...European Equity Research UK – Food & Drugs Retailers Madrid, October 6, 2010 TESCO Better International Should Help Re-rating RECOMMENDATION UPGRADED TO BUY FROM HOLD TARGET PRICE RAISED TO GBP490 FROM GBP450 BUY CURRENT PRICE: GBP430 TARGET PRICE: GBP490 Jaime Vázquez (+34) 91 289 5436 javazquez@gruposantander.com Borja Olcese (34) 91 289 1853 fdolcese@gruposantander.com We upgrade Tesco from Hold to Buy and raise our Dec-11 TP from GBp450 to GBp490. The two key highlights from the 1H11 results are the better than expected international LFLs in 2Q and the increased confidence in the US. Management provided more detail than usual at the presentation, which we believe denotes confidence. International LFL: 4.1% in 2Q after 0% in 1Q. We believe LFL is the key driver of CROI and not scale via openings. With better LFLs, the ‘maturing effect’ looks more credible to us. In the four most mature countries, the CROI of the mature assets (>4 years) is 220bp higher than the CROI of all assets. US to break even in 2012E/13E: the improvement in LFLs and other underlying metrics show that the key components of a profitable model are coming together. The worsening of overall losses in 1H from US$132mn to US$143mn is explained by the adverse leverage from new space and the acquisition of two supplier factories (US$10-15mn loss). This is a highly operationally geared business and improving LFLs is therefore key. UK: we agree with management that LFLs (Tesco’s and the industry’s)...
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...achieving near term objectives. Because it helps define appropriate short-term actions, it is more likely that the same line manager, making the staffing decision will still be in place to collect the benefits of that decision later on. First of all, it is important to address staffing from a proactive, planning perspective and not just an implantation phase. Even though this approach may have been used before, it is no longer realistic for organizations to assume that the staff needed to implement its plans is readily available and quickly recruited, trained, and qualified to work. Some staffing limitations may impact the company’s ability to implement its plans. For instance, my organization requires that only registered nurses with advance life support certification are to be scheduled to work on sub-acute unit. If this requirement is impossible to fulfill and company is unable recruit a sufficient number of nurses with critical care skills then implantation plan may not be successful. These limitations should...
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...How to Create an Effective Change Management Plan Prosci's Change Management Toolkit is one of the most comprehensive guides for managers, project teams and consultants involved in change management. The toolkit includes detailed planning templates, readiness assessments and guidelines for building executive sponsorship and managing resistance. Templates include communication plans, training plans, sponsor roadmaps, coaching plans and resistance management plans. Based on research with more than 700 companies, The Change Management Toolkit is a leader’s guide that contains templates and guidelines to help you effectively employ change management and write a complete and professional change management plan. Assessment tools and implementation guidelines will help you implement an effective change management strategy.The Change Management Toolkit enables you to: * Manage the people side of change, not just the business side. * Develop a change management strategy for your project. * Create a communication plan. * Actively manage resistance to change. | Toolkit elements: * Change management overview - what is change management, why is it important, what can I do to manage change effectively * Assessments - tools for evaluating your change and your organization's readiness for change * Templates - critical document templates for planning and executing change management - provided on CD-ROM * Theories and perspectives - a practical discussion of change principles...
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...List and briefly discuss the stages of a multimedia project. Be sure to define the milestones that mark the completion of the phase. Firstly, you must develop a sense of its scope and content, having a rough idea in your head on how to design your project. Then I have to develop an organized outline and a plan that is rational in terms of the skills, time, budget, tools, and resources that I have in hand. Scheduling, once I have worked out with my plan that include the phases, tasks and work items that I feel will be required. I have to layout these elements along a timeline. This will usually include milestones at which certain deliverables are to be done. To create a schedule I must estimate the total time required for each task. After scheduling, estimating the cost of the project will be relevant to estimate the entire cost after the project has been completed. It is relatively simple matter to estimate cost and effort, For example, the manufacturing industry. Having a progressive accounts and billing will be saved to review the financial part of the project, for example preparing a cost sheet. Finally, write and structure the elements of the multimedia project. Potential clients do not have a clue about how to make multimedia, but they do have a vision on their project. As a project designer, I will know what, my clients want and how to satisfy them. I occasionally may encounter a more formal request of proposal. This are typically detailed documents from large corporation...
