Free Essay

Lawrence Sports Simulation

In: Business and Management

Submitted By cdrrouss
Words 2015
Pages 9
Lawrence Sports Simulation

FIN/571 Corporate Finance
Prof. Ricardo Rivera Matos
May 29, 2012
University of Phoenix * Lawrence Sports Simulation * The process of taking risks will define if a company will emerge from a financial situation. The business relationships will suffer, but if the high risk is in a short term basis, probably this will help both parts to comprehend why is important to keep good finance health when an emergency situation occurs. * Lawrence Sports is a 20 million revenue company that manufactures and distributes equipment and preventive gear for baseball, football, basketball, and volleyball. Mayo Stores is the principal customer of Lawrence Sport. Mayo also is the world leading retailer, with 3,000 stores with operations in United States, Canada, South America, and Europe. Lawrence sources all its materials from Gartner Products and Murray Leather Works. * Robert Dent is the Key Account Manager of Mayo Stores. He has shown an impressive track record in building and excellent and profitable relationship with Mayo. Ann-Wu Head is the head of vendor relationship. She feels that Lawrence Sports’ bargaining power with Gartner is restricted since Lawrence Sports is not a major customer for Gartner. She finds Murray the more flexible of the two vendors and she is looking for more vendors like them. She feels that Murray is likely to run deep financial troubles if Lawrence Sports stretches payment beyond a limit. * As managers we are responsible for the working capital management for the company. We have the commitment of keep good relations while we solve the financial problem. The credit line is 1.2 million. Actually the credit line is in the top, if Lawrence does not start an aggressive financial solution, they are in a high risk of having no cash flow solvency.
As a primary alternative the organization can evaluate their cash management policies, the inventory management policies, and debtor management policies. The cash management policy refers to “a strategy used by businesses to manage their cash flow in order to have more cash available for short-term investment. The strategy would include such things as accelerating cash receipts, prioritizing cash disbursements, and maintaining a cash balance to cover emergencies.” (Qfinance, 2012) This means that if Lawrence Sports only depends of the line of credit with a bank, the interest will affect them in a short-term basis, because when a business is developed, it is supposed to manage the short term operations with the cash gained of the business done with other parties.
The inventory management policy refers to,
The process companies use to order, receive, account for and manage the various products sold to consumers. Business owners and managers focus on this activity because inventory typically represents the second largest expenditure in a company behind payroll. Policies and procedures help companies actively manage the different products in their facilities. While standard policies and procedures exist for inventory management, owners and managers have some latitude to develop standards for their own companies. (Vitez, 2011)
As the definition states, “inventory is the second largest expenditure”, so Lawrence Sports needs to develop an inventory systems that will help them to having control over all what they buy, and sell. The time that the inventory is in a warehouse, and the time that takes this inventory to be sold is critical. An evaluation of this point will give a clear idea of what other processes should be evaluated. If is necessary to restructure and negotiate a payment plan with the suppliers, and buyers, this will help them keeping their relations. The honesty is primary, so if the parties involved are aware of how is the financial situation of Lawrence Sports, then they will comprehend the importance of keeping the businesses in a positive way.
The debt management policy purpose is “Make better financial decisions; provide clear objectives for staff; demonstrate strong financial management practices to credit rating agencies; and, distinguish policy decisions from transaction decisions.” (Butterworth, 2011) This policy provides tools to Lawrence Sports to demonstrate the interest that they have to reorganize their finances.
For any company, the idea of eliminating credit accounts put them in a better position financially. However, one of the things that can possibly threaten a company is angering customers and suppliers alike if their product or money is delayed. The contingency should be focused on trying to keep a well maintained balance between the suppliers and customers as well. This helps to generate profits more quickly, and provides satisfaction between the two and within reasonable expectations. If taking more time is necessary in order to retain the funds necessary without interrupting the maintained balance, then that time should be taken whether it be one, two, or even three years.
Contingencies should also be taken into consideration for exceptional policies. As stated by More Business (2007), “Implementing the systems of, cash in advance (CIA), cash before delivery (CBD), or cash on delivery (COD) could affect the company with lower orders as well as sales.” However, this clearly depends on the cash balance available to the buyer upon ordering and delivery. Any of these three policies can add a significant amount of stability to the cash balance of Lawrence Sports. It can also be viewed as a very strong measure of performance. If Lawrence Sports were to implement the policy of a 2% discount, it will also add to their overall cash balance.
