Xerox Co. Diversity - 1509 Words

CASE 2 - XEROX QUESTION 1 How would Xerox define diversity? How has its definition changed over the years? In business , diversity has seen action in the managing of human resource as essential capital in fostering businesses at a global scale . Diversity is also seen as a concept where differences can be a powerful resource . Based on the Case facts, Xerox value diversity as the most priceless resource to drive the company towards achieving its goals. According to Xerox Chairman amp; former CEO, Anne M. Mulcahy, diversity is not just about race, gender, age, sexual orientation or disability. She and the staff believed that diversity provide an environment for employee to grow for their fullest potential. Employee with different ways of†¦show more content†¦Attached below top management composition for Xerox and Ricoh : POSITION | XEROX | RICOH | Chairman | Anne M. Mulcahy (f) | Masamitsu Sakurai | CEO | Ursula M. Burns (f,m) | Shiro Kondo | Vice Chairman | Lawrence A. Zimmerman | Koichi EndoKatsumi Yoshida | Executive Vice Presidents | Lynn R. BlodgettJames A. FirestoneArmando Zagalo de Lima (m) | Masayuki MatsumotoTakashi NakamuraKazunori AzumaZenji MiuraKiyoshi Sakai | Senior Vice President | Willem T. AppeloM. Stephen CroninDon H. Liu (m)Russell M. Peacock | Terumoto NonakaKenji HatanakaHiroshi KobayashiYoshimasa MatsuuraNorio TanakaHiroshi AdachiKenichi KanemaruHisashi Takata | Vice President | Eric AmourRichard F. CerroneRichard M. DastinKathleen S. Fanning (f)Anthony M. FedericoJacques H. Guers (m) | Kiyoto NagasawaYutaka EbiNorihisa GotoMitsuhiko IkunoKenichi MatsubayashiSoichi NagamatsuKazuhiro YuasaYohzoh Matsuura | Executive Officer | D. Cameron HydeGary R. KabureckJohn M. KellyJames H. LeskoJule E. Limoli (m)Douglas C. LordJohn E. McDermottIvy Thomas McKinney(f,m)Patricia M. Nazemetz (f )Shaun W. PantlingRhonda L. Seegal (f)Sophie V. VanebroekLeslie F. VaronDouglas H. MarshallCarol A. McFate | Kazuo TogashiShiroh SasakiSadahiro ArikawaHiroshi TsurugaKohji SawaYoshihiro NiimuraMichel De Bosschere (m)Daisuke SegawaNobuaki Majima | Note : f – female m – minorities (black, Hispanic etc) As tabled above, it shows that Xerox’s top management is heterogeneous and Ricoh’s top management isShow MoreRelatedXerox Co. Diversity1501 Words   |  7 PagesCASE 2 - XEROX QUESTION 1 How would Xerox define diversity? How has its definition changed over the years? In business , diversity has seen action in the managing of human resource as essential capital in fostering businesses at a global scale . Diversity is also seen as a concept where differences can be a powerful resource . Based on the Case facts, Xerox value diversity as the most priceless resource to drive the company towards achieving its goals. According to Xerox Chairman amp; formerRead MoreXerox Case Study Essay769 Words   |  4 PagesHow would Xerox define diversity ? Xerox defines diversity as a priceless resource and a key to their success. It more than just race or gender. By incorporating in a company like xerox different cultures and ways of thinking it expands the mind set of the company and leads toward creating innovative solutions and business opportunities (Xerox). How has the definition of diversity changed over the years? We live in a world where, because of the Internet and the Web, we can communicate withRead MoreCase Number 12274 Words   |  10 Pagesother employees and co-workers before making a decision that can put a well running business in the ground. Case: Xerox 1. How would Xerox define diversity? How has its definition changed over the years? In business, diversity has seen action in the managing of human resource as essential capital in fostering businesses at a global scale. Diversity is also seen as a concept where differences can be a powerful resource. Based on the Case facts, Xerox value diversity as the most pricelessRead MoreXerox Scandal Essay2789 Words   |  12 PagesXerox Corporation Xerox Corporation is a $16 billion technology and services enterprise that helps businesses deploy smart document management strategies and find better ways to work. It’s intent is to constantly lead with innovative technologies, products and solutions that customers can depend upon to improve business results. Xerox provides the document industry’s broadest portfolio of offerings. Digital systems include color and black-and-white printing and publishing systems, digital pressesRead MoreCase Study H/R813 Words   |  4 Pageschallenges faced by HR management when significant staff cutbacks occur and how they should be addressed. In my opinion one of the most difficult challenges faced by HR management when significant staff cutbacks occur is having to lay off fellow co-workers that do not deserve to lose their jobs. When laying off part of your work force you have to find a way to get the same amount of work done but with less people. This is very hard because once a layoffs occur other workers tend to lose moraleRead MoreInnovation at Xerox Essay4233 Words   |  17 PagesInnovation at Xerox TABLE OF CONTENTS REPORT ON XEROX CORPORATION 2 INTRODUCTION 2 HISTORY OF XEROX THE NEED TO BECOME INNOVATIVE 4 PRODUCT SERVICES 6 ANALYSIS OF THE PRODUCT DEVELOPMENT PROCESS IN THE ORGANISATION 7 PRODUCT DEVELOPMENT PROCESS AT XEROX CORPORATION 7 Management Decision Process (MDP) 8 Process Elements and Phase Deliverables 8 Process Enablers 8 EFFECTIVE PRODUCT DESIGN AND DEVELOPMENT 10 MANAGING INNOVATION 14 RECOMMENDATIONS TO ENHANCE INNOVATION WITHINRead MoreXerox: Business Analysis Essay2202 Words   |  9 PagesXerox, best known for the clear overhead projector sheets, is a company that supplies to a mass amount of customers and businesses with a high level of customer satisfaction and speed. They accomplish this by having a sophisticated supply chain that accomplishes an expedient stream of products while delivering quality service. Xerox focuses on creating diverse product line as well as a diverse client focus. Xerox strives to keep their client base large and reaches out to even the smallest companiesRead MoreLeadership Assessment4632 Words   |  19 Pagesperformance of specific task or behaviors (Williams, 2012). 5. Discuss some of the challenges leaders encounter when managing diversity and how diversity helps business organization better compete in global markets. A challenge a leader may encounter when managing diversity would be managing deep-level diversity it includes personality differences, attitudes, beliefs, and values. Diversity helps businesses by bringing in outsiders, socially distinct newcomers, into our organizational groups in hopes of introducingRead MoreXerox Case Study2048 Words   |  9 Pagesachieved swift advancement in a relatively short amount of time at Xerox, he is now faced with role options that appear, prima facie, to be lateral in nature. Clendenin s boss, Fred Hewitt has made two clear offers to Clendenin: remain as head of Xerox s Multinational Development Center (MDC) with a two-year commitment, or transition to a staff support position on Hewitt s staff. While Clendenin s success and ascension at Xerox is attributed to his role at the MDC, an additional two-year commitmentRead MoreDiversity Management1945 Words   |  8 PagesManaging Diversity* July 2009 Creating competitive advantage through cultural dexterity Highlights †¢ Cultural dexterity is a business skill that enables effective collaboration and communication among people across multiple dimensions of diversity. †¢ Collaboration within a group of diverse people, who approach problems from different perspectives, improves corporate performance. †¢ The environment a company creates can enable—or impede— the success of its employees. †¢ Leaders are personally accountable

