortfolioSkill: Conceptual18) Which of the following statements is FALSEA) A value-weighted portfolio is an equal-ownership portfolio: We hold an equal fraction of the total number of shares outstanding of each security in the portfolio.B) When buying a value-weighted portfolio, we end up purchasing the same percentage of shares of each firm.C) To maintain a value-weighted portfolio, we do not need to trade securities and rebalance the portfolio unless the number of shares outstanding of some security changes.D) In a value weighted portfolio the fraction of money invested in any security corresponds to its share of the total number of shares outstanding of all securitiesin the portfolio.Answer: DDiff: 1Section: The Market PortfolioSkill: Conceptual19) Which of the following statements is FALSEA) The most familiar stock index in the United States is the Dow Jones Industrial Average (DJIA).B) A portfolio in which each security is held in proportion to its market capitalization is called a price-weighted portfolio.C) The Dow Jones Industrial Average (DJIA) consists of a portfolio of 30 large industrial stocks.D) The Dow Jones Industrial Average (DJIA) is a price-weighted portfolio. Answer: BExplanation: B) A portfolio in which each security is held in proportion to its market capitalization is called a value-weighted portfolio.Diff: 2Section: The Market PortfolioSkill: Conceptual20) Which of the following statements is FALSEA) Because very little trading is required to maintain it, an equal-weighted portfolio is called a passive portfolio.B) If the number of shares in a value weighted portfolio does not change, but only the prices change, the portfolio will remain value weighted.C) The CAPM says that individual investors should hold the market portfolio, a value-weighted portfolio of all risky securities in the market.D) A price weighted portfolio holds an equal number of shares of each stock, independent of their size.Answer: AExplanation: A) Because very little trading is required to maintain it, a value-weighted portfolio is called a passive portfolio.Diff: 3Section: The Market PortfolioSkill: Conceptual21) Which of the following statements is FALSEA) A market index reports the value of a particular portfolio of securities.B) The S&P 500 is the standard portfolio used to represent "the market" when using the CAPM in practice.C) Even though the S&P 500 includes only 500 of the more than 7,000 individual . Stocks in existence, it represents more than 70% of the . stock market in terms of market capitalization.D) The S&P 500 is an equal-weighted portfolio of 500 of the largest . stocks. Answer: DExplanation: D) The S&P 500 is a value-weighted portfolio of 500 of the largest .stocks.Diff: 2Section: The Market PortfolioSkill: Conceptual22) Which of the following statements is FALSEA) The S&P 500 and the Wilshire 5000 indexes are both well-diversified indexes that roughly correspond to the market of . stocks.B) Practitioners commonly use the S&P 500 as the market portfolio in the CAPM with the belief that this index is the market portfolio.C) Standard & Poor's Depository Receipts (SPDR, nicknamed "spider") trade on the American Stock Exchange and represent ownership in the S&P 500.D) The S&P 500 was the first widely publicized value weighted index and it has become a benchmark for professional investors.Answer: BDiff: 2Section: The Market PortfolioSkill: Conceptual23) In practice which market index is most widely used as a proxy for the market portfolio in the CAPMA) Dow Jones Industrial AverageB) Wilshire 5000C) S&P 500D) . Treasury BillAnswer: CDiff: 1Section: The Market PortfolioSkill: Conceptual24) In practice which market index would best be used as a proxy for the market portfolio in the CAPMA) S&P 500B) Dow Jones Industrial AverageC) . Treasury BillD) Wilshire 5000Answer: DDiff: 1Section: The Market PortfolioSkill: ConceptualUse the table for the