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...Time Management is very important especially in a busy person,making deadlines/quotas because you make plan so that everything will settled down according before or after the scheduled time. Time management Developing time management skills is a journey that may begin with this Guide, but needs practice and other guidance along the way. One goal is to help yourself become aware of how you use your time as one resource in organizing, prioritizing, and succeeding in your studies in the context of competing activities of friends, work, family, etc. First: try our exercise in time management: How do you spend your time each day? Strategies on using time: These applications of time management have proven to be effective as good study habits. As we go through each strategy, jot down an idea of what each will look like for you: * Blocks of study time and breaks As your school term begins and your course schedule is set, develop and plan for, blocks of study time in a typical week. Blocks ideally are around 50 minutes, but perhaps you become restless after only 30 minutes? Some difficult material may require more frequent breaks. Shorten your study blocks if necessary-but don't forget to return to the task at hand! What you do during your break should give you an opportunity to have a snack, relax, or otherwise refresh or re-energize yourself. For example, place blocks of time when you are most productive: are you a morning person or a night owl? ...
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...longer is it acceptable simply to make good products that satisfy customers while complying with laws and regulations. Businesses are now called upon to consider – and, indeed, intentionally to manage – the wider social and environmental consequences of their actions, beyond the requirements of the legal and regulatory settings in which they operate” (Charles River Center, 2008). Thus it is important for Charles River Printing (CRP) to include this concept into its sustainability vision and mission in order to make it as part of their daily operations and grow as a responsible company. To build the strategic planning practices (SPP) for CRP it is important to develop action plans, the timeline for its planning; the level of stakeholder engagement; the governance structure; risk assessment and mitigation plans; and most importantly measure its progress (Pojasek, 2013. p.1). While doing this it is important to integrate the policies and strategies with respect to the economic sustainability, social responsibility and environmental stewardship of the company. Moreover, the goals have to be aligned with the mission, vision and core value of the company and vice versa. The first step is to develop the SPP would be to understand that of its parent company RR Donnelley. The plant manager should try to align the SPP of CRP with the parent company to have a common methodology and then improvise the strategies, while keeping in mind the long term goals of the company. CRP can follow international...
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...developing a comprehensive set of plans to integrate and coordinate organizational work. The term planning as used in this chapter refers to formal planning. Types of Planning: * Informal – not written down, little or no sharing of goals with others in the organization * Formal – specific goals covering a period of time are defined II. Why do Managers Plan? Purposes of Planning * Planning gives direction * Reduces the impact of change * Minimizes waste and redundancy * Sets the standard used in controlling Planning and Performance * Generally speaking, however, formal planning is associated with positive financial results. * The quality of the planning process and appropriate implementation probably contribute more to high performance than does the extent of planning. * When formal planning has been shown not to lead to higher performance, the environment is usually the reason. * Organizations need at least four years of systematic formal planning before performance is impacted. III. How do Managers Plan? Elements of Planning A. Goals * Goals are desired outcomes for individuals, groups, or entire organizations. Goals are objectives–the two terms are used interchangeably. They provide the direction for all management decisions and form the criterion against which actual work accomplishments can be measured. B. Plans * Plans are documents that outline how...