My Father s House Foundation - 1758 Words

My Father’s House Foundation Introduction When I first started my journey at Oklahoma State University I had no idea of the adventures and learning experiences that I would embark on. Little did I know it was the beginning on a life changing experience. From the very beginning I always had a passion for working for families, children, and the community. I’ve been selfless for as long as I can remember, and I have always believed that if I continued to be that person I would never give up on my goals or the desires that have to make a change on my campus as well as my community. When I chose to major in Human Development and Family Sciences I knew that I would have to complete an internship my Junior or Senior year. I had no idea how I was going to find one or how I was going to prepare for it; but my professors, fellow peers, and especially my academic advisor supported me and help guide me to finding my internship. As I approached my Senior checklist and final enrollment appointment I was explain to my academic advis or that I was worried about finding an internship in order to complete my degree requirements. She quickly calmed me and explained to me that she may have an answer for me. She passed along a quick background and some contact information and the following week I met my site supervisor. I was very pleased to announce that I was approved and would be interning at My Father’s House Children’s Foundation (The Foundation). My Father’s House Children’s Foundation’sShow MoreRelated`` Bless Me Ultima `` By Rudolfo Anaya1109 Words   |  5 Pagesmind creates which represents who you truly are, were and are destined to be. You re mind creates illusions that either further enhance your knowledge on what your purpose in life is or could make you fear it. Dreams are essentially part of the foundation of a persons life. Rudolfo Anaya in the novel Bless me ultima uses the concept of dreams to demonstrate the growth and the loss of innocence Antonio faces from beginning to end. The dreams Antonio has throughout the novel symbolize parts of himselfRead MoreTheology: Reflective Paper1222 Words   |  5 Pagesrather than in general terms? Would we be more diligent in our spiritual growth and more solid in our foundation of faith if it were part of our identification as followers of Christ? How many of us, myself included, would truthfully be called Prayer Warrior, Evangelist (a preacher of the gospel), Disciple (students of Jesus), Man/Woman after God’s own heart or even Faithful Servant? The foundation of Christian maturity must be solid and established on the true doctrine which begins with understandingRead MoreEssay1098 Words   |  5 Pagesbasic out everywhere. In a town a child completed his audit standard tenth, he got identity blogging percentile 98%. 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We have family business of finance mint father is takingRead MoreEssay about My Papas Waltz vs. Those Winter Nights1521 Words   |  7 PagesCulture 5/6/13 Research Paper My Papa’s Waltz Vs. Those Winter Nights In â€Å"My Papa’s Waltz† by Roethke and â€Å"Those Winter Sundays† by Hayden, the two narrators speak about their fathers in a way that shows there were two different sides to their fathers. One side was abusive and strict, while the other side was loving and caring. Each narrator has a different attitude toward their feelings for their fathers. Roethke has a more fun and understanding view of his father, while Hayden has a more coldRead MoreKinship and Politics1504 Words   |  7 Pagesparagraphs given on the lecture, we acquired some knowledge of ancient Greek Mythology which we can trace the origin of gods to help us understand the kinship. In reading Aeschylus s Eumenides, I found the great progress from the revenge between the bloods to the set up of the civil court. It illustrates us the foundation of establishment of orders for Greek people’s new life by showing the fight between the old gods and the new gods’ attitudes towards the murder case of Clytaemestra, with the argumentsRead MoreAfter God Made Covenants With Noah And Abraham He Then1732 Words   |  7 PagesAfter God made covenants with Noah and Abraham He then made a tribal covenant with mankind through the Mosaic Law on Mount Sanai. He stated, â€Å"If you will follow my Righteousness, then you will be my people and I will send an angel for your protection and drive out your enemies before you.† The people answered God with oh sure we will adhere to Your commandments of covenant, no problem, but when Moses was barely out of site to receive the commandments they took the gold that God give them and made

Ensuring Tourism is Sustainable

Question: Discuss about theEnsuring Tourism is Sustainable. Answer: Introduction The tourism sector is among the major elements of economic development across the globe. Each country has unique natural resources, culture, and heritage that attract thousands of visitors. Most nations have tapped the economic potential associated with these elements to create employment, increase foreign income, and market the internal environment of their countries. However, the efficient performance of the sector requires a long-term view to strategic planning processes as well as the creation of a sustainable development culture (Wilkinson, 2011). Sustainable Tourism Sustainable tourism is a process of maintaining the expected level of tourist satisfaction and experiences by involving and collaborating with all the stakeholders and political leadership to ensure the process is continuous. The process of sustaining tourism is complex based on the diversity of the industry for each state, associated impacts on each resource, pollution effects, and varied consumption on patterns. Thesis Statement Understanding the social, environmental, and economic implications on tourism performance is essential in formulating strategies that will assist in creating sustainable tourism across the globe. Essay Plan No. Paragraph Details 1 Introduction -The section will discuss the overview of the essay and define essential terms -The paragraph will conclude with the statement of the thesis of the paper 2 First Body Paragraph -The paragraph will discuss the economic perspective of tourism sustainability - In ths section the associated economic challenges will be evaluated 3 Second Body Paragraph - The section will outline the environmental view associated with the process of tourism sustainability - This will involve expounding on the environmental factors such as pollution and conservation 4 Third Body Paragraph - The paragraph will discuss the social aspects associated with tourism and how they impact the sustainability process 5 Fourth Body Paragraph - The last body paragraph will give a generalized recommendation concerning the process of achieving the anticipated sustainability levels 6 Conclusion - The conclusion will entail the summary of the paper in terms of a restatement of the thesis Tourism Sustainability: Economic View The process of tourism management should consider the economic impact associated with the national development goals as well as the internal stability that will drive the tourism sector towards cost effectiveness. The mechanisms set forth to enhance the performance of the industry should consider the long-term and short-terms contributions and the intended objectives. Economic sustainability is required in tourism because of the need for growth that can be shared across the national and international dimensions (Creaco Querini, 2003). Moreover, the desire to achieve equity and efficiency across all sectors of the economy defines the extent to which the industry should focus towards sustainability. Tourism Sustainability: Environmental View Tourism industry depends on the nature of the environmental factors regarding conservation and biodiversity. The need for sustainability in the tourism sector will be sufficient if the environmental aspect is incorporated into the planning and implementation activities. The element of ecosystem integrity contributes to the success of the industry as well as the process of ensuring continuity in supporting the economic factors. Therefore, sustainability involves the management of the carrying capacity of the natural attraction sites (Wilkinson, 2011). Moreover, the global goals play a crucial role in controlling the processes of formation of strategies and implementation undertakings. It is essential to ensure that the level of which the biodiversity of a nation is preserved will protect the natural composition on a long-term basis. Tourism Sustainability: Social View The social perspective of tourism sustainability involves a diversity of dimensions and elements. The process will be successful if the stakeholders consider the level of participation and empowerment of the participants and the community. Social mobility and cohesion are essential in defining the success regarding income from local and international players. Therefore, in this view the process of policy formation should be not only a comprehensive process but also should incorporate the element of inclusion (Creaco Querini, 2003). Moreover, the process of planning and strategic implementation should be channeled towards the formation and realization of the respective cultural identities and institutionalization. Summary of Relevant Publications No. Author Description 1 Giulio Querini and Salvo Creaco A paper presented during the 43rd Conference of the European Regional Science Association on the role of tourism in sustainable in economic development, 2003 Italy. 2 Paul Wilkinson A paper on tourism and sustainability: Development, globalization and new tourism in the third world published in 2011 on the Tourism Management Journal Volume 32 Issue 5 page 1241 1242 Conclusion In conclusion, tourism sustainability is a complicated process that depends on several factors of the national coexistence. Therefore, it requires a comprehensive approach as well as succinct implementation procedure. The sustainability process involves the economic, social, and environmental aspects, which cumulatively defines the extent of success witnessed in the society. However, the management and organization should be segregated with the view of the primary tourism objectives for an effective approach towards sustainability. References Creaco, S. Querini, G. (2003). The role of tourism in sustainable economic development. 43rd Conference of the European Regional Science Association. University of Catania, Italy. Wilkinston, P. (2011). Tourism and sustainability: Development, globalization and new tourism in the third world published on the Tourism Management, 32(5): 1241 1242. https://doi.org/10.1016/j.tourman.2010.10.003

Transcontinental Railroad free essay sample

By linking with the existing railway network of the Eastern United States, he road thus connected the Atlantic and Pacific coasts of the United States by rail for the first time. The line was popularly known as the Overland Route after the principal passenger rail service that operated over the length of the line through the end of 1962. [3] The construction and operation of the line was authorized by the Pacific Railroad Acts of 1862 and 1864 during the American Civil War. The Congress supported it with 30-year U. S. overnment bonds and extensive land grants of government-owned land. Completion of the railroad was the culmination of a decades-long movement to build such a line. It was one of the crowning chievements in the crossing of plains and high mountains westward by the Union Pacific and eastward by the Central Pacific. Opened for through traffic on May 10, 1869, with the driving of the Last Spike at Promontory Summit, Utah, the road established a mechanized transcontinental t ransportation network that revolutionized the population and economy of the American West. We will write a custom essay sample on Transcontinental Railroad or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The transcontinental railroad is considered one of the greatest American technological feats of the 19th century. It is considered to surpass the building of the Erie Canal in the 1820s and the crossing of the Isthmus of Panama by the Panama Railroad in 855. It served as a vital link for trade, commerce and travel that Joined the eastern and western halves of late 19th-century United States. The transcontinental railroad slowly ended most of the far faster and more hazardous stagecoach lines and wagon trains that had preceded it. The railroads led to the decline of traffic on the Oregon and California Trail which had populated much of the west. They provided much faster, safer and cheaper (8 days and about $65 economy) transport east and west for people and goods across half a continent. The railroads sales of land-grant lots, and he transport provided for timber and crops, led to the rapid settling of the supposed Great American Desert. The main workers on the Union Pacific were many Army veterans and Irish immigrants. Most of the engineers and supervisors were Army veterans who had learned their trade keeping the trains running during the American Civil War. The Central Pacific, facing a labor shortage in the West, relied on Chinese immigrant laborers. They did prodigious work building the line over and through the Sierra Nevada mountains and across Nevada to the meeting in Utah. Pacific Railroad Bond, City and County of San Francisco, 1865 The railroad was otivated in part to bind the eastern and western states of the United States together. The Central Pacific started work in 1863. Due to competition with the War for workers, rails, ties, railroad engines and supplies, the Union Pacific RR did not populating the West, while contributing to the decline of territory controlled by the Native Americans in these regions. In 1879, the Supreme Court of the United States formally established, in its decision regarding Union Pacific Railroad vs. United States (99 U. S. 402), the official date of completion of the Transcontinental Railroad as November 6, 1869.