question(s) below.Consider the following stock price and shares outstanding data:25) The market capitalization for Wal-Mart is closest to:A) $415 BillionB) $276 BillionC) $479 BillionD) $200 BillionAnswer: DExplanation: D)Diff: 1Section: The Market Portfolio Skill: Analytical26) The total market capitalization for all four stocks is closest to:A) $479 BillionB) $415 BillionC) $2,100 BillionD) $200 BillionAnswer: BExplanation: B)Section: The Market PortfolioSkill: Analytical27) If you are interested in creating a value-weighted portfolio of these four stocks, then the percentage amount that you would invest in Lowes is closest to:A) 25%B) 11%C) %D) 12%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The number of shares of Wal-Mart that you would hold in your portfolio is closest to: A) 710 B) 1390 C) 1000 D) 870 Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =Diff: 2Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The percentage of the shares outstanding of Boeing that you would hold in your portfolio is closest to: A) .000018% B) .000020% C) .000024% D) .000031% Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =percentage shares outstanding = 190/0 = .000024% Diff: 2Section: The Market Portfolio Skill: Analytical30) Assume that you have $250,000 to invest and you are interested in creating a value-weighted portfolio of these four stocks. How many shares of each of the fourstocks will you hold What percentage of the shares outstanding of each stock will you holdAnswer:Stock Name Price perShareSharesOutstanding(Billions)MarketCapitalization(Billions)Percentof TotalNumber ofSharesLowes$ $ %368Wal-Mart$ $ %1,002Intel$ $ %1,387Boeing$ $ %190Total$% of Shares%Number of shares =In a value weighted portfolio, the percentage of shares of every stock will be the same.Diff: 3Section: The Market PortfolioSkill: AnalyticalBeta EstimationUse the following information to answer the question(s) below.Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn Beta2007%%%%% 2008%%%.40%% 2009%%%%%1) Wyatt Oil's average historical return is closest to:A) %B) %C) %D) %Answer: AExplanation: A) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical2) The Market's average historical return is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical3) Wyatt Oil's average historical excess return is closest to:A) %B) %C) %D) %Answer: CExplanation: C) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical4) The Market's average historical excess return is closest to:A) %B) %C) %D) %Answer: DExplanation: D) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical5) Wyatt Oil's excess return for 2009 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta Estimation Skill: Analytical6) The Market's excess return for 2008 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta EstimationSkill: Analytical7) Using the average historical excess returns for both Wyatt Oil and the Market portfolio, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B) excess return average = excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO= = = .8375Diff: 3Section: Beta EstimationSkill: Analytical8) Using the average historical excess returns for both Wyatt Oil and the Market portfolio estimate of Wyatt Oil's Beta. When using this beta, the alpha for Wyatt oil in 2007 is closest to:A) %B) %C) %D) +%Answer: CExplanation: C) excess return average =excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = = = .8375α = actual return - expected return for CAPM = % - [3% + .8375(6% - 3%)] = %Diff: 3Section: Beta EstimationSkill: Analytical9) Using just the return data for 2009, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%%2008%%%%%2009%%%%% Average%%%%%βWO = = = .8651Diff: 2Section: Beta EstimationSkill: Analytical10) Using just the return data for 2008, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: A Explanation: A)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = - = .8525Diff: 