Implementing a 2% discount along with a time period for the discount will also add additional strength to both the accounts receivable and cash balance. When the firms take advantage of a discount, it results in growing sales and also ensures a stronger position of the accounts receivable. The advantage of the discount period helps accounts receivable to receive their payments within a shorter time period. Less and less firms will tend to try and stretch their invoice payments past the time period of the discount. In the same manner fewer firms will want to stretch invoice payments past the total credit period as well, which will also affect accounts receivable in a positive way. Implementing ACH (Automated Clearing House) demands is another area of contemplation of lowering sales for Lawrence Sports. ACH means “A nationwide electronic funds transfer network which enables participating financial institutions to distribute electronic credit and debit entries to bank accounts and to settle such entries.” (Investowords, 2012) With ACH, this can affect Lawrence Sports with lower orders and sales. A lot of firms tend to try and stretch their payment as far as they can within the time period of the discount as well as the credit period in order to avoid a financial catastrophe. On the other hand, seasonal lows will tend to cause a firm to avoid making a commitment to a policy involving ACH with the reason being that it can ruin them financially. Although this type of policy guarantee that the Lawrence Sports cash balances would retain its strength, they could suffer with overall profits. “The cash conversion cycle is used to expresses the length of time that will take a company to convert their resources into cash flows.” (Investopedia, 2012) This cycle analyzes the time needed to sell the inventory, the time needed to collect receivables, and the time a company can pay the bills without incurring in any penalties. Also this measure illustrates how quickly a company can convert its products into cash through sales. Also the cash conversion cycle is define by Emery, Finnerty, and Stowe, (2007) as the length of time between the payment of accounts payable and the receipt of cash from accounts receivable. If no credit is granted, the cash is tied up since the company purchased the materials until is sold. As said these authors, “if a firm granted its customers credit but did not use credit to buy raw materials, its cash conversion cycle would be longer and if using credit to buy raw materials would shorten the firm’s cash conversion cycle”. A method to measure a decision concerning is using the cash conversion cycle formula and the inventory conversion period. The inventory conversion period is the time between buying inventory and the goods. As said by Emery, Finnerty, and Stowe, (2007) there are some principal motives to hold cash, transaction demand, precautionary demand, and speculative demand. The precautionary demand refers to uncertainty of cash flows and the margin of safety required. The speculative demand refers to the advantage that could be taken from profitable opportunities that requires cash. And the one that concerns this scenario, the transaction demand and refers to the need for cash to make payments like taxes, wages, and raw materials. These authors also said, “The need for transactions balances depends on the size of the firm, the larger the firm, the more transactions it makes.” Short-term funds are debt obligations that were originally scheduled for repayment within one year. Different sources of these funds are trade credit, bank loans, and commercial papers. The first two sources refer to borrow from suppliers and banks, respectively. Commercial paper refers to sell debts securities in the open market. In this scenario Lawrence Sports will take advantage of the trade credit by stretching the accounts payable by postponing the payment to their suppliers. Lawrence Sports will notify their suppliers about the situation and how later on they will receive full payment as always. What Lawrence Sports save for itself is a cost imposed on their suppliers.
The implementation plans of the possible alternatives mentioned above are the best way to overcome more financially efficient. As a result of the scenarios analysis we noticed that taking high risk decisions is the only way to balance the Lawrence Sports finances. We are aware about the annoying reactions of our partners, and how it could affect our relations. Ann and Bob are the key persons in the negotiation.
As a result of the decisions taken, the line of credit with the bank that was in a debt balance of $1,024,000.00, now we closed it in $87,000.00. In the first scenario the decision taken was to adjust the payment days for the suppliers, and to require from Mayo cash in advance. In the second scenario the decision taken was based with the precaution of keeping the businesses with the third parties.
In the third scenario Lawrence Sports will take a loan using the credit line for buy the necessary equipment for the business operations. The relation with Mayo is under risk, but it is possible to strengthen it in a near future. The final balance with the bank was 337,000.00. This balance has an interest rate of 10%. This represents a great saving because the interest for the amount of $1,024,000.00 was 16%. Now Lawrence is in a good financial position for take control over the financial future.
In conclusion, companies financials management is a key part of become successful or fail. The team work, managers, CEOs, suppliers, buyers, and the different departments of an organization play an important role in the management. Good or bad decisions determine what to expect from financials business management.