To Soon For Jeff Essay Research Paper free essay sample

To Soon For Jeff Essay, Research Paper To shortly For Jeff ( essay ) Dashan is a friend of Jeff. Even though Christy became a truly good friend of his. Though Dashan wasted his clip and besides had his bosom broken by Christy he has suffered the least. Thingss could hold exercise for Dashan and Christy but no. Dashan was willing to take attention of the babe as a male parent. But shortly came to recognize he could non make that. Alternatively he went out to college. Uncle Steve is of class Jeff? s uncle. Uncle Steve and Jeff are truly close when Jeff was little his pa left him. Now when Christy Was remaining over at Jeff? s house, Jeff decided to travel to uncle Steve? s house so he won? Ts have to make anything with here while she is remaining over at Jeff? s house. Mr. Roger is Jeff argument instructor. We will write a custom essay sample on To Soon For Jeff Essay Research Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Mr. Roger was depending on Jeff to travel to the competition unluckily Jeff could non travel to the competition Because Christy was taken to the infirmary because of Ethan? s reaching to shortly. The argument squad was truly numbering on him and felt disappointed about him. Besides Jeff attended Brooker University. Jeff Wasted Half of his clip because he did non complete his four twelvemonth? s at Brooker. Brooker University was traveling to give Jeff a full four twelvemonth college scholarship. Nichole is one of Jeff? s teammates. Jeff and Nichole shortly acquire to cognize each other really good. Nichole ends up kiping with Jeff a twosome of times while they watch a film. Bibliography Introduction Young people making incorrect things and shortly repenting them. This book is largely about a cat named Jeff and his girlfriend Christy. Jeff was non even believing about holding a child at age 18 Jeff was non ready for sex. First he used a rubber holding sex with Christy but sooner they did it more and more but Christy came out to be pregnant. This book gets even better she lied to Jeff and said she was on the pill that? s how she came out to be pregnant. In your ain words what do you believe will go on in their relationship? Will Jeff stay with Christy and take attention of the babe she will shortly give birth to?

Chronology of American History From 1726 to 1750

Chronology of American History From 1726 to 1750 1726 Log College at Neshaminy in Bucks County is founded. It will be important in training evangelists who will become involved in the Great Awakening movement that will occur in the 1730s and 1740s.Riots occur in Philadelphia. The Pennsylvania colony governor will forcefully put down the riots. 1727 Anglo-Spanish War breaks out. It lasts a little more than one year, with skirmishes mainly in the Carolinas.George II becomes King of England.History of the Five Indian Nations by Dr. Cadwallader Colden is published. It details information about the Iroquois tribes.Benjamin Franklin creates the Junto Club, a group of mostly artisans who are socially progressive. 1728 The first American synagogue is built on Mill Street in New York City.Horses and carriages are banned in Boston Common. It will eventually be called the oldest park in the United States. 1729 North Carolina becomes a royal colony.Benjamin Franklin begins publishing the Pennsylvania Gazette.The Old South Meeting House is built in Boston. It will become a key meeting place for revolutionaries and was where the Boston Tea Party meetings occurred. 1730 North Carolina and South Carolina are confirmed as royal provinces by the British parliament.The city of Baltimore in the Maryland colony is established. It is named after Lord Baltimore.The Philosophical Society is founded in Newport, Rhode Island which has become a vacation destination due to its spa. 1731 The first public library in American colonies is founded in Philadelphia by Benjamin Franklin and his Junto Club. It is called the Library Company of Philadelphia.The American colonial legislatures are not allowed to place monetary duties on imported slaves according to royal decree. 1732 Georgia becomes a colony out of land from the South Carolina territory when the Charter of 1732 is issued to James Oglethorpe and others.Construction begins on the Pennsylvania State House, better known as Independence Hall, in Philadelphia.George Washington is born on February 22nd in the Virginia colony.The first Catholic church in the American colonies is founded. It will be the only Catholic church erected before the American Revolution.Benjamin Franklin begins publishing Poor Richards Almanac, which will become a huge success.The Hat Act is passed by parliament, banning hats to be imported from one American colony to another, in an attempt to help London hatmakers. 1733 James Oglethorpe arrives in Georgia with 130 new colonists. He soon founds Savannah.The Molasses Act is passed by parliament setting heavy import duties on molasses, rum, and sugar from Caribbean islands other than those controlled by the British.The New York Weekly Journal begins publication with John Peter Zenger as its editor. 1734 John Peter Zenger is arrested for seditious libel against New York Governor William Cosby.Jonathan Edwards preaches a series of sermons in Northampton, Massachusetts that begins the Great Awakening. 1735 The trial of John Peter Zenger takes place after the newspaper editor spent ten months imprisoned. Andrew Hamilton defends Zenger, who is acquitted, for the statements he published were true, and thus could not be libelous.The first American fire insurance company is founded in Charleston. It will be bankrupt within five years, when half of Charleston is devastated by a fire. 1736 John and Charles Wesley arrive in the Georgia colony at the invitation of James Oglethorpe. They bring the ideas of Methodism to the American colonies. 1737 The first citywide celebration of St. Patricks Day is held in Boston.The Walking Purchase of 1737 occurs in Pennsylvania. William Penns son Thomas employs swift walkers to pace the boundaries of land given by the Delaware Indians. According to their treaty, they are to receive the land a man can walk in a day and a half. The Indians feel that the use of professional walkers is cheating and refuse to leave the land. The colonists enlist the help of the Iroquois Indians in their removal.A border dispute between Massachusetts and New Hampshire begins that will last for over 150 years. 1738 English Methodist evangelist George Whitefield, a key figure in the Great Awakening, arrives in Savannah, Georgia.The New Jersey colony gets its own governor for the first time. Lewis Morris is appointed to the position.John Winthrop, one of the most important scientists in the American colonies, is appointed to the chair of mathematics at Harvard University. 1739 Three uprisings of African-Americans occur in South Carolina resulting in numerous deaths.The War of Jenkins Ear begins between England and Spain. It will last until 1742 and will become part of the larger War of Austrian Succession.The Rocky Mountains are first sighted by French explorers Pierre and Paul Mallet. 1740 The War of Austrian Succession begins in Europe. The colonists will officially join the fight in 1743.James Oglethorpe of the Georgia colony leads troops along with Cherokee, Chickasaw, and Creek Indians to capture two forts from the Spanish in Florida. However, they will later fail to take St. Augustine.Fifty slaves are hanged in Charleston, South Carolina when their planned revolt is discovered.Famine in Ireland sends many settlers to the Shenandoah Valley area, along with other southern colonies in America. 1741 New Hampshire colony gets its own governor for the first time. The English crown appoints Benning Wentworth to the position. 1742 Benjamin Franklin invents the Franklin Stove, a better and safer way to heat homes.Nathanael Greene, American Revolutionary War General, is born. 1743 The American Philosophical Society is founded in Philadelphia by the Junto Club and Benjamin Franklin. 1744 The American phase of the War of Austrian Succession, called King Georges War, begins.The Six Nations of the Iroquois League grant the English colonies their lands in the northern Ohio territory. They will have to fight the French for this land. 1745 The French fortress of Louisbourg is captured by a combined New England force and fleet during King Georges War.During King Georges War, the French burn the English settlement of Saratoga in the New York colony. 1746 The boundary between Massachusetts colony and Rhode Island colony is officially set by parliament. 1747 The New York Bar Association, the first legal society in the American colonies, is founded. 1748 King Georges War concludes with the Treaty of Aix-la-Chapelle. All colonies are restored to their original owners from before the war including Louisbourg. 1749 The Ohio Company is at first granted 200,000 acres of land between the Ohio and Great Kanawha Rivers and the Allegheny Mountains. An additional 500,000 acres is added later in the year.Slavery is allowed in the Georgia Colony. It had been prohibited since the colonys founding in 1732. 1750 The Iron Act is passed by parliament, putting a halt to the growth of the iron-finishing business in the colonies, to help protect the English iron industry. Resource and Further Reading: Schlesinger, Arthur M., editor. The Almanac of American History. Barnes Noble, 2004.

Zatwsho LLC Case Study Example | Topics and Well Written Essays - 1250 words

Zatwsho LLC - Case Study Example The report also discusses about the kind of ownership that family business should have. Target market of the product has also been defined along with a memo to promote the company’s offerings in a better way. In the end of the report, recommendations have been given to improve the website of Zatswho. QUESTION # 1: Tips for Making Family Business Successful: There are several things that are to be considered in order to make a family business successful. One of the main tips to make a family business successful is that the roles and responsibilities of the partners or family members should be clearly defined and every family member should know what their responsibilities are and what they are supposed to do. Pitfalls That Should Be Avoided To Make Family Business Successful: It is important for every business to grow with the passage of time and in a family business, a stage comes when the growth of the business becomes static and at this point of time it is important to seek a dvices from outside advisors or people who are not in the family so that the business could have some fresh ideas and it could start growing again. QUESTION # 2: Because there are two people involved in the business therefore it is recommended to have a partnership rather than sole proprietor. As the business would be a partnership therefore the agreement of both Cooper and Schwinoff would be required while taking important decisions. QUESTION # 3: The target market of Zatswho would be parents and grandparents as they would be using these cards to teach their kids about their family members. However other target markets of the product could be day care centers and schools as they could use these cards to make kids recognize different important personalities and even cartoon characters. Along with this the target market of the company also includes the fundraising organizations, special needs children, and adults with the problem of memory loss. QUESTION # 4: Zatswho LLC January 20, 2012 To: Cooper and Schwinoff From: Subject: Proposing Guerrilla Marketing Strategy for Zatswho LLC Guerrilla marketing strategy has become important for the businesses in this highly competitive world, especially for the businesses which are targeting specific and small market segments (Levinson, 2007), as in the case of Zatswho. The company is mainly targeting the grandparents and parents who like to play with their grandchildren and children and the same time wants to increase the memory of the children. Apart from this other target markets include children with special needs, day care centers, schools, fundraising organizations, and seniors with the problem of memory loss. In order to capture the target markets and attract them it is essential for the company to come up with some unique and out of box marketing strategies. The company can go for price discount and cheaper goods strategy, as the target market will not be willing to spend much on such playing items. This strategy of price discount can be supported by different limited time promotional activities like: Placing colorful sticky notes consisting information about the game in the children stores and shops. Holding competition through social media for suggesting best game which can be played using these cards. Different posters can be placed at schools, day care centers, and playing grounds in order to attract more market. Hold different competitions at shopping malls, schools, and playing grounds in which judging the children on the ability of their quickly identifying the pictures. Partnership with some chocolate or confectionary company and come up with special packages. All these promotional acti