2Section: Beta EstimationSkill: Analytical11) Which of the following statements is FALSEA) Beta is the expected percent change in the excess return of the security for a 1% change in the excess return of the market portfolio.B) Beta represents the amount by which risks that affect the overall market are amplified for a given stock or investment.C) It is common practice to estimate beta based on the historical correlation and volatilities.D) Beta measures the diversifiable risk of a security, as opposed to its market risk, and is the appropriate measure of the risk of a security for an investor holding the market portfolio.Answer: DExplanation: D) Beta measures the nondiversifiable risk of a security.Diff: 1Section: Beta EstimationSkill: Conceptual12) Which of the following statements is FALSEA) One difficulty when trying to estimate beta for a security is that beta depends on the correlation and volatilities of the security's and market's returns in the future.B) It is common practice to estimate beta based on the expectations of future correlations and volatilities.C) One difficulty when trying to estimate beta for a security is that beta depends on investors expectations of the correlation and volatilities of the security's and market's returns.D) Securities that tend to move less than the market have betas below 1.Answer: BExplanation: B) Beta is measured using past information.Diff: 1Section: Beta EstimationSkill: Conceptual13) Which of the following statements is FALSEA) Securities that tend to move more than the market have betas higher than 0.B) Securities whose returns tend to move in tandem with the market on average have a beta of 1.C) Beta corresponds to the slope of the best fitting line in the plot of the securities excess returns versus the market excess return.D) The statistical technique that identifies the bets-fitting line through a set of points is called linear regression.Answer: ADiff: 2Section: Beta EstimationSkill: ConceptualUse the equation for the question(s) below.Consider the following linear regression model:(R i - r f) = a i + b i(R Mkt - r f) + e i14) The b i in the regressionA) measures the sensitivity of the security to market risk.B) measures the historical performance of the security relative to the expected return predicted by the SML.C) measures the deviation from the best fitting line and is zero on average.D) measures the diversifiable risk in returns.Answer: ADiff: 2Section: Beta EstimationSkill: Conceptual15) The a i in the regressionA) measures the sensitivity of the security to market risk.B) measures the deviation from the best fitting line and is zero on average.C) measures the diversifiable risk in returns.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: DDiff: 2Section: Beta EstimationSkill: Conceptual16) The e i in the regressionA) measures the market risk in returns.B) measures the deviation from the best fitting line and is zero on average.C) measures the sensitivity of the security to market risk.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: BDiff: 2Section: Beta EstimationSkill: ConceptualThe Debt Cost of CapitalUse the following information to answer the question(s) below.Consider the following information regarding corporate bonds:1) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The corresponding risk-free rate is 3% and the market risk premium is 5%. Assuming a normal economy, the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = r rf + β(r m - r rf) = 3% + (5%) = %Diff: 1Section: The Debt Cost of CapitalSkill: Analytical2) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming a normal economy the expected return on Wyatt Oil'sdebt is closest to:A) %B) %C) %D) %Answer: DExplanation: D) r d = ytm - prob(default) × loss rate = 7% - %(70%) = % Diff: 2Section: The Debt Cost of CapitalSkill: Analytical3) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming the economy is in recession, then the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = ytm - prob(default) × loss rate = 7% - %(70%) = %Diff: 2Section: The Debt Cost of CapitalSkill: Analytical4) Rearden Metal has a bond issue outstanding with ten years to maturity, a yield to maturity of %, and a B rating. The corresponding risk-free rate is 3% and the market risk premium is 6%. Assuming a normal economy, the expected return on Rearden Metal's debt is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r d = r rf + β(r m - r rf) = 3% + (6%) = %Diff: 1Section: The Debt Cost of Capital。