References
Butterworth, A.V., (March 25, 2011). Debt Management Policies. Retrieved from http://www.tngfoa.org/Debt%20Management%20Policies%20and%20Other%20Information/Debt%20Management%20Policy%20TGFOA%20Presentation%202.pdf
Emery, D.R., Finnerty, J.D., & Stowe, J.D., (2007). Working Capital Management. Corporate Financial Management Third Edition. Ch. 22. Published by Prentice Hall.Copyright ©2007 by Pearson Education, Inc.
Investopedia, (2012). Definition: Cash Conversion Cycle. Retrieved from http://www.investopedia.com/terms/c/cashconversioncycle.asp#axzz1wD7eA6ku
Investowords, (2012). Definition: Automated Clearing House. Retrieved from http://www.investorwords.com/77/ACH.html#ixzz1wGDVnqa2
MoreBusiness, (December 29, 2007). Purchasing negotiation tips: successful negotiation with suppliers & customers. Retrieved from http://www.morebusiness.com/negotiation-tips
Q Finance, (2012). Definition: Cash Management Policy. Retrieved from http://www.qfinance.com/dictionary/cash-management
Vitez, O. (October 5, 2011). Inventory Control Policies and Procedures. Retrieved from Inventory Control Policies and Procedures | eHow.com http://www.ehow.com/list_6848714_inventory-control-policies-procedures.html#ixzz1wG9ZmAyZ

Similar Documents

Premium Essay

Lawrence Sports Simulation

...Lawrence Sports Simulation Working capital management and the capital conversion cycle are keys to success in companies. According to Emery, Finnerty & Stowe (2007), this term is defined as “the management of working capital management of assets and liabilities.” Having an excellent working capital management policy can help the company to be more effective in improving profits and reducing risk most commonly associated with capital investment. Lawrence Sports is a manufacturer and distributor of sports equipment. Following will include an analysis of the issues this corporation is currently facing. A list of recommendations to the company along with an analysis of the cash conversion cycle, the working capital management policies and cash management techniques to reduce the risk associated with capital investment, trade of products in other countries and currency exchange impact will be evaluated. Dependency Reduction Recommendation The Lawrence Sport simulation does emphasize the importance of all the business partners to the cash conversation cycle of the organization. For that reason, keeping a strong business bond between all partners is very much in need. Lawrence Sports has been having issues with cash flow because of late payments from vendors and sometimes a result of no payments. Lawrence Sports should work on improving its cash flow by establishing a system of regularity which can be done by adding competition on both sides of the transaction- the sales as......

Words: 1463 - Pages: 6

Premium Essay

Lawrence Sports Simulation

...Introduction Guillermo Furniture Store is a furniture manufacturer in Sonora, Mexico who faces competition who are putting a dent in his business with more modern equipment lowering production costs hurting his profit margins and lowering prices. The principles of finance describe typical behavior in financial transactions and provide guidance for decision making. Financial Self Interest guides rational decision making Guillermo has to make decisions based on the fact money is not everything. There is a balance of work and life. He has chosen not to acquire any companies since it would take time away from his family. Many financial decisions must consider the time value of money The furniture store has to consider that a dollar today is worth more than a dollar tomorrow. The time value of money derives from the opportunity to earn interest on it. Simply stated, the time value of money is how much it costs to “rent” money. Emery Finnerty Stowe All Transactions have at least two sides, with each party considering their self interest Most transactions are Zero-Sum where one party gains only at the other party’s expense. In this case Guillermo must negotiate the terms and conditions that are favorable to the growth of his furniture business if he goes into partnerships with competitors or foreign distributors. Incremental costs and benefits are the basis for choices among alternatives. Guillermo must weigh the cons and pros of staying current, going high tech or......