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...other characteristics and establish action plans to attain specific goals. If the Carter Cleaning Company setting up a career planning program the company receives advantages such as improve leadership skills, keeping career on track, dealing with career problems, to help achieve educational targets effectively and also help to evaluate personality. A well-planned career helps to achieve goals. As time passes by, growth and needs change. On my mind, every employee in the company must participate in the career planning program because through this program employees achieve formal education, utilize development opportunities, establish goals, assess interests and skills, values, and responsibility for her/his career. Training and development programs play important role in career planning program too. Program provides different opportunities for learning skills and attitudes related to job. Through the career workshop every employee learning the event in which participant are expected to be actively involved. Career Development Program is lifelong activities which contribute to a person career exploration, establishment, and success. Career Development Programming is delivered through a combination of several processes and methods. I propose a career development program for Carter Cleaning Company which consists of individual development plan, career coaching/counseling plan, training and development program, and career workshop plan; and I hope it will be effective for the company...
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...http://edugen.wileyplus.com/edugen/courses/crs4637/rc/jiambalvo3341c... GOAL OF MANAGERIAL ACCOUNTING LEARNING OBJECTIVE 1 State the primary goal of managerial accounting. Virtually all managers need to plan and control their operations and make a variety of decisions. The goal of managerial accounting is to provide the information they need for planning, control, and decision making. If your goal is to be an effective manager, a thorough understanding of managerial accounting is essential. Planning LEARNING OBJECTIVE 2 Describe how budgets are used in planning. Planning is a key activity for all companies. A plan communicates a company's goals to employees aiding coordination of various functions, such as sales and production.A plan also specifies the resources needed to achieve company goals. Budgets for Planning The financial plans prepared by managerial accountants are referred to as budgets. A wide variety of budgets may be prepared. For example, a profit budget indicates planned income, a cash-flow budget indicates planned cash inflows and outflows, and a production budget indicates the planned quantity of production and the expected costs. Consider the production budget for Surge Performance Beverage Company. In the coming year, the company plans to produce 5,000,000 12-ounce bottles. This amount is based on forecasted sales. To produce this volume, the company estimates it will spend $1,500,000 on bottles, $400,000 on ingredients, $150,000 on water,...
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... 1. The most important function of an accounting system is to: a. keep employees from embezzling funds. b. prepare accounting records. c. provide information from decision-making. d. Collect and record data. 2. The phases of an accounting system are: e. setting objectives, planning, analysis. f. identification, recording, analysis, reporting. g. evaluation, processing, output. h. none of the above. 3. The planning process for a business involves: i. setting objectives, long-term plans, and short-term plans. j. objectives and short-term plans. k. objectives and detailed budgets. l. long-term objectives, and long-term plans. 4. Control is best defined as: m. making the employees work harder. n. making the directors perform according to plan. o. giving orders. p. making events conform to plan. 5. Which of the following groups are users of financial information? q. Managers r. Lenders s. Owners t. All of the above 6. Four key qualitative characteristics of accounting information are: u. Understandability, identification, analysis and relevance. v. Control, planning, analysis and comparability. w. Relevance, reliability, comparability and understandability. x. Identification, analysis, reliability and timeliness 7. The best explanation of relevance is ensuring: y. That...
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...Shonae Doremus September 6, 2011 MT460 Dr.Pierce 2 Strategy is important to business because it is your future-oriented plans for interacting with the competitive environment to achieve company objectives (Pearce & Robinson). Strategic management is defined according to the text as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objective. Strategic management comprises of nine critical tasks which are as followed: • Formulate the company’s mission. • Conduct an analysis that reflects the company’s internal conditions and capabilities. • Assess the company’s external environment, including both the competitive and the general contextual factors. • Analyze the company’s options by matching its resources with the external environment. • Identify the most desirable options by evaluating each option in light of the company’s mission. • Select a set of long-term objectives and grand strategies that will achieve the most desirable options. • Develop annual objectives and short-term strategies. • Implement the strategic choices by means of budgeted resource allocations. • Evaluate the success of the strategic process as an input for future decision making (Pearce & Robinson). These nine tasks show that strategic management involves the planning, directing, organizing, and controlling of a company’s strategy-related decisions and actions. The process of strategic management...