chapter 12卤素
(2) 与非金属的作用
F2 ：能与所有非金属（除N2、O2、一些稀
有气体外）直接化合，生成高价氟化
物。但有些反应需要加热。
h
F2 Xe
无水玻璃管
XeF2 XeF2
无色晶体
673K , p
Ni反应器
Cl2 ：能与大多数非金属直接化合。
剧烈程度不如氟。
2 S(s) Cl 2 (g) S 2 Cl 2 (l)
(HF) 2 HF H 2
一元酸
b: HF另一个独特之处可以腐蚀玻璃
SiO2 4 HF SiF4 2 H 2 O CaSiO3 6 HF CaF2 SiF4 3 H 2 O
HI 的特殊反应
HI Ag AgI H 2
（2）还原性： HI>HBr>HCl>HF
Br2 1.065
I2 0.535
(V)
2.87
X2 氧化性递减
X－ 还原性递增
除I2外， X2均为强氧化剂。
(1) 与金，生成高
价氟化物。而且反应常常是很猛
烈的，伴随着燃烧和爆炸。 例如 F2 把Co、V 和Bi 氧化为:CoF3，VF5，BiF5 ② 在室温下，F2 与Mg、Fe、Cu、Pb、Ni 作用时，在金属表面形成一层保护性的
Cl: 主要存在于海水、盐湖、盐井，盐床中，主要有钾石盐KCl、光卤石 KCl· MgCl2.6H2O。海水中大约含氯1.9%，地壳中的质量百分含量0.031%，占第 十一位。 Br: 主要存在于海水中，海水中溴的含量相当于氯的1/300，盐湖和盐井中 也存在少许的溴，地壳中的质量百分含量约1.6%. I： 碘在海水中存在的更少，碘主要被海藻所吸收，海水中碘的含量仅为 5 %,碘也存在于某些盐井盐湖中，南美洲智利硝石含有少许的碘酸钠。 At： 放射性元素, 研究的不多，对它了解的也很少。
12 markets_factors_production
• 边际产量值随着工人数量的增加而递减，因 为物品的市场价格是不变的。
The Value of the Marginal Product and the Demand for Labor
• The competitive, profit-maximizing firm hires workers up to the point where the value of the marginal product of labor equals the wage. • 一个竞争性的、利润最大化的企业雇用的工 人数量 VMPL = Wage
Figure 13 The Work-Leisure Decision
Consumption $5,000
Optimum I3 2,000 I2 I1
0
60
100
Hours of Leisure
Figure 14 An Increase in the Wage
(a) For a person with these preferences. . . Consumption Wage
P
W
Demand
Demand
0
Q
Quantity of Apples
0
L
Quantity of Apple Pickers
THE or services, rather than being final goods ready to be enjoyed by consumers, are inputs into the production of other goods. • 大多数劳动服务不是作为最终产品供消费者 享用的，而是作为生产成本投入到其他物品 的生产中。
InventoryManagement运营管理英文版
¨Holding, Ordering, and Setup Costs
¨Inventory Models for Independent Demand
¨Basic Economic Order Quantity (EOQ) Model
¨Minimizing Costs
¨Reorder Points Model
¨ABC Analysis ¨Record Accuracy ¨Cycle Counting ¨Control of Services Inventory
Transparency Masters to accompany Operations Management, 5E (Heizer & Render)
Transparency Masters to accompany Operations Management, 5E (Heizer & Render)
12-10
?1998 by Prentice Hall, Inc.
A Simon & Schuster Company Upper Saddle River, N.J. 07458
ABC Analysis
¨Divides on-hand inventory into 3 classes
¨ A class, B class, C class
¨Basis is usually annual $ volume
¨ $ volume = Annual demand x Unit cost
A Simon & Schuster Company Upper Saddle River, N.J. 07458
Outline
¨Global Company Profile: Harley-Davidson ¨Functions of Inventory
营销管理科特勒12版中文
营销管理科特勒12版中文Chapter 1 Defining Marketing for the 21st Century1 pany Orientations Toward the Marketplace 公司看待市场的导向答：指点组织从事其营销活动的5种竞争观念包括：消费观念、产品观念、推销观念、营销观念、全方位营销观念消费观念是指点卖者行为的最新鲜的观念之一。
消费观念以为，消费者喜欢那些可以随处失掉的、价钱昂贵的产品。
产品观念以为，消费者喜欢高质量、多功用和具有某些创新特征的产品。
推销观念以为，假设抵消费者和企业顺其自然的话，他们不会足量购置某一组织的产品。
因此，该组织必需自动推销和积极促销。
营销观念以为，完成组织诸目的的关键在于正确确定目的市场的需求和愿望，并且关于它所选定的目的市场比竞争对手更有效地发明、传递和沟通更优的顾客价值。
全方位营销观念是依据制定营销方案、设计营销步骤和实施营销活动来看法到自身的宽度和相互依存性。
全方位营销观念看法到与营销相关的每一件事都很重要，并且一个明晰的、整合的组织营销透视图是必要的。
全方位营销的4个组成局部是：关系营销、整合营销、外部营销和社会责任营销。
〔百度：全方位营销观念指企业针对一般客户的需求，整合企业的片面的关系网络，经过掌握客户占有率、顾客忠实度和客户终生价值来到达获利性的生长。
〕Chapter 2 Developing Marketing Strategies and Plans1.Corporate and Division Strategies Planning 公司和部门的战略方案答：公司总部经过预备使命、政策、战略和目的，为它的各个部门和业务单元制定它们的方案树立了框架。
一切公司最高管理层必需着手做的4个方案活动：〔1〕确定公司使命〔2〕树立战略业务单元〔3〕为每个战略业务单元布置资源〔4〕评价增长时机〔方案新业务或坚持老业务〕〔1〕确定公司使命一个组织的存在是为了完成某些事。
ch12 凯恩斯交叉模型
Keynesian Cross
macroeconomics
College of Management, HUST
本章要点
凯恩斯交叉图与数量调整机制 计划总支出曲线及其构成 消费函数与投资函数 边际消费倾向 引起计划总支出曲线移动的因素
CHAPTER 12
Aggregate Demand I
其中： • a 为一个经济的自然消费，必大于0， 且为常数.
• b×YD 为收入的引致消费.