Words: 529 - Pages: 3

Premium Essay

Managing Liquidity

...Lawrence Sports Simulation: Managing Liquidity Lawrence Sports Simulation: Managing Liquidity This paper will discuss the three alternative working capital policies that manage working capital. Team D will identify the policy in which the team believes that Lawrence uses and will then make a recommendation on what policy Lawrence Sports should continue to use. This paper will then go on to include an evaluation of the risks that are associated with each of the policies as well as discuss the contingencies for the policy in which is recommended. This paper will also discuss the performance measures that could be used to evaluate the team’s recommendation. Finally, this paper will discuss an implementation plan for the team’s recommendation. Alternate Capital Policies Current Policy (Conservative Approach) The current policy in place at Lawrence is one that can be considered a conservative approach. The Conservative Approach uses long-term financing for the company’s long term assets, a few of the company’s temporary current assets, and all of the company’s permanent current assets (Emery et al., 2008). This has resulted in high costs of financing for Lawrence Sports with little risk; causing the company’s profitability to be low. Simply put; Lawrence has predominantly financed all of its current assets using long-term sources of financing where only a small portion of its assets sing short-term financing. This presents the risk of Lawrence developing a liquidity......

Words: 1680 - Pages: 7

Free Essay

Lawrence Simulation Paper Fin 571

...Lawrence Sports Simulation Lawrence Sports experienced difficult times in March and April when their biggest consumer could not pay for its products. Because of this, the cash conversion cycle was examined as well as the working capital management presently used. Additional views were studied to determine the best course of action for the company. Although multiple factors play a role in determining the best working capital management policy, Team D will offer recommendations and how each philosophy would be beneficial for Lawrence Sports. Cash Conversion Cycle Emery, Finnerty, and Stowe (2007) summarized that “the cash conversion cycle is the length of time between when a firm pays its accounts payable and when it collects on its accounts receivable and is equal to the inventory conversion period plus the receivables collection period minus the payables deferral period” (p. 659). The initial start for the cash implementation plan would be to create and demonstrate a vendor program, such as a payable deferral period program and create longer cash conversion cycles for floating payment programs for payments going to the banks. Next pre-arrange the short term borrowing program by using short term marketable securities. The Lawrence Sports Company financial departments need to begin following strict money formulas before any transactions pertaining to the market are made. Then it would be smart to hold cash balances for pertinent needs. This will allow and open doors......

Words: 1681 - Pages: 7

Free Essay

Guillermo Furniture Store Analysis

...Lawrence Sports Simulation University of Phoenix FIN/571 Professor Helen Horton-Brown June 25, 2012 Lawrence Sports Simulation Lawrence Sports is both a distributor and manufacturer of sports equipment and protective gear. Because of the company’s size and industry, it is critical for Lawrence Sports (LS) to integrate an effective cash budget to become less reliant on short-term financing. Cash budgeting is an integral component for effective capital working policy (Emery, Finnerty, & Stowe, 2007). Establishing a cash budget is a means to observe a company’s inflow and outflow of cash, which in turn, will assist in adequate forecasting and planning, especially concerning when it comes to short-term credit (Emery et al, 2007). A high-quality working capital policy would also free up cash, which may be allocated to strategic areas for the company’s growth. LS must cease from financing shortages through credit lines with heavy reliance on selling inventory and receiving prompt payments. To understand the changes needed, a review of LS current policy will be analyzed and alternative working capital policies will be compared. Recommendations will be represented regarding which policy LS should implement. Alternative working capital policies The first alternative working capital policy is for LS to negotiate better collection on sales terms with Mayo Stores. The initial arrangement is to receive 20%......