Assignment 4 Example | Topics and Well Written Essays - 1000 words - 4

4 - Assignment Example Secondly, a leadership is defined by the level of ensuring cooperativeness between all the stakeholders involved. A good example could be that of Steve Jobs, who worked with Woz to start the Apple Company in his parent’s garage. Later, the company grew to become one of the world’s largest companies. Thirdly, a leader must be courageous and learn how to deal with challenges as they come. Further, a leader must be dedicated and willing to lead the company or the organization into greater heights. The world is changing due to evolution in all areas especially in the areas of technology. Therefore, a leader must be willing to drive his company through all these areas and deliver the best to all its clients. Finally, a leader must be creative in all aspects f management in the organization. This gives a company a competitive edge against its rivals in the global market. From our case study, Fujio Cho who is the leader of the Toyota Motor Corporation displays the true aspects of a leader in different ways. His unique leadership has enabled the company to conquer the international market. He has a total understanding of globalization that includes the needs of their clients in the global market. Through his able management, he has enabled the company to assess and determine the needs of the clients in the global market. For any leader to succeed in the global market, he or she must adopt the concepts of both localization and globalization. According to most analysts in this field, this is the most challenging issue faced by leaders all over the world. A global leader must and needs to fulfill these two perspectives on the business environments. A leader must also demonstrate a successful plan in the area of business development. This is achieved by clearly understanding the important values of the company and later developing strategies that will be used to achieve them in the cross-culture environment. In this case, Fujio developed a portfolio

Cross cultural awareness Essay Example | Topics and Well Written Essays - 5000 words

Cross cultural awareness - Essay Example This clearly states the increasing importance of globalization in the present era. With the increase in globalization, firms are employing people from diverse backgrounds and cultures. This is where the problems of cultural stereotyping arise. There is a need for firms to train the employees in the International Human Resource Management processes. IHRM involves the study of how the HR processes (Recruitment, induction, compensation, performance management, etc) are conditioned by the political, legal, economic environments and the labor practices of the countries in which their firm has subsidiaries. The cultural adaption training given to the employees is known as acculturization. In America, autonomy is given a lot of importance whereas in countries like India, most organizations have a very bureaucratic culture. Also, in America, people are risk taking and welcome uncertainty hands on. Whereas it is the complete contrast in countries like Japan where people fear taking risks (Patricia Ann Mehegan 2006). Thus, global management is all about recognizing these cultural differences, acknowledging them and adapting to them. The global firms nowadays require managers who are well trained to adapt to the cultural difference when they go as expats in other countires. Cross cultural understanding need to be a part of employee’s learning if he wants to excel in his career. The commonly held beliefs or opinions about certain individuals, cultures or communities are known as stereotypes (Richard A. Nitsche 1977). Stereotypes are basically our perceptions of something, the image we draw in our heads of a particular person or thing. These stereotypes are based on previous assumptions, which are not always verified. People stereotype a community into two categories: the in-groups and the out groups. In-groups are the group people see in a positive light and