CHAPTER 12
Aggregate Demand I
slide 9
线性消费函数图示
C
C＝a+bYD MPC
凯恩斯主 义假设消 费函数是 线性的. MPC是消 费函数的 斜率.
1
Y
CHAPTER 12
Aggregate Demand I
–0.5
0
（a）
4 5 6 实 GP 际D
Aggregate Demand I
Return
CHAPTER 12
slide 19
政府购买支出与税收
政府购买支出是由政府预算确定的，可 视为外生变量，不受收入的影响. 政府支出曲线在交叉图上是一条水平线. 税收不是直接的支出项目，但它影响可 支配收入，从而影响消费和净出口支出. 税收也是由政府预算确定的外生变量.
slide 10
储蓄函数
储蓄是指家庭中没有消费的那部分收入， 不论是否存入银行. 储蓄主要是可支配收入的函数：
S＝S(YD)＝YD－C
储蓄函数随消费函数而定. 线性储蓄函数：S＝－a＋(1－b)YD
Return
CHAPTER 12
Aggregate Demand I
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Managing Change and Innovation
1 Change
1.1 Forces for Change
1.1.1 External Forces
Marketplace
Governmental laws and regulations
Technology
Labor markets
Economic changes
1.1.2 Internal Forces
A redefinition or modification of an organization’s strategy
An organization’s workforce
The introduction of new equipment
Employee attitudes
1.2 Two views of the Change Process
1.2.1 The Calm Waters Metaphor (Lewin)
Successful change can be planned and requires unfreezing the status quo,
changing to a new state, and refreezing to make the change permanent.
1.2.2 White-Water Rapids Metaphor
Disruptions in the status quo are not occasional and temporary, and they are not
followed by a return to calm waters. Many managers never get out of the rapids.
1.2.3 Putting the Two Views in Perspective
1.3 Managing Organizational Change
1.3.1 Definition of Organizational Change
Organizational change-Any alternation of people, structure and technology in
an organization.
1.3.2 Types of Change
Changing Structure---Work specialization, departmentalization, chain of
command, span of control, centralization, formalization, job redesign, or actual
structure design
Changing Technology---Work process, methods, and equipment
Changing People---Attitudes, expectations, perceptions, and behavior
(individual and group)
1.3.3 Managing Resistance to Change
Uncertainty
Habit
Concern over personal loss
The belief that change is not in the organization’s best interest
1.3.4 Techniques for Reducing Resistance
Education and communication
Participation
Facilitation and Support
Negotiation
Manipulation and co-optation
Selecting people who accept change
Coercion
1.4 Contemporary Issues in Managing Change
1.4.1 Changing Organizational Culture
1.4.1.1 Understanding the Situation Factors
A dramatic crisis occurs
Leadership changes hands
The organization is young and small
The culture is weak
1.4.1.2 How Can Cultural Change Be Accomplished?
1.4.2 Handling Employee Stress
1.4.2.1 What is Stress?
Stress-The adverse reaction people have to excessive pressure placed on
them from extraordinary demands, constrains, or opportunities.
1.4.2.2 Causes of Stress
Personal Factors
Job-related Factors
Change is a major stressor
1.4.2.3 Symptoms of Stress
Physical
Psychological
Behavioral
1.4.2.4 Reducing Stress
Managers can through controlling certain organizational factors to reduce
job-related stress and, to a more limited extent, offering help for personal stress.
1.4.3 Making Change Happen Successfully
Focusing on making the organization ready for change
Understanding their own role in the process
Increasing the role of individual employees
2 Innovation
2.1 Simulating Innovation
2.1.1 Creativity versus Innovation
Creativity-The ability to combine ideas in a unique way or to make unusual
associations between ideas.
Innovation-Taking creative ideas and turning them into useful products or
work methods.
2.1.2 Simulating and Nurturing Innovation
2.1.2.1 Structural Variables
Organic Structures
Abundant Resources
High Interunit Communication
2.1.2.2 Cultural Variables
Acceptance of Ambiguity
Tolerance of the Impractical
Low External Controls
Tolerance of Risks
Tolerance of Conflict
Focus on ends
Open-System Focus
Positive Feedback
2.1.2.3 Human Resource Variables
High commitment to Training and Development
High job Security
Creative Poeple