Words: 1763 - Pages: 8

Premium Essay

Lawrence Team

...Lawrence Sports Working capital management is very important in running a business because it involves managing all current assets and liabilities. Working capital management involves making appropriate investments in cash, marketable securities, receivables, and inventories, as well as the level and mix of short-term financing (Emery, Finnerty, Stowe, 2007, p. 639, para. 3). Currently Lawrence sports, a multi-million dollar company that manufactures and distributes sports equipment is seeking a way to better manage its’ capital, lower loan burdens, and undertake better business deals with its’ three business partners. Management can solve this issue with working capital policies that reduce future difficulties. Alternative Working Capital Policies As the newly appointed finance manager, one must be fully aware of the companies operating expenses, principal source of finance, suppliers and current financial stance and process with the lending bank. Understanding how all of these relationships can cohesively work together is key to being a success in this new role. By being properly prepared and developing successful working capital policy, the company will always have balanced receivables and payables due to working and negotiating with Lawrence Sport’s customers and suppliers. This type of communication and action plan will result in optimizing revenue, decreasing cash borrowed turn-around time, positive business relations and maintaining positive cash balance thus...

Words: 1870 - Pages: 8

Premium Essay

Risks Associated to the Different Alternatives

...levels at the desired point while guaranteeing the inflows from the opened receivables. Collecting these accounts on time will allow Lawrence avoiding the dependency on the bank loans to keep up with short-time expenses. Through the implementation of a payment discount system, Lawrence can speed up collections. Offering a 3/10 net 30 payment discount, which means that the company offers a 3 percent discount within 10 days, with the remainder due in 30 days, will provide an incentive for early payment and increase cash inflow. Risk Associated with policy Utilizing payment discounts will provide an incentive for early payment; however the risk for Lawrence is that Mayo and other partners will not take advantage of the payment discount. Mayo and Lawrence’s other partners may want to have a high deferral period which can enhance a company’s cash conversation cycle. If a company pays its bills at the last possible moment while collecting cash quickly, the cash conversion cycle may be low and allow a company to have more cash. Contingencies for Recommendation If Mayo and other companies want to delay payment to enhance their company’s cash conversion cycle then Lawrence could institute a lock box system as a contingency. Lock boxes are methods to speed up cash collection while shortening mail times, processing times, and availability times. Lawrence should accomplish this by strategically locating them as close as possible to its business partners (Mayo, Gardner, and......

Words: 1032 - Pages: 5

Premium Essay

Lawrence Sports Inc.

...head: PROBLEM SOLUTION: LAWRENCE SPORTS INC. Problem Solution: Lawrence Sports Inc. Veronica S. George University of Phoenix/MBA550 Problem Solution: Lawrence Sports Inc. Lawrence Sports generates $20 million in yearly revenue by manufacturing and distributing sporting goods protective gear for team sports. The main issue with Lawrence is that they depend solely on world leading retailer Mayo for the bulk of their revenue and only have two sources for their materials. The problem begins when Mayo Stores decides not to pay on time leading to major cash flow problems downstream. This paper will look at Lawrence’s financial problem and create a working capital policy that will address their cash management needs for the long-term. Situation Analysis Issue and Opportunity Identification Lawrence Sports’ principle customer, Mayo Stores, is having a difficult time paying for the products on time. The current payment arrangement is that Mayo will pay 20% on purchases and 80% the following week. Mayo depends principally on this revenue from Mayo and it finds itself not being able to live up to the agreements made to their agreements to both creditors and suppliers. The only viable option detailed in the scenario is borrowing from Central Bank. Their plan is to borrow a daily loan for any amount to keep the account minimum of $50,000. Lawrence has reached the......

Words: 3076 - Pages: 13

Premium Essay

Problem Solution: Lawrence Sports Inc.