Concepts of Project Finance

Concepts of Project Finance Introduction Project Finance. Origins of project finance Project financing is generally sought for infrastructure related projects. Its linkages to the economy are mutiple and complex, because it affects production and consumption directly, creates negative and positive externalities, and involves large flow of expenditure. Prior to World War I, private entrepreneurs built major infrastructure projects all over the world. During the 19th century ambitious projects such as the suez canal and the Trans-Siberian Railway were constructed, financed and owned by private companies. However the private sector entrepreneur disappeared after world War I and as colonial powers lost control, new governments financed infrastructure projects through public sector borrowing. The state and the public utility organizations became the main clients in the commissioning of public works, which were then paid for out of general taxation. After World War II, most infrastructure projects in industrialized countries were built under the supervision of the state and were funded from the respective budgetary resources of sovereign borrowings. This traditional approach of government in identifying needs, setting policy and procuring infrastructure was by and large followed by developing countries, with the public finance being supported by bond instruments or direct sovereign loans by such organizations as the world Bank, the Asian Development Bank and the International Monetary Fund. Development In the early 1980s The convergence of a number of factors by the early 1980s led to the search for alternative ways to develop and finance infrastructure projects around the world. These factors include: Continued population and economic growth meant that the need for additional infrastructure- roads, power plants, and water-treatment plants-continued to grow. The debt crisis meant that many countries had less borrowing capacity and fewer budgetary resources to finance badly needed projects; compelling them to look to the private sector for investors for projects which in the past would have been constructed and operated in the public sector Major international contracting firms, which in the mid-1970s had been kept busy, particularly in the oil rich Middle East, were, by the early 1980s, facing a significant downturn in business and looking for creative ways to promote additional projects. Competition for global markets among major equipment suppliers and operators led them to become promoters of projects to enable them to sell their products or services. Outright privatization was not acceptable in some countries or appropriate in some sectors for political or strategic reasons and governments were reluctant to relinquish total control of what maybe regarded as state assets. During the 1980s, as a number of governments, as well as international lending institutions, became increasingly interested in promoting the development for the private sector, and the discipline imposed by its profit motive, to enhance the efficiency and productivity of what had previously been considered public sector services. It is now increasingly recognized that private sector can play a dynamic role in accelerating growth and development. Many countries are encouraging direct private sector involvement and making strong efforts to attract new money through new project financing techniques. Such encouragement is not borne solely out of the need for additional financing, but it has been recognized that the private sector involvement can bring with it the ability to implement projects in a shorter time, the expectation of more efficient operation, better management and higher technical capability and, in some cases, the introduction of an element of competition into monopolistic structures. However, the private sector, driven by commercial objectives, would not want to take up any project whose returns are not consumerate with the risks. Infrastructure projects typically have a long gestation period and returns are uncertain. What then are the incentives of private capital providers to participate in infrastructure projects, which are fraught with huge risks? Project finance provides satisfactory answers to these questions. Project finance is typically defined as limited or non-recourse financing of a new project through separate incorporation of vehicle or Project Company. Project financing involves non-recourse financing of the development and construction of a particular project in which the lender looks principally to the revenues expected to be generated by the project for the repayment of its loan and to the assets of the project as collateral for its loan rather than to the general credit of the project sponsor. In other words the lenders finance the project looking at the creditworthiness of the project, not the creditworthiness of the borrowing party. Project Financing discipline includes understanding the rationale for project financing, how to prepare the financial plan, assess the risk, design the financing mix, and raise the funds. A knowledge base is required regarding the design of contractual arrangements to support project financing; issues fior the host government legislative provisions, public/private infrastructure partnerships, public/private financing structures; credit requirements of lenders, and how to determine the projects borrowing capacity; how to prepare cash flow projections and use them to measure expected rates of return; tax and accounting considerations; and analytical techniques to validate the projects feasibility. Traditional finance is corporate finance, where the primary source of repayment for investor and creditors is the sponsoring company, backed by its entire balance sheet, not the project alone. Although creditors will usually still seek to assure themselves of economic viability of the project being financed so that it is not a drain on the corporate sponsors existing pool of assets, an important influence on their credit decision is the overall strength of the sponsors balance sheet, as well as their business reputation. If the project fails, lenders do not necessarily suffer, as long as the company owning the project remains financially viable. Corporate finance is often used for shorter, less capital-intensive projects that do not warrant outside financing. The company borrows funds to construct a new facility and guarantees to repay the lenders from its available operating income and its base of assets. However private companies avoid this option, as it strains their balance sheets and capacity, and limits their potential participation in future projects. Project financing is different from traditional forms of finance because the financier principally looks to the assets and revenue of the project in order to secure and service the loan. In project finance a team or consortium of private firms establishes a new project company to build, own and operate a separate infrastructure project. The new project company to build own and operate a separate infrastructure project. The new project company is capitalized with equity contributions from each of the sponsors. In contrast to an ordinary borrowing situation, in a project financing the financier usually has little or no recourse to the non-project assets of the borrower or the sponsors of the project. The project is not reflected in the sponsors balance sheets. Extent of recourse Recourse refers to the right to claim a refund from another party, which has handled a bill at an earlier stage. The extent of recourse refers to the range of reliance on sponsors and other project participants for enhancement to protect against certain projects risks. In project financing there is limited or no recourse. Non-recourse project finance is an arrangement under which investors and credit financing the project do not have any direct recourse to the sponsors. In other words, the lender is not permitted to request repayment from the parent company if borrower fails to meet its payment obligation. Although creditors security will include the assets being financed, lenders rely on the operating cash flow generated from those assets for repayment. When the project has assured cash flows in the form of a reliable off taker and well-allocated construction and operating risks, the lenders are comfortable with non-recourse financing. Lenders prefer limited recourse when the project has significantly higher risks. Limited recourse project finance permits creditors and investors some recourse to the sponsors. This frequently takes the form of a precompletion guarantee during a projects construction period, or other assurance of some form of support for the project. In most developing market projects and in other projects with significant construction risk, project finance is generally of the limited recourse type. Merits and Demerits of Project Financing: Project financing is continuously used as a financing method in capital-intensive industries for projects requiring large investments of funds, such as the construction of power plants, pipelines, transportation systems, mining facilities, industrial facilities and heavy manufacturing plants. The sponsors of such projects frequently are not sufficiently creditworthy ot obtain tr5aditional financing or unwilling to take the risk and assume the debt obligation associated with traditional financing. Project financing permits the risk associated with such projects to be allocated among number of parties at levels acceptable to each party. The advantages of project financing are as follows: 1. Non-recourse: The typical project financing involves a loan to enable the sponsor to construct a project where the loan is completely â€Å"Non-recourse† to the s[sponsor i.e. the sponsor has no obligation to make payments on the project loan if revenues generated by the project are insufficient to cover the principle and interest payable on the loan. This safeguards the assets of sponsors. The risks of new projects remain separate from the existing business. 2. Maximizes leverage: In project financing. The sponsors typically seek to finance the cost of development and construction of project on highly leverage basis. Frequently such costs are financed using 80 to 100 percent debt. High leverage in an non recourse financing permits a sponsor to put less in funds at risk, permits a sponsor to finance a project without diluting its equity investment in the project and in certain circumstances, also may permit reduction in cost of capital by substituting lower cost, tax deductible interest for higher cost, taxable return on equity. 3. Off balance sheet treatment: Depending upon the structure of project financing the project sponsors may not be required to report any of the project debt on its balance sheet because such debt is non recourse or of limited recourse to the sponsor. Off balance sheet treatment can have the added practical benefit of helping the sponsor comply with convenient and restrictions related to the board. Borrowings funds contain in other indentures and credit agreements to which the sponsor is a party. 4. Maximizes tax benefits: Project finance is generally structured to maximize tax benefit and to assure that all available tax benefit are used by the sponsors or transferred to the extent possible to another party through a partnership, lease or vehicle. 5. Diversifies risk: By allocating the risk and financing need of the projects among a group of interested parties or sponsors, project financing makes it possible to undertake project that would be too large or would pose too great a risk for one party ion its own. Demerits: 1. Complexity of risk allocation: Project financing is complex transaction involving many participants with diverse interest. If a project is to be successful risk must be allocated among the participants in an economically efficient way. However, there is necessary tension between the participants. For e.g between the lender and the sponsor regarding the degree of recourse, between the sponsor and contractor regarding the nature of guarantees., etc which may slow down the realization of the project. 2. Increase transaction cost: It involves higher transaction costs compared to other types of transactions, because it requires an expensive and time-consuming due diligence conducted by the lenders lawyer, the independent engineers etc., since the documentation is usually complex and lengthy. 3. Higher interest rates and fees: The interest rates and fees charged in project financing are higher than on direct loan made to the project sponsor since the lender takes on more risk. 4. Lender supervision: In accordance with a higher risk taken in project financing the lender imposes a greater supervion on the mangement and operation of the project to make sure that the project success is not impaired. The degree of lender supervision will usually result into higher costs which will typically have to be borne by the sponsor. Whether expanding manufacturing facilities, implementing new processing capabilities, or leveraging existing assets in new markets, innovative financing is often at the core of long-term projects to transform a companys operations. Akin to the underlying corporate transformation, the challenge with innovative financial structures such as project finance is that the investment is made upfront while the anticipated benefits of the initiative are realized years later. There has been a rise in number of companies that need innovative financing to satisfy their capital needs, in a significant number of instances they have viable goals but find that traditional lenders are unable to understand their initiatives. And so the need emerged for project finance. Project financing is a specialized form of financing that may offer some cost advantages when very large amounts of capital are involved It can be tricky to structure, and is usually limited to projects where a good cash flow is anticipated. Project finance can be defined as: financing of an industrial (or infrastructure) project with myriad capital needs, usually based on non-recourse or limited recourse structures, where project debt and equity (and potentially leases) used to finance the project are paid back from the cash flow generated by the project, with the projects assets, rights and interests held as collateral. In other words, its an incredibly flexible and comprehensive financing solution that demands a long-term lending approach not typical in todays market place. Whether expanding manufacturing facilities, implementing new processing capabilities, or leveraging existing assets in new markets, innovative financing is often at the core of long-term projects to transform a companys operations. Akin to the underlying corporate transformation, the challenge with innovative financial structures such as project finance is that the investment is made upfront while the anticipated benefits of the initiative are realized years later. Infrastructure is the backbone of any economy and the key to achieving rapid sustainable rate of economic development and competitive advantage. Realizing its importance governments commit substantial