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DQ 6 Project Management
In the Project Management Lifecycle, the maturity phase can be the most difficult since as
projects near completion there is a tendency to look for cost reductions or people are redirected
to work on another project. Closing a project that is coming to completion or deciding to
terminate a failing project early can lead to inefficiencies. The project manager’s goal in all
cases should be to minimize wasted effort or loss of time and ensure successful closure of the
project.
Based on research using credible project management websites (such as PMI.org), current
scholarly resources and the reading material in the course, do the following:
•
•
•
Describe the different methods for closing or terminating a
project.
Describe and evaluate some of the best practices companies
should use for ending a project based on examples you found
in your research.
Describe what can make closing a project difficult and make
recommendations as to what can be done to mitigate those
difficulties.
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University of The Cumberlands Integrated Waveguide Technologies Questions
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Integrated Waveguide Technologies (IWT) is a 6-year-old company founded by Hunt Jackson and David Smithfield to ...
University of The Cumberlands Integrated Waveguide Technologies Questions
Question 1
Integrated Waveguide Technologies (IWT) is a 6-year-old company founded by Hunt Jackson and David Smithfield to exploit metamaterial plasmonic technology to develop and manufacture miniature microwave frequency directional transmitters and receivers for use in mobile Internet and communications applications. IWT’s technology, although highly advanced, is relatively inexpensive to implement, and its patented manufacturing techniques require little capital as compared to many electronics fabrication ventures. Because of the low capital requirement, Jackson and Smithfield have been able to avoid issuing new stock and thus own all of the shares. Because of the explosion in demand for its mobile Internet applications, IWT must now access outside equity capital to fund its growth, and Jackson and Smithfield have decided to take the company public. Until now, Jackson and Smithfield have paid themselves reasonable salaries but routinely reinvested all after-tax earnings in the firm, so dividend policy has not been an issue. However, before talking with potential outside investors, they must decide on a dividend policy. Your new boss at the consulting firm Flick and Associates, which has been retained to help IWT prepare for its public offering, has asked you to make a presentation to Jackson and Smithfield in which you review the theory of dividend policy and discuss the following issues.
a. (1) What is meant by the term “distribution policy”? How has the mix of dividend payouts and stock repurchases changed over time?
(2) The terms “irrelevance,” “dividend preference” (or “bird-in-the-hand”), and “tax effect” have been used to describe three major theories regarding the way dividend payouts affect a firm’s value. Explain these terms, and briefly describe each theory.
(3) What do the three theories indicate regarding the actions management should take with respect to dividend payouts?
(4) What results have empirical studies of the dividend theories produced? How does all this affect what we can tell managers about dividend payouts?
b. Discuss the effects on distribution policy consistent with: (1) the signaling hypothesis (also called the information content hypothesis) and (2) the clientele effect.
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(2) In general terms, how would a change in investment opportunities affect the payout ratio under the residual distribution policy?
(3) What are the advantages and disadvantages of the residual policy? (Hint: Don’t neglect signaling and clientele effects.)
d. (1) Describe the procedures a company follows when it makes a distribution through dividend payments.
(2) What is a stock repurchase? Describe the procedures a company follows when it makes a distribution through a stock repurchase.
e. Discuss the advantages and disadvantages of a firm repurchasing its own shares.
f. Suppose IWT has decided to distribute $50 million, which it presently is holding in liquid short-term investments. IWT’s value of operations is estimated to be about $1,937.5 million; it has $387.5 million in debt and zero preferred stock. As mentioned previously, IWT has 100 million shares of stock outstanding.
(1) Assume that IWT has not yet made the distribution. What is IWT’s intrinsic value of equity? What is its intrinsic stock price per share?
2) Now suppose that IWT has just made the $50 million distribution in the form of dividends. What is IWT’s intrinsic value of equity? What is its intrinsic stock price per share?
(3) Suppose instead that IWT has just made the $50 million distribution in the form of a stock repurchase. Now what is IWT’s intrinsic value of equity? How many shares did IWT repurchase? How many shares remained outstanding after the repurchase? What is its intrinsic stock price per share after the repurchase?
g. Describe the series of steps that most firms take when setting dividend policy.
h. What are stock splits and stock dividends? What are the advantages and disadvantages of each?
i. What is a dividend reinvestment plan (DRIP), and how does it work?