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...NU2278 Developing Quality Practice Assignment 1 Guidelines: Teaching Plan Using the Teaching Plan template on WebCt you must plan a 20 minute teaching session, that you will perform in clinical practice with a patient of your choice, during the teaching activity your mentor or patient will complete the Teaching Activity Proforma (available on WebCt). ------------------------------------------------- Step 1 - Plan ahead – You need to manage your own time. Make an appointment to meet your module supervisor well in advance. At your meeting your module supervisor will expect to see a plan of what you want to discuss, they will provide advice and guidance, but they will not proof read your work or correct your grammar as this is your responsibility. Your work should reflect an understanding of: * the evidence base supporting your chosen activity and teaching patients * the need for confidentiality and sensitivity when interacting with patients, clients and carers * patient equality, peoples’ equality, diversity and rights ------------------------------------------------- Step 2 – your plan should consist of a title; introduction / background to the session; teaching plan, reference list and appendices (if applicable). Title – every essay should begin with the title written out in full Introduction / Background to the session (500 words) – this section should include your rationale for selecting the activity and a clear identification of the patient / client...
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...long term goal as they seem not to have a clear mission statement, there are not clear and concise information of what are the long term goals for the company, the company is new that is hard sometimes to define what, and how to plan the company for the future, but it is vey important for the company to make plans and choices of what they want to a achieve in for their long-term goals, and that Can Go is not doing a good job in planning for their long term goals, and actually they are not even talking about what their long term goals are, so this is a bing hazard for the future of Can Go at this point. Recommendation In order success plan have to made for the long run, for that to happened it is necessary that Can Go makes a implementation of specific strategy for the long run, to implement that steps will have to be made, Can go need to decide what to do, if the company wants to grow by investing in expansion or acquiring divisions of business, or make a pause strategy by growing slowing or cut back and sell off o liquidate the business. Reference: Lally, R. (1997). Aligning Values with Strategies: Getting results for the Hands on Manager (Office Edition, pp. 6-9). Issue Can Go needs an Implementation plan, to have tactical and functional plans that will help them make various clear and defined objectives. Since there a some of flaws in the way they are planning and administering new projects, making this strategic planning implementation for the short-term problems that...
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...for the website would consist of a planning committee that will obtain information and input from stakeholders. The steps would include * Gathering information by conducting surveys and analyzing results. * Design content that is easy to navigate through and find any potential hard to find information * Design the information architecture. Include lists that are needed to organize content, what needs to be highlighted on the home page, and analyse the use of potential customized navigation. * Evaluate the usefulness and relevance of the information contained in the website Conducting a survey The use of surveys will enable us to identify the needs and interests of the intended audience. From there, we can develop a plan and a solution that can solve any potential issues. The survey should include the following: * Number of pages and articles needed * Location of the articles/content * Type of information...
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...Three Principles for Managing Change By MaryLou Brandstetter Discussion Board Unit 3 American Intercontinental University January 21, 2012 • Select 3 principles you believe are the most important to follow when managing change and describe why you feel these are essential. "Thought processes and relationship dynamics are fundamental if change is to be successful" (Lynco Associates, Inc. 2009). This statement is true because understanding between individuals is necessary if change within an organization is going to succeed. “To succeed, they also must have an intimate understanding of the human side of change management…. Leadership teams that fail to plan for the human side of change often find themselves wondering why their best-laid plans have gone awry” (Jones, J., Aquirre, D., and Calderone, M., 2004). Open communication between individuals, management and employees, all the way down the chain from the top level to the very bottom will ensure that everyone has the same understanding of any imminent change. "The intrinsic rewards of a project are often more important than the material rewards and recognition" (Lynco Associates, Inc. 2009). People who are involved with a project will take personal satisfaction when their part of the project is successfully completed. That feeling of satisfaction can be much more rewarding than receiving compensation, a feeling of a job well done. This feeling is what makes us want to do the very best we can and keeps us motivated...
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