...Running head: PROBLEM SOLUTION: LAWRENCE SPORTS INC. Problem Solution: Lawrence Sports Inc. University of Phoenix Problem Solution: Lawrence Sports Inc. Presently Lawrence Sports has had to make some short-term decisions concerning its working capital management. In order to learn from this experience they will develop a working capital policy which will increase the predictability and efficiency of their cash. Working capital is defined as “the assets of a business that can be applied to the operations” or “the amount of current assets which exceed the current liabilities” (Answers, 2007, para. 1). Working capital management involves the “deployment of current assets and current liabilities as to maximize short-term liquidity” (The Free Dictionary, 2007, para. 1). The intent of a working capital management policy is to ensure an organization is able to continue business operations and has adequate ability to satisfy both short-term debt and upcoming operational expenses. Simply stated, “good management of working capital will generate cash, improve profits and reduce risks” (Anonymous, 2007, para. 2). Lawrence Sports, a manufacturer and distributor of sporting goods equipment, is currently facing a number working capital and cash flow management issues largely related to past due payment of their largest customer, Mayo Stores. This paper will take a closer look at Lawrence Sports’ simulation and identify the issues, goals, potential solutions,......

Words: 4380 - Pages: 18

Premium Essay

Lawrence Sports

...Lawrence Sports Problem Solution University of Phoenix MBA-550 January 19, 2008 Liquidity must become a primary focus for any business hoping to create sustainable growth. Lawrence Sports, a fictional company, is presently in need of capital management analysis and methodology overhaul. Included in this paper is a discussion of the issues, opportunities, values and solutions that the firm should be considering. The 9 step problem solution model is the format used to take the reader through critical identification, evaluation and implementation of elements that will transform a problem into new growth opportunity. Lawrence Sports is a $20 million dollar revenue company that assembles and distributes sporting goods. The focus of the scenario is to provide the opportunity for the student to develop solutions to trade off issues, thus establishing stability for the firm. Mayo, who is a retailer responsible for 95% of sales, is hindering Lawrence from paying raw materials suppliers. Unfortunately, this cash positioning problem is direct result of the Lawrence credit policy and the Mayo request to delay payment until the week of April 14-20. Borrowing money to deal with supplier payables is not an option, due to the $1.2 million dollar maximized bank limit. Therefore, this paper will strategize from the perspective of a financial manager who will turn a working capital problem into the chance to design a new credit policy, implement cash management models and......

Words: 4123 - Pages: 17

Premium Essay

Violence in Video Games

...Mental Destruction: Video Games          Video games have a detrimental effect on the minds of our youth. Individuals should limit their use of video games to ensure that they have the mental capacity to succeed in life outside of a virtual world. The effect of these visual stimulations goes further than the standard aggressive behavior due to the violent content in some of these games. Additionally it affects the mental levels that hinder a child's mind from benefitting from academic activities such as reading a novel or studying for an exam. Some say that these games offer children a safe release; a world to cause destruction where no one is being harmed. The truth is they are harming themselves severely. The gaming content is a huge factor that influences adolescents to commit violent crimes. Although violence isn’t the most common outcome, the quick satisfaction in the game play causes children to become unfocused on one subject for more than a few minutes.  This is one of the more long term effects that video games have on an individual. Games such as Saints Row, Call of Duty, Grand Theft Auto promote themes of violence, resulting in the answers to their problems. The player must make decisions that affect the fate of the characters in the game, usually involving killing the character as an option, which, usually, is the more favorable decision within the game. For some, the decisions that players make can transcend into real life. There are numerous news......