Question 2
Gamut Satellite Inc. produces satellite earth stations that sell for $150,000 each. The firm’s fixed costs, F, are $1.5 million, 20 earth stations are produced and sold each year, profits total $400,000, and the firm’s assets (all equity financed) are $5 million. The firm estimates that it can change its production process, adding $10 million to assets and $500,000 to fixed operating costs. This change will reduce variable costs per unit by $5,000 and increase output by 30 units. However, the sales price on all units must be lowered to $140,000 to permit sales of the additional output. The firm has tax loss carryforwards that render its tax rate zero, its cost of equity is 18%, and it uses no debt.
Determine the variable cost per unit
Determine the new profit if the change is made
What is the incremental profit?
What is the projects expected rate of return for the next year (defined as the incremental profit divided by the investment)?
Should the firm make the investment? Why or why not?
Would the firm’s break-even point increase or decrease if it made the change?
Would the new situation expose the firm to more or less business risk than the old one? Show workings
CMLW 2201 Saint Marys Legal Aspects of Business and Legal Analysis Facts Paper
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HRMT220 Regent University Research on Merit Pay System
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HRMT220 Regent University Research on Merit Pay System
Choose one of the three topics below and conduct research on "best-practices" in the area. In your analysis review both academic and trade publications. See the posted example for specific guidance on format. A best-practice analysis summarizes what is considered by the experts to be the most effective, efficient, ethical and moral means for producing high performance. Your analysis should provide specific examples to support the elements and principles of your best-practice model. Discuss how the model specifically integrates and reinforces Christian business principles. Provide a minimum of 10 references with a maximum length of 2,500 words. Topic Areas: 1. Merit Pay Systems 2. Gainsharing Plans 3. Executive Pay SystemsNewman, J.M., Gerhart, B., & Milkovich, G.T. (2017) Compensation, 12th Edition. New York: McGraw-Hill Education. (ISBN: 978-1-259-53272-6)
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For this assignment, you are going to create a stakeholder map. A stakeholder map is a network diagram of the relationships between all of the stakeholders. To make the stakeholder map, you will first read the Fyre Festival case linked below. While reading that case you need to think about and identify who Fyre Media's stakeholders are. Remember, stakeholders are those who can affect or be affected by a business' decision. Making a stakeholder map will help you identify who the stakeholders are and the relationships between and among the stakeholders. Some examples are provided below. Of course, your stakeholders will be more specific than the generic stakeholders identified in the second example. In other words, be as specific as possible when identifying stakeholders. Think about those that will be immediately affected (primary stakeholders) and those more external to the company's decision (secondary stakeholders). If you are using Word, the SmartArt feature has some graphics that will work with modification. I'm sure Apple Pages has something similar. However, if you use Apple Pages, you will need to convert your file to a PDF to submit. Otherwise, I will not be able to access your file. Fyre Media should be at the center of the stakeholder map. From there, you can show the stakeholder relationships with Fyre Media and relationships among other stakeholders by lines or arrows. You are not required, at this point, to explain the relationships between Fyre Media and its stakeholders. For now, you just need to identify the stakeholders.
University of The Cumberlands Integrated Waveguide Technologies Questions
Question 1
Integrated Waveguide Technologies (IWT) is a 6-year-old company founded by Hunt Jackson and David Smithfield to ...
University of The Cumberlands Integrated Waveguide Technologies Questions
Question 1
Integrated Waveguide Technologies (IWT) is a 6-year-old company founded by Hunt Jackson and David Smithfield to exploit metamaterial plasmonic technology to develop and manufacture miniature microwave frequency directional transmitters and receivers for use in mobile Internet and communications applications. IWT’s technology, although highly advanced, is relatively inexpensive to implement, and its patented manufacturing techniques require little capital as compared to many electronics fabrication ventures. Because of the low capital requirement, Jackson and Smithfield have been able to avoid issuing new stock and thus own all of the shares. Because of the explosion in demand for its mobile Internet applications, IWT must now access outside equity capital to fund its growth, and Jackson and Smithfield have decided to take the company public. Until now, Jackson and Smithfield have paid themselves reasonable salaries but routinely reinvested all after-tax earnings in the firm, so dividend policy has not been an issue. However, before talking with potential outside investors, they must decide on a dividend policy. Your new boss at the consulting firm Flick and Associates, which has been retained to help IWT prepare for its public offering, has asked you to make a presentation to Jackson and Smithfield in which you review the theory of dividend policy and discuss the following issues.
a. (1) What is meant by the term “distribution policy”? How has the mix of dividend payouts and stock repurchases changed over time?
(2) The terms “irrelevance,” “dividend preference” (or “bird-in-the-hand”), and “tax effect” have been used to describe three major theories regarding the way dividend payouts affect a firm’s value. Explain these terms, and briefly describe each theory.
(3) What do the three theories indicate regarding the actions management should take with respect to dividend payouts?