portions of their resources for development of the infrastructure sector. As more projects emerge getting them financed will continue to require a balance between equity and debt. With infrastructure stocks and bonds being traded in the markets around the world, the traditionalist face change. A country on the crest of change is India. Unlike many developing countries India has developed judicial framework of trust laws, company laws and contract laws necessary for project finance to flourish. Types of Project Finance Build Operate Transfer (BOT) Build Own Operate Transfer (BOOT) Build Own Operate (BOO) Build Operate Transfer Build operate transfer is a project financing and operating approach that has found an application in recent years primarily in the area of infrastructure privatization in the developing countries. It enables direct private sector investment in large scale infrastructure projects. In BOT the private contractor constructs and operates the facility for a specified period. The public agency pays the contractor a fee, which may be a fixed sum, linked to output or, more likely, a combination of the two. The fee will cover the operators fixed and variable costs, including recovery of the capital invested by the contractor. In this case, ownership of the facility rests with the public agency. The theory of BOT is as follows:- BUILD A private company (or consortium) agrees with a government to invest in a public infrastructure project. The company then secures their own financing to construct the project. Operate The private developer then operates, maintains, and manages the facility for a agreed concession period and recoups their investment through charges or tolls. Transfer- After the concessionary period the company transfers ownership and operation of the facility to the government or relevant state authority. In a BOT arrangement, the private sector designs and builds the infrastructure, finances its construction and operates and maintains it over a period, often as long as 20 or 30 years. This period is referred to as the â€Å"concession† period. In short, under a BOT structure, a government typically grants a concession to a project company under which the project company has the right to build and operate a facility. The project company borrows from the lending institutions in order to finance the construction of the facility. The loans are repaid from â€Å"tariffs† paid by the government under the off take agreement during the life of the concession. At the end of the concession period the facility is usually transferred back to the government. Advantages The Government gets the benefit of the private sector to mobilize finance and to use the best management skills in the construction, operation and maintenance of the project. The private participation also ensures efficiency and quality by using the best equipment. BOT provides a mechanism and incentives for enterprises to improve efficiency through performance-based contracts and output-oriented targets The projects are conducted in a fully competitive bidding situation and are thus completed at the lowest possible cost. The risks of the project are shared by the private sector Disadvantages There is a profit element in the equity portion of the financing, which is higher than the debt cost. This is the price paid for passing of the risk to the private sector It may take a long time and considerable up front expenses to prepare and close a BOT financing deal as it involves multiple entities and requires a relatively complicated legal and institutional framework. There the BOT may not be suitable for small projects It may take time to develop the necessary institutional capacity to ensure that the full benefits of BOT are realized, such as development and enforcement of transparent and fair bidding and evaluation procedures and the resolution of potential disputes during implementation. Build Own Operate Transfer (BOOT) A BOOT funding model involves a single organization, or consortium (BOOT provider) who designs, builds, funds, owns and operates the scheme for a defined period of time and then transfers this ownership across to a agreed party. BOOT projects are a way for governments to bundle together the design and construction, finance, operations and maintenance and potentially marketing and customer interface aspects of a project and let these as a package to a single private sector service provider. The asset is transferred back to the government after the concession period at little or no cost. The Components of BOOT. B for Build The concession grants the promoter the right to design, construct, and finance the project. A construction contract will be required between the promoter and a contractor. The contract is often among the most difficult to negotiate in a BOOT project because of the conflict that increasingly arises between the promoter, the contractor responsible for building the facility and those financing its construction. Banks and other providers of funds want to be sure that the commercial terms of the construction contract are reasonable and that the construction risk is placed as far as possible on the contractors. The contractor undertakes responsibility for constructing the asset and is expected to build the project on time, within budget and according to a clear specification and to warrant that the asset will perform its design function. Typically this is done by way of a lump-sum turnkey contract. O for Own The concession from the state provides concessionaire to own, or at least possess, the assets that are to be built and to operate them for a period of time: the life of the concession. The concession agreement between the state and the concessionaire will define the extent to which ownership, and its associated attributes of possession and control, of the assets lies with the concessionaire. O for Operate An operator assumes the responsibility for maintaining the facilitys assets and the operating them on the basis that maximizes the profit or minimizes the cost on behalf of the concessionaire and, like the contractor undertaking construction and be a shareholder in the project company. The operator is s often an independent through the promoter company. T for Transfer This relates to a change in ownership of the assets that occurs at the end of the concession period, when the concession assets revert to the government grantor. The transfer may be at book value or no value and may occur earlier in the event of failure of concessionaire. Stages of Boot Project Build Design Manage project implementation Carry out procurement Finance Construct Own Hold in interest under concession Operates Mange and operate facility Carry out maintenance Deliver products/services Receive payment for product/ service Transfer Hand over project in operating condition at the end of concession period Advantages The majority of construction and long term risk can be transferred onto the BOOT provider. The BOOT operator can claim depreciation on the facility constructed and depreciation being a tax-deductible expense shareholder returns are maximized. Using an output based purchasing model, the tender process will encourage maximum innovations allowing the most efficient designs to be explored for the scheme. This process may also be built into more traditional tendering processes. Accountability for the asset design, construction and service delivery is very high given that if the performance targets are not met, the operator stands to lose a portion of capital expenditure, capital profit, operating expenditure and operating profit. Boot operators are experienced with management and operation of infrastructure assets and bring these skills to scheme. Corporate structuring issues and costs are minimal within a BOOT model, as project funding, ownership and operation are the responsibility of the BOOT operator. These costs will however be built into the BOOT project pricing. Disadvantages Boot is likely to result in higher cost of the product/ service for the end user. This is a result of the BOOT provider incurring the risks associated with 100 percnet financing of the scheme and the acceptance of the ongoing maintenance liabilities. Users may have a negative reaction to private sector involvement in the scheme, particularly if the private sector is an overseas owned company Management and monitoring of the service level agreement with the BOOT operators can be time consuming and resource hungry. Procedures need to be in place to allow users to assess service performance and penalize the BOOT operator where necessary. A rigorous selection process is required when selecting a boot partner. Users need to be confident that the BOOT operator is financially secure and sufficiently committed to the market prior to considering their bid. Build Own Operate In BOO, the concessionaire constructs the facility and then operates it on behalf of the public agency. The initial operating period {over which the capital cost will be recovered} is defined. Legal title to the facility remains in the private sector, and there is no obligation for the public sector to purchase the facility or take title. The private sector partner owns the project outright and retains the operating revenue risk and all of the surplus operating revenue in perpetuity. As an alternative to transfer, a further operating contract {at a lower cost} may be negotiated. Design Build Finance Operate (DBFO): Under this approach, the responsibilities fro designing, building, financing and operating are bundled together and transferred to private sector partners. They are also often supplemented by public sector grants in the from of money or contributions in kind, such as right of way. In certain cases, private partners may be required to make equity investments as well. DBFO shifts a great deal of the responsibility for developing and operating to private sector partners, the public agency sponsoring a project would retain full ownership over the project. Others: Build Transfer Operate (BTO) The BTO model is similar to BOT model except that the transfer to the public owner takes place at the time that construction is completed, rather than at the end of the franchise period. The concessionary builds and transfers a facility to the owner but exclusively operates the facility on behalf of the owner by means of management contract. Buy Build Operate (BBO) A BBO is a form of asset sale that includes a rehabilitation or expansion of an existing facility. The government sells the asset to the private sector entity, which then makes the improvements necessary to operate the facility in a profitable manner. Lease Own Operate (LOO) This approach is similar to a BOO project but an existing asset is leased from the government for a specified time. the asset may require refurbishment or expansion. Build Lease Transfer (BLT) The concessionaire builds a facility, lease out the operating portion of the contract, and on completion of the contract, returns the facility to the owner. Build Own Lease Transfer (BOLT) BOLT is a financing scheme in which the asset is owned by the asset provider and is then leased to the public agency, during which the owner receives lease rentals. On completion of the contract the asset is transferred to the public agency. Build Lease Operate Transfer (BLOT) The private sector designs finance and construct a new facility on public land under a long term lease and operate the facility during the term of the lease. the private owner transfers the new facility to the public sector at the end of the lease term. Design Build (DB) A DB is when the private partner provides both design and construction of a project to the public agency. This type of partnership can reduce time, save money, provide stronger guarantees and allocate additional project risk to the private sector. It also reduces conflict by having a single entity responsible to the public owner for the design and construction. The public sector partner owns the assets and has the responsibility for the operation and maintenance. Design Bid Build (DBB) Design bid build is the traditional project delivery approach, which segregates design and construction responsibilities by awarding them to an independent private engineer and a separate private contractor. By doing so, design bid build separates the delivery process in to the three liner phases: Design, Bid and Construction. The public sector retains responsibility for financing, operating and maintaining infrastructure procured using the traditional design bid build approach. Design Build Maintain (DBM) A DBM is similar to a DB except the maintenance of the facility for the some period of time becomes the responsibility of the private sector partner. The benefits are similar to the DB with maintenance risk being allocated to the private sector partner and the guarantee expanded to include maintenance. The public sector partner owns and operates the assets. Design Build Operate (DBO) A single contract is awarded for the design, construction and operation of a capital improvement. Title to the facility remains with the public sector unless the project is a designbuildoperatetransfer or designbuildownoperate project. The DBO method of contracting is contrary to the separated and sequential approach ordinarily used in the United States by both the public and private sectors. This method involves one contract for design with an architect or engineer, followed by a different contract with a builder for project construction, followed by the owners taking over the project and operating it. A simple design build approach credits a single point of responsibility for design and construction and can speed project completion by facilitating the overlap of the design and construction phases of the project. On a public project, the operations phase is normally handled by the public sector under a separate operations and maintenance agreement. Combining all three phases in to a DBO approach maintains the continuity of private sector involvement and can facilitate private sector financing of public projects supported by user fees generated during the operations phase. Lease Develop Operate (LDO) or Build Develop Operate (BDO) Under these partnerships arrangements, the private party leases or buys an existing facility from a public agency invests its own capital to renovate modernize, and expand the facility, and then operates it under a contract with the public agency. A number of different types of municipal transit facilities have been leased and developed under LDO and BDO arrangements. Theoretical Perspective Project Finance Strategic Business Unit A one-stop-shop of financial services for new projects as well as expansion, diversification and modernization of existing projects in infrastructure and non -infrastructure sectors Since its inception in 1995 the Project Finance SBU has built-up a strong reputation for its in-depth understanding of the infrastructure sector as well as non-infrastructure sector in India and they have the ability to provide tailor made financial solutions to meet the growing diversified requirement for different levels of the project. The recent transactions undertaken by