Words: 2516 - Pages: 11

Premium Essay

“Study on How Video Games Enhance the Mental Skills of a High School Student”

...Pamantasan ng Lungsod ng Maynila (University of the City Manila) College of Liberal Arts ________________________________ _________________________________ “Study on How Video Games Enhance the Mental Skills of a high school student” In partial fulfillment in English Proficiency Instruction II Submitted to: Prof. Maria Antonette Lofamia Submitted by: Gregorio, Fernan Joseph Panerio, Jose Mariel Date submitted: March 16, 2015 Chapter I Introduction For years video games have been criticized for making people more antisocial, overweight or depressed . But now researchers are finding that games can actually change us for the better and improve both our body and mind. Games can help to develop physical skills. Pre-school children who played interactive games such as the ones available on Wii have been shown to have improved motor skills, for example they can kick, catch and throw a ball better that children who don’t play video games. A study of surgeons who do microsurgery in Boston found that those who played video games were twenty-seven percent faster and made thirty-seven percent fewer errors than those who didn’t. Vision is also improved, particularly telling the difference between shades of grey. This is useful for driving at night, piloting a plane or reading x-rays. Games also benefit a variety of brain functions, including decision-making. People who play action-based games...

Words: 3724 - Pages: 15

Premium Essay

An Argumentative Research Paper on Research Topic: What Is Science?

...PERU E. M COLLINS COMMUNICATIONS SKILLS TERM PAPER ARGUEMENTATION STUDENT ID NO: D33/34238/2010 AN ARGUMENTATIVE RESEARCH PAPER ON RESEARCH TOPIC: WHAT IS SCIENCE? TOPIC: Dispelling Misconceptions; Physical and Natural Sciences are not superior over Social Sciences. TABLE OF CONTENTS Abstract. 3 Introduction 4 Recommendations 22 REFERENCES 25 Abstract. Science in general is a great and highly developed human enterprise. Its intricacies are clearly not limited to the scientists alone, but it is essential for the entire human race. If we think of science as a space within the larger space of society then it is at the interfaces between these two spaces that human beings are involved with science. To see this interface clearly from the space of science is not the same as seeing it as a mere collection of facts that should be construed to be true and nothing but the truth. Science is beyond facts, ideals and thoughts. It is a process and a model that has undergone tests, been tried, reviewed and accepted as a true representation of the processes and occurrences in the natural world However, due to the broad nature of science, and the work, time and resources involved in pursuit of knowledge in different science fields which entails different interests, and thereby different values too; and the......

Words: 9230 - Pages: 37

Premium Essay

Sanderson

...and a member of the team receiving the Hesburg Award for Educational Innovation TEACHING Teaching Role. My recent teaching has been in Rensselaer’s resident MBA program (both full and parttime), Professional and Distance Education Program and undergraduate programs. My research and teaching have made important contributions to efforts to build the marketing and management and technology curricula in the School of Management at Rensselaer and at other universities who have adopted our teaching materials. As a pioneer in interactive leaning material on product development and manufacturing, I have developed several interactive multimedia cases and collaborated on the development of simulations designed to teach marketing principles and bridge management and engineering disciplines. The simulations teach marketing, design and manufacturing concepts by exposing students to tradeoffs inherent in new product development. They help provide an understanding of design, manufacturing, and marketing decisions, as well as cash and investment flows, inventory management, and product planning. These materials have been used by several universities in the U.S. and abroad, as well as in the training...

Words: 9701 - Pages: 39

Premium Essay

Logic

...extravaganza, complete with exciting halftime shows and peppy cheerleaders. The game exemplifies national pride. The national anthem is played, flags are unfurled, and uniformed players charge up and down the field like an army in the throes of often violent conflict. The teams’ huddles divide the game into small planning sessions for the next play. In the United States, the National Football League (NFL) oversees the sport and, like any successful business, wants to score in new markets. The NFL first tackled Europe in 1991, with plans to establish American football there. After years of failed attempts, NFL Europe emerged as six teams, five of which were based in Germany (such as the Berlin Thunder, the Cologne Centurions, and the Hamburg Sea Devils). Earlier teams established in Spain had failed. Why did American football triumph in Germany but fail in Spain? An excellent metaphor for Spanish culture is the bullfight, an ancient pursuit. In tradition-bound Spain, bullfights are often held in 2,000-year-old Roman amphitheaters. Rather than a competitive sport, bullfighting is a ritual and an art. It is the demonstration of style and courage by the matador, the hero who...

Words: 18507 - Pages: 75