(4) What results have empirical studies of the dividend theories produced? How does all this affect what we can tell managers about dividend payouts?
b. Discuss the effects on distribution policy consistent with: (1) the signaling hypothesis (also called the information content hypothesis) and (2) the clientele effect.
c. (1) Assume that IWT has completed its IPO and has a $112.5 million capital bud-get planned for the coming year. You have determined that its present capital structure (80% equity and 20% debt) is optimal, and its net income is forecasted at $140 million. Use the residual distribution approach to determine IWT’s total dollar distribution. Assume for now that the distribution is in the form of a dividend. Suppose IWT has 100 million shares of stock outstanding. What is the forecasted dividend payout ratio? What is the forecasted dividend per share? What would happen to the payout ratio and DPS if net income were forecasted to decrease to $90 million? To increase to $160 million?
(2) In general terms, how would a change in investment opportunities affect the payout ratio under the residual distribution policy?
(3) What are the advantages and disadvantages of the residual policy? (Hint: Don’t neglect signaling and clientele effects.)
d. (1) Describe the procedures a company follows when it makes a distribution through dividend payments.
(2) What is a stock repurchase? Describe the procedures a company follows when it makes a distribution through a stock repurchase.
e. Discuss the advantages and disadvantages of a firm repurchasing its own shares.
f. Suppose IWT has decided to distribute $50 million, which it presently is holding in liquid short-term investments. IWT’s value of operations is estimated to be about $1,937.5 million; it has $387.5 million in debt and zero preferred stock. As mentioned previously, IWT has 100 million shares of stock outstanding.
(1) Assume that IWT has not yet made the distribution. What is IWT’s intrinsic value of equity? What is its intrinsic stock price per share?
2) Now suppose that IWT has just made the $50 million distribution in the form of dividends. What is IWT’s intrinsic value of equity? What is its intrinsic stock price per share?
(3) Suppose instead that IWT has just made the $50 million distribution in the form of a stock repurchase. Now what is IWT’s intrinsic value of equity? How many shares did IWT repurchase? How many shares remained outstanding after the repurchase? What is its intrinsic stock price per share after the repurchase?
g. Describe the series of steps that most firms take when setting dividend policy.
h. What are stock splits and stock dividends? What are the advantages and disadvantages of each?
i. What is a dividend reinvestment plan (DRIP), and how does it work?
Question 2
Gamut Satellite Inc. produces satellite earth stations that sell for $150,000 each. The firm’s fixed costs, F, are $1.5 million, 20 earth stations are produced and sold each year, profits total $400,000, and the firm’s assets (all equity financed) are $5 million. The firm estimates that it can change its production process, adding $10 million to assets and $500,000 to fixed operating costs. This change will reduce variable costs per unit by $5,000 and increase output by 30 units. However, the sales price on all units must be lowered to $140,000 to permit sales of the additional output. The firm has tax loss carryforwards that render its tax rate zero, its cost of equity is 18%, and it uses no debt.
Determine the variable cost per unit
Determine the new profit if the change is made
What is the incremental profit?
What is the projects expected rate of return for the next year (defined as the incremental profit divided by the investment)?
Should the firm make the investment? Why or why not?
Would the firm’s break-even point increase or decrease if it made the change?
Would the new situation expose the firm to more or less business risk than the old one? Show workings
CMLW 2201 Saint Marys Legal Aspects of Business and Legal Analysis Facts Paper
These assignments are to be written in point form and should be one page or more in length.
CMLW 2201 Saint Marys Legal Aspects of Business and Legal Analysis Facts Paper
These assignments are to be written in point form and should be one page or more in length.
HRMT220 Regent University Research on Merit Pay System
Choose one of the three topics below and conduct research on "best-practices" in the area. In your analysis review both ac ...
HRMT220 Regent University Research on Merit Pay System
Choose one of the three topics below and conduct research on "best-practices" in the area. In your analysis review both academic and trade publications. See the posted example for specific guidance on format. A best-practice analysis summarizes what is considered by the experts to be the most effective, efficient, ethical and moral means for producing high performance. Your analysis should provide specific examples to support the elements and principles of your best-practice model. Discuss how the model specifically integrates and reinforces Christian business principles. Provide a minimum of 10 references with a maximum length of 2,500 words. Topic Areas: 1. Merit Pay Systems 2. Gainsharing Plans 3. Executive Pay SystemsNewman, J.M., Gerhart, B., & Milkovich, G.T. (2017) Compensation, 12th Edition. New York: McGraw-Hill Education. (ISBN: 978-1-259-53272-6)
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