PF- Concepts of Project Finance Concepts of Project Finance Introduction Project Finance. Origins of project finance Project financing is generally sought for infrastructure related projects. Its linkages to the economy are mutiple and complex, because it affects production and consumption directly, creates negative and positive externalities, and involves large flow of expenditure. Prior to World War I, private entrepreneurs built major infrastructure projects all over the world. During the 19th century ambitious projects such as the suez canal and the Trans-Siberian Railway were constructed, financed and owned by private companies. However the private sector entrepreneur disappeared after world War I and as colonial powers lost control, new governments financed infrastructure projects through public sector borrowing. The state and the public utility organizations became the main clients in the commissioning of public works, which were then paid for out of general taxation. After World War II, most infrastructure projects in industrialized countries were built under the supervision of the state and were funded from the respective budgetary resources of sovereign borrowings. This traditional approach of government in identifying needs, setting policy and procuring infrastructure was by and large followed by developing countries, with the public finance being supported by bond instruments or direct sovereign loans by such organizations as the world Bank, the Asian Development Bank and the International Monetary Fund. Development In the early 1980s The convergence of a number of factors by the early 1980s led to the search for alternative ways to develop and finance infrastructure projects around the world. These factors include: Continued population and economic growth meant that the need for additional infrastructure- roads, power plants, and water-treatment plants-continued to grow. The debt crisis meant that many countries had less borrowing capacity and fewer budgetary resources to finance badly needed projects; compelling them to look to the private sector for investors for projects which in the past would have been constructed and operated in the public sector Major international contracting firms, which in the mid-1970s had been kept busy, particularly in the oil rich Middle East, were, by the early 1980s, facing a significant downturn in business and looking for creative ways to promote additional projects. Competition for global markets among major equipment suppliers and operators led them to become promoters of projects to enable them to sell their products or services. Outright privatization was not acceptable in some countries or appropriate in some sectors for political or strategic reasons and governments were reluctant to relinquish total control of what maybe regarded as state assets. During the 1980s, as a number of governments, as well as international lending institutions, became increasingly interested in promoting the development for the private sector, and the discipline imposed by its profit motive, to enhance the efficiency and productivity of what had previously been considered public sector services. It is now increasingly recognized that private sector can play a dynamic role in accelerating growth and development. Many countries are encouraging direct private sector involvement and making strong efforts to attract new money through new project financing techniques. Such encouragement is not borne solely out of the need for additional financing, but it has been recognized that the private sector involvement can bring with it the ability to implement projects in a shorter time, the expectation of more efficient operation, better management and higher technical capability and, in some cases, the introduction of an element of competition into monopolistic structures. However, the private sector, driven by commercial objectives, would not want to take up any project whose returns are not consumerate with the risks. Infrastructure projects typically have a long gestation period and returns are uncertain. What then are the incentives of private capital providers to participate in infrastructure projects, which are fraught with huge risks? Project finance provides satisfactory answers to these questions. Project finance is typically defined as limited or non-recourse financing of a new project through separate incorporation of vehicle or Project Company. Project financing involves non-recourse financing of the development and construction of a particular project in which the lender looks principally to the revenues expected to be generated by the project for the repayment of its loan and to the assets of the project as collateral for its loan rather than to the general credit of the project sponsor. In other words the lenders finance the project looking at the creditworthiness of the project, not the creditworthiness of the borrowing party. Project Financing discipline includes understanding the rationale for project financing, how to prepare the financial plan, assess the risk, design the financing mix, and raise the funds. A knowledge base is required regarding the design of contractual arrangements to support project financing; issues fior the host government legislative provisions, public/private infrastructure partnerships, public/private financing structures; credit requirements of lenders, and how to determine the projects borrowing capacity; how to prepare cash flow projections and use them to measure expected rates of return; tax and accounting considerations; and analytical techniques to validate the projects feasibility. Traditional finance is corporate finance, where the primary source of repayment for investor and creditors is the sponsoring company, backed by its entire balance sheet, not the project alone. Although creditors will usually still seek to assure themselves of economic viability of the project being financed so that it is not a drain on the corporate sponsors existing pool of assets, an important influence on their credit decision is the overall strength of the sponsors balance sheet, as well as their business reputation. If the project fails, lenders do not necessarily suffer, as long as the company owning the project remains financially viable. Corporate finance is often used for shorter, less capital-intensive projects that do not warrant outside financing. The company borrows funds to construct a new facility and guarantees to repay the lenders from its available operating income and its base of assets. However private companies avoid this option, as it strains their balance sheets and capacity, and limits their potential participation in future projects. Project financing is different from traditional forms of finance because the financier principally looks to the assets and revenue of the project in order to secure and service the loan. In project finance a team or consortium of private firms establishes a new project company to build, own and operate a separate infrastructure project. The new project company to build own and operate a separate infrastructure project. The new project company is capitalized with equity contributions from each of the sponsors. In contrast to an ordinary borrowing situation, in a project financing the financier usually has little or no recourse to the non-project assets of the borrower or the sponsors of the project. The project is not reflected in the sponsors balance sheets. Extent of recourse Recourse refers to the right to claim a refund from another party, which has handled a bill at an earlier stage. The extent of recourse refers to the range of reliance on sponsors and other project participants for enhancement to protect against certain projects risks. In project financing there is limited or no recourse. Non-recourse project finance is an arrangement under which investors and credit financing the project do not have any direct recourse to the sponsors. In other words, the lender is not permitted to request repayment from the parent company if borrower fails to meet its payment obligation. Although creditors security will include the assets being financed, lenders rely on the operating cash flow generated from those assets for repayment. When the project has assured cash flows in the form of a reliable off taker and well-allocated construction and operating risks, the lenders are comfortable with non-recourse financing. Lenders prefer limited recourse when the project has significantly higher risks. Limited recourse project finance permits creditors and investors some recourse to the sponsors. This frequently takes the form of a precompletion guarantee during a projects construction period, or other assurance of some form of support for the project. In most developing market projects and in other projects with significant construction risk, project finance is generally of the limited recourse type. Merits and Demerits of Project Financing: Project financing is continuously used as a financing method in capital-intensive industries for projects requiring large investments of funds, such as the construction of power plants, pipelines, transportation systems, mining facilities, industrial facilities and heavy manufacturing plants. The sponsors of such projects frequently are not sufficiently creditworthy ot obtain tr5aditional financing or unwilling to take the risk and assume the debt obligation associated with traditional financing. Project financing permits the risk associated with such projects to be allocated among number of parties at levels acceptable to each party. The advantages of project financing are as follows: 1. Non-recourse: The typical project financing involves a loan to enable the sponsor to construct a project where the loan is completely â€Å"Non-recourse† to the s[sponsor i.e. the sponsor has no obligation to make payments on the project loan if revenues generated by the project are insufficient to cover the principle and interest payable on the loan. This safeguards the assets of sponsors. The risks of new projects remain separate from the existing business. 2. Maximizes leverage: In project financing. The sponsors typically seek to finance the cost of development and construction of project on highly leverage basis. Frequently such costs are financed using 80 to 100 percent debt. High leverage in an non recourse financing permits a sponsor to put less in funds at risk, permits a sponsor to finance a project without diluting its equity investment in the project and in certain circumstances, also may permit reduction in cost of capital by substituting lower cost, tax deductible interest for higher cost, taxable return on equity. 3. Off balance sheet treatment: Depending upon the structure of project financing the project sponsors may not be required to report any of the project debt on its balance sheet because such debt is non recourse or of limited recourse to the sponsor. Off balance sheet treatment can have the added practical benefit of helping the sponsor comply with convenient and restrictions related to the board. Borrowings funds contain in other indentures and credit agreements to which the sponsor is a party. 4. Maximizes tax benefits: Project finance is generally structured to maximize tax benefit and to assure that all available tax benefit are used by the sponsors or transferred to the extent possible to another party through a partnership, lease or vehicle. 5. Diversifies risk: By allocating the risk and financing need of the projects among a group of interested parties or sponsors, project financing makes it possible to undertake project that would be too large or would pose too great a risk for one party ion its own. Demerits: 1. Complexity of risk allocation: Project financing is complex transaction involving many participants with diverse interest. If a project is to be successful risk must be allocated among the participants in an economically efficient way. However, there is necessary tension between the participants. For e.g between the lender and the sponsor regarding the degree of recourse, between the sponsor and contractor regarding the nature of guarantees., etc which may slow down the realization of the project. 2. Increase transaction cost: It involves higher transaction costs compared to other types of transactions, because it requires an expensive and time-consuming due diligence conducted by the lenders lawyer, the independent engineers etc., since the documentation is usually complex and lengthy. 3. Higher interest rates and fees: The interest rates and fees charged in project financing are higher than on direct loan made to the project sponsor since the lender takes on more risk. 4. Lender supervision: In accordance with a higher risk taken in project financing the lender imposes a greater supervion on the mangement and operation of the project to make sure that the project success is not impaired. The degree of lender supervision will usually result into higher costs which will typically have to be borne by the sponsor. Whether expanding manufacturing facilities, implementing new processing capabilities, or leveraging existing assets in new markets, innovative financing is often at the core of long-term projects to transform a companys operations. Akin to the underlying corporate transformation, the challenge with innovative financial structures such as project finance is that the investment is made upfront while the anticipated benefits of the initiative are realized years later. There has been a rise in number of companies that need innovative financing to satisfy their capital needs, in a significant number of instances they have viable goals but find that traditional lenders are unable to understand their initiatives. And so the need emerged for project finance. Project financing is a specialized form of financing that may offer some cost advantages when very large amounts of capital are involved It can be tricky to structure, and is usually limited to projects where a good cash flow is anticipated. Project finance can be defined as: financing of an industrial (or infrastructure) project with myriad capital needs, usually based on non-recourse or limited recourse structures, where project debt and equity (and potentially leases) used to finance the project are paid back from the cash flow generated by the project, with the projects assets, rights and interests held as collateral. In other words, its an incredibly flexible and comprehensive financing solution that demands a long-term lending approach not typical in todays market place. Whether expanding manufacturing facilities, implementing new processing capabilities, or leveraging existing assets in new markets, innovative financing is often at the core of long-term projects to transform a companys operations. Akin to the underlying corporate transformation, the challenge with innovative financial structures such as project finance is that the investment is made upfront while the anticipated benefits of the initiative are realized years later. Infrastructure is the backbone of any economy and the key to achieving rapid sustainable rate of economic development and competitive advantage. Realizing its importance governments commit substantial portions of their resources for development of the infrastructure sector. As more projects emerge getting them financed will continue to require a balance between equity and debt. With infrastructure stocks and bonds being traded in the markets around the world, the traditionalist face change. A country on the crest of change is India. Unlike many developing countries India has developed judicial framework of trust laws, company laws and contract laws necessary for project finance to flourish. Types of Project Finance Build Operate Transfer (BOT) Build Own Operate Transfer (BOOT) Build Own Operate (BOO) Build Operate Transfer Build operate transfer is a project financing and operating approach that has found an application in recent years primarily in the area of infrastructure privatization in the developing countries. It enables direct private sector investment in large scale infrastructure projects. In BOT the private contractor constructs and operates the facility for a specified period. The public agency pays the contractor a fee, which may be a fixed sum, linked to output or, more likely, a combination of the two. The fee will cover the operators fixed and variable costs, including recovery of the capital invested by the contractor. In this case, ownership of the facility rests with the public agency. The theory of BOT is as follows:- BUILD A private company (or consortium) agrees with a government to invest in a public infrastructure project. The company then secures their own financing to construct the project. Operate The private developer then operates, maintains, and manages the facility for a agreed concession period and recoups their investment through charges or tolls. Transfer- After the concessionary period the company transfers ownership and operation of the facility to the government or relevant state authority. In a BOT arrangement, the private sector designs and builds the infrastructure, finances its construction and operates and maintains it over a period, often as long as 20 or 30 years. This period is referred to as the â€Å"concession† period. In short, under a BOT structure, a government typically grants a concession to a project company under which the project company has the right to build and operate a facility. The project company borrows from the lending institutions in order to finance the construction of the facility. The loans are repaid from â€Å"tariffs† paid by the government under the off take agreement during the life of the concession. At the end of the concession period the facility is usually transferred back to the government. Advantages The Government gets the benefit of the private sector to mobilize finance and to use the best management skills in the construction, operation and maintenance of the project. The private participation also ensures efficiency and quality by using the best equipment. BOT provides a mechanism and incentives for enterprises to improve efficiency through performance-based contracts and output-oriented targets The projects are conducted in a fully competitive bidding situation and are thus completed at the lowest possible cost. The risks of the project are shared by the private sector Disadvantages There is a profit element in the equity portion of the financing, which is higher than the debt cost. This is the price paid for passing of the risk to the private sector It may take a long time and considerable up front expenses to prepare and close a BOT financing deal as it involves multiple entities and requires a relatively complicated legal and institutional framework. There the BOT may not be suitable for small projects It may take time to develop the necessary institutional capacity to ensure that the full benefits of BOT are realized, such as development and enforcement of transparent and fair bidding and evaluation procedures and the resolution of potential disputes during implementation. Build Own Operate Transfer (BOOT) A BOOT funding model involves a single organization, or consortium (BOOT provider) who designs, builds, funds, owns and operates the scheme for a defined period of time and then transfers this ownership across to a agreed party. BOOT projects are a way for governments to bundle together the design and construction, finance, operations and maintenance and potentially marketing and customer interface aspects of a project and let these as a package to a single private sector service provider. The asset is transferred back to the government after the concession period at little or no cost. The Components of BOOT. B for Build The concession grants the promoter the right to design, construct, and finance the project. A construction contract will be required between the promoter and a contractor. The contract is often among the most difficult to negotiate in a BOOT project because of the conflict that increasingly arises between the promoter, the contractor responsible for building the facility and those financing its construction. Banks and other providers of funds want to be sure that the commercial terms of the construction contract are reasonable and that the construction risk is placed as far as possible on the contractors. The contractor undertakes responsibility for constructing the asset and is expected to build the project on time, within budget and according to a clear specification and to warrant that the asset will perform its design function. Typically this is done by way of a lump-sum turnkey contract. O for Own The concession from the state provides concessionaire to own, or at least possess, the assets that are to be built and to operate them for a period of time: the life of the concession. The concession agreement between the state and the concessionaire will define the extent to which ownership, and its associated attributes of possession and control, of the assets lies with the concessionaire. O for Operate An operator assumes the responsibility for maintaining the facilitys assets and the operating them on the basis that maximizes the profit or minimizes the cost on behalf of the concessionaire and, like the contractor undertaking construction and be a shareholder in the project company. The operator is s often an independent through the promoter company. T for Transfer This relates to a change in ownership of the assets that occurs at the end of the concession period, when the concession assets revert to the government grantor. The transfer may be at book value or no value and may occur earlier in the event of failure of concessionaire. Stages of Boot Project Build Design Manage project implementation Carry out procurement Finance Construct Own Hold in interest under concession Operates Mange and operate facility Carry out maintenance Deliver products/services Receive payment for product/ service Transfer Hand over project in operating condition at the end of concession period Advantages The majority of construction and long term risk can be transferred onto the BOOT provider. The BOOT operator can claim depreciation on the facility constructed and depreciation being a tax-deductible expense shareholder returns are maximized. Using an output based purchasing model, the tender process will encourage maximum innovations allowing the most efficient designs to be explored for the scheme. This process may also be built into more traditional tendering processes. Accountability for the asset design, construction and service delivery is very high given that if the performance targets are not met, the operator stands to lose a portion of capital expenditure, capital profit, operating expenditure and operating profit. Boot operators are experienced with management and operation of infrastructure assets and bring these skills to scheme. Corporate structuring issues and costs are minimal within a BOOT model, as project funding, ownership and operation are the responsibility of the BOOT operator. These costs will however be built into the BOOT project pricing. Disadvantages Boot is likely to result in higher cost of the product/ service for the end user. This is a result of the BOOT provider incurring the risks associated with 100 percnet financing of the scheme and the acceptance of the ongoing maintenance liabilities. Users may have a negative reaction to private sector involvement in the scheme, particularly if the private sector is an overseas owned company Management and monitoring of the service level agreement with the BOOT operators can be time consuming and resource hungry. Procedures need to be in place to allow users to assess service performance and penalize the BOOT operator where necessary. A rigorous selection process is required when selecting a boot partner. Users need to be confident that the BOOT operator is financially secure and sufficiently committed to the market prior to considering their bid. Build Own Operate In BOO, the concessionaire constructs the facility and then operates it on behalf of the public agency. The initial operating period {over which the capital cost will be recovered} is defined. Legal title to the facility remains in the private sector, and there is no obligation for the public sector to purchase the facility or take title. The private sector partner owns the project outright and retains the operating revenue risk and all of the surplus operating revenue in perpetuity. As an alternative to transfer, a further operating contract {at a lower cost} may be negotiated. Design Build Finance Operate (DBFO): Under this approach, the responsibilities fro designing, building, financing and operating are bundled together and transferred to private sector partners. They are also often supplemented by public sector grants in the from of money or contributions in kind, such as right of way. In certain cases, private partners may be required to make equity investments as well. DBFO shifts a great deal of the responsibility for developing and operating to private sector partners, the public agency sponsoring a project would retain full ownership over the project. Others: Build Transfer Operate (BTO) The BTO model is similar to BOT model except that the transfer to the public owner takes place at the time that construction is completed, rather than at the end of the franchise period. The concessionary builds and transfers a facility to the owner but exclusively operates the facility on behalf of the owner by means of management contract. Buy Build Operate (BBO) A BBO is a form of asset sale that includes a rehabilitation or expansion of an existing facility. The government sells the asset to the private sector entity, which then makes the improvements necessary to operate the facility in a profitable manner. Lease Own Operate (LOO) This approach is similar to a BOO project but an existing asset is leased from the government for a specified time. the asset may require refurbishment or expansion. Build Lease Transfer (BLT) The concessionaire builds a facility, lease out the operating portion of the contract, and on completion of the contract, returns the facility to the owner. Build Own Lease Transfer (BOLT) BOLT is a financing scheme in which the asset is owned by the asset provider and is then leased to the public agency, during which the owner receives lease rentals. On completion of the contract the asset is transferred to the public agency. Build Lease Operate Transfer (BLOT) The private sector designs finance and construct a new facility on public land under a long term lease and operate the facility during the term of the lease. the private owner transfers the new facility to the public sector at the end of the lease term. Design Build (DB) A DB is when the private partner provides both design and construction of a project to the public agency. This type of partnership can reduce time, save money, provide stronger guarantees and allocate additional project risk to the private sector. It also reduces conflict by having a single entity responsible to the public owner for the design and construction. The public sector partner owns the assets and has the responsibility for the operation and maintenance. Design Bid Build (DBB) Design bid build is the traditional project delivery approach, which segregates design and construction responsibilities by awarding them to an independent private engineer and a separate private contractor. By doing so, design bid build separates the delivery process in to the three liner phases: Design, Bid and Construction. The public sector retains responsibility for financing, operating and maintaining infrastructure procured using the traditional design bid build approach. Design Build Maintain (DBM) A DBM is similar to a DB except the maintenance of the facility for the some period of time becomes the responsibility of the private sector partner. The benefits are similar to the DB with maintenance risk being allocated to the private sector partner and the guarantee expanded to include maintenance. The public sector partner owns and operates the assets. Design Build Operate (DBO) A single contract is awarded for the design, construction and operation of a capital improvement. Title to the facility remains with the public sector unless the project is a designbuildoperatetransfer or designbuildownoperate project. The DBO method of contracting is contrary to the separated and sequential approach ordinarily used in the United States by both the public and private sectors. This method involves one contract for design with an architect or engineer, followed by a different contract with a builder for project construction, followed by the owners taking over the project and operating it. A simple design build approach credits a single point of responsibility for design and construction and can speed project completion by facilitating the overlap of the design and construction phases of the project. On a public project, the operations phase is normally handled by the public sector under a separate operations and maintenance agreement. Combining all three phases in to a DBO approach maintains the continuity of private sector involvement and can facilitate private sector financing of public projects supported by user fees generated during the operations phase. Lease Develop Operate (LDO) or Build Develop Operate (BDO) Under these partnerships arrangements, the private party leases or buys an existing facility from a public agency invests its own capital to renovate modernize, and expand the facility, and then operates it under a contract with the public agency. A number of different types of municipal transit facilities have been leased and developed under LDO and BDO arrangements. Theoretical Perspective Project Finance Strategic Business Unit A one-stop-shop of financial services for new projects as well as expansion, diversification and modernization of existing projects in infrastructure and non -infrastructure sectors Since its inception in 1995 the Project Finance SBU has built-up a strong reputation for its in-depth understanding of the infrastructure sector as well as non-infrastructure sector in India and they have the ability to provide tailor made financial solutions to meet the growing diversified requirement for different levels of the project. The recent transactions undertaken by PF-